Document:

Arikian Employment Agreement

  
 Exhibit 10.25

  
 ACCENTIA, INC. 
 5310 Cypress Center Drive, Suite 101 
 Tampa,
Florida 33609 
  
 April 3, 2002 
  
 Steve Arikian, MD 
 151 Beach 147th Street 
 Neponsit, NY 11694 
  
 Dear Mr. Arikian:

  
 This agreement sets forth our agreement on matters relating to
your employment with Accentia, Inc. (the “Company”), as President of its subsidiary, The Analytica Group, Inc. (“Analytica”). 
  
 1. The term of your employment with the Company under this Agreement shall be for a period of three (3) years commencing on the date of the closing (the
“Closing Date”) of the merger of The Analytica Group, Ltd. into Analytica. The term may be renewed for an additional period by mutual agreement in writing between you and the Company. Employee shall provide written notice on the
90th day prior to the termination date of this Agreement of his desire to, or not to, renew this Agreement.

  
 As President of Analytica, you shall have such
responsibilities and perform such duties appropriate to such position as shall be reasonably assigned to you by the President and CEO of the Company. Your duties and responsibilities shall be in all material respects the same as those you performed
for The Analytica Group, Ltd. prior to the Closing Date and shall not be inconsistent with your position as President of Analytica. You shall report to the CEO of the Company or such other person or persons as shall be reasonably designated by the
CEO of the Company. 
  
 You shall devote your full business time
and efforts to the business of Analytica, consistent with your past practice with The Analytica Group, Ltd. Notwithstanding the foregoing, you shall have the right to manage your personal investments and affairs and to serve as an officer, director
and/or trustee of civic or charitable organizations, so long as such activities do not interfere with the performance of your duties under this Agreement or pose a conflict of interest with respect to your duties and responsibilities with the
Company. Those activities, either in a board capacity or in any way requiring a significant portion of your time and attention, must have prior approval by the Company. 
  

 You shall be based at the offices of Analytica in New York, New York and shall not be required to
relocate from the New York, New York area. 
  
 2. Your salary
shall be at the rate of $185,000 per year, payable in accordance with the normal payroll practices of the Company. Your salary shall be increased as of each anniversary of the Closing Date as determined in the discretion of the President and CEO and
Board of Directors of the Company, subject to a minimum annual increase of ten (10%) percent of the salary then in effect. Upon increase, your salary shall not be subject to decrease. 
  
 3. In addition to your salary, you shall be entitled to an annual bonus opportunity of 40% of your salary during each of the
second and third years of the term of this Agreement. The bonus opportunity will be based on reasonable objectives established by the CEO of the Company for personal performance and Company performance, primarily measured against revenue and EBITDA
objectives of the organization. You must continue in the employment of the Company through the end of the applicable year in order to be entitled to the bonus for such year; provided, however, in the event your employment is terminated by the
Company without Cause or for Disability (as such terms are defined in Paragraph 6 hereof) or death, you shall be entitled to a prorated bonus for the year in which such termination occurs, based on the number of days this Agreement is in effect
during such year. The bonus shall be paid within thirty (30) days following the end of each year. 
  
 4. (a) You shall be entitled to participate in all employee benefit plans and programs offered by the Company from time to time in effect, including group
health, life insurance, disability, 401(k) and profit sharing plans, subject to the provisions of such plans and programs from time to time in effect and on the same terms made available to other senior executives of the Company. You shall be
entitled to four (4 ) weeks vacation each year. 
  
 (b) The Company shall pay or promptly reimburse you for all expenses reasonably incurred by you in connection with the performance of your services for the Company and Analytica upon presentation of supporting documentation in accordance
with Company policy. 
  
 (c) The Company shall
provide to you during the term of this Agreement the same perquisites as are in effect for you at The Analytica Group, Ltd. prior to the Closing Date. 
  
 5. Stock Options – Not applicable as a part of the Employment Agreement. 
  
 6. In the event that your employment with the Company shall be terminated by the Company without Cause (as hereinafter
defined), and not as a result of your death or Disability (as hereinafter defined), the Company shall, as a severance payment, pay to you continued monthly payments, equal to the regular base salary which would have been payable for the balance of
the term of this Agreement but not less than 12 months, regardless of the remaining term (the “severance period”). You shall be under no obligation to seek other employment or otherwise to mitigate the Company’s obligation to make
such severance payment to you; if you obtain another position (whether as an employee, consultant, partner or otherwise) during such severance period, the Company shall have no right to offset against such severance 

  

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payment any salary, fees, bonus or other compensation actually earned by you from such other position. The Company shall, during such severance period,
continue to provide you with health insurance benefits on the same basis, including any Company-paid premiums, as such benefits are provided to employees of the Company. Your rights under the other benefit plans and programs of the Company shall be
determined in accordance with the terms of such plans and programs as then in effect. 
  
 For purposes of this Agreement, a termination of your employment with the Company by you for Good Reason (as hereinafter defined) shall constitute a termination of your employment by the Company without Cause.

  
 For purposes of this Agreement: 
  
 “Cause” shall mean (a) your failure to perform in any material
respect any of your obligations under this Agreement for any reason other than death or Disability which failure continues after thirty (30) days’ written notice and opportunity to cure, (b) your gross neglect of duties, (c) your
misappropriation of Company assets, (d) your conviction of a felony, or (e) your material and repeated failure to obey reasonable and appropriate directions within the scope of your duties from the Board of Directors of the Company which failure has
the effect of materially injuring the business or business relationships of the Company; provided, however, that you will be given written notice by the Company that it intends to terminate your employment for Cause, which written notice shall
specify the act or acts upon which the Company intends so to terminate your employment, and, before such termination shall become effective, you will be given the opportunity, within fifteen (15) days of your receipt of such notice, to have a
meeting with the Board of Directors to discuss such act or acts; 
  
 “Good Reason” shall mean (a) a reduction in your base salary from the annualized rate in effect on the date hereof or as hereafter increased or a reduction in your bonus opportunity, (b) a demotion in your position with the
Company or Analytica or change in your duties and responsibilities inconsistent with your position, which reduction, demotion or change shall not have been corrected by the Company within ten (10) days following notice thereof by you to the Company,
(c) other material breach of this Agreement by the Company, which breach continues after ten (10) days’ written notice and opportunity to cure or (d) a disposition, of all or substantially all of the business of Analytica by the Company to a
party or parties in which the Company owns less than a majority of the equity, pursuant to a sale of assets (including stock of a subsidiary) or otherwise; and 
  

“Disability” shall mean your failure by reason of sickness, accident or physical or mental disability to substantially perform the duties and
responsibilities of your employment with the Company for a period of twelve (12) consecutive months. 
  
 If the Company terminates your employment for Cause or if you voluntarily terminate your employment on your own initiative (other than a termination due
to death or Disability or for Good Reason), you shall be entitled to receive your salary through the date of termination. You may voluntarily terminate your employment at any time, effective upon thirty (30) days’ notice to the Company and such
voluntary termination shall not be deemed a breach of this Agreement. 
  

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 7. You agree, during the term of this Agreement and at all times thereafter, to treat as confidential
and, except as required in the performance of your duties under this Agreement, not to intentionally disclose, publish or otherwise make available to the public or to any individual, firm or corporation (other than an employee or professional
advisor of the Company), or use any confidential material (as hereinafter defined). You agree that all confidential material is the exclusive property of the Company, and you agree to return such material to the Company promptly upon the termination
of the your service as an employee of the Company. For purposes hereof, the term “confidential material” shall mean all information in any way concerning the products, projects, activities, business or affairs of the Company acquired by
you in the course of providing services to the Company; provided, however, that the term “confidential material” shall not include information which (i) becomes generally available to the public other than as a result of an unauthorized
disclosure by you, (ii) was available to you on a non-confidential basis prior to your service with the Company or (iii) becomes available to you on a non-confidential basis from a source other than the Company, provided that such source is not
bound by a confidentiality agreement with the Company, or (iv) is required to be disclosed by judicial process. 
  
 8. In order to induce the Company to enter into the Amended and Restated Agreement and Plan of Merger among the Company, Analytica, you and the other
parties thereto dated the date hereof (the “Merger Agreement”), you agree that you will not, during the period of your employment with the Company and thereafter during the period of four years, (a) engage, directly or indirectly, whether
as principal, agent, distributor, representative, consultant, employee, partner, stockholder, limited partner or other investor (other than an investment of not more than (i) five percent (5%) of the stock or equity of any corporation the capital
stock of which is publicly traded or (ii) five percent (5%) of the ownership interest of any limited partnership or other entity) or otherwise, in any business in competition with the business conducted by Analytica during the period of your
employment, or (b) solicit or entice or endeavor to solicit or entice away from the Company any person who was an employee of the Company, either for your own account or for any individual, firm or corporation, or employ, directly or indirectly, any
person who was during the four year period ending on the date of termination of your employment an employee of the Company, or (c) solicit or entice or endeavor to solicit or entice away from the Company (i) any customer of Analytica or (ii) any
corporation, individual or firm in which Analytica is, or has been during the last two months of your employment with the Company, in active negotiations in becoming a customer, either for your own account or for any individual, firm or corporation.
As used herein, the term “Applicable Period” shall mean the period commencing on the date of termination of your employment with the Company and ending on September 30, 2005. 
  
 9. All inventions and copyrightable or patentable material, and all trade secrets, processes, know-how, practices, designs,
technologies and methods which you may make or develop during the period of your employment with the Company will belong to and will be owned by the Company, whether you make or develop them individually or jointly with others or on your own time or
on the time of the Company. At the request of the Company and without further consideration, you agree that you will expressly assign to the Company all of your right, title and interest in and to each such invention, material, trade secret,
process, know-how, practice, design, technology and method and will sign all papers and do all other acts reasonably necessary, at the Company’s expense, to assist the Company to obtain patents or 

  

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copyrights on or otherwise to perfect the Company’s right, title and interest in and to each such invention, material, trade secret, process, know-how,
practice, design, technology and method in any and all countries. 
  
 10. In the event of a breach or threatened breach by you of any of the provisions of Paragraph 7, 8 or 9 of this Agreement, you hereby consent and agree that the Company shall be entitled to an injunction or similar equitable relief from
any court of competent jurisdiction restraining you from committing or continuing any such breach or threatened breach or granting specific performance of any act required to be performed by you under any of such provisions, without the necessity of
showing any actual damage or that money damages would not afford an adequate remedy and without the necessity of posting any bond or other security. Nothing herein shall be construed as prohibiting the Company from pursuing any other remedies at law
or in equity which it may have with respect to any such breach or threatened breach. 
  
 11. Should any provision of this Agreement be held by a court of competent jurisdiction to be enforceable only if modified, such holding shall not affect the validity of the remainder of this Agreement, the balance of
which shall continue to be binding upon the parties hereto with any such modification to become a part hereof and treated as though originally set forth in this Agreement. The parties further agree that any such court is expressly authorized to
modify any such unenforceable provision of this Agreement in lieu of severing such unenforceable provision from this Agreement in its entirety, whether by rewriting the offending provision, deleting any or all of the offending provision, adding
additional language to this Agreement, or by making such other modifications as it deems warranted to carry out the intent and agreement of the parties as embodied herein to the maximum extent permitted by law. The parties expressly agree that this
Agreement as so modified by the court shall be binding upon and enforceable against each of them. In any event, should one or more of the provisions of this Agreement be held to be invalid, illegal or unenforceable in any respect, such invalidity,
illegality or unenforceability shall not affect any other provisions hereof, and if such provision or provisions are not modified as provided above, this Agreement shall be construed as if such invalid, illegal or unenforceable provisions had never
been set forth herein. 
  
 12. This Agreement contains all the
understandings and representations between you and the Company pertaining to the subject matter hereof and supersedes all undertakings and agreements, whether oral or written, if any there be, previously entered into by you and the Company with
respect thereto. 
  
 13. No provision of this Agreement may be
amended or modified unless such amendment or modification is agreed to in writing and signed by you and by a duly authorized representative of the Company. 
  
 14. Any notice to be given hereunder shall be in writing and delivered personally or sent by certified mail, return receipt requested, or by overnight
courier, addressed to the party concerned at the address indicated above or at such other address as such party may subsequently designate by like notice. 
  

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 15. Anything to the contrary notwithstanding, all payments required to be made by the Company hereunder
to you shall be subject to withholding of such amounts relating to taxes as the Company may reasonably determine it should withhold pursuant to any applicable law or regulation. 
  
 16. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State
of New York applicable in the case of agreements made and entirely performed in such State. 
  
 17. In the event of litigation, the prevailing party shall recover reasonable attorneys’ fees and expenses of said action. 
  

18. During the term of this Agreement and thereafter, the Company shall indemnify, defend and hold you harmless as provided in the Articles of
Incorporation and By-Laws of the Company as in effect from time to time with respect to claims made against you arising out of your service as an officer, director or employee of the Company and Analytica after the date hereof. The indemnification
obligations of the Company as set forth herein shall be in addition to your rights to indemnification as provided in Section 5.13 of the Merger Agreement. 
  
 19. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures were upon
the same instrument. This Agreement shall become effective when each party hereto shall have received counterparts hereof signed by all of the parties hereto. 
  

[SIGNATURE PAGE FOLLOWS] 
  

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 If the foregoing accurately sets forth our agreement, please indicate your acceptance hereof on the
enclosed counterpart of this Agreement and return such counterpart to the Company. 
  

			
	Very truly yours,
	
	ACCENTIA, INC.
		
	By:	 	 /s/ David L. Redmond

	 	 	David L. Redmond, Secretary and Chief Financial Officer

  

	
	Agreed and Accepted:
	
	  
	 Steve Arikian

  

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 If the foregoing accurately sets forth our agreement, please indicate your acceptance hereof on the
enclosed counterpart of this Agreement and return such counterpart to the Company. 
  

			
	Very truly yours,
	
	ACCENTIA, INC.
		
	By:	 	 
	 	 	David L. Redmond, Secretary and Chief Financial Officer

  

	
	Agreed and Accepted:
	
	 /s/ Steve Arikian

	 Steve Arikian

  

  
 Accentia
Biopharmaceuticals, Inc. 
 5310 Cypress Center Drive 
 Suite 101 
 Tampa, FL 33609 
  
 October 19, 2004 
  

Steven Arikian 
 151 Beach 147th Street 
 Neponsit, New York 11694 
  
 Dear Steve: 
  
 This agreement sets forth our revised agreement on matters relating to your employment with Accentia Biopharmaceuticals,
Inc., formerly Accentia, Inc. (“Accentia” or the “Company”), as Chairman and CEO of its subsidiary, The Analytica Group, Inc (“Analytica”) which does business as Analytica International, and President of Product
Development and Market Services for Accentia Biopharmaceuticals. 
  
 1. The term of your employment with the Company under this Agreement shall be for a period of five (5) years commencing on the date hereof. The term may be renewed for an additional period by mutual agreement in writing between you and the
Company. You shall provide written notice no later than the 90th day prior to the termination date of this Agreement
of your desire to, or not to, renew this Agreement. 
  
 As
Chairman and CEO of Analytica, you shall have such responsibilities and perform such duties appropriate to such position as shall be reasonably assigned to you by the Chairman and CEO of Accentia. You shall report to the Chairman and CEO of
Accentia. You will also be responsible for all Human Resources decision-making for Analytica. 
  
 As President of Product Development and Market Services for Accentia, your reporting responsibilities will include Biologics, Product Development, Medical Affairs and Regulatory. 
  
 You shall devote your full business time and efforts to the business of
Analytica and the Company consistent with your past practice with Analytica. Notwithstanding the foregoing, you shall have the right to manage your personal investments and affairs and to serve as an officer, director and/or trustee of civic or
charitable organizations, so long as such activities do not interfere with the performance of your duties under this Agreement or pose a conflict of interest with respect to your duties and responsibilities with the Company. Those activities, either
in a board capacity or in any way requiring a significant portion of your time and attention, must have prior approval by the Company. 
  

 You shall be based at the offices of Analytica in New York, New York and shall not be required to
relocate from the New York, New York area. 
  
 2. Your salary
shall be at the rate of $341,000 per year, payable in accordance with the normal payroll practices of the Company. Your salary shall be increased as of each April 3 during the term of this Agreement as determined in the discretion of the Chairman
and CEO of Accentia and the Board of Directors of Analytica, subject to a minimum annual increase often (10%) percent of the salary then in effect. Upon increase, your salary shall not be subject to decrease. 
  
 3. In addition to your salary, you shall be entitled to an annualized bonus
opportunity of up to 50% of your base salary, based on Analytica’s performance and the achievement of objectives assigned to you by your supervisor. In any case you will receive a minimum bonus of 25% of your base salary, payable on the last
day of each fiscal quarter, commencing on September 30, 2004. That portion of your annualized bonus that exceeds the minimum bonus of 25% of base salary shall be paid within thirty (30) days following the end of the fiscal year. In the event your
employment is terminated by the Company without Cause or for Disability (as such terms are defined in Paragraph 5 hereof) or death, you shall be entitled to a prorated bonus for the year in which such termination occurs, based on the number of days
this Agreement is in effect during such year. 
  
 4. (a) You shall
be entitled to participate in all employee benefit plans and programs offered by the Company from time to time in effect, including group health, life insurance, disability, 401(k) and profit sharing plans, subject to the provisions of such plans
and programs from time to time in effect and on the same terms made available to other senior executives of the Company. You shall be entitled to four (4) weeks vacation each year. 
  
 (b) The Company shall pay or promptly reimburse you for all expenses reasonably incurred by you in
connection with the performance of your services for the Company and Analytica upon presentation of supporting documentation in accordance with Company policy. 
  

(c) The Company shall provide to you during the term of this Agreement the same perquisites as were in effect for you at Analytica
prior to the acquisition of Analytica by Accentia. 
  
 (d) Promptly following execution of this Agreement, you shall be granted options to purchase 200,000 shares of Biovest International at an exercise price of $.50 per share. The options shall have a term of ten years and shall be fully
vested upon grant. 
  
 5. In the event that your employment with
the Company shall be terminated by the Company without Cause (as hereinafter defined), and not as a result of your death or Disability (as hereinafter defined), the Company shall, as a severance payment, continue to pay to you during the three year
period commencing on the date of termination (the “severance period”), in equal monthly installments, your base salary (at the rate then in effect pursuant to Paragraph 2 hereof). You shall be under no obligation to seek other employment
or otherwise to mitigate the Company’s obligation to make such severance payment to you; if you obtain another 

  

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position (whether as an employee, consultant, partner or otherwise) during such severance period, the Company shall have no right to offset against such
severance payment any salary, fees, bonus or other compensation actually earned by you from such other position. The Company shall, during such severance period, continue to provide you with health insurance benefits on the same basis, including any
Company-paid premiums, as such benefits are provided to employees of the Company. Your rights under the other benefit plans and programs of the Company shall be determined in accordance with the terms of such plans and programs as then in effect.

  
 For purposes of this Agreement, a termination of your
employment with the Company by you for Good Reason (as hereinafter defined) shall constitute a termination of your employment by the Company without Cause. 
  
 For purposes of this Agreement: 
  
 “Cause” shall mean (a) your failure to perform in any material respect any of your obligations under this Agreement for any reason other than
death or Disability which failure continues after thirty (30) days’ written notice and opportunity to cure, (b) your gross neglect of duties, (c) your misappropriation of Company assets, (d) your conviction of a felony, or (e) your material and
repeated failure to obey reasonable and appropriate directions within the scope of your duties from the Board of Directors of the Company which failure has the effect of materially injuring the business or business relationships of the Company;
provided, however, that you will be given written notice by the Company that it intends to terminate your employment for Cause, which written notice shall specify the act or acts upon which the Company intends so to terminate your employment, and,
before such termination shall become effective, you will be given the opportunity, within fifteen (15) days of your receipt of such notice, to have a meeting with the Board of Directors to discuss such act or acts; 
  
 “Good Reason” shall mean (a) a reduction in your base salary from
the annualized rate in effect on the date hereof or as hereafter increased or a reduction in your bonus opportunity, (b) a demotion in your position with the Company or Analytica or change in your duties and responsibilities inconsistent with your
position, which reduction, demotion or change shall not have been corrected by the Company within ten (10) days following notice thereof by you to the Company, (c) you shall be required to report to a person other than the Chairman and CEO of
Accentia, (d) other material breach of this Agreement by Analytica or the Company, which breach continues after ten (10) days’ written notice and opportunity to cure, (e) a disposition of all or substantially all of the business of Analytica by
the Company to a party or parties in which the Company owns less than a majority of the equity, pursuant to a sale of assets or stock (including stock of a subsidiary), merger or otherwise or (f) the Amended and Restated Certificate of Incorporation
of the Company shall not have been amended on or before January 15, 2005 to delete the provisions of such certificate providing for the automatic conversion of the Series B Convertible Preferred Stock to common stock automatically on the fifth
anniversary of the closing of the acquisition of Analytica by the Company; and 
  
 “Disability” shall mean your failure by reason of sickness, accident or physical or mental disability to substantially perform the duties and responsibilities of your employment with the Company for a period
of twelve (12) consecutive months. 
  

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 If the Company terminates your employment for Cause or if you voluntarily terminate your employment on
your own initiative (other than a termination due to death or Disability or for Good Reason), you shall be entitled to receive your salary and prorated bonus through the date of termination and for a period of six (6) months thereafter. You may
voluntarily terminate your employment at any time, effective upon thirty (30) days’ notice to the Company and such voluntary termination shall not be deemed a breach of this Agreement. 
  
 6. You agree, during the term of this Agreement and for a period of one year
thereafter, to treat as confidential and, except as required in the performance of your duties under this Agreement, not to intentionally disclose, publish or otherwise make available to the public or to any individual, firm or corporation (other
than an employee or professional advisor of the Company), or use any confidential material (as hereinafter defined). You agree that all confidential material is the exclusive property of the Company, and you agree to return such material to the
Company promptly upon the termination of the your service as an employee of the Company. For purposes hereof, the term “confidential material” shall mean all information in any way concerning the products, projects, activities, business or
affairs of the Company acquired by you in the course of providing services to the Company; provided, however, that the term “confidential material” shall not include information which (i) becomes generally available to the public other
than as a result of an unauthorized disclosure by you, (ii) was available to you on a non-confidential basis prior to your service with the Company or (iii) becomes available to you on a non-confidential basis from a source other than the Company,
provided that such source is not bound by a confidentiality agreement with the Company, or (iv) is required to be disclosed by judicial process. 
  
 7. You agree that you will not, during the period of your actual employment with the Company, (a) engage, directly or indirectly, whether as principal,
agent, distributor, representative, consultant, employee, partner, stockholder, limited partner or other investor (other than an investment of not more than (i) five percent (5%) of the stock or equity of any corporation the capital stock of which
is publicly traded or (ii) five percent (5%) of the ownership interest of any limited partnership or other entity) or otherwise, in any business in competition with the business conducted by Analytica during the period of your employment, or (b)
solicit or entice or endeavor to solicit or entice away from the Company any person who was an employee of the Company, either for your own account or for any individual, firm or corporation, or employ, directly or indirectly, any person who was
during the four year period ending on the date of termination of your employment an employee of the Company, or (c) solicit or entice or endeavor to solicit or entice away from the Company (i) any customer of Analytica or (ii) any corporation,
individual or firm in which Analytica is, or has been during the last two months of your employment with the Company, in active negotiations in becoming a customer, either for your own account or for any individual, firm or corporation. 

 
 8. All inventions and copyrightable or patentable material, and all trade
secrets, processes, know-how, practices, designs, technologies and methods which you may make or develop during the period of your employment with the Company will belong to and will be owned by the Company, whether you make or develop them
individually or jointly with others or on your own time or on the time of the Company. At the request of the Company and without further consideration, you agree that you will expressly assign to the Company all of your right, title and interest in
and to each such invention, material, trade secret, process, 

  

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know-how, practice, design, technology and method and will sign all papers and do all other acts reasonably necessary, at the Company’s expense, to
assist the Company to obtain patents or copyrights on or otherwise to perfect the Company’s right, title and interest in and to each such invention, material, trade secret, process, know-how, practice, design, technology and method in any and
all countries. 
  
 9. In the event of a breach or threatened
breach by you of any of the provisions of Paragraph 6, 7, or 8 of this Agreement, you hereby consent and agree that the Company shall be entitled to an injunction or similar equitable relief from any court of competent jurisdiction restraining you
from committing or continuing any such breach or threatened breach or granting specific performance of any act required to be performed by you under any of such provisions, without the necessity of showing any actual damage or that money damages
would not afford an adequate remedy and without the necessity of posting any bond or other security. Nothing herein shall be construed as prohibiting the Company from pursuing any other remedies at law or in equity which it may have with respect to
any such breach or threatened breach. 
  
 10. Should any provision
of this Agreement be held by a court of competent jurisdiction to be enforceable only if modified, such holding shall not affect the validity of the remainder of this Agreement, the balance of which shall continue to be binding upon the parties
hereto with any such modification to become a part hereof and treated as though originally set forth in this Agreement. The parties further agree that any such court is expressly authorized to modify any such unenforceable provision of this
Agreement in lieu of severing such unenforceable provision from this Agreement in its entirety, whether by rewriting the offending provision, deleting any or all of the offending provision, adding additional language to this Agreement, or by making
such other modifications as it deems warranted to carry out the intent and agreement of the parties as embodied herein to the maximum extent permitted by law. The parties expressly agree that this Agreement as so modified by the court shall be
binding upon and enforceable against each of them. In any event, should one or more of the provisions of this Agreement be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect
any other provisions hereof, and if such provision or provisions are not modified as provided above, this Agreement shall be construed as if such invalid, illegal or unenforceable provisions had never been set forth herein. 
  
 11. This Agreement contains all the understandings and representations
between you and the Company pertaining to the subject matter hereof and supersedes all undertakings and agreements, whether oral or written, if any there be, previously entered into by you and the Company with respect thereto. 
  
 12. No provision of this Agreement may be amended or modified unless such
amendment or modification is agreed to in writing and signed by you and by a duly authorized representative of the Company. 
  
 13. Any notice to be given hereunder shall be in writing and delivered personally or sent by certified mail, return receipt requested, or by overnight
courier, addressed to the party concerned at the address indicated above or at such other address as such party may subsequently designate by like notice. 
  

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 14. Anything to the contrary notwithstanding, all payments required to be made by the Company hereunder
to you shall be subject to withholding of such amounts relating to taxes as the Company may reasonably determine it should withhold pursuant to any applicable law or regulation. 
  
 15. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State
of New York applicable in the case of agreements made and entirely performed in such State. 
  
 16. In the event of litigation, the prevailing party shall recover reasonable attorneys’ fees and expenses of said action. 
  

17. During the term of this Agreement and thereafter, the Company shall indemnify, defend and hold you harmless with respect to claims made against you
arising out of your service as an officer, director or employee of the Company and Analytica after the date hereof. The indemnification obligations of the Company as set forth herein shall be in addition to your rights to indemnification as provided
in Section 5.13 of the Amended and Restated Agreement and Plan of Merger dated as of April 3, 2002. Furthermore, the Company represents that it has in full force and effect, and shall keep in full force and effect during the term of this Agreement,
and thereafter until all claims would be barred under applicable statutes of limitations, Directors and Officers insurance coverage covering you in the amount of $5,000,000. A copy of the Declaration Page of the current policy is annexed hereto as
Exhibit A. 
  
 18. The Company will pay the amount of legal
expenses incurred by you in connection with the negotiation and execution of this Agreement promptly following submission for such expenses. 
  
 *    *    * 
  

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 If the foregoing accurately sets forth our agreement, please indicate your acceptance hereof on the
enclosed counterpart of this Agreement and return such counterpart to the Company. 
  

			
	 Very truly yours,

	 Accentia Biopharmaceuticals, Inc.
 formerly,
Accentia, Inc.

		
	 By
	 	 /s/ Francis E O’Donnell

	 	 	 Francis E O’Donnell, MD
 Chairman and CEO

  

	
	 Agreed and Accepted:

	
	 /s/ Steven R. Arikian

	 Steven R. Arikian

  

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 Accentia Biopharmaceuticals, Inc. 
 5310 Cypress Center Drive 
 Suite 101 
 Tampa, Florida 33609 
  
 February 10, 2005 
  
 Steven Arikian, MD 
 151 Beach 147th Street 
 Neponsit, New York 11694 
  
 Dear Steve,

  
 This will serve as an amendment to the Employment Agreement dated October 19,
2004 between you and Accentia Biopharmaceuticals, Inc. (the “Company”), a copy of which is attached (your “Employment Agreement”). The Employment Agreement as amended hereby is your entire employment agreement with the Company
and all of its subsidiaries. 
  
 Paragraph 1 of your Employment Agreement is
amended by adding the following subparagraphs at the end of Paragraph 1: 
  
 “Your new title with Accentia will be President and Chief Operating Officer, Biopharmaceutical Products and Services, and you will report directly to the Chairman and Chief Executive Officer of Accentia.

  
 The title of President and Chief Operating Officer,
Biopharmaceutical Products and Services, and President and Chief Operating Officer, Specialty Pharmaceuticals, are the most senior operating positions within Accentia and as such, the creation of any other position senior to, or on the same par as
this position, with the exception of the President and Chief Operating Officer, Specialty Pharmaceuticals, will constitute “Good Reason” under your Employment Agreement. You will have thirty days following written notice to you of the
occurrence of such event of Good Reason to deliver written notice of Termination for Good Reason to the Chairman of Accentia. Timely Termination for Good Reason by you hereunder will trigger a severance payment equal to fifteen (15) months base
salary and benefits paid in fifteen (15) equal monthly increments. The severance in all other instances of termination without Cause or for Good Reason will remain according to the provisions in your Employment Agreement. 
  
 There is no change in your position and duties with Analytica.”

  
 Paragraph 2 and 3 of your Employment Agreement is amended to read as follows:

  
 “Effective immediately, your salary shall be at the rate
of $426,825 per year (which is equal to the sum of your annual salary heretofore in effect plus your minimum annual bonus heretofore in effect), payable in accordance with the normal payroll practices of the Company. Your salary shall be increased
as of 

 
each April 3 during the term of this Agreement as determined in the discretion of the Chairman and CEO of Accentia and the Board of Directors of Accentia,
subject to a minimum annual increase often (10%) percent of the salary then in effect. Upon increase, your salary shall not be subject to decrease. The first increase of your salary pursuant to the second sentence of this Paragraph 2 shall be made
on April 3, 2006. Your salary will never be less than that of the President and Chief Operating Officer, Specialty Pharmaceuticals, Martin Baum. The salary specified herein replaces the salary set forth in paragraph 2 heretofore in effect and the
minimum annual bonus set forth in paragraph 3 heretofore in effect and accordingly your entire entitlement to salary and minimum annual bonus from Accentia and all of its subsidiaries is reflected in your salary reflected above.” 
  
 The first sentence of Paragraph 5 of your Employment Agreement is amended to read as follows:

  
 “In the event that your employment with the Company
shall be terminated by the Company without Cause (as hereinafter defined), and not as a result of your death or Disability (as hereinafter defined), the Company shall, as a severance payment, continue to pay to you during the two year period
commencing on the date of termination (the “severance period”), in equal monthly installments, your base salary (at the rate then in effect pursuant to paragraph 2 hereof).” 
  
 The Company will pay to you all accrued guaranteed (i.e., minimum) bonus payments to date by
February 14, 2005. 
  
 The Company agrees to pay the legal expenses incurred by
you in connection with the negotiation and execution of this amendment and the negotiation and execution of documents relating to the terms of conversion of your Series B Preferred Stock to a maximum of $7,750. 
  
 All other provisions of your Employment Agreement remain in full force and effect.

  
 Very truly yours, 
  

			
	ACCENTIA BIOPHARMACEUTICALS, INC.
		
	 By:
	 	 /s/ Francis E. O’Donnell

	 	 	 Francis E. O’Donnell, MD

	 	 	 Chairman and CEO

	
	 Agreed and Accepted by Steve Arikian:

	
	 /s/ Steve Arikian

  

 2Baum Employment Agreement

  
 Exhibit 10.26

  
 FIRST AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT

  
 THIS FIRST AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT
(the “Agreement”), is made and entered into as of February 20, 2003, by and between TEAMM Pharmaceuticals, Inc., a Florida corporation (the “Company”), and Martin G. Baum, an individual resident of Wake County,
North Carolina (the “Employee”). 
  
 RECITALS

  
 A. The Company is engaged in the marketing and sale of
proprietary pharmaceutical products (the “Business”). 
  
 B. The Company is the successor by merger to TEAMM Pharmaceuticals, Inc., a Delaware corporation (“TEAMM”). 
  
 C. The Employee is currently employed by TEAMM under an Executive Employment Agreement, dated as of August 1, 2001 (the “Prior Employment
Agreement”). 
  
 D. The Company is a wholly-owned
subsidiary of Accentia, Inc., a Florida corporation (“Accentia”). 
  
 E. In connection with the merger of TEAMM with and into the Company, and Company and Employee desire to amend and restate the terms of the Employee’s employment as provided in this Agreement. 
  
 NOW, THEREFORE, in consideration of the foregoing recitals, the mutual
covenants of the Company and the Employee hereinafter set forth and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Employee hereby agree as follows: 
  
 1. EMPLOYMENT AND DUTIES 
  
 1.1 Employment of Employee. The Company hereby employs the Employee,
and the Employee accepts such employment pursuant and subject to the terms and conditions of this Agreement. 
  
 1.2 Duties and Powers. During the Employment Period (as defined herein), the Employee shall serve as the President and Chief Executive Officer of
the Company and shall have such responsibilities, duties and authority, and shall render such services for and in connection with the Company and its subsidiaries and affiliates as are customary in such position and as the Board of Directors of the
Company (the “Board”) shall from time to time reasonably direct. During the Employment Period, the Employee shall serve as a member of the Board of Directors of Accentia. The Employee shall 

  

 
devote the Employee’s full business time and attention exclusively to the Business of the Company and shall use best efforts to faithfully carry out the
Employee’s duties and responsibilities hereunder. The Employee shall comply with all personnel policies and procedures of the Company as the same now exist or may be hereafter implemented by the Company from time to time, including those
policies contained in the Company’s employee manual or handbook which sets forth policies and procedures generally for employees of the Company (the “Handbook”) to the extent not inconsistent with this Agreement. 
  
 2. TERM OF EMPLOYMENT. Unless earlier terminated as provided herein,
the Employee’s employment under this Agreement shall be for a period of five (5) years beginning on March 7, 2003 and ending at 11:59 p.m. eastern time on March 6, 2008 (the “Initial Employment Period”). This Agreement
automatically shall renew for successive one-year periods, unless either the Company or the Employee provides written notice to the other at least ninety (90) days prior to the termination of any such period stating said party’s desire to
terminate this Agreement, which termination shall be subject to the provisions of Section 4 hereof. The Initial Employment Period and any extension or renewal thereof shall be referred to herein together as the “Employment Period.”
Notwithstanding anything to the contrary contained herein, the Employment Period is subject to termination pursuant to Section 4 hereof. 
  
 3. COMPENSATION AND BENEFITS 
  
 3.1 Compensation. The Company shall pay the Employee a base salary at a rate of Two Hundred Sixteen Thousand Dollars ($216,000) per year (the
“Base Salary”), payable in accordance with the Company’s regular payroll policy for salaried employees. The Base Salary of the Employee may be subject to increase annually by an amount of five percent (5%) each year during the
Employment Period, or such greater increase as approved by the Board of the Company; provided that, the Employee’s base salary shall not be less than the base salary of the President and Chief Executive Officer of any other subsidiary of
Accentia. If the Employment Period is terminated pursuant to Section 4 hereof, then the Base Salary for any partial year shall be prorated based on the number of days elapsed in such year during which services were actually performed by the
Employee. 
  
 3.2 Benefits. During the Employment Period,
the Employee shall be eligible to participate in and/or receive benefits under such employee and welfare benefit plans as may be established from time to time by the Company, including all profit-sharing, stock purchase, stock option, bonus,
pension, disability, group-term life insurance, health insurance and flexible benefit payroll deduction plans, subject in each instance to the Employee meeting all eligibility and qualification requirements of such plans. The Company intends to
adopt, subject to the approval of the Board of the Company, a bonus plan for the Employee that will provide that the Employee shall be eligible to receive an annual bonus in an amount equal to approximately fifty percent (50%) of the Employee’s
then current annual Base Salary. In addition, during the Employment Period, the Company shall obtain, maintain and timely pay the premiums on a life insurance policy 

  

 2 

 
on the life of the Employee with proceeds payable under such life insurance policy in the amount of at least three (3) times the Employee’s Base Salary
payable hereunder (with the amount of such life insurance to be increased with each increase in the Base Salary). 
  
 3.3 Stock Options. Accentia shall grant to the Employee options to purchase shares of the Company’s Common Stock (the “Common
Stock”) at such times, in such amounts, and at such exercise prices as determined by the Board of Accentia. Such stock options shall be granted under the terms of Accentia’s Stock Option Plan (the “Plan”) and are
subject to all of the terms and conditions of the Plan as more specifically evidenced by any such Stock Option Agreement entered into by Accentia, except that Employee’s right to exercise such options shall vest on no more than a two-year
period from the date of grant, with vesting occurring over such period in equal monthly installments. 
  
 3.4 Expenses. The Company shall reimburse the Employee, in accordance with and subject to the Employee’s compliance with the Company’s
policy, for the Employee’s necessary and reasonable out-of-pocket expenses incurred in the course of performance of the Employee’s duties hereunder. All reimbursement of expenses to the Employee hereunder shall be conditioned upon
presentation of sufficient documentation evidencing such expenses. 
  
 3.5 Vacation and Leave. The Employee shall be entitled to the number of days of paid time off (“PTO”) allotted for the other executives of the Company during each year of the Employment Period and other leave as may
be established from time to time by the Company for the benefit of employees, subject to the Employee’s compliance with the guidelines set forth in the Handbook. During the Initial Employment Period, the Employee shall be entitled to at least
twenty (20) days of PTO, with the ability to carry ten (10) days of such PTO which are unused in any year for use in the following year. 
  
 3.6 Car Allowance. The Company shall provide the Employee with a car allowance of Six Thousand Dollars ($6,000) per year, payable and adjusted
annually based upon the Company’s policy. 
  
 3.7 Working
Facilities. The Company shall furnish the Employee with such office space, equipment, technical, secretarial and clerical assistance and such other facilities, services and supplies as shall be reasonably necessary to enable the Employee to
perform the duties required of the Employee hereunder in an efficient and professional manner. 
  
 4. TERMINATION OF EMPLOYMENT 
  
 4.1 Definitions. 
  
 a.
“Change in Control” means, with respect to the Company or Accentia: (i) a change of control of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), provided that such 

  

 3 

 
a Change in Control shall be deemed to have occurred if any “person” (as such term is used in Sections 13(d) and 14(d)(2) of the Exchange Act) is
or becomes the beneficial owner, directly or indirectly, of securities of the Company or Accentia representing fifty percent (50%) or more of the combined voting power of the Company’s or Accentia’s then outstanding securities or (ii) the
sale or other disposition of all or substantially all of the assets of the Company or Accentia. 
  
 b. “Constructive Termination” means a termination of the Employee’s employment by the Company initiated by the
Employee after (i) a substantial diminution or alteration in the duties or responsibilities of the Employee; (ii) a change in the reporting structure for the Employee, including without limitation a change that results in the Employee directly or
indirectly reporting to Scott Jones; (iii) a reduction by the Company in the Employee’s base salary in effect on the date of the Change in Control; or (iv) the relocation of the Employee’s primary work location to a location that is more
than fifty (50) miles from the Employee’s primary work location. Constructive Termination specifically does not include termination of Employee by reason of death, Disability (as defined herein), or retirement at or after age sixty-five (65).
The Employee shall give the Company written notice of a Constructive Termination, which notice shall provide a brief description of the circumstances which the Employee asserts gives rise to a right of Constructive Termination, and the Company shall
have ten (10) days from receipt of said notice within which to remedy said circumstances. 
  
 c. “Disability” means the inability of the Employee to perform the Employee’s assigned duties for the Company for a
period of three (3) months due to the Employee’s physical or mental illness as determined by a reputable medical doctor. 
  
 d. “Cause” means a determination by the Board of the Company, acting in good faith but made in the sole discretion of the
Board of the Company, that the Employee: (i) has failed to substantially perform the Employee’s duties under or otherwise breached any of the terms of this Agreement; (ii) has demonstrated gross negligence or willful misconduct in the execution
of the Employee’s duties; or (iii) has been convicted of a felony. 
  
 4.2 Basis for Termination. Notwithstanding any other provision in this Agreement to the contrary, the Employment Period and the Employee’s employment hereunder shall terminate effective on the date indicated: 
  
 a. Upon the death of the Employee, effective immediately on
the date of death without any notice; 
  
 b. Upon
the Disability of the Employee, effective upon written notice by the Company to the Employee of the determination of the Disability of the Employee; 
  
 c. For Cause, effective upon written notice by the Company to the Employee of the determination of Cause; or 
  

 4 

 d. The Constructive Termination by the Employee that is not remedied by the Company
within ten (10) days from the receipt of notice by the Employee to the Company of Constructive Termination. 
  
 4.3 Severance Upon Termination Without Cause. If the Company terminates the Employee’s employment for reason other than for Cause, the
Employee shall be entitled to the following compensation and benefits: 
  
 a. The Company shall pay the Employee a lump sum equal to Employee’s W-2 compensation that would be payable hereunder but for such termination for the twenty-four (24) month period on the first day of the month
of the Employee’s termination, said sum to be paid within thirty (30) days after the Employee’s termination of employment. 
  
 b. The Company shall pay the Employee all bonus or deferred compensation (whether in the form of cash, stock or otherwise) accrued but
unpaid as of the Employee’s termination, said sum to be paid within thirty (30) days after the Employee’s termination of employment. 
  
 c. For a period of twenty-four (24) months after the Employee’s termination of employment with the Company, the Company shall
continue to pay for and provide existing employee welfare benefits which the Employee is receiving as of the date of termination of employment, including life insurance, health, medical, dental, vision and wellness, accidental death and
dismemberment and disability benefits; provided, however, that the Company’s obligations under this subsection shall terminate from the date that the Employee first becomes eligible after termination of employment with the Company for similar
coverage under another employer’s plan. 
  
 d. Notwithstanding anything to the contrary in any Stock Option Agreement: (i) all unvested shares underlying stock options shall become fully vested as of the date of the Employee’s termination and (ii) the Employee shall continue to
be treated under each Stock Option Agreement as if the Employee was an employee of the Company until the first to occur of (x) the twenty-four (24) month anniversary of the Employee’s termination of employment or (y) the expiration of the
exercise period provided for therein; provided, however, in the event of the Employee’s death or Disability after the date of the Employee’s termination of employment hereunder, the time for exercise after death or Disability prescribed in
the Stock Option Agreement shall apply. The provisions of this subsection shall also apply to all substitute stock options granted to Employee in exchange for the Employee’s Company stock options to which this subsection applies. 
  

 5 

 4.4 Severance Upon Constructive Termination or Change of Control. Upon Constructive Termination or
a Change of Control, the Employee shall be entitled to the following compensation and benefits: 
  
 a. The Company shall pay the Employee a lump sum equal to Employee’s W-2 compensation that would be payable hereunder but for such
termination for the greater of: (i) the remainder of the Initial Employment Period or (ii) twenty-four (24) month period beginning on the first day of the month of the Employee’s termination (such period is hereinafter referred to as the
“Payment Period”); said sum to be paid within thirty (30) days after the Employee’s termination of employment. 
  
 b. The Company shall pay the Employee all bonus or deferred compensation (whether in the form of cash, stock or otherwise) accrued but
unpaid as of the Employee’s termination, said sum to be paid within thirty (30) days after the Employee’s termination of employment. 
  
 c. For the Payment Period after the Employee’s termination of employment with the Company, the Company shall continue to pay for and
provide existing employee welfare benefits which the Employee is receiving as of the date of termination of employment, including life insurance, health, medical, dental, vision and wellness, accidental death and dismemberment and disability
benefits; provided, however, that the Company’s obligations under this subsection shall terminate from the date that the Employee first becomes eligible after termination of employment with the Company for similar coverage under another
employer’s plan. 
  
 d. Notwithstanding
anything to the contrary in any Stock Option Agreement: (i) all unvested shares underlying stock options shall become fully vested as of the date of the Employee’s termination and (ii) the Employee shall continue to be treated under each Stock
Option Agreement as if the Employee was an employee of the Company until the first to occur of (x) the twenty-four (24) month anniversary of the Employee’s termination of employment or (y) the expiration of the exercise period provided for
therein; provided, however, in the event of the Employee’s death or Disability after the date of the Employee’s termination of employment hereunder, the time for exercise after death or Disability prescribed in the Stock Option Agreement
shall apply. The provisions of this subsection shall also apply to all substitute stock options granted to Employee in exchange for the Employee’s Company stock options to which this subsection applies. 
  
 4.5 Severance Upon Death or Disability. Upon the death or Disability
of the Employee, the Employee shall be entitled to the following compensation and benefits: 
  
 a. The Company shall pay the Employee a lump sum equal to Employee’s W-2 compensation that would be payable for the remainder of the
Initial Employment Period but for such death or Disability (and assuming no termination would occur), said sum to be paid within thirty (30) days after the Employee’s death or the date upon which a Disability is determined to have occurred by a
reputable medical doctor (the “Determination Date”). 
  
 b. The Company shall pay the Employee all bonus or deferred compensation (whether in the form of cash, stock or otherwise) accrued but unpaid as of 

  

 6 

 
the Employee’s termination, said sum to be paid within thirty (30) days after the Determination Date. 
  
 c. For the remainder of the Initial Employment Period, and
to the extent possible, the Company shall continue to pay for and provide existing employee welfare benefits which the Employee (or dependents or family members of the Employee) is receiving as of the Determination Date, including life insurance,
health, medical, dental, vision and wellness, accidental death and dismemberment and disability benefits; provided, however, that the Company’s obligations under this subsection shall terminate from the date that the Employee first becomes
eligible after termination of employment with the Company for similar coverage under another employer’s plan. 
  
 d. In the event of the Employee’s death, all rights and benefits granted hereunder shall transfer to and be exercised or enforced, as
the case may be, by the estate or personal representative of the Employee. 
  
 5. NON-INTERFERENCE; NONCOMPETITION. For purposes of this Section 5 and Section 6, the term “Full Employment Period” shall include the Employment Period and the period during which the Employee
was employed by TEAMM, and the term “Company” shall specifically include the Company and TEAMM, to whom the Company is a successor by merger. During the Employment Period and for a period of twenty-four (24) months thereafter, the
Employee shall not: 
  
 a. interfere with any of
the Company’s relationships with, or endeavor to employ or entice away from the Company, any person who at any time on or after the date hereof, is or becomes an employee of the Company or interfere with or seek to alter the Company’s
relationship with, or divert any customer, supplier, licensor, or distributor of the Company; 
  
 b. directly or indirectly, engage in or facilitate or support others to engage in the Business of the Company or any other business in
which the Company or any successor thereof (only to the extent of the products and services of the Company immediately prior to the successor succeeding to the Company’s Business) is then actively engaged or any successor thereof anywhere in
the United States or, directly or indirectly, solicit or attempt to solicit for business in a manner which could reasonably be expected to result in a detriment to the Company, in competition with the Company or any successor thereof, any customer,
supplier, licensor, or distributor with whom the Company or any successor thereof shall have done business; or 
  
 c. seek or obtain employment with or provide services to any customer, supplier, licensor, or distributor of the Company with whom the
Employee interacted during the Full Employment Period which employment or services could reasonably be expected to result in a detriment to the Company. 
  
 6. PROPERTY RIGHTS. With respect to information, inventions, and discoveries developed, made or conceived of by the Employee, either alone or with
others, at any time during the Full Employment Period and whether or not within working hours, 

  

 7 

 
arising out of such employment or pertinent to any business in which, during the Full Employment Period, the Company is engaged or (if such is known to or
ascertainable by the Employee) is considering engaging, the Employee agrees: 
  
 a. that all such information, inventions, and discoveries, whether or not patented or patentable, shall be and remain the exclusive property of the Company; 
  
 b. to disclose promptly to an authorized representative of
the Company all such information, inventions, and discoveries and all information in the Employee’ s possession as to possible applications and uses thereof; 
  
 c. not to file any patent application relating to any such invention or discovery except with the prior
written consent of an authorized officer of the Company; 
  
 d. that the Employee hereby waives and releases all rights the Employee may have in and to such information, inventions, and discoveries, and hereby assigns to the Company and/or its nominees all of the
Employee’s right, title and interest in them, and all the Employee’s right, title and interest in any patent, patent application, copyright or other property right based thereon. The Employee hereby irrevocably designates and appoints the
Company and each of its duly authorized officers and agents as the Employee’s agent and attomey-in-fact to act for the Employee and on the Employee’s behalf and stead to execute and file any document and to do all other lawfully permitted
acts to further the prosecution, issuance and enforcement of any such patent, patent application, copyright or other property right with the same force and effect as if executed and delivered by the Employee; and 
  
 e. at the request of the Company, and without expense to the
Employee, to execute such documents and perform such other acts as the Company deems necessary or appropriate, for the Company to obtain patents on such inventions in a jurisdiction or jurisdictions designated by the Company, and to assign to the
Company or its designee such inventions and any and all patent applications and patents relating thereto. 
  
 7. CONFIDENTIALITY. With respect to the information, inventions, and discoveries referred to in Section 6 hereof, and also with respect to all
other information, whatever its nature and form and whether obtained orally, by observation, from graphic materials, or otherwise (except such as is generally available through publication), obtained by the Employee during or as a result of the
Employee’s employment by the Company and relating to any invention, improvement, enhancement, product, know-how, formula, software, process, apparatus, design, concept, or other creation, or to any use of any of them, or to any plans of the
Company, or to any other trade secret or proprietary information of the Company, the Employee agrees: 
  
 a. to hold all such information, inventions, and discoveries which have not otherwise become public knowledge in strict confidence and not
to publish or otherwise disclose any thereof to any person or entity other than the Company except with 

  

 8 

 
the prior written consent of an authorized officer of the Company or as may be required by law; 
  
 b. to take all reasonable precautions to assure that all
such information, inventions, and discoveries are properly protected from access by unauthorized persons; 
  
 c. to make no use of nor exploit in any way any such information, invention, or discovery except as required in the performance of the
Employee’s employment duties for the Company; and 
  
 d. upon termination of the Employee’s employment by the Company, or at any time upon request of the Company, to deliver to it all graphic materials and all substances, models, software, prototypes and the like containing or relating to
any such information, invention or discovery, all of which graphic materials and other things shall be and remain the exclusive property of the Company. 
  
 For purposes of this Agreement, the term “graphic materials” includes, without limitation, letters, memoranda, reports, notes, notebooks, books of
account, drawings, prints, specifications, formulae, software, data print-outs, microfilms, magnetic tapes and disks and other documents and recordings, together with all copies, excerpts and summaries thereof. 
  
 8. NO CONFLICTS. The Employee hereby acknowledges and agrees that the
Employee’s employment by the Company and compliance with this Agreement do not and will not breach any agreement made by the Employee to keep in confidence information acquired by the Employee prior to or outside of the Employee’s
employment with the Company. The Employee shall comply with any and all valid obligations which the Employee may now have to prior employers or to others relating to confidential information, inventions, or discoveries which are the property of
those prior employers or others, as the case may be. The Employee has supplied or shall promptly supply to the Company upon its request a copy of each written agreement setting forth any such obligation. The Employee hereby acknowledges and agrees
that the Employee has not brought and shall not bring with the Employee for use in the performance of the Employee’s duties at the Company any materials, documents, or information of a former employer or any third party that are not generally
available to the public, unless the Employee has express written authorization from the owner thereof for possession and use or the Employee otherwise has undisputed proprietary rights to such material, documents, or information. 
  
 9. SPECIFIC PERFORMANCE. Without intending to limit the remedies
available to the Company, the Employee hereby acknowledges and agrees that damages at law would be an inadequate remedy to the Company if the Employee breaches or attempts to breach any of the provisions of Sections 5, 6, or 7 hereof and that the
Company may apply for and, without the posting of any bond or other security, have injunctive relief in any court of competent jurisdiction to restrain the breach or threatened breach of, or otherwise to enforce specifically, any of the covenants
contained in such Sections. Such injunctive relief 

  

 9 

 
in such court shall be available to the Company in lieu of any arbitration proceeding pursuant to Section 10.8 hereof. 
  
 10. MISCELLANEOUS 
  
 10.1 Withholding Taxes. All amounts payable to the Employee under this
Agreement, whether such payment is to be made in cash or other property, shall be subject to withholding for Federal, state and local income taxes, employment and payroll taxes, and other legally required withholding taxes and contributions to the
extent appropriate in the determination of the Company, and the Employee shall report all such amounts as ordinary income on the Employee’s personal income returns and for all other purposes. 
  
 10.2 Assignment. Neither party hereto may assign or delegate any of
its rights or obligations hereunder without the prior written consent of the other party hereto; provided, however, that the Company shall have the right to assign all or any part of its rights and obligations under this Agreement to (i) any
subsidiary or affiliate of the Company or any (ii) to surviving entity following a Change in Control. 
  
 10.3 Binding Effect. Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or on behalf of any
of the parties hereto shall be binding upon and inure to the benefit of the respective legal representatives, heirs, successors and permitted assigns of the parties hereto. 
  
 10.4 Entire Agreement; Amendment and Restatement. Except as otherwise expressly set forth herein, this Agreement and
all other agreements entered into by the parties hereto on the date hereof, including any Stock Option Agreement (as any Stock Option Agreement and the Stock Restriction Agreement are amended and modified by the provisions of this Agreement), set
forth the entire understanding of the parties and supersede and preempt all prior oral or written understandings and agreements with respect to the subject matter hereof. This Agreement specifically amends and restates the Prior Employment Agreement
and the terms and provisions of such Prior Employment Agreement, except as amended and restated herein, shall be terminated, void and of no further force or effect. 
  
 10.5 Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without
invalidating the remainder of this Agreement. 
  
 10.6
Amendment; Modification. No amendment or modification of this Agreement and no waiver by either party of the breach of any covenant contained herein shall be binding unless executed in writing by the party against whom enforcement of such
amendment, modification or waiver is sought. No waiver shall be deemed a continuing waiver or a waiver in respect of any subsequent breach or default, either of a similar or different nature, unless expressly so stated in writing. 
  

 10 

 10.7 Governing Law. This Agreement shall be governed by and construed and enforced in accordance
with the laws of the State of North Carolina that are applicable to agreements that are executed and performed entirely within the State of North Carolina, without giving effect to provisions thereof regarding conflict of laws. 
  
 10.8 Arbitration. Any dispute, controversy or claim arising out of or
relating to this Agreement, any Stock Option Agreement, and the Stock Restriction Agreement, including but not limited to their existence, validity, interpretation, performance or non- performance or breach, shall be decided by a single neutral
arbitrator agreed upon by the parties hereto in Raleigh, North Carolina in binding arbitration pursuant to the commercial arbitration rules of the American Arbitration Association then in effect. The parties to any such arbitration shall be limited
to the parties to this Agreement or any successor thereof. The arbitration shall be conducted in accordance with the procedural laws of the American Arbitration Association then in effect or, if none, in accordance with the procedural laws of the
United States Federal Arbitration Act, as amended. The written decision of the arbitrator shall be final and binding and may be entered and enforced in any court of competent jurisdiction. Each party waives any right to a jury trial in any such
forum. Each party to the arbitration shall pay its fees and expenses, unless otherwise determined by the arbitrator. 
  
 10.9 Notices. All notices, demands or other communications to be given or delivered hereunder or by reason of the provisions of this Agreement
shall be in writing and shall be deemed to have been properly served if: (i) delivered personally; (ii) delivered by a recognized overnight courier service; (iii) sent by certified mail, return receipt requested and first class postage prepaid; or
(iv) sent by facsimile transmission followed by a confirmation copy delivered by a recognized overnight courier service the next day. Such notices, demands and other communications shall be sent, if to the Company to: 3000 Aerial Center Parkway,
Suite 310, Morrisville, North Carolina 27560, Attention: Chief Financial Officer, and, if to the Employee to: 106 Flying Leaf Court, Cary, North Carolina 27513, or to such other address or to the attention of such other person as the recipient party
has specified by prior written notice to the sending party. Date of service of such notice shall be: (i) the date such notice is personally delivered or sent by facsimile transmission (with issuance by the transmitting machine of a confirmation of
successful transmission); (ii) the date of receipt if sent by certified mail; or (iii) the date of receipt if sent by overnight courier. 
  
 10.10 Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which taken
together shall constitute one and the same Agreement. 
  
 10.11
Descriptive Heading; Interpretation. The descriptive headings in this Agreement are inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of this Agreement. 
  
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 11 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above
written. 
  

			
	 Company:

	
	 TEAMM PHARMACEUTICALS, INC.

		
	 By:
	 	 /s/ Frank E. O’Donnell, Jr.

	 	 	 Frank E. O’Donnell, Jr., M.D.

	 	 	 Chairman

	
	 Employee:

	
	 /s/ Martin G. Baum

	 Martin G. Baum

  

 12 

 SECOND AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT 
  
 THIS SECOND AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT (the
“Agreement”), is made and entered into as of December 31, 2004, by and between TEAMM Pharmaceuticals, Inc., a wholly owned subsidiary of Accentia, Inc., a Florida corporation (the “Company”), and Martin G. Baum, an
individual resident of Wake County, North Carolina (the “Employee”). 
  
 RECITALS 
  
 A. The Company
is engaged in the marketing and sale of proprietary pharmaceutical products (the “Business”). 
  
 B. The Company is the successor by merger to TEAMM Pharmaceuticals, Inc., a Delaware corporation (“TEAMM”). 
  
 C. The Employee is currently employed by TEAMM under an Executive Employment
Agreement, dated as of August 6, 2002 (the “Prior Employment Agreement”) and first amended on February 20, 2003. 
  
 D. The Company is a wholly-owned subsidiary of Accentia, Inc., a Florida corporation (“Accentia”). 
  
 E. In connection with the merger of TEAMM with and into the Company, and
Company and Employee desire to amend and restate the terms of the Employee’s employment as provided in this Agreement. 
  
 NOW, THEREFORE, in consideration of the foregoing recitals, the mutual covenants of the Company and the Employee hereinafter set forth and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Employee hereby agree as follows: 
  
 1. EMPLOYMENT AND DUTIES 
  
 1.1. Employment of Employee. The Company hereby employs the Employee, and the Employee accepts such employment pursuant and subject to the terms
and conditions of the Agreement. 
  
 1.2. Duties and
Powers. During the Employment Period (as defined herein), the Employee shall serve as the President and Chief Executive Officer of TEAMM and President, Chief Operating Officer of Accentia’s Commercial Operations and Business Development of
the Company and shall have such responsibilities, duties and authority, and shall render such services for and in connection with the Company and its subsidiaries and affiliates as are customary in such position and as the Board of Directors of the
Company (the “Board”) shall from time to time reasonably direct. The Employee shall devote the Employee’s full business time and attention exclusively to the Business of the Company and shall use best efforts to faithfully
carry out the Employee’s duties and responsibilities hereunder. The Employee shall 

 
comply with all personnel policies and procedures of the Company as the same now exist or may be hereafter implemented by the Company from time to time,
including those policies contained in the Company’s employee manual or handbook which sets forth policies and procedures generally for employees of the Company (the “Handbook”) to the extent not inconsistent with this
Agreement. 
  
 2. TERM OF EMPLOYMENT. Unless earlier
terminated as provided herein, the Employee’s employment under the Agreement shall be for a period of three (4) years beginning December 31, 2004 and ending at 11:59 p.m. eastern time on December 30, 2008 (the “Employment
Period”). This Agreement automatically shall renew for successive one-year periods, unless either the Company or the Employee provides written notice to the other at least Thirty (30) days prior to the termination of any such period stating
said party’s desire to terminate this Agreement, which termination shall be subject to the provisions of Section 4 hereof. The Initial Employment Period and any extension or renewal thereof shall be referred to herein together as the
“Employment Period.” Notwithstanding anything to the contrary contained herein, the Employment Period is subject to termination pursuant to Section 4.2 hereof. 
  
 3. COMPENSATION AND BENEFITS 
  

3.1. Compensation. The Company shall pay the Employee a base salary at a rate of Four Hundred Twenty-Six Thousand Eight Hundred Twenty-five
Dollars ($426,825) per annum (the “Base Salary”), payable in accordance with the Company’s regular payroll policy for salaried employees. The Base Salary of the Employee may be subject to increase annually by an amount of five
percent (5%) each year during the Employment Period, or such greater increase as approved by the President of the Company; provided that, the Employee’s Base Salary shall not be less than the base salary of the President and Chief Executive
Officer (or comparable position) of any other subsidiary of Accentia. If the Employment Period is terminated pursuant to Section 4 hereof, then the Base Salary for any partial year shall be prorated based on the number of days elapsed in such year
during which services were actually performed by the Employee. 
  
 3.2. Benefits. During the Employment Period, the Employee shall be eligible to participate in and/or receive benefits under such employee and welfare benefit plans as may be established from time to time by the Company, including all
profit-sharing, stock purchase, stock option, bonus, pension, disability, group-term life insurance, health insurance and flexible benefit payroll deduction plans, subject in each instance to the Employee meeting all eligibility and qualification
requirements of such plans. The Company intends to adopt, subject to the approval of the Board of the Company, a bonus plan for the Employee that will provide that the Employee shall be eligible to receive an annual bonus in an amount equal to
approximately fifty percent (50%) of the Employee’s then current annual Base Salary. 
  
 3.3. Stock Options. Accentia shall grant to the Employee options to purchase shares of Accentia’s Common Stock (the “Common Stock”) at such times, in such amounts, and at such exercise
prices as determined by the Board of Accentia. Such stock options shall be granted under the terms of Accentia’s Stock Option Plan (the “Plan”) and are subject to all of the terms and conditions of the Plan as more specifically
evidenced by any such Stock Option 

  

 2 

 
Agreement entered into by Accentia, except that Employee’s right to exercise such options shall vest on no more than a two-year period from the date of
grant, with vesting occurring over such period in equal monthly installments. 
  
 3.4. Expenses. The Company shall reimburse the Employee, in accordance with and subject to the Employee’s compliance with the Company’s policy, for the Employee’s necessary and reasonable
out-of-pocket expenses incurred in the course of performance of the Employee’s duties hereunder. All reimbursement of expenses to the Employee hereunder shall be conditioned upon presentation of sufficient documentation evidencing such
expenses. 
  
 3.5. Vacation and Leave. The Employee shall
be entitled to the number of days of paid time off (“PTO”) allotted for the other executives of the Company during each year of the Employment Period and other leave as may be established form time to time by the Company for the
benefit of employees, subject to the Employee’s compliance with the guidelines set forth in the Handbook. During the Initial Employment Period, the Employee shall be entitled to twenty (20) days of PTO with the ability to carry five (5) days of
such PTO which are unused in any year for use in the following year. 
  
 3.6. Car Allowance. The Company shall provide the Employee with a car allowance of Six Thousand Dollars ($6,000) per year, payable and adjusted annually based upon the Company’s policy. 
  
 3.7. Working Facilities. The Company shall furnish the Employee with
such office space, equipment, technical, secretarial and clerical assistance and such other facilities, services and supplies as shall be reasonably necessary to enable the Employee to perform the duties required of the Employee hereunder in an
efficient and professional manner. 
  
 4. TERMINATION OF
EMPLOYMENT 
  
 4.1. Definitions. 
  
 a. “Change in Control” means, with respect to the Company
or Accentia: (i)a change of control of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
provided that such a Change in Control shall be deemed to have occurred if any “person” (as such term is used in Sections 13(d) and 14(d)(2) of the Exchange Act) is or becomes the beneficial owner, directly or indirectly, of securities of
the Company or Accentia representing fifty percent (5 0%) or more of the combined voting power of the Company’s or Accentia’s then outstanding securities or (ii) the sale or other disposition of all or substantially all of the assets of
the Company or Accentia. 
  
 b. “Constructive
Termination” means a termination of the Employee’s employment by the Company initiated by the Employee after (i) a substantial diminution or alteration in the duties or responsibilities of the Employee; (ii) a change in the reporting
structure for the Employee, including without limitation a change that results in the Employee directly or indirectly reporting to Scott Jones or Alan Pearce; (iii) a reduction by the Company in the Employee’s base salary in effect on the date
of the Change in Control; or (iv) the relocation of the Employee’s primary work location to a location that is more than fifty (50) miles form the 

  

 3 

 
Employee’s primary work location. Constructive Termination specifically does not include termination of Employee by reason of death, Disability (as
defined herein), or retirement at or after age sixty-five (65). The Employee shall give the Company written notice of a Constructive Termination, which notice shall provide a brief description of the circumstances which the Employee asserts gives
rise to a right of Constructive Termination, and the Company shall have ten (10) days from receipt of said notice within which to remedy said circumstances. 
  
 c. “Disability” means the inability of the Employee to perform the Employee’s assigned duties for the Company for a period of three
(3) months due to the Employee’s physical or mental illness s determined by a reputable medical doctor. 
  
 d. “Cause” means a determination by the Board of the Company, acting in good faith but made in the sole discretion of the Board of the
Company, that the Employee: (i) has failed to substantially perform the Employee’s duties under or otherwise breached any of the terms of this Agreement; (ii) has demonstrated gross negligence or willful misconduct in the execution of the
Employee’s duties; or (iii) has been convicted of a felony. 
  
 4.2. Basis for Termination. Notwithstanding any other provision in this Agreement to the contrary, the Employment Period and the Employee’s employment hereunder shall terminate effective on the date indicated: 
  
 a. Upon the death of the Employee, effective immediately on the date of
death without any notice; 
  
 b. Upon the Disability of the
Employee, effective upon written notice by the Company to the Employee of the determination of the Disability of the Employee; 
  
 c. For Cause, effective upon written notice by the Company to the Employee of the determination of Cause; or 
  
 d. The Constructive Termination by the Employee that is not remedied by the
Company within ten (10) days from the receipt of notice by the Employee to the Company of Constructive Termination. 
  
 4.3. Severance. If the Company terminates the Employee’s employment for reason other than for Cause, the Employee shall be entitled to the
following compensation and benefits: 
  
 a. The Company shall pay
the Employee a lump sum equal to Employee’s W-2 compensation that would be payable hereunder but for such termination for the Thirty-six (36) month period on the first day of the month of the Employee’s termination, said sum to be paid
within Thirty (30) days after the Employee’s termination of employment. 
  
 b. The Company shall pay the Employee all bonus of deferred compensation (whether in the form of cash, stock or otherwise) accrued but unpaid as of the Employee’s termination, said sum to be paid within Thirty
(30) days after the Employee’s termination or employment. 
  

 4 

 c. For a period of Twenty-four (24) months after the Employee’s termination of employment with the
Company, the Company shall continue to pay for and provide existing employee welfare benefits which the Employee is receiving as of the date of termination of employment, including life insurance, health, medical, dental, vision and wellness,
accidental death and dismemberment and disability benefits; provided, however that the Company’s obligations under this subsection shall terminate from the date that the Employee first becomes eligible after termination of employment with the
Company for similar coverage under another employer’s plan. 
  
 d. Notwithstanding anything to the contrary in any Stock Option Agreement: (i) all unvested shares underlying stock options shall become fully vested as of the date of the Employee’s termination and (ii) the Employee shall continue to
be treated under each Stock Option Agreement as if the Employee was an employee of the Company until the first to occur of (x) the Twenty-Four (24) month anniversary of the Employee’s termination of employment or (y) the expiration of the
exercise period provided for therein; provided, however, in the event of the Employee’s death or Disability after the date of the Employee’s termination of employment hereunder, the time for exercise after death or Disability prescribed in
the Stock Option Agreement shall apply. The provisions of this subsection shall also apply to all substitute stock options granted to Employee in exchange for the Employee’s Company stock options to which this subsection applies. 
  
 4.4. Severance Upon Constructive Termination or Chance of Control.
Upon Constructive Termination or a Change of Control, the Employee shall be entitled to the following compensation and benefits: 
  
 a. The Company shall pay the Employee a lump sum equal to Employee’s W-2 compensation that would be payable hereunder but for such termination for
the greater of: (I) the remainder of the Initial Employment Period or (ii) Thirty-Six (36) month period beginning on the first day of the month of the Employee’s termination (such period is hereinafter referred to as the “Payment
Period”); said sum to be paid within Thirty (30) days after the Employee’s termination of employment. 
  
 b. The Company shall pay the Employee all bonus or deferred compensation (whether in the form of cash, stock or otherwise) accrued but unpaid as of the
Employee’s termination, said sum to be paid within Thirty (30) days after the Employee’s termination of employment. 
  
 c. For the Payment Period after the Employee’s termination of employment with the Company, the Company shall continue to pay for and provide existing
employee welfare benefits which the Employee is receiving as of the date of termination of employment, including life insurance, health, medical, dental, vision and wellness, accidental death and dismemberment and disability benefits; provided,
however, that the Company’s obligations under this subsection shall terminate from the date that the Employee first becomes eligible after termination of employment with the Company for similar coverage under another employer’s plan.

  

 5 

 d. Notwithstanding anything to the contrary in any Stock Option Agreement: (i) all unvested shares
underlying stock options shall become fully vested as of the date of the Employee’s termination and (ii) the Employee shall continue to be treated under each Stock Option Agreement as if the Employee was an employee of the Company until the
first to occur of (x) the twenty-four (24) month anniversary of the Employee’s termination of employment or (y) the expiration of the exercise period provided for therein; provided, however, in the event of the Employee’s death or
Disability after the date of the Employee’s termination of employment hereunder, the time for exercise after death or Disability prescribed in the Stock Option Agreement shall apply. The provisions of this subsection shall also apply to all
substitute stock options granted to Employee in exchange for the Employee’s Company stock options to which this subsection applies. 
  
 4.5. Severance Upon Death or Disability. Upon the death or Disability of the Employee, the Employee shall be entitled to the following compensation
and benefits: 
  
 a. The Company shall pay the Employee a lump
sum equal to Employee’s W-2 compensation that would be payable for the remainder of the Initial Employment Period but for such death or Disability (and assuming no termination would occur), said sum to be paid within Thirty (30) days after the
Employee’s death or the date upon which a Disability is determined to have occurred by a reputable medical doctor (the “Determination Date”). 
  
 b. The Company shall pay the Employee all bonus or deferred compensation (whether in the form of cash, stock or otherwise)
accrued but unpaid as of the Employee’s termination, said sum to be paid within ninety (30) days after the Determination Date. 
  
 c. For the remainder of the Initial Employment Period, and to the extent possible, the Company shall continue to pay for and provide existing employee
welfare benefits which the Employee (or dependents or family members of the Employee) is receiving as of the Determination Date, including life insurance, health, medical, dental, vision and wellness, accidental death and dismemberment and
disability benefits; provided, however, that the Company’s obligations under this subsection shall terminate from the date that the Employee first becomes eligible after termination of employment with the Company for similar coverage under
another employer’s plan. 
  
 d. In the event of the
Employee’s death, all rights and benefits granted hereunder shall transfer to and be exercised or enforced, as the case may be, by the estate or personal representative of the Employee. 
  
 5. NON-INTERFERENCE; NONCOMPETITION. For purposes of this Section 5
and Section 6, the term “Full Employment Period” shall include the Employment Period and the period during which the Employee was employed by TEAMM, and the term “Company” shall specifically include the Company and
TEAMM, to whom the Company is a successor by merger. During the Employment Period and for a period of Twenty-Four (24) months thereafter, the Employee shall not: 
  
 a. interfere with any of the Company’s relationships with, or endeavor to employ or entice away from the Company, any
person who at any time on or after the date 

  

 6 

 
hereof, is or becomes an employee of the Company or interfere with or seek to alter the Company’s relationship with, or divert any customer, supplier,
licensor, or distributor of the Company; 
  
 b. directly or
indirectly, engage in or facilitate or support others to engage in the Business of the Company or any other business in which the Company or any successor thereof (only to the extent of the products and services of the Company immediately prior to
the successor succeeding to the Company’s Business) is the actively engaged or any successor thereof anywhere in the United States or, directly or indirectly, solicit or attempt to solicit for business in a manner which could reasonably be
expected to result in a detriment to the Company, in competition with the Company or any successor thereof, any customer, supplier, licensor, or distributor with whom the Company or any successor thereof shall have done business; or 
  
 c. seek or obtain employment with or provide services to any customer,
supplier, licensor, or distributor of the Company with whom the Employee interacted during the Employment Period which employment or services could reasonably be expected to result in a detriment to the Company. 
  
 6. PROPERTY RIGHTS. With respect to information, inventions, and
discoveries developed, made or conceived of by the Employee, either alone or with others, at any time during the Full Employment Period and whether or not within working hours, arising out of such employment or pertinent to any business in which,
during the Full Employment Period, the Company is engaged or (if such is known to or ascertainable by the Employee) is considering engaging, the Employee agrees: 
  
 a. that all such information, inventions, and discoveries, whether or not patented or patentable, shall be and remain the
exclusive property of the Company; 
  
 b. to disclose promptly to
an authorized representative of the Company all such information, inventions, and discoveries and all information in the Employee’s possession as to possible applications arid uses thereof, 
  
 c. not to file any patent application relating to any such invention or
discovery except with the prior written consent of an authorized officer of the Company; 
  
 d. that the Employee hereby waives and releases all rights the Employee may have in and to such information, inventions, and discoveries, and hereby assigns to the Company and/or its nominees all of the
Employee’s right, title and interest in them, and all the Employee’s right, title and interest in any patent, patent application, copyright or other property right based thereon. The Employee hereby irrevocably designates and appoints the
Company and each of its duly authorized officers and agents as the Employee’s agent and attorney-in-fact to act for the Employee and on the Employee’s behalf and stead to execute and file any document and to do all other lawfully permitted
acts to further the prosecution, issuance and enforcement of any such patent, patent application, copyright or other property right with the same force and effect as if executed and delivered by the Employee; and 
  

 7 

 e. at the request of the Company, and without expense to the Employee, to execute such documents and
perform such other acts as the Company deems necessary or appropriate, for the Company to obtain patents on such inventions in a jurisdiction or jurisdictions designated by the Company, and to assign to the Company or its designee such inventions
and any and all patent applications and patents relating thereto. 
  
 7. CONFIDENTIALITY. With respect to the information, inventions, and discoveries referred to in Section 6 hereof, and also with respect to all other information, whatever its nature and form and whether obtained orally, by
observation, from graphic materials, or otherwise (except such as is generally available through publication), obtained by the Employee during or as a result of the Employee’s employment by the Company and relating to any invention,
improvement, enhancement, product, know-how, formula, software, process, apparatus, design, concept, or other creation, or to any use of any of them, or to any plans of the Company, or to any other trade secret or proprietary information of the
Company, the Employee agrees: 
  
 a. to hold all such
information, inventions, and discoveries which have not otherwise become public knowledge in strict confidence and not to publish or otherwise disclose any thereof to any person or entity other than the Company except with the prior written consent
of an authorized officer of the Company or as may be required by law; 
  
 b. to take all reasonable precautions to assure that all such information, inventions, and discoveries are properly protected from access by unauthorized persons; 
  
 c. to make no use of nor exploit in any way any such information, invention, or discovery except as required in the
performance of the Employee’s employment duties for the Company; and 
  
 d. upon termination of the Employee’s employment by the Company, or at any time upon request of the Company, to deliver to it all graphic materials and all substances, models, software, prototypes and the like
containing or relating to any such information, invention or discovery, all of which graphic materials and other things shall be and remain the exclusive property of the Company. 
  
 For purposes of this Agreement, the term “graphic materials” includes, without limitation, letters, memoranda, reports,
notes, notebooks, books of account, drawings, prints, specifications, formulae, software, data print-outs, microfilms, magnetic tapes and disks and other documents and recordings, together with all copies, excerpts and summaries thereof. 

 
 8. NO CONFLICTS. The Employee hereby acknowledges and agrees that
the Employee’s employment by the Company and compliance with this Agreement do not and will not breach any agreement made by the Employee to keep in confidence information acquired by the Employee prior to or outside of the Employee’s
employment with the Company. The Employee shall comply with any and all valid obligations which the Employee may now have to prior employers or to others relating to confidential information, inventions, or discoveries which are the property of
those prior employers or others, as the case may be. The Employee has supplied or shall promptly supply to the Company upon its request a copy of each written 

  

 8 

 
agreement setting forth any such obligation. The Employee hereby acknowledges and agrees that the Employee has not brought and shall not bring with the
Employee for use in the performance of the Employee’s duties at the Company any materials, documents, or information of a former employer or any third party that are not generally available to the public, unless the Employee has express written
authorization from the owner thereof for possession and use or the Employee otherwise has undisputed proprietary rights to such material, documents, or information. 
  
 9. SPECIFIC PERFORMANCE. Without intending to limit the remedies available to the Company, the Employee hereby
acknowledges and agrees that damages at law would be an inadequate remedy to the Company if the Employee breaches or attempts to breach any of the provisions of Sections 5, 6, or 7 hereof and that the Company may apply for and, without the posting
of any bond, or other security, have injunctive relief in any court of competent jurisdiction to restrain the breach or threatened breach of, or otherwise to enforce specifically, any of the covenants contained in such Sections. Such injunctive
relief in such court shall be available to the Company in lieu of any arbitration proceeding pursuant to Section 10.8 hereof. 
  
 10. MISCELLANEOUS 
  
 10.1. Withholding Taxes. All amounts payable to the Employee under this Agreement, whether such payment is to be made in cash or other property,
shall be subject to withholding for Federal, state and local income taxes, employment and payroll taxes, and other legally required withholding taxes and contributions to the extent appropriate in the determination of the Company, and the Employee
shall report all such amounts as ordinary income on the Employee’s personal income returns and for all other purposes. 
  
 10.2. Assignment. Neither party hereto may assign or delegate any of its rights or obligations hereunder without the prior written consent of the
other party hereto; provided, however, that the Company shall have the right to assign all or any part of its rights and obligations under this Agreement to (i) any subsidiary or affiliate of the Company or any (ii) to surviving entity following a
Change in Control. 
  
 10.3. Binding Effect. Except as
otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or on behalf of any of the parties hereto shall be binding upon and inure to the benefit of the respective legal representatives, heirs, successors and
permitted assigns of the parties hereto. 
  
 10.4. Entire
Agreement. Except as otherwise expressly set forth herein, this Agreement and any Stock Option Agreement set forth the entire understanding of the parties and supersede and preempt all prior oral or written understandings and agreements with
respect to the subject matter hereof. This Agreement specifically amends and restates the Prior Employment Agreement and the terms and provisions of such Prior Employment Agreement, except as amended and restated herein, shall be terminated, void
and of no further force or effect. 
  
 10.5. Severability.
Whenever possible, each provision of the Agreement shall be interpreted in such manner as to be effective and valid tinder applicable law, but if any provision of the Agreement is held to be prohibited by or invalid under applicable law, such
provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement. 
  

 9 

 10.6. Amendment; Modification. No amendment or modification of this Agreement and no waiver by
either party of the breach of any covenant contained herein shall be binding unless executed in writing by the party against whom enforcement of such amendment, modification or waiver is sought. No waiver shall be deemed a continuing waiver or a
waiver in respect of any subsequent breach or default, either of a similar or different nature, unless expressly so stated in writing. 
  
 10.7. Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of North Carolina that
are applicable to agreements that are executed and performed entirely within the State of North Carolina, without giving effect to provisions thereof regarding conflict of laws. 
  
 10.8. Arbitration. Any dispute, controversy or claim arising out of or relating to this Agreement and any’ Stock
Option Agreement, including but not limited to their existence, validity, interpretation, performance or non-performance or breach, shall be decided by a single neutral arbitrator agreed upon by the parties hereto in Raleigh, North Carolina in
binding arbitration pursuant to the commercial arbitration rules of the American Arbitration Association then in effect. The parties to any such arbitration shall be limited to the parties to this Agreement or any successor thereof. The arbitration
shall be conducted in accordance with the procedural laws of the American Arbitration Association then in effect or, if none, in accordance with the procedural laws of the United States Federal Arbitration Act, as amended. The written decision of
the arbitrator shall be final and binding and may be entered and enforced in any court of competent jurisdiction. Each party waives any right to a jury trial in any such forum. Each party to the arbitration shall pay its fees and expenses, unless
otherwise determined by the arbitrator. 
  
 10.9. Notices.
All notices, demands or other communications to be given or delivered hereunder or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been properly served if: (i) delivered personally; (ii) delivered by a
recognized overnight courier service; (iii) sent by certified mail, return receipt requested and first class postage prepaid; or (iv) sent by facsimile transmission followed by a confirmation copy delivered by a recognized overnight courier service
the next day. Such notices, demands and other communications shall be sent, if to the Company to: 3000 Aerial Center Parkway, Suite 110, Morrisville, North Carolina 27560, Attention: President, and, if to the Employee to: 12121 Betts Lane, Raleigh,
NC 27614, or to such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party. Date of service of such notice shall be: (i) the date such notice is personally delivered
or sent by facsimile transmission (with issuance by the transmitting machine of a confirmation of successful transmission); (ii) the date of receipt if sent by certified mail; or (iii) the date of receipt if sent by overnight courier. 
  
 10.10. Counterparts. This Agreement may be executed in multiple
counterparts, each of which shall be deemed an original and all of which taken together shall constitute on and the same Agreement. 
  

 10 

 10.11. Descriptive Heading; Interpretation. The descriptive headings in this Agreement are
inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of this Agreement. 
  
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 11 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above
written. 
  

			
	 Company:

	
	 TEAMM PHARMACEUTICALS, INC.

	 Accentia, Inc.

		
	 By:
	 	 /s/ Francis E. O’Donnell

	 	 	 Francis E. O’Donnell, MD

	 	 	 Chairman and CEO

	
	 Employee:

	
	 /s/ Martin Baum

	 Martin G. Baum

  

 12 

 Accentia Biopharmaceuticals, Inc. 
 5310 Cypress Center Drive 
 Suite 101 
 Tampa, Florida 33609 
  
 February 10, 2005 
  
 Martin Baum 
 6012 Farm Pond Road 
 Apex, North Carolina 27523 
  
 Dear Marty, 
  
 This will serve as an amendment to the Employment Agreement dated December 31, 2004 between
you and Accentia Biopharmaceuticals, Inc. (the “Company”), a copy of which is attached (your “Employment Agreement”). The Employment Agreement as amended hereby is your entire employment agreement with the Company and all of its
subsidiaries. 
  
 Your Employment Agreement is amended by adding the following
subparagraphs: 
  
 “Your new title with Accentia will be
President and Chief Operating Officer, Specialty Pharmaceuticals, and you will report directly to the Chairman and Chief Executive Officer of Accentia. 
  
 The titles of President and Chief Operating Officer, Specialty Pharmaceuticals and the President and Chief Operating Officer, Biopharmaceutical Products
and Services, are the most senior operating positions within Accentia and as such, the creation of any other position senior to, or on the same par as this position, with the exception of the President and Chief Operating Officer, Biopharmaceutical
Products and Services Segment, will constitute “Good Reason” under your Employment Agreement. You will have thirty (30) days following such event of Good Reason to deliver written notice of Termination for Good Reason to the Chairman of
Accentia. Timely Termination for Good Reason by you hereunder will trigger a severance payment equal to fifteen (15) months base salary and benefits paid in 15 equal monthly increments. The severance in all other instances of termination without
Cause or for Good Reason will remain according to the provisions in your Employment Agreement. 
  
 There is no change in your position and duties with TEAMM.” 
  

Your Employment Agreement is amended to read as follows: 
  
 “Effective immediately, your salary shall be at the rate of $426,825 per year, payable in accordance with the normal payroll practices of the
Company. Your salary shall be increased as of each April 3 during the term of this Agreement as determined in the discretion of the Chairman and CEO of Accentia and the Board of Directors, subject to a minimum annual increase often (10%) percent of
the salary then in effect. Upon increase, your salary shall not be subject to decrease. 

  

 13 

 
The first increase of your salary pursuant to the second sentence of this Paragraph 2 shall be made on April 3, 2006. Your salary will never be less than
that of the President and Chief Operating Officer, Biopharmaceutical Products and Services Segment, Steve Arikian. The salary specified herein represents your entire entitlement to salary and mandatory bonuses (if any) from Accentia and all of its
subsidiaries.” 
  
 Your Employment Agreement is amended to read as follows:

  
 “In the event that your employment with the Company
shall be terminated by the Company without Cause (as hereinafter defined), and not as a result of your death or Disability (as hereinafter defined), the Company shall, as a severance payment, continue to pay to you during the two year period
commencing on the date of termination (the “severance period”), in equal monthly installments, your base salary (at the rate then in effect pursuant to paragraph 2 hereof).” 
  
 The Company agrees to pay the legal expenses incurred by you in connection with the
negotiation and execution of this amendment and the negotiation and execution of documents relating to the terms of conversion of your Series D Preferred Stock to a maximum of $1,200. 
  
 All other provisions of your Employment Agreement remain in full force and effect. 
  
 Very truly yours, 
  

			
	ACCENTIA BIOPHARMACEUTICALS, INC.
		
	 By:
	 	 /s/ Francis E. O’Donnell

	 	 	 Francis E. O’Donnell, MD

	 	 	 Chairman and CEO

	
	 Agreed and Accepted

		
	 By:
	 	 /s/ Marty Baum

	 	 	 Marty Baum

  

 14

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00082-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00082-of-00352.parquet"}]]