Document:

Module and Segment Reference

    
      

      

    

    

      GEOVAX
        INC. 

      EMPLOYMENT
        AGREEMENT--ANDREW
        KANDALEPAS

      1
        February 2007

      

      

      This
        EMPLOYMENT
        AGREEMENT
        (the
        "Agreement") by and between GeoVax
        Inc.,
        a
        Georgia Corporation ("Company"), and ANDREW
        KANDALEPAS ("Employee";
        and with the Company, collectively, the "Parties"), is entered into and
        effective as of:
        1 February 2007

      (the
        "Effective Date”). 

      

      Employee
        will serve as a SENIOR VICE
        PRESIDENT of
        the
        Company. The Company and Employee desire that Employee be employed by the
        Company in the above capacity under the terms of this Agreement. Therefore,
        in
        consideration of the mutual covenants and agreements set forth herein, it
        is
        agreed: 

       

      1.    Employment;
        Duties.
        Employee is hereby employed by the Company under the terms of this Agreement,
        and Employee accepts such employment. Employee shall serve in the position
        as
        defined above and shall perform the following duties (“Employees Duties”): such
        duties as are customary for someone in that position and duties that may
        be
        reasonably assigned from time to time by the President and CEO and in the
        absence of the President/CEO, the Company’s Board of Directors (BOD]. Primary
        duties include but are not limited to: specified
        corporate functions, coordination/management of financial activities inclusive
        of private placements of stock in both domestic and international markets;
        fund
        raising via sales of securities and other means of fund raising inclusive
        of
        grants, business contracts and any other activities that may be assigned
        from
        time to time.

       

      2.    Term
        of Agreement.
        The term
        of Employee’s employment under this Agreement commences on the “effective date”
and shall end upon the termination of Employee’s employment with the Company as
        provided herein. The Company may terminate this Agreement upon at least 30
        days
        prior written notice to Employee, and such termination shall be effective
        on the
        termination date described in such notice (or such earlier time as the Company
        and Employee may agree).
        Notwithstanding the foregoing, the termination of this Agreement shall not
        terminate the Company’s obligation to make any payments to Employee for services
        performed and expenses incurred prior to the date of such termination, or
        as set
        forth below; and shall not terminate Employee’s obligations under Section 14, 15
        and 16 below.

       

      3.    Base
        Salary.
        The
        Company shall pay Employee $210,000
        annually,
        payable
        at least monthly, with annual reviews. Performance and salary reviews are
        at the
        discretion of the President/CEO or Board of Directors and may occur more
        often
        than annually in line with job responsibility changes. Employee accepts direct
        deposit of compensation to his/her bank account. Employee agrees to accept
        electronic payroll transfer and deposits to a bank account of their
        choice.

       

      4.    Performance
        Reviews.
        Performance reviews will be conducted at least annually
        by the
        President/CEO.

          

      5.    Annual
        Bonus Potential.
        An
        annual fiscal year bonus will be considered and recommended, if appropriate,
        by
        the President/CEO and must be BOD approved. The actual amount shall be at
        the
discretion
        of the
        President/BOD based on Employee’s and the Company’s performance and achievement.

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      6.    Equity
        Stock Incentive.
        The
        Company shall consider the grant of stock options to Employee under the
        Company’s then current stock option plan. These options would allow employee the
        right to purchase shares of the Company’s common stock at an exercise price per
        share yet to be determined. The options will have an expiration date and
        vesting
        schedule which will be set by the Board of Directors.

       

      7.    Moving
        Expenses.
        N/A

       

      8.    Temporary
        Living Expense.
        N/A

       

      9.    Travel
        Expenses.
        The
        Company shall reimburse Employee for usual and customary business travel
        expenses reasonably incurred in the performance of Employee’s Duties, based on
        receipted expense reports, including reimbursement for all general business
        use
        of personal auto, based on a per mile rate as set for the by the Company
        from
        time to time (currently $0.40 per mile). Employee will use best efforts to
        minimize all travel and travel expenses and use alternative less expensive
        forms
        of travel when possible. Pre-approval of travel expenses exceeding $1000
        for an
        individual trip is required. Employee agrees to adhere to Company policies
        regarding documentation and limitation of travel expenses as may be established
        or amended from time to time.

       

      10.  
          Other
        Business Expenses.
        

       

      a.    Office:
        Company
        will reimburse for office expenses up to $2,000 per month upon receipt and
        approval of an expense report. Expense report should include receipts for
        each
        individual office expense exceeding $300 but all expenses up to $2000 should
        be
        reported.
        

       

      b.    Other:
        TBD

       

      11.     Benefits.
        Employee will be entitled to the following benefits in line with the company’s
        ongoing benefits program administered through an HR employment agency
        [Administaff Inc.] or other company selected benefits administrator. Benefit
        details are provided in an information packet available from the
        Company.

      

      
        
          a.    Life
            Insurance Benefits: $50,000
            in term life insurance. Additional insurance is available through the
            HR
            agency.

        

      

      

      
        
          b.    Long-Term
            Disability Insurance:
            As
            provided

        

      

      

      
        
          c.    Medical
            & Dental Insurance 
            As
            provided 

        

      

       

      
        
          d.    Vacation: Four
            (4) weeks paid vacation.

        

      

      

      
        
          e.    Holidays:
            Nine
            (9) paid holidays.

        

      

      

      
        
          f.    Retirement
            Plan:
            Company
            provides an Administaff [employment agency] administered Company 401(k)
            Retirement Plan that allows Employee to contribute up to 15% of salary
            on a
            pre-tax basis up to a maximum as prescribed under federal law. Employer
            matching
            and/or profit contribution will be at the discretion of the Company and
            approved
            annually by the Board. Company matching is currently
            $0.25 for each $1.00 of employee 401(k) contribution
            up to a
            maximum. [See Plan for details]

        

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      12.     Termination
        Provision---Non Voluntary 

      

      a.    With
        Cause.
        If
        Employee is terminated with cause, Employee’s employment, compensation and
        benefits will terminate immediately (unless otherwise provided by law), and
        Employee shall not receive any severance payments.

       

      b.    Without
        Cause.
        If
        Employee is terminated without cause, Employee must be given 30 days notice,
        and
        his salary will continue to be paid for 1 week for each full year of
        service.

       

      13.     Termination
        Provision---Voluntary.
        Employee
        may voluntarily terminate his employment on 60 day written notice to the
        Company, and Employee’s employment, compensation and benefits will terminate on
        the effective date of termination (unless otherwise provided by law), and
        Employee shall not receive any severance payments.

       

      14.     Record
        Keeping and Payment.
        Employee shall keep and file with the Company an expense report for all business
        expenses for which Employee seeks reimbursement, and Employee shall be
        reimbursed for such documented business expenses within thirty (30) days
        of
        submitting a request for reimbursement.

       

      

      15.     Restrictive
        Covenants.
        Employee
        acknowledges that the restrictions contained herein are reasonable and necessary
        to protect the legitimate business interests of the Company, and will not
        impair
        or infringe upon his right to work or earn a living after his employment
        with
        the Company ends. The restrictions imposed herein shall apply during Employee’s
        employment with the Company and, except for the longer period specified below
        for the protection of Trade
        Secrets,
        thereafter for a period of two (2) years after the termination of employment
        for
        any reason (the “Restricted Period”).

      

      a.   Trade
        Secrets and Confidential Information.
        Employee
        represents and warrants that: (i) he is not subject to any agreement that
        would
        prevent him from performing Employ ee’s Duties for the Company or otherwise
        complying with this Agreement, and (ii) he is not subject to or in breach
        of any
        non-disclosure agreement, including any agreement concerning trade secrets
        or
        confidential information owned by any other party.

      Employee
        agrees that he will not: (i) use, disclose, or reverse engineer the Trade
        Secrets
        or the
Confidential
        Information
        (as
        defined below), except as authorized by the Company; (ii) or during his
        employment with the Company, use, disclose, or reverse engineer (a) any
        confidential information or trade secrets of any former employer or third
        party,
        or (b) any works of authorship developed in whole or in part by him during
        any
        former employment or for any other party, unless authorized in writing by
        the
        former employer or third party; or (iii) upon his resignation or termination
        (a)
        retain Trade
        Secrets or Confidential Information,
        including any copies existing in any form (including electronic form), which
        are
        in his possession or control, or (b) destroy, delete, or alter the Trade
        Secrets or Confidential Information
        without
        the Company’s consent. Notwithstanding the above, such information may be
        disclosed to authorized representatives of the US government in federal grant
        applications and to third parties in connection with licensing, financing
        and
        other commercial agreements, in each case to the extent the failure to provide
        such information would materially prejudice the Company’s ability to secure the
        grant or enter into the desired commercial relationship, and provided that
        in
        each case Employee uses his best efforts to cause the person(s) receiving
        such
        information to protect its confidentiality and limit its use, including securing
        a written confidentiality agreement where possible.

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      The
        obligations under this subsection 15.a shall: (i) with regard to the
Trade
        Secrets,
        remain
        in effect as long as the information constitutes a trade secret under applicable
        law, and (ii) with regard to the Confidential
        Information,
        remain
        in effect during the Restricted Period.

      

      b.   “Confidential
        Information”
means
        information of the Company, to the extent not considered a Trade
        Secret
        under
        applicable law, that (i) relates to the business of the Company, (ii) possesses
        an element of value to the Company, (iii) is not generally known to the
        Company’s competitors, and (iv) would damage the Company if disclosed.
Confidential
        Information
        includes, but is not limited to, (i) future business plans, (ii) the
        composition, description, schematic or design of products, future products
        or
        equipment of the Company, (iii) communication systems, audio systems, system
        designs and related documentation, (iv) advertising or marketing plans, (v)
        information regarding independent contractors, employees, clients and customers
        of the Company, and (vi) information concerning the Company’s financial
        structure and methods and procedures of operation. Confidential Information
        shall not include any information that (i) is or becomes generally available
        to
        the public other than as a result of an unauthorized disclosure, (ii) has
        been
        independently developed and disclosed by others without violating this Agreement
        or the legal rights of any party, or (iii) otherwise enters the public domain
        through lawful means.

      

      c.   “Trade
        Secrets”
        means
        information of the Company, and its licensors, suppliers, clients and customers,
        without regard to form, including, but not limited to, technical or
        non-technical data, a formula, a pattern, a compilation, a program, a device,
        a
        method, a technique, a drawing, a process, financial data, financial plans,
        product plans, or a list of actual or potential customers or suppliers which
        is
        not commonly known by or available to the public and which information (i)
        derives economic value, actual or potential, from not being generally known
        to,
        and not being readily ascertainable by proper means by, other persons who
        can
        obtain economic value from its disclosure or use, and (ii) is the subject
        of
        efforts that are reasonable under the circumstances to maintain its
        secrecy.

      

      d.   Non-Solicitation
        of Customers and Business Partners.
        During
        the Restricted Period, Employee will not solicit any customer of the Company,
        or
        any for-profit or not-for-profit enterprise in a commercial or research
        relationship with the Company, on his own behalf or on behalf of any other
        person or entity, for the purpose of providing any goods or services competitive
        with the business of the Company as described in the Company’s Business Plan or
        thereafter (the “Business”), or for the purpose of diverting the benefits of any
        such relationship away from the Company. The restrictions set forth in this
        Section apply only to the customers and enterprises with whom Employee had
        interaction (i) in an effort to establish, maintain, and/or further a business
        relationship on behalf of the Company, and (ii) which occurs during the last
        year of Employee’s employment with the Company (or during his employment if
        employed less than a year).

      

      e.   Non-Recruitment
        of Employees.
        During
        the Restricted Period, Employee will not, directly or indirectly, solicit,
        recruit or induce any employee of the Company or any affiliate of the Company
        either to terminate his or her employment relationship with the Company,
        or work
        for any other person or entity engaged in a business like the Business.

       

      16.     Work
        Product.
        Employee’s Duties may include creation of inventions in areas directly or
        indirectly related to the business of the Company or to a line of business
        that
        the Company may reasonably be interested in pursuing. All Work Product (as
        defined below) shall constitute work made for hire. If (i) any of the Work
        Product may not be considered work made for hire, or (ii) ownership of all
        right, title, and interest to the legal rights in and to the Work Product
        will
        not vest exclusively in the Company, then, without further consideration,
        Employee assigns all presently-existing Work Product to the Company, and
        agrees
        to assign, and automatically assigns, all future Work Product to the Company.
        

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      The
        Company will have the right to obtain and hold in its own name copyrights,
        patents, design registrations, proprietary database rights, trademarks, rights
        of publicity, and any other protection available in the Work Product. At
        the
        Company's request, Employee will perform, during or after his employment
        with
        the Company, any acts to transfer, perfect and defend the Company's ownership
        of
        the Work Product, including, but not limited to: (i) executing all documents
        (including a formal assignment to the Company) necessary for filing an
        application or registration for protection of the Work Product (an
        "Application"), (ii) explaining the nature of the Work Product to persons
        designated by the Company, (iii) reviewing Applications and other related
        papers, or (iv) providing any other assistance reasonably required for the
        orderly prosecution of Applications. Employee will provide the Company with
        a
        written description of any Work Product in which he is involved (solely or
        jointly with others) and the circumstances surrounding the creation of such
        Work
        Product.

       

      "Work
        Product"
        means
        (a) any data, databases, materials, documentation, computer programs, inventions
        (whether or not patentable), designs, and/or works of authorship, including
        but
        not limited to, discoveries, ideas, concepts, properties, formulas,
        compositions, methods, programs, procedures, systems, techniques, products,
        improvements, innovations, writings, pictures, and artistic works, and (b)
        any
        subject matter protected under patent, copyright, proprietary database,
        trademark, trade secret, rights of publicity, confidential information, or
        other
        property rights, including all worldwide rights therein, that is or was
        conceived, created or developed in whole or in part by Employee while employed
        by the Company and that either (i) is created within the scope of his
        employment, (ii) is based on, results from, or is suggested by any work
        performed within the scope of his employment, (iii) is directly or indirectly
        related to the business of the Company or a line of business that the Company
        may reasonably be interested in pursuing, (iv) has been or will be paid for
        by
        the Company, or (iv) was created or improved in whole or in part by using
        the
        Company's time, resources, data, facilities, or equipment.

       

      17.     Arbitration.
        

       

      a.   Any
        controversy, claim or dispute arising from, out of or relating to this
        Agreement, or any breach thereof, including but not limited to any dispute
        concerning the scope of this arbitration clause, claims based in tort or
        contract, claims for discrimination under federal, state or local law, and/
        or
        claims for violation of any federal, state or local law (any such controversy,
        claim or dispute being referred to herein as a “Claim”) shall be resolved in
        accordance with the National Rules for the Resolution of Employment Disputes
        of
        the American Arbitration Association then in effect. Such arbitration shall
        take
        place in Atlanta, Georgia. The arbitrator’s award shall be final and binding
        upon both parties.

       

      b.   A
        demand
        for arbitration shall be made within a reasonable time after the Claim has
        arisen. In no event shall the demand for arbitration be made after the date
        when
        an institution of legal and/or equitable proceedings based on such Claim
        would
        be barred by the applicable statute of limitations. Each party to the
        arbitration will be entitled to be represented by counsel and shall have
        the
        right to subpoena witnesses and documents for the arbitration hearing. The
        arbitrator shall be experienced in employment arbitration and licensed to
        practice law in the state of Georgia. The arbitrator shall have the authority
        to
        hear and grant a motion to dismiss and/ or motion for summary judgment, applying
        the standards governing such motions under the Federal Rules of Civil Procedure.
        

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      c.   Except
        as
        otherwise awarded by the arbitrator, each party shall pay the fees of its
        respective attorneys, the expenses of its witnesses and any other expenses
        connected with presenting its Claim or defense. To the extent permitted by
        law,
        the prevailing party shall be entitled to receive, in addition to all other
        relief, payment of all expenses of litigation and arbitration, including
        attorney’s fees.

       

      d.   The
        parties indicate their acceptance of the foregoing arbitration requirement
        by
        initialing below:

       

      

      
        	
                /s/
                  Donald Hildebrand   

              	
                /s/
                  Andrew Kandalepas   

              
	
                For
                  the Company

              	
                Employee    
                                   
                  

              

      

       

      

       

      18.     Miscellaneous.
        This
        Agreement constitutes the entire agreement between the Parties concerning
        the
        subject matter of this Agreement. This Agreement supersedes any prior
        communications, agreements or understandings, whether oral or written, between
        the Parties relating to the subject matter of this Agreement. This Agreement
        may
        not be amended or modified except in writing signed by both Parties. This
        Agreement shall be assignable to, and shall inure to the benefit of, the
        Company's successors and assigns, including, without limitation, successors
        through merger, consolidation, or sale of a majority of the Company's assets.
        Employee shall not have the right to assign Employee’s rights or obligations
        under this Agreement, except as permitted under the laws of descent and
        distribution. The
        laws
        of the State of Georgia shall govern this Agreement

       

      

      

      

      The
        Parties hereto have executed this Agreement as of the day and year first
        written
        below.

      

      

      
        	
                GEOVAX,
                  INC.

              	 
	 	 
	
                By:   
                  /s/
                  Donald Hildebrand       

              	
                Date:  
                  1
                  February 2007  

              
	
                Donald
                  Hildebrand 

              	 
	
                President/CEO

              	 
	 	 
	 	 
	
                EMPLOYEE:

              	 
	 	 
	 	 
	
                By:   
                  /s/
                  Andrew Kandalepas     

              	
                Date:  
                  1
                  February 2007  

              
	
                Andrew
                  Kandalepas

              	 

      

      
 

       

       

       

       6Exhibit 10.3 - Employment Agreement with Mark Reynolds

    
      

      

    

    
       

      GEOVAX
        INC. - MARK REYNOLDS

      EMPLOYMENT
        AGREEMENT

      1
        OCTOBER 2006

      

      

      This
        EMPLOYMENT
        AGREEMENT
        (the
        "Agreement") by and between GeoVax
        Inc.,
        a
        Georgia Corporation ("Company"), and MARK
        REYNOLDS ("Employee";
        and with the Company, collectively, the "Parties"), is entered into and
        effective as of: 

      1
        OCTOBER 2006
        (the
        "Effective Date”). The actual start date is to be mutually agreed.

      

      Employee
        will serve as CFO
        and
SECRETARY of
        the
        Company. The Company and Employee desire that Employee be employed by the
        Company in the above capacity under the terms of this Agreement. Therefore,
        in
        consideration of the mutual covenants and agreements set forth herein, it
        is
        agreed: 

       

      1.    Employment;
        Duties.
        Employee is hereby employed by the Company under the terms of this Agreement,
        and Employee accepts such employment. Employee shall serve in the position
        defined above and shall perform the following duties (“Employees Duties”): such
        duties as are customary for someone in that position and duties that may
        be
        reasonably assigned from time to time by the President and CEO and in the
        absence of the President/CEO, the Company’s Board of Directors (BOD].
Primary
        duties include but are not limited to:
        specified
        corporate functions, coordination/management/reporting of all financial affairs
        of the Company such as preparing and maintaining accounting records in
        compliance with GAAP [monthly/quarterly/annual], SEC 10Q and 10K filings,
        other
        SEC filings as required and other activities inclusive of business
        contracts/payroll and any other activities that may be assigned or required
        from
        time to time. Employee will be requested to attend all Stockholder and Board
        of
        Directors meetings performing such functions as financial reporting and
        preparation of meeting minutes/reports. It is understood and agreed that
        employee shall have full visibility to all corporate agreements, contracts
        and
        related transactions. Corporate Directors and Officers Liability Insurance
        [D&O]
        coverage
        will be provided.

       

      2.    Term
        of Agreement.
        Theterm
        of Employee’s employment under this Agreement commences on or about 1
        October 2006
        and
        shall end upon the termination of Employee’s employment with the Company as
        provided herein. The Company may terminate this Agreement upon at least 60
        days
        prior written notice to Employee, and such termination shall be effective
        on the
        termination date described in such notice (or such earlier time as the Company
        and Employee may agree).
        Notwithstanding the foregoing, the termination of this Agreement shall not
        terminate the Company’s obligation to make any payments to Employee for services
        performed and expenses incurred prior to the date of such termination, or
        as set
        forth below; and shall not terminate Employee’s obligations under Section 14, 15
        and 16 below.

       

      3.    Base
        Salary. The
        Company
        shall pay Employee $750 per month base retainer plus an hourly rate of $135
        for
        time worked.
        Performance and salary reviews are at the discretion of the President/CEO
        or
        Board of Directors and may occur more often than annually in line with job
        responsibility changes.

       

      
         

        
          
            
            

          

          
            1

            
              

            

          

          
            
            

          

        

         

      

      4.    Performance
        Reviews.
        Performance reviews will be conducted at least annually
        by the
        President/CEO.

       

      5.    Annual
        Bonus Potential.
        An
        annual fiscal year bonus will be considered and recommended, if appropriate,
        by
        the President/CEO and must be BOD approved. The actual amount shall be at
        the
discretion
        of the
        President/BOD based on Employee’s and the Company’s performance and achievement.

       

      6.    Equity
        Stock Incentive. The
        Company [upon convening the next BOD meeting addressing stock options] shall
        consider the grant of stock options to Employee under the Company’s then current
        stock option plan.
        These
        options would allow employee the right to purchase shares of the Company’s
        common stock at an exercise price per share yet to be determined. The options
        will have an expiration date and vesting schedule which will be fixed by
        the
        Board.

       

      7.    Moving
        Expenses.
        N/A

       

      8.    Temporary
        Living Expense.
        N/A

       

      9.    Travel
        Expenses.
        The
        Company shall reimburse Employee for usual and customary business travel
        expenses reasonably incurred in the performance of Employee’s Duties, based on
        receipted expense reports, including $0.40 per mile for all general business
        use
        of personal auto. Employee will use best efforts to minimize all travel and
        travel expenses and use alternative less expensive forms of travel when
        possible.

       

      10.
            Other
        Business Expenses.
        N/A

       

      11.  
          Benefits.
        Employee will be entitled to the following benefits in line with the company’s
        ongoing benefits program administered through an HR employment agency
        [Administaff Inc.] or other company selected benefits administrator. Benefit
        details [Full Time employee] are provided in an information packet available
        from the Company.
        Payments
        as part of hourly based Consulting compensation for special company work
        may be
        paid directly by the company.

      

      
        
          a.    Life
            Insurance Benefits: $50,000
            in term life insurance. Additional insurance is available through the
            HR agency.
            [Full Time Only]

        

      

      

      
        
          b.    Long-Term
            Disability Insurance:
            As
            provided [Full Time Only]

        

      

      

      
        
          c.    Medical
            & Dental Insurance 
            As
            provided 
            [Full
            Time Only]

        

      

       

      
        
          d.    Vacation:
            Three
            (3) weeks paid vacation. [Full Time Only]

        

      

      

      
        
          e.    Holidays:
            Nine
            (9) paid holidays. [Full Time Only]

        

      

      

      
        
          f.    Retirement
            Plan:
            a
            Company 401(k) Retirement Plan that allows Employee to contribute up
            to 15% of
            salary on a pre-tax basis up to a maximum as prescribed under federal
            law.
            Employer matching and/or profit contribution will be at the discretion
            of the
            Company and approved annually by the Board. Company matching is currently
            $0.25
            for each $1.00 of employee 401(k) contribution up to a maximum. [See
            Plan for
            details] [Full Time Only]

        

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      12. 
          Termination
        Provision---Non Voluntary 

      

      a.   With
        Cause.
        If
        Employee is terminated with cause, Employee’s employment, compensation and
        benefits will terminate immediately (unless otherwise provided by law), and
        Employee shall not receive any severance payments.

       

      b.   Without
        Cause.
        If
        Employee is terminated without cause, Employee must be given 30 days notice,
        and
        his salary will continue to be paid for 1 week for each full year of
        service.

       

      13. 
          Termination
        Provision---Voluntary.
        Employee
        may voluntarily terminate his employment on 60 day written notice to the
        Company, and Employee’s employment, compensation and benefits will terminate on
        the effective date of termination (unless otherwise provided by law), and
        Employee shall not receive any severance payments.

       

      14.     
         Record
        Keeping and Payment.
        Employee shall keep and file with the Company an expense report for all business
        expenses for which Employee seeks reimbursement, and Employee shall be
        reimbursed for such documented business expenses within thirty (30) days
        of
        submitting a request for reimbursement.

       

      

      15.     
         Restrictive
        Covenants.
        Employee
        acknowledges that the restrictions contained herein are reasonable and necessary
        to protect the legitimate business interests of the Company, and will not
        impair
        or infringe upon his right to work or earn a living after his employment
        with
        the Company ends. The restrictions imposed herein shall apply during Employee’s
        employment with the Company and, except for the longer period specified below
        for the protection of Trade
        Secrets,
        thereafter for a period of two (2) years after the termination of employment
        for
        any reason (the “Restricted Period”).

      

      a.
          Trade
        Secrets and Confidential Information.
        Employee
        represents and warrants that: (i) he is not subject to any agreement that
        would
        prevent him from performing Employ ee’s Duties for the Company or otherwise
        complying with this Agreement, and (ii) he is not subject to or in breach
        of any
        non-disclosure agreement, including any agreement concerning trade secrets
        or
        confidential information owned by any other party.

      Employee
        agrees that he will not: (i) use, disclose, or reverse engineer the Trade
        Secrets
        or the
Confidential
        Information
        (as
        defined below), except as authorized by the Company; (ii) or during his
        employment with the Company, use, disclose, or reverse engineer (a) any
        confidential information or trade secrets of any former employer or third
        party,
        or (b) any works of authorship developed in whole or in part by him during
        any
        former employment or for any other party, unless authorized in writing by
        the
        former employer or third party; or (iii) upon his resignation or termination
        (a)
        retain Trade
        Secrets or Confidential Information,
        including any copies existing in any form (including electronic form), which
        are
        in his possession or control, or (b) destroy, delete, or alter the Trade
        Secrets or Confidential Information
        without
        the Company’s consent. Notwithstanding the above, such information may be
        disclosed to authorized representatives of the US government in federal grant
        applications and to third parties in connection with licensing, financing
        and
        other commercial agreements, in each case to the extent the failure to provide
        such information would materially prejudice the Company’s ability to secure the
        grant or enter into the desired commercial relationship, and provided that
        in
        each case Employee uses his best efforts to cause the person(s) receiving
        such
        information to protect its confidentiality and limit its use, including securing
        a written confidentiality agreement where possible.

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      The
        obligations under this subsection 15.a shall: (i) with regard to the
Trade
        Secrets,
        remain
        in effect as long as the information constitutes a trade secret under applicable
        law, and (ii) with regard to the Confidential
        Information,
        remain
        in effect during the Restricted Period.

      

      b.
          “Confidential
        Information”
means
        information of the Company, to the extent not considered a Trade
        Secret
        under
        applicable law, that (i) relates to the business of the Company, (ii) possesses
        an element of value to the Company, (iii) is not generally known to the
        Company’s competitors, and (iv) would damage the Company if disclosed.
Confidential
        Information
        includes, but is not limited to, (i) future business plans, (ii) the
        composition, description, schematic or design of products, future products
        or
        equipment of the Company, (iii) communication systems, audio systems, system
        designs and related documentation, (iv) advertising or marketing plans, (v)
        information regarding independent contractors, employees, clients and customers
        of the Company, and (vi) information concerning the Company’s financial
        structure and methods and procedures of operation. Confidential Information
        shall not include any information that (i) is or becomes generally available
        to
        the public other than as a result of an unauthorized disclosure, (ii) has
        been
        independently developed and disclosed by others without violating this Agreement
        or the legal rights of any party, or (iii) otherwise enters the public domain
        through lawful means.

      

      c.
          “Trade
        Secrets”
        means
        information of the Company, and its licensors, suppliers, clients and customers,
        without regard to form, including, but not limited to, technical or
        non-technical data, a formula, a pattern, a compilation, a program, a device,
        a
        method, a technique, a drawing, a process, financial data, financial plans,
        product plans, or a list of actual or potential customers or suppliers which
        is
        not commonly known by or available to the public and which information (i)
        derives economic value, actual or potential, from not being generally known
        to,
        and not being readily ascertainable by proper means by, other persons who
        can
        obtain economic value from its disclosure or use, and (ii) is the subject
        of
        efforts that are reasonable under the circumstances to maintain its
        secrecy.

      

      d. 
         Non-Solicitation
        of Customers and Business Partners.
        During
        the Restricted Period, Employee will not solicit any customer of the Company,
        or
        any for-profit or not-for-profit enterprise in a commercial or research
        relationship with the Company, on his own behalf or on behalf of any other
        person or entity, for the purpose of providing any goods or services competitive
        with the business of the Company as described in the Company’s Business Plan or
        thereafter (the “Business”), or for the purpose of diverting the benefits of any
        such relationship away from the Company. The restrictions set forth in this
        Section apply only to the customers and enterprises with whom Employee had
        interaction (i) in an effort to establish, maintain, and/or further a business
        relationship on behalf of the Company, and (ii) which occurs during the last
        year of Employee’s employment with the Company (or during his employment if
        employed less than a year).

      

      e.
          Non-Recruitment
        of Employees.
        During
        the Restricted Period, Employee will not, directly or indirectly, solicit,
        recruit or induce any employee of the Company or any affiliate of the Company
        either to terminate his or her employment relationship with the Company,
        or work
        for any other person or entity engaged in a business like the Business.

       

      16.     
         Work
        Product.
        Employee’s Duties may include creation of inventions in areas directly or
        indirectly related to the business of the Company or to a line of business
        that
        the Company may reasonably be interested in pursuing. All Work Product (as
        defined below) shall constitute work made for hire. If (i) any of the Work
        Product may not be considered work made for hire, or (ii) ownership of all
        right, title, and interest to the legal rights in and to the Work Product
        will
        not vest exclusively in the Company, then, without further consideration,
        Employee assigns all presently-existing Work Product to the Company, and
        agrees
        to assign, and automatically assigns, all future Work Product to the Company.
        

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      The
        Company will have the right to obtain and hold in its own name copyrights,
        patents, design registrations, proprietary database rights, trademarks, rights
        of publicity, and any other protection available in the Work Product. At
        the
        Company's request, Employee will perform, during or after his employment
        with
        the Company, any acts to transfer, perfect and defend the Company's ownership
        of
        the Work Product, including, but not limited to: (i) executing all documents
        (including a formal assignment to the Company) necessary for filing an
        application or registration for protection of the Work Product (an
        "Application"), (ii) explaining the nature of the Work Product to persons
        designated by the Company, (iii) reviewing Applications and other related
        papers, or (iv) providing any other assistance reasonably required for the
        orderly prosecution of Applications. Employee will provide the Company with
        a
        written description of any Work Product in which he is involved (solely or
        jointly with others) and the circumstances surrounding the creation of such
        Work
        Product.

       

      "Work
        Product"
        means
        (a) any data, databases, materials, documentation, computer programs, inventions
        (whether or not patentable), designs, and/or works of authorship, including
        but
        not limited to, discoveries, ideas, concepts, properties, formulas,
        compositions, methods, programs, procedures, systems, techniques, products,
        improvements, innovations, writings, pictures, and artistic works, and (b)
        any
        subject matter protected under patent, copyright, proprietary database,
        trademark, trade secret, rights of publicity, confidential information, or
        other
        property rights, including all worldwide rights therein, that is or was
        conceived, created or developed in whole or in part by Employee while employed
        by the Company and that either (i) is created within the scope of his
        employment, (ii) is based on, results from, or is suggested by any work
        performed within the scope of his employment, (iii) is directly or indirectly
        related to the business of the Company or a line of business that the Company
        may reasonably be interested in pursuing, (iv) has been or will be paid for
        by
        the Company, or (iv) was created or improved in whole or in part by using
        the
        Company's time, resources, data, facilities, or equipment.

       

      17.     
         Arbitration.
        

       

      a.
         Any
        controversy, claim or dispute arising from, out of or relating to this
        Agreement, or any breach thereof, including but not limited to any dispute
        concerning the scope of this arbitration clause, claims based in tort or
        contract, claims for discrimination under federal, state or local law, and/
        or
        claims for violation of any federal, state or local law (any such controversy,
        claim or dispute being referred to herein as a “Claim”) shall be resolved in
        accordance with the National Rules for the Resolution of Employment Disputes
        of
        the American Arbitration Association then in effect. Such arbitration shall
        take
        place in Atlanta, Georgia. The arbitrator’s award shall be final and binding
        upon both parties.

       

      b.
         A
        demand for arbitration shall be made within a reasonable time after the Claim
        has arisen. In no event shall the demand for arbitration be made after the
        date
        when an institution of legal and/or equitable proceedings based on such Claim
        would be barred by the applicable statute of limitations. Each party to the
        arbitration will be entitled to be represented by counsel and shall have
        the
        right to subpoena witnesses and documents for the arbitration hearing. The
        arbitrator shall be experienced in employment arbitration and licensed to
        practice law in the state of Georgia. The arbitrator shall have the authority
        to
        hear and grant a motion to dismiss and/ or motion for summary judgment, applying
        the standards governing such motions under the Federal Rules of Civil Procedure.
        

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      c.
         Except as otherwise awarded by the arbitrator, each party shall pay the
        fees of its respective attorneys, the expenses of its witnesses and any other
        expenses connected with presenting its Claim or defense. To the extent permitted
        by law, the prevailing party shall be entitled to receive, in addition to
        all
        other relief, payment of all expenses of litigation and arbitration, including
        attorney’s fees.

       

      d.
         The
        parties indicate their acceptance of the foregoing arbitration requirement
        by
        initialing below:

       

      

      
        	
                /s/
                  Donald
                  Hildebrand          
                  

              	
                /s/
                  Mark
                  Reynolds            

              
	
                For
                  the Company

              	
                Employee

              

      

       

      

       

      18.     
         Miscellaneous.
        This
        Agreement constitutes the entire agreement between the Parties concerning
        the
        subject matter of this Agreement. This Agreement supersedes any prior
        communications, agreements or understandings, whether oral or written, between
        the Parties relating to the subject matter of this Agreement. This Agreement
        may
        not be amended or modified except in writing signed by both Parties. This
        Agreement shall be assignable to, and shall inure to the benefit of, the
        Company's successors and assigns, including, without limitation, successors
        through merger, consolidation, or sale of a majority of the Company's assets.
        Employee shall not have the right to assign Employee’s rights or obligations
        under this Agreement, except as permitted under the laws of descent and
        distribution. The
        laws
        of the State of Georgia shall govern this Agreement.

      

      

      The
        Parties hereto have executed this Agreement as of the day and year first
        written
        below.

      

      
        	
                GEOVAX,
                  INC.

              	 
	 	 	 
	
                By:

              	
                /s/
                  Donald
                  Hildebrand                             
                  

              	
                Date:October
                  1, 2006

              
	 	
                Donald
                  Hildebrand ---- President/CEO

              	 
	 	 	 
	
                EMPLOYEE:

              	 
	
                By:

              	
                /s/
                  Mark
                  Reynolds                                  
                  

              	
                Date:October
                  1, 2006

              
	 	
                Mark
                  Reynolds

              	 

      

      
 

       

       

       

       

      6

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