0001193125-07-273009 Sample Contracts

VALENS U.S. SPV I, LLC c/o Valens Capital Management, LLC
Royalty Agreement • December 28th, 2007 • Biovest International Inc • Pharmaceutical preparations • New York

Reference is made to the Royalty Agreement dated as of December 10, 2007 (the “Royalty Agreement”), by and between Biovest International, Inc. (the “Company”) and Valens U.S. SPV I, LLC (“Valens US”). Capitalized terms used herein that are not defined shall have the meaning given to them in the Royalty Agreement.

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Standard Contracts

SUBORDINATED NOTE PURCHASE AGREEMENT PHILIP E. ROSENSWEIG and BIOVEST INTERNATIONAL, INC. Dated: September 10, 2007
Subordinated Note Purchase Agreement • December 28th, 2007 • Biovest International Inc • Pharmaceutical preparations • Florida

THIS SUBORDINATED NOTE PURCHASE AGREEMENT (this “Agreement”) is made and entered into as of September 10, 2007, by and between BIOVEST INTERNATIONAL, INC., a Delaware corporation (the “Company”), and Philip E. Rosensweig (the “Purchaser”).

VALENS OFFSHORE SPV II, CORP. c/o Valens Capital Management, LLC
Royalty Agreement • December 28th, 2007 • Biovest International Inc • Pharmaceutical preparations • New York

Reference is made to the Royalty Agreement dated as of December 10, 2007 (the “Royalty Agreement”), by and between Biovest International, Inc. (the “Company”) and Valens Offshore SPV II, Corp. (“Valens Offshore”). Capitalized terms used herein that are not defined shall have the meaning given to them in the Royalty Agreement.

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