Indemnification Agreement between Biovest International, Inc. and Ronald Osman

Contract Categories: Business Operations › Indemnification Agreements
Summary

Biovest International, Inc. agrees to protect and reimburse Ronald Osman for any claims or liabilities he may face as a guarantor for a $6,000,000 loan from U.S. Bank to Biovest’s subsidiary, Biovax, Inc. If Mr. Osman is required to pledge or provide funds, assets, or collateral due to his guarantee, Biovest will cover those obligations to the fullest extent allowed by law. This agreement ensures Mr. Osman is not personally at risk for acting as a guarantor for the loan.

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EX-10.21 22 dex1021.htm INDEMNIFICATION AGREEMENT FROM BIOVEST TO RONALD OSMAN Indemnification Agreement from Biovest to Ronald Osman

Exhibit 10.21

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 Ronald Osman (“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