Indemnification Agreement between Biovest International, Inc. and Steven Arikian
Biovest International, Inc. agrees to protect and reimburse Steven Arikian for any claims or liabilities he may face as a guarantor for a $50,000 loan from U.S. Bank to Biovest’s subsidiary, Autovaxid, Inc. If Mr. Arikian is required to pledge or provide funds, assets, or collateral due to his guarantee, Biovest will cover those costs to the fullest extent allowed by law. This agreement ensures Mr. Arikian is not personally at risk for acting as guarantor in this transaction.
Exhibit 10.21
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 Steven Arikian, with an address of 151 Beach 147th, Neponsit, NY 11694, (“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 $50,000, 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) ###-###-####
