Indemnification Agreement between Biovest International, Inc. and Francis O'Donnell

Contract Categories: Business Operations › Indemnification Agreements
Summary

Biovest International, Inc. agrees to protect and reimburse Francis O'Donnell for any claims or liabilities he may face as a guarantor for a $6,000,000 loan made to Biovest's subsidiary, Biovax, Inc. If O'Donnell is required to provide funds, assets, or collateral due to his guarantee of the loan, Biovest will cover those costs to the fullest extent allowed by law. This agreement ensures O'Donnell is not personally at risk for losses related to his role as guarantor.

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EX-10.22 23 dex1022.htm INDEMNIFICATION AGREEMENT FROM BIOVEST TO FRANCIS O'DONNELL Indemnification Agreement from Biovest to Francis O'Donnell

Exhibit 10.22

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 Francis O’Donnell (“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