Document:

Confidentiality and Non-Competition Agreement (Robert Mundy)

 Exhibit 10.13 
 Executive Employees 
 CONFIDENTIALITY AND NON-COMPETITION AGREEMENT 
 This Confidentiality and Non-Competition Agreement (“Agreement”) is entered into by and between Verso Paper Holdings LLC, a Delaware limited
liability company (“Verso Paper”), and Robert Mundy (“Employee”), to allow Employee to have access to certain valuable competitive information and business relationships of Verso Paper while also providing protection for such
information and relationships. 
 WHEREAS, Verso Paper is willing to employ Employee in the position of Vice President, General Counsel and
Secretary, and Employee is willing to accept such employment upon the terms and conditions set forth herein; and, 
 WHEREAS, Verso Paper is
willing to provide Employee with certain benefits, as set forth herein, even after the employment relationship with Employee has ended in order to protect its valuable competitive information and business relationships; and 
 WHEREAS, after having ample opportunity to discuss, negotiate, and revise as necessary, the parties are willing to enter into this Agreement; 

NOW, THEREFORE, the parties hereto agree as follows: 
  

	 	1.	Definitions 

 (a) As used in this Agreement,
the term “Protected Information” shall mean all information, documents or materials, owned, developed or possessed by Verso Paper or any employee while in the employ of Verso Paper, whether in tangible or intangible form, which
(i) Verso Paper takes reasonable measures to maintain in secrecy, and (ii) pertains in any manner to Verso Paper’s business, including but not limited to Research and Development (as defined below); customers or prospective customers,
targeted national accounts, or strategies or data for identifying and satisfying their needs; present or prospective business relationships; present, short term, or long term strategic plans; acquisition candidates; plans for corporate
restructuring; products under consideration or development; cost, margin or profit information; data from which any of the foregoing types of information could be derived; human resources (including compensation information and internal evaluations
of the performance, capability and potential of Verso Paper employees); business methods, data bases and computer programs. 
 “Research
and Development” shall include, but not be limited to (i) all short term and long term basic, applied and developmental research and technical assistance and specialized research support of customers or active prospects, targeted national
accounts, of Verso Paper operating divisions; (ii) information relating to manufacturing and converting processes, methods, techniques and equipment and the improvements and innovations relating to 

 
same; quality control procedures and equipment; identification, selection, generation and propagation of tree species having improved characteristics; forest
resource management; innovation and improvement to manufacturing and converting processes such as shipping, pulping bleaching chemical recovery papermaking, coating and calendaring processes and in equipment for use in such processes; reduction and
remediation of environmental discharges; minimization or elimination of solid and liquid waste; use and optimization of raw materials in manufacturing processes; recycling and manufacture paper products; recycling of other paper or pulp products;
energy conservation; computer software and application of computer controls to manufacturing and quality control operations and to inventory control; radio frequency identification and its use in paper and packaging products; and product process
improvement development or evaluation; and (iii) information about methods, techniques, products equipment, and processes which Verso Paper has learned do not work or do not provide beneficial results (“negative know-how”) as well as
those which do work which provide beneficial results. 
 The fact that individual elements of the information that constitutes Protected
Information may be generally known does not prevent an integrated compilation of information, whether or not reduced to writing, from being Protected Information if that integrated whole is not generally known. 
 (b) As used in this Agreement, the term “Unauthorized” shall mean: (i) in contravention of Verso Paper’s policies or
procedures; (ii) otherwise inconsistent with Verso Paper’s measures to protect its interests in the Protected Information; (iii) in contravention of any lawful instruction or directive, either written or oral, of an Verso Paper
employee empowered to issue such instruction or directive; (iv) in contravention of any duty existing under law or contract; or (v) to the detriment of Verso Paper. 
  

	 	2.	Confidentiality Provisions 

 (a) Employee
acknowledges and agrees that by reason of employment with Verso Paper as a senior level executive in the position of Senior Vice President and Chief Financial Officer, Employee has been and will be entrusted with Protected Information and may
develop Protected Information, that such information is valuable and useful to Verso Paper, that it would also be valuable and useful to competitors and others who do not know it and that such information constitutes confidential and proprietary
trade secrets of Verso Paper. While an employee or consultant of Verso Paper, or at any time thereafter, regardless of the reasons for leaving Verso Paper, Employee agrees not to use or disclose, directly or indirectly, any Protected Information in
an Unauthorized manner or for any Unauthorized purpose unless such information shall have become generally known in the relevant industry or independently developed with no assistance from Employee. Further, promptly upon termination, for any
reason, of Employee’s employment with Verso Paper or upon the request of Verso Paper Employee agrees to deliver to Verso Paper all property and materials and copies thereof within Employee’s possession or control which belong to Verso
Paper or which contain Protected Information and to permanently delete upon Verso Paper’s request all Protected Information from any computers or other electronic storage media Employee owns or uses. 

 (b) While an employee of Verso Paper and after termination of Employee’s employment with
Verso Paper for any reason Employee agrees not to take any actions which would constitute or facilitate the Unauthorized use or disclosure of Protected Information including transmitting or posting such Protected Information on the internet,
anonymously or otherwise. Employee further agrees to take all reasonable measures to prevent Unauthorized use and disclosure of Protected Information and to prevent Unauthorized persons or entities from obtaining or using Protected Information.

 (c) If Employee becomes legally compelled (by deposition, interrogatory, request for documents, subpoena, investigation, demand,
order or similar process) to disclose any Protected Information, then before any such disclosure may be made, Employee shall immediately notify Verso Paper thereof and, at Verso Paper’s expense, shall consult with Verso Paper on the
advisability of taking steps to resist or narrow such request and cooperate with Verso Paper in any attempt to obtain a protective order or other appropriate remedy or assurance that the Protected Information will be afforded confidential treatment.
If such protective order or other appropriate remedy is not obtained, Employee shall furnish only that portion of the Protected Information that it is advised by legal counsel is legally required to be furnished. 
  

	 	3.	Non-compete provisions 

 (a) Employee
acknowledges and agrees that, the business of Verso Paper and its customers is worldwide in scope, Verso Paper’s competitors and customers are located throughout the world, and Verso Paper’s strategic planning and Research and Development
activities have application throughout the world and are for the benefit of customers and Verso Paper’s business throughout the world, and therefore, the restrictions on the Employee’s competition after employment as described below apply
to anywhere in the world in which Verso Paper or its subsidiaries are doing business. Employee acknowledges that any such competition within that geographical scope will irreparably injure Verso Paper. Employee acknowledges and agrees that, for that
reason, the prohibitions on competition described below are reasonably tailored to protect Verso Paper. 
 (b) While an employee or
consultant of Verso Paper, Employee agrees not to compete in any manner, either directly or indirectly whether for compensation or otherwise with Verso Paper or to assist any other person or entity to compete with Verso Paper in the business of
coated and super-calendared paper products or the operation of coated and super-calendared paper mills anywhere in the world. 
 (c)
After the termination of employment for any reason, Employee agrees that for a period of twelve (12) months (the “Non-Compete Period”) following such termination Employee will not compete with Verso Paper anywhere in the world in
which Verso Paper or its subsidiaries are doing business: 
 (i.) By producing, developing, selling or marketing, or assisting others to
produce, develop, sell or market in the business of coated 

 
and super-calendared paper products or the operation of coated and super-calendared paper mills; 
 (ii.) By engaging in any sales, marketing, Research and Development or managerial duties (including, without limitation, financial, human resources,
strategic planning, or operational duties) for, whether as an employee, consultant, or otherwise, any entity which produces, develops, sells or markets in the business of coated and super-calendared paper products or the operation of coated and
super-calendared paper mills; 
 (iii.) By owning, managing, operating, controlling or consulting for any entity which produces, develops,
sells or markets in the business of coated and super-calendared paper products or the operation of coated and super-calendared paper mills, provided that this section 3(c)(iii) shall not prohibit Employee from being a passive owner of not more than
two percent (2%) of the outstanding stock of any class of a corporation that is publicly traded, so long as Employee has no active participation in the business of such corporation; or 
 (iv.) By soliciting the business of any actual or active prospective customers, or targeted national accounts of Verso Paper for any product, process or
service which is competitive with the products, processes, or services of Verso Paper, namely any products, processes or services of the business of coated and super-calendared paper products or the operation of coated and super-calendared paper
mills, whether existing or contemplated for the future, on which Employee has worked, or concerning which Employee has in any manner acquired knowledge or Protected Information about, during the twenty four (24) months preceding termination of
Employee’s employment. 
 It shall not be a violation of this provision for Employee to accept employment with a non-competitive
division or business unit of a multi-divisional company some of whose divisions or business units are competitors of Verso Paper, so long as Employee does not engage in, oversee, provide input or information regarding, or participate in any manner
in the activities described in this paragraph as they relate to the division or business unit which is a competitor of Verso Paper. Employee shall not assist others in engaging in activities which Employee is not permitted to take. 
 (d) Verso Paper and Employee agree that, during the Non-Compete Period, if Employee is unable, despite diligent search, to obtain employment
consistent with Employee’s experience and education, Employee shall so notify Verso Paper in writing, describing in detail the efforts Employee has made to secure such employment that does not conflict with Employee’s non-compete
obligations. Upon receipt and reasonable verification of the information contained in such notice, and provided that Employee complies with all his obligations under this Agreement (including, without limitation, his obligations under sections 2,
3(c) and 4), Verso Paper shall make monthly payments to Employee equal to the monthly base pay Employee was receiving from Verso Paper in the month prior to the termination of employment with Verso Paper for each month (or prorated for periods less

 
than a month) of such unemployment during the Non-Compete Period. Before the close of each month for which Employee seeks such payment, Employee shall advise
Verso Paper in writing of Employee’s efforts to obtain non-competitive employment and shall certify that although Employee diligently sought such employment, Employee was unable to obtain it. 
  

	 	4.	Non-Solicitation/Non-hire provision 

 During the
term of Employee’s employment at Verso Paper and for twelve (12) months following the termination, for any reason, of employment, Employee agrees that Employee will not, either on Employee’s own behalf or on behalf of any other person
or entity, directly or indirectly, hire, solicit, retain or encourage to leave the employ of Verso Paper (or assist any other person or entity in hiring, soliciting, retaining or encouraging) any person who is then or was within six (6) months
of the date of such hiring an employee of Verso Paper. 
  

	 	5.	Tolling period of Restrictions 

 Employee agrees
that the periods of non-competition and non-solicitation set forth in sections 3 and 4 of this Agreement shall be extended by the period of violation if Employee is found to be in violation of those provisions. 
  

	 	6.	Duty to show agreement to prospective employer. 

 During Employee’s employment with Verso Paper and for twelve (12) months thereafter, Employee shall, prior to accepting other employment, provide a copy of this Agreement to any recruiter who assists Employee in locating
employment other than with Verso Paper and to any prospective employer with which Employee discusses potential employment. 
  

	 	7.	Representations, Warranties and Acknowledgements 

 In addition to the representations, warranties and obligations set forth throughout this Agreement, Employee acknowledges that (a) Protected Information is commercially and competitively valuable to Verso Paper and critical to
its success; (b) the Unauthorized use or disclosure of Protected Information or the violation of the covenants set forth in sections 2, 3, or 4 would cause irreparable harm to Verso Paper; (c) by this Agreement, Verso Paper
is taking reasonable steps to protect its legitimate interests in its Protected Information; (d) Employee has developed or will develop legally unique relationships with customers of Verso Paper; and (e) nothing herein shall
prohibit Verso Paper from pursuing any remedies whether in law or equity, available to Verso Paper for breach or threatened breach of this Agreement. Employee further acknowledges and agrees that as a senior executive of Verso Paper Employee
performs unique and valuable services to Verso Paper of an intellectual character and that Employee’s services will be difficult for Verso Paper to replace. Employee further acknowledges and agrees that Verso Paper is providing Employee with
significant consideration in this Agreement for entering into the Agreement and that Verso Paper’s remedies for any breach of this Agreement are in addition to and not in place of any other remedies Verso Paper may have at law or equity or
under any other agreements. 

	 	8.	Section 409A of the Code 

 The parties hereto
acknowledge and agree that, to the extent applicable, this Agreement shall be interpreted in accordance with, and incorporate the terms and conditions required by, Section 409A of the Internal Revenue Code of 1986, as amended, and the
Department of Treasury Regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the date hereof (“Section 409A”). Notwithstanding any
provision of this Agreement to the contrary, in the event that Verso Paper determines that any amounts payable hereunder will be immediately taxable to Employee under Section 409A, Verso Paper and Employee shall cooperate in good faith to
(a) adopt such amendments to this Agreement and appropriate policies and procedures, including amendments and policies with retroactive effect, that they mutually determine to be necessary or appropriate to preserve the intended tax
treatment of the benefits provided by this Agreement, to preserve the economic benefits of this Agreement, and to avoid less favorable accounting or tax consequences for Verso Paper and/or (b) take such other actions as mutually
determined to be necessary or appropriate to exempt any amounts payable hereunder from Section 409A or to comply with the requirements of Section 409A and thereby avoid the application of penalty taxes thereunder. 
  

	 	9.	General 

 (a) Employee acknowledges and
agrees that the parties have attempted to limit Employee’s right to compete only to the extent necessary to protect Verso Paper from unfair competition and protect the legitimate interests of Verso Paper. If any provision or clause of this
Agreement or portion thereof shall be held by any court of competent jurisdiction to be illegal, void or unenforceable in such jurisdiction, the remainder of such provisions shall not thereby be affected and shall be given full effect, without
regard to the invalid portion. It is the intention of the parties and Employee agrees, that if any court construes any provision or clause of this Agreement or any portion thereof to be illegal, void or unenforceable because of the duration of such
provision or the area or matter covered thereby, such court shall reduce the duration, area or matter of such provision and in its reduced form, such provision shall then be enforceable and shall be enforced. 
 (b) Employee acknowledges that neither this Agreement nor any provision hereof can be modified, abrogated or waived except in a written document
signed by the Vice President of Human Resource or the President and Chief Executive Officer of Verso Paper, or in the event of the absence of either of these executives, or the vacancy of either of these positions, such other officer of Verso Paper
as Verso Paper’s Board of Directors shall designate in writing. 
 (c) This Agreement shall be governed by and in accordance with
the laws and public policies of the State of Delaware. 
 (d) Employee hereby consents to the jurisdiction of and agrees that any claim
arising out of or relating to this Agreement may be brought in the courts of the State of Delaware. 

 (e) This Agreement and any rights thereunder may be assigned by Verso Paper and if so assigned
shall operate to protect the Protected Information and relationships of Verso Paper as well as such information and relationships of the assignee. 
 (f) Attorney’s fees. Should either party to this Agreement breach any of the terms of this Agreement, that party shall pay to the non-defaulting party all of the non-defaulting party’s costs and expenses, including
attorney’s and experts’ fees in enforcing the provisions of the Agreement as to which a breach is found. 
 (g) Employee
agrees that Verso Paper’s determination not to enforce this or similar agreements as to specific violations shall not operate as a waiver or release of Employee’s obligations under this Agreement. 
 (h) Common law duties. Employee understands that Employee owes fiduciary and common law duties to Verso Paper in addition to the covenants set
forth above prohibiting the misuse or disclosure of trade secrets or confidential information and the unlawful interference with Verso Paper’s business and customer relationships. 
 (i) Opportunity to review. Employee acknowledges and agrees that Verso Paper has advised Employee that Employee may consult with an independent
attorney before signing this Agreement. 
 In witness whereof the parties hereto have caused this Agreement to be executed and delivered effective as of the
date signed below by Employee and the duly authorized officer of Verso Paper. 
  

					
	Signed (Employee):  	  	/s/ Robert Mundy	  	
		  	 Robert Mundy, Senior Vice President, CFO

			
	Date:  	  	3/20/07	  	
		
	Work address:  	  	6775 Lenox Center Court
		  	Memphis, TN 38115
			
	Verso Paper:  	  	/s/ Ricardo Moncada	  	
		  	Ricardo Moncada, Vice President, Human Resources
			
	Date:  	  	3/20/07Promissory Note

 

 
  

															
	 Principal
 $200,000.00
	  	 Loan Date
 06-26-2007
	  	 Maturity
 12-26-2007
	  	 Loan No
 40750941-10000
	  	 Ca#/Co#
 M100/A4
	  	 Account
 00000177303
	  	 Officer
 06022
	  	Initials
	 	  	 	  	 	  	—  	  	 	  	

	References in the shaded area for Lender’s use only and do not limit the applicability of this document to any particular
 loan or item.
Any item above containing “***” has been omitted due to text length limitations.

  

							
	Borrower:	    	Biovest International, Inc.	  	Lender:	    	Southwest Bank of St. Louis
		    	324 S Hyde Park Ave	  		    	Creve Coeur West - Commercial Lending
		    	Tampa, FL 33606-4127	  		    	12452 Olive Street Rd.
		    		  		    	Creve Coeur, MO 63141

  

																	
	Principal Amount:     $ 200,000.00	  	Initial Rate:     9.250%	  	Date of Note:     June 26, 2007

 PROMISE TO PAY. Biovest International, Inc. (“Borrower”) promises to pay to Southwest Bank of St.
Louis (“Lender”), or order, in lawful money of the United States of America, the principal amount of Two Hundred Thousand & 00/100 Dollars ($200,000.00) or so much as may be outstanding, together with interest on the unpaid outstanding
principal balance of each advance. Interest shall be calculated from the date of each advance until repayment of each advance. 
 PAYMENT. Borrower
will pay this loan in one payment of all outstanding principal plus all accrued unpaid interest on December 26, 2007. In addition, Borrower will pay regular monthly payments of all accrued unpaid interest due as of each payment date, beginning
July 26, 2007, with all subsequent interest payments to be due on the same day of each month after that. Unless otherwise agreed or required by applicable law, payments will be applied to Accrued Interest, Principal, Late Charges, and Escrow. The
annual interest rate for this Note is computed on a 365/360 basis; that is, by applying the ratio of the annual interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the
principal balance is outstanding. Borrower will pay Lender at Lender’s address shown above or at such other place as Lender may designate in writing. 
 VARIABLE INTEREST RATE. The interest rate on this Note is subject to change from time to time based on changes in an index which is Lender’s Prime Rate (the “Index”). This is the rate Lender charges, or would charge,
on 90-day unsecured loans to the most creditworthy corporate customers. This rate may or may not be the lowest rate available from Lender at any given time. Lender will tell Borrower the current Index rate upon Borrower’s request. The interest
rate change will not occur more often than each Index rate change and will become effective without notice to the Borrower. If the Index becomes unavailable during the term of the Note, the Lender may substitute a comparable Index. Borrower
understands that Lender may make loans based on other rates as well. The Index currently is 8.250% per annum. The interest rate to be applied to the unpaid principal balance during this Note will be at a rate of 1.000 percentage point over the
Index, resulting in an initial rate of 9.250% per annum. NOTICE: Under no circumstances will the interest rate on this Note be more than the maximum rate allowed by applicable law. 
 PREPAYMENT. Borrower agrees that all loan fees and other prepaid finance charges are earned fully as of the date of the loan and will not be subject to refund upon early payment (whether voluntary or as a
result of default), except as otherwise required by law. Except for the foregoing, Borrower may pay without penalty all or a portion of the amount owed earlier than it is due. Early payments will not, unless agreed to by Lender in writing, relieve
Borrower of Borrower’s obligation to continue to make payments of accrued unpaid interest. Rather, early payments will reduce the principal balance due. Borrower agrees not to send Lender payments marked “paid in full”, “without
recourse”, or similar language. If Borrower sends such a payment, Lender may accept it without losing any of Lender’s rights under this Note, and Borrower will remain obligated to pay any further amount owed to Lender. All written
communications concerning disputed amounts, including any check or other payment instrument that indicates that the payment constitutes “payment in full” of the amount owed or that is tendered with other conditions or limitations or as
full satisfaction of a disputed amount must be mailed or delivered to: Southwest Bank of St. Louis, Creve Coeur West - Commercial Lending, 12452 Olive Street Rd., Creve Coeur, MO 63141. 
 LATE CHARGE. If a payment is more than 10 days late, Borrower will be charged 5.000% of the unpaid portion of the regularly scheduled payment. 
 INTEREST AFTER DEFAULT. Upon default, including failure to pay upon final maturity, the interest rate on this Note shall be increased by adding a 3.000 percentage point margin (“Default Rate Margin”).
The Default Rate Margin shall also apply to each succeeding interest rate change that would have applied had there been no default. However, in no event will the interest rate exceed that maximum interest rate limitations under applicable law.

 DEFAULT. Each of the following shall constitute an event of default (“Event of Default”) under this Note: 
 Payment Default. Borrower fails to make any payment when due under this Note. 
 Other Defaults. Borrower fails to comply with or to perform any other term, obligation, covenant or condition contained in this Note or in any of
the related documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement between Lender and Borrower. 
 Default in Favor of Third Parties. Borrower or any Grantor defaults under any loan, extension of credit, security agreement, purchase or sales agreement, or any other agreement, in favor of any other creditor
or person that may materially effect any of Borrower’s property or Borrower’s ability to repay this Note or perform Borrower’s obligations under this Note or any of the related documents. 
 False Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or on Borrower’s behalf under this Note or
the related documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading at any time thereafter. 

					
		 	PROMISSORY NOTE	 	
	Loan No: 40750941-10000-	 	(Continued)	 	Page 2

  

 Insolvency. The dissolution or termination
of Borrower’s existence as a going business, the insolvency of Borrower, the appointment of a receiver for any part of Borrower’s property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of
any proceeding under any bankruptcy or insolvency laws by or against Borrower. 
 Creditor or Forfeiture Proceedings. Commencement of
foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Borrower or by any governmental agency against any collateral securing the loan. This includes a garnishment of
any Borrower’s accounts, including deposit accounts, with Lender. However, this Event of Default shall not apply if there is a good faith dispute by Borrower as to the validity or reasonableness of the claim which is the basis of the creditor
or forfeiture proceeding and if Borrower gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole
discretion, as being an adequate reserve or bond for the dispute. 
 Events Affecting Guarantor. Any of the preceding events occurs
with respect to any Guarantor of any of the indebtedness or any Guarantor dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any guaranty of the indebtedness evidenced by this Note. In the event of a death,
Lender, at its option, may, but shall not be required to, permit the Guarantor’s estate to assume unconditionally the obligations arising under the guaranty in a manner satisfactory to Lender, and, in doing so, cure any Event of Default.

 Change In Ownership. Any change in ownership of twenty-five percent (25%) or more of the common stock of Borrower. 
 Adverse Change. A material adverse change occurs in Borrower’s financial condition, or Lender believes the prospect of payment or performance
of this Note is impaired. 
 Insecurity. Lender in good faith believes itself insecure. 
 LENDER’S RIGHTS. Upon default, Lender may declare the entire unpaid principal balance under this Note and all accrued unpaid interest immediately due, and
then Borrower will pay that amount. 
 ATTORNEYS’ FEES; EXPENSES. Lender may hire or pay someone else to help collect this Note if Borrower does
not pay. Borrower will pay Lender that amount. This includes, subject to any limits under applicable law, Lender’s attorneys’ fees and Lender’s legal expenses whether or not there is a lawsuit, including attorneys’ fees and
expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), and appeals. If not prohibited by applicable law, Borrower also will pay any court costs, in addition to all other sums provided by law.

 GOVERNING LAW. This Note will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the
State of Missouri without regard to its conflicts of law provisions. This Note has been accepted by Lender in the State of Missouri. 
 CHOICE OF
VENUE. If there is a lawsuit, Borrower agrees upon Lender’s request to submit to the jurisdiction of the courts of St. Louis County, State of Missouri. 
 DISHONORED ITEM FEE. Borrower will pay a fee to Lender of $15.00 if Borrower makes a payment on Borrower’s loan and the check or preauthorized charge with which Borrower pays is later dishonored. 
 RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves a right of setoff in all Borrower’s accounts with Lender (whether checking,
savings, or some other account). This includes all accounts Borrower holds jointly with someone else and all accounts Borrower may open in the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff
would be prohibited by law. Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the indebtedness against any and all such accounts, and, at Lender’s option, to administratively freeze all
such accounts to allow Lender to protect Lender’s charge and setoff rights provided in this paragraph. 
 LINE OF CREDIT. This Note evidences a
revolving line of credit. Advances under this Note, as well as directions for payment from Borrower’s accounts, may be requested orally or in writing by Borrower or by an authorized person. Lender may, but need not, require that all oral
requests be confirmed in writing. Borrower agrees to be liable for all sums either: (A) advanced in accordance with the instructions of an authorized person or (B) credited to any of Borrower’s accounts with Lender. The unpaid principal balance
owing on this Note at any time may be evidenced by endorsements on this Note or by Lender’s internal records, including daily computer print-outs. Lender will have no obligation to advance funds under this Note if: (A) Borrower or any guarantor
is in default under the terms of this Note or any agreement that Borrower or any guarantor has with Lender, including any agreement made in connection with the signing of this Note; (B) Borrower or any guarantor ceases doing business or is
insolvent; (C) any guarantor seeks, claims or otherwise attempts to limit, modify or revoke such guarantor’s guarantee of this Note or any other loan with Lender; (D) Borrower has applied funds provided pursuant to this Note for purposes other
than those authorized by Lender; or (E) Lender in good faith believes itself insecure. 
 ISDA. Obligations include, without limitation all
obligations and liabilities arising pursuant to or in connection with any interest rate swap transaction, basis swap, forward rate transaction, interest rate option or any similar transaction between the Borrower and Lender, including all
obligations under the ISDA Master Agreement between the Borrower and Lender. 
 SUCCESSOR INTERESTS. The terms of this Note shall be binding upon
Borrower, and upon Borrower’s heirs, personal representatives, successors and assigns, and shall inure to the benefit of Lender and its successors and assigns. 
 GENERAL PROVISIONS. If any part of this Note cannot be enforced, this fact will not affect the rest of the Note. Lender may delay or forgo enforcing any of its rights or remedies under this Note without losing
them. Borrower and any other person who signs, guarantees or endorses this Note, to the extent allowed by law, waive presentment, demand for payment, and notice of dishonor. Upon any change in the terms of this Note, and unless otherwise expressly
stated in writing, no party who signs this Note, whether as maker, guarantor, accommodation maker or endorser, shall be released from liability. All such parties agree that Lender may renew or extend (repeatedly and for any length of time) this loan
or release any party or guarantor or collateral; or impair, fail to realize upon or perfect Lender’s security interest in the collateral; and take any other action deemed necessary by Lender without the consent of or notice to anyone. All such
parties also agree that Lender may modify this loan without the consent of or notice to anyone other than the party with whom the modification is made. The obligations under this Note are joint and several. 
 ORAL AGREEMENTS OR COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FOREBEAR FROM ENFORCING REPAYMENT OF A DEBT INCLUDING PROMISES TO EXTEND OR RENEW SUCH DEBT ARE NOT
ENFORCEABLE, REGARDLESS OF THE LEGAL THEORY UPON WHICH IT IS BASED THAT IS IN ANY WAY RELATED TO THE CREDIT AGREEMENT. TO PROTECT YOU (BORROWER(S), AND US (CREDITOR) FROM MISUNDERSTANDING OR DISAPPOINTMENT, ANY AGREEMENTS WE REACH COVERING SUCH
MATTERS ARE CONTAINED IN THIS WRITING, WHICH IS THE COMPLETE AND EXCLUSIVE STATEMENT OF THE AGREEMENT BETWEEN US, EXCEPT AS WE MAY LATER AGREE IN WRITING TO MODIFY IT. 

					
		 	PROMISSORY NOTE	 	
	Loan No: 40750941-10000-	 	(Continued)	 	Page 3

  

 JURY WAIVER. Lender and Borrower hereby waive the right to
any jury trial in any action, proceeding, or counterclaim brought by either Lender or Borrower against the other. 
 PRIOR TO SIGNING THIS NOTE, BORROWER
READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS NOTE, INCLUDING THE VARIABLE INTEREST RATE PROVISIONS. BORROWER AGREES TO THE TERMS OF THE NOTE. 
 BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE. 
  

											
	BORROWER:	 		 		 	
				
	BIOVEST INTERNATIONAL, INC.	 		 		 	
					
	By:	 	 /s/ James A. McNulty
	 		 	By:	 	  

		 	James A. McNulty, Chief Financial Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}]]