Document:

EXHIBIT 10.5

 

NOTICE OF CONFIDENTIALITY RIGHTS: IF YOU
ARE A NATURAL PERSON, YOU MAY REMOVE OR STRIKE ANY OR ALL OF THE FOLLOWING INFORMATION FROM THIS INSTRUMENT BEFORE IT IS FILED FOR RECORD
IN THE PUBLIC RECORDS: YOUR SOCIAL SECURITY NUMBER AND YOUR DRIVER’S LICENSE NUMBER.

  

LEASEHOLD DEED
OF TRUST, ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT AND UCC FINANCING STATEMENT FOR FIXTURE FILING

by

ibio cdmo llc,

as Grantor,

 

to

 

JOHN ROSS,

as Trustee,

 

for the benefit of

WOODFOREST NATIONAL BANK,

as Beneficiary

 

 

 

This Instrument shall be effective as a

UNIFORM COMMERCIAL
CODE FINANCING STATEMENT FILED AS A

FIXTURE FILING

 

	By	 
	Debtor:	iBio CDMO LLC
	 	8800 HSC Parkway
	 	Bryan, Texas 77807
	 	Attn: Robert Lutz
	 	 
	To	 
	Secured Party:	Woodforest National Bank
	 	25231 Grogan’s Mill, 6th Floor
	 	The Woodlands, Texas 77380
	 	Attention: Cameron D. Jones

 

This Financing Statement covers goods described
herein by item or type some or all of which are affixed or are to be affixed to the real property described in Exhibit A
attached hereto.

 

THIS INSTRUMENT PREPARED BY AND AFTER RECORDING
PLEASE RETURN TO:

 

Porter Hedges LLP

 

1000 Main Street, 36th Floor

Houston, Texas 77002

Attn: Anders T. C. Gibson

(Brazos County, Texas)

 

     

     

    

 

TABLE OF CONTENTS

 

	SECTION 1.	DEFINITIONS. 	 		1
	 	 	 	 	 
	SECTION 2.	GRANT OF LIEN; HABENDUM CLAUSE; ASSIGNMENT OF LEASES AND RENTS.		4
	 	2.1	Grant of Lien; Habendum Clause	 	4
	 	2.2	Subrogation	 	4
	 	2.3	Assignment of Leases and Rents	 	4
	 	 	 	 	 
	SECTION 3.	WARRANTIES AND REPRESENTATIONS		5
	 	3.1	Lien of this Instrument	 	5
	 	3.2	Litigation	 	5
	 	3.3	Acknowledgment by Grantor	 	5
	 	3.4	Environmental	 	5
	 	 	 	 	 
	SECTION 4.	AFFIRMATIVE COVENANTS		6
	 	4.1	Payment and Performance	 	6
	 	4.2	Payment of Impositions	 	6
	 	4.3	Repair	 	6
	 	4.4	Insurance	 	6
	 	4.5	Restoration Following Casualty	 	6
	 	4.6	Defense of Title	 	6
	 	4.7	Future Impositions	 	7
	 	4.8	Environmental Indemnification	 	7
	 	4.9	Information About Mortgaged Property	 	7
	 	4.10	Further Assurances	 	7
	 	4.11	Appraisal	 	7
	 	 	 	 	 
	SECTION 5.	NEGATIVE COVENANTS		8
	 	5.1	Use Violations	 	8
	 	5.2	Alterations	 	8
	 	5.3	Prohibition on Transfer	 	8
	 	5.4	Replacement of Fixtures and Personalty	 	8
	 	5.5	No Further Encumbrances	 	8
	 	 	 	 	 
	SECTION 6.	DEFAULT AND FORECLOSURE		8
	 	6.1	Remedies	 	8
	 	6.2	Divestment of Rights, Tenant at Sufferance	 	11
	 	6.3	Separate Sales	 	11
	 	6.4	Remedies Cumulative, Concurrent, and Nonexclusive	 	11
	 	6.5	Release of and Resort to Collateral	 	12
	 	6.6	Waiver of Redemption, Notice, and Marshaling of Assets	 	12
	 	6.7	Discontinuance of Proceedings	 	12
	 	6.8	Application of Proceeds, Deficiency Obligation	 	12
	 	6.9	Purchase by Beneficiary	 	12
	 	6.10	Disaffirmation of Contracts	 	13
	 	6.11	Certain Waivers Relating to Fair Market Value and Deficiencies	 	13
	 	 	 	 	 
	SECTION 7.	CONDEMNATION		14
	 	 	 	 
	SECTION 8.	SECURITY AGREEMENT		14
	 	8.1	Security Interest	 	14
	 	8.2	Financing Statements	 	14
	 	8.3	Uniform Commercial Code Remedies	 	15
	 	8.4	No Obligation of the Trustee or Beneficiary	 	15

 

    	 	 i	 

     

    

 

	SECTION 9.	CONCERNING THE TRUSTEE		15
	 	9.1	No Liability	 	15
	 	9.2	Retention of Monies	 	15
	 	9.3	Successor Trustee	 	15
	 	9.4	Succession Instruments	 	15
	 	9.5	Performance of Duties by Agents	 	16
	 	 	 	 	 
	SECTION 10.	LEASEHOLD ESTATE. 		16
	 	10.1	Representations and Warranties	 	16
	 	10.2	Covenants	 	16
	 	10.3	Rights of Beneficiary to Perform	 	17
	 	10.4	Term of Ground Lease	 	17
	 	10.5	No Merger of Estates	 	17
	 	10.6	Estoppel Certificates	 	17
	 	10.7	Anti-Assignment Provisions	 	17
	 	10.8	Notices to the Landlord	 	18
	 	10.9	Performance by Landlord	 	18
	 	10.10	Landlord’s Right to Cure	 	18
	 	10.11	Benefit of the Landlord	 	18
	 	 	 	 	 
	SECTION 11.	MISCELLANEOUS		18
	 	11.1	Survival of Obligations	 	18
	 	11.2	Covenants Running with the Land	 	19
	 	11.3	Recording and Filing	 	19
	 	11.4	Notices	 	19
	 	11.5	No Waiver	 	19
	 	11.6	Beneficiary’s Right to Pay Indebtedness or Perform Obligations	 	19
	 	11.7	Limitation on Effectiveness of Lien	 	19
	 	11.8	Governing Law	 	20
	 	11.9	Multiple Counterparts and Facsimile and PDF Signatures	 	20
	 	11.10	Waiver of Jury Trial	 	20
	 	11.11	Entirety	 	20

 

EXHIBITS

 

Exhibit ADescription of Land

Exhibit BPermitted Encumbrances

  

    	 	 ii	 

     

    

 

leasehold DEED
OF TRUST, ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT AND UCC FINANCING STATEMENT FOR FIXTURE FILING

 

	STATE OF TEXAS	§
	 	§
	COUNTY OF BRAZOS	§

 

This LEASEHOLD DEED OF TRUST,
ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT AND UCC FINANCING STATEMENT FOR FIXTURE FILING (as amended, restated, supplemented
or otherwise modified from time to time, this “Deed of Trust”) is executed by IBIO CDMO LLC, a Texas limited
liability company, as grantor (together with all subsequent record or equitable owners of the Mortgaged Property, “Grantor”),
to JOHN ROSS, Trustee, and his or her successors in the trust hereby created (such Trustee and any successor in trust, being hereinafter
referred to as the “Trustee”) for the benefit of WOODFOREST NATIONAL BANK, a national banking association (together
with its successors and assigns, “Beneficiary”), and is to be effective as of November 1, 2021.

 

SECTION 1.         
DEFINITIONS.I. Unless otherwise defined in this Deed of Trust, or unless the context
otherwise requires, each capitalized term used in this Deed of Trust shall have the meaning given such term in the Credit Agreement, as
hereinafter defined. As used in this Deed of Trust, the following terms shall have the following meanings:

 

Assignment
of Ground Lease means the Special Warranty Deed and Assignment of Ground Lease dated on or about the date hereof executed by College
Station and Grantor, conveying to Grantor all of College Station's right, title and interest to the Ground Lease as defined below.

 

College Station
means College Station Investors LLC, a Texas limited liability company.

 

Credit Agreement
means that certain Credit Agreement dated as of the date hereof, between Grantor, as borrower, and Beneficiary, as lender, together with
all schedules, exhibits, and annexes thereto, as amended, restated, supplemented or otherwise modified from time to time.

 

Default
means a “Default” under, and as defined in, the Credit Agreement.

 

Fixtures
means all materials, supplies, equipment, apparatus, and other items now or hereafter attached to, installed on or in the Land or the
Improvements, or which in some fashion are deemed to be fixtures to the Land or Improvements under the laws of the State of Texas, including
the Texas Business and Commerce Code, other than those owned by tenants under any Leases. The term “Fixture”
shall include, without limitation, all items of Personalty to the extent that the same may be deemed fixtures under applicable Law or
Legal Requirements.

 

Ground Lease
means that certain Ground Lease dated March 8, 2010, between Landlord, as landlord, and Grantor, as successor in interest to College Station
after giving effect to the Assignment of Ground Lease, as tenant, as amended by the Estoppel Certificate and Amendment to Ground Lease
Agreement between Landlord and College Station dated December 22, 2015, as amended by such Assignment of Ground Lease, as confirmed by
the Estoppel Certificate executed by Landlord dated on or about the date hereof, and as otherwise further amended, extended, renewed,
restated, supplemented or modified from time to time, related to the Land and Improvements thereon.

 

    	 	1	 

     

    

 

Hazardous
Material means (a) any explosive or radioactive substance or waste, all hazardous or toxic substances, waste, or other pollutants,
and any other substance the presence of which requires removal, remediation or investigation under any applicable Environmental Law, (b) any
substance that is defined or classified as a hazardous waste, hazardous material, pollutant, contaminant, or toxic or hazardous material
under any applicable Environmental Law, or (c) petroleum, petroleum distillates, petroleum products, oil, polychlorinated biphenyls,
radon gas, infectious medical wastes, and asbestos or asbestos-containing materials.

 

Impositions
means all real estate and personal property taxes; water, gas, sewer, electricity, and other utility rates and charges; charges for any
easement, license, or agreement maintained for the benefit of the Mortgaged Property, and all other taxes, standby fees, charges, and
assessments and any interest, costs, or penalties with respect thereto of any kind and or character whatsoever which at any time before
or after the execution of this Deed of Trust may be assessed, levied, or imposed upon the Mortgaged Property or the ownership, use, occupancy,
or enjoyment thereof.

 

Improvements
means all buildings, structures, open parking areas, and other improvements, and all apparatus and equipment now or hereafter attached
in any manner to the Land or any building on the Land, and any and all accessions, additions, replacements, substitutions, or alterations
thereof or appurtenances thereto, now or at any time hereafter situated, placed, constructed, or renovated upon the Land or any part thereof.

 

Indebtedness
means (a) the Obligations under, and as defined in, the Credit Agreement, including, without limitation, amounts that would become due
but for operation of any applicable provision of Title 11 of the United States Code (including 11 U.S.C. §§ 502 and 506), together
with all pre- and post-maturity interest thereon, which shall include, without limitation, all post-petition interest if Grantor or any
other Loan Party or Parent Guarantor voluntarily or involuntarily files for bankruptcy protection, (b) all indebtedness, liabilities,
and obligations of Grantor arising under this Deed of Trust, (c) interest accruing on, and reasonable attorneys’ fees, court
costs, and other costs of collection reasonably incurred in the collection or enforcement of, any of the indebtedness, liabilities, or
obligations described in clauses (a) and (b) above, and (d) any and all renewals and extensions of, or amendments to, any
of the indebtedness, liabilities, and obligations described in clauses (a) through (c) above, together with all funds
hereafter advanced by Beneficiary to or for the benefit of Grantor or any other Loan Party or Parent Guarantor as contemplated by any
covenant or provision contained in any Loan Document including this Deed of Trust, it being contemplated that Grantor may hereafter become
further indebted to Beneficiary.

 

Land
means the real estate or any interest therein (including Grantor’s leasehold interests therein pursuant to the Ground Lease) described
in Exhibit A attached hereto and made a part hereof, together with all Improvements and Fixtures and all rights, titles,
and interests appurtenant thereto.

 

Landlord
means The Board of Regents of the Texas A&M University System, an agency of the State of Texas.

 

Laws
is defined in the Credit Agreement.

 

    	 	2	 

     

    

 

Leases
means any and all leases, subleases (including, without limitation, any subleases granted by Grantor of all or any portion of the Ground
Lease), subtenancies, licenses, concessions, or other agreements (written or oral, now or hereafter in effect) which grant a possessory
interest in and to, or the right to extract from, mine, occupy, sell or use the Mortgaged Property, and all other agreements, including,
but not limited to, utility contracts, maintenance agreements, and service contracts which in any way relate to the use, occupancy, operations,
maintenance, enjoyment, or ownership of the Mortgaged Property, save and except the Ground Lease any and all other leases, subleases,
or other agreements pursuant to which Grantor is granted a possessory interest in the Land.

 

Legal Requirements
means (a) any and all present and future Laws in any way applicable to Grantor or the Mortgaged Property, including but not limited to
those respecting the ownership, use, occupancy, possession, operation, maintenance, alteration, repair, or reconstruction thereof, (b)
Grantor’s presently or subsequently effective organizational documents, (c) any and all Leases and the Ground Lease and other contracts
(written or oral) of any nature to which Grantor may be bound, and (d) any and all restrictions, reservations, conditions, easements,
or other covenants or agreements of record affecting the Mortgaged Property.

 

Mortgaged
Property means the Land, Improvements, Fixtures, Personalty, the Ground Lease, Leases, and Rents, together with:

 

(a)             
all rights, privileges, tenements, hereditaments, rights-of-way, easements, appendages, and appurtenances in anywise appertaining
thereto, and all of Grantor’s right, title and interest in and to any streets, ways, alleys, strips, or gores of land adjoining
the Land or any part therein;

 

(b)              
all proceeds, betterments, accessions, additions, appurtenances, substitutions, replacements, and revisions thereof and thereto
and all reversions and remainders therein;

 

(c)               
all other interest of every kind and character which Grantor now has or at any time hereafter acquires in and to the above described
and all property which is used or useful in connection therewith, including rights of ingress and egress, easements, licenses, and all
reversionary rights or interests of Grantor with respect to such property. To the extent permitted by applicable law and the Legal Requirements,
all of the Personalty and Fixtures are to be deemed and held to be a part of and affixed to the Land.

 

As used in this
Deed of Trust, the term “Mortgaged Property” is expressly defined as meaning all or any portion of the above
and any interest therein.

 

Permitted
Encumbrances means (a) the Liens, easements, building lines, restrictions, security interests, and other matters (if any) as set
out on attached Exhibit B and (b) to the extent applicable, the Permitted Liens.

 

Personalty
means all of Grantor’s right, title, and interest in and to all tangible and intangible personal property, whether or not Fixtures
or otherwise constituting fixtures under the Texas Business and Commerce Code, including all equipment, inventory, goods, consumer goods,
accounts, chattel paper, instruments, money, general intangibles, documents, minerals, crops, and timber (as those terms are defined in
the Texas Business and Commerce Code) which are attached to, installed, placed or used on or in connection with, or is acquired for such
attachment, installation, placement, or use, or which arises out of the improvement, financing, leasing, operation, or use of, the Land,
the Improvements, Fixtures, the Ground Lease or other goods located on the Land or Improvements, together with all additions, accessions,
accessories, amendments, and modifications thereto, extensions, renewals, enlargements, and proceeds thereof, substitutions therefor,
and income and profits therefrom.

 

    	 	3	 

     

    

 

Rents
means all of the rents, revenues, income, proceeds, royalties, profits, and other benefits paid or payable for using, leasing, licensing,
possessing, operating from or in, residing in, selling, mining, extracting, or otherwise enjoying or using the Mortgaged Property.

 

SECTION 2.         
GRANT OF LIEN; HABENDUM CLAUSE; ASSIGNMENT OF LEASES AND RENTS.

 

2.1  
Grant of Lien; Habendum Clause. To secure the full and timely payment of the Indebtedness and the full and timely performance
and discharge of Grantor’s obligations under this Deed of Trust, Grantor has GRANTED, BARGAINED, SOLD, and CONVEYED, and by these
presents does GRANT, BARGAIN, SELL, and CONVEY unto the Trustee the Mortgaged Property, subject to the Permitted Encumbrances, TO HAVE
AND TO HOLD the Mortgaged Property unto the Trustee, the Trustee’s successors in trust, and the Trustee’s assigns forever,
in trust with power of sale, and Grantor does hereby bind itself and its successors, legal representatives, and assigns to warrant and
forever defend the title to the Mortgaged Property unto the Trustee against every Person whomsoever lawfully claiming or to claim the
same or any part thereof by, through or under Grantor, but not otherwise; provided that, if the Indebtedness has been paid in full, then
the liens, security interests, estates, and rights granted in this Deed of Trust shall terminate; otherwise the same shall remain in full
force and effect.

 

2.2  
Subrogation. The Trustee and Beneficiary are hereby subrogated to the claims and liens of all parties whose claims or liens
are fully or partially discharged or paid with the proceeds of the Indebtedness secured by this Deed of Trust, notwithstanding that such
claims or liens may have been cancelled and satisfied of record.

 

2.3  
Assignment of Leases and Rents1..

 

(a)          
Grantor hereby absolutely, irrevocably and unconditionally grants, transfers, and assigns to Beneficiary all of Grantor’s
right, title, and interest in and to any and all Leases and Rents.

 

(b)          
Beneficiary shall have the right, power, and authority:

 

(i)               
to notify any and all tenants and other obligors on Leases that the Leases have been assigned to Beneficiary and that all Rents
are to be paid directly to Beneficiary whether or not Beneficiary has foreclosed or commenced foreclosure proceedings against the Mortgaged
Property and whether or not Beneficiary has taken possession of the Mortgaged Property;

 

(ii)              
to settle, compromise, or release, on terms acceptable to Beneficiary, in whole or in part, any Rents and any amounts owing on
the Leases;

 

(iii)            
to enforce payment of Rents, prosecute any action or proceeding, and to defend legal proceedings with respect to any and all Rents
and Leases;

 

(iv)            
to extend the time of payment, make allowances, adjustments, and discounts under the Leases;

 

    	 	4	 

     

    

 

(v)              
to enter upon, take possession of, and operate the Mortgaged Property;

 

(vi)             
to lease all or any part of the Mortgaged Property; and

 

(vii)            
to enforce all other rights of the lessor or sublessor under the Leases.

 

(c)        
Subject to the provisions of Section 2.3(d) below granting Grantor a revocable, limited license, Beneficiary
has the right, power, and authority to use and apply any Rents received hereunder as Beneficiary may in its sole and absolute discretion
deem advisable for the payment of (i) any and all costs and expenses incurred in connection with enforcing or defending the terms of this
Deed of Trust or the rights of Beneficiary hereunder, collecting any Rents, for the operation and maintenance of the Mortgaged Property,
and the payment of all costs and expenses in connection therewith, and (ii) the Indebtedness.

 

(d)          
Grantor shall have a revocable license to collect and receive the Rents and to retain, use, and enjoy such Rents subject to the
terms and conditions hereof. Such license may be revoked by Beneficiary, without notice to Grantor, upon the occurrence of a Default.

 

(e)         
Notwithstanding anything herein to the contrary, Beneficiary shall not be obligated to perform or discharge, and Beneficiary does
not undertake to perform or discharge, any obligation, duty, or liability with respect to the Leases and the Rents under or by reason
of this Deed of Trust and the assignment of Leases and Rents provided for herein. This assignment shall not operate to place responsibility
for the control, care, maintenance, or repair of the Mortgaged Property upon Beneficiary or to make Beneficiary responsible or liable
for any liabilities or losses associated with or arising from the Mortgaged Property, including, but not limited to, any waste committed
on the Mortgaged Property by any tenant or other Person, for any dangerous or defective condition of the Mortgaged Property, or for the
acts or omissions of Grantor or any tenant or other Person in the management, upkeep, repair, or control of the Mortgaged Property.

 

SECTION 3.         
WARRANTIES AND REPRESENTATIONSII.. Grantor acknowledges that certain representations
and warranties in the Credit Agreement are applicable to it and confirms that each such representation and warranty is true and correct.
Furthermore, Grantor hereby unconditionally warrants and represents to Beneficiary as follows:

 

3.1  
Lien of this Instrument. This Deed of Trust constitutes a valid, subsisting first priority lien on the Land (to the extent
of Grantor’s interests therein pursuant to the Ground Lease), the Improvements, and the Fixtures, a valid, subsisting first priority
security interest in and to the Personalty and a valid, subsisting assignment of the Leases and Rents.

 

3.2  
Litigation. There are no actions, suits, or proceedings pending or, to the knowledge of Grantor, threatened against or affecting
the Mortgaged Property or involving the validity or enforceability of this Deed of Trust or the priority of the lien and security interest
or assignment contemplated herein.

 

3.3  
Acknowledgment by Grantor. Grantor acknowledges that the execution and delivery of this Deed of Trust is a requirement to
Beneficiary’s execution of the Credit Agreement and the other Loan Documents and is an integral part of the transactions contemplated
by the Loan Documents and is a condition precedent to the effectiveness of the Credit Agreement.

 

3.4  
Environmental. No Mortgaged Property is used for, or to the knowledge of Grantor has been used for, storage, treatment,
or disposal of any Hazardous Material in violation of any applicable Environmental Law, other than violations that individually or collectively
that could reasonably be expected to have a Material Adverse Effect. Grantor does not know of any environmental condition or circumstance
adversely affecting its assets, properties, or operations that could reasonably be expected to have a Material Adverse Effect.

 

    	 	5	 

     

    

 

SECTION 4.        AFFIRMATIVE
COVENANTS. Grantor acknowledges that certain covenants in the Credit Agreement are applicable to it or shall be imposed upon it, and
Grantor covenants and agrees to comply with each of them. Furthermore, Grantor hereby unconditionally covenants and agrees with
Beneficiary as follows:

 

4.1  
Payment and Performance. Grantor will pay, or cause to be paid, the Indebtedness as and when called for in the Loan Documents
and will perform all of its obligations under this Deed of Trust on or before the dates they are to be performed.

 

4.2  
Payment of Impositions. Grantor will pay and discharge, or cause to be paid and discharged, the Impositions and Grantor’s
obligations to materialmen, mechanics, carriers, warehousemen, or other like Persons as and when required to be paid unless contested
in good faith by appropriate proceedings.

 

4.3  
Repair. Grantor will keep the Mortgaged Property in good order and condition and presenting a good appearance and will make
all repairs, replacements, renewals, additions, betterments, improvements, and alterations thereof and thereto, interior and exterior,
structural and nonstructural, ordinary and extraordinary, foreseen and unforeseen, which are necessary or reasonably appropriate to keep
same in such order and condition.

 

4.4  
Insurance. Grantor shall obtain and maintain insurance upon and relating to the Mortgaged Property as required by the Credit
Agreement all in such amounts and with such insurers as are acceptable to Beneficiary consistent with the requirements of the Credit Agreement;
provided that, absent written direction from Beneficiary, such insurance shall be in an amount not less than the full insurable
replacement value of the Mortgaged Property. If, and to the extent that the Mortgaged Property is located within an area that has been
or is hereafter designated or identified as an area having any type of flood, mudslide, or flood-related erosion hazard by the Federal
Emergency Management Agency or by such other official as shall from time to time be authorized by federal or state law to make such designation
pursuant to the National Flood Insurance Act of 1968, as such act may from time to time be amended and in effect, or pursuant to any other
national or state program of flood insurance, Grantor shall carry flood insurance with respect to the Mortgaged Property in an amount
not less than the maximum amount available under the Flood Disaster Protection Act of 1973 and the regulations issued pursuant thereto,
as amended from time to time, in form complying with the “insurance purchase” requirement of that Act.

 

4.5  
Restoration Following Casualty. If any of the Mortgaged Property covered by insurance is destroyed or damaged by any casualty
against which insurance shall have been required hereunder, Grantor shall give notice thereof to Beneficiary and Grantor shall pay the
proceeds of such insurance to Beneficiary to be applied against the Indebtedness as and to the extent required by the Credit Agreement.

 

4.6  
Defense of Title. If the title of the Trustee to, or the interest of Beneficiary in, the Mortgaged Property or any part
thereof, shall be endangered or shall be attacked, directly or indirectly, Grantor shall, at Grantor’s expense, take all necessary
and proper steps for the defense of such title or interest, including the employment of counsel, the prosecution or defense of litigation,
and the compromise or discharge of claims made against such title or interest in the Mortgaged Property. In the event of Grantor’s
failure or inability to proceed initially as provided above, the Trustee and Beneficiary or either of them (whether or not named as parties
to legal proceedings with respect thereto) are hereby authorized and empowered to take, at Grantor’s expense, such additional steps
as in their reasonable judgment may be necessary or proper for the defense of any such legal proceedings or the protection of the validity
or priority of this Deed of Trust and the rights, titles, liens and security interests created or evidenced hereby.

 

    	 	6	 

     

    

 

4.7  
Future Impositions. If at any time any law shall be enacted imposing or authorizing the imposition of any tax upon this
Deed of Trust or upon any rights, titles, liens, or security interests created hereby, or any part thereof, Grantor shall promptly pay
all such taxes to the extent it can lawfully do so. In the event of the enactment of such a law, if it is unlawful for Grantor to pay
such taxes, payment of such tax shall be deemed an obligation which Beneficiary may pay pursuant to Section 11.6 of
this Deed of Trust.

 

4.8  
Environmental Indemnification. Grantor shall indemnify and hold harmless Beneficiary and its Affiliates and representatives
(collectively the “Indemnitees”) from and against any and all liabilities, obligations, losses, damages, penalties,
claims, demands, actions, judgments, suits, costs, expenses and disbursements (including fees and expenses of counsel) of any kind or
nature whatsoever which may at any time be imposed on, incurred by or asserted against any such Indemnitee in any way relating to or arising
out of or in connection with (i)  any actual or alleged presence or release of Hazardous Material on or from any property currently
or formerly owned or operated by Grantor, any Subsidiary or any other Person, or any liability in respect of any Environmental Law related
in any way to Grantor, any Subsidiary or any such other Person or any of their respective assets, or (ii) any actual or prospective
litigation, claim, or investigation relating to any of the foregoing, whether based on contract, tort or any other theory (including any
investigation of, preparation for, or defense of any pending or threatened claim, investigation, litigation or proceeding) and regardless
of whether any Indemnitee is a party thereto (all the foregoing, collectively, the “Indemnified Liabilities”),
in all cases, whether or not caused by or arising, in whole or in part, out of the negligence of the Indemnitee; provided that,
such indemnity shall not, as to any Indemnitee, be available to the extent that such liabilities, obligations, losses, damages, penalties,
claims, demands, actions, judgments, suits, costs, expenses or disbursements are (a) determined by a court of competent jurisdiction by
final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (b) result from
a claim brought by Grantor or any other Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s obligations
hereunder or under any other Loan Document, if Grantor or such Loan Party has obtained a final and nonappealable judgment in its favor
on such claim as determined by a court of competent jurisdiction. All amounts due under this Section shall be payable within ten (10)
Business Days after demand. The agreements in this Section shall survive the repayment, satisfaction or discharge of the Obligations and
expiration or release of this Deed of Trust.

 

4.9  
Information About Mortgaged Property. Grantor will maintain at its chief executive office, a current record of the location
of all Mortgaged Property, and furnish to Beneficiary, at such intervals as Beneficiary may reasonably request, lists, descriptions, and
other information as may be necessary or proper to keep Beneficiary informed with respect to the identity, location, status, condition
and value of the Mortgaged Property. Grantor will promptly notify Beneficiary of any change in any material fact or circumstance represented
or warranted by Grantor with respect to any of the Mortgaged Property, or any material claim, action or proceeding affecting title to
any of the Mortgaged Property.

 

4.10  Further Assurances. Grantor will from time to time promptly execute and deliver to Beneficiary all such other assignments,
certificates, supplemental documents, and financing statements, and do all other acts or things as Beneficiary may reasonably request
in order to more fully create, evidence, perfect, continue and preserve the priority of the Lien created by this Deed of Trust.

 

4.11  Appraisal. Grantor is required to reimburse Beneficiary for the cost and expense of any appraisal obtained or required by
Beneficiary in connection with this Deed of Trust as and to the extent required by the Credit Agreement.

 

    	 	7	 

     

    

 

SECTION 5.        
NEGATIVE COVENANTS. Grantor acknowledges that certain covenants in the Credit Agreement
are applicable to it or shall be imposed upon it and covenants and agrees to comply with each of them. Furthermore, Grantor hereby covenants
and agrees that, until the entire Indebtedness is paid in full:

 

5.1  
Use Violations. Grantor will not use, maintain, operate, or occupy, or allow the use, maintenance, operation, or occupancy
of the Mortgaged Property in any manner, which (a) violates any Legal Requirement, (b) may be dangerous unless safeguarded as required
by law, or (c) constitutes a public or private nuisance.

 

5.2  
Alterations. Grantor will not commit or permit any waste of the Mortgaged Property that would constitute a material impact
on its value as security for the Indebtedness and will not (subject to the provisions of Section 4.3 herein), without providing
prior written notice to Beneficiary and to the extent any of the following actions would be materially adverse to Beneficiary, in Beneficiary’s
sole discretion, make or permit to be made any alterations or additions to the Mortgaged Property of a material nature.

 

5.3  
Prohibition on Transfer. Except as may be permitted under the Credit Agreement, Grantor will not sell, trade, transfer,
assign, exchange, or otherwise dispose of any of the Mortgaged Property.

 

5.4  
Replacement of Fixtures and Personalty. Except as may be permitted under the Credit Agreement, Grantor will not, without
Beneficiary’s prior written consent, permit any of the Fixtures or Personalty to be removed at any time from the Land or Improvements
unless the removed item is removed temporarily for maintenance and repair or, if removed permanently, is replaced by an article of equal
suitability and value, owned by Grantor, free and clear of any lien or security interest except such as may be first approved in writing
by Beneficiary or otherwise constitute any Permitted Encumbrance.

 

5.5  
No Further Encumbrances. Grantor will not, without Beneficiary’s prior written consent, or as otherwise permitted
under the Credit Agreement, create, place, suffer, or permit to be created or placed or, through any act or failure to act, acquiesce
in the placing of or allow to remain, any mortgage, pledge, lien (statutory, constitutional, or contractual), security interest, encumbrance,
or charge on, or conditional sale or other title retention agreement, regardless of whether same are expressly subordinate to the liens
of this Deed of Trust, with respect to the Mortgaged Property, other than the Permitted Encumbrances.

 

SECTION 6.         
DEFAULT AND FORECLOSUREV..

 

6.1  
Remedies. If a Default occurs and is continuing, Beneficiary may, by and through the Trustee or otherwise, exercise any
or all of the following rights, remedies and recourses to the extent permitted by applicable Law:

 

(a)          
Declare the Indebtedness immediately due and payable, or, in connection with a Default under Section 11.4 or 11.5
of the Credit Agreement, such Indebtedness automatically becomes due and payable without any action of any kind, in each case, in accordance
with the terms of the Credit Agreement whereupon the same shall become immediately due and payable. Except as expressly provided in the
Credit Agreement, Grantor expressly waives any notice of intent to accelerate, notice of acceleration, or any other notice, presentment,
protest, demand or action of any kind or nature whatsoever.

 

(b)          
Enter upon the Mortgaged Property and take exclusive possession thereof and of all books, records, and accounts relating thereto
without notice and without being guilty of trespass. If Grantor remains in possession of all or any part of the Mortgaged Property, and
without Beneficiary’s prior written consent thereto, Beneficiary may, without notice to Grantor, invoke any and all legal remedies
to dispossess Grantor, including specifically one or more actions for forcible entry and detainer, trespass to try title, and writ of
restitution. Nothing contained in the foregoing sentence shall, however, be construed to impose any greater obligation or any prerequisites
to acquiring possession of the Mortgaged Property after a Default than would have existed in the absence of such sentence.

 

    	 	8	 

     

    

 

(c)          
Hold, lease, manage, operate, or otherwise use or permit the use of the Mortgaged Property, either itself or by other persons,
firms or entities, in such manner, for such time and upon such other terms as Beneficiary may deem to be prudent and reasonable under
the circumstances (making such repairs thereto and taking any and all other action with reference thereto, from time to time, as Beneficiary
shall deem reasonably necessary for the purpose of maintaining the Mortgaged Property in its then current condition but not making any
material capital improvements thereto) and apply all Rents and other amounts collected by the Trustee in connection therewith in accordance
with the provisions of Section 6.8 of this Deed of Trust.

 

(d)         
Request the Trustee to proceed with foreclosure. Upon the request, the Trustee is authorized and empowered, and it shall be his
special duty, to sell or offer for sale the Mortgaged Property. The Mortgaged Property shall be sold at public auction to the highest
bidder for cash or other consideration approved by Beneficiary. The Mortgaged Property may be sold or offered for sale in such order and
in such portions or parcels as Beneficiary may determine whether or not such portions or parcels are contiguous, with or without having
first taken possession of same, and without the necessity of having any Personalty present at such sale. The sale shall be conducted at
the county courthouse in the county where the Land is located, at the area of the county courthouse designated by the Commissioner’s
Court of such county as the area in which foreclosure sales are to take place, as evidenced by the designation recorded in the real property
records of such county and, if no area is so designated, then in the area designated in the Trustee’s, or any substitute Trustee’s,
notice of sale as being the area for such foreclosure sale. If the Land, or any portion thereof to be sold, is located in more than one
county, the sale may occur at the designated area of the county courthouse in any county in which the Land is located. The foreclosure
sale shall take place on the first Tuesday of any month between the hours of 10:00 a.m. and 4:00 p.m. The notice of sale must be
given at least twenty-one (21) days before the date of the sale. The notice of sale must include a statement of the earliest time at which
the sale will occur, and the sale must begin at that time or not later than three (3) hours after that time. The notice of the sale must
be given:

 

(i)               
by posting or causing to be posted at the courthouse door of each county in which the Land (or any portion to be sold) is located
a written or printed notice designating the county in which the Mortgaged Property will be sold;

 

(ii)              
by filing in the office of the county clerk of each county in which the Land (or any portion to be sold) is located a copy of the
notice;

 

(iii)            
by certified mail on each debtor who, according to the records of Beneficiary or other holder of the Indebtedness, is obligated
to pay the Indebtedness secured by this Deed of Trust;

 

(iv)             
the Trustee need not have the Mortgaged Property physically present or have constructive possession of the Mortgaged Property;
provided that, the title to and right of possession of any such Mortgaged Property shall pass to the purchaser thereof as completely
as if the same had been actually present and delivered to purchaser at such sale;

 

    	 	9	 

     

    

 

(v)              
each conveyance instrument executed by the Trustee shall contain a special warranty of title binding upon Grantor;

 

(vi)             
each and every recital contained in any conveyance instrument executed by the Trustee shall constitute prima facie evidence
of the truth and accuracy of the matters recited therein including, without limitation, appointment of any successor Trustee hereunder,
nonpayment of the Indebtedness, notice, filing, posting, and conduct of the sale in the manner provided herein and by law;

 

(vii)           
all prerequisites to the validity of the sale shall be rebuttably presumed to have been performed;

 

(viii)          
the receipt from the Trustee, or such other party or officer conducting the sale, shall be sufficient to discharge the purchaser
for his purchase money, and no purchaser or his assigns or personal representatives, shall thereafter be obligated to see to the application
of such purchase money or be in any way answerable for any loss, misapplication, or non-application thereof;

 

(ix)             
Grantor shall be completely and irrevocably divested of all of its right, title, interest, claim, and demand whatsoever, either
at law or in equity, in and to the property sold, and such sale shall be a perpetual bar both at law and in equity against Grantor and
against all other persons claiming or to claim the property sold or any part thereof by, through or under Grantor; and

 

(x)             
Beneficiary may be a purchaser at any such sale and may credit the bid against the Indebtedness.

 

Notice may be served, given,
filed, posted, or mailed by the Trustee or by any person acting for the Trustee. The affidavit of any person having knowledge of the facts
to the effect that such service was completed shall be prima facie evidence of the fact of service. Beneficiary may, at its option, accomplish
all or any of the aforesaid in the manner permitted or required under (i) Section 51.002 of the Texas Property Code, as amended and
restated, relating to the sale of real property under a power of sale or, (ii) with respect to the Personalty sold separately from
the rest of the Mortgaged Property, Chapter 9 of the Texas Business and Commerce Code relating to the sale of collateral after default
by a debtor or by any other amendment or successor to either statute. Nothing contained in this Section 6.1(d) shall be
construed to limit in any way the Trustee’s rights to sell the Personalty by private sale if, and to the extent that, such private
sale is permitted under the laws of the State of Texas or by public or private sale after entry of a judgment by any court of competent
jurisdiction ordering same. At any sale of the Mortgaged Property whether made under the power of sale contained in this Deed of Trust,
Section 51.002 of the Texas Property Code, Chapter 9 of the Texas Business and Commerce Code, any other Legal Requirement, or by virtue
of any judicial proceedings or any other legal right, remedy, or recourse.

 

(e)          
Beneficiary or the Trustee may make application to a court of competent jurisdiction, as a matter of strict right and without notice
to Grantor or regard to the adequacy of the Mortgaged Property for the repayment of the Indebtedness, for appointment of a receiver of
the Mortgaged Property. Any such receiver shall have all the usual powers and duties of receivers in similar cases, including the full
power to sell, rent, maintain, and otherwise operate the Mortgaged Property upon such terms as may be approved by the court, and shall
apply the Rents in accordance with the provisions of Section 6.8 in this Deed of Trust.

 

    	 	10	 

     

    

 

(f)          
Except as otherwise prohibited by applicable law, in the event Beneficiary is the successful bidder at a foreclosure sale of all
or any part of the Mortgaged Property, it shall have the right to cancel any insurance policy covering the property foreclosed upon and
collect any unearned premiums from said policy.

 

(g)          
Exercise any and all other rights, remedies, and recourses granted under the Loan Documents or now or hereafter existing in equity,
at law, by virtue of statute, or otherwise.

 

6.2  
Divestment of Rights, Tenant at Sufferance. After sale of the Mortgaged Property, or any portion thereof, Grantor shall
be divested of any and all interest and claim thereto, including any interest or claim to all insurance policies, bonds, loan commitments,
contracts, and other intangible property covered by this Deed of Trust. Additionally, with respect to the Land, Improvements, Fixtures,
Personalty and the Ground Lease, after a sale of all or any portion thereof, Grantor will be considered a tenant at sufferance of the
purchaser of the same, and said purchaser shall be entitled to immediate possession thereof, and if Grantor shall fail to vacate the Mortgaged
Property immediately, said purchaser may and shall have the right, without further notice to Grantor, to go into any justice court in
any precinct or county in which the Land and Improvements are located and file an action in forcible entry and detainer or forcible detainer,
which action shall lie against Grantor or its assigns or legal representatives as a tenant at sufferance.

 

6.3  
Separate Sales. If a Default occurs and is continuing, the Trustee may sell all or any portion of the Mortgaged Property
together or in lots or parcels and in such manner and order as the Trustee, in its sole discretion, may elect. The sale or sales by the
Trustee of less than the whole of the Mortgaged Property shall not exhaust the power of sale granted in this Deed of Trust, and the Trustee
is specifically empowered to make successive sale or sales under such power until the whole of the Mortgaged Property shall be sold; and
if the proceeds of such sale or sales of less than the whole of such Mortgaged Property shall be less than the aggregate of the Indebtedness
and the expense of executing this trust, this Deed of Trust and the lien, security interest and assignment hereof shall remain in full
force and effect as to the unsold portion of the Mortgaged Property just as though no sale or sales had been made; provided that,
Grantor shall never have any right to require the sale or sales of less than the whole of the Mortgaged Property, but Beneficiary shall
have the right, at its sole election, to request the Trustee to sell less than the whole of the Mortgaged Property. As among the various
counties in which items of the Mortgaged Property may be situated, sales in such counties may be conducted in any order that the Trustee
may deem expedient; and any one or more of such sales may be conducted in the same month, or in successive or different months, as the
Trustee may deem expedient. If Default occurs as to nonpayment of part of the Indebtedness, Beneficiary shall have the option to proceed
as if under a full foreclosure, conducting the sale as herein provided without declaring the entire Indebtedness due, and if sale is made
because of default of an installment, or a part of an installment, such sale may be made subject to the unmatured part of the Term Note
and the Indebtedness; and such sale, if so made, shall not in any manner affect the unmatured part of the Indebtedness but as to such
unmatured part, this Deed of Trust shall remain in full force and effect as though no sale had been made under the provisions of this
Deed of Trust. Any number of sales may be made under this Deed of Trust without exhausting the right of sale for any unmatured part of
the Indebtedness secured hereby.

 

6.4  
Remedies Cumulative, Concurrent, and Nonexclusive. The Trustee and Beneficiary shall have all rights, remedies, and recourses
granted in the Loan Documents and available at law or equity (including specifically those granted by the Texas Business and Commerce
Code, as amended but taking into account the provisions of the Credit Agreement) and same (a) shall be cumulative and concurrent; (b)
may be pursued separately, successively, or concurrently against Grantor or others obligated under the Term Note, or against the Mortgaged
Property, or against any one or more of them at the sole discretion of Beneficiary; (c) may be exercised as often as occasion therefor
shall arise, it being agreed by Grantor that the exercise or failure to exercise any of the same shall in no event be construed as a waiver
or release thereof or of any other right, remedy, or recourse; and (d) are intended to be, and shall be, nonexclusive.

 

    	 	11	 

     

    

 

6.5  
Release of and Resort to Collateral. Any part of the Mortgaged Property may be released by Beneficiary in accordance with
the Credit Agreement without affecting, subordinating, or releasing the lien, security interest, and assignment hereof against the remainder
of the Mortgaged Property. The lien, security interest, and other rights granted hereby shall not affect or be affected by any other security
taken for the Indebtedness or any part thereof. The taking of additional security or the rearrangement, extension, or renewal of the Indebtedness,
or any part thereof, shall not release or impair the lien, security interest, and other rights granted hereby or affect the liability
of any endorser, guarantor, or surety or improve the right of any permitted junior lienholder; and this Deed of Trust, as well as any
instrument given to secure any rearrangement, renewal, or extension of the Indebtedness secured hereby, or any part thereof, shall be
and remain a first and prior lien, except as otherwise provided herein, on all of the Mortgaged Property not expressly released until
the Indebtedness is completely paid.

 

6.6  
Waiver of Redemption, Notice, and Marshaling of Assets. To the fullest extent permitted by Law, Grantor hereby irrevocably
and unconditionally waives and releases (a) all benefits that might accrue to Grantor by any present or future laws exempting the
Mortgaged Property from attachment, levy, or sale on execution or providing for any appraisement, valuation, stay of execution, exemption
from civil process, redemption, or extension of time for payment, (b) except as may be provided for under the terms hereof or the Credit
Agreement, all notices of any Default or of Beneficiary’s or the Trustee’s election to exercise or the actual exercise of
any right, remedy, or recourse provided for under the Loan Documents, (c) any right to appraisal or marshaling of assets or a sale in
inverse order of alienation, (d) the exemption of homestead, and (e) the administration of estates of decedents or other matters whatever
to defeat, reduce, or affect the right of Beneficiary under the terms of this Deed of Trust to sell the Mortgaged Property for the collection
of the Indebtedness secured hereby (without any prior or different resort for collection) or the right of Beneficiary under the terms
of this Deed of Trust, to the payment of the Indebtedness out of the proceeds of sale of the Mortgaged Property in preference to every
other person and claimant whatever (only reasonable expenses of such sale being first deducted).

 

6.7  
Discontinuance of Proceedings. In case Beneficiary shall have proceeded to invoke any right, remedy, or recourse permitted
under the Loan Documents and shall thereafter elect to discontinue or abandon the same for any reason, Beneficiary shall have the unqualified
right to do so, and, in such event, Grantor and Beneficiary shall be restored to their former positions with respect to the Indebtedness,
the Loan Documents, the Mortgaged Property, and otherwise and the rights, remedies, recourses, and power of Beneficiary shall continue
as if same had never been invoked.

 

6.8  
Application of Proceeds, Deficiency Obligation. The proceeds of any sale of, and the Rents and other income generated by
the holding, leasing, operating, or other use of, the Mortgaged Property shall be applied by Beneficiary (or the receiver, if one is appointed)
to the extent that funds are so available therefrom in accordance with the Credit Agreement with any surplus to be paid, at the option
of Beneficiary to the payment of any indebtedness or obligation secured by a subordinate deed of trust or security interest on the Mortgaged
Property or to Grantor. Any other party liable on the Indebtedness shall be liable for any deficiency remaining in the Indebtedness subsequent
to the sale referenced in this Section 6.8.

 

6.9  
Purchase by Beneficiary. To the extent permitted by Law, Beneficiary shall have the right to become the purchaser at the
sale of the Mortgaged Property under this Deed of Trust and shall have the right to be credited on the amount of its bid for the Mortgaged
Property or any part thereof being sold, all or any portion of the Indebtedness due and owing as of the date of such sale.

 

    	 	12	 

     

    

 

6.10  Disaffirmation of Contracts. To the extent permitted by Law, the purchaser at any Trustee’s or foreclosure sale hereunder
may disaffirm any easement granted or rental, lease, or other contract made in violation of any provision of this Deed of Trust or the
Credit Agreement and may take immediate possession of the Mortgaged Property free from, and despite the terms of, such grant of easement
or rental, lease, or other contract. With respect to any Lease of real property submitted to and approved by Beneficiary, Beneficiary
agrees that the holding of a foreclosure sale or conveyance in lieu thereof by it shall not terminate such Lease nor the rights and obligations
of a lessee thereunder, so long as such lessee continues to perform all of its obligations thereunder, including, without limitation,
the payment of all rental payments thereunder.

 

6.11 
Certain Waivers Relating to Fair Market Value and Deficiencies.

 

(a)          
If the Mortgaged Property is sold at a foreclosure sale pursuant to the terms of this Deed of Trust and the sales price results
in a deficiency, Grantor knowingly, intelligently, and voluntarily waives Grantor’s right to request a judicial finding of the fair
market value of the real property as of the date of the foreclosure sale as a defense or set-off against any deficiency. Without limiting
the foregoing, notwithstanding the provisions of §§ 51.003, 51.004 and 51.005 of the Texas Property Code (as amended from
time to time) or any other applicable Law, and to the extent permitted by Law, Grantor agrees that Beneficiary shall be entitled to seek
a deficiency judgment from Grantor and any other Loan Party and Parent Guarantor equal to the difference between the Obligations and the
amount for which the Mortgaged Property was sold pursuant to a judicial or non-judicial foreclosure sale. Grantor expressly recognizes
that this Section 6.11 constitutes a waiver of the above-cited provisions of the Texas Property Code and any other applicable
Law which would otherwise permit Grantor independently (even absent the initiation of deficiency proceedings against them) to present
competent evidence of the fair market value of any Mortgaged Property as of the date of foreclosure and offset against any deficiency
the amount by which the foreclosure sale price is determined to be less than such fair market value. Grantor further recognizes and agrees
that this waiver creates an irrebuttable presumption that the foreclosure sale price is equal to the fair market value of the Mortgaged
Property for purposes of calculating deficiencies owed by Grantor or any other Loan Party or Parent Guarantor against whom recovery of
a deficiency is sought.  The foregoing to the contrary notwithstanding, nothing herein shall prevent Beneficiary from pursuing its
remedies directly against any Grantor or any other Loan Party and Parent Guarantor prior to any foreclosure.  Alternatively, in the
event the waiver provided for herein is determined by a court of competent jurisdiction to be unenforceable, then notwithstanding the
provisions of §§ 51.003, 51.004 and 51.005 of the Texas Property Code (as amended from time to time) or any other applicable
Law, and to the extent permitted by Law, Grantor agrees that Beneficiary shall be entitled to seek a deficiency judgment from Grantor
and each other Loan Party and Parent Guarantor equal to the difference between the Obligations and the fair market value of the Mortgaged
Property. The provisions of Section 6.11(b) shall be the basis for the finder of fact’s determination of the
fair market value of the Mortgaged Property as of the date of the foreclosure sale in proceedings governed by §§ 51.003,
51.004 and 51.005 of the Texas Property Code (as amended from time to time) or any other applicable Law.

 

(b)         
This Section 6.11(b) shall apply in the event an arbitrator or court of competent jurisdiction determines that the
waiver by Grantor set out in Section 6.11(a) is unenforceable. Grantor stipulates and agrees that for purposes of determining
the fair market value of any Mortgaged Property (or any portion thereof), as such term is used in Section 51.003 of the Texas Property
Code (as amended from time to time) or any other applicable Law, which is sold at a non-judicial foreclosure sale pursuant to the terms
of any Deed of Trust or Mortgage (and in accordance with Section 51.002 of the Texas Property Code) or other applicable Law, the following
factors shall be used to determine such Mortgaged Property’s fair market value, for such purposes:

 

    	 	13	 

     

    

 

(i)                
the Mortgaged Property is to be valued “AS IS” and “WITH ALL FAULTS” and there shall be no assumption of
restoration of or refurbishment of improvements, if any, after the date of the foreclosure;

 

(ii)              
there shall be an assumption that the purchaser desires to resell the Mortgaged Property for an all cash sales price promptly (but
no later than 12 months) after the foreclosure sale;

 

(iii)             
any re-sale shall be for cash only, without financing by the seller;

 

(iv)             
an offset to the fair market value of the Mortgaged Property, as determined hereunder, shall be made by deducting from such value
the reasonable estimated closing costs relating to the sale of the Mortgaged Property, including but not limited to, brokerage commissions,
title policy expenses, tax prorations, escrow fees, and other common charges which are incurred by a seller of property; and

 

(v)              
after consideration of the factors required by Law and those required above, an additional discount factor shall be calculated
based upon the estimated holding costs associated with maintaining the Mortgaged Property for the estimated time it will take to effectuate
a sale of the Mortgaged Property including, without limitation, utility expenses, taxes and assessments (to the extent not accounted for
in subclause (iv) above) so that the “fair market value” as so determined is discounted to be as of the date of the
foreclosure sale of the Mortgaged Property.

 

SECTION 7.         
CONDEMNATIONVI.. Except as may be permitted under the Credit Agreement, if the Mortgaged
Property, or any part thereof, shall be condemned or otherwise taken for public or quasi-public use under the power of eminent domain,
or be transferred in lieu thereof, all damages or other amounts awarded for the taking, or injury to, the Mortgaged Property shall be
paid to Beneficiary, and Beneficiary shall apply and disburse the proceeds against the Indebtedness under the Credit Agreement.

 

SECTION 8.         
SECURITY AGREEMENTVII..

 

8.1  
Security Interest. This Deed of Trust shall be construed as a Deed of Trust on real property and it shall also constitute
and serve as a security agreement on personal property within the meaning of, and shall constitute until the grant of this Deed of Trust
shall terminate as provided in Section 2 hereof, a first and prior security interest under Chapter 9 of the Texas Business
and Commerce Code (subject only to the Permitted Encumbrances) with respect to the Personalty and Fixtures. Grantor has granted, bargained,
conveyed, assigned, transferred, and set over, and by these presents does grant, bargain, convey, assign, transfer, and set over unto
Beneficiary a first and prior security interest (subject only to the Permitted Encumbrances) in and to all of Grantor’s right, title,
and interest in, to, and under the Personalty and Fixtures to secure the full and timely payment of the Indebtedness and the full and
timely performance and discharge of the Grantor’s obligations under this Deed of Trust.

 

8.2  
Financing Statements. Grantor shall execute and deliver to Beneficiary, in form and substance reasonably satisfactory to
it and its legal counsel, such financing statements and such further assurances as Beneficiary may, from time to time, consider reasonably
necessary to create, perfect, and preserve the security interest herein granted, and Beneficiary may cause such statements and assurances
to be recorded and filed at such times and places as may be required or appropriate by law to so create, perfect, and preserve such security
interest. Pursuant to the Texas Business and Commerce Code, this Deed of Trust shall be effective as a financing statement filed as a
fixture filing from the date of its filing for record covering the Fixtures and Personalty. The addresses of Grantor, as Debtor, and Beneficiary,
as Secured Party, are set forth on the cover page of this Deed of Trust.

 

    	 	14	 

     

    

 

8.3  
Uniform Commercial Code Remedies. The Trustee and Beneficiary shall have all the rights, remedies, and recourses with respect
to the Personalty, Fixtures, Leases, the Ground Lease and Rents afforded a secured party by the Texas Business and Commerce Code in addition
to, and not in limitation of, the other rights, remedies and recourses afforded by the Loan Documents and at law or in equity.

 

8.4  
No Obligation of the Trustee or Beneficiary. The assignment and security interest herein granted shall not be construed
to (a) deem or constitute the Trustee or Beneficiary, as trustees in possession of the Mortgaged Property, (b) obligate the Trustee
or Beneficiary to operate or attempt to operate the Mortgaged Property or (c) obligate the Trustee or Beneficiary to take any action,
incur any expenses, or perform or discharge any obligation, duty, or liability whatsoever under any of the Leases or otherwise.

 

SECTION 9.         
CONCERNING THE TRUSTEEVIII..

 

9.1  
No Liability. The Trustee shall not be liable for any error or judgment or act done by the Trustee or be otherwise responsible
or accountable under any circumstances whatsoever other than his own gross negligence, willful misconduct, violation of law or fraud.
The Trustee shall not be personally liable for any damages resulting from entry on the Mortgaged Property by the Trustee or anyone acting
by virtue of the powers granted the Trustee under this Deed of Trust, or for debts contracted or liability or damages incurred in the
management or operation of the Mortgaged Property. The Trustee shall have the right to rely on any instrument, document, or signature
authorizing or supporting any action taken or proposed to be taken by him hereunder and believed by him in good faith to be genuine. The
Trustee shall be entitled to reimbursement for reasonable expenses incurred by him in the performance of the Trustee’s duties under
this Deed of Trust and to reasonable compensation for services rendered under this Deed of Trust. Grantor will, from time to time, reimburse
the Trustee for and save and hold the Trustee harmless from and against any and all loss, cost, liability, damage and expense whatsoever
incurred by him in the performance of the Trustee’s duties other than those arising from his own gross negligence, willful misconduct,
violation of Law or fraud.

 

9.2  
Retention of Monies. All monies received by the Trustee shall, until used or applied as herein provided, be held in trust
for the purposes for which they were received, but need not be segregated in any manner from any other monies (except to the extent required
by law), and the Trustee shall be under no liability for interest on any monies received hereunder.

 

9.3  
Successor Trustee. The Trustee may resign by the giving of notice of such resignation in writing to Beneficiary. If the
Trustee shall die, resign, or become disqualified from acting in the execution of this Deed of Trust or shall fail or refuse to exercise
the same when requested by Beneficiary so to do or if for any reason and without cause Beneficiary shall prefer to appoint a substitute
trustee to act instead of the original Trustee named herein, or any prior successor or substitute trustee, Beneficiary shall have full
power to appoint a substitute trustee and, if preferred, several substitute trustees in succession who shall succeed to all the estate,
rights, powers and duties of the aforenamed Trustee without other formality than designating the successor or substitute Trustee in writing.

 

9.4  
Succession Instruments. Any new Trustee appointed pursuant to any of the provisions of this Deed of Trust shall, without
any further act, deed, or conveyance, become vested with all the estates, properties, rights, powers, and trusts of its or his or her
predecessor in the rights hereunder with like effect as if originally named as the Trustee herein; but, nevertheless, upon the written
request of Beneficiary, or any acting successor trustee, the Trustee ceasing to act shall execute and deliver an instrument transferring
to such successor trustee, upon the trust herein expressed, all the estates, properties, rights, powers, and trusts of the Trustee so
ceasing to act, and shall duly assign, transfer, and deliver any of the property and monies held by the Trustee to the successor trustee
so appointed.

 

    	 	15	 

     

    

 

9.5  
Performance of Duties by Agents. The Trustee may authorize one or more parties to act on his behalf to perform any ministerial
or other functions required of him hereunder, including, without limitation, the transmittal, posting and filing of any notices.

 

SECTION 10.       
LEASEHOLD ESTATE.

 

10.1       
Representations and Warranties. The Mortgaged Property is a leasehold estate and Grantor hereby warrants and represents
as follows with respect to the Ground Lease:

 

(a)          
The Ground Lease is in full force and effect, unmodified by any writing or otherwise, except as has been specifically disclosed
to Beneficiary.

 

(b)         
All rent, additional rent, and other charges reserved therein have been paid to the extent they are payable to the date hereof.

 

(c)          
Grantor enjoys the quiet and peaceful possession of the property demised thereby.

 

(d)         
Grantor is not in default under any of the terms of the Ground Lease, and, to the best of Grantor’s knowledge, there are
no circumstances which, with the passage of time or the giving of notice or both, would constitute an event of default under the Ground
Lease.

 

(e)         
To the best of Grantor’s knowledge, Landlord is not in default under any of the terms or provisions thereof on the part of
the Landlord to be observed or performed.

 

10.2       
Covenants. Grantor further covenants and agrees as follows:

 

(a)         
Grantor will promptly and faithfully observe, perform, and comply with all the terms, covenants, and provisions of the Ground Lease
on Grantor’s part to be observed, performed, and complied with, at the times set forth in the Ground Lease if such failure would
reasonably be expected to cause a termination or breach of the Ground Lease.

 

(b)         
Grantor will not permit, suffer, or refrain from doing anything, as a result of which, there could be a default under or breach
of any of the terms of the Ground Lease.

 

(c)          
Grantor will not cancel, surrender, or modify, amend, or in any way alter or permit the alteration of any of the terms of the Ground
Lease without Beneficiary’s consent, which consent shall not be unreasonably withheld.

 

(d)          
Grantor will give Beneficiary immediate notice of any default by any party to the Ground Lease and will promptly deliver to Beneficiary
copies of (i) each notice of default and (ii) all other material notices, communications, plans, specifications, and other similar instruments
received or delivered by Grantor in connection with the Ground Lease.

 

(e)          
Grantor will furnish to Beneficiary such information and evidence as Beneficiary may reasonably require concerning Grantor’s
due observance, performance, and compliance with the terms, covenants, and provisions of the Ground Lease.

 

    	 	16	 

     

    

 

10.3       
Rights of Beneficiary to Perform. In the event of any default by Grantor in the performance of any of its obligations under
the Ground Lease following all applicable notice and cure periods, including, without limitation, any default in the payment of rent and
other charges and impositions made payable by the tenant thereunder, then, in each and every case, Beneficiary may, at its option and
without notice, cause the default or defaults to be remedied and otherwise exercise any and all of the rights of Grantor thereunder in
the name of and on behalf of Grantor. Grantor shall, on demand, reimburse Beneficiary for all advances made and expenses incurred by Beneficiary
in curing any such default (including, without limitation, reasonable attorneys’ fees), together with interest thereon at the Default
Rate (as defined in the Credit Agreement) from the date of payment by Beneficiary, and such reimbursement shall be immediately due and
payable by Grantor to Beneficiary, and until paid shall be added to and become a part of the Indebtedness and shall be secured by this
Deed of Trust.

 

10.4        
Term of Ground Lease. Grantor shall give Beneficiary notice of any intention to exercise any option to extend the term of
the Ground Lease, at least twenty (20) but not more than sixty (60) days prior to the expiration of the time to exercise such option under
the terms thereof. If Grantor intends to extend the term of any Ground Lease, Grantor shall deliver to Beneficiary with the notice of
such decision, a copy of the notice of extension delivered to the Landlord thereunder. If the Ground Lease is cancelled or terminated,
and if Beneficiary or its nominee shall acquire an interest in any new lease of the property demised thereby, Grantor shall have no right,
title, or interest in or to the new lease or the leasehold estate created by such new lease.

 

10.5        
No Merger of Estates. It is hereby agreed that the fee title and the leasehold estate in the property demised by the Ground
Lease shall not merge, but shall always be kept separate and distinct, notwithstanding the union of said estates in either the Landlord
thereunder, Grantor, or a third party, whether by purchase or otherwise. If Grantor acquires the fee title or any other estate, title,
or interest in the property demised by the Ground Lease, or any part thereof, the lien of this Deed of Trust shall attach to, cover, and
be a lien upon such acquired estate, title, or interest, and same shall thereupon be and become a part of the Mortgaged Property with
the same force and effect as if specifically encumbered herein. Grantor agrees to execute all instruments and documents which Beneficiary
may reasonably require to ratify, confirm, and further evidence Beneficiary’s lien on the acquired estate, title, or interest. Furthermore,
Grantor hereby appoints Beneficiary its true and lawful attorney-in-fact to execute and deliver all such instruments and documents in
the name and on behalf of Grantor. This power, being coupled with an interest, shall be irrevocable as long as the Indebtedness remains
unpaid.

 

10.6       
Estoppel Certificates. If requested by Beneficiary, Grantor shall use its commercially reasonable efforts to obtain and
deliver to Beneficiary within thirty (30) days after written demand by Beneficiary, an estoppel certificate from the Landlord under the
Ground Lease setting forth (a) the name of the Landlord thereunder, (b) that the Ground Lease has not been modified or, if it has been
modified, the date of each modification (together with copies of each such modification), (c) the basic rent payable under the Ground
Lease, (d) the date to which all rental charges have been paid by Grantor under the Ground Lease, and (e) whether there are any alleged
defaults of Grantor under the Ground Lease and, if there are, setting forth the nature thereof in reasonable detail.

 

10.7       
Anti-Assignment Provisions. Notwithstanding anything to the contrary herein, this Deed of Trust shall not constitute
an assignment of the Ground Lease within the meaning of any provision thereof prohibiting its assignment, and Beneficiary shall have no
liability or obligation thereunder by reason of its acceptance of this Deed of Trust. Beneficiary shall be liable for the obligations
of Grantor arising under the Ground Lease for only that period of time which Beneficiary is in possession of the Mortgaged Property or
has acquired, by foreclosure or otherwise, and is holding all of Grantor’s right, title, and interest therein.

 

    	 	17	 

     

    

 

10.8      
Notices to the Landlord. Notwithstanding anything herein or in any other Loan Document
to the contrary, Beneficiary is and shall be required to give to the Landlord formal notice of Beneficiary’s address (as set forth
on the cover page hereof) for notice and any changes in such address for notice and a copy of each notice of default given to Grantor
at the same time as and whenever any such notice of default shall be given by Beneficiary to Grantor. All such notices shall be addressed
to the Landlord at its address as set forth in Ground Lease or as otherwise last furnished to Beneficiary. No such notice by Beneficiary
to Grantor shall be deemed to have been duly given to the Landlord unless and until a copy thereof has been received by the Landlord in
the manner provided in Section 13.1 of the Ground Lease.

 

10.9      
Performance by Landlord. Notwithstanding anything herein or in any other Loan Document
to the contrary, Beneficiary shall accept performance by the Landlord of any covenant, condition or agreement on Grantor’s part,
as tenant under the Ground Lease, to be performed under this Deed of Trust or other Loan Documents between Grantor and Beneficiary with
the same force and effect as though performed by Grantor; provided, however, that the Landlord shall have no duty or obligation to cure
any default (including a Default) by Grantor under this Deed of Trust, any other Loan Document, or any other agreement between Grantor
and Beneficiary.

 

10.10     
Landlord’s Right to Cure. Notwithstanding anything herein or in any other
Loan Document to the contrary, in the event of acceleration of the Indebtedness as a result of Grantor’s uncured default (including
a Default) under the Credit Agreement or any other Loan Document, the Landlord or its designee shall have the right to (a) prepay the
Indebtedness in full in accordance with the terms of the Credit Agreement and the other Loan Documents and (b) terminate the Ground Lease.
In the event of the prepayment of the Indebtedness by the Landlord or its designee, payment shall be made directly to Beneficiary, as
lender under the Credit Agreement, or the then holder of the Indebtedness, in exchange for either (i) a duly executed assignment of the
Credit Agreement and the other Loan Documents in recordable form as applicable (without recourse but with warranty of good title) and
delivery of all original Loan Documents to the Landlord or its assignee, including the Term Note endorsed, without recourse, payable to
the Landlord or its assignee, or (ii) a duly executed document in form satisfactory to the Landlord releasing this Deed of Trust, and
stating that the Indebtedness secured by this Deed of Trust has been satisfied, delivered to the Landlord, at its sole option.

 

10.11     
Benefit of the Landlord. Notwithstanding anything herein or in any other Loan Document
to the contrary, the provisions of Sections 10.8 to 10.11 are for the benefit of the Landlord and its successors
and assigns and may be relied upon and shall be enforceable by the Landlord and such successors and assigns. Neither the Landlord nor
its successors or assigns shall be liable upon the covenants, agreements or obligations of Grantor contained in this Deed of Trust or
in any other Loan Document or agreement between Grantor and Beneficiary by virtue of the exercise of any rights set forth in Sections
10.8 to 10.11.

 

SECTION 11.       
MISCELLANEOUSIX..

 

11.1       
Survival of Obligations. All covenants, agreements, representations, and warranties made by Grantor in this Deed of Trust
and the other Loan Documents, including without limitation, any certificates or other documents or instruments delivered in connection
herewith, shall survive the execution and delivery of this Deed of Trust and the other Loan Documents. The obligations and provisions
of all indemnities from Grantor to Beneficiary contained herein or in any of the other Loan Documents shall continue and remain in
full force and effect after the Indebtedness of Grantor has been paid or discharged in full and shall survive the termination of this
Deed of Trust and the repayment in full of the Indebtedness.

 

    	 	18	 

     

    

 

11.2        
Covenants Running with the Land. All obligations contained in this Deed of Trust are intended by the parties to be and shall
be construed as covenants running with the Land.

 

11.3       
Recording and Filing. Grantor will cause the Loan Documents and all amendments and supplements thereto and substitutions
therefor to be recorded, filed, re-recorded, and refiled in such manner and in such places as the Trustee or Beneficiary shall reasonably
request and will pay all such recording, filing, re-recording and refiling, taxes, fees, and other charges.

 

11.4       
Notices. Any notice, request, or other communication required or permitted to be given hereunder shall be given at the addresses
and in accordance with the notice provisions set forth in the Credit Agreement.

 

11.5       
No Waiver. Any failure by the Trustee or Beneficiary to insist, or any election by the Trustee or Beneficiary, not to insist,
upon strict performance by Grantor of any of the terms, provisions, or conditions of this Deed of Trust shall not be deemed to be a waiver
of the same or of any other term, provision, or condition thereof, and the Trustee or Beneficiary shall have the right at any time or
times thereafter to insist upon strict performance by Grantor of any and all of such terms, provisions, and conditions.

 

11.6       
Beneficiary’s Right to Pay Indebtedness or Perform Obligations. If any obligated party shall fail, refuse, or neglect
to make any required payment on the Indebtedness or if Grantor fails, refuses, or neglects to perform any of its obligations under this
Deed of Trust, then in each case, at any time thereafter and without notice to or demand upon Grantor, or any other party, and without
waiving or releasing any other right, remedy, or recourse Beneficiary may have because of the same, Beneficiary may (but shall not be
obligated to) make such payment or perform such act for the account of and at the expense of Grantor and shall have the right to enter
upon the Mortgaged Property for such purpose and to take all such action thereon with respect to the Mortgaged Property as it reasonably
may deem necessary or appropriate. Grantor shall be obligated to repay Beneficiary for all sums advanced by it pursuant to this Section
11.6 and shall indemnify and hold Beneficiary harmless from and against any and all loss, cost, expense, liability, damage,
and claims and causes of action, including reasonable attorneys’ fees (except such as result from the gross negligence, willful
misconduct, violation of Law or fraud of Beneficiary, the Trustee or each of their respective agents, successors, assigns, subsidiaries,
directors, officers, employees, representatives, parents or attorneys), incurred or accruing by any acts performed by Beneficiary pursuant
to the provisions of this Section 11.6 or by reason of any other provision of the Loan Documents. All sums paid by
Beneficiary pursuant to this Section 11.6 and all other sums extended by Beneficiary to which it shall be entitled
to be indemnified, together with interest thereon at the Default Rate of interest provided for in the Credit Agreement from the date of
such payment or expenditure, shall constitute additions to the Indebtedness, shall be secured by this Deed of Trust and shall be paid
by Grantor to Beneficiary upon demand.

 

11.7      
Limitation on Effectiveness of Lien. It is the intention of Grantor and Beneficiary that the amount of the Indebtedness
secured by this Deed of Trust shall be in, but not in excess of, the maximum amount permitted by fraudulent conveyance, fraudulent transfer
or similar Laws applicable as to Grantor. Accordingly, notwithstanding anything to the contrary contained in this Deed of Trust, the other
Loan Document or any other agreement or instrument executed in connection with the payment of any of the Indebtedness, the amount of the
Indebtedness secured by this Deed of Trust shall be limited to that amount which after giving effect thereto would not (a) render
Grantor insolvent, (b) result in the fair saleable value of the assets of Grantor being less than the amount required to pay its
debts and other liabilities (including contingent liabilities) as they mature, or (c) leave Grantor with unreasonably small capital
to carry out its business as now conducted and as proposed to be conducted, including its capital needs, as such concepts described in
(a), (b) and (c) herein are determined under applicable Law, if the obligations of Grantor hereunder would otherwise be set aside, terminated,
annulled or avoided for such reason by a court of competent jurisdiction in a proceeding actually pending before such court.

 

    	 	19	 

     

    

 

11.8      
Governing Law. THIS DEED OF TRUST MUST BE CONSTRUED, AND ITS PERFORMANCE ENFORCED, UNDER THE LAWS OF THE STATE OF TEXAS.

 

11.9       
Multiple Counterparts and Facsimile and PDF Signatures. This Deed of Trust may be executed in any number of counterparts
with the same effect as if all signatories had signed the same document. All counterparts must be construed together to constitute one
and the same instrument. This Deed of Trust may be transmitted and signed by facsimile and in portable document format (PDF) and shall
have the same effect as manually-signed originals and shall be binding on all parties. Notwithstanding the foregoing, original executed
and notarized signature pages to this Deed of Trust must be delivered to Beneficiary or its counsel on the date hereof (or such later
date as agreed to by Beneficiary).

 

11.10     
Waiver of Jury Trial. THE PARTIES TO THIS DEED OF TRUST waive trial by jury in
any action or proceeding to which THEY may be parties, arising out of, in connection with or in any way pertaining to, this DEED OF TRUST.
It is agreed and understood that this waiver constitutes a waiver of trial by jury of all claims against all parties to such action or
proceedings, including claims against or claims brought by parties who are not parties to this AGREEMENT. This waiver is knowingly, willingly
and voluntarily made.

 

11.11    
Entirety. THIS DEED OF TRUST, THE CREDIT AGREEMENT, AND THE OTHER LOAN DOCUMENTS
REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES HERETO AND THERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS,
OR SUBSEQUENT ORAL AGREEMENTS BY THE PARTIES HERETO AND THERETO. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 

 

[Signature and acknowledgement
appear on the next page.]

 

    	 	20	 

     

    

 

IN
WITNESS WHEREOF, this Deed of Trust is executed on the date set forth in the notary acknowledgment below, but is effective for all purposes
as of the date first set forth in the preamble to this Deed of Trust.

 

	 	GRANTOR:	 
	 	 	 	 
	 	IBIO CDMO LLC	 
	 	 	 	 
	 	 	 	 
	 	By: 	 /s/ Robert Lutz	 
	 	 	Robert Lutz	 
	 	 	Authorized Person	 

 

STATE OF South Carolina §

COUNTY OF Charleston §

 

This instrument was acknowledged
before me on this October 27, 2021, by Robert Lutz, Authorized Person of IBIO CDMO LLC, a Delaware limited liability company, for and
on behalf of said limited liability company, and for the purpose and consideration herein stated.

 

 

	 	/s/ Aksha Williams	 
	 	Notary Public in and for the State of South Carolina	 

 

Signature and Acknowledgment Page to Leasehold
Deed of Trust, Assignment of Leases and Rents, Security Agreement and UCC Financing Statement for Fixture Filing

 

     

     

    

 

EXHIBIT A

TO
DEED OF TRUST

 

LEGAL DESCRIPTION

 

Leasehold estate created by the Ground Lease in that
certain real property located at 8800 HSC Parkway, Bryan, Texas 77807 and as further described below:

 

All that certain lot, tract or parcel of land
being 21.401 acres situated in the J.H. Jones Survey, Abstract No. 26, Brazos County, Texas, and being all of that certain called 21.401
acre tract as described in Memorandum of Lease between The Board of Regents of The Texas A&M University System and TEXAS BIOPROPERTIES,
LP, as recorded in Volume 9536, Page 255 of the Official Records of Brazos County, Texas, said 21.401 acre tract being more particularly
described by metes and bounds as follows:

 

BEGINNING at a 1/2" Iron Rod with Cap found
in the southwest right-of-way line of South Traditions Drive as described in Volume 9267, Page 132 for the most northerly corner, said
corner being the most easterly corner of the Texas A&M University System called 198.0559 acre tract as described in Volume 7988, Page
209; THENCE S 51° 09'57" E, along the southerly Right-of-Way line of said South Traditions Drive a distance of 125.17 feet to
a 1/2" Iron Rod with Cap found for point of curvature;

 

THENCE continuing along the southerly Right-of-Way
line of said South Traditions Drive around a curve in a counterclockwise direction having a delta angle of 40° 38'12", an arc
distance of 425.55 feet, a radius of 600.00 feet, and a chord of S 71° 29'03" E, a distance of 416.68 feet to a 1/2" Iron
Rod with Cap found for the northeast corner;

 

THENCE S 1° 48'09" E, a distance of 221.86
feet to a 1/2" Iron Rod with Cap found for angle point;

 

THENCE S 48° 08'12" E, a distance of
429.28 feet to a 1/2" Iron Rod with Cap found for the most easterly corner, said corner being located in the southeast City of Bryan
City Limits Line as per deed described in Volume 3481, Page 81, said corner also being located in the northwest Right-of-Way line of HSC
Parkway;

 

THENCE S 41° 51'48" W, along the City
Limits Line a distance of 464.43 feet to a 1/2" Iron Rod with Cap found for a point of curvature;

 

THENCE around a curve in a clockwise direction
having a delta angle of 31° 10'07", an arc distance of 401.19 feet, a radius of 737.50 feet, and a chord of S 57° 26'51"
W, a distance of 396.27 feet to a 1/2" Iron Rod with Cap found for the most southerly corner;

 

THENCE N 47° 19'28" W, a distance of
981.81 feet to a 1/2" Iron Rod with Cap found in the southeast line of said called 198.0559 acre tract, a 1/2" Iron Rod with
Cap found for the most southerly corner of said called 198.0559 Acre Tract bears S 41°44'03" W a distance of 1412.75 feet;

 

THENCE N 41°44'03" E, along the southeast
line of said called 198.0559 acre tract a distance of 820.96 feet to the PLACE OF BEGINNING AND CONTAINING AN AREA OF 21.401 ACRES OF
LAND MORE OR LESS. 

 

Exhibit A – Page 1

 

     

     

    

 

EXHIBIT
B

 

TO
DEED OF TRUST

 

PERMITTED ENCUMBRANCES

 

1a. Volume 9380, Page 215, Official Records of
Brazos County, Texas, but omitting any covenant, condition, or restriction, if any, based on race, color, religion, sex, handicap, familial
status or national origin unless and only to the extent that the covenant, condition, or restriction (a) is exempt under Title 42 of the
United States Code, or (b) relates to handicap, but does not discriminate against handicapped persons.

 

2. (Insert here all other specific exceptions
as to superior liens, easements, outstanding mineral and royalty interests, etc.)

 

a. Intentionally deleted.

 

b. Intentionally deleted.

 

c. Intentionally deleted.

 

d. All leases, grants, exceptions
or reservations of coal, lignite, oil, gas and other minerals, together with all rights, privileges, and immunities relating thereto,
appearing in the Public Records whether listed in Schedule B or not. There may be leases, grants, exceptions or reservations of mineral
interest that are not listed.

 

e. Easement from M. L. Cashion
to Brushy Water Supply Corporation, dated April 4, 1979, recorded in Volume 556, page 205, Deed Records or Brazos County, Texas.

 

f. Easements from Ethyl Burgess
to Ferguson Burleson County Gas Gathering System, dated January and October, 1994, recorded in Volume 2204, page 162 and Volume 2394,
page 240, Official Records of Brazos County, Texas.

 

g. Easement from Bryan Commerce
and Development Incorporated to The Ethyl Walton Burgess Family Trust, dated January 5, 2001, recorded in Volume 4023, page 187, Official
Records of Brazos County, Texas.

 

h. Public Utility Easement
from Bryan Commerce and Development, Inc. to the City of Bryan, dated July 23, 2009, recorded in Volume 9267, page 166, Official Records
of Brazos County, Texas.

 

i. Public Utility and Access
Easement from Bryan Commerce and Development, Inc. to the City of Bryan, dated July 23, 2009, recorded in Volume 9267, page 154, Official
Records of Brazos County, Texas.

 

j. Easement Agreement from
Board of Regents of the Texas A&M University System ("TAMUS") to Bryan Texas Utilities ("BTU"), dated August 26,
2010, recorded in Volume 9800, page 88, Official Records of Brazos County, Texas.

 

Exhibit B – Page 1

 

     

     

    

 

k. Easement Agreement from
the Board of Regents of the Texas A&M University System to the City of Bryan, Texas, dated October 1, 2010, recorded in Volume 9858,
page 192, Official Records of Brazos County, Texas.

 

l. Mineral Deed from Ethyl
Walton Burgess to Ethyl Walton Burgess Family Trust, dated December 30, 1994, recorded in Volume 2271, page 162, Official Records of Brazos
County, Texas.

 

m. Mineral Deed from Ethyl
Walton Burgess to Ethyl Walton Burgess Family Trust, dated January 4, 1995, recorded in Volume 2273, page 207, Official Records of Brazos
County, Texas.

 

n. Mineral reservation in
Deed from Cashion Family Limited Partnership, et al to Bryan Commerce and Development, Incorporated, dated January 5, 2001, recorded in
Volume 4023, page 91, Official Records of Brazos County, Texas.

 

o. Terms and conditions contained
in Waiver of Surface Use executed by Ethyl Walton Burgess Family Trust, dated January 5, 2001, recorded in Volume 4023, page 118, Official
Records of Brazos County, Texas.

 

p. Oil and Gas Lease(s) from
Mason Lee Cashion, Jr., et ux to Chaparral Minerals, Inc., dated September 12, 1977, recorded in Volume 28, page 76, O&GL Records
of Brazos County, Texas, as ratified in Volume 462, page 530, Deed Records of Brazos County, Texas.

 

q. Oil and Gas Lease(s) from
Mason Lee Cashion, Jr., et ux to Chaparral Minerals, Inc., dated September 12, 1982, recorded in Volume 69, page 632, O&GL Records
of Brazos County, Texas.

 

r. Oil and Gas Lease(s) from
Mason Lee Cashion, Jr., et ux to Chaparral Minerals, Inc., dated September 13, 1983, recorded in Volume 611, page 404, Official Records
of Brazos County, Texas.

 

s. Oil and Gas Lease(s) from
Leon Bruce Treybig, et ux to Texakoma Oil & Gas Corporation, dated April 29, 1991, recorded in Volume 1258, page 83, Official Records
of Brazos County, Texas.

 

t. Oil and Gas Lease(s) from
Mason Lee Cashion, Jr., et al to Union Pacific Resources Company, dated March, 1994, recorded in Volume 2115, page 10 and Volume 2115,
page 14, Official Records of Brazos County, Texas.

 

u. Memorandum of Oil and Gas
Lease(s) from Ethyl Walton Burgess Family Trust to PetroEdge Energy III LLC, dated September 24, 2013, recorded in Volume 11662, page
256, and refiled in Volume 11633, page 158, Official Records of Brazos County, Texas.

 

v. Oil and Gas Lease(s) as
disclosed in Memorandum of Oil and Gas Lease from June Treybig to Petroedge Energy III LLC, dated May 4, 2014, recorded in Volume 12085,
page 70, Official Records of Brazos County, Texas.

 

w. Intentionally deleted.

 

x. Terms, conditions and stipulations
as set forth in Ground Lease Agreement as disclosed in Memorandum of Lease by and between The Board of Regents of The Texas A&M University
System and Texas Bioproperties, LP, dated March 8, 2010, recorded in Volume 9536, page 255, Official Records of Brazos County, Texas.
Assigned by Special Warranty Deed and Assignment of Ground Lease, dated December 22, 2015 and filed for record December 22, 2015, under
Clerk's File No. 2015-1251621, Real Property Records, Brazos County, Texas. Assigned by Special Warranty Deed and Assignment of Ground
Lease. made by College Station Investors LLC, a Texas limited liability company, Grantor, to iBio CDMO LLC , a Delaware limited liability
company, Grantee, dated November 1, 2021.

 

Exhibit B – Page 2EXHIBIT
10.6

 

SECURITY AGREEMENT

 

THIS SECURITY AGREEMENT (this
 “Agreement”) is executed as of November 1, 2021, by IBIO CDMO LLC, a Delaware limited liability company (“Debtor”),
for the benefit of WOODFOREST NATIONAL BANK, a national banking association (“Secured Party”).

 

RECITALS

 

A.            Debtor,
as borrower, and Secured Party, as lender, are parties to that certain Credit Agreement dated as of the date hereof (as amended, restated,
supplemented, or otherwise modified from time to time, the “Credit Agreement”), together with certain other
Loan Documents.

 

B.            As
a condition precedent to Secured Party’s agreement to advance the Term Loan to Debtor under the Credit Agreement, Secured Party
requires that Debtor execute and deliver this Agreement to Secured Party in order to secure the complete payment and performance by Debtor
of its obligations under the Credit Agreement and the other Loan Documents.

 

C.           The
execution and delivery of this Agreement is an integral part of the transactions contemplated by the Loan Documents and a condition precedent
to Secured Party’s obligations to advance the Term Loan to Debtor under the Credit Agreement.

 

AGREEMENTS

 

For good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Debtor covenants and agrees with Secured Party as follows:

 

1.             Certain Definitions. Each capitalized term used but not defined in this Agreement has the meaning given that term in the
Credit Agreement. If a defined term in the Credit Agreement conflicts with the definition given that term in the UCC, the Credit Agreement
definition shall control to the extent allowed by Law. If the definition given a term in Chapter 9 (or Article 9) of the UCC conflicts
with the definition given that term in any other chapter of the UCC, the Chapter 9 (or Article 9) definition shall control. Terms used
in this Agreement which are not capitalized but are defined in the UCC have the meanings given them in the UCC. As used in this Agreement,
the following terms have the meanings indicated:

 

Agreement
means this Agreement together with all schedules and exhibits and all amendments, restatements and supplements.

 

Collateral
is defined in Section 3 of this Agreement.

 

Debtor
is defined in the preamble to this Agreement.

 

Excluded
Account means any (a) accounts used for payroll, payroll taxes or other employee benefits, (b) insurance trust accounts
holding funds necessary to fund the accrued insurance obligations of Debtor and its Subsidiaries in respect of self-insured health insurance
and worker’s compensation insurance, (c) any escrow accounts maintained in connection with (i) the transactions contemplated by
the PSA or (ii) from time to time after the date hereof, any acquisition or investment permitted by the terms of the Credit Agreement
and (d) any other accounts with respect to which the aggregate amount on deposit does not exceed $100,000.

 

    1

     

    

 

Excluded
Collateral means, with respect to Debtor, (a) any contracts, instruments, chattel paper, letters of credit, bonds, guarantees,
documents or any other item of general intangibles (or any agreement evidencing such item of general intangibles) to which Debtor is a
party, but only to the extent that such contract, instrument, chattel paper, letter of credit, bond, guarantee, document or other item
of general intangibles (or any agreement evidencing such item of general intangibles) contains a term or is subject to a rule of Law,
statute or regulation that restricts, prohibits, or requires a consent (which consent has not been obtained) of a Person (other than Debtor
or its Affiliates) to the creation, attachment or perfection of the security interest granted herein, and any such restriction, prohibition
and/or requirement of consent is effective and enforceable under applicable Law and is not rendered ineffective by applicable Law (including
pursuant to the applicable provisions of the UCC); (b) any personal property owned by Debtor that is subject to a Permitted Lien (other
than Liens in favor of Lender) if (i) the contractual agreement pursuant to which such Permitted Lien relates prohibits or expressly requires
the consent (which consent has not been obtained) of any Person (other than Debtor or its Affiliates) as a condition to the creation of
any other Lien on such asset(s), (ii) the grant of other Liens on such asset(s) would otherwise result in a breach or violation of, or
constitute a default under, the agreement or instrument governing such Permitted Lien, (iii) the grant of other Liens on such asset(s)
would permit the holder of such Permitted Lien to terminate Debtor’s use of such asset(s) or (iv) the grant of other Liens on such
asset(s) would otherwise result in a loss of material rights of Debtor in such asset(s); (c) any “intent to use” trademarks
to the extent that, and solely during the period of time in which, the grant of a security interest therein would impair the validity
or enforceability of such “intent to use” trademark applications under applicable federal Law, (d) equity securities of a
foreign subsidiary or foreign subsidiary holding company in excess of sixty five percent (65%) of the total combined voting power of all
classes of capital stock, shares, securities, member interests, partnership interests and other ownership interests entitled to vote of
such foreign subsidiary or foreign subsidiary holding company and (e) any Excluded Accounts; provided, that (i) with respect to the foregoing
clause (a), Excluded Collateral shall not include, any account receivables arising under, or proceeds of, any such contract, instrument,
chattel paper, letter of credit, bond, guarantee, document or other item of general intangibles (or any agreement evidencing such item
of general intangibles), and (ii) with respect to each of the foregoing clauses (a) and (b), such contract, instrument,
chattel paper, letter of credit, bond, guarantee, document or other item of general intangibles (or any agreement evidencing such item
of general intangibles) or item of personal property subject to a Permitted Lien that at any time ceases to satisfy the criteria for Excluded
Collateral (whether as a result of Debtor obtaining any necessary consent, any change in any rule of Law, statute or regulation, payment
in full of the obligations secured by the Permitted Lien to which such asset is subject, or otherwise, as applicable) shall no longer
be Excluded Collateral (and shall automatically be subject to the lien and security interest granted herein and to the terms and conditions
of this Agreement as “Collateral”).

 

Obligor
means a Person that, with respect to an obligation secured by a security interest in the Collateral, (a) owes payment or other performance
on the obligation, (b) has provided property or other security or credit support other than the Collateral to secure payment or other
performance of the obligation, or (c) is otherwise accountable in whole or in part for payment or other performance of the obligation.
The term includes (i) Parent Guarantor regarding its guarantee of the Obligations under the Parent Guaranty Agreement and (ii) JPM, as
issuing bank, or any nominated person under the Letter of Credit, or any other issuers or nominated persons under any other letters of
credit.

 

    2

     

    

 

Secured
Party is defined in the preamble to this Agreement.

 

Security
Interest means the security interests granted and the transfers, pledges and assignments made under Section 3
of this Agreement.

 

UCC
means (a) the Uniform Commercial Code, as adopted and in effect from time to time in Texas, and (b) if the UCC provides that the law of
another jurisdiction governs certain matters, then, in respect of such matters, the Uniform Commercial Code as adopted and in effect from
time to time in such jurisdiction.

 

2.             Credit Agreement. This Agreement is being executed and delivered pursuant to the terms and conditions of the Credit Agreement.
Each Security Interest granted under this Agreement is a “Lien” referred to in the Credit Agreement.

 

3.             Security Interest. To secure the prompt, unconditional, and complete payment and performance of the Obligations when due,
Debtor hereby pledges and assigns to Secured Party, and grants to Secured Party a continuing security interest in, all of Debtor’s
right, title and interest in, to, and under the following, in each case wherever located and whether now owned or hereafter acquired or
created (collectively, the “Collateral”); provided, that the Collateral shall not include the Excluded Collateral:
all personal and fixture property of every kind and nature, including, without limitation, all goods (including, but not limited to, all
equipment and any accessions thereto), all inventory, instruments (including promissory notes), documents, accounts, chattel paper (whether
tangible or electronic), deposit accounts, securities accounts, letter-of-credit rights (whether or not the letter of credit is evidenced
by a writing), money, commercial tort claims described on Schedule 2, securities and all other investment property, supporting
obligations, contracts, contract rights, other rights to the payment of money, insurance claims and proceeds, software, fixtures, vehicles
and rolling stock (whether or not subject to a certificate of title statute), leasehold improvements, general intangibles (including all
payment intangibles), and all of Debtor’s company and other business books, reports, memoranda, customer lists, credit files, data
compilations, and computer software, in any form, including, without limitation, whether on tape, disk, card, strip, cartridge, or any
other form, pertaining to any and all of the foregoing property, and all products and proceeds of the foregoing.

 

Without limiting the security
interest granted hereby, Debtor hereby grants to Secured Party a limited license in Debtor’s trade names, trademarks, and service
marks, together with Debtor’s goodwill associated with such trade names, trademarks, and service marks, for purposes of allowing
Secured Party to use the same in connection with any foreclosure sale, auction, or any other disposition pursuant to the UCC or this Agreement;
provided, that Secured Party shall not intentionally do any act or omit to do any act whereby (a) such trade names, trademarks, and service
marks (or any goodwill associated therewith) may become destroyed, invalidated, impaired or harmed in any way, (b) any patent included
in such intellectual property may become forfeited, misused, unenforceable, abandoned or dedicated to the public, (c) any portion of the
copyrights included in such intellectual property may become invalidated, otherwise impaired or fall into the public domain or (d) any
trade secret that is intellectual property may become publicly available or otherwise unprotectable.

 

4.             Collateral Security; No Assumption or Modification. The Security Interest is given as security only. Secured Party does
not assume, and shall not be liable for, any of Debtor’s liabilities, duties or obligations under, or in connection with, the Collateral.
Secured Party’s acceptance of this Agreement, or its taking any action in connection with this Agreement, does not constitute Secured
Party’s approval of the Collateral or Secured Party’s assumption of any liability, duty, or obligation under, or in connection
with, the Collateral. This Agreement does not affect or modify Debtor’s obligations with respect to the Collateral.

 

    3

     

    

 

5.             Fraudulent Conveyance. Notwithstanding anything contained in this Agreement to the contrary, Debtor agrees that if, but
for the application of this Section 5, the Obligations or any Security Interest would constitute a preferential transfer
under 11 U.S.C. § 547, a fraudulent conveyance under 11 U.S.C. § 548 (or any successor section of that Statute) or a fraudulent
conveyance or transfer under any state fraudulent conveyance or fraudulent transfer law or similar Law in effect from time to time (each
a “Fraudulent Conveyance”), then the Obligations and each affected Security Interest will be enforceable to
the maximum extent possible without causing the Obligations or any Security Interest to be a Fraudulent Conveyance, and shall be deemed
to have been automatically amended to carry out the intent of this Section 5.

 

6.             Representations and Warranties. Debtor represents and warrants to Secured Party that:

 

(a)           Binding Obligation. The Security Interest in the Collateral created by this Agreement (i) is a valid and binding obligation
of Debtor in favor of Secured Party and is enforceable against Debtor, except as enforceability may be limited by applicable Debtor Relief
Laws and general principles of equity, and (ii) will be duly perfected once the action required for perfection under applicable Law has
been taken. Once perfected, the Security Interest will constitute a first and prior Lien on the Collateral, subject only to Permitted
Liens. The creation, attachment and perfection of the Security Interest does not require the consent of any third party.

 

(b)           Place of Business; Location of Records. Schedule 1 sets out the following information: (i) the exact name
of Debtor, as such name appears in its organizational documents; (ii) each other name Debtor has used in the past five years, together
with the date of the relevant change; (iii) any change in Debtor’s identity or legal structure within the past five years; (iv)
all other names (including trade names) used by Debtor or any of its divisions or other business units in connection with the conduct
of its business or ownership of its properties at any time in the past five years; (v) Debtor’s federal taxpayer identification
number; (vi) Debtor’s principal place of business; (vii) the locations where Debtor maintains its inventory; (viii) all real property
owned by Debtor; and (ix) all real property leased by Debtor. The failure of the description of locations of Collateral on Schedule
1 to be accurate or complete will not impair the Security Interest in such Collateral.

 

(c)           Title to Collateral; No Prior Lien. Debtor owns the Collateral free and clear of any Lien except for Permitted Liens, and
Debtor has not executed any transfer, assignment, pledge or security interest covering the Collateral or any interest in the Collateral.

 

(d)           No Defenses. The amounts due Debtor under the Collateral are not subject to any material setoff, counterclaim, defense,
allowance or adjustment (other than discounts for prompt payment shown on the invoice) or to any material dispute, objection or complaint
by any account debtor or other Obligor.

 

(e)           Existence and Ownership of Patents and Trademarks. Debtor has full right to use the patents and trademarks and all patents
and trademarks owned, controlled, or acquired by Debtor, or which Debtor has a right to use: (i) are subsisting and have not been adjudged
or claimed to be invalid or unenforceable (either in whole or in part) and Debtor is not aware of any basis for such a claim; (ii) are
valid and enforceable; (iii) are in the name of Debtor; (iv) are properly recorded and/or filed in the United States Patent and Trademark
Offices; and (v) Debtor has taken all necessary steps to properly record or file ownership in the name of Debtor in the proper foreign
filing offices (the “Foreign Filing Offices”) with respect to foreign patents and trademarks, as appropriate.
Debtor’s right, title and interest in the patents and trademarks is free and clear of any Liens, registered user agreements, or
covenants by Debtor not to sue third Persons or licenses.

 

    4

     

    

 

(f)            Registration. Debtor has properly completed all required filings, payments, renewals and obligations in the United States
Patent and Trademark Offices or the appropriate Foreign Filing Offices, as the case may be, to maintain patents and trademarks as fully
valid and enforceable.

 

(g)           Third Party Rights. No claim has been made that the ownership or use of any of the patents and trademarks, or the manufacture,
use or sale of any product made in accordance therewith or service rendered thereunder, does or may violate the rights of any third Person,
and Debtor has no knowledge of any third party rights which may be infringed or otherwise violated by the use of any of the patents and
trademarks.

 

(h)           Additional Collateral. The delivery at any time by Debtor to Secured Party of Collateral or of additional specific descriptions
of certain Collateral will constitute a representation and warranty by Debtor to Secured Party under this Agreement that the representations
and warranties of this Section 6 are true and correct with respect to each item of such Collateral as of the date such item
is delivered.

 

7.             Covenants. Debtor covenants and agrees with Secured Party that until the Termination Date occurs, Debtor shall:

 

(a)           Record of Collateral. Maintain at its principal place of business a current record of the location of all Collateral, permit
Secured Party or its representatives to inspect and make copies from such records pursuant to the Credit Agreement and furnish to Secured
Party, from time to time, such documents, lists, descriptions, certificates and other information necessary or helpful to keep Secured
Party informed with respect to the identity, location, status, condition, terms of, parties to, and value of the Collateral.

 

(b)           Adverse Claim. Promptly notify Secured Party in writing of any claim, action or proceeding challenging the Security Interest
or affecting title to all or any material portion of the Collateral or the Security Interest and, at Secured Party’s request, appear
in and defend any such action or proceeding at Debtor’s reasonable expense.

 

(c)           Hold Collateral In Trust. Upon the occurrence and during the continuation of a Default, hold in trust (and not commingle
with its other assets) for Secured Party all Collateral that is chattel paper, instruments or documents at any time received by it and
promptly deliver same to Secured Party unless Secured Party at its option gives Debtor written permission to retain such Collateral. Upon
the occurrence and during the continuation of a Default, at Secured Party’s request, each contract, chattel paper, instrument or
document so retained shall be marked to state that it is assigned to Secured Party and each instrument shall be endorsed to the order
of Secured Party (but failure to so mark or endorse any such Collateral shall not impair Secured Party’s Security Interest).

 

(d)           No Assignment. Not sell, assign, or otherwise dispose of, or permit the sale, assignment or disposition of, any Collateral,
except to the extent permitted under the Credit Agreement.

 

(e)           Maintain Collateral. (i) Perform all of its obligations under or in connection with the Collateral in accordance with customary
business practices, (ii) not amend, alter or modify, or permit the amendment, alteration or modification of, any material portion (individually
or collectively) of the Collateral, without providing prior written notice to Secured Party and to the extent any such actions would be
materially adverse to Lender, in Lender’s sole discretion, and (iii) not do or permit any act which would impair any material portion
of the Collateral.

 

    5

     

    

 

(f)            Default Under Collateral. Promptly notify Secured Party in writing of any default by Debtor or any other party under or
in connection with any material portion (individually or collectively) of the Collateral and immediately use commercially reasonable efforts
to remedy the same or immediately demand that the same be remedied.

 

(g)           Lock Box Account. Secured Party may request that Debtor direct that all accounts be paid directly to a lock box account
established with, or for the benefit of, Secured Party.

 

8.             Authorization to File Financing Statements. Debtor hereby irrevocably authorizes Secured Party at any time and from time
to time to file in any filing office in any UCC jurisdiction any initial financing statements and amendments thereto that (a) indicate
the Collateral (i) as “all assets” of Debtor, as defined in Section 3 of this Agreement, or words of similar
effect, regardless of whether any particular asset comprised in the Collateral falls within the scope of Article 9 of the UCC of such
jurisdiction, or (ii) as being of an equal or lesser scope or with greater detail, and (b) provide any other information required
by part 5 of Article 9 of the UCC, for the sufficiency or filing office acceptance of any financing statement or amendment, including
(i) whether Debtor is an organization, the type of organization and any organizational identification number issued to Debtor and, (ii)
in the case of a financing statement filed as a fixture filing or indicating Collateral as as-extracted collateral or timber to be cut,
a sufficient description of real property to which the Collateral relates. Debtor agrees to furnish any such information to Secured Party
promptly upon Secured Party’s request. Debtor hereby ratifies any prior financing statements (and all amendments thereto and continuations
thereof) filed prior to the date hereof by Secured Party or its predecessors in interest.

 

9.             Further Assurances. To further the attachment, perfection and first priority of, and the ability of Secured Party to enforce
Secured Party’s Security Interest in and Lien upon the Collateral, and without limiting Debtor’s other obligations in this
Agreement, Debtor agrees, in each case at Debtor’s expense, to take the following actions with respect to the following Collateral:

 

(a)           Promissory Notes and Tangible Chattel Paper. If Debtor at any time holds or acquires any promissory notes or tangible chattel
paper, Debtor shall promptly endorse, assign and deliver the same to Secured Party, accompanied by such instruments of transfer or assignment
duly executed in blank as Secured Party may from time to time reasonably request.

 

(b)           Deposit Accounts. For each deposit account that Debtor currently has open or at any time opens or maintains (other than
with respect to Excluded Accounts), Debtor shall, at Secured Party’s request and option, pursuant to an agreement in form and substance
satisfactory to Secured Party, either (i) take such actions as Secured Party may reasonably request to cause the depository bank to comply
at any time with instructions from Secured Party to such depository bank directing the disposition of funds from time to time credited
to such deposit account, without further consent of Debtor, or (ii) take such actions as Secured Party may reasonably request to arrange
for Secured Party to become the customer of the depository bank with respect to the deposit account, with Debtor being permitted, only
with the consent of Secured Party, to exercise rights to withdraw funds from such deposit account. Secured Party agrees with Debtor that
Secured Party shall not give any such instructions or withhold any withdrawal rights from Debtor, unless a Default exists, or would occur,
if effect were given to any withdrawal not otherwise permitted by the Loan Documents.

 

    6

     

    

 

(c)           Collection of Accounts. Following the occurrence of a Default, Debtor hereby irrevocably authorizes Secured Party to notify or
require each account debtor or other Obligor to make payment directly to Secured Party and Secured Party may take control of the proceeds
paid to Secured Party. Until Secured Party elects to exercise these rights, Debtor is authorized to collect and enforce the Collateral
and to retain and expend all payments made on Collateral. Secured Party agrees with Debtor that Secured Party shall not elect to exercise
these rights unless a Default exists and is continuing. After Secured Party elects to exercise these rights, Secured Party shall have
the right in its own name or in the name of Debtor to (i) compromise or extend time of payment with respect to all or any portion
of the Collateral for such amounts and upon such terms as Secured Party may reasonably determine, (ii) demand, collect, receive, receipt
for, sue for, compound and give acquittance for any and all amounts due or to become due with respect to Collateral, (iii) take control
of cash and other proceeds of any Collateral, (iv) endorse Debtor’s name on any notes, acceptances, checks, drafts, money orders
or other evidences of payment on Collateral that may come into Secured Party’s possession, (v) sign Debtor’s name on any
invoice or bill of lading relating to any Collateral, on any drafts against Obligors or other Persons making payment with respect to
Collateral, on assignments and verifications of accounts or other Collateral and on notices to Obligors making payment with respect to
Collateral, (vi) send requests for verification of obligations to any Obligor, and (vii) do all other acts and things reasonably
necessary to carry out the intent of this Agreement. If any Obligor or account party fails to make payment on any Collateral when due,
Secured Party is authorized, in its sole discretion, either in its own name or in Debtor’s name, to take such action as Secured
Party reasonably shall deem appropriate for the collection of any amounts owed with respect to Collateral or upon which a delinquency
exists. Regardless of any other provision of this Agreement, however, Secured Party shall not be liable for its failure to collect, or
for its failure to exercise diligence in the collection of, any amounts owed with respect to Collateral except for its own fraud, gross
negligence, or willful misconduct, nor shall it be under any duty to anyone except Debtor to account for funds that it shall actually
receive under this Agreement. A receipt given by Secured Party to any Obligor or account debtor shall be a full and complete release,
discharge, and acquittance to such Obligor or account party, to the extent of any amount so paid to Secured Party. Secured Party may
apply or set off amounts paid and the deposits against any liability of Debtor to Secured Party.

 

(d)           Identification and Assignment of Accounts. Upon Secured Party’s request, after the occurrence of a Default, Debtor
shall take such action and execute and Debtor hereby authorizes Secured Party to provide a copy of this Agreement and any other Loan Document
to any such account debtor or other Obligor for purposes of evidencing or demonstrating Secured Party’s rights and authority under
this Agreement, to deliver such documents as Secured Party may reasonably request in order to identify, confirm, mark, segregate and assign
accounts and to evidence the Secured Party’s interest in same. Without limitation of the foregoing, Debtor, upon request, agrees
to assign accounts to Secured Party, identify and mark accounts as being subject to Secured Party’s Security Interest (or pledge
or assignment as applicable), mark Debtor’s books and records to reflect such assignments, and forthwith to transmit to Secured
Party in the form as received by Debtor any and all proceeds of collection of such accounts.

 

(e)           Segregation of Returned Goods. Returned or repossessed goods arising from or relating to any accounts included within the
Collateral shall, if requested by Secured Party, be held separate and apart from any other property. Debtor shall as often as requested
by Secured Party, but not less often than weekly even though no special request has been made, report to Secured Party the appropriate
identifying information with respect to any such returned or repossessed goods relating to accounts included in assignments or identifications
made pursuant hereto.

 

    7

     

    

 

(f)            Investment Property. If Debtor at any time holds or acquires any certificated securities comprising part of the Collateral,
Debtor shall promptly endorse, assign and deliver the same to Secured Party, accompanied by such instruments of transfer or assignment
duly executed in blank as Secured Party may from time to time specify. If any securities now or hereafter acquired by Debtor are uncertificated
and are issued to Debtor or its nominee directly by the issuer thereof, Debtor shall immediately notify Secured Party thereof and, at
Secured Party’s request and option, pursuant to an agreement in form and substance satisfactory to Secured Party, either (i) take
such actions as Secured Party may reasonably request to cause the issuer to agree to comply with instructions from Secured Party as to
such securities, without further consent of Debtor or such nominee, or (ii) take such actions as Secured Party may reasonably request
to arrange for Secured Party to become the registered owner of the securities. If any securities, whether certificated or uncertificated,
or other investment property now or hereafter acquired by Debtor are held by Debtor or its nominee through a securities intermediary or
commodity intermediary, Debtor shall immediately notify Secured Party thereof and, at Secured Party’s request and option, pursuant
to an agreement in form and substance satisfactory to Secured Party, either (A) take such actions as Secured Party may reasonably request
to cause such securities intermediary or (as the case may be) commodity intermediary to agree to comply with entitlement orders or other
instructions from Secured Party to such securities intermediary as to such securities or other investment property, or (as the case may
be) to apply any value distributed on account of any commodity contract as directed by Secured Party to such commodity intermediary, in
each case without further consent of Debtor or such nominee, or (B) in the case of financial assets or other investment property held
through a securities intermediary, take such actions as Secured Party may reasonably request to arrange for Secured Party to become the
entitlement holder with respect to such investment property, with Debtor being permitted, only with the consent of Secured Party, to exercise
rights to withdraw or otherwise deal with such investment property. Secured Party agrees with Debtor that Secured Party shall not give
any such entitlement orders or instructions or directions to any such issuer, securities intermediary or commodity intermediary, and shall
not withhold its consent to the exercise of any withdrawal or dealing rights by Debtor, unless a Default exists or, after giving effect
to any such investment and withdrawal rights not otherwise permitted by the Loan Documents, a Default would occur. The provisions of this
Section 9(f) shall not apply to any financial assets credited to a securities account for which Secured Party is the securities
intermediary.

 

(g)           Collateral in the Possession of a Bailee. If any Collateral is at any time in the possession of a bailee, Debtor shall promptly
notify Secured Party and, at Secured Party’s request and option, shall promptly use its best efforts to obtain an acknowledgement
from the bailee, in form and substance satisfactory to Secured Party, that the bailee holds such Collateral for the benefit of Secured
Party, and that such bailee agrees to comply, without further consent of Debtor, with instructions from Secured Party as to such Collateral.
Secured Party agrees with Debtor that Secured Party shall not give any such instructions unless a Default exists or would occur after
taking into account any action by Debtor with respect to the bailee.

 

(h)           Electronic Chattel Paper and Transferable Records. If Debtor at any time holds or acquires an interest in any electronic
chattel paper or any “transferable record,” as that term is defined in Section 201 of the federal Electronic Signatures in
Global and National Commerce Act, or in Section 16 of the Uniform Electronic Transactions Act as in effect in any relevant jurisdiction,
Debtor shall promptly notify Secured Party thereof and, at the request and option of Secured Party, shall take such action as Secured
Party may reasonably request to vest in Secured Party control, under Section 9-105 of the UCC, of such electronic chattel paper or control
under Section 201 of the federal Electronic Signatures in Global and National Commerce Act or, as the case may be, Section 16 of the Uniform
Electronic Transactions Act, as so in effect in such jurisdiction, of such transferable record. Secured Party agrees with Debtor that
Secured Party will arrange, pursuant to procedures satisfactory to Secured Party and so long as such procedures will not result in Secured
Party’s loss of control, for Debtor to make alterations to the electronic chattel paper or transferable record permitted under Section
9-105 of the UCC or, as the case may be, Section 201 of the federal Electronic Signatures in Global and National Commerce Act or Section
16 of the Uniform Electronic Transactions Act for a party in control to make without loss of control, unless a Default exists or would
occur after taking into account any action by Debtor with respect to such electronic chattel paper or transferable record.

 

    8

     

    

 

(i)            Letter-of-Credit Rights. If Debtor is at any time a beneficiary under a letter of credit, Debtor shall promptly notify Secured
Party thereof and, at the request and option of Secured Party, Debtor shall, pursuant to an agreement in form and substance satisfactory
to Secured Party, take such actions as Secured Party may reasonably request to either (i) arrange for the issuer and any confirmer or
other nominated Person of such letter of credit to consent to an assignment to Secured Party of the proceeds of the letter of credit,
or (ii) arrange for Secured Party to become the transferee beneficiary of the letter of credit, with Secured Party agreeing, in each case,
that the proceeds of the letter to credit are to be applied to the Obligations as provided in the Credit Agreement.

 

(j)            Commercial Tort Claims. If the Debtor shall at any time hold or acquire a commercial tort claim in addition to any commercial
tort claims listed in Schedule 2, the Debtor shall immediately notify the Secured Party in a writing signed by the Debtor
of the particulars thereof and grant to the Secured Party in such writing a security interest therein and in the proceeds thereof, all
upon the terms of this Agreement, with such writing to be in form and substance satisfactory to the Secured Party.

 

(k)           Other Actions as to Any and All Collateral. Debtor further agrees, at the request and option of Secured Party, all to the
extent applicable, to (i) take any and all other actions Secured Party may reasonably determine to be necessary or useful for the attachment,
perfection and first priority of, and the ability of Secured Party to enforce, Secured Party’s Security Interest in any and all
of the Collateral, and (ii) cooperate with Secured Party in identifying all of Debtor’s personal property assets and proper descriptions
of such assets for the purpose of including such assets as part of the Collateral, including, without limitation, (A) authenticating,
executing, delivering and, where appropriate, filing financing statements and amendments relating thereto under the UCC, to the extent,
if any, that Debtor’s signature thereon is required, (B) causing Secured Party’s name to be noted as secured party on any
certificate of title for a titled good if such notation is a condition to the attachment, perfection or priority of, or ability of Secured
Party to enforce, Secured Party’s security interest in such Collateral, (C) complying with any provision of any statute, regulation
or treaty of the United States as to any Collateral if compliance with such provision is a condition to the attachment, perfection or
priority of, or ability of Secured Party to enforce, Secured Party’s security interest in such Collateral, (D) obtaining governmental
and other third party waivers, consents and approvals in form and substance satisfactory to Secured Party, including, without limitation,
any consent of any licensor, lessor or other Person obligated on Collateral, (E) obtaining agreements from landlords in form and substance
satisfactory to Secured Party, (F) taking all actions under the UCC or under any other Law, as reasonably determined by Secured Party
to be applicable in any relevant Uniform Commercial Code or other jurisdiction, including any foreign jurisdiction, (G) providing Secured
Party promptly upon its request with proper legal descriptions of, and all other information and documents pertaining to, Debtor’s
interest in real property, deposit accounts, brokerage accounts, securities accounts, and all other personal property assets of Debtor,
and (H) providing such other information and documents, and executing such other appropriate documents or instruments, as Secured Party
may reasonably request.

 

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10.           Default; Remedies. Upon the occurrence of a Default, subject to the terms and conditions of the Credit Agreement, Secured
Party has the following cumulative rights and remedies under this Agreement:

 

(a)           UCC Rights. Secured Party may exercise any and all rights available to a secured party under the UCC, in addition to any
and all other rights afforded by this Agreement and the other Loan Documents, at law, in equity or otherwise, including, without limitation,
(i) requiring Debtor to assemble all or part of the Collateral and make it available to Secured Party at a place to be designated
by Secured Party which is reasonably convenient to Debtor and Secured Party, (ii) applying by appropriate judicial proceedings for appointment
of a receiver for all or part of the Collateral, (iii) applying to the Obligations any cash held by Secured Party, (iv) reducing any claim
to judgment, (v) exercising the rights of offset or banker’s lien against the interest of Debtor in and to every account and other
property of Debtor in Secured Party’s possession to the extent of the full amount of the Obligations, (vi) foreclosing the Security
Interest and any other Liens Secured Party may have or otherwise realize upon any and all of the rights Secured Party may have in and
to the Collateral, or any part thereof, and (vii) bringing suit or other proceedings before any Governmental Authority either for
specific performance of any covenant or condition contained in any of the Loan Documents or in aid of the exercise of any right granted
to Secured Party in any of the Loan Documents.

 

(b)           Notice. Reasonable notification of the time and place of any public sale of the Collateral, or reasonable notification of
the time after which any private sale or other intended disposition of the Collateral is to be made, shall be sent to Debtor and to any
other Person entitled to notice under the UCC; provided that, if any of the Collateral threatens to decline speedily in value or
is of the type customarily sold on a recognized market, Secured Party may sell or otherwise dispose of the Collateral without notification,
advertisement, or other notice of any kind. It is agreed that notice sent or given not less than ten calendar days prior to the taking
of the action to which the notice relates is reasonable notification and notice for the purposes of this Section 10(b).
It shall not be necessary that the Collateral be at the location of any sale.

 

(c)           Standards for Exercising Rights and Remedies. To the extent that applicable Law imposes duties on Secured Party to exercise
remedies in a commercially reasonable manner, Debtor acknowledges and agrees that it is not commercially unreasonable for Secured Party
(i) to fail to incur expenses reasonably deemed significant by Secured Party in order to prepare Collateral for disposition or otherwise
to fail to complete raw material or work in process into finished goods or other finished products for disposition, (ii) to fail to obtain
third party consents for access to Collateral to be disposed of, or to obtain or, if not required by other Law, to fail to obtain governmental
or third party consents for the collection or disposition of Collateral to be collected or disposed of, (iii) to fail to exercise collection
remedies against account debtors or other Obligors, directly or through the use of collection agencies and other collection specialists,
(iv) to fail to remove Liens or any other encumbrances on, or any adverse claims against, any Collateral, (v) to advertise dispositions
of Collateral through publications or media of general circulation, whether or not the Collateral is of a specialized nature, (vi) to
contact other Persons, whether or not in the same business as Debtor, for expressions of interest in acquiring all or any portion of the
Collateral, (vii) to hire one or more professional auctioneers to assist in the disposition of Collateral, whether or not the Collateral
is of a specialized nature, (viii) to dispose of Collateral by utilizing Internet sites that provide for the auction of assets of the
types included in the Collateral or that have the reasonable capability of doing so, or that match buyers and sellers of assets, (ix)
to dispose of assets in wholesale rather than retail markets, (x) to disclaim disposition warranties, (xi) to purchase insurance or credit
enhancements to insure Secured Party against risks of loss, collection or disposition of Collateral or to provide to Secured Party a guaranteed
return from the collection or disposition of Collateral, or (xii) to the extent deemed appropriate by Secured Party, to obtain the services
of other brokers, investment bankers, consultants and other professionals to assist Secured Party in the collection or disposition of
any of the Collateral. Debtor acknowledges that the purpose of this Section 10(c) is to provide non-exhaustive indications
of what actions or omissions by Secured Party would fulfill Secured Party’s duties under the UCC or other Law of any relevant jurisdiction
in Secured Party’s exercise of remedies against the Collateral and that other actions or omissions by Secured Party shall not be
deemed to fail to fulfill such duties solely on account of not being indicated in this Section 10(c). Without limiting the
foregoing, nothing contained in this Section 10(c) shall be construed to grant any rights to Debtor or to impose any duties
on Secured Party that would not have been granted or imposed by this Agreement or by applicable Law in the absence of this Section
10(c).

 

    10

     

    

 

(d)           Debtor’s Agent. Secured Party shall be deemed to be irrevocably appointed as Debtor’s agent and attorney-in-fact
with all right and power to protect, preserve, and realize upon the Collateral and to enforce all of Debtor’s rights and remedies
under or in connection with the Collateral. Debtor hereby acknowledges and agrees that this power is coupled with an interest. Secured
Party agrees with Debtor that Secured Party shall not exercise these rights unless a Default exists. All reasonable costs, expenses and
liabilities incurred and all payments made by Secured Party as Debtor’s agent and attorney-in-fact, including, without limitation,
reasonable attorney’s fees and expenses, shall be considered a loan by Secured Party to Debtor which shall be payable on demand,
shall accrue interest at the Default Rate, and shall constitute part of the Obligations.

 

(e)           Sale. Secured Party’s sale of less than all of the Collateral shall not exhaust Secured Party’s rights under
this Agreement and Secured Party is specifically empowered to make successive sales until all of the Collateral is sold. If the proceeds
of a sale of less than all the Collateral shall be less than the Obligations, this Agreement and the Security Interest shall remain in
full force and effect as to the unsold portion of the Collateral just as though no sale had been made. In the event any sale under this
Agreement is not completed or is, in Secured Party’s opinion, defective, such sale shall not exhaust Secured Party’s rights
under this Agreement and Secured Party shall have the right to cause a subsequent sale or sales to be made at Debtor’s sole cost
and expense. Any and all statements of fact or other recitals made in any bill of sale or assignment or other instrument evidencing any
foreclosure sale under this Agreement as to nonpayment of the Obligations, or as to the occurrence or existence of any Default, or as
to Secured Party’s having declared all of such Obligations to be due and payable, or as to notice of time, place and terms of sale
and the properties to be sold having been duly given, or as to any other act or thing having been duly done by Secured Party, shall be
taken as prima facie evidence of the truth of the facts so stated and recited, subject only to manifest error. Secured Party may
appoint or delegate any one or more Persons as agent to perform any act or acts necessary or incident to any sale held or to be held by
Secured Party, including the sending of notices and the conduct of sale.

 

(f)            Existence of Default. Regarding the existence of any Default for purposes of this Agreement, Debtor agrees that the Obligors
or account debtors on any Collateral may rely upon written certification from Secured Party that such a Default exists and Debtor expressly
agrees that Secured Party shall not be liable to Debtor for any claims, damages, costs, expenses or causes of action of any nature whatsoever
in connection with, arising out of, or related to Secured Party’s exercise of any rights, powers or remedies under any Loan Document,
except for its own fraud, gross negligence, or willful misconduct.

 

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(g)           Application of Proceeds. Secured Party shall apply the proceeds of any sale or other disposition of the Collateral under
this Section 10 in the following order: (i) to the payment of all its reasonable expenses incurred in retaking, holding
and preparing any of the Collateral for any sale or other disposition, in arranging for each such sale or other disposition, and in actually
selling or disposing of the same (all of which are part of the Obligations); (ii) to repay Secured Party for amounts reasonably expended
by Secured Party under Section 11; (iii) to payment of the balance of the Obligations in the order and manner specified
in the Credit Agreement; and (iv) to make any payments required under Sections 9-608(a)(1)(C) and 9-615(a)(3) of the UCC. Until the Obligations
is indefeasibly paid in full, Debtor shall remain liable for any deficiency. Any surplus remaining shall be delivered to Debtor or as
a court of competent jurisdiction may direct.

 

(h)           Marshaling. The Secured Party shall not be required to marshal any present or future collateral security (including but
not limited to the Collateral) for, or other assurances of payment of, the Obligations or any of them or to resort to such collateral
security or other assurances of payment in any particular order, and all of its rights and remedies hereunder and in respect of such collateral
security and other assurances of payment shall be cumulative and in addition to all other rights and remedies, however existing or arising.
To the extent that it lawfully may, the Debtor hereby agrees that it will not invoke any law relating to the marshalling of collateral
which might cause delay in or impede the enforcement of the Secured Party’s rights and remedies under this Agreement or under any
other instrument creating or evidencing any of the Obligations or under which any of the Obligations is outstanding or by which any of
the Obligations is secured or payment thereof is otherwise assured, and, to the extent that it lawfully may, the Debtor hereby irrevocably
waives the benefits of all such laws.

 

11.           Other Rights of Secured Party.

 

(a)           Performance. In the event Debtor fails to preserve the priority of the Security Interest in any of the Collateral or, upon
the occurrence and during the continuance of a Default, otherwise fails to perform any of its obligations under the Loan Documents with
respect to the Collateral, then Secured Party may (but is not required to) prosecute or defend any suits in relation to the Collateral
or take any other action which Debtor is required to take under the Loan Documents, but has failed to take. Any sum which may be reasonably
expended or paid by Secured Party under this Section 11 (including, without limitation, court costs and reasonable attorneys’
fees and expenses) shall bear interest from the date of expenditure or payment at the Default Rate until paid and, together with such
interest, shall be payable by Debtor to Secured Party upon demand and shall be part of the Obligations.

 

(b)           Collateral in Secured Party’s Possession. If, while a Default exists, any Collateral comes into Secured Party’s
possession, Secured Party may use such Collateral for the purpose of preserving it or its value pursuant to the order of a court of appropriate
jurisdiction or in accordance with any other rights held by Secured Party in respect of such Collateral. Debtor covenants to promptly
reimburse and pay to Secured Party, at Secured Party’s request, the amount of all reasonable expenses incurred by Secured Party
in connection with its custody and preservation of such Collateral, and all such expenses, costs, Taxes and other charges shall bear interest
at the Default Rate until repaid and, together with such interest, shall be payable by Debtor to Secured Party upon demand and shall be
part of the Obligations. However, the risk of accidental loss or damage to, or diminution in value of, Collateral is on Debtor, except
to the extent determined by a final nonappealable judgment of a court of competent jurisdiction to have been caused by Secured Party’s
own fraud, gross negligence, or willful misconduct. Secured Party shall have no liability for failure to obtain or maintain insurance,
nor to determine whether any insurance is adequate as to amount, the risks insured, or any other matter. With respect to Collateral that
is in the possession of Secured Party, Secured Party shall have no duty to fix or preserve rights against prior parties to such Collateral
and shall never be liable for any failure to use diligence to collect any amount payable in respect of such Collateral, but shall be liable
only to account to Debtor for what Secured Party actually collects or receives thereon.

 

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(c)           Subrogation. If any of the proceeds of the Obligations are given in renewal or are an extension of, or are applied toward
the payment of, indebtedness secured by any Lien, Secured Party shall be, and is hereby, subrogated to all of the rights, titles, interests
and Liens securing the indebtedness so renewed, extended or paid.

 

12.           Miscellaneous.

 

(a)           Term. Upon the occurrence of the Termination Date without Secured Party having exercised its rights under this Agreement
or any other Loan Document, (i) this Agreement shall terminate; provided that, no Obligor or account debtor on any of the Collateral shall
be obligated to inquire as to the termination of this Agreement, but shall be fully protected in making payment directly to Secured Party,
and (ii) Secured Party, at Debtor’s sole cost and expense, shall promptly take any and all action reasonably requested by Debtor,
including the filing of termination statements under the UCC, to evidence the termination of its Security Interest.

 

(b)           Actions Not Releases. The Security Interest and Debtor’s obligations and Secured Party’s rights under this Agreement
shall not be released, diminished, impaired or adversely affected by the occurrence of any one or more of the following events: (i) the
taking or accepting of any other security or assurance for any or all of the Obligations; (ii) any release, surrender, exchange, subordination
or loss of any security or assurance at any time existing in connection with any or all of the Obligations; (iii) the modification of,
amendment to, or waiver of compliance with any terms of any of the other Loan Documents without Debtor’s consent, except as required
therein; (iv) the insolvency, bankruptcy or lack of corporate or trust power of any party at any time liable for the payment of any or
all of the Obligations, whether now existing or hereafter occurring; (v) any renewal, extension or rearrangement of the payment of any
or all of the Obligations, either with or without notice to or consent of Debtor, or any adjustment, indulgence, forbearance or compromise
that may be granted or given by Secured Party to Debtor, in each case, except as required by the Loan Documents; (vi) any neglect, delay,
omission, failure or refusal of Secured Party to take or prosecute any action in connection with any other agreement, document, guaranty
or instrument evidencing, securing or assuring the payment of all or any of the Obligations; (vii) any failure of Secured Party to notify
Debtor of any renewal, extension, or assignment of the Obligations or any part thereof, the release of any security under any other Loan
Document or any other document or instrument, any other action taken or refrained from being taken by Secured Party against Debtor, or
any new agreement between Secured Party and Debtor, it being understood that, except as expressly required by the Credit Agreement, Secured
Party shall not be required to give Debtor any notice of any kind under any circumstances whatsoever with respect to or in connection
with the Obligations, including, without limitation, notice of acceptance of this Agreement or any Collateral ever delivered to or for
the account of Secured Party under this Agreement; (viii) the illegality, invalidity or unenforceability of all or any part of the Obligations
against any third party obligated with respect thereto by reason of the fact that the Obligations, or the interest paid or payable with
respect thereto, exceeds the amount permitted by Law, the act of creating the Obligations, or any part thereof, is ultra vires,
or the officers, equity owners, or trustees creating same acted in excess of their authority, or for any other reason; or (ix) if any
payment by any party obligated with respect thereto is held to constitute a preference under applicable Laws or for any other reason Secured
Party is required to refund such payment or pay the amount thereof to someone else.

 

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(c)           Waivers. Except to the extent expressly otherwise provided in this Agreement or in any other Loan Documents, Debtor waives
(i) any right to require Secured Party to proceed against any other Person, to exhaust its rights in Collateral, or to pursue any other
right which Secured Party may have, (ii) demand, notice, protest, notice of acceptance, notice of loans made, Collateral received or delivered,
notice of acceleration, notice of the intent to accelerate, all other demands and notes of any type or nature, and all other suretyship
defenses; and (iii) all rights of marshaling in respect of any or all of the Collateral.

 

(d)           Parties Bound. This Agreement shall be binding on Debtor and its successors and assigns and shall inure to the benefit of
Secured Party and its successors and assigns.

 

(e)           Assignment. Debtor may not, without Secured Party’s prior written consent, assign any rights, duties or obligations
under this Agreement, except to the extent permitted under the Credit Agreement. In the event of an assignment of all or part of the Obligations
permitted by the Credit Agreement, the Security Interest and other rights and benefits under this Agreement, to the extent applicable
to the part of the Obligations so assigned, may be transferred with the Obligations.

 

(f)            Notice. Any notice or communication required or permitted under this Agreement must be given as prescribed in the Credit
Agreement.

 

(g)           Amendments. This Agreement may only be amended by a writing executed by Debtor and Secured Party.

 

(h)           Multiple Counterparts and Facsimile Signatures. This Agreement may be executed in any number of counterparts with the same
effect as if all signatories had signed the same document. All counterparts must be construed together to constitute one and the same
instrument. This Agreement may be transmitted and signed by facsimile, and portable document format (PDF) and other electronic means.
The effectiveness of any such documents and signatures shall, subject to applicable Law, have the same force and effect as manually-signed
originals and shall be binding on Debtor and Secured Party. Secured Party may also require that any such documents and signatures be confirmed
by a manually-signed original; provided that, the failure to request or deliver the same shall not limit the effectiveness of any
facsimile document or signature.

 

13.           Governing Law, Forum, and Venue.

 

(a)          Each Loan Document shall be governed by and construed in accordance with the laws of the
State of Texas. Each party consents to and agrees that Montgomery County, Texas shall be designated as proper venue for resolution of
any claim arising under the Loan Documents.

 

(b)          Debtor hereby acknowledges that (i) the negotiation, execution, and delivery of the Loan Documents constitute the transaction of
business within the State of Texas, (ii) any cause of action arising under any of said Loan Documents will be a cause of action arising
from such transaction of business, and (iii) Debtor understands, anticipates, and foresees that any action for enforcement of payment
of the Obligations or the Loan Documents may be brought against it in the State of Texas. To the extent allowed by Law, Debtor hereby
submits to jurisdiction in the State of Texas for any action or cause of action arising out of or in connection with the Obligations or
the Loan Documents and waives any and all rights under the Laws of any state or jurisdiction to object to jurisdiction or venue within
Montgomery County, Texas; notwithstanding the foregoing, nothing contained in this Section 13 shall prevent Secured Party
from bringing any action or exercising any rights against any Debtor, any other Borrower, any Guarantor, any Collateral, or any such Person’s
properties in any other county, state, or jurisdiction. Initiating such action or proceeding or taking any such action in any other state
or jurisdiction shall in no event constitute a waiver by Secured Party of any of the foregoing.

 

    14

     

    

 

14.           Waiver of Right to Trial by Jury. EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY
CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE
DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER
NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT
ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT
MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 14 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES
HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

15.           ENTIRETY. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG DEBTOR AND SECURED PARTY AND
MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BY DEBTOR AND SECURED PARTY. THERE ARE NO
UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

 

 

[Signatures
appear on the following pages.]

 

    15

     

    

 

EXECUTED to be effective as
of the date set forth in the preamble.

 

	 	DEBTOR:
	 	 
	 	IBIO CDMO LLC
	 	 
	 	 
	 	By:	/s/ Robert Lutz
	 	 	Robert Lutz
	 	 	Authorized Person

 

 

Signature Page to Security Agreement

 

    

     

    

 

	 	SECURED PARTY:
	 	 
	 	WOODFOREST NATIONAL BANK
	 	 
	 	 
	 	By:	 /s/ Cameron D. Jones
	 	 	Cameron D. Jones
	 	 	Senior Vice President

 

 

Signature Page to Security Agreement

 

    

     

    

 

SCHEDULE 1

 

Location of Books
and Records

and Chief Executive
Office

 

 

		(a)	The exact name of Debtor, as such name appears in its organizational documents:

 

iBio CDMO LLC, a Delaware limited liability
company

 

		(b)	Each other name Debtor has used in the past five years, together with the date of the relevant change:

 

iBio CMO LLC filed its name change to
iBio CDMO LLC with the Delaware Secretary of State on June 29, 2017

 

		(c)	Any change in Debtor’s identity or legal structure within the past five years:

 

iBio CMO LLC filed its name change to
iBio CDMO LLC with the Delaware Secretary of State on June 29, 2017

 

		(d)	All other names (including trade names) used by Debtor or any of its divisions or other business units
in connection with the conduct of its business or ownership of its properties at any time in the past five years.

 

iBio CMO LLC, a Delaware limited liability
company

 

		(e)	Debtor’s federal taxpayer identification number.

 

81-0925839

 

		(f)	Debtor’s principal place of business.

 

8800 HSC Parkway, Bryan, Texas 77807

 

		(g)	The locations where Debtor maintains its inventory.

 

8800 HSC Parkway, Bryan, Texas
77807

 

11750 Sorrento Valley Road, Suite
200, San Diego, California 92121

 

10210 Campus Point Drive, Suite
150, San Diego, California 92121 (the incubator short-term space)

 

		(h)	All real property owned by Debtor (as of the Closing Date).

 

None

 

		(i)	All real property leased by Debtor (as of the Closing Date).

 

8800 HSC Parkway, Bryan,
Texas 77807 pursuant to the Ground Lease

 

 

Schedule 1 to Security Agreement

 

    

     

    

 

SCHEDULE 2

 

Commercial
Tort Claims

 

 

 None

 

 

Schedule 2 to Security Agreement

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