Document:

Changes In Control Agreement

  
 Exhibit 10.46 
  
 [BWAY Corporation Letterhead] 
  
 August 9, 2001 
  
 Mr. Jeffrey M. O’Connell 
 8607 Roberts Drive 
 Suite 250 

Atlanta, Georgia 30350 
  
 Re:    Change in Control Agreement 
  
 Dear Jeff: 

 
 The purpose of this letter agreement (the “Agreement”) is to set forth the terms upon which you may be entitled to certain benefits upon a
change in control of Bway Corporation (the “Company”).[1] The Company agrees to provide the
following enhanced benefits to you in exchange for your continued employment with the Company and Your compliance with all of Your obligations under this Agreement. Specifically, you (“You” or “Your”) and the Company
(collectively, the “Parties”) agree: 
  

	1.
	 
	The term of this Agreement shall commence on August 9, 2001 (the “Effective Date”) and end on the earlier of (i) the date Your employment with the
Company terminates, or (ii) the date that is twenty-four (24) months following a Change in Control. 
 

  

	2.
	 
	Upon a Change in Control, the Company will accelerate vesting of all stock options and stock grants held by You as of the Change in Control so that such options
and awards are fully vested and exercisable, provided that You are employed by the Company at any time during the thirty (30) day period prior to the date of the Change in Control. Notwithstanding any terms and provisions of such stock options, You
will have at least ninety (90) days following the Change in Control in which to exercise vested options. 
 

  

	3.
	 
	If, within thirty (30) days prior to or twenty-four (24) months following a Change in Control, You have been continuously employed by the Company from the date
of this Agreement, and (i) You terminate Your employment for Good Reason, or (ii) the Company or its successor entity terminates Your employment for any reason other than For Cause, then the Company will: 
 

 

	 	(a)
	 
	within ninety (90) days following the Separation Date, pay You a lump sum payment equivalent to the sum of one (1) times Your annual base salary in effect as of
the date of the Change in 
 

  
 1  Unless otherwise indicated, all capitalized terms used in this
Agreement are defined in the "Definitions" section of Exhibit A. Exhibit A is incorporated by reference and is included in the definition of "Agreement." 

 
 Page 1 of 5 - Letter Agreement 

 Control, and (ii) one (1) times Your target incentive bonus in effect as of the date of the Change in Control
(collectively, the “Separation Payment”); 
  

	 	(b)
	 
	continue paying for any Executive Perquisites that You are receiving as of the Separation Date until the later of (i) the date that is six (6) months from the
Separation Date, or (ii) the end of the calendar year in which the Separation Date occurs; provided, however, that the Company shall not be obligated to pay such Executive Perquisites that it has already paid in full for the applicable time period
referenced in preceding sub-clause (i) or (ii); 
 

  

	 	(c)
	 
	reimburse Your COBRA premium under the Company’s group health plan and dental plan (if any) on a monthly basis for the lesser of (i) the period in which
You are eligible to receive such continuation coverage, or (ii) one (1) year (the “COBRA Period”); 
 

  

	 	(d)
	 
	procure and pay the premiums for individual life insurance coverage for You on substantially similar terms as the coverage provided to You by the Company as of
the Separation Date under the Company’s group life insurance plan for a period of one (1) year following the Separation Date; 
 

  

	 	(e)
	 
	fully vest You in any retirement benefits to which You may be entitled pursuant to any nonqualified retirement or nonqualified deferred compensation plans
maintained by the Company in which You are a participant as of the Separation Date; and 
 

  

	 	(f)
	 
	provide outplacement services from an outplacement company approved by the Company for a period of 12 months. All fees will be paid directly to the outplacement
company. All requests for outplacement services must be accompanied by a written invoice indicating what services were rendered. The Company will only pay for reasonably necessary business expenses associated with outplacement services. You
acknowledge that the Company is not responsible for the quality of services provided by the outplacement company. 
 

  

	4.
	 
	If, during the Restricted Period, You, on Your own behalf or on behalf of any person or entity engaged in the Business, engage in or perform within the
Territory any activities deemed to be in competition with the Company, either directly or as a consultant (the “Restricted Activities”), then, upon written notice to You (the “Notice”), (i) this Agreement shall be rescinded; (ii)
You shall, within two (2) days of receiving the Notice, return to the Company the entire amount of the Separation Payment You received under Section 3(a) above, (iii) the exercise, payment, delivery, or sale pursuant to any stock options and/or
stock grants referenced in Section 2 above shall be rescinded and You shall return to the Company any amounts You received in connection therewith, (iv) the Company’s obligation to continue to provide to You any payments or benefits under
Sections 3(b) through 3(f) above shall cease as of the date You receive the Notice and You shall forfeit Your right to receive any such payments and/or benefits, and (v) You shall reimburse the Company for the full cost of any benefits the Company
provided to You under Sections 3(b) through 3(f) above during the period beginning on the date You commenced the Restricted Activities and ending on the date the You received the Notice. Any waiver of the restrictions set forth in this Section 5
will be in the sole discretion of the Company or the successor entity to the Company, and must be in writing, signed by the Chairman of the Compensation Committee of the Company or the successor entity to the Company. 

 
 Page 2 of 5 - Letter Agreement 

  
 The payment and vesting of any benefits set forth in Section 2 and 3 above shall be subject to the
satisfaction of all applicable withholding requirements which may necessitate a cash payment from You to the Company. 
  
 In addition, the
payments and benefits set forth in Section 3 above shall be conditioned upon Your execution of a Separation and Release Agreement in a form acceptable to the Company whereby You release the Company from any and all liability and claims of any kind.

  
 If You have any outstanding obligations to the Company at the time any payments and/or benefits become payable to You pursuant to this
Agreement, You acknowledge that the Company is authorized to deduct any amounts owed to the Company from any amounts that would otherwise be due to You pursuant to this Agreement, to the extent permitted by law. 
  
 This Agreement does not create a contract of employment. This Agreement does not crease a contract for benefits, except as set forth in this Agreement. Your
employment relationship with the Company is at-will. This means that either at either Your option or the Company’s option, Your employment may be terminated at any time, with or without cause or notice. This Agreement does not alter the at-will
employment relationship. 
  
 Notwithstanding anything else contained in this Agreement, if the aggregate of the amounts being paid to You
pursuant to this Agreement and all other amounts paid to You which constitute “parachute payments” (as defined in Code § 280G) (hereinafter collectively referred to as “Parachute Payments”) exceed 299% of Your “Base
Amount” (as defined in Code § 280G), the amount of Your Separation Payment shall be reduced by the minimum amount necessary to reduce the Parachute Payments to 299% of Your Base Amount. You agree to provide the Company with all information
the Company deems necessary, appropriate or useful to determine the extent to which payments described in this Agreement could be subject to an excise tax, and You agree that the Company may release such information to tax professionals chosen by
the Company to assist in making this determination. 
  
 The Board of Directors of the Company or the successor entity to the Company shall
have sole and absolute discretion to interpret this Agreement with respect to Your benefits (including, without limitation, by supplying omissions from, correcting deficiencies in, or resolving inconsistencies or ambiguities in, the language of this
Agreement with respect to benefits under this Agreement), to determine Your right to benefits hereunder, and to resolve all issues arising under this Agreement with respect to Your benefits hereunder. To the extent that You have a claim for benefits
under this Agreement, You will be entitled to assert Your claim, and to appeal from any adverse determination with respect to Your claim, in accordance with the procedures set forth in 29 CFR §2560.503-1 (using in all cases involving a time
limitation the maximum amount of time permissible under such regulations). In all cases, Your claim should be submitted and addressed to the Company or the successor entity to the Company, and Your appeal of any adverse determination with respect to
Your claim should be submitted to the Board of Directors of the Company or the successor entity to the Company. 
  
 This Agreement,
including Exhibit A which is incorporated by reference, constitutes the entire agreement between the Parties concerning the subject matter of this Agreement. This Agreement supersedes any prior communications, agreements or understandings, whether
oral or written, between the Parties relating to the subject matter of this Agreement, provided, however, that this Agreement does not supersede or modify any existing written employment agreement or similar agreement between You and 

 
 Page 3 of 5 - Letter Agreement 

 the Company, expect to the extent expressly provided in this Agreement. Other than terms of this Agreement, no other representation, promise or
agreement has been made with You to cause You to sign this Agreement. 
  
 This Agreement shall be assignable to, and shall inure to the
benefit of, the Company’s successors and assigns, including, without limitation, successors through merger, name change, consolidation, or sale of a majority of the Company’s stock or assets, and shall be binding upon You and Your heirs
and assigns. You shall not have the right to assign Your rights or obligations under this Agreement. 
  
 You agree that any claim arising
out of or relating to this Agreement shall be (i) brought in the Superior Court of Fulton County, Georgia, or (ii) brought in or removed to the United States District Court for the Northern District of Georgia, Atlanta Division. You consent to the
personal jurisdiction of the courts identified above. You waive (i) any objection to jurisdiction or venue, or (ii) any defense claiming lack of jurisdiction or improper venue, in any action brought in such courts. 
  
 The laws of the State of Georgia shall govern this Agreement. If Georgia’s conflict of law rules would apply another state’s laws, the Parties agree
that Georgia law shall still govern. 
  
 If the terms set forth in this Agreement are acceptable, please sign below and return the signed
original to me on or before August 13, 2001. 
  
 
	 Sincerely,
 
	  	 	  
	 /s/  Jean-Pierre Ergas
 
	  	 	  
	 Jean-Pierre Ergas
 
	 Chairman and Chief Executive Officer
 

 
  
 I acknowledge the validity of this 4 page Agreement, including the attached Exhibit, and
represent that I have the legal capacity to enter into this Agreement. I have carefully read the Agreement, know and understand the terms and conditions, including its final and binding effect, and sign it voluntarily. 
  
 
	  	 	  	 	  
	 
	   /s/    Jeffrey M. O’Connell
        
 
	 	  	 	   8/13/01            
 

	 Signature
 	 	  	 	 Date
 

 

 
 Page 4 of 5 - Letter Agreement 

  
 EXHIBIT A 
  
 Definitions 
  

	1.
	 
	“Business” shall mean the business of manufacturing tinplate and steel packaging for consumer and industrial goods, including, but not limited
to, aerosol cans, cold rolled and black plate steel pails, tinplate cans, steel ammunition boxes, and material center services. 
 

  

	2.
	 
	“Change in Control” shall mean (i) the sale, transfer, or other disposition of eighty percent (80%) or more of the Company’s assets, or
(ii) a sale of fifty percent (50%) or more of the then outstanding voting stock of the Company in a single transaction or a series of related transactions. 
 

  

	3.
	 
	“Code” shall mean the Internal Revenue Code of 1986, as amended. 
 

  

	4.
	 
	“Company” shall mean Bway Corporation, its parents, subsidiaries, affiliates and all related companies, as well as their respective officers,
directors, shareholders, employees, agents and any other representatives, any employee benefits plan of the Company, and any fiduciary of those plans. 
 

  

	5.
	 
	“Executive Perquisites” shall mean any Company provided perquisites provided to You by the Company as set forth in Your Employment Agreement.

 

  

	6.
	 
	“For Cause” shall mean a termination of Your employment by the Company because of (i) Your material breach of Your Employment Agreement, (ii)
Your conviction by a court of competent jurisdiction of a felony or a crime involving moral turpitude, (iii) conduct by You which, if known to the general public, would likely bring the Company or any of its subsidiaries into substantial public
disgrace or disrepute, (iv) Your substantial and repeated failure to perform duties as reasonably directed by the Board of Directors, or (v) Your gross negligence or willful misconduct with respect to the Company or any of its subsidiaries.

 

  

	7.
	 
	“Good Reason” shall exist if (a) the Company or its successor entity, without Your written consent, terminates Your employment as Chairman and
Chief Executive Officer or requires You to report other than directly to the Board of Directors, (ii) the Company or its successor entity commits a material breach of Your Employment Agreement which is not cured by the Company within thirty (30)
days after You deliver written notice of such breach to the Board of Directors and the General Counsel, (iii) the shareholders of the Company or its successor entity remove or fail to elect You as a member of the Board of Directors, or (iv) the
Board of Directors removes or fails to elect You as Chairman of the Board of Directors. 
 

  

	8.
	 
	“Restricted Period” shall mean the time period during Your employment with the Company and for a period of one (1) year after Your employment
with the Company ends. 
 

  

	9.
	 
	“Separation Date” shall mean the date on which the Company terminates Your employment other than For Cause, or the date on which You terminate
Your employment with the Company for Good Reason. 
 

  

	10.
	 
	“Territory” shall mean North America. 
 

 
 Page 5 of 5 - Letter Agreement<PAGE>
                                                                    EXHIBIT 4.11

            VOID AFTER 5:00 P.M., NEW YORK CITY
            TIME, ON NOVEMBER 19, 2007
            (UNLESS EXTENDED PURSUANT TO SECTION 2 HEREOF)

            THIS WARRANT AND THE SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT
            HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
            AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE
            OF THE UNITED STATES OR ANY OTHER JURISDICTION. THE SECURITIES
            REPRESENTED HEREBY MAY NOT BE OFFERED, SOLD OR TRANSFERRED IN THE
            ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES
            UNDER APPLICABLE SECURITIES LAWS UNLESS OFFERED, SOLD OR TRANSFERRED
            PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION
            REQUIREMENTS OF THOSE LAWS.

                                             Right to Purchase 175,041 Shares of
                                         Common Stock, par value $.001 per share

Date: November 19, 2002

                                 VIROLOGIC, INC.
                             STOCK PURCHASE WARRANT

            THIS CERTIFIES THAT, for value received, LEERINK SWANN & COMPANY, or
its registered assigns, is entitled to purchase from ViroLogic, Inc., a
corporation organized under the laws of the State of Delaware (the "COMPANY"),
at any time or from time to time during the period specified in Section 2
hereof, One Hundred Seventy Five Thousand Forty One (175,041) fully paid and
nonassessable shares of the Company's common stock, par value $.001 per share
(the "COMMON STOCK"), at an exercise price per share (the "EXERCISE PRICE")
equal to $1.11. The number of shares of Common Stock purchasable hereunder (the
"WARRANT SHARES") and the Exercise Price are subject to adjustment as provided
in Section 4 hereof.

                                       1
<PAGE>
            This Warrant is subject to the following terms, provisions and
conditions:

            1. Manner of Exercise; Issuance of Certificates; Payment for Shares.
Subject to the provisions hereof, including, without limitation, the limitations
contained in Section 7 hereof, this Warrant may be exercised by the holder
hereof, in whole or in part, by the surrender of this Warrant, together with a
completed exercise agreement in the form attached hereto (the "EXERCISE
AGREEMENT"), to the Company during normal business hours on any business day at
the Company's principal executive offices (or such other office or agency of the
Company as it may designate by notice to the holder hereof), and (i) payment to
the Company in cash, by certified or official bank check or by wire transfer for
the account of the Company, of the Exercise Price for the Warrant Shares
specified in the Exercise Agreement or (ii) if the holder is effectuating a
Cashless Exercise (as defined in Section 11(c) hereof) pursuant to Section 11(c)
hereof, delivery to the Company of a written notice of an election to effect a
Cashless Exercise for the Warrant Shares specified in the Exercise Agreement.
The Warrant Shares so purchased shall be deemed to be issued to the holder
hereof or such holder's designee, as the record owner of such shares, as of the
close of business on the date on which this Warrant shall have been surrendered,
the completed Exercise Agreement shall have been delivered, and payment shall
have been made for such shares as set forth above or, if such date is not a
business date, on the next succeeding business date. The Warrant Shares so
purchased, representing the aggregate number of shares specified in the Exercise
Agreement, shall (by the Company or through its transfer agent) be delivered
(i.e., deposited with a nationally-recognized overnight courier service postage
prepaid) to the holder hereof within a reasonable time, not exceeding two
business days, after this Warrant shall have been so exercised (the "DELIVERY
PERIOD"). If the Company's transfer agent is participating in the Depository
Trust Company ("DTC") Fast Automated Securities Transfer program, and so long as
the certificates therefor do not bear a legend and the holder is not obligated
to return such certificate for the placement of a legend thereon, the Company
shall cause its transfer agent to electronically transmit the Warrant Shares so
purchased to the holder by crediting the account of the holder or its nominee
with DTC through its Deposit Withdrawal Agent Commission system ("DTC
TRANSFER"). If the aforementioned conditions to a DTC Transfer are not
satisfied, the Company shall deliver as provided herein to the holder physical
certificates representing the Warrant Shares so purchased. Further, the holder
may instruct the Company to deliver to the holder physical certificates
representing the Warrant Shares so purchased in lieu of delivering such shares
by way of DTC Transfer. Any certificates so delivered shall be in such
denominations as may be reasonably requested by the holder hereof, shall be
registered in the name of such holder or such other name as shall be designated
by such holder and, following the date on which the Warrant Shares have been
registered under the Securities Act pursuant to Section 8 hereof or otherwise
may be sold by the holder pursuant to Rule 144 promulgated under the Securities
Act (or a successor rule), shall not bear any restrictive legend. If this
Warrant shall have been exercised only in part, then the Company shall, at its
expense, at the time of delivery of such certificates, deliver to the holder a
new Warrant representing the number of shares with respect to which this Warrant
shall not then have been exercised.

            If, at any time, a holder of this Warrant submits this Warrant, an
Exercise Agreement and payment to the Company of the Exercise Price for each of
the Warrant Shares specified in the Exercise Agreement (including pursuant to a
Cashless Exercise), and the Company fails for any reason to deliver, on or prior
to the fourth business day following the expiration of the Delivery

                                       2
<PAGE>
Period for such exercise, the number of shares of Common Stock to which the
holder is entitled upon such exercise (an "EXERCISE DEFAULT"), then the Company
shall pay to the holder payments ("EXERCISE DEFAULT PAYMENTS") for an Exercise
Default in the amount of (a) (N/365), multiplied by (b) the amount by which the
Market Price (as defined in Section 4(l) hereof) on the date the Exercise
Agreement giving rise to the Exercise Default is transmitted in accordance with
this Section 1 (the "EXERCISE DEFAULT DATE") exceeds the Exercise Price in
respect of such Warrant Shares, multiplied by (c) the number of shares of Common
Stock the Company failed to so deliver in such Exercise Default, multiplied by
(d) .24, where N = the number of days from the Exercise Default Date to the date
that the Company effects the full exercise of this Warrant which gave rise to
the Exercise Default. The accrued Exercise Default Payment for each calendar
month shall be paid in cash and shall be made to holder by the fifth day of the
month following the month in which it has accrued. Nothing herein shall limit
the holder's right to pursue actual damages for the Company's failure to
maintain a sufficient number of authorized shares of Common Stock as required
pursuant to the terms of Section 3(b) hereof or to otherwise issue shares of
Common Stock upon exercise of this Warrant in accordance with the terms hereof,
and the holder shall have the right to pursue all remedies available at law or
in equity (including a decree of specific performance and/or injunctive relief).

            2. Period of Exercise. This Warrant shall be exercisable at any time
or from time to time during the period beginning on the date six months and one
day from the date of initial issuance of this Warrant (the "ISSUE DATE") and
ending at 5:00 p.m., New York City time, on the fifth anniversary of the Issue
Date (the "EXERCISE PERIOD"). The Exercise Period shall automatically be
extended by one (1) day for each day on which the Company does not have a number
of shares of Common Stock reserved for issuance upon exercise hereof at least
equal to the number of shares of Common Stock issuable upon exercise hereof.

            3. Certain Agreements of the Company. The Company hereby covenants
and agrees as follows:

               (a) Shares to be Fully Paid. All Warrant Shares will, upon
issuance in accordance with the terms of this Warrant, be validly issued, fully
paid, and nonassessable and free from all taxes, liens, claims and encumbrances.

               (b) Reservation of Shares. During the Exercise Period, the
Company shall at all times have authorized, and reserved for the purpose of
issuance upon exercise of this Warrant, a sufficient number of shares of Common
Stock to provide for the exercise in full of this Warrant (without giving effect
to the limitations on exercise set forth in Section 7(g) hereof).

               (c) Listing. The Company shall promptly secure the listing of the
shares of Common Stock issuable upon exercise of this Warrant upon each national
securities exchange or automated quotation system, if any, upon which shares of
Common Stock are then listed or become listed (subject to official notice of
issuance upon exercise of this Warrant) and shall maintain, so long as any other
shares of Common Stock shall be so listed, such listing of all shares of Common
Stock from time to time issuable upon the exercise of this Warrant; and the
Company shall so list on each national securities exchange or automated
quotation system, as the case may be, and shall maintain such listing of, any
other shares of capital stock of the Company

                                       3
<PAGE>
issuable upon the exercise of this Warrant if and so long as any shares of the
same class shall be listed on such national securities exchange or automated
quotation system.

               (d) Certain Actions Prohibited. The Company will not, by
amendment of its charter or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities, or any other
voluntary action, avoid or seek to avoid the observance or performance of any of
the terms to be observed or performed by it hereunder, but will at all times in
good faith assist in the carrying out of all the provisions of this Warrant and
in the taking of all such action as may reasonably be requested by the holder of
this Warrant in order to protect the economic benefit inuring to the holder
hereof and the exercise privilege of the holder of this Warrant against dilution
or other impairment, consistent with the tenor and purpose of this Warrant.
Without limiting the generality of the foregoing, the Company (i) will not
increase the par value of any shares of Common Stock receivable upon the
exercise of this Warrant above the Exercise Price then in effect, and (ii) will
take all such actions as may be necessary or appropriate in order that the
Company may validly and legally issue fully paid and nonassessable shares of
Common Stock upon the exercise of this Warrant.

               (e) Successors and Assigns. This Warrant will be binding upon any
entity succeeding to the Company by merger, consolidation, or acquisition of all
or substantially all of the Company's assets.

               (f) Blue Sky Laws. The Company shall, on or before the date of
issuance of any Warrant Shares, take such actions as the Company shall
reasonably determine are necessary to qualify the Warrant Shares for, or obtain
exemption for the Warrant Shares for, sale to the holder of this Warrant upon
the exercise hereof under applicable securities or "blue sky" laws of the states
of the United States, and shall provide evidence of any such action so taken to
the holder of this Warrant prior to such date; provided, however, that the
Company shall not be required in connection therewith or as a condition thereto
to (a) qualify to do business in any jurisdiction where it would not otherwise
be required to qualify but for this Section 3(f), (b) subject itself to general
taxation in any such jurisdiction or (c) file a general consent to service of
process in any such jurisdiction.

            4. Antidilution Provisions. During the Exercise Period, the Exercise
Price and the number of Warrant Shares issuable hereunder shall be subject to
adjustment from time to time as provided in this Section 4.

            In the event that any adjustment of the Exercise Price as required
herein results in a fraction of a cent, such Exercise Price shall be rounded up
or down to the nearest cent.

               (a) [Intentionally Omitted]

               (b) [Intentionally Omitted]

               (c) Subdivision or Combination of Common Stock. If the Company,
at any time during the Exercise Period, subdivides (by any stock split, stock
dividend, recapitalization, reorganization, reclassification or otherwise) its
shares of Common Stock into a greater number of shares, then, after the date of
record for effecting such subdivision, the Exercise Price in effect immediately
prior to such subdivision will be proportionately reduced. If the Company, at
any

                                       4
<PAGE>
time during the Exercise Period, combines (by reverse stock split,
recapitalization, reorganization, reclassification or otherwise) its shares of
Common Stock into a smaller number of shares, then, after the date of record for
effecting such combination, the Exercise Price in effect immediately prior to
such combination will be proportionately increased.

               (d) Adjustment in Number of Shares. Upon each adjustment of the
Exercise Price pursuant to the provisions of this Section 4, the number of
shares of Common Stock issuable upon exercise of this Warrant at each such
Exercise Price shall be adjusted by multiplying a number equal to the Exercise
Price in effect immediately prior to such adjustment by the number of shares of
Common Stock issuable upon exercise of this Warrant at such Exercise Price
immediately prior to such adjustment and dividing the product so obtained by the
adjusted Exercise Price.

               (e) Consolidation, Merger or Sale. In case of (i) any
consolidation of the Company with, or merger of the Company into, any other
entity, (ii) any sale or conveyance of all or substantially all of the assets of
the Company other than in connection with a plan of complete liquidation of the
Company or (iii) any share exchange pursuant to which all of the outstanding
shares of Common Stock are converted into other securities or property (each of
(i) - (iii) above being a "CORPORATE CHANGE") at any time during the Exercise
Period, then as a condition of such Corporate Change, adequate provision will be
made whereby the holder hereof will have the right to acquire and receive upon
exercise of this Warrant in lieu of the shares of Common Stock immediately
theretofore acquirable upon the exercise of this Warrant, such shares of stock,
securities, cash or assets as may be issued or payable with respect to or in
exchange for the number of shares of Common Stock immediately theretofore
acquirable and receivable upon exercise of this Warrant had such Corporate
Change not taken place. In any such case, the Company will make appropriate
provision to insure that the provisions of this Section 4 hereof will thereafter
be applicable as nearly as may be in relation to any shares of stock or
securities thereafter deliverable upon the exercise of this Warrant. The Company
will not effect any Corporate Change unless prior to the consummation thereof,
the successor corporation (if other than the Company) assumes by written
instrument the obligations under this Warrant and the obligations to deliver to
the holder hereof such shares of stock, securities or assets as, in accordance
with the foregoing provisions, the holder may be entitled to acquire.
Notwithstanding the foregoing, in the event of any Corporate Change at any time
during the Exercise Period, the holder hereof shall, at its option, have the
right to receive, in connection with such transaction, cash consideration equal
to the fair market value of this Warrant as determined in accordance with
customary valuation methodology used in the investment banking industry.

               (f) Distribution of Assets. In case the Company shall declare or
make any distribution of its assets (or rights to acquire its assets) to holders
of Common Stock as a partial liquidating dividend, stock repurchase by way of
return of capital or otherwise (including any dividend or distribution to the
Company's stockholders of cash or shares (or rights to acquire shares) of
capital stock of a subsidiary) (a "DISTRIBUTION"), at any time during the
Exercise Period, then the holder hereof shall be entitled upon exercise of this
Warrant for the purchase of any or all of the shares of Common Stock subject
hereto, to receive the amount of such assets (or rights) which would have been
payable to the holder had such holder been the holder of such shares of Common
Stock on the record date for the determination of stockholders entitled to such

                                       5
<PAGE>
Distribution. If the Company distributes rights, warrants, options or any other
form of convertible securities and the right to exercise or convert such
securities would expire in accordance with their terms prior to the expiration
of the Exercise Period, then the terms of such securities shall provide that
such exercise or convertibility right shall remain in effect until 30 days after
the date the holder hereof receives such securities pursuant to the exercise
hereof.

            (g) Notice of Adjustment. Upon the occurrence of any event which
requires any adjustment of the Exercise Price, then, and in each such case, the
Company shall give notice thereof to the holder hereof, which notice shall state
the Exercise Price resulting from such adjustment and the increase or decrease
in the number of Warrant Shares purchasable at such price upon exercise, setting
forth in reasonable detail the method of calculation and the facts upon which
such calculation is based. Such calculation shall be certified by the chief
financial officer of the Company.

            (h) Minimum Adjustment of Exercise Price. No adjustment of the
Exercise Price shall be made in an amount of less than $.01, but any such lesser
adjustment shall be carried forward and shall be made at the time and together
with the next subsequent adjustment which, together with any adjustments so
carried forward, shall amount to not less than $.01.

            (i) No Fractional Shares. No fractional shares of Common Stock are
to be issued upon the exercise of this Warrant, but the Company shall pay a cash
adjustment in respect of any fractional share which would otherwise be issuable
in an amount equal to the same fraction of the Market Price of a share of Common
Stock on the date of such exercise.

            (j) Other Notices. In case at any time:

               (i) the Company shall declare any dividend upon the Common Stock
payable in shares of stock of any class or make any other distribution (other
than dividends or distributions payable in cash out of retained earnings
consistent with the Company's past practices with respect to declaring dividends
and making distributions) to the holders of the Common Stock;

               (ii) the Company shall offer for subscription pro rata to the
holders of the Common Stock any additional shares of stock of any class or other
rights;

               (iii) there shall be any capital reorganization of the Company,
or reclassification of the Common Stock, or consolidation or merger of the
Company with or into, or sale of all or substantially all of its assets to,
another corporation or entity; or

               (iv) there shall be a voluntary or involuntary dissolution,
liquidation or winding-up of the Company;

then, in each such case, the Company shall give to the holder of this Warrant
(a) notice of the date or estimated date on which the books of the Company shall
close or a record shall be taken for determining the holders of Common Stock
entitled to receive any such dividend, distribution, or subscription rights or
for determining the holders of Common Stock entitled to vote in respect of any
such reorganization, reclassification, consolidation, merger, sale, dissolution,
liquidation or winding-up and (b) in the case of any such reorganization,
reclassification, consolidation,

                                       6
<PAGE>
merger, sale, dissolution, liquidation or winding-up, notice of the date (or, if
not then known, a reasonable estimate thereof by the Company) when the same
shall take place. Such notice shall also specify the date on which the holders
of Common Stock shall be entitled to receive such dividend, distribution, or
subscription rights or to exchange their Common Stock for stock or other
securities or property deliverable upon such reorganization, reclassification,
consolidation, merger, sale, dissolution, liquidation, or winding-up, as the
case may be. Such notice shall be given at least fifteen (15) days prior to the
record date or the date on which the Company's books are closed in respect
thereto. Failure to give any such notice or any defect therein shall not affect
the validity of the proceedings referred to in clauses (i), (ii), (iii) and (iv)
above. Notwithstanding the foregoing, the Company shall publicly disclose the
substance of any notice delivered hereunder prior to delivery of such notice to
the holder hereof.

            (k) Certain Events. If, at any time during the Exercise Period, any
event occurs of the type contemplated by the adjustment provisions of this
Section 4 but not expressly provided for by such provisions, the Company will
give notice of such event as provided in Section 4(g) hereof, and an appropriate
adjustment in the Exercise Price and the number of shares of Common Stock
acquirable upon exercise of this Warrant at each such Exercise Price shall be
made so that the rights of the holder shall be neither enhanced nor diminished
by such event.

            (l) Certain Definitions.

               (i) "MARKET PRICE," as of any date, (i) means the average of the
closing sales prices for the shares of Common Stock on the Nasdaq National
Market or other trading market where such security is listed or traded as
reported by Bloomberg Financial Markets (or a comparable reporting service of
national reputation selected by the Company and reasonably acceptable to the
holders if Bloomberg Financial Markets is not then reporting sales prices of
such security)(collectively, "BLOOMBERG") for the ten (10) consecutive trading
days immediately preceding such date, or (ii) if the Nasdaq National Market is
not the principal trading market for the shares of Common Stock, the average of
the reported sales prices reported by Bloomberg on the principal trading market
for the Common Stock during the same period, or, if there is no sales price for
such period, the last sales price reported by Bloomberg for such period, or
(iii) if the foregoing do not apply, the last sales price of such security in
the over-the-counter market on the pink sheets or bulletin board for such
security as reported by Bloomberg, or if no sales price is so reported for such
security, the last bid price of such security as reported by Bloomberg, or (iv)
if market value cannot be calculated as of such date on any of the foregoing
bases, the Market Price shall be the average fair market value as reasonably
determined by an investment banking firm selected by the Company and reasonably
acceptable to the holder, with the costs of the appraisal to be borne by the
Company. The manner of determining the Market Price of the Common Stock set
forth in the foregoing definition shall apply with respect to any other security
in respect of which a determination as to market value must be made hereunder.

               (ii) "COMMON STOCK," for purposes of this Section 4, includes the
Common Stock and any additional class of stock of the Company having no
preference as to dividends or distributions on liquidation, provided that the
shares purchasable pursuant to this Warrant shall include only Common Stock in
respect of which this Warrant is exercisable, or

                                       7
<PAGE>
shares resulting from any subdivision or combination of such Common Stock, or in
the case of any reorganization, reclassification, consolidation, merger, or sale
of the character referred to in Section 4(e) hereof, the stock or other
securities or property provided for in such Section.

            5. Issue Tax. The issuance of certificates for Warrant Shares upon
the exercise of this Warrant shall be made without charge to the holder of this
Warrant or such shares for any issuance tax or other costs in respect thereof,
provided that the Company shall not be required to pay any tax which may be
payable in respect of any transfer involved in the issuance and delivery of any
certificate in a name other than the holder of this Warrant.

            6. No Rights or Liabilities as a Stockholder. This Warrant shall not
entitle the holder hereof to any voting rights or other rights as a stockholder
of the Company. No provision of this Warrant, in the absence of affirmative
action by the holder hereof to purchase Warrant Shares, and no mere enumeration
herein of the rights or privileges of the holder hereof, shall give rise to any
liability of such holder for the Exercise Price or as a stockholder of the
Company, whether such liability is asserted by the Company or by creditors of
the Company.

            7. Transfer, Exchange and Replacement of Warrant.

               (a) Restriction on Transfer. This Warrant and the rights granted
to the holder hereof are transferable, in whole or in part, upon surrender of
this Warrant, together with a properly executed assignment in the form attached
hereto, at the office or agency of the Company referred to in Section 7(e)
below, provided, however, that any transfer or assignment shall be subject to
the conditions set forth in Sections 7(f) and (g) hereof. Until due presentment
for registration of transfer on the books of the Company, the Company may treat
the registered holder hereof as the owner and holder hereof for all purposes,
and the Company shall not be affected by any notice to the contrary.
Notwithstanding anything to the contrary contained herein, the registration
rights described in Section 8 hereof are assignable only in accordance with the
provisions set forth therein.

               (b) Warrant Exchangeable for Different Denominations. This
Warrant is exchangeable, upon the surrender hereof by the holder hereof at the
office or agency of the Company referred to in Section 7(e) below, for new
warrants of like tenor of different denominations representing in the aggregate
the right to purchase the number of shares of Common Stock which may be
purchased hereunder, each of such new warrants to represent the right to
purchase such number of shares (at the Exercise Price therefor) as shall be
designated by the holder hereof at the time of such surrender, and all such
warrants thereafter constituting the Warrant referenced herein.

               (c) Replacement of Warrant. Upon receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction, or mutilation of
this Warrant and, in the case of any such loss, theft, or destruction, upon
delivery of an indemnity agreement reasonably satisfactory in form and amount to
the Company, or, in the case of any such mutilation, upon surrender and
cancellation of this Warrant, the Company, at its expense, will execute and
deliver, in lieu thereof, a new Warrant of like tenor.

                                       8
<PAGE>
               (d) Cancellation; Payment of Expenses. Upon the surrender of this
Warrant in connection with any transfer, exchange, or replacement as provided in
this Section 7, this Warrant shall be promptly canceled by the Company. The
Company shall pay all taxes (other than securities transfer taxes) and all other
expenses (other than legal expenses, if any, incurred by the Holder or
transferees) and charges payable in connection with the preparation, execution,
and delivery of any Warrant pursuant to this Section 7.

               (e) Warrant Register. The Company shall maintain, at its
principal executive offices (or such other office or agency of the Company as it
may designate by notice to the holder hereof), a register for this Warrant, in
which the Company shall record the name and address of the person in whose name
this Warrant has been issued, as well as the name and address of each transferee
and each prior owner of this Warrant.

               (f) Exercise or Transfer Without Registration. If, at the time of
the surrender of this Warrant in connection with any exercise, transfer, or
exchange of this Warrant, this Warrant (or, in the case of any exercise, the
Warrant Shares issuable hereunder), shall not be registered under the Securities
Act and under applicable state securities or blue sky laws, the Company may
require, as a condition of allowing such exercise, transfer, or exchange, (i)
that the holder or transferee of this Warrant, as the case may be, furnish to
the Company a written opinion of counsel (which opinion shall be in form,
substance and scope customary for opinions of counsel in comparable
transactions) to the effect that such exercise, transfer, or exchange may be
made without registration under the Securities Act and under applicable state
securities or blue sky laws (the cost of which shall be borne by the Company if
the Company's counsel renders such an opinion and up to $500 of such cost shall
be borne by the Company if the holder's counsel is requested to render such
opinion), (ii) that the holder or transferee execute and deliver to the Company
an investment letter in form and substance acceptable to the Company and (iii)
that the transferee be an "ACCREDITED INVESTOR" as defined in Rule 501(a)
promulgated under the Securities Act; provided that no such opinion, letter, or
status as an "accredited investor" shall be required in connection with a
transfer pursuant to Rule 144 under the Securities Act.

               (g) Additional Restrictions on Exercise or Transfer. In no event
shall the holder hereof have the right to exercise any portion of this Warrant
for shares of Common Stock or to dispose of any portion of this Warrant to the
extent that such right to effect such exercise or disposition would result in
the holder or any of its affiliates together beneficially owning more than 4.99%
of the outstanding shares of Common Stock. For purposes of this Section 7(g),
beneficial ownership shall be determined in accordance with Section 13(d) of the
Securities Exchange Act of 1934, as amended, and Regulation 13D-G thereunder.
The restriction contained in this Section 7(g) may not be altered, amended,
deleted or changed in any manner whatsoever unless the holders of a majority of
the outstanding shares of Common Stock and the holder hereof shall approve, in
writing, such alteration, amendment, deletion or change.

            8. Registration Rights. The Company agrees to include the Warrant
Shares in the initial registration statement to be filed by the Company in
connection with the issuance of its Series C Convertible Preferred Stock,
subject to the terms and obligations set forth in the Registration Rights
Agreement dated November 19, 2002 by and among the Company and the purchasers of
the Company's Series C Convertible Preferred Stock (the "RIGHTS AGREEMENT"),

                                       9
<PAGE>
including the right to assign such rights to certain assignees, as set forth
therein. The Holder hereby agrees to be bound by the obligations set forth in
the Rights Agreement to the same extent as if the Holder was an Investor
thereunder.

            9. Notices. Any notices required or permitted to be given under the
terms of this Warrant shall be sent by certified or registered mail (return
receipt requested) or delivered personally or by courier or by confirmed
telecopy, and shall be effective five days after being placed in the mail, if
mailed, or upon receipt or refusal of receipt, if delivered personally or by
courier, or by confirmed telecopy, in each case addressed to a party. The
addresses for such communications shall be:

           If to the Company:

           ViroLogic, Inc.
           270 East Grand Avenue
           South San Francisco, California 94080
           Telephone:  (650) 635-1100
           Attn:  Chief Executive Officer

           with a copy simultaneously transmitted by like means to:

           Cooley Godward LLP
           4401 Eastgate Mall
           San Diego, California 92121
           Telephone:  (858) 550-6000

If to the holder, at such address as such holder shall have provided in writing
to the Company, or at such other address as such holder furnishes by notice
given in accordance with this Section 9.

            10. Governing Law; Jurisdiction. This Warrant shall be governed by
and construed in accordance with the laws of the State of Delaware. The Company
irrevocably consents to the jurisdiction of the United States federal courts and
state courts located in the State of Delaware in any suit or proceeding based on
or arising under this Warrant and irrevocably agrees that all claims in respect
of such suit or proceeding may be determined in such courts. The Company
irrevocably waives any objection to the laying of venue and the defense of an
inconvenient forum to the maintenance of such suit or proceeding. The Company
further agrees that service of process upon the Company mailed by certified or
registered mail shall be deemed in every respect effective service of process
upon the Company in any such suit or proceeding. Nothing herein shall affect the
holder's right to serve process in any other manner permitted by law. The
Company agrees that a final non-appealable judgment in any such suit or
proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on such judgment or in any other lawful manner.

                                       10
<PAGE>
            11. Miscellaneous.

               (a) Amendments. Except as provided in Section 7(g) hereof, this
Warrant and any provision hereof may only be amended by an instrument in writing
signed by the Company and the holder hereof.

               (b) Descriptive Headings. The descriptive headings of the several
Sections of this Warrant are inserted for purposes of reference only, and shall
not affect the meaning or construction of any of the provisions hereof.

               (c) Cashless Exercise. This Warrant may be exercised at any time
after the first anniversary of the Issue Date and before the expiration of the
Exercise Period by presentation and surrender of this Warrant to the Company at
its principal executive offices with a written notice of the holder's intention
to effect a cashless exercise, including a calculation of the number of shares
of Common Stock to be issued upon such exercise in accordance with the terms
hereof (a "CASHLESS EXERCISE"). In the event of a Cashless Exercise, in lieu of
paying the Exercise Price in cash, the holder shall surrender this Warrant for
that number of shares of Common Stock determined by multiplying the number of
Warrant Shares to which it would otherwise be entitled by a fraction, the
numerator of which shall be the difference between the then current Market Price
of a share of the Common Stock on the date of exercise and the Exercise Price,
and the denominator of which shall be the then current Market Price per share of
Common Stock.

               (d) Trading Day. For purposes of this Warrant, the term "trading
day" means any day on which the principal United States securities exchange or
trading market where the Common Stock is then listed is open for trading.

               (e) Redemption of Warrant by Company.

                   (i) In the event that the Company consummates a Corporate
Change in which the holders of the Company's Common Stock immediately prior to
such Corporate Change hold fifty percent (50%) or less of the outstanding voting
power of the entity surviving such Corporate Change, then the Company may elect,
upon delivery of at least twenty (20) days' prior written notice (the
"REDEMPTION NOTICE") to the holder hereof, to redeem all or a portion of the
Warrant for a redemption amount (the "REDEMPTION AMOUNT") equal to the value of
the Warrant derived using the Black-Scholes formula (using Bloomberg), assuming
that the volatility of the Company's Common Stock equals 60% and the risk-free
interest rate equals 5% per annum.

                   (ii) [Intentionally Omitted]

                   (iii) The Company may not deliver a Redemption Notice
pursuant to clause (i) above unless on or prior to the date of delivery of a
Redemption Notice, the Company shall have segregated on the books and records of
the Company an amount of cash sufficient to pay all amounts to which holders of
the Warrants that are being redeemed are entitled pursuant to this Section
11(e). Any Redemption Notice delivered shall be irrevocable and shall be
accompanied by a statement executed by a duly authorized officer of the Company.

                                       11
<PAGE>
                   (iv) The Redemption Amount shall be paid to the holder within
three (3) business days of the date of redemption set forth in the Redemption
Notice pursuant to clause (i) above; provided, however, that the Company shall
not be obligated to deliver any portion of the Redemption Amount until either
this Warrant is delivered to the Company or the holder notifies the Company that
the Warrant has been lost, stolen or destroyed and delivers the documentation in
accordance with Section 7(c) hereof. In the event only a portion of this Warrant
is being redeemed, the Company shall issue, at its expense, a new Warrant
representing the number of shares with respect to which this Warrant shall not
then have been redeemed or exercised.

                   (v) Notwithstanding the delivery of a Redemption Notice
pursuant to clause (i) above, the holder may exercise all or a portion of this
Warrant subject to such Redemption Notice by the delivery prior to the date of
redemption set forth in such notice of an Exercise Agreement pursuant to the
procedures set forth in Section 1.

               (f) Indemnification by Company.

                   (i) The Company shall hold harmless and indemnify the holder
of this Warrant from and against, and shall compensate and reimburse such holder
for, any damages which are directly or indirectly suffered or incurred by such
holder or to which such holder may otherwise become subject (regardless of
whether or not such damages relate to any third-party claim) and which arise
from or as a result of, or are directly or indirectly connected with any breach
of any of the Company's covenants set forth herein.

                   (ii) In the event of the assertion or commencement by any
person of any claim or legal proceeding with respect to which the holder may
have indemnification rights pursuant to this Section 11(f)(i), the holder shall
promptly notify the Company thereof in writing, but the failure to so notify the
Company will not limit the holder's rights to indemnification hereunder, except
to the extent the Company demonstrates that the defense of such action is
prejudiced by the failure to so give such notice.

                                       12
<PAGE>
            IN WITNESS WHEREOF, the Company has caused this Warrant to be signed
by its duly authorized officer.

                                         VIROLOGIC, INC.

                                         By: _______________________________
                                                Name:_______________________
                                                Title:______________________

                                         LEERINK SWANN & COMPANY

                                         By: _______________________________
                                                Name:_______________________
                                                Title:______________________
<PAGE>
                           FORM OF EXERCISE AGREEMENT

         (TO BE EXECUTED BY THE HOLDER IN ORDER TO EXERCISE THE WARRANT)

To:         ViroLogic,Inc.
            270 East Grand Avenue
            South San Francisco, California 94080
            Telephone:  (650) 635-1100
            Attn:  Chief Executive Officer

            The undersigned hereby irrevocably exercises the right to purchase
_____________ shares of the Common Stock of ViroLogic, Inc., a corporation
organized under the laws of the State of Delaware (the "COMPANY"), evidenced by
the attached Warrant, and herewith [makes payment of the Exercise Price with
respect to such shares in full][elects to effect a Cashless Exercise (as defined
in Section 11(c) of such Warrant)], all in accordance with the conditions and
provisions of said Warrant.

            The undersigned agrees not to offer, sell, transfer or otherwise
dispose of any Common Stock obtained on exercise of the Warrant, except under
circumstances that will not result in a violation of the Securities Act of 1933,
as amended, or any state securities laws. The undersigned represents that it is
an "accredited investor" as that term is defined in Rule 501(a) of Regulation D
under the Securities Act of 1933, as amended.

[ ]         The undersigned requests that the Company cause its transfer agent
            to electronically transmit the Common Stock issuable pursuant to
            this Exercise Agreement to the account of the undersigned or its
            nominee (which is _________________) with DTC through its Deposit
            Withdrawal Agent Commission System ("DTC TRANSFER"), provided that
            such transfer agent participates in the DTC Fast Automated
            Securities Transfer program.

[ ]         In lieu of receiving the shares of Common Stock issuable pursuant to
            this Exercise Agreement by way of DTC Transfer, the undersigned
            hereby requests that the Company cause its transfer agent to issue
            and deliver to the undersigned physical certificates representing
            such shares of Common Stock.

            The undersigned requests that a Warrant representing any unexercised
portion hereof be issued, pursuant to the Warrant, in the name of the Holder and
delivered to the undersigned at the address set forth below:

Dated:_________________                         ________________________________
                                                         Signature of Holder

                                                ________________________________
                                                         Name of Holder (Print)

                                                               Address:
                                                ________________________________
                                                ________________________________
                                                ________________________________
<PAGE>
                               FORM OF ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and
transfers all the rights of the undersigned under the within Warrant, with
respect to the number of shares of Common Stock covered thereby set forth
hereinbelow, to:

<TABLE>
<CAPTION>
Name of Assignee                                Address                                 No. of Shares
<S>                                             <C>                                     <C>

</TABLE>

, and hereby irrevocably constitutes and appoints
_____________________________________ as agent and attorney-in-fact to transfer
said Warrant on the books of the within-named corporation, with full power of
substitution in the premises.

Dated: _____________________, ____

In the presence of

___________________

                                     Name: _______________________

                                     Signature: __________________
                                     Title of Signing Officer or Agent (if any):
                                              ____________________

                                     Address:  ___________________
                                               ___________________
                                               ___________________

                                     Note:  The above signature should
                                            correspond exactly with the name on
                                            the face of the within Warrant.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00046-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00046-of-00352.parquet"}]]