INDEMNIFICATION AGREEMENT

EXHIBIT 10. 4

[GRAPHIC APPEARS HERE]

INDEMNIFICATION AGREEMENT

THIS AGREEMENT, made on this 22nd day of March, 2007 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 Peter J. Pappas & Catherine Pappas, with an address of c/o PJ Mechanical, 135 W. 18 ^th Street, New York, NY 10011, (“Guarantors”) is as follows:

In consideration of Guarantors performing certain services for Biovest, to wit, acting as Guarantors in connection with a bridge loan transaction from Pulaski Bank (the “Pulaski Bridge Loan”) to Biovest in an aggregate amount of $200,000 Biovest hereby indemnifi