Document:

Common Stock Purchase Warrant, dated April 25, 2006

 Exhibit 10.14 
 WARRANT 
 Dated as of April 25, 2006 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAW OF ANY STATE AND MAY NOT
BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND SUCH
LAWS. 
  

			
	 W-701
	 	Warrant to Purchase up to 100,000
		 	Shares of Common Stock
		 	100,000 shares at $9.00 per share

 ACCENTIA BIOPHARMACEUTICALS, INC. 
 COMMON STOCK PURCHASE WARRANT 
 Void after April 24, 2013 
 ACCENTIA BIOPHARMACEUTICALS, INC. (the “Company”), a Florida corporation, hereby certifies that for value received, Telesis CDE
Corporation or its successors or assigns (the “Holder”), is entitled, subject to Vesting, to purchase, subject to the terms and conditions hereinafter set forth, at any time or from time to time beginning on July 20, 2006, (the
“Exercise Date”) and ending prior to 5:00 P.M., New York City time, on April 24, 2013 (the “Expiration Date”) up to 100,000 shares of Common Stock at an exercise price per share of $9.00 per share subject to adjustment as
provided herein (the “Purchase Price”) which shall be reduced to $8.00 per share upon the timely occurrence of the 2nd Suballocation Event as defined herein.. 
 This Warrant is issued in connection with a Loan Agreement dated
April 25, 2006 between the Company and, inter alia, Telesis CDE Two, LLC. The Holder agrees to duly execute and deliver the Investment Representation Statement attached hereto as Exhibit A (the “Investment Representation
Statement”) to the Company on or before the date hereof and acknowledges that the Company is issuing this Warrant in reliance on the representations set forth in the Investment Representation Statement. 

 1. Definitions. For the purposes of this Warrant, the following terms shall have the meanings
indicated: 
 “Business Day” shall mean any day other than a Saturday, Sunday or other day on which commercial banks in the
City of New York are authorized or required by law or executive order to close. 
 “Closing Price” shall mean, with respect
to each share of Common Stock for any day, (a) the last reported sale price regular way or, in case no such sale takes place on such day, the average of the closing bid and asked prices regular way, in either case as reported on the principal
national securities exchange on which the Common Stock is listed or admitted for trading or (b) if the Common Stock is not listed or admitted for trading on any national securities exchange, the last reported sale price or, in case no such sale
takes place on such day, the average of the highest reported bid and the lowest reported asked quotation for the Common Stock, in either case as reported on the NASDAQ or a similar service if NASDAQ is no longer reporting such information.

 “Common Stock” means the common stock, no par value, of the Company, and any class of stock resulting from successive
changes or reclassification of such Common Stock. 
 “Company” has the meaning ascribed to such term in the first paragraph
of this Warrant. 
 “Current Market Price” shall be determined in accordance with Subsection 3(b). 
 “Exercise Date” has the meaning ascribed to such term in Subsection 2(c). 
 “Expiration Date” has the meaning ascribed to such term in the first paragraph of this Warrant. 
 “Issued Warrant Shares” means any shares of Common Stock issued upon exercise of the Warrant. 
 “NASDAQ” shall mean the Automatic Quotation System of the National Association of Securities Dealers, Inc. 
 “Person” shall mean any individual, firm, corporation, limited liability company, partnership, trust, incorporated or unincorporated
association, joint venture, joint stock company, government (or an agency or political subdivision thereof) or other entity of any kind, and shall include any successor (by merger or otherwise) of such entity. 
 “Purchase Price” has the meaning ascribed to such term in the first paragraph of this Warrant. 
 “Vesting” or “Vested” shall mean the date on which the Holder can purchase shares pursuant to the Warrant. Vesting as to
60,000 shares shall occur on the date of grant. Vesting as to the remaining 40,000 shares shall occur upon the date on which an affiliate of Telesis CDE Corporation provides, or arranges for, a sub allocation of New Markets Tax Credits in the
minimum 

 amount of $12 million which results in a New Markets financing transaction for the benefit of Biovest International, Inc
or Biovax, Inc. within 90 days from the date hereof (the “2nd Suballocation Event”). 
 “Warrant” shall mean this Warrant and any subsequent Warrant issued pursuant to the terms of this Warrant. 
 “Warrant Register” has the meaning ascribed to such term in Subsection 6(c). 
 2. Exercise of Warrant 
 (a)
Exercise. Once Vested, this Warrant may be exercised, in whole or in part, at any time or from time to time and ending on the Expiration Date, by surrendering to the Company at its principal office this Warrant, with the form of Election to
Purchase Shares (the “Election to Purchase Shares”) attached hereto as Exhibit B and an updated Investment Representation Statement attached hereto as Exhibit A duly executed by the Holder and accompanied by payment of the
Purchase Price for the number of shares of Common Stock specified in such form. or by surrendering this Warrant in exchange for the number of shares of Common Stock equal to the product of (x) the number of shares of Common Stock as to which
this Warrant is being exercised, multiplied (y) by the Purchase Price, subject to adjustment as provided herein. 
 (b) Partial
Exercise. If this Warrant is exercised for less than all of the shares of Common Stock purchasable under this Warrant, the Company shall cancel this Warrant upon surrender hereof and shall execute and deliver to the Holder a new Warrant of like
tenor for the balance of the shares of Common Stock purchasable hereunder. This Warrant may be exercised in partial amounts of no less than 5,000 shares. 
 (c) When Exercise Effective. The exercise of this Warrant shall be deemed to have been effective immediately prior to the close of business on the Business Day on which this Warrant is surrendered to and the
Purchase Price is received by the Company as provided in this Section 2 (the “Exercise Date”) and the Person in whose name any certificate for shares of Common Stock shall be issuable upon such exercise, as provided in Subsection
2(b), shall be deemed to be the record holder of such shares of Common Stock for all purposes on the Exercise Date. 
 3. Adjustment of
Purchase Price and Number of Shares. The Purchase Price and the number of shares of Common Stock issuable upon exercise of this Warrant shall be adjusted from time to time upon the occurrence of the following events: 
 (a) Dividend, Subdivision, Combination or Reclassification of Common Stock. If the Company shall, at any time or from time to time,
(i) declare a dividend on the Common Stock payable in shares of its capital stock (including Common Stock), (ii) subdivide the outstanding Common Stock into a larger number of shares of Common Stock, (iii) combine the outstanding
Common Stock into a smaller number of shares of its Common Stock, or (iv) issue any 
  

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 shares of its capital stock in a reclassification of the Common Stock (including any such reclassification in connection
with a consolidation or merger in which the Company is the continuing corporation), then in each such case, the Purchase Price in effect at the time of the record date for such dividend or of the effective date of such subdivision,
combination or reclassification, and the number and kind of shares of capital stock issuable on such date shall be proportionately adjusted so that the Holder of any Warrant exercised after such date shall be entitled to receive, upon payment of the
same aggregate amount as would have been payable before such date, the aggregate number and kind of shares of capital stock which, if such Warrant had been exercised immediately prior to such date, such Holder would have owned upon such exercise and
been entitled to receive by virtue of such dividend, subdivision, combination or reclassification. Any such adjustment shall become effective immediately after the record date of such dividend or the effective date of such subdivision, combination
or reclassification. Such adjustment shall be made successively whenever any event listed above shall occur. If a dividend is declared and such dividend is not paid, the Purchase Price shall again be adjusted to be the Purchase Price in effect
immediately prior to such record date (giving effect to all adjustments that otherwise would be required to be made pursuant to this Section 3 from and after such record date). 
 (b) Determination of Current Market Price. The Current Market Price per share of Common Stock on any date shall be deemed to be the Closing Price
per share of Common Stock on the day immediately preceding the date of determination. If on any such date the shares of Common Stock are not listed or admitted for trading on any national securities exchange or quoted by NASDAQ or a similar service,
then the Current Market Price shall be determined in good faith by the Board of Directors of the Company. 
 (c) De Minimis
Adjustments. No adjustment in the Purchase Price shall be made if the amount of such adjustment would result in a change in the Purchase Price per share of less than 5%, but in such case any adjustment that would otherwise be required to be made
shall be carried forward and shall be made at the time of and together with the next subsequent adjustment, which together with any adjustment so carried forward, would result in a change in the Purchase Price of $0.01 per share or more. 

(d) Adjustment of Number of Shares Issuable Upon Exercise. Upon each adjustment of the Purchase Price as a result of the calculations made in
Subsection 3(a) this Warrant shall thereafter evidence the right to receive, at the adjusted Purchase Price, that number of shares of Common Stock (calculated to the nearest one-hundredth) obtained by dividing (x) the product of the aggregate
number of shares of Common Stock covered by this Warrant immediately prior to such adjustment and the Purchase Price in effect immediately prior to such adjustment of the Purchase Price by (y) the Purchase Price in effect immediately after such
adjustment of the Purchase Price. 
 (e) Reorganization, Reclassification, Merger and Sale of Assets. If there occurs any capital
reorganization or any reclassification of the Common Stock of the Company, the consolidation or merger of the Company with or into another Person (other than a merger or consolidation of the Company in which the Company is the continuing corporation
and 
  

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 which does not result in any reclassification or change of outstanding shares of its Common Stock) or the sale or
conveyance of all or substantially all of the assets of the Company to another Person, then the Holder will thereafter be entitled to receive, upon the exercise of this Warrant in accordance with the terms hereof, the same kind and amounts of
securities (including shares of stock) or other assets, or both, which were issuable or distributable to the holders of outstanding Common Stock of the Company upon such reorganization, reclassification, consolidation, merger, sale or conveyance, in
respect of that number of shares of Common Stock then deliverable upon the exercise of this Warrant if this Warrant had been exercised immediately prior to such reorganization, reclassification, consolidation, merger, sale or conveyance; and, in any
such case, appropriate adjustments (as determined in good faith by the Board of Directors of the Company) shall be made to assure that the provisions hereof (including provisions with respect to changes in, and other adjustments of, the Purchase
Price) shall thereafter be applicable, as nearly as reasonably may be practicable, in relation to any securities or other assets thereafter deliverable upon exercise of this Warrant. 
 4. Fractional Shares. Notwithstanding an adjustment pursuant to Section 3(d) in the number of shares of Common Stock covered by this Warrant
or any other provision of this Warrant, the Company shall not be required to issue fractions of shares upon exercise of this Warrant or to distribute certificates which evidence fractional shares. In lieu of fractional shares, the Company may make
payment to the Holder, at the time of exercise of this Warrant as herein provided, of an amount in cash equal to such fraction multiplied by the Current Market Price of a share of Common Stock on the Exercise Date. 
 5. Replacement of Warrants. On receipt by the Company of an affidavit of an authorized representative of the Holder stating the circumstances of
the loss, theft, destruction or mutilation of this Warrant (and in the case of any such mutilation, on surrender and cancellation of such Warrant), the Company at its expense will promptly execute and deliver, in lieu thereof, a new Warrant of like
tenor which shall be exercisable for a like number of shares of Common Stock. If required by the Company, such Holder must provide an indemnity bond or other indemnity sufficient in the judgment of the Company to protect the Company from any loss
which it may suffer if a lost, stolen or destroyed Warrant is replaced. 
 6. Restrictions on Transfer. 
 (a) The Holder acknowledges that the Warrant and the Common Stock issuable upon the exercise of the Warrant has not been registered under the Securities
Act and may be transferred only pursuant to an effective registration under the Securities Act or pursuant to an applicable exemption from the registration requirements of the Securities Act. The Holder further acknowledges that the certificates
representing the Issued Warrant Shares shall bear the following legend: 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED, HYPOTHECATED, ASSIGNED 
  

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 OR TRANSFERRED EXCEPT PURSUANT TO (I) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT, (II) TO THE
EXTENT APPLICABLE, RULE 144 UNDER THE ACT, OR (III) AN OPINION OF COUNSEL, IF SUCH OPINION SHALL BE REASONABLY SATISFACTORY TO COUNSEL TO THE ISSUER, THAT AN EXEMPTION FROM REGISTRATION UNDER THE ACT IS AVAILABLE. 
 (b) With respect to a transfer that should occur prior to the time that the Warrant or the Common Stock issuable upon the exercise thereof is registered
under the Securities Act, or transferable pursuant to Rule 144 under the Act, such Holder shall request an opinion of counsel (which shall be rendered by counsel reasonably acceptable to the Company) that the proposed transfer may be effected
without registration or qualification under any Federal or state securities or blue sky law. 
 (c) The Company shall maintain a register
(the “Warrant Register”) in its principal office for the purpose of registering the Warrant and any transfer thereof, which register shall reflect and identify, at all times, the ownership of any interest in the Warrant. Upon the issuance
of this Warrant, the Company shall record the name of the initial purchaser of this Warrant in the Warrant Register as the first Holder. Upon surrender for registration of transfer or exchange of this Warrant together with a properly executed Form
of Assignment attached hereto as Exhibit C at the principal office of the Company, the Company shall, at its expense, execute and deliver one or more new Warrants of like tenor which shall be exercisable for a like aggregate number of shares
of Common Stock, registered in the name of the Holder or a transferee or transferees. 
 7. No Rights or Liability as a Stockholder.
This Warrant does not entitle the Holder hereof to any voting rights or other rights as a stockholder of the Company. No provisions hereof, in the absence of affirmative action by the Holder hereof to purchase Common Stock, and no enumeration herein
of the rights or privileges of the Holder shall give rise to any liability of such Holder as a stockholder of the Company. 
 8. Amendment
or Waiver. This Warrant and any term hereof may be amended, waived, discharged or terminated only by and with the written consent of the Company and the Holder. 
 9. Notices. Any notice or other communication (or delivery) required or permitted hereunder shall be made in writing and shall be by registered mail, return receipt requested, telecopier, courier service or
personal delivery to the Company at its principal office and to the Holder at its address as it appears in the Warrant Register. All such notices and communications (and deliveries) shall be deemed to have been duly given: when delivered by hand, if
personally delivered; when delivered by courier, if delivered by commercial overnight courier service; five Business Days after 
  

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 being deposited in the mail, postage prepaid, if mailed; and when receipt is acknowledged, if telecopied. 
 10. Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of New York, without regard to the
principles of conflicts of law of such State. 
 11. Headings. The headings in this Warrant are for convenience of reference only and
shall not limit or otherwise affect the meaning hereof. 
  

			
	 ACCENTIA BIOPHARMACEUTICALS, INC.

		
	 By:
	 	 /s/ James McNulty

	 Name:
	 	James McNulty
	 Title:
	 	Secretary Treasurer

  

 7 

							
		 		 		 	 Exhibit A to Common
 Stock Purchase
Warrant

 INVESTMENT REPRESENTATION STATEMENT 
 Shares of Common Stock of 
 ACCENTIA
BIOPHARMACEUTICALS, INC. 
 In connection with the purchase through the exercise of a warrant of the above-listed shares of Common Stock (the
“Securities”), the undersigned hereby represents to Accentia Biopharmaceuticals, Inc. (the “Company”) as follows: 
 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 in violation of
the Act, with respect to any Securities issuable upon exercise of the Warrant. 
 The undersigned understands that the Securities issuable
upon exercise of the Warrant 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/or Regulation D
- Rule 506 thereunder 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 recognizes that an investment in the Company involves substantial risks, too numerous and diverse to be adequately
described, summarized, or listed herein. It is aware of and understands the nature and potential for such risks in an investment of this kind. It acknowledges receipt of or access to 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”). The undersigned has determined that the entering into this transaction is consistent with its investment objectives and that it is able to bear the substantial economic risks of losing its
investment in the Company. Among other factors and based on present circumstances it has taken into consideration, it can afford to hold the Securities for an indefinite period and can afford a complete loss of its investment It understands that no
governmental authority has passed on or made any recommendation or endorsement of the Securities. The undersigned understands that (A) the Securities 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 Securities, because the Securities 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 Securities may require compliance with some other exemption under the Securities Act, and the Company is not under any obligation and does not plan to
take any action in 
  

 8 

 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. 
 No representations or promises have been
made concerning the marketability or value of the Securities. 
 The representations and warranties made by the undersigned herein are made
by the undersigned with the intent that they be relied upon by the Company in determining the compliance of issuance of the shares with exemptions from federal or state securities laws. 
 The following information is needed to determine whether issuance of the Securities by the Company is legally permitted. 
 The undersigned understands that this questionnaire is to enable the Company to discharge its responsibilities under federal and state securities laws
and that the Company will rely on the information contained herein. Accordingly, the undersigned represents and warrants to the Company that: 
 (a) the information contained herein is complete and accurate and may be relied on by the Company; and 
 The undersigned is an
“Accredited Investor” within the meaning of Rule 501 of Regulation D of the Act, as presently in effect, because the undersigned meets one or more of the following criteria (please check where appropriate): 
  ̈ (i) a natural person with individual net worth,
or joint net worth with his/her spouse which presently exceeds $1,000,000; 
  ̈ (ii) a natural person with individual income in excess of $200,000 in each of the two most recent years or joint income with his/her spouse in excess of $300,000 in each of those
years and who has a reasonable expectation of reaching the same income level in the current year; 
 The undersigned agrees that in no event
will it make a disposition of the Securities unless and until the Securities are registered under the Act or sold pursuant to Rule 144, or (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 the Securities 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 one year 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. 
  

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	Dated:                     	 	  

		 	  (Typed or Printed Name)
			
		 	By:	 	  

		 		 	(Signature)
		
		 	  

		 	  (Title)

  

 10 

							
		 		 		 	 Exhibit B to Common
 Stock Purchase
Warrant

 [FORM OF] 
 ELECTION TO PURCHASE SHARES 
 The undersigned hereby irrevocably elects to exercise the Warrant to purchase
                             shares of Common Stock, no par value (“Common Stock”), of
ACCENTIA BIOPHARMACEUTICALS, INC. (the “Company”) and hereby makes payment of $             therefor. The undersigned hereby requests that certificates for such shares be
issued and delivered as follows: 
  

	ISSUE	TO:
                                        
                                        
                                        
                                        
                                     

 (NAME) 
                                       
                                        
                                        
                                        
                                        
                   
 (ADDRESS, INCLUDING ZIP
CODE) 
                                       
                                        
                                        
                                        
                                        
                   
 (SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER) 
  

	DELIVER	TO:
                                        
                                        
                                        
                                        
                               

 (NAME) 
                                       
                                        
                                        
                                        
                                        
                   
 (ADDRESS, INCLUDING ZIP
CODE) 
 If the number of shares of Common Stock purchased hereby is less than the number of shares of Common Stock covered by the Warrant,
the undersigned requests that a new Warrant representing the number of shares of Common Stock not purchased be issued and delivered as follows: 
  

	ISSUE	TO:
                                        
                                        
                                        
                                        
                                     

 (NAME OF HOLDER) 
                                       
                                        
                                        
                                        
                                        
                   
 (ADDRESS, INCLUDING ZIP
CODE) 
  

	DELIVER	TO:
                                        
                                        
                                        
                                        
                               

 (NAME OF HOLDER) 
                                       
                                        
                                        
                                        
                                        
                   
 (ADDRESS, INCLUDING ZIP
CODE) 
  

					
	Dated:                     	 	[NAME OF HOLDER1]
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

	1	Name of Holder must conform in all respects to name of Holder as specified on the face of the
Warrant. 

  

 11 

							
		 		 		 	 Exhibit C to Common
 Stock Purchase
Warrant

 [FORM OF] ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers unto the Assignee(s) named below all of the rights of the undersigned to purchase Common Stock, no par value (“Common Stock”), of
ACCENTIA BIOPHARMACEUTICALS, INC. represented by the Warrant, with respect to the number of shares of Common Stock set forth below: 
  

					
	Name of Assignee	  	Address	  	No. of Shares

 and does hereby irrevocably constitute and appoint
                             Attorney to make such transfer on the books of ACCENTIA
BIOPHARMACEUTICALS, INC. maintained for that purpose, with full power of substitution in the premises. 
  

					
	Dated:                     	 	[NAME OF HOLDER1]
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

	1	Name of Holder must conform in all respects to name of Holder as specified on the face of the Warrant. 

  

 12Tax Credit Reimbursement and Indemnity Agreement, dated as of April 25, 2006

 Exhibit 10.15 
 GUARANTY 
 THIS GUARANTY (this “Guaranty”) is made as of the
25th 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 interest accruals in excess of payments. The terms “Minimum Return Shortfall”, “Investor” and 
  

 2 

 “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. 
 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 
  

 6 

 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:	 	  

	Name:	 	
	Title:	 	
	
	ACCENTIA BIOPHARMACEUTICALS, INC
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	  

	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

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