Document:

continuing Contract of Guaranty

 Exhibit 10.12 
  
 CONTINUING CONTRACT OF GUARANTY 
  
 WHEREAS, ACCENTIA PHARMACEUTICALS, INC., a Florida corporation
(hereinafter referred to as “Borrower”), is presently indebted or obligated to MISSOURI STATE BANK AND TRUST COMPANY (hereinafter referred to as
“Lender”), for a certain revolving credit loan in an amount not to exceed Three Million and No/100 Dollars ($3,000,000.00) (the “Loan”); 
  
 WHEREAS, the undersigned (each hereinafter referred to as “Guarantor”), has a direct financial interest in the Borrower, and will benefit
financially from the Loan; and 
  
 WHEREAS, to induce
Lender to extend credit to Borrower, Guarantor has agreed to guaranty the credit of Borrower pursuant to and in strict accordance with the terms and conditions hereinafter set forth. 
  
 NOW, THEREFORE, in consideration of the sum of $1.00 paid by Lender to Guarantor and/or the extension of credit to
Borrower by Lender and other good and valuable considerations, receipt of which is hereby acknowledged, it is agreed as follows: 
  
 1. Guarantor does hereby for itself and its successors and assigns, unconditionally guaranty on a continuing basis to Lender, its successors and assigns,
the prompt, faithful and full payment, when due, of the Loan owing by Borrower to Lender, evidenced by one or more promissory notes, guaranties or other instruments dated of even date herewith, together with any and all renewals, extensions and
modifications thereof (hereinafter collectively referred to as “Liabilities” or, in the singular, “Liability”), which Liabilities are secured by certain collateral, all as described in that certain Revolving Credit Agreement of
even date herewith between Borrower and Lender (the “Credit Agreement”). 
  
 2. Guarantor shall, upon demand, when due or matured in accordance with the provisions of any instrument or document executed by Borrower in connection with the Liabilities, pay to Lender, its successors and assigns,
the amount of any Liability, irrespective of the validity, regularity or enforceability of any instrument or writing evidencing such Liability or of the Liability itself, said payment to be made upon the maturity of such Liability or at any earlier
time by reason of Lender’s power of acceleration and if the Liability is secured, said payment shall be made irrespective of the validity, regularity or enforceability of any instrument or writing evidencing such security or of the security
itself and it shall not be necessary for Lender to resort to such security before enforcing Guarantor’s liability hereunder. Demand may be made upon Guarantor for the enforcement of this guaranty without the necessity of action at any time by
Lender against Borrower. Any action taken by Lender against Borrower, including foreclosure of any security held by Lender, shall in no event be considered a waiver of any rights against Guarantor under this guaranty and Lender shall, at its sole
discretion, have the right at any time to discontinue any action or proceedings against Borrower and require full payment by Guarantor of the Liabilities together with attorney’s fees, cost of the proceedings and court costs. Any recovery by
Lender against Borrower, whether by settlement, execution or foreclosure of collateral, shall be credited against Guarantor’s liability hereunder, it being however agreed that 

 
a compromise and settlement of any Liability shall, in no sense, compromise or settle Guarantor’s liability hereunder, but Guarantor shall continue to
be liable for any difference between the full amount of Liabilities and the net proceeds of any amounts realized by Lender from Borrower. 
  
 3. Guarantor does hereby waive presentment of any instrument, demand for payment, protest and notice of non-payment and Guarantor waives all rights
arising out of any statute now existing or hereafter enacted with respect to suretyship and which may otherwise require Lender at any time to take legal action against Borrower. Guarantor does hereby waive notice of the acceptance of this guaranty
and notice of any Liability contracted or incurred by Borrower. 
  
 4. Lender may, without notice to Guarantor, renew, extend, modify or otherwise change the time for payment of, or otherwise change the terms (including the rate of interest) of any Loans or indebtedness of Borrower forming part of the
Liabilities and may from time to time at its own discretion, without notice to Guarantor, release, substitute, diminish or exchange any security or securities, property or chooses in action held by it as collateral in connection with any Liability
without in any way affecting Guarantor’s obligation hereunder. 
  
 5. This guaranty shall continue in full force and be binding upon Guarantor and Lender may continue to act in reliance hereon until the actual receipt by an officer of Lender of written notice from Guarantor not to give further
accommodation hereunder. However, notwithstanding receipt of such notice by Lender, this guaranty shall so continue in full force and effect with respect to any Loans or advances Lender has committed or is otherwise obligated to make to or for the
account of Borrower arising out of a commitment or obligation existing at the time of receipt of such notice of termination. Furthermore, Lender may renew, extend or otherwise modify any Loans or indebtedness of Borrower forming part of the
Liabilities after receipt of such notice of termination without affecting the obligations of Guarantor hereunder (except to the extent that the principal amount of any indebtedness is increased, but in such an instance the obligations of Guarantor
hereunder shall remain in full force and effect except for the increased amount of the Liabilities). 
  
 6. Guarantor does hereby give and grant unto Lender, as security for Guarantor’s liability and obligations hereunder, a security interest in, a lien
on and an express contractual right to set off against all depository account balances, cash and any other property of the Guarantor (excluding trust accounts) now or hereafter in the possession of the Lender and the right to refuse to allow
withdrawals from any non-trust account (collectively “Setoff”). The Lender may, at any time upon the occurrence of an Event of Default under the Credit Agreement setoff against the Liabilities whether or not the Liabilities (including
future installments) are then due or have been accelerated, all without any advance or contemporaneous notice or demand of any kind to the Guarantor, such notice and demand being expressly waived. 
  
 7. The word Guarantor, as used herein, shall designate one or more
Guarantors. In the event that more than one Guarantor is a party to these presents, the liability of each Guarantor shall be joint and several, each Guarantor to be fully liable hereunder irrespective of the death, incapacity or other
disqualification of the other Guarantor or Guarantors and Lender may proceed against one or less than all of the Guarantors, such proceeding not being deemed an election, and Lender may, at any time thereafter in the event full payment has not been
realized, proceed against the other Guarantor or Guarantors. Lender may release any Guarantor hereon or any other surety of Borrower without affecting the liability hereunder of any Guarantor not released by Lender. 
  

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 8. Guarantor will not exercise any rights which Guarantor may acquire by way of subrogation under this
guaranty, by any payment made hereunder or otherwise, until all of the Liabilities shall have been paid in full and Lender shall be under no duty to extend credit to or for the benefit of Borrower. If any amount shall be paid to Guarantor on account
of such subrogation rights at any time when all of the Liabilities shall not have been paid in full, such amount(s) shall be held in trust for the sole benefit of Lender and shall forthwith be paid to Lender to be applied to the Liabilities, whether
matured or unmatured, in accordance with the terms of any documents, instruments or agreements given by Borrower to the Lender evidencing or relating to the Liabilities. 
  
 9. This guaranty shall continue to be effective or be reinstated, as the case may be, if (i) at any time any payment of
any of the Liabilities is rescinded or must otherwise be returned by the Lender upon the insolvency, bankruptcy or reorganization of the Borrower or otherwise, all as though such payment had not been made, or (ii) this guaranty is released or
the liability of Guarantor hereunder is reduced in consideration of a payment of money or transfer of property or grant of a security interest by the Guarantor or any other person or entity and such payment, transfer or grant is rescinded or must
otherwise be returned by the Lender upon the insolvency, bankruptcy or reorganization of such person or entity or otherwise, all as though such payment, transfer or grant had not been made. 
  
 10. If any provision of this guaranty or the application thereof in any
jurisdiction and/or to any person, entity or circumstance shall be invalid or unenforceable to any extent, the remainder of this guaranty and the application of such provisions in such jurisdiction and/or to other persons, entities or circumstances
shall not be affected thereby and shall be enforced to the greatest extent permitted by law in any other jurisdiction and/or to any other persons, entities or circumstances. This Continuing Contract of Guaranty is a Missouri contract and shall be
governed by and construed according to the laws of the State of Missouri. 
  
 11. If Lender presently holds one or more guaranties from Guarantor or hereafter receives additional guaranties from Guarantor, the rights of Lender under all guaranties shall be cumulative. This guaranty shall not
affect or invalidate any such other guaranties. The liability of Guarantor will be the aggregate liability of Guarantor under the terms of this guaranty and any other unterminated guaranties. 
  
 12. The liability of Guarantor in all cases shall extend to and shall also
include all costs incurred by the Lender in enforcing this guaranty, including reasonable attorney’s fees and court costs. 
  
 13. Any payment of a Liability made by Borrower or another guarantor shall be credited against Guarantor’s liabilities hereunder, it being agreed,
however, that a compromise and settlement of any Liability shall, in no sense, compromise or settle Guarantor’s liabilities hereunder, but Guarantor shall continue to be liable for any difference between the full amount of Liabilities and the
net proceeds of any amounts paid by any other party. 
  

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	14.	Each “Entity Guarantor” (as that term is hereinafter defined) hereby represents and warrants to Lender that: 

  
 a. It (i) is duly organized, validly existing and in good standing
under the laws of the jurisdiction of its organization; (ii) has all requisite corporate or other powers required to carry on its business as now conducted; (iii) has all requisite governmental and regulatory licenses, authorizations,
consents and approvals required to carry on its business as now conducted, except such licenses, authorizations, consents and approvals the failure to have could not reasonably be expected to have a “Material Adverse Effect” (as that term
is hereinafter defined); and (iv) is qualified to transact business as a foreign corporation (or applicable other entity) in, and is in good standing under the laws of, all jurisdictions in which it is required by applicable law to maintain
such qualification and good standing except for those states in which the failure to qualify or maintain good standing could not reasonably be expected to have a Material Adverse Effect. 
  
 b. The execution, delivery and performance by Guarantor of this Guaranty is within its powers and has been duly authorized
by all necessary corporate or other action. 
  
 c. This Guaranty
has been executed contemporaneously with or prior to the execution of this Agreement, has been duly executed and delivered by Guarantor and constitutes the legal, valid and binding obligations of such Guarantor enforceable in accordance with its
respective terms, except as such enforceability may be limited by (i) bankruptcy, insolvency or other similar laws affecting creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability
is considered in a proceeding in equity or at law). 
  
 d. It has
furnished Lender with the following financial statements (i) balance sheets and statements of income, retained earnings and cash flows of such party as of and for the fiscal year ended
            , 20    , all certified by the independent certified public accountant of such party, which financial statements have been prepared in
accordance with GAAP consistently applied; and (ii) unaudited balance sheets and statements of income, retained earnings and cash flows of such party as of and for the month ended
            , 20    , certified by the chief financial officer of such party as being true, correct and complete in all material respects and that such
financial statements have been prepared in accordance with GAAP consistently applied. It hereby represents and warrants to Lender that (i) said financial statements fairly present the condition of such party as of the dates thereof,
(ii) there has been no material adverse change in the condition or operation, financial or otherwise, of such party from the condition or operation, financial or otherwise, of such party set forth in the information furnished as of
            ,             , and (iii) it has no direct or contingent liabilities which were not disclosed on
said financial statements or the notes thereto (to the extent such disclosure is required by GAAP). 
  
 e. Except as otherwise disclosed, there is no action or proceeding pending or, to the knowledge of Guarantor, threatened against or affecting Guarantor
before any court, arbitrator or any governmental, regulatory or administrative body, agency, instrumentality, authority or official which, if determined adversely against Guarantor, could reasonably be expected to have a Material Adverse Effect. It
is not in default with respect to any order, writ, 

  

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injunction, decision or decree of any court, arbitrator or any governmental, regulatory or administrative body, agency, instrumentality, authority or
official, a default under which could reasonably be expected to have a Material Adverse Effect. There are no outstanding judgments against it. 
  
 f. Its Pension Plan and Welfare Plan complies in all material respects with ERISA and all other applicable statutes and governmental and regulatory rules
and regulations; no Reportable Event has occurred and is continuing with respect to any Pension Plan; neither it nor any ERISA Affiliate has withdrawn from any Multi-Employer Plan in a “complete withdrawal” or a “partial
withdrawal” as defined in Sections 4203 or 4205 of ERISA, respectively; neither it nor any ERISA Affiliate has entered into an agreement pursuant to Section 4204 of ERISA; neither it nor any ERISA Affiliate has any withdrawal liability
with respect to a Multi-Employer Plan; no steps have been instituted by it or any ERISA Affiliate to terminate any defined benefit Pension Plan; no condition exists or event or transaction has occurred in connection with any Pension Plan, any
Pension Plan that is subject to Section 302 of ERISA, Multi-Employer Plan or Welfare Plan which could result in the incurrence by it or any ERISA Affiliate of any material liability, fine or penalty; and neither it nor any ERISA Affiliate is a
“contributing sponsor” as defined in Section 4001(a)(13) of ERISA of a “single-employer plan” as defined in Section 4001(a)(15) of ERISA which has two or more contributing sponsors at least two of whom are not under
common control. Except as disclosed on its financial statements, neither it nor any ERISA Affiliate has any unfunded liability with respect to any Welfare Plan. 
  

g. It has filed all Federal, state, local and other income and other tax returns which are required to be filed and has paid all taxes which have
become due and payable pursuant to such returns and all other taxes, assessments, fees and other governmental charges upon it, and upon its Properties, income and franchises which have become due and payable by it, except those wherein the amount,
applicability or validity are being contested by it, by appropriate proceedings being diligently conducted in good faith and in respect of which adequate reserves in accordance with GAAP have been established. There is no asserted or assessed tax
deficiency against it which, if determined adversely against it, could reasonably be expected to have a Material Adverse Effect. 
  
 h. It has no subsidiary other than those identified to Lender. 
  
 i. It is not a party to any contract, agreement, document or instrument or subject to any charter or other corporate restriction which could reasonably be
expected to have a Material Adverse Effect and which is not disclosed on the financial statements heretofore submitted to Lender; neither the execution and delivery of the Guaranty, the consummation of the transactions therein contemplated or the
compliance with the provisions thereof by it will violate any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on it, or any of the provisions of its organizational documents or any of the provisions of any
indenture, agreement, document, instrument or undertaking to which it is a party or subject, or by which it or any of its Property is bound, or conflict with or constitute a default thereunder or result in the creation or imposition of any lien
pursuant to the terms of any such indenture, agreement, document, instrument or undertaking. No order, consent, approval, license, 

  

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authorization or validation of, or filing, recording or registration with, or exemption by, any governmental, regulatory, administrative or public body or
authority, or any subdivision thereof, or any other person is required to authorize, or is required in connection with, the execution, delivery or performance of, or the legality, validity, binding effect or enforceability of the Guaranty.

  
 j. It is in compliance with the Multi-Employer Pension Plan
Amendments Act of 1980, as amended (“MEPPAA”), and has no liability for pension contributions pursuant to MEPPAA. 
  
 k. It is not an “investment company” as that term is defined in, and is not otherwise subject to regulation under, the Investment Company Act of
1940, as amended. It is not a “holding company” as that term is defined in, and is not otherwise subject to regulation under, the Public Utility Holding Company Act of 1935, as amended. 
  
 l. (i) The operations of Guarantor comply with all applicable
Environmental Laws and all applicable Occupational Safety and Health Laws, the violation or noncompliance with which could reasonably be expected to have a Material Adverse Effect; (ii) none of the operations of Guarantor is subject to any
Environmental Claim or any judicial, governmental, regulatory or administrative proceeding alleging the violation of any Occupational Safety and Health Law, which, if determined adversely against Guarantor, could reasonably be expected to have a
Material Adverse Effect; (iii) none of the operations of Guarantor is the subject of any Federal or state investigation evaluating whether any remedial action is needed to respond to any Release of Hazardous Substances or any unsafe or
unhealthful condition at any premises owned, leased or operated by Guarantor, which, if determined adversely to Guarantor, could reasonably be expected to have a Material Adverse Effect; (iv) Guarantor has not filed any notice under any
Environmental Law or Occupational Safety and Health Law indicating or reporting (A) any past or present spillage, leakage or Release into the environment of, or treatment, storage or disposal of, any Hazardous Substance or (B) any unsafe
or unhealthful condition at any premises owned, leased or operated by Borrower or any Subsidiary; and (v) Guarantor has no material contingent liability in connection with (A) any spillage, disposal or Release into the environment of, or
otherwise with respect to, any Hazardous Substances or (B) any unsafe or unhealthful condition at any premises owned, leased or operated by Guarantor. 
  
 For purposes of this Section 14, “Entity Guarantor” means TEAMM Pharmaceuticals, Inc. or Hopkins Capital Group, L.L.C. or MOAB Investments,
L.P. and “Material Adverse Effect” shall mean (a) a material adverse effect on the Properties, assets, liabilities, business, operations, prospects, income or condition (financial or otherwise) of the Borrower and its Subsidiaries
taken as a whole, (b) material impairment of Borrower’s ability to perform any of its obligations under this Agreement, the Note, or any of the other Loan Documents or (c) material impairment of the enforceability of the rights of, or
benefits available to, the Lender under this Agreement, the Note, or any of the other Loan Documents. 
  
 15. Each “Individual Guarantor” (as that term is hereinafter defined) will deliver to Lender on or before January 30, 2006, and on or
before each January 30th thereafter during the term hereof, a financial statement on Lender’s form and copies of such Individual Guarantor’s 

  

 6 

 
State and Federal tax forms for such tax year when filed. For purposes of this Section 15, “Individual Guarantors” means Francis
O’Donnell, Jr., The Francis E. O’Donnell, Jr. Irrevocable Trust Number 1 dated May 25, 1990, Dennis Ryll and Steven Stogel. 
  
 16. Notwithstanding anything contained herein to the contrary, Lender hereby agrees that the obligations of Steven Stogel hereunder shall not exceed the
sum of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00). 
  
 IN WITNESS THEREOF, this instrument has been duly executed by the undersigned this              day of December, 2005. 
  

	
	 THE INDIVIDUAL GUARANTORS

	
	  

 Francis O’Donnell, Jr.

	
	  

 Kathleen M. O’Donnell, as trustee, and not

	 Individually, of The Francis E. O’Donnell, Jr.

	 Irrevocable Trust Number 1 dated May 25, 1990

	
	  

 Dennis Ryll

	
	  

 Steven Stogel

  

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	THE ENTITY GUARANTORS
	
	TEAMM Pharmaceuticals, Inc.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	Hopkins Capital Group, L.L.C.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	MOAB Investments, L.P.
		
	By:	 	MOAB Management Company, Inc.,
	 	 	its General Partner
			
	 	 	By:	 	  

	 	 	Name:	 	  

	 	 	Title:	 	  

  

 8 

 STATE OF MISSOURI             ) 
                                        
   ) ss. 
 CITY OF ST. LOUIS ) 
  
 On this      day of             , 2005, before me personally
appeared Francis O’Donnell, Jr., to me known to be the person described in and who executed the foregoing instrument, and acknowledged that he executed the same as his free act and deed. 
  
 IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official
seal in the County and State aforesaid, the day and year first above written. 
  

	
	  

 Notary Public

  
 My commission expires: 
  
 STATE OF
                         ) 
                                    ) ss.

	            	OF                          )

  
 On this      day of
            , 2005, before me personally appeared Kathleen M. O’Donnell, as trustee, and not individually, of The Francis E. O’Donnell, Jr. Irrevocable Trust No. 1
dated May 25, 1990, to me known to be the person described in and who executed the foregoing instrument, and acknowledged that he executed the same as his free act and deed. 
  
 IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal in the County and State aforesaid, the day
and year first above written. 
  

	
	  

 Notary Public

  
 My commission expires: 
  

 9 

					
	STATE OF MISSOURI	 	)	  	 
	 	 	) ss.	  	 
	CITY OF ST. LOUIS	 	)        	  	 

  
 On this
     day of             , 2005, before me personally appeared Dennis Ryll, to me known to be the person described in and who executed the foregoing
instrument, and acknowledged that he executed the same as his free act and deed. 
  
 IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal in the County and State aforesaid, the day and year first above written. 
  

	
	  

 Notary Public

  
 My commission expires: 
  

					
	STATE OF MISSOURI	 	)	  	 
	 	 	) ss.	  	 
	CITY OF ST. LOUIS	 	)        	  	 

  
 On this
     day of             , 2005, before me personally appeared Steven Stogel, to me known to be the person described in and who executed the foregoing
instrument, and acknowledged that he executed the same as his free act and deed. 
  
 IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal in the County and State aforesaid, the day and year first above written. 
  

	
	  

 Notary Public

  
 My commission expires: 
  

 10 

					
	STATE OF MISSOURI	 	)	  	 
	 	 	) ss.	  	 
	CITY OF ST. LOUIS	 	)        	  	 

  
 On this
     day of             , 2005, before me appeared             , to me personally known,
who, being by me duly sworn did say that he is the              of TEAMM Pharmaceuticals, Inc., a Florida corporation, and that said instrument was signed on behalf of said
corporation by authority of its Board of Directors, and said              acknowledged said instrument to be the free act and deed of said corporation. 
  
 IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official
seal in the City and State aforesaid the day and year first above written. 
  

	
	  

 Notary Public

  
 My commission expires: 
  

					
	STATE OF MISSOURI	 	)	  	 
	 	 	) ss.	  	 
	CITY OF ST. LOUIS	 	)        	  	 

  
 On this
     day of             , 2005, before me appeared             , to me personally known,
who, being by me duly sworn did say that he is the              of Hopkins Capital Group, LLC, a             
limited liability company, and that said instrument was signed on behalf of said limited liability company by authority of its Member, and said              acknowledged said
instrument to be the free act and deed of said limited liability company. 
  
 IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal in the City and State aforesaid the day and year first above written. 
  

	
	  

 Notary Public

  
 My commission expires: 
  

 11 

					
	STATE OF MISSOURI	 	)	  	 
	 	 	) ss.	  	 
	CITY OF ST. LOUIS	 	)        	  	 

  
 On this
     day of             , 2005, before me appeared             , to me personally known,
who, being by me duly sworn did say that he is the              of MOAB Management Company, Inc., a Missouri corporation which is the general partner of MOAB Investments, L.P., a
Missouri limited partnership, and that said instrument was signed on behalf of said limited partnership by authority of its general partner, and said              acknowledged said
instrument to be the free act and deed of said limited partnership. 
  
 IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal in the City and State aforesaid the day and year first above written. 
  

	
	  

 Notary Public

  
 My commission expires: 
  

 12Security Agreement

 Exhibit 10.13 
  
 SECURITY AGREEMENT 
 OF 
 TEAMM PHARMACEUTICALS, INC. 
  
 Dated: December 30, 2005 
  
 The undersigned TEAMM Pharmaceuticals, Inc., a Florida corporation (the ”Debtor”), whose address appears below, and Missouri State Bank and
Trust Company, a Missouri banking corporation (“Secured Party”), hereby agree as follows: 
  
 1. As security for its obligations under that certain Continuing Contract of Guaranty, dated as of even date herewith (the “Guaranty”) Debtor
hereby grants to Secured Party a security interest in and lien upon, and assigns to Secured Party, the Collateral described in Paragraph 2, to secure the payment, performance and observance of all obligations and liabilities of the Debtor arising
pursuant to the Guaranty (the “Obligations”). 
  
 2.
The Collateral is described as follows and may be supplemented in the future by any separate schedule at any time furnished by Debtor to Secured Party (all of which are hereby deemed part of this Security Agreement). Such Collateral includes all
attachments, accessions and equipment now or hereafter affixed to the Collateral or used in connection therewith, all substitutions and replacements thereof, and all items of Collateral now existing and hereafter acquired, created or arising:

  
 ALL OF DEBTOR’S ACCOUNTS AND INVENTORY, NOW OWNED OR
HEREAFTER ACQUIRED, AND WHEREVER LOCATED, AND ALL PRODUCTS, PROCEEDS, RENTS AND PROFITS OF THE FOREGOING, INCLUDING, WITHOUT LIMITATION, PROCEEDS OF INSURANCE POLICIES INSURING ANY OR ALL OF THE FOREGOING AND ANY INDEMNITY, WARRANTY OR GUARANTY
PAYABLE BY REASON OF LOSS OR DAMAGE TO OR OTHERWISE WITH RESPECT TO ANY OF THE FOREGOING. 
  
 3. The Debtor hereby irrevocably authorizes the Secured Party at any time and from time to time to file in any filing office in any Uniform Commercial Code jurisdiction any initial financing statements and amendments
thereto that (a) indicate the Collateral and (b) provide any other information required by part 5 of Article 9 of the UCC of the State, or such other jurisdiction, for the sufficiency or filing office acceptance of any financing statement or
amendment, including (i) whether the Debtor is an organization, the type of organization and any organizational identification number issued to the Debtor and, (ii) in the case of a financing statement filed as a fixture filing or indicating
Collateral as as-extracted collateral or timber to be cut, a sufficient description of real property to which the Collateral relates. The Debtor agrees to furnish any such information to the Secured Party promptly upon the Secured Party’s
request. 

 4. Debtor warrants, represents and covenants with respect to the Collateral as follows: 
  
 (a) the chief place of business of Debtor, the books and records relating to
the Collateral, and the Collateral, are all located at the address(es) set forth below and Debtor will not change any of the same or its name or state where Debtor is located without prior written notice to and consent of Secured Party; 

 
 (b) the Collateral is now and will at all times hereafter be owned by
Debtor free and clear of all liens, security interests, encumbrances and rights of others except for the security interest granted hereby; 
  
 (c) Debtor will not assign, sell, mortgage, lease, transfer, pledge, grant a security interest in, encumber, or otherwise dispose of or abandon any part
or all of the Collateral without prior written consent of the Secured Party, and the inclusion of “proceeds” of the Collateral under the security interest granted herein shall not be deemed a consent by the Secured Party to any sale or
other disposition of any part or all of the Collateral, other than for sales of Inventory in the ordinary course of business, except that Debtor may replace obsolete or worn machinery or equipment in the ordinary course of business; 
  
 (d) Secured Party shall at all times have free access to and right of
inspection of the Collateral and any records pertaining thereto (and the right to make extracts from and to receive from Debtor originals or true copies of such records and any papers and instruments relating to any or all of the Collateral upon
request therefor) and Debtor hereby grants to Secured Party a security interest in all such records, papers and instruments to secure payment, performance and observance of the Obligations; 
  
 (e) Debtor will use the Collateral with all reasonable care and caution and
in conformity with all applicable laws, ordinances and regulations; 
  
 (f) Debtor will keep the Collateral in first class order, repair, running and marketable condition at Debtor’s own cost and expense; 
  
 (g) Debtor assumes all responsibility and liability arising from the use of the Collateral; 
  
 (h) Debtor will, at its expense, perform all acts and execute all documents in a form reasonably acceptable to Debtor
requested by Secured Party at any time to evidence, perfect, maintain and enforce Secured Party’s security interest in the Collateral and upon request of Secured Party, at any time and from time to time, shall deliver to Secured Party any
instrument, document or chattel paper constituting part of the Collateral, duly endorsed or assigned, Debtor hereby authorizes Secured Party and grants Secured Party its power of attorney to file any financing statements or continuation statements
pursuant to the UCC of the State or such other jurisdiction as is deemed necessary or appropriate by Second Party to perfect its security interest hereunder, which power of attorney shall be deemed to be coupled with an interest and is irrevocable,
and shall execute and deliver any other papers, documents or instruments requested by Secured Party in connection with this Security Agreement; 
  

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 (i) the Collateral is now and shall remain personal property, and Debtor will not permit any of the
Collateral to become a part of or affixed to real property without prior notice to Secured Party and without first making all arrangements, and delivering, or causing to be delivered, to Secured Party all instruments and documents, including,
without limitation, waivers and subordination agreements by any landlords or mortgagees, requested by and satisfactory to Secured Party, to protect the security interest granted herein against all persons; 
  
 (j) Debtor, at its own expense, will insure the Collateral in the name of and
with loss or damage payable to Secured Party, against the risks and in the amounts required by the Agreement, and will notify Secured Party of any material loss or damage to any of the Collateral, whether or not insured; 
  
 (k) Debtor assumes all responsibility and liability arising from the use of
the Collateral; 
  
 (l) Secured Party may, in its sole discretion,
release any of the Collateral without notice to or consent by Debtor and without discharging or otherwise affecting the Obligations or the security interest granted herein; 
  
 (m) Secured Party may in its discretion, for the account and at the expense of Debtor, pay any amount or do any act required
of Debtor hereunder or requested by Secured Party to preserve, protect, maintain or enforce the Obligations or the security interest granted herein and which Debtor fails to do or pay, and any such payment shall be deemed an advance by Secured Party
to Debtor, shall be payable on demand and shall be secured hereby; 
  
 (n) Debtor will promptly pay Secured Party any and all sums, costs, and expenses which Secured Party may pay or incur pursuant to the provisions of this Security Agreement or in defending, protecting or enforcing the security interest
granted herein or in enforcing payment of the Obligations or otherwise in connection with the provisions hereof, including but not limited to all court costs, collection charges, travel expenses, and reasonable attorney’s fees, all of which,
together with interest at a rate equal to the highest rate then payable on the Obligations, shall be part of the Obligations; 
  
 5. (a) The term “Accounts Receivable” means and includes all accounts receivable owing to Debtor and arising from sales of merchandise and/or
services by the Debtor in the ordinary course of business, all proceeds thereof and all of Debtor’s rights to any merchandise which is represented thereby, and for purposes of this paragraph 5 shall include documents, instruments and chattel
paper. From time to time, as required by the Agreement, or on request of Secured Party after the occurrence of any “Event of Default” (as that term is defined in the Loan Agreement), which has not been cured within the applicable cure
period, Debtor shall provide Secured Party with schedules describing all Accounts Receivable and shall execute and deliver written assignments of such Accounts Receivable to Secured Party, provided, however, that Debtor’s failure to execute and
deliver such schedules and/or assignments shall not affect or limit Secured Party’s security interest or other rights in and to Accounts Receivable. Together with each schedule, Debtor shall furnish copies of customers’ invoices or the
equivalent, and Debtor hereby warrants the genuineness thereof. On request of Secured Party, Debtor shall furnish to Secured Party the original shipping or delivery 

  

 3 

 receipts of all merchandise sold. Each of the Accounts Receivable is enforceable in accordance with its terms, no payment
is past due (or any past due payment is clearly noted as such), and no partial payment not shown on the account has been made by anyone. 
  
 (b) Debtor shall furnish Secured Party with an aging of Accounts Receivable in such form and as often as is required by the Agreement. 
  
 (c) Secured Party may, at any time and from time to time and without notice
to Debtor, verify the validity and amount or any other matter relating to any of the Accounts Receivable by mail, telephone, telegraph or otherwise, in the name of Secured Party or Debtor. 
  
 (d) Upon the occurrence of an Event of Default, which has not been cured
within the applicable cure period, Debtor will instruct its account debtors to remit to a lock box to which Secured Party will have sole access and control. All deposits to such lock box shall constitute additional Collateral and shall not be deemed
payment of the Obligations. 
  
 (e) At any time after the
occurrence of an Event of Default, which has not been cured within the applicable cure period, Secured Party may, and on Secured Party’s demand Debtor will, notify customers or account debtors that the Accounts Receivable have been assigned to
Secured Party or of Secured Party’s security interest therein, and collect the Accounts Receivable directly and charge the collection costs and expenses to the Obligations but, unless and until Secured Party does so notify or gives Debtor other
instructions, Debtor shall make collection of all Accounts Receivable for Secured Party, receive all payments thereon as Secured Party’s trustee, and shall immediately deliver them to Secured Party in their original form. Debtor will deliver to
Secured Party, duly endorsed or assigned, all instruments, chattel paper, guaranties or security agreements immediately upon receipt by Debtor as evidence of, in payment of or as security for any of the Collateral. All checks and other instruments
received by Secured Party as proceeds of any of the Accounts Receivable will be credited (conditional upon final collection) against the Obligations; provided, however, that for purposes of calculation of interest, such conditional credit will be
made after allowing five (5) calendar days for collection. 
  
 (f)
All sums credited by or due from Secured Party to Debtor shall at all times constitute additional security for the Obligations and may be set off against any Obligation at any time whether or not other security held by Secured Party is adequate and
whether or not such Obligations are then due. 
  
 (g) If any
warranty is breached as to any of the Accounts Receivable, or if any of the Accounts Receivable is not paid by the customer or account debtor within 90 days from its due date, or the customer or account debtor disputes liability or makes any claim
with respect thereto, or a petition in bankruptcy or other application for relief under the Bankruptcy Code or any other insolvency law, is filed with respect to the customer or account debtor or the customer or account debtor makes a general
assignment for the benefit of creditors, becomes insolvent, fails, suspends or goes out of business, then Secured Party may accelerate the principal of the Obligations to the extent of any or all of the Accounts Receivable owing by that customer or
account debtor. Any merchandise which is returned by a customer or account debtor or otherwise recovered shall remain part of the Collateral. Debtor shall notify Secured Party promptly of all disputes and claims and 

  

 4 

 settle or adjust them at no expense to Secured Party but no discount, credit or allowance shall be granted to any
customer or account debtor without Secured Party’s consent except in accordance with its announced trade terms. Secured Party may, after the occurrence of an Event of Default, enforce collection, settle or adjust disputes and claims directly
with customers or account debtors for amounts and upon terms which Secured Party considers commercially reasonable, and in all cases Secured Party will credit Debtor with only the net amounts received by Secured Party in payment of the Accounts
Receivable. 
  
 (h) Debtor shall place notations upon its books of
account to disclose the assignment of all of the Accounts Receivable to Secured Party or Secured Party’s security interest therein and shall perform all other steps requested by Secured Party to create and maintain in Secured Party’s favor
a valid first security interest, assignment or lien in, of, or on all of the Accounts Receivable and all other security held by or for Secured Party. Secured Party may at all times have access to, inspect, audit and make extracts from all of
Debtor’s records, files and books of account relating to the Accounts Receivable. At Secured Party’s request, Debtor will stamp all invoices and other documents sent to account debtors representing any Accounts Receivable with the
following notice: “The amount shown to be due has been assigned and should be paid to Missouri State Bank and Trust Company, 12452 Olive Street Road, Creve Coeur, Missouri 63141, for credit to TEAMM Pharmaceuticals, Inc.” Until default,
Debtor will, at its own expense, endeavor to collect the Accounts Receivable as and when due. 
  
 (i) To enable the Secured Party to enjoy fully all its rights to the Accounts Receivable, Debtor hereby leases to Secured Party and Secured Party hereby hires, for a term which shall last as long as there is any
portion of the Obligations unpaid, all of the Borrower’s books of account, ledgers and cabinets in which there are reflected or maintained the Accounts Receivable now or hereafter assigned to Secured Party and all supporting evidence and
documents relating thereto in the form of written applications, credit information, account cards, payment records, correspondence, delivery and installation certificates, invoice copies, delivery receipts, Note and other evidences of indebtedness,
insurance certificates and the like, in whatever form the same may exist or be kept, including without limitation computer programs, disks, tapes and related electronic data. Secured Party and its representatives shall at all times have and be
entitled to free and undisturbed access to such books of account, ledgers and cabinets during normal business hours and without unduly interfering with Debtor’s business, and may examine and audit the contents thereof and make excerpts
therefrom. 
  
 Upon the occurrence of any Event of Default then,
in addition to all of the rights and remedies set forth in this Security Agreement, Secured Party will have the right forthwith or at any time thereafter to remove from the premises wherein the same are situated all books of account, ledgers and
cabinets hereby leased to Secured Party and Secured Party may keep and retain the same in its possession until all Obligations of whatever nature shall have been fully paid and discharged, but notwithstanding such removal, Debtor shall be afforded
access thereto at the place or places to which the same are removed for the purpose of examining and auditing the same and making written excerpts therefrom. 
  
 6. (a) The term “Inventory” means and includes all goods intended for sale or lease by Debtor, or to be furnished by Debtor under contracts of
service, and all raw materials, goods in 

  

 5 

 process, finished goods, materials and supplies of every nature used or useable in connection with the manufacture,
packing, shipping, advertising, selling, leasing or furnishing of such goods, all contract rights with respect thereto and all documents representing the same. 
  

(b) Secured Party’s security interest in Inventory shall continue through all stages of processing and/or manufacture and shall, without further
act, attach to raw materials, to goods in process, to the finished goods, to the Accounts Receivable or other proceeds resulting from the sale or other disposition thereof and to all such Inventory as may be returned to Debtor by customers.

  
 (c) Until all Obligations have been fully satisfied, Secured
Party’s security interest in the Inventory and all proceeds thereof shall continue in full force and effect and upon the occurrence of an Event of Default, which has not been cured within the applicable cure period, Secured Party shall have the
right to take physical possession of the Inventory and to maintain such possession on Debtor’s premises or to remove the Inventory or any part thereof to such other places as Secured Party may desire. If Secured Party exercises its right to
take possession of the Inventory, Debtor shall, upon demand, assemble the Inventory and make it available to Secured Party at a place reasonably convenient to Secured Party. 
  
 (d) Debtor may make sales of the Inventory in the regular course of business prior to the occurrence of an Event of Default.

  
 (e) Debtor shall perform on request any and all actions
necessary to perfect Secured Party’s security interest in the Inventory, such as leasing warehouses to Secured Party or its designee, placing and maintaining signs, appointing custodians, maintaining stock records and transferring Inventory to
warehouses. In connection with the foregoing, Debtor hereby authorizes Secured Party to file any and all financing or continuation statements necessary to perfect and continue and/or amend Secured Party’s security interest in the Inventory. If
any Inventory is in the possession or control of any of its agents or processors, Debtor shall notify such agents or processors of Secured Party’s security interest therein, and upon request instruct them to hold all such Inventory for Secured
Party’s account and subject to Secured Party’s instructions. A physical listing of all Inventory, wherever located, shall be taken by Debtor at least once each fiscal year, and a copy of each such physical listing shall be supplied to
Secured Party. Secured Party may examine and inspect the Inventory at any time and shall have the right to take a physical count of Inventory at any time, and if such physical count shows a material deviation from Inventory information supplied by
Debtor, Debtor shall pay the cost of such physical count. Debtor shall notify the Secured Party promptly of all disputes and claims and settle or adjust them at no expense to the Secured Party, but no discount, credit or allowance shall be granted
to any customer or account debtor other than in accordance with Debtor’s normal terms of sale, and if an Event of Default has occurred and is continuing, no returns of merchandise shall be accepted without the Secured Party’s consent.

  
 7. Debtor represents and warrants that: 
  
 (a) It is a duly organized and validly existing corporation in good standing
under the laws of the State of Florida, is duly qualified to transact business in
                             and has the power and authority to own its properties and to transact the
business in which it is engaged or presently proposes to engage. It is duly qualified as a foreign company and in good 

  

 6 

 standing in all states where the nature of its business or the ownership or use of property requires such qualification,
except for those states in which the failure to qualify or maintain good standing could not reasonably be expected to have a Material Adverse Effect (as defined in the Credit Agreement). 
  
 (b) It has the power to execute, deliver and carry out the terms and provisions of the Note, this Security Agreement, the
Credit Agreement and all instruments and documents delivered by it pursuant to this Security Agreement and the lawful right to transfer the Collateral, and it has taken or caused to be taken all necessary action (including, but not limited to, the
obtaining of any consent of its directors required by law or by its Articles of Incorporation or By-Laws) to authorize the making and delivery of the Note, the execution, delivery and performance of the Credit Agreement, this Security Agreement, and
the execution, delivery and performance of all other instruments and documents delivered by it pursuant to the Credit Agreement or this Security Agreement. 
  
 (c) It is not in default under any indenture, mortgage, deed of trust, security agreement, agreement or other instrument to which it is a party or by
which it may be bound. Neither the execution and delivery of the Note, this Security Agreement, or any of the instruments and documents to be delivered pursuant to this Security Agreement, nor the consummation of the transactions herein and therein
contemplated, nor compliance with the provisions hereof or thereof, will violate any law or regulation, or any order or decree of any court or governmental instrumentality, or will conflict with, or result in the breach of, or constitute a default
under, any indenture, mortgage, deed of trust, security agreement, agreement or other instrument to which Debtor is a party or by which it is bound, or result in the creation or imposition of any lien, charge or encumbrance upon any of its property
under any such indenture, mortgage, deed of trust, agreement or other instrument (other than in favor of Secured Party), or violate any provision of its organizational documents. 
  
 (d) It has good and marketable title to all of the Collateral subject hereof subject to no liens, mortgages, pledges,
security interests, encumbrances or charges, purchase options or other third party interests, of any kind, other than in favor of Secured Party. 
  
 (e) The principal place of business, chief place of business, chief executive office and the office where Debtor keeps its records concerning the
Collateral are located at the following address: 
  
 __________________________________________ 
  
 __________________________________________ 
  
 (f) The
locations of substantially all of the Collateral are as set forth on the attached Schedule 1. 
  
 (g) Debtor does not employ any data processing service or similar organization to assemble or process its records concerning the Collateral. 
  

 7 

 (h) Upon the execution and delivery of this Security Agreement and the filing of financing statements
with the Offices of the Secretary of State of Florida there will have been created and perfected a valid security interest or lien (as to the creation of which no consent is required from any third party) in favor of the Secured Party in all
Collateral. 
  
 8. The occurrence of any of the following shall
constitute an event of default (“Default”) under this Security Agreement: 
  
 (a) default in the due and punctual payment of any installment of principal or interest on the Note when and as the same become due and payable, whether at maturity or by acceleration or otherwise which is not cured
within any applicable cure period; 
  
 (b) default in the
performance or observance of or under any covenant, agreement or provision contained in this Security Agreement or in any instrument or document delivered to Secured Party in connection with or pursuant to this Security Agreement which continues for
a period of 30 days after notice thereof to Debtor from Secured Party, or if any such instrument or document terminates or becomes void or unenforceable without the written consent of Secured Party; 
  
 (c) any Event of Default occurs under the Credit Agreement which is not
corrected within the time period, if any, provided in the Credit Agreement for the correction thereof; or 
  
 (d) Secured Party shall receive at any time a notice or report from the Secretary of State of Florida indicting that Secured Party’s security
interest is not prior to all other security interests reflected in such report. 
  
 9. Upon the occurrence of any Default and after expiration of any applicable cure period, if any, and at any time thereafter while such Default remains uncured and uncorrected, Secured Party may, without notice to or
demand upon Debtor, declare any or all Obligations immediately due and payable and Secured Party shall have the following rights and remedies (to the extent permitted by applicable law), in addition to all rights and remedies of a secured party
under the UCC, or of Secured Party under the Credit Agreement or any other agreement, document or instrument evidencing any of the Obligations or under which any of the Obligations may have been issued, created, assumed or guaranteed, all such
rights and remedies being cumulative, not exclusive, and enforceable alternatively, successively or concurrently: 
  
 Secured Party may, at any time and from time to time, with or without judicial process and the aid and assistance of others, enter any premises in which
any of the Collateral may be located and, without resistance or interference by Debtor, take possession of the Collateral, and may dispose of any part or all of the Collateral on any premises of Debtor and may require Debtor to assemble and make
available to Secured Party at the expense of Debtor any part or all of the Collateral at any place and time designated by Secured Party which is reasonably convenient to both parties, and may remove any part or all of the Collateral from any
premises on which the same may be located for the purpose of effecting sale or other disposition thereof, and may sell, resell, lease, assign and deliver, grant options for or otherwise dispose of any or all of the Collateral in its then condition,
without 

  

 8 

 obligation to clean up or otherwise prepare the Collateral for sale, or following any commercially reasonable preparation
or processing, at public or private sale or proceedings, by one or more contracts, in one or more parcels, at the same or different times, with or without having the Collateral at the place of sale or other disposition, for cash and/or credit, and
upon any terms, at such place(s) and time(s) and to such person(s), firm(s) or corporation(s) as Secured Party deems best, all without demand for performance or any notice or advertisement whatsoever except that where an applicable statute requires
reasonable notice of sale or other disposition Debtor hereby agrees that the sending of ten (10) days notice by registered or certified mail, postage prepaid, to any address of Debtor set forth in this Security Agreement of the place and time of any
public sale or of the time after which any private sale or other intended disposition is to be made shall be deemed reasonable notice thereof. Secured Party may specifically disclaim any warranties of title or the like and may comply with any
applicable federal or state law requirements in connection with a disposition of the Collateral and compliance will not be considered to affect adversely the commercial reasonableness of any sale of the Collateral. If any of the Collateral is sold
by Secured Party upon credit or for future delivery Debtor will be credited only with payments actually made by the purchaser and, Secured Party shall not be liable for the failure of the purchaser to pay for same and in such event Secured Party may
resell such Collateral. Secured Party may buy any part or all of the Collateral at any public sale and if any part or all of the Collateral is of a type customarily sold in a recognized market or is of the type which is the subject of widely
distributed standard price quotations Secured Party may buy at private sale and may make payment therefor by any means, including, without limitation, payment in Obligations. 
  
 Secured Party may apply the cash proceeds actually received from any sale or other disposition to the reasonable expenses of
retaking, holding, preparing for sale, selling, leasing and the like, to reasonable attorney’s fees and all legal, travel and other expenses which may be incurred by Secured Party in attempting to collect the Obligations or enforce this
Security Agreement or in the prosecution or defense of any action or proceeding related to the subject matter of this Security Agreement, and then to the Obligations in such order and as to principal or interest as Secured Party may desire, and
Debtor shall remain liable and will pay Secured Party on demand any deficiency remaining (including interest thereon at a rate equal to the highest rate then payable on the Obligations) and the balance of any expenses unpaid, with any surplus to be
paid to Debtor, subject to any duty of Secured Party imposed by law to the holder of any subordinate security interest in the Collateral known to Secured Party. 
  

10. To effectuate the terms and provisions hereof and after an event of default, Debtor hereby designates and appoints Secured Party and its designees
or agents as attorney-in-fact of Debtor, irrevocably and with power of substitution, with authority to receive, open and dispose of all mail addressed to Debtor, to notify the Post Office authorities to change the address for delivery of mail
addressed to Debtor to such address as Secured Party may designate; to endorse the name of Debtor on any Note, acceptances, checks, drafts, money orders or other evidences of payment or proceeds of the Collateral that may come into Secured
Party’s possession; to execute proofs of claim and loss; to execute any endorsements, assignments, or other instruments of conveyance or transfer; to adjust and compromise any claims under insurance policies; to execute releases; and to do all
other acts and things necessary and advisable in the sole discretion of Secured Party to carry out and enforce this Security Agreement. All acts of said attorney or designee are hereby ratified and approved and said attorney or designee shall not be
liable for any acts of commission or omission, nor for any error of judgment or mistake of fact or law. This power of attorney, being coupled with an interest, is irrevocable while any of the Obligations shall remain unpaid. 
  

 9 

 11. Secured Party shall not be deemed to assume any responsibility for, or obligation or duty with
respect to, any part or all of the Collateral, of any nature or kind, or any matter or proceedings arising out of or relating thereto, including, without limitation, any obligation or duty to take any action to collect, preserve or protect its or
Debtor’s rights in the Collateral or against any prior parties thereto, but the same shall be at Debtor’s sole risk at all times. 
  
 Secured Party’s duty with respect to Collateral in its possession shall be fulfilled if Secured Party exercises reasonable care in the safekeeping of
such Collateral. Debtor hereby releases Secured Party from any claims, causes of action and demands at any time arising out of or with respect to this Security Agreement, the Obligations, the use of the Collateral and/or any actions taken or omitted
to be taken by Secured Party with respect thereto, and Debtor hereby agrees to hold Secured Party harmless from and with respect to any and all such claims, causes of action and demands. 
  
 No act, failure or delay by Secured Party shall constitute a waiver of its rights and remedies hereunder or otherwise. No
single or partial waiver by the Secured Party of any default or right or remedy which it may have shall operate as a waiver of any other default, right or remedy or of the same default, right or remedy on a future occasion. 
  
 Debtor hereby waives presentment, notice of dishonor and protest of all
instruments included in or evidencing any of the Obligations or the Collateral, and any and all other notices and demands whatsoever (except as expressly provided herein). 
  
 In the event of any litigation, with respect to any matter connected with this Security Agreement, the Obligations or the
Collateral, Debtor hereby waives the right to a trial by jury and all defenses, rights of setoff and rights to interpose counterclaims of any nature. Debtor hereby irrevocably consents to the jurisdiction of the Courts of the State of Missouri and
of any Federal Court located in such State in connection with any action or proceeding arising out of or relating to the Obligations, this Security Agreement or the Collateral, or any document or instrument delivered with respect to any of the
Obligations. Debtor hereby waives personal service of any summons, complaint or other process in connection with any such action or proceeding and agrees that the service thereof may be made by certified or registered mail directed to Debtor at its
chief place of business set forth below, or at such other address as Debtor may designate by written notification by certified or registered mail directed to and received by Secured Party at its office set forth in the financing statements filed
hereunder (or if no such financing statements have been filed, at the office of Secured Party at which is located the officer in direct supervision of the within security interest). 
  
 No provision hereof shall be modified, altered or limited except by a written instrument expressly referring to this
Security Agreement and to the provision so modified or limited, and executed by the party to be charged. This Security Agreement and all Obligations shall be binding upon the successors or assigns of Debtor, and shall, together with the rights and
remedies of Secured Party hereunder, inure to the benefit of Secured Party, its successors, endorsees and assigns and shall bind all persons who become bound as a Debtor to this Security Agreement. 
  

 10 

 Secured Party may assign its rights and interests under this Security Agreement. Debtor hereby waives,
and will not assert against any assignee of Secured Party, any claims, defenses or set offs which Debtor could assert against Secured Party except defenses that cannot be waived. 
  
 This Security Agreement and the Obligations shall be governed in all respects by the laws of the State of Missouri (the
“State”), except to the extent that the UCC specifies such applicable law. If any term of this Security Agreement is held to be invalid, illegal or unenforceable, the validity of all other terms hereof shall in no way be affected thereby.
Secured Party is authorized to annex hereto any schedules referred to herein. Debtor acknowledges receipt of a full and complete copy of this Security Agreement. All terms used herein shall have the meanings as defined in the Uniform Commercial Code
as in effect in the State of Missouri (the “UCC”). 
  
 [Remainder of page left blank intentionally. Signatures follow.] 
  

 11 

 IN WITNESS WHEREOF, the undersigned has executed or caused this Security Agreement to be executed by its
officers thereunto duly authorized, the date first above set forth. 
  

			
	TEAMM PHARMACEUTICALS, INC.,
	a Florida corporation
		
	By:	 	  

	Printed Name:	 	  

	Title:	 	  

	
	 MISSOURI STATE BANK AND TRUST
 COMPANY, a
Missouri banking corporation

		
	By:	 	  

	Printed Name:	 	  

	Title:	 	  

  

 12

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