Document:

Guaranty

 EXHIBIT 10.11 
 EXECUTION COPY 
 GUARANTY 
 THIS GUARANTY (this “Guaranty”) is made as of the 8th day of December, 2006 by and among HOPKINS CAPITAL GROUP II, LLC
(“Hopkins”), FRANCIS E. O’DONNELL, JR. (“O’Donnell”), KATHLEEN M. O’DONNELL, TRUSTEE OF THE FRANCIS E. O’DONNELL, JR. IRREVOCABLE TRUST (the
“O’Donnell Trust”), DENNIS L. RYLL (“Ryll”), RONALD E. OSMAN (“Osman”), ALAN M. PEARCE (“Pearce”), STEVEN ARIKIAN
(“Arikian”), STEVEN J. STOGEL (“Stogel”), DONALD L. FERGUSON (“Ferguson”) and DONALD L. FERGUSON, TRUSTEE OF THE DONALD L. FERGUSON REVOCABLE TRUST (the
“Ferguson Trust”) (O’Donnell, the O’Donnell Trust, Ryll, Osman, Pearce, Arikian, Stogel, Ferguson and the Ferguson Trust, whether one or more, hereinafter called “Individual Guarantor” in the
singular), BIOVEST INTERNATIONAL, INC., a Delaware corporation (“Biovest”) (Biovest and the Individual Guarantors, whether one or more, hereinafter called “Guarantor” in the singular) to and for
the benefit of U.S. BANCORP COMMUNITY INVESTMENT CORPORATION, a Delaware corporation (“USB”), and with respect to the guaranty set forth in Section 2B hereof, ST. LOUIS NEW MARKETS TAX CREDIT FUND-II, LLC,
a Missouri limited liability company (the “CDE”), and its managing member, ST. LOUIS DEVELOPMENT CORPORATION, a Missouri nonprofit corporation (“SLD”). 
 RECITALS 
 WHEREAS, the CDE has
received a sub-allocation of New Markets Tax Credits (the “Tax Credits”) under Section 45D of the Internal Revenue Code of 1986, as amended, and the rules an regulations promulgated thereunder (collectively, the
“Code”). 
 WHEREAS, AutovaxID Investment LLC, a Missouri limited liability company (the
“Fund”) has contributed equity to the CDE (the “QEI Contribution”), which equity is expected to constitute a “qualified equity investment” (“QEI”) under the New
Markets Tax Credit program authorized by Section 45D of the Code (the “NMTC Program”). 
 WHEREAS, the QEI
Contribution is being funded in part with the proceeds of equity contributed to the Fund by USB. The proceeds of the QEI Contribution will be used by the CDE to fund a loan to AutovaxID, Inc., a Florida corporation
(“Borrower”), in the original principal amount of $7,700,000 (the “CDE Loan”), which is expected to constitute a “qualified low-income community investment” under the NMTC Program.

 WHEREAS, the Tax Credits claimable by USB in connection with the QEI Contribution have allowed USB to provide the QEI Contribution to the
CDE on more favorable terms, which in turn has allowed the CDE to provide the CDE Loan to Borrower on more favorable terms and, as a result, Borrower believes that it shall substantially benefit, directly or indirectly, from the making of the QEI
Contribution. 
 WHEREAS, the Borrower is primarily engaged in the business of manufacturing automated cell production instruments within a
United States population census tract number which constitutes a Low-Income Community under the NMTC Program, and the proceeds of the CDE Loan will be used to finance certain activities of Borrower associated with the foregoing activities.

 WHEREAS, in connection with the foregoing and concurrently herewith, USB and Borrower have entered into that certain Tax Credit
Reimbursement and Indemnity Agreement (the “Indemnity”). 

 WHEREAS, each Guarantor is an owner (directly or indirectly) of Borrower, USB’s acquisition of a
membership interest in the Fund is of material benefit to each Guarantor, and without this Guaranty, USB would not acquire a membership interest in, or make its contribution to, the Fund. 
 WHEREAS, to induce USB to acquire a membership interest in, and make its equity contribution to, the Fund, each Guarantor has agreed to enter into this
Guaranty. 
 NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, each hereby covenants and agrees to and for the benefit of USB as follows: 
 1. Notwithstanding anything to the contrary set forth herein, as used herein, the terms “several”, “severally”, “joint and several” or “jointly and
severally” as they relate to the Guaranteed Indemnity Obligations hereunder mean: 
 (A) The obligation of Hopkins, O’Donnell
and the O’Donnell Trust, collectively, as to any liability covered hereby shall be several and not joint and several with the liability of O’Donnell and the O’Donnell Trust, collectively, not to exceed 25.84% of any such
liability for a maximum aggregate liability of $1,150,000, and as limited hereby may be enforced at the option of USB against each Guarantor of Guaranteed Indemnity Obligations severally; 
 (B) The obligation of Ryll as to any liability covered hereby shall be several and not joint and several with the liability of Ryll not to exceed
22.47% of any such liability for a maximum aggregate liability of $1,000,000, and as limited hereby may be enforced at the option of USB against each Guarantor of Guaranteed Indemnity Obligations severally; 
 (C) The obligation of Osman as to any liability covered hereby shall be several and not joint and several with the liability of Osman not to exceed
22.47% of any such liability for a maximum aggregate liability of $1,000,000, and as limited hereby may be enforced at the option of USB against each Guarantor of Guaranteed Indemnity Obligations severally; 
 (D) The obligation of Pearce as to any liability covered hereby shall be several and not joint and several with the liability of Pearce not to exceed
11.24% of any such liability for a maximum aggregate liability of $500,000, and as limited hereby may be enforced at the option of USB against each Guarantor of Guaranteed Indemnity Obligations severally; 
 (E) The obligation of Arikian as to any liability covered hereby shall be several and not joint and several with the liability of Arikian not to exceed
1.12% of any such liability for a maximum aggregate liability of $50,000, and as limited hereby may be enforced at the option of USB against each Guarantor of Guaranteed Indemnity Obligations severally; 
 (F) The obligation of Stogel as to any liability covered hereby shall be several and not joint and several with the liability of Pearce not to exceed
5.62% of any such liability for a maximum aggregate liability of $250,000, and as limited hereby may be enforced at the option of USB against each Guarantor of Guaranteed Indemnity Obligations severally; 
 (G) The obligation of Ferguson and the Ferguson Trust, collectively, as to any liability covered hereby shall be several and not joint and several with
the liability of Ferguson and the Ferguson Trust, collectively. not to exceed 11.24% of any such liability 

  

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for a maximum aggregate liability of $500,000, and as limited hereby may be enforced at the option of USB against each Guarantor of Guaranteed Indemnity
Obligations severally; 
 (H) Biovest shall be jointly and severally liable for all of the Guaranteed Obligations hereunder. 
 2. A. Each Individual Guarantor severally (as more particularly defined and limited in maximum and percentage liability in Section 1 hereof) and
Biovest jointly and severally absolutely, unconditionally, and irrevocably guarantees the full and prompt payment of any and all amounts which may become payable by Borrower under the Indemnity (the “Guaranteed Indemnity
Obligations”); provided, however, that for purpose of determining the Guaranteed Indemnity Obligations guaranteed by the Individual Guarantors, and for such purpose only, the Minimum Return Shortfall shall be determined:
(i) as if the internal rate of return anticipated by the Investor, as reflected in the Financial Forecast, was an internal rate of return calculated without inclusion of any deductions of the Fund attributable to interest accruals in excess of
payments, and (ii) without reference to any actual deductions taken by the Fund attributable to interest accruals in excess of payments. The terms “Minimum Return Shortfall,” “Investor” and
“Financial Forecast” shall all have the meaning set forth in the Indemnity. Each Individual Guarantor severally (as more particularly defined and limited in maximum liability in Section 1 hereof) and absolutely,
unconditionally, and irrevocably hereby also agrees to pay all reasonable costs, expenses, damages and attorneys’ fees paid or incurred by USB, the CDE and SLD in endeavoring to collect the Guaranteed Indemnity Obligations or in enforcing this
Guaranty against such Individual Guarantor; provided, however, in no event shall any Individual Guarantor be required to pay any amounts required pursuant to the foregoing provisions of this sentence in excess of such Individual
Guarantor’s maximum aggregate liability listed in Section 1 hereof. Biovest jointly and severally absolutely, unconditionally, and irrevocably hereby also agrees to pay all reasonable costs, expenses, damages and attorneys’ fees paid
or incurred by USB, the CDE and SLD in endeavoring to collect the Guaranteed Indemnity Obligations or the Guaranteed Loan Obligations or in enforcing this Guaranty. 
 B. Biovest absolutely, unconditionally, and irrevocably guarantees the full and prompt payment of any and all obligations of Borrower on the CDE Loan, together with any Expenses (as such term is defined in the
Operating Agreement of the CDE ), as may be payable by Borrower to the CDE or the Fund pursuant to such Operating Agreement (the “Guaranteed Loan Obligations”, together with the Guaranteed Indemnity Obligations, the
“Guaranteed Obligations”), and Biovest agrees to pay all reasonable costs, expenses, and attorneys’ fees paid or incurred by USB and the CDE in enforcing this Guaranty. 
 3. This Guaranty is an absolute, unconditional, and continuing guaranty of payment and performance of the Guaranteed Obligations and shall continue to be
in force and be binding upon each Guarantor until all of the Guaranteed Obligations are irrevocably and indefeasibly satisfied or paid in full. This Guaranty is an agreement of payment and performance and not merely of collection. 
 4. Each Guarantor waives any and all defenses, claims, setoffs, and discharges of Borrower, or any other obligor, pertaining to the Guaranteed Indemnity
Obligations or the Guaranteed Loan Obligations, as applicable, except the defense of discharge by payment in full. Without limiting the generality of the foregoing, each Guarantor will not assert, plead, or enforce against USB, the CDE or SLD any
defense available to Borrower of waiver, release, discharge, or disallowance in bankruptcy, statute of limitations, res judicata, statute of frauds, anti-deficiency statute, fraud, incapacity, minority, usury, illegality or unenforceability
which may be available to Borrower or any other person liable in respect of any of the Guaranteed Obligations. The liability of each Guarantor shall not be affected or impaired by any voluntary or involuntary liquidation, dissolution, sale, or other
disposition of all or substantially all of the assets, marshalling of assets and liabilities, receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of, or other
similar event or proceeding affecting Borrower or any Guarantor or any of their respective assets. 

  

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Each Guarantor also waives promptness, diligence, and notice with respect to any Guaranteed Obligations, any change of the time, manner, or place of payment
or other term of the Guaranteed Obligations, any exchange, release or non-perfection of any collateral securing payment of any Guaranteed Obligations, and any requirement that USB, the CDE or SLD, as applicable, exhaust any right or take any action
against the Borrower or any collateral security. 
 5. Each Guarantor waives presentment, demand for payment, notice of dishonor or
nonpayment, and protest of any instrument evidencing the Guaranteed Obligations. 
 6. If any payment applied by Borrower to the Guaranteed
Obligations is thereafter set aside, recovered, rescinded, or required to be returned for any reason (including, without limitation, the bankruptcy, insolvency, or reorganization of any Guarantor or any other obligor), the Guaranteed Obligations to
which such payment was applied shall for the purpose of this Guaranty be deemed to have continued in existence notwithstanding such application, and this Guaranty shall be enforceable as to such Guaranteed Obligations as fully as if such application
had never been made. 
 7. This Guaranty shall be effective upon delivery to USB, the CDE and SLD, without further act, condition, or
acceptance by USB or the CDE, shall be binding upon each Guarantor and the successors and assigns of each Guarantor and shall inure to the benefit of USB, the CDE, SLD, and their participants and their successors, and to the benefit of any assignees
of the Guaranty and their successors. 
 8. Each Guarantor represents and warrants as follows: 
 (a) to the extent Guarantor is an entity, Guarantor is duly organized and validly existing under the laws of the state in which it is
organized; 
 (b) it has all requisite power and authority to execute, deliver, and perform this Guaranty; 
 (c) to the extent Guarantor is an entity, its execution, delivery, and performance of this Guaranty have been duly authorized by all
necessary action on its part; 
 (d) it has executed and delivered this Guaranty and this Guaranty is the legal, valid, and
binding obligation of Guarantor, enforceable against it in accordance with its terms subject to the effect of applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws relating to or affecting
creditors’ rights generally, and to the effect of general principles of equity (regardless of whether considered in a proceeding in equity or at law); 
 (e) neither the execution nor delivery of this Guaranty nor compliance with or fulfillment of the terms, conditions, and provisions hereof, conflicts with, results in a material breach or violation of the terms,
conditions, or provisions of, or constitutes a material default, an event of default, or an event creating rights of acceleration, termination, or cancellation, or a loss of rights under (i) the organizational documents of Guarantor, to the
extent Guarantor is an entity, (ii) any judgment, decree, order, contract, agreement, indenture, instrument, note, mortgage, lease, governmental permit, or other authorization, right, restriction, or obligation to which Guarantor is party or
any of its property is subject or by which Guarantor is bound, or (iii) any federal, state, or local law, statute, ordinance, rule, or regulation applicable to Guarantor; 
 (f) no consent, authorization, approval, order, license, certificate, or permit or act of or from, or declaration of filing with, any
governmental authority or any party to any contract, agreement, instrument, lease, or license to which Guarantor is a party or by which Guarantor is bound, is required for the execution, delivery, performance, or compliance with the terms hereof by
Guarantor, except as have been obtained as required prior to the date hereof; 
 (g) there is no pending, or to the best of
its knowledge, threatened, litigation against Guarantor in any court or before any commission or regulatory body, whether federal, state, or local, which challenges the validity or enforceability of this Guaranty; 
  

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 (h) it is not insolvent within the meaning of applicable state laws and federal laws
relating generally to bankruptcy, insolvency, or reorganization or relief of debtors; and 
 (i) the financial statements for
Guarantor which have been presented to USB, the CDE and SLD in connection with the transactions contemplated herein are true and correct and fairly present the financial condition of Guarantor for the period covered thereby; there have been no
materially adverse changes in Guarantor’s financial condition since the date(s) thereof; and Guarantor has not entered into any commitments or contracts which are not reflected therein which may have a materially adverse effect upon
Guarantor’s financial condition, business or operations. 
 9. All notices, approvals, requests, and demands to be made hereunder to any
party hereto shall be made in writing and addressed to the address set forth below and shall be given by either of the following means: 
 (a) personal delivery or by prepaid courier, or express delivery service (including, but not limited to, Federal Express, Express Mail, or United Parcel Service); or 
 (b) registered United States mail, return receipt requested, and postage prepaid. 
 A party’s address may be changed by notice to the other parties given in the same manner as provided above. Any notice, demand, or request sent pursuant to clause
(a) shall be deemed received upon such delivery and, if sent pursuant to clause (b), shall be deemed received five (5) days following deposit in the mail. 
  

					
		 	Biovest:	 	Biovest International, Inc.
		 		 	324 S. Hyde Park Avenue
		 		 	Suite 350
		 		 	Tampa, Florida 33606
			
		 	Hopkins:	 	Hopkins Capital Group II, LLC
		 		 	c/o Francis E. O’Donnell, Jr., M.D.
		 		 	709 The Hamptons Lane
		 		 	Town and Country, MO 63017
			
		 	O’Donnell:	 	Francis E. O’Donnell, Jr., M.D.
		 		 	709 The Hamptons Lane
		 		 	Town and Country, MO 63017
			
		 	O’Donnell Trust:	 	The Francis E. O’Donnell, Jr. Irrevocable Trust
		 		 	c/o Kathleen M. O’Donnell, Trustee
		 		 	3101 N. Central
		 		 	Suite 700
		 		 	Phoenix, AZ 85012
			
		 	Ryll:	 	Dennis L. Ryll
		 		 	2595 Red Springs Drive
		 		 	Las Vegas, NV 89135
			
		 	Osman:	 	Ronald E. Osman
		 		 	1602 W. Kimmel St.
		 		 	Marion, IL 62959
			
		 	Pearce:	 	Alan M. Pearce
		 		 	165 South Orange Ave.
		 		 	Newark, NJ 07103

  

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		 	Arikian:	 	Steven R. Arikian, M.D.
		 		 	151 Beach 147th
		 		 	Nepentist, NY 11694
			
		 	Stogel:	 	Steven J. Stogel
		 		 	7777 Bonhomme
		 		 	Suite 1210
		 		 	St. Louis, MO 63105
			
		 	Ferguson:	 	Donald L. Ferguson
		 		 	11477 Olde Cabin Rd. Ste 110
		 		 	St. Louis, MO 63141
			
		 	Ferguson Trust:	 	Donald L. Ferguson Revocable Trust
		 		 	11477 Olde Cabin Rd. Ste 110
		 		 	St. Louis, MO 63141
			
		 	USB:	 	US Bancorp Community Development Corporation
		 		 	Attention: Darren Van’t Hof
		 		 	1307 Washington Avenue, Suite 300
		 		 	St. Louis, Missouri 63103
		 		 	Facsimile: (314) 418-0899
		 		 	Telephone: (314) 418-0890
			
		 	With a copy to:	 	Sonnenschein Nath & Rosenthal, LLP
		 		 	7800 Sears Tower
		 		 	Chicago, Illinois 60606
		 		 	Attention: Scott A. Lindquist, Esq.
		 		 	Telephone: (312) 876-8970
		 		 	Facsimile: (312) 876-7934
			
		 	CDE:	 	St. Louis New Markets Tax Credit Fund-II, LLC
		 		 	1015 Locust Street, Suite 1200
		 		 	St. Louis, MO 63101
		 		 	Attention: Rodney Crim
		 		 	Phone: (314) 622-3400
		 		 	Facsimile: (314) 259-3442
			
		 	With copy to:	 	Bryan Cave LLP
		 		 	One Metropolitan Square
		 		 	211 North Broadway, Suite 3600
		 		 	St. Louis, MO 63102-2750
		 		 	Attention: Mary Gassmann Reichert, Esquire
		 		 	Phone: (314) 259-2188
		 		 	Facsimile: (314) 259-2020
			
		 	SLD:	 	St. Louis Development Corporation
		 		 	1015 Locust Street, Suite 1200
		 		 	St. Louis, MO 63101
		 		 	Attention: Rodney Crim
		 		 	Phone: (314) 622-3400
		 		 	Facsimile: (314) 259-3442

  

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		 	With copy to:	  	    Bryan Cave LLP
		 		  	    One Metropolitan Square
		 		  	    211 North Broadway, Suite 3600
		 		  	    St. Louis, MO 63102-2750
		 		  	    Attention: Mary Gassmann Reichert, Esquire
		 		  	    Phone: (314) 259-2188
		 		  	    Facsimile: (314) 259-2020

 10. No transfer or assignment by any of USB, the CDE, SLD or any Guarantor of any of its rights
hereunder (whether by operation of laws or otherwise) shall relieve the transferor or assignor of any of its obligations hereunder. 
 11. In
all respects, including, without limitation, matter of construction and performance of this Guaranty and the obligations arising hereunder, this Guaranty shall be governed by, and construed in accordance with the internal laws of the State of
Delaware applicable to contracts and obligations made in such state and any applicable laws of the United States of America. 
 12. If any
term or provisions of this Guaranty or the application thereof to any person or circumstances shall, to any extent, be invalid or unenforceable, the remainder of this Guaranty, or the application of such term or provision to persons or circumstances
other than those as to which it is held invalid or unenforceable, shall not be affected thereby, and each term and provision of this Guaranty shall be valid and enforced to the fullest extent permitted by law. 
 13. The waiver of any provision of this Guaranty by USB, the CDE or SLD, as applicable, shall constitute a waiver of this provision on that occasion
only, and shall not constitute a waiver of any other provision of this Guaranty, or that provision with respect to any other occasion. No waiver of any provision of this Guaranty by USB, the CDE or SLD, as applicable, shall be deemed effective
unless contained in a writing signed by it. 
 14. Where two or more persons or entities have executed this Guaranty, unless the context
clearly indicates otherwise, all references herein to “Guarantor” shall mean the guarantors hereunder or either or any of them. All of the obligations and liability of said guarantors hereunder shall be several or joint and several
(as further described in Section 1 of this Guaranty) and shall only apply to a Guarantor to the extent described in Section 2 of this Guaranty. Suit may be brought against said Guarantors, severally or jointly and severally (as further
described in Section 1 of this Guaranty), or against any one or more of them, less than all, without impairing the rights of USB, the CDE and SLD against the other or others of said Guarantors; and USB, the CDE or SLD, as applicable, may
compound with any one or more of said Guarantors for such sums or sum as it may see fit and/or release such of said Guarantors from all further liability to USB, the CDE and/or SLD, as applicable, for such indebtedness without impairing the right of
USB, the CDE or SLD, as applicable, to demand and collect the balance of such indebtedness from the other or others of said Guarantors not so compounded with or released; but it is agreed among said Guarantors themselves, however, that such
compounding and release shall not impair the rights of said Guarantors as among themselves. 
 15. Except as otherwise provided herein, the
rights of USB, the CDE and SLD are cumulative and shall not be exhausted by its exercise of any of its rights hereunder or otherwise against Guarantor or by any number of successive actions until and unless all Indebtedness has been paid and each of
the obligations of Guarantor hereunder has been performed. 
 16. This Guaranty may only be modified, waived, altered or amended by a written
instrument or instruments executed by the party against which enforcement of said action is asserted. Any alleged modification, waiver, alteration or amendment which is not so documented shall not be effective as to any party. 
  

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 17. This Guaranty may be executed in any number of counterparts with the same effect as if all parties
hereto had signed the same document. All such counterparts shall be construed together and shall constitute one instrument, but in making proof hereof it shall only be necessary to produce one such counterpart. 
 [Remainder of Page Intentionally Left Blank] 
  

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 IN WITNESS WHEREOF, this Guaranty has been duly executed and delivered by each Guarantor as of the date
first above written. 
  

			
	BIOVEST INTERNATIONAL, INC.
		
	By:	 	 /s/ Steven Arikian

	Name:	 	Steven Arikian, M.D.
	Title:	 	Chairman & CEO
	
	HOPKINS CAPITAL GROUP II, LLC
		
	By:	 	 /s/ Francis E. O’Donnell

		 	Francis E. O’Donnell
	Title:	 	Managing Partner
		
		 	 /s/ Francis E. O’Donnell

		 	Francis E. O’Donnell, Jr.
	
	 FRANCIS E. O’DONNELL, JR.
 IRREVOCABLE
TRUST

		
	By:	 	 /s/ Kathleen M. O’Donnell, Trustee

		 	Kathleen M. O’Donnell
		 	Trustee
	
	 /s/ Dennis L. Ryll

	Dennis L. Ryll
	
	 /s/ Ronald E. Osman

	Ronald E. Osman
	
	 /s/ Alan M. Pearce

	Alan M. Pearce
	
	 /s/ Steven R. Arikian

	Steven R. Arikian
	
	 /s/ Steven J. Stogel

	Steven J. Stogel
	
	 /s/ Donald L. Ferguson

	Donald L. Ferguson
	
	DONALD L. FERGUSON REVOCABLE TRUST
		
	By:	 	 /s/ Donald L. Ferguson

		 	Donald L. Ferguson
		 	Trustee

  

 9Limited Liability Company Agreement

 EXHIBIT 10.12 
 LIMITED LIABILITY COMPANY AGREEMENT 
 OF 
 BIOLENDER II, LLC 
 A DELAWARE LIMITED LIABILITY COMPANY 
 The undersigned member (the “Member”) hereby, and with the filing of the certificate of formation (the “Certificate of
Formation”), forms a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act, as amended from time to time (the “Act”), and hereby declare the following to be the Limited
Liability Company Agreement of such limited liability company: 
 ARTICLE I. 
 ORGANIZATION 
 Section 1.01 Name. The name of the limited
liability company is BIOLENDER II, LLC (the “Company”). 
 Section 1.02 Purpose. The purpose for which the
Company has been formed is to engage in any lawful act or activity for which limited liability companies may be formed under the Act, including, but not limited to lending $5,600,000 to AutovaxID Investment LLC and such future amounts as the Member
shall determine. 
 Section 1.03 Office. The registered office of the Company in the State of Delaware is 615 DuPont Highway,
Dover, Delaware. 
 Section 1.04 Member. The name and the business, residence or mailing address of the Member is set forth on
Schedule A attached hereto. 
 Section 1.05 Capital Contributions. The Member has contributed money to the Company
(the “Capital Contribution”) in exchange for the membership interest set forth opposite the Member’s name on Schedule A (the “Membership Interest”). The Member is not hereby required to make any
contributions of property or money to the Company in excess of its Capital Contribution. 
 Section 1.06 Issuance of Membership
Certificates. The interest of the Member in the Company shall be represented by a Membership Certificate and shall be a security governed by Article 8 of the Uniform Commercial Code. Upon the execution of this Agreement and the payment of the
Additional Capital Contribution by the Member, the Manager shall cause the Company to issue one or more Membership Certificates in the name of the Member certifying that the person named therein is the record holder of the number of the membership
interests set forth thereon. 

 ARTICLE II. 
 MANAGEMENT 
 Section 2.01 Powers of the Manager. 
 (a) The management of the Company shall be vested in Biovest International, Inc., the managing member of the Company (the “Manager”).
Except for situations in which the approval of the Member is expressly required or permitted by this Limited Liability Company Agreement or by nonwaivable provisions of applicable law, the Manager shall have complete discretion, power and authority
in the management and control of the business of the Company, shall make all decisions affecting the business of the Company and shall manage and control the affairs of the Company to carry out the business and purposes of the Company. Without
limiting the generality of the foregoing, the Manager is hereby authorized: 
 (i) to expend Company funds in furtherance of the purpose of
the Company; 
 (ii) to invest and reinvest in securities or other property of any character, real or personal, including, but not limited to,
common and preferred stocks, bonds, notes, debentures, mortgages, leases and partnership interests (general or limited); 
 (iii) to sell,
exchange or otherwise dispose of any such securities or other property at public or private sale and to grant options for the purchase, exchange or other disposition thereof, and to exercise or sell any options and any conversion, subscription,
voting and other rights, discretionary or otherwise, in respect thereof; 
 (iv) to manage and keep in force such insurance as may be required
to reasonably protect the Company and its assets; 
 (v) to borrow money for and on behalf of the Company and to incur and/or guarantee
obligations for and on behalf of the Company, on such terms and at such rates of interest as the Manager may deem advisable and proper; 
 (vi) to pledge the credit of the Company and grant security interests in Company assets for Company purposes; 
 (vii) to employ such
agents, employees, independent contractors, attorneys and accountants as the Manager deems reasonably necessary; 
 (viii) to commence,
defend, compromise or settle any claims, proceedings, actions or litigation for and on behalf of the Company; 
 (ix) to execute, deliver and
file any amendment, restatement or revocation of the Certificate of Formation as may be necessary or appropriate to reflect actions properly taken by the Manager and/or the Member under this Limited Liability Company Agreement; 
  

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 (x) to prepare and file, on behalf of the Company, any required local, state and federal tax returns or
other tax reports or documents relating to the Company, other than an IRS Form 8832 “Entity Classification Election” or similar state or federal form; 
 (xi) to execute, deliver, file and/or record any and all instruments, documents or agreements of any kind which the Manager may deem appropriate or as may be necessary or desirable to carry out the purposes of the
Company, including that certain Put Option Agreement and that certain Purchase Option Agreement, each of which shall be entered into on or about the date hereof regarding the acquisition of membership interests in AutovaxID Investment LLC; and

 (xii) to take such other actions as the Manager may reasonably believe to be necessary or desirable to carry out the purposes of the
Company. 
 (b) Notwithstanding paragraph (a) of this Section 2.01, the Manager shall not: (i) sell, exchange, lease,
mortgage, pledge or otherwise transfer all or substantially all of the assets of the Company, without the approval of the Member; or (ii) merge or consolidate the Company with or into another limited liability company, partnership, corporation
or other business entity, without the approval of the Member. 
 Section 2.02 Duties of Manager. The Manager shall perform its
duties as Manager in good faith and with that degree of care that an ordinarily prudent person in a like position would use under similar circumstances. In performing its duties, the Manager shall be entitled to rely on information, opinions,
reports or statements, including financial statements and other financial data, in each case prepared or presented by (i) one or more agents or employees of the Company or the Manager, or (ii) counsel, public accountants or other persons
as to matters that such Manager believes to be within such person’s professional or expert competence. If the Manager performs the duties of Manager in accordance with this Section 2.02, then it shall have no liability by reason of being
or having been the Manager of the Company. 
 Section 2.03 Limitation on Liability of Manager. Provided that it has acted in good
faith, and not directly contrary to any express prohibitions contained in this Limited Liability Company Agreement, the Manager shall not be liable to the Company or the Member for any mistakes in judgment or for any failure to perform any of its
obligations hereunder, or for any loss due to such mistake or failure to perform, or due to the negligence, dishonesty, fraud or bad faith of any other Person, including any other Member, employee, agent or independent contractor of the Company or
the Manager or any other Person with whom the Company or the Manager transacts business. 
 Section 2.04 Devotion of Time. The
Manager shall not be required to devote any specified amount of time or efforts to the business and affairs of the Company. The Manager shall not have any obligation to loan money to the Company or to fund operating deficits. The Manager shall not
be required to offer any investment opportunities to the Company, and the Manager may make investments or undertake activities that compete or conflict with the Company. 
  

 3 

 Section 2.05 Expenses. The Company shall pay directly, or shall reimburse the Manager for,
all costs and expenses of the Company, including without limitation, all travel, entertainment and other expenses incurred by the Manager in connection with Company business. 
 Section 2.06 Withdrawal and Term. The Manager may resign as Manager at any time upon notice to the Member. Subject to Section 2.08
hereof, the Manager shall serve for an unlimited term. 
 Section 2.07 Qualification; Initial Manager. The Manager shall be
appointed by the Member from time-to-time, in the sole discretion of the Member. The Manager of the Company is Biovest International, Inc. 
 Section 2.08 Removal of the Manager. The Manager’s status as the Manager of the Company may not be terminated, nor may the Manager be removed as Manager, except by the approval of the Member. The Member shall be entitled to
withhold its approval in its sole and absolute discretion and shall not be liable to any other Member for failing to give its approval under any circumstances or under any legal theory. 
 Section 2.09 Ceasing to be the Manager. In the event that the Manager ceases to be the Manager, by reason of Section 2.08 or otherwise,
the Member shall, within 180 days after the Manager ceases to be the Manager of the Company, designate a new person as a successor Manager (a “Manager Director”) to serve in the place of such Manager. Upon such designation, the
Successor Manager shall assume in writing the obligations, and thereby shall be entitled to the rights, of the Manager under this Agreement. Nothing contained in this Section 2.09 shall be construed as limiting any right or cause of action
which the Company or the Member may have against the Manager for any breach of its duties hereunder. 
 Section 2.10 Management
Rights of Member. By their execution of this Agreement, the Member consents to the exercise by the Manager of the powers conferred on it by this Limited Liability Company Agreement. Except as expressly provided herein, or as provided by
nonwaivable provisions of applicable law, the Member shall not have any right to vote or to take part in the management or control of the Company business or have any right or authority to act for or bind the Company except in its capacity as
Manager. 
 Section 2.11 Officers. The Company shall have those officers, and holding those titles and duties, as determined by
the Manager. 
 ARTICLE III. 
 TAXATION, ALLOCATIONS AND DISTRIBUTIONS 
 Section 3.01 [Reserved]. 
 Section 3.02 Allocation of Net Income or Loss. Except as otherwise mandated by Treasury Regulations under Section 704 of the Internal
Revenue Code, all items of income, gain, loss, deduction, credit or tax preference entering into the computation or net income or loss for any fiscal period shall be allocated, as appropriate based upon the source of such item and to the Member in
accordance with their respective percentage interests in the Company. 
  

 4 

 Section 3.03 Distributions. Distributions shall be made only to the extent that the Company
has cash and/or property that is, in the Manager’s opinion, in excess of the assets needed for the continued operation and maintenance of the Company. The Manager shall make distributions in accordance with this Section 3.03 to the extent
the Manager, in its sole discretion, deems appropriate. 
 ARTICLE IV. 
 DISSOLUTION 
 Section 4.01 Dissolution. The Company shall
dissolve, and its affairs shall be wound up, upon the earliest to occur of (a) the approval of the Member or (b) an event of dissolution of the Company under the Act. 
 Section 4.02 Distributions upon Dissolution. Upon the occurrence of an event set forth in Section 4.01 hereof, the Member shall be
entitled to receive, after paying or making reasonable provision for all of the Company’s creditors to the extent required by the Act, the remaining funds of the Company. 
 ARTICLE V. 
 MISCELLANEOUS 
 Section 5.01 [Reserved]. 
 Section 5.02 Limited Liability. The Member shall not be obligated to make any contribution to the capital of the Company other than the Capital Contribution specified in Section 1.05. The Member shall not be liable for any
debts, obligations or liabilities of the Company, whether arising in tort, contract or otherwise, solely by reason of being a Member or acting (or omitting to act) in such capacity or participating in the conduct of the business of the Company.

 Section 5.03 Indemnification. To the fullest extent permitted by applicable law, the Member, any affiliate of the Member, any
officers, directors, shareholders, members, partners or employees of the affiliate of the Member, and any officer, employee or expressly authorized agent of the Company or its affiliates (collectively “Covered Person”), shall be
entitled to indemnification from the Company for any loss, damage, claim or liability incurred by such Covered Person by reason of any act or omission performed, or omitted to be performed, or alleged to be performed or omitted to be performed, by
such Covered Person in good faith on behalf of the Company and in a manner reasonably believed to be within the scope of authority conferred on such Covered Person by this Limited Liability Company Agreement, except that no Covered Person shall be
entitled to be indemnified in respect of any loss, damage, claim or liability incurred by such Covered Person by reason of his gross negligence, actual fraud or willful misconduct with respect to such acts or omissions. 
  

 5 

 Section 5.04 Amendment. This Agreement may be amended only in a writing signed by the Member
and the Manager. 
 Section 5.05 Pledge of Membership Interests. Notwithstanding any other provision of this Agreement:
(i) the Member may pledge, without the consent of the Manager or any other Person, its Membership Interest to Laurus Master Fund, Ltd. and its permitted successors and assigns (“Laurus”) pursuant to the terms of any security agreement
between the Member and Laurus; (ii) Laurus shall have the rights of a secured party to retain, sell or transfer the Membership Interests so pledged; and (iii) in the event of any enforcement of the pledge and/or the foreclosure upon or
other disposition of the Membership Interests, Laurus (or its nominee, successor, transferee or assignee) shall be immediately, automatically and unconditionally admitted as a Member of the Company. 
 Section 5.06 Governing Law. This Agreement shall be governed by and construed under the laws of the State of Delaware, excluding any
conflicts of laws rule or principle that might refer the governance or construction of this Agreement to the law of another jurisdiction. 
 [Remainder of Page Intentionally Left Blank] 
  

 6 

 IN WITNESS WHEREOF, the undersigned has caused this Amended and Restated Limited Liability Company
Agreement of Biolender II, LLC, to be executed as of the 8th day of December, 2006. 
  

			
	BIOVEST INTERNATIONAL, INC.
		
	By:	 	 /s/ Steven Arikian

	Name:	 	Steven Arikian, M.D.
	Title:	 	Chairman & CEO

  

 Biolender II LLC Agreement 

 Schedule A 
 Member 
  

									
	 Member
	  	 Address
	  	Capital
Contribution	  	 Percentage
 Ownership
	 
	Biovest International, Inc.	  	 324 S. Hyde Park Avenue
 Suite 350
 Tampa, FL 33606
	  	$	5,600,000	  	100.0	%

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