Document:

Exhibit 10.14c 

SECOND AMENDMENT
TO CREDIT AGREEMENT

          THIS
SECOND AMENDMENT TO CREDIT AGREEMENT (the “Amendment”) dated May _, 2010
is among UNIVERSAL POWER GROUP, INC. (the “Borrower”), MONARCH OUTDOOR ADVENTURES, LLC (“Monarch”), each of the
banks or other lending institutions which is a party hereto (individually a “Bank” and
collectively the “Banks”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as the administrative agent (the “Agent”).

RECITALS:

          The
Borrower, Monarch, the Agent, and the Banks have entered into that certain
Credit Agreement dated as of December
16, 2009 (as by that certain First Amendment to Credit Agreement dated March 17, 2010 and as further amended or
modified from time to time, the “Credit Agreement”).

          NOW,
THEREFORE, in consideration of the premises herein contained and other good and
valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as
follows effective as of the date hereof:

ARTICLE I.

Definitions

          Section
1.1. Definitions. Capitalized terms used in this Amendment, to the
extent not otherwise defined herein,
shall have the same meanings as in the Credit Agreement.

ARTICLE II.

Amendments

          Section
2.1. Amendment to Section 1.1 of the Credit Agreement. The following
definitions set forth in Section
1.1 of the Credit Agreement are amended and restated in their respective
entireties to read as follows:

	
  

 	
  

 
	
  

 	
 “Adjusted
 Eurodollar Rate” means, (a) with respect to any Daily Rate Eurodollar
 Loan, an interest rate per annum
 (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (i) the Daily One Month Libor Rate
 multiplied by (ii) the Statutory Reserve Rate and (b) with respect to any other Eurodollar Loan
 for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to
 (i) the Eurodollar Rate for such
 Interest Period multiplied by (ii) the Statutory Reserve Rate.

 

          Section
2.2. Addition to Section 1.1 of the Credit Agreement. The following
definitions are added to Section 1.1 of the Credit Agreement in
proper alphabetical order and shall read in their respective entireties as follows:

	
  

 	
  

 
	
  

 	
 “Daily
 One Month Libor Rate” means, for any date of determination, the rate
 (rounded upwards, if necessary, to
 the next 1/16 of 1%) appearing on Reuters Screen LIBOR01 Page (or on any successor or substitute page of
 such service, or any successor to or substitute
 for such service, providing rate quotations comparable to those currently provided on such page of such service, as
 determined by Agent from time to time for purposes of providing quotations of interest rates applicable to
 dollar deposits in the London
 interbank market) at approximately 11:00 a.m., London time, on such date of

 

SECOND AMENDMENT TO CREDIT
AGREEMENT, Page 1

	
  

 	
  

 
	
  

 	
 determination,
 as the rate for dollar deposits with a maturity of one (1) month. If at any time the London Interbank Offered Rate becomes
 unavailable, then the Prime Rate offered
 by Agent shall be substituted for the Daily One Month Libor Rate. Each change
 in the Daily One Month Libor Rate
 shall become effective each Business Day that the Agent determines that the Daily One Month Libor
 Rate has changed.

 
	
  

 	
  

 
	
  

 	
 “Daily
 Rate Eurodollar Loans” mean Eurodollar Loans bearing interest based on
 the Daily One Month Libor Rate.

 

          Section
2.3. Amendment to Section 3.1(b) of the Credit Agreement. The first
sentence of clause (b) of Section 3.1 of the Credit Agreement is amended
and restated to read as follows: 

	
  

 	
  

 
	
  

 	
 (b) Borrower shall elect an
 Interest for all Eurodollar Loans other than Daily Rate Eurodollar Loans.

 

          Section
2.4. Amendment to Section 3.2(b) of the Credit Agreement. Clause (b) of
Section 3.2 of the Credit Agreement is amended and restated to read as follows:

	
  

 	
  

 
	
  

 	
 (b)
 Accrued interest on the Eurodollar Loans (other than Daily Rate Eurodollar Loans) shall be due and payable on any date of
 prepayment, the Revolving Termination Date and on the last day of an Interest
 Period, and, if such Interest Period is longer than ninety days, every ninety (90) days after the
 commencement of such Interest Period. Accrued interest on Daily Rate Eurodollar Loans shall be due and
 payable on any date of prepayment, the Revolving Termination Date and on each
 Quarterly Payment Date.

 

          Section
2.5. Amendment to Section 4.3 of the Credit Agreement. Section 4.3 of
the Credit Agreement is amended and
restated to read as follows:  

	
  

 	
  

 
	
  

 	
 Section
 4.3. Certain Notices. Each termination or reduction of Commitments, borrowing of Loans and prepayment of Loans shall
 be made upon Borrower’s notice (which may be given by telephone promptly
 confirmed in writing by a Responsible Officer) to Agent in the form of Exhibit E hereto or another form
 reasonably acceptable to Agent and
 shall be effective only if received by Agent not later than 10:00 a.m. on the
 (a) day of the borrowing of a
 Swingline Loan, (b) first day prior to any borrowing, prepayment or repayment of any Base Rate Loan
 or Daily Rate Eurodollar Loan and (c) third Business Day prior to any
 borrowing, prepayment or repayment of any other Loan. Any such notice which
 is received by Agent after 10:00 a.m. on a Business Day shall be deemed to be received and shall be effective on
 the next Business Day. Each such notice when providing notice of a borrowing or prepayment shall specify: (a)
 the Loans to be borrowed or
 prepaid; (b) the amount (subject to Section 4.2 hereof) to be borrowed or prepaid; (c) the date of borrowing or prepayment
 (which shall be a Business Day); and (d)
 the Interest Period for any borrowing of a Eurodollar Loan (other than a
 Daily Rate Eurodollar Loan). Agent
 shall notify the Banks of the contents of each notice on the date of its receipt of the same or, if received on
 or after 10:00 a.m. on a Business Day, on the next Business Day.

 

          Section
2.6. Amendment to Section 4.4 of the Credit Agreement. Clause (a) of
Section 4.4 of the Credit Agreement
is amended and restated to read as follows:  

	
  

 	
  

 
	
  

 	
 (a)
 Optional Prepayments. Subject to Section 4.2 and the provisions of
 this Section 4.4, Borrower may, at
 any time and from time to time without premium or penalty upon prior notice to Agent as specified in Section
 4.3, prepay or repay any Loan in full or in

 

SECOND AMENDMENT TO CREDIT
AGREEMENT, Page 2

	
  

 	
  

 
	
  

 	
 part. Eurodollar Loans (other than Daily Rate Eurodollar
 Loans) may be prepaid or repaid
 only on the last day of the Interest Period applicable thereto unless
 Borrower pays to Agent for the account of
 the applicable Banks any amounts due under Section 4.12 as a result of such prepayment or repayment. Any
 optional prepayment of a Loan shall be accompanied with accrued
 interest on the amount prepaid to the date of prepayment and any partial prepayments thereof shall be
 applied to the principal installments due in the inverse order of maturity.

 

          Section
2.7. Amendment to Exhibit E. Exhibit E to the Credit Agreement is
amended and restated to read as Second Amendment Exhibit E attached hereto.

ARTICLE III.

Conditions Precedent

          Section
3.1. Conditions Precedent. The effectiveness of Article II of
this Amendment is subject to the satisfaction of the following conditions
precedent:

                    (a)
The
Agent shall have received this Amendment duly executed by the parties hereto;

                    (b)
The
representations and warranties contained herein and in all other Loan Documents, as amended
hereby, shall be true and correct in all material respects as of the date
hereof as if made
on the date hereof, except for such representations and warranties limited by
their terms to a specific date;

                    (c) No Default shall have
occurred and be continuing; and

                    (d)
All
proceedings taken in connection with the transactions contemplated by this Amendment and all
documentation and other legal matters incident thereto shall be satisfactory to
the Agent
and its legal counsel, Hunton & Williams, LLP.

ARTICLE IV.

Miscellaneous

          Section
4.1. Ratifications. The terms and provisions set forth in this Amendment
shall modify
and supersede all inconsistent terms and provisions set forth in the Credit
Agreement and except as expressly modified and superseded by this Amendment, the terms and
provisions of the Credit Agreement and the other Loan Documents are ratified and
confirmed and shall continue in full force and effect. The Borrower, Monarch, the Agent and the Banks agree that the
Credit Agreement, as amended hereby, and the
other Loan Documents shall continue to be legal, valid, binding and enforceable
in accordance with their terms.

          Section
4.2. Representations and Warranties. Each of the Borrower and Monarch
hereby represents and warrants to the Agent and the Banks as follows as of the
date hereof: (a) after giving effect to this Amendment, no Default exists and (b) the representations and
warranties set forth in the Loan Documents are true and correct in all material
respects on and as of the date hereof, with the same effect as if made on and as of such date except to the
extent such representations and warranties relate specifically to another date.

SECOND
AMENDMENT TO CREDIT AGREEMENT, Page 3

          Section
4.3. Survival of Representations and Warranties. All representations and
warranties made in this Amendment shall survive the execution and delivery of this
Amendment, and no investigation
by Agent or any Bank or any closing shall affect the representations and
warranties or the right of the Agent or any
Bank to rely upon them.

          Section
4.4. Reference to Credit Agreement. Each of the Loan Documents including
the Credit
Agreement are hereby amended so that any reference in such Loan Documents to
the Credit Agreement
shall mean a reference to Credit Agreement as amended hereby.

          Section
4.5. Expenses of Agent. The Borrower agrees to pay all costs and
expenses incurred by the Agent in connection with the preparation,
negotiation, and execution of this Amendment, including without limitation, the
costs and fees of the Agent’s legal counsel.

          Section
4.6. Severability. Any provision of this Amendment held by a court of
competent jurisdiction to be invalid or unenforceable shall not impair or
invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be
invalid or unenforceable.

          Section
4.7. Applicable Law. This Amendment shall be governed by
and construed
in accordance with the laws of the State of Texas (without regard to the
conflicts of law provisions thereof) and the applicable laws of the United States
of America.

          Section
4.8. Successors and Assigns. This Amendment is binding upon and shall
inure to the benefit of the Agent, each Bank, the Borrower, Monarch and their
respective successors and assigns, except that the Borrower may not assign or transfer any
of its rights or obligations hereunder without the prior written consent of
each Bank.

          Section
4.9. Counterparts. This Amendment may be executed in counterparts and on
telecopy counterparts, each of which shall be deemed an original, but all of which
when taken together shall constitute one and the same agreement.

          Section
4.10. Effect of Waiver. No consent or waiver, express or implied, by the
Agent or any Bank to or for any breach of or deviation from any covenant, condition
or duty by the Borrower or any of the Obligated Parties shall be deemed a consent or waiver
to or of any other breach of the same or any other covenant, condition or duty.

          Section
4.11. Headings. The headings, captions, and arrangements used in this
Amendment are for
convenience only and shall not affect the interpretation of this Amendment.

          Section
4.12. ENTIRE AGREEMENT. THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS EMBODY THE FINAL, ENTIRE AGREEMENT
AMONG THE PARTIES HERETO AND SUPERSEDE ANY
AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND
UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THIS AMENDMENT, AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF
PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF
THE PARTIES HERETO. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES HERETO.

SECOND
AMENDMENT TO CREDIT AGREEMENT, Page 4

          Executed as of the date first written above.

	
  

 	
  

 	
  

 
	
  

 	
 BORROWER:

 
	
  

 	
  

 	
  

 
	
  

 	
 UNIVERSAL POWER GROUP, INC.

 
	
  

 	
  

 	
  

 
	
 /s/ Julie Sansom Reese

 	
 By:

 	
 /s/ Ian Edmonds

 
	

 

 	
  

 	

 

 
	
 Julie Sansom Reese

Sr. VP of Finance

 	
  

 	
 Ian Edmonds 
President

 
	
  

 	
  

 	
  

 
	
  

 	
 MONARCH:

 
	
  

 	
  

 	
  

 
	
  

 	
 MONARCH OUTDOOR ADVENTURES,
 LLC

 
	
  

 	
  

 	
  

 
	
 /s/ Julie Sansom Reese

 	
 By:

 	
 /s/ Ian Edmonds

 
	

 

 	
  

 	

 

 
	
 Sr. VP of Finance

 	
  

 	
 Ian Edmonds 
Manager

 
	
  

 	
  

 	
  

 
	
  

 	
 AGENT AND BANKS:

 
	
  

 	
  

 	
  

 
	
  

 	
 WELLS FARGO BANK, NATIONAL
 ASSOCIATION,
as the Agent and as a
 Bank

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Clint Bryant

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Clint Bryant

 
	
  

 	
  

 	
 Senior Vice President

 

SECOND AMENDMENT TO CREDIT AGREEMENT, Page 5EXHIBIT 4.1

FORM OF WARRANT

          THIS
WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON THE EXERCISE HEREOF HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) OR
UNDER ANY STATE SECURITIES LAWS, AND MAY NOT BE PLEDGED, SOLD, ASSIGNED,
HYPOTHECATED OR OTHERWISE TRANSFERRED UNTIL (I) A REGISTRATION STATEMENT WITH
RESPECT THERETO IS EFFECTIVE UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES
LAWS OR (II) THE COMPANY RECEIVES AN OPINION OF COUNSEL TO THE COMPANY OR OTHER
COUNSEL TO THE COMPANY THAT SUCH SECURITIES MAY BE PLEDGED, SOLD, ASSIGNED,
HYPOTHECATED OR TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE ACT OR APPLICABLE STATE SECURITIES LAWS.

Warrant to Purchase

_________ shares1

VOID AFTER ____________ __, 2015

WARRANT
TO PURCHASE

COMMON STOCK

OF

IBIO, INC.

Incorporated Under the Laws of the State of Delaware

          THIS IS TO
CERTIFY that [HOLDER], or its proper assigns (the “Warrantholder”), is
entitled, upon the due exercise hereof and subject to the terms and conditions
hereof, until 5:00 p.m. New York time on __________ __, 2015, to purchase from
iBio, Inc., a Delaware corporation (the “Company”), from time to time,
all or any part of [Amount in Words] (Amount in Numbers) fully paid and nonassessable
shares of common stock, par value $.001 per share, of the Company (the “Common
Stock”), but not for fractional shares of Common Stock, upon delivery of
the Election to Purchase attached hereto as Appendix A, duly completed
and delivered, in accordance with Section 11 of this Warrant, and
simultaneous payment therefor by wire transfer of immediately available funds,
or good bank or certified check drawn to the order of the Company, at an
exercise price of $2.20 for one (1) share of Common Stock (the “Warrant
Exercise Price”).

          This
Warrant is issued pursuant to a Securities Purchase Agreement, dated _________
__, 2010 (the “Securities Purchase Agreement”) between the Company and
the original Warrantholder.

          1. Term.
This Warrant is exercisable at the option of the Warrantholder, for a five (5)
year period, commencing on the date hereof and may not be exercised after 5:00
p.m., New York time, _________ __, 2015 (the “Expiration Date”), at
which time this Warrant will become

	
  

 	
  

 	
  

 
	

 

 	
  

 
	
 1

 	
 Same number
 of shares purchased by each investor (i.e., 100% warrant coverage).

 

wholly void and all rights evidenced hereby will terminate solely as to
the purchase of any shares of Common Stock for which an Election to Purchase
has not been delivered to the Company by the Warrantholder or its assigns.

          2. Exercise
of Warrant. 

          (a) Manner
of Exercise. This Warrant may be exercised into shares of Common Stock by
the Warrantholder hereof, in accordance with the terms and conditions hereof,
in whole or in part with respect to any portion of this Warrant and in the
discretion of the Warrantholder, during the period beginning on the date hereof
and ending on the Expiration Date. Any exercise shall be undertaken during
normal business hours on any day other than a Saturday or a Sunday
or a day on which commercial banking institutions in New York, New York are
authorized by law to be closed on or prior to the Expiration Date with respect
to such portion of this Warrant, by surrender of this Warrant to the Company at
its office maintained pursuant to Section 11 hereof, accompanied by an
exercise notice in substantially the form attached to this Warrant as Appendix
A duly executed by or on behalf of the Warrantholder together with the
payment of the Warrant Exercise Price in cash by bank check or wire transfer of
immediately available funds.

          (b) Delivery
of Stock Certificates. As soon as practicable after each exercise of this
Warrant, in whole or in part, the Company will cause to be issued in the name
of and delivered to the Warrantholder hereof or, subject to Section 11
hereof, as the Warrantholder (upon payment by the Warrantholder of any
applicable transfer taxes) may direct:

                    (i)
a certificate or certificates (with appropriate restrictive legends, as
applicable) for the number of duly authorized, validly issued, fully paid and
nonassessable shares of Common Stock to which the Warrantholder shall be
entitled upon exercise plus, in lieu of any fractional share to which the
Warrantholder would otherwise be entitled, all issuances of Common Stock shall
be rounded up to the nearest whole share.

                    (ii)
in case exercise is in part only, a new Warrant of like tenor, dated the date
hereof and stating on the face thereof for the number of shares of Common Stock
equal to the number of shares called tier on the face of this Warrant minus the
number of shares designated by the Warrantholder upon exercise as provided in
Section 2(a) hereof (without giving effect to any adjustment thereof).

          3. Adjustment
of Warrant Exercise Price and Number of Shares of Common Stock. In case of
any dividend in securities of the Company, stock split, spinoff,
reclassification, capital reorganization, or other change of outstanding shares
of Common Stock, or in case of any consolidation or merger of the Company with
or into another corporation (other than a consolidation or merger in which the
Company is the continuing corporation and which does not result in any
reclassification, capital reorganization, or other change of outstanding shares
of Common Stock), or in case of any sale or conveyance to another corporation
of all or substantially all of the property of the Company (other than a
sale/leaseback, mortgage, or other financing transaction), or the issuance of
any rights to purchase or to receive any securities of the Company or its
subsidiaries issued to all holders of Common Stock, the Company shall cause
effective provision to be made so that the Warrantholder shall have the right
thereafter, by exercising such Warrant, to purchase the kind and number of
shares of stock or other securities

2

or property (including cash) receivable upon such reclassification,
capital reorganization, or other change, consolidation, merger, sale, or
conveyance by a holder of the number of shares of Common Stock that might have
been purchased upon exercise of such Warrant immediately prior to such
reclassification, capital reorganization, or other change, consolidation,
merger, sale, or conveyance. Any such provision shall include provision for
adjustments that shall be as nearly equivalent as may be practicable to the
adjustments provided for in this Section 3. The Company shall not effect
any such consolidation, merger or sale, unless prior to or simultaneously with
the consummation thereof, the successor (if other than the Company) resulting
from such consolidation or merger or the corporation purchasing assets or other
appropriate corporation or entity shall assume by written instrument the
obligation to deliver to the holder of this Warrant such shares of stock,
securities, or assets as, in accordance with the foregoing provisions, such
holders may be entitled to purchase and the other obligations under this
Agreement. The foregoing provisions shall similarly apply to each successive
dividend, rights offering, stock split, spinoff, reclassification, capital
reorganizations, and other changes of outstanding shares of Common Stock and to
successive consolidations, mergers, sales, or conveyances. 

          4. No
Stockholder Rights. The Warrantholder shall not have the right to vote or
to consent or to receive notice as a stockholder in respect of any meetings of
stockholders or as having any rights whatsoever as a stockholder of the Company
until such time as it has exercised all or any part of this Warrant. The
Warrantholder shall not be entitled to any rights of a stockholder of the
Company in respect of any shares purchasable upon the exercise hereof until
such shares have been paid for in full, whether or not a certificate has been
delivered hereunder. 

          5. Restrictions
on Transfer. This Warrant and the shares of Common Stock issuable upon the
exercise hereof (collectively, the “Warrant Securities”) are not
currently registered upon the Act or any state securities laws. The Warrant
Securities are subject to restrictions on transferability and resale and may
not be transferred or resold, except as set forth below. For so long as the
Warrant Securities are not registered under the Act, each certificate
representing shares of Common Stock issuable upon the exercise of this Warrant
shall bear the following legend (in addition to any legend required under
applicable state securities laws and any other applicable agreement): THIS
WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON THE EXERCISE HEREOF HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
NOR UNDER ANY STATE SECURITIES LAWS, AND MAY NOT BE PLEDGED, SOLD, ASSIGNED,
HYPOTHECATED OR OTHERWISE TRANSFERRED UNTIL (I) A REGISTRATION STATEMENT WITH
RESPECT THERETO IS EFFECTIVE UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES
LAWS OR (II) THE COMPANY RECEIVES AN OPINION OF COUNSEL TO THE COMPANY OR OTHER
COUNSEL TO THE COMPANY THAT SUCH SECURITIES MAY BE PLEDGED, SOLD, ASSIGNED,
HYPOTHECATED OR TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE ACT OR APPLICABLE STATE SECURITIES LAWS.

          6. Reservation
of Stock Issuable Upon Exercise. The Company has reserved and shall at all
times reserve and keep available out of its authorized but unissued shares of
Common Stock and other securities deliverable hereunder, solely for the purpose
of effecting the issuance of the shares of Common Stock and other securities
upon exercise of the Warrant, such number of its shares of Common Stock and
other securities as shall from time to time be sufficient to

3

provide for the exercise of this Warrant, and if at any time the number
of authorized but unissued shares of Common Stock or other securities shall not
be sufficient to provide for the exercise of this Warrant, the Company will,
subject to the requirements of applicable state law, take such corporate action
as may, in the opinion of its counsel, be necessary to increase its authorized
but unissued shares of Common Stock or other securities to such number of
shares of Common Stock and other securities as shall be sufficient for such
purposes. 

          7.
Loss or Mutilation. Upon receipt by the Company of
evidence reasonably satisfactory to it of the ownership of and the loss, theft,
destruction or mutilation of any Warrant Certificate and (in the case of loss,
theft or destruction) of indemnity reasonably satisfactory to the Company, and
(in the case of mutilation) upon surrender and cancellation thereof, the
Company will execute and deliver in lieu thereof a new Warrant Certificate of
like tenor.

          8.
Representations and Warranties of the Warrantholder. The Warrantholder hereby represents and
warrants to the Company that:

          (a)
The Warrantholder is acquiring this Warrant for its own account, for investment
purposes only.

          (b)
The Warrantholder understands that an investment in the Warrants involves a
high degree of risk, and The Warrantholder has the financial ability to bear
the economic risk of the investment in this Warrant, including a complete loss
of such investment. The Warrantholder has adequate means for providing for its
current financial needs and has no need for liquidity with respect to this
investment.

          (c)
The Warrantholder has such knowledge and experience in financial and business
matters that it is capable of evaluating the merits and risks of an investment
in this Warrant and in protecting its own interest in connection with this
transaction.

          9. Successors.
All the covenants and provisions of this Agreement shall be binding upon and
inure to the benefit of the Company and the Warrantholder and its respective
successors and assigns hereunder.

          10. Governing
Law; Submission to Jurisdiction. This Warrant issued hereunder shall be
deemed to be a contract made under the laws of the State of New York and the
Delaware General Corporate Law and for all purposes shall be construed in
accordance with the laws of said States, without giving effect to the rules of
said State governing the conflicts of laws which might cause the application of
any other laws.

          11. Notices.
All notices, requests, consents and other communications hereunder shall be in
writing and shall be deemed to have been duly made when delivered by registered
or certified mail, return receipt requested, or by overnight mail (a) If to the
registered Warrantholder, to the address of such Warrantholder as shown on the
books of the Company; or (b) If to the Company, to its principal offices at 9
Innovation Way, Suite 100, Newark, Delaware 19711, Attn: Robert B. Kay, Chief
Executive Officer, with a copy by facsimile to Andrew Abramowitz, PLLC,
facsimile (212) 972-8883, Attn: Andrew Abramowitz, Esq., or to such other address
as the Company may designate by notice to the Warrantholder.

4

          12. Entire
Agreement; Modification. This Agreement, together with the other
Transaction Documents (as defined in the Securities Purchase Agreement),
contain the entire understanding between the parties hereto with respect to the
subject matter hereof and may not be modified or amended, except in accordance
with the procedures set forth in Section 5.4 of the Securities Purchase
Agreement.

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 IBIO, INC.

 
	
  

 	
 By:

 	
  

 	
  

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
 Name: Robert
 B. Kay

 
	
  

 	
 Title: Chief
 Executive Officer

 

Dated: ____________ __, 2010

5

Appendix
A

FORM OF ELECTION TO PURCHASE

          The
undersigned hereby irrevocably elects to exercise the right, represented by
this Warrant, to purchase _______ shares of Common Stock at an exercise price
of $2.20 per share of Common Stock

          In
accordance with the terms of the Warrant dated as of _________ issued by iBio,
Inc. in favor of ______________, the undersigned requests that a certificate
for such securities be registered in the name of ___________ whose address is
____________ and that such Certificate be delivered to
_____________________________ whose address is
____________________________________________________________________________.

Dated: _________________,

	
  

 	
  

 
	
  

 	

 

 
	
  

 	
 Signature (Signature must conform in all respects to name of holder
 as specified on the face of the Warrant.)

 
	
  

 	
  

 
	
  

 	

 

 
	
  

 	
 (Insert Social Security or Other Identifying Number of Warrantholder)

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