Document:

Exhibit
10.1

DEBT
CONVERSION AGREEMENT

This
Debt Conversion Agreement made as of this 15th day of November, 2006 between FermaVir
Pharmaceuticals, Inc., a Florida corporation (the “Company”) having a principal
place of business at 420 Lexington Avenue, Suite 445, New York, NY 10170 and
the parties who have executed this agreement (individually a “Creditor” and
collectively the “Creditors”).

WHEREAS,
the Company is obligated to each Creditor in the principal amount set forth on
the signature page hereto (the “Obligation”) and the aggregate amount of the
principal portion of the Obligations due to the Creditors is $1,069,000; and

WHEREAS,
the Creditors are, severally, willing to release the Company from its
obligation to pay the Obligations upon the terms and conditions set forth
herein.

NOW
THEREFORE, in consideration of the terms, conditions and agreements contained
in this Agreement, the parties agree as follows:

1.             ISSUANCE OF SECURITIES.

(a)           Each Creditor agrees to accept the
number of shares of the Company’s common stock (“Shares”), calculated by
dividing the Obligations by $0.75 per share, together with ten year warrants to
by 50% of the number of shares of common stock for $1.00 per share in the form
annexed hereto as Exhibit A (the “Warrants” and together with the Shares, the “Securities”),
in full satisfaction of the Company’s obligation to repay the Obligations.  The Company agrees to issue and deliver the
shares to Creditor at the address set forth on the signature page of this
Agreement.

(b)           The
certificate, in due and proper form, representing the Securities will bear a
legend substantially in the following form:

“[NEITHER] THESE SECURITIES [NOR THE SECURITIES INTO
WHICH THESE SECURITIES ARE [EXERCISABLE] [CONVERTIBLE]] HAVE BEEN REGISTERED
WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY
STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE
OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A
TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL
OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH
SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. 
THESE SECURITIES AND THE SECURITIES ISSUABLE UPON [EXERCISE]
[CONVERSION] OF THESE SECURITIES MAY BE PLEDGED IN

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CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER
LOAN SECURED BY SUCH SECURITIES.”

(c)           The obligations of each Creditor
under this Agreement are several and not joint with the obligations of any
other Purchaser, and no Creditor shall be responsible in any way for the
performance of the obligations of any other Creditor under this Agreement.  Nothing contained herein, and no action taken
by any Creditor pursuant thereto, shall be deemed to constitute the Purchasers
as a partnership, an association, a joint venture or any other kind of entity,
or create a presumption that the Purchasers are in any way acting in concert or
as a group with respect to such obligations or the transactions contemplated by
this Agreement.  Each Creditor shall be
entitled to independently protect and enforce its rights, including without
limitation the rights arising out of this Agreement, and it shall not be
necessary for any other Creditor to be joined as an additional party in any
proceeding for such purpose.  Each
Creditor has been represented by its own separate legal counsel in their review
and negotiation of this Agreement.

2.             CREDITOR’S REPRESENTATIONS AND
WARRANTIES.

Each
Creditor hereby acknowledges, represents and warrants to, and agrees with,
the  Company (severally and not jointly)
as follows:

(a)           The Creditor is acquiring the
Securities for Creditor’s own account as principal, for investment purposes
only, and not with a view to, or for, resale, distribution or fractionalization
thereof, in whole or in part, and no other person has a direct or indirect
beneficial interest in such Securities.

(b)           The Creditor acknowledges its
understanding that the issuance of the Securities is intended to be exempt
from  registration under the Act by
virtue of Section 4(2) of the Securities Act of 1933, as amended (the “Act”)
and the provisions of Regulation D thereunder.

(c)           The
Creditor has the financial ability to bear the economic risk of his investment,
has adequate means for providing for his current needs and personal
contingencies and  has no need for
liquidity with respect to his investment in the Company.

(d)           The Creditor is an “accredited
investor” as that term is defined in Rule 501(a) of Regulation D under the Act
(17 C.F.R. 230.501(a)) or is not a U.S. Person as defined under Regulation S.

(e)           The
Creditor has made an independent investigation of the Company’s business, been
provided an opportunity to obtain additional information concerning the Company
Creditor deems necessary to make an investment decision and all other information
to the extent the Company possesses such information  or can acquire it without unreasonable effort
or expense.

(f)            The Creditor represents, warrants
and agrees that Creditor will not sell or otherwise transfer the Securities
unless registered under the Act or in reliance upon an exemption

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therefrom, and
fully understands and agrees that Creditor must bear the economic risk of his
purchase for an indefinite period of time because, among other reasons, the
Securities or underlying securities have not been registered under the Act or
under the securities laws of certain states and, therefore, cannot be resold,
pledged, assigned or otherwise disposed of unless they are subsequently
registered under the Act and under the applicable securities laws  of such states or an exemption from such
registration is available.  The Creditor
also understands that the Company is under no obligation to register the
Securities on his behalf or to assist the Creditor in complying with any
exemption from registration under the Act. 
The Creditor further understands that sales or transfers of the
Securities or underlying securities are restricted by the provisions of state
securities laws.

(g)           The Creditor has not transferred or
assigned an interest in the Obligations to any third party.

(h)           The foregoing representations,
warranties and agreements shall survive the delivery of the Securities under
this Agreement.

3.             COMPANY REPRESENTATIONS AND
WARRANTIES.

The Company hereby
acknowledges, represents and warrants to, and agrees with the Creditor as
follows:

(a)           The Company has been duly organized,
is validly existing and is in good standing under the laws of the State of
Florida.  The Company has full corporate
power and authority to enter into this Agreement and this Agreement has been
duly and validly authorized, executed and delivered by the Company and is a
valid and binding obligation of the Company, enforceable against the Company in
accordance with its terms, except as such enforcement may be limited by the
United States Bankruptcy Code and laws effecting creditors rights, generally.

(b)           Subject to the performance by the
Creditor of its obligations under this Agreement and the accuracy of the
representations and warranties of the Creditor, the offering and sale of the
shares will be exempt from the registration requirements of the Act.

(c)           The execution and delivery by the
Company of, and the performance by the Company of its obligations under this
Agreement in accordance with the terms of this Agreement will not contravene
any provision of applicable law or the charter documents of the Company or any
agreement or other instrument binding upon the Company, or any judgment, order
or decree of any governmental body, agency or court having jurisdiction over
the Company, and no consent, approval, authorization or order of, or
qualification with, any governmental body or agency is required for the
performance by the Company of its obligations under this Agreement in
accordance with the terms of this Agreement.

(d)           The
foregoing representations, warranties and agreements shall survive the Closing.

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4.             RELEASE.

Upon
the delivery of the consideration to Creditor set forth in Section 1 of this
Agreement, the Creditor releases and forever discharges the Company of and from
all  and all manner of actions, suits,
debts, sums of money, contracts, agreements, claims and demands at law or in
equity, that Creditor had, or may have arising from the Obligations.

5.             MISCELLANEOUS.

(a)           Modification.   Neither this Agreement nor any provisions hereof
shall be modified, discharged or terminated except by an instrument in writing
signed by the party against whom any waiver, change, discharge or  termination is sought.

(b)           Notices.   Any notice, demand or other communication
which any party hereto may be required, or may elect, to give to anyone
interested hereunder shall be sufficiently given if (a) deposited, postage  prepaid, in a United States mail letter box,
registered or certified mail,  return
receipt requested, ad­dressed to such address as may be given herein, or  (b) delivered personally at such address.

(c)           Counterparts.   This Agreement may be executed through the
use of separate signature pages or in any number of counterparts, and  each of such counterparts shall, for all
purposes, constitute one agreement 
binding on all the parties, notwith­standing that all parties are not
signatories  to the same coun­terpart.

(d)           Binding Effect.   Except as otherwise provided herein, this
Agreement shall be binding upon and inure to the benefit of the  parties and their heirs, executors,
administrators, successors, legal representatives and assigns.  If the undersigned is more than one person,
the obligation of the Investor shall be joint and several, and the
agreements,  representations, warranties
and acknowledgments herein contained shall be deemed  to be made by and be binding upon each such
person and his heirs, executors, 
administrators and successors.

(e)           Entire Agreement.   This instrument contains the entire
agreement of the parties, and there are no representations, covenants or
other  agreements except as stated or
referred to herein.

(f)            Applicable Law.   This Agreement shall be governed and
construed under the laws of the State of New York.

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IN
WITNESS WHEREOF, the Company and Creditors have caused this Agreement to be
executed and delivered by their respective officers, thereunto duly authorized.

	
  

  	
  FERMAVIR PHARMACEUTICALS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
   

  	
  Geoffrey W. Henson, CEO

  

 

[REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK

SIGNATURE
PAGES FOR CREDITORS FOLLOW]

 

 5

 

 

[CREDITOR
SIGNATURE PAGES TO FERMAVIR DEBT CONVERSION AGREEMENT]

IN
WITNESS WHEREOF, the undersigned have caused this Debt Conversion Agreement to
be duly executed by their respective authorized signatories as of the date
first indicated above.

	
  Name
  of Creditor:

  	
  Golden Eye Biocapital Ltd.

  	
   

  	
   

  
	
  Signature of Authorized Signatory of Creditor: 

  	
   

  	
   

  	
   

  
	
  Name of Authorized
  Signatory: 

  	
   

  	
   

  	
   

  
	
  Title of Authorized
  Signatory: 

  	
   

  	
   

  	
   

  
	
  Email Address of
  Creditor:

  	
   

  	
   

  	
   

  
								

 

Address for Notice of
Creditor:

Address for Delivery of
Securities for Creditor (if not same as above):

Amount of Obligations:

	
  Principal: 

  	
   

  	
  $

  	
  262,500

  	
   

  
	
  Interest:

  	
   

  	
  $

  	
  6,250

  	
   

  
	
  Total:

  	
   

  	
  $

  	
  268,750

  	
   

  
	
  Shares:

  	
   

  	
  358,334

  	
   

  
	
  Warrants:

  	
   

  	
  179,167

  	
   

  

 

Description:

	
  Number

  	
   

  	
  Principal

  	
   

  	
  Issued Date

  
	
  FN-1

  	
   

  	
  150,000

  	
   

  	
  6/16/06

  
	
  FN-3

  	
   

  	
  75,000

  	
   

  	
  9/22/06

  
	
  FN-4

  	
   

  	
  37,500

  	
   

  	
  11/9/06

  

 

[SIGNATURE PAGES CONTINUE]

 6
 

 

 

[CREDITOR
SIGNATURE PAGES TO FERMAVIR DEBT CONVERSION AGREEMENT]

IN WITNESS
WHEREOF, the undersigned have caused this Debt Conversion Agreement to be duly
executed by their respective authorized signatories as of the date first
indicated above.

 

	
  Name of Creditor:

  	
  Eureka Science Incubator
  S.A.R.L.

  	
   

  	
   

  
	
  Signature of Authorized Signatory of Creditor: 

  	
   

  	
   

  	
   

  
	
  Name of Authorized Signatory: 

  	
   

  	
   

  	
   

  
	
  Title of Authorized Signatory: 

  	
   

  	
   

  	
   

  
	
  Email Address of Creditor:

  	
   

  	
   

  	
   

  
								

 

Address for Notice of
Creditor:

Address for Delivery of
Securities for Creditor (if not same as above):

Amount of Obligations:

	
  Principal: 

  	
   

  	
  $

  	
  212,500

  	
   

  
	
  Interest:

  	
   

  	
  $

  	
  7,291

  	
   

  
	
  Total:

  	
   

  	
  $

  	
  219,791

  	
   

  
	
  Shares:

  	
   

  	
  293,055

  	
   

  
	
  Warrants:

  	
   

  	
  146,528

  	
   

  

 

Description:

 

	
  Number

  	
   

  	
  Principal

  	
   

  	
  Issued Date

  
	
  FN-2

  	
   

  	
  175,000

  	
   

  	
  6/16/06

  
	
  FN-5

  	
   

  	
  37,500

  	
   

  	
  11/9/06

  

 

[SIGNATURE PAGES CONTINUE]

 7
 

 

 

[CREDITOR
SIGNATURE PAGES TO FERMAVIR DEBT CONVERSION AGREEMENT]

IN
WITNESS WHEREOF, the undersigned have caused this Debt Conversion Agreement to
be duly executed by their respective authorized signatories as of the date
first indicated above.

 

	
  Name of Creditor:

  	
  Gabriele M. Cerrone

  	
   

  	
   

  
	
  Signature of Authorized Signatory of Creditor: 

  	
   

  	
   

  	
   

  
	
  Name of Authorized Signatory: 

  	
   

  	
   

  	
   

  
	
  Title of Authorized Signatory: 

  	
   

  	
   

  	
   

  
	
  Email Address of Creditor:

  	
   

  	
   

  	
   

  
								

 

 

Address for Notice of
Creditor:

Address for Delivery of
Securities for Creditor (if not same as above):

Amount of Obligations:

 

	
  Principal: 

  	
   

  	
  $

  	
  594,000

  	
   

  
	
  Interest:

  	
   

  	
  $

  	
  N/A

  	
   

  
	
  Total:

  	
   

  	
  $

  	
  594,000

  	
   

  
	
  Shares:

  	
   

  	
  792,000

  	
   

  
	
  Warrants:

  	
   

  	
  396,000

  	
   

  

 

Description:

Pursuant to the
Consulting Agreement dated as of August 2005 between the Company an Gabriele
Cerrone, there is now due and owing to Mr. Cerrone $594,000 constituting full
payments to November 15, 2006.

 

 8Exhibit 4.4(a)

WARRANT CLARIFICATION AGREEMENT

This WARRANT CLARIFICATION AGREEMENT (this “Agreement”),
dated as of November 15, 2006, to the Warrant Agreement, dated as of April
28, 2006 (the “Warrant Agreement”), is made and entered into by and between
Harbor Acquisition Corporation, a Delaware corporation (“Company”), and
Continental Stock Transfer & Trust Company, a New York corporation (“Warrant
Agent”).

WHEREAS, Section 3.3.2 of the
Warrant Agreement provides that Company shall not be obligated to deliver any
securities pursuant to the exercise of a warrant unless a registration
statement under the Securities Act of 1933, as amended (“Securities Act”), with
respect to the common stock is effective; and

WHEREAS, in furtherance of the
foregoing, the Company’s final prospectus, dated April 27, 2006, indicated (i)
that no warrant would be exercisable unless at the time of exercise a
prospectus relating to the common stock issuable upon exercise of the warrant
is current and the common stock has been registered under the Securities Act or
qualified or deemed to be exempt under the securities laws of the state of
residence of the holder of the warrant and (ii) that the warrant may be
deprived of any value and the market for the warrant may be limited if the
prospectus relating to the common stock issuable upon the exercise of the
warrant is not current or if the common stock is not qualified or exempt from
qualification in the jurisdictions in which the holder of the warrant resides;
and

WHEREAS, as a result of certain
questions that have arisen regarding the accounting treatment applicable to the
warrants, the parties hereto deem it necessary and desirable to amend the
Warrant Agreement to clarify that the registered holders do not have the right to
receive a net cash settlement in the event the Company does not maintain a
current prospectus relating to the common stock issuable upon exercise of the
warrants at the time such warrants are exercisable,

NOW, THEREFORE, in consideration
of the mutual agreements contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
and intending to be legally bound hereby, the parties hereto agree to amend the
Warrant Agreement as set forth herein.

1.                                       Warrant
Agreement.  The Warrant Agreement is
hereby amended by adding the following sentence as the penultimate sentence of
Section 3.3.2:

“Furthermore, if the Company is unable to deliver any
securities pursuant to the exercise of a Warrant as a result of the foregoing
situation, the Company will have no obligation to pay such registered holder
any cash or other consideration or otherwise “net-cash settle” the Warrant.”

2.                                       Miscellaneous.

(a)           Governing
Law.  The validity, interpretation,
and performance of this Agreement and of the Warrants shall be governed in all
respects by the laws of the State of New York, without giving effect to
conflicts of law principles that would result in the application of the
substantive laws of another jurisdiction. 
The Company hereby agrees that any action, proceeding or claim against
it arising out of or relating in any way to this Agreement shall be brought and
enforced in the courts of the State of New York or the United States District
Court for the Southern District of New York, and irrevocably submits to such
jurisdiction, which jurisdiction shall be exclusive.  The Company hereby waives any objection to
such exclusive jurisdiction and that such courts represent an inconvenient
forum.  Any such process or summons to be
served upon the Company may be served by transmitting a copy thereof by
registered or certified mail, return receipt requested, postage prepaid,
addressed to it at the address set forth in Section 9.2 of the Warrant
Agreement.  Such mailing shall be deemed
personal service and shall be legal and binding upon the Company in any action,
proceeding or claim.

(b)           Binding
Effect.  This Agreement shall be
binding upon and inure to the benefit of the parties hereto and to their
respective successors and assigns.

 

 

(c)           Entire
Agreement.  This Agreement sets forth
the entire agreement and understanding between the parties as to the subject
matter thereof and merges and supersedes all prior discussions, agreements and
understandings of any and every nature among them.  Except as set forth in this Agreement,
provisions of the Warrant Agreement which are not inconsistent with this
Agreement shall remain in full force and effect.  This Agreement may be executed in
counterparts.

(d)           Severability.  This Agreement shall be deemed severable, and
the invalidity or unenforceability of any term or provision hereof shall not
affect the validity or enforceability of this Agreement or of any other term or
provision hereof.  Furthermore, in lieu of
any such invalid or unenforceable term or provision, the parties hereto intend
that there shall be added as part of this Agreement a provision as similar in
terms to such invalid or unenforceable provision as may be possible and be
valid and enforceable.

IN WITNESS WHEREOF, the parties hereto have executed
this Warrant Clarification Agreement as of the date first written above.

	
  

  	
  HARBOR ACQUISITION CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert J. Hanks

  
	
   

  	
   

  	
  Robert J. Hanks, Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CONTINENTAL STOCK TRANSFER & TRUST COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven G. Nelson

  
	
   

  	
   

  	
  Steven G. Nelson, President

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