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                                                                     Exhibit 4.1

                            STOCK PURCHASE AGREEMENT

                  THIS AGREEMENT, dated this 21st day of December 2001, is
entered into by and among GenVec, Inc., a Delaware corporation (the
"Corporation"), and the persons listed on Schedule 1 attached hereto (the
"Investors").

                  The Corporation and the Investors wish to provide for the
issuance of shares of Common Stock (as hereinafter defined), as more
specifically set forth hereinafter.

                  NOW, THEREFORE, in consideration of the mutual covenants and
agreements herein contained, the parties hereto, intending to be legally bound,
hereby agree as follows:

         SECTION 1. AUTHORIZATION OF ISSUANCE AND SALE OF COMMON STOCK; CLOSING.

         Subject to the terms and conditions hereof, the Corporation has
authorized the issuance on the Closing Date (as defined in Section 3 hereof) of
an aggregate of 3,582,000 shares (the "Shares") of its common stock, par value
$.001 per share (the "Common Stock").

         SECTION 2. SALE AND DELIVERY OF SHARES.

                  2.1 AGREEMENT TO SELL AND PURCHASE THE SHARES. Subject to the
terms and conditions hereof, the Corporation is selling to each Investor and
each Investor is severally (but not jointly and severally) purchasing from the
Corporation subject to the satisfaction of the conditions precedent set forth in
Sections 4.1, 4.2, 6.1 and 6.2 hereof and subject to the terms and other
conditions hereinafter set forth, at the Closing, the number of Shares set forth
opposite the name of such Investor on Schedule 1 hereto for a purchase price of
$3.60 per share (subject to adjustment to reflect stock splits, stock dividends,
stock combinations, recapitalizations and like occurrences), representing an
aggregate purchase price of $12,895,200.00 for the Shares purchased by all
Investors;

                  2.2 DELIVERY OF SHARES. At the Closing, the Corporation shall
deliver to each Investor a certificate or certificates, registered in the name
of such Investor, representing that number of Shares being purchased by such
Investor at the Closing. Delivery of certificates representing the Shares shall
be made against receipt by the Corporation of a wire transfer of immediately
available funds to an account designated by the Corporation in the full amount
of the purchase price for the Shares being purchased by such Investor at the
Closing.

         SECTION 3. THE CLOSING. (a) The closing (the "Closing") hereunder with
respect to the transactions contemplated by Section 2 hereof is taking place by
facsimile transmission of executed copies of the documents contemplated hereby
(the date hereof sometimes being referred to herein as the "Closing Date") and
confirmed by overnight delivery of originally executed copies of such documents.

         SECTION 4. REPRESENTATIONS AND WARRANTIES OF THE CORPORATION TO THE
INVESTORS.

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         The Corporation hereby represents and warrants to the Investors as
follows:

                  4.1 ORGANIZATION. The Corporation is a corporation duly
organized, validly existing and in good standing under the laws of the State of
Delaware and has all requisite corporate power and authority to own and lease
its property and to carry on its business as presently conducted and as proposed
to be conducted as described in the Corporation Reports (as hereinafter
defined). The Corporation is duly qualified to do business as a foreign
corporation in the states set forth on Schedule 4.1. The Corporation does not
own or lease property or engage in any activity in any other jurisdiction which
would require its qualification in such jurisdiction and in which the failure to
be so qualified would have a material adverse effect on the business, financial
condition or results of operations or prospects of the Corporation (a "Material
Adverse Effect"), individually or in the aggregate.

                  4.2 CAPITALIZATION. The authorized and outstanding capital
stock of the Corporation immediately preceding the Closing shall consist of:

                           (a) 60,000,000 shares of Common Stock, of which:

                                    (i) 18,090,857 shall be validly issued and
outstanding, fully paid and nonassessable; and

                                    (ii) 582,317 shares shall have been duly
reserved for issuance upon conversion or exercise of Common Stock Warrants (the
"Warrant Shares"); and

                                    (iii) 350,000 shares shall have been duly
reserved for issuance of Common Stock under the Corporation's Employee Stock
Purchase Plan of which 12,664 shares have been issued and are included in the
total shares outstanding in 4.2(a)(i) and 337,336 shares remain outstanding and
issuable under the Employee Stock Purchase Plan; and

                                    (iv) 5,000,000 shares shall have been duly
reserved for issuance in connection with the options available under the
Corporation's Director Option Plan and the Corporation's Incentive Stock
Purchase Plan (the "Option Shares"), of which options to purchase 817,566 shares
have been exercised and are included in the total shares outstanding in
4.2(a)(i) and 3,741,423 shares are subject to outstanding, unexercised options.

                           (b) 5,000,000 shares of Preferred Stock, 600,000 of
which shall have been designated as Series A Junior Participating Preferred
Stock and none of which shall be issued or outstanding.

                  Except pursuant to the terms of this Agreement, the Investor
Rights Agreement dated the date hereof in the form attached hereto as Exhibit A
(the "Investor Rights Agreement"), and as set forth in Schedule 4.2 attached
hereto, there are, and immediately following the Closing, there will be: (1) no
outstanding warrants, options, rights, agreements, convertible securities or
other commitments or instruments pursuant to which the Corporation is or may
become obligated to issue, sell, repurchase or redeem any shares of capital
stock or other

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securities of the Corporation (other than the Warrant Shares and Option Shares);
(2) no preemptive, contractual or similar rights to purchase or otherwise
acquire shares of capital stock of the Corporation pursuant to any provision of
law, the Certificate of Incorporation of the Corporation (the "Certificate"),
the By-laws of the Corporation (the "By-laws") or any agreement to which the
Corporation is a party or may otherwise be bound; (3) no restrictions on the
transfer of capital stock of the Corporation imposed by the Restated Certificate
or By-laws of the Corporation, any agreement to which the Corporation is a
party, any order of any court or any governmental agency to which the
Corporation is subject, or any statute other than those imposed by relevant
state and federal securities laws; (4) no cumulative voting rights for any of
the Corporation's capital stock; (5) no registration rights under the Securities
Act of 1933, as amended, (the "Securities Act") with respect to shares of the
Corporation's capital stock; (6) to the Corporation's knowledge, no options or
other rights to purchase shares of capital stock from stockholders of the
Corporation granted by such stockholders; and (7) no agreements, written or
oral, between the Corporation and any holder of its securities, or, to the
Corporation's knowledge, among holders of its securities, relating to the
acquisition, disposition or voting of the securities of the Corporation.

                  4.3 AUTHORIZATION OF THIS AGREEMENT AND THE INVESTOR RIGHTS
AGREEMENT. The execution, delivery and performance by the Corporation of this
Agreement and the Investor Rights Agreement and the consummation of the
transactions contemplated hereby and thereby have been duly authorized by all
requisite action on the part of the Corporation and/or its stockholders, as
necessary. Each of this Agreement and the Investor Rights Agreement has been
duly executed and delivered by the Corporation and constitutes a valid and
binding obligation of the Corporation, enforceable in accordance with its
respective terms, subject to laws of general application relating to bankruptcy,
insolvency and the relief of debtors and rules of law governing specific
performance, injunctive relief or other equitable remedies, and to limitations
of public policy. The execution, delivery and performance of this Agreement and
the Investor Rights Agreement and the compliance with the provisions hereof and
thereof by the Corporation, will not, except as set forth in Schedule 4.3(b)
hereto, and except to the extent that any such violation, conflict or breach
would not be reasonably likely to have a Material Adverse Effect individually or
in the aggregate:

                           (a) violate any provision of law, statute, ordinance,
rule or regulation or any ruling, writ, injunction, order, judgment or decree of
any court, administrative agency or other governmental body to or by which the
Corporation is bound;

                           (b) conflict with or result in any breach of any of
the terms, conditions or provisions of, or constitute (with due notice or lapse
of time, or both) a default (or give rise to any right of termination,
cancellation or acceleration) under (i) any agreement, document, instrument,
contract, understanding, arrangement, note, indenture, mortgage or lease to
which the Corporation is a party or under which the Corporation or any of its
assets is bound or affected, (ii) the Certificate, or (iii) the By-laws; or

                          (c) result in the creation of any lien, security
interest, charge or encumbrance upon any of the properties or assets of the
Corporation.

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                  4.4 AUTHORIZATION OF SHARES. The issuance, sale and delivery
of the Shares has been duly authorized by all requisite action of the
Corporation, and, when issued, sold and delivered in accordance with this
Agreement, the Shares will be validly issued and outstanding, fully paid and
nonassessable, with no personal liability attaching to the ownership thereof,
and, not subject to preemptive or any other similar rights of the stockholders
of the Corporation or others.

                  4.5 CONSENTS AND APPROVALS. No authorization, consent,
approval or other order of, or declaration to or filing with, any governmental
agency or body (other than filings required to be made under applicable federal
and state securities laws) or any other person, entity or association is
required for: (a) the valid authorization, execution, delivery and performance
by the Corporation of this Agreement and the Investor Rights Agreement; or (b)
the valid authorization, issuance, sale and delivery of the Shares. The
Corporation has obtained all other consents that are necessary to permit the
consummation of the transactions contemplated hereby and thereby.

                  4.6 BUSINESS OF CORPORATION.

                           (a) The description of the business of the
Corporation (the "Business") contained in the Corporation Filings is accurate in
all material respects.

                           (b) Except as set forth in Schedule 4.6(b) attached
hereto:

                                    (i) the Corporation has not entered into and
is not a party to and is not otherwise bound or affected by any written or oral
contract, agreement, understanding, arrangement, lease, guaranty or other
obligation or series of related obligations or transactions required to be filed
as an exhibit to the Corporation Filings that has not been so filed;

                                    (ii) the Corporation is not a party to, or,
directly or indirectly, bound by, any indenture, mortgage, deed of trust or
other agreement or instrument relating to the borrowing of money, the guarantee
of indebtedness or the granting of any security interest, negative pledge or
other encumbrance on the assets of the Corporation required to be filed as an
exhibit to the Corporation Filings that has not been so filed; and

                                    (iii) the Corporation has not incurred and
is not subject to any liabilities or obligations, fixed or contingent, matured
or unmatured or otherwise, that, individually or in the aggregate, would be
reasonably expected to have a Material Adverse Effect, that has not been accrued
in the Corporation's Financial Statements or disclosed in the Corporation
Filings to the extent required thereby, except for liabilities or obligations
assumed in the ordinary course of the Business or by contract.

                           (c) The financial statements included in the
Corporation Filings, including any notes thereto, reflect all liabilities of the
Corporation required in accordance with United States generally accepted
accounting principles ("GAAP") as of the date of such financial statements.
Since the date of the September 30, 2001 Balance Sheet (as such term is
hereinafter defined), the Corporation has not incurred any obligation (or series
of related obligations) or

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liability, contingent or otherwise, in excess of Two Hundred Thousand Dollars
($200,000) except as incurred in the ordinary course of the Business or set
forth in Schedule 4.6(c) attached hereto.

                           (d) Except as disclosed in the Corporation Reports:
(i) there are no actions, suits, arbitrations, claims, investigations or legal
or administrative proceedings pending or, to the Corporation's knowledge,
threatened, against the Corporation, whether at law or in equity which, if
determined adversely to the Corporation, would, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect; (ii) there
are no judgments, decrees, injunctions or orders of any court, government
department, commission, agency, instrumentality or arbitrator entered or
existing against the Corporation or any of its assets or properties for any of
the forgoing or otherwise which, taken separately or in the aggregate, would
reasonably be expected to have a Material Adverse Effect; and (iii) the
Corporation has not admitted in writing its inability to pay its debts generally
as they become due, filed or consented to the filing against it of a petition in
bankruptcy or a petition to take advantage of any insolvency act, made an
assignment for the benefit of creditors, consented to the appointment of a
receiver for itself or for the whole or any substantial part of its property, or
had a petition in bankruptcy filed against it, been adjudicated bankrupt, or
filed a petition or answer seeking reorganization or arrangement under the
federal bankruptcy laws or any other laws of the United States or any other
jurisdiction.

                           (e) Except where such non-compliance would not be
reasonably likely to have a Material Adverse Effect individually or in the
aggregate (i) the Corporation is in material compliance with all obligations,
agreements and conditions contained in any evidence of indebtedness or any loan
agreement or other contract or agreement (whether or not relating to
indebtedness) to which the Corporation is a party or is subject (collectively,
the "Obligations"), the lack of compliance with which could afford to any person
the right to accelerate any indebtedness or terminate any right of or agreement
with the Corporation, and (ii) to the Corporation's knowledge, all other parties
to such Obligations are in material compliance with the terms and conditions of
such Obligations.

                           (f) Except as set forth in the Corporation Reports,
and pursuant to this Agreement and the Investor Rights Agreement, there are no
agreements, understandings or proposed transactions between the Corporation and
any of its officers, directors or other "affiliates" (as defined in Rule 404
promulgated under the Securities Act) and there are no transactions between any
of such persons and the Corporation in each case of a type required to be
disclosed under Rule 404 promulgated under the Securities Act that have not been
so disclosed.

                           (g) Each current employee of or consultant to the
Corporation who has or is proposed to have access to confidential and/or
proprietary information of the Corporation is a signatory to, and is bound by,
an agreement with the Corporation relating to non-use, nondisclosure,
proprietary information and assignment of patent, copyright and other
intellectual property rights.

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                           (h) To the Corporation's knowledge, no employee of or
consultant to the Corporation is in violation of any term of any employment
contract, patent disclosure agreement or any other contract or agreement
including, but not limited to, those matters relating (i) to the relationship of
any such employee with the Corporation or to any other party as a result of the
nature of the Corporation's business as currently conducted, or (ii) to unfair
competition, trade secrets or proprietary information.

                           (i) The Corporation does not have any collective
bargaining agreements covering any of its employees or any employee benefit
plans, except as disclosed in the Corporation Reports as a result of which there
would be a Material Adverse Effect individually or in the aggregate.

                           (j) The Corporation is not in violation of or default
under any provision of its By-laws or Certificate, or any contract, instrument,
judgment, order, writ or decree to which it is a party or by which it or any of
its properties are bound, and the Corporation is not in violation of any
material provision of any federal or state statute, rule or regulation
applicable to the Corporation, which violation could result in a Material
Adverse Effect individually or in the aggregate.

                           (k) Included in the Corporation Filings are the
Balance Sheet dated December 31, 2000 (the "2000 Balance Sheet") and Statements
of Operation, Stockholders' Equity and Cash Flows for the year then ended
(collectively, the "Financial Statements"), audited by KPMG LLP, independent
certified public accountants of the Corporation, which Financial Statements have
been prepared in accordance with generally accepted accounting principles
consistently applied and fairly present the financial position of the
Corporation as of the date of such financial statements and the results of its
operations for the period covered thereby, subject only to the matters described
in the accountant's report attached thereto. Also included in the Corporation
Filings is the Unaudited Balance Sheet dated September 30, 2001 (the "Balance
Sheet") and Statements of Operation, Stockholders' Equity and Cash Flows for the
period from January 1, 2001 through September 30, 2001 (collectively, the
"Unaudited Financial Statements"). The Unaudited Financial Statements are in
accordance with the books and records of the Corporation and present fairly the
financial condition and results of operations of the Corporation, as at the
dates and for the periods indicated, and have been prepared in accordance with
generally accepted accounting principles consistently applied, except that the
Unaudited Financial Statements may not be in accordance with generally accepted
accounting principles solely because of the absence of footnotes normally
contained therein and are subject to normal year-end audit adjustments which, in
the aggregate, will not be material.

                           (l) Since the date of the Balance Sheet and other
than as set forth in the Corporation's SEC filings and on Schedule 4.6(l)
attached hereto, there has not been:

                                    (i) any damage, destruction or loss to any
property of the Corporation, whether or not covered by insurance, that has had
or will have a Material Adverse Effect individually or in the aggregate;

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                                    (ii) any waiver by the Corporation of a
material valuable right or of a material debt owed to it;

                                    (iii) any satisfaction or discharge of any
lien, claim or encumbrance or payment of any obligation by the Corporation,
except such a satisfaction, discharge or payment made in the ordinary course of
business that is not material to the financial condition, operating results or
business or prospects of the Corporation;

                                    (iv) any material change or amendment to a
material contract or arrangement by which the Corporation or any of its assets
or properties is bound or subject;

                                    (v) any material change in any material
compensation arrangement or agreement with any present or prospective employee,
contractor or director of the Corporation;

                                    (vi) any loan to any officer, director or
stockholder of the Corporation, other than advances in the ordinary course of
business;

                                    (vii) any debt, obligation or liability
incurred, assumed or guaranteed by the Corporation, except for those that are
immaterial in amount and for current liabilities incurred in the ordinary course
of business;

                                    (viii) to the Corporation's knowledge, any
other event or condition of any character which would have Material Adverse
Effect individually or in the aggregate; or

                                    (ix) any agreement by the Corporation to do
any of the foregoing.

                           (m) The Corporation has no material liabilities,
contingent, accrued, unaccrued, known, unknown or otherwise, that were not
reflected in the Balance Sheet, except for liabilities incurred after the date
thereof in the ordinary course of business that would not have a Material
Adverse Effect individually or in the aggregate, and except for liabilities that
would not be required to be accrued under GAAP.

                           (n) The Corporation has filed all federal, state,
local and foreign tax returns which have been required to be filed and has paid
all taxes shown thereon and all assessments received by it to the extent that
such taxes have become due and are not being contested in good faith, except
where such failure to file tax returns or pay such taxes and assessments would
not, individually or in the aggregate, have a Material Adverse Effect, and there
is no tax deficiency which has been or would reasonably be expected to be
asserted or threatened against the Corporation which would, individually or in
the aggregate, if decided adversely could reasonably be expected to have a
Material Adverse Effect.

                  4.7 INTELLECTUAL PROPERTY RIGHTS. Except as described in the
Corporation Reports, the Corporation owns, is licensed to use or otherwise
possesses adequate right to use the patents, patent rights, licenses,
inventions, trademarks, service marks, trade names, copyrights

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and know-how, including trade secrets and other unpatented and/or unpatentable
proprietary or confidential information, systems, processes or procedures
(collectively, the "Intellectual Property") reasonably necessary to carry on the
business conducted by it, except to the extent that the failure to own, be
licensed to use or otherwise possess adequate rights to use such Intellectual
Property would not reasonably be expected to, individually or in the aggregate,
have a Material Adverse Effect; except as described in the Corporation Reports,
the Corporation has not received any notice of infringement of or conflict with,
and the Corporation has no knowledge of any infringement of or conflict with,
asserted rights of others with respect to its Intellectual Property which could
reasonably be expected to, individually or in the aggregate, result in a
Material Adverse Effect; except as described in the Corporation Reports, the
discoveries, inventions, products or processes of the Corporation referred to in
the Registration Statement and the Prospectus do not, to the Corporation's
knowledge, infringe or conflict with any right or patent of any third party, or
any discovery, invention, product or process which is the subject of a patent
application filed by any third party, which infringement or conflict could
reasonably be expected to, individually or in the aggregate, have a Material
Adverse Effect; except as described in the Corporation Reports, the Corporation
is not obligated to pay a royalty, grant a license or provide other
consideration to any third party in connection with its patents, patent rights,
licenses, inventions, trademarks, service marks, trade names, copyrights and
know-how; and no third party, including any academic or governmental
organization, possesses rights to the Intellectual Property which, if exercised
would reasonably be expected to, individually or in the aggregate, have a
Material Adverse Effect

         To the Corporation's knowledge, none of its employees is obligated
under any contract (including licenses, covenants, or commitments of any nature)
or other agreement, or subject to any judgment, decree or order of any court or
administrative agency, that would materially interfere with their duties to the
Corporation or that would materially conflict with the Corporation's business as
currently conducted or proposed to be conducted. To the Corporation's knowledge,
it will not be necessary to utilize any inventions, trade secrets or proprietary
information of any of its employees made prior to their employment by the
Corporation, except for inventions, trade secrets or proprietary information
that have been assigned to the Corporation.

                  4.8 SECURITIES LAWS. In connection with the transactions
contemplated hereunder, neither the Corporation nor anyone acting on its behalf
has offered securities of the Corporation for sale to, or solicited any offers
to buy the same from, or sold securities of the Corporation to, any person or
organization, in any case so as to subject the Corporation, its promoters,
directors and/or officers to any liability under the Securities Act, the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), or any state
securities or "blue sky" law and the rules and regulations promulgated
thereunder (collectively, the "Securities Laws"). The offer, grant, sale and/or
issuance of the Shares, as contemplated by this Agreement, will not be in
violation of the Securities Laws when offered, sold and issued in accordance
with this Agreement.

                  4.9 TITLE TO PROPERTIES. Except as set forth on Schedule 4.9
attached hereto, the Corporation has good title to all personal property owned
by it, in each case free and clear of all liens, encumbrances and defects except
such as are described or referred to in the Corporation

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Reports or such as do not materially affect the value of such property and do
not materially interfere with the use made or proposed to be made of such
property by the Corporation; and any real property and buildings held under
lease by the Corporation are in good condition and repair and are held by it
under valid, existing and enforceable leases with such exceptions as are not
material and do not interfere with the use made or proposed to be made of such
property and buildings by the Corporation. Each such lease constitutes a valid
and binding obligation of, and is enforceable in accordance with its terms
against, the respective parties thereto. The Corporation does not own any real
property.

                  4.10 INVESTMENTS IN OTHER PERSONS. Except as disclosed in the
Corporation Reports, (a) the Corporation has not made any loan or advance to any
person or entity which is outstanding on the date hereof, nor is it committed or
obligated to make any such loan or advance, and (b) the Corporation has never
owned or controlled and does not currently own or control, directly or
indirectly, any subsidiaries and has never owned or controlled and does not
currently own or control any capital stock or other ownership interest, directly
or indirectly, in any corporation, association, partnership, trust, joint
venture or other entity.

                  4.11 ERISA. Except as set forth in Schedule 4.11 attached
hereto, the Corporation has not made and is not obligated to make contributions
to any pension, defined benefit or defined contribution plans for its employees
which are subject to the Federal Employee Retirement Income Security Act of
1974, as amended.

                  4.12 USE OF PROCEEDS. The net proceeds received by the
Corporation from the sale of the Shares shall be used by the Corporation
generally for the purposes set forth in Schedule 4.12 attached hereto.

                  4.13 PERMITS AND OTHER RIGHTS; COMPLIANCE WITH LAWS. The
Corporation has all franchises, permits, licenses and other rights and
privileges necessary to permit it to own its properties and to conduct its
business as presently conducted, except where the failure to obtain such
franchises, permits, licenses and other rights and privileges would not
reasonably be likely to have, individually or in the aggregate, a Material
Adverse Effect. The Corporation is in compliance in all material respects under
each, and the transactions contemplated by this Agreement will not cause a
violation under any of such franchises, permits, licenses and other rights and
privileges, except for such noncompliance that would not reasonably be likely to
have, individually or in the aggregate, a Material Adverse Effect. The
Corporation is in compliance in all respects with all material provisions of the
laws and governmental rules and regulations applicable to its businesses,
properties and assets, and to the products and services sold by it, except for
such noncompliance that would not reasonably be likely to, individually or in
the aggregate, have a Material Adverse Effect.

                  4.14 INSURANCE. The Corporation carries, or is covered by,
insurance in such amounts and covering such risks as it reasonably believes in
the judgment of its management is adequate for the conduct of its business and
the value of its properties and as is customary for companies engaged in similar
businesses in similar industries.

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                  4.15 ENVIRONMENTAL MATTERS. The Corporation (i) is in
compliance with any and all applicable foreign, federal, state and local laws
and regulations relating to the protection of human health and safety, the
environment or hazardous or toxic substances or wastes, pollutants or
contaminants ("Environmental Laws"), (ii) has received all permits, licenses or
other approvals required of it under applicable Environmental Laws to conduct
its businesses and (iii) is in compliance with all terms and conditions of any
such permit, license or approval, except where such noncompliance with
Environmental Laws, failure to receive required permits, licenses or other
approvals or failure to comply with the terms and conditions of such permits,
licenses or approvals would not, individually or in the aggregate, have a
Material Adverse Effect.

                  4.16 SEC REPORTS. The Corporation has made available to the
Investors its registration statement, and all amendments and exhibits thereto,
filed with the Securities and Exchange Commission ("SEC") in connection with its
initial public offering, and each other report, registration statement, proxy
statement or information statement, including, without limitation, all reports
required under the Exchange Act (the "34 Act Reports"), filed by it with the SEC
under the Securities Laws since the effective date of that registration
statement (the "Corporation Reports"). The Corporation has timely filed all such
documents required to be filed by it with the SEC under the Securities Laws and,
as of their respective dates, the Corporation Reports (i) complied as to form in
all material respects with the applicable requirements of the Securities Laws
and (ii) did not contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the
statements made therein under the circumstances in which they were made not
misleading. To the Corporation's knowledge, none of the Corporation Reports
currently is the subject of any review or investigation by the SEC or any other
government authority and there is no currently unresolved violation asserted by
the SEC or any government authority with respect to any of the Corporation
Reports.

                  4.17 LISTING. The Corporation's Common Stock is included in
The Nasdaq National Market. The Corporation is in compliance with the terms of
its listing agreement with The Nasdaq Stock Market, Inc. ("Nasdaq"), the Nasdaq
Marketplace Rules and Nasdaq's standards for continued listing and has complied
or will timely comply with such agreements and such Rules and standards in
connection with the transactions contemplated by this Agreement. No proceeding
is pending or, to the Corporation's knowledge, threatened relating to any
unresolved violation of any of such items or delisting of the Corporation's
Common Stock and the Corporation has no reason to believe that its Common Stock
will not continue to be so listed.

         The Corporation understands that the foregoing representations and
warranties shall be deemed material and to have been relied upon by each of the
Investors. As used herein, the term "to the Corporation's knowledge" shall mean
and include (a) with respect to matters relating directly to the Corporation and
its operations, actual knowledge or that knowledge which a business person not
acting negligently would have discovered in the management of his or her
business affairs, and (b) with respect to external events or conditions, the
actual knowledge, of the Corporation's President and Chief Executive Officer or
its Chief Financial Officer.

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         SECTION 5. REPRESENTATIONS AND WARRANTIES OF THE INVESTORS TO THE
CORPORATION.

         Each of the Investors, as to itself, represents and warrants to the
Corporation severally and not jointly, as follows:

                           (a) The Investor will not sell or otherwise transfer
the Shares without registration under the Securities Act or applicable state
securities laws or an exemption therefrom. The Investor acknowledges that
neither the offer nor sale of the Shares has been registered under the
Securities Act or under the securities laws of any state. The Investor
represents and warrants that the Investor is acquiring the Shares for the
Investor's own account, for investment and not with a view toward resale or
distribution within the meaning of the Securities Act. The Investor has not
offered or sold the Shares being acquired nor does the Investor have any present
intention of selling, distributing or otherwise disposing of the Shares either
currently or after the passage of a fixed or determinable period of time or upon
the occurrence or non-occurrence of any predetermined event or circumstances in
violation of the Securities Act. The Investor is aware that (i) the Shares are
not currently eligible for sale in reliance upon Rule 144 promulgated under the
Securities Act and (ii) the Corporation has no obligation to register the Shares
purchased hereunder, except as provided in Section 2 of the Investor Rights
Agreement.

                           (b) It is an "accredited investor" as such term is
defined in Rule 501(a) promulgated under the Securities Act.

                           (c) It agrees that the Corporation may place a legend
on the certificates delivered hereunder stating that the Shares have not been
registered under the Securities Act, and, therefore, cannot be offered, sold or
transferred unless they are registered under the Securities Act or an exemption
from such registration is available.

                           (d) The execution, delivery and performance by it of
this Agreement have been duly authorized by all requisite action of it.

                           (e) It further understands that the exemptions from
registration afforded by Rule 144 and Rule144A (the provisions of which are
known to it) promulgated under the Securities Act depend on the satisfaction of
various conditions, and that, if applicable, Rule 144 may afford the basis for
sales only in limited amounts.

                           (f) It has such knowledge and experience in business,
financial and tax matters so as to enable it to understand and evaluate the
merits and risks of the Investor's investment in the Common Stock and to make an
informed investment decision with respect thereto. It has been afforded the
opportunity during the course of negotiating the transactions contemplated by
this Agreement to ask questions of, and to secure such information from, the
Corporation and its officers and directors as it deems necessary to evaluate the
merits and risks of entering into such transactions.

                           (g) If it is a natural person, it has the power and
authority to enter into this Agreement and the Investor Rights Agreement. If it
is not a natural person, it is duly

                                       11

<Page>

organized and validly existing and has the power and authority to enter into
this Agreement and the Investor Rights Agreement and the signature of the party
signing on behalf of such entity is binding upon such entity. Any Investor which
is a corporation, partnership or trust represents that it has not been
organized, reorganized or recapitalized specifically for the purpose of
acquiring the securities of the Corporation.

                           (h) It has adequate net worth and means of providing
for its current needs and personal contingencies, and it is able to bear the
substantial economic risk of an investment in the Common Stock for an indefinite
period of time, has no need for liquidity in such investment and can afford a
complete loss of its investment in the Corporation.

         SECTION 6.  CLOSING CONDITIONS.

                  6.1 ACKNOWLEDGMENT OF DELIVERIES; CONDITIONS PRECEDENT TO THE
CLOSING. The several obligations of the Investors to purchase and pay for the
Shares at the Closing are subject to the satisfaction of the following
conditions precedent:

                           (a) All proceedings to have been taken and all
waivers and consents to be obtained in connection with the transactions
contemplated by this Agreement shall have been taken or obtained, and all
documents incidental thereto shall be satisfactory to each Investor and its
counsel, and each Investor and its counsel shall have received copies (executed
or certified, as may be appropriate) of all documents which such Investor or its
counsel may reasonably have requested in connection with such transactions.

                           (b) Arnold & Porter, special counsel to the
Corporation, shall have furnished to the Investors their written opinion
substantially in the form attached as Exhibit B hereto. (c) The representations
and warranties of the Corporation contained herein shall be true and correct in
all material respects on and as of the date of such Closing with the same force
and effect as though such representations and warranties had been made on and as
of such date.

                           (d) The Investor Rights Agreement in form and
substance attached hereto as Exhibit A shall have been executed by the
Corporation.

                           (e) The Corporation shall have delivered to the
Investors a certificate or certificates, dated the Closing Date, of the
Secretary of the Corporation certifying as to (i) the resolutions of the
Corporation's Board of Directors authorizing the execution and delivery of this
Agreement, the issuance to the Investors of the Shares, the execution and
delivery of such other documents and instruments as may be required by this
Agreement, and the consummation of the transactions contemplated hereby, and
certifying that such resolutions were duly adopted and have not been rescinded
or amended as of said date, and (ii) the name and the signature of the officers
of the Corporation authorized to sign, as appropriate, this Agreement and the
other documents and certificates to be delivered pursuant to this Agreement by
either the Corporation or any of its officers.

                                       12

<Page>

                           (f) The Corporation shall have delivered to the
Investors a certificate or certificates, dated as of the Closing Date, of the
President of the Corporation certifying as to the accuracy and completeness, in
all material respects, of the representations and warranties made by the
Corporation pursuant to this Agreement.

                           (g) The Corporation shall have delivered to the
Investors a certificate or certificates, dated as of the Closing Date, of the
Chief Financial Officer of the Corporation certifying that since the date of the
Unaudited Financial Statements, there has not been any material adverse change
in the financial condition or operations of the Corporation.

                  6.2 CONDITIONS TO OBLIGATIONS OF THE CORPORATION. It shall be
a condition precedent to the obligations of the Corporation hereunder to be
performed at the Closing, as the case may be, as to each Investor severally, but
not jointly, that the representations and warranties contained herein of each of
the Investors hereunder shall be true and correct as of the date of the Closing
with the same force and effect as though such representations and warranties had
been made on and as of such date. In addition, the parties acknowledge that as
of the date of this Agreement in connection with the Closing, each Investor has
executed and delivered this Agreement and the Investor Rights Agreement.

         SECTION 7.  EXPENSES AND FEES.

         The Corporation agrees to pay, in connection with the preparation,
execution, delivery, filing, administration, modification and amendment of this
Agreement, the Investor Rights Agreement and the other documents to be delivered
under this Agreement, all costs, expenses and transfer taxes incurred by the
Investors in connection therewith, including the fees and out-of-pocket expenses
of counsel for the Investors with respect thereto and with respect to advising
the Investors as to their rights and responsibilities under this Agreement and
the Investor Rights Agreement, as modified from time to time, which amount shall
not exceed $50,000 in the aggregate. The Corporation further agrees that it will
pay, and hold each of the Investors harmless from, any and all liability with
respect to any stamp or similar taxes which may be determined to be payable in
connection with the execution and delivery of this Agreement or any
modification, amendment or alteration of the terms or provisions of this
Agreement and that it will similarly pay, and hold each of the Investors
harmless from, all issue taxes in respect of the issuance of the Shares to each
of the Investors.

         SECTION 8.  BROKERS OR FINDERS.

         The Corporation represents and warrants to each of the Investors, and
each of the Investors, as to itself, represents and warrants to the Corporation,
that no person or entity has or will have, as a result of the transactions
contemplated by this Agreement, any right, interest or valid claim against or
upon the Corporation or the Investors for any commission, fee or other
compensation as a finder or broker because of any act or omission by the
Corporation or the Investors or by any agent of the Corporation or the
Investors.

         SECTION 9.  EXCHANGES; LOST, STOLEN OR MUTILATED CERTIFICATES.

                                       13

<Page>

         Upon surrender by any Investor to the Corporation of the Shares
purchased or acquired by such Investor hereunder, the Corporation, at its
expense, will issue in exchange therefor, and deliver to such Investor, a new
certificate or certificates representing such Shares in such denominations as
may be requested by such Investor. Upon receipt of evidence satisfactory to the
Corporation of the loss, theft, destruction or mutilation of any certificate
representing any Shares purchased or acquired by any Investor hereunder and, in
case of any such loss, theft or destruction, upon delivery of any indemnity
agreement satisfactory to the Corporation, or in case of any such mutilation,
upon surrender and cancellation of such certificate, the Corporation, at its
expense, will issue and deliver to such Investor a new certificate for such
Shares as applicable, of like tenor, in lieu of such lost, stolen or mutilated
certificate.

         SECTION 10. SURVIVAL OF REPRESENTATIONS AND WARRANTIES. The
representations and warranties set forth in Section 4 and 5 hereof shall survive
the Closing indefinitely.

         SECTION 11. INDEMNIFICATION; BREACH OF REPRESENTATIONS AND WARRANTIES

         11.1 INDEMNIFICATION. With respect to any claims by third parties, the
Corporation shall indemnify, defend and hold each of the Investors harmless
against any and all liabilities, loss, cost or damage, together with all
reasonable costs and expenses related thereto (including legal and accounting
fees and expenses), arising from, relating to, or connected with the untruth,
inaccuracy or breach of any statements, representations, warranties or covenants
of the Corporation contained herein, including, but not limited to, all
statements, representations, warranties or covenants concerning environmental
matters. In connection with any claim for indemnification pursuant to this
Section 11, the Corporation shall have the right to assume the defense thereof
with counsel mutually satisfactory to the Investors.

         11.2 BREACH OF REPRESENTATIONS AND WARRANTIES. With respect to any
claim by the Investors against the Corporation for a breach of a representation,
warranty, or covenant hereunder, the Corporation expressly agrees that the
Investors are relying upon the truth and accuracy of each and every
representation and warranty, and the Investors shall not be required to
demonstrate reliance in connection with any such claim, provided that the
Investors are able to demonstrate all other elements of the claim including, but
not limited to, materiality and causation to the extent required.

         SECTION 12. REMEDIES.

         In case any one or more of the covenants and/or agreements set forth in
this Agreement shall have been breached by any party hereto, the party or
parties entitled to the benefit of such covenants or agreements may proceed to
protect and enforce their rights either by suit in equity and/or action at law,
including, but not limited to, an action for damages as a result of any such
breach and/or an action for specific performance of any such covenant or
agreement contained in this Agreement. The rights, powers and remedies of the
parties under this Agreement are cumulative and not exclusive of any other
right, power or remedy which such parties may have under any other agreement or
law. No single or partial assertion or exercise of any right, power or remedy of
a party hereunder shall preclude any other or further assertion or exercise
thereof.

                                       14

<Page>

         SECTION 13. SUCCESSORS AND ASSIGNS.

         Except as otherwise expressly provided herein, this Agreement shall
bind and inure to the benefit of the Corporation and each of the Investors and
the respective permitted successors and assigns of each of the Investors and the
permitted successors and assigns of the Corporation. This Agreement and the
rights and duties of the Investors set forth herein may be freely assigned, in
whole or in part, by the Investors. Neither this Agreement nor any of the rights
or duties of the Corporation set forth herein shall be assigned by the
Corporation, in whole or in part, without having first received the written
consent of the Investors holding 66 2/3% in voting power of the Shares.

         SECTION 14. ENTIRE AGREEMENT.

         This Agreement, together with the other writings referred to herein or
delivered pursuant hereto which form a part hereof, contains the entire
agreement among the parties with respect to the subject matter hereof and
amends, restates and supersedes all prior and contemporaneous arrangements or
understandings, whether written or oral, with respect thereto.

         SECTION 15. NOTICES.

         All notices, requests, consents and other communications hereunder to
any party shall be deemed to be sufficient if contained in a written instrument
delivered in person or duly sent by first class registered, certified or
overnight mail, postage prepaid, or telecopied with a confirmation copy by
regular mail, addressed or telecopied, as the case may be, to such party at the
address or telecopier number, as the case may be, set forth below or such other
address or telecopier number, as the case may be, as may hereafter be designated
in writing by the addressee to the addressor listing all parties:

                            (i)     if to the Corporation, to:

                                    GenVec Inc.
                                    65 West Watkins Mill Road
                                    Gaithersburg, MD 20878
                                    Attention: Jeffrey W. Church
                                    Telecopier: (301) 632-0735

                                    with a copy to:

                                    Arnold & Porter
                                    555 Twelfth Street, NW
                                    Washington, DC 20004
                                    Attention: Richard E. Baltz
                                    Telecopier: (202) 942-5999

                            (ii)    if to Investors, as set forth on Schedule 1.

                                       15

<Page>

                                    with a copy to:

                                    McCarter & English, LLP
                                    Four Gateway Center
                                    100 Mulberry Street
                                    Newark, New Jersey  07012
                                    Attention: Jeffrey A. Baumel, Esquire
                                    Telecopier: (973) 624-7070

                  All such notices, requests, consents and other communications
shall be deemed to have been received: (a) in the case of personal delivery, on
the date of such delivery; (b) in the case of mailing, on the third business day
following the date of such mailing; (c) in the case of overnight mail, on the
first business day following the date of such mailing; and (d) in the case of
facsimile transmission, when confirmed by facsimile machine report.

         SECTION 16. CHANGES.

         The terms and provisions of this Agreement may not be modified or
amended, or any of the provisions hereof waived, temporarily or permanently,
except pursuant to a writing executed by a duly authorized representative of the
Corporation and a majority in voting power of the outstanding Shares issued in
connection herewith.

         SECTION 17. COUNTERPARTS.

         This Agreement may be executed in any number of counterparts, and each
such counterpart shall be deemed to be an original instrument, but all such
counterparts together shall constitute but one agreement.

         SECTION 18. HEADINGS.

         The headings of the various sections of this Agreement have been
inserted for convenience of reference only and shall not be deemed to be a part
of this Agreement.

         SECTION 19. NOUNS AND PRONOUNS.

         Whenever the context may require, any pronouns used herein shall
include the corresponding masculine, feminine or neuter forms, and the singular
form of names and pronouns shall include the plural and vice-versa.

         SECTION 20. SEVERABILITY.

         Any provision of this Agreement that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

                                       16

<Page>

         SECTION 21. GOVERNING LAW.

         This Agreement shall be governed by and construed in accordance with
the laws of the State of Delaware, excluding choice of laws rules thereof.

                                       17

<Page>

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

                                   GENVEC, INC.

                                   By: /s/ Paul H. Fischer
                                      -----------------------------------------
                                      Paul H. Fischer, Ph.D.
                                      Title: President and Chief Executive
                                      Officer

                                   INVESTORS:

                                   HEALTHCARE VENTURES VI, L.P.

                                   By: HealthCare Partners VI, L.P.
                                           its General Partner

                                   By: /s/ Jeffrey B. Steinberg
                                      -----------------------------------------
                                      Jeffrey B. Steinberg
                                      Title:  Administrative Partner

                                   HEALTHCARE VENTURES V, L.P.

                                   By: HealthCare Partners V, L.P.
                                          its General Partner

                                   By: /s/ Jeffrey B. Steinberg
                                      -----------------------------------------
                                      Jeffrey B. Steinberg
                                      Title: Administrative Partner

<Page>

                                   SCHEDULE 1

Investor                                                      Number of Shares

HealthCare Ventures V, L.P.                                   1,791,000
44 Nassau Street
Princeton, NJ  08542
ATTN: Jeffrey B. Steinberg

HealthCare Ventures VI, L.P.                                  1,791,000
44 Nassau Street
Princeton, NJ  08542
ATTN: Jeffrey B. Steinberg<Page>

                                                                     Exhibit 4.2

                                   GENVEC INC.

                            INVESTOR RIGHTS AGREEMENT

         THIS INVESTOR RIGHTS AGREEMENT (the "Agreement") is entered into as of
December 21, 2001, by and among GenVec Inc., a Delaware corporation (the
"Company"), and the holders of the Company's Common Stock set forth on Exhibit A
hereto. All of the holders of such shares of Common Stock shall be referred to
hereinafter as the "Investors" and each individually as an "Investor."

                                    RECITALS

                  WHEREAS, the Company proposes to sell and issue up to
3,582,000 shares of its Common Stock to the Investors;

         WHEREAS, as a condition of purchasing the shares of Common Stock, the
Investors have requested that the Company extend to them registration rights,
pre-emptive and other rights as set forth below;

         NOW, THEREFORE, in consideration of the mutual promises,
representations, warranties, covenants and conditions set forth in this
Agreement and the investment of the Investors in the Common Stock, the parties
mutually agree as follows:

SECTION 1. GENERAL

         1.1 Definitions. As used in this Agreement the following terms shall
have the following respective meanings:

                  "COMMON STOCK" means the Common Stock, $.001 par value of the
Company.

                  "EQUITY PERCENTAGE" shall mean, as to any Holder, that
percentage figure which expresses the ratio that (a) the number of shares of
issued and outstanding Common Stock then owned by such Holder bears to (b) the
aggregate number of shares of issued and outstanding Common Stock.

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

                  "FORM S-3" means such form under the Securities Act as in
effect on the date hereof or any successor registration form under the
Securities Act subsequently adopted by the SEC which permits inclusion or
incorporation of substantial information by reference to other documents filed
by the Company with the SEC.

                  "HCV V" means HealthCare Ventures V, LP.

<Page>

                  "HCV VI" means HealthCare Ventures VI, LP.

                  "HOLDER" means any person owning of record Registrable
Securities that have not been sold to the public or any assignee of record of
such Registrable Securities in accordance with Section 2.8 hereof.

                  "REGISTER," "REGISTERED," and "REGISTRATION" refer to a
registration effected by preparing and filing a registration statement in
compliance with the Securities Act, and the declaration or ordering of
effectiveness of such registration statement or document.

                  "REGISTRABLE SECURITIES" means (a) the Shares and (b) any
Common Stock of the Company issued as (or issuable upon the conversion or
exercise of any warrant, right or other security which is issued as) a dividend
or other distribution with respect to, or in exchange for or in replacement of,
such above described securities. Notwithstanding the foregoing, Registrable
Securities shall not include as to any Holder, any securities (i) sold by a
person to the public pursuant to a registration statement or Rule 144 under the
Securities Act, (ii) eligible to be sold by a particular Holder under Rule
144(k) under the Securities Act or (iii) sold in a private transaction in which
the transferor's rights under Section 2 of this Agreement are not assigned.

                  "REGISTRABLE SECURITIES THEN OUTSTANDING" shall be the number
of shares determined by calculating the total number of shares of the Company's
Common Stock that are Registrable Securities and either (a) are then issued and
outstanding or (b) are issuable pursuant to then exercisable or convertible
securities.

                  "REGISTRATION EXPENSES" shall mean all expenses incurred by
the Company in complying with Sections 2.2 and 2.3 hereof, including, without
limitation, all registration and filing fees, printing expenses, fees and
disbursements of counsel for the Company, reasonable fees and disbursements not
to exceed an aggregate of $20,000 of a single special counsel for the Holders,
blue sky fees and expenses and the fees and expenses of all independent
accountants retained by the Company (but excluding the compensation of regular
employees of the Company which shall be paid in any event by the Company).

                  "SEC" or "COMMISSION" means the Securities and Exchange
Commission.

                  "SECURITIES ACT" shall mean the Securities Act of 1933, as
amended.

                  "SELLING EXPENSES" shall mean all underwriting fees, discounts
and selling commissions applicable to the sale.

                  "SHARES" shall mean the Company's Common Stock issued to the
Investors listed on Exhibit A hereto and their permitted assigns.

SECTION 2. REGISTRATION; RESTRICTIONS ON TRANSFER

         2.1 RESTRICTIONS ON TRANSFER.

                                       2

<Page>

                  (a) Each Holder agrees not to make any disposition of all or
any portion of the Shares or Registrable Securities unless and until:

                           (i) There is then in effect a registration statement
under the Securities Act covering such proposed disposition and such disposition
is made in accordance with such registration statement;

                           (ii) Such disposition is made pursuant to and in
compliance with Rule 144; or

                           (iii) (A) The transferee has agreed in writing to be
bound by the terms of this Agreement by executing a counterpart signature page
hereto (which shall not be deemed to be an amendment hereto), (B) such Holder
shall have notified the Company of the proposed disposition and shall have
furnished the Company with a detailed statement of the circumstances surrounding
the proposed disposition, and (C) if reasonably requested by the Company, such
Holder shall have furnished the Company with an opinion of counsel, reasonably
satisfactory to the Company, that such disposition will not require registration
of such shares under the Securities Act.

                           (iv) Notwithstanding the provisions of paragraphs
(i), (ii) and (iii) above, no such registration statement or opinion of counsel
shall be necessary for a transfer by a Holder which is: (A) a Holder's transfer
without consideration of any or all Shares held either during such Holder's
lifetime or on death by will or intestacy to such Holder's immediate family or
to any custodian or trustee for the account of such Holder or such Holder's
immediate family. "Immediate family" as used herein shall mean spouse, lineal
descendant, father, mother, brother, or sister of the Holder making such
transfer; (B) a Holder's transfer of any or all of such Holder's Shares to the
Company; (C) a corporate Holder's transfer of any or all of its Shares pursuant
to and in accordance with the terms of any merger, consolidation,
reclassification of shares or capital reorganization of the corporate Holder, or
pursuant to a sale of all or substantially all of the stock or assets of a
corporate Holder; (D) a corporate Holder's transfer without consideration of any
or all of its Shares to any or all of its stockholders; (E) a transfer by a
Holder which is a limited or general partnership to any or all of its partners
or former partners; (F) a transfer without consideration by a limited liability
company to its members or former members in accordance with their interest in
the limited liability company; and (G) a transfer without consideration by a
Holder to a retirement plan (regardless of form) created by a Holder for the
primary benefit of, or in trust for, the Holder and/or such Holder's immediate
family or a transfer from such retirement plan to the designated beneficiary or
beneficiaries thereof; PROVIDED that in each case the transferee has agreed in
writing to be bound by the terms of this Agreement by executing a counterpart
signature page hereto (which shall not be deemed to be an amendment hereto).

                  (b) Each certificate representing Shares or Registrable
Securities shall (unless otherwise permitted by the provisions of the Agreement)
be stamped or otherwise imprinted with a legend substantially similar to the
following (in addition to any legend required under applicable state securities
laws):

                                       3

<Page>

                  THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
                  UNDER THE SECURITIES ACT OF 1933 (THE "ACT") AND MAY NOT BE
                  OFFERED, SOLD OR OTHERWISE TRANSFERRED, ASSIGNED, PLEDGED OR
                  HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR
                  UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL OR OTHER
                  EVIDENCE SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH
                  REGISTRATION IS NOT REQUIRED.

                  (c) The Company shall be obligated to reissue promptly
unlegended certificates at the request of any Holder thereof if the Holder shall
have obtained an opinion of counsel (which counsel may be counsel to the
Company) reasonably acceptable to the Company to the effect that the securities
proposed to be unlegended may lawfully be so disposed of without registration,
qualification or legend.

                  (d) Any legend endorsed on an instrument pursuant to
applicable state securities laws and the stop transfer instructions with respect
to such securities shall be removed upon receipt by the Company of an order of
the appropriate blue sky authority authorizing such removal.

                  (e) Notwithstanding the foregoing provisions of this Section
2.1, the restrictions imposed by this Section 2.1 upon the transferability of
any Restricted Securities shall cease and terminate when (a) any such Restricted
Securities are sold or otherwise disposed of in accordance with the intended
method of disposition by the seller or sellers thereof set forth in a
registration statement or such other method contemplated by Section 2.1 hereof
that does not require that the securities transferred bear the legend set forth
in Section 2.1(b) hereof, including a transfer pursuant to Rule 144 under the
Securities Act or a successor rule thereof (as amended from time to time), or
(b) the holder of Restricted Securities has met the requirements for transfer of
such Restricted Securities pursuant to subparagraph (k) of Rule 144 under the
Securities Act or a successor rule thereof (as amended from time to time)
promulgated by the Commission under the Securities Act. Whenever the
restrictions imposed by this Section 2.1 have terminated, a holder of a
certificate for Restricted Securities as to which such restrictions have
terminated shall be entitled to receive from the Company, without expense, a new
certificate not bearing the restrictive legend set forth in Section 2.1(b)
hereof and not containing any other reference to the restrictions imposed by
this Section 2.1.

                  (f) During the period beginning 30 days prior to the date of
this Agreement and ending on the date of this Agreement, each Investor
represents, warrants, covenants and agrees that neither it, nor any persons
acting under its direction or control, has engaged, directly or indirectly, in
any trading of Common Stock, including but not limited to short sales (as
defined in any applicable SEC or NASD rules) or hedging of any kind, other than
as contemplated by the Stock Purchase Agreement entered into by and among the
Company and the Investors dated as of the date hereof (the "Stock Purchase
Agreement"). Further, each Investor agrees that it will not, and that it will
cause any persons acting under its direction or control not to, directly or
indirectly, engage in any short sales of or hedging transactions, in violation
of

                                       4

<Page>

applicable SEC or NASD rules, with respect to the Company's Common Stock while
such Investor or person acting under its direction or control holds any of the
Shares.

         2.2 SHELF REGISTRATION. The Company shall within thirty (30) days from
the date of this Agreement (the "Filing Date") file a registration statement
under the Securities Act covering all of the Registrable Securities then
outstanding for an offering to be made on a continuous basis pursuant to Rule
415 in accordance with the intended method of distribution of the Holders (the
"Shelf Registration"). The Company shall use its reasonable best efforts to
effect, as soon as practicable, the registration of all Registrable Securities
to be registered and shall use its reasonable best efforts to cause the Shelf
Registration to become effective within 90 days of the Filing Date (the
"Required Effectiveness Date").

         2.3 PIGGYBACK REGISTRATIONS. The Company shall notify all Holders at
least 15 days prior to the filing of any registration statement under the
Securities Act covering the sale of securities of the Company for cash
(including, but not limited to, registration statements relating to secondary
offerings of securities of the Company, but excluding registration statements
relating to employee benefit plans or corporate reorganizations or other
transactions under Rule 145 of the Securities Act) and will afford each such
Holder an opportunity to include in such registration statement all or part of
the Registrable Securities held by such Holder. Each Holder desiring to include
Registrable Securities in any such registration statement shall notify the
Company within 5 days after the notice from the Company. Such notice shall state
the intended method of disposition of the Registrable Securities by such Holder.
If a Holder decides not to include all of its Registrable Securities in any
registration statement filed by the Company, such Holder shall nevertheless
continue to have the right to include any Registrable Securities in any
subsequent registration statement or registration statements as may be filed by
the Company, all upon the terms and conditions set forth herein.

                  (a) UNDERWRITING ARRANGEMENTS. The right of any Holder to
registration pursuant to this Section 2.3 in connection with an underwritten
offering shall be conditioned upon the participation by such Holder in the
underwriting arrangements specified by the Company in connection with such
registration and the inclusion of the Registrable Securities of such Holder in
such underwriting to the extent provided herein. All Holders proposing to
distribute their Registrable Securities through such underwriting shall
(together with the Company) enter into an underwriting agreement in customary
form with the managing underwriter; PROVIDED, HOWEVER, that none of the Holders
shall be required to make any representations or warranties or provide
indemnification except as it relates to such Holder's Registrable Securities,
including such Holder's ownership of Shares and authority to enter into the
underwriting agreement and to such Holder's intended method of distribution, and
the liability of such Holder shall be limited to an amount equal to the net
proceeds from the offering received by such Holder, except in the case of fraud.
Notwithstanding any other provision of this Section 2.3, if the managing
underwriter determines in good faith that marketing factors require a limitation
of the number of shares to be underwritten the managing underwriter may limit
the total number of Registrable Securities to be included in such registration
to the extent set forth below. The Company shall so advise all Holders
distributing Registrable Securities through such underwriting, and there shall
be included in such registration and underwriting, first shares offered by the
Company, then shares offered by any existing stockholder of the Company having

                                       5

<Page>

registration rights senior to the Holders as of the date of this Agreement and
thereafter Shares offered by the Holders on a pro-rata basis.

                  (b) RIGHT TO TERMINATE REGISTRATION. The Company shall have
the right to terminate or withdraw any registration initiated by it under this
Section 2.3 prior to the effectiveness of such registration whether or not any
Holder has elected to include securities in such registration. The Registration
Expenses of such withdrawn registration shall be borne by the Company in
accordance with Section 2.4 hereof.

         2.4 EXPENSES OF REGISTRATION. Except as specifically provided herein,
all Registration Expenses incurred in connection with any registration,
qualification or compliance pursuant to Section 2.2 or any registration under
Section 2.3 herein shall be borne by the Company. All Selling Expenses incurred
in connection with any registrations hereunder, shall be borne by the Company or
the stockholders selling the securities, as the case may be.

         2.5 OBLIGATIONS OF THE COMPANY. Whenever required to register any
Registrable Securities, the Company shall, as expeditiously as reasonably
possible:

                  (a) Prepare and file with the SEC a registration statement
with respect to such Registrable Securities and use its reasonable best efforts
to cause such registration statement to become effective, and, in the case of
the Shelf Registration, keep such registration statement effective until the
earlier of 24 months or until such time that each Holder may dispose of all
Registrable Securities owned by such Holder without limitations as to volume or
method of sale (the "Effectiveness Period").

                           (i) Notwithstanding the above, the Company may
suspend the effectiveness of the Shelf Registration, suspend the use of any
prospectus included therein ("Prospectus") and shall not be required to amend or
supplement the Shelf Registration, any related Prospectus or any document
incorporated therein by reference for a period of time not to exceed 60
consecutive days and in no event to exceed more than an aggregate of 90 days
during any 12-month period (the "Pending Event Suspension Period"), if an event
or circumstance occurs and is continuing that (A) has not been publicly
disclosed and, if not disclosed in the Shelf Registration, any related
Prospectus or any document incorporated therein by reference as then amended or
supplemented would, in the Company's good faith reasonable judgment, result in
the Shelf Registration, any related Prospectus or any such document containing
an untrue statement of a material fact or omitting to state a material fact
required to be stated therein, or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not
misleading, and (B) in the good faith judgment of the Board of Directors of the
Company (the "Board"), after consultation with its outside securities counsel,
the Company has a bona fide business purpose for not then disclosing the
existence of such event or circumstance; provided, further, that the
Effectiveness Period shall be extended by the number of days in any Pending
Event Suspension Period occurring during the Effectiveness Period, and such
period and any extension thereof is hereinafter referred to as the
"Effectiveness Period."

         In the event of the occurrence of any Pending Event Suspension Period,
the Company will promptly notify the Holders in writing. The Company will also
provide written notice to the Holders of the end of each Pending Event
Suspension Period. Each Holder agrees to cease all

                                       6

<Page>

public disposition efforts under any registration statement with respect to the
Common Stock held by such Holder immediately upon receipt of notice of the
beginning of any Pending Event Suspension Period and until the Holder receives
notice of the end of such Pending Event Suspension Period.

                           (ii) Upon the occurrence of any Event (as defined
below), as relief for the damages suffered therefrom by the Investors, the
Company shall pay to each Holder, such amounts and at such times as shall be
determined pursuant to this Section 2.5(a)(ii). For such purposes, each of the
following shall constitute an "Event":

                                    (A) the Shelf Registration is not filed in
appropriate form on or prior to the Filing Date, in which case the Company shall
pay (x) on the calendar day following the Filing Date an amount in cash equal to
one-half of one percent (0.5%) of the aggregate purchase price paid by such
Investor, plus (y) on the calendar day following every 30-calendar day period
following the Filing Date beginning with the 31st calendar day after the Filing
Date an amount in cash equal to one percent (1.0%) of the aggregate purchase
price paid by such Investor, provided that no such amounts shall be required to
be paid by the Company after the cure of such Event;

                                    (B) the Shelf Registration is not declared
effective on or prior to the Required Effectiveness Date, in which case the
Company shall pay (x) on the calendar day following the Required Effectiveness
Date an amount in cash equal to one-half of one percent (0.5%) of the aggregate
purchase price paid by such Investor, plus (y) on the calendar day following
every 30-calendar day period beginning with the 31st calendar day after the
Required Effectiveness Date an amount in cash equal to one percent (1.0%) of the
aggregate purchase price paid by such Investor, provided that no such amounts
shall be required to be paid by the Company after the cure of such Event; or

                                    (C) the Shelf Registration is declared
effective but thereafter, except pursuant to an allowable Pending Event
Suspension Period in compliance with Section 2.5(a)(i) hereof, ceases to be
effective or usable for any period of five consecutive trading days (an
"Effectiveness Default"), in which case the Company shall pay (x) on the
calendar day following the date of the Effectiveness Default an amount in cash
equal to one-half of one percent (0.5%) of the aggregate purchase price paid by
such Investor, plus (y) on the calendar day following every 30-calendar day
period following the Effectiveness Default beginning with the 31st calendar day
after the Effectiveness Default an amount in cash equal to one percent (1.0%) of
the aggregate purchase price paid by such Investor, provided that no such
amounts shall be required to be paid by the Company after the cure of such
Event.

                  (b) Prepare and file with the SEC such amendments and
supplements to such registration statement and the prospectus used in connection
with such registration statement as may be necessary to comply with the
provisions of the Securities Act with respect to the disposition of all
securities covered by such registration statement for the period set forth in
paragraph (a) above including such amendments as may be necessary for the
Holders to sell their Registrable Shares in an underwritten offering.

                                       7

<Page>

                  (c) Furnish to the Holders such number of copies of a
prospectus, including a preliminary prospectus, in conformity with the
requirements of the Securities Act, and such other documents as they may
reasonably request in order to facilitate the disposition of Registrable
Securities owned by them.

                  (d) Use its reasonable best efforts to register or qualify the
securities covered by such registration statement under such other securities or
Blue Sky laws of such jurisdictions in the United States of America as shall be
reasonably requested by the Holders; provided that the Company shall not be
required in connection therewith or as a condition thereto to qualify to do
business, subject itself to taxation, register as a broker or dealer in
securities or file a general consent to service of process in any such states or
jurisdictions.

                  (e) In the event of any underwritten public offering, enter
into and perform its obligations under an underwriting agreement, in usual and
customary form, with the managing underwriter(s) of such offering and otherwise
cooperate with the Holders as requested in connection with such offering,
including, without limitation, causing its President and Chief Executive Officer
and Chief Financial Officer to participate in a "road show" in connection with
such underwritten offering.

                  (f) Notify each Holder of Registrable Securities covered by
such registration statement at any time when a prospectus relating thereto is
required to be delivered under the Securities Act of the happening of any event
as a result of which the prospectus included in such registration statement, as
then in effect, includes an untrue statement of a material fact or omits to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading in the light of the circumstances then
existing. Each Investor agrees to cease all public disposition efforts under any
registration statement with respect to the Common Stock held by such Investor
immediately upon receipt of such notice and until the Investor receives notice
that such deficiency has been cured.

                  (g) Request that (i) counsel representing the Company for the
purposes of such registration furnish to the Holders, on the date that such
Registrable Securities are delivered to the underwriters for sale, if such
securities are being sold through underwriters, an opinion, dated as of such
date, in form and substance as is customarily given to underwriters in an
underwritten public offering, addressed to the underwriters, if any, and (ii)
the Company's auditors furnish to the Holders, a letter dated as of such date,
in form and substance as is customarily given by independent certified public
accountants to underwriters in an underwritten public offering addressed to the
underwriters.

                  (h) Cause the Registrable Securities to be listed or included
on each securities exchange on which similar securities are then listed or
included.

                  (i) Following the effective date of the Shelf Registration,
issue to transferees of the Holders which are limited partners of the Holders,
certificates representing the Shares that will be free of any restrictive
legends if, and to the extent, such transferees execute a representation letter
reasonably acceptable to the Company with respect to compliance with federal and
state securities laws.

                                       8

<Page>

         2.6 FURNISHING INFORMATION. It shall be a condition precedent to the
obligations of the Company to take any action pursuant to Section 2.2 or 2.3
that the selling Holders shall furnish to the Company such information regarding
themselves, the Registrable Securities held by them and the intended method of
disposition of such securities and such other information as shall be required
to effect the registration of their Registrable Securities.

         2.7 INDEMNIFICATION. In the event any Registrable Securities are
included in a registration statement under Sections 2.2 or 2.3:

                  (a) To the extent permitted by law, the Company will indemnify
and hold harmless each Holder and the partners, officers, directors and
stockholders of each Holder, any underwriter (as defined in the Securities Act)
for such Holder and each person, if any, who controls such Holder or underwriter
within the meaning of the Securities Act or the Exchange Act, against any
losses, claims, damages, or liabilities (joint or several) to which they may
become subject under the Securities Act, the Exchange Act or other federal or
state law, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon any of the following statements,
omissions or violations (collectively a "Violation") by the Company: (i) any
untrue statement or alleged untrue statement of a material fact contained in
such registration statement, including any preliminary prospectus or final
prospectus contained therein or any amendments or supplements thereto, (ii) the
omission or alleged omission to state therein a material fact required to be
stated therein, or necessary to make the statements therein not misleading, or
(iii) any violation or alleged violation by the Company of the Securities Act,
the Exchange Act, any state securities law or any rule or regulation promulgated
under the Securities Act, the Exchange Act or any state securities law in
connection with the offering covered by such registration statement; and the
Company will pay as incurred to each such Holder, partner, officer, director,
stockholder, underwriter or controlling person for any legal or other expenses
reasonably incurred by them in connection with investigating or defending any
such loss, claim, damage, liability or action (subject to recoupment if this
indemnification is determined to be inapplicable); provided however, that the
indemnity agreement contained in this Section 2.7(a) shall not apply to amounts
paid in settlement of any such loss, claim, damage, liability or action if such
settlement is effected without the consent of the Company, which consent shall
not be unreasonably withheld, nor shall the Company be liable in any such case
for any such loss, claim, damage, liability or action to the extent that it
arises out of or is based upon a Violation which occurs (i) in reliance upon and
in conformity with written information furnished expressly for use in connection
with such registration by such Holder, partner, officer, director, stockholder,
underwriter or controlling person of such Holder or (ii) pursuant to such
Holder's use of an outdated or defective prospectus after the Company has
notified such Holder that the prospectus is outdated or defective.

                  (b) To the extent permitted by law, each Holder will, if
Registrable Securities held by such Holder are included in the securities as to
which such registration, qualification or compliance is being effected,
severally and not jointly, indemnify and hold harmless the Company, each of its
directors, officers, agents, employees and its legal counsel and independent
accountants, and each person, if any, who controls the Company within the
meaning of the Securities Act, any underwriter and any other Holder selling
securities under such registration statement or any of such other Holder's
partners, directors, officers, agents, employees,

                                       9

<Page>

stockholders, legal counsel and independent accountants, or any person who
controls such Holder, against any losses, claims, damages or liabilities to
which the Company or any such person may become subject under the Securities
Act, the Exchange Act or other federal or state law, insofar as such losses,
claims, damages or liabilities (or actions in respect thereto) arise out of or
are based upon any Violation, in each case to the extent (and only to the
extent) that such Violation occurs in reliance upon and in conformity with
written information furnished by such Holder under an instrument duly executed
by such Holder and stated to be specifically for use in connection with such
registration statement; and each such Holder will pay as incurred any legal or
other expenses reasonably incurred by the Company or any such person in
connection with investigating or defending any such loss, claim, damage,
liability or action if it is judicially determined that there was such a
Violation; PROVIDED, HOWEVER, that the indemnity agreement contained in this
Section 2.7(b) shall not apply to amounts paid in settlement of any such loss,
claim, damage, liability or action if such settlement is effected without the
consent of the Holder, which consent shall not be unreasonably withheld;
provided further, that in no event shall any indemnity under this Section 2.7(b)
exceed the net proceeds from the offering received by such Holder.

                  (c) Promptly after receipt by an indemnified party under this
Section 2.7 of notice of the commencement of any action (including any
governmental action), such indemnified party will, if a claim in respect thereof
is to be made against any indemnifying party under this Section 2.7, deliver to
the indemnifying party a written notice of the commencement thereof and the
indemnifying party shall have the right to participate in, and, to the extent
the indemnifying party so desires, jointly with any other indemnifying party
similarly noticed, to assume the defense thereof with counsel mutually
satisfactory to the parties; PROVIDED, HOWEVER, that an indemnified party shall
have the right to retain its own counsel, if such indemnified party shall have
been advised by counsel that representation of such indemnified party by the
counsel retained by the indemnifying party would be inappropriate due to actual
or potential differing interests between such indemnified party and any other
party represented by such counsel in such proceeding; PROVIDED FURTHER, HOWEVER,
that the indemnifying party shall not be responsible for the fees and expenses
of more than one counsel for all indemnified parties. The failure to deliver
written notice to the indemnifying party within a reasonable time of the
commencement of any such action, if materially prejudicial to its ability to
defend such action, shall relieve such indemnifying party of any liability to
the indemnified party under this Section 2.7, but the omission so to deliver
written notice to the indemnifying party will not relieve it of any liability
that it may have to any indemnified party otherwise than under this Section 2.7.

                  (d) If the indemnification provided for in this Section 2.7 is
held by a court of competent jurisdiction to be unavailable to an indemnified
party with respect to any losses, claims, damages or liabilities referred to
herein, the indemnifying party, in lieu of indemnifying such indemnified party
thereunder, shall to the extent permitted by applicable law contribute to the
amount paid or payable by such indemnified party as a result of such loss,
claim, damage or liability in such proportion as is appropriate to reflect the
relative fault of the indemnifying party on the one hand and of the indemnified
party on the other in connection with the Violation(s) that resulted in such
loss, claim, damage or liability, as well as any other relevant equitable
considerations. The relative fault of the indemnifying party and of the
indemnified party shall be determined by a court of law by reference to, among
other things, whether the untrue or alleged

                                       10

<Page>

untrue statement of a material fact or the omission to state a material fact
relates to information supplied by the indemnifying party or by the indemnified
party and the parties' relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission; provided, that in
no event shall any contribution by a Holder hereunder exceed the net proceeds
from the offering received by such Holder.

                  (e) The obligations of the Company and Holders under this
Section 2.7 shall survive completion of any offering of Registrable Securities
in a registration statement and the termination of this Agreement. No
indemnifying party, in the defense of any such claim or litigation, shall,
except with the consent of each indemnified party, consent to entry of any
judgment or enter into any settlement which does not include as an unconditional
term thereof the giving by the claimant or plaintiff to such indemnified party
of a release from all liability in respect to such claim or litigation.

         2.8 ASSIGNMENT OF REGISTRATION RIGHTS. The rights to cause the Company
to register Registrable Securities and to provide indemnification pursuant to
this Section 2 may be assigned by a Holder to a transferee or assignee of
Registrable Securities which (a) is a subsidiary, parent, general partner,
limited partner, retired partner, member, retired member or affiliate of a
Holder, (b) is a Holder's immediate family member or trust for the benefit of an
individual Holder or immediate family members or (c) acquires at least 50,000
shares of Registrable Securities (as adjusted for stock splits, combinations and
similar events); PROVIDED, HOWEVER, (i) the transferor shall, within ten (10)
days after such transfer, furnish to the Company written notice of the name and
address of such transferee or assignee and the securities with respect to which
such registration rights are being assigned and (ii) such transferee shall agree
to be subject to all restrictions set forth in this Agreement by executing a
counterpart signature page hereto (which shall not be deemed to be an amendment
hereto).

         2.9 AMENDMENT OF REGISTRATION RIGHTS. Any provision of this Section 2
may be amended and the observance thereof may be waived (either generally or in
a particular instance and either retroactively or prospectively), only with the
written consent of the Company and the Holders of at least a majority of the
Registrable Securities then outstanding. Any amendment or waiver effected in
accordance with this Section 2.9 shall be binding upon each Holder and the
Company. By acceptance of any benefits under this Section 2, Holders of
Registrable Securities hereby agree to be bound by the provisions hereunder.

         2.10 LIMITATION ON SUBSEQUENT REGISTRATION RIGHTS. After the date of
this Agreement, the Company shall not, without the prior written consent of the
Holders of a majority of the Registrable Securities then outstanding, enter into
any agreement with any holder or prospective holder of any securities of the
Company that would grant such holder registration rights senior to those granted
to the Holders hereunder.

         2.11 RULE 144 REPORTING. With a view to making available to the Holders
the benefits of certain rules and regulations of the SEC which may permit the
sale of the Registrable Securities to the public without registration, the
Company agrees to use its reasonable best efforts to:

                                       11

<Page>

                  (a) Make and keep public information available, as those terms
are understood and defined in SEC Rule 144 or any similar or analogous rule
promulgated under the Securities Act;

                  (b) File with the SEC, in a timely manner, all reports and
other documents required of the Company under the Exchange Act; and

                  (c) So long as a Holder owns any Registrable Securities,
furnish to such Holder forthwith upon request: a written statement by the
Company as to its compliance with the reporting requirements of said Rule 144 of
the Securities Act, and of the Exchange Act; a copy of the most recent annual or
quarterly report of the Company; and such other reports and documents as a
Holder may reasonably request in availing itself of any rule or regulation of
the SEC allowing it to sell any such securities without registration.

SECTION 3 COVENANTS OF THE COMPANY

         3.1 INSPECTION RIGHTS. Each Holder shall have the right to visit and
inspect any of the properties of the Company or any of its subsidiaries, and to
discuss the affairs, finances and accounts of the Company or any of its
subsidiaries with its officers, and to review such information as is reasonably
requested all during normal business hours following reasonable notice and as
often as may be reasonably requested; PROVIDED, HOWEVER, that the Company shall
not be obligated under this Section 3.1 with respect to any Holder that is a
competitor of the Company.

         3.2 CONFIDENTIALITY OF RECORDS. Each Holder agrees to use, and to use
its reasonable best efforts to insure that its authorized representatives use,
the same degree of care as such Holder uses to protect its own confidential
information to keep confidential any information furnished to it which the
Company identifies in writing as being confidential or proprietary (so long as
such information is not in the public domain), except that such Holder may
disclose such proprietary or confidential information to any partner, subsidiary
or parent of such Holder for the purpose of evaluating its investment in the
Company as long as such partner, subsidiary or parent is advised of the
confidentiality provisions of this Section 3.2.

         3.3 BOARD OF DIRECTORS; COMMITTEES; BY-LAWS.

                  (a) VOTING FOR DIRECTORS. Effective January 1, 2002, the Board
of Directors of the Company, subject to its fiduciary duties, shall elect the
Investors' designee to fill a vacancy in a class of directors of the Board in
accordance with the provisions of the Company's by-laws. During the remaining
term of this Agreement, at each annual meeting of the stockholders of the
Company and at each special meeting of the stockholders of the Company called
for the purposes of electing directors of the class in which the director
elected pursuant to this Section 3.3(a) is included, and at any time at which
stockholders of the Company shall have the right to, or shall, vote for or
consent to the election of such class of directors, then the Company shall
nominate for election and the Board shall so support in connection with the
election thereto one

                                       12

<Page>

(1) director designated by the Investors who is reasonably satisfactory to the
Company. The Company shall use its reasonable best efforts to effectuate the
purposes of this Section 3.3.

                  (b) NOTICES. The Investors shall notify the Company in writing
of the persons designated by it pursuant to Section 3.3(a) above as nominee for
election to the Board, and shall promptly furnish all information necessary for
all required filings with the SEC. In the absence of any notice from the
Investors, the director then serving and previously designated by the Investors
shall be renominated.

                  (c) VACANCY. Any vacancy on the Board created by the
resignation, removal, incapacity or death of any person designated under the
foregoing provisions of this Section 3.3 shall be filled by another person
designated by the Investors. Each member of the Board shall vote in accordance
with each such new designation, and no such vacancy shall be filled in the
absence of a new designation by the original Designating Party.

         3.4 DIRECTORS' EXPENSES. The Director elected pursuant to Section 3.3
hereof shall be entitled to compensation, reimbursement for reasonable out of
pocket expenses incurred in connection with the performance of his or her duties
as a Director, Directors' liability insurance and indemnification in accordance
with the policies established by the Board for all Directors generally.

         3.5 INDEMNIFICATION WITH RESPECT TO HOLDERS; ADVANCEMENT. In the event
that either of HCV V, HCV VI, or any director, officer, employee, affiliate or
agent thereof (the "Indemnitees"), becomes involved in any action, proceeding,
investigation or inquiry in connection with or arising out of any matter by
virtue of the service of any Indemnitee as a director of the Company, the
Company shall, to the extent legally permissible, reimburse each Indemnitee for
its legal and other expenses (including the cost of any investigation and
preparation) as they are incurred by such Indemnitee in connection therewith,
and all liabilities, damages, losses, settlements, claims, actions, suits,
penalties, fines, costs or expenses (including, without limitation, attorneys'
fees), incurred by or asserted against any Indemnittee of whatever kind or
nature, on terms no less favorable than those provided to any similarly situated
director of the Company. The foregoing agreement shall be in addition to any
rights that any Indemnitee may have at common law or otherwise.

SECTION 4 PRE-EMPTIVE RIGHTS

         4.1 SUBSEQUENT OFFERINGS. Each Holder shall have the pre-emptive right
to purchase its Equity Percentage of all Equity Securities, as defined below,
that the Company may, from time to time, propose to sell and issue after the
date of this Agreement, other than the Equity Securities excluded by Section 4.5
hereof. The term "Equity Securities" shall mean (i) any Common Stock or
Preferred Stock of the Company, (ii) any security convertible, with or without
consideration, into any Common Stock or Preferred Stock (including any option to
purchase such a convertible security), (iii) any security carrying any warrant
or right to subscribe to or purchase any Common Stock or Preferred Stock or (iv)
any such warrant or right.

                                       13

<Page>

         4.2 EXERCISE OF RIGHTS. If the Company proposes to issue any Equity
Securities, it shall give the Holders notice of its intention, describing the
Equity Securities, the price and the terms and conditions upon which the Company
proposes to issue the same. Each Holder shall have 20 days from the giving of
such notice to agree to purchase up to its Equity Percentage of the Equity
Securities for the price and upon the terms and conditions specified in the
notice by giving notice to the Company and stating therein the quantity of
Equity Securities it agrees to purchase. If some but not all of the Holders
elect to purchase their Equity Percentage of the offered Equity Securities,
those electing Holders shall have five additional days to agree to purchase all
but not less than all of the offered Equity Securities that were available for
purchase by the non-electing Holders, allocated pro rata among the electing
Holders who choose to purchase such additional offered Equity Securities.
Notwithstanding the above, if the pre-emptive rights hereunder are exercised by
HCV V or HCV VI in connection with a firm commitment underwritten public
offering, HCV V and HCV VI shall, if requested, comply with reasonable
conditions and procedures imposed by the managing underwriters thereof and
otherwise with applicable rules and regulations.

         4.3 NO TERMINATION UPON WAIVER OF PRE-EMPTIVE RIGHTS. The pre-emptive
rights established by this Section 4 shall not terminate nor be deemed to be
waived with respect to any subsequent transactions if the Holders and/or their
assignees do not exercise their rights as provided in Section 4.2 to purchase
Equity Securities offered to them pursuant to Section 4.1. The provisions of
this Section 4 may be amended or waived only by the agreement of the Company and
the holders of at least a majority of the shares of Common Stock purchased by
the Investors.

         4.4 TRANSFER OF PRE-EMPTIVE RIGHTS. Each Holder may assign its
pre-emptive rights under this Section 4 in whole or in part to one or more of
the following: any subsidiary, parent, general partner, limited partner, retired
partner, member, retired member, general partner of a general partner, affiliate
or family trust of such Holder, who shall agree to be bound by this Agreement in
connection with and following such assignment by executing a counterpart
signature page hereto (which shall not be deemed to be an amendment hereto).

         4.5 EXCLUDED SECURITIES. The pre-emptive rights established by this
Section 4 shall have no application to any of the following Equity Securities:

                  (a) shares of Common Stock (and/or options, warrants or other
Common Stock purchase rights issued pursuant to such options, warrants or other
rights) issued or to be issued to employees, officers or directors of, or
consultants or advisors to the Company or any subsidiary, pursuant to
compensation plans, agreements, or other arrangements that are approved by the
Board of Directors;

                  (b) as to Holders other than HCV V and HCV VI, shares of
Common Stock issued in connection with a firm commitment underwritten public
offering;

                  (c) any Equity Securities issued pursuant to such rights or
agreements granted after the date of this Agreement, PROVIDED that the
pre-emptive rights established by this Section 4 applied with respect to the
initial sale or grant by the Company of such rights or agreements;

                                       14

<Page>

                  (d) any Equity Securities issued for consideration other than
cash pursuant to a merger, consolidation, acquisition or similar business
combination;

                  (e) any Equity Securities issued in connection with any stock
split, stock dividend or recapitalization by the Company;

                  (f) any Equity Securities issued pursuant to any equipment
leasing arrangement, or debt financing from a bank or similar financial
institution; and

                  (g) any Equity Securities issued in connection with strategic
transactions involving the Company and other entities, including but not limited
to (i) joint ventures, manufacturing, marketing or distribution arrangements or
(ii) technology transfer or development arrangements.

SECTION 5 MISCELLANEOUS

         5.1 TERMINATION. The rights and obligations of the Company and the
Holders under this Agreement shall terminate as to any specific Holder at the
earlier of (i) such time that all Holders hereunder own, in the aggregate, less
than 50% of the total Shares purchased by the Investors and (ii) seven years
from the date hereof except that the provisions of Sections 2.7, 3.4 and 3.5
shall not terminate and shall extend until there is no representative, partner
or designee of HCV V or HCV VI on the Board of Directors of the Company.

         5.2 GOVERNING LAW. This Agreement shall be governed by and construed
under the laws of the State of Delaware as applied to agreements among Delaware
residents entered into and to be performed entirely within Delaware.

         5.3 SURVIVAL. Except as expressly provided herein, the representations,
warranties, covenants, and agreements made herein shall survive any
investigation made by any Holder and the closing of the transactions
contemplated hereby. All statements as to factual matters contained in any
certificate or other instrument delivered by or on behalf of the Company
pursuant hereto in connection with the transactions contemplated hereby shall be
deemed to be representations and warranties by the Company hereunder solely as
of the date of such certificate or instrument.

         5.4 FURTHER ASSURANCES. Each party to this Agreement agrees to act in
accordance herewith and not to take any action that is designed to avoid the
intention hereof. From time to time, as and when requested by any party hereto,
the other parties shall execute and deliver, or cause to be executed and
delivered, all such documents and instruments and shall take, or cause to be
taken, all such further or other actions as such party may reasonably deem
necessary or appropriate in connection with the consummation of the transactions
contemplated by this Agreement.

         5.5 SUCCESSORS AND ASSIGNS. Except as otherwise expressly provided
herein, the provisions hereof shall inure to the benefit of, and be binding
upon, the successors, assigns, heirs, executors, and administrators of the
parties hereto and shall inure to the benefit of and be

                                       15

<Page>

enforceable by each person who shall be a holder of Registrable Securities and
in particular any assignee, from time to time; PROVIDED, HOWEVER, that prior to
the receipt by the Company of adequate written notice of the transfer of any
Registrable Securities specifying the full name and address of the transferee,
the Company may deem and treat the person listed as the holder of such shares in
its records as the absolute owner and holder of such shares for all purposes,
including the payment of dividends or any redemption price.

         5.6 ENTIRE AGREEMENT. This Agreement, the Exhibits hereto, the Stock
Purchase Agreement and the other documents delivered pursuant thereto constitute
the full and entire understanding and agreement between the parties with regard
to the subjects hereof and no party shall be liable or bound to any other in any
manner by any representations, warranties, covenants and agreements except as
specifically set forth herein and therein.

         5.7 SEVERABILITY. In case any provision of the Agreement shall be
invalid, illegal, or unenforceable, the validity, legality, and enforceability
of the remaining provisions shall not in any way be affected or impaired
thereby.

         5.8  AMENDMENT AND WAIVER.

                  (a) Except as otherwise expressly provided, this Agreement may
be amended or modified only upon the consent of (i) the Company, and (ii) the
holders of at least a majority of the Shares.

                  (b) Except as otherwise expressly provided, the obligations of
the Company and the rights of the Holders under this Agreement may be waived
only with the consent of the holders of at least a majority of the Shares.

         5.9 DELAYS OR OMISSIONS. It is agreed that no delay or omission to
exercise any right, power, or remedy accruing to any Holder, upon any breach,
default or noncompliance of the Company under this Agreement shall impair any
such right, power, or remedy, to the extent that the Company is not prejudiced
thereby, nor shall it be construed to be a waiver of any such breach, default or
noncompliance, or any acquiescence therein, or of any similar breach, default or
noncompliance thereafter occurring. It is further agreed that any waiver,
permit, consent, or approval of any kind or character on any Holder's part of
any breach, default or noncompliance under the Agreement or any waiver on such
Holder's part of any provisions or conditions of this Agreement must be in
writing and shall be effective only to the extent specifically set forth in such
writing. All remedies, either under this Agreement, by law, or otherwise
afforded to Holders, shall be cumulative and not alternative.

         5.10 NOTICES AND CONSENTS. All notices and consents required or
permitted hereunder must be in writing and shall be deemed effectively given:
(a) upon personal delivery to the party to be notified, (b) when sent by
facsimile if sent during normal business hours of the recipient; if not, then on
the next business day, (c) five days after having been sent by registered or
certified mail, return receipt requested, postage prepaid, or (d) one business
day after deposit with a nationally recognized overnight courier, specifying
next day delivery, with written verification of receipt. All communications
shall be sent to the party to be notified at the address as set forth on

                                       16

<Page>

the signature pages hereof or Exhibit A hereto or at such other address as such
party may designate by ten (10) days advance written notice to the other parties
hereto.

         5.11 TITLES AND SUBTITLES. The titles of the sections and subsections
of this Agreement are for convenience of reference only and are not to be
considered in construing this Agreement.

         5.12 COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each of which shall be an original, but all of which together
shall constitute one instrument.

                                       17

<Page>

         IN WITNESS WHEREOF, the parties hereto have executed this INVESTOR
RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof.

                                  GENVEC, INC.

                                  By: /s/ Paul H. Fischer
                                     ------------------------------------------
                                  Name:  Paul H. Fischer, Ph.D.
                                  Title: President and Chief Executive Officer

INVESTORS:

                                  HEALTHCARE VENTURES VI, L.P.

                                  By: HealthCare Partners VI, L.P.
                                         its General Partner

                                  By: /s/ Jeffrey B. Steinberg
                                     ------------------------------------------
                                      Jeffrey B. Steinberg
                                      Title: Administrative Partner

                                  HEALTHCARE VENTURES V, L.P.
                                  By: HealthCare Partners V, L.P.
                                        its General Partner

                                  By: /s/ Jeffrey B. Steinberg
                                     ------------------------------------------
                                     Jeffrey B. Steinberg
                                     Title: Administrative Partner

<Page>

                                    EXHIBIT A

INVESTORS

HEALTHCARE VENTURES VI, L.P.

HEALTHCARE VENTURES V, L.P.

                                       2

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