Document:

Amendment Letter

 Exhibit 10.1 
 Valens U.S. SPV I, LLC 
 c/o Valens Capital Management, LLC 
 335 Madison Avenue 
 New York, New
York 10017 
 As of January 31, 2008 
 Biovest
International, Inc. 
 377 Plantation Street 
 Worcester, MA 01605

 Attention: Chief Financial Officer 
 Gentlemen: 
 Reference is made to the Royalty Agreement dated as of October 29, 2007 (as amended, modified or supplemented from time to time, the
“Royalty Agreement”), by and between Biovest International, Inc. (the “Company”) and Valens U.S. SPV I, LLC (“Valens US”). Capitalized terms used herein that are not defined shall have the meaning
given to them in the Royalty Agreement. 
 Valens US and the Company desire to amend the Royalty Agreement on the terms and conditions set
forth below. 
 In consideration of Valens US’s agreement to continue to provide financial accommodations to the Company and for other
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree that: 
 a)
Section 1.5 of the Royalty Agreement shall be amended and restated in its entirety to read as follows: 
 “‘License
Revenue’ shall mean: 
 (a) any and all Upfront Amounts, as supported by such documentation as Valens US shall from time to time request;

 (b) without duplication of any Upfront Amounts previously calculated and paid pursuant to subparagraph (a), any Sales Revenue, as supported
by such documentation as Valens US shall from time to time request; and 
 (c) any and all Other Amounts, as supported by such documentation
as Valens US shall from time to time request, less, to the extent applicable,: 
 (i) in the event Biovest has indicated in a
prior writing to Valens US that Biovest will use at least 50% of such Other Amounts for the further development and/or commercialization of the Biovest Biologic Products, solely such amounts associated with such further development and/or
commercialization plus any reasonable costs and expenses associated therewith; and/or 

 (ii) in the event Biovest has indicated in writing to Valens US that Biovest will use all
or part of such Other Amounts to repay indebtedness due and payable by Biovest (A) to any or all of Valens US, Valens Offshore SPV II, Corp. and Laurus Master Fund, Ltd. or (B) following the indefeasible payment in full of all indebtedness
due and payable by Biovest to each of Valens US, Valens Offshore SPV II, Corp. and Laurus Master Fund, Ltd., to any other creditor of Biovest, and Valens US has consented to such use in writing (which consent will not be unreasonably withheld),
solely such amounts associated with such repayment of indebtedness.” 
 b) Section 1.6 of the Royalty Agreement shall be amended
and restated in its entirety to read as follows: 
 “‘Licensee’ shall mean any Third Party granted a license by Biovest to
manufacture, sell, or commercialize Biovest Biologic Products.” 
 c) a new Section 1.12 is added to the Royalty Agreement and
shall read as follows: 
 “1.12 “Other Amounts” shall mean any amounts other than Upfront Amounts and Sales Revenue received by
Biovest from a Licensee in connection with any Biovest Biologic Product.” 
 d) a new Section 1.13 is added to the Royalty
Agreement and shall read as follows: 
 “1.13 “Sales Revenue” shall mean any and all revenue and other consideration received
by a Licensee from a Third Party for the sale of Biovest Biologic Products, including but not limited to, revenue or royalties from sales by such Licensee of Biovest Biologic Products, upfront revenue, milestone revenue, royalty income, and the
market value at the time of transfer of all non-monetary consideration such as barter or counter-trade in the country of disposition.” 
 e) a new Section 1.14 is added to the Royalty Agreement and shall read as follows: 
 “1.14 “Upfront Amounts”
shall mean any and all advance revenue, advance royalties or other similar consideration received by Biovest from a Licensee for Biovest Biologic Products prior to the sale of such Biovest Biologic Products by the Licensee to a Third Party.”

 f) Section 4.7 of the Royalty Agreement shall be amended and restated in its entirety to read as follows: 
 “Section 4.7 Right to Documentation. (a) Upon request, Valens US shall have the right to request reasonable documentation of
Biovest’s calculations to determine Biovest’s Net Sales and/or License Revenue and to request discussion of such calculations with appropriate representatives of Biovest. 
  

 2 

 (b) Within ten (10) business days following the execution and delivery of any license agreement
between any Licensee and Biovest, Biovest shall deliver to Valens US a true, complete and fully executed copy of such license agreement. 
 (c) Within ten (10) business days following the receipt by Biovest of any financial reporting documentation pursuant to any license agreement between Biovest and a Licensee, Biovest shall deliver to Valens US true and complete copies
of such financial reporting documentation.” 
 Except as specifically amended herein, the Royalty Agreement shall remain in full force
and effect, and is hereby ratified and confirmed. The execution, delivery and effectiveness of this letter agreement shall not operate as a waiver of any right, power or remedy of Valens US, nor constitute a waiver of any provision of the Royalty
Agreement. 
 This letter agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns and shall be governed by and construed in accordance with the laws of the State of New York. 
 [Remainder of the page
intentionally blank.] 
  

 3 

 This letter agreement may be executed by the parties hereto in one or more counterparts, each of which
shall be deemed an original and all of which when taken together shall constitute one and the same agreement. Any signature delivered by a party by facsimile or electronic transmission shall be deemed to be an original signature hereto. 

 

			
	Valens U.S. SPV I, LLC
		
	By:	 	 Valens Capital Management, LLC, its
 investment
manager

		
	By:	 	 /s/ Patrick Regan

	Name:	 	Patrick Regan
	Title:	 	Authorized Signatory

  

			
	CONSENTED AND AGREED TO:
	
	BIOVEST INTERNATIONAL, INC.
		
	By:	 	 /s/ Steven Arikian

	Name:	 	Steven Arikian, M.D.
	Title:	 	Chairman & CEOAmendment Letter

 Exhibit 10.2 
 VALENS OFFSHORE SPV II, CORP. 
 c/o Valens Capital Management, LLC 
 335 Madison Avenue 
 New York, New
York 10017 
 As of January 31, 2008 
 Biovest
International, Inc. 
 377 Plantation Street 
 Worcester, MA 01605

 Attention: Chief Financial Officer 
 Gentlemen: 
 Reference is made to the Royalty Agreement dated as of October 29, 2007 (as amended, modified or supplemented from time to time, the
“Royalty Agreement”), by and between Biovest International, Inc. (the “Company”) and Valens Offshore SPV II, Corp. (“Valens Offshore”). Capitalized terms used herein that are not defined shall have
the meaning given to them in the Royalty Agreement. 
 Valens Offshore and the Company desire to amend the Royalty Agreement on the terms and
conditions set forth below. 
 In consideration of Valens Offshore’s agreement to continue to provide financial accommodations to the
Company and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree that: 
 a) Section 1.5 of the Royalty Agreement shall be amended and restated in its entirety to read as follows: 
 “‘License Revenue’ shall mean: 
 (a) any and all Upfront Amounts, as supported by such documentation as Valens
Offshore shall from time to time request; 
 (b) without duplication of any Upfront Amounts previously calculated and paid pursuant to
subparagraph (a), any Sales Revenue, as supported by such documentation as Valens Offshore shall from time to time request; and 
 (c) any and
all Other Amounts, as supported by such documentation as Valens Offshore shall from time to time request, less, to the extent applicable,: 
 (i) in the event Biovest has indicated in a prior writing to Valens Offshore that Biovest will use at least 50% of such Other Amounts for the further development and/or commercialization of the Biovest Biologic
Products, solely such amounts associated with such further development and/or commercialization plus any reasonable costs and expenses associated therewith; and/or 

 (ii) in the event Biovest has indicated in writing to Valens Offshore that Biovest will
use all or part of such Other Amounts to repay indebtedness due and payable by Biovest (A) to any or all of Valens Offshore, Valens U.S. SPV I, LLC and Laurus Master Fund, Ltd. or (B) following the indefeasible payment in full of all
indebtedness due and payable by Biovest to each of Valens Offshore, Valens U.S. SPV I, LLC and Laurus Master Fund, Ltd., to any other creditor of Biovest, and Valens Offshore has consented to such use in writing (which consent will not be
unreasonably withheld), solely such amounts associated with such repayment of indebtedness.” 
 b) Section 1.6 of the Royalty
Agreement shall be amended and restated in its entirety to read as follows: 
 “‘Licensee’ shall mean any Third Party granted a
license by Biovest to manufacture, sell, or commercialize Biovest Biologic Products.” 
 c) a new Section 1.12 is added to the
Royalty Agreement and shall read as follows: 
 “1.12 “Other Amounts” shall mean any amounts other than Upfront Amounts and
Sales Revenue received by Biovest from a Licensee in connection with any Biovest Biologic Product.” 
 d) a new Section 1.13 is
added to the Royalty Agreement and shall read as follows: 
 “1.13 “Sales Revenue” shall mean any and all revenue and other
consideration received by a Licensee from a Third Party for the sale of Biovest Biologic Products, including but not limited to, revenue or royalties from sales by such Licensee of Biovest Biologic Products, upfront revenue, milestone revenue,
royalty income, and the market value at the time of transfer of all non-monetary consideration such as barter or counter-trade in the country of disposition.” 
 e) a new Section 1.14 is added to the Royalty Agreement and shall read as follows: 
 “1.14
“Upfront Amounts” shall mean any and all advance revenue, advance royalties or other similar consideration received by Biovest from a Licensee for Biovest Biologic Products prior to the sale of such Biovest Biologic Products by the
Licensee to a Third Party.” 
 f) Section 4.7 of the Royalty Agreement shall be amended and restated in its entirety to read as
follows: 
 “Section 4.7 Right to Documentation. (a) Upon request, Valens Offshore shall have the right to request reasonable
documentation of Biovest’s calculations to determine Biovest’s Net Sales and/or License Revenue and to request discussion of such calculations with appropriate representatives of Biovest. 
  

 2 

 (b) Within ten (10) business days following the execution and delivery of any license agreement
between any Licensee and Biovest, Biovest shall deliver to Valens Offshore a true, complete and fully executed copy of such license agreement. 
 (c) Within ten (10) business days following the receipt by Biovest of any financial reporting documentation pursuant to any license agreement between Biovest and a Licensee, Biovest shall deliver to Valens Offshore true and complete
copies of such financial reporting documentation.” 
 Except as specifically amended herein, the Royalty Agreement shall remain in full
force and effect, and is hereby ratified and confirmed. The execution, delivery and effectiveness of this letter agreement shall not operate as a waiver of any right, power or remedy of Valens Offshore, nor constitute a waiver of any provision of
the Royalty Agreement. 
 This letter agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns and shall be governed by and construed in accordance with the laws of the State of New York. 
 [Remainder of the
page intentionally blank.] 
  

 3 

 This letter agreement may be executed by the parties hereto in one or more counterparts, each of which
shall be deemed an original and all of which when taken together shall constitute one and the same agreement. Any signature delivered by a party by facsimile or electronic transmission shall be deemed to be an original signature hereto. 

 

			
	VALENS OFFSHORE SPV II, CORP.
		
	By:	 	Valens Capital Management, LLC, its investment manager
		
	By:	 	 /s/ Patrick Regan

	Name:	 	Patrick Regan
	Title:	 	Authorized Signatory

  

			
	CONSENTED AND AGREED TO:
	
	BIOVEST INTERNATIONAL, INC.
		
	By:	 	 /s/ Steven Arikian

	Name:	 	Steven Arikian, M.D.
	Title:	 	Chairman & CEO

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