Document:

ex10_3.htm

    
      

    

    Exhibit
10.3

     

    NANOVIRICIDES,
INC.

    

    INVESTOR SUBSCRIPTION AGREEMENT (the
"Subscription Agreement") dated _________, 2008 between NANOVIRICIDES, INC., a
publicly-owned Nevada corporation with principal offices at 135 Wood Street,
West Haven, Connecticut 06516 (the "Company") and the person or persons
executing this Subscription Agreement on the last page hereof (the
"Subscriber").  All documents mentioned herein are incorporated by
reference.

    

    1.  
Description of the
Offering.  This Offering (the “Offering”) is being made solely
to holders (the “Warrantholders”) of the Company’s $2.50 Warrants (“Warrants”)
to purchase the Company’s common stock, par value $0.001 per share (the “Common
Stock”).  Currently, each Warrant is exercisable at the exercise price
of $2.50 per share of Common Stock for each Warrant exercisable.  The
Company is offering to the Warrant holders the opportunity to exercise their
Warrants at the exercise price of $1.00 per share.  Accordingly,
Warrant holders who subscribe to the Offering will receive one (1) share of
Common Stock per Warrant exercised at an exercise price of $1.00 per
share.  This Offering is made only to Warrantholders that are
accredited investors who qualify as accredited investors pursuant to the
suitability standards for investors described under Regulation D of the
Securities Act and who have no need for liquidity in their
investments.  There is no minimum exercise amount.  However,
Warrantholders must exercise all, but not less than all, of their Warrants
unless the Company, in its sole discretion, accepts fractional
subscriptions.  Prior to this Offering there was only a limited public
market for the Common Stock and no assurance can be given that a market will be
maintained so that any subscribers in this Offering may avail any benefit from
the same.

    

    THE
SECURITIES OFFERED HEREBY ARE SPECULATIVE AND INVOLVE A HIGH DEGREE OF RISK AND
SHOULD NOT BE PURCHASED BY ANYONE WHO CANNOT AFFORD THE LOSS OF THEIR ENTIRE
INVESTMENT.  THE SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT, OR THE SECURITIES LAWS OF ANY STATE, OR OTHER
JURISDICTION AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS. THESE SECURITIES
MAY NOT BE TRANSFERRED, SOLD, PLEDGED, HYPOTHECATED OR ASSIGNED EXCEPT AS
PERMITTED UNDER SUCH ACT OR SUCH LAWS PURSUANT TO REGISTRATION OR EXEMPTION
THEREFROM.

    

    2.    Terms of the
Offering.  The Company believes that Subscribers who elect to
exercise the Warrants may not avail themselves of the holding period of their
original holding periods in attempting to sell the Common Stock under Rule 144
of the Securities Act.  Accordingly, Warrant holders will be required
to satisfy the requirements of Rule 144, in particular the holding period which
would be six months after the exercise for most Warrant holders.  (The
form of the Notice of Exercise is attached hereto as Exhibit A.)

    

    3.  
Other Terms of the
Offering.  The execution of this Subscription Agreement shall
constitute an offer by the Subscriber to exercise the Warrants in the amount and
on the terms specified herein.  The Subscriber must also complete and
execute the Subscriber Questionnaire attached hereto.  The Company
reserves the right, in its sole discretion, to reject in whole or in part, any
subscription offer.  If the Subscriber's offer is accepted, the
Company will execute a copy of this Subscription Agreement and return it to
Subscriber.  The Company, may at its sole discretion, accept
fractional subscriptions.

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    4.    Subscription
Procedures.  Warrantholders who wish to subscribe in the
Offering, must deliver to the Company completed and fully executed originals of
the Subscription Agreement, Subscriber Questionnaire and Notice of Exercise
along with the original form of Warrants and the subscription
price.  Warrantholders may not elect to exercise less than all of
their Warrants.  The subscription price, which is $1.00 per warrant
exercised, will be payable in full upon acceptance of the
subscription.  The Company reserves the right to accept fractional
subscriptions.

    

    5.    The Company's Representations and
Warranties. The Company hereby represents and warrants as
follows:

    

    (a)      All
of the disclosure collateral in the Company’s filings with the Securities and
Exchange Commission, available at www.sec.gov, are
hereby incorporated by reference and made a part of this Subscription
Agreement.

    

    (b)     
The Company warrants and covenants that there are no material misstatements or
omissions in this Subscription Agreement or any information provided of the
Offering documents herein;

    

    (c)     
The Company is a corporation duly formed and in good standing under the laws of
the State of Nevada with a class of securities pursuant to Section 12(g) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), with full
power and authority to conduct its business as presently contemplated;
and

    

    (d)     
The Company has the power to execute, deliver and perform this Subscription
Agreement and any other agreement contemplated herein;

    

    6.   
Subscriber's Representations,
Warranties and Covenants.  The undersigned understands and
acknowledges that the Offering is being made under one or more of the exemptions
from registration provided for in Section 3(b), 4(2) and 4(6) of the Securities
Act of 1933, as amended (the “Securities Act”) including, Regulation D
promulgated thereunder, that the undersigned acknowledges that the Units are
being purchased without the undersigned being offered or furnished any offering
literature, prospectus or other material, financial or otherwise, and that this
action has not been scrutinized by the United States Securities and Exchange
Commission or by any regulatory authority charged with the administration of the
securities laws of any state.  The undersigned hereby further
represents and warrants as follows:

    

    (a)      The
undersigned confirms that he understands and has fully considered, for purposes
of this investment, the risks of an investment in the Units and understands
that:  (i) this investment is suitable only for an investor who is
able to bear the economic consequences or losing his entire investment, (ii) the
purchase of the Units is a speculative investment which involves a high degree
of risk of loss by the undersigned of his entire investment, and (iii) that
there will be no public market for the Units and accordingly, it may not be
possible for him to liquidate his investment in the Units in case of an
emergency;

    

    (b)      The
Subscriber is an "Accredited Investor" as defined in Rule 501(a) of Regulation D
under the Securities Act.  This representation is based on the fact
that the Subscriber, inter alia, is an accredited individual who, together with
the Subscriber’s spouse, have a net worth of at least $1,000,000 or the
Subscriber, individually, has had net income of not less than $200,000 during
the last two years, and reasonably anticipates that the Subscriber will have an
income of at least $200,000 during the present year and the next
year;

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    (c)       If
the Subscriber is a corporation, partnership, trust or any unincorporated
association: (i) the person executing this Subscription Agreement does so with
full right, power and authority to make this investment; (ii) that such entity
was not formed for the specific purpose of making an investment in the Company;
and (iii) that all further representations and warranties made herein are true
and correct with respect to such corporation, partnership, trust and
unincorporated association;

    

    (d)      The
address set forth below is the Subscriber's true and correct residence or place
of business, and the Subscriber has no present intention of becoming a resident
of any other state or jurisdiction;

    

    (e)       The
Subscriber understands and agrees that the Company prohibits the investment of
funds by any persons or entities that are acting, directly or indirectly, (i) in
contravention of any U.S. or international laws and regulations, including
anti-money laundering regulations or conventions, (ii) on behalf of terrorists
or terrorist organizations, including those persons or entities that are
included on the List of Specially Designated Nationals and Blocked Persons
maintained by the U.S. Treasury Department's Office of Foreign Assets
Control1 ("OFAC"), as
such list may be amended from time to time, (iii) for a senior foreign political
figure, any member of a senior foreign political figure’s immediate family or
any close associate of a senior foreign political figure2, unless the Company,
after being specifically notified by the Subscriber in writing that it is such a
person, conducts further due diligence, and determines that such investment
shall be permitted, or (iv) for a foreign shell bank3 (such persons or entities
in (i) – (iv) are collectively referred to as "Prohibited
Persons").

    

    (f)       The
Subscriber represents, warrants and covenants that: (i) it is not, nor is any
person or entity controlling, controlled by or under common control with the
Subscriber, a Prohibited Person, and (ii) to the extent the Subscriber has any
beneficial owners4,
(a) it has carried out thorough due diligence to establish the identities of
such beneficial owners, (b) based on such due diligence, the Subscriber
reasonably believes that no such beneficial owners are Prohibited Persons, (c)
it holds the evidence of such identities and status and will maintain all such
evidence for at least five years from the date of the Subscriber's complete
withdrawal from the Company, and (d) it will make available such information and
any additional information requested by the Company that is required under
applicable regulations.

     

     ____________________________

      1           The
OFAC list may be accessed on the web at
http://www.treas.gov/ofac.

    

    
      2           Senior
foreign political figure means a senior official in the executive, legislative,
administrative, military or judicial branches of a foreign government (whether
elected or not), a senior official of a major foreign political party, or a
senior executive of a foreign government-owned corporation.  In
addition, a senior foreign political figure includes any corporation, business
or other entity that has been formed by, or for the benefit of, a senior foreign
political figure.  The immediate family of a senior foreign political
figure typically includes the political figure’s parents, siblings, spouse,
children and in-laws.  A close associate of a senior foreign political
figure is a person who is widely and publicly known internationally to maintain
an unusually close relationship with the senior foreign political figure, and
includes a person who is in a position to conduct substantial domestic and
international financial transactions on behalf of the senior foreign political
figure.

    

    
      3           Foreign
shell bank means a foreign bank without a physical presence in any country, but
does not include a regulated affiliate.  A post office box or
electronic address would not be considered a physical presence.  A
regulated affiliate means a foreign shell bank that: (1) is an affiliate of a
depository institution, credit union, or foreign bank that maintains a physical
presence in the United States or a foreign country, as applicable; and (2) is
subject to supervision by a banking authority in the country regulating such
affiliated depository institution, credit union, or foreign
bank.

    

    
      4           Beneficial
owners will include, but not be limited to: (i) shareholders of a corporation;
(ii) partners of a partnership; (iii) members of a limited liability company;
(iv) investors in a fund-of-funds; (v) the grantor of a revocable or grantor
trust; (vi) the beneficiaries of an irrevocable trust; (vii) the individual who
established an IRA; (viii) the participant in a self-directed pension plan; (ix)
the sponsor of any other pension plan; and (x) any person being represented by
the Subscriber in an agent, representative, intermediary, nominee or similar
capacity.  If the beneficial owner is itself an entity, the
information and representations set forth herein must also be given with respect
to its individual beneficial owners.  If the Subscriber is a
publicly-traded company, it need not conduct due diligence as to its beneficial
owners.

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    (g)      If
any of the foregoing representations, warranties or covenants ceases to be true
or if the Company no longer reasonably believes that it has satisfactory
evidence as to their truth, notwithstanding any other agreement to the contrary,
the Company may, in accordance with applicable regulations, freeze the
Subscriber's investment, either by prohibiting additional investments, declining
or suspending any withdrawal requests and/or segregating the assets constituting
the investment, or the Subscriber's investment may immediately be involuntarily
withdrawn by the Company, and the Company may also be required to report such
action and to disclose the Subscriber's identity to OFAC or other
authority.  In the event that the Company is required to take any of
the foregoing actions, the Subscriber understands and agrees that it shall have
no claim against the Company, and its respective affiliates, directors, members,
partners, shareholders, officers, employees and agents for any form of damages
as a result of any of the aforementioned actions.

    

    (h)      The
Subscriber agrees to indemnify and hold harmless the Company, its respective
affiliates, directors, members, partners, shareholders, officers, employees and
agents from and against any and all losses, liabilities, damages, penalties,
costs, fees and expenses (including legal fees and disbursements) which may
result, directly or indirectly, from any inaccuracy in or breach of any
representation, warranty, covenant or agreement set forth in this
Agreement.

    

    (i)        The
Subscriber has received and read or reviewed, is familiar with and fully
understands the documents furnished by the Company.  The Subscriber
also fully understands this Subscription Agreement and the risks associated with
this interest and confirms that all documents, records and books pertaining to
the Subscriber’s investment in the Units and requested by the Subscriber have
been made available or delivered to the Subscriber by the Company;

    

    (j)        The
Subscriber has had an opportunity to ask questions of and receive answers from,
the Company or a person or persons acting on its behalf, concerning the terms
and conditions of this investment and confirms that all documents, records and
books pertaining to the investment in the Units and requested by the Subscriber
has been made available or delivered to the Subscriber;

    

    (k)       The
Subscriber will be acquiring the Common Stock solely for the Subscriber's own
account, for investment and not with a view toward the resale, distribution,
subdivision or fractionalization thereof; and the Subscriber has no present
plans to enter into any such contract, undertaking, agreement or
arrangement;

    

    (l)        The
Subscriber acknowledges and understands that prior to this Offering there was
only a limited public market for the Common Stock and no assurance can be given
that a public market will be maintained so that any subscribers in this Offering
may avail any benefit from the same;

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    (m)      The
Subscriber's compliance with the terms and conditions of this Subscription
Agreement will not conflict with any instrument or agreement pertaining to the
will develop for the Units offered hereby, or if developed, that it or the
transactions contemplated herein; and will not conflict in, result in a breach
of, or constitute a default under any instrument to which the Subscriber is a
party;

    

    (n)      
The Subscriber will seek its own legal, tax and investment advice concerning tax
implications attendant upon the purchase of the Units and understands and
accepts that the Company is relying upon this representation insofar as
disclosure of tax matters is concerned;

    

    (o)       The
Subscriber hereby acknowledges and represents that the Subscriber is aware of
the information set forth in this document and in any exhibits attached hereto;
and

    

    (p)       The
foregoing representations and warranties are true and accurate as of the date
hereof and shall be true and accurate as of the date of delivery of the
subscription to the Company and shall survive such delivery.  If, in
any respect, such representations and warranties shall not be true and accurate,
the Subscriber shall give written notice of such fact to the Company, specifying
which representations and warranties are not true and accurate and the reasons
therefor.

    

    7.    
Risk Factors. THE SUBSCRIBER
ACKNOWLEDGES THAT THERE ARE SIGNIFICANT RISKS ASSOCIATED WITH THE OFFERING AND
THAT SUCH SECURITIES ARE HIGHLY SPECULATIVE AND SHOULD NOT BE PURCHASED BY
ANYONE WHO CANNOT AFFORD A TOTAL LOSS OF THEIR ENTIRE INVESTMENT. All of
the risks and disclosures contained within the company’s filings with the
securities and exchange commission, are hereby incorporated by
reference.  The Subscriber represents and warrants that he or she has
carefully considered and reviewed the Company’s filings with the Securities and
Exchange Commission, which are hereby incorporated by reference in reaching a
determination to exercise the Warrants.

    

    8.     
Responsibility.  The
Company or its officers and directors shall not be liable, responsible or
accountable for damages or otherwise to any Subscriber for any act or omission
performed or omitted by them in good faith and in a manner reasonably believed
by them to be within the scope of the authority granted to them by this
Subscription Agreement and in the best interests of the Company, provided they
were not guilty of gross negligence, willful or wanton misconduct, fraud, bad
faith or any other breach of fiduciary duty with respect to such acts or
omissions.

    

    9.     
Miscellaneous.

    

    (a)     
The Company and the Subscriber hereby covenant that this Subscription Agreement
is intended to and does contain and embody herein all of the understandings and
agreements, both written or oral, of the Company and the Subscriber with respect
to the subject matter of this Subscription Agreement, and that there exists no
oral agreement or understanding, express or implied liability, whereby the
absolute, final and unconditional character and nature of this Subscription
Agreement shall be in any way invalidated, empowered or
affected.  There are no representations, warranties or covenants other
than those set forth herein.

    

    (b)     
The headings of this Subscription Agreement are for convenient reference only
and they shall not limit or otherwise affect the interpretation or effect of any
terms or provisions hereof.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    (c)      
This Subscription Agreement shall not be changed or terminated except as set
forth herein.  All of the terms and provisions of this Subscription
Agreement shall be binding upon and inure to the benefit of and be enforceable
by and against the successors and assigns of the Company and the heirs,
executors, administrators and assigns of the Subscriber.

    

    (d)     
A modification or waiver of any of the provisions of this Subscription Agreement
shall be effective only if made in writing and executed with the same formality
as this Subscription Agreement.  The failure of either the Company or
the Subscriber to insist upon strict performance of any of the provisions of
this Subscription Agreement shall not be construed as a waiver of any subsequent
default of the same or similar nature, or of any other nature or
kind.

    

    (e)      
The various provisions of this Subscription Agreement are severable from each
other and from the other provisions of this Agreement, and in the event that any
provision in this Subscription Agreement shall be held invalid or unenforceable
by a court of competent jurisdiction, the remainder of this Subscription
Agreement shall be fully effective, operative and enforceable.

    

    (f)       
Pronouns used herein are to be interpreted as referring to both the masculine
and feminine gender.

    

    (g)     
This Subscription Agreement shall be construed and interpreted in accordance
with the laws of the State of Nevada without reference to conflict of laws
principle.  The parties agree that in the event of a laws controversy
arising out of the interpretation, construction, performance or breach of this
Subscription Agreement, any and all claims arising out of, or relating to, this
Subscription Agreement shall be submitted by arbitration according to the
Commercial Arbitration Rules of the American Arbitration Association located in
New York City before a single arbitrator.  Notwithstanding the prior
sentence, any other action commenced by either party herein shall be venued in
the appropriate court of competent jurisdiction located in the county of New
York, State of New York.

    

    (h)     
This Subscription Agreement may be executed in one or more counterparts each of
which shall be deemed an original and all of which together shall be deemed to
be one and the same instrument.

    

    THE SUBSCRIBER ACKNOWLEDGES THAT,
EXCEPT AS SET FORTH IN THIS AGREEMENT, NO REPRESENTATIONS OR WARRANTIES HAVE
BEEN MADE TO IT, OR TO ITS ADVISORS, BY THE COMPANY, OR BY ANY PERSON ACTING ON
BEHALF OF THE COMPANY, WITH RESPECT TO THE INTERESTS, THE PROPOSED BUSINESS OF
THE COMPANY, THE DEDUCTIBILITY OF ANY ITEM FOR TAX PURPOSES, AND/OR THE
ECONOMIC, TAX, OR ANY OTHER ASPECTS OR CONSEQUENCES OF A PURCHASE OF AN INTEREST
AND/OR ANY INVESTMENT IN THE COMPANY, AND THAT IT HAS NOT RELIED UPON ANY
INFORMATION CONCERNING THE OFFERING, WRITTEN OR ORAL, OTHER THAN THAT CONTAINED
IN THIS SUBSCRIPTION AGREEMENT.

    

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        6

        
          

        

      

      
        
        

      

    

    

    The
Subscriber hereby offers to exercise Warrants to purchase ________ shares of
Common Stock and encloses payment of $______ per Warrant exercised for an
aggregate investment of $____________.

    

    

    

    
      	 
      	
               

            	 
	 
      	
              Signature
      of Subscriber

            	 
	 
      	 
      	 
	 
      	 
      	 
	 
      	
               

            	 
	 
      	
              Name
      of Subscriber

            	 
	 
      	 
      	 
	 
      	 
      	 
	 
      	
               

            	 
	 
      	
              Name
      of the Authorized Signatory

            	 
	 
      	
               (If
      Applicable)

            	 
	 
      	 
      	 
	 
      	 
      	 
	 
      	
               

            	 
	 
      	
               (Print)
      Street Address - Residence

            	 
	 
      	 
      	 
	 
      	 
      	 
	 
      	
               

            	 
	 
      	
              (Print)
      City, State and Zip Code

            	 
	 
      	 
      	 
	 
      	 
      	 
	 
      	
               

            	 
	 
      	
              Social
      Security/Taxpayer I.D. Number:

            	 
	 
      	 
      	 
	 
      	
               

            	 

    

    

    AGREED
TO AND ACCEPTED:

    

    As of
___________, 2008

    

    NANOVIRICIDES,
INC.

    

    

    
      	
              By:

            	
               

            	 
      
	 
      	
              Eugene
      Seymour, M.D.

            
	 
      	
              Chief
      Executive Officer

            

    

    

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          7

          
            

          

        

        
           

        

      

    

     

    COMPLETE
“SUBSCRIBER QUESTIONNAIRE” BELOW;

    PROVIDE
REQUISITE ADDITIONAL INFORMATION

    

    SUBSCRIBER
QUESTIONNAIRE

    

    PERSONAL
DATA.

    

    

    
      	
               

            	 
      	
               

            
	
              Full
      Name

            	 
      	
              Residence
      Telephone (Area Code Number)

            
	 
      	 
      	
               

            
	 
      	 
      	
              Business
      Telephone (Area Code Number)

            
	
               

            	 
      	
               

            
	
              Residence
      or Principal Address (Street/City/State/Zip Code)

            	 
      	
              Birth
      Date

            
	 
      	 
      	 
      
	
               

            	 
      	
               

            
	
              Mailing
      Address (if other than residence)

            	 
      	
              Citizenship
      (U.S./Other)

            
	 
      	 
      	 
      
	
               

            	 
      	
               

            
	
              Marital
      Status

            	 
      	
              Social
      Security/Taxpayer I.D.  Number

            
	 
      	 
      	 
      
	
               

            	 
      	
               

            
	
              Spouse’s
      Full Name

            	 
      	
              E-mail
      Address

            
	 
      	 
      	 
      
	
               

            	 
      	
               

            
	
              Spouse’s
      Social Security Number

            	 
      	
              Facsimile
      Number (Area Code/Number)

            

    

    

    ACCREDITED
INVESTOR.  If Subscriber (or the entity on behalf of which
Subscriber is acting) is an “accredited investor” as that term is defined in
Rule 501(a) of Regulation D promulgated under the Act, and, as such, falls
within at least one of the following categories, then please INITIAL each applicable
category.

    

    
      	
              ______

            	
              (a)

            	
              A
      bank or savings and loan association or other institution (acting either
      in an individual or fiduciary capacity), registered broker-dealer,
      insurance company, registered investment company, or business development
      company, or licensed “small business investment company,” or an employee
      benefit plan which either is represented in a fiduciary capacity by a
      bank, savings and loan association, insurance company or registered
      investment advisor, has total assets in excess of $5,000,000 or is
      self-directed and the plan’s business investments are made solely by
      accredited investors.

            
	 
      	 
      	 
      
	
              ______

            	
              (b)

            	
              A
      trust (i) with total assets in excess of $5,000,000, (ii) which was not
      formed for the specific purpose of acquiring the subject securities, and
      (iii) whose purchase is directed by a person who has such knowledge and
      experience in financial and business matters as to be capable of
      evaluating the merits and risks of the prospective
    investment.

            
	 
      	 
      	 
      
	
              ______

            	
              (c)

            	
              An
      organization described in Section 501(c)(3) of the Internal Revenue Code,
      corporation or similar business trust, or partnership, not formed for the
      specific purpose of acquiring the subject securities, with total assets in
      excess of $5,000,000.

            
	 
      	 
      	 
      
	
              ______

            	
              (d)

            	
              An
      entity in which all of the equity owners are “accredited
      investors.”

            
	 
      	 
      	 
      
	
              ______

            	
              (e)

            	
              A
      director or an executive officer of the Company.

            
	 
      	 
      	 
      
	
              ______

            	
              (f)

            	
              A
      natural person whose individual net worth, or joint net worth with spouse
      (if any), exceeds $1,000,000

            
	 
      	 
      	 
      
	
              ______

            	
              (g)

            	
              A
      natural person whose income in each of the two most recent calendar years
      exceeded $200,000 individually, or $300,000 jointly with spouse (if any),
      and who reasonably expects to reach that income level in the current
      year.

            

    

    

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

    

     

     EXHIBIT A

    

    NOTICE
OF EXERCISE

    

    
      	
              TO:

            	
              NANOVIRICIDES,
      INC.

            

    

    

    1.             The
undersigned hereby elects to purchase ________ shares of Common Stock of
NanoViricides, Inc. pursuant to the terms of this Warrant, and tenders herewith
payment of the purchase price of such shares in full.

    

    2.             Please
issue a certificate or certificates representing said shares of Common Stock in
the name of the undersigned or in such other name as is specified
below:

    

    

    
      	
               

            
	
              (Name)

            
	 
      
	
               

            
	 
      
	
               

            
	
              (Address)

            

    

    

    3.             The
undersigned hereby represents and warrants that the aforesaid shares of Common
Stock are being acquired for the account of the undersigned for investment and
not with a view to, or for resale, in connection with the distribution thereof,
and that the undersigned has no present intention of distributing or reselling
such shares and all representations and warranties of the undersigned set forth
in the attached Warrant are true and correct as of the date
hereof.  In support thereof, the undersigned agrees to execute an
Investment Representation Statement in a form substantially similar to the form
attached hereto as EXHIBIT A-1.

    

    

    
      	 
      	
               

            	 	 
      	 
      
	 
      	
              (Signature)

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	
              By:

            	
               

            	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	
              Title:

            	
               

            	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	
              Date:

            	
               

            	
              ,
      200__

            	 
      

    

    

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

    

     

    EXHIBIT
A-1

    INVESTMENT
REPRESENTATION STATEMENT

    

    
      	
               
      

            	
              PURCHASER:

            	
              ________________________________

            

    

    
      	
               
      

            	
              COMPANY:

            	
              NANOVIRICIDES,
      INC.

            

    

    
      	
            	
              SECURITIES:

            	
              COMMON
      STOCK ISSUED UPON EXERCISE OF THE WARRANTS ISSUED ON __________________,
      200_

            

    

    
      	
               
      

            	
              AMOUNT:

            	
              __________
      SHARES

            

    

    
      	
               
      

            	
              DATE:

            	
              ____________,
      200_

            

    

    

    In
connection with the purchase of the referenced Shares, I, the Purchaser,
represent to the Company the following:

    

    (a)              I
am aware of the Company’s business affairs and financial condition, and have
acquired sufficient information about the Company to reach an informed and
knowledgeable decision to acquire the Shares.  I am purchasing these
Shares for my own account for investment purposes only and not with a view to,
or for the resale in connection with, any "distribution" thereof for purposes of
the Shares Act of 1933, as amended (the "Securities Act").

    

    (b)              I
understand that the Shares have not been registered under the Shares Act in
reliance upon a specific exemption therefrom, which exemption depends upon,
among other things, the bona fide nature of my investment intent as expressed
herein.  In this connection, I understand that, in the view of the
Securities and Exchange Commission (the "Commission"), the statutory basis for
such exemption may be unavailable if my representation was predicated solely
upon a present intention to hold these Shares for the minimum capital gains
period specified under tax statutes, for a deferred sale, for or until an
increase or decrease in the market price of the Shares, or for a period of one
year or any other fixed period in the future.

    

    (c)              I
further understand that the Shares must be held indefinitely unless subsequently
registered under the Shares Act or unless an exemption from registration is
otherwise available.  Moreover, I understand that the Company has
represented it shall file a registration to register the
Shares.  There is no assurance that such a registration will be
approved in such time to be able to avail its registration, if
ever.  In addition, I understand that the certificate evidencing the
Shares will be imprinted with a legend which prohibits the transfer of the
Shares until the registration statement is declared effective or such
registration is not required in the opinion of counsel for the
Company.

    

    (d)              I
am familiar with the provisions of Rule 144, promulgated under the Shares Act,
which, in substance, permits limited public resale of "restricted securities"
acquired, directly or indirectly, from the issuer thereof, in a non-public
offering subject to the satisfaction of certain conditions.

    

    The
Shares may be resold in certain limited circumstances subject to the provisions
of Rule 144, which requires among other things:  (1) the availability
of certain public information about the Company, (2) the resale occurring not
less than one year after the party has purchased, and made full payment for,
within the meaning of Rule 144, the securities to be sold; and, in the case of
an affiliate, or of a non-affiliate who has held the securities less than two
years, (3) the sale being made through a broker in an unsolicited "broker's
transaction" or in transactions directly with a market maker (as said term is
defined under the Shares Exchange Act of 1934) and the amount of securities
being sold during any three month period not exceeding the specified limitations
stated therein, if applicable.

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    (e)              I
further understand that in the event all of the applicable requirements of Rule
144 are not satisfied, registration under the Shares Act, compliance with
Regulation A, or some other registration exemption will be required; and that,
notwithstanding the fact that Rule 144 is not exclusive, the Staff of the
Commission has expressed its opinion that persons proposing to sell private
placement securities other than in a registered offering and otherwise than
pursuant to Rule 144 will have a substantial burden of proof in establishing
that an exemption from registration is available for such offers or sales, and
that such persons and their respective brokers who participate in such
transactions do so at their own risk.

    

    

    
      	 
      	
               

            	 
      	 
      	 
      
	 
      	
              (Signature)

            	 
      	 
      
	 
      	
              By:

            	
               

            	 
      	 
      
	 
      	
              Title:

            	
               

            	 
      	 
      
	 
      	
              Date:

            	
               

            	
              ,
      200__

            	 
      

    

     

     

    11ex10_4.htm

    
      

    

    Exhibit
10.4

     

    NANOVIRICIDES,
INC.

    

    INVESTOR SUBSCRIPTION AGREEMENT (the
"Subscription Agreement") dated _________, 2008 between NANOVIRICIDES, INC., a
publicly-owned Nevada corporation with principal offices at 135 Wood Street,
West Haven, Connecticut 06516 (the "Company") and the person or persons
executing this Subscription Agreement on the last page hereof (the
"Subscriber").  All documents mentioned herein are incorporated by
reference.

    

    1. Description of the
Offering.  This Offering (the “Offering”) is being made solely
to holders (the “Warrantholders”) of the Company’s $1.00 Warrants (“Warrants”)
to purchase the Company’s common stock, par value $0.001 per share (the “Common
Stock”).  Currently, each Warrant is exercisable at the exercise price
of $1.00 per share of Common Stock for each Warrant exercisable.  The
Company is offering to the Warrant holders the opportunity to exercise their
Warrants at the exercise price of $.75 per share.  Accordingly,
Warrant holders who subscribe to the Offering will receive one (1) share of
Common Stock per Warrant exercised at an exercise price of $.75 per
share.  This Offering is made only to Warrantholders that are
accredited investors who qualify as accredited investors pursuant to the
suitability standards for investors described under Regulation D of the
Securities Act and who have no need for liquidity in their
investments.  There is no minimum exercise amount.  However,
Warrantholders must exercise all, but not less than all, of their Warrants
unless the Company, in its sole discretion, accepts fractional
subscriptions.  Prior to this Offering there was only a limited public
market for the Common Stock and no assurance can be given that a market will be
maintained so that any subscribers in this Offering may avail any benefit from
the same.

    

    THE
SECURITIES OFFERED HEREBY ARE SPECULATIVE AND INVOLVE A HIGH DEGREE OF RISK AND
SHOULD NOT BE PURCHASED BY ANYONE WHO CANNOT AFFORD THE LOSS OF THEIR ENTIRE
INVESTMENT.  THE SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT, OR THE SECURITIES LAWS OF ANY STATE, OR OTHER
JURISDICTION AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS. THESE SECURITIES
MAY NOT BE TRANSFERRED, SOLD, PLEDGED, HYPOTHECATED OR ASSIGNED EXCEPT AS
PERMITTED UNDER SUCH ACT OR SUCH LAWS PURSUANT TO REGISTRATION OR EXEMPTION
THEREFROM.

    

    2.  Terms of the
Offering.  The Company believes that Subscribers who elect to
exercise the Warrants may not avail themselves of the holding period of their
original holding periods in attempting to sell the Common Stock under Rule 144
of the Securities Act.  Accordingly, Warrant holders will be required
to satisfy the requirements of Rule 144, in particular the holding period which
would be six months after the exercise for most Warrant holders.  (The
form of the Notice of Exercise is attached hereto as Exhibit A.)

    

    3. Other Terms of the
Offering.  The execution of this Subscription Agreement shall
constitute an offer by the Subscriber to exercise the Warrants in the amount and
on the terms specified herein.  The Subscriber must also complete and
execute the Subscriber Questionnaire attached hereto.  The Company
reserves the right, in its sole discretion, to reject in whole or in part, any
subscription offer.  If the Subscriber's offer is accepted, the
Company will execute a copy of this Subscription Agreement and return it to
Subscriber.  The Company, may at its sole discretion, accept
fractional subscriptions.

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    4.  Subscription
Procedures.  Warrantholders who wish to subscribe in the
Offering, must deliver to the Company completed and fully executed originals of
the Subscription Agreement, Subscriber Questionnaire and Notice of Exercise
along with the original form of Warrants and the subscription
price.  Warrantholders may not elect to exercise less than all of
their Warrants.  The subscription price, which is $.75 per warrant
exercised, will be payable in full upon acceptance of the
subscription.  The Company reserves the right to accept fractional
subscriptions.

    

    5.  The Company's Representations and
Warranties. The Company hereby represents and warrants as
follows:

    

    (a)      
All of the disclosure collateral in the Company’s filings with the Securities
and Exchange Commission, available at www.sec.gov, are
hereby incorporated by reference and made a part of this Subscription
Agreement.

    

    (b)      
The Company warrants and covenants that there are no material misstatements or
omissions in this Subscription Agreement or any information provided of the
Offering documents herein;

    

    (c)      
The Company is a corporation duly formed and in good standing under the laws of
the State of Nevada with a class of securities pursuant to Section 12(g) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), with full
power and authority to conduct its business as presently contemplated;
and

    

    (d)      
The Company has the power to execute, deliver and perform this Subscription
Agreement and any other agreement contemplated herein;

    

    6.  Subscriber's Representations,
Warranties and Covenants.  The undersigned understands and
acknowledges that the Offering is being made under one or more of the exemptions
from registration provided for in Section 3(b), 4(2) and 4(6) of the Securities
Act of 1933, as amended (the “Securities Act”) including, Regulation D
promulgated thereunder, that the undersigned acknowledges that the Units are
being purchased without the undersigned being offered or furnished any offering
literature, prospectus or other material, financial or otherwise, and that this
action has not been scrutinized by the United States Securities and Exchange
Commission or by any regulatory authority charged with the administration of the
securities laws of any state.  The undersigned hereby further
represents and warrants as follows:

    

    (a)       The
undersigned confirms that he understands and has fully considered, for purposes
of this investment, the risks of an investment in the Units and understands
that:  (i) this investment is suitable only for an investor who is
able to bear the economic consequences or losing his entire investment, (ii) the
purchase of the Units is a speculative investment which involves a high degree
of risk of loss by the undersigned of his entire investment, and (iii) that
there will be no public market for the Units and accordingly, it may not be
possible for him to liquidate his investment in the Units in case of an
emergency;

    

    (b)      The
Subscriber is an "Accredited Investor" as defined in Rule 501(a) of Regulation D
under the Securities Act.  This representation is based on the fact
that the Subscriber, inter alia, is an accredited individual who, together with
the Subscriber’s spouse, have a net worth of at least $1,000,000 or the
Subscriber, individually, has had net income of not less than $200,000 during
the last two years, and reasonably anticipates that the Subscriber will have an
income of at least $200,000 during the present year and the next
year;

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    (c)      If
the Subscriber is a corporation, partnership, trust or any unincorporated
association: (i) the person executing this Subscription Agreement does so with
full right, power and authority to make this investment; (ii) that such entity
was not formed for the specific purpose of making an investment in the Company;
and (iii) that all further representations and warranties made herein are true
and correct with respect to such corporation, partnership, trust and
unincorporated association;

    

    (d)       The
address set forth below is the Subscriber's true and correct residence or place
of business, and the Subscriber has no present intention of becoming a resident
of any other state or jurisdiction;

    

    (e)       The
Subscriber understands and agrees that the Company prohibits the investment of
funds by any persons or entities that are acting, directly or indirectly, (i) in
contravention of any U.S. or international laws and regulations, including
anti-money laundering regulations or conventions, (ii) on behalf of terrorists
or terrorist organizations, including those persons or entities that are
included on the List of Specially Designated Nationals and Blocked Persons
maintained by the U.S. Treasury Department's Office of Foreign Assets
Control1 ("OFAC"), as
such list may be amended from time to time, (iii) for a senior foreign political
figure, any member of a senior foreign political figure’s immediate family or
any close associate of a senior foreign political figure2, unless the Company,
after being specifically notified by the Subscriber in writing that it is such a
person, conducts further due diligence, and determines that such investment
shall be permitted, or (iv) for a foreign shell bank3 (such persons or entities
in (i) – (iv) are collectively referred to as "Prohibited
Persons").

    

    (f)       
The Subscriber represents, warrants and covenants that: (i) it is not, nor is
any person or entity controlling, controlled by or under common control with the
Subscriber, a Prohibited Person, and (ii) to the extent the Subscriber has any
beneficial owners4,
(a) it has carried out thorough due diligence to establish the identities of
such beneficial owners, (b) based on such due diligence, the Subscriber
reasonably believes that no such beneficial owners are Prohibited Persons, (c)
it holds the evidence of such identities and status and will maintain all such
evidence for at least five years from the date of the Subscriber's complete
withdrawal from the Company, and (d) it will make available such information and
any additional information requested by the Company that is required under
applicable regulations.

     

     ____________________________

      1           The
OFAC list may be accessed on the web at
http://www.treas.gov/ofac.

    

    
      2           Senior
foreign political figure means a senior official in the executive, legislative,
administrative, military or judicial branches of a foreign government (whether
elected or not), a senior official of a major foreign political party, or a
senior executive of a foreign government-owned corporation.  In
addition, a senior foreign political figure includes any corporation, business
or other entity that has been formed by, or for the benefit of, a senior foreign
political figure.  The immediate family of a senior foreign political
figure typically includes the political figure’s parents, siblings, spouse,
children and in-laws.  A close associate of a senior foreign political
figure is a person who is widely and publicly known internationally to maintain
an unusually close relationship with the senior foreign political figure, and
includes a person who is in a position to conduct substantial domestic and
international financial transactions on behalf of the senior foreign political
figure.

    

    
      3           Foreign
shell bank means a foreign bank without a physical presence in any country, but
does not include a regulated affiliate.  A post office box or
electronic address would not be considered a physical presence.  A
regulated affiliate means a foreign shell bank that: (1) is an affiliate of a
depository institution, credit union, or foreign bank that maintains a physical
presence in the United States or a foreign country, as applicable; and (2) is
subject to supervision by a banking authority in the country regulating such
affiliated depository institution, credit union, or foreign
bank.

    

    
      4           Beneficial
owners will include, but not be limited to: (i) shareholders of a corporation;
(ii) partners of a partnership; (iii) members of a limited liability company;
(iv) investors in a fund-of-funds; (v) the grantor of a revocable or grantor
trust; (vi) the beneficiaries of an irrevocable trust; (vii) the individual who
established an IRA; (viii) the participant in a self-directed pension plan; (ix)
the sponsor of any other pension plan; and (x) any person being represented by
the Subscriber in an agent, representative, intermediary, nominee or similar
capacity.  If the beneficial owner is itself an entity, the
information and representations set forth herein must also be given with respect
to its individual beneficial owners.  If the Subscriber is a
publicly-traded company, it need not conduct due diligence as to its beneficial
owners.

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    (g)      If
any of the foregoing representations, warranties or covenants ceases to be true
or if the Company no longer reasonably believes that it has satisfactory
evidence as to their truth, notwithstanding any other agreement to the contrary,
the Company may, in accordance with applicable regulations, freeze the
Subscriber's investment, either by prohibiting additional investments, declining
or suspending any withdrawal requests and/or segregating the assets constituting
the investment, or the Subscriber's investment may immediately be involuntarily
withdrawn by the Company, and the Company may also be required to report such
action and to disclose the Subscriber's identity to OFAC or other
authority.  In the event that the Company is required to take any of
the foregoing actions, the Subscriber understands and agrees that it shall have
no claim against the Company, and its respective affiliates, directors, members,
partners, shareholders, officers, employees and agents for any form of damages
as a result of any of the aforementioned actions.

    

    (h)       The
Subscriber agrees to indemnify and hold harmless the Company, its respective
affiliates, directors, members, partners, shareholders, officers, employees and
agents from and against any and all losses, liabilities, damages, penalties,
costs, fees and expenses (including legal fees and disbursements) which may
result, directly or indirectly, from any inaccuracy in or breach of any
representation, warranty, covenant or agreement set forth in this
Agreement.

    

    (i)        The
Subscriber has received and read or reviewed, is familiar with and fully
understands the documents furnished by the Company.  The Subscriber
also fully understands this Subscription Agreement and the risks associated with
this interest and confirms that all documents, records and books pertaining to
the Subscriber’s investment in the Units and requested by the Subscriber have
been made available or delivered to the Subscriber by the Company;

    

    (j)        The
Subscriber has had an opportunity to ask questions of and receive answers from,
the Company or a person or persons acting on its behalf, concerning the terms
and conditions of this investment and confirms that all documents, records and
books pertaining to the investment in the Units and requested by the Subscriber
has been made available or delivered to the Subscriber;

    

    (k)       The
Subscriber will be acquiring the Common Stock solely for the Subscriber's own
account, for investment and not with a view toward the resale, distribution,
subdivision or fractionalization thereof; and the Subscriber has no present
plans to enter into any such contract, undertaking, agreement or
arrangement;

    

    (l)        The
Subscriber acknowledges and understands that prior to this Offering there was
only a limited public market for the Common Stock and no assurance can be given
that a public market will be maintained so that any subscribers in this Offering
may avail any benefit from the same;

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    (m)      The
Subscriber's compliance with the terms and conditions of this Subscription
Agreement will not conflict with any instrument or agreement pertaining to the
will develop for the Units offered hereby, or if developed, that it or the
transactions contemplated herein; and will not conflict in, result in a breach
of, or constitute a default under any instrument to which the Subscriber is a
party;

    

    (n)       The
Subscriber will seek its own legal, tax and investment advice concerning tax
implications attendant upon the purchase of the Units and understands and
accepts that the Company is relying upon this representation insofar as
disclosure of tax matters is concerned;

    

    (o)      The
Subscriber hereby acknowledges and represents that the Subscriber is aware of
the information set forth in this document and in any exhibits attached hereto;
and

    

    (p)       The
foregoing representations and warranties are true and accurate as of the date
hereof and shall be true and accurate as of the date of delivery of the
subscription to the Company and shall survive such delivery.  If, in
any respect, such representations and warranties shall not be true and accurate,
the Subscriber shall give written notice of such fact to the Company, specifying
which representations and warranties are not true and accurate and the reasons
therefor.

    

    7.  Risk Factors. THE SUBSCRIBER
ACKNOWLEDGES THAT THERE ARE SIGNIFICANT RISKS ASSOCIATED WITH THE OFFERING AND
THAT SUCH SECURITIES ARE HIGHLY SPECULATIVE AND SHOULD NOT BE PURCHASED BY
ANYONE WHO CANNOT AFFORD A TOTAL LOSS OF THEIR ENTIRE INVESTMENT. All of
the risks and disclosures contained within the company’s filings with the
securities and exchange commission, are hereby incorporated by
reference.  The Subscriber represents and warrants that he or she has
carefully considered and reviewed the Company’s filings with the Securities and
Exchange Commission, which are hereby incorporated by reference in reaching a
determination to exercise the Warrants.

    

    8.  Responsibility.  The
Company or its officers and directors shall not be liable, responsible or
accountable for damages or otherwise to any Subscriber for any act or omission
performed or omitted by them in good faith and in a manner reasonably believed
by them to be within the scope of the authority granted to them by this
Subscription Agreement and in the best interests of the Company, provided they
were not guilty of gross negligence, willful or wanton misconduct, fraud, bad
faith or any other breach of fiduciary duty with respect to such acts or
omissions.

    

    9.  Miscellaneous.

    

    (a)      
The Company and the Subscriber hereby covenant that this Subscription Agreement
is intended to and does contain and embody herein all of the understandings and
agreements, both written or oral, of the Company and the Subscriber with respect
to the subject matter of this Subscription Agreement, and that there exists no
oral agreement or understanding, express or implied liability, whereby the
absolute, final and unconditional character and nature of this Subscription
Agreement shall be in any way invalidated, empowered or
affected.  There are no representations, warranties or covenants other
than those set forth herein.

    

    (b)     
The headings of this Subscription Agreement are for convenient reference only
and they shall not limit or otherwise affect the interpretation or effect of any
terms or provisions hereof.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    (c)     
This Subscription Agreement shall not be changed or terminated except as set
forth herein.  All of the terms and provisions of this Subscription
Agreement shall be binding upon and inure to the benefit of and be enforceable
by and against the successors and assigns of the Company and the heirs,
executors, administrators and assigns of the Subscriber.

    

    (d)     
A modification or waiver of any of the provisions of this Subscription Agreement
shall be effective only if made in writing and executed with the same formality
as this Subscription Agreement.  The failure of either the Company or
the Subscriber to insist upon strict performance of any of the provisions of
this Subscription Agreement shall not be construed as a waiver of any subsequent
default of the same or similar nature, or of any other nature or
kind.

    

    (e)     
The various provisions of this Subscription Agreement are severable from each
other and from the other provisions of this Agreement, and in the event that any
provision in this Subscription Agreement shall be held invalid or unenforceable
by a court of competent jurisdiction, the remainder of this Subscription
Agreement shall be fully effective, operative and enforceable.

    

    (f)       
Pronouns used herein are to be interpreted as referring to both the masculine
and feminine gender.

    

    (g)      This
Subscription Agreement shall be construed and interpreted in accordance with the
laws of the State of Nevada without reference to conflict of laws
principle.  The parties agree that in the event of a laws controversy
arising out of the interpretation, construction, performance or breach of this
Subscription Agreement, any and all claims arising out of, or relating to, this
Subscription Agreement shall be submitted by arbitration according to the
Commercial Arbitration Rules of the American Arbitration Association located in
New York City before a single arbitrator.  Notwithstanding the prior
sentence, any other action commenced by either party herein shall be venued in
the appropriate court of competent jurisdiction located in the county of New
York, State of New York.

    

    (h)     
This Subscription Agreement may be executed in one or more counterparts each of
which shall be deemed an original and all of which together shall be deemed to
be one and the same instrument.

    

    THE SUBSCRIBER ACKNOWLEDGES THAT,
EXCEPT AS SET FORTH IN THIS AGREEMENT, NO REPRESENTATIONS OR WARRANTIES HAVE
BEEN MADE TO IT, OR TO ITS ADVISORS, BY THE COMPANY, OR BY ANY PERSON ACTING ON
BEHALF OF THE COMPANY, WITH RESPECT TO THE INTERESTS, THE PROPOSED BUSINESS OF
THE COMPANY, THE DEDUCTIBILITY OF ANY ITEM FOR TAX PURPOSES, AND/OR THE
ECONOMIC, TAX, OR ANY OTHER ASPECTS OR CONSEQUENCES OF A PURCHASE OF AN INTEREST
AND/OR ANY INVESTMENT IN THE COMPANY, AND THAT IT HAS NOT RELIED UPON ANY
INFORMATION CONCERNING THE OFFERING, WRITTEN OR ORAL, OTHER THAN THAT CONTAINED
IN THIS SUBSCRIPTION AGREEMENT.

    

    ---------------The
rest of this page left intentionally left blank.------------------

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    The
Subscriber hereby offers to exercise Warrants to purchase ________ shares of
Common Stock and encloses payment of $______ per Warrant exercised for an
aggregate investment of $____________.

    

    

    

    
      	 
      	
               

            	 
	 
      	
              Signature
      of Subscriber

            	 
	 
      	 
      	 
	 
      	 
      	 
	 
      	
               

            	 
	 
      	
              Name
      of Subscriber

            	 
	 
      	 
      	 
	 
      	 
      	 
	 
      	
               

            	 
	 
      	
              Name
      of the Authorized Signatory

            	 
	 
      	
              (If
      Applicable)

            	 
	 
      	 
      	 
	 
      	 
      	 
	 
      	
               

            	 
	 
      	
              (Print)
      Street Address - Residence

            	 
	 
      	 
      	 
	 
      	 
      	 
	 
      	
               

            	 
	 
      	
              (Print)
      City, State and Zip Code

            	 
	 
      	 
      	 
	 
      	 
      	 
	 
      	
               

            	 
	 
      	
              Social
      Security/Taxpayer I.D. Number:

            	 
	 
      	 
      	 
	 
      	
               

            	 

    

    

    AGREED
TO AND ACCEPTED:

    

    As of
___________, 2008

    

    NANOVIRICIDES,
INC.

    

    

    
      	
              By:

            	
               

            	 
      
	 
      	
              Eugene
      Seymour, M.D.

            	 
      
	 
      	
              Chief
      Executive Officer

            	 
      

    

    

    ---------------The
rest of this page left intentionally left blank.------------------

    

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

    

     

    COMPLETE
“SUBSCRIBER QUESTIONNAIRE” BELOW;

    PROVIDE
REQUISITE ADDITIONAL INFORMATION

    

    SUBSCRIBER
QUESTIONNAIRE

    

    PERSONAL
DATA.

     

    
      	 	 	 
	
              Full
      Name

            	 	
              Residence
      Telephone (Area Code Number)

            
	 
      	 	
               

            
	 
      	 	
              Business
      Telephone (Area Code Number)

            
	
               

            	 	
               

            
	
              Residence
      or Principal Address (Street/City/State/Zip Code)

            	 	
              Birth
      Date

            
	 
      	 	 
      
	
               

            	 	
               

            
	
              Mailing
      Address (if other than residence)

            	 	
              Citizenship
      (U.S./Other)

            
	 
      	 	 
      
	
               

            	 	
               

            
	
              Marital
      Status

            	 	
              Social
      Security/Taxpayer I.D.  Number

            
	 
      	 	 
      
	
               

            	 	
               

            
	
              Spouse’s
      Full Name

            	 	
              E-mail
      Address

            
	 
      	 	 
      
	
               

            	 	
               

            
	
              Spouse’s
      Social Security Number

            	 	
              Facsimile
      Number (Area Code/Number)

            

    

    

    ACCREDITED
INVESTOR.  If Subscriber (or the entity on behalf of which
Subscriber is acting) is an “accredited investor” as that term is defined in
Rule 501(a) of Regulation D promulgated under the Act, and, as such, falls
within at least one of the following categories, then please INITIAL each applicable
category.

    

    
      	
              ______

            	
              (a)

            	
              A
      bank or savings and loan association or other institution (acting either
      in an individual or fiduciary capacity), registered broker-dealer,
      insurance company, registered investment company, or business development
      company, or licensed “small business investment company,” or an employee
      benefit plan which either is represented in a fiduciary capacity by a
      bank, savings and loan association, insurance company or registered
      investment advisor, has total assets in excess of $5,000,000 or is
      self-directed and the plan’s business investments are made solely by
      accredited investors.

            
	 
      	 
      	 
      
	
              ______

            	
              (b)

            	
              A
      trust (i) with total assets in excess of $5,000,000, (ii) which was not
      formed for the specific purpose of acquiring the subject securities, and
      (iii) whose purchase is directed by a person who has such knowledge and
      experience in financial and business matters as to be capable of
      evaluating the merits and risks of the prospective
    investment.

            
	 
      	 
      	 
      
	
              ______

            	
              (c)

            	
              An
      organization described in Section 501(c)(3) of the Internal Revenue Code,
      corporation or similar business trust, or partnership, not formed for the
      specific purpose of acquiring the subject securities, with total assets in
      excess of $5,000,000.

            
	 
      	 
      	 
      
	
              ______

            	
              (d)

            	
              An
      entity in which all of the equity owners are “accredited
      investors.”

            
	 
      	 
      	 
      
	
              ______

            	
              (e)

            	
              A
      director or an executive officer of the Company.

            
	 
      	 
      	 
      
	
              ______

            	
              (f)

            	
              A
      natural person whose individual net worth, or joint net worth with spouse
      (if any), exceeds $1,000,000

            
	 
      	 
      	 
      
	
              ______

            	
              (g)

            	
              A
      natural person whose income in each of the two most recent calendar years
      exceeded $200,000 individually, or $300,000 jointly with spouse (if any),
      and who reasonably expects to reach that income level in the current
      year.

            

    

    

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

    

     

     EXHIBIT A

    

    NOTICE
OF EXERCISE

    

    
      	
              TO:

            	
              NANOVIRICIDES,
      INC.

            

    

    

    1.             The
undersigned hereby elects to purchase ________ shares of Common Stock of
NanoViricides, Inc. pursuant to the terms of this Warrant, and tenders herewith
payment of the purchase price of such shares in full.

    

    2.             Please
issue a certificate or certificates representing said shares of Common Stock in
the name of the undersigned or in such other name as is specified
below:

    
 

    
      	
               

            
	
              (Name)

            
	 
      
	
               

            
	 
      
	
               

            
	
              (Address)

            

    

    

    3.             The
undersigned hereby represents and warrants that the aforesaid shares of Common
Stock are being acquired for the account of the undersigned for investment and
not with a view to, or for resale, in connection with the distribution thereof,
and that the undersigned has no present intention of distributing or reselling
such shares and all representations and warranties of the undersigned set forth
in the attached Warrant are true and correct as of the date
hereof.  In support thereof, the undersigned agrees to execute an
Investment Representation Statement in a form substantially similar to the form
attached hereto as EXHIBIT A-1.

    

    

    
      	 
      	
               

            	 
      	 
      	 
	 
      	
              (Signature)

            	 
      	 
      	 
	 
      	 
      	 
      	 
      	 
	 
      	
              By:

            	 
      	 
      	 
	 
      	 
      	 
      	 
      	 
	 
      	
              Title:

            	 
      	 
      	 
	 
      	 
      	 
      	 
      	 
	 
      	
              Date:

            	
               

            	
              ,
      200__

            	 

    

    

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

    

     

    EXHIBIT
A-1

    INVESTMENT
REPRESENTATION STATEMENT

    

    
      	
               
      

            	
              PURCHASER:

            	
              ________________________________

            

    

    
      	
               
      

            	
              COMPANY:

            	
              NANOVIRICIDES,
      INC.

            

    

    
      	
               
      

            	
              SECURITIES:

            	
              COMMON
      STOCK ISSUED UPON EXERCISE OF THE WARRANTS ISSUED ON __________________,
      200_

            

    

    
      	
               
      

            	
              AMOUNT:

            	
              __________
      SHARES

            

    

    
      	
               
      

            	
              DATE:

            	
              ____________,
      200_

            

    

    

    In
connection with the purchase of the referenced Shares, I, the Purchaser,
represent to the Company the following:

    

    (a)              I
am aware of the Company’s business affairs and financial condition, and have
acquired sufficient information about the Company to reach an informed and
knowledgeable decision to acquire the Shares.  I am purchasing these
Shares for my own account for investment purposes only and not with a view to,
or for the resale in connection with, any "distribution" thereof for purposes of
the Shares Act of 1933, as amended (the "Securities Act").

    

    (b)              I
understand that the Shares have not been registered under the Shares Act in
reliance upon a specific exemption therefrom, which exemption depends upon,
among other things, the bona fide nature of my investment intent as expressed
herein.  In this connection, I understand that, in the view of the
Securities and Exchange Commission (the "Commission"), the statutory basis for
such exemption may be unavailable if my representation was predicated solely
upon a present intention to hold these Shares for the minimum capital gains
period specified under tax statutes, for a deferred sale, for or until an
increase or decrease in the market price of the Shares, or for a period of one
year or any other fixed period in the future.

    

    (c)              I
further understand that the Shares must be held indefinitely unless subsequently
registered under the Shares Act or unless an exemption from registration is
otherwise available.  Moreover, I understand that the Company has
represented it shall file a registration to register the
Shares.  There is no assurance that such a registration will be
approved in such time to be able to avail its registration, if
ever.  In addition, I understand that the certificate evidencing the
Shares will be imprinted with a legend which prohibits the transfer of the
Shares until the registration statement is declared effective or such
registration is not required in the opinion of counsel for the
Company.

    

    (d)              I
am familiar with the provisions of Rule 144, promulgated under the Shares Act,
which, in substance, permits limited public resale of "restricted securities"
acquired, directly or indirectly, from the issuer thereof, in a non-public
offering subject to the satisfaction of certain conditions.

    

    The
Shares may be resold in certain limited circumstances subject to the provisions
of Rule 144, which requires among other things:  (1) the availability
of certain public information about the Company, (2) the resale occurring not
less than one year after the party has purchased, and made full payment for,
within the meaning of Rule 144, the securities to be sold; and, in the case of
an affiliate, or of a non-affiliate who has held the securities less than two
years, (3) the sale being made through a broker in an unsolicited "broker's
transaction" or in transactions directly with a market maker (as said term is
defined under the Shares Exchange Act of 1934) and the amount of securities
being sold during any three month period not exceeding the specified limitations
stated therein, if applicable.

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    (e)              I
further understand that in the event all of the applicable requirements of Rule
144 are not satisfied, registration under the Shares Act, compliance with
Regulation A, or some other registration exemption will be required; and that,
notwithstanding the fact that Rule 144 is not exclusive, the Staff of the
Commission has expressed its opinion that persons proposing to sell private
placement securities other than in a registered offering and otherwise than
pursuant to Rule 144 will have a substantial burden of proof in establishing
that an exemption from registration is available for such offers or sales, and
that such persons and their respective brokers who participate in such
transactions do so at their own risk.

    

    

    
      	 
      	
               

            	 
      	 
      	 
      
	 
      	
              (Signature)

            	 
      	 
      	 
      
	 
      	
              By:

            	
               

            	 
      	 
      
	 
      	
              Title:

            	
               

            	 
      	 
      
	 
      	
              Date:

            	
               

            	
              ,200__

            	 
      

    

     

     

    11

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