Document:

EX-10.11 REGISTRATION RIGHTS AGREEMENT

FORM 8-K EXHIBIT 10.11

REGISTRATION RIGHTS AGREEMENT

     REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of May 8, 2008, by and between
GEOVAX LABS, INC., an Illinois corporation, (the “Company”), and FUSION CAPITAL FUND II, LLC
(together with it permitted assigns, the “Buyer”). Capitalized terms used herein and not otherwise
defined herein shall have the respective meanings set forth in the Common Stock Purchase Agreement
by and between the parties hereto, dated as of the date hereof (as amended, restated, supplemented
or otherwise modified from time to time, the “Purchase Agreement”).

WHEREAS:

     A. The Company has agreed, upon the terms and subject to the conditions of the Purchase
Agreement, to issue to the Buyer (i) up to Ten Million Dollars ($10,000,000) of the Company’s
common stock, par value $0.001 per share (the “Common Stock”) (the “Purchase Shares”), and (ii)
such number of shares of Common Stock as is required pursuant to Section 4(e) of the Purchase
Agreement (the “Commitment Shares”); and

     B. To induce the Buyer to enter into the Purchase Agreement, the Company has agreed to provide
certain registration rights under the Securities Act of 1933, as amended, and the rules and
regulations thereunder, or any similar successor statute (collectively, the “1933 Act”), and
applicable state securities laws.

     NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company and the Buyer hereby agree as follows:

     1. DEFINITIONS.

          As used in this Agreement, the following terms shall have the following meanings:

          a. “Investor” means the Buyer, any transferee or assignee thereof to whom a Buyer assigns its
rights under this Agreement and who agrees to become bound by the provisions of this Agreement in
accordance with Section 9 and any transferee or assignee thereof to whom a transferee or assignee
assigns its rights under this Agreement and who agrees to become bound by the provisions of this
Agreement in accordance with Section 9.

          b. “Person” means any person or entity including any corporation, a limited liability company,
an association, a partnership, an organization, a business, an individual, a governmental or
political subdivision thereof or a governmental agency.

          c. “Register,” “registered,” and “registration” refer to a registration effected by preparing
and filing one or more registration statements of the Company in compliance with the 1933 Act and
pursuant to Rule 415 under the 1933 Act or any successor rule providing for offering securities on
a continuous basis (“Rule 415”), and the declaration or ordering of effectiveness of such
registration statement(s) by the United States Securities and Exchange Commission (the “SEC”).

 

 

          d. “Registrable Securities” means the Purchase Shares which have been, or which may from time
to time be, issued or issuable upon purchases of the Available Amount under the Purchase Agreement
(without regard to any limitation or restriction on purchases) the Signing Shares, issued or
issuable to the Investor, and the Commitment Shares issued or issuable to the Investor and any
shares of capital stock issued or issuable with respect to the Purchase Shares, the Commitment
Shares, the Signing Shares, or the Purchase Agreement as a result of any stock split, stock
dividend, recapitalization, exchange or similar event or otherwise, without regard to any
limitation on purchases under the Purchase Agreement.

          e. “Registration Statement” means the registration statement of the Company covering only the
sale of the Registrable Securities.

     2. REGISTRATION.

          a. Mandatory Registration. The Company shall within twenty (20) Business Days from
the date hereof file with the SEC the Registration Statement. The Registration Statement shall
register only the Registrable Securities and no other securities of the Company. The Investor and
its counsel shall have a reasonable opportunity to review and comment upon such registration
statement or amendment to such registration statement and any related prospectus prior to its
filing with the SEC. Investor shall furnish all information reasonably requested by the Company
for inclusion therein. The Company shall use its best efforts to have the Registration Statement
or amendment declared effective by the SEC at the earliest possible date. The Company shall use
reasonable best efforts to keep the Registration Statement effective pursuant to Rule 415
promulgated under the 1933 Act and available for sales of all of the Registrable Securities at all
times until the earlier of (i) the date as of which the Investor may sell all of the Registrable
Securities without restriction pursuant to Rule 144(k) promulgated under the 1933 Act (or successor
thereto) or (ii) the date on which (A) the Investor shall have sold all the Registrable Securities
and no Available Amount remains under the Purchase Agreement (the “Registration Period”). The
Registration Statement (including any amendments or supplements thereto and prospectuses contained
therein) shall not contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein, or necessary to make the statements therein, in light of the
circumstances in which they were made, not misleading.

          b. Rule 424 Prospectus. The Company shall, as required by applicable securities
regulations, from time to time file with the SEC, pursuant to Rule 424 promulgated under the 1933
Act, the prospectus and prospectus supplements, if any, to be used in connection with sales of the
Registrable Securities under the Registration Statement. The Investor and its counsel shall have a
reasonable opportunity to review and comment upon such prospectus prior to its filing with the SEC.
The Investor shall use its reasonable best efforts to comment upon such prospectus within one (1)
Business Day from the date the Investor receives the final version of such prospectus.

          c. Sufficient Number of Shares Registered. In the event the number of shares
available under the Registration Statement is insufficient to cover all of the Registrable
Securities, the Company shall amend the Registration Statement or file a new registration statement
(a “New Registration Statement”), so as to cover all of such Registrable Securities as soon as
practicable, but in any event not later than ten (10) Business Days after the necessity therefor
arises. The Company shall use it reasonable best efforts to cause such amendment and/or New
Registration Statement to become effective as soon as practicable following the filing thereof.

 

 

     3. RELATED OBLIGATIONS.

     With respect to the Registration Statement and whenever any Registrable Securities are to be
registered pursuant to Section 2(b) including on any New Registration Statement, the Company shall
use its reasonable best efforts to effect the registration of the Registrable Securities in
accordance with the intended method of disposition thereof and, pursuant thereto, the Company shall
have the following obligations:

          a. The Company shall prepare and file with the SEC such amendments (including post-effective
amendments) and supplements to any registration statement and the prospectus used in connection
with such registration statement, which prospectus is to be filed pursuant to Rule 424 promulgated
under the 1933 Act, as may be necessary to keep the Registration Statement or any New Registration
Statement effective at all times during the Registration Period, and, during such period, comply
with the provisions of the 1933 Act with respect to the disposition of all Registrable Securities
of the Company covered by the Registration Statement or any New Registration Statement until such
time as all of such Registrable Securities shall have been disposed of in accordance with the
intended methods of disposition by the seller or sellers thereof as set forth in such registration
statement.

          b. The Company shall permit the Investor to review and comment upon the Registration Statement
or any New Registration Statement and all amendments and supplements thereto at least two (2)
Business Days prior to their filing with the SEC, and not file any document in a form to which
Investor reasonably objects. The Investor shall use its reasonable best efforts to comment upon
the Registration Statement or any New Registration Statement and any amendments or supplements
thereto within two (2) Business Days from the date the Investor receives the final version
thereof. The Company shall furnish to the Investor, without charge any correspondence from the SEC
or the staff of the SEC to the Company or its representatives relating to the Registration
Statement or any New Registration Statement.

          c. Upon request of the Investor, the Company shall furnish to the Investor, (i) promptly after
the same is prepared and filed with the SEC, at least one copy of such registration statement and
any amendment(s) thereto, including financial statements and schedules, all documents incorporated
therein by reference and all exhibits, (ii) upon the effectiveness of any registration statement, a
copy of the prospectus included in such registration statement and all amendments and supplements
thereto (or such other number of copies as the Investor may reasonably request) and (iii) such
other documents, including copies of any preliminary or final prospectus, as the Investor may
reasonably request from time to time in order to facilitate the disposition of the Registrable
Securities owned by the Investor.

          d. The Company shall use reasonable best efforts to (i) register and qualify the Registrable
Securities covered by a registration statement under such other securities or “blue sky” laws of
such jurisdictions in the United States as the Investor reasonably requests, (ii) prepare and file
in those jurisdictions, such amendments (including post-effective amendments) and supplements to
such registrations and qualifications as may be necessary to maintain the effectiveness thereof
during the Registration Period, (iii) take such other actions as may be necessary to maintain such
registrations and qualifications in effect at all times during the Registration Period, and (iv)
take all other actions reasonably necessary or advisable to qualify the Registrable Securities for
sale in such jurisdictions; provided, however, that the Company shall not be required in connection
therewith or as a condition thereto to (x) qualify to do business in any jurisdiction where it
would not otherwise be required to qualify but for this Section 3(d), (y) subject itself to general
taxation in any such jurisdiction, or (z) file a general consent to service of process in any such
jurisdiction. The Company shall promptly notify the

 

 

Investor who holds Registrable Securities of the receipt by the Company of any notification with respect to the
suspension of the registration or qualification of any of the Registrable Securities for sale under
the securities or “blue sky” laws of any jurisdiction in the United States or its receipt of actual
notice of the initiation or threatening of any proceeding for such purpose.

          e. As promptly as practicable after becoming aware of such event or facts, the Company shall
notify the Investor in writing of the happening of any event or existence of such facts as a result
of which the prospectus included in any registration statement, as then in effect, includes an
untrue statement of a material fact or omits to state a material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under which they were
made, not misleading, and promptly prepare a supplement or amendment to such registration statement
to correct such untrue statement or omission, and deliver a copy of such supplement or amendment to
the Investor (or such other number of copies as the Investor may reasonably request). The Company
shall also promptly notify the Investor in writing (i) when a prospectus or any prospectus
supplement or post-effective amendment has been filed, and when a registration statement or any
post-effective amendment has become effective (notification of such effectiveness shall be
delivered to the Investor by facsimile on the same day of such effectiveness and by overnight
mail), (ii) of any request by the SEC for amendments or supplements to any registration statement
or related prospectus or related information, and (iii) of the Company’s reasonable determination
that a post-effective amendment to a registration statement would be appropriate.

          f. The Company shall use its reasonable best efforts to prevent the issuance of any stop order
or other suspension of effectiveness of any registration statement, or the suspension of the
qualification of any Registrable Securities for sale in any jurisdiction and, if such an order or
suspension is issued, to obtain the withdrawal of such order or suspension at the earliest possible
moment and to notify the Investor of the issuance of such order and the resolution thereof or its
receipt of actual notice of the initiation or threat of any proceeding for such purpose.

          g. The Company shall (i) cause all the Registrable Securities to be listed on each securities
exchange on which securities of the same class or series issued by the Company are then listed, if
any, if the listing of such Registrable Securities is then permitted under the rules of such
exchange, or (ii) secure designation and quotation of all the Registrable Securities on the
Principal Market. The Company shall pay all fees and expenses in connection with satisfying its
obligation under this Section.

          h. The Company shall cooperate with the Investor to facilitate the timely preparation and
delivery of certificates (not bearing any restrictive legend) representing the Registrable
Securities to be offered pursuant to any registration statement and enable such certificates to be
in such denominations or amounts as the Investor may reasonably request and registered in such
names as the Investor may request.

          i. The Company shall at all times provide a transfer agent and registrar with respect to its
Common Stock.

          j. If reasonably requested by the Investor, the Company shall (i) immediately incorporate in a
prospectus supplement or post-effective amendment such information as the Investor believes should
be included therein relating to the sale and distribution of Registrable Securities, including,
without limitation, information with respect to the number of Registrable Securities being sold,
the purchase price being paid therefor and any other terms of the offering of the Registrable
Securities; (ii) make all required filings of such prospectus supplement or post-effective
amendment as soon as

 

 

notified of the matters to be incorporated in such prospectus supplement or
post-effective amendment; and (iii) supplement or make amendments to any registration statement.

          k. The Company shall use its reasonable best efforts to cause the Registrable Securities
covered by the any registration statement to be registered with or approved by such other
governmental agencies or authorities as may be necessary to consummate the disposition of such
Registrable Securities.

          l. Within one (1) Business Day after any registration statement which includes the Registrable
Securities is ordered effective by the SEC, the Company shall deliver, and shall cause legal
counsel for the Company to deliver, to the transfer agent for such Registrable Securities (with
copies to the Investor) confirmation that such registration statement has been declared effective
by the SEC in the form attached hereto as Exhibit A. Thereafter, if requested by the Buyer
at any time, the Company shall require its counsel to deliver to the Buyer a written confirmation
whether or not the effectiveness of such registration statement has lapsed at any time for any
reason (including, without limitation, the issuance of a stop order) and whether or not the
registration statement is current and available to the Buyer for sale of all of the Registrable
Securities.

          m. The Company shall take all other reasonable actions necessary to expedite and facilitate
disposition by the Investor of Registrable Securities pursuant to any registration statement.

     4. OBLIGATIONS OF THE INVESTOR.

          a. The Company shall notify the Investor in writing of the information the Company reasonably
requires from the Investor in connection with any registration statement hereunder. The Investor
shall furnish to the Company such information regarding itself, the Registrable Securities held by
it and the intended method of disposition of the Registrable Securities held by it as shall be
reasonably required to effect the registration of such Registrable Securities and shall execute
such documents in connection with such registration as the Company may reasonably request.

          b. The Investor agrees to cooperate with the Company as reasonably requested by the Company in
connection with the preparation and filing of any registration statement hereunder.

          c. The Investor agrees that, upon receipt of any notice from the Company of the happening of
any event or existence of facts of the kind described in Section 3(f) or the first sentence of
3(e), the Investor will immediately discontinue disposition of Registrable Securities pursuant to
any registration statement(s) covering such Registrable Securities until the Investor’s receipt of
the copies of the supplemented or amended prospectus contemplated by Section 3(f) or the first
sentence of 3(e). Notwithstanding anything to the contrary, the Company shall cause its transfer
agent to promptly deliver shares of Common Stock without any restrictive legend in accordance with
the terms of the Purchase Agreement in connection with any sale of Registrable Securities with
respect to which an Investor has entered into a contract for sale prior to the Investor’s receipt
of a notice from the Company of the happening of any event of the kind described in Section 3(f) or
the first sentence of 3(e) and for which the Investor has not yet settled.

 

 

     5. EXPENSES OF REGISTRATION.

          All reasonable expenses, other than sales or brokerage commissions, incurred in connection
with registrations, filings or qualifications pursuant to Sections 2 and 3, including, without
limitation, all registration, listing and qualifications fees, printers and accounting fees, and
fees and disbursements of counsel for the Company, shall be paid by the Company.

     6. INDEMNIFICATION.

          a. To the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold
harmless and defend the Investor, each Person, if any, who controls the Investor, the members, the
directors, officers, partners, employees, agents, representatives of the Investor and each Person,
if any, who controls the Investor within the meaning of the 1933 Act or the Securities Exchange Act
of 1934, as amended (the “1934 Act”) (each, an “Indemnified Person”), against any losses, claims,
damages, liabilities, judgments, fines, penalties, charges, costs, attorneys’ fees, amounts paid in
settlement or expenses, joint or several, (collectively, “Claims”) incurred in investigating,
preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken
from the foregoing by or before any court or governmental, administrative or other regulatory
agency, body or the SEC, whether pending or threatened, whether or not an indemnified party is or
may be a party thereto (“Indemnified Damages”), to which any of them may become subject insofar as
such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise
out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact
in the Registration Statement, any New Registration Statement or any post-effective amendment
thereto or in any filing made in connection with the qualification of the offering under the
securities or other “blue sky” laws of any jurisdiction in which Registrable Securities are offered
(“Blue Sky Filing”), or the omission or alleged omission to state a material fact required to be
stated therein or necessary to make the statements therein not misleading, (ii) any untrue
statement or alleged untrue statement of a material fact contained in the final prospectus (as
amended or supplemented, if the Company files any amendment thereof or supplement thereto with the
SEC) or the omission or alleged omission to state therein any material fact necessary to make the
statements made therein, in light of the circumstances under which the statements therein were
made, not misleading, (iii) any violation or alleged violation by the Company of the 1933 Act, the
1934 Act, any other law, including, without limitation, any state securities law, or any rule or
regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to the
Registration Statement or any New Registration Statement or (iv) any material violation by the
Company of this Agreement (the matters in the foregoing clauses (i) through (iv) being,
collectively, “Violations”). The Company shall reimburse each Indemnified Person promptly as such
expenses are incurred and are due and payable, for any legal fees or other reasonable expenses
incurred by them in connection with investigating or defending any such Claim. Notwithstanding
anything to the contrary contained herein, the indemnification agreement contained in this Section
6(a): (i) shall not apply to a Claim by an Indemnified Person arising out of or based upon a
Violation which occurs in reliance upon and in conformity with information furnished in writing to
the Company by such Indemnified Person expressly for use in connection with the preparation of the
Registration Statement, any New Registration Statement or any such amendment thereof or supplement
thereto, if such prospectus was timely made available by the Company pursuant to Section 3(c) or
Section 3(e); (ii) with respect to any superceded prospectus, shall not inure to the benefit of any
such person from whom the person asserting any such Claim purchased the Registrable Securities that
are the subject thereof (or to the benefit of any person controlling such person) if the untrue
statement or omission of material fact contained in the superceded prospectus was corrected in the
revised prospectus, as then amended or supplemented, if such revised prospectus was timely made
available by the Company pursuant to Section 3(c) or Section 3(e), and the Indemnified Person was
promptly advised in writing not to use the incorrect prospectus prior to the use giving rise to a
violation

 

 

and such Indemnified Person, notwithstanding such advice, used it; (iii) shall not be
available to the extent such Claim is based on a failure of the Investor to deliver or to cause to
be delivered the prospectus made available by the Company, if such prospectus was timely made
available by the Company pursuant to Section 3(c) or Section 3(e); and (iv) shall not apply to
amounts paid in settlement of any Claim if such settlement is effected without the prior written
consent of the Company, which consent shall not be unreasonably withheld. Such indemnity shall
remain in full force and effect
regardless of any investigation made by or on behalf of the Indemnified Person and shall
survive the transfer of the Registrable Securities by the Investor pursuant to Section 9.

          b. In connection with the Registration Statement or any New Registration Statement, the
Investor agrees to severally and not jointly indemnify, hold harmless and defend, to the same
extent and in the same manner as is set forth in Section 6(a), the Company, each of its directors,
each of its officers who signs the Registration Statement or any New Registration Statement, each
Person, if any, who controls the Company within the meaning of the 1933 Act or the 1934 Act
(collectively and together with an Indemnified Person, an “Indemnified Party”), against any Claim
or Indemnified Damages to which any of them may become subject, under the 1933 Act, the 1934 Act or
otherwise, insofar as such Claim or Indemnified Damages arise out of or are based upon any
Violation, in each case to the extent, and only to the extent, that such Violation occurs in
reliance upon and in conformity with written information about the Investor set forth on
Exhibit B attached hereto and furnished to the Company by the Investor expressly for use in
connection with such registration statement; and, subject to Section 6(d), the Investor will
reimburse any legal or other expenses reasonably incurred by them in connection with investigating
or defending any such Claim; provided, however, that the indemnity agreement contained in this
Section 6(b) and the agreement with respect to contribution contained in Section 7 shall not apply
to amounts paid in settlement of any Claim if such settlement is effected without the prior written
consent of the Investor, which consent shall not be unreasonably withheld; provided, further,
however, that the Investor shall be liable under this Section 6(b) for only that amount of a Claim
or Indemnified Damages as does not exceed the net proceeds to the Investor as a result of the sale
of Registrable Securities pursuant to such registration statement. Such indemnity shall remain in
full force and effect regardless of any investigation made by or on behalf of such Indemnified
Party and shall survive the transfer of the Registrable Securities by the Investor pursuant to
Section 9.

          c. Promptly after receipt by an Indemnified Person or Indemnified Party under this Section 6
of notice of the commencement of any action or proceeding (including any governmental action or
proceeding) involving a Claim, such Indemnified Person or Indemnified Party shall, if a Claim in
respect thereof is to be made against any indemnifying party under this Section 6, deliver to the
indemnifying party a written notice of the commencement thereof, and the indemnifying party shall
have the right to participate in, and, to the extent the indemnifying party so desires, jointly
with any other indemnifying party similarly noticed, to assume control of the defense thereof with
counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the
Indemnified Party, as the case may be; provided, however, that an Indemnified Person or Indemnified
Party shall have the right to retain its own counsel with the fees and expenses to be paid by the
indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying party,
the representation by such counsel of the Indemnified Person or Indemnified Party and the
indemnifying party would be inappropriate due to actual or potential differing interests between
such Indemnified Person or Indemnified Party and any other party represented by such counsel in
such proceeding. The Indemnified Party or Indemnified Person shall cooperate fully with the
indemnifying party in connection with any negotiation or defense of any such action or claim by the
indemnifying party and shall furnish to the indemnifying party all information reasonably available
to the Indemnified Party or Indemnified Person which relates to such action or claim. The
indemnifying party shall keep the Indemnified Party or Indemnified Person fully apprised at all
times as to the status of the defense or any settlement negotiations with respect thereto. No
indemnifying party shall be liable for any settlement of any action, claim or proceeding effected
without its written consent, provided, however, that the indemnifying party shall not unreasonably
withhold, delay or condition its consent. No indemnifying

 

 

party shall, without the consent of the
Indemnified Party or Indemnified Person, consent to entry of any judgment or enter into any
settlement or other compromise which does not include as an unconditional term thereof the giving
by the claimant or plaintiff to such Indemnified Party or Indemnified Person of a release from all
liability in
respect to such claim or litigation. Following indemnification as provided for hereunder, the
indemnifying party shall be subrogated to all rights of the Indemnified Party or Indemnified Person
with respect to all third parties, firms or corporations relating to the matter for which
indemnification has been made. The failure to deliver written notice to the indemnifying party
within a reasonable time of the commencement of any such action shall not relieve such indemnifying
party of any liability to the Indemnified Person or Indemnified Party under this Section 6, except
to the extent that the indemnifying party is prejudiced in its ability to defend such action.

          d. The indemnification required by this Section 6 shall be made by periodic payments of the
amount thereof during the course of the investigation or defense, as and when bills are received or
Indemnified Damages are incurred.

          e. The indemnity agreements contained herein shall be in addition to (i) any cause of action
or similar right of the Indemnified Party or Indemnified Person against the indemnifying party or
others, and (ii) any liabilities the indemnifying party may be subject to pursuant to the law.

     7. CONTRIBUTION.

          To the extent any indemnification by an indemnifying party is prohibited or limited by law,
the indemnifying party agrees to make the maximum contribution with respect to any amounts for
which it would otherwise be liable under Section 6 to the fullest extent permitted by law;
provided, however, that: (i) no seller of Registrable Securities guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to
contribution from any seller of Registrable Securities who was not guilty of fraudulent
misrepresentation; and (ii) contribution by any seller of Registrable Securities shall be limited
in amount to the net amount of proceeds received by such seller from the sale of such Registrable
Securities.

     8. REPORTS AND DISCLOSURE UNDER THE SECURITIES ACTS.

          With a view to making available to the Investor the benefits of Rule 144 promulgated under the
1933 Act or any other similar rule or regulation of the SEC that may at any time permit the
Investor to sell securities of the Company to the public without registration (“Rule 144”), the
Company agrees, at the Company’s sole expense, to:

          a. make and keep public information available, as those terms are understood and defined in
Rule 144;

          b. file with the SEC in a timely manner all reports and other documents required of the
Company under the 1933 Act and the 1934 Act so long as the Company remains subject to such
requirements and the filing of such reports and other documents is required for the applicable
provisions of Rule 144; and

          c. furnish to the Investor so long as the Investor owns Registrable Securities, promptly upon
request, (i) a written statement by the Company that it has complied with the reporting and

 

 

or disclosure provisions of Rule 144, the 1933 Act and the 1934 Act, (ii) a copy of the most recent
annual or quarterly report of the Company and such other reports and documents so filed by the
Company, and (iii) such other information as may be reasonably requested to permit the Investor to
sell such securities pursuant to Rule 144 without registration.

          d. take such additional action as is requested by the Investor to enable the Investor to sell
the Registrable Securities pursuant to Rule 144, including, without limitation, delivering all such
legal opinions, consents, certificates, resolutions and instructions to the Company’s Transfer
Agent as may be requested from time to time by the Investor and otherwise fully cooperate with
Investor and Investor’s broker to effect such sale of securities pursuant to Rule 144.

          The Company agrees that damages may be an inadequate remedy for any breach of the terms and
provisions of this Section 8 and that Investor shall, whether or not it is pursuing any remedies at
law, be entitled to equitable relief in the form of a preliminary or permanent injunctions, without
having to post any bond or other security, upon any breach or threatened breach of any such terms
or provisions.

     9. ASSIGNMENT OF REGISTRATION RIGHTS.

          Except for the assumption of the rights and obligations of the Company pursuant to the
reincorporation transaction described in the Company’s definitive Schedule 14A filed with the SEC
on April 29, 2008, as it may be amended or supplemented, the Company shall not assign this
Agreement or any rights or obligations hereunder without the prior written consent of the Investor,
including by merger or consolidation. The Investor may not assign its rights under this Agreement
without the written consent of the Company, other than to an affiliate of the Investor controlled
by Steven G. Martin or Joshua B. Scheinfeld.

     10. AMENDMENT OF REGISTRATION RIGHTS.

          Provisions of this Agreement may be amended and the observance thereof may be waived (either
generally or in a particular instance and either retroactively or prospectively), only with the
written consent of the Company and the Investor.

     11. MISCELLANEOUS.

          a. A Person is deemed to be a holder of Registrable Securities whenever such Person owns or is
deemed to own of record such Registrable Securities. If the Company receives conflicting
instructions, notices or elections from two or more Persons with respect to the same Registrable
Securities, the Company shall act upon the basis of instructions, notice or election received from
the registered owner of such Registrable Securities.

          b. Any notices, consents, waivers or other communications required or permitted to be given
under the terms of this Agreement must be in writing and will be deemed to have been delivered:
(i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided
confirmation of transmission is mechanically or electronically generated and kept on file by the
sending party); or (iii) one (1) Business Day after deposit with a nationally recognized overnight
delivery service, in each case properly addressed to the party to receive the same. The addresses
and facsimile numbers for such communications shall be:

 

 

If to the Company:

          GeoVax Labs, Inc.

          1256 Briarcliff Road N.E.

          Emtech Bio Suite 500

          Atlanta, Georgia 30306

           Telephone:      404-727-0971

           Facsimile:       404-712-9357

           Attention:      Robert T. McNally

With a copy to:

          Womble Carlyle Sandridge & Rice PLLC

          Suite 3500, One Atlantic Center

          1201 West Peachtree St.

          Atlanta, Georgia 30309

           Telephone:       404-879-2411

           Facsimile:       404-870-8226

           Attention:       Clinton D. Richardson, Esq.

If to the Investor:

          Fusion Capital Fund II, LLC

          222 Merchandise Mart Plaza, Suite 9-112

          Chicago, IL 60654

          Telephone:       312-644-6644

           Facsimile:      312-644-6244

           Attention:      Steven G. Martin

or at such other address and/or facsimile number and/or to the attention of such other person as
the recipient party has specified by written notice given to each other party three (3) Business
Days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the
recipient of such notice, consent, waiver or other communication, (B) mechanically or
electronically generated by the sender’s facsimile machine containing the time, date, recipient
facsimile number and an image of the first page of such transmission or (C) provided by a
nationally recognized overnight delivery service, shall be rebuttable evidence of personal service,
receipt by facsimile or receipt from a nationally recognized overnight delivery service in
accordance with clause (i), (ii) or (iii) above, respectively.

          c. Failure of any party to exercise any right or remedy under this Agreement or otherwise, or
delay by a party in exercising such right or remedy, shall not operate as a waiver thereof.

          d. The corporate laws of the State of Illinois shall govern all issues concerning the relative
rights of the Company and its stockholders until such time, if ever, Company is
reincorporated in the State of Delaware in which event the corporate laws of the State of Delaware
shall thereafter govern all issues concerning the relative rights of the Company and its
shareholders. All other questions concerning the construction, validity, enforcement and
interpretation of this Agreement shall be governed by the internal laws of the State of Illinois,
without giving effect to any choice of law or conflict of law provision or rule (whether of the
State of Illinois or any other jurisdictions) that would cause the application of the laws of any
jurisdictions other than the State of Illinois. Each party hereby irrevocably submits to the
exclusive jurisdiction of the state and federal courts sitting the City of Chicago, for the
adjudication of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein, 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 brought in an inconvenient forum or that the venue of such suit,
action or proceeding is improper. 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 to such party at the address for such 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 manner
permitted by law. If any provision of this Agreement shall be invalid or unenforceable in any
jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability
of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any
provision of this Agreement in any other jurisdiction. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY
RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE
HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION
CONTEMPLATED HEREBY.

          e. This Agreement, and the Purchase Agreement constitute the entire agreement among the
parties hereto with respect to the subject matter hereof and thereof. There are no restrictions,
promises, warranties or undertakings, other than those set forth or referred to herein and therein.
This Agreement and the Purchase Agreement supersede all prior agreements and understandings among
the parties hereto with respect to the subject matter hereof and thereof.

          f. Subject to the requirements of Section 9, this Agreement shall inure to the benefit of and
be binding upon the permitted successors and assigns of each of the parties hereto.

          g. The headings in this Agreement are for convenience of reference only and shall not limit or
otherwise affect the meaning hereof.

          h. This Agreement may be executed in identical counterparts, each of which shall be deemed an
original but all of which shall constitute one and the same agreement. This Agreement, once
executed by a party, may be delivered to the other party hereto by facsimile transmission of a copy
of this Agreement bearing the signature of the party so delivering this Agreement.

          i. Each party shall do and perform, or cause to be done and performed, all such further acts
and things, and shall execute and deliver all such other agreements, certificates, instruments and
documents, as the other party may reasonably request in order to carry out the intent and
accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

          j. The language used in this Agreement will be deemed to be the language chosen by the parties
to express their mutual intent and no rules of strict construction will be applied against any
party.

          k. This Agreement is intended for the benefit of the parties hereto and their respective
permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be
enforced by, any other Person.

* * * * * *

 

 

     IN WITNESS WHEREOF, the parties have caused this Registration Rights Agreement to be duly
executed as of day and year first above written.

	 	 	 	 	 	 	 
	 	 	THE COMPANY:	 	 
	 
	 	 	 	 	 	 
	 	 	GEOVAX LABS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Robert T. McNally
 

Robert T. McNally
	 	 
	 

	 	Title:
	 	President & CEO	 	 
	 
	 	 	 	 	 	 
	 	 	BUYER:	 	 
	 
	 	 	 	 	 	 
	 	 	FUSION CAPITAL FUND II, LLC

BY: FUSION CAPITAL PARTNERS, LLC

BY: SGM HOLDINGS CORP.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Steven G. Martin
 

	 	 
	 

	 	Name:
	 	Steven G. Martin	 	 
	 

	 	Title:
	 	PresidentEX-10.55 EMPLOYMENT AGREEMENT

Exhibit 10.55

EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT (“Agreement”) is made and entered on May 6th, 2008 by and between
ProxyMed, Inc., a Florida corporation headquartered in Santa Ana, CA, d/b/a MedAvant Healthcare
Solutions (the “Company”), and Peter E. Fleming, III, currently residing in Santa Barbara, CA
(“Executive”).

     WHEREAS, upon the terms and subject to the conditions of this Agreement, the Company desires
to employ the Executive, and Executive is willing to accept such employment.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth hereinafter
and other good and valuable considerations, the receipt and sufficiency of which are hereby
acknowledged, the Company and the Executive intending to be legally bound agree as follows:

1. Term. The initial term of the Agreement shall commence on February 25, 2008 (the
“Effective Date”), and shall continue for one (1) year and shall be automatically renewed from year
to year thereafter (hereafter, the initial term and any renewals thereof shall constitute the
“Term”), unless either party provides the other party with notice of its intent not to renew this
Agreement not less than forty-five (45) days prior to the expiration of the then-current term or
unless this Agreement is earlier terminated in accordance with its terms.

2. Position; Duties; Loyalty.

     a) Position. Executive will be employed by Company and shall render service to
Company as its Chief Executive Officer reporting to the Company’s Board of Directors (“Board”) or
their designees, pursuant to the terms, provisions and conditions hereinafter set forth.

     b) Location. The location as to where the Executive’s duties are to be performed will
be determined at the reasonable discretion of the Company.

     c) Duties. Executive shall be employed by Company on a full-time, exclusive basis.
Executive will be required to travel on business, as is customary and usual for Executive’s
position. Executive shall perform such duties and have such authority and responsibilities
customarily accompanying his/her position and as reasonably directed by the Board consistent with
the Executive’s position. Executive shall perform the duties and have the authority and
responsibilities customarily accompanying those of a Chief Executive Officer of a public company,
including without limitations, those prescribed by the Company’s By-laws or as may be assigned to
the Executive from time to time by the Board.

     d) Loyalty. Executive shall devote the full working time required for Executive’s
position and shall give Executive’s best efforts to the business of the Company and to the
performance of the duties and obligations described in this Agreement. Except as maybe authorized
in writing by the Board, Executive shall not, directly or indirectly, alone, or as a partner,
officer, director or shareholder of any other institution, be engaged in any other commercial
activities whatsoever, or continue or assume any other corporate affiliations except for (i) an
Affiliate; (ii) passive investments; and (iii) minimal time utilized for business activities that
do not compete with the business of the Company or its subsidiaries. As used herein, the term
“Affiliate” shall refer to any entity that is owned or controlled by, under common ownership or
control with, or which owns or controls the Company or any of its subsidiaries, now or in the
future.

 

 

3. Compensation and Expenses.

a) Salary. In consideration for the services rendered by the Executive under this
Agreement, Company shall pay the Executive a base salary of not less than $275,000 per annum (“Base
Salary”) (retroactive to the Effective Date, in accordance with the Company’s customary payroll
practices. Executive performance reviews (with or without a wage increase) will be conducted at
least annually or as otherwise agreed to by the parties in writing. The Company shall adjust
Executive’s Base Salary for any wage increases approved in writing by the Board or its Compensation
Committee in its sole discretion.

b) Incentive Bonus. The Executive shall be entitled to and may earn such bonuses
(“Bonuses”) as may be awarded from time to time by the Board of Directors of the Company, sitting
as a whole or in committee, in its sole discretion, including pursuant to any bonus plan (“Bonus
Plan”) implemented by the Company, and to participate in any stock option plans (“Stock Option
Plans”) or other Bonus Plans which the Company may now have or in the future develop and for which
the Executive qualifies for eligibility under the terms of such plan. Without limiting the
generality of the foregoing, Executive shall submit a proposed Bonus Plan for the first year of the
Term to the Board within ten (10) days after the date of this Agreement, which proposed Bonus Plan
shall include (i) performance goals and associated bonus amounts related to revenue targets,
expense targets, achieving positive cash flow for the Term and headcount and the related bonus
amounts for the achievement of such targets which total bonus amounts, assuming all such targets
are achieved, shall be an amount equal to 100% of the Base Salary, (ii) a plan together with
success metrics and associated bonus amounts with respect to the refinance or conversion of the
outstanding debt held by the MedUnite note holders and Laurus, and (iii) a bonus amount related to
the successful negotiation of a sale of the Company that is approved by the Board; provided,
however, that the Board may modify, amend or otherwise change such proposed Bonus Plan in its sole
discretion; provided, further, however, that the Board will adopt a final Bonus Plan for the first
year of the Term (as modified, amended or changed by the Board in its sole discretion) that will be
attached to this Agreement as Exhibit B within thirty (30) days after receipt of the proposed Bonus
Plan from Executive, provided that such final Bonus Plan shall include performance goals as
contemplated by subsection (i) above with total bonus amounts, assuming the achievement of all
targets, equal to 100% of the Base Salary.  In addition, to the extent this Agreement is renewed
for additional one year terms after the initial term, then Executive shall be entitled to and may
earn a performance bonus in an amount equal to 100% of the then in effect Base Salary should all
the performance criteria established by the Board be achieved in such year.  Determination of
whether Executive has achieved any of the bonus criteria or targets, in whole or in part, or earned
any Bonus, or percentage thereof, set forth in any Bonus Plan, whether attached to this Agreement
as Exhibit B or otherwise, shall be in the sole and absolute discretion of the Board, which
determination shall be final and binding on the parties.

     c) Expenses. (i) Company shall promptly pay or reimburse the Executive for all
reasonable business expenses actually incurred or paid by the Executive in the performance of
Executive’s services hereunder in accordance with the policies and procedures of the Company,
provided that Executive properly accounts therefore.

     d) Tax Withholding. The Company shall have the right to deduct or withhold from all
compensation due Executive hereunder any and all sums required, including without limitation for
Federal income, social security and Medicare taxes and all state and local taxes now applicable or
that may be enacted and become applicable in the future.

     e) Indemnification. Company shall indemnify the Executive with respect to any claims
or liabilities asserted against him in his capacity as Chief Executive Officer of the Company and
/or any Affiliate (or as a non-CEO officer of any Affiliate), and/or as a director of the Company
and/or any

2

 

Affiliate, to the maximum extent permitted by applicable law and the Company’s current By-laws
in accordance with, and subject to the terms of the Company’s standard Indemnification Agreement
(copy attached as Exhibit A), with such provisions for legal fee advancement as are set forth in
such Indemnification Agreement. The Company shall also separately provide Executive with D&O
insurance on a basis and to an extent no less favorable to Executive than that applied to any other
executive or director of the Company.

4. Benefits.

     a) Vacation. The Executive shall be entitled to a yearly vacation of four (4) weeks
during the first year of this Agreement, and thereafter such additional time as may be provided by
the Company in writing in its then-current policies or otherwise, at full pay to be accrued and
taken in accordance with the Company’s policies in effect from time to time (“Vacation”). Vacation
shall accrue ratably during each calendar year in accordance with Company policies. Vacation not
taken in one calendar year may be carried over to the following calendar year subject to any
limitations set forth in the Company policies in effect from time to time. Executive shall not be
entitled to receive any additional compensation from the Company for Executive’s failure to take
all of Executive’s granted vacation time. In the event Executive’s employment is terminated
pursuant to Section 5(b) below, any vacation time used but not earned at the time of termination
shall be deducted from any monies owed to Executive.

     b) Participation in Benefit Plans. Executive shall be eligible for and entitled to
receive all other benefits and perquisites (“Benefits”) offered or extended to other senior
executives of the Company.

5. Termination.

     a) Involuntary Termination for Death or Disability. This Agreement shall terminate
immediately upon Executive’s death. The Company may terminate Executive’s employment with the
Company for Disability. For purposes of this Agreement, “Disability” is defined to mean the
inability of Executive due to illness or physical or mental infirmity (as determined by a physician
selected by Executive and acceptable to the Company) to perform Executive’s duties hereunder on a
full-time basis for six (6) consecutive months with reasonable accommodation by the Company. Upon
termination due to death or Disability, Executive or Executive’s beneficiary or estate or legal
representative shall be entitled to receive the amounts payable under Section 5(c).

     b) Termination by Company For Cause. The Company may terminate Executive’s employment
with the Company at any time “For Cause” effective immediately, unless stated otherwise in writing,
upon giving written notice thereof to Executive, which notice shall state with reasonable
specificity the facts supporting the termination “For Cause.” “For Cause” shall include the
following:

          (i) Conviction of, or pleading guilty to, a felony or any crime involving moral turpitude,
fraud, dishonesty or theft or engaging in any act which is a violation of any law or regulation
protecting the rights of employees or;

          (ii) Failure by Executive to satisfactorily perform the duties stated herein or to
substantially perform such duties in accordance with any tasks, goals, and objectives as assigned
from time to time by the Company in writing, if Executive has not corrected or remedied, or has not
commenced to correct or remedy, such unsatisfactorily or non-substantial performance of such
specified duties within thirty (30) days (or such other time as may be provided in writing by the
Company) of Executive’s actual receipt of such written notice; or

3

 

          (iii) Executive’s gross negligence or willful misconduct relating to the Company that is
materially injurious to the Company; or

          (iv) Executive’s excessive use of alcohol or illegal drugs that (A) interferes with the
performance of Executive’s duties hereunder; and (B) continues even after written warning regarding
such excessive use is actually received by Executive; or

          (v) Executive’s abandonment of his position or termination of this Agreement for “No Good
Reason;” or

          (vi) Any material breach by Executive of this Agreement or of any of the Company’s applicable
written policies then in effect, including without limitations, the Company’s Code of Ethics for
Officers and Directors with written notice thereof by the Company, provided such notice is actually
received by Executive and an appropriate period to cure such material breach, if such breach is
curable, is given and has expired.

     Upon the Company’s termination of this Agreement and Executive’s employment For Cause, the
Executive shall be entitled to, and the Company shall pay the Executive the following “For Cause
Separation Pay”: the Executive’s Base Salary and benefits through the effective date of termination
at the Executive’s then current rate (including any applicable pro rated bonus and accrued vacation
pay). Except as provided for herein or in any other written agreement, the Company shall have no
other liabilities or obligations to Executive upon payment in full of the For Cause Separation Pay.

     c) Termination by Company Without Cause. The Company may terminate “Without Cause”
Executive’s employment with the Company or this Agreement at any time for any or no reason upon
thirty (30) Days written notice. Such termination by Company shall be deemed to be “without cause”
by the Company. In the event of termination by the Company pursuant to this Section, Executive
shall execute a full and complete release of any and all claims against the Company in a form
satisfactory to the Company, in which event, for so long as Executive is not in breach of this
Agreement and for a period of twelve (12) months after the effective date of the termination (the
“Severance Period”), the Executive shall be entitled to and shall receive, and the Company shall
pay the following “Without Cause Separation Pay”: (i) a continuation of the payment of Executive’s
then in effect Base Salary in accordance with the normal payroll practices of the Company for the
duration of the Severance Period; plus (ii) a pro rata portion of any accrued vacation not already
taken and of any bonus that would have been paid to Executive under the Bonus Plan which is adopted
by the Company’s Compensation Committee or Board of Directors in such year as if the Company and
Executive had met the targeted goals to the date of termination; plus (iii) the continuation for
the Severance Period of all of Executive’s benefits including, without limitation, all insurance
plans, on the same terms and conditions as had been provided to Executive prior to the termination,
all of the foregoing which shall be payable in accordance with the Company’s customary payroll
practices then in effect, plus (iv) any unvested options shall be vested as of the date of
termination and Executive shall have twelve (12) months from his termination to exercise those
options.

     d) Termination by Executive For Good Reason. Executive may terminate this Agreement
for “Good Reason” by giving the Company thirty (30) days prior written notice (the “Notice Period”)
to that effect, specifically stating Executive’s Good Reason for terminating in sufficient detail
to allow the Company to respond effectively to the notice, with the termination becoming effective
on the 31st day after such notice is actually received by the Company (the “Termination Date”),
unless the Company at its option cures any alleged breach, if curable, on or before the Termination
Date, or if the breach is not capable of being cured within the Notice Period, Company made good
faith efforts to cure any alleged breach prior to the Termination Date. The stated Good Reason
must be one or more of any of the reasons

4

 

defined as a “Good Reason” herein. As used in this Agreement, a “Good Reason” means
termination by Executive only for any one or more of the following reasons:

     (i) Any reduction of Executive’s then-current Base Salary or Target Annual Bonus
opportunity or a failure of the Company to provide incentive compensation as required by
Paragraph 3 (b) of this Agreement, in each case without Executive’s prior written consent;
or

     (ii) Any material breach of this Agreement by the Company, not cured or in the process
of being cured by the Company as provided herein after the Company receives not less than 30
days prior written notice by the Executive.

     (iii) Any Reduction made Without Cause (as defined above), in the duties, authority or
responsibilities of the office of Chief Executive Officer of the Company;

     (iv) Any requirement that Executive move from his primary residence.

          An Executive’s termination for any of the foregoing Good Reasons shall be treated the same as
a termination “Without Cause” by the Company for purposes of calculating separation pay, entitling
the Executive to the Without Cause Separation Pay set forth in Section 5(c).

     e) Termination by Executive for No Good Reason. Executive may terminate this
Agreement for any reason (other than a Good Reason) or no reason at any time with not less than
thirty (30) days prior written notice to the Company (such termination shall be called a
termination for “No Good Reason”). After the Company receives notice of a termination for No Good
Reason, the Company may by written notice to the Executive cause the effective date of any such
termination to be accelerated without causing such termination to be considered a termination by
the Company Without Cause. Executive’s termination for No Good Reason shall be treated the same as
a termination “For Cause” by the Company for purposes of calculating separation pay, entitling the
Executive to the For Cause Separation Pay set forth in Section 5(b). For avoidance of doubt, a
termination by Executive for any reason that is also a Good Reason shall be treated as a
termination by Executive for Good Reason as set forth in Section 5(d).

     f) Return of Company Property. Upon any termination of this Agreement, Executive
shall immediately return to the Company all property of the Company in Executive’s possession,
including Confidential Information (as defined below). Executive acknowledges that the Company may
withhold any compensation and benefits owed to Executive hereunder until all such property is
returned in good condition, normal wear and tear excepted.

     g) Change in Control. If, within six (6) months prior to a Change of Control, as
defined in Executive’s Stock Option Agreement, the Agreement terminates for any reason (other than
pursuant to Section 5(b) or (e) above), then, (i) any unvested options shall vest as of the date of
the Change of Control and shall remain vested and exercisable as specified in Executive’s Stock
Option Agreement, and (ii) Executive shall receive, and the Company shall pay the Executive, the
“Without Cause Separation Pay” set forth in Section 5(c) above.

6. Covenants of Executive.

     a) Executive agrees that during the Term of this Agreement and for one (1) year following its
expiration or termination for any or no reason, including without limitation, “For Cause”, “Without
Cause”, “For Good Reason”, or “No Good Reason”, Executive will not, directly or indirectly, without
the prior written consent of the Company, induce or solicit any person employed or hereafter
employed by

5

 

the Company to leave the employ of the Company, or solicit, recruit, hire or attempt to
solicit, recruit or hire any person employed by the Company.

     b) Executive agrees that for a period of two (2) years after the expiration or termination of
this Agreement for any or no reason, including without limitation, “For Cause”, “Without Cause”,
“For Good Reason”, or “No Good Reason”, Executive will not, directly or indirectly, without the
prior written consent of the Company, solicit or attempt to solicit, divert or take away, or
attempt to divert or take away, Customers or their laboratory business from the Company and/or the
Company’s then-current Affiliates. As used in the preceding sentence, the term “Customer” shall
include, however known to Executive as of the date of such termination or expiration, (i) any
current end-user of the Company’s or its then-current Affiliates’ products or services, or any
potential end-user thereof with whom the Company or its then-current Affiliates have had contact
with within the preceding six (6) months; (ii) any current suppliers of the Company’s or its
then-current Affiliates; and/or (iii) vendor of the Company or its then-current Affiliates or
reseller of the Company or its then-current Affiliates; and/or (iv) their Affiliates, successors or
assigns.

     c) Executive agrees and acknowledges that Executive will disclose promptly to the Company
every discovery, improvement and invention made, conceived or developed by Executive during the
entire period of employment (whether or not during working hours) which discoveries, improvements
or inventions are capable of use in any way in connection with the business of the Company. To the
fullest extent permitted by law, all such discoveries, inventions and improvements will be deemed
works made-for-hire. Executive grants and agrees to convey to Company or its nominee the entire
right, title and interest, domestic and foreign, which Executive may have in such discoveries,
improvements or inventions, or a lesser interest therein, at the option of Company. Executive
further agrees to promptly, upon request, sign all applications for patents, copyrights,
assignments and other appropriate documents, and to perform all acts and to do all things necessary
and appropriate to carry out the intent of this section, whether or not Executive is still an
employee of the Company at the time of such requests.

     d) Executive agrees and acknowledges that the Confidential Information of the Company is
valuable, special and unique to its business, that such business depends on such Confidential
Information, and that the Company wishes to protect such Confidential Information by keeping it
confidential for the exclusive use and benefit of the Company. Based on the foregoing, Executive
agrees to undertake the following obligations with respect to such Confidential Information:

          (i) Executive agrees to keep any and all Confidential Information in trust for the use and
benefit of the Company;

          (ii) Executive agrees that, except as required by Executive’s duties or authorized in writing
by the Company, Executive will not at any time during and for a period of three (3) years after the
termination of Executive’s employment with the Company, disclose, directly or indirectly, any
Confidential Information of the Company to any third party; except as may be required by applicable
law or court order, in which case Executive shall promptly notify Company so as to allow it to seek
a protective order if it so elects;

          (iii) Executive agrees to take all reasonable steps necessary, or reasonably requested by the
Company, to ensure that all Confidential Information of the Company is kept confidential for the
use and benefit of the Company and its subsidiaries; and

          (iv) Executive agrees that, upon termination of Executive’s employment by the Company or at
any other time the Company may in writing so request, Executive will promptly deliver to

6

 

the Company all materials constituting Confidential Information (including all copies and
derivatives thereof) that are in the possession of or under the control of Executive. Executive
further agrees that, if requested by the Company to return any Confidential Information pursuant to
this Subsection (iv), Executive will not make or retain any copy or extract from such materials.

          For the purposes of this Section 6(d), “Confidential Information” means any and all
information, including derivative works, developed by or for the Company or entrusted to the
Company in confidence by its customers, of which Executive gained knowledge by reason of
Executive’s employment by the Company, which is not generally known in any industry in which the
Company is or may become engaged, but does not apply to information which is generally known to the
public or the trade, unless such knowledge results from an unauthorized disclosure by Executive.
Confidential Information includes, but is not limited to, any and all information developed by or
for the Company concerning plans, marketing and sales methods, materials, processes, business
forms, procedures, devices used by the Company, its suppliers and customers with which the Company
had dealt with prior to Executive’s termination of employment with the Company, plans for
development of new products, services and expansion into new areas or markets, internal operations,
and any trade secrets, proprietary information of any type owned by the Company, together with all
written, graphic and other materials relating to all or any part of the same. The Company will
receive all materials, including, software programs, source code, object code, specifications,
documents, abstracts and summaries developed in connection with Executive’s employment. Executive
acknowledges that the programs and documentation developed in connection with Executive’s
employment with the Company shall be the exclusive property of the Company, and that the Company
shall retain all right, title and interest in such materials, including without limitation patent
and copyright interests. Nothing herein shall be construed as a license from the Company to
Executive to make, use, sell or copy any inventions, ideas, trade secrets, trademarks,
copyrightable works or other intellectual property of the Company during the Term of this Agreement
or subsequent to its termination.

     e) Executive acknowledges that there is no general geographical restriction contained in this
Section 6 because the Company’s and/or Affiliates’ Customers are not confined to one geographical
area or operate on a national level. Notwithstanding the foregoing, if a court of competent
jurisdiction were to determine that any of the foregoing covenants would be held to be unreasonable
in time or distance or scope, the time or distance or scope may be reduced by appropriate order of
the court to that deemed reasonable.

     f) Executive confirms that Executive is not bound by the terms of any agreement with any
previous Company or other party which restricts in any way Executive’s use or disclosure of
information or Executive’s engagement in any business, except as Executive may disclose in a
separate schedule attached to this Agreement prior to Company’s and Executive’s execution of this
Agreement. Further, Executive represents that Executive has delivered to the Company prior to
executing this Agreement true and complete copies of any agreements disclosed on such attached
schedule. Executive represents to the Company that Executive’s execution of this Agreement,
employment with the Company and the performance of Executive’s proposed duties for the Company
will not violate any obligations Executive may have to any such previous Company or other party.
In any work for the Company, Executive will not disclose or make use of any information in
violation of any agreements with or rights of any such previous Company or other party, and will
not bring to the premises of the Company any copies or other tangible embodiments of non-public
information belonging to or obtained from any such previous employment or other party. In the
event of breach of this subsection (f) Executive hereby agrees to defend, indemnify and hold
harmless the Company, its officers, directors, employees, agents (the “Indemnified Parties”) from
any and all damages, suits, claims, liabilities, actions (individually and collectively, the
“Indemnity Event”) arising or resulting from such breach. In the event of any Indemnity Event, the
Indemnified Parties shall provide Executive with timely written notice of same, and thereafter

7

 

Executive shall at its own expense defend, protect and hold harmless the applicable
Indemnified Parties against said Indemnity Event. If the Executive should fail to so defend and/or
indemnify and save harmless the Indemnified Parties, then in such instance the Indemnified Parties
shall have full rights to defend, pay or settle said Indemnity Event on their behalf without notice
to Executive and with full rights to recourse against Executive for all fees, costs, expenses and
payments made or agreed to be paid to discharge said Indemnity Event.

     g) Assistance in Litigation. Executive shall upon reasonable notice, furnish such
information and proper assistance to the Company as it may reasonably require in connection with
any litigation in which the Company is, or may become, a party either during or after Executive’s
employment with the Company.

     h) Injunctive Relief.

          (i) Executive acknowledges and agrees that the covenants and obligations contained in this
Section 6 relate to special, unique and extraordinary matters and that a violation of any of the
terms of this Section will cause the Company irreparable injury for which adequate remedies at law
are not available. Therefore, Executive agrees that the Company shall be entitled (without having
to post a bond or other surety) to an injunction, restraining order, or other equitable relief from
any court of competent jurisdiction, restraining the Executive from committing any violation of the
covenants and obligations set forth in this Section 6.

          (ii) The Company’s rights and remedies under this Section 6 are cumulative and are in addition
to any other rights and remedies the Company may have pursuant to the specific provisions of this
Agreement and at law or in equity.

7. Miscellaneous.

     a) Attorney’s Fees. In the event a proceeding is brought to enforce or interpret any
part of this Agreement or the rights or obligations of any party to this Agreement, each party
shall pay their own fees and expenses, including reasonable attorney’s fees and costs. However, in
the event of a disputed claim, if Executive prevails in whole or in part by reason of litigation,
arbitration or settlement , the Company shall also promptly pay for the reasonable attorney fees
and expenses incurred in pursuing or defending such claim.

     b) Successors and Assigns. This Agreement and the benefits hereunder are personal to
the Company and are not assignable or transferable by the Executive. Subject to the foregoing,
this Agreement shall be binding upon and inure to the benefit of the Company and the Executive, and
the Executive’s heirs and legal representatives, and the Company’s successors and assigns.

     c) Governing Law. This Agreement shall be construed in accordance with and governed
by the law of the State of California, without regard to the application of California’s principles
of conflict of laws.

     d) Arbitration. Except for disputes relating to Section 6(d) of this Agreement or any
injunctions, any and all disputes or controversies that shall arise under or in connection with
this Agreement or in any other way related to Executive’s employment by the Company, including
termination of employment, shall be submitted to a panel of three arbitrators under the National
Rules for the Resolution of Employment Disputes of the American Arbitration Association then in
effect. The parties hereby acknowledge that the Federal Arbitration Act takes precedence over any
state arbitration statutes, rules and regulations. Each of the arbitrators shall be qualified and
experienced in employment

8

 

related matters with at least one arbitrator being a licensed attorney. The arbitrators must
base their determination solely on the terms and conditions of this Agreement and the law in the
State of California. The arbitrators shall have the authority to award any remedies that a court
may order or grant, except that they will have no authority to award punitive damages or any other
damages not measured by the prevailing party’s actual damages, and may not, in any event, make any
ruling, finding or award that does not conform to the terms and conditions of this Agreement.
Arbitration shall be held in Los Angeles, California, and the parties hereby agree to accept
service of process served in accordance with the Notices provision of this Agreement and in the
personal jurisdiction and venue as set out herein. Both parties expressly covenant and agree to be
bound by the decision of the arbitrators as the final determination of the matter in dispute.
Judgment upon the award rendered by the arbitrators may be entered into any court having
jurisdiction thereof.

     e) Notices. All notices and other communications required or permitted to be given
under this Agreement shall be in writing and shall be deemed to have been given if delivered
personally or sent by certified mail, return receipt requested, postage prepaid, to the parties to
this Agreement addressed to the Company’s then-current Chief Executive Officer at its then
principal office, as notified to Executive, or to the Executive at Executive’s most current address
as shown in Executive’s personnel file, or to either party hereto at such other address or
addresses as Executive or it may from time to time specify for such purposes in a notice similarly
given.

     f) Modification; Waiver. No provisions of this Agreement may be modified, waived or
discharged unless such modification, waiver or discharge is approved by a duly authorized officer
of the Company and is agreed to in a writing signed by the Executive and such officer. No waiver
by either party hereto at any time of any breach by the other party hereto of, or compliance with,
any condition or provision of this Agreement to be performed by such other party shall be deemed a
waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent
time.

     g) Headings. The headings in this Agreement are for convenience of reference only and
shall not control or affect the meaning or construction of this Agreement.

     h) Validity. The invalidity or unenforceability of any one or more provisions of this
Agreement shall not affect the validity or enforceability of any other provision of this Agreement,
which shall remain in full force and effect.

     i) Severability. The invalidity of any one or more of the words, phrases, sentences,
clauses or sections contained in this Agreement shall not affect the enforceability of the
remaining portions of this Agreement or any part thereof, all of which are inserted conditionally
on their being valid in law, and if any one or more of the words, phrases, sentences, clauses or
sections contained in this Agreement shall be declared invalid, this Agreement shall be construed
as if such invalid word or words, phrase or phrases, sentence or sentences, clause or clauses, or
section or sections had not been inserted.

     k) Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original but all of which together will constitute one and the same
instrument.

     l) Surviving Provisions. Any portion of this Agreement which by it nature survives
the termination of this Agreement, including Section 6, shall survive the termination of this
Agreement.

     m) Entire Agreement. Except as modified by this Agreement, all of Executive’s
benefits and obligations are as set forth in the Company’s policies in effect from time to time.
Other than the Company’s policies in effect from time to time, as modified herein, no agreements or
representations, oral

9

 

or otherwise, express or implied, with respect to the subject matter hereof have been made by
either party, which are not set forth expressly in this Agreement. This Agreement constitute the
final and entire agreement between the parties, and supersedes all prior written and oral
agreements, understandings, or communications with respect to the subject matter of this Agreement.

          IN WITNESS WHEREOF, the parties have executed this Agreement as of the date and year first
above written.

	 	 	 	 	 	 	 	 	 
	COMPANY	 	 	 	EXECUTIVE
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Edwin M. Cooperman
	 	 	 	By:
	 	/s/ Peter E. Fleming, III
	 

	 	 
	 	 	 	 	 	 
	 

	 	Signature
	 	 	 	 	 	Signature
	 
	 	 	 	 	 	 	 	 
	Print Name: Edwin M. Cooperman	 	 	 	Print Name: Peter E. Fleming, III
	 

	 	     Director	 	 	 	 	 	 
	 

	 	     Chair, Compensation Committee	 	 	 	 	 	 

10

 

EXHIBIT A

INDEMNIFICATION AGREEMENT

     THIS INDEMNIFICATION AGREEMENT (the “Agreement”) is made and entered into as of March 25,
2008, by and between ProxyMed, Inc., a Florida corporation d/b/a MedAvant Healthcare Solutions (the
“Company”), and Peter E. Fleming, III (the “Indemnitee”).

RECITALS:

     WHEREAS, the Board of Directors of the Company (the “Board of Directors”) has reviewed and
analyzed the protection from liability available to directors or officers of the Company
(hereinafter, “Directors” or “Officers”) and its subsidiaries under the Company’s existing
corporate documents and applicable law; and

     WHEREAS, the Board of Directors has determined that the risks of litigation and possible
liability for Directors or Officers arising out of the performance of their duties have
substantially increased, and that the protection offered by the Company’s existing corporate
documents, applicable law, and liability insurance is not sufficient to fully protect Directors or
Officers from liability; and

     WHEREAS, the Board of Directors has determined that highly competent persons will be difficult
to attract and retain as Directors and/or Officers unless they are adequately protected against
liabilities incurred in performance of their duties in such capacity; and

     WHEREAS, the Board of Directors has determined that the use of indemnification agreements will
allow the Company to offer additional appropriate protection from liability to its Directors or
Officers; and

     WHEREAS, the Indemnitee is a Director and/or Officer of the Company; and

     WHEREAS, Article VII of the Company’s Articles of Incorporation and Article VII of the
Company’s Bylaws provide for indemnification of Directors and Officers of the Company acting in
such capacity, or who are or were serving as directors or officers of another corporation at the
request of the Company, and the Indemnitee has been appointed or elected to serve or has been
serving and continues to serve as a director and/or officer of the Company in part in reliance on
the Company’s Articles of Incorporation and Bylaws; and

     WHEREAS, Section 607.0850 of the Florida Business Corporation Act (the “Statute”) specifically
provides that the indemnification provided by the Statute is not exclusive.

     WHEREAS, Indemnitee may be a member of the Company’s Benefits Committee and act as an ERISA
fiduciary in such capacity, and the Indemnitee and the Company intend that this Agreement and
Article VII of the Company’s Articles of Incorporation and Article VII of the Company’s Bylaws
protect Indemnitee against any litigation and possible liability arising out of the performance of
his or her duties as a member of the Company’s Benefits Committee.

     NOW THEREFORE, in consideration of the Indemnitee’s services to the Company, the mutual
agreements and covenants contained herein, and for other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally
bound, hereby agree as follows:

A-1

 

	1.	 	Agreement to Serve. In consideration of the indemnity provided by the Company
pursuant to this Agreement, Indemnitee agrees to serve or continue to serve as a Director or
Officer of the Company for so long as he or she is duly elected or appointed, or until such
time as he or she tenders his or her resignation in writing or is otherwise terminated from
such position in accordance with Company policy. Nothing contained in this Agreement shall
create or constitute a contract of employment between the Company and the Director or Officer
or serve to restrict the termination of the Director or Officer’s relationship with the
Company by either party.
	 
	2.	 	Definitions. For purposes of this Agreement:
	 
	 	 	(a) The term “Defense Expenses” shall include, without limitation, reasonable legal fees and
expenses incurred in connection with a Proceeding relating to any Indemnifiable Event,
including any expenses of establishing a right to indemnification under Section 10 of this
Agreement, but shall not include the amount of Judgment against Indemnitee.
	 
	 	 	(b) The term “Indemnifiable Event” shall mean any event or occurrence that takes place
either prior to or after the execution of this Agreement, related to the fact that
Indemnitee is or was a director or officer of the Company, or while a director or officer is
or was serving at the request of the Company as a director, officer, employee, trust, agent
or fiduciary of another foreign or domestic corporation, partnership, joint venture, trust
or other enterprise, or was a director, officer, employee, or agent of a foreign or domestic
corporation that was a predecessor corporation of the Company or of another enterprise at
the request of such predecessor corporation, or related to anything done or not done by
Indemnitee in any such capacity, whether or not the basis of the Proceeding is alleged
action in an official capacity as a director, officer, employee, or agent or in any other
capacity while serving as a director, officer, employee, or agent of the Company, as
described above.
	 
	 	 	(c) The term “Judgment” shall include damages, judgments, settlements or other amounts
(including punitive or exemplary damages, where indemnifiable by law) resulting or arising
from any Proceeding relating to any Indemnifiable Event, but specifically excludes (i) the
multiplied portion of any damage award, (ii) fines, penalties, or taxes imposed by law, and
(iii) matters which are not indemnifiable under applicable law.
	 
	 	 	(d) The term “Losses” shall include all Defense Expenses and Judgments.
	 
	 	 	(e) References to “other enterprise” shall include employee benefit plans; references to
“fines” shall include any excise tax assessed with respect to any employee benefit plan;
references to “serving at the request of the Company” shall include any service as a
Director, Officer, employee or agent of the Company that imposes duties on, or involves
services by, such Director, Officer, employee, or agent, including duties relating to any
employee benefit plan, its participants or beneficiaries; and references to “not opposed to
the best interest of the Company” describes the actions of a person who acts in good faith
and in a manner he or she reasonably believes to be in the best interest of the Company,
including participants and beneficiaries of an employee benefit plan.
	 
	 	 	(f) The term “Proceeding” shall include (i) any written demand for monetary or non-monetary
relief; (ii) any pending or completed action, suit or proceeding, including any appeals of
the foregoing, whether brought by third parties or by or in the right of the Company; or
(iii) any formal civil, criminal, administrative or regulatory proceeding or investigation,
in which the Indemnitee may be or may have been involved as a party or otherwise.

A-2

 

	 	 	(g) The term “Reviewing Party” shall mean an appropriate person or body, as described in
Section 607.0850(4) of the Statute, which may consist of a member or members of the Board of
Directors, another person or body appointed by the Board of Directors who is not a party to
the particular Proceeding with respect to which Indemnitee is seeking indemnification, or
shareholders who are not parties to the particular Proceeding.
	 
	3.	 	Indemnity in Third-Party Proceeding. Subject to Section 9, the Company shall
indemnify Indemnitee in accordance with the provisions of this Section 3, if Indemnitee is a
party to or threatened to be made a party to or otherwise in any Proceeding (other than a
Proceeding by or in the right of the Company to procure a judgment in its favor) by reason of
an Indemnifiable Event, against all Losses, actually and reasonably incurred by Indemnitee, so
long as Indemnitee acted in a manner not opposed to the best interests of the Company and,
with respect to any criminal Proceeding, had no reasonable cause to believe his or her conduct
was unlawful.
	 
	4.	 	Indemnity in Proceeding by or in the Right of the Company. Subject to Section 9, the
Company shall indemnify Indemnitee in accordance with the provisions of this Section 4, if
Indemnitee is a party to or threatened to be made a party to or otherwise in any Proceeding by
or in the right of the Company to procure a judgment in its favor by reason of an
Indemnifiable Event, against all Defense Expenses actually and reasonably incurred by
Indemnitee, so long as Indemnitee acted in a manner not opposed to the best interests of the
Company.
	 
	5.	 	Indemnification of Defense Expenses of Successful Party. Notwithstanding any other
provision of this Agreement, to the extent that Indemnitee has been successful on the merits
or otherwise in defense of any Proceeding relating in whole or in part to an Indemnifiable
Event or in defense of any claim, issue or other matter therein, including dismissal without
prejudice, Indemnitee shall be indemnified by the Company against all Defense Expenses
incurred in connection therewith.
	 
	6.	 	Mandatory Advance Payment of Defense Expenses. Defense Expenses incurred by the
Indemnitee shall be paid by the Company in advance of the final disposition of such Proceeding
within thirty (30) days of Company’s receipt of any invoice for reasonable and actual Defense
Expenses incurred by Indemnitee; provided however, (i) Indemnitee has, within ten (10) days
after the Company’s request, executed a written agreement satisfactory to the Company’s
counsel to repay all such amounts if it is ultimately determined that he or she is not
entitled to be indemnified by the Company; and (ii) if and to the extent that the Reviewing
Party determines that Indemnitee would not be permitted to be so indemnified under applicable
law or this Agreement, the Company shall be entitled to be reimbursed by Indemnitee (who
hereby agrees to reimburse the Company) for all such amounts theretofore paid by the Company.
If Indemnitee has commenced or commences legal proceedings in a court of competent
jurisdiction to secure a determination that Indemnitee should be indemnified under applicable
law or this Agreement, any determination made by the Reviewing Party that Indemnitee would not
be permitted to indemnification shall not be binding, and Indemnitee shall not be required to
reimburse the Company for any Defense Expenses advanced until a final judicial determination
is made with respect thereto (as to which all rights of appeal therefrom have been exhausted
or have lapsed).
	 
	7.	 	Changes in the Law; Partial Indemnification.
	 
	 	 	(a) In the event of any changes after the date of this Agreement in any applicable law,
statute or rule (including judicial interpretation thereof) which expand the rights of the
Company to indemnify its Directors and Officers, the Indemnitee’s rights and the Company’s
obligations under this Agreement shall be expanded to include such changes in applicable
law, statute or rule. In the event of any changes in any applicable law, statute or rule
(including judicial interpretation

A-3

 

	 	 	thereof) which narrow the right of the Company to indemnify its Directors and Officers, such
changes, to the extent not otherwise required by such law, statute or rule to be applied to
this Agreement, shall have no effect on this Agreement or the parties’ rights and
obligations hereunder.
	 
	 	 	(b) The indemnification provided by this Agreement shall not be deemed exclusive and shall
be in addition to any rights to which the Indemnitee may be entitled under the Company’s
Articles of Incorporation, its Bylaws, any agreement, any vote of shareholders or Directors,
applicable law, including without limitation the Statute, or otherwise, both as to action in
the Indemnitee’s official capacity and as to action in another capacity while holding such
directorship or office, where he or she acts or acted in that capacity at the Company’s
request.
	 
	 	 	(c) If the Indemnitee is entitled under any provision of this Agreement to indemnification
by the Company for some or a portion of the Losses actually or reasonably incurred by the
Indemnitee in the preparation, investigation, defense, or settlement of any Proceeding
related to an Indemnifiable Event, but not, however, for the total amount thereof, the
Company shall nevertheless indemnify the Indemnitee for the portion of such Losses to which
the Indemnitee is entitled.
	 
	8.	 	Contribution. If the indemnification provided in Sections 3 and 4 hereof may not be
paid to the Indemnitee under applicable law or hereunder, then in any Proceeding related to an
Indemnifiable Event in which the Company is jointly liable with the Indemnitee, the Company
shall contribute to the amount of reasonable Losses actually and reasonably incurred and paid
or payable by the Indemnitee in such proportion as is appropriate to reflect the relative
benefits received by the Company on the one hand and the Indemnitee on the other hand from the
transaction from which such Proceeding arises. If, however, the allocation provided by the
immediately preceding sentence is not permitted by applicable law, then the Company shall
contribute to the amount of reasonable Losses actually and reasonably incurred and paid or
payable by the Indemnitee in such proportion as is appropriate to reflect not only such
relative benefits but also the relative fault of the Company on the one hand and the
Indemnitee on the other in connection with the events which resulted in such Losses, as well
as any other relevant equitable considerations. The relative fault of the Company on the one
hand and of the Indemnitee on the other shall be determined by reference to, among other
things, the parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent the circumstances resulting in such Losses. The Company agrees that it
would not be just and equitable if contribution pursuant to this Section 8 were determined by
pro rata allocation or any other method of allocation, which does not take account of the
foregoing equitable considerations.
	 
	9.	 	Exclusions. The Indemnitee shall not be entitled to indemnification or contribution
under this Agreement, and shall reimburse the Company for any Defense Expenses advanced or
paid, in the following situations:
	 
	 	 	(a) To the extent payment is actually made to the Indemnitee under an insurance policy (an
“Insurance Policy”) or any other method outside of this Agreement. Before payment is to be
made under an Insurance Policy or such other method, if the Indemnitee is required to pay
any amount, such as a deductible for example, that the Company would otherwise be obligated
to pay, except for the exclusion in this Subsection (a), then the Company shall promptly
advance to the Indemnitee the amount the Indemnitee is required to pay before such insurer’s
payment obligation is triggered. In the event that the Company makes any advance to the
Indemnitee under this Subsection (a), the Indemnitee shall promptly execute an assignment,
in a form satisfactory to the Company’s counsel, under which the funds the Indemnitee later
receives under

A-4

 

	 	 	such Insurance Policy or such other method are assigned to the Company in an amount not to
exceed the amount which the Company advanced pursuant to this Subsection (a).
	 
	 	 	(b) For any amounts paid in settlement of a Proceeding effected without the Company’s prior
written consent.
	 
	 	 	(c) A court of competent jurisdiction in a judgment or other final adjudication establishes
that the Indemnitee’s actions, or omissions to act, were material to the cause of action so
adjudicated and constitute: (i) a violation of the criminal law, unless the Indemnitee had
reasonable cause to believe his or her conduct was lawful or had no reasonable cause to
believe his or her conduct was unlawful, (ii) a transaction from which the Indemnitee
derived an improper personal benefit, (iii) in the case of a Director, a circumstance under
which the liability provisions of Section 607.0834 of the Statute (“Liability for Unlawful
Distributions”) are applicable, or (iv) willful misconduct or a conscious disregard for the
best interests of the Company in a proceeding by or in the right of the Company to procure a
judgment in its favor in a proceeding by or in the right of a shareholder.
	 
	 	 	(d) In any Proceeding for an accounting of profits made from the purchase or sale by
Indemnitee of securities of the Company pursuant to the provisions of Section 16(b) of the
Securities Exchange Act of 1934, as amended, or similar provisions of any federal, state, or
local laws.
	 
	10.	 	Indemnification Process and Appeal.
	 
	 	 	(a) Subject to Sections 3, 4, 6, 9, and 12, Indemnitee shall be entitled to indemnification
of all Defense Expenses actually and reasonably incurred by Indemnitee, and shall receive
payment thereof, from the Company in accordance with this Agreement as soon as practicable
after Indemnitee has made written demand on the Company for indemnification (but no earlier
than (30) days of Company’s receipt of any invoice for reasonable and actual Defense
Expenses incurred by Indemnitee), unless the Reviewing Party has given a written opinion to
the Company that the Indemnitee is not entitled to indemnification under applicable law or
this Agreement.
	 
	 	 	(b) Notwithstanding the failure of the Company to provide indemnification hereunder, the
right to indemnification and advances as provided by this Agreement shall be enforceable by
Indemnitee in an action in any court of competent jurisdiction, despite any contrary
determination of the Reviewing Party, the Board of Directors, independent counsel, or of the
shareholders in the specific case. In such an action, the burden of proving that
indemnification is not required hereunder shall be on the Company.
	 
	 	 	(c) The Company shall indemnify Indemnitee against any and all Defense Expenses that are
actually and reasonably incurred by Indemnitee in connection with any action brought by
Indemnitee for (i) indemnification or advance payment of Losses or Defense Expenses by the
Company and/or (ii) recovery under directors’ and officers’ liability insurance policies
maintained by the Company, but only in the event that Indemnitee ultimately is determined to
be entitled to such indemnification or insurance recovery, as the case may be.
	 
	11.	 	Term. All obligations of the Company contained herein shall continue during the
period the Indemnitee is a Director and/or Officer of the Company or of another corporation at
the request of the Company and shall continue thereafter (a) until both parties agree in
writing to terminate this Agreement, or (b) as long as the Indemnitee remains subject to any
possible Proceeding.

A-5

 

	12.	 	Notice and Defense of Claim.
	 
	 	 	(a) No later than ten (10) calendar days after receipt by the Indemnitee of notice of the
commencement of any Proceeding in which the Indemnitee is made or is threatened to be made a
part of or a witness to and a claim in respect thereof is to be made against the Company
under this Agreement, the Indemnitee shall notify the Company in writing of the commencement
of such Proceeding and the request for indemnification, but the Indemnitee’s failure to
notify and/or to request indemnification from the Company as such shall not relieve the
Company from any obligation to indemnify or advance Defense Expenses to the Indemnitee under
this Agreement, except to the extent such delay in providing notice has caused actual
damages to the Company through prejudice to the Company’s rights under any contract or law
or its ability to defend the Proceeding.
	 
	 	 	(b) Except as otherwise provided below, in the case of any Proceeding relating to an
Indemnifiable Event commenced against the Indemnitee, the Company shall be entitled to
participate therein at its own expense and, to the extent that it may wish, to assume the
defense thereof. If the Company wishes to assume the defense of any Proceeding hereunder,
the Company must give written notice to the Indemnitee of such assumption of defense and of
its choice of counsel. Such choice of counsel must be approved in writing by the Indemnitee
in his or her sole discretion, which will not be unreasonably withheld nor delayed, before
the Company’s assumption of defense hereunder may proceed. After notice from the Company to
Indemnitee of its election to assume the defense of the Proceeding and the Indemnitee’s
approval of the Company’s choice of counsel, the Company shall not be obligated to the
Indemnitee under this Agreement for any Defense Expenses subsequently incurred by the
Indemnitee in connection with the defense of the Proceeding, other than reasonable costs of
investigation, travel and lodging Defense Expenses arising out of the Indemnitee’s
participation in such Proceeding, or as otherwise provided herein. The Indemnitee shall
have the right to employ Indemnitee’s own independent counsel in such Proceeding but the
fees and Defense Expenses of such counsel incurred after notice from the Company to the
Indemnitee of its assumption of the defense of the Proceeding shall be at the Indemnitee’s
expense (i) unless the employment of such counsel has been requested by the Indemnitee and
authorized in writing by the Company, or (ii) unless the Company has not employed counsel to
assume the defense of such Proceeding, in which case the reasonable fees and Defense
Expenses of Indemnitee’s counsel shall be at the expense of the Company, subject to and in
accordance with this Agreement, or (iii) unless counsel for the Indemnitee has provided a
written opinion to the Company in accordance with applicable standards of professional
conduct that there is a conflict of interest between the Company and the Indemnitee in the
defense of such Proceeding, or (iv) except for reasonable costs and Defense Expenses of
counsel for Indemnitee to monitor the Proceeding (provided, however, that such counsel for
Indemnitee will not appear as counsel of record in any such Proceeding). The Company shall
not be entitled to assume and direct the defense of any Proceeding brought by or on behalf
of the Company or as to which subsections (i), (ii), or (iii) above apply.
	 
	13.	 	Settlement of Claims. The Company shall not be liable to indemnify Indemnitee under
this Agreement or otherwise for any amounts paid in settlement of any Proceeding effected
without the Company’s prior written consent. The Company shall not settle any Proceeding in
any manner that would impose any penalty or limitation on Indemnitee without Indemnitee’s
prior written consent.
	 
	14.	 	Security. To the fullest extent permitted by applicable law, the Company may from
time to time, but shall not be required to, provide such insurance, collateral, letters of
credit or other security

A-6

 

	 	 	devices as its Board of Directors may deem appropriate to support or secure the Company’s
obligations under this Agreement.
	 
	15.	 	Subrogation. In the event of payment under this Agreement, the Company shall be
subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who
shall execute all papers required and shall do everything that may be necessary to secure such
rights, including the execution of such documents necessary to enable the Company effectively
to bring suit to enforce such rights.
	 
	16.	 	No Duplication of Payments. The Company shall not be liable under this Agreement to
make any payment in connection with any claim made against Indemnitee to the extent Indemnitee
has otherwise received payment (under any insurance policy, Articles of Incorporation, Bylaw,
or otherwise) of the amounts otherwise indemnifiable hereunder.
	 
	17.	 	Severability. In the event that any provisions of this Agreement shall ever be
deemed to be prohibited by or invalid under applicable law, then such provisions shall be
reformed to require the maximum indemnification permitted by applicable law, and such reformed
provision shall not invalidate the remainder of such provision or the remaining provisions of
this Agreement.
	 
	18.	 	Notices. Any notices or other communications required or desired hereunder shall be
written and shall be given by (a) certified mail, return receipt requested, (b) overnight
courier service, or (c) personal delivery. Such notice or communication shall be deemed to be
given upon receipt or on the date of courier or personal delivery, as applicable, and shall be
given at the following addresses:

	 	 	 
	The Company:

	 	MedAvant Healthcare Solutions
	 

	 	1901 E. Alton Parkway
	 

	 	Santa Ana, CA
	 

	 	Attn: Legal Department
	 
	 	 
	Indemnitee:

	 	Home of Record on File with Company

	 	 	or to such other address as either party may specify by written notice to the other party.
	 
	19.	 	Miscellaneous.
	 
	 	 	(a) This Agreement shall be construed and enforced in accordance with the laws of the State
of Florida without regard to its conflict of law provision.
	 
	 	 	(b) This Agreement shall be binding upon and inure to the benefit of the Indemnitee, his or
her heirs, personal representatives and permitted assigns, and upon the Company, its
successors and assigns. No assignment of this Agreement or of any duty or obligation
hereunder shall be made by the Indemnitee without the prior written consent of the Company,
which shall not be unreasonably withheld.
	 
	 	 	(c) This Agreement supersedes any other oral or written agreements between the Company and
the Indemnitee which would restrict or lessen any of the rights granted to the Indemnitee
hereunder.
	 
	 	 	(d) This Agreement may be executed in any number of counterparts, each and all of which
shall constitute one agreement.

A-7

 

	 	 	(e) No amendment, modification, termination or claimed waiver of any of the provisions
hereof shall be valid unless in writing and signed by the party or an authorized
representative of the party against whom enforcement is sought.

[Signatures on Following Page]

A-8

 

IN WITNESS WHEREOF, the parties hereto have executed this Indemnification Agreement as of the date
first above written.

	 	 	 	 	 
	 	MedAvant Healthcare Solutions

 	 
	 	By:  	/s/ Edwin M. Cooperman
 	 
	 	 	Edwin Cooperman 	 
	 	 	Director and Chairman, Compensation Committee

MedAvant Healthcare Solutions 	 
	 

	 	 	 	 	 
	 	INDEMNITEE:

 	 
	 	/s/ Peter E. Fleming, III
 	 
	 	Name:  	Peter E. Fleming, III 	 
	 	 	 
	 

A-9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}]]