Document:

EXHIBIT 4-bbbb

 

[FORM OF PHYSICALLY-SETTLED PRE-PAID PURCHASE
CONTRACT]

 

MORGAN STANLEY FINANCE LLC

 

[Insert Designation of Physically-Settled
Pre-paid Purchase Contracts]

 

PHYSICALLY-SETTLED PRE-PAID PURCHASE CONTRACT(S)

 

Physically-Settled Pre-paid Purchase Contracts
between

 

Morgan Stanley Finance LLC

 

and

 

________________

or registered assigns,

as holder hereunder (the “Holder”)

 

All capitalized terms used but not defined
herein that are defined in the Unit Agreement (described below) have the meanings set forth therein, and if not defined therein,
have the meaning set forth below.

 

	Pre-paid Purchase Contract Property:	 
	Quantity:	 
	Settlement Date:	 
	Settlement Location:	 
	Method of Settlement:	 
	Authorized Number of Pre-paid Purchase Contracts:	 
	Aggregate Quantity of Pre-paid Purchase Contract Property:	 
	Contract Fees:	 

 

     

    

    

 

	Company Acceleration:	 
	Holders’ Acceleration:	 
	Other Terms:	 

 

Morgan Stanley Finance LLC, a Delaware limited
liability company (the “Company”), for value received, agrees to deliver on the Settlement Date, subject to
the terms of the Unit Agreement referred to below and as set forth herein, the Aggregate Quantity of Pre-paid Purchase Contract
Property. The Physically-Settled Pre-paid Purchase Contract(s) (the “Pre-paid Purchase Contract(s)”) evidenced
hereby shall not entitle the Holder to receive the Pre-paid Purchase Contract Property prior to the Settlement Date.

 

The Aggregate Quantity of Pre-paid Purchase
Contract Property shall be delivered to the Settlement Location on the Settlement Date pursuant to the Method of Settlement.

 

[This Purchase Contract is not redeemable
prior to maturity.]

 

Each Pre-paid Purchase Contract evidenced
hereby is one of a duly authorized issue of not more than the Authorized Number of Pre-paid Purchase Contracts of the Company relating
to the delivery of not more than the Aggregate Quantity of Pre-paid Purchase Contract Property issued under the Unit Agreement,
dated as of February 16, 2016 (the “Unit Agreement”), among the Company, Morgan Stanley, as guarantor (the “Guarantor”),
The Bank of New York Mellon, as Agent (the “Agent”) and as Collateral Agent thereunder, as Warrant Agent (the
“Warrant Agent”) under the Warrant Agreement referred to therein, as Trustee (the “Trustee”)
and Paying Agent under the Indenture referred to therein, and the holders from time to time of Units, to which Unit Agreement and
supplemental agreements thereto reference is hereby made for a description of the respective rights, limitations of rights, obligations,
duties and immunities thereunder of the Agent, the Collateral Agent, the Company, the Guarantor and the Holders and of the terms
upon which the Pre-paid Purchase Contracts are, and are to be, executed, countersigned, executed on behalf of the Holder and delivered.
Any payment due on, including any property deliverable under, the Pre-paid Purchase Contracts is fully and unconditionally guaranteed
by the Guarantor.

 

The Agent may require a Holder, among other
things, to furnish appropriate endorsements and transfer documents in connection with any transfer or exchange of each Pre-paid
Purchase Contract evidenced hereby. No service charge shall be required for any such registration of transfer or exchange, but
the Company and the Agent may require payment of a sum sufficient to cover any tax or other governmental charge imposed in connection
with any registration of transfer or exchange of Units.

 

    2

    

    

 

Upon registration of transfer of this Pre-paid
Purchase Contract, the transferee shall be bound (without the necessity of any other action on the part of such transferee, except
as may be required by the Agent pursuant to the Unit Agreement), under the terms of the Unit Agreement and the Pre-paid Purchase
Contracts evidenced hereby and the transferor shall be released from the obligations under the Pre-paid Purchase Contracts hereby.
The Company covenants and agrees, and the Holder, by his acceptance hereof, likewise covenants and agrees, to be bound by the provisions
of this paragraph.

 

The extent to which, and the terms upon
which, any property (other than the Pre-paid Purchase Contract Property) is deliverable with respect to the Pre-paid Purchase Contracts
evidenced hereby is described above under “Contract Fees.” The extent to which, and the terms upon which, the
Company may accelerate the obligations of the Company evidenced hereby is described above under “Company Acceleration.”
The extent to which, and the terms upon which, the Holders of such Pre-paid Purchase Contracts may accelerate the obligations of
the Company is described above under “Holders’ Acceleration.”

 

Subject to certain exceptions, the terms
of the Pre-paid Purchase Contracts and the provisions of the Unit Agreement may be amended with the consent of the Holders of not
less than a majority of the affected Outstanding Purchase Contracts and certain Purchase Contract Defaults may be waived with the
consent of the Holders of a majority of the affected Outstanding Purchase Contracts. Without the consent of any Holder of Units,
the terms of the Unit Agreement and the Pre-paid Purchase Contracts may be amended to, among other things, cure any ambiguity,
to correct or supplement any provision in the Unit Agreement or the Pre-paid Purchase Contract, to add to covenants of the Company,
the Guarantor, Collateral Agent or Agent or to make any other provisions with respect to matters or questions arising under the
Unit Agreement or the Pre-paid Purchase Contracts that do not adversely affect the interests of the Holders in any material respect.

 

Holders of the Pre-paid Purchase Contracts
may not enforce the Unit Agreement or such Pre-paid Purchase Contracts except as provided in the Unit Agreement.

 

Any incorporator, or past, present or future
stockholder, officer, attorney-in-fact, manager or director, as such, of the Company or the Guarantor or of any successor shall
not have any liability for any obligations of the Company or the Guarantor under the Pre-paid Purchase Contracts or the Unit Agreement
or for any claim based on, with respect to or by reason of such obligations or their creation. The Holder by his acceptance hereof
waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Pre-paid Purchase
Contracts.

 

The Pre-paid Purchase Contracts shall for
all purposes be governed by, and construed in accordance with, the laws of the State of New York.

 

    3

    

    

 

Prior to due presentment of a Unit Certificate
or Pre-paid Purchase Contract for registration of transfer, the Company, the Guarantor, the Trustee, the Agent, the Warrant Agent
and the Collateral Agent, and any agent of the Company, the Guarantor, the Trustee, the Agent, the Warrant Agent and the Collateral
Agent may treat the Person in whose name this Pre-paid Purchase Contract is registered as a party to the Pre-paid Purchase Contracts
evidenced hereby for the purpose of performance of such Pre-paid Purchase Contracts and for all other purposes whatsoever, and
none of the Company, the Guarantor, the Trustee, the Agent, the Warrant Agent or the Collateral Agent or any such agent shall be
affected by notice to the contrary.

 

The Holder, by his acceptance hereof, authorizes
the Agent to execute the Pre-paid Purchase Contracts evidenced hereby on his behalf, authorizes and directs the Agent on his behalf
to take such other action, and covenants and agrees to take such other action, as may be necessary or appropriate, or as may be
required by the Agent, to effectuate the provisions of the Unit Agreement relating to the settlement or delivery of the Pre-paid
Purchase Contract Property, appoints the agent as his attorney-in-fact for any and all such purposes, and agrees to be bound by
the terms thereof.

 

The Pre-paid Purchase Contracts shall not,
prior to the performance thereof, entitle the Holder to any of the rights of a holder of the Pre-paid Purchase Contract Property.

 

No provision of this Pre-paid Purchase Contract
or of the Unit Agreement shall alter or impair the obligation of the Company, which is absolute and unconditional, to deliver the
Pre-paid Purchase Contract Property.

 

No Pre-paid Purchase Contract evidenced
hereby shall be valid or obligatory for any purpose until countersigned and executed on behalf of the Holder by the Agent, pursuant
to the Unit Agreement.

 

    4

    

    

 

IN WITNESS WHEREOF, Morgan Stanley Finance
LLC has caused this instrument to be duly executed.

 

 

	DATED: [                       ]	 	MORGAN STANLEY FINANCE LLC
	 	 	 
	 	 	 
	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 

 

 

 

 

 

	THE BANK OF NEW YORK MELLON,

as Agent, and as attorney-in-fact of the Holder hereof

	 
	By:	 	 
	 	Authorized Signatory	 

 

	 

 

 

	Countersigned

 

THE BANK OF NEW YORK MELLON,
 as Agent

	 
	By:	 	 
	 	Authorized Signatory	 

 

    5ex10-1.htm

Exhibit 10.1

 

 

AGREEMENT TO AMEND AND EXERCISE SERIES E WARRANTS

AND

RELATED MATTERS

 

This Agreement to Amend and Exercise Series E Warrants and Related Matters (the “Agreement”), dated as of February 15, 2016, is by and among GeoVax Labs, Inc., a Delaware corporation (the “Company”), and the investors listed on the signature pages hereto (each, a “Purchaser” and collectively, the “Purchasers”).

 

WHEREAS, pursuant to a Securities Purchase Agreement dated February 25, 2015 among the Company and the Purchasers (the “Purchase Agreement”), the Purchasers were issued 3,000 shares of the Company’s Series C Convertible Preferred Stock (the “Series C Stock”) and Series D Warrants (as defined below), Series E Warrants (as defined below), and Series F Warrants (as defined below) (collectively, the “Warrants”) to purchase an aggregate of 49,999,998 shares of Common Stock, par value $0.001 per share (the “Common Stock”) and in the individual amounts set forth below such Purchaser’s name on the signature pages to the Purchase Agreement;

 

WHEREAS, the Company desires to encourage the Purchasers to exercise the Series E Warrants by agreeing to pay a warrant exercise fee and extending the term of the Series E Warrants as described below; and

 

WHEREAS, the Purchasers wish to receive a warrant exercise fee upon exercise of Series E Common Stock Purchase Warrants dated February 27, 2015 (the “Series E Warrants”), and an extension of the term thereof.

 

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the Purchasers and the Company agree as follows:

 

article I

definitions

 

Section 1.         Definitions. Capitalized terms not defined in this Agreement shall have the meanings ascribed to such terms in the Purchase Agreement and in the Certificate of Designation for the Series C Stock filed with the Delaware Secretary of State which authorized the Series C Stock (the “Series C Certificate of Designation”), as applicable.

  

ARTICLE II

AMENDMENTS AND OTHER AGREEMENTS

 

Section 2.1.      Amendment to the Series E Warrants. The first sentence of the first paragraph of the Series E Warrants is hereby amended to delete the phrase “the one year anniversary” and substitute “the eighteen month anniversary” in lieu thereof.

 

Section 2.2 Payment of Warrant Exercise Fee. The Series E Warrants entitle the Purchasers to acquire Common Stock as follows:

 

	
WARRANT HOLDER
	
GRANT DATE
	
EXPIRATION DATE 

AFTER EXTENSION
	
NUMBER OF 

SHARES
	
CURRENT

 EXERCISE 

PRICE

 

	
Sabby Healthcare Master Fund, Ltd.
	
February 27, 2015
	
August 27, 2016
	
8,333,333
	
$0.09416

	
Sabby Volatility Warrant Master Fund, Ltd.
	
February 27, 2015
	
August 27, 2016
	
8,333,333
	
$0.09416

 

The Purchasers agree to exercise certain of their Series E Warrants pursuant to Section 2.4 below. To induce the Purchasers to exercise the Series E Warrants, the Company agrees to pay to each Purchaser a warrant exercise fee of $0.02916 for each share purchased by such Purchaser upon all exercises of the Series E Warrants from and after the date hereof. The Company agrees to pay the warrant exercise fees to the applicable Purchaser within three (3) business days after the Company receives the proceeds from each exercise of Series E Warrants. Such warrant exercise fee shall be paid by wire transfer to the account designated by such Purchaser.   By way of an example, if the Company receives $784,666.64 gross proceeds from a Purchaser on Series E Warrant exercises, the Company would wire such Purchaser, within 3 business days from the date of exercise of such Series E Warrants, $242,999.99.

 

 

 

1

 

 

Section 2.3 Waivers of Antidilution Provisions. Solely to the extent applicable to the exercise of the Series E Warrants and payment of the warrant exercise fee pursuant to Section 2.2 above, each Purchaser hereby waives the right to an adjustment to the exercise price and/or conversion price, as applicable, pursuant to each of:

 

(a) Section 7(b) of the Series C Certificate of Designation pursuant to Section 8(c) thereof; 

(b) Section 3 (b) of the Series A Common Stock Purchase Warrants originally issued in March 2012 (the “Series A Warrants”) pursuant to Section 5 (l) thereof;

(c) Section 3(b) of the Series D Warrants issued February 27, 2015 (the “Series D Warrants”) pursuant to Section 5 (l) thereof ; and 

(d) Section 3(b) of the Series F Warrants issued February 27, 2015 (the “Series F Warrants”) pursuant to Section 5 (l) thereof.

 

Furthermore, the Purchasers hereby confirm, acknowledge and agree that they shall not be entitled to acquire additional shares pursuant to the Series C Certificate of Designation, Series A Warrants, Series D Warrants, Series E Warrants, or Series F Warrants, as a result of the Company’s agreement to pay the warrant exercise fee pursuant to this Agreement. 

 

Section 2.4 Exercise of Series E Warrants. Promptly after the execution of this Agreement by all of the parties hereto, the Purchasers shall submit a Notice of Exercise and exercise sufficient Series E Warrants such that each of the Purchasers (collectively with such Purchaser’s affiliates) shall thereafter be the beneficial owner of 9.98% of the Company’s Common Stock. The computation of such percentage shall be as provided in Section 2 (e) of the Series E Warrant. The exercise price for the Series E Warrants in connection with such exercise shall be paid in cash by means of wire transfer so long as a Registration Statement covering the exercise of such Series E Warrants is effective and the prospectus therein available at the time of such exercise. 

 

Section 2.5 Purchasers’ Agreement to Give Priority to Exercise of the Series E Warrants. If a Purchaser’s beneficial ownership shall fall below 9.98% of the Company’s Common Stock, and such Purchaser shall desire to acquire additional shares of the Company’s Common Stock, during the term of the Series E Warrants, such Purchaser shall exercise its rights to buy additional shares of such Common Stock pursuant to the Series E Warrants before acquiring such shares pursuant to any other existing right such Purchaser may have to acquire them. For example, the Purchaser shall forego the conversion of Series C Stock, and the exercise of Series A Warrants, Series D Warrants, or Series F Warrants, until it has acquired all of the shares of the Company’s Common Stock subject to the Series C Warrant. The provisions of this Section 2.5 shall be null and void in the event either (x) the Company breaches or is in default of its obligations under any Transaction Document (including transaction documents executed in connection with the Series A Warrants), including, without limitation, the timely payment of all warrant exercise fees pursuant to Section 2.2 in connection with all Series E Warrant exercises or (y) there is no effective Registration Statement (or the prospectus therein is not available) covering the resale of the Warrant Shares issuable upon exercise of the Series E Warrants by the Purchasers.

 

Section 2.6 Confirmation of Term of Series F Warrant. The Company and the Purchasers acknowledge that the exercisability of the Series F Warrants shall vest ratably from time to time in proportion to the holder’s (or its permitted assigns) exercise of the Series E Warrants as compared with all Series E Warrants issued to the holder on February 27, 2015 in connection with the original issuance of the Series E Warrants, provided such exercise occurs during the term of the Series E Warrants, as amended by this Agreement.

 

Section 2.7      Effect on Existing Documents. The foregoing agreement, consents and waivers are given solely in respect of the transactions described herein. Except as expressly set forth herein, all of the terms and conditions of the Purchase Agreement, Series C Certificate of Incorporation, Series A Warrants, Series D Warrants, Series E Warrants, and Series F. Warrants shall continue in full force and effect after the execution of this Agreement, and shall not be in any other way changed, modified or superseded by the terms set forth herein. 

 

 

 

2

 

 

Section 2.8     Filing of Form 8-K. By 9:00 am (NY time) on the business day immediately following the date hereof, the Company shall issue a Current Report on Form 8-K and a prospectus supplement to the existing Registration Statements, reasonably acceptable to each Purchaser disclosing the material terms of the transactions contemplated hereby, which shall include this Agreement as an attachment thereto.

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES

 

Section 3.1.     Representations and Warranties of the Company. The Company hereby makes the representations and warranties set forth below to the Purchasers that as of the date of its execution of this Agreement:

 

(a)     Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary action on the part of such Company and no further action is required by such Company, its board of directors or its stockholders in connection therewith. This Agreement has been duly executed by the Company and, when delivered in accordance with the terms hereof will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

 

(b)     Outstanding Shares. As of the date hereof, there are 33,350,813 issued and outstanding shares of Common Stock.

 

 

(c)     Other Securities. Except as set forth on Schedule 3.1(c), the transactions hereunder will not obligate the Company to issue shares of Common Stock or other securities to any Person (other than the Purchasers) and will not result in a right of any holder of Company securities to adjust the exercise, conversion, exchange or reset price under any of such securities. 

 

 

(d)     Effective Registration.   Registration Statement no 333-202897, which registers the resale of the Warrant Shares issuable upon exercise of the Series E Warrants by the Purchasers, is effective and the prospectus therein is current and available.

 

 

(e)     Equal Consideration. The Company has complied with the provisions of Section 4.13 of the Purchase Agreement in effecting the transactions contemplated hereby.

  

Section 3.2.      Representations and Warranties of the Purchasers. Each Purchaser hereby makes the representations and warranties set forth below to the Company that as of the date of its execution of this Agreement:

  (i) the execution and delivery of this Agreement by such Purchaser and the consummation by such Purchaser of the transactions contemplated hereby have been duly authorized by all necessary action on such Purchaser’s behalf and (ii) this Agreement has been duly executed and delivered by such Purchaser and constitutes the valid and binding obligation of such Purchaser, enforceable against such Purchaser in accordance with its terms, except (A) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (B) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (C) insofar as indemnification and contribution provisions may be limited by applicable law.

 

ARTICLE IV

MISCELLANEOUS

 

Section 4.1.     Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be made in accordance with the provisions of the Purchase Agreement.

 

 

 

3

 

 

Section 4.2.     Survival. All warranties and representations (as of the date such warranties and representations were made) made herein or in any certificate or other instrument delivered by it or on its behalf under this Agreement shall be considered to have been relied upon by the parties hereto and shall survive the issuance of the Warrants. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties; provided however that no party may assign this Agreement or the obligations and rights of such party hereunder without the prior written consent of the other parties hereto.

 

Section 4.3.     Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile signature page were an original thereof.

 

Section 4.4.    Severability. If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby and the parties will attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Agreement.

 

Section 4.5.    Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be determined pursuant to the Governing Law provision of the Purchase Agreement.

 

Section 4.6.    Entire Agreement. This Agreement, together with any exhibits and schedules thereto, contain the entire understanding of the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

 

Section 4.7.     Construction. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party.

 

Section 4.8     Independent Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser hereunder are several and not joint with the obligations of any other Purchasers hereunder, and no Purchaser shall be responsible in any way for the performance of the obligations of any other Purchaser hereunder. Nothing contained herein or in any other agreement or document delivered at any closing, and no action taken by any Purchaser pursuant hereto, 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 with respect to such obligations or the transactions contemplated by this Agreement. Each Purchaser shall be entitled to protect and enforce its rights, including without limitation the rights arising out of this Agreement, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose.

 

Section 4.9     Fees and Expenses. Except as expressly set forth herein, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all transfer agent fees, stamp taxes and other taxes and duties levied in connection with the delivery of any Warrants or Warrant Shares.

 

 

 

4

 

 

 

 

***********************

 

 

 

5

 

 

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

 

 

 

  

	
 
	
geovax labs, inc.

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
By:
	  
	
 
	
 
	
Name: Robert T. McNally

Title: President & CEO

 

 

 

 

 

IN WITNESS WHEREOF, the undersigned have caused this Agreement to Amend and Exercise Series E Warrants and Related Matters to be duly executed by their respective authorized signatories as of the date first indicated above.

 

 

Name of Purchaser: Sabby Volatility Warrant Master Fund, Ltd

 

Signature of Authorized Signatory of Purchaser:______________________

 

Name of Authorized Signatory: Robert Grundstein

 

Title of Authorized Signatory: COO of Investment Manager

 

Email Address of Purchaser: rgrundstein@sabbycapital.com

 

 

Address for Notice of Purchaser: c/o Sabby Management, LLC

 

10 Mountainview Road, Suite 205

 

Upper Saddle River, NJ 07458

 

 

 

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

 

 

 

 

 

 

 

IN WITNESS WHEREOF, the undersigned have caused this Agreement to Amend and Exercise Series E Warrants and Related Matters to be duly executed by their respective authorized signatories as of the date first indicated above.

 

 

Name of Purchaser: Sabby Healthcare Master Fund, Ltd

 

Signature of Authorized Signatory of Purchaser: ________________________

 

Name of Authorized Signatory: Robert Grundstein

 

Title of Authorized Signatory: COO of Investment Manager

 

Email Address of Purchaser: rgrundstein@sabbycapital.com

 

 

Address for Notice of Purchaser: c/o Sabby Management, LLC

 

10 Mountainview Road, Suite 205

 

Upper Saddle River, NJ 07458

 

 

 

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

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