Document:

Non-Compete Agreement, dated as of February 6, 2007.

 EXHIBIT 10.32 
 

 
 dELiA*s, Inc. 
 Non-Competition and Confidentiality Agreement 
 DATE: February 6, 2007 
 NAME: Mr. Stephen A. Feldman 
 Dear: Steve 
 In order to accept your offer of employment with dELiA*s, Inc., a Delaware corporation (“The Company”), you must sign and return this Non-Competition and
Confidentiality Agreement (the “Agreement”). 
 As you know, The Company has by letter made you an offer of employment which sets forth the
terms and conditions of your proposed employment with The Company, including your initial pay and benefits. 
 In consideration of the employment currently
offered to you by The Company, you agree to the following: 
 1.    Confidentiality: 
 The Company and each entity, directly or indirectly, through one or more intermediaries, controlling, controlled by or under common control with The
Company (each, an “Affiliate”), have developed, use and maintain trade secrets and other confidential and proprietary information including, without limitation, training materials, product information, personnel information relating
to their employees, operating procedures, marketing information, profit and loss and other financial information, inventory strategy, product costs, gross profit margins, selling strategies, client lists, supplier information, and customer
information (the “Confidential Information”), and The Company and its Affiliates have taken and shall continue to take, and expects you to take, all reasonable measures to protect the confidentiality of such Confidential
Information. It is understood that for purposes of this Agreement, “Confidential Information” does not include information that (i) is in the public domain at the time of your receipt thereof, (ii) otherwise becomes public other
than as a result of your breach of your obligations hereunder, (iii) is rightfully received from a third party without any obligation of confidentiality to The Company or any Affiliate or (iv) is independently developed by you. 

You acknowledge that, during your employment with The Company, you will have direct access to and knowledge of the Confidential Information, and you
acknowledge that if you become employed or affiliated with any competitor of The Company in violation of your obligations in Section 2 of this Agreement, it is possible that you would disclose the Confidential Information to such competitor.
You covenant and agree that all such Confidential Information is and shall remain the sole property of The Company and/or its Affiliates, as applicable, and that you will hold in strictest confidence, and will not (except as required in the course
of your employment with The Company) disclose to any business, firm, entity or person, either directly or indirectly, any of the Confidential Information. You further agree that you will return all such Confidential Information (regardless of how it
is maintained) and any copies thereof to The Company within three days of the termination of your employment, whether voluntary or involuntary and regardless of the reason for termination. The terms of this paragraph are in addition to, and not in
lieu of any legal or other contractual obligations that you may have relating to the protection of the Confidential Information. The terms of this paragraph shall survive indefinitely the termination of this Agreement and/or your employment with The
Company. 

 2.    Non-Competition. 
 You acknowledge that The Company and its Affiliates have invested substantial time, money and resources in the development and retention of their
respective customers, accounts and Confidential Information. You acknowledge and agree that any and all “goodwill” associated with any customer or account of The Company or any of its Affiliates belongs exclusively to The Company and/or
its Affiliates, as the case may be. You further acknowledge and agree that, during the course of your performing services for The Company will, and its Affiliates may, furnish, disclose or make available to you confidential and proprietary
information related to The Company’s and its Affiliates’ business(es) and that The Company and/or one or more Affiliates may provide you with unique and specialized training. You also acknowledge that such confidential information and such
training have been developed and will be developed by The Company and/or one or more Affiliates through the expenditure by The Company and/or one or more Affiliates of substantial time, effort and money and that all such confidential information and
training could be used by you to compete with The Company and/or one or more Affiliates. 
 In recognition of this, you covenant and agree as
follows: 
 2.1 Definition of Competitive Business. You understand and acknowledge that The Company’s and its Affiliates’
business interests are world-wide because The Company’s and its Affiliates’ products and/or services are sold in countries around the world and The Company’s and its Affiliates’ competitors similarly operate from and market their
products and/or services in many locations around the world. As used in this Agreement (i) the term “Company Business” means any business engaged in by The Company or any of its Affiliates at any time anywhere in the world
during your employment by The Company and (ii) the term “Competitive Business” means any Company Business engaged in by any third party anywhere in the world. 
 2.2 Non-Competition. From the date hereof until the date that is the 6 month anniversary date of the termination of your employment with The
Company (or any Affiliate, as applicable and whichever is later) (the “Restricted Period”), you shall not, directly or indirectly, without the prior written consent of The Company, individually or in partnership with, as part of a
joint venture with, or otherwise in conjunction in any other manner with any other entity: 
  

	 	(a)	be engaged in any manner whatsoever, including, without limitation, as an employer, owner, partner, consultant, adviser, principal, agent, stockholder, member or proprietor, in any
Competitive Business; 

  

	 	(b)	either individually or on behalf of or through any third party, solicit, divert or appropriate or attempt to solicit, divert or appropriate, for the purpose of competing with any
Company Business, any customers or patrons of any Company Business, or any prospective customers or patrons with respect to which The Company or any Affiliate has developed or made a sales presentation (or similar offering of services); or

  

	 	(c)	advise, invest in, lend money to, guarantee the debts or obligations of, or otherwise have any other financial interest in any Competitive Business. Notwithstanding the foregoing,
you shall be permitted to make wholly passive investments in any publicly held Competitive Business, provided that your direct and indirect ownership shall not exceed 1% (by voting power) of the aggregate ownership interests in the entity conducting
such Competitive Business. 

 3.    No Solicitation. 
 3.1. No Solicitation of Employees. You acknowledge the importance to the business carried on by The Company and its Affiliates of the human
resources engaged and developed by such entities. Accordingly, for a period of 12 months after the termination of your employment, you covenant and agree that you shall not, directly or indirectly, induce or solicit or assist any third party in
inducing or soliciting any employee or consultant of The Company or any Affiliate to leave The Company or any Affiliate or to accept employment or engagement elsewhere. The Company acknowledges that placing advertisements soliciting employees of the
type 

  

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then employed by The Company or its Affiliates in newspapers, Internet job sites and similar media generally accessible to the public shall not be deemed to
be a breach of this Section. 
 3.2. No Solicitation of Clients and Suppliers. You acknowledge the importance to the business carried
on by The Company and its Affiliates of the client and supplier relationships developed by it and them and the unique opportunity that your employment or engagement and your access to the Confidential Information offers to interfere with these
relationships. Accordingly, you covenant and agree that you shall not for a period of 12 months after the termination of your employment, directly or indirectly, contact or solicit any person who you know to be a prospective, current or former
client or supplier of The Company or any Affiliate for the purpose of selling to such client or buying from such supplier any products or services for the benefit of any Competitive Business. 
 4.    Provisions Necessary and Reasonable: 
 You agree that (i) the provisions of Sections 1, 2 and 3 are necessary and reasonable to protect The Company’s and its Affiliates’ Confidential Information and goodwill; (ii) the specific time,
geography and scope provisions set forth in Section 2 are reasonable and necessary to protect The Company’s and its Affiliates’ business interests; and (iii) in the event of your breach of any of your agreements set forth in
Sections 1, 2 and 3, The Company and its Affiliates would suffer substantial irreparable harm and that such corporations would not have an adequate remedy at law for such breach. In recognition of the foregoing, you agree that in the event of a
breach or threatened breach of any of these covenants, in addition to such other remedies as The Company or any Affiliate may have at law, without posting any bond or security, The Company or any Affiliate shall be entitled to seek and obtain
equitable relief, in the form of specific performance, or temporary, preliminary or permanent injunctive relief, or any other equitable remedy which then may be available. The seeking of such injunction or order shall not affect The Company’s
or any Affiliate’s right to seek and obtain damages or other equitable relief on account of any such actual or threatened breach. 
 5.    Choice of Law; Enforceability; Waiver of Jury Trial: 
 You acknowledge that a
substantial portion of The Company’s business is based out of and directed from the State of New York, where The Company maintains its principal offices and administer all employee compensation and benefits. You also acknowledge that during the
course of your employment with The Company you will have substantial contacts with New York. 
 This Agreement shall be deemed to have been
made in the State of New York, shall take effect as an instrument under seal within New York, and the validity, interpretation and performance of this Agreement shall be governed by, and construed in accordance with, the internal law of New York,
without giving effect to conflict of law principles. The parties further acknowledge that the last act necessary to render this Agreement enforceable is its execution by The Company in New York, and that the Agreement thereafter shall be maintained
in New York. The parties agree that any action, demand, claim or counterclaim relating to the terms and provisions of this Agreement, or to its breach, shall be commenced in New York in a court of competent jurisdiction. The parties further
acknowledge that venue shall exclusively lie in New York and that material witnesses and documents would be located in New York. The parties further agree that any action, demand, claim or counterclaim shall be resolved by a judge alone, and the
parties hereby waive and forever renounce the right to a trial before a civil jury. 
 6.    Miscellaneous:

 (a) You acknowledge and agree that should you transfer between or among any Affiliates of The Company or The Company, wherever
situated, or otherwise become employed by any Affiliate of The Company or The Company, or be promoted or reassigned to functions other than your present functions, the terms of this Agreement including, but not limited to, Sections 1, 2 and 3
hereof, shall continue to apply with full force. The 

  

 3 

 
Company may also assign its rights and obligations hereunder to any person or entity who succeeds to all or substantially all of The Company’s business
or that aspect of The Company’s business in which you are principally involved. Your rights and obligations under this Agreement may not be assigned by you without the prior written consent of The Company. 
 (b) If any provision of this Agreement is held by a court of law to be illegal, overly broad or otherwise unenforceable in duration, geographical
coverage, substantive scope, or otherwise, that provision will be narrowed to the broadest term permitted by applicable law and enforced as so narrowed, and such court is hereby given express authority by the undersigned to modify the offending
provisions hereof and/or to delete specific words and phrases (“blue-penciling”) without the signature or prior consent of the undersigned to the extent necessary to make them enforceable to the fullest extent permitted under applicable
law, and in its reduced or blue-penciled form such provision shall then be enforced. Additionally, each provision of this Agreement restricting your activities in any way is intended to be separate from and enforceable separately from each such
other provision. Without limiting the foregoing, the provisions of paragraphs 1 and 2 of this Agreement are intended to be separable and several from each other and from each other provision of this Agreement. 
 (c) No amendment, waiver or revocation of this Agreement of any kind shall be effective unless supported by a written instrument executed by you and an
authorized officer of The Company. No failure or delay by a party hereto in exercising any right, power or remedy under this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy
of the party. No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other or
further exercise thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy by a party hereto shall not constitute a waiver of the right of such party to pursue other available remedies. No notice to or demand
on a party not expressly required under this Agreement shall entitle the party receiving such notice or demand to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the party giving such
notice or demand to any other or further action in any circumstances without such notice or demand. 
 (d) You hereby acknowledge that you
have had adequate opportunity to review these terms and conditions and to reflect upon and consider the terms and conditions of this Agreement. You further acknowledge that you fully understand its terms and have voluntarily executed this Agreement
and that the restrictions placed on you by this Agreement are reasonably necessary to protect The Company’s and any Affiliate’s interests and will not preclude you from being gainfully employed in a suitable capacity following the
termination of your employment given your general knowledge and experience. 
 (e) The headings and captions of the various subdivisions of
this Agreement are for convenience of reference only and shall in no way modify, or affect the meaning or construction of any of the terms or provisions hereof. 
 (f) Should any party breach this Agreement, in addition to all other remedies available at law or in equity, such party shall pay all of any other party’s costs and expenses resulting therefrom and/or incurred in
enforcing this Agreement, including legal fees and expenses. 
 (g) This Agreement may be executed in one or more counterparts, and by
different parties hereto on separate counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 (h) All statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto and shall inure to the benefit of the respective successors and permitted assigns of
each party hereto. Nothing in this Agreement shall be construed to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded as a third-party beneficiary of this Agreement. 
  

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 Kindly acknowledge your acceptance of this Agreement by signing both copies of this letter where
indicated. 
  

			
	dELiA*s, Inc.
	
	/S/    ROBERT E.
BERNARD        
	 By:     Robert E. Bernard
 Title:  CEO

  
 Dated: February 8, 2007 
 ACCEPTED AND AGREED: 
  

	
	/S/    STEPHEN A. FELDMAN
	Print Name:

 Dated: February 8, 2007 
  

 5Letter-Agreement

 Exhibit 10.1 
 LAURUS MASTER FUND, LTD. 
 c/o Laurus Capital Management, LLC 
 335 Madison Avenue, 10th Floor 
 New
York, New York 10017 
 March 19, 2007 
 Biovest
International, Inc. 
 377 Plantation Street 
 Worcester,
Massachusetts 01605 
 Attention: Chief Financial Officer 
  

	 	Re:	Waiver of Events of Default; Amendment to Note; and Consent to Bridge Financing 

 Ladies and Gentlemen: 
 Reference is made to that certain (a) Note and Warrant Purchase Agreement dated
as of March 31, 2006 (as amended, restated, supplemented and/or modified from time to time, “the Purchase Agreement”) by and between Biovest International, Inc. (“Biovest”) and Laurus Master Fund, Ltd.
(“Laurus”), (b) Secured Promissory dated March 31, 2006 (as amended, restated, supplemented and/or modified from time to time, the “Note”) in the original principal amount of $7,799,000 and
(c) Joinder Agreement dated as of December 8, 2006 (as amended, restated, supplemented and/or modified from time to time, the “Joinder Agreement”) made by AutovaxID, Inc. (“AutovaxID”) and Biolender II,
LLC in favor of Laurus pursuant to which, among other things, AutovaxID agreed to (i) join that certain Subsidiary Guaranty dated March 31, 2006 made by Biovax, Inc. in favor of Laurus and (ii) guarantee all of the obligations and
liabilities of Biovest under the Purchase Agreement, the Note and the other Related Agreements (as defined in the Purchase Agreement) (the “Biovest Obligations”). Capitalized terms used herein that are not defined shall have the
meanings given to them in the Note. 
 Biovest has requested that Laurus (a) waive certain Events of Default that have occurred and are
continuing under the Note, (b) amend the terms of the Note to defer the payment of certain principal payments that are due and owing under the Note and (c) consent to Biovest entering into a bridge financing transaction (the “Bridge
Financing”) and, in each case, Laurus has agreed to do so on the terms and conditions set forth below. 
 In consideration of the
foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1. Upon satisfaction of the conditions precedent set forth in Section 4 below, Laurus hereby waives the Events of Default that have occurred (collectively, the “Existing Defaults”) as a result of
Biovest’s failure to make (a) principal payments to Laurus under the Note on the first business day of each month from January 2007 through and including March 2007 in the aggregate principal amount of $511,993.36 in accordance with the
terms of Section 1.4 of the Note (the “Missed Principal Payments”) and (b) interest payments to Laurus under the Note on the first business day of each month from January 2007 through and including March 2007 in 

 
accordance with the terms of Section 1.1 of the Note in the aggregate amount of $180,602.16 (collectively, the “Missed Interest
Payments”). Laurus and Biovest hereby agree that (a) the aggregate principal amount of the Missed Principal Payments shall be due and payable on the Maturity Date and (b) the aggregate amount of the Missed Interest Payments shall
be due and payable on the date hereof. The foregoing is a limited waiver relating solely to the Existing Defaults and the execution and delivery of this letter agreement does not constitute a waiver by Laurus of any other Event of Default
heretofore, now or hereafter existing, under the same or any other term or provision of the Note. This waiver does not (a) except as expressly set forth above, constitute a waiver of any term or provision of the Note, or constitute a waiver by
Laurus of any of its other rights or remedies under the Note (all such rights and remedies being expressly reserved) or (b) establish a custom or a course of dealing or conduct between Laurus and Biovest and any of its subsidiaries. 

2.(a) Upon satisfaction of the conditions precedent set forth in Section 4 below, Laurus and Biovest hereby agree to amend Section 1.4 of
the Note in its entirety to provide as follows: 
 “1.4 Principal Payments. Amortizing payments of the aggregate
Principal Amount outstanding under this Note shall be made by the Company on August 1, 2007 and on the first business day of each succeeding month thereafter through and including the Maturity Date (each, an “Amortization
Date”). Commencing on the first Amortization Date, the Company shall make monthly payments to the Holder on each Amortization Date, each such payment in the amount of $267,070.24, together with any accrued and unpaid interest on such
portion of the Amortizing Principal Amount plus any and all other unpaid amounts which are then owing under this Note, the Purchase Agreement and/or any other Related Agreement. Any outstanding Principal Amount together with any accrued and unpaid
interest and any and all other unpaid amounts which are then owing by the Company to the Holder under this Note, the Purchase Agreement and/or any other Related Agreement shall be due and payable on the Maturity Date.” 
 (b) In consideration of Laurus’ agreement to amend the Note and defer the payment of certain principal amounts due and owing under the Note in
accordance with the terms hereof, Biovest and AutovaxID, Inc. (“AutovaxID”), jointly and severally, hereby grant to Laurus a non-cancelable royalty (the “Laurus Royalty”) equal to three percent (3%) of
world-wide Net Sales (as defined below) of AutovaxID Instruments (as defined below). Each of Biovest and AutovaxID acknowledge and agree that the Laurus Royalty may be contributed by Laurus to Croesus Corporation, a Delaware corporation and an
affiliate of Laurus (“Croesus”), and following such contribution, all payments under the Laurus Royalty (including the Initial Royalty Payment) shall be made directly to Croesus. Each of Biovest and AutovaxID agree to execute and
deliver all such further documents and to do or cause to be done all such further acts and things requested by Laurus and/or Croesus in order to effect the transactions contemplated herein. As used herein, (a) “Net Sales” shall
mean gross receipts from the world-wide sales of AutovaxID Instruments less any rebates, returns, and discounts and (b) “AutovaxID Instruments” shall mean the automated cell and biologic production instrument known as AutovaxID
manufactured by Biovest and AutovaxID. 

 (c) Except as otherwise set forth below with respect to the Initial Royalty Payment (as defined below),
payments under the Laurus Royalty shall commence on the earlier of (a) the Offering Closing Date and (b) May 31, 2007 and shall continue for a period of five (5) years thereafter (the “Royalty Term”). The
aggregate amount of payments made under the Laurus Royalty during the Royalty Term shall not be less than Eight Million Dollars ($8,000,000) (the “Minimum Royalty Amount”). If on the last day of the Royalty Term, the aggregate
amount of payments made under the Laurus Royalty during the Royalty Term (the “Actual Royalty Amount”) is less than the Minimum Royalty Amount, Biovest shall immediately pay to Laurus the difference between the Minimum Royalty
Amount and the Actual Royalty Amount (the “Catch-Up Royalty Amount”). In addition, on the earlier of (a) the Offering Closing Date and (b) December 31, 2007, Biovest shall make a Five Hundred Thousand Dollar
($500,000) lump sum Laurus Royalty payment to Laurus (the “Initial Royalty Payment”) which amount shall be offset against the Minimum Royalty Amount. The Laurus Royalty (other than the Initial Royalty Payment and the Catch-Up
Royalty Amount) shall be paid quarterly within forty-five (45) days following the last day of each fiscal quarter of Biovest. Each Laurus Royalty payment shall be accompanied by an accounting of sales of AutovaxID Instruments and a detailed
calculation of the Laurus Royalty, which detailed calculation shall be satisfactory to Laurus in its reasonable discretion. 
 (d) The
parties hereto agree that the fair market value of the Laurus Royalty (as reasonably determined by the parties) received in consideration of the amendments to the Note made by Laurus hereunder is hereby designated as interest and, accordingly, shall
be treated as a reduction of the remaining stated principal amount (which reduced principal amount shall be treated as the issue price) of the Note for U.S. federal income tax purposes under and pursuant to Treasury Regulation Sections
1.1001-3(e)(2)(iii), 1.1273-2(g)(2)(ii) and 1.1274-2(b)(1). The parties further agree to file all applicable tax returns in accordance with such characterization and shall not take a position on any tax return or in any judicial or administrative
proceeding that is inconsistent with such characterization. Notwithstanding the foregoing, nothing contained in this paragraph shall or shall be deemed to modify or impair in any manner whatsoever the Biovest Obligations from time to time owing to
Laurus under the Purchase Agreement, the Note and the other Related Agreements. 
 3. Laurus hereby consents to Biovest entering into the
Bridge Financing provided that the conditions set forth in Section 4 below and each of the following conditions are satisfied in Laurus’ sole discretion: (a) copies of all of the agreements, documents and instruments evidencing the
Bridge Financing are delivered to Laurus and are satisfactory to Laurus in its sole discretion, (b) the aggregate principal amount of the indebtedness incurred by Biovest under the Bridge Financing (the “Bridge Financing
Indebtedness”) shall not exceed Seven Million Dollars ($7,000,000) at any time, (c) the Bridge Financing Indebtedness is and shall remain unsecured and (d) the Bridge Financing shall be subject to a subordination and intercreditor
agreement acceptable in all respects to Laurus pursuant to which, among other things, the financial institutions providing the Bridge Financing to Biovest agree that the Bridge Financing Indebtedness is subordinate in right of payment to all of the
Biovest Obligations. 
 4. This letter agreement shall become effective upon receipt by Laurus of (a) a copy of this letter agreement
executed by Biovest and consented and agreed to by each other entity listed as a signatory hereto and (b) the aggregate amount of the Missed Interest Payments in immediately available funds. 

 5. Except as specifically amended herein, the Purchase Agreement, the Note and the other Related
Agreements shall remain in full force and effect and are hereby ratified and confirmed. The execution, delivery and effectiveness of this letter agreement shall not operate as a waiver of any right, power or remedy of Laurus, nor, except as set
forth herein, constitute a waiver of any provision of the Purchase Agreement, the Note or any of the other Related Agreements. This letter agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns and shall be governed by and construed in accordance with the laws of the State of New York. 
 [Remainder of Page Intentionally
Left Blank] 

 6. This letter agreement may be executed by the parties hereto in one or more counterparts, each of which
shall be deemed an original and all of which when taken together shall constitute one and the same agreement. Any signature delivered by a party by facsimile or electronic transmission (including in “PDF” or similar format) shall be deemed
to be an original signature hereto. 
  

							
		 		  	 Very truly yours,

			
		 		  	 LAURUS MASTER FUND, LTD.

				
		 		  	 By:
	 	 /s/ Eugene Grin

		 		  	 Name:
	 	Eugene Grin
		 		  	 Title:
	 	Director
			
	 CONSENTED AND AGREED TO:
	  		 	
		
	 BIOVEST INTERNATIONAL, INC.
	  	AUTOVAXID, INC.
				
	 By:
	 	 /s/ Steven Arikian
	  	By:	 	 /s/ Steven Arikian

	 Name:
	 	Steven Arikian, M.D.	  	Name:	 	Steven Arikian, M.D.
	 Title:
	 	Chairman & CEO	  	Title:	 	CEO
		
	 BIOVAX, INC.
	  	BIOLENDER, LLC
				
	 By:
	 	 /s/ Steven Arikian
	  	By:	 	 /s/ Steven Arikian

	 Name:
	 	Steven Arikian, M.D.	  	Name:	 	Steven Arikian, M.D.
	 Title:
	 	CEO	  	Title:	 	CEO of Biovest, Managing Member
		
	 BIOLENDER II, LLC
	  	ACCENTIA BIOPHARMACEUTICALS, INC.
				
	 By:
	 	 /s/ Steven Arikian
	  	By:	 	 /s/ James A. McNulty

	 Name:
	 	Steven Arikian, M.D.	  	Name:	 	James A. McNulty, CPA
	 Title:
	 	CEO of Biovest, Managing Member	  	Title:	 	Secretary/Treasurer

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