Settlement Agreement Between Biovest International, Inc. and Creditors Regarding Outstanding Invoices
This agreement is between Biovest International, Inc. and its creditors, represented by Robert Rocke, Robert McLean, and Jonathan Sbar. Biovest agrees to settle outstanding invoices totaling $27,260 by paying $14,821 in cash (with payments split between March and April 2008) and issuing 11,309 shares of its common stock, valued at $1.10 per share, to the creditors. Biovest also commits to ensuring the shares can be sold under Rule 144 after a six-month holding period. This resolves all listed outstanding charges in full.
Exhibit 10.1
 | 2309 S. Macdill Avenue | |
| Tampa, FL 33629 | ||
| Tel: 813 ###-###-#### | ||
| Fax: 813 ###-###-#### | ||
| Sender’s Email: ***@*** | ||
| Direct Dial: 813 ###-###-#### |
February 22, 2008
VIA FACSIMILE AND U.S. MAIL
Samuel S. Duffy, Esq.
General Counsel
Accentia Biopharmeaceuticals, Inc.
324 South Hyde Park Avenue, Suite 350
Tampa, Florida 33606
| Re: | Biovest International, Inc. |
Dear Sam:
As we have discussed, we are willing to accept payment as outlined below for satisfaction in full of the outstanding invoices listed on the attached account statements, aggregating outstanding charges of $27,260.00.
| * | $14,821.00 to be paid in cash. $8,000 to be paid in March 2008 and the balance to be paid in April 2008; |
| * | The balance of the invoice equal to $ 12,439.00 to be paid through the issuance of 11,309 shares of common stock in Biovest (based on a market value of $1.10) (the “Shares”) issued in the noted increments to Robert Rocke (3,769), Robert McLean (3,769) and Jonathan Sbar (3,769). |
| * | In the event that the Shares remain restricted for any reason following the conclusion of the non-affiliate 6 month holding period under Rule 144, Biovest agrees to keep its 1934 Act reporting current and take any other necessary steps to facilitate the sale of the Shares under Rule 144, as revised. |
If this conforms with your understanding, please proceed to issue the Shares as soon as possible. Should you have any questions, please do not hesitate to contact me.
Sincerely,
Robert L. Rocke
RLR/vw
| cc: | Robert D. McLean, Esq. |
| Jonathan B. Sbar, Esq. |
