Exhibit 10.1

 

REAFFIRMATION AND RATIFICATION AGREEMENT

 

February 13, 2006

 

Laurus Master Fund, Ltd.

c/o Laurus Capital Management LLC

825 Third Avenue

New York, New York 10022

 

Ladies and Gentlemen:

 

Reference is made to the O’Donnell Stock Pledge Agreement (the “Stock Pledge
Agreement”), dated as of April 29, 2005, between Laurus Master Fund, Ltd.
(Laurus) and The Francis E. O’Donnell, Jr. Irrevocable Trust No. 1 (the
“Pledgor”).

 

To induce Laurus to continue to provide additional financial accommodations to
Accentia Biopharmaceuticals, Inc. (the “Parent”) in connection with the (i) the
Second Amended and Restated Secured Convertible Term Note, dated as of April 29,
2005, as amended and restated as of August 16, 2005 and as of the date hereof
issued by the Parent to Laurus (as amended, modified or supplemented, the
“Amended and Restated Term Note”) pursuant to the Securities Purchase Agreement,
dated as of April 29, 2005 between the Parent and Laurus (as amended, modified
or supplemented, the “Securities Purchase Agreement”), (ii) the Second Amended
and Restated Secured Convertible Minimum Borrowing Note, dated as of April 29,
2005, as amended and restated as of August 16, 2005 and as of the date hereof
issued by the Company and The Analytica Group, Inc. (“Analytica” and, together
with the Parent, the “Companies” and, each a “Company”) to Laurus (as amended,
modified or supplemented, the “Amended and Restated Minimum Borrowing Note”)
pursuant to the Amended and Restated Security Agreement, dated as of April 29,
2005 and amended and restated as of the date hereof between the Parent,
Analytica and Laurus (as amended, modified or supplemented, the “Security
Agreement”) and (iii) the Amended and Restated Secured Non-Convertible Revolving
Note, dated as of April 29, 2005, as amended and restated as of the date hereof
issued by the Company and Analytica to Laurus pursuant to the Security Agreement
(as amended, modified or supplemented, the “Amended and Restated Revolving Note”
and, together with the Security Agreement, the Amended and Restated Term Note
and the Amended and Restated Minimum Borrowing Note, the “Amended and Restated
Laurus Documents”), the undersigned hereby:

 

(a) represents and warrants to Laurus that it has reviewed and approved the
terms and provisions of the Amended and Restated Laurus Documents and the
documents, instruments and agreements entered into in connection therewith;

 

(b) acknowledges, ratifies and confirms that all of the terms, conditions,
representations and covenants contained in the Stock Pledge Agreement are in
full force and effect and shall remain in full force and effect after giving
effect to the execution and effectiveness of the Amended and Restated Laurus
Documents;

 

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(c) represents and warrants that no offsets, counterclaims or defenses exist as
of the date hereof with respect to any of the undersigned’s obligations under
the Stock Pledge Agreement;

 

(d) acknowledges, ratifies and confirms the grant by the undersigned to Laurus
of a security interest and charge, to the extent applicable, in the assets of
such undersigned as more specifically set forth in the Stock Pledge Agreement;
and

 

(e) acknowledges, ratifies and confirms that the term “Obligations” under the
Stock Pledge Agreement include, without limitation, all obligations and
liabilities of the Company and its Subsidiaries to Laurus under the Securities
Purchase Agreement and the Related Agreements (as defined therein), Security
Agreement and the Ancillary Agreements (as defined therein) and all other
obligations and liabilities of the undersigned to Laurus (including interest
accruing after the filing of any petition in bankruptcy, or the commencement of
any insolvency, reorganization or like proceeding, whether or not a claim for
post-filing or post-petition interest is allowed or allowable in such
proceeding), whether now existing or hereafter arising, direct or indirect,
liquidated or unliquidated, absolute or contingent.

 

The Pledgor hereby represents and warrants to Laurus that (i) no Event of
Default under the Stock Pledge Agreement exists on the date hereof, (ii) on the
date hereof all representations, warranties and covenants made by the Pledgor in
connection with the Stock Pledge Agreement are true, correct and complete and
(iii) on the date hereof, all of the Pledgor’s covenant requirements under the
Stock Pledge Agreement have been met.

 

Upon due execution, this letter agreement shall be binding upon the parties
hereto and their respective successors and permitted assigns and shall inure to
the benefit of and be enforceable by each of the parties hereto and its
successors and permitted assigns. THIS LETTER AGREEMENT SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.
This Letter Agreement may be executed in any number of counterparts, each of
which shall be an original, but all of which shall constitute one instrument.

 

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        Very truly yours,        

THE FRANCIS E. O’DONNELL, JR.

IRREVOCABLE TRUST NO. 1

        By:   

 

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        Name:   

 

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        Title:   

 

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ACCEPTED AND AGREED TO:          LAURUS MASTER FUND, LTD.          By:  

 

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         Name:  

 

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         Title:  

 

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