Document:

Purchase Option Agreement dated April 25, 2006

 Exhibit 10.12 
 PURCHASE OPTION AGREEMENT 
 THIS PURCHASE 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, the 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, the Fund, Biovax, USB CIC and Purchaser have entered into that certain put option agreement (“Put Option Agreement”) dated as of the
date hereof pursuant to which each Biovax and USB CIC has the option to put the Biovax Interest and the USB CIC Interest, respectively, to the Purchaser; and 
 WHEREAS, the Biovax and USB CIC desire to grant to Purchaser the right to purchase 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. For a period of three (3) months commencing on the day following the expiration of the put rights under the Put Option Agreement
(the “Exercise Period”), Purchaser shall have the right to purchase the Interests, or if either Biovax or USB CIC exercised its put right then Purchaser shall have the right to purchase the membership interest from the party that did not
exercise its put right under the Put Option Agreement. If Purchaser elects to exercise either or both of its purchase rights, it shall do so by (i) giving written notice to the holder of the interest(s) to be purchased at any time during the
Exercise Period or not more than 30 days before the beginning of such Exercise Period, and (ii) agreeing that the closing of the purchase pursuant to this Agreement shall occur not more than 30 days after the date on which said notice was
delivered. The sales price for the interest(s) purchased shall be the fair market value of such interest(s) at the time of the delivery of the notice(s). 

 The fair market value of the interest(s) shall be determined through independent appraisers. The
Purchaser and the seller of the Biovax Interest or the USB CIC Interest, as the case may be, shall each select an independent appraiser, each who shall give an appraisal of the fair market value of the relevant interest. The final determined fair
market value of the relevant interest shall be determined as follows: (A) if the higher appraisal is within ten percent (10%) of the lower of the two appraisals, the fair market value shall be the average of the two appraisals; (B) if
the difference between the two appraisals is greater than ten percent (10%) of the lower of the two appraisals, then the fair market value shall be the lower of the two appraisals plus one-third (1/3) of the difference between the two
appraisals. 
 The entire sales price for the interest(s) shall be paid to the appropriate party at the closing in cash or immediately
available funds, unless otherwise mutually agreed. Each party shall be responsible for the costs of its own attorneys’ fees and other charges incurred in connection with the closing. Upon receipt of the sales price, the selling party(ies) shall
transfer its interest 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, the
selling party(ies) shall have no further interest in the Fund. If Purchaser fails to exercise its purchase option(s) pursuant to this Agreement or the closing of the sale(s) pursuant to this Agreement does not occur within the 30-day period as set
forth above following delivery of an exercise notice, unless otherwise mutually agreed, 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

  

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

		 		 	 CFO/Secretary of Biovest, Managing Member

		 	Its:	 	  

 Signature Page – Purchase OptionCommon Stock Purchase Warrant

 Exhibit 10.13 
 WARRANT 
 Dated as of April 25, 2006 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAW OF ANY STATE AND MAY NOT
BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND SUCH
LAWS. 
  

			
	W-701	 	Warrant to Purchase up to 1,200,000
		 	Shares of Common Stock
		 	1,200,000 shares at $1.30 per share

 BIOVEST INTERNATIONAL, INC. 
 COMMON STOCK PURCHASE WARRANT 
 Void after April 24, 2015 

BIOVEST INTERNATIONAL, INC. (the “Company”), a Delaware corporation, hereby certifies that for value received, Telesis CDE
Corporation or its successors or assigns (the “Holder”), is entitled, subject to Vesting, to purchase, subject to the terms and conditions hereinafter set forth, at any time or from time to time (the “Exercise Date”) and ending
prior to 5:00 P.M., New York City time, on April 24, 2015 (the “Expiration Date”) up to 1,200,000 shares of Common Stock at an exercise price per share of $1.30 per share subject to adjustment as provided herein (the “Purchase
Price”). 
 This Warrant is issued in connection with a Loan Agreement dated April 25, 2006 between the Company and, inter
alia, Telesis CDE Two, LLC. The Holder agrees to duly execute and deliver the Investment Representation Statement attached hereto as Exhibit A (the “Investment Representation Statement”) to the Company on or before the date
hereof and acknowledges that the Company is issuing this Warrant in reliance on the representations set forth in the Investment Representation Statement. 

 1. Definitions. For the purposes of this Warrant, the following terms shall have the meanings
indicated: 
 “Black-out Period” shall mean a six month period commencing on the date that Biovest notifies Holder that it is
seeking to raise financing pursuant to a public offering or a private offering requiring registration rights to be granted by Biovest to the purchaser. Holder agrees not to sell a under Rule 144 or otherwise any shares of Biovest stock underlying
the Warrant during a Black-Out Period. The Black-out Period shall not apply to Holder during any Black-out Period after the date on which Accentia sells any shares of Biovest common stock held of record by Accentia at the begining of said
Black-out Period. 
 “Business Day” shall mean any day other than a Saturday, Sunday or other day on which commercial
banks in the City of New York are authorized or required by law or executive order to close. 
 “Closing Price” shall mean,
with respect to each share of Common Stock for any day, (a) the last reported sale price regular way or, in case no such sale takes place on such day, the average of the closing bid and asked prices regular way, in either case as reported on
the principal national securities exchange on which the Common Stock is listed or admitted for trading or (b) if the Common Stock is not listed or admitted for trading on any national securities exchange, the last reported sale price or, in
case no such sale takes place on such day, the average of the highest reported bid and the lowest reported asked quotation for the Common Stock, in either case as reported on the OTCBB or a similar service if OTCBB is no longer reporting such
information. 
 “Common Stock” means the common stock, no par value, of the Company, and any class of stock resulting from
successive changes or reclassification of such Common Stock. 
 “Company” has the meaning ascribed to such term in the first
paragraph of this Warrant. 
 “Current Market Price” shall be determined in accordance with Subsection 3(b). 
 “Exercise Date” has the meaning ascribed to such term in Subsection 2(c). 
 “Expiration Date” has the meaning ascribed to such term in the first paragraph of this Warrant. 
 “Issued Warrant Shares” means any shares of Common Stock issued upon exercise of the Warrant. 
 “NASDAQ” shall mean the Automatic Quotation System of the National Association of Securities Dealers, Inc. 
 OTCBB shall mean the Over the Counter Bulletin Board operated by the National Association of Securities Dealers. 

 “Person” shall mean any individual, firm, corporation, limited liability company,
partnership, trust, incorporated or unincorporated association, joint venture, joint stock company, government (or an agency or political subdivision thereof) or other entity of any kind, and shall include any successor (by merger or otherwise) of
such entity. 
 “Piggy-Back Registration Right” shall mean the right to require Biovest International, Inc. to include the
proportionate number of shares of the common stock underlying the Warrant to be covered by a Registration Statement filed by Biovest International, Inc. with the U.S. Securities and Exchange Commission as part of a registration statement covering
shares of Biovest International, Inc owned of record by Accentia Biopharmaceuticals, Inc. The phrase the “proportionate number of the shares of common stock underlying the Warrant” shall mean the greater of: (i) 200,000 shares of
Biovest common stock or (ii) the number of shares underlying the Warrant on the calculation date divided by the number of shares of Biovest common stock owned by Accentia. To the extent that Accentia has engaged an underwriter to underwrite or
place its shares of Biovest (“Accentia Underwriting”) in connection with the registration of shares held by Accentia, Holder shall be permitted to participate in such Accentia Underwriting to the extent permitted by the underwriter and in
such instance Holder shall pay all the proportionate share of all costs and expenses related to the underwriting and registration statement and all commissions, discounts and other underwriting or placement costs or expenses related to Holder’s
shares. The Piggy-Back Registration Right shall not give the Holder of the Warrant the right to require the shares underlying the Warrant to be covered by any registration statement filed by Biovest International, Inc. covering any shares other than
share of common stock owned by Accentia Biopharmaceuticals, Inc. 
 “Purchase Price” has the meaning ascribed to such term
in the first paragraph of this Warrant. 
 “Vesting” or “Vested” shall mean the date on which the Holder can
purchase shares pursuant to the Warrant. The Warrant shall be Vested as follows: (i) 300,000 shares shall vest on the first day of the third year following the date hereof and 300,000 shares shall vest on each anniversary thereof until all
shares are fully vested; (iii) all shares underlying the Warrant shall vest on the date on which Biovest sells all or substantially all of its assets or (iv) the number of shares which Holder is entitled to include in a Piggy-Back
Registration Statement under the Piggy-Back Registration Rights granted hereunder shall vest on the effective date of such Piggy–Back Registration Statement. 
 “Warrant” shall mean this Warrant and any subsequent Warrant issued pursuant to the terms of this Warrant. 
 “Warrant Register” has the meaning ascribed to such term in Subsection 6(c). 
  

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 2. Exercise of Warrant 
 (a) Exercise. Once Vested, this Warrant may be exercised, in whole or in part, at any time or from time to time and ending on the Expiration Date,
by surrendering to the Company at its principal office this Warrant, with the form of Election to Purchase Shares (the “Election to Purchase Shares”) attached hereto as Exhibit B and an updated Investment Representation Statement
attached hereto as Exhibit A duly executed by the Holder and accompanied by payment of the Purchase Price for the number of shares of Common Stock specified in such form. or by surrendering this Warrant in exchange for the number of shares of
Common Stock equal to the product of (x) the number of shares of Common Stock as to which this Warrant is being exercised, multiplied (y) by the Purchase Price, subject to adjustment as provided herein. 
 (b) Partial Exercise. If this Warrant is exercised for less than all of the shares of Common Stock purchasable under this Warrant, the Company
shall cancel this Warrant upon surrender hereof and shall execute and deliver to the Holder a new Warrant of like tenor for the balance of the shares of Common Stock purchasable hereunder. This Warrant may be exercised in partial amounts of no less
than 50,000 shares. 
 (c) When Exercise Effective. The exercise of this Warrant shall be deemed to have been effective immediately
prior to the close of business on the Business Day on which this Warrant is surrendered to and the Purchase Price is received by the Company as provided in this Section 2 (the “Exercise Date”) and the Person in whose name any
certificate for shares of Common Stock shall be issuable upon such exercise, as provided in Subsection 2(b), shall be deemed to be the record holder of such shares of Common Stock for all purposes on the Exercise Date. 
 3. Adjustment of Purchase Price and Number of Shares. The Purchase Price and the number of shares of Common Stock issuable upon exercise of this
Warrant shall be adjusted from time to time upon the occurrence of the following events: 
 (a) Dividend, Subdivision, Combination or
Reclassification of Common Stock. If the Company shall, at any time or from time to time, (i) declare a dividend on the Common Stock payable in shares of its capital stock (including Common Stock), (ii) subdivide the outstanding Common
Stock into a larger number of shares of Common Stock, (iii) combine the outstanding Common Stock into a smaller number of shares of its Common Stock, or (iv) issue any shares of its capital stock in a reclassification of the Common Stock
(including any such reclassification in connection with a consolidation or merger in which the Company is the continuing corporation), then in each such case, the Purchase Price in effect at the time of the record date for such dividend or of
the effective date of such subdivision, combination or reclassification, and the number and kind of shares of capital stock issuable on such date shall be proportionately adjusted so that the Holder of any Warrant exercised after such date shall be
entitled to receive, upon payment of the same aggregate amount as would have been payable before such date, the aggregate number and kind of shares of capital stock which, if such Warrant had been exercised immediately 
  

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 prior to such date, such Holder would have owned upon such exercise and been entitled to receive by virtue of such
dividend, subdivision, combination or reclassification. Any such adjustment shall become effective immediately after the record date of such dividend or the effective date of such subdivision, combination or reclassification. Such adjustment shall
be made successively whenever any event listed above shall occur. If a dividend is declared and such dividend is not paid, the Purchase Price shall again be adjusted to be the Purchase Price in effect immediately prior to such record date (giving
effect to all adjustments that otherwise would be required to be made pursuant to this Section 3 from and after such record date). 
 (b) Determination of Current Market Price. The Current Market Price per share of Common Stock on any date shall be deemed to be the Closing Price per share of Common Stock on the day immediately preceding the date of determination.
If on any such date the shares of Common Stock are not listed or admitted for trading on any national securities exchange or quoted by OTCBB or a similar service, then the Current Market Price shall be determined in good faith by the Board of
Directors of the Company. 
 (c) De Minimis Adjustments. No adjustment in the Purchase Price shall be made if the amount of such
adjustment would result in a change in the Purchase Price per share of less than $0.01, but in such case any adjustment that would otherwise be required to be made shall be carried forward and shall be made at the time of and together with the next
subsequent adjustment, which together with any adjustment so carried forward, would result in a change in the Purchase Price of $0.01 per share or more. 
 (d) Adjustment of Number of Shares Issuable Upon Exercise. Upon each adjustment of the Purchase Price as a result of the calculations made in Subsection 3(a) this Warrant shall thereafter evidence the right to
receive, at the adjusted Purchase Price, that number of shares of Common Stock (calculated to the nearest one-hundredth) obtained by dividing (x) the product of the aggregate number of shares of Common Stock covered by this Warrant immediately
prior to such adjustment and the Purchase Price in effect immediately prior to such adjustment of the Purchase Price by (y) the Purchase Price in effect immediately after such adjustment of the Purchase Price. 
 (e) Reorganization, Reclassification, Merger and Sale of Assets. If there occurs any capital reorganization or any reclassification of the Common
Stock of the Company, the consolidation or merger of the Company with or into another Person (other than a merger or consolidation of the Company in which the Company is the continuing corporation and which does not result in any reclassification or
change of outstanding shares of its Common Stock) or the sale or conveyance of all or substantially all of the assets of the Company to another Person, then the Holder will thereafter be entitled to receive, upon the exercise of this Warrant
in accordance with the terms hereof, the same kind and amounts of securities (including shares of stock) or other assets, or both, which were issuable or distributable to the holders of outstanding Common Stock of the Company upon such
reorganization, reclassification, consolidation, merger, sale or conveyance, in respect of that number of shares of Common Stock then deliverable upon the exercise of this Warrant if this Warrant had been exercised immediately prior to such
reorganization, 
  

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 reclassification, consolidation, merger, sale or conveyance; and, in any such case, appropriate adjustments (as
determined in good faith by the Board of Directors of the Company) shall be made to assure that the provisions hereof (including provisions with respect to changes in, and other adjustments of, the Purchase Price) shall thereafter be applicable, as
nearly as reasonably may be practicable, in relation to any securities or other assets thereafter deliverable upon exercise of this Warrant. 
 4. Fractional Shares. Notwithstanding an adjustment pursuant to Section 3(d) in the number of shares of Common Stock covered by this Warrant or any other provision of this Warrant, the Company shall not be required to issue
fractions of shares upon exercise of this Warrant or to distribute certificates which evidence fractional shares. In lieu of fractional shares, the Company may make payment to the Holder, at the time of exercise of this Warrant as herein provided,
of an amount in cash equal to such fraction multiplied by the Current Market Price of a share of Common Stock on the Exercise Date. 
 5.
Replacement of Warrants. On receipt by the Company of an affidavit of an authorized representative of the Holder stating the circumstances of the loss, theft, destruction or mutilation of this Warrant (and in the case of any such mutilation,
on surrender and cancellation of such Warrant), the Company at its expense will promptly execute and deliver, in lieu thereof, a new Warrant of like tenor which shall be exercisable for a like number of shares of Common Stock. If required by the
Company, such Holder must provide an indemnity bond or other indemnity sufficient in the judgment of the Company to protect the Company from any loss which it may suffer if a lost, stolen or destroyed Warrant is replaced. 
 6. Restrictions on Transfer. 
 (a)
The Holder acknowledges that the Warrant and the Common Stock issuable upon the exercise of the Warrant has not been registered under the Securities Act and may be transferred only pursuant to an effective registration under the Securities Act or
pursuant to an applicable exemption from the registration requirements of the Securities Act. The Holder further acknowledges that the certificates representing the Issued Warrant Shares shall bear the following legend: 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE
OFFERED, SOLD, PLEDGED, HYPOTHECATED, ASSIGNED OR TRANSFERRED EXCEPT PURSUANT TO (I) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT, (II) TO THE EXTENT APPLICABLE, RULE 144 UNDER THE ACT, OR (III) AN OPINION OF COUNSEL, IF SUCH OPINION SHALL
BE REASONABLY SATISFACTORY TO COUNSEL TO THE ISSUER, THAT AN EXEMPTION FROM REGISTRATION UNDER THE ACT IS AVAILABLE. 
  

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 (b) With respect to a transfer that should occur prior to the time that the Warrant or the Common Stock
issuable upon the exercise thereof is registered under the Securities Act or transferable pursuant to Rule 144 of the Act, such Holder shall request an opinion of counsel (which shall be rendered by counsel reasonably acceptable to the Company) that
the proposed transfer may be effected without registration or qualification under any Federal or state securities or blue sky law. 
 (c)
The Company shall maintain a register (the “Warrant Register”) in its principal office for the purpose of registering the Warrant and any transfer thereof, which register shall reflect and identify, at all times, the ownership of any
interest in the Warrant. Upon the issuance of this Warrant, the Company shall record the name of the initial purchaser of this Warrant in the Warrant Register as the first Holder. Upon surrender for registration of transfer or exchange of this
Warrant together with a properly executed Form of Assignment attached hereto as Exhibit C at the principal office of the Company, the Company shall, at its expense, execute and deliver one or more new Warrants of like tenor which shall be
exercisable for a like aggregate number of shares of Common Stock, registered in the name of the Holder or a transferee or transferees. 
 7.
Piggy-Back Registration Rights. In the event that Biovest International, Inc. plans to file a registration statement with the U. S. Securities and Exchange Commission covering shares of common stock of Biovest (“Registration
Statement”), Biovest shall provide written notice to Holder and Holder shall have 30 days to require in writing that all shares of common stock underlying the Warrant, to the extent vested, be covered in the Registration Statement. 

8. No Rights or Liability as a Stockholder. This Warrant does not entitle the Holder hereof to any voting rights or other rights as a
stockholder of the Company. No provisions hereof, in the absence of affirmative action by the Holder hereof to purchase Common Stock, and no enumeration herein of the rights or privileges of the Holder shall give rise to any liability of such Holder
as a stockholder of the Company. 
 9. Amendment or Waiver. This Warrant and any term hereof may be amended, waived, discharged or
terminated only by and with the written consent of the Company and the Holder. 
 10. Notices. Any notice or other communication (or
delivery) required or permitted hereunder shall be made in writing and shall be by registered mail, return receipt requested, telecopier, courier service or personal delivery to the Company at its principal office and to the Holder at its address as
it appears in the Warrant Register. All such notices and communications (and deliveries) shall be deemed to have been duly given: when delivered by hand, if personally delivered; when delivered by courier, if delivered by commercial overnight
courier service; five Business Days after being deposited in the mail, postage prepaid, if mailed; and when receipt is acknowledged, if telecopied. 
  

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 11. Governing Law. This Warrant shall be governed by and construed in accordance with the laws of
the State of New York, without regard to the principles of conflicts of law of such State. 
  

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 12. Headings. The headings in this Warrant are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof. 
  

			
	 BIOVEST INTERNATIONAL, INC.

		
	 By:
	 	 /s/ James McNulty

	 Name:
	 	James McNulty
	 Title:
	 	CFO-Secretary

  

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		 		 	 Exhibit A to Common
 Stock Purchase
Warrant

 INVESTMENT REPRESENTATION STATEMENT 
 Shares of Common Stock of 
 BIOVEST
INTERNATIONAL, INC. 
 In connection with the purchase through the exercise of a warrant of the above-listed shares of Common Stock (the
“Securities”), the undersigned hereby represents to Biovest International, Inc. (the “Company”) as follows: 
 The
Securities will be acquired for investment for its own account, not as a nominee or agent, and not with a view to the sale or distribution of any part thereof, and the undersigned has no present intention of selling, granting participation in or
otherwise distributing the same in violation of the Securities Act of 1933, as amended (the “Act”), but subject, nevertheless, to any requirement of law that the disposition of its property shall at all times be within its control. By
executing this Statement, the undersigned further represents that it does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer, or grant participations to such person or to any third person in violation of
the Act, with respect to any Securities issuable upon exercise of the Warrant. 
 The undersigned understands that the Securities issuable
upon exercise of the Warrant at the time of issuance may not be registered under the Act, and applicable state securities laws, on the ground that the issuance of such securities is exempt pursuant to Section 4(2) of the Act and/or Regulation D
- Rule 506 thereunder and state law exemptions relating to offers and sales not by means of a public offering, and that the Company’s reliance on such exemptions is predicated on the undersigned’s representations set forth herein.

 The undersigned recognizes that an investment in the Company involves substantial risks, too numerous and diverse to be adequately
described, summarized, or listed herein. It is aware of and understands the nature and potential for such risks in an investment of this kind. It acknowledges receipt of or access to all reports filed by the Company under the Securities Act and the
Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the twelve months preceding the date hereof (or such shorter period as the Company was required by law to file such reports) (the foregoing materials, being collectively
referred to herein as the “SEC Reports”). The undersigned has determined that the entering into this transaction is consistent with its investment objectives and that it is able to bear the substantial economic risks of losing its
investment in the Company. Among other factors and based on present circumstances it has taken into consideration, it can afford to hold the Securities for an indefinite period and can afford a complete loss of its investment It understands that no
governmental authority has passed on or made any recommendation or endorsement of the Securities. The undersigned understands that (A) the Securities have not been registered under the Securities Act or applicable state securities laws, and may
be offered and sold under an exemption from registration provided by such laws and the rules and regulations thereunder; (B) it must bear the economic risks of the Securities, because the Securities cannot be resold unless subsequently
registered under applicable securities laws or unless an exemption from such registration is available; and (C) the exemption provided by Rule 144 under the Securities Act may not be available because of the conditions and limitations of that
rule, in the absence of the availability of that rule any disposition by it of any or all of the Securities may require compliance with some other exemption under the 
  

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 Securities Act, and the Company is not under any obligation and does not plan to take any action in furtherance of making
that rule or any other exemption so available. It has been informed that legends referring to the restrictions indicated herein will be placed on documents evidencing or representing the Shares. 
 No representations or promises have been made concerning the marketability or value of the Securities. 
 The representations and warranties made by the undersigned herein are made by the undersigned with the intent that they be relied upon by the Company in
determining the compliance of issuance of the shares with exemptions from federal or state securities laws. 
 The following information is
needed to determine whether issuance of the Securities by the Company is legally permitted. 
 The undersigned understands that this
questionnaire is to enable the Company to discharge its responsibilities under federal and state securities laws and that the Company will rely on the information contained herein. Accordingly, the undersigned represents and warrants to the Company
that: 
 (a) the information contained herein is complete and accurate and may be relied on by the Company; and 
 The undersigned is an “Accredited Investor” within the meaning of Rule 501 of Regulation D of the Act, as presently in effect, because the
undersigned meets one or more of the following criteria (please check where appropriate): 
  ̈ (i) a natural person with individual net worth, or joint net worth with his/her spouse which presently exceeds $1,000,000; 
  ̈ (ii) a natural person with individual income
in excess of $200,000 in each of the two most recent years or joint income with his/her spouse in excess of $300,000 in each of those years and who has a reasonable expectation of reaching the same income level in the current year; 
 The undersigned agrees that in no event will it make a disposition of the Securities unless and until the Securities are registered under the Act or sold
pursuant to Rule 144, or (i) it shall have notified the Company of the proposed disposition and shall have furnished the Company with a statement of the circumstances surrounding the proposed disposition, and (ii) it shall have furnished
the Company with an opinion of counsel satisfactory to the Company and Company’s counsel to the effect that (A) appropriate action necessary for compliance with the Act and any applicable state securities laws has been taken or an
exemption from the registration requirements of the Act and such laws is available, and (B) the proposed transfer will not violate any of said laws. 
 The undersigned acknowledges that the Securities must be held indefinitely unless subsequently registered under the Act or an exemption from such registration is available. The undersigned is aware of the provisions
of Rule 144 promulgated under the Act which permit limited resale of shares purchased in a private placement subject to the satisfaction of certain conditions, including, among other things, the existence of a public market for the shares, the
availability of certain current public information about the Company, the resale occurring not less than one year after a party has purchased and paid for the security to be sold, the sale being through a “broker’s 
  

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 transaction” or in transactions directly with a “market makers” (as provided by Rule 144(f)) and the
number of shares being sold during any three-month period not exceeding specified limitations. 
  

					
	Dated:                     	 	  

		 	  (Typed or Printed Name)
			
		 	By:	 	  

		 		 	(Signature)
		
		 	  

		 	  (Title)

  

 12 

					
		 		 	 Exhibit B to Common
 Stock Purchase
Warrant

 [FORM OF] 
 ELECTION TO PURCHASE SHARES 
 The undersigned hereby irrevocably elects to exercise the Warrant to purchase
             shares of Common Stock, no par value (“Common Stock”), of BIOVEST INTERNATIONAL, INC. (the “Company”) and hereby makes payment of
$             therefor. The undersigned hereby requests that certificates for such shares be issued and delivered as follows: 
  

	ISSUE	TO:
                                        
                                        
                                        
                                        
                                     

 (NAME) 
                                       
                                        
                                        
                                        
                                        
                   
 (ADDRESS, INCLUDING ZIP
CODE) 
                                       
                                        
                                        
                                        
                                        
                   
 (SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER) 
  

	DELIVER	TO:
                                        
                                        
                                        
                                        
                               

 (NAME) 
                                       
                                        
                                        
                                        
                                        
                   
 (ADDRESS, INCLUDING ZIP
CODE) 
 If the number of shares of Common Stock purchased hereby is less than the number of shares of Common Stock covered by the Warrant,
the undersigned requests that a new Warrant representing the number of shares of Common Stock not purchased be issued and delivered as follows: 
  

	ISSUE	TO:
                                        
                                        
                                        
                                        
                                     

 (NAME OF HOLDER) 
                                       
                                        
                                        
                                        
                                        
                   
 (ADDRESS, INCLUDING ZIP
CODE) 
  

	DELIVER	TO:
                                        
                                        
                                        
                                        
                               

 (NAME OF HOLDER) 
                                       
                                        
                                        
                                        
                                        
                   
 (ADDRESS, INCLUDING ZIP
CODE) 
  

					
	Dated:                     	 	[NAME OF HOLDER1]
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

	1	Name of Holder must conform in all respects to name of Holder as specified on the face of the
Warrant. 

  

 13 

							
		 		 		 	 Exhibit C to Common
 Stock Purchase
Warrant

 [FORM OF] ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers unto the Assignee(s) named below all of the rights of the undersigned to purchase Common Stock, no par value (“Common Stock”), of
BIOVEST INTERNATIONAL, INC. represented by the Warrant, with respect to the number of shares of Common Stock set forth below: 
  

					
	Name of Assignee	  	Address	  	No. of Shares

  
 and does hereby irrevocably constitute and
appoint                              Attorney to make such transfer on the books of BIOVEST
INTERNATIONAL, INC. maintained for that purpose, with full power of substitution in the premises. 
  

					
	Dated:                     	 	[NAME OF HOLDER1]
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

	1	Name of Holder must conform in all respects to name of Holder as specified on the face of the Warrant. 

  

 14

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