Indemnification Agreement between Biovest International, Inc. and Alan Pearce
This agreement is between Biovest International, Inc. and Alan Pearce. Biovest agrees to indemnify and protect Alan Pearce from any claims or liabilities that may arise if he is required to provide funds, assets, or collateral as a guarantor for a $500,000 loan made to Biovest’s subsidiary, Autovaxid, Inc. The agreement ensures that Pearce will be held harmless to the fullest extent allowed by law for his role in guaranteeing the loan.
Exhibit 10.20
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 Alan Pearce, with an address of 324 S. Hyde Park Ave., Suite 350, Tampa, FL 33606, (“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 $500,000, 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) ###-###-####
