Document:

Exhibit 4.3

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR UNDER THE SECURITIES LAWS OF ANY STATE. THIS NOTE MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE
OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THIS NOTE UNDER SUCH ACT UNLESS SUCH REGISTRATION IS NOT REQUIRED PURSUANT
TO A VALID EXEMPTION THEREFROM UNDER THE ACT.

 

iBio, Inc.

 

Promissory
Note

 

	Face Amount: $XXX,000.001	February [__], 2020
	 	New York, NY

 

FOR VALUE RECEIVED,
the undersigned iBio, Inc., (the “Borrower”), promises to pay to the order of [___________], its successors
or assigns (the “Lender”), [_________] DOLLARS ($XXX,000) (the “Face Amount”) by August [__],
2020 (the “Maturity Date”) in accordance with the terms hereof as provided herein.

 

Section 1.               Maturity; Interest. The Face Amount shall be repaid in cash at the Maturity Date; provided,
that this Note may be prepaid in whole or in part at any time and from time-to-time upon three (3) prior business days’
written notice, without penalty. This Note shall not bear interest except as contemplated in Section 4 below.

 

Section 2.               Repayment; Reduction of Principal with Warrant Exercises.

 

(a)              Upon
the closing of an underwritten offering of securities resulting in at least $10 million in gross proceeds to Borrower, Borrower
shall repay, in cash, one hundred percent (100%) of the aggregate principal balance and interest due on this Note outstanding
as of the date of repayment. So long as no Event of Default has occurred, such repayment shall satisfy Borrower’s obligations
pursuant to this Note in full and this Note shall be of no further force and effect.

 

(b)             Borrower shall defease this Note upon any and all cash exercises of Borrower’s Series A Warrants and Series B Warrants
on a dollar for dollar basis for all amounts paid pursuant to such warrant exercises. Such repayments of this Note shall be made
within three (3) business days of each such exercise; provided that any exercise price payable to the Borrower as a result of
the Lender’s exercise of any Series A Warrants or Series B Warrants may be withheld by the Lender to the extent such amounts
do not exceed the outstanding amount of this Note and any amounts so withheld shall be deemed (a) a repayment of this Note and
(b) a payment of the exercise price pursuant to the exercised warrants.

 

 

1
Face Amount shall equal Lender’s pro rata portion of $3,300,000 calculated based on the aggregate number of Original Warrants
being exchanged pursuant to that certain Warrant Amendment and Exchange Agreement, dated as of February 20, 2020, by and between
the Borrower and the Lender relative to the aggregate number of Original Warrants being exchanged pursuant to agreements with Other
Holders being executed contemporaneously therewith.

 

    

     

    

 

Section 3.             Transferability.
This Note and any of the rights granted hereunder are freely transferable or assigned by Lender, in whole or in part, in its sole
discretion; provided, there is notice to the Borrower.

 

Section 4.              Event
of Default.

 

(a)             In the event
that any one of the following events shall occur (whatever the reason and whether it shall be voluntary or involuntary or effected
by operation of law or pursuant to any judgment, decree or order of any court, or any order, rule or regulation of any administrative
or governmental body), it shall be deemed an Event of Default:

 

(i)               Any
default in the payment of the principal of, interest on or other charges in respect of this Note, or any other note issued by
the Borrower for the benefit of the Lender, as and when the same shall become due and payable;

 

(ii)             
Borrower shall fail to observe or perform any other material covenant, agreement or warranty contained in, or otherwise
commit any breach or default of any provision of this Note or any other agreement between the Borrower and the Lender;

 

(iii)           
  There shall be a breach of any of the representations and warranties set forth in this Note or any transaction document
executed contemporaneously herewith; or

 

(iv)            
Borrower, shall commence, or there shall be commenced against Borrower any applicable bankruptcy or insolvency laws as now
or hereafter in effect or any successor thereto, or Borrower commences any other proceeding under any reorganization, arrangement,
adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or
hereafter in effect relating to Borrower or there is commenced against Borrower any such bankruptcy, insolvency or other proceeding
which remains undismissed for a period of sixty (60) days; or Borrower is adjudicated insolvent or bankrupt; or any order of relief
or other order approving any such case or proceeding is entered; or Borrower suffers any appointment of any custodian, private
or court appointed receiver or the like for it or any substantial part of its property which continues undischarged or unstayed
for a period of sixty (60) days; or Borrower makes a general assignment for the benefit of creditors; or Borrower shall fail to
pay or shall state that it is unable to pay or shall be liable to pay, its debts as they become due or by any act or failure to
act expressly indicate its consent to, approval of or acquiescence in any of the foregoing; or any corporate or other action is
taken by the Borrower for the purpose of effecting any of the foregoing.

 

(b)           Upon
the occurrence of an Event of Default, the Lender shall give the Borrower notice of such occurrence, at which time the Borrower
shall have five (5) business days from receipt of such notice to pay the outstanding amount of the Note in full. In the event
that full payment is not made upon the expiry of the five (5) day period, a default penalty equal to two percent (2%) of the Face
Amount per month during the period of Default (the “Default Penalty”). Lender may then, at its sole discretion
declare the entire then outstanding Face Amount of this Note and the Default Penalty immediately due and payable (a “Default
Declaration”), in which event the Lender may, at its sole discretion take any action it deems necessary to recover amounts
due under this Note.

 

    2

     

    

 

(c)           Upon
the occurrence of an Event of Default, in addition to the Face Amount of the Note and
the Default Penalty, the Lender shall be entitled to recover all of its costs, fees (including without limitation, reasonable
attorney’s fees and disbursements), and expenses relating collection and enforcement Note, including all costs and expenses
incurred by it in enforcing its rights under the Note and any transaction document entered into contemporaneously herewith.

 

(d)           The
failure of Lender to exercise any of its rights hereunder in any particular instance shall not constitute a waiver of the same
or of any other right in that or any subsequent instance with respect to Lender or any subsequent holder. Lender need not provide
and Borrower hereby waives any presentment, demand, protest or other notice of any kind, and Lender may immediately and without
expiration of any grace period enforce any and all of its rights and remedies hereunder and all other remedies available to it
under applicable law. The remedies available to the Lender upon the occurrence of an Event of Default shall be cumulative.

 

Section 5.              Notices.
Any and all notices, service of process or other communications or deliveries required or permitted to be given or made pursuant
to any of the provisions of this Note shall be deemed to have been duly given or made for all purposes when hand delivered or
sent by certified or registered mail, return receipt requested and postage prepaid, overnight mail or courier as follows: 

 

If to Lender,
at:

 

Attn:

Or such
other address as may be given to the Borrower from time to time

 

If to Borrower,
at:

 

iBio, Inc.

 

Attn:

Or such
other address as may be given to the Lender from time to time

 

Section 6.              Usury. This Note is hereby expressly limited so that in no event whatsoever, whether by reason of acceleration of
maturity of the loan evidenced hereby or otherwise, shall the amount paid or agreed to be paid to the Lender hereunder for the
loan, use, forbearance or detention of money exceed that permissible under applicable law. If at any time the performance of any
provision of this Note or of any other agreement or instrument entered into in connection with this Note involves a payment exceeding
the limit of the interest that may be validly charged for the loan, use, forbearance or detention of money under applicable law,
then automatically and retroactively, ipso facto, the obligation to be performed shall be reduced to such limit, it being the specific
intent of the Borrower and the Lender that all payments under this Note are to be credited first to interest as permitted by law,
but not in excess of (i) the agreed rate of interest set forth herein or therein or (ii) that permitted by law, whichever
is the lesser, and the balance toward the reduction of principal. The provision of this Section 6 shall never be superseded or
waived and shall control every other provision of this Note and all other agreements and instruments between the Borrower and the
Lender entered into in connection with this Note. To the extent permitted by applicable law, Borrower waives any right to assert
the defense of usury.  

 

    3

     

    

 

Section 7.              Governing
Law; Waiver of Jury Trial. This Note and the provisions hereof are to be construed according to and are governed by the laws
of the State of New York, without regard to principles of conflicts of laws thereof. Borrower agrees that the New York State Supreme
Court located in the County of New York, State of New York shall have exclusive jurisdiction in connection with any dispute concerning
or arising out of this Note or otherwise relating to the parties relationship. In any action, lawsuit or proceeding brought to
enforce or interpret the provisions of this Note and/or arising out of or relating to any dispute between the parties, Lender
shall be entitled to recover all of its costs and expenses relating collection and enforcement of this Note (including without
limitation, reasonable attorney’s fees and disbursements) in addition to any other relief to which Lender may be entitled
and all costs of collection, including any legal fees associated with this Note will be paid by the Borrower. Each party agrees
that any process or notice to be served or delivered in connection with any action, lawsuit or proceeding brought hereunder may
be accomplished in accordance with the notice provisions set forth above or as otherwise provided by applicable law. BORROWER
HEREBY WAIVES TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM, WHETHER IN CONTRACT OR TORT, AT LAW OR IN EQUITY,
ARISING OUT OF OR IN ANY WAY RELATING TO THIS NOTE.

 

Section 8.              Successors
and Assigns. Subject to applicable securities laws, this Note and the rights and obligations evidenced hereby shall inure
to the benefit of and be binding upon the successors of Borrower and the successors and assigns of Lender.

 

Section 9.              Amendment. This Note may be modified or amended or the provisions hereof waived only with the written consent of
Lender and Borrower.  

 

Section 10.            Severability.
Wherever possible, each provision of this Note shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Note shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Note.

 

[SIGNATURE PAGE TO
FOLLOW]

 

    4

     

    

 

IN WITNESS WHEREOF,
Borrower has caused this Promissory Note to be duly authorized officer and/or such individual borrower as of the date first above
indicated.

 

 

	 	
        iBio, Inc.

	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    5Exhibit 10.1

 

WARRANT AMENDMENT AND EXCHANGE AGREEMENT

 

THIS WARRANT AMENDMENT AND EXCHANGE
AGREEMENT (this “Agreement”), dated as of February 20, 2020, is by and between iBio, Inc., a Delaware corporation
(the “Company”), and the holder named on the signature page hereto (the “Holder”) of certain
Series A Warrants and Series B Warrants (together, the “Original Warrants”) to purchase shares of common stock
of the Company, par value $0.001 per share (the “Common Stock”), at an exercise price of $0.22 per share, issued
by the Company on October 29, 2019.

 

WHEREAS, the Holder’s Original
Warrants are exercisable into shares of Common Stock as set forth on the Holder’s signature page hereto (the “Warrant
Shares”), which Warrant Shares are registered pursuant to a registration statement on Form S-1 (File No. 333-233504) which
became effective on October 24, 2019 and remains effective as of the date of this Agreement (the “Registration Statement”);

  

WHEREAS, the Company and the Holder
desire to exchange (the “Exchange”) such portion of the Original Warrants (without payment of the exercise price
therefor) to purchase a number of shares of Common Stock as set forth under “Exchanged Warrants” on the signature page
hereto (the “Exchanged Warrants”) for: (i) shares of Common Stock (the “Exchange Shares”)
at a ratio of one (1) share of Common Stock for each Exchanged Warrant (including such underlying Common Stock that would have
been issuable upon exercise of such Exchanged Warrant) under the terms of this Agreement, and (ii) a promissory note in the form
attached hereto as Exhibit A (the “Note” and together with the Exchange Shares, the “Exchange
Securities”);

 

WHEREAS, the Company and the Holder
desire to amend and restate all Series A Warrants that are not Exchanged Warrants (the “Remaining Series A Original Warrants”)
in the form attached hereto as Exhibit B (the “Series A Warrant Amendment”) and to amend and restate all Series
B Warrants that are not Exchanged Warrants (the “Remaining Series B Original Warrants”) in the form attached
hereto as Exhibit C (the “Series B Warrant Amendment”, and each of the Series A Warrant Amendment and the Series
B Warrant Amendment a “Warrant Amendment” and together the “Warrant Amendments”);

 

NOW, THEREFORE,
IN CONSIDERATION of the mutual covenants contained in this Agreement, and for good and valuable consideration the receipt and
adequacy of which are hereby acknowledged, the Holder and the Company agree as follows:

 

ARTICLE I

DEFINITIONS

 

Section 1.1 Definitions.
Capitalized terms not defined in this Agreement shall have the meanings ascribed to such terms in the Original Warrants.

 

ARTICLE II

EXCHANGE

Section 2.1 Exchange
of Exchanged Warrants.

 

(a)          The Holder hereby agrees to surrender the Exchanged Warrants to the Company in exchange for which the Company agrees to issue the
Exchange Securities to the Holder.

 

(b)          No later than the 2nd Trading Day following the execution and delivery of this Agreement by the Company and the
Holder, the closing of the Exchange shall occur at the offices of A.G.P./Alliance Global Partners Corp or such other location as
the parties shall mutually agree in writing. No later than two (2) Trading Days following the execution and delivery of this
Agreement by the Holder and the Company, the Company shall deliver the Exchange Shares to the Holder via the DWAC pursuant to instructions
set forth on the Holder’s signature page hereto and the Company shall issue the Note and deliver the Note to the Holder at
the address set forth on the signature page hereto. The date of the closing of the Exchange shall be referred to as the “Closing
Date”.

 

    

     

    

 

(c)          Effective
upon the execution and delivery of this Agreement by the Company and the Holder, all Remaining Series A Original Warrants shall
be amended and restated as set forth in the Series A Warrant Amendment and all Remaining Series B Original Warrants shall be amended
and restated as set forth the Series B Warrant Amendment

 

Section 2.2 Issuance
of Press Release. Prior to 9:30 a.m. (New York City time) on the next Trading Day immediately after the date hereof, the Company
shall issue a press release or file a Current Report on Form 8-K (the “Form 8-K”) disclosing the material terms
of the transactions contemplated hereby. From and after the issuance of the press release or filing of the Form 8-K, the Company
represents to the Holder that it shall not be in possession of any material, nonpublic information received from the Company, any
of its Subsidiaries or any of their respective officers, directors, employees or agents that is not disclosed in the press release
or Form 8-K. In addition, effective upon the issuance of the press release or filing of the Form 8-K, the Company acknowledges
and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company,
any of its Subsidiaries or any of their respective officers, directors, affiliates, employees or agents, on the one hand, and the
Holder or any of its affiliates, on the other hand, shall terminate.

 

ARTICLE III

REPRESENTATIONS
AND WARRANTIES

 

Section 3.1 Representations
and Warranties of the Company. The Company hereby makes the representations and warranties set forth below to the Holder that
as of the date of its execution of this Agreement:

 

(a) Authorization;
Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions
contemplated by this Agreement and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery
of this Agreement by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized by
all necessary action on the part of such Company and no further action is required by such Company, its board of directors or its
shareholders in connection therewith. This Agreement has been duly executed by the Company and, when delivered in accordance with
the terms hereof will constitute the valid and binding obligation of the Company enforceable against the Company in accordance
with its terms except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited
by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar
as indemnification and contribution provisions may be limited by applicable law.

 

(b) Organization.
The Company is a duly organized and validly existing corporation in good standing under the laws of the State of Delaware.

 

(c) Registration
Statement. The shares of Common Stock issuable upon exercise of the Remaining Warrants (the “Remaining Warrant Shares”)
are registered under the Registration Statement, which Registration Statement remains effective and available for the sale of Remaining
Warrant Shares by the Holder. Neither the Commission nor, to the Company’s knowledge, any state regulatory authority has
issued any order preventing or suspending the use of the Registration Statement or the Prospectus thereunder or has instituted
or, to the Company’s knowledge, threatened to institute, any proceedings with respect to such an order. Furthermore, the
Company knows of no reason or reasons why such Registration Statement shall not remain available for the resale of such Remaining
Warrant Shares for the foreseeable future. The Company shall use commercially reasonable efforts to keep the Registration Statement
effective and available for use by the Holder until all Remaining Warrant Shares are issued to the Holder and shall make any and
all filings required for such purpose.

 

(d) No
Conflicts. The execution, delivery and performance of this Agreement by the Company and the consummation by the Company of
the transactions contemplated hereby do not and will not: (i) conflict with or violate any provision of the Company’s
certificate or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute
a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any lien
upon any of the properties or assets of the Company, or give to others any rights of termination, amendment, acceleration or cancellation
(with or without notice, lapse of time or both) of, any material agreement, credit facility, debt or other material instrument
(evidencing Company debt or otherwise) or other material understanding to which the Company is a party or by which any property
or asset of the Company is bound or affected, or (iii) conflict with or result in a violation of any law, rule, regulation,
order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company is subject
(including federal and state securities laws and regulations), or by which any property or asset of the Company is bound or affected,
except in the case of each of clauses (ii) and (iii), such as would not have or reasonably be expected to result in (i) a material
adverse effect on the legality, validity or enforceability of this Agreement, (ii) a material adverse effect on the results of
operations, assets, business or condition (financial or otherwise) of the Company and its subsidiaries, taken as a whole, or (iii)
a material adverse effect on the Company's ability to perform in any material respect on a timely basis its obligations under this
Agreement.

 

    

     

    

 

(e) Disclosure.
Except with respect to the material terms and conditions of the transactions contemplated by this Agreement, the Company confirms
that neither it nor any other Person acting on its behalf has provided the Holder or any of its agents or counsel with any information
that it believes constitutes or might constitute material, non-public information. The Company understands and confirms
that the Holder will rely on the foregoing representation in effecting transactions in securities of the Company. All of the disclosure
furnished by or on behalf of the Company to the Holder regarding the Company and its Subsidiaries, their respective businesses
and the transactions contemplated hereby, including but not limited to the disclosure set forth in the SEC Reports, is true and
correct and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make
the statements made therein, in light of the circumstances under which they were made, not misleading. As used herein, “SEC
Reports” means all reports, schedules, forms, statements and other documents required to be filed by the Company with
the Commission pursuant to the reporting requirements of the Exchange Act, including all exhibits included therein and financial
statements, notes and schedules thereto and documents incorporated by reference therein.

 

(f) Issuance
of Exchange Securities. The issuance of the Exchange Securities is duly authorized and, upon issuance in accordance with the
terms of this Agreement, the Exchange Securities shall be validly issued and free from all preemptive or similar rights (except
for those which have been validly waived prior to the date hereof), taxes, liens and charges and other encumbrances with respect
to the issue thereof. Assuming the accuracy of each of the representations and warranties set forth in Section 3.2 of this
Agreement, the offer and issuance by the Company of the Exchange Securities is exempt from registration under the Securities Act
of 1933, as amended (the “Securities Act”).

 

(g) No
General Solicitation. Neither the Company, nor any of its Subsidiaries or affiliates, nor any Person acting on its or their
behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection
with the offer or sale of the Exchange Securities.

 

(h)
Stock Exchange Listing. Except as disclosed in the Current Report on Form 8-K filed with the SEC on January 10, 2020, to
the Company’s knowledge, it is in compliance with all applicable listing requirements of the NYSE American LLC (“NYSE
American”). The Company has submitted the Listing of Additional Shares Notification Form with the Exchange with respect
to the transactions contemplated hereby.

 

(i)
Cancellation and Retirement of Original Warrants. The Company will promptly cancel and retire all Original Warrants exchanged
for the Exchange Securities.

 

Section 3.2 Representations
and Warranties of the Holder. The Holder hereby makes the representations and warranties set forth below to the Company
that as of the date of its execution of this Agreement:

 

(a) Due
Authorization. The Holder represents and warrants that (i) the execution and delivery of this Agreement by it and the
consummation by it of the transactions contemplated hereby have been duly authorized by all necessary action on its behalf and
(ii) this Agreement has been duly executed and delivered by the Holder and constitutes the valid and binding obligation of
the Holder, enforceable against it in accordance with its terms.

 

(b) No
Conflicts. The execution, delivery and performance of this Agreement by the Holder and the consummation by the Holder of the
transactions contemplated hereby do not and will not: (i) conflict with or violate any provision of the Holder’s organizational
or charter documents, or (ii) conflict with or result in a violation of any agreement, law, rule, regulation, order, judgment,
injunction, decree or other restriction of any court or governmental authority which would interfere with the ability of the Holder
to perform its obligations under this Agreement.

 

    

     

    

 

(c) Access
to Information. The Holder acknowledges that it has had the opportunity to review this Agreement and the SEC Reports and has
been afforded (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives
of the Company concerning the terms and conditions of the Exchange and issuance of the Exchange Securities and the merits and risks
of investing in the Exchange Securities; (ii) access to information about the Company and its financial condition, results
of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the
opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense
that is necessary to make an informed investment decision with respect to the investment. The Holder acknowledges and agrees that
neither A.G.P./Alliance Global Partners Corp (“AGP”) and ROTH Capital Partners, LLC (each a “Placement
Agent,” in the aggregate, the “Placement Agents”), nor any Affiliate of the Placement Agents has provided
the Holder with any information or advice with respect to the Original Warrants or the Exchange Securities nor is such information
or advice necessary or desired. None of the Placement Agents nor any Affiliate of the Placement Agent has made or makes any representation
as to the Company or the quality of the Original Warrants or the Exchange Securities, and the Placement Agents and any Affiliate
of the Placement Agents may have acquired non-public information with respect to the Company which the Holder agrees
need not be provided to it. In connection with the issuance of the Exchange Securities to the Holder, neither the Placement Agents
nor any of their Affiliates has acted as a financial advisor or fiduciary to the Holder.

 

(d) Holder
Status. The Holder is an “accredited investor” as defined in Rule 501 under the Securities Act.

 

ARTICLE IV

MISCELLANEOUS

 

Section 4.1 Favorable
Agreement. The Company hereby represents and warrants as of the date hereof and covenants and agrees that none of the terms
offered to any holder (each such holder, an “Other Holder”) under any other agreement executed with the Company
contemporaneously herewith regarding the exchange of such Other Holder’s Original Warrants (or any settlement, release, amendment,
modification or waiver thereof) (each a “Settlement Document”), is or will be more favorable to such Other Holder
than those provided to the Holder hereunder or pursuant to this Agreement and the Exchange Securities, as applicable. If, and whenever
on or after the date hereof, the Company enters into a Settlement Document, then (i) the Company shall provide notice thereof to
the Holder immediately following the occurrence thereof and (ii) the terms and conditions of this Agreement shall be, without any
further action by the Holder or the Company, automatically amended and modified in an economically and legally equivalent manner
such that the Holder shall receive the benefit of the more favorable terms and/or conditions (as the case may be) set forth in
such Settlement Document, provided that upon written notice to the Company at any time the Holder may elect not to accept the benefit
of any such amended or modified term or condition, in which event the term or condition contained in this Agreement shall apply
to the Holder as it was in effect immediately prior to such amendment or modification as if such amendment or modification never
occurred with respect to the Holder. The provisions of this Section 4.1 shall apply similarly and equally to each Settlement Document.

 

Section 4.2 Other
Warrant Exchange Agreement. The Company acknowledges and agrees that the obligations of the Holder under this Agreement are
several and not joint with the obligations of any Other Holder under any other agreement related to the exchange of such Original
Warrants (“Other Warrant Exchange Agreements”), and the Holder shall not be responsible in any way for the performance
of the obligations of any Other Holder or under any such Other Warrant Exchange Agreements. Nothing contained in this Agreement,
and no action taken by the Holder pursuant hereto, shall be deemed to constitute the Holder and the Other Holders as a partnership,
an association, a joint venture or any other kind of entity, or create a presumption that the Holder and the Other Holders are
in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by this Agreement
and the Company acknowledges that the Holder and the Other Holders are not acting in concert or as a group with respect to such
obligations or the transactions contemplated by this Agreement or any Other Warrant Exchange Agreement. The Company and the Holder
confirms that the Holder has independently participated in the negotiation of the transactions contemplated hereby with the advice
of its own counsel and advisors. The Holder shall be entitled to independently protect and enforce their rights, including, without
limitation, the rights arising out of this Agreement, and it shall not be necessary for any Other Holder to be joined as an additional
party in any proceeding for such purpose.

 

    

     

    

 

Section 4.3 Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be made by email
to the email address of Holders set forth on Holders’ signature page.

 

Section 4.4 Survival.
All warranties and representations (as of the date such warranties and representations were made) made herein or in any certificate
or other instrument delivered by any party hereto or on its behalf under this Agreement shall be considered to have been relied
upon by the parties hereto and shall survive the issuance of the Exchange Securities. This Agreement shall inure to the benefit
of and be binding upon the successors and permitted assigns of each of the parties; provided, however, that no party may assign
this Agreement or the obligations and rights of such party hereunder without the prior written consent of the other parties hereto.

 

Section 4.5 Execution.
This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being
understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission,
such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed)
with the same force and effect as if such facsimile signature page were an original thereof.

 

Section 4.6 Severability.
If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity and enforceability of the
remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby and the parties will attempt
to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon so agreeing, shall incorporate
such substitute provision in this Agreement.

 

Section 4.7 Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be determined
pursuant to the Governing Law provision in Section 11 of the Original Warrants.

 

Section 4.8 Entire
Agreement. The Agreement, together with the exhibits and schedules thereto, contain the entire understanding of the parties
with respect to the subject matter hereof and supersede all prior agreements and understandings, oral or written, with respect
to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

 

Section 4.9 Construction.
The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect
any of the provisions hereof. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party.

 

Section 4.10 Fees
and Expenses. Except as otherwise set forth in this Section 4.10, each party shall pay the fees and expenses of its advisers,
counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation,
execution, delivery and performance of this Agreement. The Company shall pay all transfer agent fees, stamp taxes and other taxes
and duties levied in connection with the delivery of any Exchange Securities. Notwithstanding the foregoing, if the Company or
any Holder shall commence an action or proceeding to enforce any provisions of this Agreement or the Exchange Securities, then
the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorneys’ fees and other
costs and expenses incurred in the investigation, preparation and prosecution of such action or proceeding.

 

Section 4.11 Holding
Period. For the purposes of Rule 144 of the Securities Act, the Company acknowledges that (i) the holding period of the Exchange
Securities may be tacked onto the holding period of the Exchanged Warrants, (ii) the holding period of the Series A Warrants (and,
assuming a cashless exercise of the Series A Warrants, the shares of Common Stock then issuable upon exercise thereof) commenced
on the date of original issuance of the Series A Warrants, after giving effect to the Series A Warrant Amendment, commenced on
the date of original issuance of the Series A Warrants and (iii) the holding period of the Series B Warrants (and, assuming a cashless
exercise of the Series B Warrants, the shares of Common Stock then issuable upon exercise thereof) commenced on the date of original
issuance of the Series B Warrants, after giving effect to the Series B Warrant Amendment, commenced on the date of original issuance
of the Series B Warrants, and, in each case, the Company agrees not to take a position contrary to this Section 4.11.

 

[Signature page
follows]

 

    

     

    

 

IN WITNESS
WHEREOF, the undersigned have executed this Warrant Amendment and Exchange Agreement as of the date first written above.

 

	COMPANY:	 
	 	 
	iBio, Inc.	 
	 	 
	By:	/s/ Robert
    B. Kay	 
	Name: Robert B. Kay	 
	Title: Executive Chairman and CEO	 

 

    

     

    

 

HOLDER SIGNATURE
PAGES TO IBIO, INC.

WARRANT AMENDMENT
AND EXCHANGE AGREEMENT

 

IN WITNESS WHEREOF, the undersigned
have caused this Warrant Amendment and Exchange Agreement to be duly executed by their respective authorized signatories as of
the date first indicated above.

 

	Name of Holder:                                                                                                                                                                                     
	 
	Signature of Authorized Signatory of Holder:
	 
	Name of Authorized Signatory:                                                                                                                                                             
	 
	Title of Authorized Signatory:                                                                                                                                                              
	 
	Email Address of Holder:                                                                                                                                                                      

 

Original Warrants

 

Original Series A Warrants:
_____________________________________________________________

 

Original Series B Warrants: _____________________________________________________________

 

Exchanged Warrants

 

Number of Original Series A Warrants
to be Exchanged: ______________________________________

 

Number of Original Series B Warrants
to be Exchanged: ______________________________________

 

Remaining Warrants

 

Series A Remaining Warrants: ___________________________________________________________

 

Series B Remaining Warrants: ____________________________________________________________

 

Delivery Instructions

 

DWAC Instructions for Exchange Shares:___________________________________________________

 

Delivery address of Note:                 
                                          
                                                 
               

 

    

     

    

 

Exhibit A

 

Promissory Note

 

(see attached)

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