Document:

Amendment to Promissory Note in the principal amount of $2,500,000 06/16/03

 Exhibit 4.1 
  

AMENDED AND RESTATED 
 AMENDMENT TO
PROMISSORY NOTE 
  
 *September 18, 2003* 
  
 WHEREAS, Biovest International, Inc. (“Biovest”) and Accentia, Inc.
(“Accentia”) are parties to that certain Promissory Note (“Promissory Note”) issued by Accentia to Biovest on June 16, 2003 in the principal amount of $2,500,000 originally due on September 16, 2003; and 
  
 WHEREAS, effective September 16, 2003, Biovest and Accentia entered into that
certain Amendment to Promissory Note (“First Note Amendment”); and 
  
 WHEREAS, the parties desire to make further amendments to the Promissory Note and to amend and restate the First Note Amendment in its entirety. 
  
 COMES NOW, Biovest and Accentia, for good and valuable consideration in hand received, hereby amend the Promissory Note by
amending and restating the First Note Amendment in its entirely so that the Promissory Note shall be amended in the following respects effective September 16, 2003 and so that the First Note Amendment shall read as follows: 
  
 All principal and interest under the Promissory Note shall be due and payable
as follows: $2,500,000 in principal and all accrued interest shall be due and payable on September 19, 2003; provided that in the event that by 5:00 P.M., New York Time on September 19, 2003 (1) Accentia has paid Biovest $600,000 (less any amounts
(“Amendment Expenses”) paid to Morrison Cohen Singer & Weinstein, LLP pursuant to clause (2) below, the “Extension Amount”) in exchange for Biovest’s agreement to further extend the due date for payment of the Promissory
Note, (2) Accentia has paid Morrison Cohen Singer Weinstein, LLP (on Biovest’s behalf) for Biovest’s legal fees of up to $15,000 plus disbursements incurred by Biovest in connection with, among other things, the negotiation, preparation,
execution and delivery of this Amended and Restated Amendment to Promissory Note, the First Note Amendment, the Amended and Restated Amendment to Escrow Agreement dated an even date herewith, and the Amendment to Escrow Agreement effective September
16, 2003, and (3) Biovest has paid all amounts due to Morrison Cohen Singer & Weinstein, LLP under that certain $885,538.47 promissory note made by Biovest in favor of Morrison Cohen Singer & Weinstein, LLP without any acceleration of
amounts due thereunder (namely, the $150,000 principal payment due September 16, 2003 plus accrued and unpaid interest on the entire unpaid principal amount of such note through the date hereof), then the due date for payment of the Promissory Note,
as amended, shall be further extended to October 16, 2003. 
  
 In
the event of any such further extension to October 16, 2003 of due date, then in connection with the timely payment in full of all amounts due under the Promissory Note (as amended hereby) Accentia shall be entitled to credit the Extension Amount
and Amendment Expenses (in each case, to the extent actually paid) towards Accentia’s payment obligations under the Promissory Note (as hereby amended). If Accentia fails so to pay any of the 
  

 obligations under the Promissory Note (as hereby amended) when due, the Extension Amount and Amendment Expenses (in each
case, to the extent paid in any such extension) shall, in the reasonable discretion of Biovest, be applied pro rata to the purchase price for Biovest shares purchased by Accentia on or about June 16, 2003 or accepted as a fee to extend the maturity
date of the Promissory Note; and under no circumstances shall Accentia be entitled to the return of the Extension Amount or any portion thereof or shall Biovest or any other party be obligated to reimburse or pay Accentia for any portion of the
Amendment Expenses. 
  
 The remainder of the Promissory Note shall
remain in full force and effect. 
  
 [REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK.] 
  

 2 

 IN WITNESS WHEREOF, the parties have executed and delivered this Amended and Restated Amendment to
Promissory Note on the date first above set forth with an effective date of September 16, 2003. 
  

	 Accentia, Inc.
  
	 	 Biovest International, Inc
  

	 By:    /s/    James A. McNulty    

	 	 By:    /s/    James A. McNulty    

	 James A. McNulty
	 	 James A. McNulty    

	 Chief Financial Officer
	 	 Chief Financial Officer

  
  
 CONSENT 
  
 COMES NOW, Christopher Kyriakides and expressly consents to the foregoing Amended and Restated Amendment to Promissory Note. This CONSENT is issued in
accordance with, and satisfaction of, the requirements of the Escrow Agreement dated June 16, 2003, between Biovest, Accentia and Escrow Agent. 
  

	 	 	 By:    /s/    Christopher Kyriakides

	 	 	 Christopher Kyriakides

  

 3Amended and Restated Amendment to Promissory Note

 Exhibit 4.2 
  

AMENDMENT TO PROMISSORY NOTE 
  
 COMES NOW, Biovest International, Inc. (“Biovest”) and Accentia, Inc. (“Accentia”), for good and valuable consideration in hand
received, hereby amend the Promissory Note issued by Accentia, Inc. to Biovest International, Inc. on June 16,2003 in the principal amount of $2,500,000 originally due on September 16,2003 (the “Promissory Note”) in the following respects
effective September 16, 2003: 
  
 All principal and interest under
the Promissory Note shall be due and payable as follows: $2,500,000 in principal and all accrued interest shall be due and payable on September 19, 2003; provided that in the event that by 5:00 P.M., New York Time on September 19, 2003 Accentia (1)
obtains a written agreement (“Wharburton Agreement”) from Wharburton Property Corp., Bailey Financial Consulting, Inc. and John J. Bailey (collectively, the “Wharburton Parties”) providing for the Wharburton Parties’
agreement to forbear the commencement of any action, arbitration claim or other proceeding against Biovest, whether in law or at equity or otherwise, until October 20, 2003, (2) pays Biovest $600,000 (less any cash amounts (“Wharburton
Amounts”) paid to the Wharburton Parties in connection with obtaining the Wharburton Agreement, the “Extension Amount”) in exchange for Biovest’s agreement to further extend the due date for payment of the Promissory Note, AND
(3) pays Morrison Cohen Singer Weinstein, LLP (on Biovest’s behalf) for Biovest’s legal fees of up to $15,000 plus disbursements incurred by Biovest in connection with, among other things, the negotiation, preparation, execution and
delivery of this Amendment, the Amendment to Escrow Agreement dated an even date herewith, and the Wharburton Agreement, then the due date for payment of the Promissory Note, as amended, shall be further extended to October 16, 2003. 
  
 In the event of any such further extension to October 16, 2003 of due date,
then in connection with the timely payment in full of all amounts due under the Promissory Note (as amended hereby) Accentia shall be entitled to credit the Extension Amount and the Wharburton Amount towards Accentia’s payment obligations under
the Promissory Note (as hereby amended). If Accentia failures so to pay any of the obligations under the Promissory Note (as hereby amended) when due, the Extension Amount and the Wharburton Amount (in each case, to the extent paid in any such
extension) shall, in the reasonable discretion of Biovest, be applied pro rata to the purchase price for Biovest shares purchased by Accentia on or about June 16, 2003 or accepted as a fee to extend the maturity date of the Promissory Note; and
under no circumstances shall Accentia be entitled to the return of the Extension Amount or any portion thereof or shall Biovest be obligated to reimburse or pay Accentia for any portion of the Wharburton Amount. 
  
 The remainder of the Promissory Note shall remain in full force and effect.

  

	 Accentia, Inc.
  
	 	 
	 By:    /s/    James A. McNulty    

	 	 
	 James A. McNulty
	 	 
	 Chief Financial Officer
	 	 

  

 1 

	 Biovest International, Inc.
  
	 	 
	 By:    /s/    James A. McNulty

	 	 
	 James A. McNulty
	 	 
	 Chief Financial Officer
	 	 

  
 CONSENT 
  
 COMES NOW, Christopher Kyriakides and expressly consents to the foregoing
Amendment to Promissory Note. This CONSENT is issued in accordance with, and satisfaction of, the requirements of the Escrow Agreement dated June 16, 2003, between Biovest, Accentia and Escrow Agent. 
  

	 	 	 By:    /s/    Christopher Kyriakides    

	 	 	 Christopher Kyriakides

  

 2Amended and Restated Amendment to Escrow Agreement

 Exhibit 10.1 
  
 AMENDED AND RESTATED 
 AMENDMENT TO ESCROW AGREEMENT 
  
 *September 18*

  
 WHEREAS, Biovest International, Inc. (“Biovest”) and
Accentia, Inc. (“Accentia”) entered into that certain escrow agreement dated June 16, 2003 (the “Escrow Agreement”) with Morrison Cohen Singer & Weinstein, LLP as escrow agent (the “Escrow Agreement”); 

 
 WHEREAS, the parties entered into an Amendment to Escrow Agreement
effective September 16, 2003 (the “First Escrow Agreement Amendment”); and 
  
 WHEREAS, Accentia and Biovest desire to amend and restate the First Escrow Agreement Amendment in its entirety. 
  
 COMES NOW, Biovest and Accentia, for good and valuable consideration in hand received, hereby amend and restate the First Escrow Agreement Amendment in
its entirety so that the Escrow Agreement shall be amended in the following respects effective September 16, 2003 and so that the First Escrow Agreement Amendment shall read as follows: 
  
 Paragraph 1.1 (a) (ii) of the Escrow Agreement is hereby amended to indicate that: 
  

	 	(A)	 	the due date for payment of the $2.5 Million Promissory Note and the date of the Second Closing are each revised to September 19, 2003; and 

  

	 	(B)	 	in the event that by 5:00 P.M., New York Time on September 19, 2003 (1) Accentia has paid Biovest $600,000 (less any cash amounts paid to Morrison Cohen Singer & Weinstein, LLP
pursuant to clause (2) below) in exchange for Biovest’s agreement to further extend the due date for payment of the $2.5M Promissory Note and the date of the Second Closing, (2) Accentia has paid Morrison Cohen Singer & Weinstein, LLP (on
Biovest’s behalf) for Biovest’s legal fees of up to $15,000 plus disbursements incurred by Biovest in connection with, among other things, the negotiation, preparation, execution, and delivery of this Amended and Restated Amendment to
Escrow Agreement, the First Escrow Agreement Amendment, the Amendment to $2.5M Promissory Note effective September 16, 2003, and the Amended and Restated Agreement to Promissory Note dated an even date herewith, and (3) Biovest has paid all amounts
due to Morrison Cohen Singer & Weinstein, LLP under that certain $885,538.47 promissory note made by Biovest in favor of Morrison Cohen Singer & Weinstein, LLP without any acceleration of amounts due 

  

 thereunder (namely, the $150,000 principal payment due September 16, 2003 plus accrued and unpaid
interest on the entire unpaid principal amount of such note through the date hereof), then the due date for payment of the $2.5 Million Promissory Note, as amended, and the date of the Second Closing shall be further extended to October 16, 2003.

  
 Paragraph 1.3 of the Escrow Agreement is hereby amended to
indicate that the Amendment to the $2.5 Million Promissory Note shall be placed into Escrow. 
  
 All references in the Escrow Agreement to the $2.5 Million Promissory Note, and/or satisfaction of that Note, shall be amended and deemed to refer to and include the $2.5 Million Note as amended by the
Amended and Restated Amendment to Promissory Note dated an even date herewith. 
  
 It is expressly understood and agreed that all requirements of satisfaction of the Escrow shall remain in full force and effect and the payment dates set forth in the Escrow Agreement (other than the due date of the
$2.5M Promissory Note which has been extended pursuant to Amendment to Note dated an even date herewith) shall remain intact. 
  
 The remainder of the Escrow Agreement shall remain in full force and effect. 
  
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 2 

 IN WITNESS WHEREOF, the parties have entered into this Amended and Restated Amendment to Escrow Agreement
on the date first above written with an effective date September 16, 2003. 
  

	 Accentia, Inc.
  
	 	 
	 By:     /s/ James A. McNulty

	 	 
	 James A. McNulty
	 	 
	 Chief Financial Officer
	 	 

  

	 Biovest International, Inc.
  
	 	 
	 By:     /s/ James A. McNulty

	 	 
	 James A. McNulty
	 	 
	 Chief Financial Officer
	 	 

  
 Escrow Agent, without prejudice to its
rights, entitlements and remedies under that certain $885,538.47 promissory note dated June 16, 2003 (it being understood that by the signature below, Escrow Agent is not waiving any rights under or amending any provisions of such note), hereby
acknowledges receipt of this Amended and Restated Amendment to Escrow Agreement and agrees to perform its obligations as Escrow Agent in accordance herewith. 
  
 MORRISON COHEN SINGER & WEINSTEIN, LLP, 
  

	 By:    /s/ Robert Cohen

	 	 
	 Robert Cohen
	 	 
	 	 	 

  
 CONSENT 
  
 COMES NOW, Christopher Kyriakides and expressly consents to the foregoing
Amended and Restated Amendment to Escrow Agreement. This CONSENT is issued in accordance with, and satisfaction of, the requirements of Paragraph 1.6 of the Escrow Agreement dated June 16, 2003, between Biovest, Accentia and Escrow Agent.

  

	 	 	 By:    /s/ Christopher Kyriakides

	 	 	 Christopher Kyriakides

  

 3

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