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Exhibit 10.11  

 
 

K-SEA TRANSPORTATION PARTNERS
  
    EMPLOYEE UNIT PURCHASE PLAN    
    

1.    Purpose of the Plan.

        The
K-Sea Transportation Partners Employee Unit Purchase Plan (the "Plan") is intended to (i) promote the interests of K-Sea Transportation Partners L.P.,
a Delaware limited partnership (the "Partnership"), by providing to Employees of the Partnership and its Affiliates the opportunity to acquire or increase their ownership of Units, (ii) provide
a means whereby such individuals may develop a sense of proprietorship and personal involvement in the development and financial success of the Partnership and (iii) encourage such individuals
to devote their best efforts to the business of the Partnership, thereby advancing the interests of the Partnership. 

2.    Definitions.

        (a)   As
used in the Plan, the following terms shall have the meanings set forth below: 

        "Affiliates"
means with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with,
the Person in question. As used herein, the term "control" means the possession, direct or indirect, of the power to
direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 

        "Board"
means the Board of Directors of K-Sea General Partner GP LLC, a Delaware limited liability company. 

        "Committee"
means the Compensation Committee of the Board appointed to administer the Plan pursuant to Section 8. 

        "Employee"
means any individual who is a United States citizen for maritime law purposes and a full-time employee of the Partnership or one of its
Affiliates, but, until the Committee decides otherwise, excluding any employee covered by a collective bargaining agreement unless such bargaining
agreement provides for his or her participation in the Plan. 

        "Employer"
means the Partnership and/or one of its Affiliates, as the case may be. 

        "Fair
Market Value" means the closing sales price of a Unit on the applicable date (or if there is no trading in the Units on such date, on the next preceding date on which there was
trading) as reported in The Wall Street Journal (or other reporting service approved by the Committee). In the event Units are not publicly traded at the time a determination of Fair Market Value is
required to be made hereunder, the determination of Fair Market Value shall be made in good faith by the Committee. 

        "Offering
Period" means each calendar quarter or other period as designated by the Committee from time to time. 

        "Person"
means an individual or a corporation, limited liability company, partnership, joint venture, trust, unincorporated organization, association, governmental agency or political
subdivision thereof or other entity. 

        "Purchase
Period" means the 10-day period following the end of each Offering Period; provided, however, the Purchase Period shall include such other periods, if any, as may
be designated by the Committee from time to time. 

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        "Unit"
means a Common Unit of the Partnership. 

        (b)   Gender and Number. Except when otherwise indicated by the context, the masculine gender shall also include the feminine
gender, and the definition of any term herein in the singular shall also include the plural. 

3.    Eligibility.

        (a)   Eligibility and Plan Entry Date. All Employees shall be eligible to participate in the Plan. An Employee is eligible to
enter the Plan beginning on the first day of the month following 180 days after such individual's employment commencement date. 

        (b)   Prior Service Credit. The Committee, in it is discretion, may grant prior service credit to individuals that become
Employees pursuant to a corporate merger or acquisition. 

4.    Units Available Under the Plan.

        Unless
otherwise increased by the Board, the maximum number of Units that may be purchased for Employees under the Plan
is                        . Units to be delivered under the Plan may be
Units acquired by the Partnership in the open market, Units already owned by the Partnership, Units acquired directly from any Person or any combination of the foregoing. Upon an Employee's
termination of employment with his or her Employer, all amounts then credited to his or her notional account under the Plan, if any, shall be paid to the terminated Employee as soon as practicable. In
the event that any change is made to the Units deliverable under the Plan, the Committee may make appropriate adjustments in the maximum number of Units deliverable under the Plan. The adjustments
determined by the Committee shall be final, binding and conclusive. 

5.    Purchase of Units.

	(a)
	Employee Withholding Elections. The Committee shall provide an Employee with the ability to purchase Units under the Plan upon the
following terms and conditions: 

        (i)    Effective
as of the beginning of any month, an Employee may elect to have his Employer withhold from the Employee's cash base salary or cash base wages each future pay
period, for the purchase of Units hereunder, a designated whole percentage of the Employee's cash base payor wages (in whole percentages only, not to exceed 10%). An Employee may change (within the
above limitations) or, subject to Section 5(a)(vi), stop his withholding election at any time; however, only two such changes may be made during any calendar year. All Employee elections and
any changes to an election shall be in such written form as the Committee or its delegate may establish from time to time. 

        (ii)   Each
withholding election made by an Employee hereunder shall be an ongoing election until the earlier of the date changed by the Employee or the date the Employee
ceases to be eligible to participate in the Plan. 

        (iii)  The
Employer shall maintain for each electing Employee a separate notional or ledger account reflecting the aggregate amount of his cash base payor wages that has been
withheld and not yet applied to the purchase of Units for such Employee. An Employer, other than the Partnership, shall remit to the Partnership all amounts of base pay or wages withheld by the
Employer promptly upon request by the Partnership in order to permit the Partnership to fulfill its obligations under this Plan with respect to the purchase of Units for Employees. Amounts of base pay
or wages withheld by the Employer and remitted to the Partnership shall not be segregated from the general assets of the Partnership and shall not bear interest. 

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        (iv)  During
each Purchase Period, the Partnership shall use, to the fullest extent practicable, all amounts then credited to the notional accounts of the electing Employees
to purchase Units for such Employees. Purchases of Units may be made at any time or times during the Purchase Period on any securities exchange on which the Units are traded, in the
over-the-counter market and/or in negotiated transactions as the Committee shall determine. 

        (v)   Upon
an Employee's termination of Employment with his or her Employer, all amounts then credited to his or her notional account under the Plan, if any, shall be paid to
the terminated Employee as soon as reasonably practicable. 

        (vi)  Provided
an Employee submits his or her election to stop withholding prior to the five business day period before the beginning of an immediately upcoming Purchase
Period, all amounts then credited to such Employee's notional account shall be returned to the Employee as soon as administratively practicable. Unless otherwise administratively feasible, to the
extent an Employee submits his or her election to stop withholding within the five business day period before the beginning of the immediately
upcoming Purchase Period, all amounts credited to such Employee's notional account will be applied toward the purchase of Units in the immediately following Purchase Period and the Employee's election
to stop withholding shall become effective as of the commencement of the next following Offering Period. All requests to withdraw from the Plan submitted during a Purchase Period will become effective
as of the commencement of the next following Offering Period. 

        (b)   Purchase of Units and Plan Expenses. During each Purchase Period, the Partnership, using funds withheld from Employees'
wages pursuant to this Section 5, shall purchase for the electing Employees the maximum number of Units (including fractional Units) that can be acquired (using the Unit's Fair Market Value on
the date of purchase) based on amounts then credited to the electing Employees' notional accounts. The Partnership shall pay, other than from the notional accounts, all brokerage fees and other costs
and expenses of the Plan. To the extent that Units are purchased on multiple days or at multiple times during a single Purchase Period, the Partnership shall use the average of the Units' Fair Market
Value at the times of purchase as the applicable Unit price upon which Units are allocated to the participating Employees. 

        (c)   Withholding of Taxes. To the extent that the Employer is required to withhold any taxes in connection with the purchase
of Units, it will be a condition to the ownership of such Units that the Employee make arrangements satisfactory to the Employer for the payment of such taxes, which may include, but not be limited
to, a reduction in the Employee's notional account. 

6.    Restrictions on Units.

        (a)   Holding Period. Subject to the exception provided below under Section 6(b), all Units purchased under the Plan
shall be subject to a "Holding Period" which shall expire on the first anniversary of the date the Units were purchased under the Plan. During such Holding Period, each Employee shall be prohibited
from pledging, transferring, selling or otherwise disposing of the restricted Units. Upon the expiration of such Holding Period, the Employee may, if he or she desires, make a request to the
Partnership (or its designated third party plan administrator, if any) to receive certificates for all of such unrestricted whole Units. Otherwise, such Units shall be held without restriction
(1) by the Partnership or (2) in the name of the third party administrator (or its designee), if any, for the benefit of the Employee. Upon payment during the Holding Period of any
distribution with respect to Units, each Employee shall receive an amount in cash equal to, and at the same time as, the amount of such distribution multiplied by the number of Units allocated to such
Employee. 

        (b)   Holding Period Exception. Notwithstanding the Holding Period imposed above under Section 6(a) and subject to the
conditions imposed pursuant to this Section 6(b), an Employee will be permitted to pledge, transfer, sell or otherwise dispose of his or her restricted whole Units during the 

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one-year
Holding Period (a "Restricted Transfer") by notifying the Employer (or its designated third party plan administrator) of his or her intention to engage in a Restricted Transfer.
If a Restricted Transfer occurs, the Employee shall be prohibited from participating in the Plan again until the first Purchase Period following the first anniversary of the date of the Restricted
Transfer. During this period of prohibition, no amounts shall be withheld from the Employee's cash base salary or cash base wages. Such withholding shall not be allowed to resume, at the earliest,
until the first pay period following the first anniversary of the date of the Restricted Transfer. To the extent an Employee has amounts credited to his or her notional account under the Plan on the
date of a Restricted Transfer, all such amounts will be returned to the Participant. To the extent a Participant has a fractional Unit credited to his or her notional account under the Plan on the
date of a Restricted Transfer, such fractional Unit will be liquidated and the Participant will receive his pro rata portion of the proceeds from such liquidation. 

        (c)   Investment Representation. Unless the Units subject to purchase under the Plan have been registered under the Securities
Act of 1933, as amended (the "1933 Act"), and, in the case of any Employee who may be deemed an affiliate (for securities law purposes) of the Partnership, such Units have been registered under the
1933 Act for resale by such Participant, or the Partnership has determined that an exemption from registration is available, the Partnership may require prior to and as a condition of the delivery of
any Units that the person purchasing such Units hereunder furnish the Partnership with a written representation in a form prescribed by the Committee to the effect that such person is acquiring such
Units solely with a view to investment for his or her own account and not with a view to the resale or distribution of all or any part thereof, and that such person will not dispose of any of such
Units otherwise than in accordance with the provisions of Rule 144 under the 1933 Act unless and until either the Units are registered under the 1933 Act or the Partnership is satisfied that an
exemption from such registration is available. 

        (d)   Compliance with Securities Laws. Notwithstanding anything herein or in any other agreement to the contrary, the
Partnership shall not be obligated to sell or issue any Units to an Employee under the Plan unless and until the Partnership is satisfied that such sale or issuance complies with (i) all
applicable requirements of the securities exchange on which the Units are traded (or the governing body of the principal market in which such Units are traded, if such Units are not then listed on an
exchange), (ii) all applicable provisions of the 1933 Act, and (iii) all other laws or regulations by which the Partnership is bound or to which the Partnership is subject. 

7.    Rights of Employees; Participants.

        (a)   Employment. The Plan will not confer upon any Employee any right with respect to continuance of employment or other
service with the Employer, nor will it interfere in any way with any right the Employer would otherwise have to terminate such Employee's employment or other service at any time. 

        (b)   Nontransferability. No right to purchase Units or be reimbursed for the purchase of Units granted under the Plan shall be
assignable or transferable during the lifetime of any Employee either voluntarily or involuntarily, or be subjected to any lien, directly or indirectly, by operation of law, or otherwise, including
execution, levy, garnishment, attachment, pledge or bankruptcy. 

8.    Plan Administration.

        (a)   Authority of Committee. The Plan shall be administered by the Committee. Subject to the terms of the Plan and applicable
law, and in addition to other express powers and authorizations conferred on the Committee by the Plan, the Committee shall have full power and authority to: (i) determine which persons are
Employees who may participate; (ii) determine the number of Units to be purchased by an Employee; (iii) determine the time and manner for purchasing Units; (iv) interpret, 

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construe
and administer the Plan; (v) establish, amend, suspend, or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the
Plan; (vi) make a determination as to the right of any person to receive Units under the Plan; (vii) correct any defect, supply any omission, or reconcile an inconsistency in the Plan;
and (viii) make any other determinations and take any other actions that the Committee deems necessary or desirable for the administration of the Plan. 

        (b)   Determination Under the Plan. Unless otherwise expressly provided in the Plan, all designations, determinations,
interpretations, and other decisions under or with respect to the Plan shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive, and binding upon
all persons, including the Partnership, the Employer or any Employee. No member of the Committee shall be liable for any action, determination or interpretation made in good faith, and all members of
the Committee shall, in addition to their rights as directors, be fully protected by the Partnership with respect to any such action, determination or interpretation. 

9.    Plan Amendment, Modification and Termination.

        The
Plan may be amended from time to time by the Committee. The Plan may be terminated at any time by the Committee and, unless Board approval is obtained for an increase in the maximum
number of available Units, shall automatically terminate when all Units authorized for purchase pursuant to the Plan have been purchased. On termination of the Plan, all amounts then remaining
credited to the notional accounts for Employees shall be returned to the affected Employees. 

10.    Nonexclusivity of the Plan.

        The
adoption of the Plan by the Partnership shall not be construed as creating any limitations on the power or authority of the Partnership or any of its Affiliates to adopt such other
or additional incentive or other compensation arrangements of whatever nature as the Partnership or any of its Affiliates may deem necessary or desirable or to preclude or limit the continuation of
any other plan, practice or arrangement for the payment of compensation or fringe benefits to employees, non-employee directors, or consultants generally, or to any class or group of
employees, directors, or consultants, which the Partnership or any of its Affiliates now has lawfully put into effect, including, without limitation, any long-term incentive plan. 

11.    Requirements of Law.

        (a)   Requirements of Law. The issuance of Units pursuant to the Plan shall be subject to all applicable laws, rules and
regulations. 

        (b)   Governing Law. The validity, construction and effect of the Plan and any rules and regulations relating to the Plan shall
be determined in accordance with applicable Federal law, and to the extent not preempted thereby, with the laws of the State of Delaware, without regard to conflicts of laws principles. 

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Exhibit 4.2  

 
 

COMMON STOCK PURCHASE WARRANT

	THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "SECURITIES ACT") OR UNDER APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED
UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AVAILABLE EXEMPTIONS FROM SUCH REGISTRATION, PROVIDED THAT THE SELLER DELIVERS TO THE COMPANY AN OPINION OF COUNSEL (WHICH OPINION IS REASONABLY SATISFACTORY TO THE
COMPANY) CONFIRMING THE AVAILABILITY OF SUCH EXEMPTION.

Dated: June    , 2003

No. AXE-            AXONYX INC.

WARRANT TO PURCHASE                        SHARES OF COMMON STOCK  

        THIS CERTIFIES THAT, for value received,                        
(the "Holder") is entitled to subscribe for and purchase                        shares (as adjusted pursuant to
Section 4 hereof) of the fully paid and nonassessable Common Stock, par value $0.001 per share (the "Shares"), of Axonyx Inc., a Nevada corporation (the "Company"), at the price of $5.00
per share (the "Exercise Price") (as adjusted pursuant to Section 4 hereof), upon the terms and subject to the conditions hereinafter set forth. 

        1.    Method of Exercise; Payment.    

        (a)    Cash Exercise.    The purchase rights represented by this Warrant may be exercised by the Holder, in whole or
in part, at any time or from time to time, by the surrender of this Warrant (with the notice of exercise form attached hereto as Exhibit A duly
executed) at the principal office of the Company, and by the payment to the Company, by certified, cashier's or other check acceptable to the Company, of an amount equal to the aggregate Exercise
Price of the shares being purchased. 

        (b)    Fair Market Value.    For purposes of Section 6 hereof, the fair market value of the Company's Common
Stock shall mean: 

          (i)  if
the Company's Common Stock is traded on a securities exchange, the average of the closing price each day over the thirty consecutive day period ending three
(3) days before the date on which the fair market value of the securities is being determined; 

         (ii)  if
the Company's Common Stock is actively traded over-the counter, the average of the closing bid and asked prices quoted on the Nasdaq system (or similar
system) each day over the thirty consecutive day period ending three (3) days before the date on which the fair market value of the securities is being determined; or 

        (iii)  if
at any time the Company's Common Stock is not listed on any securities exchange or quoted in the Nasdaq System or the over-the-counter
market, then as determined by the board of directors of the Company in good faith. 

        (c)    Stock Certificates.    This Warrant shall be deemed to have been exercised immediately prior to the close of
business on the date of its surrender for exercise as provided above, and the person entitled to receive the Shares issuable upon such exercise shall be treated for all purposes as the holder of
record of such Shares as of the close of business on such date. As soon as practicable, but in any event no later than five (5) days after such date, the Company shall issue and deliver to the
person or persons entitled to receive the same a certificate or certificates for the number of whole Shares issuable upon such exercise. Unless this Warrant has been fully exercised 

or
has expired, a new Warrant representing the Shares with respect to which this Warrant shall not have been exercised shall also be issued to the Holder within such time. 

        2.    Call Provision.    Notwithstanding the foregoing Section 1, the Company shall have the right (the "Call
Right"), except as may be limited by law or other agreements, to require the exercise of this Warrant, in whole or in part, by providing written notice (the "Call Notice") thereof to the registered
Holder hereof, if the average closing price for the Company's Common Stock, as quoted by the Nasdaq
SmallCap Market or any other established over-the-counter quotation service, is equal to or greater than $8.00 per share, as adjusted pursuant to Section 4 hereof, for
any period of twenty (20) consecutive days. Within thirty (30) days following the date of the Call Notice, the Holder hereof may, in its sole discretion, exercise this Warrant in
accordance with Section 1 as to the number of shares against which the Company shall have exercised the Call Right. If such exercise has not been made within such period, this Warrant (or
applicable portion hereof) shall expire and cease to be exercisable, as to the number of shares against which the Company shall have exercised the Call Right, at 11:59 p.m. Eastern Standard
Time, on the thirtieth day after the date of mailing of the Call Notice. Notwithstanding the foregoing, the Company may not exercise its rights pursuant to this Section 2 unless and until there
is, at the time of such Call Notice and exercise of this Warrant, an effective registration statement covering the sale of the Shares issuable upon exercise of this Warrant. 

        3.    Stock Fully Paid; Reservation of Shares.    All of the Shares issuable upon the exercise of the rights
represented by this Warrant will, upon issuance and receipt of the Exercise Price therefor, be fully paid and nonassessable, and free from all preemptive rights, taxes, liens, and charges with respect
to the issue thereof. During the period within which the rights represented by this Warrant may be exercised, the Company shall at all times have authorized and reserved for issuance upon exercise of
the rights evidenced by this Warrant, sufficient shares of its Common Stock to provide for the exercise of the rights represented by this Warrant. 

        4.    Adjustment of Exercise Price and Number of Shares.    Subject to the provisions of Section 13 hereof, the
number and kind of securities purchasable upon the exercise of this Warrant and the Exercise Price therefor shall be subject to adjustment from time to time upon the occurrence of certain events, as
follows: 

        (a)    Stock Splits, Dividends and Combinations.    In the event that the Company shall at any time subdivide the
outstanding shares of Common Stock or shall issue a stock dividend on its outstanding shares of Common Stock the number of Shares issuable upon exercise of this Warrant immediately prior to such
subdivision or to the issuance of such stock dividend shall be proportionately increased, and the Exercise Price shall be proportionately decreased, and in the event that the Company shall at any time
combine the outstanding shares of Common Stock the number of Shares issuable upon exercise of this Warrant immediately prior to such combination shall be proportionately decreased, and the Exercise
Price shall be proportionately increased, effective at the close of business on the date of such subdivision, stock dividend or combination, as the case may be. 

        (b)    Reclassification, Consolidation or Merger.    In case of any reclassification or change of the Common Stock
(other than a change in par value, or as a result of a subdivision or combination), or in case of any consolidation or merger of the Company with or into another corporation (other than a merger with
another corporation in which the Company is a continuing corporation and which does not result in any reclassification or change of outstanding securities issuable upon exercise of this Warrant), or
in case of any sale of all or substantially all of the assets of the Company, the Company or such successor or purchasing corporation, as the case may be, shall execute a new Warrant, providing that
the holder of this Warrant shall have the right to exercise such new Warrant, and procure upon such exercise and payment of the same aggregate Exercise Price, in lieu of the shares of Common Stock
theretofore issuable upon exercise of this Warrant, the kind and amount of shares of stock, other securities, money and property receivable upon such reclassification, change, consolidation, sale of
all or substantially, all of the Company's assets or merger by a holder of an equivalent number of shares of Common Stock. Such new Warrant shall 

provide
for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section 4. The provisions of this Section 4(a), subject to
Section 13 hereof, shall similarly apply to successive reclassifications, changes, consolidations, mergers, transfers and the sale of all or substantially all of the Company's assets. 

        5.    Notice of Adjustments.    Whenever the number of Shares purchasable hereunder or the Exercise Price thereof
shall be adjusted pursuant to Section 4 hereof, the Company shall provide notice by first class mail to the holder of this Warrant setting forth, in reasonable detail, the event requiring the
adjustment, the amount of the adjustment, the method by which such adjustment was calculated, and the number of Shares which may be purchased and the Exercise Price therefor after giving effect to
such adjustment. 

        6.    Fractional Shares.    No fractional shares of Common Stock will be issued in connection with any exercise
hereunder. In lieu of such fractional shares, the Company shall make a cash payment therefor based upon the Fair Market Value of one share of Common Stock of the Company on the date of such exercise. 

        7.    Representations of the Company.    The Company represents that all corporate actions on the part of the Company,
its officers, directors and stockholders necessary for the sale and issuance of the Shares pursuant hereto and the performance of the Company's obligations hereunder were taken prior to and are
effective as of the effective date of this Warrant. 

        8.    Representations and Warranties by the Holder.    The Holder represents and warrants to the Company as follows: 

        (a)   This
Warrant and the Shares issuable upon exercise thereof are being acquired for its own account, for investment and not with a view to, or for resale in connection
with, any distribution or public offering thereof within the meaning of the Securities Act of 1933, as amended (the "Act"). Upon exercise of this Warrant, the Holder shall, if so requested by the
Company, confirm in writing, in a form satisfactory to the Company, that the securities issuable upon exercise of this Warrant are being acquired for investment and not with a view toward distribution
or resale in violation of the Securities Act. 

        (b)   The
Holder understands that the Warrant and the Shares have not been registered under the Act by reason of their issuance in a transaction exempt from the registration
and prospectus delivery requirements of the Act pursuant to Section 4(2) thereof, and that they must be held by the Holder indefinitely, and that the Holder must therefore bear the economic
risk of such investment indefinitely, unless a subsequent disposition thereof is registered under, the Act or is exempted from such registration. 

        (c)   The
Holder has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of the purchase of this Warrant and
the Shares purchasable pursuant to the terms of this Warrant and of protecting its interests in connection therewith. 

        (d)   The
Holder is able to bear the economic risk of the purchase of the Shares pursuant to the terms of this Warrant. 

        9.    Restrictive Legend.    

        The
Shares issuable upon exercise of this Warrant (unless registered under the Act) shall be stamped or imprinted with a legend in the following form: 

	

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "SECURITIES ACT") OR UNDER APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT AND ANY
APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AVAILABLE EXEMPTIONS FROM SUCH REGISTRATION, PROVIDED THAT THE SELLER DELIVERS TO THE COMPANY AN OPINION OF COUNSEL (WHICH OPINION IS REASONABLY SATISFACTORY TO THE COMPANY) CONFIRMING THE AVAILABILITY
OF SUCH EXEMPTION.

        10.    Restrictions Upon Transfer and Removal of Legend.    

        (a)   The
Company need not register a transfer of Shares bearing the restrictive legend set forth in Section 9 hereof, unless the conditions specified in such legend
are satisfied. The Company may also instruct its transfer agent not to register the transfer of the Shares, unless one of the conditions specified in the legend referred to in Section 9 hereof
is satisfied. 

        (b)   Notwithstanding
the provisions of Section 9(a) above, no opinion of counsel or "no-action" letter shall be necessary for a transfer without
consideration by any holder (i) to an affiliate of the holder, (ii) if such holder is a partnership, to a partner or retired partner of such partnership who retires after the date hereof
or to the estate of any such partner or retired partner, (iii) if such holder is a corporation, to a stockholder of such corporation, or to any other corporation under common control, direct or
indirect, with such holder, (iv) if such holder is a limited liability company, to a member or retired member of such limited liability company who retires after the date hereof or to the
estate of any such member or retired member, or (v) by gift, will or intestate succession of any individual holder to his spouse or siblings, or to the lineal descendants or ancestors of such
holder or his spouse, if the transferee agrees in writing to be subject to the terms hereof to the same extent as if such transferee were the original holder hereunder. 

        11.    Rights of Stockholders.    No holder of this Warrant shall be entitled, as a Warrant holder, to vote or receive
dividends or be deemed the holder of Common Stock or any other securities of the Company which may at any time be issuable on the exercise hereof for any purpose, nor shall anything contained herein
be construed to confer upon the holder of this Warrant, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to
stockholders at any meeting thereof, or to give or withhold consent to any corporate action (whether upon any recapitalization, issuance of stock, reclassification of stock, change of par value,
consolidation, merger, conveyance, or otherwise) or to receive notice of meetings, or to receive dividends or subscription rights or otherwise until the Warrant shall have been exercised and the
Shares purchasable upon the exercise hereof shall have become deliverable, as provided herein. 

        12.    Registration Rights.    

        (a)    Registrable Shares.    The Shares issuable upon exercise of this Warrant shall be "Registrable Shares" for the
purposes of this Warrant, provided that such Shares shall not be Registrable Shares if the Holder (i) is able to sell such Shares pursuant to an
effective registration statement under the Securities Act or (ii) is able to sell under Rule 144(k) under the Securities Act all of the remaining Shares issued or issuable to such
Holder. 

        (b)    Company Registration.    Subject to Section 12(e), if the Company proposes to register any shares of its
common stock under the Securities Act (other than a registration (A) on Form S-8 or S-4 or any successor or similar form, (B) relating to common stock
issuable upon exercise of employee shares options or in connection with any employee benefit or similar plan of the 

Company,
or (C) in connection with a public offering involving an underwriter), it will at such time, give prompt written notice at least twenty (20) days prior to the anticipated filing
date of the registration statement (a "Registration Statement") relating to such registration to the Holder, which notice shall set forth the Holder's rights under this Section 12(b) and shall
offer the Holder the opportunity to include in such registration statement such number of Registrable Shares as the Holder may request. Upon the written request of the Holder made within ten
(10) days after the receipt of notice from the Company (which request shall specify the number of Registrable Shares intended to be disposed of by the Holder), the Company will use its
commercially reasonable efforts to effect the registration under the Securities Act of all Registrable Shares that the Company has been so requested to register by the Holder, to the extent necessary
to permit the disposition of the Registrable Shares to be so registered, provided that the Holder agrees to sell those of its Registrable Shares to be
included in such registration in the same manner and on the same terms and conditions as the other shares of common stock which the Company proposes to register. 

        (c)    Covenants of the Company With Respect to Registration.    The Company covenants and agrees as follows: 

	(i)
	Following
the effective date of the Registration Statement under Section 12(b), the Company shall, upon the request of the Holder, forthwith supply such
reasonable number of copies of the Registration Statement, preliminary prospectus and prospectus meeting the requirements of the Securities Act, and other documents necessary or incidental to the
public offering of the Registrable Shares, as shall be reasonably requested by the Holder to permit the Holder to make a public distribution of the Registrable Shares registered in connection with the
Registration Statement.

	(ii)
	The
Company shall prepare and file with the Securities and Exchange Commission such amendments and supplements to such Registration Statement and the prospectus used in
connection with such Registration Statement as may be necessary to comply with the Securities Act with respect to the disposition of all securities covered by such Registration Statement during the
period of time such
Registration Statement remains effective;

	(iii)
	The
Company shall use its commercially reasonable efforts to register and qualify the securities covered by such Registration Statement under such other securities or
Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holder; provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do
business or to file a general consent to service of process in any such states or jurisdictions;

	(iv)
	During
the period of time such Registration Statement remains effective, the Company shall notify each Holder of Registrable Shares covered by such Registration
Statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act or the happening of any event as a result of which the prospectus included in such
Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein
not misleading in the light of the circumstances then existing;

	(v)
	The
Company shall use its commercially reasonable efforts to cause all such Registrable Shares registered hereunder to be listed on each securities exchange on which
securities of the same class issued by the Company are then listed;

	(vi)
	The
obligations of the Company hereunder with respect to the Registrable Shares are subject to the Holder furnishing to the Company such appropriate information 

concerning
the Holder, the Registrable Shares and the terms of the Holder's offering of such Registrable Shares as the Company may reasonably request in writing. 

        (d)    Expenses.    All expenses incurred in effecting a registration pursuant to this Agreement (including, without
limitation, all registration, qualification and filing fees, printing expenses, fees and disbursements of counsel for the Company, blue sky fees and expenses) shall be borne by the Company. All
transfer taxes, underwriting discounts and selling commissions applicable to the sale of the Registrable Shares shall be borne by the Holder. 

        (e)    Suspension of Sales.    

	(i)
	With
respect to the Registration Statement filed pursuant to Section 12(b), the Company may suspend sales of Registrable Shares under such Registration Statement
for a period of not more than forty five (45) days with respect to such Registration Statement if, at any time the Company is engaged in confidential negotiations or other confidential business
activities, the disclosure of which would be required if such sales were not suspended and the Board of Directors of the Company determines in good faith that such suspension would be in the Company's
best interest at such time, provided that the Company shall not be permitted to suspend such sales for more than sixty (60) days in any twelve
(12) month period. In order to suspend sales pursuant to this Section 12(e)(i), the Company shall promptly (but in any event within five (5) business days), upon determining to
seek such suspension, deliver to each holder of Registrable Shares a certificate signed by an executive officer of the Company stating that the Company is suspending such filing pursuant to this
Section 12(e)(i) and a general statement of the reason for such suspension and an approximation of the anticipated delay. Each holder of Registrable Shares hereby agrees to keep
confidential any information disclosed to it in any such certificate (including the fact that a certificate was delivered).

	(ii)
	If
the Company suspends such Registration Statement pursuant to Section 12(e)(i) above, the Company shall, as promptly as practicable following the
termination of the circumstances which entitled the Company to do so but in no event more than fifteen (15) days thereafter, take such actions as may be necessary to file or reinstate the
effectiveness of such Registration Statement and/or give written notice to the selling Holder authorizing them to resume sales pursuant to such Registration Statement. If, as a result thereof, the
prospectus included in such Registration Statement has been amended to comply with the requirements of the Securities Act, the Company shall enclose such revised prospectus with the notice to the
selling Holder given pursuant to this Section 12(e)(ii), and the selling Holder shall make no offers or sales of securities pursuant to such Registration Statement other than by means of such
revised prospectus. 

        (d)    Transfer or Assignment of Registration Rights.    The right to cause the Company to register Registrable Shares
granted to the Holder by the Company under this Section 12 may be transferred or assigned by the Holder to a transferee or assignee of such Registrable Shares that (i) is a subsidiary,
parent, current or former partner, current or former limited partner, current or former member, current or former manager or stockholder of the Holder, (ii) is an entity controlling, controlled
by or under common control, or under common investment management, with the Holder, including without limitation a corporation, partnership or limited liability company that is a direct or indirect
parent or subsidiary of the Holder, or (iii) is a transferee or assignee of not less than 50,000 Registrable Shares (as presently constituted and subject to subsequent adjustments for stock
splits, stock dividends, reverse stock splits and the like), provided that the Company is given written notice at the time of or within a reasonable
time after said transfer or assignment, stating the name and address of said transferee or assignee and identifying the securities with respect to which such registration rights are being transferred
or assigned, and 

 provided further that the transferee or assignee of such rights assumes the obligations of such Holder
under this Section 12. 

        (g)    Reports under Exchange Act.    With a view to making available to the Holder the benefits of Rule 144
promulgated under the Securities Act and any other rule or regulation of the SEC that may at any time permit the Holder to sell securities of the Company to the public without registration, the
Company agrees to: 

	(i)
	Make
and keep public information available, as those terms are used in SEC Rule 144, at all times;

	(ii)
	File
with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act of 1934, as amended (the
"Exchange Act");

	(iii)
	Furnish
to the Holder, so long as the Holder owns any Registrable Shares, forthwith on request, (i) a written statement by the Company that it has complied with
the reporting requirements of SEC Rule 144, the Securities Act and the Exchange Act, (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and
documents so filed by the Company, and (iii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that permits the selling of any
such securities without registration; and

	(iv)
	Undertake
any additional actions reasonably necessary to maintain the availability of the use of Rule 144. 

        (h)    Delay of Registration.    The Holder shall not have any right to obtain or seek an injunction restraining or
otherwise delaying any registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 12. 

        13.    Expiration of Warrant.    This Warrant shall expire and shall no longer be exercisable at 5:00 p.m., New
York local time, on the date that is two (2) years after the date of issuance of this Warrant as set forth on the first page of this Warrant. 

        14.    Notices, Etc.    Any request, consent, notice or other communication required or permitted under this Warrant
shall be in writing and shall be deemed duly given and received when delivered personally or transmitted by facsimile, or one business day after being deposited for next-day delivery
with a nationally recognized overnight delivery service, or three (3) days after being deposited as first class mail with the United States Postal Services, all charges or postage prepaid, and
properly addressed to the party to receive the same. Any party may, at any time, by providing ten (10) days' advance written notice to the other party hereto, designate any other address in
substitution of the an address established pursuant to the foregoing. The Holder's notice address shall be as set forth on the signature page hereto or as may have been subsequently furnished by the
Holder to the Company in writing. The Company's notice address shall be as follows (or as may have been subsequently furnished by the Company to the Holder in writing): 

500
Seventh Avenue

10th Floor

New York, NY 10018

Telephone: (212) 645-7705

Facsimile: (212) 989-1745 

        15.    Governing Law; Headings.    This Warrant is being delivered in the State of New York and shall be construed and
enforced in accordance with and governed by the laws of such State. The headings in this Warrant are for purposes of reference only, and shall not limit or otherwise affect any of the terms hereof. 

        16.    Amendment; Waiver.    Any term of this Warrant may be amended, and the observance of any tern of this Warrant
may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Company and the Holder. 

        17.    Severability.    If one or more provisions of this Warrant are held to be unenforceable under applicable law,
such provision(s) shall be replaced with a provision that accomplishes, to the extent possible, the original business purpose of such provision in a valid and enforceable manner, and the balance of
the Warrant shall be interpreted as if such provision were so modified and shall be enforceable in accordance with its terms. 

        18.    No Impairment.    The Company will not, by amendment of its certificate of incorporation or bylaws, or through
reorganization, consolidation, merger, dissolution, issue or sale of securities, sale of assets or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terns
of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights
of the Holder of this Warrant against impairment. Without limiting the generality of the foregoing, the Company (a) will not increase the par value of any shares of stock issuable upon the
exercise of this Warrant above the amount payable therefor upon such exercise, and (b) will take all such action as may
be necessary or appropriate in order that the Company may validly issue fully paid and non-assessable Shares upon exercise of this Warrant. 

        19.    Attorneys' Fees.    In the event any party is required to engage the services of any attorneys for the purpose
of enforcing this Warrant, or any provision thereof, the prevailing party shall be entitled to recover its reasonable expenses and costs in enforcing this Warrant, including attorneys' fees. 

        20.    Loss or Mutilation.    Upon receipt by the Company of evidence reasonably satisfactory to it of the ownership
and the loss, theft, destruction or mutilation of this Warrant, and of indemnity reasonably satisfactory to it, and (in the case of mutilation) upon surrender and cancellation of this Warrant, the
Company will execute and deliver in lieu thereof a new Warrant of like tenor. 

        21.    Taxes.    The Company shall pay all taxes and other governmental charges that may be imposed in respect of the
issue or delivery of any Shares. 

[Signatures appear on the following page.]

        IN
WITNESS WHEREOF, this Warrant has been executed as of the date first written above by an authorized officer of the Company and the Warrant Holder. 

	

 	

AXONYX INC.
	

 	

By:	

  
 Name:

Title:
	

 	

WARRANT HOLDER
	

 	

By:	

  
 Name:

Title:

Address:

Telephone:

Facsimile:

QuickLinks

COMMON STOCK PURCHASE WARRANT

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