Document:

Pledge Agreement

 Exhibit 10.4 
 PLEDGE AGREEMENT 
 PLEDGE AGREEMENT (this “Agreement”), dated as of
September 29, 2006, made by Accentia Biopharmaceuticals, Inc., a Florida corporation (the “Pledgor”), in favor of the holders (the “Holders” or the “Pledgees”) of the Pledgor’s 8% Secured
Convertible Debentures due September     , 2010 issued by Pledgor (the “Debentures”). 
 WHEREAS:

 A. The Holders of the Debentures have agreed to loan Pledgor the amount of $25,000,000 pursuant to that certain Securities Purchase
Agreement and related Transaction Documents of even date herewith to be delivered upon execution hereof; and 
 B. It is a condition
precedent to the loan that Pledgor shall have executed and delivered to Pledgees a pledge agreement providing for the pledge to the Pledgees of, and the grant to the Pledgees of a security interest in, 18,000,000 shares of common stock of BioVest
International, Inc., a Delaware corporation (“BVI”) owned by Pledgor, represented by the various certificates set forth on Schedule A annexed hereto (the “Pledged Shares”). 
 NOW, THEREFORE, in consideration of the premises and the agreements herein contained and in order to induce the Pledgees to make the loan described
above, the Pledgor hereby agrees with the Pledgee as follows: 
 SECTION 1. Definitions. All terms used in this Agreement which are
defined in the Debentures, Article 8 or Article 9 of the Uniform Commercial Code (the “UCC”) currently in effect in the State of New York and which are not otherwise defined herein shall have the same meanings herein as set forth
therein; provided, that terms used herein which are defined in the UCC as in effect in the State of New York on the date hereof shall continue to have the same meaning notwithstanding any replacement or amendment of such statute. 
 SECTION 2. Pledge and Grant of Security Interest. As collateral security for all of the Obligations (as defined in Section 4 hereof), the
Pledgor hereby pledges and assigns to Pledgees, and grants to Pledgees a continuing security interest in, the Pledgor’s right, title and interest in and to the Pledged Shares, the certificates representing such Pledged Shares, all options and
other rights, contractual or otherwise, in respect thereof and all dividends, distributions, cash, instruments, investment property and other property (including but not limited to, any stock dividend and any distribution in connection with a stock
split) from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Pledged Shares (collectively, the “Pledged Collateral”). 

 SECTION 3. The Pledged Collateral and the Agent. 
 (a) Delivery of Pledged Collateral. Concurrently herewith, all certificates representing or evidencing the Pledged Shares, in suitable form for
transfer by delivery, or accompanied by instruments of transfer or assignment duly executed in blank, are being deposited with and delivered to American Stock Transfer & Trust Company, Inc. (the “Agent”), as collateral
agent for the Pledgees. Such appointment shall continue until revoked in writing by the Holders in interest of at least 75% or more of the Pledged Shares then held by the Agent (assuming for such purpose all Pledged Shares that have not been
transferred to a Holder set forth on Schedule A hereto have been transferred to the applicable Holder), at which time a the Holders in interest of at least 75% or more of the Pledged Shares then held by the Agent (assuming for such purpose all
Pledged Shares that have not been transferred to a Holder set forth on Schedule A hereto have been transferred to the applicable Holder) shall appoint a new Agent. The Agent shall have the right at any time after the occurrence of the matters
described in Section 3(b) below, to exchange certificates or instruments representing or evidencing Pledged Collateral for certificates or instruments of smaller or larger denominations. 
 (b) Release of Pledge Collateral 
 (i) Release Upon Voluntary Exchange of Debentures. Upon receipt of a Notice of Exchange of the exchange by a Holder of all or part of the Debenture(s) held by such Holder pursuant to Section 4(e) of the Debentures, the Agent
shall release out of the Pledged Collateral to such Holder, such number of Pledged Shares as is set forth in the Notice of Exchange. 
 (ii)
Release Upon Voluntary Exercise of Warrants. Upon receipt of a Notice of Exercise of the exercise by a Holder of all or part of the Warrant(s) held by such Holder pursuant to Section 2(a) of the Warrants, the Agent shall release out of
the Pledged Collateral to such Holder, such number of Pledged Shares as is set forth in the Notice of Exercise. 
 (iii) Release Upon
Monthly Redemption. Upon receipt of a Monthly Redemption Notice from the Pledgor to pay all or a portion of a Monthly Redemption Amount with BVTI shares pursuant to Section 6(b) of the Debentures, the Agent shall release out of the Pledged
Collateral to each Holder subject to such Monthly Redemption Notice, such number of Pledged Shares as is set forth in the Monthly Redemption Notice. 
 (iv) Release Upon an Event of Default. At any time after a Holder delivers the Agent a written notice that an Event of Default has occurred, any Holder may, at its option, deliver written instructions to the
Agent (a “Default Notice”) to release to such Holder such Holder’s pro rata portion of the Pledged Shares (as determined by Section 3(vi) below). 
 (v) Procedure for Delivery of Pledged Shares hereunder. Upon the receipt of a Notice of Exchange, Notice of Exercise, Monthly Redemption Notice
or Default Notice, the Agent shall use its commercially reasonable best efforts to deliver to the applicable Holder the Pledged Shares subject to such notice within three Business Days following receipt of the applicable notice pursuant to the
delivery instructions set forth in such notice. Following the BVTI Effective Date, certificates evidencing the Pledged Shares delivered to the Holders hereunder shall be free and clear of all legends and shall be transmitted by the Agent to the

  

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applicable Holder by crediting the account such Holder’s prime broker with the Depository Trust Company’s DWAC System. For clarity, in addition to
providing the Agent with a Notice of Exchange and/or Notice of Exercise as contemplated by this Section 3(b) upon an exchange of the Debentures or exercise of Warrants, as applicable, the applicable Holder shall also deliver the Pledgor such
Notice of Exchange and/or Notice of Exercise, as applicable, pursuant to the requirements of the Debentures and Warrants. Unless the Agent shall have received an opinion of counsel to the Pledgor or BVI stating that the Pledged Shares may be
delivered to the applicable Holder without a restrictive legend, the Pledged Shares so released shall bear the following legend: 
 THIS
SECURITY HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY MAY BE PLEDGED IN
CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES. 
 (vi) Maximum Number of Pledged Shares
Transferable to a Holder. The maximum number of Pledged Shares transferable to a Holder upon (A) exchange of its Debenture, (B) exercise of its Warrants, (C) an Event of Default and (D) payments of Monthly Redemption Amounts
under the Debentures shall be as set forth opposite such Holder’s name on Schedule A hereto (such amounts shall be subject to adjustment for forward and reverse stock splits, stock dividends, recapitalizations and the like). Such number shall
be reduced on a share for share basis following the delivery to a Holder of Pledged Shares upon any of the matters described in (A), (B), (C) or (D) of the preceding sentence. Other than as contemplated by clause (D), each Holder shall be
entitled to allocate its portion of the Pledged Shares among the events described in (A), (B) or (C) in any manner it chooses. 
 (c) The Agent’s Duties. The duties and rights of the Agent are as set forth on Annex A attached hereto and incorporated herein by reference. Any fees of the Agent for its services hereunder shall be paid by the Pledgor. A
schedule of annual and other fees payable to the Agent hereunder shall be as set forth on Annex A attached hereto. The powers conferred on the Agent hereunder are solely to protect the interests of the Pledgees in the Pledged Collateral. The
Agent and each Pledgee shall be deemed to have exercised reasonable care in the custody and preservation of any Pledged Collateral in its possession if such Pledged Collateral is accorded treatment substantially equal to that which such party
accords its own property. 
 SECTION 4. Security for Obligations. The security interest created hereby in the Pledged Collateral
constitutes continuing collateral security for all of the following obligations, 

  

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whether now existing or hereafter incurred (the “Obligations”): (i) the prompt payment to Holders, as and when due and payable
(by scheduled maturity, required prepayment, acceleration, demand or otherwise), of all amounts from time to time owing by it in respect of interest, principal and other charges of the Debentures (including, without limitation, all interest that
accrues after the commencement of any case, proceeding or other action relating to bankruptcy, insolvency or reorganization of the Pledgor whether or not the payment of such interest is unenforceable or is not allowable due to the existence of such
case, proceeding or other action), all fees, commissions, expense reimbursements, indemnifications and all other amounts due or to become due to Holders under the Debentures and (ii) the delivery to each Pledgee of its Pledged Shares upon
exchange of such Pledgee’s Debenture or upon exercise of such Pledgee’s Warrants. 
 SECTION 5. Delivery of the Pledged
Collateral. 
 (a) The Agent shall hold the Pledged Shares for the benefit of the Pledgees, together with undated stock
powers executed in blank, signature guaranteed suitable for transfer, and Pledgor further agrees to execute such other documents and to take such other actions as the Agent or any Pledgee deems reasonably necessary or desirable to create and perfect
the security interests intended to be created hereunder, to effect the foregoing and to permit the Agent and/or any Pledgee to exercise any of their rights and remedies hereunder. 
 (b) If Pledgor shall receive, by virtue of its being or having been an owner of any Pledged Collateral, any (i) stock certificate
(including, without limitation, any certificate representing a stock dividend or distribution in connection with any increase or reduction of capital, reclassification, merger, consolidation, sale of assets, combination of shares, stock split,
spin-off or split-off), promissory note or other instrument, (ii) option or right, whether as an addition to, substitution for, or in exchange for, any Pledged Collateral, or otherwise, (iii) dividends or interest payable in cash or in
securities or other property, (iv) dividends, interest and other distributions paid or payable other than in cash in respect of, and instruments and other property received, receivable or otherwise distributed in respect of or in exchange for,
any Pledged Collateral, (v) dividends or other distributions in connection with a partial or total liquidation or dissolution or in connection with a reduction of capital, capital surplus or paid-in surplus, or (vi) cash paid, payable or
otherwise distributed in redemption of, or in exchange for, any Pledged Collateral, such stock certificate, promissory note, instrument, option, right, property, payment or distribution constituting Pledged Collateral shall be, and shall forthwith
be delivered to the Agent for the benefit of the Pledgees to hold as, Pledged Collateral and shall be received in trust for the benefit of the Pledgees, shall be segregated from Pledgor’s other property and shall be delivered forthwith to Agent
in the exact form received, with any necessary endorsement and/or appropriate stock powers duly executed in blank, to be held by the Agent for the benefit of the Pledgees as Pledged Collateral and as further collateral security for the Obligations.

  

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 SECTION 6. Representations and Warranties. The Pledgor represents and warrants as follows:

 (a) The execution, delivery and performance by the Pledgor of this Agreement and the exercise by Pledgees of any of their
rights and remedies in accordance with the terms of this Agreement and applicable securities law will not contravene any law or any contractual restriction binding on or affecting the Pledgor or any of its properties and do not and will not result
in or require the creation of any lien upon or with respect to any of its properties other than pursuant to this Agreement. 
 (b) The Pledgor is and will be at all times the beneficial owner of the Pledged Collateral free and clear of any lien or option except for the security interest created by this Agreement. 
 (c) No authorization or approval or other action by, and no notice to or filing with, any governmental authority or other regulatory body
other than the filing of a Form 4 and an amendment to Pledgor’s Schedule 13D with the Commission, is required for the grant by the Pledgor, or the perfection, of the security interest purported to be created hereby in the Pledged Collateral or
the exercise by the Agent or any Pledgee of any of their rights and remedies hereunder, except as may be required in connection with any sale of any Pledged Collateral by laws affecting the offering and sale of securities generally, including the
foreclosure procedures sanctioned under the interpretations of the securities laws. 
 (d) This Agreement creates a valid
security interest in favor of the Pledgees in the Pledged Collateral, as security for the Obligations. Such security interest is, or in the case of Pledged Collateral in which the Pledgor obtains rights after the date hereof, will be, a perfected,
first priority security interest. All action necessary to perfect and protect such security interest has been duly taken, except for Agent’s having possession of security certificates constituting Pledged Collateral after the date hereof and
obtaining control of uncertificated securities and security entitlements constituting Pledged Collateral after the date hereof. 
 SECTION 7.
Covenants as to the Pledged Collateral. So long as any of the Obligations shall remain outstanding, the Pledgor will, unless the Pledgees shall otherwise consent in writing: 
 (a) keep adequate records concerning the Pledged Collateral and permit the Agent, any Pledgee or any agents or representatives of the
Agent or any Pledgee at any reasonable time and from time to time to examine and make copies of and abstracts from such records; 
 (b) at its expense, promptly deliver to the Agent and each Pledgee a copy of each notice or other communication received by it in respect of the Pledged Collateral; 
 (c) at its expense, defend Pledgees’ right, title and security interest in and to the Pledged Collateral against the claims of any
person or entity; 
 (d) at its expense, at any time and from time to time, promptly execute and deliver all further
instruments and documents and take all further action that may be necessary or desirable or that Agent or any Pledgee may reasonably request in order to (i)

  

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perfect and protect the security interest purported to be created hereby, or (ii) enable Agent and each Pledgee to exercise and enforce their rights and
remedies hereunder in respect of the Pledged Collateral; 
 (e) not sell, assign (by operation of law or otherwise), transfer,
exchange or otherwise dispose of any Pledged Collateral or any interest therein; 
 (f) not create or suffer to exist any lien
upon or with respect to any Pledged Collateral except for the security interest created hereby; 
 (g) not make or consent to
any amendment or other modification or waiver with respect to any Pledged Collateral or enter into any agreement or permit to exist any restriction with respect to any Pledged Collateral other than pursuant hereto; and 
 (h) not take or fail to take any action which would in any manner impair the value or enforceability of Pledgee’s security interest
in any Pledged Collateral. 
 SECTION 8. Voting Rights, Etc. in Respect of the Pledged Collateral. 
 (a) So long as no Event of Default or event which, with the giving of notice or lapse of time or both, would constitute an Event of
Default, shall have occurred and be continuing: 
 (i) the Pledgor may exercise any and all voting and other consensual rights
pertaining to any Pledged Collateral for any purpose not inconsistent with the terms of the Debentures; and 
 (ii) the Agent
on behalf of the Pledgees will execute and deliver (or cause to be executed and delivered) to the Pledgor all such proxies and other instruments as Pledgor may reasonably request for the purpose of enabling Pledgor to exercise the voting and other
rights which it is entitled to exercise pursuant to paragraph Section 8(a)(i) hereof. 
 (b) Upon the occurrence and
during the continuance of an Event of Default or an event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default: 
 (i) all rights of the Pledgor to exercise the voting and other consensual rights which it would otherwise be entitled to exercise pursuant
to Section 8(a)(i) hereof shall cease, and all such rights shall thereupon become vested in the Agent on behalf of the Pledgees which shall thereupon have the sole right to exercise such voting and other consensual rights; and 
 (ii) without limiting the generality of the foregoing, the Agent, on behalf of the Pledgees, may at its option exercise any and all rights
of conversion, exchange, subscription or any other rights, privileges or options pertaining to any Pledged Collateral as if it were the absolute owner thereof, including, without limitation, the right to exchange, in its discretion, any and all of
such Pledged 

  

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Collateral upon the merger, consolidation, reorganization, recapitalization or other adjustment of the Company, or upon the exercise of any right, privilege
or option pertaining to any Pledged Collateral, and, in connection therewith, to deposit and deliver any and all of the Pledged Collateral with any committee, depository, transfer agent, registrar or other designated agent upon such terms and
conditions as it may determine. 
 SECTION 9. Additional Provisions Concerning the Pledged Collateral. 
 (a) The Pledgor hereby authorizes each Pledgee, on behalf of itself, the Agent and the other Pledgees to file, without the signature of
the Pledgor where permitted by law, one or more financing or continuation statements, and amendments thereto, relating to the Pledged Collateral. However, in no event shall Agent be required to file any financing or continuation statement, or any
amendment thereto, relating to the Pledged Collateral. 
 (b) The Pledgor hereby irrevocably appoints Agent on behalf of the
Pledgees as the Pledgor’s attorney-in-fact and proxy, with full authority, exercisable only during the existence of an Event of Default and exercisable only in accordance with joint written instructions executed by the Pledgees holding at least
75% or more in interest of the Pledged Shares then held by the Agent hereunder (assuming for such purpose all Pledged Shares that have not been transferred to a Holder set forth on Schedule A hereto have been transferred to the applicable Holder)
(“Pledgee Instructions”), in the place and stead of the Pledgor and in the name of the Pledgor or otherwise, from time to time, to take any action and to execute any instrument specified in the Pledgee Instructions which the Pledgees may
deem necessary or advisable to accomplish the purposes of this Agreement (subject to the rights of the Pledgor under Section 8(a) hereof), including, without limitation, to receive, endorse and collect all instruments made payable to the
Pledgor representing any dividend or other distribution in respect of any of Pledgees’ Pledged Collateral and to give full discharge for the same. This power is coupled with an interest and is irrevocable until all of the Obligations are
satisfied in full. 
 (c) If the Pledgor fails to perform any agreement or obligation contained herein, the Agent or any
Pledgee itself may perform, or cause performance of, such agreement or obligation with respect to Pledged Collateral, and the expenses of the Agent or any Pledgee incurred in connection therewith shall be payable by the Pledgor pursuant to
Section 11 hereof and shall be secured by the Pledged Collateral. 
 SECTION 10. Remedies Upon Default. If any Event of Default
shall have occurred and be continuing, in the event the proceeds of any such sale, collection or realization are insufficient to pay all amounts to which the applicable Pledgee is legally entitled, the Pledgor shall be liable for the deficiency,
together with interest thereon at the highest rate specified in the Debentures for interest on overdue principal thereof or such other rate as shall be fixed by applicable law, together with the costs of collection and the reasonable fees of any
attorneys employed by any Pledgee to collect such deficiency. 
  

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 SECTION 11. Indemnity and Expenses. 
 (a) The Pledgor agrees to indemnify and hold harmless the Agent, each of the Holders and all of their respective stockholders, partners,
members, officers, directors, employees and direct or indirect investors and any of the foregoing persons’ agents or other representatives (including, without limitation, those retained in connection with the transactions contemplated by this
Agreement) from and against any and all third-party claims, damages, losses, liabilities, obligations, penalties, costs and expenses (including, without limitation, reasonable attorney’s fees and disbursements) to the extent that they arise out
of or otherwise result from this Agreement (including, without limitation, enforcement of this Agreement), except, as to any such indemnified person or entity, claims, losses or liabilities resulting solely and directly from such person or
entity’s gross negligence or willful misconduct as determined by a final non-appealable judgment of a court of competent jurisdiction and except to the extent that such claims, losses or liabilities result from failure of such indemnified
person or entities to comply with applicable securities laws. 
 (b) The Pledgor will pay to the Agent and any Pledgee upon
demand the amount of any and all costs and expenses, including the fees and disbursements of the Agent or such Pledgee’s counsel and of any experts and agents, which the Agent or any Pledgee may incur in connection with (i) the custody,
preservation, use or operation of, or the sale of, collection from, or other realization upon, any of Pledged Collateral, (ii) the exercise or enforcement of any of the rights of the Agent or a Pledgee hereunder or (iii) the failure by
Pledgor to perform or observe any of the provisions hereof. 
 SECTION 12. Notices. Whenever notice is required to be given under this
Agreement, unless otherwise provided herein, such notice shall be given in accordance with the terms of the Transaction Documents. The address for the delivery of notice to the Agent hereunder shall be as set forth below its signature hereto.

 SECTION 13. Security Interest Absolute. To the extent permitted by law, all rights of the Agent, the Pledgees and the Pledgor
hereunder shall be absolute and unconditional irrespective of: (i) any lack of validity or enforceability of any ancillary agreement or any other agreement or instrument relating thereto, (ii) any change in the time, manner or place of
payment of, or in any other term in respect of, all or any of the Obligations, or any other amendment or waiver of or consent to any departure from any guaranty, for all or any of the Obligations, or (iii) any other circumstance which might
otherwise constitute a defense available to, or a discharge of, the Pledgor in respect of the Obligations. All authorizations and agencies contained herein with respect to any of the Pledged Collateral are irrevocable and powers coupled with an
interest. 
 SECTION 14. Miscellaneous. 
 (a) No amendment of any provision of this Agreement shall be effective unless it is in writing and signed by the Agent, the Pledgor and the Pledgees, and no waiver of any provision of this Agreement, and no consent to
any departure by the Pledgor therefrom, shall be effective unless it is in writing and signed by the Pledgees, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 

 

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 (b) No failure on the part of the Agent or any Pledgee to exercise, and no delay in
exercising, any right hereunder or under any ancillary agreement shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. The
rights and remedies of the Pledgees provided herein and in the ancillary agreements are cumulative and are in addition to, and not exclusive of, any rights or remedies provided by law. The rights of the Pledgees under any ancillary agreement against
any party thereto are not conditional or contingent on any attempt by a Pledgee to exercise any of its rights under any other document against such party or against any other person or entity. 
 (c) Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining portions hereof or thereof or affecting the validity or enforceability of such provision in any other jurisdiction. 
 (d) This Agreement shall create a continuing security interest in the Pledged Collateral and shall (i) remain in full force and
effect until the satisfaction in full or release of the Obligations and (ii) be binding on the Pledgor and its successors and assigns and shall inure, together with all rights and remedies of the Pledgees hereunder, to the benefit of each
Pledgee and its respective successors, transferees and assigns; provided that no such transfer or assignment shall be valid if it is in violation of applicable securities laws. Without limiting the generality of clause (ii) of the immediately
preceding sentence, subject to compliance with the applicable securities laws and applicable provisions of the ancillary agreements, a Pledgee may assign or otherwise transfer all or any portion of the Debentures, and its rights under the ancillary
agreements, to any other person or entity, and such other person or entity shall thereupon become vested with all of the benefits in respect thereof granted to such Pledgee herein or otherwise unless such benefit is unavailable due to the status of
such transferee or otherwise under applicable law. Upon any such permitted assignment or transfer, all references in this Agreement to a Pledgee shall mean the assignee of such Pledgee. None of the rights or obligations of the Pledgor hereunder may
be assigned or otherwise transferred without the prior written consent of the Agent and the Pledgees. 
 (e) Upon the receipt
from Pledgor and all of the Holders of a written notice stating that all Obligations have been satisfied in full (it being understood that a Holder shall be deemed to have provided the Agent with such notice if all of the Pledged Shares allocated to
such Holder as set forth on Schedule A hereto shall have been transferred to such Holder pursuant to the terms hereof), (i) this Agreement and the security interest created hereby shall terminate and all rights to the Pledged Collateral, if any
shall be remaining, shall revert to Laurus Master Fund Ltd. (“Laurus”), in which case the Agent shall deliver the remaining Pledged Shares to Laurus care of its custodian, The Bank of New York, attn: Erika Recinos, NY Document
Custody, 30 Broad Street,—B Level, New York, NY 10004, unless Laurus shall have notified the Agent in writing prior to such time that the Pledgor’s obligations to it have been indefeasibly satisfied in full, in which case all rights to the
Pledged Collateral, if any shall be remaining, shall revert to the Pledgor, and (ii) the Agent on behalf of the Pledgees will, upon the Pledgor’s request and 

  

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at the Pledgor’s expense, (A) return to the Pledgor such of the Pledged Collateral as shall not have been sold or otherwise disposed of, dealt with
or applied pursuant to the terms hereof and of the ancillary agreements and (B) execute and deliver to the Pledgor, without recourse, representation or warranty, such documents as the Pledgor shall reasonably request to evidence such
termination. 
 (f) All questions concerning the construction, validity, enforcement and interpretation of this Agreement
shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party hereby irrevocably submits to the exclusive jurisdiction of the
state and federal courts sitting in the City of New York, borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives,
and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of
process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and
sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Each party hereto hereby irrevocably waives, to the fullest extent permitted by
applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. If either party shall commence a Proceeding to enforce any provisions of this Agreement,
then the prevailing party in such Proceeding shall be reimbursed by the other party for its attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such proceeding. 
 (g) Pledgor has entered into this Pledge Agreement with the advice of its own legal counsel. Accordingly, the normal rule of construction
to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Pledge Agreement. 
  

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 IN WITNESS WHEREOF, the Pledgor has caused this Pledge Agreement to be executed and delivered by its
officer thereunto duly authorized, as of the date first above written. 
  

			
	 Accentia Biopharmaceuticals, Inc.

		
	 By:
	 	 /s/ Alan M. Pearce
  

	 Name:
	 	 Alan M. Pearce

	 Title:
	 	 Chief Financial Officer

  

			
	 AGENT:

	
	 American Stock Transfer & Trust Company, Inc.

		
	 By:
	 	 /s/ Herb Lemmer
  

	 Name:
	 	 Herb Lemmer

	 Title:
	 	 Vice-President

  

	
	 Address for Notice:

	
	 59 Maiden Lane - Plaza Level

	
	 New York, NY 10038

	
	 Fax No.: 718-331-1852

  

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 SCHEDULE A 
 PLEDGED SHARES 
 Certificates No. BI2220 representing 18,000,000 shares of Common Stock of BioVest

 International, Inc. 
 Allocation of Pledged Shares 
  

			
	 Midsummer Investment, Ltd.
	  	5,760,000.00
		
	 Whitebox Convertible Arbitrage Partners, L.P.
	  	2,160,000.00
		
	 Whitebox Hedged High Yield Partners, LP
	  	2,160,000.00
		
	 Guggenheim Portfolio Company XXXI, LLC
	  	216,000.00
		
	 GPC LIX, LLC
	  	360,000.00
		
	 Pandora Select Partners, LP
	  	504,000.00
		
	 Whitebox Intermarket Partners, LP
	  	360,000.00
		
	 Laurus Master Fund, Ltd.
	  	3,600,000.00
		
	 Wolverine Convertible Arbitrage Fund Trading Limited
	  	2,160,000.00
		
	 Rockmore Investment Master Fund, Limited
	  	720,000.00

  

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 ANNEX A 
 to 
 PLEDGE AGREEMENT 
 THE AGENT 
 1. Appointment. The Pledgees (all capitalized terms
used herein and not otherwise defined shall have the respective meanings provided in the Pledge Agreement to which this Annex A is attached (the “Agreement”)), by their acceptance of the benefits of the Agreement, hereby designate
American Stock Transfer & Trust Company, Inc. as the Agent to act as specified herein and in the Agreement. Pledgees and the Pledgor shall be deemed irrevocably to authorize the Agent to take such action on their behalf under the provisions
of the Agreement and any other instruments and agreements referred to herein or therein and to exercise such powers and to perform such duties hereunder and thereunder as are specifically delegated to or required of the Agent by the terms hereof and
thereof and such other powers as are reasonably incidental thereto. The Agent may perform any of its duties hereunder by or through its agents or employees. 
 2. Nature of Duties. The Agent shall have no duties or responsibilities except those expressly set forth in the Agreement. Neither the Agent nor any of its officers, managers, directors, employees or
agents shall be liable for any action taken or omitted by it as such under the Agreement or hereunder or in connection herewith or therewith, unless caused by its or their gross negligence or willful conduct. The duties of the Agent shall be
mechanical and administrative in nature; the Agent shall not have by reason of the Agreement a fiduciary relationship in respect of the Pledgor or Pledgees; and nothing in the Agreement, expressed or implied, is intended to or shall be so construed
as to impose upon the Agent any obligations in respect of the Agreement except as expressly set forth herein and therein. 
 3. Lack of
Reliance on the Agent. Independently and without reliance upon the Agent, Pledgees, to the extent it deems appropriate, have made and shall continue to make (i) their own independent investigation of the financial condition and affairs of
Pledgor and its subsidiaries in connection with Pledgees’ investment in the Pledgor, the creation and continuance of the Obligations, the transactions contemplated by the Transaction Documents, and the taking or not taking of any action in
connection therewith, and (ii) their own appraisal of the creditworthiness of the Pledgor and its subsidiaries, and of the value of the Pledged Collateral from time to time, and the Agent shall have no duty or responsibility, either initially
or on a continuing basis, to provide Pledgees with any credit, market or other information with respect thereto, whether coming into its possession before any Obligations are incurred or at any time or times thereafter. The Agent shall not be
responsible to Pledgor or Pledgees for any recitals, statements, information, representations or warranties herein or in any document, certificate or other writing delivered in connection herewith, or for the execution, effectiveness, genuineness,
validity, enforceability, perfection, collectibility, priority or sufficiency of the Agreement, or for the financial condition of the Pledgor or the value of any of the Pledged Collateral, or be required to make any inquiry concerning either the
performance or observance of any of the terms, provisions or conditions of the Agreement, or the financial condition of the Pledgor, or the value of any of the Pledged Collateral, or the existence or possible existence of any default or Event of
Default under the Agreement or any of the other Transaction Documents. 
  

 13 

 4. Certain Rights of the Agent. The Agent shall have the right to take any action with respect to
the Pledged Collateral as set forth in the Agreement on behalf of the Pledgees. To the extent practical, the Agent shall request instructions from the Pledgees with respect to any material act or action (including failure to act) in connection with
the Agreement, and shall be entitled to act or refrain from acting in accordance with the unanimous written instructions of Pledgees; if such instructions are not provided despite the Agent’s request therefor, the Agent shall be entitled to
refrain from such act or taking such action, and if such action is taken, shall be entitled, to the extent requested, to appropriate indemnification from the Pledgees in respect of actions to be taken by the Agent; and the Agent shall not incur
liability to any Person by reason of so refraining. Without limiting the foregoing, Pledgees shall have no right of action whatsoever against the Agent as a result of the Agent acting or refraining from acting hereunder in accordance with the terms
of the Agreement, and the Pledgor shall have no right to question or challenge the authority of, or the instructions given to, the Agent pursuant to the foregoing. 
 5. Reliance. The Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, statement, certificate, telex, teletype or telecopier message, cablegram,
radiogram, order or other document or telephone message signed, sent or made by the proper person or entity, and, with respect to all legal matters pertaining to the Agreement and its duties thereunder, upon advice of counsel selected by it.

 6. Resignation by the Agent. 
 (a) The Agent may resign from the performance of all its functions and duties under the Agreement at any time by giving 30 days’ prior written notice (as provided in the Agreement) to the Pledgor and the Pledgees. Such resignation
shall take effect upon the appointment of a successor Agent pursuant to clauses (b) and (c) below. 
 (b) Upon any such notice of resignation, the
Pledgees in interest of at least 75% or more of the Pledged Shares then held by the Agent (assuming for such purpose all Pledged Shares that have not been transferred to a Pledgee set forth on Schedule A to the Agreement have been transferred to the
applicable Pledgee) shall appoint a successor Agent hereunder. 
 (c) If a successor Agent shall not have been so appointed within said 30-day period, the
Agent shall then appoint a successor Agent who shall serve as Agent until such time, if any, as the Pledgees appoint a successor Agent as provided above. If a successor Agent has not been appointed within such 30-day period, the Agent may petition
any court of competent jurisdiction or may interplead the Pledgor and the Pledgees in a proceeding for the appointment of a successor Agent, and all fees, including, but not limited to, extraordinary fees associated with the filing of interpleader
and expenses associated therewith, shall be payable by the Pledgor on demand. 
 7. Fees Payable to the Agent. For services rendered,
the Agent shall receive as compensation $7,500 which fee shall be paid by the Pledgor promptly following the signing of this Agreement. 
  

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 Schedule A to Pledge Agreement 
 18,000,000 shares of Biovest International, Inc. evidenced by certificate number BI2220.EXHIBIT 10.1

 EXECUTION VERSION 
 RETIREMENT AGREEMENT 
 This Retirement Agreement (“Agreement”) dated as of
September 29, 2006 is made by and between Laurence C. Siegel (“Executive”) and The Mills Corporation (the “Company”) (collectively referred to as the “Parties”). 
 WHEREAS, Executive is an employee and director of the Company and currently serves as the Chief Executive Officer and the Chairman of the Board of
Directors of the Company (the “Board”); 
 WHEREAS, the Company and Executive are parties to an Employment Agreement, dated
as of April 1, 2004 (the “Employment Agreement”); 
 WHEREAS, the Company and Executive are parties to an
Indemnification Agreement, dated April 21, 1994 (the “Indemnification Agreement”); 
 WHEREAS, Executive desires to
retire as an employee of the Company to pursue work with Colony and Kan Am on the Meadowlands Project (each as defined herein); 
 WHEREAS,
pursuant to Section 6.9 of the Employment Agreement, Executive and the Company have determined that Executive shall retire as an employee of the Company and resign his employment with the Company as of the Effective Date (as defined in
Section 21 below); 
 WHEREAS, as of the Effective Date, Executive will become the Non-Executive Chairman of the Board, subject to the
provisions of Sections 1(c) and 1(d) herein, and shall resign as an officer of any of the Company’s subsidiaries or affiliated entities; 
 WHEREAS, the Company and Executive desire to provide for consulting services, whereby the Company will benefit from the services of Executive following his retirement as Chief Executive Officer and an employee of the Company upon the
Effective Date; and 
 WHEREAS, the Company and Executive desire to make provision for the payments, accelerated vesting of restricted stock
and benefits that Executive will be entitled to receive from the Company in consideration for Executive’s obligations and actions under this Agreement. 
 NOW THEREFORE, in consideration of the promises and agreements contained herein and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, and intending to be legally
bound, the Parties hereby agree as provided below. Capitalized terms used herein and not otherwise defined shall have the meaning given to such terms in the Employment Agreement. 
 1. Retirement from and Resignation of Employment and Continued Service on the Board. 
 (a) Executive hereby, effective as of the Effective Date, retires and resigns as Chief Executive Officer and an employee of the Company, subject to the
provisions hereof. 

  

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Executive hereby, effective as of the Effective Date, resigns from every position Executive holds as an officer or director of any of the Company’s
subsidiaries or affiliated entities. 
 (b) Executive’s retirement and resignation as Chief Executive Officer and as an employee of the
Company, effective as of the Effective Date, shall be pursuant to Section 6.9 of the Employment Agreement, and, except as specifically provided herein, the terms of this Agreement shall supersede in all respects the terms of the Employment
Agreement. 
 (c) Subject to Section 1(d) herein, as of the Effective Date, Executive shall retain his position as a director of the
Board, and his title as Chairman of the Board shall become “Non-Executive Chairman of the Board of Directors”, subject to the Company’s certificate of incorporation, by-laws, and applicable law. From the Effective Date to
December 31, 2006, Executive shall not be eligible to receive any fees or other compensation that the Company provides to non-employee directors of the Board. On January 1, 2007 and thereafter, while Executive serves as a non-employee
director of the Company, Executive shall be eligible to receive the same fees and other compensation that the Company provides to non-employee directors of the Board. 
 (d) To the extent that the Company or any of its affiliates shall consummate the transaction with Colony Capital Acquisition, LLC (“Colony”) and Kan Am USA Management XXII Limited Partnership
(“Kan Am”) pursuant to which Colony would (i) arrange for construction financing for the Meadowlands Xanadu development project (the “Meadowlands Project”) and (ii) make a significant equity infusion into
the joint venture for the Meadowlands Project that currently includes Kan Am and the Company (the “Meadowlands Transaction”), then upon consummation of the Meadowlands Transaction, Executive shall resign from his position as
Non-Executive Chairman of the Board immediately on the date the Meadowlands Transaction is consummated, and thereafter Executive shall remain a director of the Company, subject to the Company’s certificate of incorporation, by-laws, and
applicable law. 
 2. Press Release. The Company consult with the Executive on the initial press release associated with
Executive’s retirement, and will consider, in good faith, any comments that the Executive may have with respect to such initial draft relating to the description of his retirement and resignation contained therein. 
 3. Consideration. The Company agrees to provide Executive with the following: 
 (a) Accrued Compensation. Subject to the following sentence, the Company shall pay to the Executive: (i) all of Executive’s accrued but
unpaid base salary, as such amount is provided pursuant to Section 4.1 of the Employment Agreement, which is owed to Executive through the Effective Date; (ii) all of Executive’s accrued but unpaid amounts, as provided pursuant to
Section 5.2 of the Employment Agreement, which is owed to Executive through the Effective Date; (iii) all of Executive’s accrued but unpaid vacation time as of the Effective Date; and (iv) all unpaid ordinary and reasonable
business expenses incurred by Executive in connection with the Company’s business through the Effective Date, including, any travel and lodging business expenses involving the Meadowlands Transaction, in accordance with the Company’s
policies in effect as of the Effective Date for senior executives (collectively, the “Accrued Compensation”). The Company shall pay the Accrued Compensation to Executive 

  

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within fourteen (14) calendar days following the date on which the Chief Financial Officer of the Company determines the applicable amount of the
Accrued Compensation that is due and owing to Executive; provided, however, that any such determination will be made on or prior to October 31, 2006. For the avoidance of doubt, the Company represents and the Executive agrees that the Executive
has never, through the Effective Date, elected to have the Company deposit any compensation, including any portion of the Accrued Compensation, into the “Trust”, as such term is defined in Section 4.6 of the Employment Agreement.

 (b) Continuation of Benefits. Executive shall be eligible to elect to receive “COBRA” continuation coverage, to the
extent permitted by Section 601 et seq. of the Employee Retirement Income Security Act of 1974, as amended (the “COBRA Coverage”), as of the date that Executive ceases to receive coverage under the Company’s group
medical and dental insurance plans due to his retirement as an employee of the Company and his resignation of employment with the Company as of the Effective Date. Subject to Section 3(f), provided that Executive, and if applicable, his spouse
and dependents, elect to receive COBRA Coverage, for a two (2) year period following the Effective Date, the Company agrees to reimburse Executive for, or to directly pay to the applicable medical and dental insurance carrier, the cost of any
premiums incurred by the Executive to secure COBRA Coverage for himself, his spouse and his dependents under the Company’s group medical and dental insurance plans at the same coverage level applicable to employees of the Company generally.

 (c) Legal Fees Reimbursement. The Company agrees to pay Executive’s legal fees and costs (and related disbursements) incurred
in connection with Executive’s retirement from and resignation of his employment and consulting arrangement with the Company in the amount of $50,000, which shall be payable as a lump sum on the date that is six months (6) and one day
following the Effective Date, or such earlier date as may be permitted by guidance under Section 409A of the Internal Revenue Code of 1986, as amended, (the “Code”). 
 (d) Severance Payment. The Company agrees to pay Executive as severance pay and, except as otherwise provided herein, in lieu of any further
compensation for periods subsequent to the Effective Date, a lump-sum cash amount equal to $2,500,000 (the “Severance Payment”), which shall be payable on the date that is six months and one day following the Effective Date, or such
earlier date as may be permitted by guidance under Code Section 409A. 
 (e) Change in Control Payment. In the event that, on or
prior to December 31, 2007, a Change in Control (as defined in Section 3(g) below) shall have occurred, then, subject to Section 3(f), within five (5) calendar days following such Change in Control, the Company shall make a
lump-sum cash payment to the Executive in an amount equal to $10,500,000 (the “Change in Control Payment”). 
 (f) Except as
otherwise may be permitted by guidance under Code Section 409A, no Change in Control Payment or other payments referenced herein, including any benefits continuation payments made by the Company pursuant to Section 3(b) (the
“Applicable Payments”), will be paid during the six-month period following the Effective Date if the Board determines, in its good faith judgment, that paying such amounts within the six-month period following the Effective Date
would cause the Executive to incur an additional tax under Code Section 409A. To the extent the payment of any portion of the Applicable Payments 

  

 - 3 - 

 
is delayed as a result of the previous sentence, on the first day following the end of the six-month period, the Company will pay the Executive a lump-sum
cash payment in an amount equal to that portion of the Applicable Payments which would have otherwise been previously paid to the Executive under this Agreement but for the delay set forth in this Section 3(f). 
 (g) For the purposes of this Agreement, a “Change in Control” of the Company shall be deemed to have occurred as of the first day on
which any one of the following conditions shall have been satisfied: 
 (i) the acquisition of beneficial ownership, as such
term is defined in the Securities Exchange Act of 1934, as amended (the “Exchange Act”), in a single transaction or series of related transactions (by tender offer or otherwise), of more than fifty percent (50%) of the voting
securities of the Company by a single person or entity (other than the Company) or “group” within the meaning of Section 13(d)(3) of the Exchange Act, whether through the acquisition of previously issued and outstanding voting
securities, or of voting securities that have not been previously issued, or any combination thereof; or 
 (ii) there shall
be consummated any consolidation, merger, business combination or reorganization involving the Company or the securities of the Company in which holders of voting securities of the Company immediately prior to such consummation own, as a group,
immediately after such consummation, voting securities of the Company (or, if the Company does not survive such transaction, voting securities of the corporation surviving such transaction) having less than fifty percent (50%) of the total
voting power in an election of directors of the Company (or such other surviving corporation); 
 (iii) there shall be
consummated any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the assets of the Company (on a consolidated basis) to a party which is not a direct or indirect
wholly-owned subsidiary of the Company, including, without limitation, any sale, lease, exchange or other transfer of all or substantially all of the assets of the Company (on a consolidated basis) that includes the assets of The Mills Limited
Partnership, a Delaware Limited Partnership (the “Operating Partnership”); 
  

 - 4 - 

 (iv) (A) the individuals who constituted the Company’s Board as of the Effective
Date (the “Incumbent Board”) cease for any reason to constitute at least a majority of the directors of the Company; provided, however, that individuals whose election, or whose nomination for election by the
Company’s shareholders, was approved by a vote of at least two-thirds (2/3) of the Incumbent Board shall be considered, for purposes of this Agreement, members of the Incumbent Board; and provided, further, that no individual
shall be considered a member of the Incumbent Board if such individual initially assumed office as a result of either an actual or threatened “election contest” (as described in Rule 14a-11 promulgated under the Exchange Act) (an
“Election Contest”) or other actual or threatened solicitation of proxies or consents by or on behalf of a person or entity other than the Company’s Board (a “Proxy Contest”), including by reason of any
agreement intended to avoid or settle any Election Contest or Proxy contest; and (B) the conditions giving rise to a Change in Control pursuant to this clause (iv) shall also constitute a Change in Control pursuant to any “change in
control” definition in any employment agreements, then in effect, between the Company and the Chief Executive Officer of the Company and the Company and the Chief Financial Officer of the Company; or 
 (v) (A) the Company (or its successor) no longer serves as the sole general partner of the Operating Partnership other than as a result
of (i) the merger of the Operating Partnership with the Company or a subsidiary of the Company, (ii) the redemption of all limited partnership interests in the Operating Partnership by the Operating Partnership or the purchase of all such
limited partnership interests by the Company, or (iii) the liquidation, dissolution or winding up of the Operating Partnership; and (B) the conditions giving rise to a Change in Control pursuant to this clause (iv) shall also
constitute a Change in Control pursuant to any “change in control” definition in any employment agreements, then in effect, between the Company and the Chief Executive Officer of the Company and the Company and the Chief Financial Officer
of the Company. 
 Notwithstanding anything in this Agreement to the contrary, a Change in Control shall be deemed not to have occurred with
respect to Executive if (A) any of the foregoing transactions occurs with any employee benefit plan of the Company, or with any trustee or fiduciary or committee of any employee benefit plan of the Company, any affiliate of the Company, any
direct or indirect wholly-owned subsidiary of the Company or any entity owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of stock of the Company prior to the event that would
otherwise constitute a Change in Control, or (B) in the case of a transaction or a series of related transactions described in clause (iii) above, the primary use of proceeds is to repay liabilities of the Company or its affiliates, as
reasonably determined by the Board. 
 4. Vesting of Restricted Stock Awards. Notwithstanding any provision in the terms of any
incentive compensation plan or agreement or otherwise to the contrary, Executive shall vest in the 10,952 shares of restricted stock that are subject to The Mills Corporation Restricted Stock Agreement dated January 1, 1998 (the
“Restricted Stock Agreement”) in the event a Change in Control occurs prior to July 1, 2007. In the event a Change in Control does not occur prior to July 1, 2007, such shares will be immediately forfeited without
consideration on July 1, 2007. 
  

 - 5 - 

 5. Other Amounts Payable to Executive. In addition to the Severance Payment, the Company agrees to
pay Executive an amount equal to the difference between (a) $737,500 and (b) the aggregate Per Diem Payments (as defined below) that Executive is paid for his consulting services to the Company under this Agreement, payable in a lump sum
on the date that is six months and one day following the Effective Date, or such earlier date as may be permitted by guidance under Code Section 409A. 
 6. No Other Payments. Executive acknowledges and agrees that he shall have no right to receive any salary, wages, bonuses, accrued vacation, commissions or any other compensation or benefits (other than vested
and accrued benefits under the Company’s group pension, tax-qualified profit sharing, 401(k) and welfare benefit plans, which group benefit plans shall not include performance incentive plans, long-term incentive plans, or equity, phantom stock
or equity-based compensation plans) other than as specified in this Agreement. Except as provided in this Agreement, neither the Company nor any of its affiliates shall have any other obligations to Executive under the Employment Agreement or
otherwise, including but not limited to any payments provided for in Section 6 of the Employment Agreement. Executive acknowledges and agrees that he no longer has any right to (i) any cash-based awards, including but not limited to awards
under the Company’s performance incentive plan(s) and long term incentive plan(s), or (ii) equity, phantom stock or equity-based compensation awards that are unvested as of the Effective Date. 
 7. Amounts Owed By Executive. Executive hereby agrees to pay to the Company any amounts that the Chief Financial Officer of the Company determines
is owed to the Company with respect to (i) expense reimbursement amounts that may have been erroneously paid to the Executive, and (ii) any non-business related perquisites that may have been provided to the Executive, including $362,156
for personal use of the Company-chartered aircraft and personal flights erroneously paid by the Company. Within fourteen (14) days of the Effective Date, Executive will pay to the Company the $362,156 for personal use of the Company-chartered
aircraft and personal flights erroneously paid by the Company. With respect to each other amount that is owed to the Company, Executive shall pay such amount to the Company within fourteen (14) calendar days following the date on which the
Chief Financial Officer of the Company notifies Executive in writing of such amount; provided, however, that any such determination will be made on or prior to October 31, 2006. 
 8. Directors’ and Officers’ Liability Insurance Policy. Notwithstanding anything to the contrary in the Employment Agreement, the
Company shall, at its sole cost and expense, obtain and/or maintain directors’ and officers’ liability insurance coverage with respect to services that Executive shall render to the Company as a non-employee director of the Board
(including as the Non-Executive Chairman of the Board) on and after the Effective Date, at the same level of coverage and for the same time period of coverage as applicable on or after the Effective Date to the non-employee directors of the Board
generally. 
 9. Taxes. The Company shall be entitled to withhold from any amounts payable under this Agreement any federal, state,
local or foreign taxes which the Company is required to withhold pursuant to any law, government regulation, or ruling. To the extent any taxes may be due on the payments to Executive provided in this Agreement beyond any withheld by the Company,
Executive agrees to pay them himself. Executive further agrees to provide any and all 

  

 - 6 - 

 
information pertaining to Executive upon request as reasonably necessary for the Company and other entities released herein to comply with applicable tax
laws. In no event shall the Company be responsible for paying any taxes, interest and/or penalties incurred by the Executive pursuant to (a) Code Section 4999 or (b) Code Section 409A. 
 10. Consulting Services. 
 (a) The
Company shall retain Executive’s services, and Executive agrees to provide reasonable consulting services to the Company, for the period commencing on the Effective Date and ending on December 31, 2006 (the “Consulting
Period”), as specified in this Section 10. 
 (b) During the Consulting Period, Executive will render to the Company such
services of a consultative nature as the Company reasonably may request with respect to the Company’s strategic advice and planning, including reasonable assistance upon the Company’s reasonable request with respect to any transaction
contemplated by the Company, including any transaction that, if consummated, would constitute a Change in Control, so that the Company may continue to have the benefit of Executive’s experience and knowledge of the affairs of the Company and of
Executive’s business reputation and contacts. Executive shall be available to provide such services at reasonable times by telephone, letter, e-mail, or in person. For each day that the Company requests that Executive render consulting services
to the Company, other than any cooperation or assistance requested by the Company pursuant to Section 11(d), and Executive actually renders such consulting services to the Company, the Company agrees to pay Executive a per diem of $5,000 (the
“Per Diem Payment”) payable within fifteen (15) calendar days following the date that Executive submits documentation reasonably acceptable to the Company that evidences Executive’s rendering of consulting services.

 (c) During the Consulting Period, the Company agrees to reimburse Executive for reasonable travel, lodging, telephone, and similar
ordinary and necessary business expenses incurred in connection with any consulting services provided under Section 10 of this Agreement and for which proper supporting documentation has been submitted to the Company by Executive. 

11. Employee Covenants. 
 (a)
Non-Competition. Executive shall not, during the Non-Competition Period: 
 (i) engage either individually or as an
officer, director, employee, agent, consultant, partner, investor (excluding passive investments in voting securities of a publicly-traded entity aggregating less than five percent (5%) of any such entity’s total outstanding voting
securities), creditor, principal or otherwise, in the predevelopment, development, redevelopment, operation, management or leasing of any type of retail or entertainment-based shopping center, mall, strip center or other commercial property that is
located within ten (10) miles of any of the Company’s assets in existence as of the Effective Date; and 
  

 - 7 - 

 (ii) enter into or agree, offer, propose, or seek to enter into, or otherwise be involved
in or part of, or assist with, directly or indirectly, (A) any acquisition transaction, proposed acquisition transaction, or any other business venture relating to all or part of the Company, or (B) any acquisition transaction, proposed
acquisition transaction, or any other business venture for all or part of the assets of the Company. 
 (iii) For the
purposes of this Agreement, the “Non-Competition Period” means the period beginning on the Effective Date and ending on the earliest to occur of (i) December 31, 2007, (ii) in the event that a Change in Control of the
Company shall have occurred on or prior to March 31, 2007, ninety (90) days following the date of such Change in Control of the Company, and (iii) in the event that a Change in Control of the Company shall have occurred after
March 31, 2007, thirty (30) days following such Change of Control. 
 (iv) Notwithstanding anything to the contrary
in the foregoing, any actions taken by Executive that are reasonably related to his provision of services to Colony solely with respect to the Meadowlands Project (including, for purposes of this Section 11(a)(iv), the Meadowlands New Jersey
site on which the Meadowlands Project is located and any project within a five-mile radius of this project) shall be deemed not to compete with the business activities of the Company for purposes of this Section 11(a). 
 (b) Non-Solicitation. For a period of twenty-four (24) months after the Effective Date, Executive shall not cause, solicit, entice or induce,
any employee of the Company or any employee of any affiliate of the Company to (i) leave the employ of the Company or any affiliate of the Company, (ii) interfere in any manner with the business of the Company or any affiliate of the
Company, or (iii) accept employment with, or compensation from, Executive or any person, entity or business with which Executive is associated or affiliated or by whom Executive is employed. 
 (c) Return of Company Property. On the Effective Date, Executive shall promptly deliver to the Company all Proprietary Property and all other
property and materials, belonging to the Company, including, without limitation, all lists of and information pertaining to the Company’s clients, tenants, prospective clients or prospective tenants, but excluding materials distributed to
employees of the Company generally and relating to Executive’s rights and obligations as an employee of the Company and excluding Executive’s Rolodex. 
 (d) Cooperation. Following the Effective Date, Executive shall cooperate with the Company in all matters relating to any litigation in which the Company is or becomes involved, and, following December 31,
2006, in the winding up of his pending work on behalf of the Company, including, but not limited to, providing reasonable assistance upon the Company’s reasonable request from the Effective Date through December 31, 2007 with respect to
any transaction contemplated by the Company, including any transaction that, if consummated, may constitute a Change in Control. The Company further agrees to reimburse Executive for reasonable travel, lodging, telephone and similar ordinary and
necessary expenses, as well as reasonable attorneys’ fees and costs (if independent legal counsel is necessary), incurred in connection with any cooperation, consultation, and advice rendered under this Agreement after the Effective Date and
for which proper supporting documentation has been submitted to the Company by Executive. 
  

 - 8 - 

 (e) Non-Disparagement. Executive shall not, at any time on and following the Effective Date, make
or publish any disparaging written or oral statements or remarks regarding the Company, its subsidiaries, its stockholders or its current or former officers, directors, employees, independent contractors, members or clients. The Company’s
officers and members of its Board shall not, at any time on and following the Effective Date, make or publish any disparaging written or oral statements or remarks regarding Executive, his dependents or beneficiaries. Nothing in this
Section 11(e) shall be construed to limit the ability of the Parties to make any truthful statement (i) pursuant to valid legal process, including but not limited to, a subpoena, court order or investigation, or (ii) that the
applicable party deems is reasonably necessary to satisfy any applicable laws and regulations, including applicable securities laws and regulations. Notwithstanding anything to the contrary in this Agreement, it is expressly understood by both
Parties that no provision of this Agreement limits in any manner any truthful statements that either party may choose to make with respect to the pending Audit Committee investigation, any Securities and Exchange Commission investigation, any other
pending or future investigation or any litigation involving the Company, or in which the Company has an interest, or in any other proceeding related thereto. 
 (f) Certain Acknowledgments. Executive acknowledges and agrees that: 
 (i) As the
Chief Executive Officer of the Company prior to the Effective Date, Executive has been involved, on a high level, in the development, implementation and management of the Company’s strategies and plans. By virtue of Executive’s unique and
sensitive position as Chief Executive Officer of the Company prior to the Effective Date and by virtue of Executive’s special background, employment of Executive by a competitor of the Company (other than as provided in this Agreement) at any
time while the terms set forth in Section 11 of this Agreement are in effect represents a serious competitive danger to the Company, and the use of Executive’s talent and knowledge and information about the Company’s business
strategies can and would constitute a valuable competitive advantage over the Company; 
 (ii) Enforcement of the terms set
forth in Section 11 of this Agreement hereof will not prevent Executive from earning a living in the real estate industry; 
 (iii) The Company has made a substantial investment in Executive and the Company’s business; 
 (iv) The terms
in Section 11 of this Agreement are reasonable, proper and necessary for the Company’s protection; and 
 (v) This
Agreement is not intended to restrict Executive from performing work in a role that does not compete with the business of the Company as of the Effective Date. 
 (g) Enforcement and Remedies. 
  

 - 9 - 

 (i) If a court of competent jurisdiction finds Section 11, or any of its terms, to
be ambiguous, unenforceable and/or invalid, Executive and the Company agree that such court shall (i) in the case of ambiguity, read Section 11 as a whole and interpret the restriction(s) at issue to be enforceable and valid to the maximum
extent permitted by law for the protection of the Company’s business interests; and (ii) in the case of unenforceability or invalidity of any of the terms of Section 11, eliminate such unenforceable or invalid provisions from this
Agreement to the extent necessary to permit any remaining provisions to be enforced to the maximum extent permitted for the protection of the Company’s business interests. 
 (ii) The Parties acknowledge that it may be impossible to assess the monetary damages incurred by the other party’s violation of
Section 11, or any of its terms, and that any threatened or actual violation or breach of Section 11, or any of its terms, will constitute immediate and irreparable injury to the other party. The Parties expressly agree that, in addition
to any and all other damages and remedies available to the aggrieved party as a result of a breach of Section 11, the aggrieved party shall be entitled to seek an injunction restraining the other party from violating or breaching
Section 11 or any of its terms. 
 12. No Admission of Liability; Reservation of Rights. No action taken by the Parties hereto,
or either of them, either previously or in connection with this Agreement shall be deemed or construed to be: (a) an admission of the truth or falsity of any claims heretofore made or (b) an acknowledgment or admission by either party of
any fault or liability whatsoever to the other party or to any third party. Except as specifically and expressly waived in this Agreement by the Company, the Company expressly reserves its right to pursue all claims, actions and remedies against the
Executive. Except as specifically and expressly waived in this Agreement by Executive, Executive expressly reserves his right to pursue all claims, actions and remedies against the Company. 
 13. Authority. The Company represents and warrants that the undersigned has the authority to act on behalf of the Company and to bind the Company
to the terms and conditions of this Agreement. Executive represents and warrants that he has the capacity to act on his own behalf and on behalf of all who might claim through him to bind them to the terms and conditions of this Agreement. Each
Party warrants and represents that there are no liens or claims of lien or assignments in law or equity or otherwise of or against any of the claims or causes of action released herein. 
 14. No Representations. Each Party represents that it has had the opportunity to consult with an attorney, and has carefully read and understands
the scope and effect of the provisions of this Agreement. Neither Party has relied upon any representations or statements made by the other Party hereto which are not specifically set forth in this Agreement. 
 15. Severability. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable
or void, this Agreement shall continue in full force and effect without said provision so long as the remaining provisions remain intelligible and continue to reflect the original intent of the Parties. 
 16. Indemnification Agreement. The Parties agree that nothing in this Agreement shall supersede the terms of the Indemnification Agreement. To the
extent this Agreement 

  

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conflicts with the terms of the Indemnification Agreement, the Indemnification Agreement shall prevail. 
 17. Employment Agreement. Except as specifically referenced herein, the Parties agree that this Agreement shall supersede in all respects the
terms of the Employment Agreement and that the Employment Agreement shall have no further force or effect after the Effective Date. 
 18.
No Waiver. The failure of any party to insist upon the performance of any of the terms and conditions in this Agreement, or the failure to prosecute any breach of any of the terms and conditions of this Agreement, shall not be construed
thereafter as a waiver of any such terms or conditions. This entire Agreement shall remain in full force and effect as if no such forbearance or failure of performance had occurred. 
 19. No Oral Modification. Any modification or amendment of this Agreement, or additional obligation assumed by either party in connection with
this Agreement, shall be effective only if placed in writing and signed by both Parties. 
 20. Governing Law. This Agreement shall be
construed, interpreted, governed, and enforced in accordance with the laws of the Commonwealth of Virginia, without regard to conflict of law principles. The Parties hereby consent to personal and exclusive jurisdiction and venue in the state and
federal courts of the Commonwealth of Virginia. 
 21. Effective Date. This Agreement is effective after it has been signed by both
Parties (the “Effective Date”). 
 22. Counterparts. This Agreement may be executed in counterparts, and each
counterpart shall have the same force and effect as an original and shall constitute an effective, binding agreement on the part of each of the undersigned. 
 23. Prevailing Parties. In the event that either the Company or Executive is successful in whole or in part in any legal or equitable action against the other Party under this Agreement (either as determined by
a court of competent jurisdiction pursuant to a final, non-appealable order or as agreed to by the Parties pursuant to a duly executed settlement agreement), the prevailing party in any such dispute shall be entitled to receive a reimbursement of
his or its reasonable attorneys’ fees and related costs associated with resolving such dispute. 
 24. Successors and Assigns.

 (a) The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise)
to all to all or substantially all of the business or assets of the Company expressly to assume and to agree to perform this Agreement in the same manner and to the same extent the Company would be required to perform if no such succession had taken
place. This Agreement will be binding upon and inure to the benefit of the Company and any successor to the Company, including without limitation any persons acquiring directly or indirectly all or substantially all of the business or assets of the
Company whether by purchase, merger, consolidation, reorganization or otherwise (and such 

  

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successor shall thereafter be deemed the “Company” for the purposes of this Agreement), but will not otherwise be assignable, transferable or
delegable by the Company. 
 (b) Neither this Agreement nor any right or interest hereunder shall be assignable or transferable by the
Executive, his beneficiaries or legal representatives, except by will or by the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive’s legal or personal representatives, executors,
administrators, successors, heirs, distributees and legatees. 
 25. Notices. Any notice given pursuant to this Agreement to any party
hereto shall be deemed to have been duly given when mailed by registered or certified mail, return receipt requested, or by overnight courier, or when hand delivered as follows: 
 If to the Company: 
 The Mills Corporation 
 5425 Wisconsin Avenue 
 Suite 500 
 Chevy Chase, Maryland 20815 
 Attention: Mark Ordan, President 
 With a copy to: 
 Latham & Watkins LLP 
 555 Eleventh Street, NW 
 Washington, D.C. 20004 
 Attention: Scott C. Herlihy 
 If to Executive: 
 Laurence C. Siegel 
 10017 Bentcross Drive 
 Potomac, MD 20854 
 With a copy to: 
 Jones Day 
 222 East 41st Street 
 New York, New York
10017-6702 
 Attention: John R. Cornell 
 or to any such person or at such other address as either party shall from time to time designate by written notice, in the manner provided herein, to the other party hereto. 
 26. Voluntary Execution of Agreement. This Agreement is executed voluntarily and without any duress or undue influence on the part or behalf of
the Parties hereto, and this Agreement is executed by Executive without reliance upon any statement or representation, 

  

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written or oral, by the Company, its employees or any party herein, except as set forth herein. The Parties acknowledge that: 
 (a) they have read this Agreement; 
 (b)
they have been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of their own choice or that they have voluntarily declined to seek such counsel; 
 (c) they understand the terms and consequences of this Agreement; 
 (d) no promise or inducement for this Agreement has been made except as set forth in this Agreement; and 
 (e) they are fully aware of the legal and binding effect of this Agreement 
 [Signature Page Follows] 
  

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 IN WITNESS WHEREOF, the Parties have executed this Agreement on the respective dates set forth below.

  

									
		 		 		 	 THE MILLS CORPORATION

					
	 Dated:
	 	         September 30, 2006
	 		 	 By:
	 	 /s/   MARK S. ORDAN

		 		 		 	 Name:
	 	        Mark S. Ordan

		 		 		 	 Title:
	 	        Chief Operating Officer

				
		 		 		 	 Laurence C. Siegel, an individual

				
	 Dated:
	 	         September 30, 2006
	 		 	     /s/    LAURENCE C.
SIEGEL            

  

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