Document:

Exhibit
10.19

456 North Fifth Street,
Philadelphia, PA  19123

Tel. (215) 873-2200; Fax
(215) 873-0869; Website www.motherswork.com

November 14, 2006

Via Hand Delivery

Dan W. Matthias

Re:          2006 Equity Compensation

Dear Dan:

Reference is made to Section
5.3 of your Amended and Restated Employment Agreement entered into on April 28,
2005 (your “Employment Agreement”) pursuant to which you are eligible to
receive, for each fiscal year occurring during the term of your Employment Agreement,
a stock option to purchase between zero and 60,000 shares of our common stock
(with a target of 45,000 shares), based upon the Company’s achievement of
certain corporate and/or individual performance goals during that fiscal year.  The purpose of this letter is to memorialize your
agreement with the Company, as authorized by the Compensation Committee of our
Board, to vary the application of Section 5.3 of your Employment Agreement with
respect to the Company’s fiscal year ended September 30, 2006 (and only that
year).

Specifically, in lieu of the
grant of a stock option to you with respect to that year, you will instead
receive a grant of restricted stock.  The
number of shares of restricted stock you will receive will be equal to the
number of shares that otherwise would have been subject to your stock option award
for the year ended September 30, 2006, divided by three (i.e., you will receive
between zero and 20,000 shares of restricted stock, with a target of 15,000
shares (subject to equitable adjustment upon a stock split, combination,
reclassification or other similar event involving our common stock)).

The restricted stock will be
granted under our 2005 Equity Incentive Plan and will vest in two equal annual
installments (on the first and second anniversaries of the date of grant),
subject to acceleration on the same terms and upon the same events as give rise
to the acceleration of option vesting under your Employment Agreement.  Consistent with the timing of awards under Section
5.3 of your Employment Agreement, the restricted stock will be granted to you
within 30 days following the Company’s release of final earnings for the year
ended September 30, 2006.

This letter merges and
supersedes all prior and contemporaneous discussions, agreements and
understandings of every nature regarding your equity compensation for the year
ended September 30, 2006 (including your rights with respect to a stock option
award for that year under Section 5.3 of your Employment Agreement).

	
  

  	
  

  	
  

  	
  

  

 

 

Intended
to be legally bound, please acknowledge that this letter reflects our agreement
by signing in the space provided below and returning the original to me.

	
  

  	
   

  	
  Sincerely,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
    /s/
  Edward M. Krell

  
	
   

  	
   

  	
  Edward M. Krell

  
	
   

  	
   

  	
  Executive Vice
  President and Chief

  
	
   

  	
   

  	
  Financial
  Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Acknowledged and
  agreed on

  	
   

  	
   

  
	
  this 14th day of November, 2006:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
    /s/
  Dan W. Matthias

  	
   

  	
   

  	
   

  
	
    Dan
  W. MatthiasExhibit
10.20

456 North Fifth Street,
Philadelphia, PA  19123

Tel. (215) 873-2200; Fax
(215) 873-0869; Website www.motherswork.com

November 14, 2006

Via Hand Delivery

Rebecca C. Matthias

Re:          2006 Equity Compensation

Dear Rebecca:

Reference is made to Section
5.3 of your Amended and Restated Employment Agreement entered into on April 28,
2005 (your “Employment Agreement”) pursuant to which you are eligible to
receive, for each fiscal year occurring during the term of your Employment Agreement,
a stock option to purchase between zero and 60,000 shares of our common stock
(with a target of 45,000 shares), based upon the Company’s achievement of
certain corporate and/or individual performance goals during that fiscal year.  The purpose of this letter is to memorialize your
agreement with the Company, as authorized by the Compensation Committee of our
Board, to vary the application of Section 5.3 of your Employment Agreement with
respect to the Company’s fiscal year ended September 30, 2006 (and only that
year).

Specifically, in lieu of the
grant of a stock option to you with respect to that year, you will instead
receive a grant of restricted stock.  The
number of shares of restricted stock you will receive will be equal to the
number of shares that otherwise would have been subject to your stock option award
for the year ended September 30, 2006, divided by three (i.e., you will receive
between zero and 20,000 shares of restricted stock, with a target of 15,000
shares (subject to equitable adjustment upon a stock split, combination,
reclassification or other similar event involving our common stock)).

The restricted stock will be
granted under our 2005 Equity Incentive Plan and will vest in two equal annual
installments (on the first and second anniversaries of the date of grant),
subject to acceleration on the same terms and upon the same events as give rise
to the acceleration of option vesting under your Employment Agreement.  Consistent with the timing of awards under Section
5.3 of your Employment Agreement, the restricted stock will be granted to you
within 30 days following the Company’s release of final earnings for the year
ended September 30, 2006.

This letter merges and
supersedes all prior and contemporaneous discussions, agreements and
understandings of every nature regarding your equity compensation for the year
ended September 30, 2006 (including your rights with respect to a stock option
award for that year under Section 5.3 of your Employment Agreement).

	
  

  	
  

  	
  

  	
  

  

 

Intended
to be legally bound, please acknowledge that this letter reflects our agreement
by signing in the space provided below and returning the original to me.

	
  

  	
   

  	
  Sincerely,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
    /s/
  Edward M. Krell

  
	
   

  	
   

  	
  Edward M. Krell

  
	
   

  	
   

  	
  Executive Vice
  President and Chief

  
	
   

  	
   

  	
  Financial
  Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Acknowledged and
  agreed on

  	
   

  	
   

  
	
  this 14th day of November, 2006:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
    /s/
  Rebecca C. Matthias

  	
   

  	
   

  	
   

  
	
    Rebecca
  C. MatthiasExhibit
4.3

	
  NUMBER

  	
   

  	
  SHARES

  
	
  0

  	
  Incorporated
  under the laws of the State of Delaware

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Hertz
  Global Holdings, Inc.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  2,000,000,000
  Shares $.01 Par Value

  	
   

  
	
   

  	
  Common
  Stock

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  This is
  to certify that   SPECIMEN  is the owner of

  
	
   

  	
   

  	
   

  
	
   

  
	
  Fully Paid and
  Non-Assessable Shares of Common Stock of

  
	
  Hertz Global
  Holdings, Inc.

  
	
   

  	
   

  	
   

  
	
  transferable only on the books
  of the Corporation by the holder thereof in person or by a duly

  
	
  authorized Attorney upon
  surrender of this Certificate properly endorsed.

  
	
   

  	
   

  	
   

  
	
  Witness, the seal of the
  Corporation and the signatures of its duly authorized officers.

  
	
  DatedExhibit
4.1

Exhibit A

NEITHER
THESE WARRANTS NOR THE COMMON STOCK ISSUABLE UPON EXERCISE OF THESE WARRANTS
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD, PLEDGED OR
TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH
SECURITIES UNDER THE ACT OR UNLESS AN EXEMPTION FROM SUCH REGISTRATION IS
AVAILABLE.

No. FW - ___

Original Issuance:  November 15,
2006

Warrants __________

FERMAVIR PHARMACEUTICALS, INC.

WARRANTS

FermaVir
Pharmaceuticals, Inc., a Florida corporation (“FermaVir”), certifies that, for  value 
received,                

                                     ,
or registered assigns (the “Holder”), is
the owner of                                                          (            )
Warrants of  FermaVir (the “Warrants”).  Each
Warrant entitles the Holder to purchase from FermaVir at any time prior to the
Expiration Date (as defined below) one share of the common stock of FermaVir
(the “Common Stock”) for $1.00 per
share subject to adjustment as hereafter set forth (the “Exercise
Price”), on the terms and conditions hereinafter provided.   The Exercise Price and the number of shares
of Common Stock purchasable upon exercise of each Warrant are subject to
adjustment as provided in this Certificate. The Warrants have been issued as
part of an authorized class of 721,695 warrants of like tenor.

1.             Expiration Date;
Exercise

1.1           Expiration Date.  The Warrants shall expire on December 31,
2016 (the “Expiration Date”).

1.2           Manner of
Exercise.  The Warrants are
exercisable by delivery to FermaVir of the following (the “Exercise Documents”): (a) this Certificate
(b) a written notice of election to exercise the Warrants; and (c) payment of
the Exercise Price in cash, by check or by “net” exercise as contemplated by
Section 1.3 of this Certificate.  Within
three business days following receipt of the foregoing, FermaVir shall execute
and deliver to the Holder: (a) a certificate or certificates representing the
aggregate number of shares of Common Stock purchased by the Holder, and (b) if
less than all of the Warrants evidenced by this Certificate are exercised, a
new certificate evidencing the Warrants not so exercised.

 

 

1.3           Net
Exercise.  In lieu of the payment
methods set forth in Section 1.2 above, the Holder may elect to exchange
all or some of the Warrant for the number of shares of Common Stock computed
using the following formula:

X = Y (A-B)

            A

Where X = the number of shares of Common
Stock to be issued to Holder.

Y = the number of shares of Common Stock
purchasable under the Warrants being exchanged (as adjusted to the date of such
calculation).

A = the Market Price on the date of receipt by
FermaVir of the exercise documents.

B = the Exercise Price of
the Warrants being exchanged (as adjusted in accordance with the terms of
Section 2 hereof).

The
“Market Price” on any trading day
shall be deemed to be the average of the last reported sale price of the Common
Stock for the five trading days immediately preceding  such day, or, in the case no such reported
sales take place on any day, the last reported sale price on the preceding
trading day on which there was a last reported sales price, as officially
reported by the principal securities exchange in which the shares of Common
Stock are listed or admitted to trading or by the Nasdaq Stock Market, or if
the Common Stock is not listed or admitted to trading on any national
securities exchange or the Nasdaq Stock Market, the last sale price, or if
there is no last sale price, the closing bid price, as furnished by the
National Association of Securities Dealers, Inc. (such as through the OTC
Bulletin Board) or a similar organization or if Nasdaq is no longer reporting
such information.  If the Market Price
cannot be determined pursuant to the sentence above, the Market Price shall be
determined in good faith (using customary valuation methods) by the Board of
Directors of FermaVir based on the information best available to it, including
recent arms-length sales of Common Stock to unaffiliated persons.

            1.4               Restriction
on “Net” Exercise.  Notwithstanding
any other provision of this Certificate, Holder shall not be permitted to
effect a “net” exercise of the Warrants if on the date of exercise the resale
of the underlying shares by Holder has been registered under the Securities Act
of 1933, as amended, (the “Securities Act”)
pursuant to a registration statement which is then in effect, and on such date
the Holder shall be permitted to resell such shares pursuant to such
registration statement.

1.5       Warrant Exercise
Limitation.  Notwithstanding any
other provision of this Certificate, or the total number of shares of Common
Stock otherwise available for purchase by Holder hereunder, if as of the date
of exercise FermaVir has a class of securities registered under Section 12 of
the Securities Exchange Act of 1934, as amended, Holder may not exercise any
Warrants under this Section 1 if immediately following such exercise Holder
would beneficially own 5% or more of the outstanding Common Stock of
FermaVir.  For this purpose, a
representation of the Holder that following such exercise it would not
beneficially own 4.99% or more of the outstanding Common Stock of FermaVir
shall be conclusive and binding upon FermaVir.

 2
 

 

 

2.             Certain Adjustments.

2.1           Stock Dividends
and Splits. If FermaVir, at any time while this Warrant is outstanding: (A)
pays a stock dividend or otherwise make a distribution or distributions on
shares of its Common Stock or any other equity or equity equivalent securities
payable in shares of Common Stock (which, for avoidance of doubt, shall not
include any shares of Common Stock issued by FermaVir pursuant to this
Warrant), (B) subdivides outstanding shares of Common Stock into a larger
number of shares, (C) combines (including by way of reverse stock split)
outstanding shares of Common Stock into a smaller number of shares, or (D)
issues by reclassification of shares of the Common Stock any shares of capital
stock of FermaVir, then in each case the Exercise Price shall be multiplied by
a fraction of which the numerator shall be the number of shares of Common Stock
(excluding treasury shares, if any) outstanding immediately before such event
and of which the denominator shall be the number of shares of Common Stock
outstanding immediately after such event and the number of shares issuable upon
exercise of this Warrant shall be proportionately adjusted.  Any adjustment made pursuant to this Section
2.1 shall become effective immediately after the record date for the
determination of stockholders entitled to receive such dividend or distribution
and shall become effective immediately after the effective date in the case of
a subdivision, combination or re-classification.

2.2           Subsequent Equity Sales.

(a)           If FermaVir or any Subsidiary thereof, as applicable, at
any time while this Warrant is outstanding, shall offer, sell, grant any option
to purchase or offer, sell or grant any right to reprice its securities, or
otherwise dispose of or issue (or announce any offer, sale, grant or any option
to purchase or other disposition) any Common Stock or Common Stock Equivalents
entitling any Person to acquire shares of Common Stock, at an effective price
per share less than the then Exercise Price (such lower price, the “Base
Share Price” and such issuances collectively, a “Dilutive Issuance”),
as adjusted hereunder (if the holder of the Common Stock or Common Stock
Equivalents so issued shall at any time, whether by operation of purchase price
adjustments, reset provisions, floating conversion, exercise or exchange prices
or otherwise, or due to warrants, options or rights per share which is issued
in connection with such issuance, be entitled to receive shares of Common Stock
at an effective price per share which is less than the Exercise Price, such
issuance shall be deemed to have occurred for less than the Exercise Price on
such date of the Dilutive Issuance), then the Exercise Price shall be reduced
and only reduced to equal the Base Share Price and the number of Warrant Shares
issuable hereunder shall be increased such that the aggregate Exercise Price
payable hereunder, after taking into account the decrease in the Exercise
Price, shall be equal to the aggregate Exercise Price prior to such adjustment.

(b)           Such adjustments shall be made
whenever such Common Stock or Common Stock Equivalents are issued.  Notwithstanding the foregoing, no adjustments
shall be made, paid or issued under this Section 2 in respect of an Exempt Issuance
(defined below).  FermaVir shall notify
the Holder in writing, no later than the Trading Day following the issuance of
any Common Stock or Common Stock Equivalents subject to this section,
indicating therein the applicable issuance price, or of applicable reset price,
exchange price, conversion price and other pricing terms (such notice the “Dilutive
Issuance Notice”).  For purposes of
clarification, whether or not FermaVir provides a Dilutive Issuance Notice 

 3
 

 

 

pursuant to this Section
2.2, upon the occurrence of any Dilutive Issuance, as applicable, after the
date of such Dilutive Issuance, as applicable, the Holder is entitled to
receive a number of Warrant Shares based upon the Base Share Price, regardless
of whether the Holder accurately refers to the Base Share Price in the Notice
of Exercise.

(c)           “Exempt Issuance” means the
issuance of (a) shares of Common Stock or options to employees, officers,
directors or consultants of the Company (including shares of Common Stock
issued pursuant to the exercise of such options) pursuant to any stock or
option plan duly adopted by a majority of the non-employee members of the Board
of Directors of the Company or a majority of the members of a committee of
non-employee directors established for such purpose, (b) securities upon the
exercise or exchange of or conversion of any securities issued hereunder and/or
securities exercisable or exchangeable for or convertible into shares of Common
Stock issued and outstanding on October 31, 2006, provided that such securities
have not been amended since October 31, 2006 to increase the number of such
securities or to decrease the exercise, exchange or conversion price of any
such securities below $1.00 per share (subject to adjustment for reverse and
forward stock splits and the like), or (c) securities issued pursuant to
acquisitions or strategic transactions approved by a majority of the
disinterested directors, provided any such issuance shall only be to a person
which is, itself or through its subsidiaries, an operating company in a
business synergistic with the business of the Company and in which the Company
receives benefits in addition to the investment of funds, but shall not include
a transaction in which the Company is issuing securities primarily for the purpose
of raising capital or to an entity whose primary business is investing in
securities.

2.3           Pro Rata
Distributions.  If FermaVir, at any
time prior to the Termination Date, shall distribute to all holders of Common
Stock (and not to Holders of the Warrants) evidences of its indebtedness or
assets (including cash and cash dividends) or rights or warrants to subscribe
for or purchase any security other than the Common Stock (which shall be
subject to Section 3(b)), then in each such case the Exercise Price shall be
adjusted by multiplying the Exercise Price in effect immediately prior to the
record date fixed for determination of stockholders entitled to receive such
distribution by a fraction of which the denominator shall be the VWAP
determined as of the record date mentioned above, and of which the numerator
shall be such VWAP on such record date less the then per share fair market
value at such record date of the portion of such assets or evidence of
indebtedness so distributed applicable to one outstanding share of the Common
Stock as determined by the Board of Directors in good faith.  In either case the adjustments shall be
described in a statement provided to the Holder of the portion of assets or
evidences of indebtedness so distributed or such subscription rights applicable
to one share of Common Stock.  Such
adjustment shall be made whenever any such distribution is made and shall
become effective immediately after the record date mentioned above.

2.4           Fundamental
Transaction. If, at any time while this Warrant is outstanding, (A)
FermaVir effects any merger or consolidation of FermaVir with or into another
Person, (B) FermaVir effects any sale of all or substantially all of its assets
in one or a series of related transactions, (C) any tender offer or exchange
offer (whether by FermaVir or another Person) is completed pursuant to which
holders of Common Stock are permitted to tender or exchange their shares for
other securities, cash or property, or (D) FermaVir effects any
reclassification of the Common Stock or any compulsory share exchange pursuant
to which the Common Stock is 

 4
 

 

 

effectively
converted into or exchanged for other securities, cash or property (in any such
case, a “Fundamental Transaction”), then, upon any subsequent exercise
of this Warrant, the Holder shall have the right to receive, for each Warrant
Share that would have been issuable upon such exercise immediately prior to the
occurrence of such Fundamental Transaction, at the option of the Holder, (a)
upon exercise of this Warrant, the number of shares of Common Stock of the
successor or acquiring corporation or of FermaVir, if it is the surviving
corporation, and any additional consideration (the “Alternate Consideration”)
receivable upon or as a result of such reorganization, reclassification,
merger, consolidation or disposition of assets by a Holder of the number of
shares of Common Stock for which this Warrant is exercisable immediately prior
to such event or (b) if FermaVir is acquired in an all cash transaction, cash
equal to the value of this Warrant as determined in accordance with the
Black-Scholes option pricing formula. 
For purposes of any such exercise, the determination of the Exercise
Price shall be appropriately adjusted to apply to such Alternate Consideration
based on the amount of Alternate Consideration issuable in respect of one share
of Common Stock in such Fundamental Transaction, and FermaVir shall apportion
the Exercise Price among the Alternate Consideration in a reasonable manner
reflecting the relative value of any different components of the Alternate
Consideration.  If holders of Common
Stock are given any choice as to the securities, cash or property to be
received in a Fundamental Transaction, then the Holder shall be given the same
choice as to the Alternate Consideration it receives upon any exercise of this
Warrant following such Fundamental Transaction. 
To the extent necessary to effectuate the foregoing provisions, any
successor to FermaVir or surviving entity in such Fundamental Transaction shall
issue to the Holder a new warrant consistent with the foregoing provisions and
evidencing the Holder’s right to exercise such warrant into Alternate
Consideration. The terms of any agreement pursuant to which a Fundamental
Transaction is effected shall include terms requiring any such successor or
surviving entity to comply with the provisions of this Section 2.4 and insuring
that this Warrant (or any such replacement security) will be similarly adjusted
upon any subsequent transaction analogous to a Fundamental Transaction.

2.5           Calculations. All calculations
under this Section 2 shall be made to the nearest cent or the nearest 1/100th
of a share, as the case may be. For purposes of this Section 2, the number of
shares of Common Stock deemed to be issued and outstanding as of a given date
shall be the sum of the number of shares of Common Stock (excluding treasury
shares, if any) issued and outstanding.

2.6           Voluntary Adjustment By FermaVir.
FermaVir may at any time during the term of this Warrant reduce the then
current Exercise Price to any amount and for any period of time deemed
appropriate by the Board of Directors of FermaVir.

2.7           Notice to Holders.

(a)           Adjustment to Exercise Price. Whenever the Exercise
Price is adjusted pursuant to this Section 2, FermaVir shall promptly mail to
each Holder a notice setting forth the Exercise Price after such adjustment and
setting forth a brief statement of the facts requiring such adjustment. If
FermaVir issues a variable rate security, despite the prohibition thereon in the
Purchase Agreement, FermaVir shall be deemed to have issued Common 

 5
 

 

 

Stock or Common Stock Equivalents at the lowest
possible conversion or exercise price at which such securities may be converted
or exercised in the case of a Variable Rate Transaction (as defined in the
Purchase Agreement).

(b)           Notice to Allow Exercise by Holder. If (i) FermaVir
shall declare a dividend (or any other distribution) on the Common Stock; (ii)
FermaVir shall declare a special nonrecurring cash dividend on or a redemption of
the Common Stock; (iii) FermaVir shall authorize the granting to all holders of
the Common Stock rights or warrants to subscribe for or purchase any shares of
capital stock of any class or of any rights; (iv) the approval of any
stockholders of FermaVir shall be required in connection with any
reclassification of the Common Stock, any consolidation or merger to which
FermaVir is a party, any sale or transfer of all or substantially all of the
assets of FermaVir, of any compulsory share exchange whereby the Common Stock
is converted into other securities, cash or property; (v) FermaVir shall
authorize the voluntary or involuntary dissolution, liquidation or winding up
of the affairs of FermaVir; then, in each case, FermaVir shall cause to be
mailed to the Holder at its last address as it shall appear upon the Warrant
Register of FermaVir, at least 20 calendar days prior to the applicable record
or effective date hereinafter specified, a notice stating (A) the date on which
a record is to be taken for the purpose of such dividend, distribution,
redemption, rights or warrants, or if a record is not to be taken, the date as
of which the holders of the Common Stock of record to be entitled to such
dividend, distributions, redemption, rights or warrants are to be determined or
(B) the date on which such reclassification, consolidation, merger, sale,
transfer or share exchange is expected to become effective or close, and the
date as of which it is expected that holders of the Common Stock of record
shall be entitled to exchange their shares of the Common Stock for securities,
cash or other property deliverable upon such reclassification, consolidation,
merger, sale, transfer or share exchange; provided that the failure to mail
such notice or any defect therein or in the mailing thereof shall not affect
the validity of the corporate action required to be specified in such
notice.  The Holder is entitled to
exercise this Warrant during the 20-day period commencing on the date of such
notice to the effective date of the event triggering such notice.

3.             Reservation of Shares. 
FermaVir shall at all times reserve and keep available out of its
authorized but unissued shares of Common Stock, such number of shares of Common
Stock as shall from time to time be issuable upon exercise of the
Warrants.  If at any time the number of
authorized but unissued shares of Common Stock shall not be sufficient to
permit the exercise of the Warrants, FermaVir shall promptly seek such
corporate action as may necessary to increase its authorized but unissued
shares of Common Stock to such number of shares as shall be sufficient for such
purpose.

4.             Certificate as to Adjustments.  In
each case of any adjustment in the Exercise Price, or number or type of shares
issuable upon exercise of these Warrants, the Chief Financial Officer of
FermaVir shall compute such adjustment in accordance with the terms of these
Warrants and prepare a certificate setting forth such adjustment and showing in
detail the facts upon which such adjustment is based, including a statement of
the adjusted Exercise Price.  FermaVir
shall promptly send (by facsimile and by either first class mail, postage
prepaid or overnight delivery) a copy of each such certificate to the Holder.

 

 6

 

5.             Loss or Mutilation.  Upon
receipt of evidence reasonably satisfactory to FermaVir of the ownership of and
the loss, theft, destruction or mutilation of this Certificate, and of
indemnity reasonably satisfactory to it, and (in the case of mutilation) upon
surrender and cancellation of these Warrants, FermaVir will execute and deliver
in lieu thereof a new Certificate of like tenor as the lost, stolen, destroyed
or mutilated Certificate.

6.             Representations and Warranties of
FermaVir.  FermaVir hereby represents and warrants to
Holder that:

6.1           Due Authorization.  All corporate action on the part of FermaVir,
its officers, directors and shareholders necessary for (a) the authorization,
execution and delivery of, and the performance of all obligations of FermaVir
under, these Warrants, and (b) the authorization, issuance, reservation for
issuance and delivery of all of the Common Stock issuable upon exercise of
these Warrants, has been duly taken. 
These Warrants constitute a valid and binding obligation of FermaVir
enforceable in accordance with their terms, subject, as to enforcement of
remedies, to applicable bankruptcy, insolvency, moratorium, reorganization and
similar laws affecting creditors’ rights generally and to general equitable
principles.

6.2           Organization.  FermaVir is a corporation duly organized,
validly existing and in good standing under the laws of the State referenced in
the first paragraph of this Certificate and has all requisite corporate power
to own, lease and operate its property and to carry on its business as now
being conducted and as currently proposed to be conducted.

6.3           Valid Issuance of
Stock.  Any shares of Common Stock
issued upon exercise of these Warrants will be duly and validly issued, fully
paid and non-assessable.

6.4           Governmental Consents.  All consents, approvals, orders,
authorizations or registrations, qualifications, declarations or filings with
any federal or state governmental authority on the part of FermaVir required in
connection with the consummation of the transactions contemplated herein have
been obtained.

7.             Representations and Warranties of Holder. 
Holder hereby represents and warrants to FermaVir that:

7.1           Holder is acquiring
the Warrants for its own account, for investment purposes only.

7.2           Holder understands
that an investment in the Warrants involves a high degree of risk, and Holder
has the financial ability to bear the economic risk of this investment in the
Warrants, including a complete loss of such investment. Holder has adequate
means for providing for its current financial needs and has no need for
liquidity with respect to this investment.

7.3           Holder has such
knowledge and experience in financial and business matters that it is capable
of evaluating the merits and risks of an investment in the Warrants and in
protecting its own interest in connection with this transaction.

7.4           Holder understands
that the Warrants have not been registered under the Securities Act or under
any state securities laws.  Holder is
familiar with the provisions of the Securities Act 

 7
 

 

 

and
Rule 144 thereunder and understands that the restrictions on transfer on
the Warrants may result in Holder being required to hold the Warrants for an
indefinite period of time.

7.5           Holder agrees not to
sell, transfer, assign, gift, create a security interest in, or otherwise
dispose of, with or without consideration (collectively, “Transfer”) any of the Warrants except
pursuant to an effective registration statement under the Securities Act or an
exemption from registration.  As a further
condition to any such Transfer, except in the event that such Transfer is made
pursuant to an effective registration statement under the Securities Act, if in
the reasonable opinion of counsel to FermaVir any Transfer of the Warrants by
the contemplated transferee thereof would not be exempt from the registration
and prospectus delivery requirements of the Securities Act, FermaVir may
require the contemplated transferee to furnish FermaVir with an investment
letter setting forth such information and agreements as may be reasonably
requested by FermaVir to ensure compliance by such transferee with the
Securities Act.

8.             Notices of Record
Date.

In the event:

8.1           FermaVir shall take
a record of the holders of its Common Stock (or other stock or securities at the
time receivable upon the exercise of these Warrants), for the purpose of
entitling them to receive any dividend or other distribution, or any right to
subscribe for or purchase any shares of stock of any class or any other
securities or to receive any other right; or

8.2           of any consolidation
or merger of FermaVir with or into another corporation, any capital
reorganization of FermaVir, any reclassification of the capital stock of
FermaVir, or any conveyance of all or substantially all of the assets of FermaVir
to another corporation in which holders of FermaVir’s stock are to receive
stock, securities or property of another corporation; or

8.3           of any voluntary
dissolution, liquidation or winding-up of FermaVir; or

8.4           of any redemption or conversion of all outstanding Common
Stock;

then, and in each such case, FermaVir will mail or cause to be mailed
to the Holder a notice specifying, as the case may be, (a) the date on which a
record is to be taken for the purpose of such dividend, distribution or right,
or (b) the date on which such reorganization, reclassification, consolidation,
merger, conveyance, dissolution, liquidation, winding-up, redemption or
conversion is to take place, and the time, if any is to be fixed, as of which
the holders of record of Common Stock (or such stock or securities as at the
time are receivable upon the exercise of these Warrants), shall be entitled to
exchange their shares of Common Stock (or such other stock or securities), for
securities or other property deliverable upon such reorganization,
reclassification, consolidation, merger, conveyance, dissolution, liquidation
or winding-up.  FermaVir shall use all
reasonable efforts to ensure such notice shall be delivered at least 5 days prior
to the date therein specified.

9.             Registration
Rights.

9.1           Definitions.  For purposes of this Section 9, the following
terms shall have the meanings set forth below:

 8
 

 

 

9.1.1        A “Blackout Event”
means any of the following: (a) the possession by FermaVir of material
information that is not ripe for disclosure in a registration statement or
prospectus, if the disclosure of such information in the Registration Statement
or the prospectus constituting a part thereof would be materially detrimental
to the business and affairs of FermaVir, as determined reasonably and in good
faith by the Board of Directors of FermaVir; or (b) any material engagement or
activity by FermaVir which would, in the reasonable and good faith
determination of the Board of Directors of FermaVir, be materially adversely
affected by disclosure in a registration statement or prospectus at such time.

 9
 

 

9.1.2       
“Exchange Act” shall mean the
Securities Exchange Act of 1934, as amended.

9.1.3        “Included  Shares” shall mean any Registrable Shares included in a Registration.

9.1.4         “Registrable Shares” shall mean the shares
of Common Stock (or such stock or securities as at the time are receivable upon
the exercise of these Warrants) issuable upon exercise of the Warrants and any
other Warrants and or other securities issued to Holder in respect of the
Warrants as a result of stock split, stock dividend or reclassification of such
shares.

9.1.5        “Registration” shall mean a registration of securities
under the Securities Act pursuant to Section 9.2 of this Agreement.

9.1.6        “Registration Period” with respect to any Registration Statement
the period commencing the effective date of the Registration Statement and
ending upon withdrawal or termination of the Registration Statement.

9.1.7        “Registration Statement” shall mean the registration statement, as
amended from time to time, filed with the SEC in connection with a
Registration.

9.1.8         “SEC” shall mean the Securities and Exchange
Commission.

9.2           Registration.   Fermavir shall file a registration
statement by January 31, 2007 and use its reasonable best efforts to cause such
registration to become effective as soon as possible.  If
FermaVir shall determine to register any Common Stock under the Securities Act
for sale in connection with a public offering of Common Stock (other than
pursuant to an employee benefit plan or a merger, acquisition or similar
transaction), FermaVir will give written notice thereof to Holder and will
include in such Registration Statement any of the Registrable Shares which
Holder may request be included (“Included
Shares”) by a writing delivered to FermaVir within 15 days after the
notice given by FermaVir to Holder; provided, however, that if the offering is
to be firmly underwritten, and the representative of the underwriters of the
offering refuse in writing to include in the offering all of the shares of
Common Stock requested by FermaVir and others, the shares to be included shall
be allocated first to FermaVir and any shareholder who initiated such
Registration and then among the others based on the respective number of shares
of Common Stock held by such persons.  If
FermaVir decides not to, and does not, file a Registration Statement with
respect to such Registration, or after filing determines to withdraw the same
before the effective date thereof, FermaVir will promptly so inform Holder, and
FermaVir will not be obligated to complete the registration of the Included
Shares included therein.

9.3           Certain Covenants.  In connection with any Registration:

9.3.1        FermaVir shall take
all lawful action such that the Registration Statement, any amendment thereto
and the prospectus forming a part thereof does not contain an untrue statement
of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein, in light of the
circumstances under which they are made, not misleading.  Upon becoming aware of the occurrence of any
event or the discovery of any facts during the Registration Period that make
any statement of a material fact made in the Registration Statement or the
related 

 10
 

 

prospectus untrue in any
material respect or which material fact is omitted from the Registration
Statement or related prospectus that requires the making of any changes in the
Registration Statement or related prospectus so that it will not contain any
untrue statement of a material fact or omit to state a material fact necessary
to make the statements therein, in light of the circumstances under which they
are made, not misleading (taking into account any prior amendments or
supplements), FermaVir shall promptly notify Holder, and, as soon as reasonably
practicable prepare (but in no event more than five business days in the case
of a supplement or seven business days in the case of a post-effective
amendment) and file with the SEC a supplement or post-effective amendment to
the Registration Statement or the related prospectus or file any other required
document so that, as thereafter delivered to a purchaser of Shares from Holder,
such prospectus will not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements therein, in
light of the circumstances under which they were made, not misleading.  FermaVir shall use its reasonable best
efforts to keep the Registration Statement effective at all times during the
period continuing until the earliest of (i) the date that is nine months after
the last day of the calendar month following the month in which the
Registration Statement is declared effective, (ii) the date when the Holder may
sell all Registrable Securities under Rule 144 without volume or other
restrictions or limits or (iii) the date the Holder no longer owns any of the
Registrable Securities,

9.3.2        At least three business days prior to
the filing with the SEC of the Registration Statement (or any amendment
thereto) or the prospectus forming a part thereof (or any supplement thereto),
FermaVir shall provide draft copies thereof to Holder and shall consider
incorporating into such documents such comments as Holder (and its counsel) may
propose to be incorporated therein. 
Notwithstanding the foregoing, no prospectus supplement, the form of
which has previously been provided to Holder, need be delivered in draft form
to Holder.

9.3.3        FermaVir shall promptly notify Holder
upon the occurrence of any of the following events in respect of the
Registration Statement or the prospectus forming a part thereof: (i) the
receipt of any request for additional information from the SEC or any other
federal or state governmental authority, the response to which would require
any amendments or supplements to the Registration Statement or related
prospectus; (ii) the issuance by the SEC or any other federal or state
governmental authority of any stop order suspending the effectiveness of the
Registration Statement or the initiation of any proceedings for that purpose;
or (iii) the receipt of any notification with respect to the suspension of the
qualification or exemption from qualification of any of the Shares for sale in
any jurisdiction or the initiation or threatening of any proceeding for such
purpose.

9.3.4        FermaVir shall furnish to Holder with
respect to the Included Shares registered under the Registration Statement (and
to each underwriter, if any, of such Shares) such number of copies of prospectuses
and such other documents as Holder may reasonably request, in order to
facilitate the public sale or other disposition of all or any of the  Included Shares by Holder pursuant to the
Registration Statement.

9.3.5        In connection with any registration pursuant
to Section 9.2, FermaVir shall file or cause to be filed such documents as are
required to be filed by FermaVir for normal Blue Sky clearance in states
specified in writing by Holder; provided, however, that FermaVir
shall not be required to qualify to do business or consent to service of
process in any jurisdiction in which it is not now so qualified or has not so
consented.

 11
 

 

 

9.3.6        FermaVir shall bear and pay all expenses
incurred by it and Holder (other than underwriting discounts, brokerage fees and
commissions and fees and expenses of more than one law firm) in connection with
the registration of the Shares pursuant to the Registration Statement.

9.3.7        As a condition to including Registrable
Shares in a Registration Statement, Holder must provide to FermaVir such
information regarding itself, the Registrable Shares held by it and the
intended method of distribution of such Shares as shall be required to effect
the registration of the Registrable Shares and, if the offering is being
underwritten, Holder must provide such powers of attorney, indemnities and
other documents as may be reasonably requested by the managing underwriter.

9.3.8        Following the effectiveness of the
Registration Statement, upon receipt from FermaVir of a notice that the Registration
Statement contains an untrue statement of material fact or omits to state any
material fact required to be stated therein or necessary to make the statements
therein not misleading in light of the circumstances under which they were
made, Holder will immediately discontinue disposition of Included Shares
pursuant to the Registration Statement until FermaVir notifies Holder that it
may resume sales of Included Shares and, if necessary, provides to Holder
copies of the supplemental or amended prospectus.

9.4           Blackout
Event.  FermaVir shall not be
obligated to file a post-effective amendment or supplement to the Registration
Statement or the prospectus constituting a part thereof during the continuance
of a Blackout Event; provided, however, that no Blackout Event may be deemed to
exist for more than 60 days.  Without the
express written consent of Holder, if required to permit the continued sale of
Shares by Holder, a post-effective amendment or supplement to Registration
Statement or the prospectus constituting a part thereof must be filed no later
than the 21st day following commencement of a Blackout
Event.

9.5           Rule 144.
With a view to making available to Holder the benefits of Rule 144, FermaVir
agrees, during the period from July 1, 2007 until October 31, 2009, unless the
shares issuable to the Holder may be sold pursuant to an effective Registration
Statement, to:

9.5.1        comply
with the provisions of paragraph (c)(1) of Rule 144; and

9.5.2        file with the SEC in a timely manner all
reports and other documents required to be filed by FermaVir pursuant to
Section 13 or 15(d) under the Exchange Act; and, if at any time it is not
required to file such reports but in the past had been required to or did file
such reports, it will, upon the request of a Holder, make available other
information as required by, and so long as necessary to permit sales of its
Shares pursuant to, Rule 144.

9.6           FermaVir
Indemnification.  FermaVir agrees to
indemnify and hold harmless Holder, and its officers, directors and agents, and
each person, if any, who controls Holder within the meaning of Section 15 of
the Securities Act or Section 20 of the Exchange Act from and against any and all losses, claims, damages and liabilities
caused by (i) any violation or alleged violation by FermaVir of the Securities
Act, Exchange Act, any state securities laws or any rule or regulation
promulgated under the Securities Act, Exchange Act or any state securities
laws, (ii) any untrue statement or alleged untrue statement of a material fact
contained in any registration statement or prospectus relating to the Included
Shares (as amended or supplemented if FermaVir shall have 

 12
 

 

 

furnished
any amendments or supplements thereto) or any preliminary prospectus, or (iii)
caused by any omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not
misleading in light of the circumstances under which they were made, except
insofar as such losses, claims, damages or liabilities are caused by any such
untrue statement or omission or alleged untrue statement or omission based upon
information furnished in writing to FermaVir by Holder or on Holder’s behalf
expressly for use therein.

9.7           Holder
Indemnification.  Holder agrees to
indemnify and hold harmless FermaVir, its officers, directors and agents and
each person, if any, who controls FermaVir within the meaning of either Section
15 of the Securities Act or Section 20 of the Exchange Act to the same extent
as the foregoing indemnity from FermaVir to Holder, but only with respect to
information furnished in writing by Holder or on Holder’s behalf expressly for
use in any registration statement or prospectus relating to the Registrable
Shares, or any amendment or supplement thereto, or any preliminary prospectus.

9.8           Indemnification
Procedures. In case any proceeding (including any governmental
investigation) shall be instituted involving any person in respect of which
indemnity may be sought pursuant to this Section 9, such person (an “Indemnified Party”) shall promptly notify
the person against whom such indemnity may be sought (the “Indemnifying Party”) in writing and the
Indemnifying Party shall assume the defense thereof, including the employment
of counsel reasonably satisfactory to such Indemnified Party, and shall assume
the payment of all fees and expenses; provided that the failure of any
Indemnified Party so to notify the Indemnifying Party shall not relieve the
Indemnifying Party of its obligations hereunder except to the extent (and only
to the extent that) that the Indemnifying Party is materially prejudiced by
such failure to notify.  In any such
proceeding, any Indemnified Party shall have the right to retain its own
counsel, but the fees and expenses of such counsel shall be at the expense of
such Indemnified Party unless (i) the Indemnifying Party and the Indemnified
Party shall have mutually agreed to the retention of such counsel or (ii) in
the reasonable judgment of such Indemnified Party representation of both parties
by the same counsel would be inappropriate due to actual or potential differing
interests between them.  It is understood
that the Indemnifying Party shall not, in connection with any proceeding or
related proceedings in the same jurisdiction, be liable for the reasonable fees
and expenses of more than one separate firm of attorneys (in addition to any
local counsel) at any time for all such Indemnified Parties (including in the
case of Holder, all of its officers, directors and controlling persons) and that
all such fees and expenses shall be reimbursed as they are incurred.  In the case of any such separate firm for the
Indemnified Parties, the Indemnified Parties shall designate such firm in
writing to the Indemnifying Party.  The
Indemnifying Party shall not be liable for any settlement of any proceeding
effected without its written consent (which consent shall not be unreasonably
withheld or delayed), but if settled with such consent, or if there be a final
judgment for the plaintiff, the Indemnifying Party shall indemnify and hold
harmless such Indemnified Parties from and against any loss or liability (to
the extent stated above) by reason of such settlement or judgment.  No Indemnifying Party shall, without the
prior written consent of the Indemnified Party, effect any settlement of any
pending or threatened proceeding in respect of which any Indemnified Party is
or could have been a party and indemnity could have been sought hereunder by
such Indemnified Party, unless such settlement includes an unconditional
release of such Indemnified Party from all liability arising out of such
proceeding.

 13
 

 

 

9.9           Contribution.  To the extent any indemnification by an
Indemnifying Party is prohibited or limited by law, the Indemnifying Party
agrees to make the maximum contribution with respect to any amounts for which,
he, she or it would otherwise be liable under this Section 9.6 to the fullest
extent permitted by law; provided, however, that (i) no contribution shall be
made under circumstances where a party would not have been liable for
indemnification under this Section 9.6 and (ii) no seller of Registrable
Securities guilty of fraudulent misrepresentation (within the meaning used in
the Securities Act) shall be entitled to contribution from any party who was not
guilty of such fraudulent misrepresentation.

10.          Nontransferability.  Holder may not sell or transfer any Warrants
to any person without registration under the Securities Act or providing an
opinion of counsel acceptable to FermaVir that such transfer may lawfully be
made without such registration.  Any such
purported transfer shall not be effective as between such purported transferee
and FermaVir.

11.          Severability.  If
any term, provision, covenant or restriction of these Warrants is held by a
court of competent jurisdiction to be invalid, void or unenforceable, the
remainder of the terms, provisions, covenants and restrictions of these
Warrants shall remain in full force and effect and shall in no way be affected,
impaired or invalidated.

12.          Notices.  All
notices, requests, consents and other communications required hereunder shall
be in writing and shall be effective when delivered or, if delivered by
registered or certified mail, postage prepaid, return receipt requested, shall
be effective on the third day following deposit in United States mail: to the
Holder, at the Holder’s address of record in the Company’s warrant register;
and if addressed to FermaVir, at FermaVir Pharmaceuticals, Inc., 420 Lexington
Avenue, Suite 445, New York, NY 10170, or such other address as FermaVir may
designate in writing.

13.          No Rights as
Shareholder.  The Holder shall have no rights as a
shareholder of FermaVir with respect to the shares issuable upon exercise of
the Warrants until the receipt by FermaVir of all of the Exercise Documents.

	
  

  	
  FERMAVIR PHARMACEUTICALS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Geoffrey W. Henson, Chief Executive Officer

  

 

 14

Exhibit A

 

EXHIBIT “A”

NOTICE OF EXERCISE

(To
be signed only upon exercise of the Warrants)

To:          FermaVir Pharmaceuticals, Inc.

The
undersigned hereby elects to purchase shares of Common Stock (the “Warrant Shares”) of FermaVir Pharmaceuticals, Inc. (“FermaVir”), pursuant to the terms of the enclosed warrant
certificate (the “Certificate”).
The undersigned tenders herewith payment of the exercise price pursuant to the
terms of the Certificate.

The undersigned hereby represents and
warrants to, and agrees with, FermaVir as follows:

1.             Holder
is acquiring the Warrant Shares for its own account, for investment purposes
only.

2.             Holder understands
that an investment in the Warrant Shares involves a high degree of risk, and
Holder has the financial ability to bear the economic risk of this investment
in the Warrant Shares, including a complete loss of such investment. Holder has
adequate means for providing for its current financial needs and has no need
for liquidity with respect to this investment.

3.             Holder has such
knowledge and experience in financial and business matters that it is capable
of evaluating the merits and risks of an investment in the Warrant Shares and
in protecting its own interest in connection with this transaction.

4.             Holder understands
that the Warrant Shares have not been registered under the Securities Act or
under any state securities laws.  Holder
is familiar with the provisions of the Securities Act and Rule 144 thereunder
and understands that the restrictions on transfer on the Warrant Shares may
result in Holder being required to hold the Warrant Shares for an indefinite
period of time.

5.             Holder agrees not
to sell, transfer, assign, gift, create a security interest in, or otherwise
dispose of, with or without consideration (collectively, “Transfer”)
any of the Warrant Shares except pursuant to an effective registration
statement under the Securities Act or an exemption from registration.  As a further condition to any such Transfer,
except in the event that such Transfer is made pursuant to an effective
registration statement under the Securities Act, if in the reasonable opinion
of counsel to FermaVir any Transfer of the Warrant Shares by the contemplated
transferee thereof would not be exempt from the registration and prospectus
delivery requirements of the Securities Act, FermaVir may require the
contemplated transferee to furnish FermaVir with an investment letter setting
forth such information and agreements as may be reasonably requested by
FermaVir to ensure compliance by such transferee with the Securities Act.

 

 

Each certificate evidencing the Warrant Shares will
bear the following legend:

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) OR ANY APPLICABLE STATE
SECURITIES LAWS AND MAY NOT BE EXERCISED, SOLD, PLEDGED OR TRANSFERRED IN THE
ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH SECURITIES UNDER THE
ACT OR UNLESS AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE.

6.             Immediately
following this exercise of Warrants, if as of the date of exercise
FermaVir  has a class  of securities registered under Section 12 of
the Securities Exchange Act of 1934, as amended, the undersigned will not
beneficially own five percent (5%) or more of the then outstanding Common Stock
of FermaVir (based on the number of shares outstanding set forth in the most
recent periodic report filed by FermaVir with the Securities and Exchange
Commission and any additional shares which have been issued since that date of
which Holder is aware have been issued).

	
  Number of Warrants
  Exercised:

  	
   

  	
   

  	
   

  	
   

  
	
   

  
	
  Net Exercise 

  	
   

  	
  Yes

  	
   

  	
     No

  	
   

  
	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
												

 

 2

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