Document:

Warrant

 Exhibit 10.2 
 THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. THIS WARRANT AND THE COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THIS
WARRANT UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO ACCENTIA BIOPHARMACEUTICALS, INC. AND BIOVEST INTERNATIONAL, INC. THAT SUCH REGISTRATION IS NOT REQUIRED. 
 WARRANT 
  

			
	2,000,000 Shares of Biovest International, Inc.	  	Issue Date: January     , 2010

 ACCENTIA BIOPHARMACEUTICALS, INC., a corporation organized under the laws of the
State of Florida (the “Company”), hereby certifies that, for value received, BIODELIVERY SCIENCES INTERNATIONAL, INC., or assigns (the “Holder”), is entitled, subject to the terms set forth below, to purchase from the Company (as
defined herein) from and after the Issue Date of this Warrant and at any time or from time to time before 5:00 p.m., New York time, through the close of business [seven years from the Approval Date for Agreement] (the “Expiration Date”),
up to 2,000,000 fully paid and nonassessable shares of common stock, $0.01 par value per share, of Biovest International, Inc. (“Biovest”) which are on the date hereof issued and outstanding and standing and owned of record and
beneficially by the Company at the Exercise Price per share (as defined below) (the “Warrant Shares”). The number and character of the Warrant Shares and the Exercise Price per share under this Warrant are subject to adjustment as provided
herein. 
 As used herein, the following terms, unless the context otherwise requires, have the following respective meanings:

 (a) The term “Company” shall mean Accentia Biopharmaceuticals, Inc. 
 (b) The “Exercise Price” applicable under this Warrant shall be $ [120% of the closing bid price for Biovest shares
on the date on which the Court in the Company’s Reorganization Proceeding enters an order authorizing the Company to grant this Warrant] 
 1. Exercise of Warrant. 
 1.1. Number of Shares Issuable upon
Exercise. From and after the date hereof through and including the Expiration Date, the Holder shall be entitled to receive, upon exercise

 
of this Warrant in whole or in part, by delivery of an original or fax copy of an exercise notice in the form attached hereto as Exhibit A (the “Exercise Notice”), Warrant Shares,
subject to adjustment pursuant to Section 3. 
 1.1 (a). CONSENT REQUIRED: Notwithstanding the foregoing, at
any time after the date of issuance of this Warrant until the date which is two years after the issuance date, Holder may not exercise this Warrant unless Holder makes written request to Biovest International, Inc., and receives written
authorization from Biovest’s President, CFO, or CEO to allow such exercise by Holder. At any time after the 2-year anniversary of the date of issuance of this Warrant and prior to its Expiration Date, Holder may exercise this Warrant, in whole
or in part at Holder’s sole discretion. Written requests in accordance with this provision shall be addressed to: 
 Biovest International, Inc. 
 324 S. Hyde Park Ave., Suite 350 
 Tampa FL 33606 
 Attn: Samuel S. Duffey, Esq., President 
 1.2. Company Acknowledgment. The Company will, at the time of
the exercise of this Warrant, upon the request of the Holder acknowledge in writing its continuing obligation to afford to such Holder any rights to which such Holder shall continue to be entitled after such exercise in accordance with the
provisions of this Warrant. If the Holder shall fail to make any such request, such failure shall not affect the continuing obligation of the Company to afford to such Holder any such rights. 
 2. Procedure for Exercise. 
 2.1. Delivery of Stock Certificates, Etc., on Exercise. Subject to Holder’s compliance with the provisions of Section 1.1 (a), the Company agrees that the Warrant Shares purchased upon
exercise of this Warrant shall be deemed to be issued to the Holder as the record owner of such shares as of the close of business on the date on which this Warrant shall have been surrendered and payment shall have been made for such shares in
accordance herewith. As soon as practicable after the exercise of this Warrant in full or in part, and in any event within three (3) business days thereafter, the Company at its expense (including the payment by it of any applicable issue
taxes) will cause to be issued in the name of and delivered to the Holder, or as such Holder (upon payment by such Holder of any applicable transfer taxes) may direct in compliance with applicable securities laws, a certificate or certificates for
the number of duly and validly issued, fully paid and nonassessable Warrant Shares. 
 2.2. Exercise. 
 (a) Payment shall be made in cash or by certified or official bank check payable to the order of the Company equal to the
applicable aggregate Exercise Price and the Holder shall thereupon be entitled to receive the number of duly authorized, validly issued, fully-paid and non-assessable Warrant Shares determined as provided herein. 
 (b) Cashless Exercise. The Holder may, at any time (subject to the provisions of Section 1.1 (a) at its option, elect to
exercise this Warrant, in whole or in part, on a cashless basis, by surrendering this

  

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Warrant, at the principal office of the Company, or at such other office or agency as the Company may designate, by canceling a portion of this Warrant in payment of the Exercise Price payable in
respect of the number of Warrant Shares purchased upon such exercise. In the event of an exercise pursuant to this subsection 2.2(b), the number of Warrant Shares issued to the Holder shall be determined according to the following formula:

  

			
	X =	 	Y(A-B)
		 	    A

 Where: X = number of Warrant Shares that shall be issued to the Holder; 

Y = the number of Warrant Shares for which this Warrant is being exercised (which shall include both the number of
Warrant Shares issued to the Holder and the number of Warrant Shares subject to the portion of the Warrant being cancelled in payment of the Exercise Price); 
 (A) = the Closing Price on the Trading Day immediately preceding the date of such election; 
 B = the Exercise Price then in effect. 
 (c) Upon exercise, the Company shall issue to the Holder shares of Biovest (the “Common Stock”) which are freely
tradable and which have no restrictive legend; provided, however, that if Biovest is unable to issue shares without a restrictive legend, Biovest shall, not later than [two years from the date of this Warrant] file a registration statement with the
SEC covering the common stock underlying this Warrant. Such registration statement shall remain effective for the term of this Warrant. 
 3. Effect of Reorganization, Etc.; Adjustment of Exercise Price. 
 3.1.
Adjustments. Subject and pursuant to the provisions of this Section 3, the Exercise Price and number of Warrant Shares subject to this Warrant shall be subject to adjustment from time to time as set forth hereinafter. 
 (a) If Biovest shall, at any time or from time to time while this Warrant is outstanding, pay a dividend or make a
distribution on its Common Stock in shares of Common Stock or other capital stock or securities or property, subdivide its outstanding shares of Common Stock into a greater number of shares or combine its outstanding shares of Common Stock into a
smaller number of shares or issue by reclassification of its outstanding shares of Common Stock any shares of its capital stock (including any such reclassification in connection with a consolidation or merger in which Biovest is the continuing
corporation), then the number of Common Stock purchasable upon exercise of the Warrant and the Exercise Price in effect immediately prior to the date upon which such change shall become effective, shall be adjusted by the Company so that the Holder
thereafter exercising the Warrant shall be entitled to receive the number of shares of

  

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Common Stock or other capital stock or securities or property which the Holder would have received if the Warrant had been exercised immediately prior to such event upon payment of a Exercise
Price that has been adjusted to reflect a fair allocation of the economics of such event to the Holder. Such adjustments shall be made successively whenever any event listed above shall occur. 
 (b) If any capital reorganization or reclassification of the capital stock of Biovest, then, as a condition of such
reorganization or reclassification, lawful and adequate provision shall be made whereby each Holder shall thereafter have the right to purchase and receive upon the basis and upon the terms and conditions herein specified and in lieu of the Common
Stock immediately theretofore issuable upon exercise of the Warrant, such shares of stock, securities or assets as would have been issuable or payable with respect to or in exchange for a number of Common Stock equal to the number of Common Stock
immediately theretofore issuable upon exercise of the Warrant, had such reorganization or reclassification not taken place, and in any such case appropriate provision shall be made with respect to the rights and interests of each Holder to the end
that the provisions hereof (including, without limitation, provision for adjustment of the Exercise Price) shall thereafter be applicable, as nearly equivalent as may be practicable in relation to any shares of stock, securities or assets thereafter
deliverable upon the exercise hereof. The provisions of this paragraph (b) shall similarly apply to successive reorganizations or reclassifications. 
 (c) In case Biovest shall fix a payment date for the making of a distribution to all holders of Common Stock (including any such distribution made in connection with a consolidation or merger in which
Biovest is the continuing corporation) of evidences of indebtedness or assets (other than cash dividends or cash distributions payable out of consolidated earnings or earned surplus or dividends or distributions referred to above), or subscription
rights or warrants, the Exercise Price to be in effect after such payment date shall be determined by multiplying the Exercise Price in effect immediately prior to such payment date by a fraction, the numerator of which shall be the total number of
shares of Common Stock then outstanding multiplied by the Market Price (as defined below) per share of Common Stock immediately prior to such payment date, less the fair market value (as determined by the Company’s Board of Directors in good
faith) of said assets or evidences of indebtedness so distributed, or of such subscription rights or warrants, and the denominator of which shall be the total number of shares of Common Stock outstanding multiplied by such Market Price per share of
Common Stock immediately prior to such payment date. “Market Price” as of a particular date (the “Valuation Date”) shall mean the following: (a) if the Common Stock is then listed on a national stock exchange, the closing
sale price of one share of Common Stock on such exchange on the last trading day prior to the Valuation Date; (b) if the Common Stock is then quoted on The Nasdaq Stock Market, Inc. (“Nasdaq”), the National Association of Securities
Dealers, Inc. OTC Bulletin Board (the “Bulletin Board”) or such similar exchange or association, the closing bid price of one share of Common Stock on Nasdaq, the Bulletin Board or such other exchange or association on the last trading day
prior to the Valuation Date or, if no such closing sale price is available, the average of the high bid and the low asked price quoted thereon on the last trading day prior to the Valuation Date; or (c) if the Common Stock is not then listed on
a national stock exchange or

  

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quoted on Nasdaq, the Bulletin Board or such other exchange or association, the fair market value of one share of Common Stock as of the Valuation Date, shall be reasonably determined in good
faith by the Board of Directors of the Company and the Holder. 
 (d) An adjustment to the Exercise Price shall
become effective immediately after the payment date in the case of each dividend or distribution and immediately after the effective date of each other event which requires an adjustment. 
 (e) In the event that, as a result of an adjustment made pursuant to this Section 3, the Holder shall become entitled to
receive any shares of capital stock of Biovest other than shares of Common Stock, the number of such other shares so receivable upon exercise of this Warrant shall be subject thereafter to adjustment from time to time in a manner and on terms as
nearly equivalent as practicable to the provisions with respect to the Common Stock contained in this Warrant. 
 3.2.
Continuation of Terms. Upon any reorganization, consolidation, merger or transfer (and any dissolution following any transfer) of Biovest referred to in this Section 3, this Warrant shall continue in full force and effect and the terms
hereof shall be applicable to the other securities and property receivable on or as a result of the Warrant Shares after the consummation of such reorganization, consolidation or merger or the effective date of dissolution following any such
transfer, as the case may be. 
 4. Reservation of Warrant Shares Issuable on Exercise of Warrant. The Company will at
all times reserve and keep available, solely for issuance and delivery on the exercise of this Warrant, Warrant Shares from time to time issuable on the exercise of this Warrant. 
 5. Assignment; Exchange of Warrant. Subject to compliance with applicable securities laws, this Warrant, and the rights evidenced
hereby, may be transferred by any registered holder hereof (a “Transferor”) in whole or in part. On the surrender for exchange of this Warrant, with the Transferor’s endorsement in the form of Exhibit B attached hereto (the
“Transferor Endorsement Form”) and together with evidence reasonably satisfactory to the Company demonstrating compliance with applicable securities laws, which shall include, without limitation, the provision of a legal opinion from the
Transferor’s counsel (at the Company’s expense) that such transfer is exempt from the registration requirements of applicable securities laws, the Company at its expense (but with payment by the Transferor of any applicable transfer taxes)
will issue and deliver to or on the order of the Transferor thereof a new Warrant of like tenor, in the name of the Transferor and/or the transferee(s) specified in such Transferor Endorsement Form (each a “Transferee”), calling in the
aggregate on the face or faces thereof for the number of shares of Warrant Shares called for on the face or faces of the Warrant so surrendered by the Transferor. 
 6. Replacement of Warrant. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and upon a bond if required and, in the case
of any such loss, theft or destruction of this Warrant, on delivery of an indemnity agreement or security reasonably satisfactory in form and amount to the Company or, in the case

  

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of any such mutilation, on surrender and cancellation of this Warrant, the Company at its expense will execute and deliver, in lieu thereof, a new Warrant of like tenor. 
 7. Transfer on the Company’s Books. Until this Warrant is transferred on the books of the Company, the Company may treat the
Holder as the absolute owner of the Warrant and treat the Company as the absolute owner of the Warrant Shares for all purposes, notwithstanding any notice to the contrary. 
 8. Notices, Etc. All notices and other communications from the Company to the Holder and from the Holder to the Company shall be
mailed by first class registered or certified mail, postage prepaid, at such address as may have been furnished to the Company in writing by such holder or, until any such holder furnishes to the Company an address, then to, and at the address of,
the last Holder who has so furnished an address to the Company. 
 9. Miscellaneous. This Warrant and any term hereof may
be changed, waived, discharged or terminated only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF FLORIDA WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. ANY ACTION BROUGHT CONCERNING THE TRANSACTIONS CONTEMPLATED BY THIS WARRANT SHALL BE BROUGHT ONLY IN THE STATE COURTS OF FLORIDA OR IN THE FEDERAL COURTS
LOCATED IN THE STATE OF FLORIDA. The individuals executing this Warrant on behalf of the Company agree to submit to the jurisdiction of such courts and waive trial by jury. The prevailing party shall be entitled to recover from the other party its
reasonable attorneys’ fees and costs. In the event that any provision of this Warrant is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict
therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of this Warrant. The
headings in this Warrant are for purposes of reference only, and shall not limit or otherwise affect any of the terms hereof. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any
other provision hereof. The Company acknowledges that legal counsel participated in the preparation of this Warrant and, therefore, stipulates that the rule of construction that ambiguities are to be resolved against the drafting party shall not be
applied in the interpretation of this Warrant to favor any party against the other party. 
  

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

							
		 		 	ACCENTIA BIOPHARMACEUTICALS, INC.
				
	WITNESS:	 		 		 	
		 		 	By:	 	  

		 		 	Name:	 	  

	  
	 		 	Title:	 	  

  

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

	TO:	Accentia Biopharmaceuticals, Inc. 

 Attention:        Chief Financial Officer 
 The undersigned, pursuant to the
provisions set forth in the attached Warrant, hereby irrevocably elects to purchase (check applicable box): 
  

	
	                                
                     Warrant Shares

 The undersigned herewith makes payment of the full Exercise Price for such shares at
the price per share provided for in such Warrant, which is $            . Such payment takes the form of: 
 The undersigned requests that the certificates for such shares be issued in the name of, and delivered to
                                 whose address is
                                         
                                   . 
 The undersigned represents and warrants that all offers and sales by the undersigned of the securities issuable upon exercise of the within
Warrant shall be made pursuant to registration of the Warrant Shares under the Securities Act of 1933, as amended (the “Securities Act”) or pursuant to an exemption from registration under the Securities Act. 
  

									
	Dated:	 	  
	 		 	  

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

		 		 		 		 	  

  

 A-1 

 Exhibit B 
 FORM OF TRANSFEROR ENDORSEMENT 
 (To Be Signed Only On
Transfer Of Warrant) 
 For value received, the undersigned hereby sells, assigns, and transfers unto the person(s) named below
under the heading “Transferees” the right represented by the within Warrant to purchase the number of Warrant Shares opposite the name(s) of such person(s) and appoints each such person Attorney to transfer its respective right on the
books of the Company with full power of substitution in the premises. 
  

													
	 Transferees
	 	  	  	 Address
	 	  	  	  	 	  	  	 Warrant to
purchase The
Number of
Warrant
Shares
 set forth
below

							
	  
	 		  	  
	 		  	  
	 		  	  

							
	  
	 		  	  
	 		  	  
	 		  	  

							
	  
	 		  	  
	 		  	  
	 		  	  

							
	  
	 		  	  
	 		  	  
	 		  	  

  

									
				
	Dated:	 	  
	 		 	  

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

		 		 		 		 	  

				
		 		 		 	  
 SIGNED IN THE PRESENCE OF:

				
		 		 		 	  

		 		 	(Name)
				
	ACCEPTED AND AGREED:	 		 		 	
	[TRANSFEREE]	 		 		 	
	  
  
	 		 		 	
	(Name)	 		 		 	

  

 B-1Escrow Agreement

 Exhibit 10.3 
 ESCROW AGREEMENT 
 This ESCROW AGREEMENT
(“Agreement”) made this      day of December, 2009 by and among BioDelivery Sciences International, Inc. a Delaware corporation, (“BDSI”) Arius Pharmaceuticals, Inc., a Delaware corporation and
wholly-owned subsidiary of BDSI (“Arius” and together with BDSI, “Company”), Accentia Biopharmaceuticals, Inc. a Florida corporation (“ABPI”), TEAMM Pharmaceuticals, Inc., a Florida corporation and wholly-owned
subsidiary of ABPI, (“TEAMM” and together with ABPI, “Accentia”) and AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, a financial institution chartered under the laws of the State of New York (the “Escrow
Agent”). 
 W I T N E S S E T H: 
 WHEREAS, the Company and Accentia have entered into an Emezine Settlement Agreement of even date herewith, a copy of which is
attached hereto as Exhibit A; 
 WHEREAS, unless otherwise defined in this Agreement, capitalized terms shall have the
meaning ascribed to them in the Emezine Settlement Agreement; 
 WHEREAS, the Company and Accentia propose to establish
an Escrow Account (the “Escrow Account”), to which the Company would deposit Two Million Five Hundred Thousand Dollars ($2,500,000) (the “Escrow Funds”), and the Escrow Agent is willing to establish the Escrow
Account the terms of which are subject to the conditions hereinafter set forth; 
 WHEREAS, the Escrow Agent shall
establish a bank account (the “Bank Account”) with a nationally recognized bank of its choice into which the Escrow Funds will be deposited. 
 NOW, THEREFORE in consideration of the premises and mutual covenants herein contained and intending to be legally bound, the parties hereby agree as follows: 
 1. Appointment of Agent. The Company hereby appoints the Escrow Agent as escrow agent in accordance with the terms and conditions set
forth herein, and the Escrow Agent hereby accepts such appointment. 
 2. Delivery of Escrow Funds. The Escrow Funds are
to be deposited by the Company with the Escrow Agent two (2) business days after Accentia files with the Court in the Reorganization Proceeding a motion for an order authorizing Accentia to carry out the Emezine Settlement Agreement. The obligation
of the Company to deposit the Escrow Funds shall be triggered after Accentia provides to the Company, a copy of the motion, date stamped by the Court requesting the Court to authorize Accentia to carry out the terms of the Emezine Settlement
Agreement . The Escrow Agent shall establish a non-interest bearing Bank Account at a nationally recognized bank of its choice, bearing the designation “American Stock Transfer & Trust Company, as Escrow Agent for BDSI and
Accentia”. The purpose of the Bank Account is for (a) the deposit of the Escrow Funds; and (b) the disbursement of the Escrow Funds, all as described herein. 
  

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 3. Escrow Agent to Hold Escrow Funds. The Escrow Agent will hold in the Bank Account
and disburse all Escrow Funds received by it pursuant to the terms of this Escrow Agreement, as follows: 
 3.1 Promptly after
receiving the Escrow Funds as described in Section 2, the Escrow Agent shall deposit the same into the Bank Account. 
 3.2
The Escrow Agent shall disburse the Escrow Funds as may be directed by joint written instructions of the Company and Accentia. The parties have entered into an Emezine Settlement Agreement of even date herewith the terms of which contemplate that
the Company shall pay to TEAMM the Escrow Funds upon satisfaction of certain conditions. 
 3.3 If the Approval Date for the
Emezine Settlement Agreement occurs more than forty-five (45) days after the Filing Date (as such terms are defined in the Settlement Agreement), either the Company or Accentia may request a termination of this Agreement and the Escrow Agent
shall return the Escrow Funds to the Company. The Escrow Agent shall provide Accentia with a notice of a request by the Company to terminate this Agreement in the event that the terms of this Section 3.3 are not achieved within the appropriate
timeline. If Accentia does not contest such termination within seven (7) days, the Escrow Agent shall disburse the Escrow Funds to the Company. If Accentia disputes the ability of the Company to receive the Escrow Funds under the terms of this
Section 3.3, the Escrow Agent shall retain the Escrow Funds until Escrow Agent receives joint written instructions of the Company and Accentia. 
 3.4 On the eleventh (11th) day following the date on which the Court in Accentia’s Reorganization Proceeding enters an order authorizing Accentia to carry out the terms and conditions of the Emezine Settlement
Agreement, and provided there are no requests for reconsideration and provided there exists no appeal of or to such order, the Escrow Agent, upon joint written request by the Company and Accentia, shall disburse the Escrow Funds to TEAMM.

  

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 3.5 Upon disbursement of the Escrow Funds pursuant to the terms of this Section 3, the
Escrow Agent shall be relieved of further obligations and released from all liability under this Agreement. It is expressly agreed and understood that in no event shall the aggregate amount of payments made by the Escrow Agent exceed the amount of
the Escrow Funds. 
 4. Rights, Duties, Exculpation and Indemnification of Escrow Agent. 
 4.1 The Escrow Agent shall have no duties or responsibilities other than those expressly set forth in this Agreement. The Escrow Agent shall
have no duty to enforce any obligation of any person to make any payment or delivery, or to direct or cause any payment or delivery to be made, or to enforce any obligation of any person to perform any other act. The Escrow Agent shall be under no
liability to the other parties hereto or to anyone else by reason of any failure on the part of any party hereto (other than the Escrow Agent) or any maker, guarantor, endorser or other signatory of any document or any other person to perform such
person’s obligations under any such document. Except for amendments to this Agreement referred to below, and except for instructions given to the Escrow Agent by the Company and Accentia relating to the Escrow Funds deposited with the Escrow
Agent under this Agreement, the Escrow Agent shall not be obligated to recognize any agreement between any and all of the persons referred to herein, notwithstanding that references thereto may be made herein and whether or not it has knowledge
thereof. 
 4.2 The Escrow Agent shall not be liable to the Company or Accentia or to anyone else for any action taken or
omitted by it, or any action suffered by it to be taken or omitted, in good faith and in the exercise of its own best judgment. The Escrow Agent may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate,
opinion or advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth
and acceptability of any information therein contained), which is believed by the Escrow Agent to be genuine and to be signed or presented by the proper person or persons. The Escrow Agent shall not be bound by any notice or demand, or any waiver,
modification, termination or rescission of this Agreement or any of the terms thereof, unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are affected,
unless it shall give its prior written consent thereto. 
 4.3 The Escrow Agent shall not be responsible for the sufficiency or
accuracy of the form of, or the execution, validity, value or genuineness of, any document or property received, held or delivered by it hereunder, or of any signature or endorsement thereon, or for any lack of endorsement thereon, or for any
description therein; nor shall the Escrow Agent be responsible or liable to the other parties hereto or to anyone else in any respect on account of the identity, authority or rights of the persons executing or delivering or purporting to execute or
deliver any document or property or this Agreement. The Escrow Agent shall have no responsibility with respect to the use or application of any funds or other property paid or delivered by the Escrow Agent pursuant to the provisions hereof. The
Escrow Agent shall have no obligation to, and shall not, invest any cash held by the Escrow Agent, other than to deposit the Escrow Funds in the Bank Account. The Escrow Agent shall not be liable to the Company or Accentia or to anyone else for any
loss which may be incurred by reason of the deposits of the monies which it holds hereunder in the Bank Account. 
  

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 4.4 The Escrow Agent shall have the right to assume in the absence of written notice to the
contrary from the proper person or persons that a fact or an event by reason of which an action would or might be taken by the Escrow Agent does not exist or has not occurred, without incurring liability to the other parties hereto or to anyone else
for any action taken or omitted, or any action suffered by it to be taken or omitted, in good faith and in the exercise of its own best judgment, in reliance upon such assumption. 
 4.5 To the extent that the Escrow Agent becomes liable for the payment of taxes, including withholding taxes, in respect of income derived
from the investment of funds held hereunder or any payment made hereunder, the Escrow Agent may pay such taxes. The Escrow Agent shall be indemnified and held harmless against any liability for taxes and for any penalties or interest in respect of
taxes, on such investment income or payments in the manner provided in Section 4.6. 
 4.6 The Escrow Agent will be
indemnified and held harmless by the Company and by Accentia, jointly and severally, from and against any and all expenses, including reasonable counsel fees and disbursements, or loss suffered by the Escrow Agent in connection with any action, suit
or other proceeding involving any claim, or in connection with any claim or demand, which in any way, directly or indirectly, arises out of or relates to this Agreement, the services of the Escrow Agent hereunder, the monies or other property held
by it hereunder or any income earned from investment of such monies, except for the Escrow Agent’s gross negligence or misconduct. Promptly after the receipt by the Escrow Agent or notice of any demand or claim or the commencement of any
action, suit or proceeding, the Escrow Agent shall, if a claim in respect thereof is to be made against the Company or Accentia, notify the Company and Accentia thereof in writing, but the failure by the Escrow Agent to give such notice shall not
relieve the Company or Accentia from any liability which the Company or Accentia may have to the Escrow Agent hereunder. 
 4.7
For the purposes hereof, the term “expense or loss” shall include all amounts paid or payable to satisfy any claim, demand or liability, or in settlement of any claim, demand, action, suit or proceeding settled with the express written
consent of the Escrow Agent, and all costs and expenses, including, but not limited to, reasonable counsel fees and disbursements, paid or incurred in investigating or defending against any such claim, demand, action, suit or proceeding. 

5. Termination of Agreement and Resignation of Escrow Agent. 
 5.1 This Escrow Agreement shall terminate on the final disposition of the monies and property held in escrow hereunder, provided that the
rights of the Escrow Agent and the obligations of the other parties hereto under Sections 4 and 7 shall survive the termination hereof. 
  

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 5.2 The Escrow Agent may resign at any time and be discharged from its duties as Escrow
Agent hereunder by giving the Company and Accentia at least 30 days written notice thereof. Should the Escrow Agent resign as herein provided, its only duty shall be to hold the Escrow Funds until they clear the banking system for a period of no
more than five (5) business days following the effective date of such resignation. As soon as practicable after its resignation, the Escrow Agent shall turn over to a successor escrow agent appointed jointly by the Company and Accentia all
monies and property held hereunder upon presentation of the document appointing the new escrow agent and its acceptance thereof. If no new Escrow Agent is so appointed within the 60-day period following such notice of resignation, the Escrow Agent
may deposit the aforesaid monies and property with any court it deems appropriate. 
 6. Form of Payments by Escrow
Agent. 
 6.1 Any payments by the Escrow Agent to the Company or to Accentia shall be made by check, payable to the order of
the Company or Accentia as the case may be. 
 6.2 All amounts referred to herein are expressed in United States Dollars and all
payments by the Escrow Agent shall be made in such dollars. 
 7. Compensation of Escrow Agent. For services rendered,
the Escrow Agent shall receive as compensation $2,500, which fee shall be paid by the Company and Accentia promptly following the signing of this Agreement. The Escrow Agent shall also be entitled to reimbursement from the Company and Accentia,
jointly and severally, for all expenses paid or incurred by it in the administration of its duties hereunder, including, but not limited to, all counsel, advisors’ and Escrow Agents’ fees and disbursements and all reasonable taxes or other
governmental charges. It is anticipated that such disbursement shall not exceed $500.00 barring any unforeseen circumstances. 
 8. Notices. All notices, requests, demands and other communications provided for herein shall be in writing, shall be delivered by hand or by first-class mail, shall be deemed given when received and shall be addressed to the parties
hereto at their respective addresses listed below or to such other persons or addresses as the relevant party shall designate as to itself from time to time in writing delivered in like manner. 
 If to the Company: 
 BioDelivery Sciences International, Inc 
 801 Corporate Center Drive, Suite 210 
 Raleigh, NC 27607 
 Attn: Mark A. Sirgo 
 Facsimile: (919) 582-9051 
 With a copy to: 
 Wyrick Robbins Yates & Ponton LLC 
 4101 Lake Boone Trail Suite 300 
 Raleigh, NC 27607 
  

 5 

 Attention: Larry E. Robbins 
 Facsimile: (919) 781-4865 
 If to the Escrow Agent: 
 American Stock Transfer & Trust Company, LLC

 59 Maiden Lane—Plaza Level 
 New York, New York 10038 
 Attention: Alan Finn 
 Tel. # (718) 921-8135 
 Fax # (718) 765-8758 
 If to Accentia: 
 Accentia Biopharmaceuticals, Inc. 
 324 S. Hyde Park Ave., Suite 350 
 Tampa, FL 33606 
 Attention: Legal Department 
 Facsimile: (813) 258-6912 
 With a copy to: 
 Rocke, McLean and Sbar 
 2309 S. MacDill Avenue 
 Tampa, FL 33629 
 Attention: Robert Rocke 
 Facsimile: (813) 769-5601 
 And 
 Stichter, Riedel, Blain & Prosser, P.A. 
 110 East Madison Street, Suite
200 
 Tampa, FL 33602 
 Attention: Charles A. Postler 
 Facsimile: (813) 229-1811 
 9. Further Assurances: From time to time on and after the date hereof, the Company and Accentia shall deliver or cause to be
delivered to the Escrow Agent such further documents and instruments and shall do and cause to be done such further acts as the Escrow Agent shall reasonably request (it being understood that the Escrow Agent shall have no obligation to make any
such request) to carry out more effectively the provisions and purposes of this Agreement, to evidence compliance herewith or to assure itself that it is protected in acting hereunder. 
 10. Consent to Service of Process. Each of the Company and Accentia hereby irrevocably consents to the jurisdiction of the courts of
the State of New York and of any federal court located in such State in connection with any action, suit or other proceeding arising out of

  

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or relating to this Agreement or any action taken or omitted hereunder, and waives personal service of any summons, complaint or other process and agrees that the service thereof may be made by
certified or registered mail directed to each of the Company and Accentia at its address for purposes of notices hereunder. 
 11. Miscellaneous. 
 11.1 This Agreement shall be construed without regard to any presumption or other rule
requiring construction against the party causing such instrument to be drafted. The terms “hereby”, “hereof”, “hereto”, “hereunder” and any similar terms, as used in this Agreement, refer to the Agreement in
its entirety and not only to the particular portion of this Agreement where the term is used. The word “person” shall mean any natural person, partnership, company, government and any other form of business or legal entity. All words or
terms used in this Agreement, regardless of the number or gender, in which they are used, shall be deemed to include any other number and any other gender as the context may require. This Agreement shall not be admissible in evidence to construe the
provisions of any prior agreement. 
 11.2 Succession and Assignment. This Agreement and the rights and obligations
hereunder of the Company or Accentia may be assigned by the Company or Accentia only to a successor to the Company or Accentia. This Agreement and the rights and obligations hereunder of the Escrow Agent may be assigned by the Escrow Agent only to a
successor to its entire business. This Agreement shall be binding upon and inure to the benefit of each party’s respective successors, heirs and permitted assigns. No other person shall acquire or have any rights under or by virtue of this
Agreement. This Agreement may not be changed orally or modified, amended or supplemented without an express written agreement executed by the Escrow Agent, the Company and Accentia. This Agreement is intended to be for the sole benefit of the
parties hereto, and (subject to the provisions of this Section 11.2) their respective successors, heirs and assigns, and none of the provisions of this Agreement are intended to be, nor shall they be construed to be, for the benefit of any
third person. 
 11.3 Amendments and Waivers. This Agreement may be amended only with the written consent of the Escrow
Agent, the Company and Accentia. No waiver of any right or remedy hereunder shall be valid unless the same shall be in writing and signed by the party giving such waiver. No waiver by any party with respect to any condition, default or breach of
covenant hereunder shall be deemed to extend to any prior or subsequent condition, default or breach of covenant hereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence. 
 11.4 Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York.
The representations and warranties contained in this Agreement shall survive the execution and delivery hereof and any investigations made by any party. The headings in this Agreement are for purposes of reference only and shall not limit or
otherwise affect any of the terms hereof. 
 12. Execution in Counterparts. This Agreement may be executed in any number
of counterparts, each of which shall be deemed to be an original as against any party whose

  

 7 

 
signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken
together, shall bear the signature of all of the parties reflected hereon as the signatures. 
 [Remainder of page intentionally
left blank] 
  

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 IN WITNESS WHEREOF, the parties have executed and delivered this Agreement on the day and
year first above written. 
  

							
	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC
			
	By:	 	  
	 	
		 	Name:	 	  
	 	
		 	Title:	 	  
	 	
	
	BIODELIVERY SCIENCES INTERNATIONAL, INC.
			
	By:	 	 /s/ Mark Sirgo
	 	
		 	Name:	 	 Mark Sirgo
	 	
		 	Title:	 	 President and Chief Executive Officer
	 	
	
	ACCENTIA BIOPHARMACEUTICALS, INC.
			
	By:	 	 /s/ Samuel Duffey
	 	
		 	Name:	 	 Samuel Duffey
	 	
		 	Title:	 	 President
	 	
	
	ARIUS PHARMACEUTICALS, INC
			
	By:	 	 /s/ Mark A. Sirgo
	 	
		 	Name:	 	 Mark A. Sirgo
	 	
		 	Title:	 	 President and Chief Executive Officer
	 	
	
	 TEAMM PHARMACEUTICALS, INC
 (d/b/a Accentia Pharmaceuticals)

			
	By:	 	 /s/ Samuel Duffey
	 	
		 	Name:	 	 Samuel Duffey
	 	
		 	Title:	 	 President
	 	

  

 9

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