Document:

exv4w1

Exhibit 4.1

GEOVAX LABS, INC.

UNITS

SUBSCRIPTION AGREEMENT

Instructions:

	1.	 	Please read this document carefully, including the terms and conditions at Annex I.

	2.	 	Fill in the number of Units you wish to purchase at page 5, and sign.

	3.	 	Complete Exhibit A on page A-1 (after the signature page) and initial at the bottom.

	4.	 	Complete the “manner of settlement” section beginning at page 2.

	5.	 	Follow your broker’s instructions for submitting this subscription.

 

 

SUBSCRIPTION AGREEMENT

GeoVax Labs, Inc.

1900 Lake Park Drive

Suite 380

Smyrna, Georgia 30080

Gentlemen:

     The undersigned (the “Investor”) hereby confirms its agreement with GeoVax Labs, Inc., a
Delaware corporation (the “Company”), as follows:

     1. This Subscription Agreement, including the Terms and Conditions for Purchase of
Units (defined below) (collectively, this “Agreement”), is made as of the date set forth below
between the Company and the Investor.

     2. The Company represents and warrants that it has authorized the issuance and
sale to certain investors of up to ________ shares of common stock, $0.001 par value, of the
Company (the “Common Stock”) and up to ______ five-year warrants to purchase one (1) additional
share of Common Stock (each, a “Warrant”), which are being offered for sale in up to ________ units
consisting of one share of Common Stock and one Warrant (the “Units”).

     3. The Company represents and warrants that the offering and sale of the Units
(the “Offering”) are being made pursuant to (a) an effective Registration Statement on Form S-1
(Registration No. 333-165828) (the “Registration Statement”) filed by the Company with the
Securities and Exchange Commission (the “Commission”), including the Prospectus contained therein
(the “Preliminary Prospectus”), (b) if applicable, certain “free writing prospectuses” (as that
term is defined in Rule 405 under the Securities Act of 1933, as amended (the “Act”)), if any, that
have been or will be filed with the Commission and delivered to the Investor on or prior to the
date hereof (the “Issuer Free Writing Prospectus”), containing certain supplemental information
regarding the Units, the terms of the Offering and the Company, and (c) the Final Prospectus (the
“Final Prospectus” and, together with the Preliminary Prospectus, the “Prospectus”) containing
certain supplemental information regarding the Units and terms of the Offering that has been or
will be (i) filed with the Commission, and (ii) delivered to the Investor (or made available to the
Investor by the filing by the Company of an electronic version thereof with the Commission).

     4. The Company and the Investor agree that the Investor will purchase from the
Company, and the Company will sell to the Investor, the Units set forth below for the aggregate
purchase price set forth below. The Units shall be purchased pursuant to the Terms and Conditions
for Purchase of Units attached hereto as Annex I and incorporated herein by reference (the
“Terms and Conditions for Purchase of Units”) as if fully set forth herein. The Investor
acknowledges that the Offering is not being underwritten by Global Hunter Securities LLC or Gilford
Securities Incorporated (the “Placement Agents”) and that no Units will be sold unless Subscription
Agreements for Units representing an aggregate purchase price of at least $5 million are received
and accepted.

1

 

     5. The manner of settlement of the Shares comprising the Units purchased by the
Investor shall be determined by such Investor as follows (check one):

o

	 	A.	 	Delivery by crediting the account of the Investor’s prime broker (as
specified by such Investor on Exhibit A attached hereto) with the
Depository Trust Company (“DTC”) through its Deposit/Withdrawal At Custodian
(“DWAC”) system, whereby Investor’s prime broker shall initiate a DWAC
transaction on the Closing Date using its DTC participant identification
number, and released by American Stock Transfer and Trust Company, the
Company’s transfer agent (the “Transfer Agent”), at the Company’s direction.
NO LATER THAN ONE (1) BUSINESS DAY AFTER THE EXECUTION OF THIS AGREEMENT BY THE
INVESTOR AND THE COMPANY, THE INVESTOR SHALL:

	 	(I)	 	DIRECT THE BROKER-DEALER AT WHICH THE ACCOUNT OR ACCOUNTS TO
BE CREDITED WITH THE SHARES ARE MAINTAINED TO SET UP A DWAC INSTRUCTING
THE TRANSFER AGENT TO CREDIT SUCH ACCOUNT OR ACCOUNTS WITH THE SHARES,
AND
	 
	 	(II)	 	REMIT THE AMOUNT OF FUNDS EQUAL TO THE
AGGREGATE PURCHASE PRICE FOR THE UNITS BEING PURCHASED BY THE INVESTOR
BY WIRE TRANSFER OF IMMEDIATELY AVAILABLE FUNDS TO THE FOLLOWING
ACCOUNT:

	 	BANK: 	 	WELLS FARGO BANK, N.A.
	 
	 	ABA #: 	 	121000248
	 
	 	AC #: 	 	 0001038377
	 
	 	AC Name: 	 	 CORPORATE TRUST WIRE CLEARING
	 
	 	F/F/C: 	 	SEI # 80546500
	 
	 	REF: 	 	 GEOVAX ESCROW — ATTN: STEFAN VICTORY (770) 551-5117

-OR-

o

	 	B.	 	Delivery by the Transfer Agent of a stock certificate evidencing the
Shares registered in the name of the registered holder specified by Investor on
Exhibit A attached hereto to the address specified by Investor on
Exhibit A attached hereto, at the Company’s direction. NO LATER THAN
ONE (1) BUSINESS DAY AFTER THE EXECUTION OF THIS AGREEMENT BY THE INVESTOR AND
THE COMPANY, THE INVESTOR SHALL REMIT THE AMOUNT OF FUNDS EQUAL TO THE
AGGREGATE PURCHASE PRICE FOR THE UNITS BEING PURCHASED BY THE INVESTOR BY WIRE
TRANSFER OF IMMEDIATELY AVAILABLE FUNDS TO THE FOLLOWING ACCOUNT:

	 	BANK: 	 	WELLS FARGO BANK, N.A.
	 
	 	ABA #: 	 	121000248
	 
	 	AC #: 	 	0001038377
	 
	 	AC Name: 	 	CORPORATE TRUST WIRE CLEARING
	 
	 	F/F/C: 	 	SEI # 80546500
	 
	 	REF: 	 	GEOVAX ESCROW — ATTN: STEFAN VICTORY (770) 551-5117

-OR-

o

	 	C.	 	Delivery versus payment (“DVP”) through DTC on the Closing Date, the
Company shall deliver the Shares registered in the Investor’s name and address
as set forth below and released by the Transfer Agent to the Investor through
DTC at the Closing directly to the account(s) at the Placement Agents
identified by the Investor; upon receipt of such Shares, the Placement Agents
shall promptly electronically deliver such Shares to the

2

 

	 	 	 	Investor. NO LATER THAN ONE (1) BUSINESS DAY AFTER THE EXECUTION OF THIS
AGREEMENT BY THE INVESTOR AND THE COMPANY, THE INVESTOR SHALL:

	 	(I)	 	NOTIFY THE PLACEMENT AGENTS OF THE ACCOUNT OR ACCOUNTS AT
THE PLACEMENT AGENTS TO BE CREDITED WITH THE UNITS BEING PURCHASED BY
SUCH INVESTOR, AND
	 
	 	(II)	 	REMIT THE AMOUNT OF FUNDS EQUAL TO THE
AGGREGATE PURCHASE PRICE FOR THE UNITS BEING PURCHASED BY THE INVESTOR
BY WIRE TRANSFER OF IMMEDIATELY AVAILABLE FUNDS TO THE FOLLOWING
ACCOUNT:

	 	BANK: 	 	 WELLS FARGO BANK, N.A.
	 
	 	ABA #: 	 	 121000248
	 
	 	AC #: 	 	 0001038377
	 
	 	AC Name: 	 	CORPORATE TRUST WIRE CLEARING
	 
	 	F/F/C: 	 	 SEI # 80546500
	 
	 	REF: 	 	 GEOVAX ESCROW — ATTN: STEFAN VICTORY (770) 551-5117

IT IS THE INVESTOR’S RESPONSIBILITY TO (A) MAKE THE NECESSARY WIRE TRANSFER IN A TIMELY MANNER
AND (B) ARRANGE FOR SETTLEMENT BY WAY OF DWAC OR DVP IN A TIMELY MANNER. IF THE INVESTOR DOES NOT
DELIVER THE AGGREGATE PURCHASE PRICE FOR THE UNITS OR DOES NOT MAKE PROPER ARRANGEMENTS FOR
SETTLEMENT IN A TIMELY MANNER, THE UNITS MAY NOT BE DELIVERED AT CLOSING TO THE INVESTOR OR THE
INVESTOR MAY BE EXCLUDED FROM THE CLOSING ALTOGETHER.

     6. The manner of settlement of the Warrants comprising the Units purchased by the
Investor shall be pursuant to an executed Warrant to be delivered to the Investor by the Company at
the Closing.

     7. The Investor represents that, except as set forth below, (a) it has had no
material relationship (exclusive of any investments by the Investor in the Company’s securities)
within the past three years with the Company, or persons known to it to be affiliates of the
Company, (b) it is not a FINRA member or an Associated Person of a FINRA member (as such term is
defined under the NASD Membership and Registration Rules Section 1011) as of the Closing, and (c)
neither the Investor nor any group of Investors (as identified in a public filing made with the
Commission) of which the Investor is a part in connection with the Offering of the Units, acquired,
or obtained the right to acquire, 20% or more of the Common Stock (or securities convertible into
or exercisable for Common Stock) or the voting power of the Company on a post-transaction basis.
Exceptions:

The representations above are made to the knowledge of the signatory below,

(If no exceptions, write “none.” If left blank; response will be deemed to be “none.”)

     8. The Investor represents that it has received (or otherwise had made available
to it by the filing by the Company of an electronic version thereof with the Commission) the
Preliminary Prospectus which is a part of the Registration Statement, the documents incorporated by
reference therein and any Issuer Free Writing Prospectus (collectively, the “Disclosure Package”),
prior to or in connection with the receipt of this Agreement. The Investor acknowledges that,
prior to the delivery of this Agreement by the Investor to the Company or the Placement Agents, the
Investor will receive certain additional information regarding the Offering, including pricing
information (the “Offering Information”). Such information may be provided to the Investor by any
means permitted under the Act, including a free writing prospectus and oral communications, if
applicable.

3

 

     9. No offer by the Investor to buy Units will be accepted and no part of the
Purchase Price will be delivered to the Company until the Investor has received the Offering
Information and the Company has accepted such offer by countersigning a copy of this Agreement, and
any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any
time prior to the Company (or the Placement Agents on behalf of the Company) sending (orally, in
writing or by electronic mail) notice of its acceptance of such offer. An indication of interest
will involve no obligation or commitment of any kind until the Investor has been delivered the
Offering Information and this Agreement is accepted and countersigned by or on behalf of the
Company

     10. The Investor acknowledges that in certain states, including Kansas,
Massachusetts, Michigan, New Jersey, Pennsylvania, Virginia and Washington, individuals or other
persons who wish to acquire Units in the Offering generally must qualify as “accredited investors”
within the meaning of Rule 501(a) of Regulation D promulgated under the Act. However, the Company
reserves the right to offer Units to other classes of investors, such as institutional investors,
in any of those states if such offer is exempt from registration under that state’s securities
laws.

[Signature Page Follows]

4

 

     Please confirm that the foregoing correctly sets forth the agreement between us by signing in
the space provided below for that purpose.

	 	 	 	 	 

	Number of Units: __________________________	 	Dated as of: _________________, 2010
	 
	 	 	 	 
	Purchase Price Per Unit: $____________________
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	Aggregate Purchase Price: $__________________

	 	INVESTOR	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Print Name:	 	 
	 
	 	 	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 

	 	Address:	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	E-mail:	 	 
	 
	 	 	 	 
	 

	 	Phone:	 	 
	 
	 	 	 	 
	 

	 	TIN:	 	 

Agreed and Accepted this _______ day of ____________, 2010:

	 	 	 	 	 
	THE COMPANY

GEOVAX LABS, INC.

 	 	 
	By:  	 	 	 
	 	Name:  	Mark W. Reynolds 	 	 
	 	Title:  	Chief Financial Officer 	 	 

5

 

	 	 	 	 	 

EXHIBIT A

INVESTOR QUESTIONNAIRE — [COMPLETE AND INITIAL]

          Pursuant to Section 4.1 of Annex I to the Agreement, please provide us with
the following information:

	 	 	 	 	 

	1.

	 	The exact name that your Common Stock and Warrants are to be
registered in. You may use a nominee name if appropriate:
	 	 
	 
	 	 	 	 
	2.

	 	The relationship between the Investor and the registered holder
listed in response to item 1 above:	 	 
	 
	 	 	 	 
	3.

	 	The mailing address of the registered holder listed in response to
item 1 above:	 	 
	 
	 	 	 	 
	4.

	 	The Social Security Number or Tax Identification Number of the
registered holder listed in the response to item 1 above:	 	 
	 
	 	 	 	 
	5.

	 	Name of DTC Participant (broker-dealer at which the account or
accounts to be credited with the securities are maintained):	 	 
	 
	 	 	 	 
	6.

	 	DTC Participant Number:	 	 
	 
	 	 	 	 
	7.

	 	Name of Account at DTC Participant being credited with the Shares:	 	 
	 
	 	 	 	 
	8.

	 	Account Number at DTC Participant being credited with the Shares:	 	 
	 
	 	 	 	 
	9.

	 	EIN Number:	 	 
	 
	 	 	 	 
	10.

	 	Investor certifies that Investor is
a resident of the state of:	 	 
	 
	 	 	 	 
	11.

	 	Accredited Investor Status (required by some states) — Investor is:	 	 

o a corporation, partnership, organization described in Section 501(c)(3) of the Internal
Revenue Code, Massachusetts or similar business trust, with total assets in excess of
$5,000,000, not formed for the specific purpose of acquiring the Units.

o a natural person whose individual net worth or joint net worth with Investor’s spouse
as of the date hereof is in excess of $1,000,000 (excluding the value of Investor’s primary
residence).

o a natural person who had individual income in excess of $200,000 in each of the two
most recent years or joint income with Investor’s spouse in excess of $300,000 in each of
those years and have a reasonable expectation of reaching the same income level in the
current year.

o a trust with total assets in excess of $5,000,000, not formed for the purpose of
acquiring the Units, whose purchase is directed by a sophisticated person as described in
Rule 506(b)(2)(ii) of Regulation D under the Securities Act of 1933, as amended.

o a manager of the Company or otherwise have such experience and information to make an
informed investment decision to acquire the Units.

o an entity in which each of the equity owners could check at least one of the boxes
above hereby represents and warrants to the Company that such checked items would be true
with respect to such equity owner.

o None of the above.

INVESTOR’S INITIALS: ____________________

A-1

 

EXHIBIT B

PLACEMENT AGENCY AGREEMENT

B-1

 

ANNEX I

TERMS AND CONDITIONS FOR PURCHASE OF UNITS

     These Terms and Conditions are part of a Subscription Agreement for the purchase of Units of
Common Stock and Warrants from GeoVax Labs, Inc. (the “Company”). Capitalized terms which are not
defined in this Annex 1 shall have the meaning ascribed to them in the Subscription
Agreement. The Subscription Agreement and this Annex 1 are hereinafter collectively
referred to as the “Agreement”.

     1. Authorization and Sale of the Units. Subject to the terms and conditions of this
Agreement, the Company has authorized the sale of the Units.

     2. Agreement to Sell and Purchase the Units; Placement Agents.

          2.1 At the Closing (as defined in Section 3.1 below), the Company will sell to the
Investor, and the Investor will purchase from the Company, upon the terms and conditions set forth
herein, the number of Units set forth on the last page of the Agreement to which these Terms and
Conditions for Purchase of Units are attached as Annex I (the “Signature Page”) for the
aggregate purchase price therefor set forth on the Signature Page.

          2.2 The Company proposes to enter into substantially this same form of Subscription Agreement
with certain other investors (the “Other Investors”) and expects to complete sales of Units to
them. The Investor and the Other Investors, if any, are hereinafter sometimes collectively
referred to as the “Investors,” and this Agreement and the Subscription Agreements executed by the
Other Investors are hereinafter sometimes collectively referred to as the “Agreements.”

          2.3 Investor acknowledges that the Company has agreed to pay the Placement Agents a fee (the
“Placement Fee”) and other consideration in respect of the sale of Units to the Investor.

          2.4 The Company has entered into a Placement Agency Agreement, dated ______ __, 2010 (the
“Placement Agency Agreement”), with the Placement Agents, which Placement Agency Agreement contains
certain representations, warranties, covenants and agreements of the Company that may be relied
upon by the Investor, which shall be a third party beneficiary thereof. The Company represents and
warrants that a true and correct copy of the Placement Agency Agreement is attached to this
Agreement as Exhibit B. Except with respect to the material terms and conditions of the
transactions contemplated by this Agreement, the Placement Agency Agreement and any other documents
or agreements contemplated hereby or thereby, the Company confirms that neither it nor any other
person acting on its behalf has provided the Investors or their agents or counsel with any
information that constitutes or could reasonably be expected to constitute material, non-public
information The Company understands and confirms that the Investors will rely on the foregoing
representations in effecting transactions in securities of the Company.

     3. Closings and Delivery of the Units and Funds.

          3.1 Closing. The completion of the purchase and sale of the Units (the “Closing”)
shall occur at a place and time (the “Closing Date”) to be specified by the Company and the
Placement Agents (such Closing Date to be the third business day following the date of this signed
Agreement), and of which the Investors will be notified in advance by the Placement Agents, in
accordance with Rule 15c6-1 promulgated under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”). At the Closing, (a) the Company shall cause to be delivered to the Investor the
Common Stock and Warrants comprising the number of Units set forth on the Signature Page registered
in the name of the Investor or, if so indicated on the Investor Questionnaire attached hereto as
Exhibit A, with the Common Stock and Warrants to be issued in the name of a nominee
designated by the Investor and (b) the aggregate purchase price for the Units being purchased by
the Investor will be delivered by or on behalf of the Investor to the Company.

Annex I, Page 1

 

          3.2 Conditions to the Obligations of the Parties.

               (a) Conditions to the Company’s Obligations. The Company’s obligation to issue and
sell the Units to the Investor shall be subject to: (i) the delivery by the Investor, in accordance
with the provisions of this Agreement, of the purchase price for the Units being purchased
hereunder as set forth on the Signature Page and (ii) the accuracy of the representations and
warranties made by the Investor in this Agreement and the fulfillment of those undertakings of the
Investor in this Agreement to be fulfilled prior to the Closing Date.

               (b) Conditions to the Investor’s Obligations. The Investor’s obligation to purchase
the Units will be subject to (i) the delivery by the Company of the Shares and the Warrants
comprising the Units in accordance with the provisions of this Agreement, (ii) the accuracy of the
representations and warranties made by the Company and the fulfillment of those undertakings of the
Company to be fulfilled prior to the Closing Date, including without limitation, those contained in
the Placement Agency Agreement, (iii) the satisfaction of the conditions to the closing set forth
in the Placement Agency Agreement, and to the condition that the Placement Agents, shall not have:
(x) terminated the Placement Agency Agreement pursuant to the terms thereof or (y) determined that
the conditions to the closing in the Placement Agency Agreement have not been satisfied. The
Investor’s obligations are expressly not conditioned on the purchase by any or all of the Other
Investors of the Units that they have agreed to purchase from the Company, except that Units
representing an aggregate purchase price of at least $5 million must be sold before any will be
sold. The Investor understands and agrees that, in the event that the Placement Agents, in its
sole discretion, determines that the conditions to closing in the Placement Agency Agreement have
not been satisfied or if the Placement Agency Agreement may be terminated for any other reason
permitted by the Placement Agency Agreement, then the Placement Agents may, but shall not be
obligated to, terminate such Agreement, which shall have the effect of terminating this
Subscription Agreement pursuant to Section 14 below.

     4. Representations, Warranties and Covenants of the Investor. The Investor acknowledges,
represents and warrants (as of the date hereof) to, and agrees with, the Company and the Placement
Agents that:

          4.1 The Investor (a) is knowledgeable, sophisticated and experienced in making, and is
qualified to make decisions with respect to, investments in Units presenting an investment decision
like that involved in the purchase of the Units, including investments in securities issued by the
Company and investments in comparable companies, (b) unless otherwise indicated through checking
“None of the Above” at Item 10 on Exhibit A, is an “accredited investor” within the meaning of Rule
501(a) of Regulation D promulgated under the Securities Act of 1933, as amended, (c) has answered
all questions on the Signature Page and the Investor Questionnaire and the answers thereto are true
and correct as of the date hereof and will be true and correct as of the Closing Date and (d) in
connection with its decision to purchase the number of Units set forth on the Signature Page, has
received and is relying only upon the Disclosure Package and the documents incorporated by
reference therein and the Offering Information and the representations, warranties, covenants and
agreements of the Company contained in the Placement Agency Agreement.

          4.2 (a) No action has been or will be taken in any jurisdiction outside the United States by
the Company or the Placement Agents that would permit an offering of the Units, or possession or
distribution of offering materials in connection with the issue of the Units in any jurisdiction
outside the United States where action for that purpose is required, (b) if the Investor is outside
the United States, it will comply with all applicable laws and regulations in each foreign
jurisdiction in which it purchases, offers, sells or delivers Units or has in its possession or
distributes any offering material, in all cases at its own expense and (c) the Placement Agents are
not authorized to make nor have they made any representation, disclosure or use of any information
in connection with the issue, placement, purchase and sale of the Units, except as set forth or
incorporated by reference in the Preliminary Prospectus, any Issuer Free Writing Prospectus or the
Final Prospectus.

Annex I, Page 2

 

          4.3 (a) The Investor is either an individual or an entity duly organized, validly existing and
in good standing under the laws of the jurisdiction of its organization and has full right, power,
authority and capacity to enter into this Agreement and to consummate the transactions contemplated
hereby and has taken all necessary action to authorize the execution, delivery and performance of
this Agreement, and (b) this Agreement constitutes a valid and binding obligation of the Investor
enforceable against the Investor in accordance with its terms, except as enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors’ and contracting parties’ rights generally and except as enforceability may be subject to
general principles of equity (regardless of whether such enforceability is considered in a
proceeding in equity or at law) and except as to the enforceability of any rights to
indemnification or contribution that may be violative of the public policy underlying any law, rule
or regulation (including any federal or state securities law, rule or regulation). The Investor’s
execution, delivery and performance of this Agreement and the consummation by it of the
transactions contemplated hereby do not and will not (i) conflict with or violate any provision of
the Investor’s certificate or articles of incorporation, bylaws or other organizational or charter
documents, or (ii) conflict with or result in a violation of any law, rule, regulation, order,
judgment, injunction, decree or other restriction of any court or governmental authority to which
the Investor is subject (including federal and state securities laws and regulations), or by which
any property or asset of the Investor is bound or affected.

          4.4 The Investor understands that nothing in this Agreement, the Prospectus or any other
materials presented to the Investor in connection with the purchase and sale of the Units
constitutes legal, tax or investment advice. The Investor has consulted such legal, tax and
investment advisors and made such investigation as it, in its sole discretion, has deemed necessary
or appropriate in connection with its purchase of Units.

          4.5 If the Investor has previously received any material non-public information since the time
at which the Placement Agents first contacted the Investor about the Offering, the Investor has not
disclosed any of such material non-public information regarding the Offering to any third parties
(other than its legal, accounting and other advisors) and has not engaged in any transactions
involving the securities of the Company (including, without limitation, any Short Sales (defined
below) involving the Company’s securities). The Investor covenants that it will (i) maintain the
confidentiality of all material non-public information acquired as a result of the transactions
contemplated herein and (ii) not engage in any purchases or sales of the securities of the Company
(including Short Sales), in each case prior to the time that such material non-public information
is publicly disclosed. The Investor agrees that it will not use any of the Units acquired pursuant
to this Agreement to cover any short position in the Common Stock if doing so would be in violation
of applicable securities laws. For purposes hereof, “Short Sales” include, without limitation, all
“short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act,
whether or not against the box, and all types of direct and indirect stock pledges, forward sales
contracts, options, puts, calls, short sales, swaps, “put equivalent positions” (as defined in Rule
16a-1(h) under the Exchange Act) and similar arrangements (including on a total return basis), and
sales and other transactions through non-U.S. broker dealers or foreign regulated brokers.

          4.6 Investor acknowledges that a portion of the identifying information set forth on the
Signature Page is being requested in connection with the USA Patriot Act, Pub.L.107-56 (the
“Patriot Act”), and Investor agrees to provide any additional information requested by the Company
or the Placement Agents in connection with the Patriot Act or any similar legislation or regulation
to which Company or the Placement Agents is subject, in a timely manner. Investor hereby
represents that the identifying information set forth on the Signature Page, including without
limitation, its Taxpayer Identification Number assigned by the Internal Revenue Service or any
other taxing authority, is true and complete on the date hereof and will be true and complete at
the time of the Closing.

     5. Survival of Representations, Warranties and Agreements. Notwithstanding any investigation
made by any party to this Agreement or by the Placement Agents, all covenants, agreements,
representations and warranties made by the Company and the Investor herein and, with respect to the
Company, in the Placement Agency Agreement, will survive the execution of this Agreement, the
delivery to the Investor of the Units being purchased and the payment therefor.

Annex I, Page 3

 

     6. Notices. All notices, requests, consents and other communications hereunder will be in
writing, will be mailed (a) if within the domestic United States by first-class registered or
certified airmail, or nationally recognized overnight express courier, postage prepaid, or by
facsimile or (b) if delivered from outside the United States, by International Federal Express or
facsimile, and (c) will be deemed given (i) if delivered by first-class registered or certified
mail domestic, three business days after so mailed, (ii) if delivered by nationally recognized
overnight carrier, one business day after so mailed, (iii) if delivered by International Federal
Express, two business days after so mailed and (iv) if delivered by facsimile, upon electric
confirmation of receipt and will be delivered and addressed as follows:

          (a) if to the Company, to:

GeoVax Labs, Inc.

1900 Lake Park Drive, Suite 380

Smyrna, Georgia 30080

Attention: Mark Reynolds

Facsimile No.: (678) 384-7281¶

          (b) if to the Investor, at its address on the Signature Page hereto, or at such other address
or addresses as may have been furnished to the Company in writing.

     7. Changes. This Agreement may not be modified or amended except pursuant to an instrument in
writing signed by the Company and the Investor. Any modification or amendment to Section 3
(Representations and Warranties of the Company), Section 9 (Conditions of the Obligations of the
Placement Agents, or Section 13 (Third Party Beneficiaries) of the Placement Agency Agreement, and
any modification or amendment to the Placement Agency Agreement that is material and adverse to the
Investor, shall require the prior written consent of the Investor.

     8. Headings. The headings of the various sections of this Agreement have been inserted for
convenience of reference only and will not be deemed to be part of this Agreement.

     9. Severability. In case any provision contained in this Agreement should be invalid, illegal
or unenforceable in any respect, the validity, legality and enforceability of the remaining
provisions contained herein will not in any way be affected or impaired thereby.

     10. Governing Law. All questions concerning the construction, validity, enforcement and
interpretation of this Agreement shall be governed by and construed and enforced in accordance with
the internal laws of the State of Delaware, without regard to the principles of conflicts of law
thereof. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and
federal courts sitting in the City of Wilmington, Delaware, for the adjudication of any dispute
hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein
(including with respect to the enforcement of this Agreement), and hereby irrevocably waives, and
agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject
to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an
inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of
process and consents to process being served in any such suit, action or proceeding by mailing a
copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to
such party at the address in effect for notices to it under this Agreement and agrees that such
service shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any other manner
permitted by law. If any party shall commence an action or proceeding to enforce any provisions of
this Agreement, then the prevailing party in such action or proceeding shall be reimbursed by the
other party for its reasonable attorneys’ fees and other costs and expenses incurred with the
investigation, preparation and prosecution of such action or proceeding.

     11. Counterparts. This Agreement may be executed in two or more counterparts, each of which
will constitute an original, but all of which, when taken together, will constitute but one
instrument, and will become effective when one or more counterparts have been signed by each party
hereto and delivered to the other parties. Delivery of an executed counterpart by facsimile or
portable document format (.pdf) shall be effective as delivery of a manually executed counterpart
thereof.

Annex I, Page 4

 

     12. Confirmation of Sale. The Investor acknowledges and agrees that such Investor’s receipt
of the Company’s signed counterpart to this Agreement, together with the Final Prospectus (or the
filing by the Company of an electronic version thereof with the Commission), shall constitute
written confirmation of the Company’s sale of Units to such Investor.

     13. Press Release. The Company and the Investor agree that, prior to the opening of trading
on Over-the-Counter Bulletin Board on the business day immediately after the date hereof, the
Company may (i) issue a press release announcing the Offering and disclosing all material
information regarding the Offering, (ii) file an amendment to the Registration Statement with the
Commission and (iii) file a prospectus pursuant to Rule 424(b) with the Commission disclosing all
material information regarding the Offering and including the Placement Agency Agreement and a form
of this Agreement as exhibits thereto. From and after the issuance of such press release and the
filing of such amendment and prospects, the Company shall have publicly disclosed all material,
non-public information delivered to any of the Investors by the Company or any person acting on its
behalf, including, without limitation, the Placement Agents, in connection with the transactions
contemplated by this Agreement, the Placement Agency Agreement and any other documents or
agreements contemplated hereby or thereby. The Company shall not identify the name of any Investor
or any affiliate of any investment adviser of such Investor in any press release or public filing,
or otherwise publicly disclose the name of any Investor or any affiliate of investment adviser of
such Investor, without such Investor’s prior written consent, unless required by law or the rules
and regulations of a national securities exchange, provided, however, that, if permitted by
applicable law, regulation, legal or judicial process, promptly after becoming aware of any request
or requirement to so disclose (a “Disclosure Requirement”), and in any event prior to any such
disclosure, the Company will provide such Investor with notice of such request or requirement so
that such Investor may at its election seek a protective order or other appropriate remedy and the
Company will fully cooperate with such Investor’s efforts to obtain the same; provided, further,
however, if, absent the entry of such a protective order or other remedy, the Company is compelled
by applicable law, rule or regulation or a court order, subpoena, similar judicial process,
regulatory agency or stock exchange rule to disclose such Investor’s name, the Company may disclose
only that portion of such information that the Company is so compelled to disclose and will use its
reasonable efforts to obtain assurance that confidential treatment will be accorded to that portion
of such information that is being disclosed. As of the date hereof, the Company is not aware of
any Disclosure Requirement.

     14. Termination. In the event that the Placement Agency Agreement is terminated by the
Placement Agents pursuant to the terms thereof, this Agreement shall terminate without any further
action on the part of the parties hereto.

     15. Fees and Expenses. 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.

Annex I, Page 5exv10w20

Exhibit 10.20

SUBCONTRACT

BY AND BETWEEN

GeoVax Labs Inc.

AND

Emory University

This Agreement, entered into this 23rd day of June 2008, between Emory University (hereinafter
“EMORY”) and GeoVax Labs Inc. (hereinafter “GeoVax”) is for the purpose of conducting work related
to the project entitled “GM-CSF-Adjuvanted Clade C DNA/MVA and MVA/MVA Vaccines” under a grant from
National Institutes of Health (hereinafter “NIH” Grant No. 1 U19 AI074073-01.

ARTICLE 1. ADMINISTRATIVE PERSONNEL

All questions concerning administration of this subcontract should be addressed to:

GeoVax contact:

Mark Reynolds

GeoVax Labs Inc.

1265 Briarcliff Road

Atlanta, GA 30306

EMORY Contact:

Holly Sommers

Acting Director

Emory University

Office of Sponsored Programs

1599 Clifton Road NE, 4th Floor Mailstop: 1599/001/1BA

Atlanta, GA 30322

ARTICLE 2. PROJECT PERSONNEL

Harriet Robinson as the “PRINCIPAL INVESTIGATOR” and representative of GeoVax, shall retain
supervisory responsibility for this project. Any change in the scope of work requires written
approval from Dr. Harriet Robinson The scientific and technical direction of the EMORY’s portion
of the research project (the “Study”), as set forth in the statement of work (see Appendix A,
attached), shall be under the direction of Dr. Rama Rao Amara (“INVESTIGATOR”).

INVESTIGATOR is considered essential to the work performed hereunder. In the event INVESTIGATOR
vacates his/her position with EMORY or is reassigned to another program, EMORY shall notify GeoVax
in writing. In addition, the decision to replace any individual(s) considered Key Personnel on the
project at EMORY requires the prior

 

 

written approval of GeoVax. If this change in individual(s) considered Key Personnel is/are not
acceptable to GeoVax, GeoVax shall issue a contractual modification terminating this Agreement.
EMORY will be reimbursed for its costs incurred through such termination date.

ARTICLE 3. STATEMENT OF WORK

EMORY shall supply all the necessary personnel, equipment, and materials (except as otherwise may
be provided herein) to accomplish the research tasks set forth in the statement of work (see
Appendix A, attached), such work schedule being an integral part of the GeoVax Scope of Work in the
prime grant.

ARTICLE 4. ALLOCATION OF FUNDS

Funds provided for EMORY’s involvement in this subcontract shall not exceed $698,105. A line item
budget for these funds is attached as Appendix B. EMORY shall invoice GeoVax monthly. GeoVax
reserves the right to request detailed expenditure documentation. Invoices for payment should be
sent to:

Mark Reynolds

Chief Financial Officer

GeoVax Labs Inc.

1265 Briarcliff Road

Atlanta, GA 30306

Both EMORY and GeoVax acknowledge that a proposal budget is a projection and that minor changes in
the proposal budget may be necessary once the project is implemented. EMORY is required to comply
with any re-budgeting requirements of the prime sponsor.

ARTICLE 5. PERIOD OF PERFORMANCE

This Agreement shall become effective on September 30, 2007 and shall terminate on August 31, 2008.

ARTICLE 6. REPORTING PROCEDURES

	A.	 	Technical Reports: EMORY will be required to keep clear and accurate records of the
procedures conducted and data collected throughout the project period so that the progress of
the Study may be readily evaluated at any time by PRINCIPAL INVESTIGATOR.

	B.	 	Fiscal Reports: A final invoice of expenditures shall be made to GeoVax no later than
forty-five (45) days after the completion date of August 31, 2008.

ARTICLE 7. HOLD HARMLESS

 

 

EMORY and GeoVax agree to hold each other harmless from liability of any kind including costs or
expenses resulting from or on account of any or all suits or damages resulting from injuries or
grievances sustained by any person(s) or property by virtue of performance of this subcontract
except when such suits or damages arise due to the gross negligence or willful misconduct of the
other party.

ARTICLE 8. REGULATORY DATA

All administrative and regulatory data required by the sponsor shall be applicable to this
subcontractual Agreement as appropriate. All conditions referenced in the prime award to GeoVax by
NIH shall become binding upon execution of this subcontract by EMORY. A copy of the General Terms
and Conditions will be found in Appendix C. EMORY assumes sole responsibility for monetary
reimbursement to NIH of a sum equal to any expenditure deemed unallowable by NIH or an authorized
agency through audit exception or other appropriate means after ruling that expenditures from funds
allocated to EMORY through GeoVax for direct and/or indirect costs violated the regulations of the
granting or funding agency of this subcontract.

ARTICLE 9. TERMINATION

If at any time GeoVax’s award is terminated by NIH, this Agreement shall consequently be terminated
upon receipt by EMORY of written termination notice from GeoVax. EMORY shall be reimbursed for
noncancellable obligations incurred prior to the date of the written termination notice. GeoVax
reserves the unilateral right to terminate this Agreement upon thirty (30) days written notice for
failure of EMORY to meet any substantive requirement or obligation of this Agreement should EMORY
fail to acceptably correct the said deficiency within the said thirty (30) days or such longer
period as may be mutually agreed upon by both parties. Nothing in this article is intended to
abrogate the parties’ right to terminate this Agreement on such terms as may be mutually agreed
upon subsequent to the execution of this subcontract.

ARTICLE 10. HUMAN SUBJECTS

If human subjects are used in the conduct of the work supported by this Agreement EMORY warrants
and agrees to comply with the applicable federal laws, regulations and policies of DHHS. EMORY
further agrees to provide certification to GeoVax at least annually that an institutional committee
has reviewed and approved the procedures which involve human subjects. EMORY shall bear full
responsibility for the proper and safe performance of all work and services involving the use of
human subjects under this Agreement.

ARTICLE 11. LABORATORY ANIMALS

If live vertebrate animals are used in the conduct of the work supported by this Agreement, EMORY
warrants and agrees to comply with the applicable portion of the Animal Welfare Act (PL 89-544, as
amended) and will follow the guidelines described in NIH Publication No. 86-23 entitled “Guide for
the Care and Use of Laboratory Animals,” or such other guidelines as are required. EMORY further
agrees to provide certification

 

 

to GeoVax that an institutional committee has reviewed and approved the procedures which involve
laboratory animals. GeoVax expressly acknowledges that the work supported by this Agreement is
basic animal research and is not to be conducted according to or in compliance with Good Laboratory
Practices (“GLP”) by EMORY and INVESTIGATOR.

ARTICLE 12. LICENSE AGREEMENT

GeoVax and EMORY acknowledge and agree that this Agreement is subject to the terms and conditions
of that certain License Agreement between Emory University and GeoVax, Inc., now GeoVax Labs, Inc.,
entered into on August 28, 2002 and amended and restated June 23, 2004 (the “License Agreement”).
If any term of this Agreement conflicts with the License Agreement, the terms and conditions of the
License Agreement shall prevail. A copy of the amended and restated License Agreement is attached
as Appendix D.

The following terms have the same meaning in this Agreement as their defined meaning in the License
Agreement:

Emory Technology Rights;

Field of Use;

Licensed Patents; and

Improvements.

ARTICLE 13. SUPPLY OF MATERIAL

	A.	 	In performing the work conducted in this Agreement, GeoVax may transfer to EMORY and the
INVESTIGATOR “Original Material(s)” (shall mean the description of the material being
transferred as specified and recorded in the Material Transfer Record) in such amounts as are
necessary and useful to the conduct of this Study. Such Original
Material (s) will be provided
under the terms of this Agreement and in such amount as described in the “Material Transfer
Record” (shall mean the Material Transfer Record form, attached hereto at Appendix E and
incorporated by reference, on which the Materials transferred between the Parties under this
Agreement are to be specified and recorded) for the particular transfer. Duplicate originals
of the Material Transfer Record shall be completed and signed by the INVESTIGATOR and an
authorized representative of GeoVax upon each such Material transfer and one such fully
executed Material Transfer Record shall be retained by the INVESTIGATOR (with a copy to
EMORY’S Office of Technology Transfer) and GeoVax.

	B.	 	EMORY and INVESTIGATOR agree that the Material(s):

	 	(i)	 	will not be used for any purposes except as specifically described in this Agreement
and/or in the Statement of Work.

	 	(ii)	 	will not be transferred to any other person or entity; and

	 	(iii)	 	will notify GeoVax for analysis if there is an adverse reaction to the Material or if
any Material fails to perform its intended function during this Study.

	C.	 	It is understood that the Material and any other materials provided hereunder are
investigational in nature. GEOVAX MAKES NO WARRANTIES, EXPRESS OR

 

 

IMPLIED, INCLUDING WITHOUT LIMITATION, ANY OF THE IMPLIED WARRANTIES OF MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT, REGARDING THE MATERIAL. ADDITIONALY, GEOVAX
MAKES NO REPRESENTATION OF ANY KIND, EXPRESS OR IMPLIED REGARDING THE SAFETY OR EFFICACY OF THE
MATERIAL.

	D.	 	Any Material delivered pursuant to this Agreement is understood to be experimental in nature and
may have hazardous properties. EMORY will handle the Material accordingly and will inform GeoVax
in writing on any adverse effects experienced by persons handling the Material.

	E.	 	EMORY assumes all liability for damages which may arise from its use, storage or disposal of the
Material. GeoVax will not be liable to EMORY for any loss, claim or demand made by EMORY, or made
against EMORY by any third party, due to or arising from the use of the Material by EMORY, except
to the extent permitted by law when caused by the gross negligence or willful misconduct of GeoVax.

ARTICLE 14. ACCESS

During the term of this Agreement, INVESTIGATOR and/or his designees shall be available to meet
with GeoVax (or its designees) during normal business hours, upon reasonable prior notice and
reasonable frequency, for the purpose of progress reviews, internal reporting, and other matters to
the Study.

ARTICLE 15. CONFIDENTIAL INFORMATION

	A.	 	As used herein, “Confidential Information” shall mean any and all information, including
without limitation Intellectual Property and Material(s), disclosed by or on behalf of one
Party (for the purposes of this Article 15, “Disclosing Party”) to the other party (for the
purposes of this Article 15 “Receiving Party”) for the purposes of or in connection with the
Study on or after the effective date noted above of this Agreement, in writing or in any other
tangible medium or disclosed orally and designated as confidential at the time of disclosure
by the Disclosing Party. Confidential Information of GeoVax hereunder shall include, without
limitation, the Material(s) provided to EMORY hereunder and the Statement of Work. Subject to
6.2 and Section 11 of the License Agreement, the Receiving Party may use Confidential
Information of the Disclosing Party for the purposes of this Agreement, but shall not use
Confidential Information for any other purpose or disclose such Confidential Information to
any third party at any time during the term of this Agreement and for a period of five (5)
years after its termination or expiration, without first obtaining the prior written consent
of the Disclosing Party. The standard of care required of the Receiving Party in protecting
the confidentiality of the Disclosing Party’s Confidential Information is the same standard of
care that the Receiving Party uses in protecting its own confidential information of a similar
nature, which will be at least a reasonable standard of care. The Receiving Party shall limit
dissemination of Confidential Information of the Disclosing Party to those officers,
directors, employees, agents or consultants having a “need to know”, who are bound by
obligations of confidentiality to the Receiving Party equivalent to confidentiality
obligations contained herein.

 

 

	B.	 	Confidential Information does not include any portion of the Confidential Information of either
Party hereto which:

	 	(i)	 	at the time of disclosure is in the public domain;

	 	(ii)	 	after disclosure hereunder enters the public domain, except through breach of this
Agreement by the Receiving Party;

	 	(iii)	 	the Receiving Party can demonstrate by it written records was in the Receiving Party’s
possession prior to the time of disclosure by or on behalf of the Disclosing Party hereunder, and
was not acquired directly or indirectly from the Disclosing Party;

	 	(iv)	 	becomes available to the Receiving Party from a third party which is not legally
prohibited from disclosing such Confidential Information;

	 	(v)	 	the Receiving Party can demonstrate by its written records was developed by or for the
Receiving Party independently of the disclosure of Confidential Information by the Disclosing Party
or its Affiliates.

	C.	 	In the event that either Party hereto is required by applicable statute or regulation or by
judicial or administrative process to disclose any part of the Confidential Information which is
disclosed to it hereunder, the Receiving Party shall (i) promptly notify the Disclosing Party of
each such requirement and identify the Confidential Information so required thereby, so that the
Disclosing Party may seek an appropriate protective order or other remedy and/or waive compliance
by the Receiving Party with the provisions of this Agreement and (ii) consult with the Disclosing
Party on the advisability of taking legally available steps to resist or narrow the scope of such
requirement. If, in the absence of such a protective order or other remedy or such a waiver by the
Disclosing Party of the provisions of this Agreement, the Receiving Party is nonetheless required
by mandatory applicable law to disclose any part of the Confidential Information which is disclosed
to it hereunder, the Receiving Party may disclose such Confidential Information to the governmental
authority requesting such disclosure without liability under this Agreement, except that the
Receiving Party shall furnish only that portion of Confidential Information which is legally
required and only to the extent required by law provided, that, the Confidential Information so
disclosed shall continue to be treated as Confidential Information as between the Parties hereto.

	D.	 	Confidential Information disclosed by the Parties under this Agreement is the property of the
Disclosing Party. The Parties hereby acknowledge and agree that as the Receiving Party of
Confidential Information disclosed by the other Party under this Agreement, it has no right,
title or interest in or to the same save as may be expressly granted to it under this
Agreement.

ARTICLE 16. PUBLICATIONS

All research reports and other publications relating to the work under this Agreement shall: (A)
Bear proper acknowledgment of the support provided by NIH, (B) Be submitted to GeoVax’s PRINCIPAL
INVESTIGATOR in the form of advance copies for review at least thirty (30) days in advance of
submission for publication or presentation to a publisher or other third party. During such 30-day
period GeoVax shall have the right to object to and delay such proposed publication or presentation
because GeoVax believes there is GeoVax Confidential Information contained therein and/or
patentable subject matter, which needs protection. EMORY and INVESTIGATOR agree to delete any
GeoVax Confidential

 

 

Information, other than study data results, from the proposed publication or presentation unless it
is necessary for the complete and accurate interpretation and presentation of the Study Data and
results. If GeoVax does not provide EMORY and/or the INVESTIGATOR in writing any objection to the
proposed publication or presentation or otherwise inform EMORY and/or the INVESTIGATOR in writing
on or before the expiration of such 30-day period that the submission, publication or presentation
must be delayed, the INVESTIGATOR and/or EMORY shall be free to publish or present such proposed
publication or presentation without restriction hereunder.

ARTICLE 17. MATERIAL(s)

	A.	 	GeoVax retains all right and title to any Material(s) provided to EMORY hereunder, including
any Material(s) contained or incorporated in Modifications. Except as provided in this
Agreement or the License Agreement, no express or implied licenses or other rights are granted
to EMORY under any patents, patent applications, trade secrets or other proprietary rights of
GeoVax, including any altered forms of the Material(s) made by the EMORY. In particular, no
express or implied licenses or other rights are granted to use the Material(s), Modifications,
or any related patents of GeoVax for commercial purposes.

	B.	 	All right and title to (i) Modifications (except that GeoVax retains sole ownership rights
and title to the Material(s) included therein in accordance with 17(A) herein), and (ii)
substances created through the use of the Material or Modifications, but which are not
“Progeny” (shall mean unmodified descendant from the Material, such as virus from virus, cell
from cell, or organism from organism), “Un-Modified Derivatives” (shall mean substances
created by the receiving Party which constitute an unmodified functional subunit or product
extracted or purified from the Original Material) or Modifications (i.e., do not contain the
Original Material(s), Progeny Un-Modified Derivatives); created or made solely by EMORY shall
belong to EMORY; except that should (i) or (ii) result from the collaborative efforts of
GeoVax and EMORY, such shall be jointly owned by the Parties.

ARTICLE 18. PATENTS AND INTELLECTUAL PROPERTY

	A.	 	Inventorship of any Intellectual Property conceived or made pursuant to the performance of
the Study shall be determined according to United States patent law. Such Intellectual
Property conceived or made solely by EMORY employees (the “Emory Intellectual Property) will
be owned solely by EMORY. Such Intellectual Property conceived or made solely by GeoVax
employees (the “GeoVax Intellectual Property”) will be owned solely by GeoVax. Such
Intellectual Property conceived or made jointly by both EMORY and GeoVax employees (the “Joint
Intellectual Property”) will be owned jointly by EMORY and GeoVax. The Parties agree all data
generated by Emory in the conduct of the Study shall be owned by Emory (“Emory Data”). The
Parties agree that all data generated by GeoVax in the conduct of the Study shall be owned by
GeoVax (“GeoVax Data”).

	B.	 	All Intellectual Property which was owned by GeoVax prior to the start of this Agreement
(“GeoVax Background Intellectual Property”) shall remain the property of GeoVax. EMORY shall
not acquire any right, title or interest in any GeoVax Background Intellectual Property as a
result of the performance of this Agreement,

 

 

	 	 	except that EMORY may use GeoVax Background Intellectual Property for the performance of the
Study in accordance with this Agreement and the License Agreement.

	C.	 	All Intellectual Property which was owned by EMORY prior to the start of this Agreement or
which is conceived or made solely by one or more employees of EMORY, including the
INVESTIGATOR, during the term of this Agreement and does not result from work performed
pursuant to the Study hereunder (“EMORY Background Intellectual Property”), whether or not
used by EMORY and INVESTIGATOR to make and/or develop any Joint Intellectual Property, EMORY
Intellectual Property, EMORY Data or results hereunder shall remain the property of EMORY.
GeoVax shall not acquire any further right, title or interest in any EMORY Background
Intellectual Property as a result of the performance of this Agreement. For avoidance of
doubt, pursuant to the License Agreement, GeoVax has previously licensed certain EMORY
Background Intellectual Property by obtaining a worldwide, exclusive, non-transferable right
and license under the Emory Technology Rights, which includes certain Licensed Patents and
Improvements including Emory Tech ID 07042, “GM-CSF as an Adjuvant for Mucosal Immunity
Including Mucosal IgA”.

	D.	 	GeoVax shall promptly and fully disclose in writing to EMORY any GeoVax Intellectual
Property. All right and title to GeoVax Intellectual Property shall belong to GeoVax. For
avoidance of doubt, such GeoVax Intellectual Property is subject to 6.2 of the License
Agreement.

	E.	 	Emory shall promptly and fully disclose to GeoVax in writing any EMORY
Intellectual Property. GeoVax agrees to hold all such disclosed EMORY
Intellectual Property in confidence until a patent application is
filed to protect any invention encompassed within the EMORY
Intellectual Property, as provided for herein. Within sixty (60) days
of such disclosure, GeoVax shall notify EMORY in writing if it wants
EMORY to pursue patent protection for the EMORY Intellectual Property.
EMORY shall promptly prepare, file and prosecute any U.S. or foreign
applications requested by GeoVax to protect the EMORY Intellectual
Property. GeoVax shall bear all costs incurred in connection with such
preparation, filing, prosecution, and maintenance of U.S. and foreign
applications. GeoVax shall cooperate with EMORY to assure that such
applications will cover, to the best of GeoVax’s knowledge, all items
of commercial interest and importance. The Parties acknowledge and
agree that EMORY Intellectual Property in the Field of Use constitutes
Improvements and are automatically included in the Emory Technology
Rights licensed to GeoVax under the License Agreement. As such, the
terms in the License Agreement relating to, inter alia, patent
prosecution, prosecution expenses, infringement procedures, litigation
procedures and abandonment of Licensed Patents shall apply to any
EMORY Intellectual Property patent application.

	F.	 	EMORY and GeoVax shall promptly and fully disclose in writing to the
other Party any Joint Intellectual Property. Both Parties agree to
hold all such disclosures in confidence until a patent application(s)
is filed to protect any invention(s) encompassed within the Joint
Intellectual Property, as provided for herein. Within sixty (60) days
of a disclosure, GeoVax shall notify EMORY in writing if it wishes to
pursue patent protection for the Joint Intellectual Property. EMORY
shall promptly prepare, file and prosecute any U.S. or foreign
applications elected by GeoVax to protect the Joint Intellectual
Property. GeoVax shall bear all costs incurred in connection with such
preparation, filing, prosecution, and maintenance of U.S. and

 

 

	 	 	foreign application(s). GeoVax shall cooperate with EMORY to assure that such applications
will cover, to the best of GeoVax’s knowledge, all items of commercial interest and
importance. The Parties acknowledge and agree that EMORY’s rights in the Joint
Intellectual Property in the Field of Use constitute Improvements and are automatically
included in the Emory Technology Rights licensed to GeoVax under the License Agreement. As
such, the terms in the License Agreement relating to, inter alia, patent prosecution,
prosecution expenses, infringement procedures, litigation procedures and abandonment of
Licensed Patents shall apply to the Joint Intellectual Property patent application.

	G.	 	If GeoVax elects not to request that
EMORY prepare and file a patent
application(s) covering any EMORY
Intellectual Property or Joint
Intellectual Property pursuant to
Paragraphs E and F above, EMORY shall
have the right pursuant to 6.3 of the
License Agreement to pursue patent
protection for such Improvements, with
the patent prosecution expenses being
an obligation of GeoVax unless GeoVax
notifies EMORY, in writing, of its
abandonment of such Improvements
pursuant to 3.3 of the License
Agreement. If GeoVax effects such
abandonment, EMORY has the right to
terminate the license granted to GeoVax
as to the specific Licensed Patents
covering the Improvement(s) , and
such EMORY Intellectual Property (or
Joint Intellectual Property as the case
may be) shall not be subject to the
License Agreement and EMORY shall be
free, at its election, to file,
prosecute, abandon or maintain any
patents or applications covering such
Intellectual Property and to grant
rights to such Intellectual Property to
other third parties.

ARTICLE
19. SUBCONTRACTING

None of the principal activities of this Agreement shall be subcontracted by EMORY without the
prior written approval of GeoVax.

ARTICLE 21. MODIFICATION OF CONTRACT

This Subcontract may only be modified after mutual written Agreement by an amendment executed
through the same procedure as the original.

	 	 	 

	GeoVax Labs Inc.

	 	Emory University
	 
	 	 
	 
	 	 
	/s/ Mark Reynolds

	 	/s/ Holly Sommers
	 

	 	 
	Mark Reynolds 

Chief Financial Officer

	 	Holly Sommers

Acting Director of Sponsored Programs

 

 

Appendix A

Statement of Work

 

 

Appendix B

Budget

 

 

Appendix C

General Terms and Conditions

 

 

Appendix D

License Agreement

Appendix E

 

 

Material Transfer Record

for transfer of Materials from

Providing Party

to

Receiving Party

The Material described below is supplied by the Providing Party to the Receiving Party and is
subject to all the terms and conditions of the Research Agreement and License Agreement between
Emory University (the “University”) and GeoVax Labs Inc., (“GeoVax”), dated as on May 9, 2008 (the
“Agreement”). Duplicate originals of this form shall be executed and one fully-executed form shall
be giving to the Providing Party and one to the Receiving Party.

Description of Material(s) (to be filled in by Providing Party only):

 

 

 

 

 

 

(Signature) Providing Party’s Investigator

 

Date

In signing below, you the Receiving Party’s Investigator, acknowledge that you understand and will
abide by the terms and conditions under which the Material are provided under the Agreement.

 

(Signature) Receiving Party’s Investigator

 

Date

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