April 22, 2003 George Constantin Scarsdale, NY 10583Termination of Employment; Compensation • January 13th, 2004 • Biovest International Inc • Pharmaceutical preparations
As you are aware, BioVest has entered into an Investment Agreement with Accentia. At the Closing of this Investment Agreement, Accentia will become the owner of approximately 81% of the common stock of BioVest, and has indicated its intent to put into place its own Executive Management team to operate the company. The decision to negotiate and to enter into this Investment Agreement, which you participated in and supported in your role as a member of the Board of Directors and CEO, means that your services as CEO of BioVest will no longer be required. Your support of this action, promoting the best interests of the shareholders of the company at the expense of your executive position, is appreciated, and we agree to compensate you for your time and efforts on behalf of BioVest since February 26, 2003 as follows:
