Document:

EX-10.1 CONSULTING AGREEMENT

 

EXHIBIT 10.1

CONSULTING AGREEMENT

     This Consulting Agreement (“Agreement”) is made as of January 1, 2008 by and between Equinox
One Consulting, LLC, (the “Consultant”), and GeoVax Labs, Inc., an Illinois corporation (the
“Company”) with mailing address of 1256 Briarcliff Rd., Atlanta, Georgia 30306, in reference to the
following:

RECITALS

     A. The Company is a publicly traded company in the business of developing HIV/AIDS vaccines.

     B. The Consultant has contacts and relationships within the business and financial/investment
community and other entities that the Company considers appropriate to inform about the status of
GeoVax’s business activities.

     C. The Company wishes to retain the Consultant, and the Consultant wishes to be retained by
the Company, to assist the Company to properly inform our stockholders and the public about company
activities.

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Company and the Consultant agree as follows:

AGREEMENT

     1. Term. The Company retains the Consultant and the Consultant accepts this
appointment with the Company for a period of 12 months, commencing on January 1, 2008 and ending on
December 31, 2008 (the “Term”). Unless otherwise terminated pursuant to section 6 below, this
Agreement may be renewed annually by mutual agreement of both parties. Either party may give notice
to the other at least 30 days prior to the expiration of the Term that the party desires to
renegotiate or extend this Agreement. The terms and conditions of this Agreement shall apply if and
until the parties reach an agreement modifying them.

     2. Duties of Consultant. The Consultant agrees to perform the services described in
Exhibit “A”, attached to this Agreement and made a part of it. The Consultant will
determine the method, details and means of performing the services.

     3. Compensation.

     (a) Cash Compensation. Consultant shall be paid a lump sum retainer of $10,000 upon the
commencement of Consultant’s engagement hereunder. Other than for reimbursement of expenses as
provided for by Section 9, there shall be no other cash compensation to Consultant during the term
of this Agreement.

     (b) Stock Compensation. The Company will issue 500,000 shares of its common stock (the
“Shares”) to Consultant in accordance with the schedule below.

	 	 	 	 	 
	Delivery Date	 	# of Shares
	January 15, 2008
	 	 	200,000	 
	March 31, 2008
	 	 	100,000	 
	June 30, 2008
	 	 	100,000	 
	September 30, 2008
	 	 	100,000	 

     (c) Issuance of Stock Purchase Warrant. The Company shall issue to Consultant upon execution
of this Agreement a warrant (the “Warrants”) to purchase 2,700,000 shares of GeoVax with Vesting
Schedule as follows:

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	Vesting Date	 	# of Shares Vested
	January 1, 2008
	 	 	540,000	 
	March 31, 2008
	 	 	540,000	 
	June 30, 2008
	 	 	540,000	 
	September 30, 2008
	 	 	540,000	 
	December 31, 2008
	 	 	540,000	 

Such Warrants shall have a term of 3 years and shall have an exercise price of $0.33.

     (d) Restricted Nature of Shares and Warrants. Consultant acknowledges that the Shares and the
shares of the Company’s Common Stock issuable pursuant to the Warrants have not been registered
with the Securities and Exchange Commission and will therefore be restricted until such time as
Consultant meets the holding period requirements as may be set forth from time to time by the SEC.

     4. Nondisclosure. Consultant acknowledges and agrees that:

          (a) Any and all information disclosed by the Company or any of its affiliates to the
Consultant or any of his agents, representatives or affiliates in connection with this Agreement,
regardless of the method or purpose of disclosure, is considered confidential information, unless
such information falls within the exceptions as stated in this section (collectively, “Confidential
Information”).

          (b) Confidential Information shall be held and retained in trust and in a manner adequate to
protect the Company’s proprietary rights and interests and such information shall not be disclosed
to others or used for purposes other than performing under this Agreement without the Company’s
prior written consent. Notwithstanding the foregoing, the Consultant may disclose Confidential
Information, the fact that Confidential Information has been made available or any other conditions
or facts with respect to the subject matter of this Agreement, where the Consultant believes in
good faith that such disclosure must be made in order to not commit a violation of law (which may
be statutory, regulatory, judicial or otherwise). In the event that the Consultant or any of his
representatives are required, in the opinion of counsel (by oral questions, interrogatories,
requests for information or documents, subpoena, civil investigative demand or similar process), or
requested by any governmental authority, to disclose any information supplied to him or to any of
his representatives in the course of his dealings with the Company or its representatives, the
Consultant agrees to provide the Company with prompt written notice of such request(s) so that it
may, with the assistance and cooperation of the Consultant, seek an appropriate protective order or
waive the Consultant’s compliance with the provisions of this Agreement.

          (c) Confidential Information may be disclosed to employees of the Consultant, but only when
such disclosure is required and necessary for successful performance under this Agreement and only
to those employees who have become signatories to this Agreement.

          (d) Confidential Information, as used in this section, does not include information that:

               (i) Is or becomes legally known and available to the public prior to or subsequent to its
disclosure to the Consultant and that is not material information as described in Securities and
Exchange Commission Staff Accounting Bulletin 99;

               (ii) Was acquired by the Consultant from a third party who was lawfully in possession of the
information and under no obligation to the Company to maintain its confidentiality; or

               (iii) Was independently developed by the Consultant, without utilizing the Confidential
Information of the Company.

               (iv) Is authorized by the Company to be disclosed in connection the with the Consultant’s
performance of his duties hereunder.

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     5. Effect of Merger. Anything to the contrary herein notwithstanding, this Agreement
may be terminated by the Company immediately upon notice to the Consultant in the event of any
voluntary or involuntary dissolution of the Company resulting from any merger or consolidation in
which the Company is not the surviving corporation or any transfer of all or substantially all of
the assets of the Company.

     6. Termination.

          6.1 Termination on Notice. Either party may terminate this Agreement at any time by giving
30 days written notice to the other party.

          6.2 Termination on Default. Should either party default in the performance of this Agreement
or materially breach any of its provisions, the non-breaching party may terminate this Agreement by
giving written notification to the breaching party. Termination shall be effective immediately
upon receipt of said notice. For purposes of this section, material breaches of this Agreement
shall include, but not be limited to, (i) non-payment of compensation by the Company after 20 days
written demand for payment; (ii) the willful breach or habitual neglect by the Consultant of the
duties which he is required to perform under the terms of this Agreement; (iii) the Consultant’s
commission of acts of dishonesty, fraud, or misrepresentation; (iv) the failure by the Consultant
to conform to all laws and regulations governing the Consultant’s duties under this Agreement; or
(v) the commission by the Consultant of any act that tends to bring the Company into public scandal
or which will reflect unfavorably on the reputation of the Company.

          6.3 Automatic Termination. This Agreement terminates automatically upon the death or
disability of the Consultant. All compensation due subject to this Agreement would be provided to
the estate of Consultant.

     7. Status of Consultant. The Consultant understands and agrees that he and his
employees, if any, are not employees of the Company and that they shall not be entitled to receive
employee benefits from the Company, including, but not limited to, sick leave, vacation,
retirement, death benefits, an automobile, stock in the Company or participation in profits earned
by Company. The Consultant shall be responsible for providing, at the Consultant’s expense and in
the Consultant’s name, to the extent applicable, disability, worker’s compensation or other
insurance as well as licenses and permits usual or necessary for conducting the services hereunder.
Furthermore, the Consultant shall pay, when and as due, any and all taxes incurred as a result of
the Consultant’s compensation hereunder, including estimated taxes, and shall provide the Company
with proof of said payments, upon demand. The Consultant hereby agrees to indemnify the Company
for any claims, losses, costs, fees, liabilities, damages or injuries suffered by the Company
arising out of the Consultant’s breach of this section.

     8. Representations by Consultant. The Consultant represents that the Consultant has
the qualifications and ability to perform the services in a professional manner. The Consultant
shall indemnify, defend, and hold harmless the Company, and the Company’s officers, directors,
shareholders and representatives from and against any and all claims, demands, losses, costs,
expenses, obligations, liabilities, damages, recoveries, and deficiencies, including, without
limitation, interest, penalties, and reasonable attorney fees and costs, that the Company may incur
or suffer and that arise, result from, or are related to any breach or failure of the Consultant to
perform any of the representations, warranties and agreements contained in this Agreement.

     9. Business Expenses. The Company shall reimburse the Consultant for all reasonable
costs incurred by the Consultant in the performance of his duties hereunder. Consultant agrees to
obtain prior written approval for any expense item. Each such expenditure shall be reimbursable
only if the Consultant furnishes to the Company adequate records and other documentary evidence of
such expenses.

     10. Notices. Unless otherwise specifically provided in this Agreement, all notices or
other communications (collectively and severally called “Notices”) required or permitted to be
given under this Agreement, shall be in writing, and shall be given by: (A) personal delivery
(which form of Notice shall be deemed to have been given upon delivery), (B) by telegraph or by
private airborne/overnight delivery service (which forms

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of Notice shall be deemed to have been given upon confirmed delivery by the delivery agency), or
(C) by electronic or facsimile or telephonic transmission, provided the receiving party has a
compatible device or confirms receipt thereof (which forms of Notice shall be deemed delivered upon
confirmed transmission or confirmation of receipt). Notices shall be addressed to the address set
forth in the introductory section of this Agreement, or to such other address as the receiving
party shall have specified most recently by like Notice, with a copy to the other party.

     11. Choice of Law and Venue. This Agreement shall be governed according to the laws
of the State of Georgia. Venue for any legal or equitable action between the Company and the
Consultant that relates to this Agreement shall be in the state or federal courts of the United
States located in the City of Atlanta, Georgia.

     12. Entire Agreement. This Agreement supersedes any and all other agreements, either
oral or in writing, between the parties hereto with respect to the services to be rendered by the
Consultant to the Company and contains all of the covenants and agreements between the parties with
respect to the services to be rendered by the Consultant to the Company in any manner whatsoever.
Each party to this agreement acknowledges that no representations, inducements, promises, or
agreements, orally or otherwise, have been made by any party, or anyone acting on behalf of any
party that are not embodied herein, and that no other agreement, statement or promise not contained
in this Agreement shall be valid or binding on either party.

     13. Counterparts. This Agreement may be executed manually or by facsimile signature
in two or more counterparts, each of which shall be deemed an original, and all of which together
shall constitute but one and the same instrument.

     14. Severability. If any term or provision of this Agreement or the application
thereof to any person or circumstance shall, to any extent, be determined to be invalid, illegal or
unenforceable under present or future laws effective during the term of this Agreement, then and,
in that event: (A) the performance of the offending term or provision (but only to the extent its
application is invalid, illegal or unenforceable) shall be excused as if it had never been
incorporated into this Agreement, and, in lieu of such excused provision, there shall be added a
provision as similar in terms and amount to such excused provision as may be possible and be legal,
valid and enforceable, and (B) the remaining part of this Agreement (including the application of
the offending term or provision to persons or circumstances other than those as to which it is held
invalid, illegal or unenforceable) shall not be affected thereby and shall continue in full force
and effect to the fullest extent provided by law.

     15. Preparation of Agreement. It is acknowledged by each party that such party either
had separate and independent advice of counsel or the opportunity to avail itself or himself of the
same. In light of these facts it is acknowledged that no party shall be construed to be solely
responsible for the drafting hereof, and therefore any ambiguity shall not be construed against any
party as the alleged draftsman of this Agreement.

     16. Assignment. The Consultant shall not assign or delegate any rights, duties or
obligations arising under this Agreement without the prior written consent of the Company, which
the Company may withhold its sole discretion. The Company may assign this agreement by operation
of law or otherwise to any successor of the Company.

     WHEREFORE, the parties have executed this Agreement on the date first written above.

	 	 	 	 	 	 	 
	 	 	Equinox One Consulting, LLC (“Consultant”)	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	GeoVax Labs, Inc. (“Company”)	 	 
	 	 	Donald Hildebrand	 	 
	 

	 	Its:
	 	 Chief Executive Officer	 	 

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EXHIBIT “A”

DUTIES OF CONSULTANT

     Consultant will perform advisory services to the Company on a non-exclusive basis. Such
services will be performed on a best efforts basis and will include the following:

     Consultant has built and maintained an extensive network of relationships that comprise of
financial professionals, institutional investors, financial media relations, individual accredited
and non accredited retail investors. Consultant will leverage these relationships on behalf of the
Company. to achieve the following:

Public Relations:

	 	•	 	Extend the reach of the Company’s message to a wider retail audience through
established networks including Consultant’s loyal client base and financial brokerage
relationships.
	 
	 	•	 	Utilize Consultant’s media relations network, nationally and internationally to
expand Company’s awareness.
	 
	 	•	 	Work closely with Company’s public relations firm to achieve broad audience
awareness and maximize Company’s market value.
	 
	 	•	 	Expand the visibility of the Company within Consultant’s immediate sphere of
influence, consisting of several thousand documented contacts.
	 
	 	•	 	Utilize Consultant’s extensive networking within the Gay/Lesbian community, the
medical community and individual medical professionals.
	 
	 	•	 	Cultivate the Company’s current shareholder base.
	 
	 	•	 	Introduce the Company to several community-specific opportunities, public forums and
the general public.

Financial Relations:

	 	•	 	Utilize consultant’s high net-worth investor network to provide the company with
capital on an “as needed basis’.
	 
	 	•	 	Consult Company and participate in Private Placement undertakings.
	 
	 	•	 	Introduce the Company to the various financial markets; including institutional
investors, investment bankers & large accredited investment individuals.
	 
	 	•	 	Introduce the Company to qualified U.S. and International retail stockbrokers,
investors, and portfolio and fund managers through road shows, one-on-one meetings,
direct telephone conversations and presentations.
	 
	 	•	 	Work closely with investor base to provide extensive support and follow up.

All services/tasks/responsibilities described herein shall be conducted under the directive of the
Company’s CEO and/or executive management as designated by the CEO. Consultant shall work closely
and will report accordingly as required by Company management.

5EX-10.2 COMMON STOCK PURCHASE WARRANT

 

EXHIBIT 10.2

THIS WARRANT AND THE SECURITIES UNDERLYING THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR UNDER APPLICABLE STATE SECURITIES LAWS. THE
WARRANT HAS BEEN TAKEN BY THE REGISTERED OWNER FOR INVESTMENT, AND WITHOUT A VIEW TO RESALE OR
DISTRIBUTION THEREOF, AND MAY NOT BE TRANSFERRED OR DISPOSED OF WITHOUT AN OPINION OF COUNSEL
SATISFACTORY TO THE ISSUER THAT SUCH TRANSFER OR DISPOSITION DOES NOT VIOLATE THE 1933 ACT, THE
RULES AND REGULATIONS THEREUNDER, OR APPLICABLE STATE SECURITIES LAWS. IN CONNECTION WITH
COMPLIANCE WITH THE 1933 ACT AND APPLICABLE STATE SECURITIES LAWS, NO TRANSFER OF THIS WARRANT OR
THE SECURITIES UNDERLYING THIS WARRANT SHALL BE MADE UNLESS THE CONDITIONS SPECIFIED HEREIN ARE
SATISFIED.

			
	No. 0004
	 	Shares: 2,700,000

GEOVAX LABS, INC.

COMMON STOCK PURCHASE WARRANT

This is to certify that, for value received, Equinox One Consulting, LLC (“Holder”) is entitled to
purchase, subject to the provisions of this Common Stock Purchase Warrant (“Warrant”), from GEOVAX
LABS, INC., a corporation duly organized and existing under the laws of the State of Illinois (the
“Company”), 2,700,000 shares of $0.001 par value per share common stock of the Company (“Shares”),
at a price of U.S. $0.33 per Share, during the period commencing January 1, 2008, and terminating
on December 31, 2011, at 5:00 P.M. New York Time. This Warrant is not redeemable by the Company.
The number of Shares to be received upon the exercise of this Warrant and the price to be paid for
a Share may be adjusted from time to time as hereinafter set forth. The exercise price of a Share
in effect at any time and as adjusted from time to time is hereinafter sometimes referred to as
“Exercise Price.”

(A) EXERCISE OF WARRANT. Subject to the provisions of Section (G) hereof, this Warrant, to the
extent vested pursuant to the schedule set forth in Section (A.1) below, may be exercised in whole
or in part at any time or from time to time on or after January 1, 2008 and until December 31,
2011, or, if either such day is a day on which banking institutions are authorized by law to close,
then on the next succeeding day which shall not be such a day, by presentation and surrender hereof
to the Company at its principal office, or at the office of its stock transfer agent, if any, with
the subscription in the form of attached as Exhibit I (“Subscription”) duly executed and
accompanied by payment of the Exercise Price for the number of Shares specified in such
Subscription. If this Warrant should be exercised in part only, the Company shall, upon surrender
of this Warrant for cancellation, execute and deliver a new Warrant evidencing the rights of the
Holder thereof to purchase the balance of the Shares purchasable thereunder. Upon receipt by the
Company of this Warrant at its office, or by the warrant agent of the Company at its office, in
proper form for exercise, the Holder shall be deemed to be the holder of record of the Shares
issuable upon such exercise, provided, however, that if at the date of surrender of such Warrants
and payment of such Exercise Price, the transfer

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books for the Shares shall be closed, the certificates for the Shares, or other securities in
respect of which such Warrants are then exercised, shall be issuable as of the date on which such
books shall next be opened and until such date the Company shall be under no duty to deliver any
certificate for such Shares or such other securities and the Holder shall not be deemed to have
become a holder of record of such shares or the owner of any such other securities.

(A.1) VESTING SCHEDULE. The number of Shares exercisable pursuant to this Warrant shall vest and
become exercisable in accordance with the following schedule:

	 	 	 	 	 
	Vesting Date	 	Number of Shares
	January 1, 2008
	 	 	540,000	 
	March 31, 2008
	 	 	540,000	 
	June 30, 2008
	 	 	540,000	 
	September 30, 2008
	 	 	540,000	 
	December 31, 2008
	 	 	540,000	 

Upon the termination of that certain Consulting Agreement by and between the Company and the
undersigned Holder dated January 1, 2008, any Shares subject to this Warrant which are not vested
in accordance with the above schedule as of such termination date, shall be immediately cancelled
and not exercisable pursuant to this Warrant.

(B) RESERVATION OF SHARES. The Company hereby agrees that at all times there shall be reserved for
issuance and/or delivery upon exercise of this Warrant such number of Shares as shall be required
for issuance and delivery upon exercise of this Warrant. This Warrant is not redeemable by the
Company.

(C) FRACTIONAL SHARES. The Company shall not be required to issue fractions of Shares on the
exercise of Warrants. If any fraction of a Share would, except for the provisions of this Section,
be issuable on the exercise of any Warrant, the Company will: (1) if the fraction of a Share
otherwise issuable is equal to or less than one half, round down and issue to the Holder only the
largest whole number of Shares to which the Holder is otherwise entitled; or (2) if the fraction of
a Share otherwise issuable is greater than one-half, round-up and issue to the Holder one
additional Share in addition to the largest whole number of Shares to which the Holder is otherwise
entitled.

(D) EXCHANGE, TRANSFER, ASSIGNMENT OR LOSS OF WARRANT. This Warrant is exchangeable, without
expense, at the option of the Holder, upon presentation and surrender hereof to the Company or at
the office of its warrant agent, if any, for other Warrants of different denominations entitling
the Holder thereof to purchase in the aggregate the same number of Shares purchasable hereunder.
Subject to the provisions of Section (G), upon surrender of this Warrant to the Company or at the
office of its warrant agent, if any, with the assignment in the form attached as Exhibit II
(“Assignment”) duly executed and funds sufficient to pay any transfer tax, the Company shall,
without charge, execute and deliver a new Warrant in the name of the assignee named in such
instrument of assignment and this Warrant shall promptly be canceled. This Warrant may be divided
or combined with other Warrants which carry the same rights upon presentation hereof at the office
of the Company or at the office of its warrant agent, if any, together with a written notice
specifying the names and denominations in which new Warrants
are to be issued and signed by the Holder hereof. The term “Warrant” as used herein

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includes any
Warrants into which this Warrant may be divided or exchanged. Upon receipt by the Company of
evidence satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and (in
the case of loss, theft or destruction) of such indemnification as the Company may in its
discretion impose, and upon surrender and cancellation of this Warrant, if mutilated, the Company
will execute and deliver a new Warrant of like tenor and date. Within thirty days following the
effective date of any registration statement pursuant to which the Warrants are registered, the
Company shall execute a warrant agreement and appoint a warrant agent, and such warrant agent
shall, upon presentment of the within warrant and at no expense to the Holder, reissue the Warrants
in traceable certificated form, substantially in the form hereof.

(E) RIGHTS OF THE HOLDER. The Holder shall not be entitled, by virtue hereof, to any rights of a
shareholder in the Company, either at law or equity, and the rights of the Holder are limited to
those expressed in this Warrant and are not enforceable against the Company except to the extent
set forth herein.

(F) ANTI-DILUTION PROVISIONS. The Exercise Price and the number and kind of securities purchasable
upon the exercise of this Warrant shall be subject to adjustment from time to time as hereinafter
provided:

(1) In case the Company shall issue Shares as a dividend upon Shares or in payment of a dividend
thereon, or shall subdivide the number of outstanding Shares into a greater number of shares or
shall contract the number of outstanding Shares into a lesser number of shares, the Exercise Price
then in effect shall be adjusted, effective at the close of business on the record date for the
determination of shareholders entitled to receive the same, to the price (computed to the nearest
cent) determined by dividing: (a) the product obtained by multiplying the Exercise Price in effect
immediately prior to the close of business on such record date by the number of Shares outstanding
prior to such dividend, subdivision or contraction; by (b) the sum of the number of Shares
outstanding immediately after such dividend, subdivision, or contraction.

(2) If any capital reorganization or reclassification of the capital stock of the Company, or
consolidation or merger of the Company with another corporation, or the sale of all or
substantially all of its assets to another corporation shall be effected, then, as a condition of
such reorganization, reclassification, consolidation, merger or sale, lawful and adequate provision
shall be made whereby the Holder of each Warrant shall thereafter have the right to purchase and
receive upon the basis and upon the terms and conditions specified in the Warrant and in lieu of
the Shares of the Company immediately theretofore purchasable and receivable upon the exercise of
the rights represented by such Warrant, such Shares, securities or assets as may be issued or
payable with respect to or in exchange for a number of outstanding Shares immediately theretofore
purchasable and receivable upon the exercise of the rights represented by such Warrant had such
reorganization, reclassification, consolidation, merger or sale not taken place, and in any such
case appropriate provision shall be made with respect to the rights and interest of the Holder to
the end that the provisions of the Warrant (including, without limitation, provisions for
adjustment of the Exercise Price and of the number of Shares issuable upon the exercise of
Warrants) shall thereafter be applicable as nearly as may be practicable in relation to any shares
of stock, securities, or assets thereafter deliverable upon exercise of Warrants. The Company shall
not effect any such consolidation, merger or sale unless prior to or simultaneously with the

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consummation thereof, the successor corporation (if other than the Company) resulting from such
consolidation or merger or the corporation purchasing such assets shall assume, by written
instrument, the obligation to deliver to the Holder such shares of stock, securities or assets as,
in accordance with the foregoing provisions, the Holder may be entitled to purchase.

(3) Upon each adjustment of the Exercise Price pursuant to this Section (F), the number of shares
of Common Stock specified in each Warrant shall thereupon evidence the right to purchase that
number of shares of Common Stock (calculated to the nearest hundredth of a share of Common Stock)
obtained by multiplying the Exercise Price in effect immediately prior to such adjustment by the
number of shares of Common Stock purchasable immediately by the Exercise Price in effect after such
adjustment.

(4) Irrespective of any adjustment of the number or kind of securities issuable upon exercise of
Warrants or the Exercise Price, Warrants theretofore or thereafter issued may continue to express
the same number of Shares and Exercise Price as are stated in similar Warrants previously issued.

(5) The Company may, at its sole option, retain the independent public accounting firm regularly
retained by the Company, or another firm of independent public accountants of recognized standing
selected by the Company’s Board of Directors, to make any computation required under this Section
(F) and a certificate signed by such firm shall be conclusive evidence of any computation made
under this Section (F).

(6) Whenever there is an adjustment in the Exercise Price or in the number or kind of securities
issuable upon exercise of the Warrants, or both, as provided in this Section (F), the Company
shall: (i) promptly file in the custody of its Secretary or Assistant Secretary a certificate
signed by the Chairman of the Board or the President or a Vice President of the Company and by the
Treasurer or an Assistant Treasurer or the Secretary or an Assistant Secretary of the Company,
showing in detail the facts requiring such adjustment and the number and kind of securities
issuable upon exercise of each Warrant after such adjustment; and (ii) cause a notice stating that
such adjustment has been effected and stating the Exercise Price then in effect and the number and
kind of securities issuable upon exercise of each Warrant to be sent to each registered holder of
Warrant.

(7) In addition to the adjustments otherwise set forth in this Section (F), the Company, in its
sole discretion, may reduce the Exercise Price or extend the expiration date of the Warrant.

(8) The Exercise Price and the number of Shares issuable upon exercise of a Warrant shall be
adjusted in the manner and only upon the occurrence of the events heretofore specifically referred
to in this Section (F).

(G) TRANSFER TO COMPLY WITH THE 1933 ACT AND OTHER APPLICABLE SECURITIES LAWS. This Warrant or the
Shares issuable upon exercise of this Warrant, or any
other security issued or issuable upon exercise of this Warrant, may not be transferred, assigned,
pledged, sold or otherwise disposed of unless Holder provides the Company with an opinion of
counsel satisfactory to the Company in form satisfactory to the Company (together with such

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other representations and warranties as the Company may request) that this Warrant or the Shares issued
or issuable upon exercise of this Warrant may be legally transferred without violating the 1933 Act
and any other applicable securities law and then only against receipt of an agreement of the
transferee (in form and substance satisfactory to the Company) to comply with the provisions of
this Section (G) with respect to any resale or other disposition of such securities.

(H) SURVIVAL. All agreements, covenants, representations and warranties herein shall survive the
execution and delivery of this Warrant and any investigation at any time made by or on behalf of
any parties hereto and the exercise and purchase of this Warrant.

(I) AMENDMENTS; WAIVERS; TERMINATIONS; GOVERNING LAW; HEADINGS. This Warrant and any terms hereof
may be changed, waived, discharged or terminated only by an instrument in writing signed by the
party against which enforcement of such change, waiver, discharge or termination is sought. This
Warrant shall be governed by and construed and interpreted in accordance with the laws of the State
of Georgia. The headings in this Warrant are for convenience of reference only and are not part of
this Warrant.

     IN WITNESS WHEREOF, the Company has caused this Warrant to be signed in its name and on its
behalf and its corporate seal to be affixed hereon by its duly authorized officers.

	 	 	 	 	 	 	 
	GEOVAX LABS, INC.
	 
	 	 	 	 	 	 
	Dated:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	Donald Hildebrand	 	 
	 

	 	 	 	President & CEO	 	 
	 
	 	 	 	 	 	 
	Attest:	 	 	 	 
	 

	 	 	 	 	 	 

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EXHIBIT I

Subscription Form

(To be executed only upon exercise of Warrant)

     The undersigned registered owner of this Warrant irrevocably exercises this Warrant for and
purchases                      Shares of GeoVax Labs, Inc., purchasable with this Warrant, and herewith
makes payment therefor, all at the price and on the terms and conditions specified in this Warrant
and requests that certificates for the Shares hereby purchased (and any securities or other
property issuable upon such exercise) be issued in the name of                      and delivered to
                     whose address is                                          and, if such Shares shall not include all of the Shares issuable as provided in this
Warrant, that a new Warrant of like tenor and date for the balance of the Shares issuable
thereunder to be delivered to the undersigned.

	 	 	 	 	 	 	 	 	 
	Dated:
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	(Name)
	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	(Street Address)
	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 
	(City)
	 	(State)	 	(Zip Code)	 	 

6

 

EXHIBIT II

Assignment Form

     FOR VALUE RECEIVED the undersigned registered owner of this Warrant hereby sells, assigns and
transfers unto the assignee named below all of the rights of the undersigned under this Warrant,
with respect to the number of Shares set forth below;

			
	 
	Name and Address of Assignee
	 	No. of Shares:                    

and does hereby irrevocably constitute and appoint                     , as attorney, to
resister such transfer on the books of GeoVax Labs, Inc.,
maintained for the purpose, with full power of substitution in the premises.

Dated:                                         

Signature:                                                             

Witness:                                                               

Notice: The signature to this assignment must correspond with the name as written upon the face of
the within Warrant in every particular, without alteration or enlargement or any change whatsoever.

          The signature to this assignment must be guaranteed by a bank or trust company
having an office or correspondent in New York, New York, or by a firm having membership on the New
York Stock Exchange.

7

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