Document:

exv4w2

Exhibit 4.2

CALLABLE COMMON STOCK PURCHASE WARRANT

GEOVAX LABS, INC.

	 	 	 

	Warrant Shares:                     

	 	Issue Date:                     
	 
	 	 
	Warrant Number:                     
	 	 

     THIS CALLABLE COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value
received,                                          (the “Holder”) is entitled, upon the terms and subject
to the limitations on exercise and the conditions hereinafter set forth, at any time on or after
the Issue Date, (the “Initial Exercise Date”) and on or prior to the close of business on
the five (5) year anniversary of the effective date of the Registration Statement (the
“Termination Date”) but not thereafter, to subscribe for and purchase from GeoVax Labs,
Inc., a Delaware corporation (the “Company”), up to
                     shares (the “Warrant
Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant
shall be equal to the Exercise Price, as defined in Section 2(b).

     Section 1. Definitions. Except as otherwise defined herein, the capitalized
terms in this Warrant shall have the meanings set forth in Section 6.

     Section 2. Exercise and Redemption.

     a) Exercise of Warrant. Exercise of the purchase rights represented by this
Warrant may be made, in whole or in part, at any time or times on or after the Initial
Exercise Date and on or before the Termination Date by delivery to the Company (or such
other office or agency of the Company as it may designate by notice in writing to the
registered Holder at the address of the Holder appearing on the books of the Company) of
this Warrant accompanied by a duly executed Notice of Exercise Form in the form annexed
hereto; and, within three (3) Trading Days of the date said Notice of Exercise is delivered
to the Company, the Company shall have received payment of the aggregate Exercise Price of
the shares thereby purchased by wire transfer or cashier’s check drawn on a United States
bank. Partial exercises of this Warrant resulting in purchases of a portion of the total
number of Warrant Shares available hereunder shall have the effect of lowering the
outstanding number of Warrant Shares purchasable hereunder in an amount equal to the
applicable number of Warrant Shares purchased. The Holder and the Company shall maintain
records showing the number of Warrant Shares purchased and the date of such purchases. The
Company shall deliver any objection to any Notice of Exercise Form within three (3) Business
Days of receipt of such notice.

     b) Exercise Price. The exercise price per share of the Common Stock under this
Warrant shall be $                    , subject to adjustment hereunder (the “Exercise Price”).

     c) Cashless Exercise. This Warrant may also be exercised, in whole or in part,
by means of a “cashless exercise” in which the Holder shall be entitled to receive a
certificate for the number of Warrant Shares equal to the quotient obtained by dividing
[(A-B) (X)] by (A), where:

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	 	(A)	 =  	the VWAP on the Trading Day immediately
preceding the date on which Holder elects to exercise this Warrant by
means of a “cashless exercise,” as set forth in the applicable Notice
of Exercise;
	 
	 	(B)	 =  	the Exercise Price of this Warrant, as
adjusted hereunder; and
	 
	 	(X)	 =  	the number of Warrant Shares that would be
issuable upon exercise of this Warrant in accordance with the terms of
this Warrant if such exercise were by means of a cash exercise rather
than a cashless exercise.

     d) Mechanics of Exercise.

     i. Delivery of Certificates Upon Exercise. Certificates for shares
purchased hereunder shall be transmitted by the Transfer Agent to the Holder by
crediting the account of the Holder’s prime broker with the Depository Trust Company
through its Deposit Withdrawal Agent Commission (“DWAC”) system if the
Company is then a participant in such system and either (A) there is an effective
Registration Statement permitting the issuance of the Warrant Shares to or resale of
the Warrant Shares by the Holder or (B) the Warrant Shares may be issued pursuant to
an available exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act and in accordance with applicable state
securities laws (including via cashless exercise), and otherwise by physical
delivery to the address specified by the Holder in the Notice of Exercise by the
date that is three (3) Trading Days after the latest of (A) the delivery to the
Company of the Notice of Exercise Form and receipt of the DWAC request from the
Holder’s prime broker (if applicable), (B) surrender of this Warrant, and (C)
payment of the aggregate Exercise Price as set forth above (including by cashless
expense, if permitted) (such date, the “Warrant Share Delivery Date”). This
Warrant shall be deemed to have been exercised on the first date on which all of the
foregoing have been delivered to the Company. The Warrant Shares shall be deemed to
have been issued, and Holder or any other person so designated to be named therein
shall be deemed to have become a holder of record of such shares for all purposes,
as of the date the Warrant has been exercised, with payment to the Company of the
Exercise Price (or by cashless exercise if permitted) and all taxes (other than
transfer taxes) required to be paid by the Holder, if any, pursuant to Section
2(d)(iv) prior to the issuance of such shares.

     ii. Delivery of New Warrants Upon Exercise. If this Warrant shall have
been exercised in part, the Company shall, upon surrender of this Warrant, at the
time of delivery of the certificate or certificates representing Warrant Shares,
deliver to Holder a new Warrant evidencing the rights of Holder to purchase the
unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in
all other respects be identical with this Warrant.

     iii. No Fractional Shares or Scrip. No fractional shares or scrip
representing fractional shares shall be issued upon the exercise of this Warrant.
As to any fraction of a share which the Holder would otherwise be entitled to
purchase upon such exercise, the Company shall, at its election, either pay a cash
adjustment in

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respect of such final fraction in an amount equal to such fraction multiplied
by the Exercise Price or round up to the next whole share.

     iv. Charges, Taxes and Expenses. Issuance of certificates for Warrant
Shares shall be made without charge to the Holder for any issue or transfer tax or
other incidental expense in respect of the issuance of such certificate, all of
which taxes and expenses shall be paid by the Company, and such certificates shall
be issued in the name of the Holder or in such name or names as may be directed by
the Holder; provided, however, that in the event certificates for Warrant Shares are
to he issued in a name other than the name of the Holder, this Warrant when
surrendered for exercise shall be accompanied by the Assignment Form attached hereto
duly executed by the Holder.

     v. Closing of Books. The Company will not close its stockholder books
or records in any manner which prevents the timely exercise of this Warrant pursuant
to the terms hereof.

     vi. Rescission Rights. If the Company fails to cause the Transfer
Agent to transmit to the Holder a certificate or the certificates representing the
Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then,
the Holder will have the right to rescind such exercise.

     vii. Compensation for Buy-In on Failure to Timely Deliver Certificates Upon
Exercise. In addition to any other rights available to the Holder, if the
Company fails to cause the Transfer Agent to transmit to the Holder a certificate or
the certificates representing the Warrant Shares pursuant to an exercise properly
tendered on or before the Warrant Share Delivery Date, and if after such date the
Holder is required by its broker to purchase (in an open market transaction or
otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common
Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which
the Holder anticipated receiving upon such exercise (a “Buy-In”), then the
Company shall (A) pay in cash to the Holder the amount by which (x) the Holder’s
total purchase price (including brokerage commissions, if any) for the shares of
Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the
number of Warrant Shares that the Company was required to deliver to the Holder in
connection with the exercise at issue times (2) the price at which the sell order
giving rise to such purchase obligation was executed, and (B) at the option of the
Holder, either reinstate the portion of the Warrant and equivalent number of Warrant
Shares for which such exercise was not honored (in which case such exercise shall be
deemed rescinded) or deliver to the Holder the number of shares of Common Stock that
would have been issued had the Company timely complied with its exercise and
delivery obligations hereunder. For example, if the Holder purchases Common Stock
having a total purchase price of $11,000 to cover a Buy-In with respect to an
attempted exercise of shares of Common Stock with an aggregate sale price giving
rise to such purchase obligation of $10,000, under clause (A) of the immediately
preceding sentence the Company shall be required to pay the Holder $1,000. The
Holder shall provide the Company written notice indicating the amounts payable to
the Holder in respect of the Buy-In and, upon request of the Company, evidence of
the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any
other remedies available to it

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hereunder, at law or in equity including, without limitation, a decree of
specific performance and/or injunctive relief with
respect to the Company’s failure
to timely deliver certificates representing shares of Common Stock upon exercise of
the Warrant as required pursuant to the terms hereof.

     e) Call Provisions. Commencing at any time after the date of the issuance of
this Warrant, if (i) the average closing sales price of the Common Stock on NYSE Amex Equities (or such other national securities exchange on which the Common Stock is then listed
or quoted for trading) for any 30 consecutive trading days exceeds $___(a “Trigger
Period”), and (ii) the Warrant Shares are either registered for resale pursuant to an
effective registration statement naming the Holder as a selling stockholder thereunder or
freely transferable without volume restrictions pursuant to Rule 144(k) promulgated under
the Securities Act, as determined by counsel to the Company pursuant to a written opinion
letter addressed and in form and substance acceptable to the Holder and the transfer agent
for the Common Stock, then the Company shall have the right, upon 30 days’ prior written
notice to the Holder given not later than five (5) Trading Days after the conclusion of any
such Trigger Period (the “Redemption Notice”), to redeem all of the then issuable
Warrant Shares at a price of $.01 per Warrant Share (the “Redemption Price”), on the
date set forth in the Redemption Notice, but in no event earlier than 30 days following the
date of the receipt by the Holder of the Redemption Notice (the “Redemption Date”).

     f) No Net Cash Settlement. For the avoidance of doubt, in the event that this Warrant
may not be exercised for cash pursuant to Section 2(a) hereof due to the lack of a then
effective and current registration statement registering the Warrant Shares with the
Commission and an exemption from registration or qualification under applicable federal and
state securities laws is not otherwise available for such exercise, the sole method of
exercise available to a Holder shall be a “cashless exercise” pursuant to Section 2(c)
hereof. Notwithstanding anything contained herein to the contrary, in no event shall the
Holder be entitled to demand a “net cash settlement” of this Warrant.

     Section 3. Certain Adjustments.

     a) Stock Dividends and Splits. If the Company, at any time while this Warrant
is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions
on shares of its Common Stock or any other equity or equity equivalent securities payable in
shares of Common Stock (which, for avoidance of doubt, shall not include any shares of
Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivides
outstanding shares of Common Stock into a larger number of shares, (iii) combines (including
by way of reverse stock split) outstanding shares of Common Stock into a smaller number of
shares, or (iv) issues by reclassification of shares of the Common Stock any shares of
capital stock of the Company, then in each case the Exercise Price shall be multiplied by a
fraction of which the numerator shall be the number of shares of Common Stock (excluding
treasury shares, if any) outstanding immediately before such event and of which the
denominator shall be the number of shares of Common Stock outstanding immediately after such
event, and the number of shares issuable upon exercise of this Warrant shall be
proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain
unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective
immediately after the record date for the determination of stockholders entitled to receive

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such dividend or distribution and shall become effective immediately after the
effective date in the case of a subdivision, combination or re-classification.

     b) Subsequent Rights Offerings. If the Company, at any time while the Warrant
is outstanding, shall issue rights, options or warrants to all holders of Common Stock
(and not to the Holders) entitling them to subscribe for or purchase shares of Common
Stock at a price per share less than the VWAP on the record date mentioned below, then, the
Exercise Price shall be multiplied by a fraction, of which the denominator shall be the
number of shares of the Common Stock outstanding on the date of issuance of such rights,
options or warrants plus the number of additional shares of Common Stock offered for
subscription or purchase, and of which the numerator shall be the number of shares of the
Common Stock outstanding on the date of issuance of such rights, options or warrants plus
the number of shares which the aggregate offering price of the total number of shares so
offered (assuming receipt by the Company in full of all consideration payable upon exercise
of such rights, options or warrants) would purchase at such VWAP. Such adjustment shall be
made whenever such rights, options or warrants are issued, and shall become effective
immediately after the record date for the determination of stockholders entitled to receive
such rights, options or warrants.

     c) Pro Rata Distributions. If the Company, at any time while this Warrant is
outstanding, shall distribute to all holders of Common Stock (and not to the
Holders) evidences of its indebtedness or assets (including cash and cash dividends) or
rights or warrants to subscribe for or purchase any security other than the Common Stock
(which shall be subject to Section 3(b)), then in each such case the Exercise Price shall be
adjusted by multiplying the Exercise Price in effect immediately prior to the record date
fixed for determination of stockholders entitled to receive such distribution by a fraction
of which the denominator shall be the VWAP determined as of the record date mentioned above,
and of which the numerator shall be such VWAP on such record date less the then per share
fair market value at such record date of the portion of such assets or evidence of
indebtedness or rights or warrants so distributed applicable to one outstanding share of the
Common Stock as determined by the Board of Directors in good faith. In either case the
adjustments shall be described in a statement provided to the Holder of the portion of
assets or evidences of indebtedness so distributed or such subscription rights applicable to
one share of Common Stock. Such adjustment shall be made whenever any such distribution is
made and shall become effective immediately after the record date mentioned above.

     d) Fundamental Transaction. If, at any time while this Warrant is outstanding,
a Fundamental Transaction occurs, then, upon any subsequent exercise of this Warrant, the
Holder shall have the right to receive, for each Warrant Share that would have been issuable
upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at
the option of the Holder (without regard to any limitation in Section 2(e) on the exercise
of this Warrant), the number of shares of Common Stock of the successor or acquiring
corporation or of the Company, if it is the surviving corporation, and any additional
consideration (the “Alternate Consideration”) receivable as a result of such
Fundamental Transaction by a holder of the number of shares of Common Stock for which this
Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to
any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such
exercise, the determination of the Exercise Price shall be appropriately adjusted to apply
to such Alternate Consideration based on the amount of Alternate Consideration issuable in
respect

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of one share of Common Stock in such Fundamental Transaction, and the Company shall
apportion the Exercise Price among the Alternate Consideration in a reasonable manner
reflecting the relative value of any different components of the Alternate Consideration.
If holders of Common Stock are given any choice as to the securities, cash or property to be
received in a Fundamental Transaction, then the Holder shall be given the same choice as to
the Alternate Consideration it receives upon any exercise of this Warrant following such
Fundamental Transaction. The Company shall cause any Successor Entity in a Fundamental
Transaction to assume in writing all of the obligations of the Company under this Warrant
and the other Transaction Documents in accordance with the provisions of this Section 3(e)
pursuant to written agreements in form and substance reasonably satisfactory to the Holder
and approved by the Holder (without unreasonable delay) prior to such Fundamental
Transaction and shall, at the option of the holder of this Warrant, deliver to the Holder in
exchange for this Warrant a security of the Successor Entity evidenced by a written
instrument substantially similar in form and substance to this Warrant which is exercisable
for a corresponding number of shares of capital stock of such Successor Entity (or its
Parent Entity) equivalent to the shares of Common Stock acquirable and receivable upon
exercise of this Warrant (without regard to any limitations on the exercise of this Warrant)
prior to such Fundamental Transaction, and with an exercise price which applies the exercise
price hereunder to such shares of capital stock (but taking into account the relative value
of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such
shares of capital stock, such number of shares of capital stock and such exercise price
being for the purpose of protecting the economic value of this Warrant immediately prior to
the consummation of such Fundamental Transaction), and which is reasonably satisfactory in
form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction,
the Successor Entity shall succeed to, and be substituted for (so that from and after the
date of such Fundamental Transaction, the provisions of this Warrant and the other
Transaction Documents referring to the “Company” shall refer instead to the Successor
Entity), and may exercise every right and power of the Company and shall assume all of the
obligations of the Company under this Warrant and the other Transaction Documents with the
same effect as if such Successor Entity had been named as the Company herein.

     e) Calculations. All calculations under this Section 3 shall be made to the
nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this
Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a
given date shall be the sum of the number of shares of Common Stock (excluding treasury
shares, if any) issued and outstanding.

     f) Notice to Holder.

     i. Adjustment to Exercise Price. Whenever the Exercise Price is
adjusted pursuant to any provision of this Section 3, the Company shall promptly
mail to the Holder a notice setting forth the Exercise Price after such adjustment
and setting forth a brief statement of the facts requiring such adjustment.

     ii. Notice to Allow Exercise by Holder. If (A) the Company shall
declare a dividend (or any other distribution in whatever form) on the Common Stock,
(B) the Company shall declare a special nonrecurring cash dividend on or a
redemption of the Common Stock, (C) the Company shall authorize the granting to all
holders of the Common Stock rights or warrants to subscribe for or purchase any

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shares of capital stock of any class or of any rights, (D) the approval of any
stockholders of the Company shall be required in connection with any
reclassification of the Common Stock, any consolidation or merger to which the
Company is a party, any sale or transfer of all or substantially all of the assets
of the Company, or any compulsory share exchange whereby the Common Stock is
converted into other securities, cash or property, or (E) the Company shall
authorize the voluntary or involuntary dissolution, liquidation or winding up of the
affairs of the Company, then, in each case, the Company shall cause to be mailed to
the Holder at its last address as it shall appear upon the Warrant Register of the
Company, at least 20 calendar days prior to the applicable record or effective date
hereinafter specified, a notice stating (x) the date on which a record is to be
taken for the purpose of such dividend, distribution, redemption, rights or
warrants, or if a record is not to be taken, the date as of which the holders of the
Common Stock of record to be entitled to such dividend, distributions, redemption,
rights or warrants are to be determined or (y) the date on which such
reclassification, consolidation, merger, sale, transfer or share exchange is
expected to become effective or close, and the date as of which it is expected that
holders of the Common Stock of record shall be entitled to exchange their shares of
the Common Stock for securities, cash or other property deliverable upon such
reclassification, consolidation, merger, sale, transfer or share exchange; provided
that the failure to mail such notice or any defect therein or in the mailing thereof
shall not affect the validity of the corporate action required to be specified in
such notice. To the extent that any notice provided hereunder constitutes, or
contains, material, non-public information regarding the Company or any of the
Subsidiaries, the Company shall simultaneously file such notice with the Commission
pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to
exercise this Warrant during the period commencing on the date of such notice to the
effective date of the event triggering such notice except as may otherwise be
expressly set forth herein.

     Section 4. Transfer of Warrant.

     a) Transferability. Subject to compliance with any applicable securities laws,
this Warrant and all rights hereunder are transferable, in whole or in part, upon surrender
of this Warrant at the principal office of the Company or its designated agent, together
with a written assignment of this Warrant substantially in the form attached hereto duly
executed by the Holder or its agent or attorney. Upon such surrender and, if required, such
payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the
assignee or assignees, as applicable, and in the denomination or denominations specified in
such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the
portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. The
Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for
the purchase of Warrant Shares without having a new Warrant issued.

     b) New Warrants. This Warrant may be divided or combined with other Warrants
upon presentation hereof at the aforesaid office of the Company, together with a written
notice specifying the names and denominations in which new Warrants are to be issued, signed
by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any
transfer which may be involved in such division or combination, the Company shall execute
and deliver a new Warrant or Warrants in exchange for the Warrant

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or Warrants to be divided or combined in accordance with such notice. All Warrants issued on
transfers or exchanges shall be dated as of the original Issue Date and shall be identical
with this Warrant except as to the number of Warrant Shares issuable pursuant thereto and
the Warrant number.

     c) Warrant Register. The Company shall register this Warrant, upon records to
be maintained by the Company for that purpose (the “Warrant Register”), in the name
of the record Holder hereof from time to time. The Company may deem and treat the
registered Holder of this Warrant as the absolute owner hereof for the purpose of any
exercise hereof or any distribution to the Holder, and for all other purposes, absent actual
notice to the contrary.

     Section 5. Miscellaneous.

     a) No Rights as Stockholder Until Exercise. Except as expressly set forth
herein, this Warrant does not entitle the Holder to any voting rights, dividends or other
rights as a stockholder of the Company prior to the exercise hereof as set forth in Section
2(d)(i).

     b) Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants
that upon receipt by the Company of evidence reasonably satisfactory to it of the loss,
theft, destruction or mutilation of this Warrant or any stock certificate relating to the
Warrant Shares, and in case of loss, theft or destruction, of indemnity or security
reasonably satisfactory to it (which, in the case of the Warrant, shall not include the
posting of any bond), and upon surrender and cancellation of such Warrant or stock
certificate, if mutilated, the Company will make and deliver a new Warrant or stock
certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or
stock certificate.

     c) Saturdays, Sundays, Holidays, etc. If the last or appointed day for the
taking of any action or the expiration of any right required or granted herein shall not be
a Business Day, then such action may be taken or such right may be exercised on the next
succeeding Business Day.

     d) Authorized Shares. The Company covenants that, during the period the
Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a
sufficient number of shares to provide for the issuance of the Warrant Shares upon the
exercise of any purchase rights under this Warrant. The Company further covenants that its
issuance of this Warrant shall constitute full authority to its officers who are charged
with the duty of executing stock certificates to execute and issue the necessary
certificates for the Warrant Shares upon the exercise of the purchase rights by Holder under
this Warrant. The Company will take all such reasonable action as may be necessary to
assure that such Warrant Shares may be issued as provided herein without violation of any
applicable law or regulation, or of any requirements of the Trading Market upon which the
Common Stock may be listed. The Company covenants that all Warrant Shares which may be
issued upon the exercise of the purchase rights represented by this Warrant will, upon
exercise of the purchase rights represented by this Warrant and payment for such Warrant
Shares in accordance herewith, be duly authorized, validly issued, fully paid and
nonassessable and free from all taxes, liens and charges created by the Company in respect
of the issue thereof (other than taxes in respect of any transfer occurring
contemporaneously with such issue).

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     Except and to the extent as waived or consented to by the Holder, the Company shall not
by any action, including, without limitation, amending its certificate of incorporation 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 of this Warrant, but will at all times in good faith assist
in the carrying out of all such terms and in the taking of all such actions as may be
necessary or appropriate to protect the rights of Holder as set forth in this Warrant
against impairment. Without limiting the generality of the foregoing, the Company will (i)
not increase the par value of any Warrant Shares above the amount payable therefor upon such
exercise immediately prior to such increase in par value, (ii) take all such action as may
be necessary or appropriate in order that the Company may validly and legally issue fully
paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use
reasonable best efforts to obtain all such authorizations, exemptions or consents from any
public regulatory body having jurisdiction thereof, as may be, necessary to enable the
Company to perform its obligations under this Warrant.

     Before taking any action which would result in an adjustment in the number of Warrant
Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall
obtain all such authorizations or exemptions thereof, or consents thereto, as may be
necessary from any public regulatory body or bodies having jurisdiction thereof.

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

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     f) Restrictions. The Holder acknowledges that if the acquisition of the
Warrant Shares acquired upon the exercise of this Warrant is not registered under the
Securities Act, and the Holder does not utilize cashless exercise, then the Warrant Shares
will have restrictions upon resale imposed by state and federal securities laws.

     g) Nonwaiver and Expenses. No course of dealing or any delay or failure to
exercise any right hereunder on the part of Holder shall operate as a waiver of such right
or otherwise prejudice Holder’s rights, powers or remedies. If the Company willfully and
knowingly fails to comply with any provision of this Warrant, which results in any material
damages to the Holder, the Company shall pay to Holder such amounts as shall be sufficient
to cover any costs and expenses to the extent attributable to such failure including, but
not limited to, reasonable attorneys’ fees, including those of appellate proceedings,
incurred by Holder in collecting any amounts due pursuant hereto or in otherwise enforcing
any of its rights, powers or remedies hereunder.

     h) Notices. Any notice, request or other document required or permitted to be
given or delivered to the Holder by the Company shall be delivered in accordance with the
notice provisions of the Subscription Agreement pursuant to which the Warrant was originally
issued.

     i) Limitation of Liability. No provision hereof, in the absence of any
affirmative action by Holder to exercise this Warrant to purchase Warrant Shares, and no
enumeration herein of the rights or privileges of Holder, shall give rise to any liability
of Holder for the purchase price of any Common Stock or as a stockholder of the Company,
whether such liability is asserted by the Company or by creditors of the Company.

     j) Remedies. The Holder, in addition to being entitled to exercise all rights
granted by law, including recovery of damages, will be entitled to specific performance of
its rights under this Warrant. The Company agrees that monetary damages would not be
adequate compensation for any loss incurred by reason of a breach by it of the provisions of
this Warrant and hereby agrees to waive and not to assert the defense in any action for
specific performance that a remedy at law would be adequate.

     k) Successors and Assigns. Subject to applicable securities laws, this Warrant
and the rights and obligations evidenced hereby shall inure to the benefit of and be binding
upon the successors and permitted assigns of the Company and the successors and permitted
assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any
Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of
Warrant Shares.

     l) Amendment. This Warrant may be modified or amended or the provisions hereof
waived with the written consent of the Company and the Required Holders.

     m) Severability. Wherever possible, each provision of this Warrant shall be
interpreted in such manner as to be effective and valid under applicable law, but if any
provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provisions or the remaining provisions of this Warrant.

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     n) Headings. The headings used in this Warrant are for the convenience of
reference only and shall not, for any purpose, be deemed a part of this Warrant.

     Section 6. Certain Definitions. For purposes of this Warrant, the following
terms shall have the following meanings:

     “Affiliate” means any Person that, directly or indirectly through one or more intermediaries,
controls or is controlled by or is under common control with a Person, as such terms are used in
and construed under Rule 405 under the Securities Act.

     “Bloomberg” means Bloomberg Financial Markets.

     “Business Day” means any day other than Saturday, Sunday or other day on which commercial
banks in The City of New York are authorized or required by law to remain closed.

     “Commission” means the United States Securities and Exchange Commission.

     “Common Stock” means (i) the Company’s shares of Common Stock, par value $0.001 per share, and
(ii) any share capital into which such Common Stock shall have been changed or any share capital
resulting from a reclassification of such Common Stock.

     “Eligible Market” means NYSE Amex Equities, The New York Stock Exchange, Inc., The Nasdaq
Global Market, or The Nasdaq Capital Market.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder.

     “Fundamental Transaction” means that (A) the Company shall directly or indirectly, in one or
more related transactions, (i) consolidate or merge with or into (whether or not the Company is the
surviving corporation) another Person, and as a result, the persons holding the Company’s Common
Stock immediately prior to such consolidation or merger own less than 50% of the outstanding voting
power of the surviving entity or (ii) sell, assign, transfer, convey or otherwise dispose of all or
substantially all of the properties or assets of the Company to another Person, or (iii) allow
another Person to make a purchase, tender or exchange offer that is accepted by the holders of more
than 50% of either the outstanding shares of Common Stock (not including any shares of Common Stock
held by the Person or Persons making or party to, or associated or affiliated with the Persons
making or party to, such purchase, tender or exchange offer), or (iv) consummate a stock purchase
agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person
acquires more than the 50% of the outstanding shares of Common Stock (not including any shares of
Common Stock held by the other Person or other Persons making or party to, or associated or
affiliated with the other Persons making or party to, such stock purchase agreement or other
business combination), or (B) any “person” or “group” (as these terms are used for purposes of
Sections 13(d) and 14(d) of the Exchange Act), becomes the “beneficial owner” (as defined in Rule
13d-3 under the Exchange Act), directly or indirectly, of 50% of the aggregate ordinary voting
power represented by issued and outstanding Common Stock.

11

 

     “Parent Entity” of a Person means an entity that, directly or indirectly, controls the
applicable Person and whose common stock or equivalent equity security is quoted or listed on an
Eligible Market, or, if there is more than one such Person or Parent Entity, the Person or Parent
Entity with the largest public market capitalization as of the date of consummation of the
Fundamental Transaction.

     “Person” means an individual, a limited liability company, a partnership, a joint venture, a
corporation, a trust, an unincorporated organization, any other entity and a government or any
department or agency thereof

     “Principal Market” means NYSE Amex Equities.

     “Registration Statement” means that certain Registration Statement on Form S-1 (No.
333-165828) initially filed with the Commission on March 31, 2010.

     “Required Holders” mean the holders holding Warrants representing at least 50% of the Warrant
Shares issuable upon exercise of all then outstanding Warrants issued under the Registration
Statement.

     “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder.

     “Successor Entity” means the Person (or, if so elected by the Required Holders, the Parent
Entity) formed by, resulting from or surviving any Fundamental Transaction or the Person (or, if so
elected by the Required Holders, the Parent Entity) with which such Fundamental Transaction shall
have been entered into.

     “Trading Market” means NYSE Amex Equities, The New York Stock Exchange, Inc., The Nasdaq
Global Market, or The Nasdaq Capital Market.

     “Trading Day” means any day on which the Common Stock is traded on the Principal Market, or,
if the Principal Market is not the principal trading market for the Common Stock, then on the
principal securities exchange or securities market on which the Common Stock is then traded;
provided that “Trading Day” shall not include any day on which the Common Stock is scheduled to
trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is
suspended from trading during the final hour of trading on such exchange or market (or if such
exchange or market does not designate in advance the closing time of trading on such exchange or
market, then during the hour ending at 4:00 p.m., New York Time).

     “VWAP” means, for any date, the price determined by the first of the following clauses that
applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume
weighted average price of the Common Stock for such date (or the nearest preceding date) on the
Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg (based
on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time), (b) if the
Common Stock is then quoted on the OTC Bulletin Board, the volume weighted average price of the
Common Stock for such date (or the nearest preceding date) on the OTC Bulletin Board, (c) if the
Common Stock is not then listed or quoted on a Trading Market or the OTC Bulletin Board and if
prices for the Common Stock are then reported in the “Pink Sheets” published by Pink OTC Markets,
Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the

12

 

most recent bid price per share of the Common Stock so reported, or (d) in all other cases,
the fair market value of a share of Common Stock as determined by an independent appraiser selected
in good faith by the Company and reasonably acceptable to the Holders of a majority in interest of
the Warrants registered pursuant to the Registration Statement then outstanding, the fees and
expenses of which shall be paid by the Company.

********************

(Signature Pages Follow)

13

 

     IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer
thereunto duly authorized as of the date first above indicated.

	 	 	 	 	 
	 	GEOVAX LABS, INC.

 	 
	 	By:  	 	 
	 	Name:  	 	 
	 	Title. 	 
	 

14

 

NOTICE OF EXERCISE

     TO: GEOVAX LABS, INC.

     (1) The undersigned hereby elects to purchase                      Warrant Shares of the Company
pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith
payment of the Exercise Price in full.

     (2) Payment shall take the form of (check applicable box):

o in lawful money of the United States; or

o [if permitted] the cancellation of such number of Warrant Shares as is
necessary, in accordance with the formula set forth in subsection 2(c), to exercise
this Warrant with respect to the maximum number of Warrant Shares purchasable
pursuant to the cashless exercise procedure set forth in subsection 2(c) (“cashless
exercise”).

     (3) Please issue a certificate or certificates representing said Warrant Shares in the name of
the undersigned or in such other name as is specified below:

     The Warrant Shares shall be delivered to the following DWAC Account Number:

	 	 	 	 	 

	Account Number:

	 	 	 	 
	 

	 	 	 	 
	Account Name:
	 	 	 	 
	 

	 	 	 	 
	DTC Number:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	or by physical delivery of a certificate to:	 	 
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	 	 	 

     (4) Accredited Investor. Unless the Warrant is exercised pursuant to a cashless exercise in
accordance with Section 2(c) of the Warrant or unless the Warrant Shares are registered under the
Securities Act of 1933, as amended (the “Securities Act”), the undersigned represents it is
an “accredited investor” as defined in Regulation D promulgated under the Securities Act.

SIGNATURE

	 	 	 

	Name of Investing Entity:
	 	 
	 

	 	 

	 	 	 

	Signature of Authorized Signatory of Investing Entity:
	 	 
	 

	 	 

	 	 	 

	Name of Authorized Signatory:
	 	 
	 

	 	 

	 	 	 

	Title of Authorized Signatory:
	 	 
	 

	 	 

	 	 	 

	Date:
	 	 
	 

	 	 

 

 

ASSIGNMENT FORM

(To assign the foregoing warrant, execute this form and supply

required information. Do not use this form to exercise the warrant.)

     FOR VALUE RECEIVED, [                    ] all of or [                    ] shares of the foregoing Warrant and all rights evidenced
thereby are hereby assigned to

	 	 	 

	 

	 	whose address is
	 
	 
	 	 
	 
	 
	 	 
	 

	 	 	 	 	 

	 

	 	Dated:                                        
	 	 
	Holder’s Signature:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Holder’s Address:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 

	 	 	 

	Signature Guaranteed:
	 	 
	 

	 	 

NOTE: The signature to this Assignment Form must correspond with the name as it appears on the
face of the Warrant, without alteration or enlargement or any change whatsoever, and must be
guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or
other representative capacity should file proper evidence of authority to assign the foregoing
Warrant.exv10w20

Exhibit 10.20

ESCROW AGREEMENT

     THIS ESCROW AGREEMENT, dated as of June ___, 2010 (“Escrow Agreement”), is by and among
GLOBAL HUNTER SECURITIES LLC, a New York limited liability company (the “Placement Agent”),
GEOVAX LABS, INC., a Delaware corporation (the “Company”), and EMORY UNIVERSITY, a Georgia
nonprofit corporation (“Emory” or the “Selling Stockholder”), and AMERICAN STOCK TRANSFER &
TRUST COMPANY, LLC, a New York banking association, as Escrow Agent hereunder (“Escrow
Agent”). The Company and the Selling Stockholder are hereinafter referred to as the
“Sellers,” provided, however, that if only Company Units (as defined herein) are sold, then
the phrase “Sellers” shall mean and refer only to the Company.

BACKGROUND

     A. Sellers have engaged Placement Agent as their agent to assist Sellers in the sale of (i)
Company units (the “Company Units”), with each Company Unit consisting of one share of
common stock (each, a “Company Share”), par value $0.001 per share (the “Common
Stock”) and one five-year warrant to purchase one (1) additional share of Common Stock (each, a
“Company Warrant”); and (ii) Selling Stockholder units (the “Selling Stockholder
Units,” and together with the Company Units, the “Units”), with each Selling
Stockholder Unit consisting of one share of Common Stock held by the Selling Stockholder (each, a
“Selling Stockholder Share” and together with the Company Shares, the “Shares”) and
one five-year warrant to purchase one (1) additional share of Common Stock to be issued by the
Company in the form of the Company Warrant (each, a “Selling Stockholder Warrant,” and
together with the Company Warrants, the “Warrants”), on a “best efforts” basis, pursuant to
a Registration Statement on Form S-1 (as amended, the “Registration Statement”).

     B. All Units sold will include only Company Shares and Warrants until the aggregate purchase
price of $30 million is received. The Units sold after the aggregate purchase price of $30 million
is received will include only Selling Stockholder Shares and Warrants. The Selling Stockholder
Shares will be sold by each Selling Stockholder in proportion to the total number of shares each
Selling Stockholder proposes to sell, rounded to the nearest share.

     C. In accordance with the Registration Statement, subscribers to the Units (collectively, the
“Investors” and individually, an “Investor”) will be required to submit full
payment for their respective investments at the time they enter into their respective subscription
agreements.

     D. In accordance with the Registration Statement, all payments made in connection with
subscriptions for Units shall be sent to Escrow Agent, and Escrow Agent has agreed to accept, hold,
and disburse such funds deposited with it and the earnings thereon in accordance with the terms of
this Escrow Agreement.

     E. In order to establish the escrow of funds and to effect the provisions of the Registration
Statement, the parties hereto have entered into this Escrow Agreement.

 

 

STATEMENT OF AGREEMENT

     NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto, for themselves, their successors and assigns, hereby agree
as follows:

     1. Definitions. In addition to the terms defined above, the following terms
shall have the following meanings when used herein:

     “Cash Investment” shall mean the number of Units to be purchased by any
Investor multiplied by the offering price per Unit as set forth in the Registration
Statement.

     “Escrow Funds” shall mean the funds deposited with the Escrow Agent pursuant to
this Escrow Agreement.

     “Expiration Date” means the date so designated on Exhibit A.

     “Minimum Offering” shall mean the number of Units so designated on Exhibit
A hereto.

     “Minimum Offering Notice” shall mean a written notification, signed by
Placement Agent and the Sellers, pursuant to which the Placement Agent and the Sellers shall
represent (1) that subscriptions for the Minimum Offering have been received, (2) that such
subscriptions have not been withdrawn, rejected or otherwise terminated, and (3) that the
Investors have no statutory or regulatory rights of rescission without cause or all such
rights have expired.

     “Permitted Accounts” shall mean bank (as such term is defined in Section
3(a)(6) of the Securities Act of 1933) accounts, including savings accounts and bank money
market accounts, as well as those accounts permitted under Rule 15c2-4 under the Securities
Exchange Act of 1934, that enable the Escrow Agent to promptly transmit or return the Escrow
Funds to the person entitled thereto when the appropriate event or contingency has occurred
in accordance with Section 4 hereof.

     “Subscription Accounting” shall mean an accounting of all subscriptions for
Units received and accepted by Sellers as of the date of such accounting, indicating for
each subscription the Investor’s name, social security number or other U.S. federal tax
identification number, and address, the number and total purchase price of subscribed Units,
any withdrawal of such subscription by the Investor, any rejection of such subscription by
Sellers, or other termination, for whatever reason, of such subscription.

     2. Appointment of and Acceptance by Escrow Agent. Sellers and Placement Agent
hereby appoint Escrow Agent to serve as escrow agent hereunder, and Escrow Agent hereby
accepts such appointment in accordance with the terms of this Escrow Agreement.

     3. Deposits into Escrow. Investors shall deliver immediately available funds
via wire transfer or check payable to the Escrow Agent for the purchase of Units directly to
the Escrow Agent for deposit into a non-interest bearing escrow account of the Escrow Agent
described on Exhibit A hereto. Each such deposit shall be accompanied by the
following

2

 

documents: a report containing such Investor’s name, social security number or taxpayer
identification number, address and other information required for withholding purposes
(collectively, the “Subscription Information”). All checks delivered to the Escrow Agent
shall be made payable to “American Stock Transfer & Trust Company, LLC, as Agent for
GeoVax Labs, Inc.” In the event that the Placement Agent receives funds directly from
investors, until subscriptions for Units representing $5 million have been received, the
Placement Agent shall promptly, upon receipt of any and all checks received from prospective
purchasers of the Units, deliver same to Escrow Agent for deposit into the Escrow Account by
noon of the next business day following the receipt. All Escrow Funds shall be deposited
and held by the Escrow Agent in Permitted Accounts. Any check payable other than to the
Escrow Agent as required hereby shall be returned to the prospective Investor or, if the
Escrow Agent has insufficient information to do so, then to the Placement Agent (together
with any Subscription Information or other documents delivered therewith), by noon of the
next business day following receipt of such check by the Escrow Agent, and such check shall
be deemed not to have been delivered to the Escrow Agent pursuant to the terms of this
Agreement.

          ALL FUNDS SO DEPOSITED SHALL REMAIN THE PROPERTY OF THE INVESTORS ACCORDING TO THEIR
RESPECTIVE INTERESTS AND SHALL NOT BE SUBJECT TO ANY LIEN OR CHARGE BY ESCROW AGENT OR BY JUDGMENT
OR CREDITORS’ CLAIMS AGAINST SELLERS UNTIL RELEASED OR ELIGIBLE TO BE RELEASED TO SELLERS IN
ACCORDANCE WITH SECTION 4(a) HEREOF.

     4. Disbursements of Escrow Funds.

     a. Completion of Minimum Offering. Subject to the provisions of
Section 9 hereof, Escrow Agent shall disburse to Sellers, per written
instructions executed by Sellers and Placement Agent, the liquidated value of the
Escrow Funds, by certified or bank check or by wire transfer promptly following
receipt of the following documents:

     (1) A Minimum Offering Notice;

     (2) Subscription Accounting, substantiating the
sale of the Minimum Offering;

     (3) The documents described on Exhibit B
attached hereto and incorporated herein by reference; and

     (4) Such other certificates, notices or other
documents as Escrow Agent shall reasonably require in a timely manner.

     Notwithstanding the foregoing, Escrow Agent shall not be obligated to disburse
the Escrow Funds to Sellers if Escrow Agent has reason to believe that (a) Escrow
Funds in an aggregate amount equal to or greater than the Minimum Offering have not
been received, deposited with or collected by the Escrow Agent, or (b) any of the
certifications and opinions set forth in the Minimum Offering Notice or the
documents described in Exhibit B attached hereto are incorrect or
incomplete.

     After the initial disbursement of Escrow Funds to Sellers pursuant to this
Section 4(a), Escrow Agent shall disburse to Sellers any additional funds
received with

3

 

respect to the Units, in accordance with written instructions executed by Sellers and
Placement Agent, by certified or bank check or wire transfer promptly after receipt.

     b. Rejection of Any Subscription or Termination of the Offering. No
later than three (3) business days after receipt by Escrow Agent of written notice
(i) from Sellers or Placement Agent that Sellers, or any of one of them, intend to
reject an Investor’s subscription, (ii) from Sellers, or any one of them, or
Placement Agent that there will be no closing of the sale of Units to Investors,
(iii) from any federal or state regulatory authority that any application by the
Company to conduct a banking business has been denied, or (iv) from the Securities
and Exchange Commission or any other federal or state regulatory authority that a
stop or similar order has been issued with respect to the Registration Statement and
has remained in effect for at least twenty (20) days, Escrow Agent shall pay to the
applicable Investor(s), by certified or bank check and by first-class mail, the
amount of the Cash Investment paid by each Investor.

     c. Expiration of Offering Period. Notwithstanding anything to the
contrary contained herein, if Escrow Agent shall not have received a Minimum
Offering Notice on or before the Expiration Date, Escrow Agent shall, within three
(3) business days after such Expiration Date and without any further instruction or
direction from Placement Agent or Sellers, promptly return to each Investor, by certified or
bank check and by first-class mail, the Cash Investment made by such Investor.

     5. Suspension of Performance or Disbursement Into Court. If, at any time, (i)
there shall exist any dispute between Placement Agent, Sellers, Escrow Agent, any Investor
or any other person with respect to the holding or disposition of all or any portion of the
Escrow Funds or any other obligations of Escrow Agent hereunder, (ii) Escrow Agent is unable
to determine, to Escrow Agent’s sole satisfaction, the proper disposition of all or any
portion of the Escrow Funds or Escrow Agent’s proper actions with respect to its obligations
hereunder, or (iii) Placement Agent and Sellers have not within 30 days of the furnishing by
Escrow Agent of a notice of resignation pursuant to Section 6 hereof appointed a
successor Escrow Agent to act hereunder, then Escrow Agent may, in its sole discretion, take
either or both of the following actions:

     a. suspend the performance of any of its obligations (including without
limitation any disbursement obligations) under this Escrow Agreement until such
dispute or uncertainty shall be resolved to the sole satisfaction of Escrow Agent or
until a successor Escrow Agent shall have been appointed (as the case may be).

     b. subject to Section 12 hereof, petition (by means of an interpleader
action or any other appropriate method) a court of competent jurisdiction for
instructions with respect to such dispute or uncertainty, and to the extent required
or permitted by law, pay into such court all funds held by it in the Escrow Funds
for holding and disposition in accordance with the instructions of such court.

     Escrow Agent shall have no liability to Placement Agent, Sellers, any Investor
or any other person with respect to any such suspension of performance or
disbursement into court, specifically including any liability or claimed liability
that may arise, or be alleged to have arisen, out of or as a result of any delay in
the disbursement of the Escrow Funds or any delay in or with respect to any other
action required or requested of Escrow Agent.

4

 

     6. Resignation of Escrow Agent. Escrow Agent may resign and be discharged from
the performance of its duties hereunder at any time by giving ten (10) days prior written
notice to the Placement Agent and the Company specifying a date when such resignation shall
take effect. Upon any such notice of resignation, the Placement Agent and Sellers jointly
shall appoint a successor Escrow Agent hereunder prior to the effective date of such
resignation. The retiring Escrow Agent shall transmit all records pertaining to the Escrow
Funds and shall transfer all Escrow Funds to the successor Escrow Agent, after making copies
of such records as the retiring Escrow Agent deems advisable and after payment by the
Company or deduction from Escrow Funds (to the extent of the Company’s rights therein) of
all fees and expenses (including court costs and attorneys’ fees) payable to, incurred by,
or expected to be incurred by the retiring Escrow Agent in connection with the performance
of its duties and the exercise of its rights hereunder. After any retiring Escrow Agent’s
resignation, the provisions of this Escrow Agreement shall inure to its benefit as to any
actions taken or omitted to be taken by it while it was Escrow Agent under this Escrow
Agreement. Any corporation or association into which the Escrow Agent may be merged or
converted or with which it may be consolidated, or any corporation or association to which
all or substantially all of the escrow business of the Escrow Agent’s corporate trust line
of business may be transferred, shall be the Escrow Agent under this Escrow Agreement
without further act.

     7. Liability of Escrow Agent.

     a. The Escrow Agent undertakes to perform only such duties as are expressly set
forth herein and no duties shall be implied. The Escrow Agent shall have no
liability under and no duty to inquire as to the provisions of any agreement other
than this Escrow Agreement, including without limitation the Registration Statement.
The Escrow Agent shall not be liable for any action taken or omitted by it in good
faith except to the extent that a court of competent jurisdiction determines that
the Escrow Agent’s gross negligence or willful misconduct was the primary cause of
any loss to the Sellers, Placement Agent or any Investor. Escrow Agent’s sole
responsibility shall be for the safekeeping and disbursement of the Escrow Funds in
accordance with the terms of this Escrow Agreement. Escrow Agent shall have no
implied duties or obligations and shall not be charged with knowledge or notice of
any fact or circumstance not specifically set forth herein. Escrow Agent may rely
upon any notice, instruction, request or other instrument, not only as to its due
execution, validity and effectiveness, but also as to the truth and accuracy of any
information contained therein, which Escrow Agent shall believe to be genuine and to
have been signed or presented by the person or parties purporting to sign the same.
In no event shall Escrow Agent be liable for incidental, indirect, special,
consequential or punitive damages (including, but not limited to lost profits), even
if the Escrow Agent has been advised of the likelihood of such loss or damage and
regardless of the form of action. Escrow Agent shall not be obligated to take any
legal action or commence any proceeding in connection with the Escrow Funds, any
account in which Escrow Funds are deposited, this Escrow Agreement or the
Registration Statement, or to appear in, prosecute or defend any such legal action
or proceeding. Without limiting the generality of the foregoing, Escrow Agent shall
not be responsible for or required to enforce any of the terms or conditions of any
subscription agreement with any Investor or any other agreement between Sellers,
Placement Agent and/or any Investor. Escrow Agent shall not be responsible or
liable in any manner for the performance by the Company or any Investor of their
respective

5

 

obligations under any subscription agreement nor shall Escrow Agent be responsible or liable in any
manner for the failure of Sellers, Placement Agent or any third party (including any
Investor) to honor any of the provisions of this Escrow Agreement. Escrow Agent may
consult legal counsel selected by it in the event of any dispute or question as to
the construction of any of the provisions hereof or of any other agreement or of its
duties hereunder, or relating to any dispute involving any party hereto, and shall
incur no liability and shall be fully indemnified from any liability whatsoever in
acting in accordance with the opinion or instruction of such counsel. The Company
shall promptly pay, upon demand, the reasonable fees and expenses of any such
counsel.

     b. The Escrow Agent is authorized, in its sole discretion, to comply with
orders issued or process entered by any court with respect to the Escrow Funds,
without determination by the Escrow Agent of such court’s jurisdiction in the
matter. If any portion of the Escrow Funds is at any time attached, garnished or
levied upon under any court order, or in case the payment, assignment, transfer,
conveyance or delivery of any such property shall be stayed or enjoined by any court
order, or in case any order, judgment or decree shall be made or entered by any
court affecting such property or any part thereof, then and in any such event, the
Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any
such order, writ, judgment or decree which it is advised by legal counsel selected
by it is binding upon it without the need for appeal or other action; and if the
Escrow Agent complies with any such order, writ, judgment or decree, it shall not be
liable to any of the parties hereto or to any other person or entity by reason of
such compliance even though such order, writ, judgment or decree may be subsequently
reversed, modified, annulled, set aside or vacated.

     8. Indemnification of Escrow Agent. From and at all times after the date of
this Escrow Agreement, the Company shall, to the fullest extent permitted by law, defend,
indemnify and hold harmless the Escrow Agent and each director, officer, employee, attorney,
agent and affiliate of Escrow Agent (collectively, the “Indemnified Parties”)
against any and all actions, claims (whether or not valid), losses, damages, liabilities,
costs and expenses of any kind or nature whatsoever (including without limitation reasonable
attorneys’ fees, costs and expenses) incurred by or asserted against any of the Indemnified
Parties from and after the date hereof, whether direct, indirect or consequential, as a
result of or arising from or in any way relating to any claim, demand, suit, action or
proceeding (including any inquiry or investigation) by any person, including without
limitation the Selling Stockholder or Placement Agent, whether threatened or initiated,
asserting a claim for any legal or equitable remedy against any person under any statute or
regulation, including, but not limited to, any federal or state securities laws, or under
any common law or equitable cause or otherwise, arising from or in connection with the
negotiation, preparation, execution, performance or failure of performance of this Escrow
Agreement or any transactions contemplated herein, whether or not any such Indemnified Party
is a party to any such action, proceeding, suit or the target of any such inquiry or
investigation; provided, however, that no Indemnified Party shall have the right to be
indemnified hereunder for any liability finally determined by a court of competent
jurisdiction, subject to no further appeal, to have resulted solely from the gross
negligence or willful misconduct of such Indemnified Party. Each Indemnified Party shall,
in its sole discretion, have the right to select and employ separate counsel with respect to
any action or claim brought or asserted against it, and the reasonable fees of such counsel
shall be paid upon demand by the Company. The obligations of the Company under this
Section 8 shall survive any termination of this Escrow Agreement and the resignation
or removal of Escrow Agent.

6

 

     9. Compensation to Escrow Agent.

     a. Fees and Expenses. The Company shall compensate Escrow Agent for
its services hereunder in accordance with Exhibit A attached hereto and, in
addition, shall reimburse Escrow Agent for all of its reasonable out-of-pocket
expenses, including attorneys’ fees, travel expenses, telephone and facsimile
transmission costs, postage (including express mail and overnight delivery charges),
copying charges and the like. The additional provisions and information set forth
on Exhibit A are hereby incorporated by this reference, and form a part of
this Escrow Agreement. All of the compensation and reimbursement obligations set
forth in this Section 9 shall be payable by the Company upon demand by
Escrow Agent. The obligations of the Company under this Section 9 shall
survive any termination of this Escrow Agreement and the resignation or removal of
Escrow Agent.

     b. Disbursements from Escrow Funds to Pay Escrow Agent. The Escrow
Agent is authorized to and may disburse from time to time, to itself or to any
Indemnified Party from the Escrow Funds (but only to the extent of the Company’s
rights thereto), the amount of any compensation and reimbursement of out-of-pocket
expenses due and payable hereunder (including any amount to which Escrow Agent or
any Indemnified Party is entitled to seek indemnification pursuant to Section
8 hereof). Escrow Agent shall notify the Company of any disbursement from the
Escrow Funds to itself or to any Indemnified Party in respect of any compensation or
reimbursement hereunder and shall furnish to the Company copies of all related
invoices and other statements.

     c. Security and Offset. The Company hereby grants to Escrow Agent and
the Indemnified Parties a security interest in and lien upon the Escrow Funds (to
the extent of the Company’s rights thereto) to secure all of the Company’s
obligations hereunder, and Escrow Agent and the Indemnified Parties shall have the
right to offset the amount of any compensation or reimbursement due any of them
hereunder (including any claim for indemnification pursuant to Section 8
hereof) against the Escrow Funds (to the extent of the Company’s rights thereto).
If for any reason the Escrow Funds available to Escrow Agent and the Indemnified
Parties pursuant to such security interest or right of offset are insufficient to
cover such compensation and reimbursement, the Company shall promptly pay such
amounts to Escrow Agent and the Indemnified Parties upon receipt of an itemized
invoice.

     d. Compliance with FINRA. Escrow Agent acknowledges that its rights to
the Escrow Funds pursuant to subsection (b) and (c) above is subject to, and Escrow
Agent shall no rights to Escrow Funds in violation of, the rules and regulations of
FINRA, including FINRA Notice to Members 87-61 which provides that (i) the Escrow
Agent may not be paid a fee out of the Escrow Funds if it is necessary for the
Escrow Agent to return the funds to the Investors due to the fact that the Minimum
Offering has not been achieved; and (ii) that the Escrow Agent may not attach or
otherwise place a lien on the Escrow Funds until and unless the Minimum Offering is
achieved.

     10. Representations and Warranties.

7

 

     a. Each of the Placement Agent and the Sellers, as applicable, respectively
makes the following representations and warranties to Escrow Agent:

     (1) It is a corporation or limited liability company duly organized,
validly existing, and in good standing under the laws of the state of its
incorporation or organization, and has full power and authority to execute
and deliver this Escrow Agreement and to perform its obligations hereunder,
or, if an individual, that such individual has the legal capacity to execute
and deliver this Escrow Agreement and to perform his or her obligations
hereunder.

     (2) This Escrow Agreement has been duly approved by all necessary
corporate action, including any necessary shareholder or membership
approval, has been executed by its duly authorized officers, as applicable,
and constitutes a valid and binding agreement of the Placement Agent and
each of the Sellers, enforceable in accordance with its terms.

     (3) The execution, delivery, and performance of this Escrow Agreement
will not violate, conflict with, or cause a default under its articles of
incorporation, articles of organization or bylaws, operating agreement or
other organizational documents, as applicable, any applicable law or
regulation, any court order or administrative ruling or decree to which it
is a party or any of its property is subject, or any agreement, contract,
indenture, or other binding arrangement to which it is a party or any of
its property is subject. The execution, delivery and performance of this
Escrow Agreement is consistent with and accurately described in the
Registration Statement, and the allocation of interest and other earnings to
Investors, as set forth in Section 4(a) hereof, has been properly
described therein.

     (4) It hereby acknowledges that the status of Escrow Agent is that of
agent only for the limited purposes set forth herein, and hereby represents
and covenants that no representation or implication shall be made that the
Escrow Agent has investigated the desirability or advisability of investment
in the Units or has approved, endorsed or passed upon the merits of the
investment therein and that the name of the Escrow Agent has not and shall
not be used in any manner in connection with the offer or sale of the Units
other than to state that the Escrow Agent has agreed to serve as escrow
agent for the limited purposes set forth herein.

     (5) All of its representations and warranties contained herein are true
and complete as of the date hereof and will be true and complete at the
time of any deposit to or disbursement from the Escrow Funds.

     b. Sellers further represent and warrant to Escrow Agent that no party other
than the parties hereto and the prospective Investors have, or shall have, any lien,
claim or security interest in the Escrow Funds or any part thereof. No financing
statement under the Uniform Commercial Code is on file in any jurisdiction claiming
a security interest in or describing (whether specifically or generally) the Escrow
Funds or any part thereof.

8

 

     11. Identifying Information. Sellers and Placement Agent acknowledge that a
portion of the identifying information set forth on Exhibit A is being requested by
the Escrow Agent in connection with the USA Patriot Act, Pub.L.107-56 (the “Act”),
and Sellers and Placement Agent agree to provide any additional information requested by the
Escrow Agent in connection with the Act or any similar legislation or regulation to which
Escrow Agent is subject, in a timely manner. Each of the Sellers and the Placement Agent
represents that its respective identifying information set forth on Exhibit A,
including without limitation, its Taxpayer Identification Number assigned by the Internal
Revenue Service or any other taxing authority, is true and complete on the date hereof and
will be true and complete at the time of any disbursement of the Escrow Funds.

     12. Consent to Jurisdiction and Venue. In the event that any party hereto
commences a lawsuit or other proceeding relating to or arising from this Escrow Agreement,
the parties hereto, except for Emory, agree that the United States District Court for the
State of Delaware shall have the sole and exclusive jurisdiction over any such proceeding.
If such court lacks federal subject matter jurisdiction, the parties agree that the Superior
Court of the State of Delaware shall have sole and exclusive jurisdiction. Any of these
courts shall be proper venue for any such lawsuit or judicial proceeding and the parties
hereto waive any objection to such venue. The parties hereto consent to and agree to submit
to the jurisdiction of any of the courts specified herein and agree to accept service of
process to vest personal jurisdiction over them in any of these courts.

     13. Notice. All notices, approvals, consents, requests, and other
communications hereunder shall be in writing and shall be deemed to have been given when the
writing is delivered if given or delivered by hand, overnight delivery service or facsimile
transmitter (with confirmed receipt) to the address or facsimile number set forth on
Exhibit A hereto, or to such other address as each party may designate for itself by
like notice, and shall be deemed to have been given on the date deposited in the mail, if
mailed, by first-class, registered or certified mail, postage prepaid, addressed as set
forth on Exhibit A hereto, or to such other address as each party may designate for
itself by like notice.

     14. Amendment or Waiver. This Escrow Agreement may be changed, waived,
discharged or terminated only by a writing signed by Placement Agent, Sellers and Escrow
Agent. No delay or omission by any party in exercising any right with respect hereto shall
operate as a waiver. A waiver on any one occasion shall not be construed as a bar to, or
waiver of, any right or remedy on any future occasion.

     15. Severability. To the extent any provision of this Escrow Agreement is
prohibited by or invalid under applicable law, such provision shall be ineffective to the
extent of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Escrow Agreement.

     16. Governing Law. This Escrow Agreement shall be construed and interpreted in
accordance with the internal laws of the State of Delaware without giving effect to the
conflict of laws principles thereof.

     17. Entire Agreement. This Escrow Agreement constitutes the entire agreement
between the parties relating to the acceptance, collection, holding, and disbursement of the

9

 

Escrow Funds and sets forth in their entirety the obligations and duties of the Escrow
Agent with respect to the Escrow Funds.

     18. Binding Effect. All of the terms of this Escrow Agreement, as amended from
time to time, shall be binding upon, inure to the benefit of and be enforceable by the
respective successors and assigns of Placement Agent, the Company and Escrow Agent.

     19. Execution in Counterparts. This Escrow Agreement may be executed in two or
more counterparts, which when so executed shall constitute one and the same agreement.

     20. Termination. Upon the first to occur of the disbursement of all amounts in
the Escrow Funds or deposit of all amounts in the Escrow Funds into court pursuant to
Section 5 or Section 8 hereof, this Escrow Agreement shall terminate and
Escrow Agent shall have no further obligation or liability whatsoever with respect to this
Escrow Agreement or the Escrow Funds.

     21. Dealings. The Escrow Agent and any stockholder, director, officer or
employee of the Escrow Agent may buy, sell, and deal in any of the securities of the Company
and become pecuniarily interested in any transaction in which the Company may be interested,
and contract and lend money to the Company and otherwise act as fully and freely as though
it were not Escrow Agent under this Escrow Agreement. Nothing herein shall preclude the
Escrow Agent from acting in any other capacity for the Company or any other entity.

[Signatures contained on the following page]

10

 

     IN WITNESS WHEREOF, the parties hereto have caused this Escrow Agreement to be executed under
seal as of the date first above written.

	 	 	 	 	 
	[CORPORATE SEAL]

ATTEST:

 	 
	 	 
	 	Secretary 	 
	 	 	 
	 

	 	 	 	 	 
	 	SELLERS:

GEOVAX LABS, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	SELLING STOCKHOLDER

EMORY UNIVERSITY

 	 
	 	By:  	 	 
	 	 	________________________, as Attorney-in-Fact 	 
	 	 	for Emory University under Power of Attorney
dated June ___, 2010 	 
	 

[Signatures continued on the following page]

 

 

	 	 	 	 	 
	[COMPANY SEAL]

ATTEST:

 	 
	 	 
	 	Secretary 	 
	 	 	 
	 

	 	 	 	 	 
	 	PLACEMENT AGENT:

GLOBAL HUNTER SECURITIES LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	ESCROW AGENT:

AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC

as Escrow Agent

 	 
	[COMPANY SEAL] 	By:  	 	 
	 	 	Name:  	Alan G. Finn 	 
	 	 	Title:  	Vice President 	 
	 

[Signatures Page to Escrow Agreement]

 

 

EXHIBIT A

	 	 	 	 	 
	1.

	 	Definitions.
	 	“Minimum Offering” means Units with an aggregate
price to the public of $5,000,000.

	 
	 	 
	 	“Expiration Date” means the date that is thirty (30)
calendar days following the date of the final
Prospectus contained in the Registration Statement.

	 
	 	 	 	 
	2.

	 	Escrow Account.	 	 

JP MORGAN CHASE BANK

ABA # 021 000 021

ACCT # 957-341334

ACCT NAME: AMERICAN STOCK TRANSFER & TRUST COMPANY LLC AS AGENT FOR GEOVAX LABS, INC. FBO

[INVESTOR]

	3.	 	Escrow Agent Fees.

	 	 	 	 	 
	Acceptance Fee:

	 	$1,000.00	 
	Annual Escrow Fee:

	 	$2,500.00	 
	Out-of-Pocket Expenses:

	 	As incurred
    	 
	Transactional Costs:

	 	As incurred
    	 
	Other Fees/Attorney, etc.:

	 	As incurred
    	 
	 

	 	 	 
	TOTAL

	 	$3,500.00	 

	 	 	The Acceptance Fee and the Annual Escrow Fee are payable upon execution of the escrow
documents. In the event the escrow is not funded, the Acceptance Fee and all related
expenses, including attorneys’ fees, remain due and payable, and if paid, will not be
refunded. Annual fees cover a full year in advance, or any part thereof, and thus are not
pro-rated in the year of termination.
	 
	 	 	The fees quoted in this schedule apply to services ordinarily rendered in the administration
of an Escrow Account and are subject to reasonable adjustment based on final review of
documents, or when the Escrow Agent is called upon to undertake unusual duties or
responsibilities, or as changes in law, procedures, or the cost of doing business demand.
Services in addition to and not contemplated in this Escrow Agreement, including, but not
limited to, document amendments and revisions, non-standard cash and/or investment
transactions, calculations, notices and reports, and legal fees, will be billed as
extraordinary expenses.
	 
	 	 	Unless otherwise indicated, the above fees relate to the establishment of one escrow
account. Additional sub-accounts governed by the same Escrow Agreement may incur an
additional charge. Transaction costs include charges for wire transfers, checks, internal
transfers and securities transactions.
	 
	4.	 	Taxpayer Identification Numbers.

	 	 	 	 
	Placement Agent:
	 	 	 
	 

	 	 	 
	Company:
	 	 	 
	 

	 	 	 
	Emory University:
	 	 	 
	 

	 	 	 

 

 

	5.	 	Termination and Disbursement. In the event there is any termination or failure of
the offering pursuant to Sections 4b or 4c of the Escrow Agreement, the Escrow
Agent shall, in accordance with the Registration Statement, pay as soon as practicable to the
applicable Investor(s), by certified or bank check and by first-class mail, each Investor’s
Cash Investment.
	 
	6.	 	Notice Addresses.

	 	 	 
	If to Placement Agent at:

	 	Global Hunter Securities LLC
	 

	 	400 Poydras Street, Suite 1501
	 

	 	New Orleans, Louisiana 70130
	 

	 	ATTN: Gary Meringer
	 

	 	Facsimile: (504) 212-1610
	 

	 	Telephone: (504) 410-8017
	 

	 	E-mail: gmeringer@ghssecurities.com
	 
	 	 
	If to Sellers at:

	 	GeoVax Labs, Inc.
	 

	 	1900 Lake Park Drive, Suite 380
	 

	 	Smyrna, Georgia 30080
	 

	 	ATTN: Mark Reynolds
	 

	 	Facsimile: (678) 384-7281
	 

	 	Telephone: (678) 384-7224
	 

	 	E-mail: mreynolds@geovax.com
	 
	 	 
	If to the Escrow
Agent at:

	 	American Stock Transfer & Trust Company, LLC
	 

	 	6201 15th Avenue
	 

	 	Brooklyn, NY 11219
	 

	 	ATTENTION: Alan G. Finn
	 

	 	Facsimile: (718) 765-8758
	 

	 	Telephone: (267) 515-5496
	 

	 	E-mail: AFinn@amstock.com

	7.	 	The Registration Statement referenced in the preamble to the Escrow Agreement should be
provided to Escrow Agent for informational purposes only.

 

 

Exhibit B

Additional Documents Required

for Release of Escrow Funds

Pursuant to Section 4(a)

	1.	 	Certificate of Mark W. Reynolds, Chief Financial Officer and Corporate Secretary of the
Company, that (a) the Units described in the Registration Statement have been registered or
are exempt from registration under the Securities Act of 1933, and have been registered or are
exempt from registration under applicable state securities laws, (b) no stop or similar order
has been issued or threatened to be issued by the Securities Exchange Commission or any other
federal or state regulatory authority in connection with the Registration Statement or the
offering of Units pursuant thereto, and (c) all representations and warranties of the Company
set forth in the Escrow Agreement are true and correct in all material respects on and as of
the date of such certificate as if made on the date thereof; and

	2.	 	A letter that the Escrow Agent may relay on an opinion of counsel to the Company that (a) the
Units described in the Registration Statement have been registered or are exempt from
registration under the Securities Act of 1933 and have been registered or are exempt from
registration under applicable state securities laws, and (b) to the best of its knowledge, no
stop or similar order has been issued or threatened to be issued by the Securities and
Exchange Commission or any other federal or state regulatory authority in connection with the
Registration Statement or the offering of Units pursuant thereto.

Exhibit B, Page 1

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