Indemnification Agreement between Biovest International, Inc. and Steven Stogel

Contract Categories: Business Operations › Indemnification Agreements
Summary

Biovest International, Inc. agrees to protect and reimburse Steven Stogel for any claims or liabilities he may face as a guarantor for a $6 million loan from U.S. Bank to Biovest’s subsidiary, Biovax, Inc. If Mr. Stogel is required to pledge or provide funds, assets, or collateral under his guarantee, Biovest will cover those obligations to the fullest extent allowed by law. This agreement ensures Mr. Stogel is not personally at risk for acting as guarantor in this transaction.

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EX-10.19 20 dex1019.htm INDEMNIFICATION AGREEMENT FROM BIOVEST TO STEVEN STOGEL Indemnification Agreement from Biovest to Steven Stogel

Exhibit 10.19

INDEMNIFICATION AGREEMENT

THIS AGREEMENT, made on this 25th day of April, 2006, by and between Biovest International, Inc. (“BioVest”), a Delaware corporation with a place of business at 324 S. Hyde Park Ave., Suite 350, Tampa FL 33606, and Steven Stogel (“Guarantor”) is as follows:

In consideration of Guarantor performing certain services for BioVest, to wit, acting as a Guarantor in connection with a New Market Tax Credit loan transaction from U.S. Bank (the “Loan”) to Biovest’s wholly-owned subsidiary, Biovax, Inc. (“Biovax”) in an aggregate amount of $6,000,000, BioVest hereby agrees and undertakes to indemnify Guarantor, and to hold Guarantor harmless from and against any and all claims, causes of actions, and liabilities of any kind to the fullest extent permitted by law to the extent that Guarantor is called upon to pledge and/or advance funds, assets, or collateral in connection with the guarantee being executed by Guarantor in connection with this Loan.

 

Biovest International, Inc.
By  

/S/ JAMES A. MCNULTY

  James A. McNulty, CFO & Secretary