Document:

Amended and Restated Receivables Transfer Agreement

 Exhibit 10.2 
 AMENDMENT NO. 5 
 Dated as of May 17, 2006 
 to 
 AMENDED AND RESTATED RECEIVABLES
PURCHASE AND SERVICING AGREEMENT 
 and 
 AMENDED AND RESTATED RECEIVABLES TRANSFER AGREEMENT 
 Dated as of August 30, 2002

 THIS AMENDMENT NO. 5 (this “Amendment”) is entered into as of May 17, 2006, by and among SYNNEX CORPORATION
(f/k/a SYNNEX Information Technologies, Inc.), a Delaware corporation (“Synnex” or the “Originator”), SIT FUNDING CORPORATION, a Delaware corporation (“SFC”), MANHATTAN ASSET FUNDING COMPANY LLC
(“Manhattan Asset Funding”), as a Conduit Purchaser, SUMITOMO MITSUI BANKING CORPORATION (“Sumitomo”), as a Committed Purchaser, SMBC SECURITIES, INC. (“SMBC”), as a Purchaser Agent, and GENERAL
ELECTRIC CAPITAL CORPORATION, a Delaware corporation (“GE Capital”), in its capacities as a committed purchaser and as administrative agent (in such capacity, the “Administrative Agent”) under the Receivables
Purchase and Servicing Agreement referred to below. Capitalized terms used in this Amendment which are not otherwise defined herein shall have the meanings given such terms in Annex X to the Receivables Purchase and Servicing Agreement. 

RECITALS: 
 WHEREAS, the Originator
and SFC are parties to that certain Amended and Restated Receivables Transfer Agreement, dated as of August 30, 2002 (as amended by that certain Amendment No. 1, dated June 30, 2003, that certain Amendment No. 2, dated
December 30, 2003, that certain Amendment No. 3, dated December 13, 2004, and that certain Amendment No. 4, dated September 16, 2005, the “Receivables Transfer Agreement”); 
 WHEREAS, SFC, as seller, Synnex, as servicer (the “Servicer”) and as Originator, the other Originators, GE Capital, as the
Administrative Agent and as a Committed Purchaser, Manhattan Asset Funding as a Conduit Purchaser, Sumitomo as a Committed Purchaser and SMBC as a Purchaser Agent are parties to that certain Amended and Restated Receivables Purchase and Servicing
Agreement dated as of August 30, 2002 (as amended by that certain Amendment No. 1, dated June 30, 2003, that certain Amendment No. 2, dated December 30, 2003, that certain Amendment No. 3, dated December 13, 2004,
and that certain Amendment No. 4, dated September 16, 2005, the “Receivables Purchase and Servicing Agreement”); 
 WHEREAS, many of the defined terms used in the Receivables Transfer Agreement and the Receivables Purchase and Servicing Agreement are set forth in Annex X attached thereto (“Annex X”); 

 WHEREAS, the Originator has advised GE Capital, Manhattan Asset Funding, Sumitomo and SMBC that the
Originator has entered into certain agreements in connection with transactions conducted in Mexico, and that the Originator has not treated any rights with respect to such agreements as “Approved Receivables” or “Transferred
Receivables”, and the Originator has requested that the Receivables Purchase and Servicing Agreement and the Receivables Transfer Agreement be retroactively amended to reflect that such rights are not “Approved Receivables” or
“Transferred Receivables”; 
 WHEREAS, the parties hereto desire to amend the Receivables Purchase and Servicing Agreement and the
Receivables Transfer Agreement on the terms set forth herein; 
 NOW, THEREFORE, in consideration of the premises set forth above, the terms
and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Originator, SFC, Manhattan Asset Funding, Sumitomo, SMBC and GE Capital hereby agree as follows.

 Section 1. Amendment to Annex X. As of the Effective Date (as hereafter defined), and subject to the satisfaction of the
conditions precedent set forth in Section 2 hereof, Annex X is hereby amended as follows: 
 1.1 The following new
defined terms are hereby added in the proper alphabetical order: 
 “Lanix Consortium” shall have the meaning assigned to it
in the definition of “Mexico Receivables”. 
 “Mexico Receivables” shall mean Receivables arising out of any of
the following: (a) the Accounts Receivable Assignment Agreement dated as of February 28, 2006, among Corporativo Lanix, S.A. de C.V., Alef Soluciones Integrales, S.A. de C.V. and Accesorios y Suministros Informáticos, S.A. de C.V.
(collectively, the “Lanix Consortium”), as assignors, Synnex Mexico and the Originator, as assignee, as the same may be amended, extended, replaced, restated, supplemented or otherwise modified from time to time, (b) the
Accounts Receivable Assignment Agreement dated as of December 5, 2005, among the Lanix Consortium, as assignors, Synnex Mexico and the Originator, as assignee, as the same may be amended, extended, replaced, restated supplemented or otherwise
modified from time to time, (c) the Multiannual Services Agreement (Contrato Multianual de Prestación de Servicios) number 62.PE.2005-2010, dated October 31, 2005, between the Lanix Consortium, as services providers, and the
Ministry of Education (Secretaría de Educación Pública), a Ministry of the Federal Public Administration of México (the “SEP”), as the same may be amended, 
  

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 extended, replaced, restated, supplemented or otherwise modified from time to time, and (d) the
Multiannual Services Agreement (Contrato Multianual de Prestación de Servicios) number 67.PE.2005-2010, dated October 31, 2005, between the Lanix Consortium, as services providers, and SEP, as the same may be amended, extended, replaced,
restated, supplemented or otherwise modified from time to time. 
 “SEP” shall have the meaning assigned to it in the
definition of “Mexico Receivables”. 
 “Synnex Mexico” shall mean Synnex de Mexico S.A. de C.V., a Subsidiary of
the Originator. 
 1.2 Section 6.01 of the Receivables Transfer Agreement is hereby amended by inserting after
the words “shall not include” in line 1 of the proviso therein the words, “Mexico Receivables or”. 
 1.3
The following definitions contained in Annex X are hereby amended as follows: 
 (a) The definition of “Approved
Receivable” is hereby deleted in its entirety and replaced with the following: 
 “Approved Receivable” shall mean,
(a) all Receivables originated by an Originator, and (b) those Receivables originated by another Person and subsequently acquired by an Originator that have been approved in writing by the Administrative Agent and each Purchaser Agent, and
Approved Receivable shall exclude all Mexico Receivables. 
 (b) The definition of “Unapproved Receivable” is hereby
deleted in its entirety and replaced with the following: 
 “Unapproved Receivable” shall mean any (a) receivable
(i) with respect to which the obligor thereunder is not an Obligor on any Transferred Receivable and whose customer relationship with the applicable Originator arises as a result of the acquisition by such Originator of another Person, or
(ii) that was originated in accordance with standards established by another Person acquired by the applicable Originator, in each case, solely with respect to any such acquisitions that have not been approved in writing by the Administrative
Agent and each Purchaser Agent and then only for the period prior to any such approval or (b) Mexico Receivable. 
  

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 Section 2. Conditions of Effectiveness of this Amendment. This Amendment shall become
effective with retroactive effect from October 31, 2005 (the “Effective Date”) when, and only when: 
 2.1 the Administrative Agent shall have received counterparts of this Amendment duly executed by each of the parties hereto; and 
 2.2 Each of the following conditions shall have been satisfied: 
 (a) that certain Amendment
No. 9, dated as of the date hereof, to the Credit Facility, shall have become effective; 
 (b) each representation and
warranty by SFC contained in the Receivables Transfer Agreement, the Receivables Purchase and Servicing Agreement (as amended hereby) and in each other Related Document shall be true and correct as of the date hereof, except to the extent that such
representation or warranty expressly relates solely to an earlier date; 
 (c) no Incipient Termination Event or Termination
Event hereunder or any “Event of Default” under (and as defined in) the Credit Facility (as in effect on the date hereof) shall have occurred and be continuing or would result after giving effect to any of the transactions contemplated on
the date hereof; and 
 (d) as of the date hereof, there has been (i) since May 31, 2005, no material adverse change
(x) in the business, financial or other condition or prospects of Synnex and its Subsidiaries, taken as a whole, (y) in the Transferred Receivables, taken as a whole, or (z) in the financial condition or prospects of SFC, (ii) no
litigation commenced which could reasonably be expected to have a material adverse impact on Synnex and its Subsidiaries, taken as a whole, or which would challenge the transactions contemplated herein and in the Related Documents, and
(iii) since May 31, 2005, no material increase in the liabilities (liquidated or contingent) of Synnex and its Subsidiaries, taken as a whole, or material decrease in the assets of Synnex and its Subsidiaries, taken as a whole. 

Section 3. Representations and Warranties. Each of the Originator and SFC hereby represents and warrants that this Amendment and each of
the Receivables Transfer Agreement and the Receivables Purchase and Servicing Agreement, as amended hereby, constitute legal, valid and binding obligations of such Person and are enforceable against such Person in accordance with their respective
terms. 
 Section 4. Reference to and Effect on Related Documents. 
 4.1 Upon the effectiveness of this Amendment pursuant to Section 2 hereof, on and after the Effective Date, each reference to
the Receivables Purchase and Servicing Agreement in any of the Related Documents shall mean and be a reference to the Receivables Purchase and Servicing Agreement as amended hereby. 
  

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 4.2 Except as specifically set forth above, the Receivables Transfer Agreement and the
Receivables Purchase and Servicing Agreement, and all other documents, instruments and agreements executed and/or delivered in connection therewith, shall remain in full force and effect, and are hereby ratified and confirmed. 
 4.3 The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any
right, power or remedy of SFC, Administrative Agent, Committed Purchasers, Conduit Purchaser or Purchaser Agent nor constitute a waiver of any provision of any of the Related Documents, or any other documents, instruments and agreements executed
and/or delivered in connection therewith. 
 Section 5. Headings. Section headings in this Amendment are included herein for
convenience of reference only and shall not constitute a part of this Amendment for any other purpose. 
 Section 6.
Counterparts. This Amendment may be executed by one or more of the parties to this Amendment on any number of separate counterparts and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

 Section 7. Entire Agreement. This Amendment, taken together with the Receivables Transfer Agreement, the Receivables Purchase
and Servicing Agreement and all of the other Related Documents, embodies the entire agreement and understanding of the parties hereto and supersedes all prior agreements and understandings, written and oral, relating to the subject matter hereof.

 Section 8. Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New
York applicable to contracts made and performed in such State and any applicable laws of the United States of America. 
 Section 9.
No Course of Dealing. Administrative Agent, Committed Purchasers, Conduit Purchaser and Purchaser Agent have entered into this Amendment on the express understanding with SFC and the Originator that in entering into this Amendment, it is not
establishing any course of dealing with SFC or the Originator. The rights of Administrative Agent, Committed Purchasers, Conduit Purchaser and Purchaser Agent to require strict performance with all the terms and conditions of the Receivables
Transfer Agreement and the Receivables Purchase and Servicing Agreement as amended by this Amendment and the other Related Documents shall not in any way be impaired by the execution of this Amendment. None of the Administrative Agent, Committed
Purchasers, Conduit Purchaser and Purchaser Agent (collectively, the “Purchaser Parties”) shall be obligated in any manner to execute any further amendments or waivers, and if such waivers or amendments are requested in the future,
assuming the terms and conditions thereof are acceptable to them, each such Person may require the payment of fees in connection therewith. 
 Section 10. Waiver of Claims. In consideration for the execution by the Purchaser Parties of this Amendment, each of the Seller, SFC and the Originator hereby waives each and every claim, defense, demand, action and suit of any
kind or nature whatsoever against 
  

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 the Purchaser Parties and each other Affected Party arising on or prior to the date hereof in connection with the
Receivables Purchase and Servicing Agreement, any of the Related Documents and the transactions contemplated thereby. 
 [Remainder of page
intentionally left blank.] 
  

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 IN WITNESS WHEREOF, this Amendment No. 5 has been duly executed as of the day and year first above
written. 
  

			
	 SYNNEX CORPORATION (f/k/a SYNNEX
 Information
Technologies, Inc.), as an Originator and the Servicer

		
	By:	 	 /s/ Dennis Polk

	Name:	 	Dennis Polk
	Title:	 	SVP Corporate Financing and Chief Financial Officer
	
	SIT FUNDING CORPORATION
		
	By:	 	 /s/ Simon Y. Leung

	Name:	 	Simon Y. Leung
	Title:	 	General Counsel and Corporate Secretary

 Signature Page 
 to 
 Amendment No. 5 

			
	 GENERAL ELECTRIC CAPITAL
 CORPORATION, as a
Committed Purchaser and as Administrative Agent

		
	By:	 	 /s/ Eugene Seip

	Name:	 	Eugene Seip
	Title:	 	Duly Authorized Signatory

 Signature Page 
 to 
 Amendment No. 5 

			
	 MANHATTAN ASSET FUNDING COMPANY
 LLC, as a
Conduit Purchaser

		
	By:	 	MAF Receivables, Corp., its sole member
		
	By:	 	 /s/ Jill A. Gordon

	Name:	 	Jill A. Gordon
	Title:	 	Vice President
	
	SUMITOMO MITSUI BANKING CORPORATION, as a Committed Purchaser
		
	By:	 	 /s/ Tomoaki Nakamura

	Name:	 	Tomoaki Nakamura
	Title:	 	Senior Vice President
	
	SMBC SECURITIES, INC., as a Purchaser Agent
		
	By:	 	 /s/ Kenichi Morooka

	Name:	 	Kenichi Morooka
	Title:	 	President

 Signature Page 
 to 
 Amendment No. 5Common Stock Purchase Warrant issued by Biovest to Ronald Osman

 Exhibit 10.32 
 WARRANT 
 Dated as of April 20, 2006 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAW OF ANY STATE AND MAY NOT
BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND SUCH
LAWS. 
  

			
	W-703	  	Warrant to Purchase up to 250,000
		  	Shares of Common Stock
		  	250,000 shares at $1.00 per share

 BIOVEST INTERNATIONAL, INC. 
 COMMON STOCK PURCHASE WARRANT 
 Void after October 19, 2013

 BIOVEST INTERNATIONAL, INC. (the “Company”), a Delaware corporation, hereby certifies that for value received, Ronald
Osman or his successors or assigns (the “Holder”), is entitled to purchase, subject to the terms and conditions hereinafter set forth, at any time or from time to time beginning on April 20, 2007, (the “Exercise Date”) and
ending prior to 5:00 P.M., New York City time, on October 19, 2013 (the “Expiration Date”) up to 250,000 shares of Common Stock at an exercise price per share of $1.00 per share subject to adjustment as provided herein (the
“Purchase Price”). 
 This Warrant is issued in connection with a Guaranty dated April 20, 2006 between the Holder and,
inter alia, U.S. Bank. 
 1. Definitions. For the purposes of this Warrant, the following terms shall have the meanings
indicated: 
 “Business Day” shall mean any day other than a Saturday, Sunday or other day on which commercial banks in the
City of New York are authorized or required by law or executive order to close. 

 “Closing Price” shall mean, with respect to each share of Common Stock for any day,
(a) the last reported sale price regular way or, in case no such sale takes place on such day, the average of the closing bid and asked prices regular way, in either case as reported on the principal national securities exchange on which the
Common Stock is listed or admitted for trading or (b) if the Common Stock is not listed or admitted for trading on any national securities exchange, the last reported sale price or, in case no such sale takes place on such day, the average of
the highest reported bid and the lowest reported asked quotation for the Common Stock, in either case as reported on the NASDAQ or a similar service if NASDAQ is no longer reporting such information. 
 “Common Stock” means the common stock, no par value, of the Company, and any class of stock resulting from successive changes or
reclassification of such Common Stock. 
 “Company” has the meaning ascribed to such term in the first paragraph of this
Warrant. 
 “Current Market Price” shall be determined in accordance with Subsection 3(b). 
 “Exercise Date” has the meaning ascribed to such term in Subsection 2(c). 
 “Expiration Date” has the meaning ascribed to such term in the first paragraph of this Warrant. 
 “Issued Warrant Shares” means any shares of Common Stock issued upon exercise of the Warrant. 
 “NASDAQ” shall mean the Automatic Quotation System of the National Association of Securities Dealers, Inc. 
 “Person” shall mean any individual, firm, corporation, limited liability company, partnership, trust, incorporated or unincorporated
association, joint venture, joint stock company, government (or an agency or political subdivision thereof) or other entity of any kind, and shall include any successor (by merger or otherwise) of such entity. 
 “Purchase Price” has the meaning ascribed to such term in the first paragraph of this Warrant. 
 “Warrant” shall mean this Warrant and any subsequent Warrant issued pursuant to the terms of this Warrant. 
 “Warrant Register” has the meaning ascribed to such term in Subsection 6(c). 
  

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 2. Exercise of Warrant 
 (a) Exercise. This Warrant may be exercised, in whole or in part, at any time or from time to time during the period beginning on April 20,
2007 and ending on the Expiration Date, by surrendering to the Company at its principal office this Warrant, with the form of Election to Purchase Shares (the “Election to Purchase Shares”) attached hereto as Exhibit A duly executed
by the Holder and accompanied by payment of the Purchase Price for the number of shares of Common Stock specified in such form. or by surrendering this Warrant in exchange for the number of shares of Common Stock equal to the product of (x) the
number of shares of Common Stock as to which this Warrant is being exercised, multiplied by (y) a fraction, the numerator of which is: (1) the Current Market Price per share of Common Stock on the Exercise Date less the Purchase Price per
share of Common Stock and the denominator of which is (2) the Current Market Price per share of Common Stock. 
 (b) Partial
Exercise. If this Warrant is exercised for less than all of the shares of Common Stock purchasable under this Warrant, the Company shall cancel this Warrant upon surrender hereof and shall execute and deliver to the Holder a new Warrant of like
tenor for the balance of the shares of Common Stock purchasable hereunder. 
 (c) When Exercise Effective. The exercise of this
Warrant shall be deemed to have been effective immediately prior to the close of business on the Business Day on which this Warrant is surrendered to and the Purchase Price is received by the Company as provided in this Section 2 (the
“Exercise Date”) and the Person in whose name any certificate for shares of Common Stock shall be issuable upon such exercise, as provided in Subsection 2(b), shall be deemed to be the record holder of such shares of Common Stock for all
purposes on the Exercise Date. 
 3. Adjustment of Purchase Price and Number of Shares. The Purchase Price and the number of shares of
Common Stock issuable upon exercise of this Warrant shall be adjusted from time to time upon the occurrence of the following events: 
 (a)
Dividend, Subdivision, Combination or Reclassification of Common Stock. If the Company shall, at any time or from time to time, (i) declare a dividend on the Common Stock payable in shares of its capital stock (including Common Stock),
(ii) subdivide the outstanding Common Stock into a larger number of shares of Common Stock, (iii) combine the outstanding Common Stock into a smaller number of shares of its Common Stock, or (iv) issue any shares of its capital stock
in a reclassification of the Common Stock (including any such reclassification in connection with a consolidation or merger in which the Company is the continuing corporation), then in each such case, the Purchase Price in effect at the time
of the record date for such dividend or of the effective date of such subdivision, combination or reclassification, and the number and kind of shares of capital stock issuable on such date shall be proportionately adjusted so that the Holder of any
Warrant exercised after such date shall be entitled to receive, upon payment of 
  

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 the same aggregate amount as would have been payable before such date, the aggregate number and kind of shares of capital
stock which, if such Warrant had been exercised immediately prior to such date, such Holder would have owned upon such exercise and been entitled to receive by virtue of such dividend, subdivision, combination or reclassification. Any such
adjustment shall become effective immediately after the record date of such dividend or the effective date of such subdivision, combination or reclassification. Such adjustment shall be made successively whenever any event listed above shall occur.
If a dividend is declared and such dividend is not paid, the Purchase Price shall again be adjusted to be the Purchase Price in effect immediately prior to such record date (giving effect to all adjustments that otherwise would be required to be
made pursuant to this Section 3 from and after such record date). 
 (b) Determination of Current Market Price. The Current
Market Price per share of Common Stock on any date shall be deemed to be the Closing Price per share of Common Stock on the day immediately preceding the date of determination. If on any such date the shares of Common Stock are not listed or
admitted for trading on any national securities exchange or quoted by NASDAQ or a similar service, then the Current Market Price shall be determined in good faith by the Board of Directors of the Company. 
 (c) De Minimis Adjustments. No adjustment in the Purchase Price shall be made if the amount of such adjustment would result in a change in the
Purchase Price per share of less than 5%, but in such case any adjustment that would otherwise be required to be made shall be carried forward and shall be made at the time of and together with the next subsequent adjustment, which together with any
adjustment so carried forward, would result in a change in the Purchase Price of 5% per share or more. 
 (d) Adjustment of Number
of Shares Issuable Upon Exercise. Upon each adjustment of the Purchase Price as a result of the calculations made in Subsection 3(a) this Warrant shall thereafter evidence the right to receive, at the adjusted Purchase Price, that number of
shares of Common Stock (calculated to the nearest one-hundredth) obtained by dividing (x) the product of the aggregate number of shares of Common Stock covered by this Warrant immediately prior to such adjustment and the Purchase Price in
effect immediately prior to such adjustment of the Purchase Price by (y) the Purchase Price in effect immediately after such adjustment of the Purchase Price. 
 (e) Reorganization, Reclassification, Merger and Sale of Assets. If there occurs any capital reorganization or any reclassification of the Common Stock of the Company, the consolidation or merger of the Company
with or into another Person (other than a merger or consolidation of the Company in which the Company is the continuing corporation and which does not result in any reclassification or change of outstanding shares of its Common Stock) or the sale or
conveyance of all or substantially all of the assets of the Company to another Person, then the Holder will thereafter be entitled to receive, upon the exercise of this Warrant in accordance with the terms hereof, the same kind and amounts of
securities (including shares of stock) or other assets, or both, which were issuable or distributable to the holders of outstanding Common Stock of the Company upon such reorganization, reclassification, consolidation, merger, sale or conveyance,

  

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 in respect of that number of shares of Common Stock then deliverable upon the exercise of this Warrant if this Warrant
had been exercised immediately prior to such reorganization, reclassification, consolidation, merger, sale or conveyance; and, in any such case, appropriate adjustments (as determined in good faith by the Board of Directors of the Company) shall be
made to assure that the provisions hereof (including provisions with respect to changes in, and other adjustments of, the Purchase Price) shall thereafter be applicable, as nearly as reasonably may be practicable, in relation to any securities or
other assets thereafter deliverable upon exercise of this Warrant. 
 4. Fractional Shares. Notwithstanding an adjustment pursuant to
Section 3(d) in the number of shares of Common Stock covered by this Warrant or any other provision of this Warrant, the Company shall not be required to issue fractions of shares upon exercise of this Warrant or to distribute certificates
which evidence fractional shares. In lieu of fractional shares, the Company may make payment to the Holder, at the time of exercise of this Warrant as herein provided, of an amount in cash equal to such fraction multiplied by the Current Market
Price of a share of Common Stock on the Exercise Date. 
 5. Replacement of Warrants. On receipt by the Company of an affidavit of an
authorized representative of the Holder stating the circumstances of the loss, theft, destruction or mutilation of this Warrant (and in the case of any such mutilation, on surrender and cancellation of such Warrant), the Company at its expense will
promptly execute and deliver, in lieu thereof, a new Warrant of like tenor which shall be exercisable for a like number of shares of Common Stock. If required by the Company, such Holder must provide an indemnity bond or other indemnity sufficient
in the judgment of the Company to protect the Company from any loss which it may suffer if a lost, stolen or destroyed Warrant is replaced. 
 6. Restrictions on Transfer. 
 (a) The Holder acknowledges that the Warrant and the Common Stock issuable upon the exercise
of the Warrant has not been registered under the Securities Act and may be transferred only pursuant to an effective registration under the Securities Act or pursuant to an applicable exemption from the registration requirements of the Securities
Act. The Holder further acknowledges that the certificates representing the Issued Warrant Shares shall bear the following legend: 
 THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED, HYPOTHECATED, ASSIGNED OR TRANSFERRED EXCEPT PURSUANT TO (I) AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT, (II) TO THE EXTENT APPLICABLE, RULE 144 UNDER THE ACT, OR (III) AN OPINION OF COUNSEL, IF SUCH OPINION SHALL BE REASONABLY SATISFACTORY TO COUNSEL TO THE ISSUER, THAT AN EXEMPTION FROM REGISTRATION
UNDER THE ACT IS AVAILABLE. 
  

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 (b) With respect to a transfer that should occur prior to the time that the Warrant or the Common Stock
issuable upon the exercise thereof is registered under the Securities Act, such Holder shall request an opinion of counsel (which shall be rendered by counsel reasonably acceptable to the Company) that the proposed transfer may be effected without
registration or qualification under any Federal or state securities or blue sky law. 
 (c) The Company shall maintain a register (the
“Warrant Register”) in its principal office for the purpose of registering the Warrant and any transfer thereof, which register shall reflect and identify, at all times, the ownership of any interest in the Warrant. Upon the issuance of
this Warrant, the Company shall record the name of the initial purchaser of this Warrant in the Warrant Register as the first Holder. Upon surrender for registration of transfer or exchange of this Warrant together with a properly executed Form of
Assignment attached hereto as Exhibit B at the principal office of the Company, the Company shall, at its expense, execute and deliver one or more new Warrants of like tenor which shall be exercisable for a like aggregate number of shares of
Common Stock, registered in the name of the Holder or a transferee or transferees. 
 7. No Rights or Liability as a Stockholder. This
Warrant does not entitle the Holder hereof to any voting rights or other rights as a stockholder of the Company. No provisions hereof, in the absence of affirmative action by the Holder hereof to purchase Common Stock, and no enumeration herein of
the rights or privileges of the Holder shall give rise to any liability of such Holder as a stockholder of the Company. 
 8. Amendment or
Waiver. This Warrant and any term hereof may be amended, waived, discharged or terminated only by and with the written consent of the Company and the Holder. 
 9. Notices. Any notice or other communication (or delivery) required or permitted hereunder shall be made in writing and shall be by registered mail, return receipt requested, telecopier, courier service or
personal delivery to the Company at its principal office and to the Holder at its address as it appears in the Warrant Register. All such notices and communications (and deliveries) shall be deemed to have been duly given: when delivered by hand, if
personally delivered; when delivered by courier, if delivered by commercial overnight courier service; five Business Days after being deposited in the mail, postage prepaid, if mailed; and when receipt is acknowledged, if telecopied. 
 10. Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of New York, without regard to the
principles of conflicts of law of such State. 
  

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 11. Headings. The headings in this Warrant are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof. 
  

			
	BIOVEST INTERNATIONAL, INC.
		
	By:	 	 /s/ James A. McNulty

	Name:	 	James A. McNulty
	Title:	 	CFO/Secretary

  

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		  	Exhibit A to Common
		  	Stock Purchase Warrant

 [FORM OF] 
 ELECTION TO PURCHASE SHARES 
 The undersigned hereby irrevocably elects to exercise the Warrant to purchase
             shares of Common Stock, no par value (“Common Stock”), of BIOVEST INTERNATIONAL, INC. (the “Company”) and hereby makes payment of
$             therefor. The undersigned hereby requests that certificates for such shares be issued and delivered as follows: 
 ISSUE TO:                                    
                                        
                                        
                                        
                                         

 (NAME) 
                                       
                                        
                                        
                                        
                                        
                   
 (ADDRESS, INCLUDING ZIP
CODE) 
                                       
                                        
                                        
                                        
                                        
                   
 (SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER) 
 DELIVER TO:                                    
                                        
                                        
                                        
                                    
 (NAME) 
                                       
                                        
                                        
                                        
                                        
                   
 (ADDRESS, INCLUDING ZIP
CODE) 
 If the number of shares of Common Stock purchased hereby is less than the number of shares of Common Stock covered by the Warrant,
the undersigned requests that a new Warrant representing the number of shares of Common Stock not purchased be issued and delivered as follows: 
 ISSUE TO:                                    
                                        
                                        
                                        
                                         

 (NAME OF HOLDER) 
                                       
                                        
                                        
                                        
                                        
                   
 (ADDRESS, INCLUDING ZIP
CODE) 
 DELIVER TO:                                    
                                        
                                        
                                        
                                    
 (NAME OF HOLDER) 
                                       
                                        
                                        
                                        
                                        
                   
 (ADDRESS, INCLUDING ZIP
CODE) 
  

					
	Dated:
                                	 	[NAME OF HOLDER1]
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

	1	Name of Holder must conform in all respects to name of Holder as specified on the face of the
Warrant. 

  

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	Exhibit B to Common
	Stock Purchase Warrant

 [FORM OF] ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers unto the Assignee(s) named below all of the rights of the undersigned to
purchase Common Stock, no par value (“Common Stock”), of BIOVEST INTERNATIONAL, INC. represented by the Warrant, with respect to the number of shares of Common Stock set forth below: 
  

					
	 Name of Assignee
	  	Address	  	No. of Shares
		  		  	
		  		  	

 and does hereby irrevocably constitute and appoint
                                        
     Attorney to make such transfer on the books of BIOVEST INTERNATIONAL, INC. maintained for that purpose, with full power of substitution in the premises. 
  

					
	Dated:                             	 	[NAME OF HOLDER1]
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

	1	Name of Holder must conform in all respects to name of Holder as specified on the face of the Warrant. 

  

 9

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