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<SEC-DOCUMENT>0000950123-10-064607.txt : 20100709
<SEC-HEADER>0000950123-10-064607.hdr.sgml : 20100709
<ACCEPTANCE-DATETIME>20100709160614
ACCESSION NUMBER:		0000950123-10-064607
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100824
FILED AS OF DATE:		20100709
DATE AS OF CHANGE:		20100709
EFFECTIVENESS DATE:		20100709

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GeoVax Labs, Inc.
		CENTRAL INDEX KEY:			0000832489
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH [8731]
		IRS NUMBER:				870455038
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-52091
		FILM NUMBER:		10946411

	BUSINESS ADDRESS:	
		STREET 1:		1900 LAKE PARK DRIVE
		STREET 2:		SUITE 380
		CITY:			SMYRNA
		STATE:			2Q
		ZIP:			30080
		BUSINESS PHONE:		678-384-7220

	MAIL ADDRESS:	
		STREET 1:		1900 LAKE PARK DRIVE
		STREET 2:		SUITE 380
		CITY:			SMYRNA
		STATE:			2Q
		ZIP:			30080

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Geovax Labs, Inc.
		DATE OF NAME CHANGE:	20061002

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DAUPHIN TECHNOLOGY INC
		DATE OF NAME CHANGE:	19940826

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SUCCESSO INC
		DATE OF NAME CHANGE:	19910410
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>g23991def14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
<HTML>
<HEAD>
<TITLE>def14a</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 6pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>SCHEDULE 14A INFORMATION</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Proxy Statement Pursuant to Section&nbsp;14(a) of the Securities
Exchange Act of 1934 <br>(Amendment No.&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>)</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Filed by the Registrant <FONT face="wingdings" size="2">&#254;</FONT><BR>
Filed by a Party other than the Registrant <FONT face="wingdings" size="2">&#111;</FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box:

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Preliminary Proxy Statement</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD><B>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-</B><B>6(e)(2)</B><B>)</B></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#254;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Definitive Proxy Statement</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Definitive Additional Materials</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Soliciting Material Pursuant to &#167;240.14a-12</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 6pt">&nbsp;</DIV>

<DIV align="center" style="font-size: 24pt">
<B>GEOVAX LABS, INC.</B></DIV>
<DIV align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
(Name of Registrant as Specified In Its Charter)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">&nbsp;</DIV>

<DIV align="center">
</DIV>
<DIV align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Payment of Filing Fee (Check the appropriate box):

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#254;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>No fee required.</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(4) and 0-11.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(1)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Title of each class of securities to which transaction applies:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(2)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Aggregate number of securities to which transaction applies:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(3)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Per unit price or other underlying value of transaction computed pursuant to Exchange Act
Rule&nbsp;0-11 (set forth the amount on which the filing fee is calculated and state how it was
determined):</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(4)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Proposed maximum aggregate value of transaction:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(5)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Total fee paid:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Fee paid previously with preliminary materials.</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2)
and identify the filing for which the offsetting fee was paid previously. Identify the
previous filing by registration statement number, or the Form or Schedule and the date of its
filing.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(1)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Amount Previously Paid:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(2)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Form, Schedule or Registration Statement No.:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(3)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Filing Party:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(4)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Date Filed:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>

<P align="center" style="font-size: 10pt">
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>GEOVAX LABS, INC.<BR>
1900 Lake Park Drive<BR>
Suite&nbsp;380<BR>
Smyrna, Georgia 30080</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS AND PROXY STATEMENT</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To Our Stockholders:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Annual Meeting of Stockholders of GeoVax Labs, Inc. will be held on Tuesday,
August&nbsp;24, 2010, at 1:00 p.m. (Eastern Daylight Time), at the offices of Womble Carlyle Sandridge &#038;
Rice, PLLC, 271 17<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Street, NW, Suite&nbsp;2400, Atlanta, Georgia 30363. For the purposes
of considering and voting upon:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A proposal to elect seven directors to serve until the 2011 Annual Meeting of Stockholders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A proposal to ratify the appointment of Porter Keadle Moore LLP as the independent
registered public accounting firm of GeoVax Labs, Inc. for the fiscal year ending December
31, 2010; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Such other business as properly may come before the Annual Meeting or any adjournments
thereof. The Board of Directors is not aware of any other business to be presented to a
vote of the stockholders at the Annual Meeting.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders of record at the close of business on July&nbsp;2, 2010 are entitled to
notice of the Annual Meeting and at any continuation or adjournment thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is using the U.S. Securities and Exchange Commission rule that allows us
to furnish proxy materials over the Internet. On or about July&nbsp;14, 2010, the Company started
mailing to its stockholders a Notice of Internet Availability of Proxy Materials (a &#147;Notice&#148;). The
Notice contains instructions on how to access this Proxy Statement and our Annual Report and vote
online or by telephone. The Notice also contains instructions on how stockholders can receive a
paper copy of the Company&#146;s proxy materials, including this Proxy Statement, the Company&#146;s Annual
Report and a form of proxy card or voting instruction card. Stockholders who receive a paper copy
of the Company&#146;s proxy materials, including a Proxy Statement, the Company&#146;s Annual Report and a
form of proxy card or instruction card may vote online, by telephone or by mail.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Please vote as promptly as possible, whether or not you plan to attend the Annual
Meeting. </B>Your promptness in voting will assist us in ensuring that a quorum is present or
represented. Even though you vote, you may nevertheless attend the Annual Meeting and vote your
shares in person if you wish. If you want to revoke your proxy at a later time for any reason, you
may do so in the manner described in the attached Proxy Statement.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">By Order of the Board of Directors,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><IMG src="g23991g2399100.gif" alt="(SINATURE)">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Mark W. Reynolds&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Corporate Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">July&nbsp;14, 2010<BR>
Smyrna, Georgia

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>TABLE OF CONTENTS</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Notice of Annual Meeting of Stockholders and Proxy Statement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">i</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">About This Proxy Statement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proposal I: Election Of Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Corporate Governance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Security Ownership of Principal Stockholders, Directors, and Executive Officers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Compensation Discussion and Analysis</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Summary Compensation Table</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Grants of Plan-Based Awards</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Outstanding Equity Awards at Fiscal Year-End</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Director Compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Certain Relationships and Related Transactions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Compensation Committee Report</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proposal II: Ratification of Appointment of the Independent Registered Public Accounting Firm</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Report of the Audit Committee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>GEOVAX LABS, INC.<BR>
1900 Lake Park Drive<BR>
Suite&nbsp;380<BR>
Smyrna, Georgia 30080</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PROXY STATEMENT<BR>
For The<BR>
ANNUAL MEETING OF STOCKHOLDERS<BR>
To Be Held August&nbsp;24, 2010</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ABOUT THIS PROXY STATEMENT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Proxy Statement is furnished by GeoVax Labs, Inc., a Delaware corporation, in
connection with the solicitation of your proxy by the Company&#146;s Board of Directors for use at our
Annual Meeting of Stockholders to be held at the offices of Womble Carlyle Sandridge &#038; Rice, PLLC,
271 17<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Street, NW, Suite&nbsp;2400, Atlanta, Georgia 30363, on Tuesday, August&nbsp;24, 2010, at
1:00 p.m. local time and at any continuation or adjournment thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Important Notice Regarding the Availability of Proxy Materials</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The Notice of Annual Meeting of Shareholders, Proxy Statement, Form of Proxy and
2009 Annual Report are available at www.proxyvote.com.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This year, the Company is again using the U.S. Securities and Exchange Commission
(&#147;SEC&#148;) rule that allows us to furnish our proxy materials over the Internet. On or about July&nbsp;14,
2010, the Company started mailing to its stockholders a Notice of Internet Availability of Proxy
Materials (a &#147;Notice&#148;). The Notice contains instructions on how to access this Proxy Statement and
Annual Report on Form 10-K (&#147;Annual Report&#148;) and vote online or by telephone. The Notice also
contains instructions on how stockholders can receive a paper copy of the Company&#146;s proxy
materials, including this Proxy Statement, the Company&#146;s Annual Report on Form 10-K and a form of
proxy card or voting instruction card. Stockholders who receive a paper copy of the Company&#146;s proxy
materials, including a Proxy Statement, the Company&#146;s Annual Report and a form of proxy card or
instruction card may vote online, by telephone or by mail. By furnishing its proxy materials over
the Internet, the Company is lowering the costs and reducing the environmental impact of the Annual
Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>The Proposals</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the Annual Meeting, the stockholders will be asked to consider and vote upon the
following proposals, which we refer to as the &#147;Proposals&#148;:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A proposal to elect seven directors to serve until the 2011 Annual Meeting of Stockholders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A proposal to ratify the appointment of Porter Keadle Moore LLP as the independent
registered public accounting firm of GeoVax Labs, Inc. for the fiscal year ending December
31, 2010; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Such other business as properly may come before the Annual Meeting or any adjournments
thereof. The Board of Directors is not aware of any other business to be presented to a
vote of the stockholders at the Annual Meeting.</TD>
</TR>












</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Voting</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders of record may vote:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>By Internet &#151; </I>Over the Internet, by going to <U>www.proxyvote.com</U>. Have your
proxy card in hand when you access the website and follow the instructions to obtain your records
and create an electronic voting instruction form.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>By Telephone &#151; </I>Over the telephone, by dialing 1-800-690-6903 from any touch-tone
telephone. Have your proxy card in hand when you call and follow the instructions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>By Mail &#151; </I>By mail using the enclosed proxy card. Please complete, sign and date your
proxy card and return it promptly in the envelope provided or mail it to Vote Processing, c/o
Broadbridge, 91 Mercedes Way, Edgewood, New York 11717. When the proxy card is properly executed,
dated, and timely returned, the shares it represents will be voted in accordance with its
instructions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>By Attending the Meeting in Person &#151; </I>By attending the meeting in person and voting.
Please contact Jennifer Nelms at 678-384-7220 or <u> jnelms@geovax.com</u> in order to obtain
directions to the Annual Meeting.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internet and telephone voting facilities will close at 11:59&nbsp;p.m., Eastern Daylight
Time, on August&nbsp;23, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A large number of banks, brokerage firms and other nominees participate in online
programs which provide eligible beneficial owners who hold their shares in &#147;street name&#148; rather
than as a stockholder of record, with the opportunity to vote over the Internet or by telephone.
&#147;Street name&#148; stockholders who elected to access the proxy materials electronically over the
Internet through an arrangement with their brokerage firm, bank or other nominee should receive
instructions from their brokerage firm, bank or other nominee on how to access the stockholder
information and voting instructions. If you hold your shares in &#147;street name&#148; and the voting
instruction form that you receive from your brokerage firm, bank or other nominee does not
reference Internet or telephone information, or if you prefer to vote by mail, please complete and
return the paper voting instruction form. In order to vote shares held in &#147;street name&#148; in person
at the Annual Meeting, a proxy issued in the owner&#146;s name must be obtained from the record holder
(typically your brokerage firm, bank or other nominee) and presented at the Annual Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders of record and &#147;street name&#148; stockholders who vote over the Internet or
by telephone need not return a proxy card or voting instruction form by mail, but may incur costs,
such as usage charges, from telephone companies or Internet service providers, for which the
stockholder is responsible.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Broker non-votes&#148; are proxies received from banks, brokerage firms or other
nominees holding shares on behalf of their &#147;street name&#148; clients who have not been given specific
voting instructions from such clients with respect to matters such as the Proposals. The banks,
brokerage firms or other nominees do not have the authority to vote your shares in their discretion
on the election of directors, and may not vote them on the election
of directors unless given specific voting instructions
from you. If you hold your shares in street name and do not provide voting instructions to your
brokerage firm, bank or other nominee with respect to the election of
directors,
your shares will not be voted on that Proposal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Revocability of Proxy</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you give us a proxy you will have the power to revoke it at any time before it is
exercised. The proxy may be revoked before it is exercised by sending a written revocation or a
duly executed proxy bearing a later date to us at our principal executive offices located at 1900
Lake Park Drive, Suite&nbsp;380, Smyrna, Georgia 30080; Attention: Corporate Secretary. The proxy may
also be revoked by attending the meeting and voting in person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When the proxy is properly executed, dated and returned, the shares it represents
will be voted in accordance with any directions noted on it. <B>If no instructions are indicated, the
proxy will be voted FOR the approval of the Proposals. </B>We currently know of no other matters to be
considered at the Annual Meeting of Stockholders. <B>If, however, any other matters come before the
Annual Meeting of Stockholders, or any adjournment or adjournments thereof, the persons named in
the proxy will vote the proxy in accordance with their best judgment on any such matter.</B>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Record Date, Voting Rights and Outstanding Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors fixed July&nbsp;2, 2010 as the record date (the &#147;Record Date&#148;) for
determining holders of our common stock, $0.001 par value per share, who are entitled to vote at
the meeting. As of the Record Date, we had 15,654,846 shares of common stock outstanding and
entitled to vote. Each share of common stock entitles the record holder to one vote on each matter
to be voted upon at the meeting. A majority of the shares of common stock issued and outstanding
and entitled to vote at the meeting will constitute a quorum at the meeting. If a quorum is not
present or represented at the Annual Meeting, the Chairman of the meeting or the stockholders
holding a majority of the shares of Common Stock entitled to vote, present in person or represented
by proxy, have the power to adjourn the meeting from time to time without notice, other than an
announcement at the meeting, until a quorum is present or represented. Directors, officers and
employees of the Company may solicit proxies for the reconvened meeting in person or by mail,
telephone or telegram. At any such reconvened meeting at which a quorum is present or represented,
any business may be transacted that might have been transacted at the meeting as originally
scheduled. Cumulative voting is not permitted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Unless otherwise indicated on the proxy, your shares will be voted &#147;FOR&#148; the
election of the seven director-nominees named on the proxy,&#148; and &#147;FOR&#148; the proposal to ratify the
selection of our independent registered accountants. Proxies cannot be voted for a greater number
of persons than the number of director-nominees named.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Solicitation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The cost of preparing, assembling and mailing this Proxy Statement and the form of
proxy will be borne by the Company. Directors, officers and employees of the Company may also
solicit proxies personally or by mail, telephone or facsimile. No compensation will be paid for
such solicitations. In addition, the Company will bear the reasonable expenses of brokerage houses
and other custodians, nominees and fiduciaries who, at the request of the Company, may send proxies
and proxy solicitation material to their clients and principals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Quorum and Approval of Proposals</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For there to be a quorum at the meeting, a majority of the shares of common stock
entitled to vote at the meeting must be present in person or represented by proxy. Shares held of
record by stockholders or their nominees who do not vote by proxy or attend the Annual Meeting in
person will not be considered present or represented at the Annual Meeting and will not be counted
in determining the presence of a quorum. Properly completed and executed proxies that reflect
abstentions or &#147;broker non-votes&#148; will be counted for purposes of determining whether a quorum is
present. We encourage you to provide voting instructions to your bank, broker or other nominee to
ensure that your shares will be voted at the meeting in the manner that you desire.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each share of common stock is entitled to one vote. The election of directors will
be determined by a plurality of the votes cast at the Annual Meeting if a quorum is present.
Shareholders do not have cumulative voting rights in connection with the election of directors.
This means that the seven nominees receiving the highest number of &#147;FOR&#148; votes will be elected as
directors. Withheld votes and broker non-votes, if any, are not treated as votes cast, and
therefore will have no effect on the proposal to elect directors. The affirmative vote of a
majority of all votes cast is required for the ratification of the selection of our independent
registered accountants. Abstentions and broker non-votes are not considered as votes cast, and
therefore will have no effect on the outcome of the votes on the ratification of our independent
registered public accounting firm.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PROPOSAL I<BR>
ELECTION OF DIRECTORS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our bylaws provide that the members of the Board of Directors are to be elected at
each annual meeting of stockholders and are to serve until the next annual meeting of stockholders
or until their successors are duly elected and qualified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Director Nominees</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with the recommendation of the Nominating and Governance Committee of
the Board of Directors, the Board of Directors has nominated Donald G. Hildebrand, Robert T.
McNally, Ph.D., Harriet L. Robinson, Ph.D., Steven S. Antebi, David A. Dodd, Dean G. Kollintzas,
and John N. Spencer, Jr. for reelection as directors of GeoVax to serve until the 2011 Annual
Meeting of Stockholders, until each of their successors are elected and qualified, or until their
earlier death, resignation or removal. Information concerning the nominees and our executive
officers is set forth below under &#147;Directors and Executive Officers&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that the nominees will be available and able to serve as directors. In
the event that any nominee is unable to serve (which is not anticipated), the holder of your proxy
will cast votes for such other persons as they may select.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THE BOARD OF DIRECTORS RECOMMENDS A VOTE &#147;FOR&#148; THE ELECTION OF THE NOMINEES SET
FORTH IN THIS PROXY STATEMENT. THE PERSONS NAMED IN THE FORM OF PROXY WILL VOTE THE PROXY AS
SPECIFIED. IF NO SPECIFICATION IS MADE, THE PROXY WILL BE VOTED &#147;FOR&#148; THE ELECTION OF THE NOMINEES
SET FORTH ABOVE.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Directors and Executive Officers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth certain information with respect to our directors and executive
officers.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Age</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Current Position</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Donald G. Hildebrand
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">69</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board of Directors</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert T. McNally, Ph.D.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">62</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief Executive Officer, Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mark J. Newman, Ph.D.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">55</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President, Research and Development</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mark W. Reynolds, CPA
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">48</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer and Corporate Secretary</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Harriet L. Robinson, Ph.D.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">72</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Scientific Officer, Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Steven S. Antebi (1) (2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">67</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">David A. Dodd (1) (3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">60</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dean G. Kollintzas (1) (2) (3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">37</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John N. Spencer, Jr., CPA (2)(3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">69</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Member of the Compensation Committee of the Board of Directors.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Member of the Audit Committee of the Board of Directors.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Member of the Nominating and Governance Committee of the Board of Directors.</TD>
</TR>

</TABLE>


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<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Donald G. Hildebrand. </I></B>Mr.&nbsp;Hildebrand joined the Board of Directors as Chairman and became our
President and Chief Executive Officer upon consummation of the merger with GeoVax, Inc. in
September&nbsp;2006. Effective April&nbsp;1, 2008, upon the appointment of Dr.&nbsp;Robert T. McNally as our
President and Chief Executive Officer, Mr.&nbsp;Hildebrand executed a consulting agreement with the
Company and remained as Chairman of the Board. Mr.&nbsp;Hildebrand is a founder of GeoVax, Inc., our
wholly-owned subsidiary, and served as its President and Chief Executive Officer and as a member of
its Board of Directors from its inception in 2001 to April&nbsp;2008. Prior to founding GeoVax,
Mr.&nbsp;Hildebrand was North American President and Chief Executive Officer of Rhone Merieux, Inc., a
subsidiary of Rhone Merieux, S.A., a world leader in the biopharmaceutical and animal health
industries. In 1997, Mr.&nbsp;Hildebrand also became Global Vice President of Merial Limited, a position
that he held until retiring in 2000. Mr.&nbsp;Hildebrand received his bachelor of science in
microbiology from the University of Wisconsin. The Board of Directors has concluded that
Mr.&nbsp;Hildebrand should serve on the Board of Directors by virtue of his prior experience in the
vaccine industry and his intimate knowledge of the Company&#146;s history and technology resulting from
his prior service as its President and Chief Executive Officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Robert T. McNally, Ph.D. </I></B>Dr.&nbsp;McNally joined the Board of Directors in December&nbsp;2006 and was
appointed as our President and Chief Executive Officer effective April&nbsp;1, 2008. From 2000 to March
2008, Dr.&nbsp;McNally served as Chief Executive Officer of Cell Dynamics LLC, a cGMP laboratory
services company. Previously, Dr.&nbsp;McNally was Senior Vice President of Clinical Research for
CryoLife, Inc., a pioneering company in transplantable human tissues. Dr.&nbsp;McNally is a Fellow of
the American Institute for Medical and Biological Engineering, serves on the advisory boards of the
Petit Institute for Bioengineering and Dupree College of Management at the Georgia Institute of
Technology, and is a former Chairman of Georgia Bio, a trade association. Dr.&nbsp;McNally graduated
with a Ph.D. in biomedical engineering from the University of Pennsylvania. The Board of Directors
has concluded that Dr.&nbsp;McNally should serve on its Board of Directors by virtue of his prior
business and scientific experience, including his experience as Chief Executive Officer of Cell
Dynamics, LLC and as Senior Vice President of Clinical Research for CryoLife, Inc., and due to his
intimate involvement with the Company&#146;s ongoing operations as its President and Chief Executive
Officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Mark J. Newman, Ph.D. </I></B>Dr.&nbsp;Newman joined the Company as Vice President, Research and
Development in January&nbsp;2010. Prior to joining GeoVax, Dr.&nbsp;Newman served in similar positions at
PaxVax, Inc. (from March&nbsp;2009 to December&nbsp;2009), Pharmexa A/S (from January&nbsp;2006 to December&nbsp;2008),
and Epimmune, Inc. (from February&nbsp;1999 to December&nbsp;2005). He has also served in senior scientific
management roles at Vaxcel, Inc., Apollon, Inc. and Cambridge Biotech Corp. Dr.&nbsp;Newman&#146;s experience
includes directing research, pre-clinical development and early stage clinical testing of protein,
peptide, plasmid DNA and viral vectored vaccines and multiple vaccine adjuvants. He has co-authored
more than 100 scientific papers, reviews and book chapters during his professional career, and is a
named co-inventor on six issued U.S. patents and one European patent, all related to vaccine
technologies. He has also been awarded multiple federal government and foundation grants and
contracts to support research and early stage clinical development in the field of vaccines.
Dr.&nbsp;Newman is a graduate of the Ohio State University (B.Sc. and M.Sc.) and received his Ph.D. in
Immunology from the John Curtin School of Medical Research, the Australian National University. He
completed four years of post-doctoral training at Cornell University, the National Cancer
Institute, and the NIH and served as a full time member of the Louisiana State University faculty
prior to joining the biotech industry.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Mark W. Reynolds, CPA </I></B>Mr.&nbsp;Reynolds joined the Company on a part-time basis in October&nbsp;2006 as
Chief Financial Officer and Corporate Secretary, becoming a full-time employee in January&nbsp;2010.
From 2003 to 2006, before being named Chief Financial Officer of GeoVax Labs, Inc., Mr.&nbsp;Reynolds
provided financial and accounting services to GeoVax, Inc. as an independent contractor. From 2004
to 2008, Mr.&nbsp;Reynolds served as Chief Financial Officer for Health Watch Systems, Inc. a
privately-held company in the consumer healthcare industry. From 2004 to 2006, he served as Chief
Financial Officer for Duska Therapeutics, Inc., a publicly-held biotechnology company. From 1988 to
2002, Mr.&nbsp;Reynolds was first Controller and later Chief Financial Officer and Corporate Secretary
of CytRx Corporation, a publicly-held biopharmaceutical company. Mr.&nbsp;Reynolds began his career as
an auditor with Arthur Andersen &#038; Co. from 1985 to 1988. He is a certified public accountant and
earned a masters of accountancy degree from the University of Georgia.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Harriet L. Robinson, Ph.D. </I></B>Dr.&nbsp;Robinson joined the Company as Senior Vice President, Research
and Development on a part-time basis in November&nbsp;2007 and on a full-time basis in February&nbsp;2008,
and was elected to the Board of Directors in June&nbsp;2008. She is a co-founder of GeoVax, Inc. and has
served as chief of its scientific advisory board since formation of the company in 2001. From 1999
to February&nbsp;2008, Dr.&nbsp;Robinson served as the Asa Griggs Candler Professor of Microbiology and
Immunology at Emory University in Atlanta, Georgia, and from 1998 to February&nbsp;2008 as Chief,
Division of Microbiology and Immunology, Yerkes National Primate Center and Professor at the Emory
University School of Medicine. She was Professor, Department of Microbiology &#038; Immunology, at the
University of Massachusetts Medical Center from 1988 to 1997 and Staff, then Senior, then Principal
Scientist at the University of Massachusetts Worcester Foundation for Experimental Biology from
1977 to 1987. She was also a National Science Foundation Postdoctoral Fellow at the Virus
Laboratory, University of California, Berkeley, from 1965 to 1967. Dr.&nbsp;Robinson received a bachelor
of arts degree from Swarthmore College and M.S. and Ph.D. degrees from the Massachusetts Institute
of Technology. The Board of Directors has concluded that Dr.&nbsp;Robinson should serve on its Board of
Directors by virtue of her extensive knowledge of the Company&#146;s technology as its scientific
founder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Steven S. Antebi. </I></B>Mr.&nbsp;Antebi joined the Board of Directors in March&nbsp;2010. During the last
five years, he has served as President of Maple Capital Management, a fund focusing on debt and
equity investments in North America (May&nbsp;2007 to present), President and Chief Executive Officer of
Galileo Partners LLC (2006 to present), and President of Blue and Gold Enterprises Inc.
(2002-2009), funds that invest in registered direct investments, PIPE transactions, private
placements, and open market equity transactions. Prior to that, he served for twenty years in
various senior positions at Bear Stearns and Company, including institutional sales, trading the
firm&#146;s capital in the over the counter market, syndicate distribution, and outside investment
banking. He has served as a member of the Board of Governors of Cedars Sinai Medical Center in Los
Angeles, California, one of the largest hospital/research centers in the world, for over ten years.
He serves as Chairman of the Board of Epinex Diagnostic Inc., a late stage development company,
creating a rapid diagnostic system for testing glycated albumen in diabetics. Mr.&nbsp;Antebi is also
the Chairman of the Board of the Royalty Review Council, a company doing royalty accounting for web
casting and digital media, covering all five major record labels. The Board of Directors concluded
that Mr.&nbsp;Antebi should serve on the Board of Directors because of his substantial experience in
finance and his experience in healthcare and technology.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>David A. Dodd. </I></B>Mr.&nbsp;Dodd joined the Board of Directors in March&nbsp;2010. He is the Chief
Executive Officer of RiversEdge BioVentures, an investment and advisory firm focused on the life
sciences and pharmaceuticals industries, which he founded in 2009. He has more than 35&nbsp;years of
executive experience in the healthcare industry. From December&nbsp;2007 to June&nbsp;2009, Mr.&nbsp;Dodd was
President, Chief Executive officer and Chairman of BioReliance Corporation, an organization that
provided biological safety testing, viral clearance testing, genetic and mammalian technology
testing and laboratory animal diagnostic services testing. From October&nbsp;2006 to April&nbsp;2009, he
served as non-executive chairman of Stem Cell Sciences Plc. Before that, Mr.&nbsp;Dodd served as
President, Chief Executive Officer and Director of Serologicals Corporation (Nasdaq: SERO) before
it was sold to Millipore Corporation in July&nbsp;2006 for $1.5&nbsp;billion. For five years prior to this,
Mr.&nbsp;Dodd served as President and Chief Executive Officer of Solvay Pharmaceuticals, Inc. and
Chairman of its subsidiary Unimed Pharmaceuticals, Inc. The Board of Directors concluded Mr.&nbsp;Dodd
should serve on the Board of Directors due to his experience in the pharmaceutical industry, as
well as his background in general management, business transformation, corporate partnering, and
mergers and acquisitions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Dean G. Kollintzas. </I></B>Mr.&nbsp;Kollintzas joined the Board of Directors upon consummation of the
merger with GeoVax, Inc. in September&nbsp;2006. Since 2001 Mr.&nbsp;Kollintzas has been an intellectual
property attorney specializing in biotechnology and pharmaceutical licensing, FDA regulation, and
corporate/international transactions. Mr.&nbsp;Kollintzas received a microbiology degree from the
University of Illinois and a J.D. from Franklin Pierce Law Center. He is a member of the Wisconsin
and American Bar Associations. Since 2004, Mr.&nbsp;Kollintzas has owned and operated a restaurant in
Joliet, Illinois called The Metro Grill. The Board of Directors has concluded that Mr.&nbsp;Kollintzas
should serve on the Board of Directors by virtue of his experience with intellectual property
matters, biotechnology and pharmaceutical licensing, and FDA regulation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>John N. (Jack) Spencer, Jr., CPA </I></B>Mr.&nbsp;Spencer joined the Board of Directors upon consummation
of the merger with GeoVax, Inc. in September&nbsp;2006. Mr.&nbsp;Spencer is a certified public accountant and
was a partner of Ernst &#038; Young where he spent more than 38&nbsp;years until he retired in 2000.
Mr.&nbsp;Spencer also serves as a director SurgiVision, Inc., a medical device company, and one other
privately held medical technology company, where he also chairs the audit committees, and served as
a director of Firstwave Technologies (Nasdaq:FSTW) from November&nbsp;2003 until April of 2009. He also
serves as a consultant to various companies primarily relating to financial accounting and
reporting matters. Mr.&nbsp;Spencer received a bachelor of science degree from Syracuse University, and
he earned an M.B.A. degree from Babson College. He also attended the Harvard Business School
advanced management program. The Board of Directors has concluded that Mr.&nbsp;Spencer should serve on
the Board of Directors by virtue of his experience at Ernst &#038; Young where he was the partner in
charge of that firm&#146;s life sciences practice for the southeastern United States, and his
clients included a large number of publicly-owned and privately-held medical technology
companies, together with his continuing expertise as a director of, and a consultant to, other
publicly owned and privately held companies.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CORPORATE GOVERNANCE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s Bylaws provide that the number of Members shall be determined from
time to time by resolutions of the Board of Directors, but shall not be less than three or more
than nine. Our Board of Directors has seven members.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Director Nomination Process</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Board of Directors appointed a standing Nominating and Corporate Governance
Committee in March&nbsp;2010. Its responsibilities include making recommendations on nominees for
election as directors to the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not have specific minimum qualifications that a person must meet in order to
serve on our Board of Directors, nor do we have a formal policy about the consideration of any
director candidates recommended by stockholders. However, GeoVax&#146;s Nominating and Governance
Committee, and its Board of Directors, believe that directors should possess the highest personal
and professional ethics, integrity and values, and be committed to representing the long-term
interests of the Company&#146;s stockholders. Each director must also be able to dedicate the time and
resources sufficient to ensure the diligent performance of his or her duties. Further, our Board
of Directors is intended to encompass a range of talents, experience, skills, and expertise
sufficient to provide sound and prudent guidance with respect to the operations and interests of
GeoVax and its stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GeoVax considers persons for nomination for election to the Board of Directors from
any source, including stockholder recommendations. The Nominating and Governance Committee does not
evaluate candidates differently based on who has made the recommendation. Consideration of nominee
candidates typically involves a series of internal discussions, a review of information concerning
candidates, and interviews with selected candidates. To date, no third parties have been engaged to
assist us in finding suitable candidates to serve as directors. All of our nominees are directors
standing for re-election. The nomination of each director was recommended by the Nominating and
Governance Committee, and the Board of Directors followed the recommendation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There have been no material changes to the procedures by which stockholders may
recommend nominees to our Board of Directors. GeoVax&#146;s Nominating and Governance Committee will
consider stockholder recommendations for directors sent to GeoVax Labs, Inc., 1900 Lake Park Drive,
Suite&nbsp;380, Smyrna, Georgia 30080, Attention: Chairman of the Nominating and Governance Committee.
Any recommendation from a stockholder should include the name, background and qualifications of
such candidate and should be accompanied by evidence of such stockholder&#146;s ownership of GeoVax&#146;s
common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A stockholder making any proposal shall also comply with all applicable requirements
of the Exchange Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Director Independence</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the findings and recommendations of the Nominating and Governance Committee, the
Board of Directors has determined that Messrs.&nbsp;Antebi, Dodd, Kollintzas, and Spencer are the
members of our Board of Directors who are &#147;independent,&#148; as that term is defined by
Section&nbsp;301(3)(B) of the Sarbanes-Oxley Act of 2002. Based on the same findings and
recommendations, the Board of Directors also determined that these four individuals meet the
definition of &#147;independent director&#148; set forth in Rule&nbsp;5605(a)(2) of the Nasdaq Listing Rules and
Rule&nbsp;803(A)(2) of the NYSE Amex Listing Requirements. As independent directors, Messrs.&nbsp;Antebi,
Kollintzas and Spencer serve as the members of our Audit Committee, Messrs.&nbsp;Antebi, Dodd and
Kollintzas serve as the members of our Compensation Committee, and Messrs.&nbsp;Dodd, Kollintzas and
Spencer serve as the members of the Nominating and Governance Committee. The Board of Directors
also determined that Mr.&nbsp;Peter Tsolinas, who served as a director and committee member in 2009 and
thereafter until June&nbsp;16, 2010, was &#147;independent&#148; using the same criteria it applied to the other
independent directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Board Meetings and Committees</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Board of Directors</I>. The Board of Directors held six meetings during 2009 and took
action by unanimous written consent on three other occasions. Each director attended at least 75%
of the total meetings of the Board and the committees on which they served during 2009. We
strongly encourage, but we do not require, our directors to attend our Annual Stockholders&#146;
Meeting. All of our directors attended our Annual Stockholders&#146; Meeting in 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Board of Directors has a standing Audit Committee, Compensation Committee, and
Nominating and Governance Committee.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Audit Committee</I>. The Audit Committee provides assistance to the Board of Directors
in fulfilling its oversight responsibility relating to: (i)&nbsp;the integrity of the Company&#146;s
financial statements; (ii)&nbsp;the effectiveness of the Company&#146;s internal control over financial
reporting; (3)&nbsp;the Company&#146;s compliance with legal and regulatory requirements; and (iv)&nbsp;the
independent registered public accounting firm&#146;s qualifications, independence and performance. It
also prepares the Audit Committee report that SEC proxy rules require for this proxy statement. Our
Audit Committee was comprised of Mr.&nbsp;Spencer (Chairman), Mr.&nbsp;Kollintzas, and Mr.&nbsp;Peter Tsolinas (a
former director) from January&nbsp;1, 2009 until June&nbsp;16, 2010. Effective June&nbsp;16, 2010, the Committee
consists of Mr.&nbsp;Spencer (Chairman), Mr.&nbsp;Antebi, and Mr.&nbsp;Kollintzas. Our Board of Directors has
determined that each member of the committee is independent in accordance with the criteria of
independence set forth in Section&nbsp;301(3)(B) of the Sarbanes-Oxley Act of 2002, and that Mr.&nbsp;Spencer
qualifies as an &#147;audit committee financial expert&#148; as defined by the SEC&#146;s rules. The Audit
Committee has adopted a charter, a copy of which is available on our website at <I>www.geovax.com</I>. The
Audit Committee held five meetings during 2009 and took action by unanimous written consent on one
other occasion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Compensation Committee</I>. The Compensation Committee has responsibility for matters
relating to the fair and competitive compensation of the Company&#146;s executives, employees and
non-employee directors, as well as our benefit plans. It also prepares the &#147;Compensation Discussion
and Analysis&#148; and Compensation Committee Report that SEC rules require for this proxy statement.
Our Compensation Committee was comprised of Mr.&nbsp;Spencer (Chairman), Mr.&nbsp;Kolintzas and Mr.&nbsp;Tsolinas
from January&nbsp;1, 2009 until June&nbsp;16, 2010. Effective June&nbsp;16, 2010, the Committee consists of Mr.
Dodd (Chairman), Mr.&nbsp;Antebi and Mr.&nbsp;Kollintzas. The Compensation Committee has adopted a charter, a
copy of which is available on our website at <I>www.geovax.com </I>. The members of the Compensation
Committee are independent, as required by the Compensation Committee Charter, they also qualify as
&#147;outside directors&#148; within the meaning of Rule&nbsp;16b-3 under the Security Exchange Act of 1934 and as
&#147;outside directors&#148; within the meaning of Section 162(m) of the Internal Revenue Code. The
Compensation Committee held two meetings during 2009 and took action by unanimous written consent
on one other occasion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Nominating and Corporate Governance Committee. </I>The Nominating and Governance
Committee was created by the Board of Directors on March&nbsp;31, 2010. It assists the Board of
Directors in fulfilling its responsibilities of: (i)&nbsp;identifying individuals qualified to become
directors and committee members; (ii)&nbsp;recommending director nominees to the Board of Directors;
(iii)&nbsp;developing and recommending approval of policies relating to, and generally overseeing
matters of, corporate governance; and (iv)&nbsp;leading the Board of Directors in its annual review of
the Board of Directors and its committees. The Nominating and Governance Committee consists of Mr.
Spencer (Chairman), Mr.&nbsp;Dodd, and Mr.&nbsp;Kollintzas. The Nominating and Governance Committee has
adopted a charter, a copy of which is available on our website at <I>www.geovax.com</I>. Our Board of
Directors has determined that each member of the committee is independent as required by its
charter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Compensation Committee Interlocks and Insider Participation</B><B><I>.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the fiscal year ended December&nbsp;31, 2009, Mr.&nbsp;Kollintzas, Mr.&nbsp;Spencer and
Mr.&nbsp;Tsolinas (a former director) served on our Compensation Committee. None of these individuals
were officers or employees of the Company or any of its subsidiaries during the fiscal year ended
December&nbsp;31, 2009, nor at any time prior thereto. During the fiscal year ended December&nbsp;31, 2009,
none of the members of the Compensation Committee had any relationship with the Company requiring
disclosure under Item&nbsp;404 of Regulation&nbsp;S-K, and none of the Company&#146;s executive officers served on
the compensation committee (or equivalent), or the Board of Directors, of another entity whose
executive officer(s) served on our Board of Directors or Compensation Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Stockholder Communications with the Board of Directors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any stockholder who wishes to communicate directly with our Board of Directors
should do so in writing, addressed to GeoVax Labs, Inc., c/o Audit Committee Chair, 1900 Lake Park
Drive, Suite&nbsp;380, Smyrna, Georgia 30080. Communications sent to individual directors must clearly
indicate the name of the director for whom they are intended. Unless marked &#147;Confidential&#148;, we
screen mail addressed to the Board, its Committees or any specified individual director for
security purposes and to ensure that the mail relates to discrete business matters that are
relevant to our Company. Mail that satisfies these screening criteria is required to be forwarded
to the appropriate director or directors. If marked &#147;Confidential&#148;, these communications will not
be screened by management before they are delivered by the Audit Committee Chair. Stockholders who
wish to submit director nominees for consideration by the Nominating and Governance Committee
should follow the directions at &#147;Director Nomination Process.&#148;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Code of Ethics</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Board of Directors has adopted a written Code of Ethics, a copy of which is
available on our website at <I>www.geovax.com </I>. The Company will provide a copy of the Code of Ethics
upon request to any person without charge. Such requests may be transmitted by regular mail in the
care of the Corporate Secretary. We require all officers, directors and employees to adhere to this
code in addressing the legal and ethical issues encountered in conducting their work. The code
requires that employees avoid conflicts of interest, comply with all laws and other legal
requirements, conduct business in an honest and ethical manner, and otherwise act with integrity
and in our best interest. Employees are required to report any conduct that they believe in good
faith to be an actual or apparent violation of the code. The Sarbanes-Oxley Act of 2002 requires
certain companies to have procedures to receive, retain and treat complaints received regarding
accounting, internal accounting controls or auditing matters and to allow for the confidential and
anonymous submission by employees of concerns regarding questionable accounting or auditing
matters. We have such procedures in place.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will post on its website, <I>www.geovax.com</I>, or will disclose on a Form 8-K
filed with the SEC, any amendments to, or waivers from, a provision of the Code of Ethics that
applies to the Chief Executive Officer or the Chief Financial Officer, or persons performing
similar functions, and that relate to (i)&nbsp;honest and ethical conduct, including the ethical
handling of actual or apparent conflicts of interest between personal and professional
relationships; (ii)&nbsp;full, fair, accurate, timely, and understandable disclosure in reports and
documents that the Company files with, or submits to, the SEC and in other public communications
made by the Company; (iii)&nbsp;compliance with applicable governmental laws, rules and regulations;
(iv)&nbsp;the prompt internal reporting of violations of the Code of Ethics to an appropriate person or
persons identified in the code; or (v)&nbsp;accountability for adherence to the Code of Ethics. Any
waiver granted to an executive officer or a director may only be granted by the Board and will be
disclosed, along with the reasons therefore, on a Form 8-K filed with the SEC. No waivers were
granted in 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;16(a) Beneficial Ownership Reporting Compliance</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;16(a) of the Exchange Act, as amended, requires our executive officers and directors
and persons who own more than 10% of a registered class of our equity securities, as well as
certain affiliates of those persons, to file with the SEC initial statements of beneficial
ownership, reports of changes in ownership and annual reports concerning their ownership of common
stock and other of our equity securities on Forms 3, 4, and 5, respectively. Executive officers,
directors and greater than 10% stockholders are required by SEC regulations to furnish us with
copies of all Section 16(a) reports they file. Based solely on our review of the copies of such
reports we received and written representations that no other reports were required to be filed for
those persons, we believe that, during the fiscal year ended December&nbsp;31, 2009, all of our
executive officers, directors and owners of more than 10% of our common stock filed all reports
required by Section 16(a) on a timely basis, except that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Emory University did not timely file a Form&nbsp;4 to report sales of our common stock on the
open market on each of September&nbsp;25, 2009 (to report the sale of
17,600 shares of our common
stock), September&nbsp;28, 2009 (to report the sale of 4,400 shares of our common stock),
September&nbsp;29, 2009 (to report the sale of 7,200 shares of our common stock) and September&nbsp;30,
2009 (to report the sale of 3,500 shares of our common stock). Emory University filed a Form&nbsp;4
with the SEC to report these transactions on October&nbsp;8, 2009.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each of Dr.&nbsp;McNally, Mr.&nbsp;Reynolds, Dr.&nbsp;Robinson, Mr.&nbsp;Kollintzas, Mr.&nbsp;Spencer and
Mr.&nbsp;Tsolinas did not timely file a Form&nbsp;4 to report the grant of an option to purchase
10,000 shares of our common stock awarded to each on December&nbsp;2, 2009. Each of these individuals
filed a Form&nbsp;4 with the SEC to report his or her respective transaction on December&nbsp;7, 2009.</TD>
</TR>





</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SECURITY OWNERSHIP OF PRINCIPAL STOCKHOLDERS, DIRECTORS AND EXECUTIVE OFFICERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based solely upon information made available to us, the following table sets forth information
with respect to the beneficial ownership of our common stock as of July&nbsp;2, 2010 by (1)&nbsp;each
director; (2)&nbsp;each of our Named Executive Officers; (3)&nbsp;all executive officers and directors as a
group; and (4)&nbsp;each additional person who is known by us to beneficially own more than 5% of our
common stock. Except as otherwise indicated, the holders listed below have sole voting and
investment power with respect to all shares of common stock beneficially owned by them.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Beneficially</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percent</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name and Address of Beneficial Owner(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Owned</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>of Class(2)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Directors and Executive Officers:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Steven S. Antebi (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD align="left">*</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">David A. Dodd (4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,725</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD align="left">*</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Donald G. Hildebrand (5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,427,225</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Dean G. Kollintzas (6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD align="left">*</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Robert T. McNally (7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,055</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD align="left">*</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mark W. Reynolds (8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD align="left">*</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Harriet L. Robinson (9)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,283,686</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">John N. Spencer, Jr. (10)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD align="left">*</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">All executive officers and directors as a group (9 persons) (11)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,954,191</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">18.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Andrew J. Kandalepas (12)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Other 5% Stockholders:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Emory University (13)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,621,405</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">29.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Stavros Papageorgiou (14)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,111,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Welch &#038; Forbes LLC (15)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,591,073</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.2</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Less than 1%</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Except as otherwise indicated, the business address of each director and executive officer listed is c/o GeoVax Labs, Inc., 1900 Lake Park Drive,
Suite&nbsp;380, Smyrna, Georgia 30080.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>This table is based upon information supplied by our executive officers and directors, and with respect to principal stockholders, Schedule&nbsp;13G filed
with the SEC. Beneficial ownership is determined in accordance with the rules of the SEC. Applicable percentage ownership is based on 15,654,846 shares
of common stock outstanding as of July&nbsp;2, 2010. In computing the number of shares beneficially owned by a person and the percentage ownership of that
person, shares of common stock subject to options currently exercisable, or exercisable within 60&nbsp;days of July&nbsp;2, 2010, are deemed outstanding.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Antebi has options to acquire 26,400 shares, which will vest in equal amounts over the next three anniversaries of his appointment to the Board of
Directors, beginning in March&nbsp;2011.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Dodd has options to acquire 26,400 shares, which will vest in equal amounts over the next three anniversaries of his appointment to the Board of
Directors, beginning in March&nbsp;2011.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes options to purchase 355,825 shares of common stock exercisable within 60&nbsp;days of July&nbsp;2, 2010.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes options to purchase 36,400 shares of common stock exercisable within 60&nbsp;days of July&nbsp;2, 2010.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes options to purchase 68,400 shares of common stock exercisable within 60&nbsp;days of July&nbsp;2, 2010.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes options to purchase 46,000 shares of common stock exercisable within 60&nbsp;days of July&nbsp;2, 2010.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD>Dr.&nbsp;Robinson shares voting and investment power over 1,102,441 shares with Welch &#038; Forbes LLC, whose ownership is described below. Includes options to
purchase 181,245 shares of common stock exercisable within 60&nbsp;days of July&nbsp;2, 2010.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(10)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes options to purchase 36,400 shares of common stock exercisable within 60&nbsp;days of July&nbsp;2, 2010.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(11)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes options to purchase 724,270 shares of common stock exercisable within 60&nbsp;days of July&nbsp;2, 2010.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(12)</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Kandalepas resigned as an executive officer of the Company on July&nbsp;1, 2009. Ownership information has been derived from our stock records, which
show Mr.&nbsp;Kandalepas owns these shares of record as of July&nbsp;2, 2010.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(13)</TD>
    <TD>&nbsp;</TD>
    <TD>The address for this stockholder is Administration Building, 201 Dowman Drive, Atlanta, Georgia 30322. Ownership information has been derived from this
stockholder&#146;s SEC filing on Form&nbsp;4 filed on January&nbsp;29, 2010.</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(14)</TD>
    <TD>&nbsp;</TD>
    <TD>The address for this stockholder is c/o Morse, Zelnick, Rose &#038;
Lander LLP, 405 Park Avenue, Suite&nbsp;1401, New York, New York
10022. Includes 91,854 shares subject to warrants and 503,840
shares as to which Mr.&nbsp;Papageorgiou shares voting and investment
power. Ownership information has been derived from this
stockholder&#146;s SEC filing on Schedule&nbsp;13G filed on October&nbsp;1,
2009.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(15)</TD>
    <TD>&nbsp;</TD>
    <TD>The address for this stockholder is 45 School Street, Boston,
Massachusetts 02108. This stockholder shares voting and
investment power with respect to all of these shares. Includes
1,102,441 shares held by Dr.&nbsp;Robinson. Ownership information has
been derived from this stockholder&#146;s Schedule&nbsp;13G filed February
12, 2010.</TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>COMPENSATION DISCUSSION AND ANALYSIS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the paragraphs that follow, the Compensation Committee provides an overview and analysis of
our compensation program and policies, the material compensation decisions made under those
programs and policies with respect to our executive officers, and the material factors considered
in making those decisions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee reviews, analyzes and approves the compensation of our senior
executive officers, including the &#147;Named Executive Officers&#148; listed in the tables that follow this
Compensation Discussion and Analysis. The Named Executive Officers for 2009 include our chief
executive officer, our chief financial officer, and the two other individuals who served as
executive officers during 2009 and whose total compensation for 2009 exceeded $100,000, calculated
in accordance with the rules and regulations of the SEC. Our Named Executive Officers for 2009
were:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Robert T. McNally, President and Chief Executive Officer</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mark W. Reynolds, Chief Financial Officer</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Harriet L. Robinson, Chief Scientific Officer</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Andrew Kandalepas, our former Senior Vice-President</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The tables that follow this Compensation Discussion and Analysis contain specific data about the
compensation earned or paid in 2009 to the Named Executive Officers. The discussion below is
intended to help you understand the detailed information provided in the compensation tables and
put that information into the context of our overall compensation program.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Objectives of Our Compensation Program</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, we operate in a marketplace where competition for talented executives is
significant. The biopharmaceutical industry is highly competitive and includes companies with far
greater resources than ours. We are engaged in the long-term development of drug candidates without
the benefit of significant current revenues, and therefore our operations involve a high degree of
risk and uncertainty. This level of risk and uncertainty may make it difficult to retain talented
executives. Nevertheless, continuity of personnel across multi-disciplinary functions is critical
to the success of our business. Furthermore, since we have relatively few employees, each must
perform a broad scope of functions, and there is very little redundancy in skills.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The objectives of our compensation program for our executive officers and other employees are
to provide competitive cash compensation, health, and retirement benefits, as well as long-term
equity incentives that offer significant reward potential for the risks assumed and for each
individual&#146;s contribution to our long-term performance. Although the Compensation Committee seeks
to pay salaries and bonuses sufficient to hire and retain talented individuals, the Compensation
Committee also believes, based on its subjective perception of their skills, that many of its
employees could earn somewhat higher cash compensation at other companies, and seeks to address
this concern by making stock option grants at a somewhat higher level than it would if the salaries
and bonuses were higher. Individual performance is measured subjectively taking into account
Company and individual progress toward overall corporate goals, as well as each individual&#146;s
skills, experience, and responsibilities, together with corporate and individual progress in the
areas of scientific innovation, regulatory compliance, business development, employee development,
and other values designed to build a culture of high performance. No particular weight is assigned
to these measures, and the Compensation Committee is of the view that much of the Company&#146;s
progress results from team effort. These policies and practices are based on the principle that
total compensation should serve to attract and retain those executives and employees critical to
our overall success and are designed to reward executives for their contributions toward business
performance that enhances stockholder value.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Role of the Compensation Committee</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Compensation Committee assists our Board of Directors in discharging its responsibilities
relating to the compensation of our executive officers. As such, the Compensation Committee has
responsibility over certain matters relating to the fair and competitive compensation of our
executives, employees and directors (only non-employee directors are compensated as directors) as
well as matters relating to equity-based benefit plans. Each of the members of our Compensation
Committee is independent in accordance with the criteria of independence set forth in Rule
5605(a)(2) of the Nasdaq Listing Rules and Rule&nbsp;803(A)(2) of the NYSE Amex Listing Requirements. We
believe that their independence from management allows the members of the Compensation Committee to
provide unbiased consideration of various elements that could be included in an executive
compensation program and apply independent judgment about which elements best achieve our
compensation objectives. Pursuant to its charter as in effect prior to March&nbsp;2010, the Compensation
Committee was charged specifically with reviewing and determining annually the compensation of our
Chief Executive Officer, approving special bonus payments and perquisites paid to and other special
compensation or benefit arrangements with executive officers, and approving (subject to approval of
the Board of Directors) recommendations by the Chief Executive Officer with respect to grants under
our stock option plan and any other equity-based plan we might adopt in the future. Subject to
approval of the Board of Directors, the Compensation Committee also set salaries and determines
bonuses, sometimes referred to as cash incentive awards, for the Company&#146;s employees. The
Compensation Committee gave due consideration to the Chief Executive Officer&#146;s recommendations and
could change them prior to recommending them to the Board of Directors. The Compensation Committee
did not exercise the authority granted to it by its charter to approve a pool of options and other
discretionary awards to be used by the Chief Executive Officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In March&nbsp;2010, the Compensation Committee and the Board of Directors approved a new charter
for the Compensation Committee. Pursuant to the new charter, the Compensation Committee is
responsible for, among other things:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewing the Company&#146;s overall compensation philosophy and strategy;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>evaluating and determining the compensation of the Chief Executive Officer;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>evaluating and setting, in conjunction with the Chief Executive Officer,
the compensation of other officers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewing and approving the annual Compensation Discussion and Analysis;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>evaluating and approving the components and amounts of compensation of the
Company&#146;s employees;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>evaluating, considering and approving, in its discretion, the Company&#146;s
equity-based compensation plans, as well as grants and awards made under
any such plans to persons other than the Chief Executive Officer and
submitting them to the Board of Directors for its consideration and
approval;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>approving, with sole and exclusive authority, grants and awards made to
the Company&#146;s Chief Executive Officer under the Company&#146;s equity-based
compensation plans;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>evaluating, considering and approving, in its discretion, compensation for
non-employee members of the Board of Directors; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>managing and controlling the operation and administration of the Company&#146;s
stock option plans.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Elements of Compensation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To achieve the objectives described above, the three primary compensation elements used for
executive officers are base salary, cash bonus, and stock option awards. We believe that these
three elements are the most effective combination in motivating and retaining our executive
officers at this stage in our development. The Compensation Committee has not utilized other
companies for benchmarking purposes because it believes that those businesses which would be most
comparable to GeoVax are either privately held or divisions of very large medical products
companies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Base Salary</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our philosophy is to maintain executive base salary at a competitive level sufficient to
recruit and retain individuals possessing the skills and capabilities necessary to achieve our
goals over the long term. Base salaries provide our
executive officers with a degree of financial certainty and stability and also reward
individual achievements and contributions.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Cash Bonus</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual cash incentive awards motivate our executive officers to contribute toward the
achievement of corporate goals and objectives. Generally, every employee is eligible to earn an
annual cash incentive award, promoting alignment and pay-for-performance at all levels of the
organization. The Company does not have a formalized cash incentive award plan, and awards are
based on the subjective recommendation of the President and Chief Executive Officer (except as to
the Chief Executive Officer&#146;s cash bonus) and on the Compensation Committee&#146;s subjective judgment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Stock Option Awards</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock option awards are a fundamental element in our executive compensation program because
they emphasize our long-term performance, as measured by creation of stockholder value, and align
the interests of our stockholders and management. In addition, the Compensation Committee believes
they are crucial to a competitive compensation program for executive officers, and they act as a
powerful retention tool. In our current pre-commercial state, we view the Company as still facing a
significant level of risk, but with the potential for a high reward over a period of time, and
therefore we believe that stock incentive awards are appropriate for executive officers. These
awards are provided through initial grants at or near the date of hire and through subsequent,
periodic grants. The initial grant is typically larger than subsequent, periodic grants and is
intended to motivate the officer to make the kind of decisions and implement strategies and
programs that will contribute to an increase in our stock price over time. Subsequent periodic
stock option awards may be granted to reflect each executive officer&#146;s ongoing contributions to the
Company, to create an incentive to remain at the Company, and to provide a long-term incentive to
achieve or exceed our corporate goals and objectives. The Company does not have a formula for
determining stock option awards. Awards are generally based on the subjective recommendation of the
President and Chief Executive Officer and on the Compensation Committee&#146;s subjective judgment. The
Compensation Committee does not typically give much weight to the overall levels of stock and stock
options owned by the Company&#146;s executive officers and directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Accounting and Tax Considerations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accounting and tax treatment of compensation generally has not been a factor in
determining the amounts of compensation for the Company&#146;s executive officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;162(m) of the Internal Revenue Code of 1986, as amended, limits tax deductions of
public companies on compensation paid to certain executive officers in excess of $1&nbsp;million. The
Compensation Committee considers the impact of Section 162(m) on its compensation decisions, but
has no formal policy to structure executive compensation so that it complies with the requirements
of Section 162(m) due to the overall level of compensation paid. In general, stock options granted
under the Company&#146;s 2006 Equity Incentive Plan, or the Plan, are intended to qualify under and
comply with the &#147;performance based compensation&#148; exemption provided under Section&nbsp;162(m), thus
excluding from the Section 162(m) compensation limitation any income recognized by executives at
the time of exercise of such stock options.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounting principles generally accepted in the United States require us to recognize an
expense for the fair value of equity-based compensation awards. The Compensation Committee is
informed of the accounting implications of significant compensation decisions, especially in
connection with decisions that relate to our equity incentive award plans, but has no formal policy
to structure executive compensation to align accounting expenses of our equity awards with our
overall executive compensation philosophy and objectives. The Compensation Committee has considered
the impact of cash payments to its employees as compared to the costs it recognizes on an accrual
basis when stock options are granted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Setting Executive Compensation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historically, we have not used quantitative methods or mathematical formulae in setting any
element of executive compensation. We use discretion, guided in large part by the concept of
pay-for-performance, and we consider all elements of an executive&#146;s compensation package when
setting each portion of compensation. There is no pre-established policy or target for the
allocation between cash and equity incentive compensation, although the Compensation Committee
believes its stock option grants are at a level that permits it to retain talented personnel at
somewhat lower levels of cash compensation than these individuals might otherwise receive.
Year-to-year changes in base salary have usually been relatively modest, and executive officer base
salaries are within a relatively narrow range. The Compensation Committee considers relative levels
of compensation among its various executive officers. Our annual cash incentive awards have
generally been modest. When made at all, the individual cash incentive awards have ranged from
$10,000 to $15,000 over the last three years. Bonuses have usually been paid to all Named Executive
Officers when they were paid at all. We may choose other compensation approaches if circumstances
warrant.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When determining compensation for a new executive officer, and when annually reviewing the
compensation for our executive officers, factors taken into consideration are the individual&#146;s
skills, knowledge and experience, the individual&#146;s past and potential future impact on our
short-term and long-term success, the individual&#146;s recent compensation levels in other positions,
and any present and expected compensation information obtained from other prospective candidates
interviewed during the recruitment process. In setting our executive compensation for 2009, no
specific benchmarking activities were undertaken. We will generally make a grant of stock options
when an executive officer joins us. Options are granted at no less than 100% of the fair market
value on the date of grant. In determining the size of an initial stock option grant to an
executive officer, we primarily consider company performance and the individual&#146;s scope of
responsibility. For periodic grants, we also consider the Company&#146;s and the individual&#146;s continuing
performance and the recommendations of the Chief Executive Officer, all on a subjective basis.
Since the stock option grant is meant to be a retention tool, we also consider the importance to
stockholders of that person&#146;s continued service. Stock option grants to executives generally vest
over a period of three years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee annually reviews and determines the compensation for our Chief
Executive Officer. Each year, recommendations for the compensation for other executive officers
(other than himself) are prepared by the Chief Executive Officer and are reviewed with the
Compensation Committee and modified by it where appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to assess the performance of a full calendar year, annual cash incentive and stock
option awards are generally determined in December of each year. We do not currently have any
program, plan or practice in place to time stock option grants to our executives or other employees
in coordination with the release of material non-public information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of our executive compensation review conducted annually in December, we review a tally
sheet prepared by the President and Chief Executive Officer setting forth all components of total
compensation to our Named Executive Officers and all other employees. The tally sheet includes
current and proposed base salary, proposed annual cash incentive awards and historical, as well as
proposed, stock option awards. Post-termination pay under employment agreements to which our
executive officers are parties is not considered to be material at the present time. These tools
are employed by the Compensation Committee both in reviewing individual compensation awards and as
a useful check on total compensation. These tools also show the effect of compensation decisions
made over time on the total annual compensation to a Named Executive Officer and allow the
Compensation Committee to review historical amounts for comparative purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We considered whether our compensation policies and practices create risks that are reasonably
likely to have a material adverse effect on GeoVax, and concluded that they do not.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2009 Executive Compensation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December&nbsp;2008, using its subjective judgment as to the overall progress of the Company,
skills, experience, responsibilities, achievements and historical compensation of each of the Named
Executive Officers, the Compensation Committee established their salaries for 2009. At that time,
Dr.&nbsp;McNally recommended that none of the Named Executive Officers receive a cash bonus for 2008 or
salary increases for 2009, except that Mr.&nbsp;Reynolds should receive a salary increase in proportion
to his increased time commitment to the business of the Company. Dr.&nbsp;McNally made this
recommendation, and the Compensation Committee accepted it, partially in the interest of preserving
the Company&#146;s overall cash flow to the extent reasonably possible. Stock option grants were made at
that time. The amount of compensation earned by each of the Named Executive Officers during fiscal
2009, 2008 and 2007 is shown in the Summary Compensation Table below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December&nbsp;2009, the Compensation Committee considered 2009 stock option grants and cash
incentive awards as well as base salaries for 2010. The Compensation Committee considered the same
factors it considered in 2008, the overall progress of the Company, the skills, experience,
responsibilities, achievements and historical compensation of each of the Named Executive Officers,
in determining the award of cash bonuses and stock option grants for 2009 and salary levels for
2010. In its deliberations on executive compensation at its meeting in December&nbsp;2009, the
Compensation Committee considered the fact that, during the preceding year (at its meeting in
December&nbsp;2008) the Compensation Committee had accepted the recommendation from Dr.&nbsp;McNally that
none of the Named Executive Officers receive a cash bonus for 2008 and that no salary increases
would be effective for 2009, except as related to Mr.&nbsp;Reynolds with respect to a proportionate
increase relative to his time commitment to the business of the Company. The Compensation Committee
felt that, under the circumstances, it should increase the salaries of the Company&#146;s executive
officers. The Compensation Committee reviewed the salary increases it had approved for the other
employees of the Company and determined the average of the increases was approximately 6.3%. The
Compensation Committee then increased executive officer salaries by 6.3%, with the exception of Dr.
McNally, who received a 10% increase in salary. The Compensation Committee provided a higher salary to Dr.&nbsp;McNally because it felt that the
Chief Executive Officer should be the most highly compensated executive.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Robert T. McNally</I>. Dr.&nbsp;McNally serves as our President and Chief Executive Officer pursuant
to an employment agreement executed in April, 2008. In December&nbsp;2009, the Compensation Committee
awarded Dr.&nbsp;McNally a cash bonus of $15,000 and a stock option grant for 10,000 shares at an
exercise price of $7.00 per share. The Compensation Committee also increased Dr.&nbsp;McNally&#146;s annual
base salary from $250,000 to $275,000 (a 10% increase), effective January&nbsp;1, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Mark W. Reynolds. </I>Mr.&nbsp;Reynolds serves as our Chief Financial Officer pursuant to an
employment agreement amended and restated effective January&nbsp;2010. Pursuant to this agreement, and
its predecessor agreement, during 2009, Mr.&nbsp;Reynolds provided services to the Company on a
part-time basis (approximately 75%) and was paid an annualized salary of $150,000. In December
2009, the Compensation Committee awarded Mr.&nbsp;Reynolds a cash bonus of $10,000 and a stock option
grant for 10,000 shares at an exercise price of $7.00 per share. The Compensation Committee also
increased Mr.&nbsp;Reynolds&#146; annual base salary from $150,000 to $212,600 effective January&nbsp;1, 2010. The
increase in Mr.&nbsp;Reynolds&#146; base salary was determined based on (a)&nbsp;a proportional increase of
$50,000 (33.3%) based on Mr.&nbsp;Reynolds increased time commitment from 75% to 100%, and (b)&nbsp;a merit
increase of $12,600 (6.3%).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Harriet L. Robinson</I>. Dr.&nbsp;Robinson serves as our Chief Scientific Officer pursuant to an
employment agreement executed in November&nbsp;2008. In December&nbsp;2009, the Compensation Committee
awarded Dr.&nbsp;Robinson a cash bonus of $10,000 and a stock option grant for 10,000 shares at an
exercise price of $7.00 per share. The Compensation Committee also increased Dr.&nbsp;Robinson&#146;s annual
base salary from $250,000 to $265,750 (a 6.3% increase), effective January&nbsp;1, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Andrew Kandalepas. </I>Mr.&nbsp;Kandalepas served as our Senior Vice President until his resignation
in July&nbsp;2009. During 2009, he received an annualized base salary of $225,000 pursuant to his
employment agreement. During 2009, the Compensation Committee made no decisions with regard to Mr.
Kandalepas&#146; compensation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Benefits Provided to Executive Officers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We provide our executive officers with certain benefits that the Compensation Committee
believes are reasonable and consistent with our overall compensation program. The Compensation
Committee will periodically review the levels of benefits provided to our executive officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dr.&nbsp;McNally, Mr.&nbsp;Reynolds and Dr.&nbsp;Robinson are eligible for health insurance and 401(k)
benefits at the same level and subject to the same conditions as provided to all other employees.
The amounts shown in the Summary Compensation Table under the heading &#147;Other Compensation&#148;
represent the value of the Company&#146;s matching contributions to the 401(k) accounts of these
executive officers. Executive officers did not receive any other perquisites or other personal
benefits or property from the Company or any other source.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Employment Agreements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Robert T. McNally</I>. On March&nbsp;20, 2008, GeoVax entered into an employment agreement with Robert
T. McNally, Ph.D. to become our President and Chief Executive Officer effective April&nbsp;1, 2008. The
employment agreement has no specified term. The employment agreement provided for an initial annual
salary of $200,000 to Dr.&nbsp;McNally, subject to periodic increases as determined by the Compensation
Committee. The Board of Directors may also approve the payment of a discretionary bonus annually.
Dr.&nbsp;McNally is eligible for grants of awards from the Plan and is entitled to participate in any
and all benefits in effect from time-to-time for employees generally. We may terminate the
employment agreement, with or without cause. If we terminate the employment agreement without
cause, we will be required to provide Dr.&nbsp;McNally at least 60&nbsp;days prior notice of the termination
and one week of severance pay for each full year of service as President and Chief Executive
Officer ($10,577 if terminated in fiscal 2010, paid as salary continuance). Dr.&nbsp;McNally may
terminate the employment agreement at any time by giving us 60&nbsp;days notice. In that event, he would
not receive severance.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Mark W. Reynolds. </I>On February&nbsp;1, 2008, GeoVax entered into an amended and restated employment
agreement with Mark W. Reynolds, our Chief Financial Officer. The employment agreement has no
specified term. The employment agreement provided for an initial annual salary of $115,000 to Mr.
Reynolds, which was increased to $150,000 by the Compensation Committee and the Board of Directors
effective January&nbsp;1, 2009, commensurate with an increased time commitment provided by Mr.&nbsp;Reynolds
(50% to 75%). The employment agreement was again amended and restated, effective January&nbsp;1, 2010,
to reflect a further adjustment for Mr.&nbsp;Reynolds time commitment (from 75% to 100%) together with a
base salary increase to $212,600. The Board of Directors may also approve the payment of a
discretionary bonus annually. Mr.&nbsp;Reynolds is eligible for grants of awards from the Plan and is
entitled to participate in any and all benefits in effect from time-to-time for employees
generally. We may terminate the employment agreement, with or without cause. If we terminate the
employment agreement without cause, we will be required to provide Mr.&nbsp;Reynolds at least 60&nbsp;days
prior notice of the termination and one week of severance pay for each full year of service as
Chief Financial Officer ($16,354 if terminated in fiscal 2010, paid as salary continuance). Mr.
Reynolds may terminate the employment agreement at any time by giving us 60&nbsp;days notice. In that
event, he would not receive severance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Harriet L. Robinson. </I>On November&nbsp;19, 2007, GeoVax entered into an employment agreement with
Harriet L. Robinson, our Chief Scientific Officer. The employment agreement has no specified term.
The employment agreement provided for an initial base salary of $250,000 to Dr.&nbsp;Robinson, subject
to periodic increases as determined by the Compensation Committee. Dr.&nbsp;Robinson initially worked
part-time for the Company, and became a full-time employee in February&nbsp;2008. The Board of Directors
may also approve the payment of a discretionary bonus annually. Dr.&nbsp;Robinson is eligible for grants
of awards from the Plan and is entitled to participate in any and all benefits in effect from
time-to-time for employees generally. We may terminate the employment agreement, with or without
cause. If we terminate the employment agreement without cause, we will be required to provide Dr.
Robinson at least 90&nbsp;days prior notice of the termination and one week of severance pay for each
full year of service ($15,332 if terminated in fiscal 2010, paid as salary continuance). Dr.
Robinson may terminate the employment agreement at any time by giving us 60&nbsp;days notice. In that
event, she would not receive severance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Andrew Kandalepas. </I>On February&nbsp;1, 2007, GeoVax entered into an employment agreement with
Andrew Kandalepas, our Senior Vice President. The employment agreement had no specified term. The
employment agreement provided for an initial annual salary of $210,000 to Mr.&nbsp;Kandalepas, subject
to periodic increases as determined by the Compensation Committee. Mr.&nbsp;Kandalepas was also eligible
for discretionary cash bonuses, grants of awards from the Plan and participation in any and all
benefits in effect from time-to-time for employees generally. We could terminate the employment
agreement, with or without cause. Effective June&nbsp;30, 2009, Mr.&nbsp;Kandalepas resigned from our Board
of Directors, and effective July&nbsp;1, 2009, he resigned his position as Senior Vice President. We
paid Mr.&nbsp;Kandalepas severance of $18,750.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Indemnification Agreements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In October&nbsp;2006 GeoVax Labs, Inc. and our subsidiary, GeoVax, Inc. entered into
indemnification agreements with Messrs.&nbsp;McNally, Reynolds, Hildebrand, Kollintzas and Spencer.
Pursuant to these agreements, we have agreed to indemnify them to the full extent permitted by
Illinois and Georgia law against certain liabilities incurred by these individuals in connection
with specified proceedings if they acted in a manner they believed in good faith to be in or not
opposed to the best interests of the Company and, with respect to any criminal proceeding, had no
reasonable cause to believe that such conduct was unlawful. The agreements also provide for the
advancement of expenses to these individuals subject to specified conditions.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SUMMARY COMPENSATION TABLE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth information concerning the compensation earned during the
fiscal years ended December&nbsp;31, 2009, 2008 and 2007 by our Named Executive Officers.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Option</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>All Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name and Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Salary</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Bonus</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Position(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($)(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($)(3)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert T. McNally</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">250,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">61,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,675</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">330,175</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">President and</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">175,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">391,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">567,350</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Chief Executive Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mark W. Reynolds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">221,594</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Chief Financial Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120,740</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">166,240</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,102</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">674,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">776,902</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Harriet L. Robinson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,675</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">325,175</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Chief Scientific Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">234,375</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">204,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">438,908</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,904</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,904</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Andrew J. Kandalepas</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,230</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137,980</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Former
Senior Vice President
(through July&nbsp;1, 2009)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">225,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">270,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">205,288</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">604,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">820,088</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>This table excludes Mark Newman, who joined GeoVax as Vice President, Research and Development in January&nbsp;2010.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Amounts shown in the &#147;Option Awards&#148; column represent the aggregate grant date fair value of awards computed in accordance with Financial Accounting Standards Board Accounting Standards
Codification Topic 718, <I>Compensation &#151; Stock Compensation </I>or FASB ASC Topic 718. For a discussion of the various assumptions made and methods used for determining such amounts, see
footnotes 2 and 7 to our 2009 consolidated financial statements contained in this prospectus. For 2008, the amount reported for Dr.&nbsp;Robinson includes $158,720, related to the extension of
the exercise period of stock options granted in prior years. These stock options were originally granted with an exercise period of five to seven years and were to expire beginning in 2009.
The extensions were made to adjust the exercise period to ten years from the original grant date, consistent with the current stock option grant policies of the Company. The extensions did
not affect the vesting schedule of the grants because they were all fully vested at the time of the extensions.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Amounts shown in the &#147;All Other Compensation&#148; column represent employer contributions to the Company&#146;s 401(k) retirement plan for Dr.&nbsp;McNally, Mr.&nbsp;Reynolds and Dr.&nbsp;Robinson, and for Mr.
Kandalepas, the amount in this column represents the severance paid to him during the year ended December&nbsp;31, 2009.</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>GRANTS OF PLAN-BASED AWARDS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth option awards. No stock awards or non-equity incentive awards
were granted to the Named Executive Officers for the year ended December&nbsp;31, 2009.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>All Other Option</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Awards: Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercise or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>of Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Base Price of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grant Date Fair</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grant</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Underlying Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Option Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Value of Stock and</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(#)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($/Sh)(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Option Awards(2)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert T. McNally</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12/2/09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">7.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">61,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mark W. Reynolds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12/2/09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Harriet L. Robinson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12/2/09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,500</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>The exercise price for options is the closing trading price of the common stock of the Company on the grant date. The
grant date is determined by the Compensation Committee. All stock option grants during 2009 will vest and become
exercisable in three equal annual installments on the first three anniversary dates of the grant date.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Compensation expense is recognized for all share-based payments based on the grant date fair value estimated for
financial reporting purposes. For a discussion of the various assumptions made and methods used for determining such
amounts, see footnotes 2 and 7 to our 2009 consolidated financial statements contained in this prospectus.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional discussion regarding material factors that may be helpful in understanding the
information included in the Summary Compensation Table and Grants of Plan-Based Awards table is
included above under &#147;Compensation Discussion and Analysis.&#148;
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth certain information with respect to unexercised options
previously awarded to our Named Executive Officers as of December&nbsp;31, 2009. There were no stock
awards outstanding as of December&nbsp;31, 2009.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="38%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 0px solid #000000"><B>Option Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Underlying Unexercised</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Underlying Unexercised</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(#) Exercisable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(#) Unexercisable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Option Exercise Price ($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Option Expiration Date</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert T. McNally</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10,000      </TD>
    <TD nowrap>(1)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">7.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12/2/19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6,667      </TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12/11/18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">32,000      </TD>
    <TD nowrap>(3)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/17/18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,667</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3,333      </TD>
    <TD nowrap>(4)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12/5/17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3/14/17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mark W. Reynolds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10,000      </TD>
    <TD nowrap>(1)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12/2/19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6,667      </TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12/11/18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,667</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3,333      </TD>
    <TD nowrap>(4)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12/5/17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3/14/17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Harriet L. Robinson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10,000      </TD>
    <TD nowrap>(1)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12/2/19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6,667      </TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12/11/18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177,913</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2/5/14</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>These stock options vest and become exercisable in three equal installments on December&nbsp;2, 2010, 2011 and 2012.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>These stock options vest and become exercisable in two equal installments on December&nbsp;11, 2010 and 2011.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>These stock options vest and become exercisable in two equal installments on June&nbsp;17, 2010 and 2011.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>These stock options vest and become exercisable on December&nbsp;5, 2010.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Potential Payments Upon Termination or Change-in-Control</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under SEC rules, we are required to estimate and quantify the payment that would be payable
at, following, or in connection with any termination, including without limitation resignation,
severance, retirement or a constructive termination of each Named Executive Officer, or a
change-in-control of the Company or a change in the Named Executive Officer&#146;s responsibilities,
with respect to each Named Executive Officer, as if the triggering event had occurred as of the
last business day of the last fiscal year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan contains provisions that could lead to an accelerated vesting of options or other
awards. In the event of certain change-in-control transactions described in the Plan,
(i)&nbsp;outstanding options or other awards under the Plan may be assumed, converted or replaced;
(ii)&nbsp;the successor corporation may substitute equivalent options or other awards or provide
substantially similar consideration to Plan participants as were provided to stockholders (after
taking into account the existing provisions of the options or other awards); or (iii)&nbsp;the successor
corporation may replace options or awards with substantially similar shares or other property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event the successor corporation (if any) refuses to assume or substitute options or
other awards as described (i)&nbsp;the vesting of any or all options or awards granted pursuant to the
Plan will accelerate upon the change-in-control transaction, and (ii)&nbsp;any or all options granted
pursuant to the Plan will become exercisable in full prior to the consummation of the
change-in-control transaction at such time and on such conditions as the Compensation Committee
determines. If the options are not exercised prior to the consummation of the change-in-control
transaction, they shall terminate at such time as determined by the Compensation Committee. Subject
to any greater rights granted to Plan participants under the Plan, in the event of the occurrence
of a change-in-control transaction any outstanding options or other awards will be treated as
provided in the applicable agreement or plan of merger, consolidation, dissolution, liquidation, or
sale of assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company experienced a change-in-control transaction described in the Plan on
December&nbsp;31, 2009, the value of accelerated options for each Named Executive Officer, based on the
difference between $9.00, the closing price of our common stock on the OTC Bulletin Board on
December&nbsp;31, 2009, and, if lower, the exercise price per share of each option for which vesting
would be accelerated for each Named Executive Officer, would be as follows: Dr.&nbsp;McNally &#151; $62,500;
Mr.&nbsp;Reynolds &#151; $46,500 and Dr.&nbsp;Robinson &#151; $43,333. Mr.&nbsp;Kandalepas resigned effective July&nbsp;1, 2009
and held no outstanding options as of December&nbsp;31, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, our employment agreements with each Named Executive Officer provide for payment
to each Named Executive Officer if we terminate such Named Executive Officer&#146;s employment without
cause. If each Named Executive Officer was terminated without cause on December&nbsp;31, 2009, the
following amounts, which represent one week of pay for each full year of service to the Company,
would be payable to each Named Executive Officer as salary continuance under the terms of such
Named Executive Officer&#146;s employment agreement: Dr.&nbsp;McNally &#151; $10,577; Mr.&nbsp;Reynolds &#151; $16,354 and
Dr.&nbsp;Robinson &#151; $15,332. Mr.&nbsp;Kandalepas resigned from our Board of Directors effective June&nbsp;30, 2009
and resigned his position as Senior Vice President effective July&nbsp;1, 2009. Mr.&nbsp;Kandalepas was paid
severance of $18,750.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risk Assessment</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We considered whether our compensation policies and practices create risks that are reasonably
likely to have a material adverse effect on GeoVax and concluded that they do not. We do not tie
compensation to specific stock prices or milestones that might encourage risk taking to increase
stock prices or meet specific milestones. When we have granted cash incentive awards, they have
been retrospective or in relatively modest amounts so that they do not encourage inappropriate
short-term risk taking. We give consideration to subjective elements when we determine salaries,
bonuses, and option grants that help us evaluate employee productivity and contribution to the
welfare of GeoVax and place less emphasis on short-term metrics or milestones that might encourage
undue risk taking. When we use stock options, we require them to vest over a period of years so
that their increase in value will be more closely associated with the long-term success of the
Company.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DIRECTOR COMPENSATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth information concerning the compensation earned for service on
our Board of Directors during the fiscal year ended December&nbsp;31, 2009 by each individual who served
as a director at any time during the fiscal year.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Change</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>in Pension</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Non-</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Value and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fees</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Equity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Non-</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Earned or</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Incentive</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Qualified</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>All</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Paid in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Option</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Plan</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Deferred</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Cash</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)(3)(4)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Earnings</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Donald Hildebrand(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">30,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">57,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">87,600</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Andrew Kandalepas(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dean Kollintzas</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,600</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert T. McNally(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Harriet L. Robinson(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John Spencer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Peter Tsolinas (5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,900</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>The amount shown in the &#147;All Other Compensation&#148; column represents the amount paid to Mr.&nbsp;Hildebrand for the year ended December&nbsp;31, 2009 pursuant to his consulting
agreement with the Company. See &#147;Certain Relationships and Related Transactions &#151; Consulting Agreement with Donald Hildebrand&#148;.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Dr.&nbsp;McNally, Dr.&nbsp;Robinson, and Mr.&nbsp;Kandalepas, who were employees of the Company during the fiscal year ended December&nbsp;31, 2009, received no compensation for their
service as directors. All amounts related to their compensation as Named Executive Officers during the fiscal year ended December&nbsp;31, 2009 and prior years are included
in the &#147;Summary Compensation Table.&#148; Mr.&nbsp;Kandalepas resigned as a director effective June&nbsp;30, 2009 and resigned his position as Senior Vice President effective
July&nbsp;1, 2009.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Amounts shown in the &#147;Option Awards&#148; column represent the aggregate grant date fair value of awards computed in accordance with FASB ASC Topic 718. For a discussion of
the various assumptions made and methods used for determining such amounts, see footnotes 2 and 7 to our 2009 consolidated financial statements contained in this
prospectus. On December&nbsp;2, 2009, Mr.&nbsp;Kollintzas, Mr.&nbsp;Spencer, and Mr.&nbsp;Tsolinas were each granted options to purchase 10,000 shares of our common stock, with an exercise
price of $7.00 per share.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>The table below shows the aggregate numbers of option awards outstanding for each non-employee director as of December&nbsp;31, 2009. There were no stock awards outstanding
for the non-employee directors as of December&nbsp;31, 2009.</TD>
</TR>

</TABLE>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate Option Awards</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Outstanding</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>as of December 31, 2009</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(#)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Donald Hildebrand</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">355,825</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dean Kollintzas</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,400</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John Spencer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,400</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Peter Tsolinas</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,400</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Tsolinas resigned as a director in June&nbsp;2010.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Director Compensation Plan</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In March&nbsp;2007, the Board of Directors approved a recommendation from the Compensation
Committee for director compensation, which we refer to as the &#147;Director Compensation Plan.&#148; It was
subsequently amended in March&nbsp;2008 and December&nbsp;2009. The Director Compensation Plan applies only
to non-employee directors. Directors who are employees of the Company receive no compensation for
their service as directors or as members of committees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Cash Fees</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For 2009, each non-employee director received an annual retainer of $2,000 (paid quarterly)
for service as a member of the Audit Committee and $1,250 for service as a member of the
Compensation Committee. The Chairman of the Audit Committee received an annual retainer of $9,000,
and the Chairman of the Compensation Committee received an annual retainer of $6,000, which
retainers were also paid quarterly. Non-employee directors also received fees for each Board of
Directors or Committee meeting attended as follows: $1,500 per Board of Directors meeting, $1,000
per Committee meeting chaired, and $500 per Committee meeting attended as a non-chair member.
Meetings attended telephonically were paid at lower rates ($750, $750 and $400, respectively). The
non-employee Chairman of the Board received an annual retainer of $30,000 (paid quarterly) and was
not entitled to additional fees for meetings attended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective January&nbsp;1, 2010, the fees paid to non-employee directors for attending meetings of
the Board of Directors were increased to $3,000 for in person meetings and $1,500 for telephonic
meetings. Also, the annual cash retainer for members (non-chairman) of the Audit Committee was
increased to $5,000, and the annual cash retainer for members (non-chairman) of the Compensation
Committee was increased to $3,300. No changes were made to the annual cash retainer for the
chairman of the Audit Committee or the Compensation Committee, nor were any changes made to the
fees paid for attending committee meetings. The members and chairman of the newly formed Nominating
and Governance Committee will receive the same compensation as members of the Compensation
Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Stock Option Grants</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-employee directors each receive an automatic grant of options to purchase 26,400 shares of
common stock on the date that such non-employee director is first elected or appointed. We
currently do not have a formula for determining annual stock option grants to directors (upon their
re-election to the Board of Directors, or otherwise). Such option grants are currently determined
by the Board of Directors, upon recommendation by the Compensation Committee based on the
Compensation Committee&#146;s annual deliberations and review of the director compensation structure of
similar companies. At its meeting in December&nbsp;2009, upon a recommendation of the Compensation
Committee, the Board of Directors determined an annual stock option grant of 10,000 shares to its
non-employee members, with the exception of Mr.&nbsp;Hildebrand, who declined the stock option grant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In April&nbsp;2010, at the recommendation of the Compensation Committee, the Board of Directors
approved a 20,000 share increase in the number of shares authorized to be issued pursuant to the
Plan in order to cover an over issuance arising from the automatic grants of options to Mr.&nbsp;Antebi
and Mr.&nbsp;Dodd when they were appointed as directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Expense Reimbursement</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All directors are reimbursed for expenses incurred in connection with attending meetings of
the Board of Directors and committees.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Policies and Procedures for Approval of Related Party Transactions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Audit Committee is responsible for reviewing and approving all transactions or
arrangements between the Company and any of our directors, officers, principal stockholders or any
of their respective affiliates, associates or related parties, other than transactions with
officers which are covered by the duties of the Compensation Committee. In determining whether to
approve or ratify a related party transaction, the Audit Committee will discuss the transaction
with management and will consider all relevant facts and circumstances available to it including:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether the terms of the transaction are fair to the Company and at least as favorable to the
Company as would apply if the transaction did not involve a related party;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether there are demonstrable business reasons for the Company to enter into the transaction;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether the transaction would impair the independence of a non-employee director; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether the transaction would present an improper conflict of interest for any director or
executive officer, taking into account the size of the transaction, the direct or indirect
nature of the related party&#146;s interest in the transaction and the ongoing nature of any
proposed relationship, and any other factors the Audit Committee deems relevant.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The charter for the Audit Committee requires that it review and approve all related
party transactions required to be disclosed by Item&nbsp;404 of SEC Regulation&nbsp;S-K, that it discuss with
management the business rationale for the transactions, and whether appropriate disclosure has been
made.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Consulting Agreement with Donald Hildebrand</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In March&nbsp;2008, we entered into a consulting agreement with Donald Hildebrand, the Chairman of
our Board of Directors and our former President and Chief Executive Officer, pursuant to which
Mr.&nbsp;Hildebrand provides business and technical advisory services to the Company. The term of the
consulting agreement began on April&nbsp;1, 2008 with an original termination date of December&nbsp;31, 2009.
In December&nbsp;2009, the Company and Mr.&nbsp;Hildebrand extended the term of the consulting agreement for
an additional year. During 2009 and 2008, Mr.&nbsp;Hildebrand received $57,600 and $64,000,
respectively, for his services pursuant to the consulting agreement. During the remaining term of
the consulting agreement, Mr.&nbsp;Hildebrand will provide us with at least 16 hours of service per
month and will be paid at the rate of $4,800 per month. We also pay Mr.&nbsp;Hildebrand&#146;s medical and
dental coverage through the term of the consulting agreement. We may terminate the consulting
agreement, with or without cause. If we terminate the consulting agreement without cause, we must
give Mr.&nbsp;Hildebrand at least 30&nbsp;days notice and we will be required to pay him, as a severance
payment, three months compensation, which is equal to $14,400. Likewise, if the consulting
agreement is terminated due to the death of Mr.&nbsp;Hildebrand, we will be required to pay his estate
three months compensation. If Mr.&nbsp;Hildebrand wishes to terminate the consulting agreement, he must
provide us with at least 30&nbsp;days notice. No severance payments will be due to Mr.&nbsp;Hildebrand upon
termination with cause or upon his voluntary termination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Transactions with Emory University</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emory University is a significant stockholder of the Company, and our primary product
candidates are based on technology rights subject to a license agreement with Emory University,
which we refer to as the Emory License. The Emory License, among other contractual obligations,
requires payments based on milestone achievements, royalties on sales by the Company or on payments
to the Company by our sublicensees, and payment of maintenance fees in the event certain milestones
are not met within the time periods specified in the Emory License. We may terminate the Emory
License upon 90&nbsp;days prior written notice. In any event, the Emory License expires on the date of
the latest expiration date of the underlying patents. We are also obligated to reimburse Emory
University for certain ongoing costs in connection with the filing, prosecution and maintenance of
patent applications subject to the Emory License. Such reimbursements to Emory University amounted
to $85,673, $102,141 and $243,653 for the years ended December&nbsp;31, 2009, 2008 and 2007,
respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In June&nbsp;2008, we entered into two subcontracts with Emory University for the purpose of
conducting research and development activities associated with a grant from the NIH. During 2009
and 2008, we recorded $816,651 and $723,887, respectively, of expense associated with these
subcontracts. All amounts paid to Emory University under these subcontracts are reimbursable to us
pursuant to the NIH grant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Through November&nbsp;2009, we leased office and laboratory space on a month-to-month basis from
Emtech Biotechnology Development, Inc., a related party associated with Emory University. Rent
expense associated with this lease totaled $43,112, $47,041 and $36,588 for the years ended
December&nbsp;31, 2009, 2008 and 2007, respectively.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>COMPENSATION COMMITTEE REPORT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee has reviewed and discussed the Compensation Discussion
and Analysis with Company management and, based on such review and discussions, the Compensation
Committee authorized and directed that the Compensation Discussion and Analysis be included in this
proxy statement and the Annual Report on Form 10-K.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 60%">Respectfully Submitted,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 60%"><B>COMPENSATION COMMITTEE</B>:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 0pt; margin-left: 60%">John N. Spencer, Jr., Chairman<BR>
Dean G. Kollintzas<BR>
Peter M. Tsolinas

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Mr.&nbsp;Tsolinas, a former director, was a member of the Compensation Committee in 2009 and until
it had completed the &#147;Compensation Discussion and Analysis&#148;. Mr.&nbsp;Dodd is now the Chairman, and
Messrs.&nbsp;Antebi and Kollintzas are the other members. The current Compensation Committee has also
approved the Compensation Discussion and Analysis and this report, and directed it be included in
this proxy statement.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>This Compensation Committee Report is not incorporated by reference into any of our previous
filings with the SEC and is not to be deemed &#147;soliciting material&#148; or incorporated by reference
into any of our future filings with the SEC, irrespective of any general statement included in any
such filing that incorporates the Annual Report on </I><I>Form 10-K</I><I> referenced above or this proxy
statement by reference, unless such filing explicitly incorporates this report.</I>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PROPOSAL II<BR>
RATIFICATION OF APPOINTMENT OF THE<BR>
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee has appointed the firm of Porter Keadle Moore LLP (&#147;PKM&#148;) to serve as the
independent registered public accounting firm of GeoVax Labs, Inc. for the fiscal year ending
December&nbsp;31, 2010. PKM has served as the independent registered public accounting firm of the
Company since 2006, and is considered by the Audit Committee and management to be well qualified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Principal Accountant Fees and Services</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate fees billed for the services rendered to us by PKM for the years ended
December&nbsp;31, 2009 and December&nbsp;31, 2008 were as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Audit Fees(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">70,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">62,950</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Audit-Related Fees(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,510</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,035</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tax Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">All Other Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">76,210</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">73,985</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Audit Fees for 2009 and 2008 consisted principally of
fees for professional services in connection with the
audits of our consolidated financial statements,
review of our Annual Report on Form 10-K, review of
our interim financial statements and Quarterly Reports
on Form 10-Q, and the audit of our internal control
over financial reporting.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Audit-Related Fees consist principally of fees in
connection with the review of registration statements.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Audit Committee&#146;s Pre-Approval Policies and Procedures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee has adopted policies and procedures for pre-approving all audit and
non-audit services provided by our independent auditors (the &#147;Policy&#148;) prior to the engagement of
the independent auditors with respect to such services. Under the Policy, proposed services may be
pre-approved on a periodic basis or individual engagements may be separately approved by the Audit
Committee prior to the services being performed. In each case, the Audit Committee considers
whether the provision of such services would impair the independent auditor&#146;s independence. All
audit services and non-audit services provided by PKM for 2009 and 2008 were pre-approved by the
Audit Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Audit Committee&#146;s Pre-Approval Policies and Procedures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholder ratification of the Audit Committee&#146;s selection of PKM as our independent
registered public accounting firm for the year ending December&nbsp;31, 2010 is not required by our
Bylaws, or otherwise. Nonetheless, the Board of Directors has elected to submit the selection of
PKM to our stockholders for ratification. The selection will be ratified if a majority of the votes
cast at the Annual Meeting vote in favor. Abstentions and broker non-votes are not treated as votes
cast, and therefore will have no effect on the outcome of either proposal. If the selection of PKM
as our independent registered public accounting firm for the year ending December&nbsp;31, 2010 is not
ratified, the matter will be referred to the Audit Committee for further review.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representatives of PKM will be present at the annual meeting and will have an opportunity to
make a statement if they desire to do so. They also will be available to respond to appropriate
questions from stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THE AUDIT COMMITTEE AND BOARD OF DIRECTORS UNANIMOUSLY RECOMMEND THAT THE STOCKHOLDERS VOTE
&#147;FOR&#148; THE PROPOSAL TO RATIFY THE APPOINTMENT OF PORTER KEADLE MOORE LLP AS THE INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM OF GEOVAX LABS INC. FOR FISCAL 2010.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>REPORT OF THE AUDIT COMMITTEE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee of the Board of Directors is providing this report to enable stockholders
to understand how it monitors and oversees the Company&#146;s financial reporting process. The Audit
Committee consists of three directors, each of whom are independent in accordance with the criteria
of independence set forth in Section&nbsp;301(3)(B) of the Sarbanes-Oxley Act of 2002 and operates
pursuant to an Audit Committee charter that is reviewed annually by the Audit Committee and updated
as appropriate. The Audit Committee charter is available on our web site at <I>http://www.geovax.com</I>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management is responsible for the Company&#146;s internal controls and the financial reporting
process. The independent registered public accounting firm is responsible for performing an
independent audit of the Company&#146;s consolidated financial statements in accordance with generally
accepted auditing standards and issuing a report thereon. The Committee&#146;s responsibility is to
monitor and oversee these processes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This report confirms that the Audit Committee has: (i)&nbsp;reviewed and discussed the audited
financial statements for the year ended December&nbsp;31, 2009 with management and the Company&#146;s
independent public accountants; (ii)&nbsp;discussed with the Company&#146;s independent public accountants
the matters required to be discussed pursuant to the Statement on Auditing Standards No.&nbsp;61
(Communications with Audit Committees, as amended); (iii)&nbsp;received and reviewed the written
disclosures and letter from the Company&#146;s independent public accountants as required by the Public
Company Accounting Oversight Board regarding the independent accountants&#146; independence; and
(iv)&nbsp;discussed with the Company&#146;s independent public accountants their independence from the
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee of the Board of Directors has considered whether the provision of
non-audit professional services rendered by Porter Keadle Moore LLP, as discussed above and
disclosed elsewhere in this proxy statement, is compatible with maintaining their independence.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon the above review and discussions, the Audit Committee recommended to the Board of
Directors that the audited financial statements for the year ended December&nbsp;31, 2009 be included in
the Company&#146;s Annual Report on Form 10-K for filing with the Securities and Exchange Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 60%">Respectfully submitted,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 60%"><B>AUDIT COMMITTEE</B><BR>
John N. Spencer, Jr., Chairman<BR>
Dean G. Kollintzas<BR>
Peter M. Tsolinas

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Mr.&nbsp;Tsolinas, a former director, was a member of the Audit Committee in 2009 and at the time
it completed this report. Mr.&nbsp;Antebi was appointed to fill the vacancy created by Mr.&nbsp;Tsolinas&#146;s
resignation in June&nbsp;2010.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The Report of the Audit Committee shall not be deemed to be &#147;soliciting material&#148; and shall
not be incorporated by reference into any of our prior or future filings with the SEC, irrespective
of any general statement included in any such filing that incorporates this proxy statement by
reference, unless such filing explicitly incorporates this Report of the Audit Committee.</I>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OTHER MATTERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Stockholder Proposals</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any proposal which a stockholder intends to present in accordance with Rule&nbsp;14a-8 of the
Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;) at our next Annual Meeting of Stockholders to
be held in 2011 must be received by us on or before March&nbsp;16, 2011. Notice of stockholder proposals
submitted outside of Rule&nbsp;14a-8 of the Exchange Act will be considered untimely if received by us
after March&nbsp;16, 2011. Only proper proposals under Rule&nbsp;14a-8 of the Exchange Act which are timely
received will be included in the proxy statement and proxy in 2011. We reserve the right to vote
against, reject, rule out of order, or take other appropriate action with respect to any proposal
that does not comply with these requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of intention to present a proposal at the 2011 annual meeting should be addressed to
Corporate Secretary, GeoVax Labs, Inc., 1900 Lake Park Drive, Suite&nbsp;380, Smyrna, Georgia 30080.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Availability of Annual Report</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GeoVax&#146;s Annual Report to Stockholders, containing the Company&#146;s Annual Report on Form 10-K
including the Company&#146;s audited financial statements for the year ended December&nbsp;31, 2009,
accompanies this proxy statement but is not a part of the Company&#146;s soliciting materials.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Stockholders may obtain, without charge, a copy of the Company&#146;s Annual Report on Form&nbsp;10-K
for fiscal 2009, filed with the SEC, including the financial statements and schedules thereto,
without the accompanying exhibits, by writing to: Investor Relations, GeoVax Labs Inc., 1900 Lake
Park Drive, Suite&nbsp;380, Smyrna, Georgia 30080, or contact Investor Relations by telephone at (404)
384-7220 or email at investor@geovax.com. The Company&#146;s </B><B>Form 10-K</B><B> is also available online at the
Company&#146;s website, </B><B><I>www.geovax.com </I></B><B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Delivery of Documents to Stockholders Sharing an Address</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some banks, brokers or other nominees may participate in the practice of &#147;householding&#148; proxy
materials. This means that only one copy of our proxy statement may have been sent to multiple
stockholders living in the same household. We will promptly arrange for delivery of a separate copy
of the proxy statement to any stockholder who shares with another stockholder an address to which
only one copy was delivered upon request made (i)&nbsp;in writing to us at GeoVax Labs, Inc., Attention:
Mark W. Reynolds, 1900 Lake Park Drive, Suite, 380, Smyrna, Georgia 30080, (ii)&nbsp;by calling us at
(678)&nbsp;384-7220, or (iii)&nbsp;via e-mail to mreynolds@geovax.com. Any stockholder who shares with
another stockholder an address that receives only one copy of our proxy statement and wishes to
receive a separate copy of either document in the future, or who is currently receiving multiple
copies and would like to receive only one copy for his or her household, should contact his or her
bank, broker or other nominee, or contact us at the above address and telephone number.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 60%">By Order of the Board of Directors

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 60%"><IMG src="g23991g2399100.gif" alt="(SIGNATURE)">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 0pt; margin-left: 60%">Mark W. Reynolds<BR>
Corporate Secretary

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="FONT-FAMILY: Helvetica,Arial,sans-serif">

<DIV style="MARGIN-TOP: 20pt; FONT-SIZE: 9pt; MARGIN-LEFT: 4%" align=left><I><B>GEOVAX LABS, INC.<BR>
ATTN: DONALD HILDEBRAND<BR>
1900 LAKE PARK DRIVE<BR>
SUITE 380<BR>
SMYRNA, GEORGIA 30080</B></I>
</DIV>


<DIV style="MARGIN-TOP: 6pt; FONT-SIZE: 7pt;margin-left:4%" align=justify><B>VOTE BY INTERNET &#151;</B><U><B>www.proxyvote.com
</B></U><BR>Use the Internet to transmit your voting instructions and for electronic delivery of information up
until 11:59&nbsp;P.M. Eastern Daylight Time the day before the cut-off date or meeting date. Have your
proxy card in hand when you access the web site and follow the instructions to obtain your records
and to create an electronic voting instruction form.</DIV>

<DIV style="MARGIN-TOP: 6pt; FONT-SIZE: 7pt;margin-left:4%" align=justify><B>VOTE BY PHONE &#151; 1-800-690-6903</B><BR>Use any touch-tone telephone to transmit your voting instructions up until 11:59&nbsp;P.M. Eastern
Daylight Time the day before the cut-off date or meeting date. Have your proxy card in hand when
you call and then follow the instructions. </DIV>

<DIV style="MARGIN-TOP: 6pt; FONT-SIZE: 7pt;margin-left:4%" align=justify><B>VOTE BY MAIL</B><BR>Mark, sign and date your proxy card and return it in the postage-paid envelope we have provided or
return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717. </DIV>


<DIV align=center>
<TABLE style="FONT-SIZE: 7pt" cellSpacing=0 cellPadding=0 width="100%" border=0><!-- Begin Table Head -->

  <TR style="FONT-SIZE: 90pt" vAlign=bottom>
    <TD width="58%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD></TR><!-- End Table Head --><!-- Begin Table Body -->
  <TR vAlign=bottom>
    <TD vAlign=top>
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"></DIV></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top>
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</DIV></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top>
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap align="center">M14537-P81128 </TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap align=right>KEEP THIS PORTION FOR YOUR RECORDS</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=top align=left>&nbsp;
</TD>
    <TD style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=top noWrap
      align=right>DETACH AND RETURN THIS PORTION ONLY</TD></TR><!-- End Table Body --></TABLE></DIV>
<DIV style="MARGIN-TOP: 2pt; FONT-SIZE: 8pt" align=center><B>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.</B><BR><BR style="FONT-SIZE: 3pt"></DIV>



<DIV style="MARGIN-RIGHT: 2pt; margin-top: 12pt" align=left>
<TABLE style="FONT-SIZE: 7pt" cellSpacing=0 cellPadding=0 width="98%" border=0><!-- Begin Table Head -->

  <TR style="FONT-SIZE: 1pt" vAlign=bottom>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD></TR><!-- End Table Head --><!-- Begin Table Body -->
  <TR vAlign="bottom">
    <TD style="FONT-SIZE: 8pt" vAlign=top align=left colSpan=4><B>GEOVAX
      LABS, INC.</B> </TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD></TR>
<TR><Td>&nbsp;</TD></TR>
  <TR vAlign="bottom">
    <TD style="FONT-SIZE: 8pt" vAlign=top align=left colSpan=4>&nbsp;&nbsp;<B>The Board of Directors recommends that<BR>&nbsp;&nbsp;&nbsp;you vote FOR the following:</B> </TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align="center"><B>For<BR>All</B></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align="center"><B>Withhold<BR>All</B></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align="center"><B>For All<BR>Except</B></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top rowSpan=3><B>To withhold authority to vote for any individual <BR>
nominee(s), mark &#147;For All Except&#148; and write the<BR>number(s) of the nominee(s) on the line below.</B><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
  <TR style="font-size: 1pt">

    <TD style="FONT-SIZE: 8pt" vAlign=top align=left colSpan=4>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD style="FONT-SIZE: 1pt" vAlign=top align="center"></TD>
    <TD>&nbsp;</TD>
    <TD style="FONT-SIZE: 1pt" vAlign="top" align="center"></TD>
    <TD>&nbsp;</TD>
    <TD style="FONT-SIZE: 1pt" vAlign="top" align="center"></TD>
    <TD>&nbsp;</TD>
    <TD style="BORDER-RIGHT: black 0pt solid; BORDER-TOP: black 0pt solid"
    vAlign=top align=right>&nbsp;</TD></TR>
  <TR style="font-size: 1pt">
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD colSpan=3><B></B></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    </TR>
  <TR style="FONT-SIZE: 1pt" vAlign=bottom><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD style="FONT-SIZE: 8pt" vAlign=top align=left nowrap colspan="2">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Election of Directors</TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD style="FONT-SIZE: 8pt" vAlign=bottom align="center"><FONT face="wingdings">o</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="FONT-SIZE: 8pt" vAlign=bottom align=center><FONT face=wingdings>o</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="FONT-SIZE: 8pt" vAlign=bottom align=center><FONT face=wingdings>o</FONT></TD>
    <TD vAlign=top align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: black 0pt solid; BORDER-TOP: black 0pt solid"
    vAlign=bottom align=right>&nbsp; </TD>
</TR>
  <TR style="FONT-SIZE: 8pt" vAlign=bottom><Td>&nbsp;</Td></TR>
  <TR style="FONT-SIZE: 8pt" vAlign=bottom><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD style="FONT-SIZE: 8pt" vAlign=top align=left></TD>
    <TD style="FONT-SIZE: 8pt" vAlign=top align=left><BR
      style="FONT-SIZE: 3pt"><B>Nominees:</B><BR><BR      style="FONT-SIZE: 6pt">01)&nbsp;&nbsp;&nbsp;&nbsp;Steven S. Antebi
      <BR>02)&nbsp;&nbsp;&nbsp;&nbsp;David A. Dodd<BR>03)&nbsp;&nbsp;&nbsp;&nbsp;Donald G. Hildebrand </TD>
    <TD vAlign=top noWrap align=left><BR><BR style="FONT-SIZE: 3pt"><BR
      style="FONT-SIZE: 3pt">04)&nbsp;&nbsp;&nbsp;&nbsp;Dean G. Kollintzas <BR>
05)&nbsp;&nbsp;&nbsp;&nbsp;Robert T. McNally
      <BR>06)&nbsp;&nbsp;&nbsp;&nbsp;Harriet L. Robinson <BR>07)&nbsp;&nbsp;&nbsp;&nbsp;John N. Spencer, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="BORDER-RIGHT: black 0pt solid; BORDER-TOP: black 0pt solid"
    vAlign=top
align=right>&nbsp;</TD></TR><!-- End Table Body --></TABLE></div>
<DIV style="MARGIN-TOP: 0pt; FONT-SIZE: 8pt; MARGIN-LEFT: 4%; MARGIN-RIGHT: 2%" align=justify>&nbsp;</DIV>

<DIV align=center>
<TABLE style="FONT-SIZE: 8pt" cellSpacing=0 cellPadding=0 width="100%" border=0><!-- Begin Table Head -->

  <TR style="FONT-SIZE: 1pt" vAlign=bottom>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="68%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD></TR>
  <TR style="FONT-SIZE: 8pt" vAlign=bottom>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD noWrap align=left colSpan=5><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR style="FONT-SIZE: 7pt" vAlign=bottom><TD>&nbsp;</TD></TR>
  <TR style="FONT-SIZE: 7pt" vAlign=bottom>
    <TD>&nbsp;</TD>
    <TD style="FONT-SIZE: 8pt" noWrap colSpan=3><B>The Board of Directors recommends that you vote FOR the following proposal: </B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="FONT-SIZE: 7pt" noWrap align="center"><B>For</B></TD>
    <TD>&nbsp;</TD>
    <TD style="FONT-SIZE: 7pt" noWrap align="center"><B>Against</B></TD>
    <TD>&nbsp;</TD>
    <TD style="FONT-SIZE: 7pt" noWrap align="center"><B>Abstain</B></TD></TR>
  <TR style="FONT-SIZE: 8pt" vAlign=bottom>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD noWrap align=left colSpan=5><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR><!-- End Table Head --><!-- Begin Table Body -->
  <TR vAlign=bottom>
    <TD vAlign=top>
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"> </DIV></TD>
    <TD vAlign=top noWrap>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top align=left colSpan=5>
      <DIV align=justify>Ratification of the appointment of Porter Keadle Moore LLP as the independent registered public accounting firm<BR> of
 GeoVax Labs, Inc. for the fiscal year ending December&nbsp;31, 2010. </DIV></TD>
    <TD>&nbsp;</TD>
    <TD style="FONT-SIZE: 8pt" vAlign=bottom align=center><FONT
      face=Wingdings>o</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD style="FONT-SIZE: 8pt" vAlign=bottom align=center><FONT
      face=Wingdings>o</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD style="FONT-SIZE: 8pt" vAlign=bottom align=center><FONT
      face=Wingdings>o</FONT></TD></TR>
  <TR style="FONT-SIZE: 20pt" vAlign=bottom>
    <TD vAlign=top>
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top>
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px">&nbsp;</DIV></TD>
    <TD vAlign=top colSpan=6>NOTE:
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And such other business as may properly come before the meeting or any adjournment thereof.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top>
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR><!-- End Table Body --></TABLE></DIV>
<DIV style="MARGIN-TOP: 6pt; FONT-SIZE: 7pt; MARGIN-LEFT: 4%; MARGIN-RIGHT: 2%" align=center></DIV>

<DIV align=center>
<TABLE style="FONT-SIZE: 7pt" cellSpacing=0 cellPadding=0 width="99%" border="0"><!-- Begin Table Head -->

  <TR style="FONT-SIZE: 1pt" vAlign=bottom>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD></TR><!-- End Table Head --><!-- Begin Table Body -->
  <TR style="FONT-SIZE: 12pt" vAlign=bottom>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=top align=left colSpan=2>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 0px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=top align=left>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=top align=left colSpan=3>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 0px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=top align=left>&nbsp; </TD>
    <TD vAlign=top align=left>&nbsp; </TD>
    <TD vAlign=top noWrap align=right>&nbsp;</TD></TR>

  <TR vAlign=bottom>
    <TD>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 0px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=top noWrap align=left colSpan=2>Signature &#091;PLEASE SIGN WITHIN BOX&#093;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 0px solid; BORDER-TOP: #000000 0px solid; BORDER-LEFT: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-right: #000000 1px solid"
    vAlign=top noWrap align=left>Date </TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  style="BORDER-right: #000000 1px solid; BORDER-TOP: #000000 0px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=top align=left colSpan=2>Signature (Joint Owners) </TD>
    <TD   style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 0px solid; BORDER-LEFT: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=top align=left>Date</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD></TR>
<!-- End Table Body -->
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</DIV>

<div align="center" style="font-size: 12pt">&nbsp;
</div>

<div ALIGN="CENTER"><DIV style="font-size: 3pt; margin-top: 0pt; width: 95%; border-top: 1px solid #000000">&nbsp;</DIV></div>
<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>



<DIV style="FONT-FAMILY: Helvetica,Arial,sans-serif">

<DIV style="MARGIN-TOP: 30pt; FONT-SIZE: 12pt" align=center>&nbsp;<BR><BR><BR>
<BR>
</div>
<DIV style="MARGIN-TOP: 6pt; FONT-SIZE: 10pt; MARGIN-LEFT: 8%; MARGIN-RIGHT: 8%" align=center><B>Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:</B><BR>
The Annual Report, Notice and Proxy Statement and Form of Proxy are available at www.proxyvote.com. </DIV><BR><BR><BR>
<DIV style="MARGIN-TOP: 0%; FONT-SIZE: 10pt" align=center>
<DIV style="FONT-SIZE: 1px; WIDTH: 100%; BORDER-BOTTOM: #000000 1px solid"></DIV></DIV>
<DIV style="MARGIN-TOP: 1pt; FONT-SIZE: 7pt; MARGIN-LEFT: 0%; MARGIN-RIGHT: 2%"
align=right>M14538-P81128</DIV>


<DIV style="MARGIN-TOP: 30pt; FONT-SIZE: 12pt" align=center><B>GEOVAX LABS, INC.<BR><BR>

 This proxy is solicited by the Board of Directors<BR>
 Annual Meeting of Stockholders<BR>
 August 24, 2010  01:00 PM

</B> </DIV>
<DIV style="MARGIN-TOP: 18pt; FONT-SIZE: 10pt; MARGIN-LEFT: 6%; MARGIN-RIGHT: 6%" align=justify><B>This proxy will be voted as specified by the stockholder. If no specification is made, all
shares will be voted &#147;FOR&#148; the approval of the proposals set forth in the proxy statement. The
stockholder represented herein appoints Robert McNally and Mark Reynolds, and each of them,
proxies with the power of substitution to vote all shares of Common Stock entitled to be voted
by said stockholder at the Annual Meeting of Stockholders of GeoVax Labs, Inc. to be held at the
offices of Womble Carlyle Sandridge &#038; Rice, PLLC, 271 17</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>th</B></SUP><B> Street, NW, Suite&nbsp;2400,
Atlanta, Georgia 30363, on August&nbsp;24, 2010 at 1:00 P.M. (Eastern Daylight Time), and in any
adjournment or postponement thereof as specified in this proxy.</B> </DIV>
<DIV style="MARGIN-TOP: 5pt; FONT-SIZE: 7pt" align=center></DIV>
<DIV style="MARGIN-TOP: 80pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt" align=center><B>Continued and to be signed on reverse side</B> </DIV>
<DIV style="MARGIN-TOP: 5pt; FONT-SIZE: 7pt" align=center>&nbsp;</DIV>

<p>
<HR noShade>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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