Document:

Continuing Contract of Guarantee

 Exhibit 10.24 
 CONTINUING CONTRACT OF GUARANTY 
 WHEREAS, BIODELIVERY SCIENCES INTERNATIONAL, INC., a
Delaware corporation (hereinafter referred to as “Borrower”), is presently indebted or obligated to SOUTHWEST BANK OF ST. LOUIS (hereinafter referred to as “Lender”), for a certain revolving credit loan in an amount not to exceed
Three Million and No/100 Dollars ($3,000,000.00) (the “Loan”); 
 WHEREAS, the undersigned (each hereinafter referred to as
“Guarantor”), has a direct financial interest in the Borrower, and will benefit financially from the Loan; and 
 WHEREAS,
to induce Lender to extend credit to Borrower, Guarantor has agreed to guaranty the credit of Borrower pursuant to and in strict accordance with the terms and conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the sum of $1.00 paid by Lender to Guarantor and/or the extension of credit to Borrower by Lender and other
good and valuable considerations, receipt of which is hereby acknowledged, it is agreed as follows: 
 1. Guarantor does hereby for itself and
its successors and assigns, unconditionally guaranty on a continuing basis to Lender, its successors and assigns, the prompt, faithful and full payment, when due, of the Loan owing by Borrower to Lender, evidenced by one or more promissory notes,
guaranties or other instruments dated of even date herewith, together with any and all renewals, extensions and modifications thereof (hereinafter collectively referred to as “Liabilities” or, in the singular, “Liability”), which
Liabilities are secured by certain collateral, all as described in that certain Promissory Note of even date herewith between Borrower and Lender (the “Note”). 
 2. Guarantor shall, upon demand, when due or matured in accordance with the provisions of any instrument or document executed by Borrower in connection with the Liabilities, pay to Lender, its successors and assigns,
the amount of any Liability, irrespective of the validity, regularity or enforceability of any instrument or writing evidencing such Liability or of the Liability itself, said payment to be made upon the maturity of such Liability or at any earlier
time by reason of Lender’s power of acceleration and if the Liability is secured, said payment shall be made irrespective of the validity, regularity or enforceability of any instrument or writing evidencing such security or of the security
itself and it shall not be necessary for Lender to resort to such security before enforcing Guarantor’s liability hereunder. Demand may be made upon Guarantor for the enforcement of this guaranty without the necessity of action at any time by
Lender against Borrower. Any action taken by Lender against Borrower, including foreclosure of any security held by Lender, shall in no event be considered a waiver of any rights against Guarantor under this guaranty and Lender shall, at its sole
discretion, have the right at any time to discontinue any action or proceedings against Borrower and require full payment by Guarantor of the Liabilities together with attorney’s fees, cost of the proceedings and court costs. Any recovery by
Lender against Borrower, whether by settlement, execution or foreclosure of 

 
collateral, shall be credited against Guarantor’s liability hereunder, it being however agreed that a compromise and settlement of any Liability shall,
in no sense, compromise or settle Guarantor’s liability hereunder, but Guarantor shall continue to be liable for any difference between the full amount of Liabilities and the net proceeds of any amounts realized by Lender from Borrower.

 3. Guarantor does hereby waive presentment of any instrument, demand for payment, protest and notice of non-payment and Guarantor waives
all rights arising out of any statute now existing or hereafter enacted with respect to suretyship and which may otherwise require Lender at any time to take legal action against Borrower. Guarantor does hereby waive notice of the acceptance of this
guaranty and notice of any Liability contracted or incurred by Borrower. 
 4. Lender may, without notice to Guarantor, renew, extend, modify
or otherwise change the time for payment of, or otherwise change the terms (including the rate of interest) of any Loans or indebtedness of Borrower forming part of the Liabilities and may from time to time at its own discretion, without notice to
Guarantor, release, substitute, diminish or exchange any security or securities, property or chooses in action held by it as collateral in connection with any Liability without in any way affecting Guarantor’s obligation hereunder. 

5. This guaranty shall continue in full force and be binding upon Guarantor and Lender may continue to act in reliance hereon until the actual receipt
by an officer of Lender of written notice from Guarantor not to give further accommodation hereunder. However, notwithstanding receipt of such notice by Lender, this guaranty shall so continue in full force and effect with respect to any Loans or
advances Lender has committed or is otherwise obligated to make to or for the account of Borrower arising out of a commitment or obligation existing at the time of receipt of such notice of termination. Furthermore, Lender may renew, extend or
otherwise modify any Loans or indebtedness of Borrower forming part of the Liabilities after receipt of such notice of termination without affecting the obligations of Guarantor hereunder (except to the extent that the principal amount of any
indebtedness is increased, but in such an instance the obligations of Guarantor hereunder shall remain in full force and effect except for the increased amount of the Liabilities). 
 6. Guarantor does hereby give and grant unto Lender, as security for Guarantor’s liability and obligations hereunder, a security interest in, a lien
on and an express contractual right to set off against all depository account balances, cash and any other property of the Guarantor (excluding trust accounts) now or hereafter in the possession of the Lender and the right to refuse to allow
withdrawals from any non-trust account (collectively “Setoff”). The Lender may, at any time upon the occurrence of an Event of Default under the Note setoff against the Liabilities whether or not the Liabilities (including future
installments) are then due or have been accelerated, all without any advance or contemporaneous notice or demand of any kind to the Guarantor, such notice and demand being expressly waived. 
 7. The word Guarantor, as used herein, shall designate one or more Guarantors. In the event that more than one Guarantor is a party to these presents,
the liability of each Guarantor shall be joint and several, each Guarantor to be fully liable hereunder irrespective of the death, incapacity or other disqualification of the other Guarantor or Guarantors and Lender may proceed against one or less
than all of the Guarantors, such proceeding not being deemed an election, and Lender may, at any time thereafter in the event full payment has not been realized, 

  

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proceed against the other Guarantor or Guarantors. Lender may release any Guarantor hereon or any other surety of Borrower without affecting the liability
hereunder of any Guarantor not released by Lender. 
 8. Guarantor will not exercise any rights which Guarantor may acquire by way of
subrogation under this guaranty, by any payment made hereunder or otherwise, until all of the Liabilities shall have been paid in full and Lender shall be under no duty to extend credit to or for the benefit of Borrower. If any amount shall be paid
to Guarantor on account of such subrogation rights at any time when all of the Liabilities shall not have been paid in full, such amount(s) shall be held in trust for the sole benefit of Lender and shall forthwith be paid to Lender to be applied to
the Liabilities, whether matured or unmatured, in accordance with the terms of any documents, instruments or agreements given by Borrower to the Lender evidencing or relating to the Liabilities. 
 9. This guaranty shall continue to be effective or be reinstated, as the case may be, if (i) at any time any payment of any of the Liabilities is
rescinded or must otherwise be returned by the Lender upon the insolvency, bankruptcy or reorganization of the Borrower or otherwise, all as though such payment had not been made, or (ii) this guaranty is released or the liability of Guarantor
hereunder is reduced in consideration of a payment of money or transfer of property or grant of a security interest by the Guarantor or any other person or entity and such payment, transfer or grant is rescinded or must otherwise be returned by the
Lender upon the insolvency, bankruptcy or reorganization of such person or entity or otherwise, all as though such payment, transfer or grant had not been made. 
 10. If any provision of this guaranty or the application thereof in any jurisdiction and/or to any person, entity or circumstance shall be invalid or unenforceable to any extent, the remainder of this guaranty and the
application of such provisions in such jurisdiction and/or to other persons, entities or circumstances shall not be affected thereby and shall be enforced to the greatest extent permitted by law in any other jurisdiction and/or to any other persons,
entities or circumstances. This Continuing Contract of Guaranty is a Missouri contract and shall be governed by and construed according to the laws of the State of Missouri. 
 11. If Lender presently holds one or more guaranties from Guarantor or hereafter receives additional guaranties from Guarantor, the rights of Lender
under all guaranties shall be cumulative. This guaranty shall not affect or invalidate any such other guaranties. The liability of Guarantor will be the aggregate liability of Guarantor under the terms of this guaranty and any other unterminated
guaranties. 
 12. The liability of Guarantor in all cases shall extend to and shall also include all costs incurred by the Lender in
enforcing this guaranty, including reasonable attorney’s fees and court costs. 
 13. Any payment of a Liability made by Borrower or
another guarantor shall be credited against Guarantor’s liabilities hereunder, it being agreed, however, that a compromise and settlement of any Liability shall, in no sense, compromise or settle Guarantor’s liabilities hereunder, but
Guarantor shall continue to be liable for any difference between the full amount of Liabilities and the net proceeds of any amounts paid by any other party. 
  

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 IN WITNESS THEREOF, this instrument has been duly executed by the undersigned this 4th day of
September, 2007. 
  

	
	 /s/ Francis O’Donnell, Jr.

	Francis O’Donnell, Jr.
	
	 /s/ Kathleen M. O’Donnell, Trustee

	Kathleen M. O’Donnell, as trustee, and not
	Individually, of The Francis E. O’Donnell, Jr.
	Irrevocable Trust Number 1 dated May 25, 1990

  

 4Hypothecation Agreement

 Exhibit 10.25 
 HYPOTHECATION AGREEMENT 
 September 4, 2007 
  

	TO:	Southwest Bank of St. Louis (“Bank”) 

 12452
Olive Street Road 
 Creve Coeur, Missouri 63141 
 FOR VALUE RECEIVED, and in consideration of Bank extending and making available to BioDelivery Sciences International, Inc. (the “Borrower”), that certain loan as evidenced by a Promissory Note dated
September 4, 2007, in the original principal amount of Three Million and no/100 Dollars ($3,000,000.00) (the “Note”), which Note is guaranteed by that certain Continuing Contract of Guaranty, dated as of September 4, 2007, by
Francis E. O’Donnell, Jr., and The Francis E. O’Donnell, Jr. Irrevocable Trust Number 1 dated May 25, 1990 (collectively the “Guarantors”), the undersigned, Hopkins Capital Group, LLC, a Virginia limited liability company
(“Pledgor”), hereby consents and agrees to, and does hereby, assign, pledge and deliver to the Bank Two Million (2,000,000) shares of the capital stock of Accentia Pharmaceuticals, Inc. held in that certain account number 676-38344,
Smith Barney Reserved Client Financial Management Account with CitiGroup Global Mkts Inc. (the “Account”), which is subject to that certain control account agreement, a copy of which is attached hereto as Exhibit A (the “Control
Agreement”) (the “Stock”), and all dividends (except for cash dividends in respect of federal and state income taxes permitted by the Agreement with no refund to Bank by any shareholder) and other property from time to time received,
receivable, or otherwise distributed in respect of or in exchange for any or all of such Stock (collectively, the Collateral”), and that a security interest therein is hereby granted to the Bank, to secure the payment, performance and
observance of all indebtedness, obligations and liabilities of any kind of Guarantors to the Bank now existing or hereafter arising under the Guaranty, due or not, and whether liquidated or unliquidated (all of the foregoing, as from time to time
renewed, amended, modified or extended, being herein referred to as the “Obligations”). 
 The undersigned hereby requests that the
security interest in the Stock be accepted by you for the purposes above stated, subject to and upon the terms of this Hypothecation Agreement and any and all notes, pledge and security agreements, and other agreements heretofore or hereafter
executed, or delivered by the Guarantors to you in connection with the Obligations. 
 The undersigned agrees that, without notice or further
assent, before, at or after the maturity of the Obligations, expressed or declared, (1) the liability of the Guarantors upon the Obligations may, from time to time, in whole or in part, be renewed, extended, modified, compromised or released by
the Bank, as it may deem advisable, and (2) the Bank may, from time to time, in its discretion, exchange, modify, release or surrender, in whole or in part, with or to the Guarantors, or its successors, or the undersigned or its
representatives, or any other appropriate party, as the case may be (a) the Collateral or any substitutes or additions thereto, or (b) the surplus net proceeds derived from the sale or sales of the Collateral pursuant to the terms 

 
of any such note, pledge and security agreement or other agreement, or (c) any other collateral for the Obligations. 
 The undersigned hereby waives any and all notice of acceptance of this Hypothecation Agreement, or of the creation, accrual or maturity (whether by
declaration or otherwise) of any and all of the Obligations, or of your reliance upon this Hypothecation Agreement. 
 You shall use
reasonable care in the custody and preservation of the Collateral while in your possession. 
 Provided that no such document shall require
personal liability beyond the Stock, the undersigned will at any time at your request sign financing statements, trust receipts, security agreements or other agreements necessary to perfect your security interest in the Collateral, and upon any
failure to do so, you are authorized, as agent of the undersigned, to sign any such instrument. The undersigned agrees to pay (or cause the Guarantors to pay) all filing fees. 
 In addition to all other rights and remedies, you shall have the remedies of a secured party under the Missouri Uniform Commercial Code. You will give
the undersigned notice, as provided below, of the time and place of any public sale of any of the Collateral or of the time after which any private sale or any other intended disposition thereof is to be made by sending notice, as provided below, at
least ten (10) days before the time of the sale or disposition, which provisions for notice you and the undersigned hereby agree are reasonable. 
 You may apply the net proceeds of any sale or other disposition of the Collateral (after deducting all costs and expenses of every kind incurred therein or incidental to the holding, preparing for sale, selling,
leasing or the like of the Collateral or in any way relating to your rights hereunder, including reasonable attorneys’ fees and legal expenses) to the payment, in whole or in part, in such order as you may elect, of the Obligations, whether due
or not due, absolute or contingent, and only after so applying such net proceeds and after the payment by you of any other amounts required by and existing or future provisions of law need you account for the surplus, if any, to the Borrower or the
undersigned. 
 This agreement shall be governed by laws of the State of Missouri and may be modified or amended only by an instrument in
writing executed by you and the undersigned. No modification or amendment hereto shall affect your rights with respect to Collateral then pledged to you or the Obligations then existing except as expressly stated by such modification or amendment.
Any provision hereof which may prove unenforceable under any law shall not affect the validity of any other provision hereof. 
 PLEDGOR
HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY (WHICH BANK ALSO WAIVES) IN ANY ACTION, SUIT, PROCEEDING OR COUNTERCLAIM OF ANY KIND ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OBLIGATIONS OF PLEDGOR HEREUNDER OR BANK’S CONDUCT IN RESPECT OF THE
FOREGOING. 
 IT IS EXPRESSLY UNDERSTOOD, AND BY YOUR ACCEPTANCE OF THE STOCK YOU IRREVOCABLY AGREE AND ACKNOWLEDGE, THAT THE 

  

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UNDERSIGNED HAS NO PERSONAL LIABILITY FOR ANY OF THE OBLIGATIONS. NO OTHER DOCUMENT NOW OR HEREAFTER EXECUTED IN CONNECTION WITH THE AGREEMENT OR ANY FUTURE
AGREEMENT BETWEEN GUARANTORS AND THE BANK SHALL IMPOSE ANY PERSONAL LIABILITY ON THE UNDERSIGNED UNLESS AN AMENDMENT TO THIS HYPOTHECATION AGREEMENT IN WHICH THE UNDERSIGNED SPECIFICALLY AGREES TO SUCH LIABILITY IS SIGNED BY THE UNDERSIGNED.

  

			
	Very truly yours,
	
	HOPKINS CAPITAL GROUP, LLC
		
	By:	 	 /s/ Francis E. O’Donnell, Jr.

	Name:	 	Francis E. O’Donnell, Jr.

			
	Notice Address:	 	865 Longboat Club Road
		 	Longboat Key, FL 34228

  

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