Indemnification Agreement Between Biovest International, Inc. and Ronald E. Osman
Biovest International, Inc. agrees to indemnify Ronald E. Osman for any claims or liabilities he may face as a guarantor for a $1,000,000 loan from U.S. Bank to Biovest's subsidiary, Autovaxid, Inc. If Mr. Osman is required to pledge or provide funds, assets, or collateral under this guarantee, Biovest will protect him from related losses or legal actions, to the fullest extent allowed by law. This agreement ensures Mr. Osman is held harmless for his role in supporting the loan transaction.
Exhibit 10.18
INDEMNIFICATION AGREEMENT
THIS AGREEMENT, made on this 8th day of December, 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 E. Osman, with an address of 1602 West Kimmel Street, Marion, IL 62959, (“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, Autovaxid, Inc. (“Autovaxid”) in an aggregate amount of $1,000,000, 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 | ||
324 S. Hyde Park Avenue
Suite 350
Tampa, FL 33606
PH: (813) ###-###-#### FAX: (813) ###-###-####
