Warrant Termination Agmt between Biovest and Valens US



 Exhibit 10.19 
 WARRANT TERMINATION AGREEMENT 
 THIS WARRANT
TERMINATION AGREEMENT (this “Agreement”) is made as of November 17, 2010, by and between VALENS U.S. SPV I, LLC, a Delaware limited liability company (“Valens U.S.”), and BIOVEST INTERNATIONAL, INC., a
Delaware corporation (“Biovest”). 
 RECITALS 

WHEREAS, on September 19, 2008, Biovest and Valens U.S. entered into a Securities Purchase Agreement (the
“September 2008 Purchase Agreement”), pursuant to which Valens U.S. purchased from Biovest $650,000 of principal amount of the 15% Secured Convertible Debentures Due March 31, 2010; 

WHEREAS, in connection with the September 2008 Purchase Agreement, Biovest executed and issued to Valens U.S. a
Common Stock Purchase Warrant (the “Valens U.S. Warrant”) for the purchase by Valens U.S., on or before September 22, 2013, of up to 1,015,625 shares of the Biovest Common Stock at an exercise price of $0.40 per share;

 WHEREAS, pursuant to that certain Term Loan and Security Agreement (the “Security
Agreement”) dated as of November 17, 2010, by and among Biovest, the Lenders party thereto and LV Administrative Services, Inc., the parties hereto, in consideration for the acceptance by certain of the Prepetition Lenders of the
allowed secured claims against Biovest as provided therein, have agreed, among other things, to the termination and cancellation of the Valens U.S. Warrant; and 

WHEREAS, pursuant to the terms and conditions of the Security Agreement and the Confirmed Plan, Valens U.S. and
Biovest desire to terminate and cancel the Valens U.S. Warrant effective as of the date of this Agreement. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto hereby agree as follows: 
 1.        Capitalized
terms used but not defined herein shall have the meanings ascribed to them in the Security Agreement. 

2.        The parties hereto agree that the above Recitals are true and correct
in all respects. 
 3.        Valens U.S. hereby consents to the
termination and cancellation of the Valens U.S. Warrant (and all of the rights and obligations created thereunder), and Biovest hereby cancels the Valens U.S. Warrant, effective as of the date of this Agreement. 

4.        Valens U.S. hereby acknowledges and agrees that it shall have no claims
of any nature whatsoever against Biovest as a result of the termination and cancellation of the Valens U.S. Warrant. 
 5.        This Agreement shall be binding upon the parties hereto and their respective successors and assigns. The parties hereto agree that this Agreement is fully
and adequately 

  
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supported by consideration, is fair and reasonable, and that they have had the opportunity to discuss this matter with counsel of their choice. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original and all of which together shall be deemed to constitute one agreement. It is understood and agreed that if facsimile copies of this Agreement bearing facsimile signatures are exchanged between
the parties hereto, such copies shall in all respects have the same weight, force and legal effect and shall be fully as valid, binding, and enforceable as if such signed facsimile copies were original documents bearing original signature.

 6.        THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED,
INTERPRETED AND ENFORCED ACCORDING TO, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS PROVISIONS THEREOF. ANY ACTION BROUGHT CONCERNING THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT SHALL BE BROUGHT ONLY
IN THE STATE COURTS OF NEW YORK OR IN THE FEDERAL COURTS LOCATED IN THE STATE OF NEW YORK. The prevailing party shall be entitled to recover from the other party its reasonable attorneys’ fees and costs. Wherever possible each provision of
this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under such law, such provision shall be ineffective to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 

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 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first
above written. 
  

			
	VALENS U.S. SPV I, LLC
	By:	 	Valens Capital Management, LLC, its
	investment manager
		
	By:	 	 /s/ Patrick
Regan




			
	Name:	 	 Patrick Regan



			
	Title:	 	  Authorized Signatory
	
	BIOVEST INTERNATIONAL, INC.



			
		
	By:	 	 /s/ David
Moser




			
	Name:	 	David Moser



			
	Title:	 	  Secretary