Document:

exv4w1

Exhibit 4.1

GEOVAX LABS, INC.

UNITS

SUBSCRIPTION AGREEMENT

Instructions:

	1.	 	Please read this document carefully, including the terms and conditions at Annex I.

	2.	 	Fill in the number of Units you wish to purchase at page 5, and sign.

	3.	 	Complete Exhibit A on page A-1 (after the signature page) and initial at the bottom.

	4.	 	Complete the “manner of settlement” section beginning at page 2.

	5.	 	Follow your broker’s instructions for submitting this subscription.

 

 

SUBSCRIPTION AGREEMENT

GeoVax Labs, Inc.

1900 Lake Park Drive

Suite 380

Smyrna, Georgia 30080

Gentlemen:

     The undersigned (the “Investor”) hereby confirms its agreement with GeoVax Labs, Inc., a
Delaware corporation (the “Company”), as follows:

     1. This Subscription Agreement, including the Terms and Conditions for Purchase of
Units (defined below) (collectively, this “Agreement”), is made as of the date set forth below
between the Company and the Investor.

     2. The Company represents and warrants that it has authorized the issuance and
sale to certain investors of up to ________ shares of common stock, $0.001 par value, of the
Company (the “Common Stock”) and up to ______ five-year warrants to purchase one (1) additional
share of Common Stock (each, a “Warrant”), which are being offered for sale in up to ________ units
consisting of one share of Common Stock and one Warrant (the “Units”).

     3. The Company represents and warrants that the offering and sale of the Units
(the “Offering”) are being made pursuant to (a) an effective Registration Statement on Form S-1
(Registration No. 333-165828) (the “Registration Statement”) filed by the Company with the
Securities and Exchange Commission (the “Commission”), including the Prospectus contained therein
(the “Preliminary Prospectus”), (b) if applicable, certain “free writing prospectuses” (as that
term is defined in Rule 405 under the Securities Act of 1933, as amended (the “Act”)), if any, that
have been or will be filed with the Commission and delivered to the Investor on or prior to the
date hereof (the “Issuer Free Writing Prospectus”), containing certain supplemental information
regarding the Units, the terms of the Offering and the Company, and (c) the Final Prospectus (the
“Final Prospectus” and, together with the Preliminary Prospectus, the “Prospectus”) containing
certain supplemental information regarding the Units and terms of the Offering that has been or
will be (i) filed with the Commission, and (ii) delivered to the Investor (or made available to the
Investor by the filing by the Company of an electronic version thereof with the Commission).

     4. The Company and the Investor agree that the Investor will purchase from the
Company, and the Company will sell to the Investor, the Units set forth below for the aggregate
purchase price set forth below. The Units shall be purchased pursuant to the Terms and Conditions
for Purchase of Units attached hereto as Annex I and incorporated herein by reference (the
“Terms and Conditions for Purchase of Units”) as if fully set forth herein. The Investor
acknowledges that the Offering is not being underwritten by Global Hunter Securities LLC or Gilford
Securities Incorporated (the “Placement Agents”) and that no Units will be sold unless Subscription
Agreements for Units representing an aggregate purchase price of at least $5 million are received
and accepted.

1

 

     5. The manner of settlement of the Shares comprising the Units purchased by the
Investor shall be determined by such Investor as follows (check one):

o

	 	A.	 	Delivery by crediting the account of the Investor’s prime broker (as
specified by such Investor on Exhibit A attached hereto) with the
Depository Trust Company (“DTC”) through its Deposit/Withdrawal At Custodian
(“DWAC”) system, whereby Investor’s prime broker shall initiate a DWAC
transaction on the Closing Date using its DTC participant identification
number, and released by American Stock Transfer and Trust Company, the
Company’s transfer agent (the “Transfer Agent”), at the Company’s direction.
NO LATER THAN ONE (1) BUSINESS DAY AFTER THE EXECUTION OF THIS AGREEMENT BY THE
INVESTOR AND THE COMPANY, THE INVESTOR SHALL:

	 	(I)	 	DIRECT THE BROKER-DEALER AT WHICH THE ACCOUNT OR ACCOUNTS TO
BE CREDITED WITH THE SHARES ARE MAINTAINED TO SET UP A DWAC INSTRUCTING
THE TRANSFER AGENT TO CREDIT SUCH ACCOUNT OR ACCOUNTS WITH THE SHARES,
AND
	 
	 	(II)	 	REMIT THE AMOUNT OF FUNDS EQUAL TO THE
AGGREGATE PURCHASE PRICE FOR THE UNITS BEING PURCHASED BY THE INVESTOR
BY WIRE TRANSFER OF IMMEDIATELY AVAILABLE FUNDS TO THE FOLLOWING
ACCOUNT:

	 	BANK: 	 	WELLS FARGO BANK, N.A.
	 
	 	ABA #: 	 	121000248
	 
	 	AC #: 	 	 0001038377
	 
	 	AC Name: 	 	 CORPORATE TRUST WIRE CLEARING
	 
	 	F/F/C: 	 	SEI # 80546500
	 
	 	REF: 	 	 GEOVAX ESCROW — ATTN: STEFAN VICTORY (770) 551-5117

-OR-

o

	 	B.	 	Delivery by the Transfer Agent of a stock certificate evidencing the
Shares registered in the name of the registered holder specified by Investor on
Exhibit A attached hereto to the address specified by Investor on
Exhibit A attached hereto, at the Company’s direction. NO LATER THAN
ONE (1) BUSINESS DAY AFTER THE EXECUTION OF THIS AGREEMENT BY THE INVESTOR AND
THE COMPANY, THE INVESTOR SHALL REMIT THE AMOUNT OF FUNDS EQUAL TO THE
AGGREGATE PURCHASE PRICE FOR THE UNITS BEING PURCHASED BY THE INVESTOR BY WIRE
TRANSFER OF IMMEDIATELY AVAILABLE FUNDS TO THE FOLLOWING ACCOUNT:

	 	BANK: 	 	WELLS FARGO BANK, N.A.
	 
	 	ABA #: 	 	121000248
	 
	 	AC #: 	 	0001038377
	 
	 	AC Name: 	 	CORPORATE TRUST WIRE CLEARING
	 
	 	F/F/C: 	 	SEI # 80546500
	 
	 	REF: 	 	GEOVAX ESCROW — ATTN: STEFAN VICTORY (770) 551-5117

-OR-

o

	 	C.	 	Delivery versus payment (“DVP”) through DTC on the Closing Date, the
Company shall deliver the Shares registered in the Investor’s name and address
as set forth below and released by the Transfer Agent to the Investor through
DTC at the Closing directly to the account(s) at the Placement Agents
identified by the Investor; upon receipt of such Shares, the Placement Agents
shall promptly electronically deliver such Shares to the

2

 

	 	 	 	Investor. NO LATER THAN ONE (1) BUSINESS DAY AFTER THE EXECUTION OF THIS
AGREEMENT BY THE INVESTOR AND THE COMPANY, THE INVESTOR SHALL:

	 	(I)	 	NOTIFY THE PLACEMENT AGENTS OF THE ACCOUNT OR ACCOUNTS AT
THE PLACEMENT AGENTS TO BE CREDITED WITH THE UNITS BEING PURCHASED BY
SUCH INVESTOR, AND
	 
	 	(II)	 	REMIT THE AMOUNT OF FUNDS EQUAL TO THE
AGGREGATE PURCHASE PRICE FOR THE UNITS BEING PURCHASED BY THE INVESTOR
BY WIRE TRANSFER OF IMMEDIATELY AVAILABLE FUNDS TO THE FOLLOWING
ACCOUNT:

	 	BANK: 	 	 WELLS FARGO BANK, N.A.
	 
	 	ABA #: 	 	 121000248
	 
	 	AC #: 	 	 0001038377
	 
	 	AC Name: 	 	CORPORATE TRUST WIRE CLEARING
	 
	 	F/F/C: 	 	 SEI # 80546500
	 
	 	REF: 	 	 GEOVAX ESCROW — ATTN: STEFAN VICTORY (770) 551-5117

IT IS THE INVESTOR’S RESPONSIBILITY TO (A) MAKE THE NECESSARY WIRE TRANSFER IN A TIMELY MANNER
AND (B) ARRANGE FOR SETTLEMENT BY WAY OF DWAC OR DVP IN A TIMELY MANNER. IF THE INVESTOR DOES NOT
DELIVER THE AGGREGATE PURCHASE PRICE FOR THE UNITS OR DOES NOT MAKE PROPER ARRANGEMENTS FOR
SETTLEMENT IN A TIMELY MANNER, THE UNITS MAY NOT BE DELIVERED AT CLOSING TO THE INVESTOR OR THE
INVESTOR MAY BE EXCLUDED FROM THE CLOSING ALTOGETHER.

     6. The manner of settlement of the Warrants comprising the Units purchased by the
Investor shall be pursuant to an executed Warrant to be delivered to the Investor by the Company at
the Closing.

     7. The Investor represents that, except as set forth below, (a) it has had no
material relationship (exclusive of any investments by the Investor in the Company’s securities)
within the past three years with the Company, or persons known to it to be affiliates of the
Company, (b) it is not a FINRA member or an Associated Person of a FINRA member (as such term is
defined under the NASD Membership and Registration Rules Section 1011) as of the Closing, and (c)
neither the Investor nor any group of Investors (as identified in a public filing made with the
Commission) of which the Investor is a part in connection with the Offering of the Units, acquired,
or obtained the right to acquire, 20% or more of the Common Stock (or securities convertible into
or exercisable for Common Stock) or the voting power of the Company on a post-transaction basis.
Exceptions:

The representations above are made to the knowledge of the signatory below,

(If no exceptions, write “none.” If left blank; response will be deemed to be “none.”)

     8. The Investor represents that it has received (or otherwise had made available
to it by the filing by the Company of an electronic version thereof with the Commission) the
Preliminary Prospectus which is a part of the Registration Statement, the documents incorporated by
reference therein and any Issuer Free Writing Prospectus (collectively, the “Disclosure Package”),
prior to or in connection with the receipt of this Agreement. The Investor acknowledges that,
prior to the delivery of this Agreement by the Investor to the Company or the Placement Agents, the
Investor will receive certain additional information regarding the Offering, including pricing
information (the “Offering Information”). Such information may be provided to the Investor by any
means permitted under the Act, including a free writing prospectus and oral communications, if
applicable.

3

 

     9. No offer by the Investor to buy Units will be accepted and no part of the
Purchase Price will be delivered to the Company until the Investor has received the Offering
Information and the Company has accepted such offer by countersigning a copy of this Agreement, and
any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any
time prior to the Company (or the Placement Agents on behalf of the Company) sending (orally, in
writing or by electronic mail) notice of its acceptance of such offer. An indication of interest
will involve no obligation or commitment of any kind until the Investor has been delivered the
Offering Information and this Agreement is accepted and countersigned by or on behalf of the
Company

     10. The Investor acknowledges that in certain states, including Kansas,
Massachusetts, Michigan, New Jersey, Pennsylvania, Virginia and Washington, individuals or other
persons who wish to acquire Units in the Offering generally must qualify as “accredited investors”
within the meaning of Rule 501(a) of Regulation D promulgated under the Act. However, the Company
reserves the right to offer Units to other classes of investors, such as institutional investors,
in any of those states if such offer is exempt from registration under that state’s securities
laws.

[Signature Page Follows]

4

 

     Please confirm that the foregoing correctly sets forth the agreement between us by signing in
the space provided below for that purpose.

	 	 	 	 	 

	Number of Units: __________________________	 	Dated as of: _________________, 2010
	 
	 	 	 	 
	Purchase Price Per Unit: $____________________
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	Aggregate Purchase Price: $__________________

	 	INVESTOR	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Print Name:	 	 
	 
	 	 	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 

	 	Address:	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	E-mail:	 	 
	 
	 	 	 	 
	 

	 	Phone:	 	 
	 
	 	 	 	 
	 

	 	TIN:	 	 

Agreed and Accepted this _______ day of ____________, 2010:

	 	 	 	 	 
	THE COMPANY

GEOVAX LABS, INC.

 	 	 
	By:  	 	 	 
	 	Name:  	Mark W. Reynolds 	 	 
	 	Title:  	Chief Financial Officer 	 	 

5

 

	 	 	 	 	 

EXHIBIT A

INVESTOR QUESTIONNAIRE — [COMPLETE AND INITIAL]

          Pursuant to Section 4.1 of Annex I to the Agreement, please provide us with
the following information:

	 	 	 	 	 

	1.

	 	The exact name that your Common Stock and Warrants are to be
registered in. You may use a nominee name if appropriate:
	 	 
	 
	 	 	 	 
	2.

	 	The relationship between the Investor and the registered holder
listed in response to item 1 above:	 	 
	 
	 	 	 	 
	3.

	 	The mailing address of the registered holder listed in response to
item 1 above:	 	 
	 
	 	 	 	 
	4.

	 	The Social Security Number or Tax Identification Number of the
registered holder listed in the response to item 1 above:	 	 
	 
	 	 	 	 
	5.

	 	Name of DTC Participant (broker-dealer at which the account or
accounts to be credited with the securities are maintained):	 	 
	 
	 	 	 	 
	6.

	 	DTC Participant Number:	 	 
	 
	 	 	 	 
	7.

	 	Name of Account at DTC Participant being credited with the Shares:	 	 
	 
	 	 	 	 
	8.

	 	Account Number at DTC Participant being credited with the Shares:	 	 
	 
	 	 	 	 
	9.

	 	EIN Number:	 	 
	 
	 	 	 	 
	10.

	 	Accredited Investor Status (required by some states) — Investor is:	 	 

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

o a natural person whose individual net worth or joint net worth with Investor’s spouse
as of the date hereof is in excess of $1,000,000 (excluding the value of Investor’s primary
residence).

o a natural person who had individual income in excess of $200,000 in each of the two
most recent years or joint income with Investor’s spouse in excess of $300,000 in each of
those years and have a reasonable expectation of reaching the same income level in the
current year.

o a trust with total assets in excess of $5,000,000, not formed for the purpose of
acquiring the Units, whose purchase is directed by a sophisticated person as described in
Rule 506(b)(2)(ii) of Regulation D under the Securities Act of 1933, as amended.

o a manager of the Company or otherwise have such experience and information to make an
informed investment decision to acquire the Units.

o an entity in which each of the equity owners could check at least one of the boxes
above hereby represents and warrants to the Company that such checked items would be true
with respect to such equity owner.

o None of the above.

INVESTOR’S INITIALS: ____________________

A-1

 

EXHIBIT B

PLACEMENT AGENCY AGREEMENT

B-1

 

ANNEX I

TERMS AND CONDITIONS FOR PURCHASE OF UNITS

     These Terms and Conditions are part of a Subscription Agreement for the purchase of Units of
Common Stock and Warrants from GeoVax Labs, Inc. (the “Company”). Capitalized terms which are not
defined in this Annex 1 shall have the meaning ascribed to them in the Subscription
Agreement. The Subscription Agreement and this Annex 1 are hereinafter collectively
referred to as the “Agreement”.

     1. Authorization and Sale of the Units. Subject to the terms and conditions of this
Agreement, the Company has authorized the sale of the Units.

     2. Agreement to Sell and Purchase the Units; Placement Agents.

          2.1 At the Closing (as defined in Section 3.1 below), the Company will sell to the
Investor, and the Investor will purchase from the Company, upon the terms and conditions set forth
herein, the number of Units set forth on the last page of the Agreement to which these Terms and
Conditions for Purchase of Units are attached as Annex I (the “Signature Page”) for the
aggregate purchase price therefor set forth on the Signature Page.

          2.2 The Company proposes to enter into substantially this same form of Subscription Agreement
with certain other investors (the “Other Investors”) and expects to complete sales of Units to
them. The Investor and the Other Investors, if any, are hereinafter sometimes collectively
referred to as the “Investors,” and this Agreement and the Subscription Agreements executed by the
Other Investors are hereinafter sometimes collectively referred to as the “Agreements.”

          2.3 Investor acknowledges that the Company has agreed to pay the Placement Agents a fee (the
“Placement Fee”) and other consideration in respect of the sale of Units to the Investor.

          2.4 The Company has entered into a Placement Agency Agreement, dated ______ __, 2010 (the
“Placement Agency Agreement”), with the Placement Agents, which Placement Agency Agreement contains
certain representations, warranties, covenants and agreements of the Company that may be relied
upon by the Investor, which shall be a third party beneficiary thereof. The Company represents and
warrants that a true and correct copy of the Placement Agency Agreement is attached to this
Agreement as Exhibit B. Except with respect to the material terms and conditions of the
transactions contemplated by this Agreement, the Placement Agency Agreement and any other documents
or agreements contemplated hereby or thereby, the Company confirms that neither it nor any other
person acting on its behalf has provided the Investors or their agents or counsel with any
information that constitutes or could reasonably be expected to constitute material, non-public
information The Company understands and confirms that the Investors will rely on the foregoing
representations in effecting transactions in securities of the Company.

     3. Closings and Delivery of the Units and Funds.

          3.1 Closing. The completion of the purchase and sale of the Units (the “Closing”)
shall occur at a place and time (the “Closing Date”) to be specified by the Company and the
Placement Agents (such Closing Date to be the third business day following the date of this signed
Agreement), and of which the Investors will be notified in advance by the Placement Agents, in
accordance with Rule 15c6-1 promulgated under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”). At the Closing, (a) the Company shall cause to be delivered to the Investor the
Common Stock and Warrants comprising the number of Units set forth on the Signature Page registered
in the name of the Investor or, if so indicated on the Investor Questionnaire attached hereto as
Exhibit A, with the Common Stock and Warrants to be issued in the name of a nominee
designated by the Investor and (b) the aggregate purchase price for the Units being purchased by
the Investor will be delivered by or on behalf of the Investor to the Company.

Annex I, Page 1

 

          3.2 Conditions to the Obligations of the Parties.

               (a) Conditions to the Company’s Obligations. The Company’s obligation to issue and
sell the Units to the Investor shall be subject to: (i) the delivery by the Investor, in accordance
with the provisions of this Agreement, of the purchase price for the Units being purchased
hereunder as set forth on the Signature Page and (ii) the accuracy of the representations and
warranties made by the Investor in this Agreement and the fulfillment of those undertakings of the
Investor in this Agreement to be fulfilled prior to the Closing Date.

               (b) Conditions to the Investor’s Obligations. The Investor’s obligation to purchase
the Units will be subject to (i) the delivery by the Company of the Shares and the Warrants
comprising the Units in accordance with the provisions of this Agreement, (ii) the accuracy of the
representations and warranties made by the Company and the fulfillment of those undertakings of the
Company to be fulfilled prior to the Closing Date, including without limitation, those contained in
the Placement Agency Agreement, (iii) the satisfaction of the conditions to the closing set forth
in the Placement Agency Agreement, and to the condition that the Placement Agents, shall not have:
(x) terminated the Placement Agency Agreement pursuant to the terms thereof or (y) determined that
the conditions to the closing in the Placement Agency Agreement have not been satisfied. The
Investor’s obligations are expressly not conditioned on the purchase by any or all of the Other
Investors of the Units that they have agreed to purchase from the Company, except that Units
representing an aggregate purchase price of at least $5 million must be sold before any will be
sold. The Investor understands and agrees that, in the event that the Placement Agents, in its
sole discretion, determines that the conditions to closing in the Placement Agency Agreement have
not been satisfied or if the Placement Agency Agreement may be terminated for any other reason
permitted by the Placement Agency Agreement, then the Placement Agents may, but shall not be
obligated to, terminate such Agreement, which shall have the effect of terminating this
Subscription Agreement pursuant to Section 14 below.

     4. Representations, Warranties and Covenants of the Investor. The Investor acknowledges,
represents and warrants (as of the date hereof) to, and agrees with, the Company and the Placement
Agents that:

          4.1 The Investor (a) is knowledgeable, sophisticated and experienced in making, and is
qualified to make decisions with respect to, investments in Units presenting an investment decision
like that involved in the purchase of the Units, including investments in securities issued by the
Company and investments in comparable companies, (b) unless otherwise indicated through checking
“None of the Above” at Item 10 on Exhibit A, is an “accredited investor” within the meaning of Rule
501(a) of Regulation D promulgated under the Securities Act of 1933, as amended, (c) has answered
all questions on the Signature Page and the Investor Questionnaire and the answers thereto are true
and correct as of the date hereof and will be true and correct as of the Closing Date and (d) in
connection with its decision to purchase the number of Units set forth on the Signature Page, has
received and is relying only upon the Disclosure Package and the documents incorporated by
reference therein and the Offering Information and the representations, warranties, covenants and
agreements of the Company contained in the Placement Agency Agreement.

          4.2 (a) No action has been or will be taken in any jurisdiction outside the United States by
the Company or the Placement Agents that would permit an offering of the Units, or possession or
distribution of offering materials in connection with the issue of the Units in any jurisdiction
outside the United States where action for that purpose is required, (b) if the Investor is outside
the United States, it will comply with all applicable laws and regulations in each foreign
jurisdiction in which it purchases, offers, sells or delivers Units or has in its possession or
distributes any offering material, in all cases at its own expense and (c) the Placement Agents are
not authorized to make nor have they made any representation, disclosure or use of any information
in connection with the issue, placement, purchase and sale of the Units, except as set forth or
incorporated by reference in the Preliminary Prospectus, any Issuer Free Writing Prospectus or the
Final Prospectus.

Annex I, Page 2

 

          4.3 (a) The Investor is either an individual or an entity duly organized, validly existing and
in good standing under the laws of the jurisdiction of its organization and has full right, power,
authority and capacity to enter into this Agreement and to consummate the transactions contemplated
hereby and has taken all necessary action to authorize the execution, delivery and performance of
this Agreement, and (b) this Agreement constitutes a valid and binding obligation of the Investor
enforceable against the Investor in accordance with its terms, except as enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors’ and contracting parties’ rights generally and except as enforceability may be subject to
general principles of equity (regardless of whether such enforceability is considered in a
proceeding in equity or at law) and except as to the enforceability of any rights to
indemnification or contribution that may be violative of the public policy underlying any law, rule
or regulation (including any federal or state securities law, rule or regulation). The Investor’s
execution, delivery and performance of this Agreement and the consummation by it of the
transactions contemplated hereby do not and will not (i) conflict with or violate any provision of
the Investor’s certificate or articles of incorporation, bylaws or other organizational or charter
documents, or (ii) conflict with or result in a violation of any law, rule, regulation, order,
judgment, injunction, decree or other restriction of any court or governmental authority to which
the Investor is subject (including federal and state securities laws and regulations), or by which
any property or asset of the Investor is bound or affected.

          4.4 The Investor understands that nothing in this Agreement, the Prospectus or any other
materials presented to the Investor in connection with the purchase and sale of the Units
constitutes legal, tax or investment advice. The Investor has consulted such legal, tax and
investment advisors and made such investigation as it, in its sole discretion, has deemed necessary
or appropriate in connection with its purchase of Units.

          4.5 If the Investor has previously received any material non-public information since the time
at which the Placement Agents first contacted the Investor about the Offering, the Investor has not
disclosed any of such material non-public information regarding the Offering to any third parties
(other than its legal, accounting and other advisors) and has not engaged in any transactions
involving the securities of the Company (including, without limitation, any Short Sales (defined
below) involving the Company’s securities). The Investor covenants that it will (i) maintain the
confidentiality of all material non-public information acquired as a result of the transactions
contemplated herein and (ii) not engage in any purchases or sales of the securities of the Company
(including Short Sales), in each case prior to the time that such material non-public information
is publicly disclosed. The Investor agrees that it will not use any of the Units acquired pursuant
to this Agreement to cover any short position in the Common Stock if doing so would be in violation
of applicable securities laws. For purposes hereof, “Short Sales” include, without limitation, all
“short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act,
whether or not against the box, and all types of direct and indirect stock pledges, forward sales
contracts, options, puts, calls, short sales, swaps, “put equivalent positions” (as defined in Rule
16a-1(h) under the Exchange Act) and similar arrangements (including on a total return basis), and
sales and other transactions through non-U.S. broker dealers or foreign regulated brokers.

          4.6 Investor acknowledges that a portion of the identifying information set forth on the
Signature Page is being requested in connection with the USA Patriot Act, Pub.L.107-56 (the
“Patriot Act”), and Investor agrees to provide any additional information requested by the Company
or the Placement Agents in connection with the Patriot Act or any similar legislation or regulation
to which Company or the Placement Agents is subject, in a timely manner. Investor hereby
represents that the identifying information set forth on the Signature Page, including without
limitation, its Taxpayer Identification Number assigned by the Internal Revenue Service or any
other taxing authority, is true and complete on the date hereof and will be true and complete at
the time of the Closing.

     5. Survival of Representations, Warranties and Agreements. Notwithstanding any investigation
made by any party to this Agreement or by the Placement Agents, all covenants, agreements,
representations and warranties made by the Company and the Investor herein and, with respect to the
Company, in the Placement Agency Agreement, will survive the execution of this Agreement, the
delivery to the Investor of the Units being purchased and the payment therefor.

Annex I, Page 3

 

     6. Notices. All notices, requests, consents and other communications hereunder will be in
writing, will be mailed (a) if within the domestic United States by first-class registered or
certified airmail, or nationally recognized overnight express courier, postage prepaid, or by
facsimile or (b) if delivered from outside the United States, by International Federal Express or
facsimile, and (c) will be deemed given (i) if delivered by first-class registered or certified
mail domestic, three business days after so mailed, (ii) if delivered by nationally recognized
overnight carrier, one business day after so mailed, (iii) if delivered by International Federal
Express, two business days after so mailed and (iv) if delivered by facsimile, upon electric
confirmation of receipt and will be delivered and addressed as follows:

          (a) if to the Company, to:

GeoVax Labs, Inc.

1900 Lake Park Drive, Suite 380

Smyrna, Georgia 30080

Attention: Mark Reynolds

Facsimile No.: (678) 384-7281¶

          (b) if to the Investor, at its address on the Signature Page hereto, or at such other address
or addresses as may have been furnished to the Company in writing.

     7. Changes. This Agreement may not be modified or amended except pursuant to an instrument in
writing signed by the Company and the Investor. Any modification or amendment to Section 3
(Representations and Warranties of the Company), Section 9 (Conditions of the Obligations of the
Placement Agents, or Section 13 (Third Party Beneficiaries) of the Placement Agency Agreement, and
any modification or amendment to the Placement Agency Agreement that is material and adverse to the
Investor, shall require the prior written consent of the Investor.

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

     9. Severability. In case any provision contained in this Agreement should be invalid, illegal
or unenforceable in any respect, the validity, legality and enforceability of the remaining
provisions contained herein will not in any way be affected or impaired thereby.

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

     11. Counterparts. This Agreement may be executed in two or more counterparts, each of which
will constitute an original, but all of which, when taken together, will constitute but one
instrument, and will become effective when one or more counterparts have been signed by each party
hereto and delivered to the other parties. Delivery of an executed counterpart by facsimile or
portable document format (.pdf) shall be effective as delivery of a manually executed counterpart
thereof.

Annex I, Page 4

 

     12. Confirmation of Sale. The Investor acknowledges and agrees that such Investor’s receipt
of the Company’s signed counterpart to this Agreement, together with the Final Prospectus (or the
filing by the Company of an electronic version thereof with the Commission), shall constitute
written confirmation of the Company’s sale of Units to such Investor.

     13. Press Release. The Company and the Investor agree that, prior to the opening of trading
on Over-the-Counter Bulletin Board on the business day immediately after the date hereof, the
Company may (i) issue a press release announcing the Offering and disclosing all material
information regarding the Offering, (ii) file an amendment to the Registration Statement with the
Commission and (iii) file a prospectus pursuant to Rule 424(b) with the Commission disclosing all
material information regarding the Offering and including the Placement Agency Agreement and a form
of this Agreement as exhibits thereto. From and after the issuance of such press release and the
filing of such amendment and prospects, the Company shall have publicly disclosed all material,
non-public information delivered to any of the Investors by the Company or any person acting on its
behalf, including, without limitation, the Placement Agents, in connection with the transactions
contemplated by this Agreement, the Placement Agency Agreement and any other documents or
agreements contemplated hereby or thereby. The Company shall not identify the name of any Investor
or any affiliate of any investment adviser of such Investor in any press release or public filing,
or otherwise publicly disclose the name of any Investor or any affiliate of investment adviser of
such Investor, without such Investor’s prior written consent, unless required by law or the rules
and regulations of a national securities exchange, provided, however, that, if permitted by
applicable law, regulation, legal or judicial process, promptly after becoming aware of any request
or requirement to so disclose (a “Disclosure Requirement”), and in any event prior to any such
disclosure, the Company will provide such Investor with notice of such request or requirement so
that such Investor may at its election seek a protective order or other appropriate remedy and the
Company will fully cooperate with such Investor’s efforts to obtain the same; provided, further,
however, if, absent the entry of such a protective order or other remedy, the Company is compelled
by applicable law, rule or regulation or a court order, subpoena, similar judicial process,
regulatory agency or stock exchange rule to disclose such Investor’s name, the Company may disclose
only that portion of such information that the Company is so compelled to disclose and will use its
reasonable efforts to obtain assurance that confidential treatment will be accorded to that portion
of such information that is being disclosed. As of the date hereof, the Company is not aware of
any Disclosure Requirement.

     14. Termination. In the event that the Placement Agency Agreement is terminated by the
Placement Agents pursuant to the terms thereof, this Agreement shall terminate without any further
action on the part of the parties hereto.

     15. Fees and Expenses. Each party shall pay the fees and expenses of its advisers, counsel,
accountants and other experts, if any, and all other expenses incurred by such party incident to
the negotiation, preparation, execution, delivery and performance of this Agreement.

Annex I, Page 5exv4w2

Exhibit 4.2

CALLABLE COMMON STOCK PURCHASE WARRANT

GEOVAX LABS, INC.

Warrant Shares: _____________          Issue Date: ____________

Warrant Number: ____________

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

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

     Section 2. Exercise and Redemption.

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

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

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

1

 

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

     d) Mechanics of Exercise.

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

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

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

2

 

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

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

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

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

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

3

 

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

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

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

     Section 3. Certain Adjustments.

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

4

 

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

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

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

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

5

 

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

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

     f) Notice to Holder.

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

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

6

 

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

     Section 4. Transfer of Warrant.

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

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

7

 

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

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

     Section 5. Miscellaneous.

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

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

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

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

8

 

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

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

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

9

 

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

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

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

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

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

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

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

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

10

 

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

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

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

     “Bloomberg” means Bloomberg Financial Markets.

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

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

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

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

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

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

11

 

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

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

     “Principal Market” means NYSE Amex Equities.

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

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

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

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

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

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

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

12

 

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

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

(Signature Pages Follow)

13

 

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

	 	 	 	 	 
	 	GEOVAX LABS, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title.  	 	 

14

 

	 	 	 	 	 

NOTICE OF EXERCISE

     TO: GEOVAX LABS, INC.

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

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

o in lawful money of the United States; or

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

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

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

	 	 	 	 	 

	Account Number:

	 	 	 	 
	 

	 	 	 	 
	Account Name:
	 	 	 	 
	 

	 	 	 	 
	DTC Number:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	or by physical delivery of a certificate to:	 	 
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	 	 	 

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

SIGNATURE

	 	 	 

	Name of Investing Entity:
	 	 
	 

	 	 

	 	 	 

	Signature of Authorized Signatory of Investing Entity:
	 	 
	 

	 	 

	 	 	 

	Name of Authorized Signatory:
	 	 
	 

	 	 

	 	 	 

	Title of Authorized Signatory:
	 	 
	 

	 	 

	 	 	 

	Date:
	 	 
	 

	 	 

 

 

ASSIGNMENT FORM

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

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

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

	 	 	 
	 

	 	whose address is
	 
	 
	 	 
	 
	 
	 	 
	 

	 	 	 	 	 

	 

	 	Dated:                                         
	 	 
	Holder’s Signature:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Holder’s Address:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 

	 	 	 

	Signature Guaranteed:
	 	 
	 

	 	 

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

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