Document:

Convertible Loan Agreement

 Exhibit 10.8 
 BIOVAX, INC. 
 CONVERTIBLE LOAN AGREEMENT 
 April 25, 2006 

 TABLE OF CONTENTS 
  

							
	ARTICLE 1. RECITALS AND DEFINITIONS	  	1
				
		 	Section 1.1	  	Incorporation of Recitals	  	1
		 	Section 1.2	  	Defined Terms	  	1
		 	Section 1.3	  	Other Definitional Provisions.	  	5
		
	ARTICLE 2. THE NOTE	  	6
				
		 	Section 2.1	  	Agreement to Make Loan	  	6
		 	Section 2.2	  	Note	  	6
		 	Section 2.3	  	Purpose	  	6
		 	Section 2.4	  	Repayment of Loan Amounts.	  	6
		 	Section 2.5	  	Prepayment of the Loan.	  	6
		
	ARTICLE 3. OTHER LOAN-RELATED PROVISIONS	  	7
				
		 	Section 3.1	  	Interest Rate and Payments.	  	7
		 	Section 3.2	  	Subordination	  	7
		 	Section 3.3	  	Voluntary Conversion at the Lender’s Option	  	7
		
	ARTICLE 4. REPRESENTATIONS, WARRANTS AND COVENANTS OF THE BORROWER	  	9
				
		 	Section 4.1	  	Subsidiaries	  	9
		 	Section 4.2	  	Organization and Qualification	  	9
		 	Section 4.3	  	Authorization; Enforcement	  	9
		 	Section 4.4	  	No Conflicts	  	9
		 	Section 4.5	  	Filings, Consents and Approvals	  	10
		 	Section 4.6	  	Material Changes	  	10
		 	Section 4.7	  	Compliance	  	10
		 	Section 4.8	  	Regulatory Permits	  	10
		 	Section 4.9	  	Certain Fees	  	10
		 	Section 4.10	  	Certain Registration Matters	  	10
		 	Section 4.11	  	Investment Company	  	11
		 	Section 4.12	  	No Additional Agreements	  	11
		 	Section 4.13	  	Full Disclosure	  	11
		 	Section 4.14	  	NMTC Compliance	  	11
		
	ARTICLE 5. REPRESENTATIONS AND WARRANTIES OF THE LENDER	  	14
				
		 	Section 5.1	  	Organization; Authority	  	14
		 	Section 5.2	  	Investment Intent	  	14
		 	Section 5.3	  	Lender Status	  	14
		 	Section 5.4	  	Access to Information	  	14
		 	Section 5.5	  	Certain Trading Activities	  	15
		 	Section 5.6	  	Independent Investment Decision	  	15
		 	Section 5.7	  	Survival of the Lender’s Representations and Warranties.	  	16

  

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	ARTICLE 6. NMTC COVENANTS.	  	16
		
	ARTICLE 7. CONDITIONS OF LENDING	  	20
				
		 	Section 7.1	  	Representations and Warranties	  	20
		 	Section 7.2	  	No Default	  	20
		 	Section 7.3	  	Other Documentation	  	20
		
	ARTICLE 8. EVENTS OF DEFAULT	  	20
				
		 	Section 8.1	  	Event of Default	  	20
		 	Section 8.2	  	Remedies Not Exclusive	  	21
		
	ARTICLE 9. MISCELLANEOUS	  	21
				
		 	Section 9.1	  	Fees and Expenses	  	21
		 	Section 9.2	  	NMTC Compliance.	  	22
		 	Section 9.3	  	Indemnification.	  	22
		 	Section 9.4	  	Usury Limitations.	  	23
		 	Section 9.5	  	Entire Agreement	  	23
		 	Section 9.6	  	Notices	  	23
		 	Section 9.7	  	Amendments; Waivers; No Additional Consideration	  	24
		 	Section 9.8	  	Termination	  	24
		 	Section 9.9	  	Construction	  	24
		 	Section 9.10	  	Successors and Assigns	  	24
		 	Section 9.11	  	No Third-Party Beneficiaries	  	25
		 	Section 9.12	  	Governing Law	  	25
		 	Section 9.13	  	Survival	  	25
		 	Section 9.14	  	Execution	  	25
		 	Section 9.15	  	Severability	  	25
		 	Section 9.16	  	Remedies	  	26

  

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 NEITHER THIS AGREEMENT, UNDERLYING NOTES AND THE COMMON SHARES ISSUABLE UPON CONVERSION HAVE BEEN REGISTERED WITH THE
SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, (THE “SECURITIES ACT”) AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD,
PLEDGED OR HYPOTHECATED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN
ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE BORROWER. 
 CONVERTIBLE LOAN AGREEMENT 
 THIS
CONVERTIBLE LOAN AGREEMENT (this “Agreement”) is made by and between Biovax, Inc., a Florida corporation (the “Borrower”), Telesis CDE Two, LLC, a Delaware limited liability company (the
“Lender”), and Biovest International, Inc., a Delaware corporation (the “Company”). The Company is made a party to this Agreement because of the provisions of Articles 5 and 6 and where the context specifically
requires. 
 RECITALS 
 WHEREAS, the Borrower has requested that the Lender provide consideration to the Borrower in the form of a loan that is in part convertible into common stock of the Borrower in the amount of Eleven Million Five Hundred Thousand and 00/100
Dollars ($11,500,000.00) (the “Loan”); and 
 WHEREAS, the Lender is willing to extend the Loan to the Borrower upon and
subject to the terms and conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the mutual covenants contained in this
Agreement, and for other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the Borrower and the Lender as follows: 
 ARTICLE 1. 
 RECITALS AND DEFINITIONS 
 Section 1.1 Incorporation of Recitals. It is expressly agreed that the recitals to this Agreement are incorporated herein and made an
operative part of this Agreement. 
 Section 1.2 Defined Terms. As used in this Agreement, the following terms shall have
the following meanings. Other capitalized terms are defined elsewhere herein. 

 “Accentia” means Accentia Biopharmaceuticals, Inc., a Florida corporation. 

“Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is
under common control with a Person, as such terms are used in and construed under Rule 144. 
 “Business Day” means any day
except Saturday, Sunday and any day which is a federal legal holiday or a day on which banking institutions in the City of New York are authorized or required by law or other governmental action to close. 
 “CDE Capital Contribution” means the actual aggregate amount of capital contributed or agreed to be contributed to the Lender by the
Fund designated as “CDE Capital Contributions” to fund the Loan from the Lender to the Borrower. 
 “CDFI Fund”
means the Community Development Financial Institutions Fund of the United States Department of Treasury, or any successor agency charged with oversight responsibility for the New Markets Tax Credit program. 
 “Closing” means the closing of the transactions contemplated by this Agreement. 
 “Commission” means the Securities and Exchange Commission. 
 “Common Stock” means the common stock of the Company, par value $0.01 per share, and any securities into which such common stock may
hereafter be reclassified. 
 “Company” means Biovest International Inc., a Delaware corporation. 
 “Compliance Period” means the seven-year credit period applicable to each QEI made by the Fund in the Lender, commencing on the first
Credit Allowance Date with respect to each such QEI and ending on the last day prior to the seventh anniversary of such first Credit Allowance Date. 
 “Conversion” has the meaning set forth in Section 3.3(a). 
 “Conversion
Notice” has the meaning set forth in Section 3.3(a). 
 “Conversion Price” has the meaning set forth in
Section 3.3(b). 
 “Conversion Right” has the meaning set forth in Section 3.3(a). 
 “Courts” means the state and federal courts sitting in the State of Delaware. 
 “Credit Allowance Date” means any credit allowance date (as such term is defined in Section 45D(a)(3) of the Code) with respect to
each CDE Capital Contribution made to the Lender. 
 “Credit Investment Period” means the period beginning on the date on
which the Fund first makes a CDE Capital Contribution to the Lender and ending on the last day of the last Compliance Period applicable to the CDE Capital Contribution paid by the Fund to the Lender. 
  

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 “Default” shall mean any event, act of condition which with notice or lapse of time, or
both, would constitute an Event of Default. 
 “Disclosure Materials” has the meaning set forth in Section 5.6.

 “Effective Date” of this Agreement and the Loan shall mean the date on which this Agreement is signed by the last party
required on the signature page to execute same. 
 “Event of Default” shall mean any of the events specified herein;
provided that any requirement for the giving of notice, the lapse of time, or both, or any other condition, has been satisfied. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time. 
 “GAAP” means generally accepted accounting principles as in effect from time to time in the United States of America. 
 “Governmental Authority” has the meaning set forth in Section 4.5. 
 “Guarantors” means the
Company, Accentia, Francis O’Donnell, Jr., Kathleen M. O’Donnell, Trustee of the Francis E. O’Donnell JR. Irrevocable Trust, Dennis L. Ryll, Ronald Osman, Steven J. Stogel, Donald L. Furgerson, and Donald L. Furgerson, Trustee of the
Donald L. Furgerson Revocable Trust. 
 “Guaranty” means that certain Guaranty among the Borrower, Accentia, USB and others
dated the date hereof guaranteeing the obligations of the Borrower under the Tax Credit Reimbursement and Indemnity Agreement, the payment of certain fees and expenses to the Lender due on an annual basis of up to approximately $60,000, and the
repayment of the Loan 
 “Lien” means any lien, charge, encumbrance, security interest, right of first refusal or other
restrictions of any kind. 
 “Material Adverse Effect” means any of (i) a material and adverse effect on the legality,
validity or enforceability of any Transaction Document or (ii) a material impairment of the Borrower’s ability to perform on a timely basis its obligations under any Transaction Document. 
 “Maturity Date” shall mean ninety (90) months and two (2) days from the Effective Date. 
 “Note” has the meaning set forth in Section 2.2. 
 “Loan” shall mean the Eleven Million Five Hundred Thousand and 00/100 Dollar ($11,500,000.00) loan to be provided by the Lender to the Borrower pursuant to this Agreement. 
 “Loan Amount” shall mean Eleven Million Five Hundred Thousand and 00/100 Dollars ($11,500,000.00). 
  

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 “Low-Income Community” means any “low-income community” as defined in
Section 45D of the Code and the Treasury Regulations and Guidance (expressly including any area not constituting a separate census tract that may be designated by the Lender and approved as a “low-income community” by the CDFI Fund.

 “Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint
venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 
 “Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an investigation or partial proceeding, such as a deposition), whether commenced or not. 
 “QALICB” means a business which qualifies as a “qualified active low income community business” under Section 45D of the
Code. 
 “QEI” means a “qualified equity investment” as such term is defined in Section 45D of the Code and
the Treasury Regulations and Guidance. 
 “Regulations” means the regulations promulgated by the U.S. Department of the
Treasury pursuant to the Code. 
 “Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as
such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 
 “SEC Reports” has the meaning set forth in Section 5.6. 
 “Securities
Act” shall mean the Securities Act of 1933, as amended from time to time. 
 “Senior Indebtedness” has the meaning
set forth in Section 3.2. 
 “Shares” has the meaning set forth in Sections 3.3(a) and 3.4(a), respectively.

 “Subordination Agreement” means that certain Telesis Subordination Agreement entered into by and among Laurus Master Fund, Ltd.,
Telesis CDE Two, LLC, Biovax, Inc., Biovest International, Inc., and Accentia Biopharmaceuticals, Inc.” 
 “Subsidiary”
means any “significant subsidiary” as defined in Rule 1-02(w) of Regulation S-X promulgated by the Commission under the Exchange Act. 
 “Tax Credit Reimbursement and Indemnity Agreement” means that certain Tax Credit Reimbursement and Indemnity Agreement between the Borrower and USB dated the date hereof. 
 “Trading Day” means (i) a day on which the Common Stock is traded on a Trading Market, or (ii) if the Common Stock is not
listed on a Trading Market, a day on which the Common Stock is traded in the over-the-counter market, as reported by the OTC Bulletin Board, 
  

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 or (iii) if the Common Stock is not then listed or quoted on the OTC Bulletin Board, a day on which the Common Stock
is quoted in the over-the-counter market as reported by the National Quotation Bureau Incorporated (or any similar organization or agency succeeding to its functions of reporting prices); provided, that in the event that the Common Stock is not
listed or quoted as set forth in (i), (ii) and (iii) hereof, then Trading Day shall mean a Business Day. 
 “Trading
Market” means whichever of the New York Stock Exchange, the American Stock Exchange, the Nasdaq National Market, the Nasdaq Small Cap Market or Nasdaq Bulletin Board on which the Common Stock is listed or quoted for trading on the date in
question. 
 “Transaction Documents” means this Agreement, the Note and any other documents or agreements executed in
connection with the transactions contemplated hereunder. 
 “Treasury Regulations and Guidance” means and includes any
temporary and/or final regulations promulgated under the Code and any guidance, rule, or procedure published by the CDFI Fund, including without limitation the Community Development Entity Certification Application and the New Markets Tax Credit
Allocation Application. 
 “USB” means U.S. Bancorp Community Investment Corporation. 
 Section 1.3 Other Definitional Provisions. 
 (a) The words “hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of
this Agreement, and Section, subsection and Exhibit references are to this Agreement unless otherwise specified. 
 (b) The meanings given to
terms defined herein shall be equally applicable to both the singular and plural forms of such terms. 
 (c) “Includes”
“including” and like expressions are not limiting, i.e., “including” implies “including, without limitation,” etc. 
 (d) “Or” shall have the meaning ordinarily attributed to “and/or.” 
  

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 ARTICLE 2. 
 THE NOTE 
 Section 2.1 Agreement to Make Loan. The Lender agrees to loan the Loan
Amount to the Borrower in accordance with the terms and conditions hereof. The obligation of the Lender to enter into this Agreement and to make the Loan hereunder is subject to the following loan disbursement requirements: 
 (a) Delivery of all transaction documentation in connection with the Loan, including the Guaranty; and 
 (b) Copies of Borrower documents authorizing the transactions contemplated hereinafter. 
 Section 2.2 Note. In order to evidence this Loan, the Lender shall require the Borrower to execute and deliver to Lender a convertible
promissory note substantially in the form of Exhibit A hereto (the “Note”), payable to the order of the Lender and in a principal amount equal to the Loan. 
 Section 2.3 Purpose. The proceeds of the Loan shall be used by the Borrower to pay assets and to make a deposit on its sublease in the
amount of $6,000,000 to the Company, and for business operations in the amount of $5,500,000. 
 Section 2.4 Repayment of Loan
Amounts. The Loan shall be due and payable by the Borrower as follows: (i) Two Hundred Thousand and 00/100 Dollars ($200,000.00) of the outstanding principal amount of the Loan shall be paid in cash on the seventh anniversary of the
Effective Date, and (ii) the remaining Eleven Million Three Hundred Thousand and 00/100 Dollars ($11,300,000.00) of the outstanding principal amount of the Loan shall be repaid in shares of Common Stock on the Maturity Date if converted
pursuant to a Conversion Notice as further described in Section 3.3(a) through (g), or, otherwise, be repaid in full in cash on the Maturity Date as set forth in Section 3.3(h). 
 Section 2.5 Prepayment of the Loan. Except as set forth below, the Borrower shall not have the right to prepay all or any portion of
any principal amount of the Loan. The Borrower shall only have the right to prepay the entire amount of the Loan, in the event that (i) the Lender consents to such prepayment, and USB and the managing member of the Lender agree on the
reinvestment of such proceeds in an alternative investment identified by the Borrower in the service area of the Lender set forth in the Community Development Entity Certification Application of the Lender, as amended, and which investment
constitutes a qualified low-income community investment as defined in Section 45(d)(1) of the Code, and in amounts and on terms that are consistent with the terms of that certain Loan and Security Agreement between Biolender, LLC and Biovax
Investment LLC dated the date hereof and are designed to cause the re-investment of such proceeds within twelve (12) months following the Lender’s receipt thereof and the Borrower pays, or reimburses the Lender and USB, for reasonable
costs and expenses arising out of the structuring, negotiation and documentation of such reinvestment, or (ii) the Borrower or the Guarantors that are guaranteeing the obligations of the Borrower under the Tax Credit Reimbursement and Indemnity
Agreement, as the case may be, pay to USB the Recapture Amount as defined in Section 2(c) of the Tax Credit Reimbursement and Indemnity Agreement. 
  

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 ARTICLE 3. 
 OTHER LOAN-RELATED PROVISIONS 
 Section 3.1 Interest Rate and Payments.

 (a) Interest on the outstanding principal amount of the Loan shall accrue at the rate of one percent (1.0%) per annum,
non-compounding, commencing on the Effective Date, and shall be payable in arrears on a monthly basis commencing on the first day after the first calendar month following the Effective Date and continuing on the first day of each calendar month
thereafter until the Maturity Date. 
 (b) All interest on the Loan shall accrue based on the actual number of days elapsed and calculated
based upon a year of three hundred and sixty (360) days. 
 (c) Immediately following the Maturity Date, whether by acceleration, demand
or otherwise, and at the Lender’s option, during the continuance of any Event of Default, amounts outstanding under the Note shall bear interest at a rate per annum (based on the actual number of days that principal is outstanding over a year
of 360 days) of fifteen percent (15%), but not more than the maximum rate allowed by law (the “Default Rate”). The Default Rate shall continue to apply whether or not judgment shall be entered on the Note. 
 Section 3.2 Subordination. All indebtedness owed by the Borrower and its Subsidiaries to the Lender and its Affiliates, including the
Lender’s right to receive payments of principal and interest under this Loan, shall be unsecured and is expressly subordinated to the extent and in the manner set forth in the Subordination Agreement. 
 The provisions of this Section 3.2 are for the purpose of defining the relative rights of the holders of Senior Indebtedness on the one hand, and
the Lender’s rights under this Agreement on the other hand, against the Borrower and its property, and nothing herein shall impair, as between the Borrower and the Lender, the obligation of the Borrower under this Agreement, which is
unconditional and absolute, to pay to the Lender thereof the principal thereof and interest thereon in accordance with their terms and the provisions hereof; nor shall anything herein prevent the Lender from exercising all remedies otherwise
permitted by applicable law or hereunder upon default hereunder, subject to the rights, if any, under this paragraph of holders of Senior Indebtedness to receive cash, property, stock or obligations from amounts payable or deliverable to the Lender.

 Section 3.3 Voluntary Conversion at the Lender’s Option Commencing on the date that is ten (10) Business Days
prior to the Maturity Date until the date that is five (5) Business Days prior to the Maturity Date, the Lender shall have the right, but not the obligation (the “Conversion Right”), to deliver a written notice to the Borrower
(the “Conversion Notice”) and the Investment Representation Statement attached hereto as Exhibit B requesting the conversion of Eleven Million Three Hundred Thousand and 00/100 Dollars ($11,300,000.00) of the then outstanding
principal amount of the Loan into shares of Common Stock at the Conversion Price (“Conversion” and such shares of Common Stock issued as a result of the Conversion, hereinafter, for purposes of this Section 3.3, the
“Shares”). 
  

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 (b) “Conversion Price” shall mean the average closing price of the Common Stock, $0.01
par value, on the NASD OTC Bulletin Board or other market where the Common Stock is listed for the five Business Days immediately preceding the Conversion Notice. 
 (c) The number of Shares to be issued upon any Conversion under Section 3.3(a) shall be determined by dividing the principal being converted by the Conversion Price. 
 (d) The Conversion shall be effective five (5) Business Days following receipt of the Conversion Notice by the Borrower. 
 (e) No fractional shares shall be issued in connection with the Conversion. In lieu of any fractional shares that would otherwise be issuable, the
Borrower, as determined by the Borrower’s Board of Directors within its sole discretion, shall: (a) pay cash equal to the product of such fraction multiplied by the fair market value of one share of Common Stock on the date of exercise, as
determined in good faith by the Borrower’s Board of Directors, or (b) round up the number of Shares to the next whole share. 
 (f)
The Conversion Right hereunder as such shall not entitle the Lender or its assigns to any of the rights of a stockholder of the Company until the Conversion is effective. 
 (g) The shares which may be issued upon the Conversion hereunder are not be registered under the Securities Act and accordingly transfer of such shares is restricted as to transfer. It is understood that a legend
substantially in the form as set forth below shall be affixed to any certificate issued in connection with a Conversion: 
 THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR APPLICABLE STATE SECURITIES LAWS. THESE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE, AND
MAY NOT BE SOLD, MORTGAGED, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH SECURITIES UNDER THE 1933 ACT AND APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY
THAT REGISTRATION IS NOT REQUIRED UNDER SUCH ACT UNLESS SOLD PURSUANT TO RULE 144 UNDER THE 1933 ACT. 
 (h) If the Lender does not
deliver a Conversion Notice to the Borrower at least five (5) Business Days prior to the Maturity Date as set forth in Section 3.3(a) above, then Eleven Million Three Hundred Thousand and 00/100 Dollars ($11,300,000.00) of the outstanding
principal amount of the Loan shall be repaid in full in cash on the Maturity Date as set forth in Section 2.4. 
  

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 ARTICLE 4. 
 REPRESENTATIONS, WARRANTS AND COVENANTS OF THE BORROWER 
 The Borrower hereby represents, warrants
and covenants to the Lender as of the date hereof that: 
 Section 4.1 Subsidiaries. As of the Effective Date, the Borrower
has no direct or indirect Subsidiaries. 
 Section 4.2 Organization and Qualification. The Borrower is duly incorporated
or otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization (as applicable), with the requisite power and authority to own and use its properties and assets and to carry on
its business as currently conducted. The Borrower is not in violation of any of the provisions of its certificate or articles of incorporation, bylaws or other organizational or charter documents. The Borrower is duly qualified to conduct its
respective business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so
qualified or in good standing, as the case may be, could not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect, and no proceedings have been instituted in any such jurisdiction revoking,
limiting or curtailing, or seeking to revoke, such power and authority or qualification. 
 Section 4.3 Authorization;
Enforcement. The Borrower has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by each of the Transaction Documents and otherwise to carry out its obligations thereunder. The execution
and delivery of each of the Transaction Documents by the Borrower and the consummation by it of the transactions contemplated thereby have been duly authorized by all necessary action on the part of the Borrower and no further action is required by
the Borrower in connection therewith. Each Transaction Document has been (or upon delivery will have been) duly executed by the Borrower and, when delivered in accordance with the terms hereof, will constitute the valid and binding obligation of the
Borrower enforceable against the Borrower in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally
the enforcement of, creditors’ rights and remedies or by other equitable principles of general application. 
 Section 4.4 No
Conflicts. The execution, delivery and performance of the Transaction Documents by the Borrower and the consummation by the Borrower of the transactions contemplated thereby do not and will not (i) conflict with or violate any provision
of the Borrower’s certificate or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default)
under, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, or result in the imposition of any Lien upon any of the material properties or assets of the Borrower
pursuant to, any agreement, credit facility, debt or other instrument (evidencing a Borrower debt or otherwise) or other understanding to which the Borrower or is a party or by which any property or asset of the Borrower is bound or affected, or
(iii) result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Borrower is subject (including federal and state securities laws and
regulations), or by which any property or asset of the Borrower is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not, individually or in the aggregate, have or reasonably be expected to result in a
Material Adverse Effect. 
  

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 Section 4.5 Filings, Consents and Approvals. The Borrower is not required to obtain
any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority (a “Governmental Authority”) or other Person in
connection with the execution, delivery and performance by the Borrower of the Transaction Documents and the consummation of the transactions contemplated thereby, other than (i) filings required by state securities laws, (ii) the filing
of a Notice of Sale of Convertible Loan Agreement/Shares on Form D with the Commission under Regulation D of the Securities Act; and (iii) those that have been made or obtained prior to the date of this Agreement. 
 Section 4.6 Material Changes. As of the Effective Date, there has been no event, occurrence or development that has had or that could
reasonably be expected to result in a Material Adverse Effect, (ii) the Borrower has not incurred any liabilities (contingent or otherwise) other than (A) trade payables, accrued expenses and other liabilities incurred in the ordinary
course of business consistent with past practice, and (B) liabilities not required to be reflected in the Borrower’s financial statements pursuant to GAAP, and (iii) the Borrower has not declared or made any dividend or distribution
of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock. 
 Section 4.7 Compliance. The Borrower is not (i) in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by
the Borrower under), nor has the Borrower received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any
of its properties is bound (whether or not such default or violation has been waived), (ii) in violation of any order of any court, arbitrator or governmental body, or (iii) nor has it been in violation of any statute, rule or regulation
of any governmental authority, including without limitation all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters, except
in each case as could not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect. 
 Section 4.8 Regulatory Permits. The Borrower possesses all certificates, authorizations and permits issued by the appropriate federal, state, local or foreign regulatory authorities necessary to conduct its
business, except where the failure to possess such permits could not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect, and the Borrower has not received any notice of proceedings relating to
the revocation or modification of any such permits. 
 Section 4.9 Certain Fees. No brokerage or finder’s fees
or commissions are or will be payable by the Borrower to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by this Agreement. 
 Section 4.10 Certain Registration Matters. Assuming the accuracy of the Lender’s representations and warranties set forth
in Article 5, no registration under the Securities Act is 
  

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 required for the Conversion of the Shares. Except as specified in the Disclosure Materials, the Borrower has not granted
or agreed to grant to any Person any rights (including “piggy-back” registration rights) to have any securities of the Borrower registered with the Commission or any other governmental authority that have not been satisfied. 
 Section 4.11 Investment Company. The Borrower is not, and is not an Affiliate of, and immediately following the Effective Date will
not have become, an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 
 Section 4.12
No Additional Agreements. The Borrower does not have any agreement or understanding with the Lender with respect to the transactions contemplated by the Transaction Documents other than as specified in the Transaction Documents.

 Section 4.13 Full Disclosure. All disclosure provided to the Lender regarding the Borrower, its business and the
transactions contemplated hereby, furnished by or on behalf of the Borrower (including the Borrower’s representations and warranties set forth in this Agreement) are true and correct and do not contain any untrue statement of a material fact or
omit to state any material public fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading. 
 Section 4.14 NMTC Compliance. The Borrower acknowledges that the Loan is intended to constitute a “qualified low-income community investment” and that, for such purpose, the Borrower will
be required to maintain separate books and records with regard to the business activities to which the proceeds of the Loan are allocated in order for the Loan to qualify as being invested in a “qualified active low-income community
business” as such terms are defined in Section 45D of the Code, as amended. In particular, the Loan will be used in a qualified active low-income community business as such term is defined in Section 45D(d)(2) of the Code.
Accordingly, as a material inducement to the Lender to enter into this Agreement and to make the Loan and the Borrower hereby represents and warrants the following: 
 (i) The Borrower is and will remain located within a low-income community under Section 45D(e) of the Code. 
 (ii) With respect to any taxable year, at least fifty percent (50%) of the use of the tangible property of the Borrower (whether
owned or leased) will be within census tract number 25027732100, which constitutes a low-income community under Section 45D(e) of the Code, as indicated in that certain NMTC Online Geocoder Report, dated April 14, 2006, from the CDFI
Fund’s website. This percentage shall be determined utilizing the following methodology set out in Section 1.45D-1(d)(4)(i)(B) of the Regulations: the ratio of (i) the average value of the tangible property owned or leased by the
Borrower and used by the Borrower in a low-income community during the current fiscal year of the Borrower to date, to (ii) the total average value of the tangible property owned or leased by the Borrower and used by the Borrower in the current
fiscal year to date. For purposes of the preceding sentence, tangible property owned by the Borrower shall be valued at its cost basis as determined under Section 1012 of the Code, and tangible property leased by the Borrower shall be valued at
a reasonable amount established by the Borrower. The Borrower has provided to the Lender a true, correct, 
  

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 and complete inventory of its tangible property, including therein the value of such property (determined
in the manner described immediately above), the unadjusted cost basis of such property, and the location(s) where it is used. 
 (iii) With respect to any taxable year, at least fifty percent (50%) of the services performed for the Borrower by its employees will be within census tract number 25027732100. This percentage shall be determined utilizing the
following methodology set out in Section 1.45D-1(d)(4)(i)(C) of the Regulations: the ratio of (i) the total amount paid by the Borrower for employee services performed in a low-income community during the current fiscal year of the
Borrower to date, to (ii) the total amount paid by the Borrower for employee services performed by the Borrower in the current fiscal year to date. The Borrower will provide to the Lender a true, correct, and complete list of its employees,
including therein the location of where the employees’ services are performed and the total amount paid by the Borrower for such employee services. 
 (iv) As of the date hereof, less than five percent (5%) of the average of the unadjusted bases of the property of the Borrower is attributable to collectibles (as defined in Section 408(m)(2) of the Code,
and which includes (1) any work of art; (2) any rug or antique; (3) any metal or gem; (4) any stamp or coin; and (5) any alcoholic beverage) other than collectibles that are held primarily for sale to customers in the
ordinary course of business. The Borrower has provided to the Lender a true, correct, and complete listing of any collectibles which the Borrower owns as of the date of this Agreement, if any, including therein the unadjusted basis of such property.

 (v) As of the date hereof, less than five percent (5%) of the average of the unadjusted bases of the property of the
Borrower is attributable to nonqualified financial property (as defined in Section 1397C(e) of the Code and in Section 1.45D-1(d)(4)(i)(E) of the Regulations, and which includes debt, stock, partnership interests, options, futures
contracts, forward contracts, warrants, notional principal contracts, annuities and other similar property). The Borrower has provided to the Lender a true, correct, and complete listing of any non-qualified financial property which the Borrower
owns, if any, including therein the unadjusted basis of such property. 
 (vi) As of the date hereof, no part of the
Borrower’s business activities consists of the operation of any: (i) private or commercial golf course, (ii) country club, (iii) massage parlor, hot tub facility, or suntan facility, (iv) race track or other facility used
for gambling, or (v) store the principal business of which is the sale of alcoholic beverages for consumption off premises. 
 (vii) No part of the Borrower’s business activities includes the rental to others of residential rental property (the term “residential rental property” is defined in Section 168(e)(2)(A) of the Code as meaning any
building or structure if eighty percent (80%) or more of the gross rental income from such building or structure for the taxable year is rental income from dwelling units). 
  

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 (viii) The predominant trade or business of the Borrower does not include the development
or holding of intangibles for sale or license, as provided under Section 1.45D-1(d)(5)(iii) of the Regulations. 
 (ix)
Farming (within the meaning of Section 2032A(e)(5)(A) or (B) of the Code) is not an activity of the Borrower. 
 (x)
The Borrower has fully and accurately stated in writing to the Lender the nature of the Borrower’s business and of the goods or services provided, the Borrower’s primary sources of revenue, and the Borrower’s primary expenditures. The
Borrower has no present plans or intentions to change the nature or manner in which it would conduct its business that would cause it not to be in compliance with the provisions of this Section or Article 6 hereof. 
 (xi) The Borrower has no information or knowledge that it does not satisfy the current requirements for a QALICB as set forth in
Section 1.45D-1(d)(4) of the Regulations. 
 (xii) The Borrower has not had communications with the CDFI Fund concerning
noncompliance with, or deficiencies in, reporting practices. 
 (xiii) The Borrower is not a bank, credit union or other
financial institution. 
 (xiv) No property maintained by Borrower constitutes a qualified low-income building under
Section 42 of the Code. 
 (xv) There have been no irregularities or illegal acts that would have a material effect on
the matter described in this Section, there has been no fraud involving management or employees who have significant roles in the internal control structure of the Borrower; fraud involving other employees that could have a material effect on the
matter described in this Section; or communications from the CDFI Fund or other regulatory agencies concerning noncompliance with, or deficiencies in, financial reporting practices that could have a material effect on the matter described in this
Section. 
 (xvi) Neither the Borrower nor any Affiliate thereof is presently debarred, suspended, proposed for debarment,
declared ineligible, or voluntarily excluded from participation in this transaction by any Federal department or agency, as such terms are defined in Executive Order 12549, nor is any such action pending or proposed. The Borrower shall,
simultaneously with execution and delivery of this Agreement, execute and deliver to the Lender a certification in the form attached hereto as Exhibit C to further evidence this representation and warranty. 
  

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 ARTICLE 5. 
 REPRESENTATIONS AND WARRANTIES OF THE LENDER 
 The Lender hereby represents and warrants to the
Borrower and the Company that: 
 Section 5.1 Organization; Authority. The Lender is an entity duly organized,
validly existing and in good standing under the laws of the jurisdiction of its organization with the requisite corporate or partnership power and authority to enter into and to consummate the transactions contemplated by the applicable Transaction
Documents and otherwise to carry out its obligations thereunder. The execution, delivery and performance by the Lender of the transactions contemplated by this Agreement has been duly authorized by all necessary corporate or, if the Lender is not a
corporation, such partnership, limited liability company or other applicable like action, on the part of the Lender. This Agreement has been duly executed by the Lender, and when delivered by the Lender in accordance with terms hereof, will
constitute the valid and legally binding obligation of the Lender, enforceable against it in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or
similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by other equitable principles of general application. Neither the execution and delivery by the Lender of this Agreement nor the performance
of any of the duties and obligations of the Lender under this Agreement constitutes a violation of (a) the certificate of formation or the operating agreement of the Lender; (b) any material agreement by which the Lender is bound or to
which any of its property or assets is subject, or (c) any Applicable Law. 
 Section 5.2 Investment Intent.
The Lender in executing this Agreement in good faith, as principal for its own account, for investment purposes only and not with a view to or for distributing or reselling the Note or any part thereof, without prejudice, however, to the
Lender’s right at all times to sell or otherwise dispose of all or any part of such Note in compliance with applicable federal and state securities laws. Subject to the immediately preceding sentence, nothing contained herein shall be deemed a
representation or warranty by the Lender to hold the Note or any interest therein upon Conversion for any period of time. The Lender is acquiring the rights under this Agreement in the ordinary course of its business. The Lender does not have any
agreement or understanding, directly or indirectly, with any Person to distribute the Note or any interests therein. 
 Section 5.3
Lender Status. The Lender is not a registered broker-dealer under Section 15 of the Exchange Act. 
 Section 5.4 Access to Information. The Lender acknowledges that it has such knowledge and experience in financial and business matters so as to be capable of evaluating and understanding, and has evaluated and understood,
the merits and risks of the Loan and the Conversion, and it has been given the opportunity to review and that it has reviewed the Disclosure Materials and has been afforded (i) the opportunity to ask such questions as it has deemed necessary
of, and to receive answers from, representatives of the Borrower and the Company concerning the terms and conditions of this Agreement and the Conversion and the merits and risks of the Loan and the Conversion; (ii) access to information about
the Borrower and the Company and their respective financial condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate the Loan and Conversion; and (iii) the opportunity to obtain such
additional information that the Borrower and the Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the Loan and Conversion. Neither such inquiries nor
any other investigation conducted by or on behalf of the Lender or its 
  

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 representatives or counsel shall modify, amend or affect the Lender’s right to rely on the truth, accuracy and
completeness of the Disclosure Materials and the Borrower’s representations and warranties contained in the Transaction Documents. 
 Section 5.5 Certain Trading Activities. The Lender has not directly or indirectly, nor has any Person acting on behalf of or pursuant to any understanding with the Lender, engaged in any transactions in the securities of
the Company (including, without limitations, any Short Sales involving the Company’s securities) since the earlier to occur of (1) the time that the Lender was first contacted by the Company or any other Person regarding the Loan and the
Conversion, and (2) the 30th day prior to the date of this Agreement. The Lender covenants that neither it nor
any Person acting on its behalf or pursuant to any understanding with it will engage in any transactions in the securities of the Company (including Short Sales) prior to the time that the transactions contemplated by this Agreement are publicly
disclosed. 
 Section 5.6 Independent Investment Decision. The Lender has independently evaluated the merits of its
decision to enter into the Transaction Documents and make the Loan pursuant to the Transaction Documents, and the Lender confirms that it has not relied on the business or legal advice of a “Purchaser Representative” as that term is
defined in Rule 501 of Regulation D of the Securities Act of 1933, as amended or a placement agent or any of its agents, counsel or Affiliates in making its investment decision hereunder, and confirms that none of such Persons has made any
representations or warranties to the Lender in connection with the transactions contemplated by the Transaction Documents. The Lender has participated in the negotiation of, has reviewed and understands, and has approved this Agreement. The Lender
recognizes that the Borrower has limited operating history as a wholly owned subsidiary of the Company and will require additional capital in the future to continue its vaccine manufacturing business operations, which may not be available on the
terms and conditions acceptable to the Borrower. In addition, it recognizes that an investment in the Borrower and/or the Company following the Conversion involves substantial risks, too numerous and diverse to be adequately described, summarized,
or listed in this Agreement or the Note. It is aware of and understands the nature and potential for risks in an investment of this kind. It acknowledges receipt of or access to (i) all reports filed by the Company under the Securities Act and
the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the twelve months preceding the date hereof (or such shorter period as the Company was required by law to file such reports) (the foregoing materials, being
collectively referred to herein as the “SEC Reports”), and (ii) the other documents listed in that certain Disclosure Materials Memorandum dated the date hereof (together with the SEC Reports, the Transaction Documents,
collectively, the “Disclosure Materials”). It has reviewed the Disclosure Materials, including the portion of the Company’s vaccine manufacturing business, which is operated as of the date hereof by the Borrower and has
considered the risk factors described under the “Cautionary Statements and Highlighted Risks” section in Part I., Item 1 of the Company’s Form 10-KSB for the fiscal year ended September 30, 2005, which the Company filed on
January 31, 2006, and the Company’s Form 10-QSB for the quarterly period ended December 31, 2005, which the Company filed on February 21, 2006, including but not limited to the risks associated with the Borrower’s vaccine
manufacturing business. The Lender acknowledges that the risks and uncertainties described in the Disclosure Materials are not the only ones the Borrower and/or the Company faces. Additional risks and uncertainties not presently known to the
Borrower and/or the Company or those the Borrower and/or the Company currently deems immaterial also may impair the Borrower’s and/or the 
  

 - 15 - 

 Company’s business operations. If any of the risks described in Disclosure Materials actually occur, the
Borrower’s and/or the Company’s business could be harmed. In such case, the business opportunity, value and or trading price, if any, of the Common Stock could decline, and the Lender could lose all or part of its investment in the Company
following the Conversion or in the Borrower. The Lender has determined that the entering into the Transaction Documents and the making of the Loan is consistent with its investment objectives and that it is able to bear the substantial economic
risks of the Loan and the Conversion. Among other factors and based on present circumstances it has taken into consideration, it can afford to hold any Shares upon the Conversion for an indefinite period and can afford a complete loss of its
investment in the Company upon the Conversion. It understands that no Governmental Authority has passed on or made any recommendation or endorsement of the Conversion. It acknowledges that it has been informed that the receipt of a New Markets Tax
Credit allocation from the CDFI Fund shall not be deemed to be an assurance of any kind by the CDFI Fund regarding an investment in the Borrower and the Company. It understands that (A) the Shares into which the Loan may be converted have not
been registered under the Securities Act or applicable state securities laws, and may be offered and sold under an exemption from registration provided by such laws and the rules and regulations thereunder; (B) it must bear the economic risks
of the Loan and the Conversion, because, following the Conversion, the Shares cannot be resold unless subsequently registered under applicable securities laws or unless an exemption from such registration is available; and (C) the exemption
provided by Rule 144 under the Securities Act may not be available because of the conditions and limitations of that rule, in the absence of the availability of that rule any disposition by it of any or all of the Shares following the Conversion may
require compliance with some other exemption under the Securities Act, and neither the Borrower, nor the Company is under any obligation and does not plan to take any action in furtherance of making that rule or any other exemption so available. It
has been informed that legends referring to the restrictions indicated herein will be placed on documents evidencing or representing the Shares. 
 Section 5.7 Survival of the Lender’s Representations and Warranties. 
 The foregoing representations and
warranties shall survive the execution of the Transaction Documents and the Conversion, as well as any investigation made by any Person relying on the foregoing. 
 The Borrower and the Company acknowledge and agree that the Lender has not made or is making any representations or warranties with respect to the transactions contemplated hereby other than those specifically set
forth in this Section. 
 ARTICLE 6. 
 NMTC COVENANTS. 
 Section 6.1 The Borrower hereby covenants and agrees that, in order to
maintain the making of the Loan by the Lender as a “qualified low-income community investment” and the status of the Borrower as a “qualified active low-income community business” as such terms are defined in Section 45D of
Code, and to enable the Lender to comply with the requirements applicable to it under Section 45D of the Code and related regulations and obligations, the Borrower shall comply with and perform the covenants and obligations under this Section.

  

 - 16 - 

 (a) During the Credit Investment Period, the Borrower shall comply with the following: 
 (i) The Borrower shall maintain its status as a qualified active low-income community business. 
 (ii) At least fifty percent (50%) of the use of the tangible property of the Borrower (whether owned or leased) will be within census
tract number 25027732100 which constitutes a low-income community under Section 45D(e) of the Code, as indicated in that certain NMTC Online Geocoder Report dated April 14, 2006 from the CDFI Fund’s website or within other census
tracts which constitute low-income communities under Section 45D(e) of the Code. This percentage shall be determined utilizing the following methodology set out in Section 1.45D-1(d)(4)(i)(B) of the Regulations: the ratio of (i) the
average value of the tangible property owned or leased by the Borrower and used by the Borrower in a low-income community during the current fiscal year of the Borrower to date, to (ii) the total average value of the tangible property owned or
leased by the Borrower and used by the Borrower in the current fiscal year to date. For purposes of the preceding sentence, tangible property owned by the Borrower shall be valued at its cost basis as determined under Section 1012 of the Code,
and tangible property leased by the Borrower shall be valued at a reasonable amount established by the Borrower and reasonably acceptable to the Lender. The Borrower has provided to the Lender a true, correct, and complete inventory of its tangible
property, including therein the value of such property (determined in the manner described immediately above), the unadjusted cost basis of such property, the location(s) where it is used. 
 (iii) At least fifty percent (50%) of the services performed for the Borrower performed by its employees will be within census tract
number 25027732100. This percentage shall be determined utilizing the following methodology set out in Section 1.45D-1(d)(4)(i)(C) of the Regulations: the ratio of (i) the total amount paid by the Borrower for employee services performed
in a low-income community during the current fiscal year of the Borrower to date, to (ii) the total amount paid by the Borrower for employee services performed by the Borrower in the current fiscal year to date. If the Property has no
employees, the Borrower is deemed to satisfy this requirement if the Borrower meets the tangible property requirement in Section 6.1(a)(iii) if eighty-five percent (85%) is applied instead of fifty percent (50%). The Borrower has provided
to the Lender a true, correct, and complete list of its employees, including therein the location of where the employees’ services are performed and the total amount paid by the Borrower for such employee services. 
 (iv) Less than five percent (5%) of the average of the unadjusted bases of the property of the Borrower will be attributable to
collectibles (as defined in Section 408(m)(2) of the Code, and which includes (1) any work of art; (2) any rug or antique; (3) any metal or gem; (4) any stamp or coin; and (5) any alcoholic beverage) other than
collectibles that are held primarily for sale to customers in the ordinary course of business. 
  

 - 17 - 

 (v) Less than five percent (5%) of the average of the unadjusted bases of the
property of the Borrower will be attributable to nonqualified financial property (as defined in Section 1397C(e) of the Code and in Section 1.45D-1(d)(4)(i)(E) of the Regulations, and which includes debt, stock, partnership interests,
options, futures contracts, forward contracts, warrants, notional principal contracts, annuities and other similar property). 
 (vi) No part of the business activities of the Borrower will consist of the operation of any: (i) private or commercial golf course, (ii) country club, (iii) massage parlor, hot tub facility, or suntan facility,
(iv) race track or other facility used for gambling, or (v) store the principal business of which is the sale of alcoholic beverages for consumption off premises. 
 (vii) No part of the Borrower’s business activities will include the rental to others of residential rental property (the term
“residential rental property” is defined in Section 168(e)(2)(A) of the Code as meaning any building or structure if eighty percent (80%) or more of the gross rental income from such building or structure for the taxable year is
rental income from dwelling units). 
 (viii) The predominant trade or business of the Borrower will not include the
development or holding of intangibles for sale or license, as provided under Section 1.45D-1(d)(5)(iii) of the Regulations. 
 (ix) Farming (within the meaning of Section 2032A(e)(5)(A) or (B) of the Code) will not be an activity of the Borrower. 
 (x) The Borrower will generate revenues within three (3) years after the date hereof. 
 (xi) The Borrower shall not discontinue conducting business, shall not materially change the nature of its business, and shall not materially change the manner in which its business activities are conducted, other than changes in the nature
of its business or the manner in which it conducts its business that do not cause the making of the Loan by the Lender to cease to constitute a “qualified low-income community investment” as such term is used in Section 45D of the
Code (as determined by the Lender in its good faith judgment and based upon the advice of counsel). 
 (xii) The Borrower will
not be a bank, credit union or other financial institution. 
 (xiii) The Borrower will not maintain a qualified low-income
building under Section 42 of the Code. 
 (xiv) The Borrower will not become a single-member entity treated as
disregarded as separate from its owner for federal income tax purposes, nor be liquidated or merged into another entity without the Lender’s prior written consent, which shall not be unreasonably withheld, conditioned or delayed. 
  

 - 18 - 

 (xv) The Borrower and the Company will operate consistently with the Asset Purchase and
Sale Agreement between the Borrower and the Company on or around the date hereof, and will not amend such agreement without the Lender’s prior written consent, which shall not be unreasonably withheld, conditioned or delayed. 
 (b) At six-month intervals after the end of the first year following the Effective Date and for each year thereafter until the end of the Credit
Investment Period (and no later than on the dates that will be established by the Lender by written notice to the Borrower), the Borrower agrees to certify in writing to the Lender that the Borrower remains in compliance with the provisions of
Section 6.1(a) above, including in such certification the current percentages or ratios under the above paragraphs that are applicable to the Borrower at such time, and agrees to provide such reports relating to the Borrower’s activities
and this Loan as are required by the CDFI Fund, in form and substance suitable for submission to the CDFI Fund. In addition, the Borrower shall maintain records of: 
 (i) the activities and services performed by employees and the administration of their employment (including the location of where their
services are performed and, in instances where such employees also perform services for persons or entities other than the Borrower, the allocation of their time between the Borrower and any such other person or entity) that are sufficient to
establish compliance with the requirements of Section 6.1(a) above; 
 (ii) the average values and locations of the
tangible personal property of the Borrower that are sufficient to establish compliance with the requirements of Section 6.1(a)(iii) above; 
 (iii) the total amount paid to the employees of the Borrower and locations of where their services are performed, which amount is sufficient to establish compliance with the requirements of Section 6.1(a)(iv)
above; and 
 (iv) the unadjusted bases of the property of the Borrower generally and in particular, any collectibles and any
nonqualified financial property it may own, that are sufficient to establish compliance with the requirements of Section 6.1(a)(v) and Section 6.1(a)(vi) above. 
 The Borrower shall make all such records available to the Lender for inspection and copying from time to time (at the Borrower’s expense) as the Lender may request. 
  

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 ARTICLE 7. 
 CONDITIONS OF LENDING 
 The obligation of the Lender to make any Loan hereunder is subject to the
following conditions precedent, each of which may be waived in the discretion of the Lender: 
 Section 7.1 Representations and
Warranties. Each of the representations and warranties made by the Borrower pursuant to this Agreement (or in any amendment, modification or supplement hereto or thereto) shall, except to the extent that they relate to a particular date, be
true and correct in all material respects on and as of such date as if made on and as of such date. 
 Section 7.2 No
Default. The Borrower shall have complied with each and every covenant and agreement applicable to it contained in this Agreement and no Event of Default shall have occurred and be continuing on such date or after giving effect to the
applicable Loan. 
 Section 7.3 Other Documentation. The Lender shall have received such other documentation and
information as required under the Transaction Documents. 
 ARTICLE 8. 
 EVENTS OF DEFAULT 
 Section 8.1 Event of Default. The
following are Events of Default under this Agreement and the Note hereunder: 
 (a) The Borrower shall fail to pay: (i) any principal of
the Loan when due in accordance with the terms hereof of or (ii) any interest on the Loan, in either case within fifteen (15) Business Days of the date when due in accordance with the terms hereof; 
 (b) The Borrower shall default in the observance or performance of any other covenant or agreement (other than under Article 6) contained in this
Agreement and such default continues for fifteen (15) Business Days after the date that the Lender has given written notice to the Borrower specifying such default and requiring that it be remedied; 
 (c) The Borrower shall default in the observance or performance of any covenant or agreement set forth under Article 6 and such default continues
unremedied after the applicable cure period set forth in Section 1.45D-1(e)(6) of the Regulations; 
 (d) (i) The Borrower shall
commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered
with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, (B) seeking
appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or the Borrower shall make a general assignment for the benefit of its creditors, or (C) cease doing
business in the ordinary course; or (ii) there shall be commenced against the Borrower any case, proceeding or other action or a nature referred to in clause (i) above which (A) results in the entry of an order for relief or any such
adjudication or appointment or (B) remains undismissed, undischarged, unstayed or unbonded for a period of sixty (60) Business Days; or (iii) there shall be commenced against the Borrower any case, proceeding or other action seeking
issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets which results in the entry of an order for such relief which shall not have been vacated, 
  

 - 20 - 

 discharged, stayed or bonded pending appeal within fifty (50) Business Days from the entry thereof; or (iv) the
Borrower shall take any corporate action in furtherance of, or indicating its consent to, approval of or acquiescence in any of the acts set fort in clause (i), (ii), or (iii) above; or (v) the Borrower shall be generally unable to, or
shall admit in writing its general inability to, pay its debts as they become due; 
 (e) Any representation or warranty made by the Borrower
under this Agreement shall be false or incorrect in any material respect on the date such representation or warranty was made and such default shall continue unremedied for a period of thirty (30) days after notice thereof to the Borrower by
the Lender; or 
 (f) This Agreement or the Note shall, for any reason, fail or cease to be enforceable in any material respect; 

then, and in any such event, (A) if such event is an Event of Default specified in clause (i) or (ii) of subsection (d) above,
with respect to the Borrower, automatically the Loan hereunder (with accrued interest thereon) and all other amounts owing under this Agreement or the Note shall immediately become due and payable, (B) if such event is any other Event of
Default, the Lender may, by written notice to the Borrower, declare the Loan hereunder (with accrued but unpaid interest thereon) and all other amounts owing under this Agreement or the Note to be due and payable forthwith, whereupon the same shall
immediately become due and payable, (C) the Lender may exercise all rights and remedies available to it in equity, at law, or pursuant to the provisions of this Agreement or otherwise, (D) the Lender may terminate its commitment, if any,
to make any future Loans to the Borrower (and such commitment, if any, automatically shall terminate if such event is an Event of Default specified in clause (i) or (ii) of subsection (d) above with respect to the Borrower).

 Section 8.2 Remedies Not Exclusive. The remedies conferred upon or reserved to the Lender are intended to be in
addition to, and not in limitation of, any other remedy or remedies available to the Lender under Applicable Law. 
 ARTICLE 9.

 MISCELLANEOUS 
 Section 9.1 Fees And Expenses. Each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation,
preparation, execution, delivery and performance of the Transaction Documents. The Lender and Borrower shall pay for Lender’s out-of-pocket costs and administrative and operating expenses as provided in Section 3.06 of the Amended and
Restated Operating Agreement of the Lender as in effect on the date the Loan is funded, and the Borrower shall pay, or promptly reimburse the Lender, for any reasonable out-of-pocket costs and expenses incurred by the Lender in connection with any
Event of Default and any enforcement or collection proceedings resulting therefrom or in connection with the negotiation of any restructuring or “work-out” of the obligations under this Agreement. 
  

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 Section 9.2 NMTC Compliance.T he Borrower will supply all data, reports or statements
reasonably required by the Lender for purposes of satisfying the reporting requirements imposed upon the Lender by the CDFI Fund; monitoring compliance with Section 45D of the Code; and measuring the community benefit of the Borrower’s
activities. In connection therewith, the Borrower shall maintain records of: 
 (i) maintain records of, if applicable, the
activities and services performed by employees and the administration of their employment (including where their services are performed and, in instances where such employees also perform services for persons or entities other than Borrower, the
allocation of their time between Borrower and any such other person or entity) that are sufficient to establish compliance with the requirements of this Section; 
 (ii) maintain records of the average values and locations of its tangible personal property that are sufficient to establish compliance
with the requirements of this Section; 
 (iii) maintain records of the unadjusted bases of its property generally and in
particular, any collectibles and any nonqualified financial property it may own, that are sufficient to establish compliance with the requirements of this Section; and 
 (iv) promptly supply the Lender with any reports, records, statements, documents or other information reasonably requested by the Lender
in connection with responding to any request by the CDFI Fund or as may be required to comply with the New Markets Tax Credit requirements. 
 (b) The Borrower shall maintain its records, books of account, bank accounts, financial statements, accounting records and other entity documents separate and apart from those of any other person; shall not maintain its assets in such a
manner that it will be costly or difficult to segregate, ascertain or identify its individual assets from those of any other person; shall not become an entity disregarded as separate from any other entity for federal income tax purposes; and shall
file its own tax returns as required under federal and state law. 
 (c) The Borrower shall not by its action or inaction cause an event of
recapture (as defined in Section 45D(g) of the Code and Treasury Regulation Section 1.45D-1(e)). 
 Section 9.3
Indemnification. The Borrower hereby agrees to indemnify the Lender, each of its Affiliates and USB (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims,
damages, liabilities and related expenses, including the reasonable fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the
execution or delivery of this Agreement or the Note, (ii) the performance by the parties to this Agreement and the Note of their respective obligations thereunder, (iii) a breach of the obligations of the Borrower under Section 9.2
above, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a 
  

 - 22 - 

 party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such
losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee. The Borrower’s
indemnification obligations shall not extend to any indirect or consequential damages relating to this Agreement or the Note or arising out of its activities in connection herewith or therewith (whether before or after the date hereof). 

Section 9.4 Usury Limitations.. It is the intention of the Borrower and the Lender to conform strictly to applicable
usury laws. Accordingly, notwithstanding anything to the contrary in this Agreement or the Note, amounts constituting interest under applicable law and contracted for, chargeable or receivable hereunder or under the Note shall under no
circumstances, together with any other interest, late charges or other amounts which may be interpreted to be interest contracted for, chargeable or receivable hereunder or thereunder, exceed the maximum amount of interest permitted by law, and in
the event any amounts were to exceed the maximum amount of interest permitted by law, such excess amounts shall be deemed a mistake and shall either be reduced immediately and automatically to the maximum amount permitted by law or, if required to
comply with applicable law, be canceled automatically and, if theretofore paid, at the option of the Lender, be refunded to the Borrower or credited on the principal amount of the Note then outstanding. 
 Section 9.5 Entire Agreement. The Transaction Documents, together with the exhibits thereto, contain the entire understanding
of the parties with respect to the subject matter hereof and supersede all prior agreements, understandings, discussions and representations, oral or written, with respect to such matters, which the parties acknowledge have been merged into such
documents and exhibits. 
 Section 9.6 Notices. Any and all notices or other communications or deliveries required
or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is delivered via facsimile (provided the sender receives a
machine-generated confirmation of successful transmission) at the facsimile number specified in this Section prior to 6:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile number specified in this Section on a day that is not a Trading Day or later than 6:30 p.m. (New York City time) on any Trading Day, (c) the Trading Day following the date of mailing, if
sent by U.S. nationally recognized overnight courier service, or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as follows: 
  

			
	If to the Borrower:	  	Biovax, Inc.
		  	Attn.: Chief Financial Officer
		  	Biotech Building 4
		  	377 Plantation Street
		  	Worcester, MA 01605
		  	Telephone: (508) 793-0001
		  	Facsimile: (508) 798-0899

  

 - 23 - 

			
	With a copy to:	  	Nixon Peabody LLP
		  	Attn.: Herbert F. Stevens
		  	Suite 900
		  	401 9th Street, NW
		  	Washington, DC 20004
		  	Telephone: (202) 585-8811
		  	Facsimile: (202) 585-8080
		
	If to the Lender:	  	To the address set forth under the Lender’s name on the Lender’s Counterpart Signature Page hereto;
		
		  	or such other address as may be designated in writing hereafter, in the same manner, by such Person.
		
	If to the Company:	  	To the address set forth under the Company’s name on the Company’s Counterpart Signature Page hereto;
		
		  	or such other address as may be designated in writing hereafter, in the same manner, by such Person.

 Section 9.7 Amendments; Waivers; No Additional Consideration. No
provision of this Agreement may be waived or amended except in a written instrument signed by the Borrower and the Lender. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a
continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of either party to exercise any right hereunder in any manner impair the
exercise of any such right. 
 Section 9.8 Termination. This Agreement may be terminated prior to Closing by
written agreement of the Lender and the Borrower; 
 Upon a termination in accordance with this Section 9.8, the Borrower and the Lender
shall have no further obligation or liability (including as arising from such termination) to the other. 
 Section 9.9
Construction. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof. The language used in this Agreement will be deemed
to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party. This Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of
proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement or any of the Transaction Documents. 
 Section 9.10 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. Either party may not assign this
Agreement or any rights or obligations hereunder without the prior written consent of the other party. 
  

 - 24 - 

 Section 9.11 No Third-party Beneficiaries. This Agreement is intended for the
benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person. 
 Section 9.12 Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this
Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of Delaware, without regard to the principles of conflicts of law thereof. Each party agrees that all Proceedings concerning the
interpretations, enforcement and of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective Affiliates, employees or agents) shall be commenced exclusively in the
Delaware Courts. Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the Delaware Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed
herein (including with respect to the enforcement of the any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Proceeding, any claim that it is not personally subject to the jurisdiction of any such
Delaware Court, or that such Proceeding has been commenced in an improper or inconvenient forum. Each party hereto hereby irrevocably waives personal service of process and consents to process being served in any such Proceeding by mailing a copy
thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of
process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Each party hereto hereby irrevocably waives, to the fullest extent permitted by Applicable Law, any
and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. If either party shall commence a Proceeding to enforce any provisions of a Transaction Document, then the
prevailing party in such Proceeding shall be reimbursed by the other party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Proceeding. 
 Section 9.13 Survival. The representations, warranties, agreements and covenants contained herein shall survive the Closing and
the delivery of the Shares. 
 Section 9.14 Execution. This Agreement may be executed in two or more counterparts,
all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the
same counterpart. In the event that any signature is delivered by facsimile transmission, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and
effect as if such facsimile signature page were an original thereof. 
 Section 9.15 Severability. If any provision
of this Agreement is held to be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby and the parties will attempt to
agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Agreement. 
  

 - 25 - 

 Section 9.16 Remedies. In addition to being entitled to exercise all rights
provided herein or granted by law, including recovery of damages, the Lender and the Borrower will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages may not be adequate compensation for any
loss incurred by reason of any breach of obligations described in the foregoing sentence. 
 [BALANCE OF PAGE LEFT INTENTIONALLY BLANK]

  

 - 26 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Convertible Loan Agreement to be duly executed by
their respective authorized signatories as of the date first indicated above. 
  

			
	BIOVAX, INC.
		
	By:	 	 /S/ JAMES A. MCNULTY

	Name:	 	James A. McNulty
	Title:	 	CFO/Secretary

 [COUNTERPART SIGNATURE PAGES FOLLOW] 
 Signature Page – Convertible Loan 

 Lender’s Counterpart Signature Page to Convertible Loan Agreement 
 The undersigned hereby agrees to become a party as the Lender to the Convertible Loan Agreement among Biovax, Inc. (the “Borrower”), the
Biovest International, Inc. (the “Company”) and the Lender (the “Loan Agreement”), agreeing to make the Loan (as such term is defined in the Loan Agreement) set forth below. The undersigned hereby authorizes the
Borrower and the Company to attach this Counterpart Signature Page to the Loan Agreement. 
  

					
		 	Telesis CDE Two, LLC
		
		 	  

			
	Date:                     	 	By:	 	  

		 	Name:	 	  

		 	Loan Amount:	 	$11,500,000.00
		 	Tax ID No.:	 	  

 ADDRESS FOR NOTICE 
 Telesis CDE Two, LLC 
 1101 30th Street, NW 
 Fourth Floor 
 Washington, DC 20007

 Attention: William Whitman 
 Phone: 202-333-8447 
 Facsimile: 202-333-8445 
 Counterpart Signature Page 1 of 2 –
Convertible Loan 

 Company’s Counterpart Signature Page to Convertible Loan Agreement 
 The undersigned hereby agrees to become a party as to the provisions of Articles 5 and 6 of the Convertible Loan Agreement and where the context
specifically requires among the Company, Biovax, Inc. (the “Borrower”), and Telesis CDE Two, LLC (the “Lender”) (the “Loan Agreement”). The undersigned hereby authorizes the Borrower and the Lender
to attach this Counterpart Signature Page to the Loan Agreement. 
  

					
		 	Biovest International, Inc.
		
		 	  

			
	Date:                     	 	By:	 	  

		 	Name:	 	
		 	Title:	 	

 ADDRESS FOR NOTICES 
 Biotech Building 4, 377 Plantation Street 
 Worcester, MA 01605 
 Attn.: Chief Financial Officer 
 Tel.: (508) 793-0001 
 Fax: (508) 798-0899 
 Counterpart Signature Page 2 of 2 – Convertible Loan 

 EXHIBIT A 
 NOTE 
 [attached] 

 EXHIBIT B 
 INVESTMENT REPRESENTATION STATEMENT 
 Shares of Series [    ] Common Stock
of 
 BIOVEST INTERNATIONAL, INC. 
 In connection with the conversion of Eleven Million Three Hundred Thousand and 00/100 Dollars ($11,300,000.00) of the outstanding principal amount of that certain Loan from the undersigned to Biovax, Inc., a Florida corporation (the
“Borrower”) into shares of Common Stock of Biovest International, Inc. (the “Company”) (and such conversion, the “Conversion”), the undersigned hereby represents to the Company as follows: 
 The securities to be received upon the Conversion (the “Securities”) will be acquired for investment for its own account, not as a nominee or
agent, and not with a view to the sale or distribution of any part thereof, and the undersigned has no present intention of selling, granting participation in or otherwise distributing the same in violation of the Securities Act of 1933, as amended
(the “Act”), but subject, nevertheless, to any requirement of law that the disposition of its property shall at all times be within its control. By executing this Statement, the undersigned further represents that it does not have any
contract, undertaking, agreement or arrangement with any person to sell, transfer, or grant participations to such person or to any third person, with respect to any Securities issuable upon the Conversion. 
 The undersigned understands that the Securities issuable upon the Conversion at the time of issuance may not be registered under the Act, and applicable
state securities laws, on the ground that the issuance of such securities is exempt pursuant to Section 4(2) of the Act and state law exemptions relating to offers and sales not by means of a public offering, and that the Company’s
reliance on such exemptions is predicated on the undersigned’s representations set forth herein. 
 The undersigned agrees that in no
event will it make a disposition of any Securities acquired upon the Conversion unless and until (i) it shall have notified the Company of the proposed disposition and shall have furnished the Company with a statement of the circumstances
surrounding the proposed disposition, and (ii) it shall have furnished the Company with an opinion of counsel satisfactory to the Company and Company’s counsel to the effect that (A) appropriate action necessary for compliance with
the Act and any applicable state securities laws has been taken or an exemption from the registration requirements of the Act and such laws is available, and (B) the proposed transfer will not violate any of said laws. 
 The undersigned acknowledges that an investment in the Company is highly speculative and represents that it is able to fend for itself in the
transactions contemplated by this Statement, has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of its investments, and has the ability 

 to bear the economic risks (including the risk of a total loss) of its investment. The undersigned represents that it has
had the opportunity to ask questions of the Company concerning the Company’s business and assets and to obtain any additional information which it considered necessary to verify the accuracy of or to amplify the Company’s disclosures, and
has had all questions which have been asked by it satisfactorily answered by the Company. 
 The undersigned acknowledges that the Securities
issuable upon the Conversion must be held indefinitely unless subsequently registered under the Act or an exemption from such registration is available. The undersigned is aware of the provisions of Rule 144 promulgated under the Act which
permit limited resale of shares purchased in a private placement subject to the satisfaction of certain conditions, including, among other things, the existence of a public market for the shares, the availability of certain current public
information about the Company, the resale occurring not less than two years after a party has purchased and paid for the security to be sold, the sale being through a “broker’s transaction” or in transactions directly with a
“market makers” (as provided by Rule 144(f)) and the number of shares being sold during any three-month period not exceeding specified limitations. 
  

					
	Dated:                     	 		 	  

		 		 	Telesis CDE Two, LLC
			
		 	By:	 	  

		 		 	(Signature)
			
		 		 	  

		 		 	(Title)

 EXHIBIT C 
 CERTIFICATION REGARDING DEBARMENT, SUSPENSION, INELIGIBILITY 
 AND 
 VOLUNTARY EXCLUSION – LOWER TIER COVERED TRANSACTIONS 
 Instructions for Certification 
 1. By signing and submitting this proposal, the prospective lower tier participant is
providing the certification set out below. 
 2. The certification in this clause is a material representation of fact upon which reliance was placed when
this transaction was entered into. If it is later determined that the prospective lower tier participant knowingly rendered an erroneous certification, in addition to other remedies available to the federal government, the department or agency with
which this transaction originated may pursue available remedies, including suspension and/or debarment. 
 3. The prospective lower tier participant shall
provide immediate written notice to the person to which this proposal is submitted if at any time the prospective lower tier participant learns that its certification was erroneous when submitted or had become erroneous by reason of changed
circumstances. 
 4. The terms covered transaction, debarred, suspended, ineligible, lower tier covered transaction, participant, person, primary covered
transaction, principal, proposal, and voluntarily excluded, as used in this clause, have the meaning set out in the Definitions and Coverage sections of rules implementing Executive Order 12549. You may contact the person to which this proposal is
submitted for assistance in obtaining a copy of those regulations. 
 5. The prospective lower tier participant agrees by submitting this proposal that,
should the proposed covered transaction be entered into, it shall not knowingly enter into any lower tier covered transaction with a person who is proposed for debarment under 48 C.F.R. part 9, subpart 9.4, debarred, suspended, declared
ineligible, or voluntarily excluded from participation in this covered transaction, unless authorized by the department or agency with which this transaction originated. 
 6. The prospective lower tier participant further agrees by submitting this proposal that it will include this clause titled “Certification Regarding Debarment, Suspension, Ineligibility and Voluntary Exclusion
– Lower Tier Covered Transaction,” without modification, in all lower tier covered transactions and in all solicitations for lower tier covered transactions. 
 7. A participant in a covered transaction may rely upon a certification of a prospective participant in a lower tier covered transaction that it is not proposed for debarment under 48 C.F.R. part 9,
subpart 9.4, debarred, suspended, ineligible, or voluntarily excluded from covered transactions, unless it knows that the certification is erroneous. A participant may decide the method and frequency by which it determines the eligibility of
its principals. Each participant may, but is not required to, check the List of Parties Excluded from Federal Procurement and Nonprocurement Programs. 

 8. Nothing contained in the foregoing shall be construed to require establishment of a system of records in order to
render in good faith the certification required by this clause. The knowledge and information of a participant is not required to exceed that which is normally possessed by a prudent person in the ordinary course of business dealings. 
 9. Except for transactions authorized under paragraph 5 of these instructions, if a participant in a covered transaction knowingly enters into a lower tier covered
transaction with a person who is proposed for debarment under 48 C.F.R. part 9, subpart 9.4, suspended, debarred, ineligible, or voluntarily excluded from participation in this transaction, in addition to other remedies available to the
Federal Government, the department or agency with which this transaction originated may pursue available remedies, including suspension and/or debarment. 
 Certification Regarding Debarment, Suspension, Ineligibility and 
 Voluntary Exclusion – Lower Tier
Covered Transactions 
 1. The prospective lower tier participant certifies, by submission of this proposal, that neither it nor its principals are presently
debarred, suspended, proposed for debarment, declared ineligible, or voluntarily excluded from participation in this transaction by any Federal department or agency. 
 2. Where the prospective lower tier participant is unable to certify to any of the statements in this certification, such prospective participant shall attach an explanation to this proposal. 
  

			
	Date: April 25, 2006
	
	Biovax, Inc., a Florida corporation
		
	By:	 	  

	Name:	 	  

	Its:Guaranty, dated April 25, 2006

 Exhibit 10.9 
 GUARANTY 
 THIS GUARANTY (this “Guaranty”) is made as of the
20th day of April, 2006 by and among 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 OSMAN (“Osman”), STEVEN J. STOGEL (“Stogel”), DONALD L. FURGERSON
(“Furgerson”) and DONALD L. FURGERSON, TRUSTEE OF THE DONALD L. FURGERSON REVOCABLE TRUST (the “Furgerson Trust”) ( O’Donnell, the O’Donnell Trust, Ryll, Osman, Stogel, Furgerson
and the Furgerson Trust, whether one or more, hereinafter called “Individual Guarantor” in the singular), BIOVEST INTERNATIONAL, INC., a Delaware corporation (“Biovest”), ACCENTIA
BIOPHARMACEUTICALS, INC. (“Accentia”) (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, TELESIS CDE TWO, LLC, a Delaware limited liability company (the
“CDE”), and its managing member, TELESIS CDE CORPORATION, a Delaware corporation (“Telesis”). 
 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, Biovax Investment, LLC, a Delaware 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 Biovax, Inc., a Florida corporation (“Borrower”), in the original principal amount of $11,500,000 (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 an anti-cancer vaccine currently in clinical trial 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 Obligations hereunder mean: 
 (A) The obligation of 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 33.36% of any such liability for
a maximum aggregate liability of $2,000,000, and as limited hereby may be enforced at the option of USB against each Guarantor 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 33.36% of any such liability for a maximum aggregate liability of $2,000,000, and as
limited hereby may be enforced at the option of USB against each Guarantor 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 16.68% 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 severally; 
 (D) The obligation of Stogel as to any liability covered hereby shall be several and not joint and
several with the liability of Stogel not to exceed 8.34% 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 severally; 
 (E) The obligation of Furgerson and the Furgerson Trust, collectively, as to any liability covered hereby shall be several and not joint and several with
the liability of Furgerson and the Furgerson Trust, collectively. not to exceed 8.34% 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
severally; 
 (F) 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 Obligations”);
provided, however, that for purpose of determining the Guaranteed 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 
  

 2 

 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 Telesis in endeavoring to collect the Guaranteed 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 Telesis in endeavoring to collect the Guaranteed 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, and Accentia absolutely, unconditionally, and irrevocably guarantees the payment by Borrower each year of $60,000 on the
CDE Loan, together with any Expenses (as such term is defined in the Amended and Restated Operating Agreement of the CDE ), as may be payable by Borrower to the CDE or the Fund pursuant to such Operating Agreement, and Biovest and Accentia each
agree to pay all reasonable costs, expenses, and attorneys’ fees paid or incurred by USB and the CDE in enforcing this Guaranty. Such guarantees by Biovest and Accentia with respect to the Borrower’s payments on the CDE Loan shall be
treated as and included in the term “Guaranteed Obligations”. 
 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 Obligations, 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 Telesis 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. Each Guarantor also waives promptness, diligence, and notice with respect to any Guaranteed
Obligation, any change of the time, manner, or place of payment or other term of the Guaranteed Obligation, any exchange, release or non-perfection of any collateral securing payment of any Guaranteed Obligation, and any requirement that USB, the
CDE or Telesis, 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. 
  

 3 

 7. This Guaranty shall be effective upon delivery to USB, the CDE and Telesis, 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, Telesis, 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) 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, (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; 
 (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 Telesis 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 
  

 4 

 (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
		
	Accentia:	  	Accentia Biopharmaceuticals
		  	324 South Hyde Park Avenue, Suite 350
		  	Tampa, FL 336606
		
	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 Osman
		  	1602 W. Kimmel St.
		  	Marion, IL 62959
		
	Stogel:	  	Steven J. Stogel
		  	7777 Bonhomme Ave., Suite 1210
		  	St. Louis, MO 63105
		
	Furgerson:	  	Donald L. Ferguson
		  	11477 Olde Cabin Rd. Ste 110
		  	St. Louis, MO 63141
		
	Furgerson Trust:	  	Donald L. Ferguson Revocable Trust
		  	11477 Olde Cabin Rd. Ste 110
		  	St. Louis, MO 63141

  

 5 

			
	USB:	  	US Bancorp Community Development Corporation
		  	Attention: Darren Van’t Hof
		  	1232 Washington Avenue, Suite 200
		  	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:	  	Telesis CDE Two, LLC
		  	1101 30th Street, NW, Fourth Floor
		  	Washington DC 20007
		  	Attention: William Whitman
		  	Phone: 202-333-8447
		  	Facsimile: 202-333-8445
		
	With copy to:	  	Powell Goldstein LLP
		  	901 New York Avenue, NW
		  	3rd Floor
		  	Washington, DC 20001
		  	Attention: Jerome A. Breed
		  	Facsimile: (202) 624-7222
		
	Telesis:	  	Telesis CDE Corporation
		  	1101 30th Street, NW, Fourth Floor
		  	Washington DC 20007
		  	Attention: William Whitman
		  	Phone: 202-333-8447
		  	Facsimile: 202-333-8445
		
	With copy to:	  	Powell Goldstein LLP
		  	901 New York Avenue, NW
		  	3rd Floor
		  	Washington, DC 20001
		  	Attention: Jerome A. Breed
		  	Facsimile: (202) 624-7222

 10. No transfer or assignment by any of USB, the CDE, Telesis 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. 
  

 6 

 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 Telesis, 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 Telesis, 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). 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
Telesis against the other or others of said Guarantors; and USB, the CDE or Telesis, 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 Telesis, as applicable, for such indebtedness without impairing the right of USB, the CDE or Telesis, 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 Telesis 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. 
 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. 
 [The remainder of this page has been
left intentionally blank] 
  

 7 

 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/ JAMES A. MCNULTY

	Name:	 	James A. McNulty
	Title:	 	CFO/Secretary
	
	ACCENTIA BIOPHARMACEUTICALS, INC
		
	By:	 	 /S/ FRANCIS E. O’DONNELL, JR.

	Name:	 	Francis E. O’Donnell, Jr.
	Title:	 	Chairman/CEO
	
	  

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

		 	Kathleen M. O’Donnell
		 	Trustee
	
	  

	Dennis L. Ryll
	
	  

	Ronald Osman
	
	  

	Steven J. Stogel
	
	  

	Donald L. Furgerson
	
	DONALD L. FURGERSON REVOCABLE
	TRUST
		
	By:	 	  

		 	Donald L. Furgerson
		 	Trustee

  

 8 

 CONSENT OF SPOUSE TO GUARANTY 
 Reference is hereby made to that certain Guaranty (the “Guaranty”) made as of April 20, 2006 by and among Biovest International, Inc., Accentia Biopharmaceuticals, Inc., Francis E.
O’Donnell, Jr., Kathleen M. O’Donnell, Trustee of the Francis E. O’Donnell, Jr. Irrevocable Trust, Dennis L. Ryll, Ronald Osman, Steven J. Stogel, Donald L. Furgerson and Donald L. Furgerson, Trustee of the Donald L. Furgerson
Revocable Trust in favor of U.S. Bancorp Community Investment Corporation (“US Bank”), Telesis CDE Two, LLC (the “CDE”) and Telesis CDE Corporation (“Telesis”). 
 I hereby certify to US Bank, the CDE and Telesis that I am the spouse of
                                 who signed the Guaranty and who is an owner
(directly or indirectly) of Biovax, Inc., a Florida corporation. 
 I have read the terms and provisions of the Guaranty.

 Being fully advised of all of my rights, interests and obligations relating to the Guaranty, I hereby approve and consent to the Guaranty, and agree to be
subject and bound by the terms and provisions of the Guaranty. 
  

	
	  

	(signature)
	
	Print
Name:                            
	
	Date: April     , 2006

  

 9

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