Document:

exv10w5

EXHIBIT 10.5

GeoVax Labs, Inc. 2006 Equity Incentive Plan

 

 

GEOVAX LABS, INC.

2006 EQUITY INCENTIVE PLAN

(as amended April 13, 2010)

1. PURPOSE.

     The purpose of this Plan is to provide incentives to attract, retain and motivate eligible
persons whose present and potential contributions are important to the success of the Company, and
its Parent and Subsidiaries (if any), by offering them an opportunity to participate in the
Company’s future performance through awards of Options, the right to purchase Common Stock and
Stock Bonuses. Capitalized terms not defined in the text are defined in Section 2.

2. DEFINITIONS.

     As used in this Plan, the following terms will have the following meanings:

     “AWARD” means any award under this Plan, including any Option, Stock Award or Stock Bonus.

     “AWARD AGREEMENT” means, with respect to each Award, the signed written agreement between the
Company and the Participant setting forth the terms and conditions of the Award.

     “BOARD” means the Board of Directors of the Company.

     “CAUSE” means any cause, as defined by applicable law, for the termination of a Participant’s
employment with the Company or a Parent or Subsidiary of the Company.

     “CODE” means the Internal Revenue Code of 1986, as amended.

     “COMPANY” means GeoVax Labs, Inc. (formerly Dauphin Technology, Inc.), an Illinois
corporation, or any successor corporation.

     “COMMITTEE” means that committee appointed by the Board of Directors to administer and
interpret the Plan as more particularly described in Section 5 of the Plan; provided, however, that
the term Committee will refer to the Board of Directors during such times as no Committee is
appointed by the Board of Directors.

     “DISABILITY” means a disability, whether temporary or permanent, partial or total, as
determined by the Committee.

     “EXCHANGE ACT” means the Securities Exchange Act of 1934, as amended.

     “EXERCISE PRICE” means the price at which a holder of an Option may purchase the Shares
issuable upon exercise of the Option.

     “FAIR MARKET VALUE” means, as of any date, the value of a share of the Company’s Common Stock
determined as follows:

			
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	 	(a)	 	if such Common Stock is publicly traded and is then listed on a
national securities exchange, its closing price on the date of determination on the
principal national securities exchange on which the Common Stock is listed or
admitted to trading;
	 
	 	(b)	 	if such Common Stock is quoted on the NASDAQ National Market or the
NASDAQ SmallCap Market, its closing price on the NASDAQ National Market or the
NASDAQ SmallCap Market, respectively, on the date of determination;
	 
	 	(c)	 	if neither of the foregoing is applicable, by the Committee in good
faith.

     “INSIDER” means an officer or director of the Company or any other person whose transactions
in the Company’s Common Stock are subject to Section 16 of the Exchange Act.

     “OPTION” means an award of an option to purchase Shares pursuant to Section 6.

     “PARENT” means any corporation (other than the Company) in an unbroken chain of corporations
ending with the Company if each of such corporations other than the Company owns stock possessing
50% or more of the total combined voting power of all classes of stock in one of the other
corporations in such chain.

     “PARTICIPANT” means a person who receives an Award under this Plan.

     “PERFORMANCE FACTORS” means the factors selected by the Committee, in its sole and absolute
discretion, from among the following measures to determine whether the performance goals applicable
to Awards have been satisfied:

	 	(a)	 	Net revenue and/or net revenue growth;
	 
	 	(b)	 	Earnings before income taxes and amortization and/or earnings before
income taxes and amortization growth;
	 
	 	(c)	 	Operating income and/or operating income growth;
	 
	 	(d)	 	Net income and/or net income growth;
	 
	 	(e)	 	Earnings per share and/or earnings per share growth;
	 
	 	(f)	 	Total stockholder return and/or total stockholder return growth;
	 
	 	(g)	 	Return on equity;
	 
	 	(h)	 	Operating cash flow return on income;
	 
	 	(i)	 	Adjusted operating cash flow return on income;
	 
	 	(j)	 	Economic value added; and
	 
	 	(k)	 	Individual business objectives.

     “PERFORMANCE PERIOD” means the period of service determined by the Committee, not to exceed
five years, during which years of service or performance is to be measured for Stock Awards or
Stock Bonuses, if such Awards are restricted.

     “PLAN” means this GeoVax Labs, Inc. 2006 Stock Plan, as amended from time to time.

     “PURCHASE PRICE” means the price at which the Participant of a Stock Award may purchase the
Shares.

     “SEC” means the Securities and Exchange Commission.

			
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     “SECURITIES ACT” means the Securities Act of 1933, as amended.

     “SHARES” means shares of the Company’s Common Stock reserved for issuance under this Plan, as
adjusted pursuant to Sections 3 and 19, and any successor security.

     “STOCK AWARD” means an award of Shares pursuant to Section 7.

     “STOCK BONUS” means an award of Shares, or cash in lieu of Shares, pursuant to Section 8.

     “SUBSIDIARY” means any corporation (other than the Company) in an unbroken chain of
corporations beginning with the Company if each of the corporations other than the last corporation
in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all
classes of stock in one of the other corporations in such chain.

     “TERMINATION” or “TERMINATED” means, for purposes of this Plan with respect to a Participant,
that the Participant has for any reason ceased to provide services as an employee, officer,
director, consultant, independent contractor or advisor to the Company or a Parent or Subsidiary of
the Company. An employee will not be deemed to have ceased to provide services in the case of (i)
sick leave, (ii) military leave, or (iii) any other leave of absence approved by the Company,
provided that such leave is for a period of not more than 90 days, unless reemployment upon the
expiration of such leave is guaranteed by contract or statute or unless provided otherwise pursuant
to a formal policy adopted from time to time by the Company and issued and promulgated to employees
in writing. In the case of any employee on an approved leave of absence, the Committee may make
such provisions respecting suspension of vesting of the Award while on leave from the employ of the
Company or a Subsidiary as it may deem appropriate, except that in no event may an Option be
exercised after the expiration of the term set forth in the Option agreement. The Committee will
have sole discretion to determine whether a Participant has ceased to provide services and the
effective date on which the Participant ceased to provide services (the “Termination Date”).

3. SHARES SUBJECT TO THE PLAN.

     3.1 Number of Shares Available. Subject to Sections 3.2 and 19, the total aggregate number of
Shares reserved and available for grant and issuance pursuant to this Plan, shall be
1,040,0001 Shares and will include Shares that are subject to: (a) issuance upon
exercise of an Option but cease to be subject to such Option for any reason other than exercise of
such Option; (b) an Award granted hereunder but forfeited or repurchased by the Company at the
original issue price; and (c) an Award that otherwise terminates without Shares being issued. At
all times the Company shall reserve and keep available a sufficient number of Shares as shall be
required to satisfy the requirements of all outstanding Options granted under this Plan and all
other outstanding but unvested Awards granted under this Plan.

     3.2 Adjustment of Shares. In the event that the number of outstanding shares is changed by a
stock dividend, recapitalization, stock split, reverse stock split, subdivision, combination,
reclassification or similar change in the capital structure of the Company without

 

			
	1	 	Adjusted to reflect the 1-for-50 reverse
split of the Company’s Common Stock effected on April 28, 2010.

			
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consideration, then (a) the number of Shares reserved for issuance under this Plan, (b) the
Exercise Prices of and number of Shares subject to outstanding Options, and (c) the number of
Shares subject to other outstanding Awards will be proportionately adjusted, subject to any
required action by the Board or the stockholders of the Company and compliance with applicable
securities laws; provided, however, that fractions of a Share will not be issued but will either be
replaced by a cash payment equal to the Fair Market Value of such fraction of a Share or will be
rounded up to the nearest whole Share, as determined by the Committee.

4. ELIGIBILITY.

     ISOs (as defined in Section 6 below) may be granted only to employees (including officers and
directors who are also employees) of the Company or of a Parent or Subsidiary of the Company. All
other Awards may be granted to employees, officers, directors, consultants, independent contractors
and advisors of the Company or any Parent or Subsidiary of the Company, provided such consultants,
independent contractors and advisors render bona-fide services not in connection with the offer and
sale of securities in a capital-raising transaction or promotion of the Company’s securities. A
person may be granted more than one Award under this Plan.

5. ADMINISTRATION.

     5.1 Committee.

	 	(a)	 	The Plan shall be administered and interpreted by a committee
consisting of two (2) or more members of the Board.
	 
	 	(b)	 	Members of the Committee may resign at any time by delivering
written notice to the Board. The Board shall fill vacancies in the Committee.
The Committee shall act by a majority of its members in office. The Committee
may act either by vote at a meeting or by a memorandum or other written
instrument signed by a majority of the Committee.
	 
	 	(c)	 	If the Board, in its discretion, does not appoint a Committee,
the Board itself will administer and interpret the Plan and take such other
actions as the Committee is authorized to take hereunder; provided that the
Board may take such actions hereunder in the same Manner as the Board may take
other actions under the Certificate of Incorporation and bylaws of the Company
generally.

     5.2 Committee Authority. Without limitation, the Committee will have the authority to:

	 	(a)	 	construe and interpret this Plan, any Award Agreement and any
other agreement or document executed pursuant to this Plan;
	 
	 	(b)	 	prescribe, amend and rescind rules and regulations relating to
this Plan or any Award;
	 
	 	(c)	 	select persons to receive Awards;
	 
	 	(d)	 	determine the form and terms of Awards;
	 
	 	(e)	 	determine the number of Shares or other consideration subject
to Awards;
	 
	 	(f)	 	determine whether Awards will be granted singly, in combination
with, in tandem with, in replacement of, or as alternatives to, other Awards
under

			
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	 	 	 	this Plan or any other incentive or compensation plan of the Company or any
Parent or Subsidiary of the Company
	 
	 	(g)	 	grant waivers of Plan or Award conditions;
	 
	 	(h)	 	determine the vesting, exercisability and payment of Awards;
	 
	 	(i)	 	correct any defect, supply any omission or reconcile any
inconsistency in this Plan, any Award or any Award Agreement;
	 
	 	(j)	 	determine whether an Award has been earned; and
	 
	 	(k)	 	make all other determinations necessary or advisable for the
administration of this Plan.

     5.3 Committee Discretion. Any determination made by the Committee with respect to any Award
will be made at the time of grant of the Award or, unless in contravention of any express term of
this Plan or Award, at any later time, and such determination will be final and binding on the
Company and on all persons having an interest in any Award under this Plan. The Committee may
delegate to one or more officers of the Company the authority to grant an Award under this Plan to
Participants who are not Insiders of the Company. No member of the Committee shall be personally
liable for any action taken or decision made in good faith relating to this Plan, and all members
of the Committee shall be fully protected and indemnified to the fullest extent permitted under
applicable law by the Company in respect to any such action, determination, or interpretation.

6. OPTIONS.

     The Committee may grant Options to eligible persons and will determine whether such Options
will be Incentive Stock Options within the meaning of the Code (“ISO”) or Nonqualified Stock
Options (“NQSOs”), the number of Shares subject to the Option, the Exercise Price of the Option,
the period during which the Option may be exercised, and all other terms and conditions of the
Option, subject to the following:

     6.1 Form of Option Grant. Each Option granted under this Plan will be evidenced by an Award
Agreement which will expressly identify the Option as an ISO or an NQSO (hereinafter referred to as
the “Stock Option Agreement”), and will be in such form and contain such provisions (which need not
be the same for each Participant) as the Committee may from time to time approve, and which will
comply with and be subject to the terms and conditions of this Plan.

     6.2 Date of Grant. The date of grant of an Option will be the date on which the Committee
makes the determination to grant such Option, unless otherwise specified by the Committee. The
Stock Option Agreement and a copy of this Plan will be delivered to the Participant within a
reasonable time after the granting of the Option.

     6.3 Exercise Period. Options may be exercisable within the times or upon the events
determined by the Committee as set forth in the Stock Option Agreement governing such Option;
provided, however, that no Option will be exercisable after the expiration of ten (10) years from
the date the Option is granted; and provided further that no ISO granted to a person who directly
or by attribution owns more than ten percent (10%) of the total combined voting power of all
classes of stock of the Company or of any Parent or Subsidiary of the Company (“Ten Percent

			
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Stockholder”) will be exercisable after the expiration of five (5) years from the date the ISO
is granted. The Committee also may provide for Options to become exercisable at one time or from
time to time, periodically or otherwise, in such number of Shares or percentage of Shares as the
Committee determines, provided, however, that in all events a Participant will be entitled to
exercise an Option at the rate of at least 20% per year over five years from the date of grant,
subject to reasonable conditions such as continued employment; and further provided that an Option
granted to a Participant who is an officer or director may become fully exercisable, subject to
reasonable conditions such as continued employment, at any time or during any period established by
the Company.

     6.4 Exercise Price. The Exercise Price of an Option will be determined by the Committee when
the Option is granted and may be not less than 85% of the Fair Market Value of the Shares on the
date of grant; provided that: (a) the Exercise Price of an ISO will be not less than 100% of the
Fair Market Value of the Shares on the date of grant; and (b) the Exercise Price of any Option
granted to a Ten Percent Stockholder will not be less than 110% of the Fair Market Value of the
Shares on the date of grant. Payment for the Shares purchased may be made in accordance with
Section 9 of this Plan.

     6.5 Method of Exercise. Options may be exercised only by delivery to the Company of a written
stock option exercise agreement (the “Exercise Agreement”) in a form approved by the Committee,
(which need not be the same for each Participant), stating the number of Shares being purchased,
the restrictions imposed on the Shares purchased under such Exercise Agreement, if any, and such
representations and agreements regarding the Participant’s investment intent and access to
information and other matters, if any, as may be required or desirable by the Company to comply
with applicable securities laws, together with payment in full of the Exercise Price for the number
of Shares being purchased.

     6.6 Termination. Notwithstanding the exercise periods set forth in the Stock Option
Agreement, exercise of an Option will always be subject to the following:

	 	(a)	 	If the Participant’s service is Terminated for any reason
except death or Disability, then the Participant may exercise such
Participant’s Options only to the extent that such Options would have been
exercisable upon the Termination Date no later than three (3) months after the
Termination Date (or such longer time period not exceeding five (5) years as
may be determined by the Committee, with any exercise beyond three (3) months
after the Termination Date deemed to be an NQSO).
	 
	 	(b)	 	If the Participant’s service is Terminated because of the
Participant’s death or Disability (or the Participant dies within three (3)
months after a Termination other than for Cause or because of Participant’s
Disability), then the Participant’s Options may be exercised only to the extent
that such Options would have been exercisable by the Participant on the
Termination Date and must be exercised by the Participant (or the Participant’s
legal representative) no later than twelve (12) months after the Termination
Date (or such longer time period not exceeding five (5) years as may be
determined by the Committee, with any such exercise beyond (i) three (3) months
after the Termination Date when the

			
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	 	 	 	Termination is for any reason other than the Participant’s death or
Disability, or (ii) twelve (12) months after the Termination Date when the
Termination is for Participant’s death or Disability, deemed to be an NQSO).
	 
	 	(c)	 	Notwithstanding the provisions in paragraph 6.6(a) above, if
the Participant’s service is Terminated for Cause, neither the Participant, the
Participant’s estate nor such other person who may then hold the Option shall
be entitled to exercise any Option with respect to any Shares whatsoever, after
Termination, whether or not after Termination the Participant may receive
payment from the Company or a Subsidiary for vacation pay, for services
rendered prior to Termination, for services rendered for the day on which
Termination occurs, for salary in lieu of notice, or for any other benefits.
For the purpose of this paragraph, Termination shall be deemed to occur on the
date when the Company dispatches notice or advice to the Participant that his
service is Terminated.

     6.7 Limitations on Exercise. The Committee may specify a reasonable minimum number of Shares
that may be purchased on any exercise of an Option, provided that such minimum number will not
prevent the Participant from exercising the Option for the full number of Shares for which it is
then exercisable.

     6.8 Limitations on ISO. The aggregate Fair Market Value (determined as of the date of grant)
of Shares with respect to which ISO are exercisable for the first time by a Participant during any
calendar year (under this Plan or under any other incentive stock option plan of the Company,
Parent or Subsidiary of the Company) will not exceed $100,000. If the Fair Market Value of Shares
on the date of grant with respect to which ISO are exercisable for the first time by a Participant
during any calendar year exceeds $100,000, then the Options for the first $100,000 worth of Shares
to become exercisable in such calendar year will be ISO and the Options for the amount in excess of
$100,000 that become exercisable in that calendar year will be NQSOs. In the event that the Code
or the regulations promulgated thereunder are amended after the Effective Date of this Plan to
provide for a different limit on the Fair Market Value of Shares permitted to be subject to ISO,
such different limit will be automatically incorporated herein and will apply to any Options
granted after the effective date of such amendment.

     6.9 Modification, Extension or Renewal. The Committee may modify, extend or renew outstanding
Options and authorize the grant of new Options in substitution therefore, provided that any such
action may not, without the written consent of a Participant, impair any of such Participant’s
rights under any Option previously granted. Any outstanding ISO that is modified, extended,
renewed or otherwise altered will be treated in accordance with Section 424(h) of the Code. The
Committee may reduce the Exercise Price of outstanding Options without the consent of Participants
affected by a written notice to them; provided, however, that the Exercise Price may not be reduced
below the minimum Exercise Price that would be permitted under Section 6.4 of this Plan for Options
granted on the date the action is taken to reduce the Exercise Price.

			
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     6.10 No Disqualification. Notwithstanding any other provision in this Plan, no term of this
Plan relating to ISO will be interpreted, amended or altered, nor will any discretion or authority
granted under this Plan be exercised, so as to disqualify this Plan under Section 422 of the Code
or, without the consent of the Participant affected, to disqualify any ISO under Section 422 of the
Code.

7. STOCK AWARD.

     A Stock Award is an offer by the Company to sell to an eligible person Shares that may or may
not be subject to restrictions. The Committee will determine to whom an offer will be made, the
number of Shares the person may purchase, the price to be paid (the “Purchase Price”), the
restrictions to which the Shares will be subject, if any, and all other terms and conditions of the
Stock Award, subject to the following:

     7.1 Form of Stock Award. All purchases under a Stock Award made pursuant to this Plan will be
evidenced by an Award Agreement (the “Stock Purchase Agreement”) that will be in such form (which
need not be the same for each Participant) as the Committee will from time to time approve, and
will comply with and be subject to the terms and conditions of this Plan. The offer of a Stock
Award will be accepted by the Participant’s execution and delivery of the Stock Purchase Agreement
and payment for the Shares to the Company in accordance with the Stock Purchase Agreement.

     7.2 Purchase Price. The Purchase Price of Shares sold pursuant to a Stock Award will be
determined by the Committee on the date the Stock Award is granted and may not be less than 85% of
the Fair Market Value of the Shares on the grant date, except in the case of a sale to a Ten
Percent Stockholder, in which case the Purchase Price will be 100% of the Fair Market Value.
Payment of the Purchase Price must be made in accordance with Section 9 of this Plan.

     7.3 Terms of Stock Awards. Stock Awards may be subject to such restrictions as the Committee
may impose. These restrictions may be based upon completion of a specified number of years of
service with the Company or upon completion of the performance goals as set out in advance in the
Participant’s individual Stock Purchase Agreement. Stock Awards may vary from Participant to
Participant and between groups of Participants. Prior to the grant of a Stock Award subject to
restrictions, the Committee shall: (a) determine the nature, length and starting date of any
Performance Period for the Stock Award; (b) select from among the Performance Factors to be used to
measure performance goals, if any; and (c) determine the number of Shares that may be awarded to
the Participant. Prior to the transfer of any Stock Award, the Committee shall determine the
extent to which such Stock Award has been earned. Performance Periods may overlap and Participants
may participate simultaneously with respect to Stock Awards that are subject to different
Performance Periods and have different performance goals and other criteria.

     7.4 Termination During Performance Period. If a Participant is Terminated during a
Performance Period for any reason, then such Participant will be entitled to payment (whether in
Shares, cash or otherwise) with respect to the Stock Award only to the extent earned as of the date
of Termination in accordance with the Stock Purchase Agreement, unless the Committee determines
otherwise.

			
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8. STOCK BONUSES.

     8.1 Awards of Stock Bonuses. A Stock Bonus is an award of Shares for extraordinary services
rendered to the Company or any Parent or Subsidiary of the Company. A Stock Bonus will be awarded
pursuant to an Award Agreement (the “Stock Bonus Agreement”) that will be in such form (which need
not be the same for each Participant) as the Committee will from time to time approve, and will
comply with and be subject to the terms and conditions of this Plan. A Stock Bonus may be awarded
upon satisfaction of such performance goals as are set out in advance in the Participant’s
individual Award Agreement (the “Performance Stock Bonus Agreement”) that will be in such form
(which need not be the same for each Participant) as the Committee will from time to time approve,
and will comply with and be subject to the terms and conditions of this Plan. Stock Bonuses may
vary from Participant to Participant and between groups of Participants, and may be based upon the
achievement of the Company, Parent or Subsidiary and/or individual performance factors or upon such
other criteria as the Committee may determine.

     8.2 Terms of Stock Bonuses. The Committee will determine the number of Shares to be awarded
to the Participant. If the Stock Bonus is being earned upon the satisfaction of performance goals
pursuant to a Performance Stock Bonus Agreement, then the Committee will: (a) determine the
nature, length and starting date of any Performance Period for each Stock Bonus; (b) select from
among the Performance Factors to be used to measure the performance, if any; and (c) determine the
number of Shares that may be awarded to the Participant. Prior to the payment of any Stock Bonus,
the Committee shall determine the extent to which such Stock Bonuses have been earned. Performance
Periods may overlap and Participants may participate simultaneously with respect to Stock Bonuses
that are subject to different Performance Periods and different performance goals and other
criteria. The number of Shares may be fixed or may vary in accordance with such performance goals
and criteria as may be determined by the Committee. The Committee may adjust the performance goals
applicable to the Stock Bonuses to take into account changes in law and accounting or tax rules and
to make such adjustments as the Committee deems necessary or appropriate to reflect the impact of
extraordinary or unusual items, events or circumstances to avoid windfalls or hardships.

     8.3 Form of Payment. The earned portion of a Stock Bonus may be paid to the Participant by
the Company either currently or on a deferred basis, with such interest or dividend equivalent, if
any, as the Committee may determine. Payment of an interest or dividend equivalent (if any) may be
made in the form of cash or whole Shares or a combination thereof, either in a lump sum payment or
in installments, all as the Committee will determine.

9. PAYMENT FOR SHARE PURCHASES.

     Payment for Shares purchased pursuant to this Plan may be made in cash (by check) or, where
expressly approved for the Participant by the Committee and where permitted by law:

	 	(a)	 	by cancellation of indebtedness of the Company to the Participant;
	 
	 	(b)	 	by surrender of shares that either:

	 	(1)	 	have been owned by the Participant for more than six (6) months
and have been paid for within the meaning of SEC Rule 144; or
	 
	 	(2)	 	were obtained by the Participant in the public market;

			
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	 	(c)	 	by waiver of compensation due or accrued to the Participant for services
rendered;
	 
	 	(d)	 	with respect only to purchases upon exercise of an Option, and provided that a
public market for the Company’s stock exists:

	 	(1)	 	through a “same day sale” commitment from the Participant and a
broker-dealer that is a member of the National Association of Securities
Dealers (an “NASD Dealer”) whereby the Participant irrevocably elects to
exercise the Option and to sell a portion of the Shares so purchased to pay for
the Exercise Price, and whereby the NASD Dealer irrevocably commits upon
receipt of such Shares to forward the Exercise Price directly to the Company;
or
	 
	 	(2)	 	through a “margin” commitment from the Participant and a NASD
Dealer whereby the Participant irrevocably elects to exercise the Option and to
pledge the Shares so purchased to the NASD Dealer in a margin account as
security for a loan from the NASD Dealer in the amount of the Exercise Price,
and whereby the NASD Dealer irrevocably commits upon receipt of such Shares to
forward the Exercise Price directly to the Company; or

	 	(e)	 	by any combination of the foregoing.

10. WITHHOLDING TAXES.

     10.1 Withholding Generally. Whenever Shares are to be issued in satisfaction of Awards
granted under this Plan, the Company may require the Participant to remit to the Company an amount
sufficient to satisfy federal, state and local withholding tax requirements prior to the delivery
of any certificate or certificates for such Shares. Whenever, under this Plan, payments in
satisfaction of Awards are to be made in cash, such payment will be net of an amount sufficient to
satisfy federal, state, and local withholding tax requirements.

     10.2 Stock Withholding. When, under applicable tax laws, a participant incurs tax liability
in connection with the exercise or vesting of any Award that is subject to tax withholding and the
Participant is obligated to pay the Company the amount required to be withheld, the Committee may
allow the Participant to satisfy the minimum withholding tax obligation by electing to have the
Company withhold from the Shares to be issued that number of Shares having a Fair Market Value
equal to the minimum amount required to be withheld, determined on the date that the amount of tax
to be withheld is to be determined. All elections by a Participant to have Shares withheld for
this purpose will be made in accordance with the requirements established by the Committee and will
be in writing in a form acceptable to the Committee.

11. PRIVILEGES OF STOCK OWNERSHIP.

     11.1 Voting and Dividends. No Participant will have any of the rights of a stockholder with
respect to any Shares until the Shares are issued to the Participant. After Shares are issued to
the Participant, the Participant will be a stockholder and will have all the rights of a
stockholder with respect to such Shares, including the right to vote and receive all dividends or
other distributions made or paid with respect to such Shares; provided, that if such Shares are
issued pursuant to a Stock Award with restrictions, then any new, additional or different
securities the Participant may become entitled to receive with respect to such Shares by virtue of

			
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a stock dividend, stock split or any other change in the corporate or capital structure of the
Company will be subject to the same restrictions as the Stock Award; provided, further, that the
Participant will have no right to retain such stock dividends or stock distributions with respect
to Shares that are repurchased at the Participant’s Purchase Price or Exercise Price pursuant to
Section 13.

     11.2 Financial Statements. The Company will provide financial statements to each Participant
prior to such Participant’s purchase of Shares under this Plan, and to each Participant annually
during the period such Participant has Awards outstanding; provided, however, the Company will not
be required to provide such financial statements to Participants whose services in connection with
the Company assure them access to equivalent information.

12. NON-TRANSFERABILITY.

     Awards of Shares granted under this Plan, and any interest therein, will not be transferable
or assignable by the Participant, and may not be made subject to execution, attachment or similar
process, other than by will or by the laws of descent and distribution. Awards of Options granted
under this Plan, and any interest therein, will not be transferable or assignable by the
Participant, and may not be made subject to execution, attachment or similar process, other than by
will or by the laws of descent and distribution, by instrument to an inter vivos or testamentary
trust in which the options are to be passed to beneficiaries upon the death of the trustor, or by
gift to “immediate family” as that term is defined in 17 C.F.R. 240.16a-1(e). During the lifetime
of the Participant an Award will be exercisable only by the Participant. During the lifetime of
the Participant, any elections with respect to an Award may be made only by the Participant unless
otherwise determined by the Committee and set forth in the Award Agreement with respect to Awards
that are not ISOs.

13. REPURCHASE RIGHTS.

     At the discretion of the Committee, the Company may reserve to itself and/or its assignee(s)
in the Award Agreement a right to repurchase a portion of or all of the unvested Shares held by a
Participant following such Participant’s Termination Date. Such repurchase by the Company shall be
for cash and/or cancellation of purchase money indebtedness and the price per share shall be the
Participant’s Exercise Price or Purchase Price, as applicable.

14. CERTIFICATES.

     All certificates for Shares or other securities delivered under this Plan will be subject to
such stop transfer orders, legends and other restrictions as the Committee may deem necessary or
advisable, including restrictions under any applicable federal, state or foreign securities law, or
any rules, regulations and other requirements of the SEC or any stock exchange or automated
quotation system upon which the Shares may be listed or quoted.

15. ESCROW; PLEDGE OF SHARES.

     To enforce any restrictions on a Participant’s Shares, the Committee may require the
Participant to deposit all certificates representing Shares, together with stock powers or other
instruments of transfer approved by the Committee appropriately endorsed in blank, with the

			
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Company or an agent designated by the Company to hold in escrow until such restrictions have
lapsed or terminated, and the Committee may cause a legend or legends referencing such restrictions
to be placed on the certificates.

16. EXCHANGE AND BUYOUT OF AWARDS.

     The Committee may, at any time or from time to time, authorize the Company, with the consent
of the respective Participants, to issue new Awards in exchange for the surrender and cancellation
of any or all outstanding Awards. The Committee may at any time buy from a Participant an Award
previously granted with payment in cash, Shares or other consideration, based on such terms and
conditions as the Committee and the Participant may agree.

17. SECURITIES LAW AND OTHER REGULATORY COMPLIANCE.

     An Award will not be effective unless such Award is in compliance with all applicable federal
and state securities laws, rules and regulations of any governmental body, and the requirements of
any stock exchange or automated quotation system upon which the Shares may then be listed or
quoted, as they are in effect on the date of grant of the Award and also on the date of exercise or
other issuance. Notwithstanding any other provision in this Plan, the Company will have no
obligation to issue or deliver certificates for Shares under this Plan prior to: (a) obtaining any
approvals from governmental agencies that the Company determines are necessary or advisable; and/or
(b) completion of any registration or other qualification of such Shares under any state or federal
law or ruling of any governmental body that the Company determines to be necessary or advisable.
The Company will be under no obligation to register the Shares with the SEC or to effect compliance
with the registration, qualification or listing requirements of any state securities laws, stock
exchange or automated quotation system, and the Company will have no liability for any inability or
failure to do so.

18. NO OBLIGATION TO EMPLOY.

     Nothing in this Plan or any Award granted under this Plan will confer or be deemed to confer
on any Participant any right to continue in the employ of, or to continue any other relationship
with, the Company or any Parent or Subsidiary of the Company or limit in any way the right of the
Company or any Parent or Subsidiary of the Company to terminate Participant’s employment or other
relationship at any time, with or without cause.

19. CORPORATE TRANSACTIONS.

     19.1 Assumption or Replacement of Awards by Successor. In the event of (a) a dissolution or
liquidation of the Company, (b) a merger or consolidation in which the Company is not the surviving
corporation (other than a merger or consolidation with a wholly-owned subsidiary, a reincorporation
of the Company in a different jurisdiction, or other transaction in which there is no substantial
change in the stockholders of the Company or their relative stock holdings and the Awards granted
under this Plan are assumed, converted or replaced by the successor corporation, which assumption
will be binding on all Participants), (c) a merger in which the Company is the surviving
corporation but after which the stockholders of the Company immediately prior to such merger (other
than any stockholder that merges, or which owns or controls another corporation that merges, with
the Company in such merger) cease to

			
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own their shares or other equity interest in the Company, (d) the sale of substantially all of
the assets of the Company, or (e) the acquisition, sale, or transfer of more than 50% of the
outstanding shares or the Company by tender offer or similar transaction, any or all outstanding
Awards may be assumed, converted or replaced by the successor corporation (if any), which
assumption, conversion or replacement will be binding on all Participants. In the alternative, the
successor corporation may substitute equivalent Awards or provide substantially similar
consideration to Participants as was provided to stockholders (after taking into account the
existing provisions of the Awards). The successor corporation may also issue, in place of
outstanding Shares of the Company held by the Participant, substantially similar shares or other
property subject to repurchase restrictions no less favorable to the Participant. In the event
such successor corporation (if any) refuses to assume or substitute Awards, as provided above,
pursuant to a transaction described in this Subsection 19.1, (i) the vesting of any or all Awards
granted pursuant to this Plan will accelerate upon a transaction described in this Section 19 and
(ii) any or all Options granted pursuant to this Plan will become exercisable in full prior to the
consummation of such event at such time and on such conditions as the Committee determines. If
such Options are not exercised prior to the consummation of the corporate transaction, they shall
terminate at such time as determined by the Committee.

     19.2 Other Treatment of Awards. Subject to any greater rights granted to Participants under
the foregoing provisions of this Section 19, in the event of the occurrence of any transaction
described in Section 19.1, any outstanding Awards will be treated as provided in the applicable
agreement or plan of merger, consolidation, dissolution, liquidation, or sale of assets.

     19.3 Assumption of Awards by the Company. The Company, from time to time, also may substitute
or assume outstanding awards granted by another company, whether in connection with an acquisition
of such other company or otherwise, by either; (a) granting an Award under this Plan in
substitution of such other company’s award; or (b) assuming such award as if it had been granted
under this Plan if the terms of such assumed award could be applied to an Award granted under this
Plan. Such substitution or assumption will be permissible if the holder of the substituted or
assumed award would have been eligible to be granted an Award under this Plan if the other company
had applied the rules of this Plan to such grant. In the event the Company assumes an award
granted by another company, the terms and conditions of such award will remain unchanged (except
that the exercise price and the number and nature of Shares issuable upon exercise of any such
option will be adjusted appropriately pursuant to Section 424(a) of the Code). In the event the
Company elects to grant a new Option rather than assuming an existing option, such new Option may
be granted with a similarly adjusted Exercise Price.

20. ADOPTION AND STOCKHOLDER APPROVAL.

     This Plan will become effective on the date on which it is adopted by the Board (the
“Effective Date”). Upon the Effective Date, the Committee may grant Awards pursuant to this Plan.
The Company intends to seek stockholder approval of the Plan within twelve (12) months after the
date this Plan is adopted by the Board; provided, however, if the Company fails to obtain
stockholder approval of the Plan during such 12-month period, pursuant to Section 422 of

			
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the Code, any Option granted as an ISO at any time under the Plan will not qualify as an ISO
within the meaning of the Code and will be deemed to be an NQSO.

21. TERM OF PLAN/GOVERNING LAW.

     Unless earlier terminated as provided herein, this Plan will terminate ten (10) years from the
date this Plan is adopted by the Board or, if earlier, the date of stockholder approval. This Plan
and all agreements thereunder shall be governed by and construed in accordance with the laws of the
State of Georgia.

22. AMENDMENT OR TERMINATION OF PLAN.

     The Board may at any time terminate or amend this Plan in any respect, including without
limitation amendment of any form of Award Agreement or instrument to be executed pursuant to this
Plan; provided, however, that the Board will not, without the approval of the stockholders of the
Company, amend this Plan in any manner that requires such stockholder approval.

23. NONEXCLUSIVITY OF THE PLAN.

     Neither the adoption of this Plan by the Board, the submission of this Plan to the
stockholders of the Company for approval, nor any provision of this Plan will be construed as
creating any limitations on the power of the Board to adopt such additional compensation
arrangements as it may deem desirable, including, without limitation, the granting of stock options
and bonuses otherwise than under this Plan, and such arrangements may be either generally
applicable or applicable only in specific cases.

24. ACTION BY COMMITTEE.

     Any action permitted or required to be taken by the Committee or any decision or
determination permitted or required to be made by the Committee pursuant to this Plan shall be
taken or made in the Committee’s sole and absolute discretion.

			
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Exhibit 10.19

Form of Indemnification Agreement

 

 

INDEMNIFICATION AGREEMENT

     THIS INDEMNIFICATION AGREEMENT (the “Agreement”) is made and entered into as of 1
October, 2006 between GeoVax Labs, Inc., an Illinois corporation, and GeoVax, Inc., a Georgia
corporation (the “Company”), and                      (the “Indemnitee”).

RECITALS

     WHEREAS, Indemnitee performs a valuable service for the Company;

     WHEREAS, the Board of Directors of the Company has adopted Bylaws (the “Bylaws”)
providing for the indemnification of the officers and directors of the Company to the maximum
extent authorized by the Illinois Business Corporation Act of 1983, as amended (“IBCA”) and
the Georgia Business Corporation Code, as amended (“GBCC”);

     WHEREAS, the Bylaws and the IBCA and GBCC, by their nonexclusive nature, permit contracts
between the Company and the officers or directors of the Company with respect to indemnification of
such officers or directors;

     WHEREAS, the Company is authorized by the IBCA and GBCC to purchase and maintain directors’
and officers’ liability insurance (“D&O Insurance”) covering certain liabilities that may
be incurred by its officers or directors in the fulfillment of their obligations to the Company;
and

     WHEREAS, in recognition of past services and in order to induce Indemnitee to continue to
serve as an officer or director of the Company, the Company has determined and agreed to enter into
this contract with Indemnitee.

     NOW, THEREFORE, in consideration of Indemnitee’s future service as an officer or director of
the Company, and for other good and valuable consideration, the receipt and adequacy of which is
hereby acknowledged, the parties hereto agree as follows:

     1. Indemnification of Indemnitee. The Company shall hold harmless and indemnify
Indemnitee to the full extent authorized or permitted by the IBCA and the GBCC, as amended from
time to time. In furtherance of the foregoing indemnification, and without limiting the generality
thereof:

          (a) Proceedings Other Than Proceedings by or in the Right of the Company. Indemnitee
shall be entitled to the rights of indemnification provided for in this Section 1(a) if, by reason
of Indemnitee’s Corporate Status (as hereinafter defined), Indemnitee is, or is threatened to be
made, a party to or a participant in any Proceeding (as hereinafter defined) other than a
Proceeding by or in the right of the Company. Pursuant to this Section 1(a), Indemnitee shall be
indemnified against all Expenses (as hereinafter defined), judgments, penalties, fines and amounts
paid in settlement actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in
connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in a
manner Indemnitee believed in good faith to be in or not opposed to the best interests of the
Company and, with respect to any criminal Proceeding, had no reasonable cause to believe

 

 

such conduct was unlawful; provided, however, that no indemnification shall be made
for any Expenses (as hereinafter defined), judgments, penalties, fines or amounts paid in
settlement for which, under the IBCA and the GBCC, indemnification may not be authorized by action
of the Board of Directors, the shareholders, or otherwise, including, but not limited to, any
Expenses (as hereinafter defined), judgments, penalties, fines or amounts paid in settlement for:
(i) any appropriation by Indemnitee, in violation of Indemnitee’s duties, of any business
opportunity of the corporation; (ii) any acts or omissions of Indemnitee that involve intentional
misconduct or a knowing violation of law; (iii) the types of liability set forth in Section
14-2-832 of the GBCC and the equivalent in the IBCA; or (iv) any transaction from which the
Indemnitee received an improper personal benefit. Indemnification in connection with a Proceeding
brought by or in the right of the Company is limited to reasonable expenses incurred in connection
with such Proceeding upon a determination that Indemnitee has met the relevant standard of conduct
under the IBCA and the GBCC.

          (b) Proceedings by or in the Right of the Company. Indemnitee shall be entitled to
the rights of indemnification provided for in this Section 1(b) if, by reason of Indemnitee’s
Corporate Status, Indemnitee is, or is threatened to be made, a party to or participant in any
Proceeding brought by or in the right of the Company. Pursuant to this Section 1(b), Indemnitee
shall be indemnified against all Expenses actually and reasonably incurred by Indemnitee or on
Indemnitee’s behalf in connection with such Proceeding if Indemnitee acted in good faith and in a
manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company;
provided, however, that no indemnification shall be made for any Expenses (as hereinafter defined),
judgments, penalties, fines or amounts paid in settlement for which, under the IBCA and the GBCC,
indemnification may not be authorized by action of the Board of Directors, the shareholders, or
otherwise, including, but not limited to, any Expenses (as hereinafter defined), judgments,
penalties, fines or amounts paid in settlement for: (i) any appropriation by Indemnitee, in
violation of Indemnitee’s duties, of any business opportunity of the corporation; (ii) any acts or
omissions of Indemnitee that involve intentional misconduct or a knowing violation of law; (iii)
the types of liability set forth in Section 14-2-832 of the GBCC and the equivalent in the IBCA; or
(iv) any transaction from which the Indemnitee received an improper personal benefit.

          (c) Indemnification for Expenses of a Party Who is Wholly or Partly Successful.
Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason
of Indemnitee’s Corporate Status, a party to and is successful, on the merits or otherwise, in any
Proceeding, Indemnitee shall be indemnified to the maximum extent permitted by law against all
reasonable Expenses incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. If
Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or
otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the
Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by
Indemnitee or on Indemnitee’s behalf in connection with each successfully resolved claim, issue or
matter. For purposes of this Section and without limitation, the termination of any claim, issue
or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a
successful result as to such claim, issue or matter.

     2. Additional Indemnity. In addition to, and without regard to any limitations on,
the indemnification provided for in Section 1, the Company shall and hereby does indemnify and

2

 

hold harmless Indemnitee against all Expenses, judgments, penalties, fines and amounts paid in
settlement actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf if, by reason
of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be made, a party to or
participant in any Proceeding (including a Proceeding by or in the right of the Company),
including, without limitation, all liability arising out of the negligence or active or passive
wrongdoing of Indemnitee. The only limitation that shall exist upon the Company’s obligations
pursuant to this Agreement shall be that the Company shall not be obligated to make any payment to
Indemnitee to the extent that is finally determined (under the procedures, and subject to the
presumptions, set forth in Sections 6 and 7 hereof) to be unlawful under Illinois and/or Georgia
law.

     3. Contribution in the Event of Joint Liability.

          (a) Whether or not the indemnification provided in Sections 1 and 2 hereof is available, in
respect of any threatened, pending or completed action, suit or proceeding in which the Company is
jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), the
Company shall pay, in the first instance, the entire amount of any judgment or settlement of such
action, suit or proceeding without requiring Indemnitee to contribute to such payment and the
Company hereby waives and relinquishes any right of contribution it may have against Indemnitee.
The Company shall not enter into any settlement of any action, suit or proceeding in which the
Company is jointly liable with Indemnitee (or would be if joined in such action, suit or
proceeding) unless such settlement provides for a full and final release of all claims asserted
against Indemnitee.

          (b) Without diminishing or impairing the obligations of the Company set forth in the preceding
subparagraph, if, for any reason, Indemnitee shall elect or be required to pay all or any portion
of any judgment or settlement in any threatened, pending or completed action, suit or proceeding in
which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or
proceeding), the Company shall contribute to the amount of expenses (including attorneys’ fees),
judgments, fines and amounts paid in settlement actually and reasonably incurred and paid or
payable by Indemnitee in proportion to the relative benefits received by the Company and all
officers, directors or employees of the Company other than Indemnitee who are jointly liable with
Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and
Indemnitee, on the other hand, from the transaction from which such action, suit or proceeding
arose; provided, however, that the proportion determined on the basis of relative benefit may, to
the extent necessary to conform to law, be further adjusted by reference to the relative fault of
the Company and all officers, directors or employees of the Company other than Indemnitee who are
jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the
one hand, and Indemnitee, on the other hand, in connection with the events that resulted in such
expenses, judgments, fines or settlement amounts, as well as any other equitable considerations
which the law may require to be considered. The relative fault of the Company and all officers,
directors or employees of the Company other than Indemnitee who are jointly liable with Indemnitee
(or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the
other hand, shall be determined by reference to, among other things, the degree to which their
actions were motivated by intent to gain personal profit or advantage, the degree to which their
liability is primary or secondary, and the degree to which their conduct is active or passive.

3

 

          (c) The Company hereby agrees to fully indemnify and hold Indemnitee harmless from any claims
of contribution that may be brought by officers, directors or employees of the Company, other than
Indemnitee, who may be jointly liable with Indemnitee.

          (d) Notwithstanding the other provisions of this Section 3, no indemnification shall be made
for any Expenses (as hereinafter defined), judgments, penalties, fines or amounts paid in
settlement for which, under the IBCA and the GBCC, indemnification may not be authorized by action
of the Board of Directors, the shareholders, or otherwise, including, but not limited to, any
Expenses (as hereinafter defined), judgments, penalties, fines or amounts paid in settlement for:
(i) any appropriation by Indemnitee, in violation of Indemnitee’s duties, of any business
opportunity of the corporation; (ii) any acts or omissions of Indemnitee that involve intentional
misconduct or a knowing violation of law; (iii) the types of liability set forth in Section
14-2-832 of the GBCC and the equivalent in the IBCA; or (iv) any transaction from which the
Indemnitee received an improper personal benefit.

     4. Indemnification for Expenses of a Witness. Notwithstanding any other provision of
this Agreement, to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a
witness in any Proceeding to which Indemnitee is not a party, Indemnitee shall be indemnified
against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in
connection therewith.

     5. Advancement of Expenses. Notwithstanding any other provision of this Agreement,
the Company shall advance all Expenses incurred by or on behalf of Indemnitee in connection with
any Proceeding by reason of Indemnitee’s Corporate Status within ten (10) days after the receipt by
the Company of a statement or statements from Indemnitee requesting such advance or advances from
time to time, whether prior to or after final disposition of such Proceeding, such statement or
statements to be in conformity with the requirements of Section 14-2-832 of the GBCC and the
equivalent in the IBCA. Such statement or statements shall reasonably evidence the Expenses
incurred by Indemnitee and shall include or be preceded or accompanied by an undertaking by or on
behalf of Indemnitee to repay any Expenses advanced if it shall ultimately be determined that
Indemnitee is not entitled to be indemnified against such Expenses. Any advances and undertakings
to repay pursuant to this Section 5 shall be unsecured and interest free. Notwithstanding the
foregoing, the obligation of the Company to advance Expenses pursuant to this Section 5 shall be
subject to the condition that, if, when and to the extent that the Company determines that
Indemnitee would not be permitted to be indemnified under applicable law, the Company shall be
entitled to be reimbursed, within thirty (30) days of such determination, by Indemnitee (who hereby
agrees to reimburse the Company) for all such amounts theretofore paid; provided, however, that if
Indemnitee has commenced or thereafter commences legal proceedings in a court of competent
jurisdiction to secure a determination that Indemnitee should be indemnified under applicable law,
any determination made by the Company that Indemnitee would not be permitted to be indemnified
under applicable law shall not be binding and Indemnitee shall not be required to reimburse the
Company for any advance of Expenses until a final judicial determination is made with respect
thereto (as to which all rights of appeal therefrom have been exhausted or lapsed).

     6. Procedures and Presumptions for Determination of Entitlement to Indemnification.
It is the intent of this Agreement to secure for Indemnitee rights of indemnity

4

 

that are as favorable as may be permitted under the law and public policy of the State of
Georgia and the State of Illinois respectively. Accordingly, the parties agree that the following
procedures and presumptions shall apply in the event of any question as to whether Indemnitee is
entitled to indemnification under this Agreement:

     (a) To obtain indemnification (including, but not limited to, the advancement of
Expenses and contribution by the Company) under this Agreement, Indemnitee shall submit to
the Company a written request, including therein or therewith such documentation and
information as is reasonably available to Indemnitee and is reasonably necessary to
determine whether and to what extent Indemnitee is entitled to indemnification. The
Secretary of the Company shall, promptly upon receipt of such a request for indemnification,
advise the Board of Directors in writing that Indemnitee has requested indemnification.

     (b) Upon written request by Indemnitee for indemnification pursuant to the first
sentence of Section 6(a) hereof, a determination, if required by applicable law, with
respect to Indemnitee’s entitlement thereto shall be made in the specific case by one of the
following three methods, which shall be at the election of Indemnitee: (1) by a majority
vote of the disinterested directors, even though less than a quorum, or (2) by Independent
Counsel in a written opinion, or (3) by the shareholders holding at least a majority of the
Company’s voting power.

     (c) If the determination of entitlement to indemnification is to be made by Independent
Counsel pursuant to Section 6(b) hereof, the Independent Counsel shall be selected as
provided in this Section 6(c). Indemnitee shall select the Independent Counsel (unless
Indemnitee shall request that such selection be made by the Board of Directors). Indemnitee
or the Company, as the case may be, may, within ten (10) days after such written notice of
selection shall have been given, deliver to the Company or to Indemnitee, as the case may
be, a written objection to such selection; provided, however, that such objection may be
asserted only on the ground that the Independent Counsel so selected does not meet the
requirements of “Independent Counsel” as defined in Section 13 of this Agreement, and the
objection shall set forth with particularity the factual basis of such assertion. Absent a
proper and timely objection, the person so selected shall act as Independent Counsel. If a
written objection is made and substantiated, the Independent Counsel selected may not serve
as Independent Counsel unless and until such objection is withdrawn or a court has
determined that such objection is without merit. If, within twenty (20) days after
submission by Indemnitee of a written request for indemnification pursuant to Section 6(a)
hereof, no Independent Counsel shall have been selected and not objected to, either the
Company or Indemnitee may petition an appropriate court of competent jurisdiction of the
State of Illinois or the State of Georgia or other court of competent jurisdiction for
resolution of any objection which shall have been made by the Company or Indemnitee to the
other’s selection of Independent Counsel and/or for the appointment as Independent Counsel
of a person selected by the court or by such other person as the court shall designate, and
the person with respect to whom all objections are so resolved or the person so appointed
shall act as Independent Counsel under Section 6(b) hereof. The Company shall pay any and
all reasonable fees and expenses of Independent Counsel incurred by such Independent

5

 

Counsel in
connection with acting pursuant to Section 6(b) hereof, and the Company shall pay all
reasonable fees and expenses incident to the procedures of this Section 6(c), regardless of
the manner in which such Independent Counsel was selected or appointed.

     (d) In making a determination with respect to entitlement to indemnification hereunder,
the person, persons or entity making such determination shall presume that Indemnitee is
entitled to indemnification under this Agreement if Indemnitee has submitted a request for
indemnification in accordance with Section 6(a) of this Agreement. Anyone seeking to
overcome this presumption shall have the burden of proof and the burden of persuasion, by
clear and convincing evidence.

     (e) Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is
based on the records or books of account of the Enterprise, including financial statements,
or on information supplied to Indemnitee by the officers of the Enterprise in the course of
their duties, or on the advice of legal counsel for the Enterprise or on information or
records given or reports made to the Enterprise by an independent certified public
accountant or by an appraiser or other expert selected with reasonable care by the
Enterprise. In addition, the knowledge and/or actions, or failure to act, of any director,
officer, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes
of determining the right to indemnification under this Agreement. Whether or not the
foregoing provisions of this Section 6(e) are satisfied, it shall in any event be presumed
that Indemnitee has at all times acted in good faith and in a manner he reasonably believed
to be in or not opposed to the best interests of the Company. Anyone seeking to overcome
this presumption shall have the burden of proof and the burden of persuasion, by clear and
convincing evidence.

     (f) If the person, persons or entity empowered or selected under Section 6 to determine
whether Indemnitee is entitled to indemnification shall not have made a determination within
thirty (30) days after receipt by the Company of the request therefor, the requisite
determination of entitlement to indemnification shall be deemed to have been made and
Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by
Indemnitee of a material fact, or an omission of a material fact necessary to make
Indemnitee’s statement not materially misleading, in connection with the request for
indemnification, or (ii) a prohibition of such indemnification under applicable law;
provided, however, that such thirty (30) day period may be extended for a reasonable time,
not to exceed an additional fifteen (15) days, if the person, persons or entity making the
determination with respect to entitlement to indemnification in good faith requires such
additional time for obtaining or evaluating documentation and/or information relating
thereto; and provided, further, that the foregoing provisions of this Section 6(f) shall not
apply if the determination of entitlement to indemnification is to be made by the
shareholders pursuant to Section 6(b) of this Agreement and if (A) within fifteen (15) days
after receipt by the Company of the request for such determination the Board of Directors or
the Disinterested Directors, if appropriate, resolve to submit such determination to the
shareholders for their consideration at an annual meeting thereof to be held within
seventy-five (75) days after such receipt and such determination is made thereat, or (B) a
special meeting of shareholders is called within fifteen (15) days after such receipt for
the purpose of making such determination, such meeting is held for such

6

 

purpose within sixty (60) days after having been so called and such determination is
made thereat.

     (g) Indemnitee shall cooperate with the person, persons or entity making such
determination with respect to Indemnitee’s entitlement to indemnification, including
providing to such person, persons or entity upon reasonable advance request any
documentation or information which is not privileged or otherwise protected from disclosure
and which is reasonably available to Indemnitee and reasonably necessary to such
determination. Any Independent Counsel, member of the Board of Directors, or shareholder of
the Company shall act reasonably and in good faith in making a determination under the
Agreement of the Indemnitee’s entitlement to indemnification. Any costs or expenses
(including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with
the person, persons or entity making such determination shall be borne by the Company
(irrespective of the determination as to Indemnitee’s entitlement to indemnification) and
the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

     (h) The Company acknowledges that a settlement or other disposition short of final
judgment may be successful if it permits a party to avoid expense, delay, distraction,
disruption and uncertainty. In the event that any action, claim or proceeding to which
Indemnitee is a party is resolved in any manner other than by adverse judgment against
Indemnitee (including, without limitation, settlement of such action, claim or proceeding
with or without payment of money or other consideration) it shall be presumed that
Indemnitee has been successful on the merits or otherwise in such action, suit or
proceeding. Anyone seeking to overcome this presumption shall have the burden of proof and
the burden of persuasion, by clear and convincing evidence.

     7. Remedies of Indemnitee.

     (a) In the event that (i) a determination is made pursuant to Section 6 of this
Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii)
advancement of Expenses is not timely made pursuant to Section 5 of this Agreement, (iii) no
determination of entitlement to indemnification shall have been made pursuant to Section
6(b) of this Agreement within ninety (90) days after receipt by the Company of the request
for indemnification, (iv) payment of indemnification is not made pursuant to this Agreement
within ten (10) days after receipt by the Company of a written request therefor, or (v)
payment of indemnification is not made within ten (10) days after a determination has been
made that Indemnitee is entitled to indemnification or such determination is deemed to have
been made pursuant to Section 6 of this Agreement, Indemnitee shall be entitled to an
adjudication in an appropriate court of the State of Illinois or the State of Georgia, or in
any other court of competent jurisdiction, of Indemnitee’s entitlement to such
indemnification. Indemnitee shall commence such proceeding seeking an adjudication within
one hundred eighty (180) days following the date on which Indemnitee first has the right to
commence such proceeding pursuant to this Section 7(a). The Company shall not oppose
Indemnitee’s right to seek any such adjudication.

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     (b) In the event that a determination shall have been made pursuant to Section 6(b) of
this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding
commenced pursuant to this Section 7 shall be conducted in all respects as a de novo trial
on the merits and Indemnitee shall not be prejudiced by reason of such adverse determination
under Section 6(b).

     (c) If a determination shall have been made pursuant to Section 6(b) of this Agreement
that Indemnitee is entitled to indemnification, the Company shall be bound by such
determination in any judicial proceeding commenced pursuant to this Section 7, absent a
prohibition of such indemnification under applicable law.

     (d) In the event that Indemnitee, pursuant to this Section 7, seeks a judicial
adjudication of Indemnitee’s rights under, or to recover damages for breach of, this
Agreement, or to recover under any directors’ and officers’ liability insurance policies
maintained by the Company, the Company shall pay on Indemnitee’s behalf, in advance, any and
all expenses (of the types described in the definition of Expenses in Section 13 of this
Agreement) actually and reasonably incurred by Indemnitee in such judicial adjudication,
regardless of whether Indemnitee ultimately is determined to be entitled to such
indemnification, advancement of expenses or insurance recovery.

     (e) The Company shall be precluded from asserting in any judicial proceeding commenced
pursuant to this Section 7 that the procedures and presumptions of this Agreement are not
valid, binding and enforceable and shall stipulate in any such court that the Company is
bound by all the provisions of this Agreement.

     8. Non-Exclusivity; Survival of Rights; Insurance; Subrogation.

     (a) The rights of indemnification as provided by this Agreement shall not be deemed
exclusive of any other rights to which Indemnitee may at any time be entitled under
applicable law, the Articles of Incorporation of the Company, the Bylaws, any agreement, a
vote of shareholders or a resolution of directors, or otherwise. No amendment, alteration
or repeal of this Agreement or of any provision hereof shall limit or restrict any right of
Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee
in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal. To the
extent that a change in the IBCA in Illinois or the GBCC in Georgia, whether by statute or
judicial decision, permits greater indemnification than would be afforded currently under
the Bylaws and this Agreement, it is the intent of the parties hereto that Indemnitee shall
enjoy by this Agreement the greater benefits so afforded by such change No right or remedy
herein conferred is intended to be exclusive of any other right or remedy, and every other
right and remedy shall be cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or
employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other right or remedy.

     (b) To the extent that the Company maintains an insurance policy or policies providing
liability insurance for directors, officers, employees, or agents or fiduciaries of

8

 

the Company or of any other corporation, partnership, joint venture, trust, employee
benefit plan or other enterprise which such person serves at the request of the Company,
Indemnitee shall be covered by such policy or policies in accordance with its or their terms
to the maximum extent of the coverage available for any such director, officer, employee or
agent under such policy or policies.

     (c) In the event of any 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 take all action necessary to secure such rights, including
execution of such documents as are necessary to enable the Company to bring suit to enforce
such rights.

     (d) The Company shall not be liable under this Agreement to make any payment of amounts
otherwise indemnifiable hereunder if and to the extent that Indemnitee has otherwise
actually received such payment under any insurance policy, contract, agreement or otherwise.

     9. Exception to Right of Indemnification. Notwithstanding any other provision of this
Agreement, Indemnitee shall not be entitled to indemnification under this Agreement with respect to
any Proceeding brought by Indemnitee, or any claim therein, unless (a) the bringing of such
Proceeding or making of such claim shall have been approved by the Board of Directors of the
Company or (b) such Proceeding is being brought by the Indemnitee to assert, interpret or enforce
Indemnitee’s rights under this Agreement.

     10. Duration of Agreement. All agreements and obligations of the Company contained
herein shall continue during the period Indemnitee is an officer or director of the Company (or is
or was serving at the request of the Company as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise) and shall continue thereafter
so long as Indemnitee shall be subject to any Proceeding (or any proceeding commenced under Section
7 hereof) by reason of Indemnitee’s Corporate Status, whether or not he is acting or serving in any
such capacity at the time any liability or expense is incurred for which indemnification can be
provided under this Agreement. This Agreement shall be binding upon and inure to the benefit of
and be enforceable by the parties hereto and their respective successors (including any direct or
indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of
the business or assets of the Company), assigns, spouses, heirs, executors and personal and legal
representatives. This Agreement shall continue in effect regardless of whether Indemnitee
continues to serve as an officer or director of the Company or any other Enterprise at the
Company’s request.

     11. Security. To the extent requested by the Indemnitee and approved by the Board of
Directors of the Company, the Company may at any time and from time to time provide security to the
Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit,
funded trust or other collateral. Any such security, once provided to the Indemnitee, may not be
revoked or released without the prior written consent of the Indemnitee.

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     12. Enforcement.

     (a) The Company expressly confirms and agrees that it has entered into this Agreement
and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve or
continue to serve as an officer or director of the Company, and the Company acknowledges
that Indemnitee is relying upon this Agreement in serving as an officer or director of the
Company.

     (b) This Agreement constitutes the entire agreement between the parties hereto with
respect to the subject matter hereof and supersedes all prior agreements and understandings,
oral, written and implied, between the parties hereto with respect to the subject matter
hereof.

     13. Definitions. For purposes of this Agreement:

     (a) “Corporate Status” describes the status of a person who is or was a
director, officer, employee, agent or fiduciary of the Company or of any other corporation,
partnership, joint venture, trust, employee benefit plan or other enterprise that such
person is or was serving at the express written request of the Company.

     (b) “Disinterested Director” means a director of the Company who is not and was
not a party to the Proceeding in respect of which Indemnitee seeks indemnification.

     (c) “Enterprise” shall mean the Company and any other corporation, partnership,
joint venture, trust, employee benefit plan or other enterprise for which Indemnitee is or
was serving at the express written request of the Company as a director, officer, employee,
agent or fiduciary.

     (d) “Expenses” shall include all reasonable attorneys’ fees, retainers, court
costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs,
printing and binding costs, telephone charges, postage, delivery service fees, and all other
disbursements or expenses of the types customarily incurred in connection with prosecuting,
defending, preparing to prosecute or defend, investigating, participating, or being or
preparing to be a witness in a Proceeding.

     (e) “Independent Counsel” means a law firm, or a member of a law firm, that is
experienced in matters of corporation law and neither presently is, nor in the past five
years has been, retained to represent: (i) the Company or Indemnitee in any matter material
to either such party (other than with respect to matters concerning the Indemnitee under
this Agreement, or of other indemnitees under similar indemnification agreements), or (ii)
any other party to the Proceeding giving rise to a claim for indemnification hereunder.
Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person
who, under the applicable standards of professional conduct then prevailing, would have a
conflict of interest in representing either the Company or Indemnitee in an action to
determine Indemnitee’s rights under this Agreement. The Company agrees to pay the
reasonable fees of the Independent Counsel referred to above and to fully indemnify such
counsel against any and all

10

 

Expenses, claims, liabilities and damages arising out of or relating to this Agreement
or its engagement pursuant hereto.

     (f) “Proceeding” includes any threatened, pending or completed action, suit,
arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative
hearing or any other actual, threatened or completed proceeding, whether brought by or in
the right of the Company or otherwise and whether civil, criminal, administrative or
investigative, in which Indemnitee was, is or will be involved as a party or otherwise, by
reason of the fact that Indemnitee is or was an officer or director of the Company, by
reason of any action taken by Indemnitee or of any inaction on Indemnitee’s part while
acting as an officer or director of the Company, or by reason of the fact that Indemnitee is
or was serving at the request of the Company as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust or other Enterprise; in each case
whether or not Indemnitee is acting or serving in any such capacity at the time any
liability or expense is incurred for which indemnification can be provided under this
Agreement, including one pending on or before the date of this Agreement, and excluding one
initiated by an Indemnitee pursuant to Section 7 of this Agreement to enforce Indemnitee’s
rights under this Agreement.

     14. Severability. If any provision or provisions of this Agreement shall be held by a
court of competent jurisdiction to be invalid, void, illegal or otherwise unenforceable for any
reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of
this Agreement (including without limitation, each portion of any section of this Agreement
containing any such provision held to be invalid, illegal or unenforceable, that is not itself
invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall
remain enforceable to the fullest extent permitted by law; and (b) to the fullest extent possible,
the provisions of this Agreement (including, without limitation, each portion of any section of
this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is
not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent
manifested thereby.

     15. Modification and Waiver. No supplement, modification, termination or amendment of
this Agreement shall be binding unless executed in writing by both of the parties hereto. No
waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of
any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing
waiver.

     16. Notice By Indemnitee. Indemnitee agrees to promptly notify the Company in writing
upon being served with any summons, citation, subpoena, complaint, indictment, information or other
document relating to any Proceeding or matter which may be subject to indemnification covered
hereunder. The failure to so notify the Company shall not relieve the Company of any obligation
that it may have to the Indemnitee under this Agreement or otherwise unless and only to the extent
that such failure or delay materially prejudices the Company.

     17. Notices. All notices, requests, demands and other communications hereunder shall
be in writing and shall be deemed to have been duly given if (i) delivered by hand and

11

 

received by the party to whom said notice or other communication shall have been directed, or
(ii) mailed by certified or registered mail with postage prepaid, on the third business day after
the date on which it is so mailed:

     (a) If to Indemnitee, to the address set forth below the Indemnitee’s signature hereon.

     (b) If to the Company, to:

GeoVax Labs Inc.

1256 Briarcliff Road

Atlanta, GA 30306

Attn: Don Hildebrand

or to such other address as may have been furnished to Indemnitee by the Company or to the Company
by Indemnitee, as the case may be.

     18. Identical Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall for all purposes be deemed to be an original but all of which
together shall constitute one and the same Agreement. Only one such counterpart signed by the
party against whom enforceability is sought needs to be produced to evidence the existence of this
Agreement.

     19. Headings. The headings of the paragraphs of this Agreement are inserted for
convenience only and shall not be deemed to constitute part of this Agreement or to affect the
construction thereof.

     20. Governing Law. The parties hereto agree that this Agreement shall be governed by,
and construed and enforced in accordance with, the laws of the State of Illinois and the State of
Georgia respectively dependent upon corporate jurisdiction without application of the conflict of
laws principles thereof.

     21. Gender. Use of the masculine pronoun shall be deemed to include usage of the
feminine pronoun where appropriate.

     22. Indemnification of Educational Institution. If (i) Indemnitee is or was
affiliated with one or more educational institutions that has invested in the Company (each an
“Educational Institution”), (ii) an Educational Institution is, or is threatened to be made, a
party to or a participant in any Proceeding and (iii) the Educational Institution’s involvement in
the Proceeding is solely and directly related to Indemnitee’s service to the Company as a director
or officer of the Company, then the Educational Institution shall be entitled to all of the
indemnification rights and remedies under this Agreement to the same extent as Indemnitee.

12

 

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

	 	 	 	 	 
	 	COMPANY:

GeoVax Labs, Inc.

 	 
	 	By:  	 	 
	 	 	Printed Name:  	 Don Hildebrand 	 
	 	 	Its:  President and Chief Executive Officer 	 
	 

	 	 	 	 	 
	 	INDEMNITEE:

 	 
	 	Signature:	 	 
	 	Printed Name:  	  	 
	 	Address:  	  	 
	 	 	 
	 	 	 

13

 

	 	 	 	 	 

The following officers and directors have entered into an Indmenification Agreement with
GeoVax Labs, Inc. and GeoVax, Inc., effective as of October 1, 2006:

	 	•	 	Jack Spencer
	 
	 	•	 	Dean Kollintzas
	 
	 	•	 	Robert McNally
	 
	 	•	 	Mark Reynolds
	 
	 	•	 	Donald Hildebrand

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