Document:

Document

 Exhibit 10.3

ELASTICSEARCH, INC.
CHANGE IN CONTROL AND SEVERANCE AGREEMENT
This Change in Control and Severance Agreement (the “Agreement”) is made between Elasticsearch, Inc. (the “Company”), Elastic N.V., the parent corporation of the Company (“Elastic N.V.”) and [______] (the “Executive”), effective as of _________________, (the “Effective Date”).
This Agreement provides certain protections to the Executive in connection with a change in control of the Company or in connection with the involuntary termination of the Executive’s employment under the circumstances described in this Agreement.  
The Company and the Executive agree as follows:
1.Term of Agreement.  This Agreement will continue indefinitely until terminated by written consent of the parties hereto, or if earlier, upon the date that all of the obligations of the parties hereto with respect to this Agreement have been satisfied.
2.At-Will Employment.  The Company and the Executive acknowledge that the Executive’s employment is and will continue to be at-will, as defined under applicable law.  
3.Severance Benefits.
(a)Qualifying Non-CIC Termination.  On a Qualifying Non-CIC Termination (as defined below), the Executive will be eligible to receive the following payments and benefits from the Company:
(i)Salary Severance.  A single, lump sum payment equal to six (6) months of the Executive’s Salary (as defined below), less applicable withholdings.  
(ii)Bonus Severance.  A single, lump sum payment equal to 50% of the Executive’s target annual bonus as in effect for the fiscal year in which the Qualifying Non-CIC Termination occurs, less applicable withholdings.
(iii)COBRA Coverage.  Subject to Section 3(d), the Company will pay the premiums for coverage under COBRA (as defined below) for the Executive and the Executive’s eligible dependents, if any, at the rates then in effect, subject to any subsequent changes in rates that are generally applicable to the Company’s active employees (the “COBRA Coverage”), until the earliest of (A) a period of twelve (12) months from the date of the Executive’s termination of employment, (B) the date upon which the Executive (and the Executive’s eligible dependents, as applicable) becomes covered under similar plans, or (C) the date upon which the Executive ceases to be eligible for coverage under COBRA.  
(b)Qualifying CIC Termination.  On a Qualifying CIC Termination, the Executive will be eligible to receive the following payments and benefits from the Company:
(i)Salary Severance.  A single, lump sum payment equal to twelve (12) months of the Executive’s Salary, less applicable withholdings.
(ii)Bonus Severance.  A single, lump sum payment equal to 100% of the Executive’s target annual bonus as in effect for the fiscal year in which the Qualifying CIC Termination occurs, less applicable withholdings.
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(iii)COBRA Coverage.  Subject to Section 3(d), the Company will provide COBRA Coverage until the earliest of (A) a period of twelve (12) months from the date of the Executive’s termination of employment, (B) the date upon which the Executive (and the Executive’s eligible dependents, as applicable) becomes covered under similar plans, or (C) the date upon which the Executive ceases to be eligible for coverage under COBRA.
(iv)Equity Vesting.  Vesting acceleration (and exercisability, as applicable) as to 100% of the then-unvested shares subject to each of the Executive’s then-outstanding Elastic N.V. equity awards.  In the case of an equity award with performance-based vesting, unless otherwise specified in the applicable equity award agreement governing such award, all performance goals and other vesting criteria will be deemed achieved at the greater of actual performance measured as of the date of termination or 100% of target levels.  For the avoidance of doubt, in the event of the Executive’s Qualifying Pre-CIC Termination (as defined below), any unvested portion of the Executive’s then-outstanding equity awards will remain outstanding until the earlier of (x) three (3) months following the Qualifying Termination or (y) the occurrence of a Change in Control, solely so that any benefits due on a Qualifying Pre-CIC Termination can be provided if a Change in Control occurs within three (3) months following the Qualifying Termination (provided that in no event will the Executive’s stock options or similar equity awards remain outstanding beyond the equity award’s maximum term to expiration).  If no Change in Control occurs within three (3) months following a Qualifying Termination, any unvested portion of the Executive’s equity awards automatically and permanently will be forfeited on the date that is three (3) months following the date of the Qualifying Termination without having vested.  
(c)Termination Other Than a Qualifying Termination.  If the termination of the Executive’s employment with the Company Group is not a Qualifying Termination, then the Executive will not be entitled to receive severance or other benefits.
(d)Conditions to Receipt of COBRA Coverage.  The Executive’s receipt of COBRA Coverage is subject to the Executive electing COBRA continuation coverage within the time period prescribed pursuant to COBRA for the Executive and the Executive’s eligible dependents, if any.  If the Company determines in its sole discretion that it cannot provide the COBRA Coverage without potentially violating, or being subject to an excise tax under, applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then in lieu of any COBRA Coverage, the Company will provide to the Executive a taxable monthly payment payable on the last day of a given month (except as provided by the immediately following sentence), in an amount equal to the monthly COBRA premium that the Executive would be required to pay to continue his or her group health coverage in effect on the date of his or her Qualifying Termination (which amount will be based on the premium rates applicable for the first month of COBRA Coverage for the Executive and any of eligible dependents of the Executive) (each, a “COBRA Replacement Payment”), which COBRA Replacement Payments will be made regardless of whether the Executive elects COBRA continuation coverage and will end on the earlier of (x) the date upon which the Executive obtains other employment or (y) the date the Company has paid an amount totaling the number of COBRA Replacement Payments equal to the number of months in the applicable COBRA Coverage period.  For the avoidance of doubt, the COBRA Replacement Payments may be used for any purpose, including, but not limited to continuation coverage under COBRA, and will be subject to any applicable withholdings.  Notwithstanding anything to the contrary under this Agreement, if the Company determines in its sole discretion at any time that it cannot provide the COBRA Replacement Payments without violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Executive will not receive the COBRA Replacement Payments or any further COBRA Coverage.
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(e)Non-Duplication of Payment or Benefits.  For purposes of clarity, in the event of a Qualifying Pre-CIC Termination, any severance payments and benefits to be provided to the Executive under Section 3(b) will be reduced by any amounts that already were provided to the Executive under Section 3(a).  Notwithstanding any provision of this Agreement to the contrary, if the Executive is entitled to any cash severance, continued health coverage benefits, or vesting acceleration of any equity awards (other than under this Agreement) by operation of applicable law or under a plan, policy, contract, or arrangement sponsored by or to which any member of the Company Group is a party (“Other Benefits”), then the corresponding severance payments and benefits under this Agreement will be reduced by the amount of Other Benefits paid or provided to the Executive. 
(f)Death of the Executive.  In the event of the Executive’s death before all payments or benefits the Executive is entitled to receive under this Agreement have been provided, the unpaid amounts will be provided to the Executive’s designated beneficiary, if living, or otherwise to the Executive’s personal representative in a single lump sum as soon as possible following the Executive’s death.
(g)Transfer Between Members of the Company Group.  For purposes of this Agreement, if the Executive is involuntarily transferred from one member of the Company Group to another, the transfer will not be a termination without Cause but may give the Executive the ability to resign for Good Reason.
(h)Exclusive Remedy.  In the event of a termination of the Executive’s employment with the Company Group, the provisions of this Agreement are intended to be and are exclusive and in lieu of any other rights or remedies to which the Executive may otherwise be entitled, whether at law, tort or contract, or in equity.  The Executive will be entitled to no benefits, compensation or other payments or rights upon termination of employment other than those benefits expressly set forth in this Agreement.
4.Accrued Compensation.  On any termination of the Executive’s employment with the Company Group, the Executive will be entitled to receive all accrued but unpaid vacation, expense reimbursements, wages, and other benefits due to the Executive under any Company-provided plans, policies, and arrangements.
5.Conditions to Receipt of Severance.
(a)Separation Agreement and Release of Claims.  The Executive’s receipt of any severance payments or benefits upon the Executive’s Qualifying Termination under Section 3 is subject to the Executive signing and not revoking the Company’s then-standard separation agreement and release of claims (which may include an agreement not to disparage any member of the Company Group, non-solicit provisions, an agreement to assist in any litigation matters, and other standard terms and conditions) (the “Release” and that requirement, the “Release Requirement”), which must become effective and irrevocable no later than the sixtieth (60th) day following the Executive’s Qualifying Termination (the “Release Deadline”).  If the Release does not become effective and irrevocable by the Release Deadline, the Executive will forfeit any right to severance payments or benefits under Section 3.
(b)Payment Timing.  Any lump sum Salary or bonus payments under Sections 3(a)(i), 3(b)(i), and 3(b)(ii) will be provided on the first regularly scheduled payroll date of the Company following the date the Release becomes effective and irrevocable (the “Severance Start Date”), subject to any delay required by Section 5(d) below.  Any taxable installments of any COBRA-related severance benefits that otherwise would have been made to the Executive on or before the Severance Start Date will be paid on the Severance Start Date, and any remaining installments 
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thereafter will be provided as specified in the Agreement.  Any restricted stock units, performance shares, performance units, and/or similar full value awards that accelerate vesting under Section 3(b)(iv) will be settled (x) on a date no later than ten (10) days following the date the Release becomes effective and irrevocable, or (y) if later, in the event of a Qualifying Pre-CIC Termination, on a date no later than the Change in Control.   
(c)Return of Company Property.  The Executive’s receipt of any severance payments or benefits upon the Executive’s Qualifying Termination under Section 3 is subject to the Executive returning all documents and other property provided to the Executive by any member of the Company Group (with the exception of a copy of the Company employee handbook and personnel documents specifically relating to the Executive), developed or obtained by the Executive in connection with his employment with the Company Group, or otherwise belonging to the Company Group.  
(d)Section 409A.  The Company intends that all payments and benefits provided under this Agreement or otherwise are exempt from, or comply with, the requirements of Section 409A of the Code and any guidance promulgated under Section 409A of the Code (collectively, “Section 409A”) so that none of the payments or benefits will be subject to the additional tax imposed under Section 409A, and any ambiguities in this Agreement will be interpreted in accordance with this intent.  No payment or benefits to be paid to the Executive, if any, under this Agreement or otherwise, when considered together with any other severance payments or separation benefits that are considered deferred compensation under Section 409A (together, the “Deferred Payments”) will be paid or otherwise provided until the Executive has a “separation from service” within the meaning of Section 409A.  If, at the time of the Executive’s termination of employment, the Executive is a “specified employee” within the meaning of Section 409A, then the payment of the Deferred Payments will be delayed to the extent necessary to avoid the imposition of the additional tax imposed under Section 409A, which generally means that the Executive will receive payment on the first payroll date that occurs on or after the date that is six (6) months and one (1) day following the Executive’s termination of employment.  The Company reserves the right to amend this Agreement as it considers necessary or advisable, in its sole discretion and without the consent of the Executive or any other individual, to comply with any provision required to avoid the imposition of the additional tax imposed under Section 409A or to otherwise avoid income recognition under Section 409A prior to the actual payment of any benefits or imposition of any additional tax.  Each payment, installment, and benefit payable under this Agreement is intended to constitute a separate payment for purposes of U.S. Treasury Regulation Section 1.409A-2(b)(2).  In no event will any member of the Company Group reimburse, indemnify, or hold harmless the Executive for any taxes, penalties and interest that may be imposed, or other costs that may be incurred, as a result of Section 409A. 
(e)Resignation of Officer and Director Positions.  The Executive’s receipt of any severance payments or benefits upon the Executive’s Qualifying Termination under Section 3 is subject to the Executive resigning from all officer and director positions with all members of the Company Group and the Executive executing any documents the Company may require in connection with the same.
6.Limitation on Payments.  
(a)Reduction of Severance Benefits.  If any payment or benefit that the Executive would receive from any Company Group member or any other party whether in connection with the provisions in this Agreement or otherwise (the “Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Payment will be equal to the Best Results Amount.  The “Best Results Amount” will be either (x) the full amount of the Payment 
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or (y) a lesser amount that would result in no portion of the Payment being subject to the Excise Tax, whichever of those amounts, taking into account the applicable federal, state and local employment taxes, income taxes and the Excise Tax, results in the Executive’s receipt, on an after-tax basis, of the greater amount.  If a reduction in payments or benefits constituting parachute payments is necessary so that the Payment equals the Best Results Amount, reduction will occur in the following order: (A) reduction of cash payments in reverse chronological order (that is, the cash payment owed on the latest date following the occurrence of the event triggering the excise tax will be the first cash payment to be reduced); (B) cancellation of equity awards that were granted “contingent on a change in ownership or control” within the meaning of Section 280G of the Code in the reverse order of date of grant of the awards (that is, the most recently granted equity awards will be cancelled first); (C) reduction of the accelerated vesting of equity awards in the reverse order of date of grant of the awards (that is, the vesting of the most recently granted equity awards will be cancelled first); and  (D) reduction of employee benefits in reverse chronological order (that is, the benefit owed on the latest date following the occurrence of the event triggering the excise tax will be the first benefit to be reduced).  In no event will the Executive have any discretion with respect to the ordering of Payment reductions.  The Executive will be solely responsible for the payment of all personal tax liability that is incurred as a result of the payments and benefits received under this Agreement, and the Executive will not be reimbursed, indemnified, or held harmless by any member of the Company Group for any of those payments of personal tax liability.
(b)Determination of Excise Tax Liability.  Unless the Company and the Executive otherwise agree in writing, the Company will select a professional services firm (the “Firm”) to make all determinations required under this Section 6, which determinations will be conclusive and binding upon the Executive and the Company for all purposes.  For purposes of making the calculations required by this Section 6, the Firm may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code.  The Company and the Executive will furnish to the Firm such information and documents as the Firm reasonably may request in order to make determinations under this Section 6.  The Company will bear the costs and make all payments for the Firm’s services in connection with any calculations contemplated by this Section 6.  The Company will have no liability to the Executive for the determinations of the Firm.
7.Definitions.  The following terms referred to in this Agreement will have the following meanings:
(a)“Board” means the Board of Directors of Elastic N.V.
(b)“Cause” means the occurrence of any of the following: (i) any willful, material violation by the Executive of any law or regulation applicable to the business of any Company Group member, the Executive’s conviction for, or plea of guilty or no contest to, a felony or a crime involving moral turpitude, or any willful perpetration by the Executive of a common law fraud, in each instance, which has a material adverse impact on the financial condition or business reputation of any Company Group member; (ii) the Executive’s commission of an act of personal dishonesty which involves personal profit in connection with any Company Group member or any other entity having a business relationship with any Company Group member, in each instance, which has a material adverse impact on the financial condition or business reputation of any Company Group member; (iii) any material breach by the Executive of any provision of any agreement or understanding between any Company Group member and the Executive regarding the terms of the Executive’s service as an employee, officer, director or consultant to any Company Group member, including without limitation, the willful and continued failure or refusal of the Executive to perform the material duties required of the Executive as an employee, officer, director or consultant of any Company Group member, other than as a result of having a Disability, or a material breach of any applicable invention assignment and 
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confidentiality agreement or similar agreement between any Company Group member and the Executive, (iv) the Executive’s disregard of the policies of any Company Group member so as to cause a material adverse impact on the financial condition or business reputation of any Company Group member, or (v) any other misconduct by the Executive which is materially injurious to the financial condition or business reputation of, or is otherwise materially injurious to, any Company Group member.
(c)“Change in Control” means the occurrence of any of the following events:
(i)A change in the ownership of Elastic N.V. which occurs on the date that any one person, or more than one person acting as a group (“Person”), acquires ownership shares in the capital of Elastic N.V. that, together with the shares held by such Person, constitutes more than 50% of the total voting power in Elastic N.V.; provided, however, that for purposes of this subsection, (A) the acquisition of additional shares by any one Person, who is considered to own more than 50% of the total voting power in Elastic N.V. will not be considered a Change in Control, and (B) if the shareholders of Elastic N.V. immediately before such change in ownership continue to retain immediately after the change in ownership, in substantially the same proportions as their ownership of shares in the capital of Elastic N.V. immediately prior to the change in ownership, the direct or indirect beneficial ownership of 50% or more of the total voting power in Elastic N.V. or of the ultimate parent entity of Elastic N.V., such event will not be considered a Change in Control under this subsection (i). For this purpose, indirect beneficial ownership will include, without limitation, an interest resulting from ownership of the voting securities of one or more corporations or other business entities which own Elastic N.V., as the case may be, either directly or through one or more subsidiary corporations or other business entities; or 
(ii)A change in the effective control of Elastic N.V. which occurs on the date that a majority of members of the Board is replaced during any twelve (12) month period by members of the Board whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election. For purposes of this subsection (ii), if any Person is considered to be in effective control of Elastic N.V., the acquisition of additional control of Elastic N.V. by the same Person will not be considered a Change in Control; or
(iii)A change in the ownership of a substantial portion of Elastic N.V.’s assets which occurs on the date that any Person acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from Elastic N.V. that have a total gross fair market value equal to or more than 50% of the total gross fair market value of all of the assets of Elastic N.V. immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection (iii), the following will not constitute a change in the ownership of a substantial portion of Elastic N.V.’s assets: (A) a transfer to an entity that is controlled by Elastic N.V.’s shareholders immediately after the transfer, or (B) a transfer of assets by Elastic N.V. to: (1) a shareholder of Elastic N.V. (immediately before the asset transfer) in exchange for or with respect to shares in Elastic N.V.’s share capital, (2) an entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by Elastic N.V., (3) a Person, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding shares of capital of Elastic N.V., or (4) an entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a Person described in this subsection (iii)(B)(3). For purposes of this subsection (iii), gross fair market value means the value of the assets of Elastic N.V., or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.
For purposes of this definition, persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or 
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acquisition of stock, or similar capital reorganization or business combination transaction with Elastic N.V..
Notwithstanding the foregoing, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control event within the meaning of Section 409A.
Further and for the avoidance of doubt, a transaction will not constitute a Change in Control if: (i) its sole purpose is to change the jurisdiction of Elastic N.V.’s incorporation, (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held Elastic N.V.’s securities immediately before such transaction, or (iii) its sole purpose is to effect a private financing of Elastic N.V. through a change in the ownership of the stock of Elastic N.V. that is approved by the Board.
(d)“Change in Control Period” means the period beginning three (3) months prior to a Change in Control and ending twelve (12) months following a Change in Control. 
(e)“COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended. 
(f)“Code” means the Internal Revenue Code of 1986, as amended.
(g)“Company Group” means Elastic N.V., the Company and their respective subsidiaries.
(h)“Confidentiality Agreement” means the At Will Employment, Confidential Information, Invention Assignment, Nonsolicitation, and Arbitration Agreement entered into between the Company and Executive.
(i)“Disability” means a total and permanent disability as defined in Section 22(e)(3) of the Code.
(j)“Good Reason” means the termination of the Executive’s employment with the Company Group by the Executive in accordance with the next sentence after the occurrence of one or more of the following events without the Executive’s express written consent: (i) a material reduction of the Executive’s duties, authorities, or responsibilities relative to the Executive’s duties, authorities, or responsibilities in effect immediately prior to the reduction, including, but not limited to, a reduction arising from a change in Executive’s reporting requirements[FOR CEO, CFO AND GENERAL COUNSEL ONLY:; provided, however, that continued employment following a Change in Control with substantially the same duties, authorities, or responsibilities with respect to the Company Group’s business and operations will constitute “Good Reason” (for example, “Good Reason” will exist if the Executive is employed by the Company Group or a successor with substantially the same duties, authorities, or responsibilities with respect to the Company Group’s business that the Executive had immediately prior to the Change in Control, but is not afforded such duties, authorities or responsibilities with respect to the ultimate  parent corporation in a control group of corporations that includes the Company Group or a successor]; (ii) a material reduction by a Company Group member in the Executive’s rate of annual base salary or annual target bonus opportunity; provided, however, that, a substantially similar reduction of annual base salary or annual target bonus opportunity that also applies to substantially all other similarly situated employees of the Company Group members will not constitute “Good Reason”; (iii) a material change in the geographic location of the Executive’s primary work facility or location by more than thirty-five (35) miles from the Executive’s then present location; provided, that a relocation to a location that is within thirty-five (35) miles from the Executive’s then-
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present primary residence will not be considered a material change in geographic location, or (iv) failure of a successor corporation to assume the obligations under this Agreement as contemplated by Section 8(a).  In order for the termination of the Executive’s employment with a Company Group member to be for Good Reason, the Executive must not terminate employment without first providing written notice to the Company of the acts or omissions constituting the grounds for “Good Reason” within ninety (90) days of the initial existence of the grounds for “Good Reason” and a cure period of thirty (30) days following the date of written notice (the “Cure Period”), the grounds must not have been cured during that time, and the Executive must terminate the Executive’s employment within ninety (90) days following the Cure Period. To the extent Executive’s primary work location is Executive’s residence due to a shelter in place order or work from home arrangement that applies to Executive, Executive’s primary place of work, from which a change in location under the foregoing clause (iii) will be measured, will be considered to be the Company’s office location where Executive’s employment with the Company primarily was or would have been or would have been based immediately prior to the commencement of such shelter-in-place order or work-from-home arrangement.
(k)“Qualifying Termination” means a termination of the Executive’s employment either (i) by a Company Group member without Cause (excluding by reason of Executive’s death or Disability) or (ii) by the Executive for Good Reason, in either case, during the Change in Control Period (a “Qualifying CIC Termination”) or outside of the Change in Control Period (a “Qualifying Non-CIC Termination”).
(l)“Qualifying Pre-CIC Termination” means a Qualifying CIC Termination that occurs prior to the date of the Change in Control.
(m)“Salary” means the Executive’s annual base salary as in effect immediately prior to the Executive’s Qualifying Termination (or if the termination is due to a resignation for Good Reason based on a material reduction in base salary, then the Executive’s annual base salary in effect immediately prior to the reduction) or, if the Executive’s Qualifying Termination is a Qualifying CIC Termination and the amount is greater, at the level in effect immediately prior to the Change in Control.  
8.Successors.  This Agreement will be binding upon and inure to the benefit of (a) the heirs, executors, and legal representatives of the Executive upon the Executive’s death, and (b) any successor of the Company or Elastic N.V., as applicable.  Any such successor of the Company or Elastic N.V. will be deemed substituted for the Company or Elastic N.V., as applicable, under the terms of this Agreement for all purposes.  For this purpose, “successor” means any person, firm, corporation, or other business entity which at any time, whether by purchase, merger, or otherwise, directly or indirectly acquires all or substantially all of the assets or business of the Company or Elastic N.V., as applicable.  None of the rights of the Executive to receive any form of compensation payable pursuant to this Agreement may be assigned or transferred except by will or the laws of descent and distribution.  Any other attempted assignment, transfer, conveyance, or other disposition of the Executive’s right to compensation or other benefits will be null and void.
9.Notice. 
(a)General.  All notices and other communications required or permitted under this Agreement shall be in writing and will be effectively given (i) upon actual delivery to the party to be notified, (ii) upon transmission by email, (iii) twenty-four (24) hours after confirmed facsimile transmission, (iv) one (1) business day after deposit with a recognized overnight courier, or (v) three (3) business days after deposit with the U.S. Postal Service by first class certified or registered mail, return receipt requested, postage prepaid, addressed (A) if to the Executive, at the address the 
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Executive shall have most recently furnished to the Company in writing, (B) if to the Company, at the following address:
Elasticsearch, Inc.
800 West El Camino Real, Suite 350
Mountain View, CA 94040
Attention: Senior Vice President, Global Human Resources
(b)Notice of Termination.  Any termination by a Company Group member for Cause will be communicated by a notice of termination to the Executive, and any termination by the Executive for Good Reason will be communicated by a notice of termination to the Company, in each case given in accordance with Section 9(a) of this Agreement.  The notice will indicate the specific termination provision in this Agreement relied upon, will set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination under the provision so indicated, and will specify the termination date (which will be not more than thirty (30) days after the later of (i) the giving of the notice or (ii) the end of any applicable cure period).  
10.Resignation.  The termination of the Executive’s employment for any reason will also constitute, without any further required action by the Executive, the Executive’s voluntary resignation from all officer and/or director positions held at any member of the Company Group, and at the Company’s request, the Executive will execute any documents reasonably necessary to reflect the resignations.
11.Miscellaneous Provisions.
(a)No Duty to Mitigate.  The Executive will not be required to mitigate the amount of any payment contemplated by this Agreement, nor will any payment be reduced by any earnings that the Executive may receive from any other source except as specified in Section 3(e).
(b)Waiver; Amendment.  No provision of this Agreement will be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by an authorized officer of the Company (other than the Executive) and by the Executive.  No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party will be considered a waiver of any other condition or provision or of the same condition or provision at another time.
(c)Headings.  All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement.
(d)Entire Agreement.  This Agreement constitutes the entire agreement of the parties and supersedes in their entirety all prior representations, understandings, undertakings or agreements (whether oral or written and whether expressed or implied) of the parties with respect to the subject matter of this Agreement, including, for the avoidance of doubt, any other employment letter or agreement, severance policy or program, or equity award agreement.  
(e)Choice of Law.  This Agreement will be governed by the laws of the State of California without regard to California’s conflicts of law rules that may result in the application of the laws of any jurisdiction other than California.  To the extent that any lawsuit is permitted under this Agreement, Employee hereby expressly consents to the personal and exclusive jurisdiction and venue of the state and federal courts located in California for any lawsuit filed against the Executive by the Company.
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(f)Arbitration.  Any and all controversies, claims, or disputes with anyone under this Agreement (including the Company and any employee, officer, director, stockholder or benefit plan of the Company in their capacity as such or otherwise) arising out of, relating to, or resulting from the Executive’s employment with the Company Group, shall be subject to arbitration in accordance with the provisions of the Confidentiality Agreement.
(g)Severability.  The invalidity or unenforceability of any provision or provisions of this Agreement will not affect the validity or enforceability of any other provision of this Agreement, which will remain in full force and effect.
(h)Withholding.  All payments and benefits under this Agreement will be paid less applicable withholding taxes.  The Company is authorized to withhold from any payments or benefits all federal, state, local, and/or foreign taxes required to be withheld from the payments or benefits and make any other required payroll deductions.  No member of the Company Group will pay the Executive’s taxes arising from or relating to any payments or benefits under this Agreement.
(i)Counterparts.  This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.
[Signature page follows.]

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By its signature below, each of the parties signifies its acceptance of the terms of this Agreement, in the case of the Company and Elastic N.V. by its duly authorized officer.

			
	COMPANY

	
	ELASTICSEARCH, INC.
	
	By: _____________________________
	
	Title: ____________________________
	
	Date: ____________________________

			
	ELASTIC N.V.

	
	ELASTIC N.V.
	
	By: _____________________________
	
	Title: ____________________________
	
	Date: ____________________________

			
	EXECUTIVE

	
	[NAME]
	
	Date: ____________________________

    - 11 -Exhibit 10.1
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CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS EXHIBIT MARKED BY [***] HAS BEEN OMITTED BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL
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SEPARATION AGREEMENT AND GENERAL RELEASE
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This Separation Agreement and General Release (hereinafter “Agreement”) is hereby entered into this 1st day of December between iBio, Inc. (hereinafter “the Company”) and Thomas Isett (hereinafter “Mr. Isett”), who are collectively referred to herein as the “Parties.”  As set forth in more detail below, by signing this Agreement, Mr. Isett understands that he, among other things, is giving up claims (both known and unknown) he might have against the Company, is releasing the Company from all liability, and is agreeing not to file a lawsuit of any kind against the Company.
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Whereas, the Company has decided to relocate its business operations solely to California in conjunction with the reorganization of the Company; and
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Whereas, Mr. Isett, the Chief Executive Officer (CEO) of the Company, in accordance with Section 4(g) of his April 30, 2021 Employment Agreement (“Employment Agreement”) has the right to terminate his employment for Good Reason in the event of the relocation of the Company’s business operations and his primary, corresponding worksite, and Mr. Isett has provided the Company with timely notice of his Good Reason resignation pursuant to Section 4(g) of the Employment Agreement; and
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Now, in consideration of the mutual promises contained herein, and other good and valuable consideration as hereinafter recited, the receipt and adequacy of which is hereby acknowledged, the Parties, intending to be legally bound, agree as follows:
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1.As a result of Mr. Isett’s resignation for Good Reason, Mr. Isett’s final day of employment with the Company shall be December 31, 2022. (“Separation Date”).  However, the Parties agree and acknowledge that, as further clarified in Section 25 of this Agreement, Mr. Isett’s current services to the Company, with the exception of his agreed-to cooperation as to the sale of CDMO, LLC or its assets, as detailed further in Section 9 of this Agreement, will for all practical purposes cease as of Friday, December 2, 2022 at which time the Company acknowledges that, with the approval of the Board, Mr. Isett will use some of his accrued but unused 2022 vacation.
2.Employee Benefits. Unless expressly provided otherwise herein, all employment benefits to which Mr. Isett (and/or any applicable spouse or family member of Mr. Isett) is entitled will expire on December 31, 2022. The Parties expressly agree and acknowledge that Mr. Isett shall qualify for and receive the
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Exhibit A -- PR re Isett departure  (SR Version 11-22-22)(Revised) and Exhibit A -- PR re Isett departure  (SR Version 11-22-22)(Revised) 11/23/2022
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Company’s matching payment for the current Plan year to his 401(k) employee retirement account as provided for under Company policy and applicable Retirement Plan.  Notwithstanding the above, Mr. Isett’s ability to participate in the Company’s 401(k) employee retirement account shall cease as of the Separation Date.
3.Wage Payments. On Mr. Isett’s Separation Date, the Company will pay Mr. Isett his: (i) accrued and unpaid Base Salary in accordance with Section 3(a) of the Employment Agreement; and (ii) any unreimbursed reasonable out-of-pocket expenses incurred by Mr. Isett in connection with the performance of his duties and responsibilities, payable in accordance with Section 3(f) of his Employment Agreement, so long as Mr. Isett submits all requests for reimbursement, along with all appropriate corresponding documentation, by or before Friday, December 16, 2022.
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4.Severance Salary Payment. In accordance with Section 4(j)(i) of the Employment Agreement, the Company agrees that it will pay Mr. Isett, in equal bi-monthly installments of $27,083.33 (consistent with his Base Salary) in accordance with the Company’s regular payroll dates, less all applicable withholdings and lawful deductions, for a period of twenty-four (24) months from the Separation Date commencing with two installment payments in January 2023 and continuing through and including its two final installment payments in December 2024.
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5.Severance Pro Rata Bonus.  In accordance with Section 4(j)(ii) of the Employment Agreement, the Company agrees that it will pay Mr. Isett an amount equal to a pro rata share of any bonus earned by Mr. Isett during the 2023 fiscal year, based on actual attainment of metrics upon which the bonus is calculated (as determined by the Compensation Committee of the Board), with the proration based on the number of days worked between July 1, 2022, and the Separation Date.  This amount shall be paid, less all applicable withholdings and lawful deductions, at the time and in the manner the Company pays bonuses to similarly-situated employees.
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6.Severance Target Bonus.  In accordance with Section 4(j)(iii) of the Employment Agreement, the Company agrees that it will pay Mr. Isett a total of $780,000, less all applicable withholdings and lawful deductions, in equal bi-monthly installments in accordance with the Company’s regular payroll dates, for a period of twenty-four (24) months from the Separation Date commencing with two installment payments in January 2023 and continuing through and including its two final installment payments in December 2024.
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7.COBRA. Unless Mr. Isett elects continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) for himself and any applicable spouse or family member, his health insurance benefits will
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end on the final day of the month of the Separation Date.  In accordance with Section 4(j)(iv) of the Employment Agreement, the Company agrees to provide Mr. Isett (and any applicable spouse or family member) his and/or their current level of health insurance benefits (including medical, dental and vision coverage) for eighteen (18) months from the Separation Date and the cessation of coverage related his employment, provided Mr. Isett elects continuation coverage for health insurance under COBRA for himself and any applicable spouse or family member.  Pursuant to Section 4(j) of the Employment Agreement, the Company further agrees to make a lump sum payment (equal to 6-months of COBRA premiums it has most recently paid for Mr. Isett’s and any applicable spouse or family member’s health insurance coverage) to Mr. Isett if he has not obtained alternative employer-provided health insurance coverage by the end of the eighteen (18) month COBRA subsidy period provided for herein.  The Parties agree that this lump sum payment will be made to Mr. Isett by no later than the final business day during the eighteen (18) month COBRA subsidy period provided for herein.
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8.Company Property.  Mr. Isett agrees that on or before his Separation Date, he will surrender to the Company every item and every document that is the Company's property (including but not limited to keys, credit cards, phones, records, computers, peripherals, computer files, electronic storage devices, notes, memoranda, models, inventory and equipment) or contains Company information, in whatever form; provided, however, the Parties agree and acknowledge that with the consent of the Company, Mr. Isett may retain only those such documents solely related to and only to be used in support of Mr. Isett’s agreed to cooperation (as noted on Section 9 of this Agreement) related to the sale of CDMO, LLC or its assets through March 31, 2023.  All of these materials are the sole and absolute property of the Company and the Company agrees to bear any reasonable expense related to the return of this Company property.  Notwithstanding anything set forth herein to the contrary, the Parties expressly agree that, provided Mr. Isett certifies that he has removed all Company information from such equipment and any external drive or any other means of electronic storage on which he has stored Company information by April 14, 2023,  Mr. Isett shall be permitted to retain: (i) a Dell laptop computer; (ii) a computer docking station; (iii) a computer compatible camera and audio device (i.e., utilized for Zoom and related video conferencing); and (iv) a Microsoft Surface Book – all provided to Mr. Isett by the Company, currently in Mr. Isett’s authorized possession, and currently believed to be in used but operating condition.  The Parties agree that ownership of these used items shall be conveyed “as is” on the “Effective Date” of this Agreement in further consideration of the terms and conditions agreed to by Mr. Isett herein.  In addition, the Company agrees that in lieu of returning Company property which may presently be retained by Mr. Isett in the form of paper files, notes and/or related materials, Mr. Isett shall destroy all such items in lieu of returning them to the Company (at the expense of the Company) and certify to the Company by April 14, 2023 that such has occurred.
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9.Cooperation.  Mr. Isett agrees to provide the Company with reasonable assistance from time to time as the Company may request related to the sale of CDMO, LLC or its assets through March 31, 2023, in consideration for which the Company agrees to extend Mr. Isett’s eligibility to receive the 200,000 Restrictive Stock Units (“RSUs”) awarded contingent upon the execution of a definitive agreement for the sale of this business/facility [***].  In addition, through and including December of 2024, Mr. Isett agrees to provide the Company with reasonable assistance from time to time as the Company may request related to litigation, administrative proceedings, or any government investigations related to matters on which he previously worked or is familiar with because such actions were initiated during his employment as CEO of the Company [***].  The aforementioned assistance Mr. Isett agrees to provide shall not be construed as, nor is it intended to involve, any consulting or contractor relationship with or for the Company.  It solely includes, but is not limited to, making himself reasonably available: (i) for interviews by Company counsel, (ii) to assist the Company in fact development, (iii) to analyze documents or data, (iv) to respond to discovery requests, (v) to testify at hearings, depositions, trial or other proceedings, and (vi) to prepare for such testimony.  The Company acknowledges that Mr. Isett’s preference is to participate in such proceedings remotely if doing so would be appropriate under the circumstances, and the Company agrees that it will not unreasonably withhold its consent to any such request.  The Company agrees to cover (including advance as necessary) the costs related to or arising from any such cooperation provided by Mr. Isett and to promptly reimburse Mr. Isett for all related out-of-pocket expenses related to all such assistance provided.  The Parties agree and acknowledge that any such cooperation shall not conflict with the personal and professional obligations of Mr. Isett, including but not limited to any such obligations arising from or related to the care or needs of a family member(s) or his own, personal, medical or related care and obligations.
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10.General Release and Discharge.  Mr. Isett agrees that, to the maximum extent permitted by law, and in consideration of the payments and consideration described herein, he will, and hereby does, forever and irrevocably release and discharge the Company, its officers, directors, employees, independent contractors, agents, affiliates, parents, subsidiaries, divisions, predecessors, employee benefit plans, purchasers, assigns, representatives, successors and successors in interest (herein collectively referred to as “Releasees”) from any and all claims, causes of action, obligations, contracts, promises, judgments, expenses, costs, attorneys’ fees, compensation, and liabilities, known or unknown, whatsoever which he now has, has had, or may have, in any way arising from or relating to any act, occurrence, or transaction on or before the date of this Agreement, including without limitation his employment and separation of employment from the Company.  This waiver and release does not apply to any claim that may arise after the date that Mr. Isett signs this Agreement.  Mr. Isett hereby acknowledges and understands that this is
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a General Release.  Mr. Isett expressly acknowledges that this General Release includes, but is not limited to, Mr. Isett’s intent to release the Company from any claim relating to his employment at and separation from employment with the Company, including, but not limited to, tort and contract claims, claims for contribution or indemnity, wrongful discharge claims, pension claims, employee benefit claims, severance benefits, workers’ compensation claims, arbitration claims, statutory claims, compensation claims, injunction claims, claims for damages, claims under any state, local or federal wage and hour law or wage payment or collection law, and claims of discrimination, retaliation or harassment based on age, race, color, sex, religion, handicap, disability, national origin, ancestry, citizenship, marital status, sexual orientation, genetic information or any other protected basis, or any other claim of employment discrimination, retaliation or harassment under the Age Discrimination In Employment Act (29 U.S.C. §§ 626 et seq., “ADEA”), Title VII of the Civil Rights Acts of 1964 and 1991 as amended (42 U.S.C. §§ 2000e et seq.), the Civil Rights Act of 1870, 42 U.S.C. § 1981, the Employee Retirement Income Security Act (29 U.S.C. §§ 1001 et seq.), the Consolidated Omnibus Budget Reconciliation Act of 1985 (29 U.S.C. §§ 1161 et seq.), the Americans With Disabilities Act (42 U.S.C. §§ 12101 et seq.), the Family and Medical Leave Act (“FMLA”) (29 U.S.C. §§ 2601 et seq.), the Fair Labor Standards Act (29 U.S.C. §§ 201 et seq.), the Annotated Code of Maryland, and any other law, statute, regulation or ordinance of any kind, including those prohibiting employment discrimination or governing employment.  The Parties agree that nothing in this General Release provision is intended to nor shall effect or release the Company from any of its obligations to Mr. Isett provided for in this Agreement, nor is it intended to nor shall it have any affect or impact on Mr. Isett’s retirement plan rights and interests (including the Company’s obligations with regard thereto both during and after Mr. Isett’s employment with the Company).  The Parties agree that this General Release provision, and the covenant not to sue provision below, survive and remain in full force and effect in the event the Company or any Releasee institutes an action or proceeding against Mr. Isett for breach of any provision of this Agreement.
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11.Other than the wages and benefits described in Sections 2 and 3 of this Agreement, Mr. Isett agrees that he is not otherwise entitled to the above-described consideration and payments from the Company unless he signs this Agreement and does not revoke his assent to this Agreement as set forth herein, and has complied and continues to comply with the Sections 5 and 6 of the Employment Agreement.
12.Reemployment.  If Mr. Isett accepts reemployment with the Company or any affiliate of the Company prior to receiving the payments described under Sections 4 through 6 above, then Mr. Isett shall forfeit such payments and agrees to repay any such payments described in Section 4 through 6 above which have already been received by Mr. Isett.
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13.Mr. Isett represents and agrees that he has not instituted, prosecuted, filed, or processed any litigation, claims or proceedings against the Company or any Releasees.  Mr. Isett agrees, to the maximum extent permitted by law, not to make or file any lawsuits, complaints, or other proceedings against the Company or any Releasee or to join in any such lawsuits, complaints, or other proceedings against the Company or Releasees concerning any matter relating to his employment with the Company, his separation from employment with the Company, or that arose on or prior to the date of this Agreement.  Nothing in this Agreement prohibits Mr. Isett from filing a charge with any government administrative agency (such as the Equal Employment Opportunity Commission), or from testifying, assisting or participating in an investigation, hearing or proceeding conducted by any such agency; however, to the extent permitted by law, Mr. Isett waives the right to receive any individualized relief, such as reinstatement, backpay, or other damages, in a lawsuit or administrative action brought by Mr. Isett or by any government agency on his behalf.  Mr. Isett agrees that if there is any complaint filed in any court or arbitral forum which seeks reinstatement, damages or other remedies for Mr. Isett relating to any claim that is covered by this Agreement, Mr. Isett will, to the extent permitted by law, immediately file a dismissal with prejudice of such claim or remedy.
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14.Mr. Isett further agrees and covenants that, to the maximum extent permitted by law, he will not (and has not) encourage or voluntarily assist or aid in any way others in making or filing any lawsuits, complaints, or other proceedings against the Company, or any other Releasee.
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15.Mr. Isett acknowledges and declares that he has been fully compensated for all work performed and time he has worked while employed by the Company, and that he is not owed any compensation, wages, salary, benefits, payments, bonus, equity interest, restricted stock units, remuneration or income from the Company of any kind, except as expressly provided in this Agreement.  Mr. Isett agrees that his nonqualified stock options cease vesting as of his Separation Date and that he forfeits any unvested nonqualified stock options.  Mr. Isett understands the deadline for exercising his vested nonqualified stock options.  Mr. Isett further agrees that except as otherwise provided for herein, he is not entitled to any amount with respect to the Restricted Stock Units described in Section 3(c)(ii) of the Employment Agreement.  The Parties further agree that, in entering into this Agreement, the Company is expressly relying on the foregoing representations by Mr. Isett.  The Parties further agree that these representations are an admission by Mr. Isett and are admissible, if offered by the Company, as a sworn statement of fact by Mr. Isett in any proceeding between the Parties.
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16.The Parties further agree that this Agreement shall be binding upon and inure to the benefit of the personal representatives, heirs, executors, and administrators of Mr. Isett and the heirs, executors, administrators, affiliates,
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successors, predecessors, subsidiaries, divisions, officers, purchasers, agents, assigns, representatives, directors and employees of the Company, that this Agreement contains and comprises the entire agreement and understanding of the Parties, that there are no additional promises, contracts, terms or conditions between the Parties other than those contained herein, except that Mr. Isett agrees to continue to be bound by all of the provisions in Sections 5, 6, and13(a), (b) and (c)  of his Employment Agreement with the Company.
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17.This Agreement shall not be modified except in writing signed by each of the Parties hereto.
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18.If any terms of the above provisions of this Agreement are found null, void or inoperative, for any reason, the remaining provisions will remain in full force and effect.  The language of all parts of this Agreement shall in all cases be construed as a whole, according to its fair meaning, and not strictly for or against either of the Parties.  Notwithstanding anything set forth to the contrary in this Agreement, should any of the provision(s) of this Agreement be found null and void such that Mr. Isett would not be provided with any of the consideration set forth in Sections 4, 5, 6 and 7 of this Agreement, Mr. Isett shall be expressly entitled, at his sole discretion, to (i) accept the Agreement such that it would otherwise continue in full force and effect, (ii) seek and accept a mutually agreed-to modification of the Agreement going forward, (iii) declare the Agreement null and void for lack of consideration or (iv) rescind the agreement as a result of a mutual mistake of law (in that the Agreement, including all of its terms – obligations and consideration – was believed to be and reflect a fully valid and enforceable agreement and meeting of the minds between the Parties and they both entered into the agreement in reliance upon that understanding).
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19.Mr. Isett understands that he has twenty-one (21) days from the date of his receipt of this Agreement, which was November 10, 2022, to consider his decision to sign it, and that he may unilaterally waive this period at his election.  Mr. Isett’s signature on this Agreement constitutes an express waiver of the twenty-one (21) day period if affixed prior to the expiration of that period.  By signing this Agreement, Mr. Isett expressly acknowledges that his decision to sign this Agreement was knowing and voluntary and of his own free will.  The Parties agree that any revisions or modifications to this Agreement, whether material or immaterial, will not and did not restart this time period.
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20.Mr. Isett acknowledges that he may revoke this Agreement only as it pertains to claims under the ADEA for up to and including seven (7) days after his execution of this Agreement, and that the aspects of this Agreement regarding his release of claims under the ADEA shall not become effective until the expiration of seven (7) days from the date of his execution of this Agreement.  This provision regarding revocation shall have no effect on the validity and enforceability of any other term, condition or provision of this Agreement, which
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becomes effective when signed.  In the event that Mr. Isett revokes this Agreement as it pertains to claims under the ADEA before the Company makes the monetary payments described in this Agreement, the Parties agree that, in lieu of the payments set forth in this Agreement, the Company will pay and provide all severance and benefits provided for in this Agreement with the sole exception of the addition lump sum payment equal to 6-months of the COBRA benefits the Company had most recently paid to Mr. Isett over the prior eighteen (18) months, as provided for in Section 7 of this Agreement, the adequacy of which is hereby acknowledged.  Mr. Isett accordingly agrees that, in the event he revokes this Agreement as it pertains to claims under the ADEA, all other provisions of this Agreement are independently supported by adequate consideration and are fully enforceable subject to the express provisions set forth in Section 18 of this Agreement.  Mr. Isett expressly agrees that, in order to be effective, his revocation pursuant to this Section must be in writing and must actually be received by Marc Banjak, at marc.banjak@ibio.com, on or before the seventh day following his execution of this Agreement.
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21.The Parties agree that, to the extent that any provision of this Agreement is determined to be in violation of the Older Workers Benefit Protection Act (“OWBPA”), it should be severed from the Agreement or modified to comply with the OWBPA, without affecting the validity or enforceability of any of the other terms or provisions of the Agreement, subject to the express provisions set forth in Section 18 of this Agreement.
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22.The Company hereby advises Mr. Isett to consult with an attorney prior to executing this Agreement.
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23.Mr. Isett is a “specified employee” for purposes of Section 409A of the Internal Revenue Code (“Section 409A”).  As such, for amounts subject to Section 409A payable to Mr. Isett upon separation from service, payment must be delayed for 6 months.  Mr. Isett and the Company acknowledge and agree that Mr. Isett’s termination of employment is involuntary within the meaning of Section 1.409A-1(b)(9) of the Treasury Regulations, and as such, $610,000 of his separation payments are exempt from Section 409A of the Internal Revenue Code (“Code”).  Amounts payable to Mr. Isett under the terms of this Agreement during the first six months following his separation from service will not exceed $610,000.
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24.Mr. Isett represents, certifies and agrees: (a) that he has carefully read this Agreement and understands all of its terms; (b) that he had a reasonable amount of time to consider his decision to sign this Agreement; (c) that in executing this Agreement he does not rely and has not relied upon any representation or statement made by any of the Company’s agents, representatives, or attorneys with regard to the subject matter, basis, or effect of the Agreement; (d) that he enters into this Agreement voluntarily, of his own free will, without any duress and with knowledge of its meaning and effect; (e) that
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other than as provided for herein, he is not owed any wages by the Company for work performed, whether as wages or salary, overtime, bonuses or commissions, or for accrued but unused paid time off, and that Mr. Isett has been fully compensated for all hours worked; (f) he has reported any violations known to him of the Company’s Code of Business Conduct and Ethics (the “Code”) or of any law by the Company or any Company employee or agent, as required by the Code (g) that Mr. Isett is not aware of any factual basis for a claim that the Company has defrauded the government of the United States or of any State; (h) that Mr. Isett has incurred no work-related injuries; and (i) that Mr. Isett has received all family or medical leave to which he was entitled under the law.  The Company is expressly relying on the foregoing representations and admissions by Mr. Isett, and the Parties agree that such representations are admissible, if offered by the Company, as sworn statements of fact by Mr. Isett in any proceeding between the Parties.
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25.Mr. Isett agrees to resign as an officer and CEO of the company, and to relinquish such duties and rights commensurate with being an officer and CEO of the Company, as of the Effective Date of this Agreement.  Ms. Isett further resigns from any and all other positions held arising from or as a result of his being an officer and CEO of the Company as of the Effective Date of this Agreement. Notwithstanding the above, nor anything to the contrary provided herein, and consistent with the terms of this Agreement, the Parties agree and acknowledge that with the exception of relinquishing his title, duties and rights as an officer and CEO of the Company, Mr. Isett remains a full-time employee of the Company pursuant to his Employment Agreement and its terms, through and including his Separation Date.
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26.Mr. Isett agrees to resign from the Board of Directors of the Company concurrent with the Effective Date of this Agreement.
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27.Immediately following the Effective Date of this Agreement, the Parties agree to the Company issuing a mutually acceptable and expressly approved Press Release regarding Mr. Isett’s resignation as an officer and CEO of the Company, as well as his resignation from the Board of Directors, consistent in form and substance with that attached hereto as Exhibit A to this Agreement.  The Parties agree and acknowledge that the language used and representations asserted in Exhibit A are not intended to nor shall they be considered to be part of the terms of this Agreement, such that they shall not be enforceable nor used to enforce any provision of this Agreement other than this Section 27.
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28.This Agreement may be executed in counterparts, each of which will be deemed an original but all of which together will constitute one and the same instrument.  An originally executed version of this Agreement that is scanned as an image file (e.g., Adobe PDF, TIF, JPEG, etc.) and then delivered by one party to the other party via electronic mail as evidence of signature, shall, for all
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purposes hereof, be deemed an original signature.  In addition, an originally executed version of this Agreement that is delivered via facsimile by one party to the other party as evidence of signature shall, for all purposes hereof, be deemed an original.
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IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the day and year first written above.
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	/S/ Thomas Isett
	    
	December 1, 2022

	Thomas Isett
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	/S/ William C. Clark
	    
	December 1, 2022

	For iBio, Inc.
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	Chip Clark
	    
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	[Print Name]
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	Chairman of the Board
	    
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EXHIBIT A
iBio Announces CEO Departure
BRYAN, Texas / December 2, 2022 / (GLOBE NEWSWIRE/ iBio, Inc. (NYSEA:IBIO) (“iBio” or the “Company”), an AI-driven innovator of precision antibody immunotherapies, today announced the Board of Directors (the “Board”) and Thomas F. Isett, the Company’s Chief Executive Officer, have agreed that Mr. Isett will resign  as a member of the Board and relinquish his duties, rights and obligations as an officer and CEO of the Company, effective immediately.  While the Company continues its search for a successor, the leadership team will report to the current Chair of the Board, William (Chip) Clark.
“Tom has helped iBio’s transformation into an AI-powered antibody discovery and development organization,” said Mr. Clark. “Tom’s leadership in the establishment of a portfolio of drug candidates, the acquisition of RubrYc’s proprietary drug discovery engine, building the leadership team, and reshaping our Board of Directors has us positioned for our next chapter.”
“It has been gratifying to have helped iBio through this dynamic and pivotal period of change,” said Mr. Isett.  “I am confident the Company is in good hands.  Many thanks and best wishes for everyone at iBio in the continuing journey to help bring new and better treatments to people suffering with cancer.”
About iBio, Inc.
iBio develops next-generation biopharmaceuticals using computational biology and 3D-modeling of subdominant and conformational epitopes, prospectively enabling the discovery of new antibody treatments for hard-to-target cancers and other diseases. iBio’s mission is to decrease drug failures, shorten drug development timelines, and open up new frontiers against the most promising targets. For more information, visit www.ibioinc.com.
Forward-Looking Statements
Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions and include statements regarding iBio continuing with a search for a new CEO. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, its ability to retain its key employees, or maintain its NYSE American listing; and the other factors discussed in the Company’s filings with the SEC including the Company’s Annual Report on Form 10-K for the

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year ended June 30, 2022 and the Company’s subsequent filings with the SEC on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
Contact:
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Investor Relations
Stephen Kilmer
iBio, Inc.
(646) 274-3580
skilmer@ibioinc.com
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Media Relations
Susan Thomas
IBio, Inc.
(619) 540-9195
Susan.thomas@ibioinc.com

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