Document:

exv10w2

 

Exhibit 10.2

Wilson L. Craft

FAMOUS DAVE’S OF AMERICA, INC.

RESTRICTED STOCK UNIT AGREEMENT

     This Restricted Stock Unit Agreement (this “Agreement”), made effective as of March
21, 2008, is by and between Famous Dave’s of America, Inc., a Minnesota corporation (the
“Company”), and Wilson L. Craft (“Employee”).

BACKGROUND

     A. Employee has been hired to serve as an employee of the Company (which for purposes of this
Agreement shall also include the Company’s direct and indirect wholly-owned subsidiaries) or the
Company desires to induce Employee to continue to serve the Company as an employee.

     B. The Company has adopted the 2005 Stock Incentive Plan (the “Plan”) pursuant to which shares
of common stock of the Company (“Shares”) have been reserved for issuance under the Plan. Any
capitalized terms used, but not defined, in this Agreement are defined in the Plan.

     C. Pursuant to the Plan, as amended in 2008, the Company is willing to grant to Employee
certain restricted stock units that may result in the issuance to Employee of a certain number of
Shares, if his rights to those units and Shares become vested as provided below, at the applicable
time specified in this Agreement.

     D. The terms of this Agreement are intended to comply with the requirements of Section 409A of
the Internal Revenue Code of 1986, as amended (the “Code”). Code Section 409A and the Treasury
Regulations issued thereunder are referred to in this Agreement as “Section 409A.”

AGREEMENT

     Now, Therefore, the parties hereto agree as follows:

     1. Grant of Units. Subject to Section 11 below, the Company hereby grants to Employee
One Hundred Thousand (100,000) restricted stock units (the “Award Units”), each of which represents
the right to receive one Share from the Company, plus any Added Units credited to Employee pursuant
to the last paragraph of this Section 1, subject to the terms and provisions of this Agreement and
the Plan.

     “Unit Account” means an account established and maintained by the Company, solely for
accounting purposes, to record of the number of Award Units and any Added Units (collectively,
“Units”) credited to Employee by the Company under this Agreement.

     As long as any Units remain credited to the Unit Account, the Company shall credit to the Unit
Account, on each date that the Company pays a cash dividend to holders of Shares generally, an
additional number of Units (“Added Units”) equal to the total number of whole Units previously
credited to the Unit Account under this Agreement, multiplied by the dollar amount of the cash
dividend per Share paid by the Company on that date, and divided by the Fair Market Value (as
defined in the Plan) of one Share on that date. Any fractional Added Unit resulting from such
calculation shall be included in the Added Units.

     2. Vesting and Forfeiture of Units. The total of all Units credited to the Unit
Account from time to time shall become vested ratably over a period of three (3) years in equal
annual installments, beginning on

 

 

the third anniversary of the date of this Agreement and continuing on each subsequent
anniversary of that date until all of the Units have become vested or forfeited, as set forth in
the following schedule:

	 	 	 	 	 	 	 	 	 
	Anniversary

	 	Vested Percentage
	 	Forfeited Percentage

	 
	 	 	 	 	 	 	 	 
	Before third anniversary

	 	 	0	%	 	 	100	%
	 
	 	 	 	 	 	 	 	 
	After third Anniversary, but 

before fourth anniversary

	 	33 and 1/3%
	 	66 and 2/3%

	 
	 	 	 	 	 	 	 	 
	After fourth anniversary, but 

before fifth anniversary

	 	66 and 2/3%
	 	33 and 1/3%

	 
	 	 	 	 	 	 	 	 
	After fifth anniversary

	 	 	100	%	 	None

     Notwithstanding the foregoing vesting schedule, 100% of the then unvested Units credited to the
Unit Account shall become vested upon a “Change of Control” as defined in Employee’s written
employment agreement with the Company.

     Upon Employee’s termination of employment with the Company (for any reason or no reason, and
regardless of whether such termination is voluntary or involuntary on the part of Employee),
Employee shall forfeit the percentage of all Units that have been credited to the Unit Account but
are not then vested.

     3. Form and Timing of Payment. Upon the earlier to occur of:

     (a) [not applicable], or

     (b) date of Employee’s termination of employment with the Company (for any reason or no
reason, and regardless of whether such termination is voluntary or involuntary on the part
of Employee)

     (as applicable, the “Distribution Event”); the Company shall register on the books of the Company
and cause the transfer agent and registrar of its Shares to issue one or more certificates in
Employee’s name evidencing a number of Shares equal to the number of vested Units then credited to
the Unit Account, subject to any tax withholding required under Section 7 and rounded up to the
nearest whole Share; and those Shares shall be delivered to Employee as soon as administratively
practicable following the occurrence of the Distribution Event (but no later than the end of the
year in which the Distribution Event occurs). Any Units that are not vested as of the date of the
Distribution Event shall be automatically forfeited. If Employee dies before the delivery of any
Shares to which Employee is entitled under this Agreement, the Shares shall be delivered to the
Beneficiary or Beneficiaries designated under Section 9. Whenever the Company shall become
obligated to issue Shares in respect of a Unit subject to this Agreement, all rights of Employee
with respect to such Unit, other than the right to such issuance, shall terminate and be of no
further force or effect and such Unit shall be cancelled.

     Except as specifically permitted under Section 409A, neither the Company (or the Board of
Directors) nor Employee (or any Beneficiary) shall have the right to have any of the Shares
delivered before the time they are otherwise scheduled to be delivered under this Agreement.

     4. Section 409A Compliance; Six Month Payment Delay if Employee is a Specified
Employee. Notwithstanding anything to the contrary herein, a termination of employment must be
a “separation from

 

 

service” as defined in Section 409A to be deemed a Distribution Event under Section 3. In
addition, if Employee is a “specified employee” (as determined under Section 409A), as of the date
of Employee’s Separation from Service, no Shares may be delivered to Employee by the Company under
Section 3 before a date that is at least six (6) months after the date of Employee’s Separation
from Service (or, if earlier, the date of Employee’s death).

     The Company shall apply the same “specified employee” definition for this Agreement and all
other non-qualified deferred compensation arrangements (including without limitation employment
agreements with separation pay or other deferred compensation provisions) of the Company (and all
employers included with the Company as a single employer for this purpose pursuant to Section 409A)
that are governed by Section 409A and in which Employee and any others who would become a
“specified employee” due to such definition are participating.

     5. Copy of the Plan. By the execution of this Agreement, Employee acknowledges
receipt of a copy of the Plan, the terms of which are hereby incorporated herein by reference and
made a part hereof by reference as if set forth in full.

     6. Continuation of Employment. Nothing contained in this Agreement shall be deemed to
grant Employee any right to continue in the employ of the Company for any period of time or to any
right to continue his or her present or any other rate of compensation, nor shall this Agreement be
construed as giving Employee, Employee’s beneficiaries or any other person any equity or interests
of any kind in the assets of the Company or creating a trust of any kind or a fiduciary
relationship of any kind between the Company and any such person.

     7. Withholding of Tax. To the extent that the receipt of the Shares or the lapse of
any restrictions thereon results in income to Employee for federal or state income tax purposes,
Employee shall deliver to the Company at the time of such receipt or lapse, as the case may be,
such amount of money as the Company may require to meet its withholding obligation under applicable
tax laws or regulations, and, if Employee fails to do so, the Company is authorized to withhold
from any cash or stock remuneration then or thereafter payable to Employee any tax required to be
withheld by reason of such resulting compensation income.

     8. Designation of Beneficiary. Employee may designate one or more “Beneficiaries” to
receive all or any portion of the Shares that Employee may become entitled to receive under Section
3, by giving the Company a signed written notice of such designation on a form the Company may
provide. Employee may revoke or modify each such designation at any time by a further written
designation. Any such Beneficiary designation made by Employee shall be automatically revoked if
the Beneficiary dies before the death of Employee or, if the Beneficiary is Employee’s spouse, if
Employee’s marriage to that spouse is dissolved while they are both alive. If no Beneficiary
designation remains in effect when Employee dies, the Beneficiary shall be the spouse of Employee,
or if no spouse of Employee is then living, the Beneficiary shall be Employee’s estate or other
legal representative.

     9. No Assignment of Units or Rights to Shares. Neither Employee nor any Beneficiary
shall have any right to assign, pledge or otherwise transfer any Units or any right to receive
Shares under this Agreement, except to the limited extent permitted under the Plan. No creditor of
Employee (or of any Beneficiary) shall have any right to garnish or otherwise attach any Units or
any right to receive Shares under this Agreement. In the event of any attempted assignment, pledge
or other transfer, or attempted garnishment or attachment by a creditor, the Company shall have no
further liability under this Agreement.

     10. Shareholder Approval of Amendment to the Plan. This grant of Award Units is being
made pursuant to the Plan and is governed by the terms of this Agreement and the terms of the Plan.
The Company’s

 

 

Board of Directors has approved amendments to the Plan that include, without limitation,
expanding the type of incentives that may be granted under the Plan to include restricted stock
units (the “Plan Amendment”). The Company intends to submit a proposal (the “Proposal”) to its
shareholders at its 2008 annual shareholders meeting (the “Annual Meeting”) to approve the Plan
Amendment. Notwithstanding any provision to the contrary contained in this Agreement, the
Company’s grant of the Awards Units hereunder is subject in all respects to receipt of shareholder
approval for the Proposal at the Annual Meeting or any adjournment thereof. In the event the
Proposal is not approved by the Company’s shareholders at the Annual Meeting or any adjournment
thereof, the grant of Award Units pursuant to this Agreement shall be null and void and this
Agreement shall have no further force or effect.

     11. General.

     (a) This Agreement may be amended only by a written agreement executed by the Company
and Employee.

     (b) This Agreement and the Plan embody the entire agreement made between the parties
hereto with respect to matters covered herein; and this Agreement shall not be modified
except by a writing signed by the parties, except as otherwise provided in the Plan.

     (c) Nothing herein expressed or implied is intended or shall be construed as conferring
upon or giving to any person, firm, or corporation other than the parties hereto, any rights
or benefits under or by reason of this Agreement.

     (d) Each party hereto agrees to execute such further documents as may be necessary or
desirable to effect the purposes of this Agreement.

     (e) This Agreement may be executed in any number of counterparts, each of which shall
be deemed an original, but all of which shall constitute one and the same agreement.

     (f) This Agreement, in its interpretation and effect, shall be governed by the laws of
the State of Minnesota applicable to contracts executed and to be performed therein.

Signature page follows

 

 

     In Witness Whereof, the parties have executed this Restricted Unit Agreement to be
effective as of the date first set forth above.

	 	 	 	 	 
	 	EMPLOYEE:

 	 
	 	/s/ Wilson L. Craft
 	 
	 	Wilson L. Craft 	 
	 	 	 
	 

	 	 	 	 	 
	 	FAMOUS DAVE’S OF AMERICA, INC:

 	 
	 	By:  	/s/ K. Jeffrey Dahlberg
 	 
	 	 	K. Jeffrey Dahlberg, Chairman of the BoardEX-10.1 EMPLOYMENT AGREEMENT/ROBERT T. MCNALLY

 

Exhibit 10.1

EMPLOYMENT AGREEMENT

Between

GeoVax Labs, Inc. and Robert McNally

01 April 2008

This EMPLOYMENT AGREEMENT (the “Agreement”) by and between GEOVAX LABS, INC., a Georgia Corporation
(“GeoVax” or “Company”), and ROBERT MCNALLY (“Employee”; and with the Company, collectively, the
“Parties”), is entered into and effective as of: 01 APRIL 2008 (the “Effective Date”).

Therefore, in consideration of the mutual covenants and agreements set forth herein, the Employee
is hereby employed by the Company under the terms of this Agreement, and Employee accepts such
employment.

1. Employee shall serve as PRESIDENT & CEO (Chief Executive Officer) of the Company and shall
perform the following duties (“Employee Duties”): such duties as are customary for someone in that
position and duties that may be reasonably assigned from time to time by the Chairman and/or the
Company’s Board of Directors (BOD).

Employee Duties include but are not limited to: overall management of the Company and related
corporate functions, business contracts and other activities that arise from time to time.

The President/CEO (“P/CEO”) has overall responsibility for the Company, plans and guides the
operations, sets specific company goals and objectives and devises strategies and formulates
policies to ensure that objectives are met. Corporate goals and policies are overseen by the
Chairman and the board of directors. P/CEO is the direct contact for all press, public relations
and fund raising activities of the company.

The P/CEO is held accountable for the accuracy of financial reporting, corporate governance,
internal controls, and financial reporting. Additional responsibilities include planning, financial
and operational budgets, purchasing, hiring, training, quality control, day-to-day activities,
overall performance inclusive of manufacturing, contracts, sales, purchasing, finance, personnel
and human resources activities, training, administrative services, computer and information
systems, property management, transportation and legal services. Raising required funds to sustain
the Company both short and long term are critical additional responsibilities.

P/CEO retains overall accountability for GeoVax as a publicly held corporation and the board of
directors ultimately is accountable for the success or failure of the enterprise. The person in
this position reports to the Chairman and to the board of directors.

2. Term of Agreement. The term of Employee’s employment under this Agreement commences on or about
01 April 2008 and shall continue until the termination of Employee’s employment with the Company as
provided herein. The Company may terminate this Agreement upon at least 60 days prior written
notice to Employee, and such termination shall be effective on the termination date described in
such notice (or such earlier time as the Company and Employee may agree). Notwithstanding the
foregoing, the termination of this Agreement shall not terminate the Company’s obligation to make
any payments to Employee for services performed and expenses incurred prior to the date of such
termination, or as set forth below; and shall not terminate Employee’s obligations under Section
14, 15 and 16 below.

3. Base Salary. The Company shall pay Employee $200,000 annually, payable at least monthly, with
annual reviews. Performance and salary reviews are at the discretion of the Chairman and/or board
of directors and may occur more often than annually in line with job responsibility changes.

4. Performance Reviews. Performance reviews will be conducted at least annually by the Chairman
and/or the board of directors.

5. Annual Bonus Potential. An annual fiscal year bonus will be considered and recommended, if
appropriate and approved by the Chairman and the board of directors. The actual amount shall be at
the discretion of the board of directors based on Employee’s and the Company’s performance and
achievement.

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6. Equity Stock Incentive. The Company shall periodically (at least once per year) consider the
grant of stock options or other equity awards to Employee under the Company’s then current stock
award plan. These awards will have an expiration date and vesting schedule which will be
determined by the board of directors.

7. Moving Expenses. N/A

8. Temporary Living Expense. N/A

9. Travel Expenses. The Company shall reimburse Employee for usual and customary business travel
expenses reasonably incurred in the performance of Employee’s Duties, based on receipted expense
reports, including mileage reimbursement at the IRS standard rate for such reimbursement for all
general business use of personal auto. Employee will use best efforts to minimize all travel and
travel expenses and use alternative less expensive forms of travel when possible. (Not inclusive of
home to office travel unless than more than 50 miles one way.)

10. Other Business Expenses. N/A

11. Benefits. Employee will be entitled to the following benefits in line with the Company’s
ongoing benefits program administered by the Company, through an HR employment agency (Administaff
Services, Inc.) or other company selected benefits administrator. Benefit details are provided in
an information packet available from the Company.

	 	a.	 	Life Insurance Benefits: $50,000 in term life insurance. Additional insurance is
available through the HR agency at employee expense.
	 
	 	b.	 	Long-Term Disability Insurance: As provided
	 
	 	c.	 	Medical & Dental Insurance: As provided
	 
	 	d.	 	Vacation: Four (4) weeks paid vacation per calendar year — if not fully taken, up
to one week may be carried over to the following year.
	 
	 	e.	 	Holidays: Nine (9) paid holidays.
	 
	 	f.	 	Retirement Plan: A Company 401(k) Retirement Plan that allows Employee to
contribute up to 15% of salary on a pre-tax basis up to a maximum as prescribed under
federal law. Employer matching and/or profit contribution will be at the discretion of
the Company and approved annually by the board of directors. Company matching is
currently $0.25 for each $1.00 of employee 401(k) contribution up to a maximum. (See Plan
for details.) Waiting period is 6 months post hiring date.

12. Termination Provision — Non Voluntary.

	 	a.	 	For Cause. If Employee is terminated for cause, Employee’s employment,
compensation and benefits will terminate immediately (unless otherwise provided by law),
and Employee shall not receive any severance payments.
	 
	 	b.	 	Without Cause. If Employee is terminated without cause, Employee must be given 30
days notice, and his salary will continue to be paid for 1 week for each full year of
service.

13. Termination Provision — Voluntary. Employee may voluntarily terminate his employment on 60
day written notice to the Company, and Employee’s employment, compensation and benefits will
terminate on the effective date of termination (unless otherwise provided by law), and Employee
shall not receive any severance payments.

14. Record Keeping and Payment. Employee shall keep and file with the Company an expense report
for all business expenses for which Employee seeks reimbursement, and Employee shall be reimbursed
for such documented business expenses, as approved by the Company’s Chief Financial Officer within
thirty (30) days of submitting a request for reimbursement.

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15. Restrictive Covenants. Employee acknowledges that the restrictions contained herein are
reasonable and necessary to protect the legitimate business interests of the Company, and will not
impair or infringe upon his right to work or earn a living after his employment with the Company
ends. The restrictions imposed herein shall apply during Employee’s employment with the Company
and, except for the longer period specified below for the protection of Trade Secrets, thereafter
for a period of two (2) years after the termination of employment for any reason (the “Restricted
Period”).

	 	a.	 	Trade Secrets and Confidential Information. Employee represents and warrants that:

	 	(i)	 	he is not subject to any agreement that would prevent him from performing
Employee’s Duties for the Company or otherwise complying with this Agreement, and
	 
	 	(ii)	 	he is not subject to or in breach of any non-disclosure agreement,
including any agreement concerning trade secrets or confidential information owned
by any other party.

     Employee agrees that he will not:

	 	(i)	 	use, disclose, or reverse engineer the Trade Secrets or the Confidential
Information (as defined below), except as authorized by the Company; nor
	 
	 	(ii)	 	during his employment with the Company, use, disclose, or reverse
engineer (a) any confidential information or trade secrets of any former employer or
third party, or (b) any works of authorship developed in whole or in part by him
during any former employment or for any other party, unless authorized in writing by
the former employer or third party; nor
	 
	 	(iii)	 	upon his resignation or termination retain Trade Secrets or Confidential
Information, including any copies existing in any form (including electronic form),
which are in his possession or control, nor destroy, delete, or alter the Trade
Secrets or Confidential Information without the Company’s consent. Notwithstanding
the above, such information may be disclosed to authorized representatives of the US
government in federal grant applications and to third parties in connection with
licensing, financing and other commercial agreements, in each case to the extent the
failure to provide such information would materially prejudice the Company’s ability
to secure the grant or enter into the desired commercial relationship, and provided
that in each case Employee uses his best efforts to cause the person(s) receiving
such information to protect its confidentiality and limit its use, including
securing a written confidentiality agreement where possible.

     The obligations under this subsection 15.a shall:

	 	(i)	 	with regard to the Trade Secrets, remain in effect as long as the
information constitutes a trade secret under applicable law, and
	 
	 	(ii)	 	with regard to the Confidential Information, remain in effect during the
Restricted Period.

	 	b.	 	“Confidential Information” means information of the Company, to the extent not
considered a Trade Secret under applicable law, that

	 	(i)	 	relates to the business of the Company,
	 
	 	(ii)	 	possesses an element of value to the Company,
	 
	 	(iii)	 	is not generally known to the Company’s competitors, and
	 
	 	(iv)	 	would damage the Company if disclosed.

     Confidential Information includes, but is not limited to,

	 	(i)	 	future business plans,
	 
	 	(ii)	 	the composition, description, schematic or design of products, future
products or equipment of the Company,
	 
	 	(iii)	 	communication systems, audio systems, system designs and related
documentation,
	 
	 	(iv)	 	advertising or marketing plans,
	 
	 	(v)	 	information regarding independent contractors, employees, clients and
customers of the Company, and
	 
	 	(vi)	 	information concerning the Company’s financial structure and methods and
procedures of operation.

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Confidential Information shall not include any information that is or becomes generally
available to the public other than as a result of an unauthorized disclosure, has been
independently developed and disclosed by others without violating this Agreement or the
legal rights of any party, or otherwise enters the public domain through lawful means.

	 	c.	 	“Trade Secrets” means information of the Company, and its licensors, suppliers,
clients and customers, without regard to form, including, but not limited to, technical
or non-technical data, a formula, a pattern, a compilation, a program, a device, a
method, a technique, a drawing, a process, financial data, financial plans, product
plans, or a list of actual or potential customers or suppliers which is not commonly
known by or available to the public and which information derives economic value, actual
or potential, from not being generally known to, and not being readily ascertainable by
proper means by, other persons who can obtain economic value from its disclosure or use,
and is the subject of efforts that are reasonable under the circumstances to maintain its
secrecy.
	 
	 	d.	 	Non-Solicitation of Customers and Business Partners. During the Restricted Period,
Employee will not solicit any customer of the Company, or any for-profit or
not-for-profit enterprise in a commercial or research relationship with the Company, on
his own behalf or on behalf of any other person or entity, for the purpose of providing
any goods or services competitive with the business of the Company as described in the
Company’s Business Plan or thereafter (the “Business”), or for the purpose of diverting
the benefits of any such relationship away from the Company. The restrictions set forth
in this Section apply only to the customers and enterprises with which Employee had
interaction:

	 	(i)	 	in an effort to establish, maintain, and/or further a business
relationship on behalf of the Company, and
	 
	 	(ii)	 	which occurs during the last year of Employee’s employment with the
Company (or during his employment if employed less than a year)

	 	e.	 	Non-Recruitment of Employees. During the Restricted Period, Employee will not,
directly or indirectly, solicit, recruit or induce any employee of the Company or any
affiliate of the Company either to terminate his or her employment relationship with the
Company, or work for any other person or entity engaged in a business like the Business.

16. Work Product. Employee’s Duties may include creation of inventions in areas directly or
indirectly related to the business of the Company or to a line of business that the Company may
reasonably be interested in pursuing. All Work Product (as defined below) shall constitute work
made for hire. If:

	 	a.	 	any of the Work Product may not be considered work made for hire, or
	 
	 	b.	 	ownership of all right, title, and interest to the legal rights in and to the Work
Product will not vest exclusively in the Company, then, without further consideration,
Employee assigns all presently-existing Work Product to the Company, and agrees to
assign, and automatically assigns, all future Work Product to the Company.

The Company will have the right to obtain and hold in its own name copyrights, patents, design
registrations, proprietary database rights, trademarks, rights of publicity, and any other
protection available in the Work Product. At the Company’s request, Employee will perform, during
or after his employment with the Company, any acts to transfer, perfect and defend the Company’s
ownership of the Work Product, including, but not limited to:

	 	a.	 	executing all documents (including a formal assignment to the Company) necessary
for filing an application or registration for protection of the Work Product (an
“Application”),
	 
	 	b.	 	explaining the nature of the Work Product to persons designated by the Company,
	 
	 	c.	 	reviewing Applications and other related papers, or
	 
	 	d.	 	providing any other assistance reasonably required for the orderly prosecution of
Applications. Employee will provide the Company with a written description of any Work
Product in which he is involved (solely or jointly with others) and the circumstances
surrounding the creation of such Work Product.

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“Work Product” means

	 	a.	 	any data, databases, materials, documentation, computer programs, inventions
(whether or not patentable), designs, and/or works of authorship, including but not
limited to, discoveries, ideas, concepts, properties, formulas, compositions, methods,
programs, procedures, systems, techniques, products, improvements, innovations, writings,
pictures, and artistic works, and
	 
	 	b.	 	any subject matter protected under patent, copyright, proprietary database,
trademark, trade secret, rights of publicity, confidential information, or other property
rights, including all worldwide rights therein, that is or was conceived, created or
developed in whole or in part by Employee while employed by the Company and that either;

	 	(i)	 	is created within the scope of his employment,
	 
	 	(ii)	 	is based on, results from, or is suggested by any work performed within
the scope of his employment,
	 
	 	(iii)	 	is directly or indirectly related to the business of the Company or a
line of business that the Company may reasonably be interested in pursuing,
	 
	 	(iv)	 	has been or will be paid for by the Company, or
	 
	 	(v)	 	was created or improved in whole or in part by using the Company’s time,
resources, data, facilities, or equipment

	17.	 	Arbitration.

	 	a.	 	Any controversy, claim or dispute arising from, out of or relating to this
Agreement, or any breach thereof, including but not limited to any dispute concerning the
scope of this arbitration clause, claims based in tort or contract, claims for
discrimination under federal, state or local law, and/ or claims for violation of any
federal, state or local law (any such controversy, claim or dispute being referred to
herein as a “Claim”) shall be resolved in accordance with the National Rules for the
Resolution of Employment Disputes of the American Arbitration Association then in effect.
Such arbitration shall take place in Atlanta, Georgia. The arbitrator’s award shall be
final and binding upon both parties.
	 
	 	b.	 	A demand for arbitration shall be made within a reasonable time after the Claim has
arisen. In no event shall the demand for arbitration be made after the date when an
institution of legal and/or equitable proceedings based on such Claim would be barred by
the applicable statute of limitations. Each party to the arbitration will be entitled to
be represented by counsel and shall have the right to subpoena witnesses and documents
for the arbitration hearing. The arbitrator shall be experienced in employment
arbitration and licensed to practice law in the state of Georgia. The arbitrator shall
have the authority to hear and grant a motion to dismiss and/ or motion for summary
judgment, applying the standards governing such motions under the Federal Rules of Civil
Procedure.
	 
	 	c.	 	Except as otherwise awarded by the arbitrator, each party shall pay the fees of its
respective attorneys, the expenses of its witnesses and any other expenses connected with
presenting its Claim or defense. To the extent permitted by law, the prevailing party
shall be entitled to receive, in addition to all other relief, payment of all expenses of
litigation and arbitration, including attorney’s fees.
	 
	 	d.	 	The parties indicate their acceptance of the foregoing arbitration requirement by
initialing below:

	 	 	 
	/s/ Mark W. Reynolds /s/ John N. Spencer
	 	/s/ Robert T. McNally
	 
	 	 
	For the Company
	 	Employee

18. Miscellaneous. This Agreement constitutes the entire agreement between the Parties concerning
the subject matter of this Agreement. This Agreement supersedes any prior communications,
agreements or understandings, whether oral or written, between the Parties relating to the subject
matter of this Agreement. This Agreement may not be amended or modified except in writing signed by
both Parties. This Agreement shall be assignable to, and shall inure to the benefit of, the
Company’s successors and assigns, including, without limitation, successors through merger,
consolidation, or sale of a majority of the Company’s assets. Employee shall not have the right to
assign Employee’s rights or obligations under this Agreement, except as permitted under the laws of
descent and distribution. The laws of the State of Georgia shall govern this Agreement.

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The Parties hereto have executed this Agreement as of the day and year first written below.

GEOVAX LABS, INC

	 	 	 	 
	Name:

	 	Mark W. Reynolds / CFO & Secretary	 
	 
	 	 	 
	Signature:

	 	/s/ Mark W. Reynolds	 
	 

	 	 	 
	 
	 	 	 
	Date:

	 	March 20, 2008	 
	 
	 	 	 
	Name:

	 	John N. Spencer / Director — Chairman, BOD Compensation Committee
	 
	 	 	 
	Signature:

	 	/s/ John N. Spencer	 
	 

	 	 	 
	 
	 	 	 
	Date:

	 	March 20, 2008	 
	 
	 	 	 
	EMPLOYEE
	 	 	 
	 
	 	 	 
	Name:

	 	Robert T. McNally	 
	 
	 	 	 
	Signature:

	 	/s/ Robert T. McNally	 
	 

	 	 	 
	 
	 	 	 
	Date:

	 	March 20, 2008	 

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