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                                                                    EXHIBIT 10.4

                                 INHIBITEX, INC.
                        2004 EMPLOYEE STOCK PURCHASE PLAN

SECTION 1.        NATURE OF THE PLAN

         The Inhibitex, Inc. 2004 Employee Stock Purchase Plan is intended to
provide a method whereby employees of Inhibitex, Inc. ("Inhibitex" or the
"Company") and its subsidiaries will have an opportunity to acquire a
proprietary interest in the Company through the purchase of shares of Common
Stock, par value $.001 per share, of the Company. It is the intention of the
Company to have the Plan qualify as an "employee stock purchase plan" under
Section 423 of the Internal Revenue Code of 1986, as amended (the "Code"). The
provisions of the Plan shall be construed so as to extend and limit
participation in the manner consistent with the requirements of that section of
the Code. The Company is offering to sell shares of Common Stock to eligible
Employees pursuant to the terms and conditions set forth in this Plan. The
maximum number of shares of Common Stock which may be issued under the Plan is
500,000, subject to adjustments upon changes in the capitalization of the
Company as provided in Section 10(d).

SECTION 2.        DEFINITIONS

         "Applicable Percentage" means the percentage of the fair market value
of the Common Stock which Employees will be required to pay to purchase shares
of Common Stock under the Plan. The Applicable Percentage initially shall be
85%. The Applicable Percentage may be changed from time to time by the Board,
and such change will be applied prospectively only.

         "Board" means the Board of Directors of the Company.

         "Committee" means the Committee appointed by the Board to administer
the Plan.

         "Common Stock" means the Common Stock, par value $.001 per share,
issued by the Company.

         "Custodian" means _____________, whose address is
_________________________, or such other person as the Committee may designate
from time to time.

         "Employee" means any person who is customarily employed on a full-time
or part-time basis by the Company or its domestic subsidiary corporations and is
regularly scheduled to work more than 20 hours per week and five months or more
in a calendar year.

         "Participant" means an Employee who has enrolled in the Plan by filing
all required forms with the Plan Administrator.

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         "Plan Administrator" means the Director of Human Resources of the
Company, or any such other person so designated by the Committee.

         "Purchase Period" shall have the meaning set forth in Section 5(c)
hereof.

         "Purchase Price" shall have the meaning set forth in Section 5(b)
hereof.

         "Purchase Right" means a Participant's option to purchase shares of
Common Stock that is deemed to be outstanding during a Purchase Period. A
Purchase Right represents an "option" as such term is used under Section 423 of
the Code.

SECTION 3.        ELIGIBILITY AND PARTICIPATION

         (a)      Initial Eligibility - Each Employee shall be eligible to
participate in the Plan on the first day of the first Purchase Period after the
date on which he has completed six months of service with the Company or its
subsidiaries and he has filed a payroll deduction authorization form provided by
the Company with the Plan Administrator on or before the date set therefor by
the Committee.

         (b)      Restrictions on Participation - Notwithstanding any provisions
of the Plan to the contrary, no Employee shall be granted rights to purchase
Common Stock under the Plan if, immediately after the grant, such Employee would
own stock, and/or hold outstanding options or rights to purchase stock,
possessing 5% or more of the total combined voting power or value of all classes
of stock of the Company (for purposes of this paragraph, the rules of Section
424(d) of the Code shall apply in determining stock ownership of any Employee).

SECTION 4.        PAYMENT OF PURCHASE PRICE

         At the time a Participant files his payroll deduction authorization
form, he must indicate the contribution percentage he wishes to authorize the
Company to deduct from each paycheck, in percentage amounts ranging from 1% to
25% of base pay, with a minimum deduction of $10.00 per paycheck, during each
Purchase Period. Payroll deductions for a Participant shall commence on the
first payday of each Purchase Period after his authorization for a payroll
deduction becomes effective and shall remain effective until all shares of
Common Stock authorized for the Plan under Section 1 have been issued, unless
sooner terminated by the Employee as provided in Section 6, or by the Company as
provided in Section 10. A Participant may change the amount of his payroll
deduction once each Purchase Period, effective as of the first day of the
Purchase Period, by giving prior written notice to the Plan Administrator.

SECTION 5.        GRANTING OF RIGHT TO PURCHASE

         (a)      Number of Shares - On the last day of each Purchase Period,
each Participant shall have the right to purchase a number of shares of Common
Stock equal to the dollar amount which he has elected to have withheld for each
Purchase Period divided by the Purchase Price determined as provided in Section
5(b).

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         (b)      Purchase Price - The purchase price (the "Purchase Price") of
Common Stock for a Participant shall be the Applicable Percentage of the lower
of the closing price on the first trading day or last trading day of the
Purchase Period. Daily closing prices of Common Stock for the applicable
Purchase Period shall be determined on The Nasdaq National Market or such other
exchange on which the Common Stock is then traded.

         (c)      Purchase Period - Except as discussed below for the 2004
calendar year, there will be four purchase periods (each a "Purchase Period")
each calendar year. There will be only one Purchase Period in calendar year
2004. It will begin on October 1, 2004. Thereafter, for each year that the Plan
is in effect, each calendar quarter will be a Purchase Period.

         (d)      Purchase of Shares - Unless a Participant has given written
notice to the Company under Section 6(a), amounts withheld for him for a
Purchase Period shall be used on the last day of such Purchase Period to
purchase the number of full shares of Common Stock that his accumulated payroll
deductions at that time will purchase at the applicable Purchase Price and any
excess amount at that time will be retained by the Company for him until the
next purchase of shares under the Plan.

         (e)      Transferability of Rights - During a Participant's lifetime,
rights held by the Participant to purchase Common Stock under the Plan shall be
exercisable only by that Participant.

         (f)      Delivery of Stock - Upon written request of a Participant, the
Company will deliver to such Participant certificates for the shares of Common
Stock purchased pursuant hereto, for which the Custodian may impose a reasonable
fee. Otherwise, the Custodian shall maintain a record and hold for the benefit
of Participants the shares allocated to and purchased by the Participants
pursuant hereto. It is the responsibility of each Plan participant to keep his
address current with the Plan Administrator and with the Custodian.

         (g)      Annual Purchase Limit - No Participant shall be granted rights
to purchase Common Stock under the Plan that permit his rights to purchase
Common Stock under all plans of the Company intended to qualify under Section
423 of the Code to accrue at a rate which exceeds $25,000 in fair market value
of Common Stock (determined at the time such right is granted) for each calendar
year in which such right is outstanding. Any amounts received from an Employee
that cannot be used to purchase Common stock as a result of this limitation will
be returned as soon as practicable to the Participant without interest.

SECTION 6.        WITHDRAWAL

         (a)      In General - A Participant may revoke his payroll deduction
election under the Plan for a Purchase Period by giving written notice to the
Plan Administrator (on a form prescribed by the Committee) within five days
after the commencement of such Purchase Period. All of the Participant's payroll
deductions credited to him (and any

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unused amounts from the prior Purchase Period related to fractional shares) will
be paid to him promptly after receipt of his notice of withdrawal, and no
further payroll deductions will be made from his pay during such Purchase
Period.

         (b)      Effect on Subsequent Participation - A Participant's
withdrawal under Section 6(a) will have no effect upon his eligibility to
participate in the Plan for any succeeding Purchase Period or any similar plan
which may hereafter be adopted by the Company; provided, however, a Participant
who withdraws from participation under Section 6(a) may not again participate in
the Plan until the next succeeding Purchase Period.

         (c)      Termination of Employment - Upon termination of the
Participant's employment, any outstanding rights of the Employee to purchase
Common Stock during the Purchase Period in which his employment terminates shall
be deemed to be terminated and any accumulated payroll deductions at such time
will be returned to said Participant, without interest.

SECTION 7.        PARTICIPANT ACCOUNTS

         All payroll deductions shall be credited to the Participant's account
under the Plan, but no actual separate account will be established by the
Company to hold such amounts. No interest will be paid or allowed on any money
held in a Participant's account.

SECTION 8.        STOCK OWNERSHIP

         (a)      Maximum Shares - If the total number of shares of Common Stock
for which rights are exercised on the last day of any Purchase Period in
accordance with Section 5(d) exceeds the maximum number of shares of Common
Stock authorized under Section 1, the Committee shall make a pro rata allocation
of the Shares available for delivery and distribution in as uniform a manner as
shall be practicable and as it shall determine to be equitable, and the balance
of payroll deductions or payments of each Employee under the Plan shall be
returned to him as promptly as possible.

         (b)      Participant's Interest in Stock - A Participant will have no
interest in shares of Common Stock hereunder until such shares are purchased
pursuant to Section 5(d). Participants may sell the shares of Common Stock they
acquire under the Plan at any time without restriction.

         (c)      Registration of Stock - Stock to be delivered to a Participant
will be registered in the name of the Participant.

         (d)      Participant Information - Each Participant shall immediately
provide information to the Plan Administrator if the Participant transfers any
shares purchased through the Plan within two (2) years from the date of grant of
the related Purchase Right. Such transfer shall include disposition by sale,
gift or other manner. The Participant may be requested to disclose the manner of
transfer, the date of the transfer,

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the number of shares involved and the transfer price. The Participant's
enrollment in the Plan will be deemed to constitute his consent for providing
this information.

         (e)      Tax Withholding - The Company is authorized to withhold from
any payment to be made to a Participant, including any payroll and other
payments not related to the Plan, amounts of withholding and other taxes due in
connection with any transaction under the Plan, and a Participant's enrollment
in the Plan will be deemed to constitute his consent to such withholding.

SECTION 9.        ADMINISTRATION

         (a)      Appointment of Committee - The Board shall appoint a committee
(the "Committee") to administer the Plan, which shall consist of two or more
members of the Board who are Non-Employee Directors as that term is defined in
Rule 16b-3 under the Securities Exchange Act of 1934, as amended. Members of the
Committee serve at the pleasure of the Board and are subject to removal by the
Board at any time. No member of the Committee shall be eligible to purchase
Common Stock under the Plan.

         (b)      Authority of Committee - Subject to the express provisions of
the Plan, the Committee shall have the authority, in its discretion, to
interpret and construe any and all provisions of the Plan, to adopt rules and
regulations for administering the Plan, and to make all other determinations
deemed necessary or advisable for administering the Plan. The Committee's
determination on such matters shall be conclusive. The Committee may correct any
defect or omission or reconcile any inconsistency in the Plan, in the manner and
to the extent it shall deem desirable.

         (c)      Delegation of Authority to Administer Plan - The Committee may
delegate all or part of its authority to administer the Plan to the Plan
Administrator, who may in turn delegate the day-to-day operations of the Plan to
the Custodian. The Custodian will establish and maintain, as agent for the
Participants, accounts for the purpose of holding shares of Common Stock and/or
cash contributions as may be necessary or desirable for the administration of
the Plan.

SECTION 10.       MISCELLANEOUS

         (a)      Joint Account Option - Any account maintained by the Custodian
for the benefit of a Participant with respect to shares acquired pursuant to
this Plan may only be in the name of the Participant; provided, however, that
the Participant may elect to maintain such account with rights of joint
ownership with such Participant's spouse. Such election may be made on a form
provided by the Plan Administrator.

         (b)      Transferability - Neither payroll deductions credited to a
Participant's account nor any Purchase Rights or other rights to acquire Common
Stock under the Plan may be assigned, transferred, pledged, or otherwise
disposed of, in any way by the Participant other than by will or the laws of
descent and distribution. Any such attempt assignment, transfer, pledge or other
disposition shall be without effect.

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         (c)      Use of Funds - All amounts withheld or received by the Company
under this Plan may be used by the Company for any corporate purpose and the
Company shall not be obligated to segregate such amounts.

         (d)      Adjustment Upon Changes in Capitalization -

                  (1)      If, while any rights to purchase shares are
outstanding, the outstanding shares of Common stock of the Company have
increased, decreased, changed into, or been exchanged for a different number or
kind of shares or securities of the Company of another entity through
reorganization, merger, recapitalization, reclassification, stock split, reverse
stock split or similar transaction, appropriate and proportionate adjustments
may be made by the Committee in the number and/or kind of shares which are
subject to purchase under outstanding rights and in the purchase price or prices
applicable thereto. In addition, in any such event, the number and/or kind of
shares which may be offered hereunder shall also be proportionately adjusted.

                  (2)      Upon the dissolution or liquidation of the Company,
or upon a reorganization, merger or consolidation of the Company with one or
more corporations as a result of which the Company is not the surviving
corporation, or upon a sale of substantially all of the property or stock of the
Company to another corporation, no further shares will be available for purchase
by Participants under the Plan; except that any payroll deductions scheduled for
collection in that Purchase Period will be immediately applied to purchase whole
shares of Common Stock. The Board shall take such steps in connection with such
transactions as the Board shall deem necessary to assure that the provisions of
this Section 10(d)(2) shall thereafter be applicable.

         (e)      Amendment and Terminations - The Board shall have complete
power and authority to terminate or amend the Plan; provided, however, that the
Board shall not, without the approval of the stockholders of the Company (i)
increase the maximum number of shares which may be issued (except pursuant to
Section 10(d)); or (ii) amend the requirements as to the class of employees
eligible to purchase shares under the Plan or permit the members of the
Committee to purchase shares under the Plan. No termination, modification, or
amendment of the Plan may, without the consent of a Participant then having an
outstanding right under the Plan to purchase stock, adversely affect such right.

         (f)      Effective Date - The Plan shall become effective as of the
first day of the month following the date of the Company's initial public
offering, subject to approval by the holders of the majority of Common Stock. If
the Plan is not approved, the Plan shall not become effective. The Plan will
terminate on the earlier of (i) December 31, 2013, or (ii) the date on which all
shares of Common Stock available for issuance hereunder have been sold.

         (g)      No Employment Rights - The Plan does not, directly or
indirectly, create in any Participant or class of Participants any right with
respect to continuation of employment by the Company, and it shall not be deemed
to interfere in any way with the

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Company's right to terminate, or otherwise modify, a Participant's employment at
any time.

         (h)      Effect of Plan - The provisions of the Plan shall, in
accordance with its terms, be binding upon, and inure to the benefit of, all
successors of each Participant, including, without limitation, such
Participant's estate and the executors, administrators or trustees thereof,
heirs and legatees, and any receiver, trustee in bankruptcy or representative of
creditors of such Participant.

         (i)      Costs - Except as set forth Section 5(f), costs and expenses
incurred in the administration of the Plan and the maintenance of accounts with
the Custodian will be paid by the Company. Any brokerage fees and commissions
for the purchase of Common Stock under the Plan (including shares of Common
Stock purchased upon reinvestment of dividends and distributions) will be paid
by the Company, but any brokerage fees and commissions for the sale of shares of
Common Stock under the Plan by a Participant will be borne by such Participant.

         (j)      Gender and Number - The masculine gender shall be deemed to
include feminine and the singular shall include the plural unless otherwise
clearly required by the context.

         (k)      Reports - After the close of each Purchase Period, each
Participant shall receive a report from the Custodian indicating the activity in
that Participant's account for that Purchase Period.

         (l)      Compliance With Legal and Other Requirements - The Plan, the
granting and exercising of Purchase Rights hereunder, and the other obligations
of the Company, the Plan Administrator and the Custodian will be subject to all
applicable federal and state laws, rules and regulations, and to such approvals
by any regulatory or governmental agency as may be required. The Company may, in
its discretion, postpone the issuance or delivery of shares of Common Stock upon
exercise of Purchase Rights until completion of such registration or
qualification of such shares of Common Stock or other required action under any
federal or state law, rule or regulation, listing or other required action with
respect to any automated quotation system or stock exchange upon which the
shares of Common Stock or other Company securities are designated or listed, or
compliance with any other contractual obligation of the Company, as the Company
may consider appropriate. The Company may require any Participant to make such
representations and furnish such information as it may consider appropriate in
connection with the issuance or delivery of shares of Common Stock in compliance
with applicable rules and regulations, designation or listing requirements, or
other contractual obligations.

         (m)      Governing Law - The laws of the state of Georgia will govern
all matters relating to this Plan except to the extent superseded by the laws of
the United States.

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                                                                    Exhibit 10.5

                                     WARRANT

THE SECURITIES REPRESENTED BY THIS CERTIFICATE (THE "SECURITIES") HAVE BEEN
ISSUED AND SOLD IN RELIANCE UPON EXEMPTIONS FROM REGISTRATION UNDER THE
SECURITIES ACT OF 1933 (THE "1933 ACT"), AND APPROPRIATE EXEMPTIONS FROM
REGISTRATION UNDER THE SECURITIES LAWS OF OTHER APPLICABLE JURISDICTIONS. THE
SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD OR TRANSFERRED OTHER THAN PURSUANT
OT AN EFFECTIVE REGISTRATION OR AN EXEMPTION SATISFACTORY TO THE ISSUER OF
COMPLIANCE WITH THE 1933 ACT AND THE APPLICABLE SECURITIES LAW OF ANY OTHER
JURISDICTION. THE ISSUER SHALL BE ENTITLED TO REQUIRE AN OPINION OF COUNSEL
REASONABLY SATISFACTORY TO IT WITH RESPECT TO COMPLIANCE WITH THE 1933 ACT.

NO.: __                                                        Right to Purchase
                                                             Preferred Shares of
                                                                 Inhibitex, Inc.

                                 INHIBITEX, INC.

                              Amended and Restated
                        Preferred Shares Purchase Warrant
                                  (Bridge Loan)

         Inhibitex, Inc., a Delaware corporation (the "Company"), hereby
certifies that, for value received, ____________________________ (the "Holder"),
or its successors or registered assigns, is entitled, subject to the terms set
forth below, to purchase form the Company, commencing on the Exercise Date (as
hereinafter defined) and thereafter, at any time or from time to time before
5:00 p.m., Atlanta, Georgia time, on the Expiration Date (as hereinafter
defined), that number of fully paid and nonassessable Preferred Shares (as
hereinafter defined) as is equal to the Warrant Number (as hereinafter defined),
at a purchase price per share as is equal to the Purchase Price (as hereinafter
defined). The number of such Preferred Shares and the Purchase Price are subject
to adjustment as provided in this Warrant.

         This Warrant is issued pursuant to that certain Loan Agreement dated as
of March 31, 1999, as amended by that certain Amended and Restated Loan
Agreement (the "Loan Agreement"), dated as of March 31, 2000, by and among the
Company and the lenders named therein, a copy of which is on file at the
principal office of the Company (the "Original Warrant"). This Warrant is one of
several warrants (the "Purchaser Warrants") representing the right to purchase
Preferred Shares issuable pursuant to and contemplated by the Loan Agreement and
replaces in its entirety the Original Warrant.

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         As used herein the following terms, unless the context otherwise
requires, have the respective meanings set forth below:

         (a)      The term "Company" shall include Inhibitex, Inc., a Delaware
corporation, and any corporation that shall succeed to or assume the obligations
of Inhibitex, Inc. hereunder.

         (b)      The term "Preferred Shares" means the Company's Series B
Convertible Preferred Stock, and any other securities into which or for which
any of the securities may be converted or exchanged pursuant to a plan of
recapitalization, reorganization, merger, sale of assets or otherwise.

         (c)      The term "Purchase Price" shall mean, subject to adjustment
pursuant to Section 5 hereof, $1.50 a share.

         (d)      The term "Outstanding Principal Amount" shall mean the maximum
aggregate principal amount then outstanding of one or more Notes (the "Notes")
from the Company to the Holder and the other holder of the Notes and issued
pursuant to the Loan Agreement.

         (e)      The Term "Warrant Number" shall mean that number of the
Company's Preferred Shares equal to the quotient of fifteen percent of the
amount loaned to the Company by Holder divided by the applicable Purchase Price.

         1.       Term. This Warrant is exercisable, in whole or in part, at any
time and from time to time commencing on the earlier of (i) the consolidation or
merger of the Company or a sale of all or substantially all of the capital
shares or assets of the Company, or (ii) December 31, 1999 (such date referred
to as the "Exercise Date") and prior to the Expiration Date (as hereinafter
defined). This Warrant shall expire and be of no further force and effect upon
the earlier to occur of (x) the time when it has been exercised with respect to
all Preferred Shares which the Holder is or may become entitled to purchase
hereunder or (y) 5:00 p.m., Atlanta, Georgia time on January 1, 2005 (the
"Expiration Date").

         2.       Exercise of Warrant. The purchase rights represented by this
Warrant may be exercised by the Holder as provided in Section 1 in whole or in
part by the surrender of this Warrant to the Company at its principal office in
Alpharetta, Georgia, along with a written notice stating that the Holder intends
to purchase all or a specified number of Preferred Shares pursuant to this
Warrant and specifying the name or names in which the Holder wishes the
certificate or certificates for the Preferred Shares to be issued, and together
with payment of the Purchase Price for the shares then purchased. Such payment
shall be made, at the option of the Holder, by certified or official bank check
payable to the order of the Company in same day funds or by wire transfer of
same day funds to an account designated by the Company for such purpose. At the
option of the Holder, the Holder may, as payment of the Purchase Price for the
Preferred Shares then purchased, elect to receive a number of Preferred Shares
equal to the number of Preferred Shares then purchased, less a number of
Preferred Shares then having a fair market value equal to the Purchase Price of
the Preferred Shares then purchased or may elect to deliver

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shares of the Company's Common stock acquired upon any conversion of shares of
the Company's preferred stock having a fair market value equal to the Purchase
Price of the Preferred Shares then purchased. If the number of Preferred Shares
then purchased is less than the total number of Preferred Shares then issuable
upon exercise of this Warrant, the Company shall cancel this Warrant upon
surrender and shall execute and deliver a new Warrant of like tenor and date for
the balance of the shares issuable upon the exercise of this Warrant (provided,
that if only a fractional share remains unexercised, the Company shall make a
cash payment therefor in lieu of issuing a new Warrant). As promptly as
practicable after such surrender of this Warrant, the Company shall issue and
deliver to the Holder, at the address appearing in the books of the Company or
otherwise designated by Holder, a certificate or certificates for the applicable
number of Preferred Shares. Certificates representing Preferred Shares purchased
pursuant to this Warrant shall bear restrictive legends substantially similar to
those at the head of this Warrant and as required by the Loan Agreement, or such
other restrictive legends as the Company and the Company's counsel deem
necessary or advisable under applicable law.

         3.       Reservation of Shares; Validity of Issuance. The Company
covenants and agrees that it shall reserve for issuance as of the Exercise Date
of this Warrant and keep available out of its authorized but unissued Preferred
Shares, free from preemptive rights, such number of Preferred Shares for which
this Warrant shall from time to time be exercisable. The Company represents and
warrants that all shares issued upon the exercise of this Warrant will, upon
issuance, be fully paid and nonassessable and be free form all taxes, liens and
charges in respect of their issuance.

         4.       Merger, Consolidation or Sale of Assets. In the event of any
capital reorganization or any consolidation or merger of the Company with or
into another person (each, a "Reorganization"), the Holder shall have the right
to purchase and receive, upon the basis and upon the terms and conditions
specified in this Warrant and in lieu of the Preferred Shares of the Company
then purchasable and receivable upon the exercise of the rights represented by
this Warrant, the kind and number of shares of stock, securities or other
property (including cash) of the Company, or other corporation resulting from
such consolidation or surviving such merger, to which the holder of the number
of outstanding Preferred Shares equal to the number of shares of such stock then
purchasable and receivable upon the exercise of the rights represented by this
Warrant immediately prior to such Reorganization would have been entitled to
receive with application of the provisions herein set forth with respect to the
rights and interests thereafter of the Holder to the end that the provisions
herein set forth shall thereafter be applicable, as nearly as reasonably may be,
in relation to any shares, other securities or property thereafter deliverable
upon the exercise of this Warrant. The Company shall not effect any
Reorganization unless prior to or simultaneously with the consummation of such
Reorganization the successor corporation (if other than the Company) resulting
from such Reorganization shall assume by written instrument executed and
delivered to the Holder at the address of the Holder appearing in the books of
the Company, the obligation to deliver to the Holder such shares, securities or
property as, in accordance with the provisions of this Section 4, the Holder may
be entitled to purchase. The provisions of this Section 4 shall similarly apply
to successive Reorganizations.

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         5.       Adjustments for Stock Splits and Combinations. If outstanding
Preferred Shares shall be subdivided into a greater number of shares, or a
dividend in Preferred Shares or other securities of the Corporation convertible
or exchangeable into Preferred Shares (in which latter event the number of
Preferred Shares issuable upon the conversion or exchange of such securities
shall be deemed to have been distributed), shall be paid in respect to the
Preferred Shares, the number of Preferred Shares which may be acquired by the
Holder upon the exercise of this Warrant shall, simultaneously with the
effectiveness of such subdivision or immediately after the record date of such
dividend, be proportionately increased, and conversely, if the outstanding
Preferred Shares shall be combined into s smaller number of shares, the number
of Preferred Shares which may be acquired by the Holder upon the exercise of
this Warrant shall, simultaneously with the effectiveness of such combination,
be proportionately reduced.

         6.       Notice of Certain Events. If at any time:

                  (i)      the Company shall declare or pay and dividend or make
any distribution to the holders of its Preferred Shares:

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

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

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

then, in any one or more of the above cases, the Company shall given written
notice, by first class mail, postage prepaid, or overnight delivery, addressed
to the Holder at the address of the Holder as shown on the books of the Company,
of the date on which (i) the books of the Company shall close or a record shall
be taken for such dividend, distribution or subscription rights or (ii) such
reorganization, reclassification, consolidation, merger, sale, dissolution,
liquidation or winding up shall take place, as the case may be. Such notice
shall also specify the date as of which the holders of Preferred Shares of
record shall participate in said dividend, distribution or subscription rights,
or shall be entitled to exchange their Preferred Shares for securities or other
property deliverable upon such reorganization, reclassification, consolidation,
merger, sale, dissolution, liquidation or winding up, as the case may be. Such
written notice shall be given not less than 30 days prior to the record date or
the date on which the transfer books of the Company are closed in respect to
such record date or prior to the action in question. Any notices given pursuant
to this Section 6 shall be effective and deemed received upon the date of actual
receipt or upon the fifth calendar day subsequent to deposit in the United
States mail (or other comparable mail system), whichever is earlier.

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         7.       No Impairment. The Company will not, by amendment of its
Amended and Restated Certificate of Incorporation or through any reorganization,
transfer of assets, consolidation, merger, dissolution, issue or dale of
securities or any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms to be observed or performed by the Company
under this Warrant, but will at all times in good faith assist in the carrying
out of all the provisions of Sections 3 through 6 and in the taking of all such
action as may be necessary or appropriate in order to protect the rights of the
Holder.

         8.       No Voting Rights. This Warrant shall not entitle the Holder to
any voting rights or other rights as a shareholder of the Company, and no
dividend or interest shall be payable or accrue in respect of this Warrant or
the interest represented by or the shares purchasable under this Warrant until
and unless, and except to the extent that, this Warrant shall be exercised.

         9.       Stock Certificates. The issuance of stock certificates upon
the exercise of this Warrant shall be made without charge to the Holder for any
tax (other than taxes attributable to any difference between the fair market
value and the exercise price of this Warrant on the date of the exercise of this
Warrant or transfer taxes resulting from issuance of stock certificates to a
person other than the Holder) in respect of the issuance of such stock. The
Holder shall for all purpose be deemed to have become the holder of record of
the shares issued upon exercise of this Warrant on the date on which the Warrant
was surrendered and payment of the Warrant Price was made, irrespective of the
date of delivery of the certificate for such shares, except that, if the date of
such surrender and payment is a date when the stock transfer books of the
Company are closed, the Holder shall be deemed to have become the holder of such
shares at the close of business on the next succeeding date on which the stock
transfer books are open.

         10.      Lost, Stolen, Mutilated or Destroyed Warrant. Upon receipt of
evidence reasonably satisfactory to the Company of the loss, theft, mutilation
or destruction of this Warrant, and in case of loss, theft or destruction, upon
the agreement of the Holder to indemnify the Company, or in the case of
mutilation, upon surrender and cancellation of this Warrant, the Company shall
issue a new Warrant of like denomination and tenor as the Warrant so lost,
stolen, mutilated or destroyed.

         11.      Applicable Law. This Warrant shall be governed by and
construed in accordance with the internal laws of the State of Georgia, without
regard to its principles of conflicts of laws.

         IN WITNESS WEREOF, the Company's duly authorized officer has executed
this Warrant to be effective as of the ___ day of _______, _____.

                                           INHIBITEX, INC.

                                           By: ___________________
                                           William D. Johnston
                                           President and Chief Executive Officer

                                       5

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