Document:

Engagement Agreement dated January 7, 2006

 Exhibit 10.3 
  
 THE INVESTOR RELATIONS GROUP INC. 
 LETTER OF AGREEMENT 
 Date: January 7, 2006 
  
 Section 1. Services to be Rendered. The purpose of this letter is to set forth
the terms and conditions on which The Investor Relations Group, Inc. (IRG) agrees to provide Biovest International, Inc. (the “Company”) investor relations and public relations services. These services may include, but are not limited to:
overall management of the corporate communications program; designing a corporate fact sheet that can readily be mass produced for distribution to brokers, analysts, and other industry personnel; securing one-on-one and group appointments with
industry professionals for presentations by, for, and about Company management; targeted mailings; assistance with compiling promotional materials; writing and editing news releases and other corporate materials; advice on packaging the Company
story; writing pitch letters to and solicitation of the appropriate media and press; syndicated stories; and, daily update reports. 
  
 Section 2. Fees. The Company shall pay to IRG for its services hereunder including investor relations and public relations services a maintenance fee of $
12,500 per month for a renewable term of 12 months beginning January 16, 2006. Additionally, for this Agreement, the Company agrees to issue a warrant to purchase 200,000 restricted shares of Biovest common stock at $0.50 per share in the
name of The Investor Relations Group, Inc. The option shall be exercisable on the date of issuance and at any time within ten years of the date of issuance. 
  
 Fees are payable on or before the 1st day after the beginning of each month which occurs during the Engagement Period. Unless other arrangements have been
made and agreed upon in writing, lack of payment for services rendered by the 5th of the month will be considered
default of this agreement, and IRG shall be entitled to cease all services on behalf of the Company until such time as payment in full of amounts due is made. 
  

Section 3. Expenses. In addition to all other fees payable to IRG hereunder, the Company hereby agrees to reimburse IRG for all reasonable out-of-pocket
expenses incurred in connection with the performance of services hereunder. These out-of-pocket expenses shall include, but are not limited to: telephone, photocopying, postage, messenger service, clipping service, maintaining mailing lists,
information retrieval service, wire services, monitoring advisory service, all production costs for press releases including paper, envelopes, folding, insertion and delivery to the post office, all reasonable travel expenses, and all reasonable
meeting expenses including rental of audio/visual equipment. No individual expenses over $500 will be expended without first notifying the Company. The Company agrees to remit upon the signing of this agreement a check for $10,000 to be placed on
deposit with IRG and credited to the Company against expenses incurred, on a permanent basis, throughout the program. From time to time, the Company will replenish the expense account as necessary to maintain a balance of $3,500. The balance of said
deposit is fully refundable should the program terminate. A running invoice will be maintained of all expenses incurred and will be submitted to the Company each month. 
  
 Section 4. Indemnification. The Company and IRG agree to defend, indemnify and hold each other, their affiliates, stockholders,
directors officers, agents, employees, successors and assigns (each an “Indemnified Person”) harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgements, suits, costs, expenses and
disbursements of any kind whatsoever (including, without limitation, reasonable attorneys’ fees) arising solely from the Company’s or IRG’s breach of their obligations, warranties and representations under this Agreement. It is
recognized and agreed by IRG and the Company that neither party shall have any liability hereunder to any Indemnified Person arising from the other party’s intentional negligence or willful misconduct. It is further agreed that the foregoing
indemnity shall be in addition to any rights that either party may have at common law or otherwise, including, but not limited to, any right to contribution. 

 Section 5. Term of Agreement and Guarantee of Satisfaction. (a) The engagement of IRG under the
provisions of this agreement shall continue until notice of termination is received. (b) The Company may terminate IRGs engagement hereunder, with or without cause, immediately at any time during this agreement. Any fees accrued to IRG prior to
cancellation will be payable immediately. (c) IRG may terminate its engagement hereunder, with or without cause, at any time during this agreement. The obligations of the Company under Sections 4 and 6 shall survive termination or breach of
this agreement, with or without cause, by either party. 
  
 Section 6.
Solicitation of Employees. For a period commencing two years after the termination of this Agreement, the Company shall not, directly or indirectly: (i) influence or attempt to influence any employee of IRG to leave its employ;
(ii) agree to aid any competitor or customer of IRG in any attempt to hire any person who was employed by IRG within the two year period preceding termination of this Agreement; or (iii) solicit or induce any person who was employed by IRG
within the two year period preceding the termination of this Agreement to become employed by the Company. The Company acknowledges that the restrictions in this section are reasonable and necessary for the protection of IRG’s business.

  
 Section 7. Severability. In case any provision of this letter
agreement shall be invalid, illegal, or unenforceable, the validity, legality and enforceability of the remaining provisions shall not be affected or impaired thereby. 
  
 Section 8. Consent to Jurisdiction. This Agreement shall be governed and construed in accordance with the laws of the State of
New York, and the parties hereby consent to the exclusive jurisdiction of the State and Federal Courts, located within the City, County and State of New York to resolve any disputes arising under this Agreement. 
  
 Section 9. Other Services. If the Company desires additional services not
included in this agreement, any such additional services shall be covered by a separate agreement between the parties hereto. 
  
 Please evidence your acceptance of the provisions of this letter by signing the copy of this letter enclosed herewith and returning it to The Investor
Relations Group Inc., 11 Stone Street, 3th Floor, New York, NY 10004, Attention: Dian Griesel, Ph.D.,
Chairman & CEO. 
  

	
	 Very truly yours,

	
	 
	 Dian Griesel

	 Founder & Chairman

	 The Investor Relations Group, Inc.

  

	
	 ACCEPTED AND AGREED
 AS OF THE DATE FIRST ABOVE WRITTEN:

	
	 /s/ James A. McNulty

	 James A. McNulty

	 CFOWarrant dated January 7, 2006 from registrant to Investor Relations Group, Inc.

 Exhibit 10.4 
  
 WARRANT 
  
 Dated as of January 7, 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-401	 	 Warrant to Purchase up to 200,000

	 	 	 Shares of Common Stock

	 	 	200,000 shares at $.50 per share

  
 BIOVEST INTERNATIONAL, INC.

  
 COMMON STOCK PURCHASE WARRANT 
 Void after January 7, 2016 
  
 BIOVEST INTERNATIONAL, INC. (the “Company”), a Delaware corporation with an address of 324 S. Hyde Park Avenue, Suite 350, Tampa Florida 33606, hereby
certifies that for value received The Investor Relations Group, Inc. or its 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 January 7, 2006, (the “Exercise Date”) and ending prior to 5:00 P.M., New York City time, on January 7, 2016 (the “Expiration Date”) up to 200,000 shares of Common Stock at an exercise price per share of
$0.50 per share subject to adjustment as provided herein (the “Purchase Price”). 
  
 This Warrant is issued in connection with a Letter of Agreement dated January 7, 2006. 
  
 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). 
  
 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 the date hereof and ending on the Expiration Date, by surrendering to the Company at its principal office this Warrant, with the form of Election to

  

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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. 
  
 (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 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 

  

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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, 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.

  

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 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. 
  
 (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 

  

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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
Delaware, without regard to the principles of conflicts of law of such State. 
  
 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:	 	  

	Name:	 	 
	Title:	 	 

  

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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. 

  

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