Document:

Stock Pledge Agreement

 Exhibit 10.2 
 STOCK PLEDGE AGREEMENT 
 THIS STOCK PLEDGE AGREEMENT (this
“Agreement”), dated as of November 17, 2010, is made and entered into by and between ACCENTIA BIOPHARMACEUTICALS, INC., a corporation duly organized and existing under the laws of the State of Florida (the
“Pledgor”), and DENNIS RYLL, an individual (the “Secured Party”). 
 W I T N E S S E T H:

 WHEREAS, Pledgor is the maker of that certain Plan Convertible Promissory Note dated November 17, 2010 in the original
principal amount of $4,483,284.00 in favor of Secured Party (the “Note”), which Note was issued to Secured Party in exchange for Secured Party’s secured claims against Pledgor in the Bankruptcy Cases; and 

WHEREAS, as a condition for Secured Party to continue to extend credit to Pledgor pursuant to the Note, Secured Party has requested that
Pledgor enter into this Agreement to perfect Secured Party’s security interest in fifteen million (15,000,000) shares of common stock, par value $.01 per share, of Biovest International, Inc., a Delaware corporation
(“Biovest”), owned by Pledgor, in accordance with the terms and conditions contained herein. 
 NOW, THEREFORE,
in consideration for the mutual covenants and agreements hereinafter contained, Pledgor and Secured Party agree as follows: 

SECTION 1. Definitions; Interpretation. 
 (a) All capitalized terms used in this Agreement and not otherwise defined herein shall have the meaning assigned to them in the Note. 

(b) As used in this Agreement, the following terms shall have the following meaning: 

“Additional Pledged Collateral” means any and all securities, property, interest, dividends and other payments and
distributions issued as an addition to, in redemption of, in renewal or exchange for, in substitution or upon conversion of, or otherwise on account of, the Pledged Shares, and cash and non-cash proceeds of the Pledged Shares, and all supporting
obligations of any or all of the foregoing, and any shares of capital stock (including, without limitation, any certificate representing a stock dividend or a distribution in connection with any reclassification, increase or reduction of capital, or
issued in connection with any reorganization), options or rights, whether in substitution for or in exchange for any of the Pledged Shares, in each case from time to time received or receivable by, or otherwise paid or distributed to or acquired by,
Pledgor. 
 “Documents” means this Agreement, the Note, and all other certificates, documents, agreements,
stock powers, and instruments delivered to Secured Party under or in connection with any of them. 
 “Event of
Default” has the meaning set forth in Section 7 of this Agreement. 

  
 1. 

 “Lien” means any mortgage, deed of trust, pledge, security interest,
assignment, deposit arrangement, charge or encumbrance, lien, or other type of preferential arrangement. 

“Obligations” means all indebtedness, liabilities and other obligations of Pledgor to Secured Party under or in
connection with the Note, whether now existing or hereafter arising, and whether due or to become due, absolute or contingent, liquidated or unliquidated, determined or undetermined, and including interest that accrues after the commencement by or
against Pledgor of any bankruptcy or insolvency proceeding naming Pledgor as the debtor in such proceeding. 
 “Pledged
Collateral” has the meaning set forth in Section 2(a) of this Agreement. 
 “Pledged Shares”
means the 15,000,000 shares of Biovest Common Stock owned by Pledgor and described on Exhibit 1 attached hereto. 

“UCC” means the Uniform Commercial Code as the same may, from time to time, be in effect in the State of Florida.

 (c) Where applicable and except as otherwise defined herein or in the Note, terms used in this Agreement shall have the
meanings assigned to them in the UCC. 
 (d) In this Agreement, except to the extent the context otherwise requires: (i) any
reference to an Article, a Section, a Schedule or an Exhibit is a reference to an article or section thereof, or a schedule or an exhibit thereto, respectively, and to a subsection or a clause is, unless otherwise stated, a reference to a subsection
or a clause of the Section or subsection in which the reference appears; (ii) the words “hereof,” “herein,” “hereto,” “hereunder” and the like mean and refer to this Agreement as a whole and not merely to
the specific Article, Section, subsection, paragraph or clause in which the respective word appears; (iii) the meaning of defined terms shall be equally applicable to both the singular and plural forms of the terms defined; (iv) the words
“including,” “includes” and “include” shall be deemed to be followed by the words “without limitation”; (v) references to agreements and other contractual instruments shall be deemed to include all
subsequent amendments and other modifications thereto; (vi) references to statutes or regulations are to be construed as including all statutory and regulatory provisions consolidating, amending or replacing the statute or regulation referred
to; (vii) any table of contents, captions and headings are for convenience of reference only and shall not affect the construction of this Agreement; and (viii) in the computation of periods of time from a specified date to a later
specified date, the word “from” means “from and including”; the words “to” and “until” each mean “to but excluding”; and the word “through” means “to and including.” 

SECTION 2. Security Interest. 
 (a) As security for the payment and performance of the Obligations, Pledgor hereby pledges to Secured Party, and hereby grants to Secured Party a security interest in, all of Pledgor’s right, title
and interest in, to and under (i) the Pledged Shares and the Additional Pledged Collateral and any certificates and instruments now or hereafter representing the Pledged Shares and the Additional Pledged Collateral, (ii) all rights,
interests and claims with respect to the Pledged Shares and the Additional Pledged Collateral, including under any and all related agreements, instruments and other documents, and (iii) all books, records and other documentation of Pledgor
related to the Pledged Shares and the Additional Pledged Collateral, in each case whether presently existing or owned or hereafter arising or acquired and wherever located (collectively, the “Pledged Collateral”). 

  
 2. 

 (b) Upon the execution of this Agreement, Pledgor agrees to deliver to Secured Party, at the
address designated by Secured Party, the certificates representing the Pledged Shares as listed on Exhibit 1 attached hereto, and an undated stock power covering each certificate, duly executed in blank by Pledgor, or any other equivalent or
necessary instrument of transfer. 
 (c) If Pledgor shall become entitled to receive or shall receive any Additional Pledged
Collateral, Pledgor shall accept any such Additional Pledged Collateral as Secured Party’s agent, shall hold it in trust for Secured Party, shall segregate it from other property or funds of Pledgor, and shall deliver all Additional Pledged
Collateral and all certificates, instruments and other writings representing such Additional Pledged Collateral forthwith to Secured Party, at the address designated by Secured Party, to be held by Secured Party subject to the terms of this
Agreement, as part of the Pledged Collateral. Upon accepting any such Additional Pledged Collateral hereunder, Secured Party shall promptly send a notification to Pledgor describing the Additional Pledged Collateral accepted and held as part of the
Pledged Collateral hereunder, which notification shall be deemed to be a Schedule to this Agreement and may be attached hereto. 

(d) Pledgor shall execute and deliver to Secured Party concurrently with the execution of this Agreement, and Pledgor hereby authorizes
Secured Party to file (with or without Pledgor’s signature), at any time and from time to time thereafter, all financing statements, assignments, continuation financing statements, termination statements, and other documents and instruments, in
form reasonably satisfactory to Secured Party, and take all other action, as Secured Party may reasonably request, to effect a transfer of a perfected first priority security interest in and pledge of the Pledged Collateral to Secured Party pursuant
to the UCC and to continue perfected, maintain the priority of or provide notice of the security interest of Secured Party in the Pledged Collateral and to accomplish the purposes of this Agreement. Pledgor will cooperate with Secured Party in
obtaining control (as defined in the UCC) of Pledged Collateral consisting of investment property. Pledgor will join with Secured Party in notifying any third party who has possession of any Pledged Collateral of Secured Party’s security
interest therein and obtaining an acknowledgment from the third party that is holding the Pledged Collateral for the benefit of Secured Party. 
 (e) This Agreement shall create a continuing security interest in the Pledged Collateral which shall remain in effect until terminated in accordance with Section 16 hereof or as otherwise provided in
Section 4(e) of this Agreement. 
 (f) In addition to any liability that Pledgor may have or owe to Secured Party under the
Note, this Agreement, or any other agreement between Secured Party and Pledgor, Pledgor shall have liability to Secured Party for (i) any damages, costs or other expense suffered by Secured Party as a result of the lack of authenticity or
genuineness of the Pledged Collateral delivered to Secured Party hereunder or the failure of Pledgor to deliver the items specified in this Agreement as being required to be delivered to Secured Party; (ii) the payment by Secured Party of
expenses hereunder or under any other Documents to which it is a party; or (iii) the 

  
 3. 

 
breach of any representation, warranty or other covenant of Pledgor contained herein or made in connection herewith or failure otherwise to perform its obligations hereunder or under any other
Documents to which it is a party (including any indemnity obligations). 
 SECTION 3. Administration of the Pledged
Collateral. 
 (a) Unless an Event of Default shall have occurred and be continuing: (i) Pledgor shall be entitled to
receive and retain for its own account any cash dividend in respect of the Pledged Collateral; and (ii) Pledgor shall have the right to vote the Pledged Collateral and to retain the power to control the direction, management and policies of
Biovest to the same extent as Pledgor would if the Pledged Collateral were not pledged to Secured Party pursuant to this Agreement; provided, however, that Secured Party shall receive, and Pledgor shall not be entitled to receive,
(A) cash paid, payable or otherwise distributed in redemption of, or in exchange for or in substitution of, any Pledged Collateral, or (B) dividends and other distributions paid or payable in cash in respect of any Pledged Collateral in
connection with a partial or total liquidation or dissolution of Biovest or in connection with a reduction of capital, capital surplus or paid-in-surplus or any other type of recapitalization involving Biovest; and provided further,
however, that no vote shall be cast or consent, waiver or ratification given or action taken or proxy given which would have the effect of impairing the position or interest of Secured Party in respect of the Pledged Collateral or which would
alter the voting rights with respect to the stock of Biovest or be inconsistent with or violate any provision of this Agreement or any other Documents or which would permit or direct Pledgor to breach its agreements with Secured Party. Secured Party
shall execute and deliver (or cause to be executed and delivered) to Pledgor all such proxies and other instruments as Pledgor may reasonably request for the purpose of enabling Pledgor to exercise the voting and other rights which it is entitled to
exercise, and to receive distributions which it is authorized to receive and retain, pursuant to this subsection (a). 
 (b) Upon
and after the occurrence of, and during the continuance of, any Event of Default: (i) Secured Party shall be entitled to receive all distributions and payments of any nature with respect to the Pledged Collateral, to be held by Secured Party as
part of the Pledged Collateral; (ii) Secured Party shall have the right following prior written notice to Pledgor to vote or consent to take any action with respect to the Pledged Collateral and exercise all rights of conversion, exchange,
subscription or any other rights, privileges or options pertaining to the Pledged Collateral as if Secured Party were the absolute owner thereof; and (iii) Secured Party shall have the right, for and in the name, place and stead of Pledgor, to
execute endorsements, assignments or other instruments of conveyance or transfer with respect to all or any of the Pledged Collateral, to endorse any checks, drafts, money orders and other instruments relating thereto, to sue for, collect, receive
and give acquittance for all moneys due or to become due in connection with the Pledged Collateral and otherwise to file any claims, take any action or institute, defend, settle or adjust any actions, suits or proceedings with respect to the Pledged
Collateral, execute any and all such other documents and instruments, and do any and all such acts and things, as Secured Party may deem necessary or desirable to protect, collect, realize upon and preserve the Pledged Collateral, to enforce Secured
Party’s rights with respect to the Pledged Collateral and to accomplish the purposes of this Agreement. 
 (c) Distributions
and other payments which are received by Pledgor but which it is not entitled to retain as a result of the operation of this Agreement shall be held in trust for the benefit of Secured Party, be segregated from the other property or funds of
Pledgor, and be forthwith paid over or delivered to Secured Party in the same form as so received. 

  
 4. 

 (d) For the purpose of enabling Secured Party to exercise its rights under this
Section 3 or otherwise in connection with this Agreement, Pledgor hereby (i) constitutes and appoints Secured Party (and any of Secured Party’s agents designated by Secured Party) its true and lawful attorney-in-fact, with full power
and authority to execute any notice, assignment, endorsement or other instrument or document, and to do any and all acts and things for and on behalf of Pledgor, which Secured Party may deem necessary or desirable to protect, collect, realize upon
and preserve the Pledged Collateral, to enforce Secured Party’s rights with respect to the Pledged Collateral and to accomplish the purposes hereof, and (ii) revokes all previous proxies with regard to the Pledged Collateral and appoints
Secured Party as its proxyholder with respect to the Pledged Collateral to attend and vote at any and all meetings of the shareholders of Biovest held on or after the date of this proxy and prior to the termination hereof, with full power of
substitution to do so and agrees, if so requested, to execute or cause to be executed appropriate proxies therefor. Each such appointment is coupled with an interest and irrevocable so long as the Obligations have not been paid and performed in
full. Pledgor hereby ratifies, to the extent permitted by law, all that Secured Party shall lawfully and in good faith do or cause to be done by virtue of and in compliance with this subsection (d). 

(e) Notwithstanding any provision contained in this Agreement, Secured Party shall have no duty to exercise any of the rights, privileges
or powers afforded to it and shall not be responsible to Pledgor or any other Person for any failure to do so or delay in doing so. Beyond the exercise of reasonable care to assure the safe custody of the Pledged Collateral while held hereunder and
the accounting for moneys actually received by Secured Party hereunder, Secured Party shall have no duty or liability to exercise or preserve any rights, privileges or powers pertaining to the Pledged Collateral. 

SECTION 4. Release of Pledged Shares. 
 (a) If, on any Automatic Conversion Date, Secured Party is to receive any portion of the Pledged Shares as elected by Pledgor under Section 5(c)(ii) or (iv) of the Note, Pledgor shall provide
written notice thereof (the “Release Notice”) to Secured Party. The Release Notice shall set forth the Biovest VWAP Price, the number of Pledged Shares to be then released to Secured Party pursuant to Section 5(c)(ii) or
(iv) of the Note (the “Released Shares”), and the number of Remaining Shares (as defined below) to be returned to Pledgor. 
 (b) Upon delivery of a Release Notice by Pledgor to Secured Party and subject to the terms and conditions of the Note, Secured Party shall be entitled to receive all cash dividends and distributions in
respect of the Released Shares, shall be entitled to vote such Released Shares and give consents, waivers and ratifications in respect of such Released Shares, and shall be entitled to exercise all rights of conversion, exchange or subscription, and
all other rights, privileges and options pertaining to such Released Shares, as if it were the absolute owner thereof, and in connection therewith, shall have the right to deposit and deliver such Released Shares with any committee, depositary,
transfer agent, registrar or other designated agency upon such terms and conditions as it may determine, all without liability except to account for property actually received by it. 

  
 5. 

 (c) Pledgor shall execute and deliver or cause to be executed and delivered to Secured Party
all proxies and other instruments as Secured Party may reasonably request for the purpose of enabling Secured Party to exercise the voting and other rights which Secured Party is entitled to exercise and to receive all dividends which Secured Party
is entitled to receive and retain pursuant to this Section 4 with respect to the Released Shares. 
 (d) Within five
(5) Business Days following each Automatic Conversion Date as to which Pledgor has made the election set forth in either Section 5(c)(ii) or (iv) of the Note, Secured Party shall deliver to Pledgor the corresponding certificate
representing the Pledged Shares for such Automatic Conversion Date as listed in Exhibit 1 attached hereto (the “Original Certificate”). Upon receipt of the Original Certificate, Pledgor shall forward the Original Certificate
to the transfer agent for Biovest and instruct the transfer agent to issue (i) to Secured Party, a certificate evidencing the Released Shares issued in the name of Secured Party, and (ii) to Pledgor, a certificate evidencing the remaining
balance of the Pledged Shares (i.e., after deducting the number of the Released Shares) (the “Remaining Shares”) represented by the Original Certificate, issued in the name of Pledgor; provided, however, that if any of the Remaining
Shares are required to remain subject to the security interest hereunder as provided in Section 4(e)(ii) of this Agreement (the “Re-Pledged Shares”), then the additional certificate for the Re-Pledged Shares shall be delivered
by Pledgor to Secured Party and the Re-Pledged Shares shall be treated as Pledged Shares hereunder. Each and every stock certificate evidencing the Released Shares shall contain the following restrictive legend: 

THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. THE SHARES HAVE BEEN ACQUIRED
FOR INVESTMENT AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THESE SHARES UNDER THE SECURITIES ACT OF 1933 OR A VALID EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS. 

(e) On each Automatic Conversion Date listed in Exhibit 1 attached hereto, Secured Party shall release as collateral, and return to
Pledgor, that number of the Pledged Shares equal to the product determined by multiplying the original number of the Pledged Shares (15,000,000) by .125, provided that (i) the number of the Pledged Shares returned to Pledgor shall be less
any Pledged Shares received by Secured Party pursuant to Section 5(c)(ii) or (iv) of the Note with respect to such conversion as described in Section 4(d) above, (ii) no Pledged Shares shall be released to Pledgor that would
cause the loan to collateral value ratio with respect to the Note at the time of such conversion to be less than 150% (with the collateral value of the Pledged Shares being determined by using a price per share for the Biovest Common Stock equal to
the then applicable Biovest VWAP Price), and (iii) the Re-Pledged Shares shall be included (and deemed to be Pledged Shares) in determining the foregoing calculations on each Automatic Conversion Date. 

SECTION 5. Representations and Warranties. Pledgor represents and warrants to Secured Party that: 

(a) No authorization, consent, approval, license, exemption of, or filing or registration with, any governmental authority or agency, or
approval or consent of any other Person or judicial authority (including the Bankruptcy Court), is required for the due execution, delivery or performance by Pledgor of this Agreement. 

  
 6. 

 (b) All of the Pledged Shares have been, and upon issuance any Additional Pledged Collateral
will be, duly and validly issued, and are and will be fully paid and non-assessable. 
 (c) With respect to the Pledged Shares,
Pledgor is, and with respect to any Additional Pledged Collateral Pledgor will be, the legal record and beneficial owner thereof, and has and will have good and marketable title thereto, subject to no Lien except for the pledge and security interest
created by this Agreement. 
 (d) Except for the restrictive legend described in Section 4(d) of this Agreement,
(i) there are no restrictions on the transferability of the Pledged Collateral to Secured Party or with respect to the foreclosure, transfer or disposition thereof by Secured Party; and (ii) there are no shareholders agreements, voting
trusts, proxy agreements or other agreements or understandings which affect or relate to the voting or giving of written consents with respect to any of the Pledged Collateral. 
 (e) Other than financing statements in favor of Secured Party, no effective financing statement naming Pledgor as debtor, assignor, grantor, mortgagor, pledgor or the like and covering all or any part of
the Pledged Collateral is on file in any filing or recording office in any jurisdiction. 
 (f) Pledgor has rights in or the
power to transfer the Pledged Collateral. 
 (g) No control agreements exist with respect to any Pledged Collateral other than
control agreements in favor of Secured Party. 
 Pledgor agrees that the foregoing representations and warranties shall be
deemed to have been made by it on the date of each delivery of Pledged Collateral hereunder. 
 SECTION 6. Covenants. So
long as any of the Obligations remain unsatisfied, Pledgor agrees that: 
 (a) Pledgor will, at its own expense, appear in and
defend any action, suit or proceeding which purports to affect its title to, or right or interest in, the Pledged Collateral or the security interest of Secured Party therein and the pledge to Secured Party thereof. 

(b) Pledgor shall give prompt written notice to Secured Party (and in any event not later than thirty (30) days following any change
described below in this subsection) of: (i) any change in Pledgor’s location of its principal place of business; (ii) any change in the location of books and records pertaining to the Pledged Collateral; and (iii) any change in
its name. 
 (c) Pledgor will not surrender or lose possession of (other than to Secured Party or, with the prior consent of
Secured Party, to a depositary or financial intermediary), exchange, sell, convey, transfer, assign or otherwise dispose of or transfer the Pledged Collateral or any right, title or interest therein. 

  
 7. 

 (d) Pledgor will not create, incur or permit to exist any Liens upon or with respect to the
Pledged Collateral, other than the security interest of and pledge to Secured Party created by this Agreement. 
 (e) Pledgor
will not enter into any shareholders agreement, voting trust, proxy agreement or other agreement or understanding which affects or relates to the voting or giving of written consents with respect to any of the Pledged Collateral. 

(f) Pledgor will deliver promptly to Secured Party all reports and notices received by Pledgor from Biovest in respect of any of the
Pledged Collateral, and make such demands and requests for information and reports as Pledgor is entitled to make in respect of the Pledged Collateral, in each case as Secured Party shall reasonably request. 

(g) Pledgor shall give Secured Party immediate notice of the establishment of (or any change in or to) any securities account pertaining
to any Pledged Collateral. 
 SECTION 7. Events of Default. Any of the following events which shall occur and be continuing
shall constitute an “Event of Default”: 
 (a) Pledgor shall fail to timely perform any duty or obligation that it is
required to perform under the Note or this Agreement. 
 (b) Pledgor or Biovest shall become a debtor in a new case under the
Bankruptcy Code, or either of the Bankruptcy Cases of Pledgor or Biovest shall be converted into a case under Chapter 7 of the Bankruptcy Code. 
 (c) Pledgor or Biovest shall take any action seeking to dissolve or wind up its affairs, shall make a general assignment for the benefit of creditors, shall become subject to control by a receiver,
trustee or other custodian, or shall permit or suffer to occur any exercise of remedies by another person or entity such as a creditor or governmental authority that is likely to have a material adverse affect either (i) on Secured Party’s
ability to receive the benefit of its bargain under any of the Documents, or (ii) on the ability of Pledgor or Biovest to operate its business or to manage its financial affairs. 

(d) Any event under the Note or this Agreement shall occur that permits Secured Party to exercise any and all rights and remedies
available to Secured Party under any of its agreements with Pledgor or applicable law. 
 (e) Pledgor shall fail to timely pay
any amount payable hereunder or under any other Document, or any other Obligations, time being of the essence of any and all such payment obligations. 
 (f) Any representation or warranty by Pledgor under this Agreement or any other Document shall prove to have been incorrect in any material respect when made or deemed made. 

  
 8. 

 (g) Pledgor shall fail to perform or observe any other material term, covenant or agreement
contained in this Agreement on its part to be performed or observed and any such failure shall remain unremedied for a period of ten (10) days after written notice thereof from Secured Party. 

(h) Any levy upon, seizure or attachment of any of the Pledged Collateral. 

SECTION 8. Remedies. 
 (a) Upon the occurrence and continuance of any Event of Default, Secured Party may declare any of the Obligations to be immediately due and payable and shall have, in addition to all other rights and
remedies granted to it in this Agreement or any other Document, all rights and remedies of a secured party under the UCC and other applicable laws. Without limiting the generality of the foregoing, Pledgor agrees that any item of the Pledged
Collateral may be sold for cash or on credit or for future delivery without assumption of any credit risk, in any number of lots at the same or different times, at any exchange, brokers’ board or elsewhere, by public or private sale, and at
such times and on such terms, as Secured Party shall determine; provided, however, that Pledgor shall be credited with the net proceeds of sale only when such proceeds are finally collected by Secured Party in cash. Secured Party shall
give Pledgor such notice of any private or public sales as may be required by the UCC or other applicable law. Pledgor recognizes that Secured Party may be unable to make a public sale of any or all of the Pledged Collateral, by reason of
prohibitions contained in applicable securities laws or otherwise, and expressly agrees that a private sale to a restricted group of purchasers for investment and not with a view to any distribution thereof shall be considered a commercially
reasonable sale. Secured Party shall have the right upon any such public sale, and, to the extent permitted by law, upon any such private sale, to purchase the whole or any part of the Pledged Collateral so sold, free of any right or equity of
redemption, which right or equity of redemption Pledgor hereby releases to the extent permitted by law. 
 (b) The cash proceeds
actually received from the sale or other disposition or collection of Pledged Collateral, and any other amounts received in respect of the Pledged Collateral the application of which is not otherwise provided for herein, shall be applied to the
payment of the Obligations. Any surplus thereof which exists after payment and performance in full of the Obligations shall be promptly paid over to Pledgor. Pledgor shall remain liable to Secured Party for any deficiency which exists after any sale
or other disposition or collection of the Pledged Collateral. 
 (c) Pledgor waives, to the fullest extent permitted by law,
(i) any right of redemption with respect to the Pledged Collateral, whether before or after sale hereunder, and all rights, if any, of marshalling of the Pledged Collateral or other collateral or security for the Obligations; (ii) any
right to require Secured Party (A) to proceed against any Person, (B) to exhaust any other collateral or security for any of the Obligations, (C) to pursue any remedy in Secured Party’s power, or (D) to make or give any
presentments, demands for performance, notices of nonperformance, protests, notices of protests or notices of dishonor in connection with any of the Pledged Collateral; and (iii) all claims, damages, and demands against Secured Party arising
out of the repossession, retention, sale or application of the proceeds of any sale of the Pledged Collateral. 

  
 9. 

 (d) Pledgor’s obligations hereunder shall remain in full force and effect without
regard to, and shall not be impaired or affected by, nor shall Pledgor be exonerated or discharged by, (A) any insolvency, bankruptcy, reorganization, arrangement, adjustment, composition, assignment for the benefit of creditors, liquidation,
winding up or dissolution of Biovest, Pledgor, any guarantor or any other Person; (B) any limitation, discharge, or cessation of the liability of Pledgor or any Person for any Obligations due to any statute, regulation or rule of law, or any
invalidity or unenforceability in whole or in part of any of the Obligations; (C) any merger, acquisition, consolidation or change in structure of Biovest, Pledgor or any guarantor or other Person, or any sale, lease, transfer or other
disposition of any or all of the assets or shares of Biovest, Pledgor, any guarantor or other Person; (D) any assignment or other transfer, in whole or in part, of Secured Party’s interests in and rights under the Documents; (E) any
claim, defense, counterclaim or setoff, other than that of prior performance, that Biovest, Pledgor, any guarantor or other Person may have or assert, including any defense of incapacity or lack of corporate or other authority to execute or deliver
any Document or this Agreement or any other document related thereto; (F) any direction of application of payment to Biovest, Pledgor, any guarantor or other Person; and (G) Secured Party’s vote, claim, distribution, election,
acceptance, action or inaction in any bankruptcy case related to the Obligations. 
 (e) Pledgor waives and agrees not to assert:
(A) any right to require Secured Party to proceed against any other Person, to proceed against or exhaust any collateral or other security held for the Obligations, to give notice of or institute any public or private sale, foreclosure, or
other disposition of any collateral or security for the Obligations, including, without limitation, to comply with applicable provisions of the UCC or any equivalent provision of any other applicable law in connection with the sale, foreclosure, or
other disposition of any collateral or to pursue any other right, remedy, power or privilege of Secured Party whatsoever, or give Pledgor any other notice with respect to the foregoing; (B) the defense of the statute of limitations in any
action hereunder or for the collection or performance of the Obligations; and (C) to the fullest extent permitted by law, any other defenses or benefits that may be derived from or afforded by applicable law which may conflict with the terms of
this Agreement or any Document. 
 (f) Pledgor waives any and all notice of the creation, renewal, modification, extension or
accrual of the Obligations. The Obligations shall conclusively be deemed to have been created, contracted, incurred and permitted to exist in reliance upon this Agreement. Pledgor waives promptness, diligence, presentment, protest, demand for
payment, notice of default, dishonor or nonpayment and all other notices to or upon Pledgor or any other Person with respect to the Obligations. 
 (g) Pledgor waives any right it may have to require Secured Party to pursue any third person for any of the Obligations. Secured Party may comply with any applicable state or federal law requirements in
connection with a disposition of the Pledged Collateral and compliance will not be considered adversely to affect the commercial reasonableness of any sale of the Pledged Collateral. Secured Party may sell the Pledged Collateral without giving any
warranties as to the Pledged Collateral. Secured Party may specifically disclaim any warranties of title or the like. This procedure will not be considered adversely to affect the commercial reasonableness of any sale of the Pledged Collateral. If
Secured Party sells any of the Pledged Collateral upon credit, Pledgor will be credited only with payments actually made by the purchaser, received by Secured Party and applied to the indebtedness of the purchaser. In the event the purchaser fails
to pay for the Pledged Collateral, Secured Party may resell the Pledged Collateral, and Pledgor shall be credited with the proceeds of the sale. 

  
 10.

 SECTION 9. Notices. All notices or other communications hereunder shall be in writing
(including by facsimile transmission) and mailed, sent or delivered to the respective parties hereto at or to their respective addresses or facsimile numbers set forth below their names on the signature page hereof, or at or to such other address or
facsimile number as shall be designated by either party in a written notice to the other party hereto. All such notices and communications shall be effective (i) if delivered by hand, when delivered; (ii) if sent by mail, upon the earlier
of the date of receipt or five (5) Business Days after deposit in the mail, first class, postage prepaid; and (iii) if sent by facsimile transmission, when sent. 
 SECTION 10. No Waiver; Cumulative Remedies. No failure on the part of Secured Party to exercise, and no delay in exercising, any right, remedy, power or privilege hereunder shall operate as
a waiver thereof, nor shall any single or partial exercise of any such right, remedy, power or privilege preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights and remedies under
this Agreement are cumulative and not exclusive of any rights, remedies, powers and privileges that may otherwise be available to Secured Party. 
 SECTION 11. Binding Effect. This Agreement shall be binding upon Pledgor and its successors and assigns, and inure to the benefit of and be enforceable by Secured Party and its successors,
endorsees, transferees and assigns and shall bind any Person who becomes bound as a debtor to this Agreement. Pledgor may not assign, transfer, hypothecate or otherwise convey its rights, benefits, obligations or duties hereunder without the prior
express written consent of Secured Party. Any such purported assignment, transfer, hypothecation or other conveyance by Pledgor without the prior express written consent of Secured Party shall be void. 

SECTION 12. Governing Law; Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the law of the
State of Florida, except as required by mandatory provisions of law and to the extent the validity or perfection of the security interests hereunder, or the remedies hereunder, in respect of any Pledged Collateral are governed by the law of a
jurisdiction other than Florida. The Bankruptcy Court shall retain jurisdiction over the parties to hear and determine any matters or disputes arising from or related to this Agreement. 

SECTION 13. Entire Agreement; Amendment. This Agreement contains the entire agreement of the parties with respect to the subject
matter hereof. No amendment or waiver of any provision of this Agreement nor consent to any departure therefrom by Pledgor shall in any event be effective unless the same shall be in writing and signed by Secured Party, and then such waiver or
consent shall be effective only in the specific instance and for the specific purpose for which given. 

  
 11.

 SECTION 14. Severability. Whenever possible, each provision of this Agreement shall
be interpreted in such manner as to be effective and valid under all applicable laws and regulations. If, however, any provision of this Agreement shall be prohibited by or invalid under any such law or regulation in any jurisdiction, it shall, as
to such jurisdiction, be deemed modified to conform to the minimum requirements of such law or regulation, or, if for any reason it is not deemed so modified, it shall be ineffective and invalid only to the extent of such prohibition or invalidity
without affecting the remaining provisions of this Agreement, or the validity or effectiveness of such provision in any other jurisdiction. 
 SECTION 15. Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be
an original and all of which taken together shall constitute but one and the same agreement. 
 SECTION 16. Termination.
Upon payment and performance in full of all Obligations, the security interests created by this Agreement shall terminate and Secured Party shall promptly execute and deliver to Pledgor such documents and instruments reasonably requested by Pledgor
as shall be necessary to evidence termination of all such security interests given by Pledgor to Secured Party hereunder. 

SECTION 17. Costs and Expenses. Pledgor agrees to pay on demand all costs and expenses of Secured Party, and the fees and
disbursements of counsel, in connection with the enforcement or attempted enforcement of, and preservation of any rights or interests under, this Agreement, the Note, or any Document, including in any out-of-court workout or other refinancing or
restructuring or in any bankruptcy case, and the protection, sale or collection of, or other realization upon, any of the Pledged Collateral, including all expenses of taking, collecting, holding, sorting, handling, preparing for sale, selling, or
the like, and other such expenses of sales and collections of the Pledged Collateral. 
 [Signatures on Following Page]

  
 12.

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement, as of the date
first above written. 
  

			
	 PLEDGOR:
  

ACCENTIA BIOPHARMACEUTICALS, INC.

		
	By:	 	/s/    Samuel S. Duffey        
		 	Samuel S. Duffey, President
		
	Address:	 	324 South Hyde Park Avenue
		 	Suite 350
		 	Tampa, Florida 33606
	
	Facsimile Number: 813-258-6912

  

			
	SECURED PARTY:
	
	 /s/    Dennis
Ryll        

	Dennis Ryll, Individually
		
	Address:	 	2595 Red Springs Drive
		 	Las Vegas, Nevada 89135
	
	Facsimile Number:

  
 13.

 Exhibit 1 

Pledged Shares 
 15,000,000 shares of Biovest Common Stock being represented by stock certificates as follows: 
  

					
	 Certificate
Number
	  	 Number of Shares
	  	 Automatic Conversion Date

	 BI2520
	  	1,875,001	  	November 17, 2010
	 BI2526
	  	1,875,002	  	February 17, 2011
	 BI2523
	  	1,875,002	  	May 17, 2011
	 BI2522
	  	1,875,001	  	August 17, 2011
	 BI2524
	  	1,875,002	  	November 17, 2011
	 BI2525
	  	1,875,002	  	February 17, 2012
	 BI2521
	  	1,875,001	  	May 17, 2012
	 BI2527
	  	1,874,989	  	August 17, 2012

  
 S-1Broadridge Financial Solutions, Inc. Executive Deferred Compensation Plan

 Exhibit 10.32 
 BROADRIDGE FINANCIAL SOLUTIONS, INC. 
 EXECUTIVE DEFERRED COMPENSATION PROGRAM

 (Amended and Restated Effective as of June 15, 2011) 

 

	 I.
	 Name and Purpose 

 The name of this program is the Broadridge Financial Solutions, Inc. Executive Deferred Compensation Program (the “Plan”). The Plan supersedes and amends in its entirety the program of the same
name that was adopted on April 11, 2007. Its purpose is to provide eligible executives of Broadridge Financial Solutions, Inc. (the “Company”) with an opportunity to defer a portion of their annual bonus on a before-tax basis.

  

	 II.
	 Participants 

 Unless otherwise determined by the Compensation Committee of the Company’s Board of Directors (the “Committee”), any United States based associate of the Company or one of its subsidiaries
in Executive Grade F or above who is eligible to receive a bonus payment on an annual basis shall be eligible to participate in the Plan. The persons who are eligible to participate in the Plan are referred to herein as “Eligible
Employees”, and any Eligible Employee who elects to participate in the Plan is hereinafter called a “Participant.” An elective deferred compensation account (a “Deferral Account”) shall be established for each Participant
under the Plan for the Participant’s elective deferrals under Section IV below, and a matching deferred compensation account (a “Matching Account”) shall be established under the Plan for Participants eligible to receive matching
credits under Section V below (such Deferral Accounts and Matching Accounts are collectively referred to herein as the “Accounts”). 
  

	 III.
	 Election of Deferral 

  

	 	 (A)
	 On or before June 30 of any year, each Eligible Employee shall be entitled to make an election to defer receipt of up to 100% of the annual
bonus otherwise payable to such Eligible Employee for the following Fiscal Year for service during such following Fiscal Year with the Company or a subsidiary. Except as set forth in Section X below, any such election for a Fiscal Year shall become
irrevocable as of June 30 of the immediately preceding Fiscal Year. “Fiscal Year” means a twelve month period beginning July 1 and ending June 30. Notwithstanding the foregoing, with respect to an annual bonus that
qualifies, with respect to the Eligible Employee, as a “Performance-Based Bonus,” the Eligible Employee’s deferral election with respect to such annual bonus may be made on or before September 30 of the Fiscal Year for which the
annual bonus is earned, and (except as set forth in Section X below) the deferral election will become irrevocable on such date. For this purpose, “Performance-Based Bonus” means an annual bonus which is contingent on satisfaction of
pre-established organizational or individual performance criteria relating to a performance period of at least twelve consecutive months for which the outcome is substantially uncertain at the time the criteria are established, which performance
criteria are 

	 	
established in writing by not later than 90 days after the commencement of the performance period, and which meets the other requirements set forth in Treas. Reg. Section 1.409A-1(e).

  

	 	 (B)
	 In the case of the first year in which an employee becomes an Eligible Employee, the Eligible Employee may, within 30 days following the date such
Eligible Employee first becomes an Eligible Employee, make an irrevocable (except as set forth in Section X below) election to defer receipt of up to 100% of the annual bonus otherwise payable to the Eligible Employee for the remainder of the
calendar year in which such Eligible Employee becomes eligible to participate in the Plan; provided that such election shall be effective only with respect to annual bonus paid for services to be performed after the date on which such
election is made. For this purpose, an election will be deemed to apply to annual bonus paid for services performed after the election if the election applies to no more than an amount equal to the total amount of the annual bonus for the Fiscal
Year multiplied by the ratio of the number of days remaining in the Fiscal Year after the election is made over the total number of days in the Fiscal Year. 

 

	 	 (C)
	 A Participant’s deferral election shall be delivered to the Company on or before the deadline for making the election, as set forth in this
Section III. A separate deferral election must be made by each Participant for each Fiscal Year. 

  

	 IV.
	 Deferred Compensation Credits 

 All compensation deferred by a Participant pursuant to Section III hereof shall be credited to the Participant’s Deferral Account. The deferred amounts shall be credited to the Participant’s
Deferral Account as of the date when the amount so deferred otherwise would have been payable if it had not been deferred. 
  

	 V.
	 Company Matching Credits 

 For Participants who do not participate in another Company-sponsored supplemental executive retirement plan, the Participant’s Matching Account will be credited for a Fiscal Year with an amount equal
to 50% the amount deferred by the Participant for that Fiscal Year under the Plan, up to a maximum credit of $10,000 per year. Such credits will be made on the same date the Participant’s Deferral Account is credited for the Fiscal Year. Such
credits will be made only with respect to deferrals that are deferred to the Participant’s Separation From Service (as defined in Treas. Reg. §1.409A-1(h)) with the Company pursuant to Section VIII below, and a Participant’s
Matching Account will vest only upon the Participant’s Retirement, death or Disability (as defined in Treas. Reg. §1.409A-3(i)(4)). For purposes of this Plan, “Retirement” shall mean a termination of the Participant’s
employment with the Company and its subsidiaries that occurs on or after the Participant reaches age 65 or after the Participant reaches age 55 and has completed 10 or more years of service with the Company and its subsidiaries (or predecessors).

  
 -2-

	 VI.
	 Deemed Earnings or Losses 

 The amounts credited to the Participant’s Accounts shall be further credited with deemed earnings or debited for deemed losses based on the increase or decrease in value of the deemed investment fund
selected by the Participant for the Participant’s Accounts. Unless other deemed investment funds are designated as available deemed investment funds from time to time by the Committee in its discretion, Participants may select either the Fixed
Interest Fund or the Standard & Poor’s 500 Stock Index Fund as deemed investments. The Fixed Interest Fund will credit interest, compounded quarterly, based on the interest rate set by the Company at the beginning of each Fiscal Year.
The Standard & Poor’s 500 Stock Index Fund will be valued based on the performance of the Scudder Equity 500 Index Fund (Premier Class). At the time of making a deferral election for a Fiscal Year, Participants may make deemed
investment elections for amounts deferred (together with any matching credits with respect thereto) for the Fiscal Year and subsequent Fiscal Years. A Participant’s deemed investment election for amounts deferred (and any corresponding matching
credits) for a Fiscal Year may be changed at any time prior to the payment date of the bonus for such Fiscal Year. A Participant’s last deemed investment election will apply to future deferrals (and any corresponding matching credits) under the
Plan unless changed as provided in the prior sentence. Changes to deemed investment elections for existing deferrals (and any corresponding matching credits) are not permitted. 

 

	 VII.
	 Vesting of Accounts 

 Each Participant’s Deferral Account shall be vested in full at all times. A Participant’s Matching Account shall only vest upon a Separation From Service due to Retirement or upon the death or
Disability of the Participant. For the avoidance of doubt, a Participant’s Separation From Service not due to Retirement (or the Participant’s death or Disability) will result in the forfeiture of the Participant’s Matching Account.

  

	 VIII.
	 Method of Distribution of Deferred Compensation 

 

	 	 (A)
	 At the time a Participant makes an election to defer compensation under the Plan for a Fiscal Year as provided in Section III above, the
Participant shall also make an election setting forth the time and method of distribution for the amount credited to the Participant’s Accounts under the Plan for such Fiscal Year (together with any earnings credited thereon under
Section VI above). A distribution election for a Fiscal Year must be made no later than the last day for making a deferral election for the Fiscal Year under the Plan, and, except as set forth in Section X below, such distribution election
shall be irrevocable. For the avoidance of doubt, a different distribution election may be made by a Participant for amounts credited to the Participant’s Accounts for each separate Fiscal Year. 

 

	 	 (B)
	 The date distributions may begin will either be (i) in September of a year (which must be at least five years after the year in which the
deferred amount is credited to the Participant’s Deferral Account) specified by the Participant in his or her distribution election for the Fiscal Year, or (ii) upon the Participant’s Separation From Service with the Company, as
elected by the Participant for the applicable Fiscal Year. A Participant may elect a portion of the deferral to be distributed 

  
 -3-

	 	
during a specified September and the remainder upon Separation From Service. Only the portion of a deferral that is initially deferred until Separation From Service will be eligible for matching
credits under Section V above, and matching credits (together with any earnings credited thereon under Section VI above) will be forfeited if a Participant’s Separation From Service occurs prior to Retirement (and other than due to
death or Disability of the Participant). 

  

	 	 (C)
	 The form of distribution for a Fiscal Year shall be either a single lump sum or annual installments over up to fifteen years, as elected by the
Participant in his or her distribution election for the applicable Fiscal Year. Notwithstanding any provision of the Plan to the contrary, a Participant’s Account may be distributed in installments only to the extent it is deferred until
Separation From Service and only if such Separation From Service occurs due to the Participant’s Retirement. 

  

	 	 (D)
	 In the event that a Participant Separates From Service prior to qualifying for Retirement (and other than due to death or Disability of the
Participant), (i) the Participant’s Deferral Account will be paid in a single lump sum to the Participant as soon as administratively possible following (but not more than 90 days following) the date that is six months after such
Separation From Service, and (ii) the Participant’s Matching Account will be forfeited at the time of such Separation From Service. 

  

	 	 (E)
	 Any employer matching contributions credited under Section V above in respect of a Participant’s deferrals may only be distributed
following the Participant’s Separation From Service due to Retirement or upon the death or Disability of the Participant. Accordingly, such matching contributions (together with any earnings thereon) may not be distributed in an in-service
distribution and such amounts will be forfeited if the Participant incurs a Separation From Service prior to Retirement (and other than due to death or Disability of the Participant). 

 

	 	 (F)
	 If the Participant has elected to be paid in a single lump sum, subject to earlier payment in the event of death or Disability as set forth in
Section IX below, the Participant’s entire Account will be paid (i) as soon as administratively practicable following (but not more than 90 days following) the date that is six months after the Participant’s Separation From Service
with the Company, or (ii) during the specified September, as the case may be. 

  

	 	 (G)
	 In the event the Participant has elected to be paid in annual installments, subject to earlier payment in the event of death or Disability as set
forth in Section IX below, the first installment will be paid as soon as administratively possible following (but not more than 90 days following) the date that is six months after the Participant’s Separation From Service due to
Retirement, and each subsequent installment payment will be paid in September of the applicable year, beginning with the first September following the date that is six months after the Participant’s Separation From Service with the Company due
to Retirement. If annual installments are paid, the amount of a payment shall be equal to the value 

  
 -4-

	 	
of the Participant’s Account at the time of such payment, divided by the total number of annual installments remaining to be paid. 

 

	 	 (H)
	 All distributions under the Plan shall be in the form of cash, and the amount shall be based on the value of the Participant’s Account at the
close of business on the day immediately preceding the payment date. 

  

	 IX.
	 Distribution upon Death or Disability 

If any Participant shall die or become “Disabled” (within the meaning of Treas. Reg. § 409A-3(i)(4))
while a Eligible Employee, or thereafter, before receiving all amounts credited to his or her Account, the total value of the Participant’s Account shall be distributed in cash in one lump sum to the Participant or any beneficiary or
beneficiaries designated by the Participant pursuant to Section XIV or, in the absence of such designation, to such Participant’s estate. Subject to Section XX below in the case of Disability, any amount distributed pursuant to this Section IX
shall be distributed within 90 days after the date of such death or Disability, as the case may be. 
  

	 X.
	 Second Deferral Elections 

 Participants shall be entitled to a one-time second election to change the distribution date and/or form of distribution for amounts deferred from each Fiscal Year. The change must be to a distribution
time and form allowed under the Plan and must also meet the following additional requirements: (i) such second election may not take effect until twelve (12) months after the date on which it is made in writing and delivered to the
Company; (ii) each payment (within the meaning of Treas. Reg. §1.409A-2(b)(2)) with respect to which the second election is made must be deferred for a period of not less than five (5) years from the date such payment would otherwise
have been made; (iii) in the case of a payment originally elected to be made in a specified September, the second election must be made in writing and delivered to the Company not less than twelve (12) months before the first day of such
specified September; and (iv) the second election may not accelerate any payment (within the meaning of Treas. Reg. §1.409A-2(b)(2)) to a date earlier than its original payment date. 

 

	 XI.
	 Participant’s Rights in Account 

All amounts deferred under the Plan shall remain the sole property of the Company, subject to the claims of its general
creditors and available for its use for whatever purposes are desired. With respect to amounts deferred, a Participant shall be merely a general creditor of the Company, and the obligation of the Company hereunder shall be purely contractual and
shall not be funded or secured in any way. 
  

	 XII.
	 Administration 

 The Committee shall administer, interpret and make determinations under the Plan and perform such other functions as are assigned to the Committee under the Plan. The Committee is authorized, subject to
the provisions of the Plan, from time to time to establish such rules and regulations as it may deem appropriate for the proper administration or operation of the Plan. Each determination, interpretation or other action made or taken pursuant to the
provisions of the 

  
 -5-

 
Plan by the Committee shall be final and shall be binding and conclusive for all purposes and upon all persons. 
  

	 XIII.
	 Indemnification and Exculpation 

  

	 	 (A)
	 Each person who is or shall have been a member of the Board of Directors of the Company (the “Board”) shall be indemnified and held
harmless by the Company against and from any and all loss, cost, liability or expense that may be imposed upon or reasonably incurred by such person in connection with or resulting from any claim, action, suit or proceeding to which such person may
be or become a party or in which such person may be or become involved by reason of any action taken or failure to act under the Plan and against and from any and all amounts paid by such person in settlement thereof (with the Company’s written
approval) or paid by such person in satisfaction of a judgment in any such action, suit or proceeding, except a judgment in favor of the Company based upon a finding of such person’s lack of good faith; subject, however, to the condition that,
upon the institution of any claim, action, suit or proceeding against such person, such person shall in writing give the Company an opportunity, at its own expense, to handle and defend the same before such person undertakes to handle and defend it
on such person’s behalf. The foregoing right of indemnification shall not be exclusive of any other right to which such person may be entitled as a matter of law or otherwise, or any power that the Company may have to indemnify or hold such
person harmless. 

  

	 	 (B)
	 Each member of the Board, and each officer and employee of the Company, shall be fully justified in relying or acting in good faith upon any
information furnished in connection with the administration of the Plan by any appropriate person or persons other than such person. In no event shall any person who is or shall have been a member of the Board, or an officer or employee of the
Company, be held liable for any determination made or other action taken or any omission to act in reliance upon any such information, or for any action (including the furnishing of information) taken or any failure to act, if in good faith.

  

	 XIV.
	 Designation of Beneficiaries and Effect of Death 

A Participant may file with the Company a written designation of beneficiary or beneficiaries under the Plan (subject to
such limitations as to the classes and number of beneficiaries and contingent beneficiaries and such other limitations as the Committee from time to time may prescribe) to receive in cash, in the event of the death of such Participant, the unpaid
amount in the Participant’s Account in accordance with Section IX above. 
  

	 XV.
	 No Right to Continued Employment or Participation 

Nothing in the Plan shall be deemed to confer upon any Participant the right to remain an employee of the Company or a
subsidiary for any period of time or at any particular rate of compensation, and nothing in the Plan shall be deemed to confer upon any Participant the right to continue to participate in the Plan for future Fiscal Years. 

  
 -6-

	 XVI.
	 Withholding of Taxes 

 The Company and its subsidiaries shall have the right, prior to the distribution of any amount from a Participant’s Account, to withhold from such amount an amount sufficient to satisfy any
withholding taxes that the Company and its subsidiaries may be required by law to pay with respect to such distribution. 
  

	 XVII.
	 No Assignment of Benefits 

 No rights or benefits under the Plan shall, except as otherwise specifically provided by law, be subject to assignment (except for the designation of beneficiaries pursuant to Section XIV above), nor
shall such rights or benefits be subject to attachment or legal process for or against a Participant or his or her beneficiary or beneficiaries. 
  

	 XVIII.
	 Amendment and Termination 

 The Plan may at any time be amended, modified or terminated by the Board or the Committee; provided, however, that no distribution of benefits shall occur upon termination of this Plan unless
applicable requirements of Section 409A (as defined below) have been met. No amendment, modification or termination shall, without the consent of a Participant, adversely affect such Participant’s rights with respect to amounts accrued in
his or her Account. 
  

	 XIX.
	 Governing Law 

 The Plan shall be governed by and construed in accordance with the laws of the State of New York, without regard to the principles of conflict of laws thereof. 

 

	 XX.
	 Code Section 409A 

 It is intended that this Plan will comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and any regulations and guidelines promulgated thereunder
(collectively, “Section 409A”), to the extent the Plan is subject thereto, and the Plan shall be interpreted on a basis consistent with such intent. Notwithstanding any provision to the contrary in this Plan, if a Participant is deemed on
the date of his or her Separation From Service with the Company to be a “specified employee” (within the meaning of Treas. Reg. Section 1.409A-1(i)), then with regard to any payment that is considered deferred compensation under
Section 409A payable on account of a Separation From Service that is required to be delayed pursuant to Section 409A(a)(2)(B) of the Code (after taking into account any applicable exceptions to such requirement), such payment shall be paid
on the date that is the earlier of (i) the expiration of the six (6)-month period measured from the date of the Participant’s Separation From Service, or (ii) the date of the Participant’s death (the “Delay Period”).
Upon the expiration of the Delay Period, all payments delayed pursuant to this Section XX (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Participant
in a lump sum and any remaining payments due under this Plan shall be paid in accordance with the normal payment dates specified for them herein. Whenever a payment under this Plan specifies a payment period with reference to a number of days
(e.g., “payment shall be made within thirty (30) days after Separation From Service”), the actual date of payment within the specified period shall be within the sole discretion of the Company. 

  
 -7-

	 XXI.
	 Top Hat Plan 

 The Plan is intended to be an unfunded plan maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees with the meaning of
Sections 201(a)(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended. The Plan shall be administered, interpreted and construed to carry out such intention. 

  
 -8-

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