INDEMNIFICATION AGREEMENT
Exhibit 10.16
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 000 X. Xxxx Xxxx Xxx., Xxxxx 000, Xxxxx, XX 00000, and Xxxxxx X. Xxxxxx, with an address of 0000 Xxxxxxxx Xxx., Xxxxx 0000, Xx. Xxxxx, XX 00000, (“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 $250,000, 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/ Xxxxx X. XxXxxxx | |
| Xxxxx X. XxXxxxx CFO & Secretary | ||
000 X. Xxxx Xxxx Xxxxxx
Xxxxx 000
Xxxxx, XX 00000
PH: (000) 000-0000 FAX: (000) 000-0000
