Document:

Form of 8.5% Secured Convertible Debenture

 Exhibit 10.16 
 Original Issue Date: November 17, 2010 
 Original Conversion Price (subject to
adjustment herein): $1.25 
 Original Exchange Price (subject to adjustment herein): $0.75 

$             

8.50% SECURED CONVERTIBLE DEBENTURE 
 DUE MAY 17, 2012 
 THIS 8.50% SECURED CONVERTIBLE DEBENTURE
is the duly authorized and validly issued 8.50% Secured Convertible Debenture of Accentia Biopharmaceuticals, Inc., a Florida corporation (the “Company”), having its principal place of business at 324 South Hyde Park Avenue, Suite
350, Tampa, Florida 33606, designated as its 8.50% Secured Convertible Debenture due May 17, 2012 (this debenture, the “Debenture” and, collectively with the other debentures issued under Article 5.6.1 of the Plan, the
“Debentures”). This Debenture, the Conversion Shares issuable upon conversion of this Debenture, and the BVTI Shares issuable upon exchange of this Debenture are issued by the Company, pursuant to Section 1145 of the Bankruptcy
Code and Article 5.6.1 of the Plan, in exchange for the Holder’s claims against the Company, and are exempt from the requirements of Section 5 of the Securities Act and state and local securities laws and requirements by virtue of
Section 1145 of the Bankruptcy Code. This Debenture, the Conversion Shares, and the BVTI Shares may be transferred, sold or resold by the Holder or any holders thereof without registration or restriction; provided that the transfer, sale or
resale of this Debenture, the Conversion Shares, and the BVTI Shares by any recipient thereof would not be exempted under Section 1145 of the Bankruptcy Code if such recipient is deemed to be an underwriter. 

FOR VALUE RECEIVED, the Company promises to pay to
                                         
        or its registered assigns (the “Holder”), or shall have paid pursuant to the terms hereunder, the principal sum of
$                     on May 17, 2012 (the “Maturity Date”) or such earlier date as this Debenture is required or
permitted to be repaid as provided hereunder, and to pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of this Debenture in accordance with the provisions hereof; provided that, if the average of the BVTI
VWAPs for the ten (10) consecutive Trading Days immediately prior to the Maturity Date is less than $0.75 (subject to adjustment for forward and reverse stock splits, stock dividends, recapitalizations and the like), the Maturity Date shall
automatically be extended and the new Maturity Date shall be May 17, 2013. This Debenture is subject to the following additional provisions: 
 Section 1. Definitions. For the purposes hereof, in addition to the terms defined elsewhere in this Debenture, the following terms shall have the following meanings: 

“Affiliate” means any Person that, directly or indirectly through one or more
intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act. 

  
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 “Agent” means StockTrans, Inc., the Agent
under the Pledge Agreement, or any successor thereto. 
 “Alternate
Consideration” shall have the meaning set forth in Section 5(e). 

“Automatic Conversion” shall have the meaning set forth in Section 6(d). 

“Automatic Conversion Notice” shall have the meaning set forth in Section 6(d).

 “Bankruptcy Case” means, collectively, the cases of the Company and its
Subsidiaries pending before the Bankruptcy Court under Chapter 11 of the Bankruptcy Code, and jointly administered under Case No. 8:08-bk-17795-KRM. 

“Bankruptcy Code” means title 11 of the United States Code, 11 U.S.C. §§ 101
et seq. 
 “Bankruptcy Court” means the United States Bankruptcy Court
for the Middle District of Florida, Tampa Division. 
 “Bankruptcy Event” means
any of the following events: (a) the Company or any Significant Subsidiary (as such term is defined in Rule 1-02(w) of Regulation S-X) thereof commences a case or other proceeding under any bankruptcy, reorganization, arrangement, adjustment of
debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction relating to the Company or any Significant Subsidiary thereof; (b) there is commenced against the Company or any Significant Subsidiary thereof
any such case or proceeding that is not dismissed within 60 days after commencement; (c) the Company or any Significant Subsidiary thereof is adjudicated insolvent or bankrupt or any order of relief or other order approving any such case or
proceeding is entered; (d) the Company or any Significant Subsidiary thereof suffers any appointment of any custodian or the like for it or any substantial part of its property that is not discharged or stayed within 60 calendar days after such
appointment; (e) the Company or any Significant Subsidiary thereof makes a general assignment for the benefit of creditors; (f) the Company or any Significant Subsidiary thereof calls a meeting of its creditors with a view to arranging a
composition, adjustment or restructuring of its debts; or (g) the Company or any Significant Subsidiary thereof, by any act or failure to act, expressly indicates its consent to, approval of or acquiescence in any of the foregoing or takes any
corporate or other action for the purpose of effecting any of the foregoing. 

“Beneficial Ownership Limitation” shall have the meaning set forth in Section 4(c).

 “Board of Directors” means the board of directors of the Company. 

“Business Day” means any day except any Saturday, any Sunday, any day which shall be a
federal legal holiday in the United States or any day on which banking 

  
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institutions in the State of New York are authorized or required by law or other governmental action to close. 

“Buy-In” shall have the meaning set forth in Section 4(d)(v). 

“BVTI” means Biovest International, Inc., a Delaware corporation, with an address of 324
South Hyde Park Avenue, Suite 350, Tampa, Florida 33606. 
 “BVTI Alternate
Consideration” shall have the meaning set forth in Section 4(e)(ix). 

“BVTI Beneficial Ownership Limitation” shall have the meaning set forth in
Section 4(e)(ii). 
 “BVTI Buy-In” shall have the meaning set forth in
Section 4(e)(v). 
 “BVTI Common Stock” means the common stock, par value
$.01 per share, of BVTI and stock of any other class of securities into which such securities may hereafter be reclassified or changed into. 
 “BVTI Common Stock Equivalents” means any securities of BVTI, the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time BVTI Common Stock, including,
without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, BVTI Common Stock. 

“BVTI Equity Conditions” means, during the period in question, (a) the Company and
BVTI shall have duly honored all exchanges scheduled to occur or occurring by virtue of one or more Notices of Exchange of the Holder, if any, (b) the Company shall have paid all liquidated damages and other amounts owing and then due to the
Holder in respect of this Debenture, (c) the BVTI Common Stock is trading on a Trading Market (and the Company believes, in good faith, that trading of the BVTI Common Stock on a Trading Market will continue uninterrupted for the foreseeable
future), (d) there is no existing Event of Default or no existing event which, with the passage of time or the giving of notice, would constitute an Event of Default, (e) the issuance of the shares in question to the Holder would not
violate the limitations set forth in Section 4(e)(ii) herein, (f) there has been no public announcement of a pending or proposed BVTI Fundamental Transaction, Fundamental Transaction or Change of Control Transaction that has not been
consummated and (g) the Holder is not in possession of any information provided by the Company or BVTI that constitutes, or may constitute, material non-public information. 

“BVTI Fundamental Transaction” shall have the meaning set forth in Section 4(e)(ix).

  
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 “BVTI Issuable Maximum” shall have the
meaning set forth in Section 4(e)(ii). 
 “BVTI Shares” means the
14,400,000 shares of BVTI Common Stock (subject to adjustment for forward and reverse stock splits, stock dividends, recapitalizations and the like) pledged to the Holders of the Debentures pursuant to the terms of the Pledge Agreement. 

“BVTI Threshold Period” shall have the meaning set forth in Section 4(e)(xiv).

 “BVTI VWAP” means, for any date, the price of the BVTI Common Stock
determined by the first of the following clauses that applies: (a) if the BVTI Common Stock is then listed or quoted for trading on a Trading Market, the volume weighted average price of the BVTI Common Stock for such date (or the nearest
preceding date) on the Trading Market on which the BVTI Common Stock is then listed or quoted for trading as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)); (b) if the
BVTI Common Stock is not then listed or quoted for trading on a Trading Market and if prices for the BVTI Common Stock are then reported in the “Pink Sheets” published by Pink Sheets, LLC (or a similar organization or agency succeeding to
its functions of reporting prices), the most recent bid price per share of the BVTI Common Stock so reported for such date; or (c) in all other cases, the fair market value of a share of BVTI Common Stock as determined by an independent
appraiser selected in good faith by the Holder and reasonably acceptable to the Company. 

“Change of Control Transaction” means the occurrence after the date hereof of any of
(i) an acquisition after the date hereof by an individual or legal entity or “group” (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act) of effective control (whether through legal or beneficial ownership of capital
stock of the Company, by contract or otherwise) of in excess of 40% of the voting securities of the Company (other than by means of conversion or exchange of the Debentures), or (ii) the Company merges into or consolidates with any other
Person, or any Person merges into or consolidates with the Company and, after giving effect to such transaction, the stockholders of the Company immediately prior to such transaction own less than 60% of the aggregate voting power of the Company or
the successor entity of such transaction, or (iii) the Company sells or transfers all or substantially all of its assets to another Person and the stockholders of the Company immediately prior to such transaction own less than 60% of the
aggregate voting power of the acquiring entity immediately after the transaction, or (iv) a replacement at one time or within a three year period of more than one-half of the members of the Board of Directors which is not approved by a majority
of those individuals who are members of the Board of Directors on the date hereof (or by those individuals who are serving as members of the Board of Directors on any date whose nomination to the Board of Directors was approved by a majority of the
members of the Board of Directors who are members on the date hereof), or (v) the execution by the Company of an agreement to which the Company is a party or by which it is bound, providing for any of the events set forth in clauses
(i) through (iv) above. 

  
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 “Commission” means the United States
Securities and Exchange Commission. 
 “Common Stock” means the common stock,
par value $.001 per share, of the Company and stock of any other class of securities into which such securities may hereafter be reclassified or changed into. 

“Common Stock Equivalents” means any securities of the Company or the Subsidiaries which
would entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or
otherwise entitles the holder thereof to receive, Common Stock. 
 “Conversion
Date” shall have the meaning set forth in Section 4(a). 
 “Conversion
Price” shall have the meaning set forth in Section 4(b). 
 “Conversion
Schedule” means the Conversion and Exchange Schedule in the form of Schedule 1 attached hereto. 
 “Conversion Shares” means, collectively, the shares of Common Stock issuable upon conversion of this Debenture in accordance with the terms hereof. 

“Debenture Register” shall have the meaning set forth in Section 2(c). 

“Default Pledged Shares” shall have the meaning set forth in Section 8(b).

 “Equity Conditions” means, during the period in question, (a) the
Company shall have duly honored all conversions scheduled to occur or occurring by virtue of one or more Notices of Conversion of the Holder, if any, (b) the Company shall have paid all liquidated damages and other amounts owing to the Holder
in respect of this Debenture, (c) the Common Stock is trading on a Trading Market (and the Company believes, in good faith, that trading of the Common Stock on a Trading Market will continue uninterrupted for the foreseeable future),
(d) there is a sufficient number of authorized but unissued and otherwise unreserved shares of Common Stock for the issuance of all of the Conversion Shares, (e) there is no existing Event of Default or no existing event which, with the
passage of time or the giving of notice, would constitute an Event of Default, (f) the issuance of the shares in question (or, in the case of an Optional Redemption, the shares issuable upon conversion in full of the Optional Redemption Amount)
to the Holder would not violate the limitations set forth in Section 4(c) herein, (g) there has been no public announcement of a pending or proposed Fundamental Transaction or Change of Control Transaction that has not been consummated,
and (h) the Holder is not in possession of any information provided by the Company that constitutes, or may constitute, material non-public information. 

“Event of Default” shall have the meaning set forth in Section 8(a). 

  
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 “Exchange Act” means the Securities
Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

“Exchange Date” shall have the meaning set forth in Section 4(e)(i). 

“Exchange Price” shall have the meaning set forth in Section 4(e)(vi). 

“Exchange Share Delivery Date” shall have the meaning set forth in Section 4(e)(iv).

 “Forced Conversion” shall have the meaning set forth in Section 6(b).

 “Forced Conversion Date” shall have the meaning set forth in
Section 6(b). 
 “Forced Conversion Notice” shall have the meaning set
forth in Section 6(b). 
 “Forced Conversion Notice Date” shall have the
meaning set forth in Section 6(b). 
 “Forced Exchange” shall have the
meaning set forth in Section 4(e)(xiv). 
 “Forced Exchange Date” shall
have the meaning set forth in Section 4(e)(xiv). 
 “Forced Exchange
Notice” shall have the meaning set forth in Section 4(e)(xiv). 
 “Forced
Exchange Notice Date” shall have the meaning set forth in Section 4(e)(xiv). 

“Fundamental Transaction” shall have the meaning set forth in Section 5(e).

 “GAAP” means United States generally accepted accounting principles applied
on a consistent basis during the periods involved. 
 “Indebtedness” means
(x) any liabilities for borrowed money or amounts owed in excess of $150,000 (other than trade accounts payable incurred in the ordinary course of business), (y) all guaranties, endorsements and other contingent obligations in respect of
indebtedness of others, whether or not the same are or should be reflected in the Company’s balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in
the ordinary course of business and (z) the present value of any lease payments in excess of $150,000 due under leases required to be capitalized in accordance with GAAP. 

“Interest Conversion Rate” means the lesser of (a) the Conversion Price or
(b) 90% of the lesser of (i) the average of the VWAPs for the 20 consecutive Trading Days ending on the Trading Day that is immediately prior to the applicable Interest Payment Date or (ii) the average of the VWAPs for the 20
consecutive Trading Days ending on the 

  
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Trading Day that is immediately prior to the date the applicable Interest Conversion Shares are issued and delivered if such delivery is after the Interest Payment Date. 

“Interest Conversion Shares” shall have the meaning set forth in Section 2(b).

 “Interest Exchange Rate” means the lesser of (a) the Exchange Price or
(b) 90% of the lesser of (i) the average of the BVTI VWAPs for the 20 consecutive Trading Days ending on the Trading Day that is immediately prior to the applicable Interest Payment Date or (ii) the average of the BVTI VWAPs for the
20 consecutive Trading Days ending on the Trading Day that is immediately prior to the date the applicable Interest Conversion Shares are issued and delivered if such delivery is after the Interest Payment Date. 

“Interest Payment Date” shall have the meaning set forth in Section 2(a).

 “Liens” means a lien, charge, pledge, security interest, encumbrance, right
of first refusal, preemptive right or other restriction. 
 “Lock-up Expiration
Date” means February 15, 2011. 
 “Mandatory Default Amount” means
the sum of (a) the greater of (i) the outstanding principal amount of this Debenture, plus 100% of accrued and unpaid interest hereon, divided by the Conversion Price or the Exchange Price (as selected by the Holder) on the date the
Mandatory Default Amount is either (A) demanded (if demand or notice is required to create an Event of Default) or otherwise due or (B) paid in full, whichever has a lower Conversion Price or Exchange Price, as applicable, multiplied by
the VWAP or the BVTI VWAP, as applicable, on the date the Mandatory Default Amount is either (x) demanded or otherwise due or (y) paid in full, whichever has a higher VWAP or (ii) 110% of the outstanding principal amount of this
Debenture, plus 100% of accrued and unpaid interest hereon, and (b) all other amounts, costs, expenses and liquidated damages due in respect of this Debenture. Notwithstanding the foregoing, in connection with Events of Default described in
Section 8(a)(ii), (iii) and (iv), clause (a)(i) herein shall not apply and the Mandatory Default Amount shall equal the sum of clause (a)(ii) and clause (b) herein. 

“New York Courts” shall have the meaning set forth in Section 9(d). 

“Notice of Conversion” shall have the meaning set forth in Section 4(a). 

“Optional Redemption” shall have the meaning set forth in Section 6(a). 

“Optional Redemption Amount” means the sum of (i) 100% of the portion of the
principal amount of the Debenture then outstanding being redeemed as is set forth in the Optional Redemption Notice, (ii) accrued but unpaid interest and (iii) all liquidated damages and other amounts due in respect of the Debenture.

  
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 “Optional Redemption Date” shall have the
meaning set forth in Section 6(a). 
 “Optional Redemption Notice” shall
have the meaning set forth in Section 6(a). 
 “Optional Redemption Notice
Date” shall have the meaning set forth in Section 6(a). 
 “Optional
Redemption Period” shall have the meaning set forth in Section 6(a). 

“Original Issue Date” means the date of the first issuance of this Debenture as set forth
above, regardless of any transfers of this Debenture and regardless of the number of instruments which may be issued to evidence this Debenture. 
 “Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or
an agency or subdivision thereof) or other entity of any kind. 
 “Plan” means
the First Amended Joint Plan of Reorganization of Accentia Biopharmaceuticals, Inc., Analytica International, Inc., TEAMM Pharmaceuticals, Inc., AccentRx, Inc., and Accentia Specialty Pharmacy, Inc. under Chapter 11 of Title 11, United States Code
dated as of August 16, 2010, as modified by the First Modification to First Amended Joint Plan of Reorganization of Accentia Biopharmaceuticals, Inc., Analytica International, Inc., TEAMM Pharmaceuticals, Inc., AccentRx, Inc., and Accentia
Specialty Pharmacy, Inc. under Chapter 11 of Title 11, United States Code dated as of October 25, 2010 and as further modified from time to time, as filed in the Bankruptcy Case. 

“Pledge Agreement” means that certain Pledge Agreement, dated as of November 17,
2010, executed by the Company in favor of the Holders. 
 “Securities Act” means
the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

“Share Delivery Date” shall have the meaning set forth in Section 4(d)(ii).

 “Subsidiary” means any subsidiary of the Company as of the Original Issue
Date and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired after the date hereof. 
 “Threshold Period” shall have the meaning set forth in Section 6(b). 
 “Trading Day” means a day on which a Trading Market is open for trading; provided that, if the Common Stock or the BVTI Common Stock, as applicable, is not on a Trading Market, then as
reported on any day in the “Pink Sheets” published by Pink Sheets, LLC (or a similar organization or agency succeeding to its functions of reporting prices). 

  
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 “Trading Market” means any of the following
markets or exchanges on which the Common Stock or the BVTI Common Stock, as applicable, is listed or quoted for trading on the date in question: the New York Stock Exchange, the NYSE AMEX, the NASDAQ Capital Market, the NASDAQ Global Market, the
NASDAQ Global Select Market, the OTCQB Marketplace, or the OTC Bulletin Board (or any successors to any of the foregoing). 
 “Transfer Agent” means StockTrans, Inc. or any successor transfer agent engaged by the Company or BVTI, as applicable. 

“Variable Rate Transaction” means a transaction in which the Company (i) issues or
sells any debt or equity securities that are convertible into, exchangeable or exercisable for, or include the right to receive, additional shares of Common Stock either (A) at a conversion price, exercise price or exchange rate or other price
that is based upon, and/or varies with, the trading prices of or quotations for the shares of Common Stock at any time after the initial issuance of such debt or equity securities or (B) with a conversion, exercise or exchange price that is
subject to being reset at some future date after the initial issuance of such debt or equity security (but not including customary full ratchet or weighted average anti-dilution provisions) or upon the occurrence of specified or contingent events
directly or indirectly related to the business of the Company or the market for the Common Stock or (ii) enters into any agreement, including, but not limited to, an equity line of credit, whereby the Company may sell securities at a future
determined price. 
 “VWAP” means, for any date, the price of the Common Stock
determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted for trading on a Trading Market, the volume weighted average price per share of the Common Stock for such date (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted for trading as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)); (b) if the Common
Stock is not then listed or quoted for trading on a Trading Market and if prices for the Common Stock are then reported in the “Pink Sheets” published by Pink Sheets, LLC (or a similar organization or agency succeeding to its functions of
reporting prices), the most recent bid price per share of the Common Stock so reported for such date; or (c) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith
by the Holder and reasonably acceptable to the Company. 
 “Warrants” means the
Common Stock Purchase Warrants issued pursuant to Article 5.6.1.8 of the Plan, which permit the Holders thereof to purchase shares of Common Stock or shares of BVTI Common Stock in accordance with the terms and conditions contained therein.

 Section 2. Interest. 

  
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 a) Payment of Interest. The Company shall pay
interest to the Holder on the aggregate unconverted and then outstanding principal amount of this Debenture at the rate of 8.50% per annum, which interest shall begin accruing on the Original Issue Date, payable on the Conversion Date, the
Exchange Date, the Forced Conversion Date or the Forced Exchange Date (as to that principal amount then being converted or exchanged, as the case may be), on the Optional Redemption Date (as to that principal amount then being redeemed) and on the
Maturity Date (each such date, an “Interest Payment Date”) (if any Interest Payment Date is not a Business Day, then the applicable payment shall be due on the next succeeding Business Day). 

b) Payment of Interest in Cash or Shares of Common Stock or BVTI Common Stock. Any interest payment
on the Optional Redemption Date shall be paid in cash. Any interest payment on a Conversion Date, an Exchange Date, a Forced Conversion Date, a Forced Exchange Date, or the Maturity Date shall be paid in duly authorized, validly issued, fully paid
and non-assessable shares of Common Stock or BVTI Common Stock determined by dividing the amount of interest then due under this Debenture by the Interest Conversion Rate or the Interest Exchange Rate, as applicable. The shares of Common Stock or
BVTI Common Stock issued to the Holder upon the conversion of accrued but unpaid interest on a Conversion Date, an Exchange Date, a Forced Conversion Date, a Forced Exchange Date, or the Maturity Date are referred to herein as “Interest
Conversion Shares”. 
 c) Interest Calculations. Interest shall be calculated on
the basis of a 365-day year and shall accrue daily commencing on the Original Issue Date until payment in full of the outstanding principal, together with all accrued and unpaid interest, liquidated damages and other amounts which may become due
hereunder, has been made. Payment of interest in shares of Common Stock or BVTI Common Stock shall otherwise occur pursuant to Section 4(d)(ii) or Section 4(e)(iv) herein and, solely for purposes of the payment of interest in shares of
Common Stock or BVTI Common Stock, the Interest Payment Date shall be deemed the Conversion Date, the Exchange Date, the Forced Conversion Date, the Forced Exchange Date, or the Maturity Date, as applicable. Interest shall cease to accrue with
respect to any principal amount converted, provided that the Company actually delivers the Conversion Shares within the time period required by Section 4(d)(ii) or Section 4(e)(iv) herein. Interest hereunder will be paid to the Person in
whose name this Debenture is registered on the records of the Company regarding registration and transfers of this Debenture (the “Debenture Register”). 

d) Late Fee. All overdue accrued and unpaid interest to be paid hereunder shall entail a late fee
at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law, which shall accrue daily from the date such interest is due hereunder through and including the date of actual payment in full.

 e) Prepayment. Except as otherwise set forth in this Debenture, the Company may not
prepay any portion of the principal amount of this Debenture without the prior written consent of the Holder. 

  
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 Section 3. Registration of Transfers and Exchanges.

 a) Different Denominations. This Debenture is exchangeable for an equal aggregate
principal amount of Debentures of different authorized denominations, as requested by the Holder surrendering the same. No service charge will be payable for such registration of transfer or exchange. 

b) Reliance on Debenture Register. Prior to due presentment for transfer to the Company of this
Debenture, the Company and any agent of the Company may treat the Person in whose name this Debenture is duly registered on the Debenture Register as the owner hereof for the purpose of receiving payment as herein provided and for all other
purposes, whether or not this Debenture is overdue, and neither the Company nor any such agent shall be affected by notice to the contrary. 
 Section 4. Conversion and Exchange. 
 a) Voluntary Conversion. At any time after the Original Issue Date until this Debenture is no longer outstanding, this Debenture shall be convertible, in whole or in part, into shares of Common
Stock at the option of the Holder, at any time and from time to time (subject to the conversion limitations set forth in Section 4(c) hereof); provided, however, that the Holder may not deliver a Notice of Conversion (as defined
below) to the Company for the conversion of a principal amount of this Debenture of less than $10,000 at any time. The Holder shall effect a conversion by delivering to the Company a Notice of Conversion, the form of which is attached hereto as
Annex A (a “Notice of Conversion”), specifying therein the principal amount of this Debenture (and accrued but unpaid interest) to be converted and the date on which such conversion shall be effected (such date, the
“Conversion Date”). If no Conversion Date is specified in a Notice of Conversion, the Conversion Date shall be the date that such Notice of Conversion is deemed delivered hereunder. To effect a conversion hereunder, the Holder shall
not be required to physically surrender this Debenture to the Company unless the entire principal amount of this Debenture has been so converted (and all accrued and unpaid interest converted or exchanged into shares of Common Stock or BVTI Common
Stock or paid in cash). Conversions hereunder shall have the effect of lowering the outstanding principal amount of this Debenture in an amount equal to the applicable amount converted. The Holder and the Company shall maintain records showing the
principal amount(s) converted and the date of such conversion(s). The Company may deliver an objection to a Notice of Conversion within one (1) Business Day of delivery of such Notice of Conversion. In the event of any dispute or discrepancy,
the records of the Holder shall be controlling and determinative in the absence of manifest error. The Holder, and any assignee by acceptance of this Debenture, acknowledge and agree that, by reason of the provisions of this paragraph, following
conversion of a portion of this Debenture, the unpaid and unconverted principal amount of this Debenture may be less than the amount stated on the face hereof. 

b) Conversion Price. The conversion price in effect on any Conversion Date shall be equal to
$1.25 (subject to adjustment herein) (the “Conversion Price”). 

  
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 c) Conversion Limitations. The Company shall not
effect a conversion of this Debenture, and a Holder shall not have the right to convert this Debenture, to the extent that after giving effect to the conversion as set forth on the Notice of Conversion, the Holder (together with the Holder’s
Affiliates and any other Person acting as a group together with the Holder or any of the Holder’s Affiliates) would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing
sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon conversion of this Debenture with respect to which such determination is being made,
but shall exclude the number of shares of Common Stock which would be issuable upon exercise or conversion of the unexercised or unconverted portion of any other securities of the Company (including, without limitation, any other Common Stock
Equivalents), subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates. Except as set forth in the preceding sentence, for purposes of this
Section 4(c), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act. To the extent that the limitation contained in this Section 4(c) applies, the determination of whether this Debenture is
convertible (in relation to other securities owned by the Holder together with any Affiliates) shall be in the sole discretion of the Holder, and the submission of a Notice of Conversion shall be deemed to be the Holder’s determination of
whether this Debenture may be converted (in relation to other securities owned by the Holder together with any Affiliates), subject to the Beneficial Ownership Limitation. To ensure compliance with this restriction, the Holder will be deemed to
represent to the Company when it delivers a Notice of Conversion that such Notice of Conversion has not violated the restrictions set forth in this Section 4(c), and the Company shall have no obligation to verify or confirm the accuracy of such
determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act. For purposes of this Section 4(c), in determining the number of outstanding
shares of Common Stock, the Holder may rely on the number of outstanding shares of Common Stock as reflected in (x) the Company’s most recent Form 10-Q Quarterly Report or Form 10-K Annual Report, as the case may be, (y) a more recent
public announcement by the Company, or (z) any other notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within two
(2) Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or
exercise of securities of the Company, including this Debenture, by the Holder or its Affiliates since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall
be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon conversion of this Debenture held by the Holder. The Holder, upon not less than 61 days’
prior notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 4(c), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of

  
 12 

 
shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon conversion of this Debenture held by the Holder and the provisions of this
Section 4(c) shall continue to apply. Any such increase or decrease will not be effective until the 61st day after such notice is delivered to the Company. The provisions of this Section 4(c) shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this
Section 4(c) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give
effect to such limitation. The limitations contained in this Section 4(c) shall apply to a successor holder of this Debenture. 
 d) Mechanics of Conversion. 
 i.
Conversion Shares Issuable Upon Conversion. The number of Conversion Shares issuable upon a conversion hereunder shall be determined, with respect to any principal amount being converted, by the quotient obtained by dividing (x) the
outstanding principal amount of this Debenture to be converted by (y) the Conversion Price. The number of Interest Conversion Shares issuable upon a conversion hereunder shall be determined, with respect to any accrued and unpaid interest on
the principal amount being converted, by the quotient obtained by dividing (x) such interest amount by (y) the Interest Conversion Rate. 

ii. Delivery of Certificate(s) Upon Conversion. Not later than three Trading Days after each
Conversion Date (the “Share Delivery Date”), the Company shall deliver, or cause to be delivered, to the Holder a certificate or certificates representing the Conversion Shares which shall be free of restrictive legends and trading
restrictions representing the number of Conversion Shares being acquired upon the conversion of this Debenture. The Company shall use its best efforts to deliver any certificate or certificates required to be delivered by the Company under this
Section 4(d)(ii) electronically through the Depository Trust Company or another established clearing corporation performing similar functions. 

iii. Failure to Deliver Certificates. If the certificate or certificates representing the
Conversion Shares are not delivered to, or as directed by, the Holder by the Share Delivery Date, the Holder shall be entitled to elect, by written notice to the Company at any time on or before its receipt of such certificate or certificates, to
rescind the Notice of Conversion, in which event the Company shall promptly return to the Holder any original Debenture delivered to the Company and the Holder shall promptly return to the Company the certificates representing such Conversion
Shares. 
 iv. Obligations Absolute; Partial Liquidated Damages. The Company’s
obligations to issue and deliver the Conversion Shares upon conversion of this Debenture in accordance with the terms hereof are absolute and unconditional, irrespective of any action or inaction by the Holder to enforce the

  
 13 

 
same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment,
limitation or termination, or any breach or alleged breach by the Holder or any other Person of any obligation to the Company or any violation or alleged violation of law by the Holder or any other Person, and irrespective of any other circumstance
which might otherwise limit such obligation of the Company to the Holder in connection with the issuance and delivery of such Conversion Shares; provided, however, that such delivery shall not operate as a waiver by the Company of any
such action the Company may have against the Holder. In the event the Holder of this Debenture shall elect to convert all or part of the outstanding principal amount hereof, the Company may not refuse conversion based on any claim that the Holder or
anyone associated or affiliated with the Holder has been engaged in any violation of law, agreement or for any other reason, unless an injunction from a court, on notice to Holder, restraining and or enjoining conversion of all or part of this
Debenture shall have been sought and obtained, and the Company posts a surety bond for the benefit of the Holder in the amount of 150% of the outstanding principal amount of this Debenture, which is subject to the injunction, which bond shall remain
in effect until the completion of arbitration/litigation of the underlying dispute and the proceeds of which shall be payable to the Holder to the extent it obtains judgment. In the absence of such injunction, the Company shall issue Conversion
Shares upon a properly noticed conversion. If the Company fails for any reason to deliver to the Holder a certificate or certificates representing the Conversion Shares pursuant to Section 4(d)(ii) by the fifth Trading Day after the Conversion
Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of principal amount being converted, $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such
liquidated damages begin to accrue) for each Trading Day after such fifth (5th) Trading Day until such certificates are delivered. Nothing herein shall limit a Holder’s right to pursue actual damages or declare an Event of Default pursuant to Section 8 hereof for the
Company’s failure to deliver Conversion Shares within the period specified herein and the Holder shall have the right to pursue all remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief. The exercise of any such rights shall not prohibit the Holder from seeking to enforce damages pursuant to any other Section hereof or under applicable law. 

v. Compensation for Buy-In on Failure to Timely Deliver Certificates Upon Conversion. In addition
to any other rights available to the Holder, if the Company fails for any reason to deliver to the Holder a certificate or certificates representing the Conversion Shares on or before the Share Delivery Date pursuant to Section 4(d)(ii), and if
after such Share Delivery Date the Holder is required by its brokerage firm to purchase (in an open market transaction or otherwise), or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a
sale by the Holder of the Conversion Shares which the Holder was entitled to receive upon the conversion relating to such Share Delivery Date 

  
 14 

 
(a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount by which (x) the Holder’s total purchase price (including any brokerage commissions)
for the shares of Common Stock so purchased exceeds (y) the product of (1) the aggregate number of shares of Common Stock that the Holder was entitled to receive from the conversion at issue multiplied by (2) the actual sale price at
which the sell order giving rise to such purchase obligation was executed (including any brokerage commissions) and (B) at the option of the Holder, either reissue (if surrendered) this Debenture in a principal amount equal to the principal
amount of the attempted conversion or deliver to the Holder the number of shares of Common Stock that would have been issued if the Company had timely complied with its delivery requirements under Section 4(d)(ii). For example, if the Holder
purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted conversion of this Debenture with respect to which the actual sale price of the Conversion Shares (including any brokerage commissions)
giving rise to such purchase obligation was a total of $10,000 under clause (A) of the immediately preceding sentence, the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the
amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in
equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates representing shares of Common Stock upon conversion of this Debenture as
required pursuant to the terms hereof. 
 vi. Reservation of Shares Issuable Upon
Conversion. The Company covenants that, during the period this Debenture is outstanding, it will at all times reserve and keep available out of its authorized and unissued shares of Common Stock for the sole purpose of issuance upon conversion
of this Debenture and payment of interest on this Debenture, each as herein provided, free from preemptive rights or any other actual contingent purchase rights of Persons other than the Holder, not less than such aggregate number of shares of the
Common Stock as shall be issuable (taking into account the adjustments and restrictions of Section 5) upon the conversion of the outstanding principal amount of this Debenture and payment of interest hereunder. The Company covenants that all
shares of Common Stock that shall be so issuable shall, upon issue, be duly authorized, validly issued, fully paid and nonassessable. 
 vii. Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the conversion of this Debenture. As to any fraction of a share which the Holder
would otherwise be entitled to purchase upon such conversion, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Conversion Price or round up to
the next whole share. 

  
 15 

 viii. Transfer Taxes. The issuance of certificates
for Conversion Shares shall be made without charge to the Holder for any documentary stamp or similar taxes that may be payable in respect of the issue or delivery of such certificates; provided that, the Company shall not be required to pay any tax
that may be payable in respect of any transfer involved in the issuance and delivery of any such certificate upon conversion in a name other than that of the Holder of this Debenture so converted and the Company shall not be required to issue or
deliver such certificates unless or until the person or persons requesting the issuance thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company that such tax has been paid.

 e) Voluntary Exchange; Forced Exchange. 

i) Voluntary Exchange. At any time after the Original Issue Date until this Debenture is no longer
outstanding, this Debenture shall be exchangeable, in whole or in part, into BVTI Shares at the option of the Holder, at any time and from time to time (subject to the limitations on exchanges set forth in Section 4(e)(ii) hereof and the BVTI
Issuable Maximum) at the then effective Exchange Price; provided, however, that the Holder may not deliver a Notice of Exchange (as defined below) to the Company for the exchange of a principal amount of this Debenture of less than
$10,000 at any time. Upon any such transfer of BVTI Shares to the Holder upon an exchange, the Holder shall have good and marketable title to such BVTI Shares, free and clear of any Liens, encumbrances, restrictions, rights of first refusal or
rights of any other Person and, except as provided in Article 5.6.1.7 of the Plan, shall be free of restrictive legends. The Holder shall effect an exchange by delivering to the Company a Notice of Exchange, the form of which is attached hereto as
Annex B (a “Notice of Exchange”), with a copy to the Agent, specifying therein the principal amount of this Debenture (and accrued but unpaid interest) to be exchanged and the date on which such exchange is to be effected
(such date, the “Exchange Date”). If no Exchange Date is specified in a Notice of Exchange, the Exchange Date shall be the date that such Notice of Exchange is deemed delivered hereunder. To effect an exchange hereunder, the Holder
shall not be required to physically surrender this Debenture to the Company unless the entire principal amount of this Debenture has been so exchanged (and all accrued and unpaid interest converted or exchanged into shares of Common Stock or BVTI
Common Stock or paid in cash). Exchanges hereunder shall have the effect of lowering the outstanding principal amount of this Debenture in an amount equal to the applicable amount exchanged. The Holder and the Company shall maintain records showing
the principal amount(s) exchanged and the date of such exchange(s). The Company may deliver an objection to a Notice of Exchange within one (1) Business Day of delivery of such Notice of Exchange. In the event of any dispute or discrepancy, the
records of the Holder shall be controlling and determinative in the absence of manifest error. The Holder, and any assignee by acceptance of this Debenture, acknowledge and agree that, by reason of the provisions of this paragraph,

  
 16 

 
following exchange of a portion of this Debenture, the unpaid and unexchanged principal amount of this Debenture may be less than the amount stated on the face hereof. 

ii) Exchange Limitations. The Company shall not effect an exchange of this Debenture, and a Holder
shall not have the right to exchange this Debenture, to the extent that after giving effect to the exchange as set forth on the Notice of Exchange, such Holder (together with the Holder’s Affiliates and any other Person acting as a group
together with the Holder or any of the Holder’s Affiliates) would beneficially own in excess of the BVTI Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of BVTI Common Stock
beneficially owned by the Holder and its Affiliates shall include the number of shares of BVTI Common Stock issuable upon exchange of this Debenture with respect to which such determination is being made, but shall exclude the number of shares of
BVTI Common Stock which would be issuable upon exercise, conversion or exchange of the unexercised or unconverted portion of any other securities of the Company (including, without limitation, any other BVTI Common Stock Equivalents), subject to a
limitation on conversion, exercise or exchange analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates. Except as set forth in the preceding sentence, for purposes of this Section 4(e)(ii),
beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act. To the extent that the limitation contained in this Section 4(e)(ii) applies, the determination of whether this Debenture is exchangeable into
BVTI Common Stock (in relation to other securities owned by the Holder together with any Affiliates) shall be in the sole discretion of the Holder, and the submission of a Notice of Exchange shall be deemed to be the Holder’s determination of
whether this Debenture may be exchanged (in relation to other securities owned by the Holder together with any Affiliates), subject to the BVTI Beneficial Ownership Limitation. To ensure compliance with this restriction, each Holder will be deemed
to represent to the Company and BVTI each time it delivers a Notice of Exchange that such Notice of Exchange has not violated the restrictions set forth in this Section 4(e)(ii) and the Company and BVTI shall have no obligation to verify or
confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act. For purposes of this Section 4(e)(ii), in
determining the number of outstanding shares of BVTI Common Stock, a Holder may rely on the number of outstanding shares of BVTI Common Stock as reflected in (x) BVTI’s most recent Form 10-Q Quarterly Report or Form 10-K Annual Report, as
the case may be, (y) a more recent public announcement by BVTI, or (z) any other notice by BVTI or the Transfer Agent setting forth the number of shares of BVTI Common Stock outstanding. Upon the written or oral request of a Holder,
the Company shall cause BVTI, within two Trading Days, to confirm orally and in writing to such Holder the number of shares of BVTI Common Stock then outstanding. In any case, the number of outstanding shares of BVTI Common Stock shall be

  
 17 

 
determined after giving effect to the conversion, exchange or exercise of securities of the Company or BVTI, including this Debenture, by such Holder or its Affiliates since the date as of which
such number of outstanding shares of BVTI Common Stock was reported. The “BVTI Beneficial Ownership Limitation” shall be 4.99% of the number of shares of the BVTI Common Stock outstanding immediately after giving effect to the
issuance of shares of BVTI Common Stock issuable upon exchange of this Debenture held by the Holder. The Holder, upon not less than 61 days’ prior notice to the Company and BVTI, may increase or decrease the BVTI Beneficial Ownership Limitation
provisions of this Section 4(e)(ii), provided that the BVTI Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the BVTI Common Stock outstanding immediately after giving effect to the issuance of shares of BVTI
Common Stock upon exchange of this Debenture held by the Holder and the provisions of this Section 4(e)(ii) shall continue to apply. Any such increase or decrease will not be effective until the 61st day after such notice is delivered to the Company and BVTI. The
provisions of this Section 4(e)(ii) shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 4(e)(ii) to correct this paragraph (or any portion hereof) which may be defective or
inconsistent with the intended BVTI Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this Section 4(e)(ii) shall
apply to a successor holder of this Debenture. 
 In addition, the maximum number of shares of
BVTI Common Stock transferable upon (A) exchange of this Debenture and the other Debentures, (B) exercise of the Warrants, and (C) the exercise of rights under the Pledge Agreement shall not exceed in the aggregate 14,400,000 shares
of BVTI Common Stock (subject to adjustment for forward and reverse stock splits, stock dividends, recapitalizations and the like) (such shares, the “BVTI Issuable Maximum”). The Holder and other holders of Debentures shall be
allocated a portion of the BVTI Issuable Maximum as set forth on Schedule A to the Pledge Agreement. 
 iii) BVTI Shares Issuable Upon Exchange. The number of BVTI Shares issuable upon an exchange hereunder shall be determined, with respect to any principal amount being exchanged, by the quotient
obtained by dividing (x) the outstanding principal amount of this Debenture to be exchanged by (y) the Exchange Price. The number of Interest Conversion Shares issuable upon an exchange hereunder shall be determined, with respect to any
accrued and unpaid interest on the principal amount being exchanged, by the quotient obtained by dividing (x) such interest amount by (y) the Interest Exchange Rate. 

iv) Delivery of Certificate(s) Upon Exchange. Not later than three Trading Days after each
Exchange Date (the “Exchange Share Delivery Date”), the Company shall deliver, or cause BVTI or the Transfer Agent to deliver, to the Holder a certificate or certificates representing the BVTI Shares which shall, except as otherwise
provided in Article 5.6.1.7 of the Plan, be free of restrictive 

  
 18 

 
legends and trading restrictions representing the number of BVTI Shares being acquired upon the exchange of this Debenture. The Company shall use its best efforts to deliver, or cause BVTI or the
Transfer Agent to deliver, any certificate or certificates required to be delivered under this Section 4(e)(iv) electronically through the Depository Trust Company or another established clearing corporation performing similar functions.

 v) Compensation for BVTI Buy-In on Failure to Timely Deliver Certificates Upon
Exchange. In addition to any other rights available to the Holder, if the Company fails for any reason to deliver, or to cause BVTI or the Transfer Agent to deliver, to the Holder a certificate or certificates representing the BVTI Shares on or
before the Exchange Share Delivery Date pursuant to Section 4(e)(iv), and if after such Exchange Share Delivery Date the Holder is required by its brokerage firm to purchase (in an open market transaction or otherwise), or the Holder’s
brokerage firm otherwise purchases, shares of BVTI Common Stock to deliver in satisfaction of a sale by the Holder of the BVTI Shares which the Holder was entitled to receive upon the exchange relating to such Exchange Share Delivery Date (a
“BVTI Buy-In”), then the Company shall (A) pay in cash to the Holder the amount by which (x) the Holder’s total purchase price (including any brokerage commissions) for the shares of BVTI Common Stock so purchased
exceeds (y) the product of (1) the aggregate number of shares of BVTI Common Stock that the Holder was entitled to receive from the exchange at issue multiplied by (2) the actual sale price at which the sell order giving rise to such
purchase obligation was executed (including any brokerage commissions) and (B) at the option of the Holder, either reissue (if surrendered) this Debenture in a principal amount equal to the principal amount of the attempted exchange or deliver
to the Holder the number of shares of BVTI Common Stock that would have been issued if the Company had timely complied with its delivery requirements under Section 4(e)(iv). For example, if the Holder purchases BVTI Common Stock having a total
purchase price of $11,000 to cover a BVTI Buy-In with respect to an attempted exchange of this Debenture with respect to which the actual sale price of the BVTI Shares (including any brokerage commissions) giving rise to such purchase obligation was
a total of $10,000 under clause (A) of the immediately preceding sentence, the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of
the BVTI Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a
decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates representing the BVTI Shares upon exchange of this Debenture as required pursuant to the terms hereof. 

vi) Exchange Price. The exchange price in effect on any Exchange Date shall be equal to $0.75
(subject to adjustment herein) (the “Exchange Price”). 

  
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 vii) Stock Dividends and Stock Splits. If BVTI, at
any time while this Debenture is outstanding: (A) pays a stock dividend or otherwise makes a distribution or distributions on shares of BVTI Common Stock or any BVTI Common Stock Equivalents payable in shares of BVTI Common Stock (which, for
avoidance of doubt, shall not include any shares of BVTI Common Stock issued upon exchange of, or payment of interest on, this Debenture), (B) subdivides outstanding shares of BVTI Common Stock into a larger number of shares, (C) combines
(including by way of a reverse stock split) outstanding shares of BVTI Common Stock into a smaller number of shares, or (D) issues, in the event of a reclassification of shares of BVTI Common Stock, any shares of capital stock of BVTI, then, in
each case, the Exchange Price shall be multiplied by a fraction of which the numerator shall be the number of shares of BVTI Common Stock (excluding any treasury shares of BVTI) outstanding immediately before such event and of which the denominator
shall be the number of shares of BVTI Common Stock outstanding immediately after such event. Any adjustment made pursuant to this Section 4(e)(vii) shall become effective immediately after the record date for the determination of stockholders
entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification. 

viii) Share Exchange. In case of any reclassification of the BVTI Common Stock or any compulsory
share exchange pursuant to which the BVTI Common Stock is converted into other securities, cash or property, the Holder shall have the right thereafter to exchange the then outstanding principal amount of this Debenture, together with all accrued
but unpaid interest and any other amounts then owing hereunder in respect of this Debenture into the shares of stock and other securities, cash and property receivable upon or deemed to be held by holders of the BVTI Common Stock following such
reclassification or share exchange, and the Holder shall be entitled upon such event to receive such amount of securities, cash or property as the shares of the BVTI Common Stock into which the then outstanding principal amount, together with all
accrued but unpaid interest and any other amounts then owing hereunder in respect of this Debenture, could have been exchanged immediately prior to such reclassification or share exchange. This provision shall similarly apply to successive
reclassifications or share exchanges. 
 ix) BVTI Fundamental Transaction If, at any time
while this Debenture is outstanding, (A) BVTI effects any merger or consolidation of BVTI with or into another Person, (B) BVTI effects any sale of all or substantially all of its assets in one transaction or a series of related
transactions, (C) any tender offer or exchange offer (whether by BVTI or another Person) is completed pursuant to which holders of BVTI Common Stock are permitted to tender or exchange their shares for other securities, cash or property, or
(D) BVTI effects any reclassification of the BVTI Common Stock or any compulsory share exchange pursuant to which the BVTI Common Stock is effectively converted 

  
 20 

 
into or exchanged for other securities, cash or property (each, a “BVTI Fundamental Transaction”), then, upon any subsequent exchange of this Debenture, the Holder shall have the
right to receive, for each BVTI Share that would have been issuable upon such exchange immediately prior to the occurrence of such BVTI Fundamental Transaction, the same kind and amount of securities, cash or property as it would have been entitled
to receive upon the occurrence of such BVTI Fundamental Transaction if it had been, immediately prior to such BVTI Fundamental Transaction, the holder of one (1) share of BVTI Common Stock (the “BVTI Alternate Consideration”).
For purposes of any such exchange, the determination of the Exchange Price shall be appropriately adjusted to apply to such BVTI Alternate Consideration based on the amount of BVTI Alternate Consideration issuable in respect of one (1) share of
BVTI Common Stock in such BVTI Fundamental Transaction, and the Company shall apportion the Exchange Price among the BVTI Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the BVTI Alternate
Consideration. If holders of BVTI Common Stock are given any choice as to the securities, cash or property to be received in a BVTI Fundamental Transaction, then the Holder shall be given the same choice as to the BVTI Alternate Consideration it
receives upon any exchange of this Debenture following such BVTI Fundamental Transaction. To the extent necessary to effectuate the foregoing provisions, any successor to BVTI, the Company or surviving entity in such BVTI Fundamental Transaction
shall issue to the Holder a new debenture consistent with the foregoing provisions and evidencing the Holder’s right to convert such debenture into BVTI Alternate Consideration. The terms of any agreement pursuant to which a BVTI Fundamental
Transaction is effected shall include terms requiring any such successor or surviving entity to comply with the provisions of this Section 4(e)(ix) and insuring that this Debenture (or any such replacement security) will be similarly adjusted
upon any subsequent transaction analogous to a BVTI Fundamental Transaction. 
 x) Subsequent
Rights Offering. If BVTI, at any time while the Debenture is outstanding, shall issue rights, options or warrants to all holders of BVTI Common Stock (and not to Holders of the Debentures) entitling them to subscribe for or purchase shares of
BVTI Common Stock at a price per share that is less than the BVTI VWAP on the record date referenced below, then the Exchange Price shall be multiplied by a fraction of which the denominator shall be the number of shares of BVTI Common Stock
outstanding on the date of issuance of such rights or warrants plus the number of additional shares of BVTI Common Stock offered for subscription or purchase, and of which the numerator shall be the number of shares of BVTI Common Stock outstanding
on the date of issuance of such rights or warrants plus the number of shares which the aggregate offering price of the total number of shares so offered (assuming delivery to BVTI in full of all consideration payable upon exercise of such rights,
options or warrants) would purchase at such BVTI VWAP. Such adjustment shall be made whenever such rights or warrants are issued, and shall become effective 

  
 21 

 
immediately after the record date for the determination of stockholders entitled to receive such rights, options or warrants. 

xi) Pro Rata Distribution. If BVTI, at any time while this Debenture is outstanding, shall
distribute to all holders of BVTI Common Stock (and not to the Holders of the Debentures) evidences of its indebtedness or assets (including cash and cash dividends) or rights or warrants to subscribe for or purchase any security, then in each such
case the Exchange Price shall be adjusted by multiplying such Exchange Price in effect immediately prior to the record date fixed for determination of stockholders entitled to receive such distribution by a fraction of which the denominator shall be
the BVTI VWAP determined as of the record date mentioned above, and of which the numerator shall be such BVTI VWAP on such record date less the then per share fair market value at such record date of the portion of such assets or evidence of
indebtedness so distributed applicable to one (1) outstanding share of BVTI Common Stock as determined by the board of directors of BVTI in good faith. In either case the adjustments shall be described in a statement delivered to the Holder
describing the portion of assets or evidences of indebtedness so distributed or such subscription rights applicable to one (1) share of BVTI Common Stock. Such adjustment shall be made whenever any such distribution is made and shall become
effective immediately after the record date mentioned above. 
 xii) Fractional Shares or
Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exchange of this Debenture. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exchange, the Company
shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exchange Price or round up to the next whole share. 

xiii) Transfer Taxes. The issuance of certificates for BVTI Shares on exchange of the Debentures
shall be made without charge to the Holder for any documentary stamp or similar taxes that may be payable in respect of the issue or delivery of such certificates; provided that the Company shall not be required to pay any tax that may be payable in
respect of any transfer involved in the issuance and delivery of any such certificate upon exchange in a name other than that of the Holder of this Debenture so exchanged and the Company shall not be required to issue or deliver such certificates
unless or until the person or persons requesting the issuance thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company that such tax has been paid. 

xiv) Forced Exchange. Notwithstanding anything herein to the contrary, if, commencing on
August 15, 2011 (the six (6) month anniversary of the Lock-up Expiration Date), the BVTI VWAP for each of any ten (10) consecutive Trading Days (such period, the “BVTI Threshold Period”) equals or

  
 22 

 
exceeds $1.25 (subject to adjustment for forward and reverse stock splits, stock dividends, recapitalizations and the like), then the Company may, within three (3) Trading Days after the end
of any such BVTI Threshold Period, deliver a written notice to the Holder (a “Forced Exchange Notice” and the date such notice is delivered to the Holder, the “Forced Exchange Notice Date” and such exchange, the
“Forced Exchange”) to cause the Holder to exchange all or part of the then outstanding principal amount of this Debenture at the then Exchange Price, plus accrued but unpaid interest, liquidated damages and other amounts owing to
the Holder under this Debenture at the Interest Exchange Rate, it being agreed that the “Exchange Date” for purposes herein shall be deemed to occur on the third Trading Day following the Forced Exchange Notice Date (such third Trading
Day, the “Forced Exchange Date”). The Company may not deliver a Forced Exchange Notice, and any Forced Exchange Notice delivered by the Company shall not be effective, unless all of the BVTI Equity Conditions are met (unless waived
in writing by the Holder) on each Trading Day occurring during the applicable BVTI Threshold Period through and including the later of the Forced Exchange Date and the Trading Day after the date such BVTI Shares pursuant to such exchange are
delivered to the Holder. Any Forced Exchange shall be applied ratably to all Holders of Debentures, provided that any voluntary exchanges by a Holder shall be applied against the Holder’s pro rata allocation, thereby decreasing the aggregate
amount forcibly exchanged hereunder if only a portion of this Debenture is forcibly exchanged. For purposes of clarification, a Forced Exchange shall be subject to all of the provisions of Section 4, including, without limitation, the provision
requiring payment of liquidated damages and limitations on exchanges. 
 xv) Adjustments to
Exchange Price. Whenever the Exchange Price is adjusted pursuant to any provision of this Section 4(e), the Company shall promptly deliver to the Holder a notice setting forth the Exchange Price after such adjustment and setting forth a
brief statement of the facts requiring such adjustment. If BVTI enters into a Variable Rate Transaction, BVTI shall be deemed to have issued BVTI Common Stock or BVTI Common Stock Equivalents at the lowest possible conversion price at which such
securities may be converted or exercised. 
 xvi) Lockup Provisions under Plan.
Notwithstanding anything to the contrary contained herein, the BVTI Shares issued under this Section 4(e) shall be subject to the lock-up provisions contained in Article 5.6.1.7 of the Plan until the Lock-Up Expiration Date. 

Section 5. Certain Adjustments. 

a) Stock Dividends and Stock Splits. If the Company, at any time while this Debenture is
outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of Common Stock or any Common Stock Equivalents payable in 

  
 23 

 
shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon conversion of, or payment of interest on, this Debenture),
(ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of a reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues, in the
event of a reclassification of shares of the Common Stock, any shares of capital stock of the Company, then in each case the Conversion Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock
(excluding any treasury shares of the Company) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to this
Section 5(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a
subdivision, combination or re-classification. 
 b) [RESERVED] 

c) Subsequent Rights Offerings. If the Company, at any time while this Debenture is outstanding,
shall issue rights, options or warrants to all holders of Common Stock (and not to Holders of the Debentures) entitling them to subscribe for or purchase shares of Common Stock at a price per share that is less than the VWAP on the record date
referenced below, then the Conversion Price shall be multiplied by a fraction of which the denominator shall be the number of shares of the Common Stock outstanding on the date of issuance of such rights or warrants plus the number of additional
shares of Common Stock offered for subscription or purchase, and of which the numerator shall be the number of shares of the Common Stock outstanding on the date of issuance of such rights or warrants plus the number of shares which the aggregate
offering price of the total number of shares so offered (assuming delivery to the Company in full of all consideration payable upon exercise of such rights, options or warrants) would purchase at such VWAP. Such adjustment shall be made whenever
such rights or warrants are issued, and shall become effective immediately after the record date for the determination of stockholders entitled to receive such rights, options or warrants. 

d) Pro Rata Distributions. If the Company, at any time while this Debenture is outstanding, shall
distribute to all holders of Common Stock (and not to Holders of the Debentures) evidences of its indebtedness or assets (including cash and cash dividends) or rights or warrants to subscribe for or purchase any security, then in each such case the
Conversion Price shall be adjusted by multiplying the Conversion Price in effect immediately prior to the record date fixed for determination of stockholders entitled to receive such distribution by a fraction of which the denominator shall be the
VWAP determined as of the record date mentioned above, and of which the numerator shall be such VWAP on such record date less the then per share fair market value at such record date of the portion of such assets or evidence of indebtedness so
distributed applicable to one (1) outstanding share of the Common Stock as determined by the Board of Directors of the Company in good faith. In either case the adjustments shall be described in a

  
 24 

 
statement delivered to the Holder describing the portion of assets or evidences of indebtedness so distributed or such subscription rights applicable to one (1) share of Common Stock. Such
adjustment shall be made whenever any such distribution is made and shall become effective immediately after the record date mentioned above. 
 e) Fundamental Transaction. If, at any time while this Debenture is outstanding, (i) the Company effects any merger or consolidation of the Company with or into another Person, (ii) the
Company effects any sale of all or substantially all of its assets in one transaction or a series of related transactions, (iii) any tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which
holders of Common Stock are permitted to tender or exchange their shares for other securities, cash or property, or (iv) the Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common
Stock is effectively converted into or exchanged for other securities, cash or property (each, a “Fundamental Transaction”), then, upon any subsequent conversion of this Debenture, the Holder shall have the right to receive, for
each Conversion Share that would have been issuable upon such conversion immediately prior to the occurrence of such Fundamental Transaction, the same kind and amount of securities, cash or property as it would have been entitled to receive upon the
occurrence of such Fundamental Transaction if it had been, immediately prior to such Fundamental Transaction, the holder of one (1) share of Common Stock (the “Alternate Consideration”). For purposes of any such conversion, the
determination of the Conversion Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one (1) share of Common Stock in such Fundamental Transaction,
and the Company shall apportion the Conversion Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice
as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any conversion of this Debenture following such Fundamental
Transaction. To the extent necessary to effectuate the foregoing provisions, any successor to the Company or surviving entity in such Fundamental Transaction shall issue to the Holder a new debenture consistent with the foregoing provisions and
evidencing the Holder’s right to convert such debenture into Alternate Consideration. The terms of any agreement pursuant to which a Fundamental Transaction is effected shall include terms requiring any such successor or surviving entity to
comply with the provisions of this Section 5(e) and insuring that this Debenture (or any such replacement security) will be similarly adjusted upon any subsequent transaction analogous to a Fundamental Transaction. 

f) Calculations. All calculations under this Section 5 shall be made to the nearest cent or
the nearest 1/100th of a share, as the case may be. For purposes of this Section 5, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding
any treasury shares of the Company) issued and outstanding. 

  
 25 

 g) Notice to the Holder. 

i. Adjustment to Conversion Price. Whenever the Conversion Price is adjusted pursuant to any
provision of this Section 5, the Company shall promptly deliver to the Holder a notice setting forth the Conversion Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment. If the Company enters
into a Variable Rate Transaction, the Company shall be deemed to have issued Common Stock or Common Stock Equivalents at the lowest possible conversion price at which such securities may be converted or exercised. 

ii. Notice to Allow Conversion by Holder. If (A) the Company shall declare a dividend (or any
other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common
Stock of rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common
Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or
property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be filed at each office or agency maintained for the
purpose of conversion of this Debenture, and shall cause to be delivered to the Holder at its last address as it shall appear upon the Debenture Register, at least twenty (20) calendar days prior to the applicable record or effective date
hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the
Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to
become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such
reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be
specified in such notice. The Holder is entitled to convert this Debenture during the 20-day period commencing on the date of such notice through the effective date of the event triggering such notice. 

  
 26 

 Section 6. Optional Redemption; Forced Conversion; Automatic
Conversion. 
 a) Optional Redemption at Election of Company.
Subject to the provisions of this Section 6(a), at any time after the Original Issue Date, the Company may deliver a notice to the Holder (an “Optional Redemption Notice” and the date such notice is deemed delivered hereunder,
the “Optional Redemption Notice Date”) of its irrevocable election to redeem all or some of the then outstanding principal amount of this Debenture for cash in an amount equal to the Optional Redemption Amount on the 20th Trading Day following the Optional Redemption Notice Date (such
date, the “Optional Redemption Date”, such 20 Trading Day period, the “Optional Redemption Period” and such redemption, the “Optional Redemption”). The Optional Redemption Amount is payable in full
on the Optional Redemption Date. The Company may only effect an Optional Redemption if each of the Equity Conditions shall have been met (unless waived in writing by the Holder) on each Trading Day during the period commencing on the Optional
Redemption Notice Date through to the Optional Redemption Date and through and including the date payment of the Optional Redemption Amount is actually made in full. If any of the Equity Conditions shall cease to be satisfied at any time during the
Optional Redemption Period, then the Holder may elect to nullify the Optional Redemption Notice by notice to the Company within 3 Trading Days after the first day on which any such Equity Condition has not been met in which case the Optional
Redemption Notice shall be null and void, ab initio. The Company covenants and agrees that it will honor all Notices of Conversion tendered from the time of delivery of the Optional Redemption Notice through the date all amounts owing
thereon are due and paid in full. The Company’s determination to pay an Optional Redemption in cash shall be applied ratably to all of the holders of the then outstanding Debentures. 

b) Forced Conversion. Notwithstanding anything herein to the contrary, if, commencing on
August 15, 2011 (the six (6) month anniversary of the Lock-up Expiration Date), the VWAP for each of any ten (10) consecutive Trading Days (such period, the “Threshold Period”) exceeds 150% of the then effective
Conversion Price, then the Company may, within three (3) Trading Days after the end of any such Threshold Period, deliver a written notice to the Holder (a “Forced Conversion Notice” and the date such notice is delivered to the
Holder, the “Forced Conversion Notice Date” and such conversion, the “Forced Conversion”) to cause the Holder to convert all or part of the then outstanding principal amount of this Debenture at the then Conversion
Price, plus accrued but unpaid interest, liquidated damages and other amounts owing to the Holder under this Debenture at the Interest Conversion Rate, it being agreed that the “Conversion Date” for purposes of Section 4 shall be
deemed to occur on the third Trading Day following the Forced Conversion Notice Date (such third Trading Day, the “Forced Conversion Date”). The Company may not deliver a Forced Conversion Notice, and any Forced Conversion Notice
delivered by the Company shall not be effective, unless all of the Equity Conditions are met (unless waived in writing by the Holder) on each Trading Day occurring during the applicable Threshold Period through and including the later of the Forced
Conversion Date and the Trading Day after the date such Conversion Shares pursuant to such conversion are delivered to the Holder. Any Forced 

  
 27 

 
Conversion shall be applied ratably to all Holders of Debentures, provided that any voluntary conversions by a Holder shall be applied against the Holder’s pro rata allocation, thereby
decreasing the aggregate amount forcibly converted hereunder if only a portion of this Debenture is forcibly converted. For purposes of clarification, a Forced Conversion shall be subject to all of the provisions of Section 4, including,
without limitation, the provision requiring payment of liquidated damages and limitations on conversions. 
 c) Redemption Procedure. The payment of cash pursuant to an Optional Redemption shall be payable on the Optional Redemption Date. If any portion of the payment pursuant to an Optional Redemption
shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full.
Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such
Optional Redemption, ab initio, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. The Holder may elect to convert the
outstanding principal amount of this Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company. 

d) Automatic Conversion at Maturity Date. Subject to the provisions of this Section 6(d), on
the Maturity Date, the outstanding principal amount, plus accrued but unpaid interest, on this Debenture shall automatically convert into Conversion Shares or automatically be exchanged into BVTI Shares, or a combination thereof (such automatic
conversion or exchange, the “Automatic Conversion”), provided that the Holder shall have the right to elect whether to receive Conversion Shares or BVTI Shares or a combination thereof on the Maturity Date by written notice to the
Company at least 10 Trading Days prior to the Maturity Date (such notice, the “Automatic Conversion Notice”). In the Automatic Conversion Notice, the Holder shall set forth the respective portions of the outstanding principal
amount, plus accrued but unpaid interest, on this Debenture that shall be allocated to Conversion Shares and BVTI Shares (and, with respect to accrued but unpaid interest, to Interest Conversion Shares) or a combination thereof in the Automatic
Conversion. In the event that the Holder shall not deliver an Automatic Conversion Notice to the Company by the 10th Trading Day prior to the Maturity Date, the Holder shall be deemed to have made an election to receive outstanding principal amount,
plus accrued but unpaid interest, on the Debenture in BVTI Shares only. The Company shall deliver the Conversion Shares pursuant to the requirements of Section 4(d)(ii) and shall cause BVTI or the Transfer Agent to deliver the BVTI Shares
pursuant to the requirements of Section 4(e)(iv), as applicable. Notwithstanding anything herein to the contrary, the Automatic Conversion shall not be effective unless all of the Equity Conditions and all of the BVTI Equity Conditions are
satisfied (unless waived in writing by the Holder) on each of the 30 Trading Days immediately preceding the Maturity Date. 

  
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 Section 7. Negative Covenants. As long as any portion of
this Debenture remains outstanding, the Company shall not, and shall not permit any of its Subsidiaries to, directly or indirectly: 
 a) amend its charter documents, including, without limitation, its articles or certificate of incorporation and bylaws, in any manner that materially and adversely affects any rights of the Holder;

 b) repay, repurchase or offer to repay, repurchase or otherwise acquire more than a de
minimis number of shares of its Common Stock or Common Stock Equivalents other than repurchases of Common Stock or Common Stock Equivalents of departing officers and directors of the Company, provided that such repurchases shall not exceed an
aggregate of $100,000 for all officers and directors during the term of this Debenture; 
 c)
repay, repurchase or offer to repay, repurchase or otherwise acquire any Indebtedness, other than the Debentures if on a pro-rata basis, other than regularly scheduled principal and interest payments as such terms are in effect as of the Original
Issue Date or any payments to its creditors or the creditors of its Subsidiaries as required under the Plan, provided that such payments shall not be permitted if, at such time, or after giving effect to such payment, any Event of Default exists or
occurs; 
 d) pay cash dividends or distributions on any equity securities of the Company;

 e) enter into any transaction with any Affiliate of the Company which would be required to be
disclosed in any public filing with the Commission, unless such transaction is made on an arm’s-length basis and expressly approved by a majority of the disinterested directors of the Company (even if less than a quorum otherwise required for
board approval); or 
 f) enter into any agreement with respect to any of the foregoing.

 Section 8. Events of Default. 

a) “Event of Default” means, wherever used herein, any of the following events (whatever
the reason for such event and whether such event shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court, or any order, rule or regulation of any administrative or governmental
body): 
 i. any default in the payment of (A) the principal amount of any Debenture or
(B) interest, liquidated damages and other amounts owing to a Holder on any Debenture, as and when the same shall become due and payable (whether on a Conversion Date, an Exchange Date, a Forced Conversion Date, a

  
 29 

 
Forced Exchange Date, an Optional Redemption Date or the Maturity Date or by acceleration or otherwise), which default, solely in the case of an interest payment or other default under clause
(B) above, is not cured within three (3) Trading Days; 
 ii. the Company shall fail to
observe or perform any other material covenant or agreement contained in the Debentures (other than a breach by the Company of its obligations to deliver shares of Common Stock or BVTI Common Stock to the Holder upon conversion or exchange, which
breach is addressed in clause (ix) below) which failure is not cured, if possible to cure, within the earlier to occur of (A) five (5) Trading Days after notice of such failure sent by the Holder or by any other Holder to the Company
and (B) ten (10) Trading Days after the Company has become or should have become aware of such failure; 
 iii. a default or event of default (subject to any grace or cure period provided in the applicable agreement, document or instrument) shall occur under any material agreement, lease, document or
instrument to which the Company or any Subsidiary is obligated (and not covered by clause (vi) below); 
 iv. any representation or warranty by the Company made in this Debenture, any written statement pursuant hereto or any other report, financial statement or certificate made or delivered to the Holder or
any other Holder shall be untrue or incorrect in any material respect as of the date when made or deemed made; 
 v. the Company or any Significant Subsidiary (as such term is defined in Rule 1-02(w) of Regulation S-X) shall be subject to a Bankruptcy Event; 

vi. the Company or any Subsidiary shall default on any of its obligations under any mortgage, credit
agreement or other facility, indenture agreement, factoring agreement or other instrument under which there may be issued, or by which there may be secured or evidenced, any indebtedness for borrowed money or money due under any long term leasing or
factoring arrangement that (a) involves an obligation greater than $250,000, whether such indebtedness now exists or shall hereafter be created, and (b) results in such indebtedness becoming or being declared due and payable prior to the
date on which it would otherwise become due and payable; 
 vii. the Common Stock shall not be
eligible for listing or quotation for trading on a Trading Market and shall not be eligible to resume listing or quotation for trading thereon within five (5) Trading Days; 

viii. the Company shall be a party to any Change of Control Transaction or Fundamental Transaction or
shall agree to sell or dispose of all or 

  
 30 

 
in excess of 40% of its assets in one transaction or a series of related transactions (whether or not such sale would constitute a Change of Control Transaction); 

ix. the Company shall fail for any reason to deliver certificates to a Holder prior to the fifth Trading
Day after a Conversion Date pursuant to Section 4(d)(ii) or after an Exchange Date pursuant to Section 4(e)(iv) or the Company shall provide at any time notice to the Holder, including by way of public announcement, of the Company’s
intention to not honor requests for conversions or exchanges of any Debentures in accordance with the terms hereof; or 
 x. any monetary judgment, writ or similar final process shall be entered or filed against the Company, any Subsidiary or any of their respective property or other assets for more than $150,000, and such
judgment, writ or similar final process shall remain unvacated, unbonded or unstayed for a period of 45 calendar days. 
 b) Remedies Upon Event of Default. If any Event of Default occurs, the outstanding principal amount of this Debenture, plus accrued but unpaid interest, liquidated damages and other amounts owing
in respect thereof through the date of acceleration, shall become, at the Holder’s election, immediately due and payable in an amount equal to the Mandatory Default Amount. Commencing five (5) days after the occurrence of any Event of
Default that results in the eventual acceleration of this Debenture, the interest rate on this Debenture shall accrue at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted under applicable law. Upon the payment
in full of the Mandatory Default Amount, the Holder shall promptly surrender this Debenture to or as directed by the Company. In connection with such acceleration described herein, the Holder need not provide, and the Company hereby waives, any
presentment, demand, protest or other notice of any kind, and the Holder may immediately and without expiration of any grace period enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable law.
Such acceleration may be rescinded and annulled by the Holder at any time prior to payment hereunder and the Holder shall have all rights as a holder of the Debenture until such time, if any, as the Holder receives full payment pursuant to this
Section 8(b). No such rescission or annulment shall affect any subsequent Event of Default or impair any right consequent thereon. Upon the occurrence of an Event of Default, the Holder shall have the right, at any time and from time to time
until the Mandatory Default Amount is paid in full, to deliver instructions to the Agent (with a copy to the Company) to release to such Holder up to a number of Pledged Shares (as defined in the Pledge Agreement) determined by dividing the
Mandatory Default Amount (as determined by the Holder with respect to the application of clause (a)(i) or clause (a)(ii) of the definition of Mandatory Default Amount) by the then effective Exchange Price (such number of Pledged Shares, the
“Default Pledged Shares”). The Default Pledged Shares shall be the sole means by which the Holder receives the Mandatory Default Amount from the Company. If the Mandatory Default Amount exceeds the market value, or the proceeds of

  
 31 

 
the sale, of the Default Pledged Shares, the Company shall not be liable to the Holder for any deficiency. 

Section 9. Miscellaneous. 

a) Notices. Any and all notices or other communications or deliveries to be provided by the Holder
hereunder, including, without limitation, any Notice of Conversion and Notice of Exchange, shall be in writing and delivered personally, by facsimile, or sent by a nationally recognized overnight courier service, addressed to the Company, at the
address set forth above, or such other facsimile number or address as the Company may specify for such purpose by notice to the Holder delivered in accordance with this Section 9(a) and notices to the Agent shall be addressed to the Agent at
the address set forth in the Pledge Agreement or such other facsimile number or address as the Agent may specify for such purpose by notice to the Holder delivered in accordance with this Section 9(a). Any and all notices or other
communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by facsimile, or sent by a nationally recognized overnight courier service addressed to the Holder at the facsimile number or address
of the Holder appearing on the books of the Company, or if no such facsimile number or address appears, at the principal place of business of the Holder. Notices to BVTI shall be delivered by facsimile at the facsimile address for the Company set
forth in this Debenture. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile (if to the
Company, at the facsimile number specified on the signature page) prior to 5:30 p.m. (New York City time), (ii) the date immediately following the date of transmission, if such notice or communication is delivered via facsimile (if to the
Company, at the facsimile number specified on the signature page) between 5:30 p.m. (New York City time) and 11:59 p.m. (New York City time) on any date, (iii) the second Business Day following the date of mailing, if sent by nationally
recognized overnight courier service or (iv) upon actual receipt by the party to whom such notice is required to be given. 
 b) Absolute Obligation. Except as expressly provided herein, no provision of this Debenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the
principal of, liquidated damages and accrued interest, as applicable, on this Debenture at the time, place, and rate, and in the coin or currency, herein prescribed. This Debenture is a direct debt obligation of the Company. This Debenture ranks
pari passu with all other Debentures now or hereafter issued under the terms set forth herein. 
 c) Lost or Mutilated Debenture. If this Debenture shall be mutilated, lost, stolen or destroyed, the Company shall execute and deliver, in exchange and substitution for and upon cancellation of a
mutilated Debenture, or in lieu of or in substitution for a lost, stolen or destroyed Debenture, a new Debenture for the principal amount of this Debenture so mutilated, lost, stolen or destroyed, but only upon receipt of evidence of

  
 32 

 
such loss, theft or destruction of such Debenture, and of the ownership hereof, reasonably satisfactory to the Company. 

d) Governing Law. All questions concerning the construction, validity, enforcement and
interpretation of this Debenture shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflict of laws thereof. Each party agrees that all legal
proceedings concerning the interpretation, enforcement and defense of the transactions contemplated by this Debenture (whether brought against a party hereto or its respective Affiliates, directors, officers, shareholders, employees or agents) shall
be commenced in the state and federal courts sitting in the City of New York, Borough of Manhattan (the “New York Courts”). Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the
adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of this Debenture), and hereby irrevocably waives, and agrees not to assert in
any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such New York Courts, or such New York Courts are an improper or inconvenient venue for such proceeding. Each party hereby irrevocably waives personal
service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for
notices to it under this Debenture and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner
permitted by applicable law. Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Debenture or the transactions
contemplated hereby. If either party shall commence an action or proceeding to enforce any provisions of this Debenture, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorneys fees and other
costs and expenses incurred in the investigation, preparation and prosecution of such action or proceeding. 
 e) Waiver. Any waiver by the Company or the Holder of a breach of any provision of this Debenture shall not operate as or be construed to be a waiver of any other breach of such provision or of any
breach of any other provision of this Debenture. The failure of the Company or the Holder to insist upon strict adherence to any term of this Debenture on one or more occasions shall not be considered a waiver or deprive that party of the right
thereafter to insist upon strict adherence to that term or any other term of this Debenture. Any waiver by the Company or the Holder must be in writing. 

f) Severability. If any provision of this Debenture is invalid, illegal or unenforceable, the
balance of this Debenture shall remain in effect, and if any provision is inapplicable to any Person or circumstance, it shall nevertheless remain applicable to all other Persons and circumstances. If it shall be found that any interest or other
amount deemed interest due hereunder violates the applicable law governing usury, the applicable 

  
 33 

 
rate of interest due hereunder shall automatically be lowered to equal the maximum rate of interest permitted under applicable law. The Company covenants (to the extent that it may lawfully do
so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive the Company from paying all or any portion of
the principal of or interest on this Debenture as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Debenture, and the Company (to the extent it may lawfully do
so) hereby expressly waives all benefits or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Holder, but will suffer and permit the
execution of every such as though no such law has been enacted. 
 g) Next Business Day.
Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day. 

h) Headings. The headings contained herein are for convenience only, do not constitute a part of
this Debenture and shall not be deemed to limit or affect any of the provisions hereof. 
 i)
Assumption. Any successor to the Company or any surviving entity in a Fundamental Transaction shall (i) assume, prior to such Fundamental Transaction, all of the obligations of the Company under this Debenture pursuant to written
agreements in form and substance satisfactory to the Holder (such approval not to be unreasonably withheld or delayed) and (ii) issue to the Holder a new debenture of such successor entity evidenced by a written instrument substantially similar
in form and substance to this Debenture, including, without limitation, having a principal amount and interest rate equal to the principal amount and the interest rate of this Debenture and having similar ranking to this Debenture, which shall be
satisfactory to the Holder (any such approval not to be unreasonably withheld or delayed). The provisions of this Section 9(i) shall apply similarly and equally to successive Fundamental Transactions and shall be applied without regard to any
limitations of this Debenture. 
 j) Secured Obligation. The obligations of the Company
under this Debenture are (i) secured by the BVTI Shares pursuant to the Pledge Agreement, and (ii) guaranteed by the Subsidiaries pursuant to the Subsidiary Guarantee, dated as of November 17, 2010, of each Subsidiary in favor of the
Holders. 
 ********************* 
 [Signature Page Follows] 

  
 34 

 IN WITNESS WHEREOF, the Company has caused this Debenture to be duly
executed by a duly authorized officer as of the date first above indicated. 
  

			
	ACCENTIA BIOPHARMACEUTICALS, INC.
		
	By:	 	 
		 	 Name:   Samuel S. Duffey
 Title:     President

  

			
	Facsimile No. for delivery of notices:	 	 
		 	

  
 35 

 ANNEX A 

NOTICE OF CONVERSION 
 The undersigned hereby elects to convert principal under the 8.50% Secured Convertible Debenture due May 17, 2012 (unless the Maturity Date is extended pursuant to the terms therein) of Accentia
Biopharmaceuticals, Inc., a Florida corporation (the “Company”), into shares of common stock (the “Common Stock”) of the Company according to the conditions hereof, as of the date written below. If shares of Common
Stock are to be issued in the name of a person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto and is delivering herewith such certificates and opinions as reasonably requested by the Company in
accordance therewith. No fee will be charged to the holder for any conversion, except for such transfer taxes, if any. 
 By the delivery of this Notice of Conversion the undersigned represents and warrants to the Company that its ownership of the Common Stock does not exceed the amounts specified under Section 4(c) of
this Debenture, as determined in accordance with Section 13(d) of the Exchange Act. 
 The undersigned
agrees to comply with the prospectus delivery requirements under the applicable securities laws in connection with any transfer of the aforesaid shares of Common Stock. 

 

			
	 Conversion calculations:
	  	
		
		  	 Date to Effect Conversion:

		
		  	 Principal Amount of Debenture to be Converted:

		
		  	 Amount of Interest to be paid in Common Stock:

		
		  	 Number of shares of Common Stock to be issued:

		
		  	 Signature:

		
		  	 Name:

		
		  	 Address for Delivery of Common Stock Certificates:

		
		  	 Or

		
		  	 DWAC Instructions:

		
		  	 Broker
No:                            

		  	 Account
No:                          

  
 36 

 ANNEX B 

NOTICE OF EXCHANGE 
 The undersigned hereby elects to exchange principal and, if specified, interest under the 8.50% Secured Convertible Debenture due May 17, 2012 (unless the Maturity Date is extended pursuant to the
terms therein) of Accentia Biopharmaceuticals, Inc., a Florida corporation (the “Company”), into shares of common stock, $0.01 par value per share (the “Common Stock”), of Biovest International, Inc. according to the conditions
hereof, as of the date written below. If shares are to be issued in the name of a person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto and is delivering herewith such certificates and opinions
as reasonably requested by the Company in accordance therewith. No fee will be charged to the holder for any exchange, except for such transfer taxes, if any. 
 By the delivery of this Notice of Exchange the undersigned represents and warrants to the Company that its ownership of the Common Stock does not exceed the amounts determined in accordance with
Section 13(d) of the Exchange Act, specified under Section 4(e) of this Debenture. 
  

			
	 Exchange calculations:
	  	
		
		  	 Date to Effect Exchanges:

		
		  	 Principal Amount of Debentures to be Exchanged:

		
		  	 Amount of Interest to be paid in BVTI Common Stock:

		
		  	 Number of shares of BVTI Common Stock to be Issued:

		
		  	 Applicable Exchange Price:

		
		  	 Signature:

		
		  	 Name:

		
		  	 Address:

 CC:
AMERICAN STOCK TRANSFER & TRUST COMPANY, FACSIMILE NUMBER: 
 Fax: 718-331-1852, Attn: Herb Lemmer, Esq. 

  
 37 

 Schedule 1 

CONVERSION AND EXCHANGE SCHEDULE 
 The 8.50% Secured Convertible Debentures due on May 17, 2012 (unless the Maturity Date is extended pursuant to the terms therein) in the original principal amount of $____________ is issued by
Accentia Biopharmaceuticals, Inc., a Florida corporation. This Conversion and Exchange Schedule reflects conversions and exchanges made under Section 4 of the above referenced Debenture. 

Dated: 
  

									
	 Date of Conversion or
Exchange

(or for first entry,
Original Issue Date)
	 	Amount of
Conversion	 	Amount of
Exchange	 	Aggregate
Principal
Amount
Remaining
Subsequent to
Conversion or
Exchange
(or original
Principal
Amount)	 	Company Attest

  
 38Form of Common Stock Purchase Warrant

 Exhibit 10.17 
 COMMON STOCK PURCHASE WARRANT 
 To Purchase Shares of Common Stock of

 ACCENTIA BIOPHARMACEUTICALS, INC. 
 AND/OR 
 BIOVEST INTERNATIONAL, INC. 

THIS COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received,
                         (the “Holder”) is entitled, upon the terms and subject to the limitations on
exercise and the conditions hereinafter set forth, at any time on or after November 17, 2010 (the “Initial Exercise Date”) and on or prior to the close of business on the three (3) year anniversary of the Initial Exercise
Date (the “Termination Date”) but not thereafter, to subscribe for and purchase from Accentia Biopharmaceuticals, Inc., a Florida corporation (the “Company”), (x) up to
             shares (the “Warrant Shares”) of common stock, par value $.001 per share, of the Company (the “Common Stock”) or (y) up to
                 shares (the “BVTI Warrant Shares”) of common stock, par value $.01 per share (the “BVTI Common Stock”), of
Biovest International, Inc., a Delaware corporation (“BVTI”), or (z) any combination thereof. Notwithstanding anything to the contrary contained in this Warrant, the total number of BVTI Warrant Shares issuable hereunder shall
be reduced on a share by share basis by the number of shares of BVTI Common Stock issued to the Holder upon (i) the exchange of any amount outstanding under the Debentures (as defined below) into shares of BVTI Common Stock, or (ii) the
release of shares of BVTI Common Stock to the Holder upon an Event of Default (as defined in the Debentures) under the Debentures, subject, in each case, to the maximum number of shares of BVTI Common Stock issuable to a Holder pursuant to the
Pledge Agreement (as defined below) as described in Section 3(b)(v) therein. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). The purchase price of one
share of BVTI Common Stock under this Warrant shall be equal to the BVTI Exercise Price, as defined in Section 2(b). This Warrant and the Warrant Shares and the BVTI Warrant Shares issuable upon exercise of this Warrant are issued by the
Company, pursuant to Section 1145 of the Bankruptcy Code and Article 5.6.1.8 of the Plan (as defined below), in exchange for the Holder’s claims against the Company, and are exempt from the requirements of Section 5 of the Securities
Act and state and local securities laws and requirements by virtue of Section 1145 of the Bankruptcy Code. 

Section 1. Definitions. For the purposes hereof, in addition to the terms defined elsewhere in this
Warrant, the following terms shall have the following meanings: 
 “Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act. 

  
 1 

 “Bankruptcy Case” means, collectively, the
cases of the Company and its Subsidiaries pending before the Bankruptcy Court under Chapter 11 of the Bankruptcy Code, and jointly administered under Case No. 8:08-bk-17795-KRM. 

“Bankruptcy Code” means title 11 of the United States Code, 11 U.S.C. §§ 101
et seq. 
 “Bankruptcy Court” means the United States Bankruptcy Court
for the Middle District of Florida, Tampa Division. 
 “Black Scholes Value”
means the value of this Warrant based on the Black and Scholes Option Pricing Model obtained from the “OV” function on Bloomberg, L.P. (“Bloomberg”) determined as of the day of consummation of the applicable Fundamental
Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the
Termination Date, (B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg as of the Trading Day immediately following the public announcement of the applicable Fundamental
Transaction, (C) the underlying price per share used in such calculation shall be the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction
and (D) a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date. 

“Business Day” means any day except Saturday, Sunday, any day which shall be a federal
legal holiday in the United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close. 

“BVTI Subsidiary” means any subsidiary of BVTI as of the Initial Exercise Date and shall,
where applicable, also include any direct or indirect subsidiary of BVTI formed or acquired after the date hereof. 
 “BVTI VWAP” means, for any date, the price of the BVTI Common Stock determined by the first of the following clauses that applies: (a) if the BVTI Common Stock is then listed or
quoted for trading on a Trading Market, the volume weighted average price per share of the BVTI Common Stock for such date (or the nearest preceding date) on the Trading Market on which the BVTI Common Stock is then listed or quoted for trading as
reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)); (b) if the BVTI Common Stock is not then listed or quoted for trading on a Trading Market and if prices for the BVTI
Common Stock are then reported in the “Pink Sheets” published by Pink Sheets, LLC (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the BVTI Common Stock so
reported for such date; or (c) in all other cases, the fair market value of a share of BVTI Common Stock as 

  
 2 

 
determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company. 

“Common Stock Equivalents” means any securities of the Company, the Subsidiaries, or the
BVTI Subsidiaries which would entitle the holder thereof to acquire at any time Common Stock or BVTI Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible
into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock or BVTI Common Stock. 
 “Debentures” means the 8.50% Secured Convertible Debentures Due May 17, 2012 issued by the Company to the Holder. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder. 
 “Liens” means a lien, charge, pledge,
security interest, encumbrance, right of first refusal, preemptive right or other restriction. 

“Person” means an individual or corporation, partnership, trust, incorporated or
unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 

“Plan” means the First Amended Joint Plan of Reorganization of Accentia
Biopharmaceuticals, Inc., Analytica International, Inc., TEAMM Pharmaceuticals, Inc., AccentRx, Inc., and Accentia Specialty Pharmacy, Inc. under Chapter 11 of Title 11, United States Code dated as of August 16, 2010, as modified by the First
Modification to First Amended Joint Plan of Reorganization of Accentia Biopharmaceuticals, Inc., Analytica International, Inc., TEAMM Pharmaceuticals, Inc., AccentRx, Inc., and Accentia Specialty Pharmacy, Inc. under Chapter 11 of Title 11, United
States Code dated as of October 25, 2010 and as further modified from time to time, as filed in the Bankruptcy Case. 
 “Pledge Agreement” means that certain Pledge Agreement, dated as of November 17, 2010, executed by the Company in favor of the Holders. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder. 
 “Subsidiary” means any subsidiary of the
Company as of the Initial Exercise Date and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired after the date hereof. 

“Trading Day” means a day on which a Trading Market is open for trading; provided that,
if the Common Stock or the BVTI Common Stock, as applicable, is not on a Trading Market, then as reported on any day in the “Pink Sheets” published by Pink Sheets, LLC (or a similar organization or agency succeeding to its functions of
reporting prices). 

  
 3 

 “Trading Market” means any of the following
markets or exchanges on which the Common Stock or the BVTI Common Stock, as applicable, is listed or quoted for trading on the date in question: the New York Stock Exchange, the NYSE AMEX, the NASDAQ Capital Market, the NASDAQ Global Market, the
NASDAQ Global Select Market, the OTCQB Marketplace, or the OTC Bulletin Board (or any successors to any of the foregoing). 
 “Transfer Agent” means StockTrans, Inc. or any successor transfer agent engaged by the Company or BVTI. 

“Variable Rate Transaction” means a transaction in which the Company or BVTI
(i) issues or sells any debt or equity securities that are convertible into, exchangeable or exercisable for, or include the right to receive, additional shares of Common Stock or BVTI Common Stock either (A) at a conversion price,
exercise price or exchange rate or other price that is based upon, and/or varies with, the trading prices of or quotations for the shares of Common Stock or BVTI Common Stock at any time after the initial issuance of such debt or equity securities
or (B) with a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of such debt or equity security or upon the occurrence of specified or contingent events directly or indirectly
related to the business of the Company or BVTI or the market for the Common Stock or the BVTI Common Stock or (ii) enters into any agreement, including, but not limited to, an equity line of credit, whereby the Company or BVTI may sell
securities at a future determined price. 
 “VWAP” means, for any date, the
price of the Common Stock determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted for trading on a Trading Market, the volume weighted average price per share of the Common Stock for such
date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted for trading as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time));
(b) if the Common Stock is not then listed or quoted for trading on a Trading Market and if prices for the Common Stock are then reported in the “Pink Sheets” published by Pink Sheets, LLC (or a similar organization or agency
succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported for such date; or (c) in all other cases, the fair market value of a share of Common Stock as determined by an independent
appraiser selected in good faith by the Holder and reasonably acceptable to the Company. 

Section 2. Exercise. 

a) Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in
whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such other office or agency of the Company as it may designate by notice in writing to the registered
Holder at the address of the Holder appearing on the books of the Company) of a duly executed facsimile copy of the Notice of Exercise annexed hereto (“Notice of Exercise”); and, within three (3) Trading Days of the date said
Notice of 

  
 4 

 
Exercise is delivered to the Company, the Company shall have received payment of the aggregate Exercise Price and/or the aggregate BVTI Exercise Price of the shares thereby purchased by wire
transfer or cashier’s check drawn on a United States bank. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant
Shares and/or BVTI Warrant Shares available hereunder and this Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date the final Notice
of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares and/or BVTI Warrant Shares available hereunder shall have the effect of lowering the outstanding
number of Warrant Shares and/or BVTI Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares and/or BVTI Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of
Warrant Shares and/or BVTI Warrant Shares purchased and the dates of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such Notice of Exercise. The Holder and any
assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this Section 2(a), following the purchase of a portion of the Warrant Shares and/or BVTI Warrant Shares available hereunder, the number of
Warrant Shares and/or BVTI Warrant Shares available for purchase hereunder at any given time may be less than the amount stated in the first paragraph of this Warrant. This Warrant is exercisable proportionately into Warrant Shares and/or BVTI
Warrant Shares, but is not exercisable into the full number of both Warrant Shares and BVTI Warrant Shares. For every Warrant Share purchased, a proportionate number of BVTI Warrant Shares shall cease to be purchasable and vice versa. By way of
example, if this Warrant were initially exercisable for up to 2,000 Warrant Shares and up to 1,000 BVTI Warrant Shares, and the Holder subsequently exercises this Warrant to purchase 500 Warrant Shares, then, after such exercise, the maximum number
of BVTI Warrant Shares for which this Warrant could be exercised would be 750 BVTI Warrant Shares. Likewise, if this Warrant were initially exercisable for up to 2,000 Warrant Shares and up to 1,000 BVTI Warrant Shares, and the Holder subsequently
exercises this Warrant to purchase 500 BVTI Warrant Shares, then, after such exercise, the maximum number of Warrant Shares for which this Warrant could be exercised would be 1,000 Warrant Shares. 

b) Exercise Price. The exercise price per share of the Common Stock under this Warrant shall be
$1.50, subject to adjustment hereunder (the “Exercise Price”) and the exercise price per share of the BVTI Common Stock under this Warrant shall be $1.50, subject to adjustment hereunder (the “BVTI Exercise Price”).

 c) [RESERVED] 

d) Exercise Limitations. 

 

	 	i.	 Holder’s Restrictions Applicable to the Common Stock. The Company shall not effect any exercise of this Warrant, and a Holder shall not
have the right to exercise any portion of this Warrant, to the extent that after 

  
 5 

	 	 
giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates and any other Person acting as a group
together with the Holder or any of the Holder’s Affiliates) would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common Stock
beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common
Stock which would be issuable upon (A) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates and (B) exercise or conversion of the unexercised or nonconverted portion of
any other securities of the Company (including, without limitation, any other Common Stock Equivalents), subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its
Affiliates. Except as set forth in the preceding sentence, for purposes of this Section 2(d)(i), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act, it being acknowledged by the Holder that the
Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the
limitation contained in this Section 2(d)(i) applies, the determination of whether this Warrant is exercisable into Common Stock (in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this
Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable into Common Stock (in relation to other
securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy
of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act. For purposes of this Section 2(d)(i), in determining the number of
outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (x) the Company’s most recent Form 10-Q Quarterly Report or Form 10-K Annual Report, as the case may be, (y) a
more recent public announcement by the Company, or (z) any other notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within
two (2) Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common 

  
 6 

	 	 
Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates since the date as of which such
number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of
Common Stock issuable upon exercise of this Warrant. The Holder, upon not less than 61 days’ prior notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(d)(i), provided that the
Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the
provisions of this Section 2(d)(i) shall continue to apply. Any such increase or decrease will not be effective until the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented
in a manner otherwise than in strict conformity with the terms of this Section 2(d)(i) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained
or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant. 

 

	 	ii.	 Holder’s Restrictions Applicable to the BVTI Common Stock. The Company shall not effect any exercise of this Warrant, and a Holder shall
not have the right to exercise any portion of this Warrant, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates and any
other Person acting as a group together with the Holder or any of the Holder’s Affiliates) would beneficially own in excess of the BVTI Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number
of shares of BVTI Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of BVTI Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall
exclude the number of shares of BVTI Common Stock which would be issuable upon (A) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates and (B) exercise or conversion of
the unexercised or nonconverted portion of any other securities of BVTI or the Company that are exercisable, convertible or exchangeable into or for BVTI Common Stock (including, without limitation, any other Common Stock Equivalents), subject to a
limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates. Except as set forth in the preceding sentence, for purposes of this Section 2(d)(ii), beneficial
ownership shall be calculated in accordance with Section 13(d) 

  
 7 

	 	 
of the Exchange Act, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and
the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(d)(ii) applies, the determination of whether this Warrant is exercisable into BVTI
Common Stock (in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be
deemed to be the Holder’s determination of whether this Warrant is exercisable into BVTI Common Stock (in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable, in
each case subject to the BVTI Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be
determined in accordance with Section 13(d) of the Exchange Act. For purposes of this Section 2(d)(ii), in determining the number of outstanding shares of BVTI Common Stock, a Holder may rely on the number of outstanding shares of BVTI
Common Stock as reflected in (x) BVTI’s most recent Form 10-Q Quarterly Report or Form 10-K Annual Report, as the case may be, (y) a more recent public announcement by BVTI, or (z) any other notice by BVTI or the Transfer Agent
setting forth the number of shares of BVTI Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall cause BVTI, within two (2) Trading Days, to confirm orally and in writing to the Holder the number of shares of
BVTI Common Stock then outstanding. In any case, the number of outstanding shares of BVTI Common Stock shall be determined after giving effect to the conversion, exchange or exercise of securities of BVTI or the Company, including this Warrant, by
the Holder or its Affiliates since the date as of which such number of outstanding shares of BVTI Common Stock was reported. The “BVTI Beneficial Ownership Limitation” shall be 4.99% of the number of shares of BVTI Common Stock
outstanding immediately after giving effect to the issuance of shares of BVTI Common Stock issuable upon exercise of this Warrant. The Holder, upon not less than 61 days’ prior notice to BVTI, may increase or decrease the BVTI Beneficial
Ownership Limitation provisions of this Section 2(d)(ii), provided that the BVTI Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the BVTI Common Stock outstanding immediately after giving effect to the
issuance of shares of BVTI Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(d)(ii) shall continue to apply. Any such increase or decrease will not be effective until the 61st day after such notice is delivered to BVTI. The provisions of this
paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the 

  
 8 

	 	 
terms of this Section 2(d)(ii) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended BVTI Beneficial Ownership Limitation herein
contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant. 

e) Mechanics of Exercise. 

i. Delivery of Certificates Upon Exercise. Certificates for shares purchased hereunder shall be
transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s prime broker with the Depository Trust Company through its Deposit or Withdrawal at Custodian System (“DWAC”) if the Company and/or BVTI,
as applicable, is then a participant in DWAC, and otherwise by physical delivery to the address specified by the Holder in the Notice of Exercise, in either case within three (3) Trading Days after the delivery to the Company of the Notice of
Exercise, surrender of this Warrant to the Company (if required), and payment to the Company of the aggregate Exercise Price and/or aggregate BVTI Exercise Price, as applicable, as set forth above (the “Warrant Share Delivery
Date”). This Warrant shall be deemed to have been exercised on the date the Exercise Price and/or BVTI Exercise Price, as applicable, is received by the Company. The Warrant Shares and/or BVTI Warrant Shares shall be deemed to have been
issued, and the Holder (or any other person so designated to be named as holder in the Notice of Exercise) shall be deemed to have become a holder of record of such shares for all purposes, as of the date this Warrant has been exercised by payment
to the Company of the Exercise Price and/or BVTI Exercise Price, as applicable, and all taxes required to be paid by the Holder, if any, pursuant to Section 2(e)(vi) prior to the issuance of such shares have been paid. If the Company fails for
any reason to deliver to the Holder certificates evidencing the Warrant Shares and/or BVTI Warrant Shares subject to a Notice of Exercise by the second Trading Day following the Warrant Share Delivery Date, the Company shall pay to the Holder, in
cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares and/or BVTI Warrant Shares subject to such Notice of Exercise (based on the VWAP of the Common Stock or the BVTI VWAP of the BVTI Common Stock, as applicable, on the
date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such second Trading Day following the Warrant Share
Delivery Date until such certificates are delivered. 
 ii. Delivery of New Warrants Upon
Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant, at the time of delivery of the certificate or certificates representing Warrant Shares and/or BVTI

  
 9 

 
Warrant Shares, deliver to a Holder a new Warrant evidencing the rights of such Holder to purchase the unpurchased Warrant Shares and/or BVTI Warrant Shares called for by this Warrant, which new
Warrant shall in all other respects be identical with this Warrant. 
 iii. Rescission
Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder a certificate or the certificates representing the Warrant Shares and/or BVTI Warrant Shares pursuant to Section 2(e)(i) by the Warrant Share Delivery Date,
then, the Holder will have the right to rescind such exercise. 
 iv. Compensation for Buy-In
on Failure to Timely Deliver Certificates Upon Exercise. In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder a certificate or the certificates representing the
Warrant Shares (or if the Company fails to cause BVTI or BVTI’s Transfer Agent to transmit to the Holder a certificate or the certificates representing the BVTI Warrant Shares) pursuant to an exercise on or before the Warrant Share Delivery
Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock or BVTI Common Stock to deliver in
satisfaction of a sale by the Holder of the Warrant Shares or BVTI Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount by which
(x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock or BVTI Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares or
BVTI Warrant Shares, as applicable, that the Company was required to deliver (or cause to be delivered) to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation
was executed, and (B) at the option of the Holder, either reinstate the portion of this Warrant and equivalent number of Warrant Shares and/or BVTI Warrant Shares for which such exercise was not honored or deliver to the Holder the number of
shares of Common Stock or BVTI Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000
to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be
required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall
limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, 

  
 10 

 
a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver (or cause BVTI to timely deliver) certificates representing shares of Common
Stock or BVTI Common Stock upon exercise of this Warrant as required pursuant to the terms hereof. 
 v. No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share which a Holder would
otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or BVTI Exercise Price, as
applicable, or round up to the next whole share. 
 vi. Charges, Taxes and Expenses.
Issuance of certificates for Warrant Shares and/or BVTI Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such certificates, all of which taxes and
expenses shall be paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event certificates for Warrant Shares
and/or BVTI Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require,
as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. 
 vii. Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof. 

f) Call Provisions. 

i. Warrant Shares. Subject to the provisions of Section 2(d)(i) and this Section 2(f)(i),
if (A) commencing on May 17, 2011, the VWAP of the Common Stock for each of ten (10) consecutive Trading Days (such ten (10) consecutive Trading Day period, the “Measurement Period”) equals or exceeds $2.25
(subject to adjustment for forward and reverse stock splits, recapitalizations, stock dividends and the like after the Initial Exercise Date), then the Company may, within three (3) Trading Days of the end of such Measurement Period, call for
the cancellation of up to 50% of the Warrant Shares for which a Notice of Exercise has not yet been delivered to the Company (such right, a “Call”) for consideration equal to $.001 per Warrant Share, and (B) commencing on
November 17, 2011, the VWAP of the Common Stock on each Trading Day in a Measurement Period equals or exceeds $2.625 (subject to adjustment for forward and 

  
 11 

 
reverse stock splits, recapitalizations, stock dividends and the like after the Initial Exercise Date), then the Company may, within three (3) Trading Days of the end of such Measurement
Period, call for the cancellation of up to all of the remaining Warrant Shares for which a Notice of Exercise has not yet been delivered to the Company (such right, also a “Call”) for consideration equal to $.001 per Warrant Share.
To exercise this right, the Company must deliver to the Holder an irrevocable written notice (a “Call Notice”), indicating therein the unexercised portion of this Warrant to which such Call Notice applies. If the conditions set
forth below for such Call are satisfied from the period from the date of the Call Notice through and including the Call Date (as defined below), then any portion of this Warrant subject to such Call Notice for which a Notice of Exercise shall not
have been received by the Company by the Call Date will be cancelled at 6:30 p.m. (New York City time) on the fifth Trading Day after the date the Call Notice is received by the Holder (such date and time, the “Call Date”). Any
unexercised portion of this Warrant to which the Call Notice does not pertain will be unaffected by such Call Notice. In furtherance thereof, the Company covenants and agrees that it will honor all Notices of Exercise with respect to Warrant Shares
subject to a Call Notice that are tendered through 6:30 p.m. (New York City time) on the Call Date. The parties agree that any Notice of Exercise delivered following a Call Notice which calls less than all the Warrant Shares shall first reduce to
zero the number of Warrant Shares subject to such Call Notice prior to reducing the remaining Warrant Shares available for purchase under this Warrant. For example, if (A) this Warrant then permits the Holder to acquire 100 Warrant Shares,
(B) a Call Notice pertains to 75 Warrant Shares, and (C) prior to 6:30 p.m. (New York City time) on the Call Date the Holder tenders a Notice of Exercise in respect of 50 Warrant Shares, then (x) on the Call Date the right under this
Warrant to acquire 25 Warrant Shares will be automatically cancelled, (y) the Company, in the time and manner required under this Warrant, will have issued and delivered to the Holder 50 Warrant Shares in respect of the exercises following
receipt of the Call Notice, and (z) the Holder may, until the Termination Date, exercise this Warrant for 25 Warrant Shares (subject to adjustment as herein provided and subject to subsequent Call Notices). Subject to the provisions of this
Section 2(f)(i), the Company may deliver subsequent Call Notices for any portion of this Warrant for which the Holder shall not have delivered a Notice of Exercise. Notwithstanding anything to the contrary set forth in this Warrant, the Company
may not deliver a Call Notice or require the cancellation of this Warrant (and any such Call Notice shall be void), unless (a) from the beginning of the Measurement Period through the Call Date, (i) the Company shall have honored in
accordance with the terms of this Warrant all Notices of Exercise delivered by 6:30 p.m. (New York City time) on the Call Date, (ii) the Common Stock shall be listed or quoted for trading on the Trading Market and (iii) there is a
sufficient number of authorized shares of Common Stock for issuance of all Warrant 

  
 12 

 
Shares, (b) if the Warrant Shares are subject to a lock-up agreement that is required by a placement agent, the Call occurs at least 90 days following the expiration of such lock-up
agreement, and (c) with respect to the Warrant Shares that are subject to the Call, the issuance of such Warrant Shares upon exercise of this Warrant by the Holder shall not cause a breach of Section 2(d)(i) herein, provided that, solely
for purpose of this clause (c) of this Section 2(f)(i), the Beneficial Ownership Limitation shall be deemed to be 9.99%. 
 ii. BVTI Warrant Shares. Subject to the provisions of Section 2(d)(ii) and this Section 2(f)(ii), if commencing on the Initial Exercise Date, (A) the BVTI VWAP of the BVTI Common
Stock on each Trading Day in a Measurement Period equals or exceeds $2.25 (subject to adjustment for forward and reverse stock splits, recapitalizations, stock dividends and the like after the Initial Exercise Date), then the Company may, within
three (3) Trading Days of the end of such Measurement Period, call for the cancellation of up to 50% of the BVTI Warrant Shares for which a Notice of Exercise has not yet been delivered to the Company (such right, a “BVTI
Call”) for consideration equal to $.01 per BVTI Warrant Share, and (B) the BVTI VWAP of the BVTI Common Stock on each Trading Day in a Measurement Period equals or exceeds $2.625 (subject to adjustment for forward and reverse stock
splits, recapitalizations, stock dividends and the like after the Initial Exercise Date), then the Company may, within three (3) Trading Days of the end of such Measurement Period, call for the cancellation of up to all of the remaining BVTI
Warrant Shares for which a Notice of Exercise has not yet been delivered to the Company (such right, also a “BVTI Call”) for consideration equal to $.01 per BVTI Warrant Share. To exercise this right, the Company must deliver to the
Holder an irrevocable written notice (a “BVTI Call Notice”), indicating therein the unexercised portion of this Warrant to which such BVTI Call Notice applies. If the conditions set forth below for such BVTI Call are satisfied from
the period from the date of the BVTI Call Notice through and including the BVTI Call Date (as defined below), then any portion of this Warrant subject to such BVTI Call Notice for which a Notice of Exercise shall not have been received by the
Company by the BVTI Call Date will be cancelled at 6:30 p.m. (New York City time) on the fifth Trading Day after the date the BVTI Call Notice is received by the Holder (such date and time, the “BVTI Call Date”). Any unexercised
portion of this Warrant to which the BVTI Call Notice does not pertain will be unaffected by such BVTI Call Notice. In furtherance thereof, the Company covenants and agrees that it will honor all Notices of Exercise with respect to BVTI Warrant
Shares subject to a BVTI Call Notice that are tendered through 6:30 p.m. (New York City time) on the BVTI Call Date. The parties agree that any Notice of Exercise delivered following a BVTI Call Notice which calls less than all the BVTI Warrant
Shares shall first reduce to zero the number of BVTI Warrant Shares subject to such BVTI Call Notice prior to reducing the 

  
 13 

 
remaining BVTI Warrant Shares available for purchase under this Warrant. For example, if (A) this Warrant then permits the Holder to acquire 100 BVTI Warrant Shares, (B) a BVTI Call
Notice pertains to 75 BVTI Warrant Shares, and (C) prior to 6:30 p.m. (New York City time) on the BVTI Call Date the Holder tenders a Notice of Exercise in respect of 50 BVTI Warrant Shares, then (x) on the BVTI Call Date the right under
this Warrant to acquire 25 BVTI Warrant Shares will be automatically cancelled, (y) the Company, in the time and manner required under this Warrant, will have issued and delivered to the Holder 50 BVTI Warrant Shares in respect of the exercises
following receipt of the BVTI Call Notice, and (z) the Holder may, until the Termination Date, exercise this Warrant for 25 BVTI Warrant Shares (subject to adjustment as herein provided and subject to subsequent BVTI Call Notices). Subject to
the provisions of this Section 2(f)(ii), the Company may deliver subsequent BVTI Call Notices for any portion of this Warrant for which the Holder shall not have delivered a Notice of Exercise. Notwithstanding anything to the contrary set forth
in this Warrant, the Company may not deliver a BVTI Call Notice or require the cancellation of this Warrant (and any such BVTI Call Notice shall be void), unless (a) from the beginning of the Measurement Period through the BVTI Call Date,
(i) the Company shall have honored in accordance with the terms of this Warrant all Notices of Exercise delivered by 6:30 p.m. (New York City time) on the BVTI Call Date, (ii) the BVTI Common Stock shall be listed or quoted for trading on
the Trading Market and (iii) there is a sufficient number of authorized shares of BVTI Common Stock for issuance of all BVTI Warrant Shares, (b) if the BVTI Warrant Shares are subject to a lock-up agreement that is required by a placement
agent, the BVTI Call occurs at least 90 days following the expiration of such lock-up agreement, and (c) with respect to the BVTI Warrant Shares that are subject to the BVTI Call, the issuance of such BVTI Warrant Shares upon exercise of this
Warrant by the Holder shall not cause a breach of Section 2(d)(ii) herein, provided that, solely for purpose of this clause (c) of this Section 2(f)(ii), the BVTI Beneficial Ownership Limitation shall be deemed to be 9.99%.

 Section 3. Certain Adjustments. 

a) Stock Dividends and Splits. 

i. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or
otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued
by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller
number of shares, or (iv) issues by 

  
 14 

 
reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be
the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event and the number of
Warrant Shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a)(i) shall become effective
immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 ii. If BVTI, at any time while this Warrant is outstanding: (i) pays a stock dividend or
otherwise makes a distribution or distributions on shares of BVTI Common Stock or any other equity or equity equivalent securities payable in shares of BVTI Common Stock (which, for avoidance of doubt, shall not include any shares of BVTI Common
Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of BVTI Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of BVTI Common
Stock into a smaller number of shares, or (iv) issues by reclassification of shares of BVTI Common Stock any shares of capital stock of BVTI, then in each case the BVTI Exercise Price shall be multiplied by a fraction of which the numerator
shall be the number of shares of BVTI Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of BVTI Common Stock outstanding immediately after such event
and the number of BVTI Warrant Shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate BVTI Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this
Section 3(a)(ii) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a
subdivision, combination or re-classification. 
 b) [RESERVED] 

c) Subsequent Rights Offerings. 

i. If the Company, at any time while this Warrant is outstanding, shall issue rights, options or warrants
to all holders of Common Stock (and not to Holders of the Warrants) entitling them to subscribe for or purchase shares of Common Stock at a price per share less 

  
 15 

 
than the VWAP at the record date mentioned below, then, the Exercise Price shall be multiplied by a fraction, of which the denominator shall be the number of shares of the Common Stock
outstanding on the date of issuance of such rights or warrants plus the number of additional shares of Common Stock offered for subscription or purchase, and of which the numerator shall be the number of shares of the Common Stock outstanding on the
date of issuance of such rights or warrants plus the number of shares which the aggregate offering price of the total number of shares so offered (assuming receipt by the Company in full of all consideration payable upon exercise of such rights,
options or warrants) would purchase at such VWAP. Such adjustment shall be made whenever such rights or warrants are issued, and shall become effective immediately after the record date for the determination of stockholders entitled to receive such
rights, options or warrants. 
 ii. If BVTI, at any time while this Warrant is outstanding, shall
issue rights, options or warrants to all holders of BVTI Common Stock (and not to Holders of the Warrants) entitling them to subscribe for or purchase shares of BVTI Common Stock at a price per share less than the BVTI VWAP at the record date
mentioned below, then, the BVTI Exercise Price shall be multiplied by a fraction, of which the denominator shall be the number of shares of the BVTI Common Stock outstanding on the date of issuance of such rights or warrants plus the number of
additional shares of BVTI Common Stock offered for subscription or purchase, and of which the numerator shall be the number of shares of the BVTI Common Stock outstanding on the date of issuance of such rights or warrants plus the number of shares
which the aggregate offering price of the total number of shares so offered (assuming receipt by BVTI in full of all consideration payable upon exercise of such rights, options or warrants) would purchase at such BVTI VWAP. Such adjustment shall be
made whenever such rights or warrants are issued, and shall become effective immediately after the record date for the determination of stockholders entitled to receive such rights, options or warrants. 

d) Pro Rata Distributions. 

i. If the Company, at any time while this Warrant is outstanding, shall distribute to all holders of
Common Stock (and not to Holders of the Warrants) evidences of its indebtedness or assets (including cash and cash dividends) or rights or warrants to subscribe for or purchase any security, then in each such case the Exercise Price shall be
adjusted by multiplying the Exercise Price in effect immediately prior to the record date fixed for determination of stockholders entitled to receive such distribution by a fraction of which the denominator shall be the VWAP determined as of the
record date mentioned above, and of which the numerator shall be such VWAP on such record date less the then per share fair market value at such record date of the portion of such assets or 

  
 16 

 
evidence of indebtedness so distributed applicable to one outstanding share of the Common Stock as determined by the Board of Directors of the Company in good faith. In either case the
adjustments shall be described in a statement provided to the Holder of the portion of assets or evidences of indebtedness so distributed or such subscription rights applicable to one share of Common Stock. Such adjustment shall be made whenever any
such distribution is made and shall become effective immediately after the record date mentioned above. 
 ii. If BVTI, at any time while this Warrant is outstanding, shall distribute to all holders of BVTI Common Stock (and not to Holders of the Warrants) evidences of its indebtedness or assets (including
cash and cash dividends) or rights or warrants to subscribe for or purchase any security, then in each such case the BVTI Exercise Price shall be adjusted by multiplying the BVTI Exercise Price in effect immediately prior to the record date fixed
for determination of stockholders entitled to receive such distribution by a fraction of which the denominator shall be the BVTI VWAP determined as of the record date mentioned above, and of which the numerator shall be such BVTI VWAP on such record
date less the then per share fair market value at such record date of the portion of such assets or evidence of indebtedness so distributed applicable to one outstanding share of the BVTI Common Stock as determined by the Board of Directors of BVTI
in good faith. In either case the adjustments shall be described in a statement provided to the Holder of the portion of assets or evidences of indebtedness so distributed or such subscription rights applicable to one share of BVTI Common Stock.
Such adjustment shall be made whenever any such distribution is made and shall become effective immediately after the record date mentioned above. 

e) Fundamental Transaction. 

i. If, at any time while this Warrant is outstanding, (A) the Company effects any merger or
consolidation of the Company with or into another Person, (B) the Company effects any sale of all or substantially all of its assets in one or a series of related transactions, (C) any tender offer or exchange offer (whether by the Company
or another Person) is completed pursuant to which holders of Common Stock are permitted to tender or exchange their shares for other securities, cash or property, or (D) the Company effects any reclassification of the Common Stock or any
compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property (each, a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant,
the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder exercisable at any time concurrently
with or within 30 days after the consummation of the Fundamental Transaction, 

  
 17 

 
(a) upon exercise of this Warrant, the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional
consideration (the “Alternate Consideration”) receivable upon or as a result of such reorganization, reclassification, merger, consolidation or disposition of assets by a Holder of the number of shares of Common Stock for which this
Warrant is exercisable immediately prior to such event or (b) if the Company is acquired in (i) an all cash transaction, (ii) a “Rule 13e-3 transaction” as defined in Rule 13e-3 under the Exchange Act, or (iii) a
Fundamental Transaction involving a person or entity not traded on a national securities exchange, the NASDAQ Global Select Market, the NASDAQ Global Market or the NASDAQ Capital Market, cash equal to the value of this Warrant as determined in
accordance with the Black Scholes Value. For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in
respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the
Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives
upon any exercise of this Warrant following such Fundamental Transaction. To the extent necessary to effectuate the foregoing provisions, any successor to the Company or surviving entity in such Fundamental Transaction shall issue to the Holder a
new warrant consistent with the foregoing provisions and evidencing the Holder’s right to exercise such warrant into Alternate Consideration. The terms of any agreement pursuant to which a Fundamental Transaction is effected shall include terms
requiring any such successor or surviving entity to comply with the provisions of this Section 3(e)(i) and insuring that this Warrant (or any such replacement security) will be similarly adjusted upon any subsequent transaction analogous to a
Fundamental Transaction. 
 ii. If, at any time while this Warrant is outstanding, (A) BVTI
effects any merger or consolidation of BVTI with or into another Person, (B) BVTI effects any sale of all or substantially all of its assets in one or a series of related transactions, (C) any tender offer or exchange offer (whether by
BVTI or another Person) is completed pursuant to which holders of BVTI Common Stock are permitted to tender or exchange their shares for other securities, cash or property, or (D) BVTI effects any reclassification of the BVTI Common Stock or
any compulsory share exchange pursuant to which the BVTI Common Stock is effectively converted into or exchanged for other securities, cash or property (each, a “BVTI Fundamental Transaction”), then, upon any subsequent exercise of
this Warrant, the Holder shall have the right to receive, subject to this 

  
 18 

 
Section 3(e)(ii), for each BVTI Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such BVTI Fundamental Transaction, the same kind and
amount of securities, cash or property as it would have been entitled to receive upon the occurrence of such BVTI Fundamental Transaction if it had been, immediately prior to such BVTI Fundamental Transaction, the holder of one share of BVTI Common
Stock (the “BVTI Alternate Consideration”). The Company shall provide the Holder with written notice of a BVTI Fundamental Transaction (and BVTI Alternate Consideration in connection therewith) (a “BVTI Fundamental
Transaction Notice”) within one (1) Trading Day that it is notified by BVTI of such transaction. A Holder that wishes to receive the BVTI Alternate Consideration upon a subsequent exercise of this Warrant must notify the Company within
ten (10) Trading Days of its receipt of the BVTI Fundamental Transaction Notice. If a Holder does not notify the Company within ten (10) Trading Days of its receipt of a BVTI Fundamental Transaction Notice that it wishes to receive the
BVTI Alternate Consideration in connection with such transaction upon a subsequent exercise of this Warrant, such Holder shall not be entitled to receive such BVTI Alternate Consideration upon such subsequent exercise. For purposes of any such
conversion or exchange, the determination of the BVTI Exercise Price shall be appropriately adjusted to apply to such BVTI Alternate Consideration based on the amount of BVTI Alternate Consideration issuable in respect of one share of BVTI Common
Stock in such BVTI Fundamental Transaction, and the Company shall apportion the BVTI Exercise Price among the BVTI Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the BVTI Alternate
Consideration. If holders of BVTI Common Stock are given any choice as to the securities, cash or property to be received in a BVTI Fundamental Transaction, then the Holder shall be given the same choice as to the BVTI Alternate Consideration it
receives upon any exercise of this Warrant following such BVTI Fundamental Transaction. To the extent necessary to effectuate the foregoing provisions, any successor to BVTI, the Company or the surviving entity in such BVTI Fundamental Transaction
shall issue to the Holder a new warrant consistent with the foregoing provisions and evidencing the Holder’s right to exercise such warrant into BVTI Alternate Consideration. The terms of any agreement pursuant to which a BVTI Fundamental
Transaction is effected shall include terms requiring any such successor or surviving entity to comply with the provisions of this Section 3(e)(ii) and insuring that this Warrant (or any such replacement security) will be similarly adjusted
upon any subsequent transaction analogous to a BVTI Fundamental Transaction. 
 f)
Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock or BVTI Common Stock
deemed to be issued and outstanding as of a given date shall be 

  
 19 

 
the sum of the number of shares of Common Stock or BVTI Common Stock (excluding treasury shares, if any) issued and outstanding. 

g) Voluntary Adjustment By Company. The Company may at any time during the term of this Warrant
reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the Board of Directors of the Company. 
 h) Notice to Holder. 
 i. Adjustment to
Exercise Price. Whenever the Exercise Price or BVTI Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly mail to the Holder a notice setting forth the Exercise Price or BVTI Exercise Price, as
applicable, after such adjustment and setting forth a brief statement of the facts requiring such adjustment. If the Company enters into a Variable Rate Transaction, the Company shall be deemed to have issued Common Stock or Common Stock Equivalents
at the lowest possible conversion or exercise price at which such securities may be converted or exercised in such Variable Rate Transaction. 
 ii. Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a
special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class
or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or
substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be mailed to the Holder at its last address as it shall appear upon the Warrant Register (as defined below) of the Company, at least 20 calendar
days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to
be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger,
sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash

  
 20 

 
or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to mail such notice or any defect therein or in the
mailing thereof shall not affect the validity of the corporate action required to be specified in such notice. The Holder is entitled to exercise this Warrant during the 20 day period commencing on the date of such notice to the effective date of
the event triggering such notice. In addition, if any of the foregoing events shall occur with respect to BVTI, the Company shall cause BVTI to provide the Holder with written notice in the same manner as described above. 

Section 4. Transfer of Warrant. 

a) Transferability. This Warrant and the Warrant Shares and the BVTI Warrant Shares may be
transferred, sold or resold by the Holder or any holders thereof without registration or restriction; provided that the transfer, sale or resale of this Warrant and the Warrant Shares and the BVTI Warrant Shares by any recipient thereof would not be
exempted under Section 1145 of the Bankruptcy Code if such recipient is deemed to be an underwriter. This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon
surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds
sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as
applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. This
Warrant, if properly assigned, may be exercised by a new holder for the purchase of Warrant Shares and/or BVTI Warrant Shares without having a new Warrant issued. 

b) New Warrants. This Warrant may be divided or combined with other Warrants upon presentation
hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a),
as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants
issued on transfers or exchanges shall be dated the Initial Exercise Date and shall be identical with this Warrant except as to the number of Warrant Shares and/or BVTI Warrant Shares issuable pursuant thereto. 

c) Warrant Register. The Company shall register this Warrant, upon records to be maintained by the
Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any

  
 21 

 
exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary. 

Section 5. Miscellaneous. 

a) No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting
rights or other rights as a stockholder of the Company or BVTI prior to the exercise hereof as set forth in Section 2(e)(i). 
 b) Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation
of this Warrant or any stock certificate relating to the Warrant Shares and/or BVTI Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not
include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu
of such Warrant or stock certificate. 
 c) Saturdays, Sundays, Holidays, etc. If the last
or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business Day. 

d) Authorized Shares. 

i. The Company covenants that, during the period this Warrant is outstanding, it will reserve from its
authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall
constitute full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company
will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common
Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant, be duly authorized,
validly issued, fully paid and nonassessable and free from all taxes, Liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue). The Company
hereby represents that it is the owner of all of the BVTI Warrant Shares, free and clear of any Liens, and upon exercise in accordance with this Warrant, the Company will transfer to the Holder good and marketable title to such BVTI Warrant Shares,
free from all taxes, Liens and 

  
 22 

 
charges created by the Company or BVTI in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue). 

ii. Except and to the extent as waived or consented to by the Holder, the Company shall not by any action,
including, without limitation, amending its articles of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of the
Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (A) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately
prior to such increase in par value, (B) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and
(C) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be necessary to enable the Company to perform its obligations under this
Warrant. 
 iii. Before taking any action which would result in an adjustment in the number of
Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having
jurisdiction thereof. 
 e) Governing Law. All questions concerning the construction,
validity, enforcement and interpretation of this Warrant shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees
that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Warrant (whether brought against a party hereto or its respective Affiliates, directors, officers, shareholders, employees or
agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of
Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim
that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper, or that such court is an inconvenient venue for such proceeding. 

f) [RESERVED] 

  
 23 

 g) Nonwaiver and Expenses. No course of dealing or
any delay or failure to exercise any right hereunder on the part of the Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies, notwithstanding the fact that all rights hereunder terminate
on the Termination Date. If the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover
any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers
or remedies hereunder. 
 h) Notices. Any and all notices or other
communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (i) the date of transmission, if such notice or communication is delivered via facsimile
prior to 5:30 p.m. (New York City time) on a Trading Day, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile on a day that is not a Trading Day or later than 5:30 p.m. (New York
City time) on any Trading Day, (iii) the second
(2nd) Trading Day following the date of mailing, if
sent by U.S. nationally recognized overnight courier service or (iv) upon actual receipt by the party to whom such notice is required to be given. 

i) Limitation of Liability. No provision hereof, in the absence of any affirmative action by the
Holder to exercise this Warrant to purchase Warrant Shares and/or BVTI Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock
and/or BVTI Common Stock or as a stockholder of the Company or BVTI, whether such liability is asserted by the Company or BVTI or by creditors of the Company or BVTI. 

j) Remedies. The Holder, in addition to being entitled to exercise all rights granted by law,
including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions
of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate. 

k) Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and
obligations evidenced hereby shall inure to the benefit of and be binding upon the successors of the Company and the successors and permitted assigns of the Holder. The provisions of this Warrant are intended to be for the benefit of all holders
from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares and/or BVTI Warrant Shares. 
 l) Amendment. This Warrant may be modified or amended or the provisions hereof waived only with the written consent of the Company and the Holder. 

  
 24 

 m) Severability. Wherever possible, each provision of
this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of
such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant. 
 n) Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant. 

******************** 
 (Signature Page Follows) 

  
 25 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by
its officer thereunto duly authorized as of the 17th day of November, 2010. 
  

					
	ACCENTIA BIOPHARMACEUTICALS, INC.
		
	By:	 	 
		 	Name:	 	Samuel S. Duffey
		 	Title:	 	President

  
 26 

 NOTICE OF EXERCISE 

 

	TO:	 ACCENTIA BIOPHARMACEUTICALS, INC. 

 (1) The undersigned hereby elects to purchase ________ Warrant Shares and/or ________ BVTI Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and
tenders herewith payment of the Exercise Price and/or BVTI Exercise Price in full, together with all applicable transfer taxes, if any. 
 (2) Payment shall take the form of (check applicable box): 
  

	 	 ̈	 in lawful money of the United States; or 

  

	 	 ̈	 [RESERVED]. 

 (3) Please issue a certificate or certificates representing said Warrant Shares and/or BVTI Warrant Shares in the name of the undersigned or in such other name as is specified below: 

________________________________ 
 The Warrant Shares and/or BVTI Warrant Shares shall be delivered to the following DWAC Account Number or by physical delivery of a certificate to: 

________________________________ 

________________________________ 

________________________________ 

(4) Accredited Investor. The undersigned is an “accredited investor” as defined in Regulation D
promulgated under the Securities Act of 1933, as amended. 
 [SIGNATURE OF HOLDER] 

Name of Investing Entity: ________________________________________________________________________ 

Signature of Authorized Signatory of Investing Entity: _________________________________________________ 

Name of Authorized Signatory: ___________________________________________________________________ 

Title of Authorized Signatory: ____________________________________________________________________ 

Date: ________________________________________________________________________________________ 

  

 ASSIGNMENT FORM 

(To assign the foregoing Warrant, execute 
 this form and supply required information. 
 Do not use this form to exercise the
Warrant.) 
 FOR VALUE RECEIVED,
[            ] all of or [            ] Warrant Shares and/or
[            ] all of or [            ] BVTI Warrant Shares of the foregoing Warrant and all rights evidenced
thereby are hereby assigned to 
 _______________________________________________ whose address is 

_______________________________________________________________. 
 _______________________________________________________________ 

Dated: ______________, _______ 

Holder’s Signature: _____________________________ 

Holder’s Address:   _____________________________ 

    _____________________________ 

Signature Guaranteed: ___________________________________________ 

NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or
enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing
Warrant.

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