Document:

Limited Liability Company Agreement

 Exhibit 10.10 
 LIMITED LIABILITY COMPANY AGREEMENT 
 OF 
 BIOLENDER, LLC 
 A DELAWARE LIMITED LIABILITY COMPANY 
 The undersigned members (the “Members”) hereby, and with the filing of the certificate of formation (the “Certificate of
Formation”), form a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act, as amended from time to time (the “Act”), and hereby declare the following to be the Limited
Liability Company Agreement of such limited liability company: 
 ARTICLE I. 
 ORGANIZATION 
 Section 1.01 Name. The name of the limited
liability company is BIOLENDER, LLC (the “Company”). 
 Section 1.02 Purpose. The purpose for which the Company
has been formed is to engage in any lawful act or activity for which limited liability companies may be formed under the Act, including, but not limited to lending $8,500,000 to Biovax Investment LLC, and such future amounts to Biovax Investment LLC
as the members shall determine. 
 Section 1.03 Office. The registered office of the Company in the State of Delaware is 615
DuPont Highway, Dover, Delaware. 
 Section 1.04 Members. The names and the business, residence or mailing addresses of the
Members are set forth on Schedule A attached hereto. In particular, Biovest International, Inc., shall be referred to herein as the “Manager” and Accentia Biopharmaceuticals, Inc., shall be referred to herein as
“Accentia” and collectively the Manager and Accentia are the “Members.” 
 Section 1.05 Capital
Contributions. Each Member has contributed money to the Company (each member’s “Capital Contribution”) in exchange for the membership interests set forth opposite each Member’s name on Schedule A (the
“Membership Interest”). The Members are not hereby required to make any contributions of property or money to the Company in excess of their respective Capital Contributions. 
 Section 1.06 Issuance of Membership Certificates. The interest of each Member in the Company shall be represented by a Membership Certificate
and shall be a security governed by Article 8 of the Uniform Commercial Code. Upon the execution of this Agreement and the payment of the Capital Contributions by the Members, the Manager shall cause the Company to issue one or more Membership
Certificates in the name of each Member certifying that the Person named therein is the record holder of the number of the membership interests set forth thereon. 

 ARTICLE II. 
 MANAGEMENT 
 Section 2.01 Powers of the Manager. 
 (a) The management of the Company shall be vested in Biovest International, Inc., the managing member of the Company (the “Manager”). Except for
situations in which the approval of the Members is expressly required or permitted by this Limited Liability Company Agreement or by nonwaivable provisions of applicable law, the Manager shall have complete discretion, power and authority in the
management and control of the business of the Company, shall make all decisions affecting the business of the Company and shall manage and control the affairs of the Company to carry out the business and purposes of the Company. Without limiting the
generality of the foregoing, the Manager is hereby authorized: 
 (i) to expend Company funds in furtherance of the purpose of the Company;

 (ii) to invest and reinvest in securities or other property of any character, real or personal, including, but not limited to, common and
preferred stocks, bonds, notes, debentures, mortgages, leases and partnership interests (general or limited); 
 (iii) to sell, exchange or
otherwise dispose of any such securities or other property at public or private sale and to grant options for the purchase, exchange or other disposition thereof, and to exercise or sell any options and any conversion, subscription, voting and other
rights, discretionary or otherwise, in respect thereof; 
 (iv) to manage and keep in force such insurance as may be required to reasonably
protect the Company and its assets; 
 (v) to borrow money for and on behalf of the Company and to incur and/or guarantee obligations for and
on behalf of the Company, on such terms and at such rates of interest as the Manager may deem advisable and proper; 
 (vi) to pledge the
credit of the Company and grant security interests in Company assets for Company purposes; 
 (vii) to employ such agents, employees,
independent contractors, attorneys and accountants as the Manager deems reasonably necessary; 
 (viii) to commence, defend, compromise or
settle any claims, proceedings, actions or litigation for and on behalf of the Company; 
 (ix) to execute, deliver and file any amendment,
restatement or revocation of the Certificate of Formation as may be necessary or appropriate to reflect actions properly taken by the Manager and/or the Members under this Limited Liability Company Agreement; 
  

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 (x) to prepare and file, on behalf of the Company, any required local, state and federal tax returns or
other tax reports or documents relating to the Company, other than an IRS Form 8832 “Entity Classification Election” or similar state or federal form; 
 (xi) to execute, deliver, file and/or record any and all instruments, documents or agreements of any kind which the Manager may deem appropriate or as may be necessary or desirable to carry out the purposes of the
Company, including that certain Put Option Agreement and that certain Purchase Option Agreement, each of which shall be entered into on or about the date hereof regarding the acquisition of membership interests in Biovax Investment LLC; and

 (xii) to take such other actions as the Manager may reasonably believe to be necessary or desirable to carry out the purposes of the
Company. 
 (b) Notwithstanding paragraph (a) of this Section 2.01, the Manager shall not: (i) sell, exchange, lease,
mortgage, pledge or otherwise transfer all or substantially all of the assets of the Company, without the approval of the Members; (ii) merge or consolidate the Company with or into another limited liability company, partnership, corporation or
other business entity, without the approval of the Members; or (iii) make an election to be classified as other than a partnership for federal income tax purposes without the approval of the Members. 
 Section 2.02 Duties of Manager. The Manager shall perform its duties as Manager in good faith and with that degree of care that an ordinarily
prudent person in a like position would use under similar circumstances. In performing its duties, the Manager shall be entitled to rely on information, opinions, reports or statements, including financial statements and other financial data, in
each case prepared or presented by (i) one or more agents or employees of the Company or the Manager, or (ii) counsel, public accountants or other persons as to matters that such Manager believes to be within such person’s
professional or expert competence. If the Manager performs the duties of Manager in accordance with this Section 2.02, then it shall have no liability by reason of being or having been the Manager of the Company. 
 Section 2.03 Limitation on Liability of Manager. Provided that it has acted in good faith, and not directly contrary to any express
prohibitions contained in this Limited Liability Company Agreement, the Manager shall not be liable to the Company or the Members for any mistakes in judgment or for any failure to perform any of its obligations hereunder, or for any loss due to
such mistake or failure to perform, or due to the negligence, dishonesty, fraud or bad faith of any other Person, including any other Member, employee, agent or independent contractor of the Company or the Manager or any other Person with whom the
Company or the Manager transacts business. 
 Section 2.04 Devotion of Time. The Manager shall not be required to devote any
specified amount of time or efforts to the business and affairs of the Company. The Manager shall not have any obligation to loan money to the Company or to fund operating deficits. The Manager shall not be required to offer any investment
opportunities to the Company, and the Manager may make investments or undertake activities that compete or conflict with the Company. 
  

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 Section 2.05 Expenses. The Company shall pay directly, or shall reimburse the Manager for,
all costs and expenses of the Company, including without limitation, all travel, entertainment and other expenses incurred by the Manager in connection with Company business. 
 Section 2.06 Withdrawal and Term. The Manager may resign as Manager at any time upon notice to the Members. Subject to Section 2.08
hereof, the Manager shall serve for an unlimited term. 
 Section 2.07 Qualification; Initial Manager. The Manager shall be
appointed by the Members from time-to-time, in the sole discretion of the Members. The Manager of the Company is Biovest International, Inc. 
 Section 2.08 Removal of the Manager. The Manager’s status as the Manager of the Company may not be terminated, nor may the Manager be removed as Manager, except by the unanimous approval of the Members. Each Member’s
approval shall be required notwithstanding that such Member has a relationship with the Manager including, without limitation, as a stockholder, director or officer of the Manager. Each Member shall be entitled to withhold its approval in its sole
and absolute discretion and shall not be liable to any other Member for failing to give its approval under any circumstances or under any legal theory. 
 Section 2.09 Ceasing to be the Manager. In the event that the Manager ceases to be the Manager, by reason of Section 2.08 or otherwise, the Members shall, within 180 days after the Manager ceases to
be the Manager of the Company, designate a new person as a successor Manager (a “Manager Director”) to serve in the place of such Manager. Upon such designation, the Successor Manager shall assume in writing the obligations, and
thereby shall be entitled to the rights, of the Manager under this Agreement. Nothing contained in this Section 2.09 shall be construed as limiting any right or cause of action which the Company or the Members may have against the Manager for
any breach of its duties hereunder. 
 Section 2.10 Management Rights of Members. By their execution of this Agreement, the
Members consent to the exercise by the Manager of the powers conferred on it by this Limited Liability Company Agreement. Except as expressly provided herein, or as provided by nonwaivable provisions of applicable law, the Members shall not have any
right to vote or to take part in the management or control of the Company business or have any right or authority to act for or bind the Company. 
 Section 2.11 Officers. The Company shall have those officers, and holding those titles and duties, as determined by the Manager. 
  

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 ARTICLE III. 
 TAXATION, ALLOCATIONS AND DISTRIBUTIONS 
 Section 3.01 Entity Classification
Election. The Company shall at all times have more than one member and be classified as a partnership for federal income tax purposes. The Company shall not file any election to be classified as other than a partnership for federal tax purposes.

 Section 3.02 Allocation of Net Income or Loss. Except as otherwise mandated by Treasury Regulations under Section 704 of
the Internal Revenue Code, all items of income, gain, loss, deduction, credit or tax preference entering into the computation or net income or loss for any fiscal period shall be allocated, as appropriate based upon the source of such item and to
the Members in accordance with their respective percentage interests in the Company. 
 Section 3.03 Distributions. 

(a) Distributions shall be made only to the extent that the Company has cash and/or property that is, in the Manager’s opinion, in excess of the
assets needed for the continued operation and maintenance of the Company. 
 (b) In the event that distributions of property, including cash,
are to be made by the Company, such property distributions shall be made in the following order, to the extent available: (i) the first $6,000,000 worth of distributable property is to be distributed to Accentia; (ii) then, the next
$2,500,000 worth of distributable property is to be distributed to Manager; and (iii) then, any additional distributions are to be made in accordance with the Members’ percentage interests in the Company as set forth in Schedule A.

 (c) The Manager shall make distributions in accordance with this Section 3.03 to the extent the Manager, in its sole discretion,
deems appropriate. If distributions are to be made under Section 3.03(b), to the extent the distributable properties are not all like-kind, Accentia shall have the power to direct the property that is distributed under Section 3.03(b)(i).

 ARTICLE IV. 
 DISSOLUTION 
 Section 4.01 Dissolution. The Company shall dissolve, and its affairs shall be wound up,
upon the earliest to occur of (a) the unanimous approval of the Members or (b) an event of dissolution of the Company under the Act. 
 Section 4.02 Distributions upon Dissolution. Upon the occurrence of an event set forth in Section 4.01 hereof, the Members shall be entitled to receive, after paying or making reasonable provision for all of the
Company’s creditors to the extent required by the Act, the remaining funds of the Company. 
  

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 ARTICLE V. 
 MISCELLANEOUS 
 Section 5.01 Withdrawal. The Members may withdraw from the Company
at any time. 
 Section 5.02 Limited Liability. The Members shall not be obligated to make any contribution to the capital of the
Company other than the Capital Contribution specified in Section 1.05. The Members are not liable for any debts, obligations or liabilities of the Company, whether arising in tort, contract or otherwise, solely by reason of being a Member or
acting (or omitting to act) in such capacity or participating in the conduct of the business of the Company. 
 Section 5.03
Indemnification. To the fullest extent permitted by applicable law, the Members, any affiliate of the Members, any officers, directors, shareholders, members, partners or employees of the affiliate of the Members, and any officer, employee or
expressly authorized agent of the Company or its affiliates (collectively “Covered Person”), shall be entitled to indemnification from the Company for any loss, damage, claim or liability incurred by such Covered Person by reason of
any act or omission performed, or omitted to be performed, or alleged to be performed or omitted to be performed, by such Covered Person in good faith on behalf of the Company and in a manner reasonably believed to be within the scope of authority
conferred on such Covered Person by this Limited Liability Company Agreement, except that no Covered Person shall be entitled to be indemnified in respect of any loss, damage, claim or liability incurred by such Covered Person by reason of his gross
negligence, actual fraud or willful misconduct with respect to such acts or omissions. 
 Section 5.04 Amendment. This Agreement
may be amended only in a writing signed by the Members and the Manager. 
 Section 5.05 Pledge of Membership Interests.
Notwithstanding any other provision of this Agreement: (i) each of the Members may pledge, without the consent of the Manager or any other Person, its Membership Interest to Laurus Master Fund, Ltd. and its permitted successors and assigns
(“Laurus”) pursuant to the terms of any security agreement between either Member and Laurus; (ii) Laurus shall have the rights of a secured party to retain, sell or transfer the Membership Interests so pledged; and (iii) in the
event of any enforcement of the pledge and/or the foreclosure upon or other disposition of the Membership Interests, Laurus (or its nominee, successor, transferee or assignee) shall be immediately, automatically and unconditionally admitted as a
Member of the Company. 
 Section 5.06 Governing Law. This Agreement shall be governed by and construed under the laws of the
State of Delaware, excluding any conflicts of laws rule or principle that might refer the governance or construction of this Agreement to the law of another jurisdiction. 
  

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 IN WITNESS WHEREOF, the undersigned has caused this Limited Liability Company Agreement of
Biolender, LLC, to be executed as of the 25th day of April, 2006. 
  

			
	ACCENTIA BIOPHARMACEUTICALS, INC.
		
	By:	 	 /s/ James A. McNulty

	Name:	 	James A. McNulty
	Title:	 	Secretary/Treasurer
	
	BIOVEST INTERNATIONAL, INC.
		
	By	 	 /s/ James A. McNulty

	Name:	 	James A. McNulty
	Title:	 	CFO/Secretary

  

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 Schedule A 
 Initial Members 
  

									
	 Member
	  	 Address
	  	Capital
Contribution	  	 Percentage
 Ownership
	 
	Accentia Pharmaceuticals, Inc.	  	 324 S. Hyde Park Avenue
 Suite 350
 Tampa, FL 33606
	  	$	6,000,000	  	70.5	%
				
	Biovest International, Inc.	  	 324 S. Hyde Park Avenue
 Suite 350
 Tampa, FL 33606
	  	$	2,500,000	  	29.5	%Put Option Agreement dated April 25, 2006

 Exhibit 10.11 
 PUT OPTION AGREEMENT 
 THIS PUT OPTION AGREEMENT (this “Agreement”), dated as of
April 25, 2006, is entered into by and between Biovax Investment LLC, a Delaware limited liability company (“Fund”), Biovax Investment Corporation, a Delaware corporation (“Biovax”), U.S. Bancorp Community Investment
Corporation, a Delaware corporation (“USB CIC”), and Biolender, LLC, a Delaware limited liability company (“Purchaser”). 
 W I T N E S S E T H: 
 WHEREAS, Biovax and USBCIC are members of Fund, with Biovax owning a 0.01% and USB CIC owning a 99.99%
interest in the capital, profits, losses, cashflow, deductions and credits of Fund (such interests are “Biovax Interest” and “USB CIC Interest”, respectively, or together the “Interests”); and 
 WHEREAS, Fund has invested in a “qualified equity investment” in the Telesis CDE Two, LLC, a Delaware limited liability company, and expects to
be allocated New Market Tax Credits pursuant to Section 45D of the Internal Revenue Code of 1986, as amended (the “Code”) with respect to such investment beginning on April 25, 2006; 
 WHEREAS, Purchaser desires to grant to Biovax and USB CIC rights to sell the Interests on the terms and subject to the conditions set forth herein; and

 WHEREAS, Fund consents to Purchaser’s ability to purchase the Interests on the terms and subject to the conditions set forth herein;

 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as
follows: 
 1. Commencing on the date seven (7) years and one (1) day following the execution of this Agreement, Biovax and USB CIC
shall each have the right to require Purchaser to purchase the Biovax Interest and the USB CIC Interest, respectively. Such rights shall continue for a period of three (3) months (the “Exercise Period”). These options may be exercised
by Biovax and/or USB CIC (i) giving written notice to Purchaser at any time during the Exercise Period or not more than 30 days before the beginning of such period, and (ii) agreeing that the closing of the purchase of either (or both) of
the Interests pursuant to this Agreement shall occur not more than 30 days after the date on which the selling party delivers said notice to Purchaser. In the event that Biovax exercises its right to put the Biovax Interest to Purchaser, Purchaser
shall pay Biovax $1,000. In the event that USB CIC exercises its right to put the USB CIC Interest to Purchaser, Purchaser shall pay USB CIC $180,000. 
 The entire sales prices to be paid by Purchaser, if any, are to be paid at the closing in cash or immediately available funds, unless otherwise mutually agreed. If Purchaser has insufficient assets to pay either such
sales price, neither Biovax nor USB CIC shall have recourse against the Fund or its members. If Purchaser does not pay the sales price to Biovax and/or USB CIC, as the case may be, on the date set for closing, such exercising party may, at its sole
option, either: (i) retain its respective Biovax Interest or USB CIC Interest, or (ii) execute and deliver an 

 assignment of such interest to Purchaser, in which case such party would have no further interest in the Fund, but shall
have a claim against the Purchaser for the sales price, and the Purchaser shall be the owner of the transferred interest. Should either or both of the Interests be put to Purchaser, each party is responsible for any costs of its own attorneys’
fees or otherwise incurred in connection with the closing. Upon the receipt of the required sales price to be paid in exchange for its interest, Biovax shall transfer the Biovax Interest and/or USB CIC shall transfer the USB CIC Interest, as free
and clear of any liens, charges, encumbrances or interests of any third party and shall execute or cause to be executed any documents required to fully transfer such interest. As of the effective date of such closing(s), the selling party shall have
no further interest in the Fund. If Biovax and/or USB CIC fails to exercise its put option pursuant to this Agreement, this Agreement shall terminate. 
 2. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors, personal representatives, successors and assigns. No party to this Agreement may assign the rights
under this Agreement without the consent of each other party hereto. Any amendment(s) to this Agreement shall be effective only if set forth in writing and signed by each party hereto. 
 3. Each provision of this Agreement shall be considered severable, and if for any reason any provision that is not essential to the effectuation of the
basic purposes of the Agreement is determined to be invalid and contrary to any existing or future law, such invalidity shall not impair the operation of or affect those provisions of this Agreement that are valid. 
 4. No party hereto shall be deemed to have waived any rights hereunder unless such waiver shall be in writing and signed by such party. The waiver by any
party of any breach of this Agreement shall not operate or be construed to be a waiver of any subsequent breach. 
 5. This Agreement shall
be construed and enforced in accordance with the laws of the State of Delaware. 
 6. The execution of this Agreement constitutes the consent
required of either Biovax or USB CIC, or both, under Section 9.01 of the Fund Operating Agreement in order to transfer either the Biovax Interest or the USB CIC Interest, respectively, or both Interests. 
 7. This Agreement and any amendments hereto may be executed in several counterparts, each of which shall be deemed to be an original copy, and all of
which together shall constitute one agreement binding on all parties hereto, notwithstanding that all the parties shall not have signed the same counterpart. This Agreement may also be executed as facsimile originals and each copy of this Agreement
bearing the facsimile transmitted signature of any party’s authorized representative shall be deemed to be an original. 
 [No further
text on this page; signature page follows.] 
  

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

  

					
	Biovax Investment LLC,
	a Delaware limited liability company
		
	By:	 	Biovax Investment Corporation
	Its:	 	Manager
			
		 	By:	 	  

		 		 	  

		 	Its:	 	  

	
	 Biovax Investment Corporation,
 a Delaware
corporation

			
	By:	 		 	
	Its:	 		 	
			
		 	By:	 	  

		 		 	  

		 	Its:	 	  

	
	 U.S. Bancorp Community Investment Corporation,
 a Delaware corporation

			
		 	By:	 	  

		 		 	Matthew L. Philpott
		 	Its:	 	Business Development Associate
	
	 Biolender, LLC,
 a Delaware limited liability
company

			
	By:	 		 	/s/ James A. McNulty
	Its:	 		 	
			
		 	By:	 	  

		 		 	  

		 	Its:	 	 CFO/Secretary of Biovest, Managing Member

 Signature Page – Put Option

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