Document:

Common Stock Purchase Warrant, dated 8/16/05

 Exhibit 10.81 
  
 THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. THIS WARRANT AND THE COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT AS TO THIS WARRANT UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO ACCENTIA BIOPHARMACEUTICALS, INC. THAT SUCH REGISTRATION IS NOT REQUIRED. 
  
 Right to Purchase up to 277,778 shares of Common Stock of Accentia
Biopharmaceuticals, Inc. 
 (subject to adjustment as provided herein) 
  
 COMMON STOCK PURCHASE WARRANT 
  

			
	 No. __________
	  	Issue Date: August 16, 2005

  
 ACCENTIA
BIOPHARMACEUTICALS, INC., a corporation organized under the laws of the State of Florida (the “Company”), hereby certifies that, for value received, LAURUS MASTER FUND, LTD., or assigns (the “Holder”), is entitled, subject to the
terms set forth below, to purchase from the Company (as defined herein) from and after the Issue Date of this Warrant and at any time or from time to time before 5:00 p.m., New York time, through the close of business August 16, 2015 (the
“Expiration Date”), up to 277,778 fully paid and nonassessable shares of Common Stock, at the applicable Exercise Price per share (as defined below). The number and character of such shares of Common Stock and the applicable Exercise Price
per share are subject to adjustment as provided herein. 
  
 As
used herein the following terms, unless the context otherwise requires, have the following respective meanings: 
  
 (a) The term “Company” shall include Accentia Biopharmaceuticals, Inc. and any person or entity that shall succeed, or assume
the obligations of, Accentia Biopharmaceuticals, Inc. hereunder. 
  
 (b) The term “Common Stock” includes (i) the Company’s Common Stock, par value $0.001 per share; and (ii) any other securities into which or for which any of the securities described in the preceding
clause (i) may be converted or exchanged pursuant to a plan of recapitalization, reorganization, merger, sale of assets or otherwise. 
  
 (c) The term “Other Securities” refers to any stock (other than Common Stock) and other securities of the Company or any other
person (corporate or otherwise) which the holder of the Warrant at any time shall be entitled to receive, or shall have received, on the exercise of the Warrant, in lieu of or in addition to Common Stock, or which at any time shall be issuable or
shall have been issued in exchange for or in replacement of Common Stock or Other Securities pursuant to Section 4 or otherwise. 

 The “Exercise Price” applicable under this Warrant shall be equal to $0.001. 
  
 1. Exercise of Warrant. 
  
 1.1 Number of Shares Issuable upon Exercise. From and after the date
hereof through and including the Expiration Date, the Holder shall be entitled to receive, upon exercise of this Warrant in whole or in part, by delivery of an original or fax copy of an exercise notice in the form attached hereto as Exhibit A (the
“Exercise Notice”), shares of Common Stock of the Company, subject to adjustment pursuant to Section 4. 
  
 1.2 Fair Market Value. For purposes hereof, the “Fair Market Value” of a share of Common Stock as of a particular date (the
“Determination Date”) shall mean: 
  
 (a) If the Company’s Common Stock is traded on the American Stock Exchange or another national exchange or is quoted on the National or SmallCap Market of The Nasdaq Stock Market, Inc. (“Nasdaq”), then the closing or last
sale price, respectively, reported for the last business day immediately preceding the Determination Date. 
  
 (b) If the Company’s Common Stock is not traded on the American Stock Exchange or another national exchange or on the Nasdaq but is
traded on the NASD Over The Counter Bulletin Board, then the mean of the average of the closing bid and asked prices reported for the last business day immediately preceding the Determination Date. 
  
 (c) Except as provided in clause (d) below, if the
Company’s Common Stock is not publicly traded, then as the Holder and the Company agree or in the absence of agreement by arbitration in accordance with the rules then in effect of the American Arbitration Association, before a single
arbitrator to be chosen from a panel of persons qualified by education and training to pass on the matter to be decided. 
  
 (d) If the Determination Date is the date of a liquidation, dissolution or winding up, or any event deemed to be a liquidation,
dissolution or winding up pursuant to the Company’s charter, then all amounts to be payable per share to holders of the Common Stock pursuant to the charter in the event of such liquidation, dissolution or winding up, plus all other amounts to
be payable per share in respect of the Common Stock in liquidation under the charter, assuming for the purposes of this clause (d) that all of the shares of Common Stock then issuable upon exercise of the Warrant are outstanding at the Determination
Date. 
  
 1.3 Company Acknowledgment. The Company will, at
the time of the exercise of this Warrant, upon the request of the holder hereof acknowledge in writing its continuing obligation to afford to such holder any rights to which such holder shall continue to be entitled after such exercise in accordance
with the provisions of this Warrant. If the holder shall fail to make any such request, such failure shall not affect the continuing obligation of the Company to afford to such holder any such rights. 
  

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 1.4 Trustee for Warrant Holders. In the event that a bank or trust company shall have been
appointed as trustee for the holders of this Warrant pursuant to Subsection 3.2, such bank or trust company shall have all the powers and duties of a warrant agent (as hereinafter described) and shall accept, in its own name for the account of the
Company or such successor person as may be entitled thereto, all amounts otherwise payable to the Company or such successor, as the case may be, on exercise of this Warrant pursuant to this Section 1. 
  
 1.5 Further Exercise Limitation. Notwithstanding anything contained
herein to the contrary, the Holder shall not be entitled to exercise this Warrant, in whole or in part, prior to the earlier to occur of (i) two hundred seventy (270) days after the date hereof and (i) one hundred eighty (180) days after the date of
the initial public offering of Common Stock. The limitation described in this Section 1.5 shall automatically become null and void without any notice to any Company upon the occurrence and during the continuance of an Event of Default. 

 
 2. Procedure for Exercise. 
  
 2.1 Delivery of Stock Certificates, Etc., on Exercise. The Company
agrees that the shares of Common Stock purchased upon exercise of this Warrant shall be deemed to be issued to the Holder as the record owner of such shares as of the close of business on the date on which this Warrant shall have been surrendered
and payment made for such shares in accordance herewith. As soon as practicable after the exercise of this Warrant in full or in part, and in any event within three (3) business days thereafter, the Company at its expense (including the payment by
it of any applicable issue taxes) will cause to be issued in the name of and delivered to the Holder, or as such Holder (upon payment by such Holder of any applicable transfer taxes) may direct in compliance with applicable securities laws, a
certificate or certificates for the number of duly and validly issued, fully paid and nonassessable shares of Common Stock (or Other Securities) to which such Holder shall be entitled on such exercise, plus, in lieu of any fractional share to which
such holder would otherwise be entitled, cash equal to such fraction multiplied by the then Fair Market Value of one full share, together with any other stock or other securities and property (including cash, where applicable) to which such Holder
is entitled upon such exercise pursuant to Section 1 or otherwise. 
  
 2.2 Exercise. 
  
 (a) Payment may
be made either (i) in cash or by certified or official bank check payable to the order of the Company equal to the applicable aggregate Exercise Price, (ii) by delivery of this Warrant, or shares of Common Stock and/or Common Stock receivable upon
exercise of this Warrant in accordance with the formula set forth in subsection (b) below, or (iii) by a combination of any of the foregoing methods, for the number of Common Shares specified in such Exercise Notice (as such exercise number shall be
adjusted to reflect any adjustment in the total number of shares of Common Stock issuable to the Holder per the terms of this Warrant) and the Holder shall thereupon be entitled to receive the number of duly authorized, validly issued, fully-paid
and non-assessable shares of Common Stock (or Other Securities) determined as provided herein. 
  
 (b) Notwithstanding any provisions herein to the contrary, if the Fair Market Value of one share of Common Stock is greater than the
Exercise Price (at the date of 
  

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 calculation as set forth below), in lieu of exercising this Warrant for cash, the Holder may elect to
receive shares equal to the value (as determined below) of this Warrant (or the portion thereof being exercised) by surrender of this Warrant at the principal office of the Company together with the properly endorsed Exercise Notice in which event
the Company shall issue to the Holder a number of shares of Common Stock computed using the following formula: 
  

			
	X=	  	Y(A-B)
	 	  	    A
	Where X =	  	the number of shares of Common Stock to be issued to the Holder
		
	Y =	  	the number of shares of Common Stock purchasable under this Warrant or, if only a portion of this Warrant is being exercised, the portion of this Warrant being exercised (at the date of such
calculation)
		
	A =	  	the Fair Market Value of one share of the Company’s Common Stock (at the date of such calculation)
		
	B =	  	the Exercise Price per share (as adjusted to the date of such calculation)

  
 3. Effect of
Reorganization, Etc.; Adjustment of Exercise Price. 
  
 3.1
Reorganization, Consolidation, Merger, Etc. In case at any time or from time to time, the Company shall (a) effect a reorganization, (b) consolidate with or merge into any other person, or (c) transfer all or substantially all of its
properties or assets to any other person under any plan or arrangement contemplating the dissolution of the Company, then, in each such case, as a condition to the consummation of such a transaction, proper and adequate provision shall be made by
the Company whereby the Holder, on the exercise hereof as provided in Section 1 at any time after the consummation of such reorganization, consolidation or merger or the effective date of such dissolution, as the case may be, shall receive, in lieu
of the Common Stock (or Other Securities) issuable on such exercise prior to such consummation or such effective date, the stock and other securities and property (including cash) to which such Holder would have been entitled upon such consummation
or in connection with such dissolution, as the case may be, if such Holder had so exercised this Warrant, immediately prior thereto, all subject to further adjustment thereafter as provided in Section 4. 
  
 3.2 Dissolution. In the event of any dissolution of the Company
following the transfer of all or substantially all of its properties or assets, the Company, concurrently with any distributions made to holders of its Common Stock, shall at its expense deliver or cause to be delivered to the Holder the stock and
other securities and property (including cash, where applicable) receivable by the Holder pursuant to Section 3.1, or, if the Holder shall so instruct the Company, to a bank or trust company specified by the Holder and having its principal office in
New York, NY as trustee for the Holder. 
  
 3.3 Continuation of
Terms. Upon any reorganization, consolidation, merger or transfer (and any dissolution following any transfer) referred to in this Section 3, this Warrant 
  

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 shall continue in full force and effect and the terms hereof shall be applicable to the shares of stock and other
securities and property receivable on the exercise of this Warrant after the consummation of such reorganization, consolidation or merger or the effective date of dissolution following any such transfer, as the case may be, and shall be binding upon
the issuer of any such stock or other securities, including, in the case of any such transfer, the person acquiring all or substantially all of the properties or assets of the Company, whether or not such person shall have expressly assumed the
terms of this Warrant as provided in Section 4. In the event this Warrant does not continue in full force and effect after the consummation of the transactions described in this Section 3, then the Company’s securities and property (including
cash, where applicable) receivable by the Holder will be delivered to the Holder or the Trustee as contemplated by Section 3.2. 
  
 4. Extraordinary Events Regarding Common Stock. In the event that the Company shall (a) issue additional shares of the Common Stock as a dividend
or other distribution on outstanding Common Stock or any preferred stock issued by the Company, (b) subdivide its outstanding shares of Common Stock, (c) combine its outstanding shares of the Common Stock into a smaller number of shares of the
Common Stock, then, in each such event, the Exercise Price shall, simultaneously with the happening of such event, be adjusted by multiplying the then Exercise Price by a fraction, the numerator of which shall be the number of shares of Common Stock
outstanding immediately prior to such event and the denominator of which shall be the number of shares of Common Stock outstanding immediately after such event, and the product so obtained shall thereafter be the Exercise Price then in effect. The
Exercise Price, as so adjusted, shall be readjusted in the same manner upon the happening of any successive event or events described herein in this Section 4. The number of shares of Common Stock that the holder shall thereafter, on the exercise
hereof as provided in Section 1, be entitled to receive shall be adjusted to a number determined by multiplying the number of shares of Common Stock that would otherwise (but for the provisions of this Section 4) be issuable on such exercise by a
fraction of which (a) the numerator is the Exercise Price that would otherwise (but for the provisions of this Section 4) be in effect, and (b) the denominator is the Exercise Price in effect on the date of such exercise (taking into account the
provisions of this Section 4). 
  
 5. Certificate as to
Adjustments. In each case of any adjustment or readjustment in the shares of Common Stock (or Other Securities) issuable on the exercise of this Warrant, the Company at its expense will upon the Holder’s request promptly cause its Chief
Financial Officer or other appropriate designee to compute such adjustment or readjustment in accordance with the terms of this Warrant and prepare a certificate setting forth such adjustment or readjustment and showing in detail the facts upon
which such adjustment or readjustment is based, including a statement of (a) the consideration received or receivable by the Company for any additional shares of Common Stock (or Other Securities) issued or sold or deemed to have been issued or
sold, (b) the number of shares of Common Stock (or Other Securities) outstanding or deemed to be outstanding, and (c) the Exercise Price and the number of shares of Common Stock to be received upon exercise of this Warrant, in effect immediately
prior to such adjustment or readjustment and as adjusted or readjusted as provided in this Warrant. The Company will forthwith mail a copy of each such certificate to the holder and any Warrant agent of the Company (appointed pursuant to Section 11
hereof). 
  

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 6. Reservation of Stock, Etc., Issuable on Exercise of Warrant. The Company will at all times
reserve and keep available, solely for issuance and delivery on the exercise of this Warrant, shares of Common Stock (or Other Securities) from time to time issuable on the exercise of this Warrant. 
  
 7. Assignment; Exchange of Warrant. Subject to compliance with
applicable securities laws, this Warrant, and the rights evidenced hereby, may be transferred by any registered holder hereof (a “Transferor”) in whole or in part. On the surrender for exchange of this Warrant, with the Transferor’s
endorsement in the form of Exhibit B attached hereto (the “Transferor Endorsement Form”) and together with evidence reasonably satisfactory to the Company demonstrating compliance with applicable securities laws, which shall include,
without limitation, a legal opinion from the Transferor’s counsel (at the Company’s expense) that such transfer is exempt from the registration requirements of applicable securities laws, the Company at its expense (but with payment by the
Transferor of any applicable transfer taxes) will issue and deliver to or on the order of the Transferor thereof a new Warrant of like tenor, in the name of the Transferor and/or the transferee(s) specified in such Transferor Endorsement Form (each
a “Transferee”), calling in the aggregate on the face or faces thereof for the number of shares of Common Stock called for on the face or faces of the Warrant so surrendered by the Transferor. 
  
 8. Replacement of Warrant. On receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of any such loss, theft or destruction of this Warrant, on delivery of an indemnity agreement or security reasonably satisfactory in form and
amount to the Company or, in the case of any such mutilation, on surrender and cancellation of this Warrant, the Company at its expense will execute and deliver, in lieu thereof, a new Warrant of like tenor. 
  
 9. Registration Rights. The Holder has been granted certain
registration rights by the Company. These registration rights are set forth in a Registration Rights Agreement entered into by the Company and Holder dated as of the date hereof, as the same may be amended, modified and/or supplemented from time to
time. 
  
 9.1 Maximum Exercise. Notwithstanding anything
contained herein to the contrary, the Holder shall not be entitled to exercise this Warrant in connection with that number of shares of Common Stock which would exceed the difference between (i) 4.99% of the issued and outstanding shares of Common
Stock and (ii) the number of shares of Common Stock beneficially owned by the Holder. For purposes of the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of
1934, as amended, and Regulation 13d-3 thereunder. The limitation described in the first sentence of this Section 10 shall automatically become null and void without any notice to the Company upon the occurrence and during the continuance of an
Event of Default (as defined in the Security Agreement dated as of the date hereof among the Holder, the Company and various subsidiaries of the Company, as amended, modified, restated and/or supplemented from time to time), or upon 75 days prior
notice to the Company. 
  
 10. Warrant Agent. The Company
may, by written notice to the each Holder of the Warrant, appoint an agent for the purpose of issuing Common Stock (or Other Securities) on the 
  

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 exercise of this Warrant pursuant to Section 1, exchanging this Warrant pursuant to Section 7, and replacing this Warrant
pursuant to Section 8, or any of the foregoing, and thereafter any such issuance, exchange or replacement, as the case may be, shall be made at such office by such agent. 
  
 11. Transfer on the Company’s Books. Until this Warrant is transferred on the books of the Company, the Company
may treat the registered holder hereof as the absolute owner hereof for all purposes, notwithstanding any notice to the contrary. 
  
 12. Notices, Etc. All notices and other communications from the Company to the Holder shall be mailed by first class registered or certified mail,
postage prepaid, at such address as may have been furnished to the Company in writing by such Holder or, until any such Holder furnishes to the Company an address, then to, and at the address of, the last Holder who has so furnished an address to
the Company. 
  
 13. Miscellaneous. This Warrant and any
term hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. ANY ACTION BROUGHT CONCERNING THE TRANSACTIONS CONTEMPLATED BY THIS WARRANT SHALL BE BROUGHT ONLY IN STATE COURTS OF NEW YORK OR IN THE FEDERAL
COURTS LOCATED IN THE STATE OF NEW YORK; PROVIDED, HOWEVER, THAT THE HOLDER MAY CHOOSE TO WAIVE THIS PROVISION AND BRING AN ACTION OUTSIDE THE STATE OF NEW YORK. The individuals executing this Warrant on behalf of the Company agree to submit to the
jurisdiction of such courts and waive trial by jury. The prevailing party shall be entitled to recover from the other party its reasonable attorneys’ fees and costs. In the event that any provision of this Warrant is invalid or unenforceable
under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove
invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of this Warrant. The headings in this Warrant are for purposes of reference only, and shall not limit or otherwise affect any of the terms
hereof. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision hereof. The Company acknowledges that legal counsel participated in the preparation of this Warrant and,
therefore, stipulates that the rule of construction that ambiguities are to be resolved against the drafting party shall not be applied in the interpretation of this Warrant to favor any party against the other party. 
  
 [BALANCE OF PAGE INTENTIONALLY LEFT BLANK; 
 SIGNATURE PAGE FOLLOWS] 
  

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 IN WITNESS WHEREOF, the Company has executed this Warrant as of the date first written above. 

 

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

	 	 	Name:	 	Francis E. O’Donnell, Jr., M.D.
	 /s/ Alan Pearce

	 	Title:	 	Chairman & CEO

  

 8 

 EXHIBIT A 
  

FORM OF SUBSCRIPTION 
 (To Be Signed
Only On Exercise Of Warrant) 
  

			
	 TO:
	  	 Accentia Biopharmaceuticals, Inc.

		
	 	  	 ____________________

		
	 	  	 ____________________

  

	 	Attention:	        Chief Financial Officer 

  
 The undersigned, pursuant to the provisions set forth in the attached Warrant
(No.            ), hereby irrevocably elects to purchase (check applicable box): 
  

			
	 _______
	  	_______shares of the common stock covered by such warrant; or
		
	 _______
	  	the maximum number of shares of common stock covered by such warrant pursuant to the cashless exercise procedure set forth in Section 2.

  
 The undersigned
herewith makes payment of the full Exercise Price for such shares at the price per share provided for in such Warrant, which is $            . Such payment takes the form of (check
applicable box or boxes): 
  

			
	_______	  	$_______ in lawful money of the United States; and/or
		
	_______	  	the cancellation of such portion of the attached Warrant as is exercisable for a total of              shares of Common
Stock (using a Fair Market Value of $             per share for purposes of this calculation); and/or
		
	_______	  	the cancellation of such number of shares of Common Stock as is necessary, in accordance with the formula set forth in Section 2.2, to exercise this Warrant with respect to the maximum number
of shares of Common Stock purchasable pursuant to the cashless exercise procedure set forth in Section 2.

  
 The undersigned
requests that the certificates for such shares be issued in the name of, and delivered to
                                        
                     whose address is
                                        
                                        
                    . 
  
 The undersigned represents and warrants that all offers and sales by the undersigned of the securities issuable upon exercise of the within Warrant shall
be made pursuant to registration of the Common Stock under the Securities Act of 1933, as amended (the “Securities Act”) or pursuant to an exemption from registration under the Securities Act. 
  

					
	 Dated:
                                    
	 	  

	 	 	(Signature must conform to name of holder as specified on the face of the Warrant)
			
	 	 	 Address:
	 	  

			
	 	 	 	 	  

  

 9 

 EXHIBIT B 
  

FORM OF TRANSFEROR ENDORSEMENT 
 (To
Be Signed Only On Transfer Of Warrant) 
  
 For value received, the
undersigned hereby sells, assigns, and transfers unto the person(s) named below under the heading “Transferees” the right represented by the within Warrant to purchase the percentage and number of shares of Common Stock of Accentia
Biopharmaceuticals, Inc. into which the within Warrant relates specified under the headings “Percentage Transferred” and “Number Transferred,” respectively, opposite the name(s) of such person(s) and appoints each such person
Attorney to transfer its respective right on the books of Accentia Biopharmaceuticals, Inc. with full power of substitution in the premises. 
  

							
	 Transferees

	 	 Address

	 	 Percentage Transferred

	  	Number Transferred

  
  
  
  
  
  

							
	Dated:	 	______________	 	  

	 	 	 	 	(Signature must conform to name of holder as specified on the face of the Warrant)
	 	 	 	 	Address:	 	  

	 	 	 	 	 	 	  

			
	 	 	 	 	SIGNED IN THE PRESENCE OF:
	 	 	 	 	  

	 	 	 	 	(Name)

  

	
	ACCEPTED AND AGREED:
	[TRANSFEREE]
	  

	(Name)

  

 10Bridge Loan Agreement, dated 8/16/05

 Exhibit 10.82 
  
 BRIDGE LOAN AGREEMENT 
  
 THIS BRIDGE LOAN AGREEMENT (this “Agreement”) is made by and between Accentia Biopharmaceuticals, Inc. (the “Company”) and
Hopkins Capital Group II, LLC (the “Lender”).  
  
 WHEREAS, the Company desires to have a Bridge Loan Agreement for up to $7,500,000 (the “Line of Credit”); 
  
 WHEREAS, the Company requested that Lender provide the Line of Credit; 
  
 WHEREAS, the owners and managers of Lender have certain equity interests in the Company and desire that the Company
have access to the requested Line of Credit; 
  
 WHEREAS,
the Lender is willing to make the requested debt facility available to the Company on the terms and conditions contained in the herein; and 
  
 NOW, THEREFORE, in consideration of the premises and the mutual agreements contained herein, the parties hereto agree as follows: 
  
 ARTICLE 1. 
  
 RECITALS AND DEFINITIONS 
  
 1.1 Incorporation of Recitals. It is expressly agreed that the
recitals to this Agreement are incorporated herein and made an operative part of this Agreement. 
  
 1.2 Defined Terms. As used in this Agreement, the following terms shall have the following meanings. Other capitalized terms are defined elsewhere
herein. 
  
 “Advance” shall mean the amount of
approximately $4,200,000 that was advanced by Lender to the Company through the date hereof and which Advance constitutes part of the Facility Amount. 
  
 “Commitment Termination Date” shall mean the first to occur of: (i) the date on which the Company’s IPO is completed and closed or (ii) the
total indebtedness owed to Laurus Mater Fund, Ltd. by the Company does not exceed $2,500,000. 
  
 “Default” shall have the meaning specified in Section 7.1. 
  
 “Effective Date” of this Agreement and the Facility shall mean the date on which this Agreement is signed by the last party required on the
signature page to execute same. 
  
 “Event of Default”
shall mean any of the events specified herein; provided that any requirement for the giving of notice, the lapse of time, or both, or any other condition, has been satisfied. 
  
 “Maturity Date” shall mean the earlier of: (i) twenty-four (24) months from the Effective Date or (ii) a debt or
equity financing transaction by the Company in an amount in excess of $35,000,000 net of commissions, discounts and placement fees. 
  

 1 

 “Facility” shall mean the $7,500,000 Line of Credit to be provided by the Lender to the Company
pursuant to this Agreement. 
  
 “Facility Amount” shall
mean $7,500,000. 
  
 “IPO” shall mean the initial public
offering of the capital stock of Accentia. 
  
 1.3 Other
Definitional Provisions. 
  
 (a) The words
“hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, subsection and
Exhibit references are to this Agreement unless otherwise specified. 
  
 (b) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. 
  
 (c) “Includes” “including” and like expressions are not limiting, i.e., “including” implies “including, without
limitation,” etc. 
  
 (d) “Or” shall have the
meaning ordinarily attributed to “and/or.” 
  
 ARTICLE
2. 
  
 THE LOANS 
  
 2.1 Agreement to Make Loans. Lender agrees to loan up to the Facility
Amount (giving effect to the Advance) to the Company in accordance with the terms and conditions hereof. Lenders obligation to make Loans hereunder is subject to the following funding requirements: 
  
 (a) for all Loans up to an aggregate principal amount of $5,000,000, Lender
shall fund with in ten (10) days following written notice of Demand issued by the Company; and 
  
 (b) for all Loans in excess of the aggregate principal amount of $5,000,000, funding is conditioned on the Company satisfying one of the following: (i) the Company’s aggregate cash on hand must be less than
$5,000,000, (ii) a continuing material default must exist in any Funding Document as defined in the Omnibus Amendment and Consent Agreement dated August 12, 2005 between the Company and Laurus Master Fund, Ltd, or (iii) the Lender must consent in
writing to the Company’s Demand. 
  
 Notwithstanding the
aggregate amount of Loans then made, Lender’s obligation to continue to make loans hereunder shall terminate on the Commitment Termination Date. 
  
 As used herein, the term “Loan” or “Loans” shall mean the loans made by the Lender in accordance with this Section 2.1. Any Loan, when
repaid, may not be re-borrowed. 
  
 2.2 Notes. In order to
evidence each Loan made under this Facility, the Lender may require the Company to execute and deliver to Lender a promissory note substantially in the form of Exhibit A hereto (each, a “Note”), payable to the order of the Lender
and in a principal amount 
  

 2 

 equal to the amount loaned. In the absence of a Note for any (or all Loans), Lender’s cancelled check or, in the
absence of a cancelled check, the Company’s books, shall serve as confirmation of the Loan and the Loan shall have the terms provided in this Agreement. 
  
 2.3 Procedure for Making Loans. 
  
 (a) Subject to the terms and conditions herein, each Loan shall be in amounts requested by the Company and shall be in accordance with this Section 2.3.
The Funding Date shall be least ten (10) Business Days’ following written notice of Demand (unless the Lender in its sole discretion consents to a shorter period of notice). 
  
 (b) On the Funding Date specified in such notice, the Lender shall make the Loan available to the Company by check.

  
 2.4 Repayment of Loan Amounts. The Loans shall be due
and payable by the Company, together with all accrued and unpaid interest thereon, on the Maturity Date, provided that: (i) there is no continuing material default in any Funding Document as defined in the Omnibus Amendment and Consent Agreement
dated August 12, 2005 between the Company and Laurus Master Fund, Ltd, and (ii) at such time of proposed repayment, the total principal amount of outstanding indebtedness owed by the Company to Laurus Master Fund, Ltd. does not exceed $2,500,000. If
the forgoing provisions are not satisfied on the Maturity Date, the loan shall be due and payable on the first date on which such provisions have been fully satisfied. 
  
 Unless a payment is received at a time when no Default or Event of Default exists and is earmarked for a specific purpose
(e.g., a periodic interest payment), the general rule for application of payments to the Obligations shall call for application: (i) first, to accrued expense or indemnity Obligations then due under this Agreement or any Note; (ii) second, to
accrued interest under any Note; and (iii) third, to principal of the Loans. 
  
 ARTICLE 3. 
  
 OTHER
LOAN-RELATED PROVISIONS 
  
 3.1 Interest Rate and
Payments. Interest shall be charged at a rate of four and one quarter per cent (4.25%) per annum (the “Contract Rate”). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears.

  
 3.2 Subordination. All indebtedness owed by the Company
and its Subsidiaries to the Lender and its Affiliates shall be unsecured and is subordinated as to repayment to the indebtedness owed by the Company to Laurus Master Fund, Ltd. and McKesson Corporation. 
  
 ARTICLE 4. 
  
 REPRESENTATIONS, WARRANTS AND COVENANTS OF THE COMPANY 
  
 The Company hereby represents, warrants and covenants to the Lender as of the
date hereof that: 
  

 3 

 4.1 Existence. The Company: (a) is duly organized, validly existing and in good standing under the
laws of the State of Florida and (b) has the power and authority, and the legal right, to own and operate its property, to lease the property it operates as lessee and to conduct the business in which it is currently engaged. 
  
 4.2 Power: Authorization: Enforceable Obligations. The Company: (i)
has the power and authority, and the legal right, to make, deliver and perform this Agreement, entered into the Facility, borrow funds from Lender, and execute Loans hereunder. (ii) has taken all necessary action to authorize the execution, delivery
and performance of this Agreement, and the borrowing of the Loans on the terms and conditions of this Agreement. No consent or authorization of, filing with, notice to or other similar act by or in respect of, any Governmental Authority or any other
Person (including Persons who are beneficiaries of Contractual Obligations of the Company) is required to be obtained or made by or on behalf of the Company in connection with the execution, delivery, performance, validity or enforceability of this
Agreement. This Agreement has been duly executed and delivered by the Company. This Agreement constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms except as enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and except as enforceability may be subject to general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or at law). 
  
 4.3 No Legal or Contractual Bar. The borrowing of the Loans hereunder and the use of the proceeds thereof by the Company: (a) do not and will not violate any Requirement of Law or Contractual Obligation of the Company or permit the
acceleration of any obligation of the Company pursuant to any such Contractual Obligation and (b) do not and will not result in, or require, the creation of imposition of any Lien on any of the Company’s properties or revenues pursuant to any
such Requirement of Law or Contractual Obligation. 
  
 4.4
Brokers. No broker or finder has acted for the Company in connection with this Agreement or the transactions contemplated thereby, and no broker or finder is entitled to any brokerage or finder’s fees or other commission in respect of
such transactions based in any way on agreements, arrangements or understandings made by or on behalf of the Company. 
  
 4.5 Waiver. The Company has waived any potential conflict of interest which could otherwise ever be asserted against the Lender and its managers
and owners arising out of matters relating to this Agreement or the Facility. 
  
 ARTICLE 5. 
  
 REPRESENTATIONS AND WARRANTIES OF THE LENDER 
  
 The Lender hereby represents and warrants to the Company that: 
  
 5.1 Existence. The Lender: (a) is duly organized, validly existing and in good standing under the laws of its State of organization and (b) has the power and authority, and the legal right, to own and operate
its property, to lease the property it operates as lessee and to conduct the business in which it is currently engaged. 
  
 5.2 Power: Authorization: Enforceable Obligations. The Lender: (i) has the power and authority, and the legal right, to make, deliver and perform
this Agreement, and to lend funds to the Company hereunder, (ii) has taken all necessary action to authorize the execution, delivery 
  

 4 

 and performance of this Agreement. No consent or authorization of, filing with, notice to or other similar act by or in
respect of, any Governmental Authority or any other Person (including Persons who are beneficiaries of Contractual Obligations of the Company) is required to be obtained or made by or on behalf of the Lender in connection with the execution,
delivery, performance, validity or enforceability of this Agreement. This Agreement has been duly executed and delivered by the Lender. This Agreement constitutes the legal, valid and binding obligation of the Lender, enforceable against the Lender
in accordance with its terms except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and except as enforceability may be subject to general
principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 
  
 ARTICLE 6. 
  
 CONDITIONS OF LENDING 
  
 The obligation of the
Lender to make any Loan hereunder is subject to the following conditions precedent, each of which may be waived in the discretion of the Lender: 
  
 6.1 Representations and Warranties. Each of the representations and warranties made by the Company pursuant to this Agreement (or in any amendment,
modification or supplement hereto or thereto) shall, except to the extent that they relate to a particular date, be true and correct in all material respects on and as of such date as if made on and as of such date. 
  
 6.2 No Default. The Company shall have complied with each and every
covenant and agreement applicable to it contained in this Agreement and no Event of Default shall have occurred and be continuing on such date or after giving effect to the applicable Loan. 
  
 6.3 Other Documentation. The Lender shall have received such
other documentation and information as it may reasonably request. 
  
 ARTICLE 7. 
  
 EVENTS OF DEFAULT 

 
 7.1 Event of Default. The following are Events of Default under
this Agreement and under all Loans and Notes hereunder: 
  
 (a)
The Company shall fail to pay: (i) any principal of the Loan when due in accordance with the terms hereof of (ii) any interest on the Loan, in either case within then (10) Business Days of the date when due in accordance with the terms hereof; or

  
 (b) The Company shall default in the observance or performance
of any other covenant or agreement contained in this Agreement and such default continues for fifteen (15) days after the date that the Lender has given written notice to the Company specifying such default and requiring that it be remedied; or

  
 (c) (i) The Company shall commence any case, proceeding or
other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, 
  

 5 

 insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or
seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, (B) seeking appointment of a receiver, trustee,
custodian, conservator or other similar official for it or for all or any substantial part of its assets, or the Company shall make a general assignment for the benefit of its creditors, or (C) cease doing business in the ordinary course; or (ii)
there shall be commenced against the Company any case, proceeding or other action or a nature referred to in clause (i) above which (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed,
undischarged, unstayed or unbonded for a period of 60 days; or (iii) there shall be commenced against the Company any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all
or any substantial part of its assets which results in the entry of an order for such relief which shall not have been vacated, discharged, stayed or bonded pending appeal within 50 days from the entry thereof; or (iv) the Company shall take any
corporate action in furtherance of, or indicating its consent to, approval of or acquiescence in any of the acts set fort in clause (i), (ii), or (iii) above; or (v) the Company shall be generally unable to, or shall admit in writing its general
inability to, pay its debts as they become due; or 
  
 (d) Any
representation or warranty made by the Company under this Agreement shall be false or incorrect in any material respect on the date such representation or warranty was made; or 
  
 (e) This Agreement or any Note shall, for any reason, fail or cease to be enforceable in any material respect; 

 
 then, and in any such event, (A) if such event is an Event of Default
specified in clause (i) or (ii) of subsection (c) above, with respect to the Company, automatically the Loan hereunder (with accrued interest thereon) and all other amounts owing under this Agreement or any Note shall immediately become due and
payable, (B) if such event is any other Event of Default, the Lender may, by written notice to the Company, declare the Loan hereunder (with accrued but unpaid interest thereon) and all other amounts owing under this Agreement or any Note to be due
and payable forthwith, whereupon the same shall immediately become due and payable, (C) the Lender may exercise all rights and remedies available to it in equity, at law, or pursuant to the provisions of this Agreement or otherwise, (D) the Lender
may terminate its commitment to make any future Loans to the Company (and such commitment automatically shall terminate if such event is an Event of Default specified in clause (i) or (ii) of subsection (c) above with respect to the Company).

  
 7.2 Remedies Not Exclusive. The remedies conferred upon
or reserved to the Lender are intended to be in addition to, and not in limitation of, any other remedy or remedies available to the Lender. 
  
 ARTICLE 8. 
  
 MISCELLANEOUS 
  
 8.1 Amendments. This Agreement and any terms hereof may not be amended, supplemented or modified except pursuant to a writing signed by both the Lender and the Company, provided however that this Agreement can
not be amended without the written consent of Laurus. 
  

 6 

 8.2 Notices. All notices, requests and demands to or upon the respective parties hereto be
effective shall be in writing (including by facsimile transmission), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered: (a) by hand, upon receipt or (b) three (3) days after being
deposited in the mail, postage prepaid, or (c) in the case of facsimile transmission notice, when received (with confirmation of receipt), or (d) in the case of delivery by a nationally recognized overnight courier, when received, in each case
addressed to such addresses or fax number as may be hereafter notified by the respective parties hereto. 
  
 8.3 Successors and Assigns. The Company may not assign its rights or obligations under this Agreement or the Note without the consent of the
Lender. Lender may assign its interests in this Agreement or any Note issued hereunder. This Agreement shall be binding upon and inure to the benefit of the Company and the Lender and their respective successors and permitted assigns. 
  
 8.4 Severability. Any provision of this Agreement which is prohibited
or enforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability in any jurisdiction shall not invalidate or render enforceable such provision in any other jurisdiction.

  
 8.5 Governing Law. THIS AGREEMENT AND ANY NOTE AND THE
RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT AND ANY NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF FLORIDA, WITHOUT REGARD TO ANY CONFLICTS OF LAW PROVISIONS THEREOF.

  
 IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed and delivered on their behalf as of the date first above written. 
  

			
	LENDER:
	
	 Hopkins Capital Group II, LLC

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

	 	 	 Francis E. O’Donnell, Jr., M.D., Managing Member

	
	 Date: August 16, 2005

	
	COMPANY:
	
	 Accentia Biopharmaceuticals, Inc.

		
	 BY:
	 	 /s/ Martin G. Baum

	 	 	 Martin G. Baum, President and Chief Operating Officer,
 Specialty Pharmaceuticals

	
	 Date: August 16, 2005

  

 7 

 BRIDGE LOAN PROMISSORY NOTE 
  
 $4,180,000 
  
 FOR VALUE RECEIVED, the undersigned, ACCENTIA BIOPHARMACEUTICALS, INC. (the “Payor” or the “Company”), having its executive office and
principal place of business in Tampa, Florida, hereby promises to pay to HOPKINS CAPITAL GROUP II, INC. (the “Payee”) at such place as the Payee shall hereinafter specify in writing, Four Million One Hundred Eighty Thousand Dollars and No
Cents ($4,180,000.00) in lawful money of the United States, with interest at the rate of four and one quarter per cent (4.25%) per annum (the “Contract Rate”). Interest shall be (i) calculated on the basis of a 360 day year, and (ii)
payable monthly, in arrears. 
  
 All principal and interest under
this Note shall be due and on the Maturity Date, provided that: (i) there is no continuing material default in any Funding Document as defined in the Omnibus Amendment and Consent Agreement dated August 12, 2005 between the Company and Laurus Master
Fund, Ltd, and (ii) at such time of proposed repayment, the total principal amount of outstanding indebtedness owed by the Company to Laurus Master Fund, Ltd. does not exceed $2,500,000. If the forgoing provisions are not satisfied on the Maturity
Date, the loan shall be due and payable on the first date on which such provisions have been fully satisfied. “Maturity Date” shall mean the earlier of: (i) twenty-four (24) months from the Effective Date or (ii) a debt or equity financing
transaction by the Company in an amount in excess of $35,000,000 net of discounts, commissions and placement fees. 
  
 This BRIDGE LOAN PROMISSORY NOTE is unsecured and is subordinated as to repayment to the indebtedness owed by the Company to Laurus Master Fund, Ltd. and
McKesson Corporation. 
  
 The Company waives all rights to notice,
presentment, or demand for repayment. 
  
 In the event suit is
instituted to collect this Note and if the Payee is the prevailing party in such suit, the undersigned agrees to pay all costs of collection, including reasonable attorneys’ fees and costs as may be awarded by the court. This Note shall be
governed by and construed under the laws of the State of Delaware. 
  

			
	 ACCENTIA BIOPHARMACEUTICALS, INC.
	  	Date: August 16, 2005

  

			
	 By:
	 	 /s/ Martin G. Baum

	 Its:
	 	 President and Chief Operating Officer, Specialty Pharmaceuticals

  

 8

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