Document:

Stock Issuance Agreement

 Exhibit 10.2 

STOCK ISSUANCE AGREEMENT 

THIS STOCK ISSUANCE AGREEMENT (“Agreement”)
is made and entered into as of June 9, 2015 (the “Effective Date”), by and among Oragenics, Inc., a Florida corporation (the “Company”) and Intrexon Corporation, a Virginia corporation
(“Intrexon”). 
 A. Subject to the terms and conditions set forth in this Agreement and pursuant to applicable
exemptions from registration under the Securities Act of 1933, the Company desires to issue to Intrexon, and Intrexon desires to receive from the Company shares of the Company’s common stock, par value $0.001 per share (“Common
Stock”) as set forth herein; 
 B. Concurrently with the execution of this Agreement, the Company is entering into an
Exclusive Channel Collaboration Agreement with Intrexon and its wholly owned subsidiary Intrexon Actobiotics NV (the “Channel Agreement”) dated as of the Effective Date, pursuant to which Intrexon and Intrexon Actobiotics NV
(“Actobiotics”) is licensing the rights to certain technology to the Company; and 
 C. In consideration of Intrexon’s
and Actobiotics’ license to the Company under the Channel Agreement, the Company has agreed to issue to Intrexon certain shares of the Company’s Common Stock in accordance with the terms and conditions of the Channel Agreement and this
Agreement. 
 NOW THEREFORE, in consideration of the mutual covenants contained in this Agreement and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the Company and Intrexon hereby agree as follows: 
  

	 	SECTION 1.	PURCHASE AND SALE OF SHARES; AUTHORIZATION OF ISSUANCE OF
SHARES. 

 1.1 Payment of Technology Access Fee. Subject to the terms
and conditions of the Channel Agreement and this Agreement, the Company has authorized the issuance to Intrexon at the Closing (as hereinafter defined) of a Convertible Promissory Note with a principal value of $5,000,000 in the form attached hereto
As Exhibit A (the “Technology Access Fee Consideration”). 
 1.2 Issuance of Shares upon Achievement of
Commercialization Milestone Event. Subject to the terms and conditions of this Agreement and the Channel Agreement, upon the first attainment of Commercialization Milestone Event (as defined in the Channel Agreement), the Company has agreed to
make certain milestone payments (each a “Milestone Payment” and together “Milestone Payments”), at the Company’s option either in the form of shares of Company Common Stock (based upon the Fair Market Value of
the shares). In the event that the Company so elects to pay any one or more of the Milestone Payments in shares of Company Common Stock instead of in cash the terms of this Section 1.2 shall govern. 

(a) In the event that the Company so elects in accord with Section 5.2 of the Channel Agreement to pay a Milestone Payment due for the
attainment of a Phase II Milestone Event (as defined in the Channel Agreement) in shares of Company Common Stock, then Company shall in accord with Sections 2.3 and 2.4 hereof issue to Intrexon, and/or to

 
Intrexon’s wholly-owned subsidiary (“Subsidiary”) in whole or in part upon request by Intrexon in accord with Section 5.2 of the Channel Agreement, that number of shares of
Company Common Stock having a Fair Market Value of two (2) million United States dollars ($2,000,000). 
 (b) In the event that the
Company so elects in accord with Section 5.2 of the Channel Agreement to pay a Milestone Payment due for the attainment of a Phase IIb/III Milestone Event (as defined in the Channel Agreement) in shares of Company Common Stock, then Company
shall in accord with Sections 2.3 and 2.4 hereof issue to Intrexon, and/or to Subsidiary in whole or in part upon request by Intrexon in accord with Section 5.2 of the Channel Agreement, that number of shares of Company Common Stock having a
Fair Market Value of five (5) million United States dollars ($5,000,000). 
 (c) In the event that the Company so elects in accord with
Section 5.2 of the Channel Agreement to pay a Milestone Payment due for the attainment of a Regulatory Approval Application Milestone Event (as defined in the Channel Agreement) in shares of Company Common Stock, then Company shall in accord
with Sections 2.3 and 2.4 hereof issue to Intrexon, and/or to Subsidiary in whole or in part upon request by Intrexon in accord with Section 5.2 of the Channel Agreement, that number of shares of Company Common Stock having a Fair Market Value
of five (5) million United States dollars ($5,000,000). 
 (d) In the event that the Company so elects in accord with Section 5.2
of the Channel Agreement to pay a Milestone Payment due for the attainment of an Approval Milestone Event (as defined in the Channel Agreement) in shares of Company Common Stock, then Company shall in accord with Sections 2.3 and 2.4 hereof issue to
Intrexon, and/or to Subsidiary in whole or in part upon request by Intrexon in accord with Section 5.2 of the Channel Agreement, that number of shares of Company Common Stock having a Fair Market Value of ten (10) million United States
dollars ($10,000,000). 
 (e) In the event that the Company so elects in accord with Section 5.2 of the Channel Agreement to pay a
Milestone Payment due for the first attainment of a New Indication Milestone Event (as defined in the Channel Agreement) in shares of Company Common Stock, then Company shall in accord with Sections 2.3 and 2.4 hereof issue to Intrexon, and/or to
Subsidiary in whole or in part upon request by Intrexon in accord with Section 5.2 of the Channel Agreement, that number of shares of Company Common Stock having a Fair Market Value of five (5) million United States dollars ($5,000,000).

 (f) In the event that the Company so elects in accord with Section 5.2 of the Channel Agreement to pay a Milestone Payment due for
the first attainment of a New Product Milestone Event (as defined in the Channel Agreement) in shares of Company Common Stock, then Company shall in accord with Sections 2.3 and 2.4 hereof issue to Intrexon, and/or to Subsidiary in whole or in part
upon request by Intrexon in accord with Section 5.2 of the Channel Agreement, that number of shares of Company Common Stock having a Fair Market Value of five (5) million United States dollars ($5,000,000). 

  
 2 

 The number of shares of Common Stock to be issued under each of subsections (a) through
(e) of this Section 1.2 shall be rounded down to the nearest whole share. The event giving rise to an issuance of shares under subsections (a) through (e) of this Section 1.2 hereafter each generically shall be a
“Milestone Event” and together generically, the “Milestone Events.” For clarity, shares issued under subsections (a) through (e) of this Section 1.2 may be issued entirely to Intrexon, entirely to
Subsidiary, or in combination to Intrexon and Subsidiary; however, when issued in combination to Intrexon and Subsidiary, the total and collective number of shares issued to Intrexon and Subsidiary for the respective Milestone Event shall not exceed
the amount that would have been issued to Intrexon (or to Subsidiary) singly. 
 Defined terms not otherwise defined herein shall have the
meaning set forth in the Channel Agreement. 
 1.3 Determination of Fair Market Value for Milestones. “Fair Market
Value” as used in this Agreement with respect to the payments to Intrexon made under Sections 1.2(a) through 1.2(e) means the value of the issued shares of Company’s Common Stock using published market data of the share price for
Company’s Common Stock at the close of market on the business day immediately preceding the date of public announcement of attainment of the Milestone Event in question. 
  

	 	SECTION 2.	CLOSING AND DELIVERY 

 2.1
Issuance of Technology Access Fee Consideration. Subject to the terms and conditions of this Agreement, the Channel Agreement and in reliance upon the representations, warranties and agreements contained herein, the Company will
issue to Intrexon the Technology Access Fee Consideration. The Parties agree that the consideration received by the Company hereunder shall be the execution and delivery by Intrexon of the Channel Agreement which consideration is at least equal to
the par value of the Technology Access Fee Consideration issued hereunder. 
 2.2 Closing. The Closing of the Technology
Access Fee Consideration shall occur simultaneously with the execution of this Agreement and the Channel Agreement remotely via the exchange of documents and signatures (the “Closing”). 

2.3 Milestone Event Closings. In the event shares are to be issued in the case of the achievement of a Milestone Event, each
closing for the respective Milestone Payments shall occur on the earlier of (i) the thirtieth day following the respective triggering Milestone Event as set forth in sections 1.2(a) through 1.2(c) above, and (ii) such other date as
Intrexon and the Company may agree (singularly, a “Subsequent Closing,” or collectively, the “Subsequent Closings”). 

2.5 Delivery of the Shares. Promptly following any Subsequent Closing, the Company shall deliver to Intrexon certificate(s)
representing the shares required to be issued at the Closing or respective Subsequent Closing, registered in the name of Intrexon (and/or Subsidiary, as appropriate). 

  
 3 

	 	SECTION 3.	REPRESENTATIONS AND WARRANTIES OF THE COMPANY. 

Subject to and except as set forth in the SEC Documents, the Company hereby represents and warrants to Intrexon as of the date hereof as
follows: 
 3.1 Organization, Good Standing and Power. The Company is a corporation duly incorporated, validly existing and in
good standing under the laws of the State of Florida and has the requisite corporate power to own, lease and operate its properties and assets and to conduct its business as it is now being conducted and as described in the reports filed by the
Company with the Securities and Exchange Commission (the “Commission”) pursuant to the reporting requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), since the end of its most
recently completed fiscal year through the date hereof, including, without limitation, its most recent report on Form 10-Q. The Company does not have any subsidiaries other than those identified in its most recent report on Form 10-Q. The Company is
qualified to do business as a foreign corporation and is in good standing in every jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except for any jurisdiction(s) (alone or in the
aggregate) in which the failure to be so qualified will not have a Material Adverse Effect. For the purposes of this Agreement, “Material Adverse Effect” means any effect on the business, operations, properties or financial
condition of the Company that is material and adverse to the Company, taken as a whole, and any condition, circumstance or situation that would prohibit the Company from entering into and performing any of its obligations hereunder. 

3.2 Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and perform this
Agreement and to issue the shares in accordance with the terms hereof. The execution, delivery and performance of this Agreement by the Company and the consummation by it of the transactions contemplated hereby have been duly and validly authorized
by all necessary corporate action, and no further consent or authorization of the Company, its board of directors or stockholders is required. When executed and delivered by the Company, this Agreement shall constitute a valid and binding obligation
of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, reorganization, moratorium, liquidation, conservatorship, receivership or similar laws relating to,
or affecting generally the enforcement of, creditor’s rights and remedies or by other equitable principles of general application. The Company’s board of directors, at a meeting duly called and held, adopted resolutions approving the
transactions contemplated hereby, including the issuance of the Technology Access Fee Consideration. 
 3.3 Issuance of
Shares. The shares to be issued and sold hereunder have been duly authorized by all necessary corporate action and, when issued in accordance with the terms hereof, will be validly issued, fully paid and nonassessable. In addition, such shares
will be free and clear of all liens, claims, charges, security interests or agreements, pledges, assignments, covenants, restrictions or other encumbrances created by, or imposed by, the Company (collectively, “Encumbrances”) and
rights of refusal of any kind imposed by the Company (other than restrictions on transfer under applicable securities laws) and the holder of such shares shall be entitled to all rights accorded to a holder of Common Stock. As of the date hereof,
there are 38,378,944 shares of the Company’s Common Stock are issued and outstanding. 

  
 4 

 3.4 No Conflicts; Governmental Approvals. The execution, delivery and performance
of the Agreement by the Company and the consummation by the Company of the transactions contemplated hereby do not and will not (i) violate any provision of the Company’s Articles of Incorporation or Bylaws, each as amended to date,
(ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, mortgage,
deed of trust, indenture, note, bond, license, lease agreement, instrument or obligation to which the Company is a party or by which the Company’s properties or assets are bound, or (iii) result in a violation of any federal, state, local
or foreign statute, rule, regulation, order, judgment or decree (including federal and state securities laws and regulations) applicable to the Company or by which any property or asset of the Company is bound or affected, except for such conflicts,
defaults, terminations, amendments, acceleration, cancellations and violations as would not, individually or in the aggregate, have a Material Adverse Effect. The Company is not required under federal, state, foreign or local law, rule or regulation
to obtain any consent, authorization or order of, or make any filing or registration with, any court or governmental agency in order for it to execute, deliver or perform any of its obligations under this Agreement or issue and sell the shares in
accordance with the terms hereof (other than any filings, consents and approvals which may be required to be made by the Company under applicable state and federal securities laws, rules or regulations, or pursuant to the New York Stock Exchange
rules and regulations as applicable, prior to or subsequent to the Closing). 
 3.5 SEC Documents, Financial Statements. The
Common Stock of the Company is registered pursuant to Section 12(g) of the Exchange Act. During the year preceding this Agreement, the Company has timely filed all reports, schedules, forms, statements and other documents required to be filed
by it with the Commission pursuant to the reporting requirements of the Exchange Act (the “SEC Documents”). At the times of their respective filing, all such reports, schedules, forms, statements and other documents complied in all
material respects with the requirements of the Exchange Act and the rules and regulations of the Commission promulgated thereunder. At the times of their respective filings, such reports, schedules, forms, statements and other documents did not
contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. As of
their respective dates, the financial statements of the Company included in the SEC Documents complied in all material respects with applicable accounting requirements and the published rules and regulations of the Commission or other applicable
rules and regulations with respect thereto. Such financial statements have been prepared in accordance with generally accepted accounting principles applied on a consistent basis during the periods involved (except (i) as may be otherwise
indicated in such financial statements or the notes thereto or (ii) in the case of unaudited interim statements, to the extent they may not include footnotes or may be condensed or summary statements), and fairly present in all material
respects the consolidated financial position of the Company as of the dates thereof and the results of operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments). 

3.6 Accountants. To the Company’s knowledge, Mayer Hoffman McCann P.C. whose report on the financial statements of the
Company is filed with the SEC in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, were, at the time such report was issued, independent registered public accountants as required by the Securities Act of 1933
and the rules and regulations promulgated thereunder (together, the “Securities Act”). 

  
 5 

 3.7 Internal Controls. The Company has established and maintains a system of
internal accounting controls sufficient to provide reasonable assurances that: (i) transactions are executed in accordance with management’s general or specific authorization; (ii) transactions are recorded as necessary to permit
preparation of financial statements in conformity with generally accepted accounting principles in the United States and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management’s
general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. 

3.8 Disclosure Controls. The Company has established and maintains disclosure controls and procedures (as such term is defined
in Rules 13a-15 and 15d-15 under the Exchange Act). Since the date of the most recent evaluation of such disclosure controls and procedures, there have been no significant changes in internal controls or in
other factors that could significantly affect internal controls, including any corrective actions with regard to significant deficiencies and material weaknesses. The Company is in compliance in all material respects with all provisions currently in
effect and applicable to the Company of the Sarbanes-Oxley Act of 2002, and all rules and regulations promulgated thereunder or implementing the provisions thereof. 

3.9 No Material Adverse Change. Except as disclosed in the SEC Documents, since December 31, 2014, the Company has not
(i) experienced or suffered any Material Adverse Effect, (ii) incurred any material liabilities, obligations, claims or losses (whether liquidated or unliquidated, secured or unsecured, absolute, accrued, contingent or otherwise) other
than those incurred in the ordinary course of the Company’s business or (iii) declared, made or paid any dividend or distribution of any kind on its capital stock. 

3.10 No Undisclosed Events or Circumstances. Except as disclosed in the SEC Documents, since December 31, 2014, except for
the consummation of the transactions contemplated herein, to the Company’s knowledge, no event or circumstance has occurred or exists with respect to the Company or its businesses, properties, prospects, operations or financial condition,
which, under applicable law, rule or regulation, requires public disclosure or announcement by the Company but which has not been so publicly announced or disclosed. 

3.11 Litigation. No action, suit, proceeding or investigation is currently pending or, to the knowledge of the Company, has been
threatened in writing against the Company that: (i) concerns or questions the validity of this Agreement; (ii) concerns or questions the right of the Company to enter into this Agreement; or (iii) is reasonably likely to have a
Material Adverse Effect. The Company is neither a party to nor subject to the provisions of any material order, writ, injunction, judgment or decree of any court or government agency or instrumentality. There is no action, suit, proceeding or
investigation by the Company currently pending or that the Company intends to initiate that would have a Material Adverse Effect. 
 3.12
Compliance. Except for defaults or violations which are not reasonably likely to have a Material Adverse Effect, the Company is not (i) in default under or in violation of (and no 

  
 6 

 
event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company under), nor has the Company received notice of a claim that it is
in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been
waived), (ii) is in violation of any order of any court, arbitrator or governmental body, or (iii) is or has been in violation of any statute, rule or regulation of any governmental authority, including without limitation all foreign,
federal, state and local laws, applicable to its business. 
 3.13 Intellectual Property 

(a) To the best of its knowledge, the Company has entered into agreements with each of its current and former officers, employees and
consultants involved in research and development work, including development of the Company’s products and technology providing the Company, to the extent permitted by law, with title and ownership to patents, patent applications, trade secrets
and inventions conceived, developed, reduced to practice by such person, solely or jointly with other of such persons, during the period of employment by the Company except where the failure to have entered into such an agreement would not have a
Material Adverse Effect. The Company is not aware that any of its employees or consultants is in material violation thereof. 
 (b)
To the Company’s knowledge, the Company owns or possesses adequate rights to use all trademarks, service marks, trade names, domain names, copyrights, patents, patent applications, inventions, know how (including trade secrets and other
unpatented and/or unpatentable proprietary or confidential information, systems or procedures), and other intellectual property rights (“Intellectual Property”) as are necessary for the conduct of its business as described in the
SEC Documents. Except as described in the SEC Documents, (i) to the knowledge of the Company, there is no infringement, misappropriation or violation by third parties of any such Intellectual Property; (ii) there is no pending or, to the
knowledge of the Company, threatened action, suit, proceeding or claim by others against the Company challenging the Company’s rights in or to any such Intellectual Property; (iii) the Intellectual Property owned by the Company and, to the
knowledge of the Company, the Intellectual Property licensed to the Company has not been adjudged invalid or unenforceable by a court of competent jurisdiction or applicable government agency, in whole or in part, and there is no pending or, to the
knowledge of the Company, threatened action, suit, proceeding or claim by others challenging the validity or scope of any such Intellectual Property; (iv) there is no pending or, to the knowledge of the Company, threatened action, suit,
proceeding or claim by others against the Company that the Company infringes, misappropriates or otherwise violates any Intellectual Property or other proprietary rights of others, and the Company has not received any written notice of such claim;
and (v) to the Company’s knowledge, no employee of the Company is the subject of any claim or proceeding involving a violation of any term of any employment contract, patent disclosure agreement, invention assignment agreement,
non-competition agreement, non-solicitation agreement, nondisclosure agreement or any restrictive covenant to or with a former employer where the basis of such violation relates to such employee’s employment with the Company or actions
undertaken by the employee while employed with the Company, in each of (i) through (v), for any instances which would not, individually or in the aggregate, result in a Material Adverse Effect. 

  
 7 

 3.14 FDA Compliance. 

(a) Except as described in the SEC Documents, the Company: (i) is in material compliance with all statutes, rules or regulations
applicable to the ownership, testing, development, manufacture, packaging, processing, use, distribution, marketing, labeling, promotion, sale, offer for sale, storage, import, export or disposal of any product that is under development,
manufactured or distributed by the Company (“Applicable Laws”); (ii) has not received any FDA Form 483, notice of adverse finding, warning letter, untitled letter or other correspondence or notice from the U.S. Food and Drug
Administration (the “FDA”) or any other federal, state, local or foreign governmental or regulatory authority alleging or asserting material noncompliance with any Applicable Laws or any licenses, certificates, approvals,
clearances, authorizations, permits and supplements or amendments thereto required by any such Applicable Laws (“Authorizations”), which would not, individually or in the aggregate, result in a Material Adverse Effect;
(iii) possesses all material Authorizations necessary for the operation of its business as described in the SEC Documents and such Authorizations are valid and in full force and effect and the Company is not in material violation of any term of
any such Authorizations; and (iv) since January 1, 2014: (A) has not received notice of any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from the FDA or any other federal, state,
local or foreign governmental or regulatory authority or third party alleging that any product operation or activity is in material violation of any Applicable Laws or Authorizations and has no knowledge that the FDA or any other federal, state,
local or foreign governmental or regulatory authority or third party is considering any such claim, litigation, arbitration, action, suit, investigation or proceeding; (B) has not received notice that the FDA or any other federal, state, local
or foreign governmental or regulatory authority has taken, is taking or intends to take action to limit, suspend, modify or revoke any material Authorizations and has no knowledge that the FDA or any other federal, state, local or foreign
governmental or regulatory authority is considering such action; (C) has filed, obtained, maintained or submitted all material reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments as
required by any Applicable Laws or Authorizations and that all such reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments were materially complete and correct on the date filed (or were
corrected or supplemented by a subsequent submission); and (D) has not, either voluntarily or involuntarily, initiated, conducted, or issued or caused to be initiated, conducted or issued, any recall, market withdrawal or replacement, safety
alert, post-sale warning, “dear doctor” letter, or other notice or action relating to the alleged lack of safety or efficacy of any product or any alleged product defect or violation and, to the Company’s knowledge, no third party has
initiated, conducted or intends to initiate any such notice or action. 
 (b) Since December 31, 2014, and except to the extent
disclosed in the SEC Documents, the Company has not received any notices or correspondence from the FDA or any other federal, state, local or foreign governmental or regulatory authority requiring the termination, suspension or material modification
of any studies, tests or preclinical or clinical trials conducted by or on behalf of the Company. 

  
 8 

 3.15 General Healthcare Regulatory Compliance. 

(a) As used in this subsection: 

(i) “Governmental Entity” means any national, federal, state, county, municipal, local or foreign government, or any
political subdivision, court, body, agency or regulatory authority thereof, and any Person exercising executive, legislative, judicial, regulatory, taxing or administrative functions of or pertaining to any of the foregoing. 

(ii) “Law” means any federal, state, local, national or foreign law, statute, code, ordinance, rule, regulation,
order, judgment, writ, stipulation, award, injunction, decree or arbitration award or finding. 
 (b) The Company has not committed
any act, made any statement or failed to make any statement that would reasonably be expected to provide a basis for the FDA or any other Governmental Entity to invoke its policy with respect to “Fraud, Untrue Statements of Material Facts,
Bribery, and Illegal Gratuities”, or similar policies, set forth in any applicable Laws. Neither the Company, nor, to the knowledge of the Company, any of its officers, key employees or agents has been convicted of any crime or engaged in any
conduct that has resulted, or would reasonably be expected to result, in debarment under applicable Law, including, without limitation, 21 U.S.C. Section 335a. No claims, actions, proceedings or investigations that would reasonably be expected
to result in such a material debarment or exclusion are pending, or to the knowledge of the Company, threatened, against the Company or any of its respective officers, employees or agents. 

(c) Each of the Company and, to its knowledge, its directors, officers, employees, and agents (while acting in such capacity) is, and
at all times has been, in material compliance with all health care Laws applicable to the Company or by which any of its properties, businesses, products or other assets is bound or affected, including, without limitation, the federal Anti-kickback
Statute (42 U.S.C. § 1320a-7b(b)), the Anti-Inducement Law (42 U.S.C. § 1320a-7a(a)(5)), the civil False Claims Act (31 U.S.C. §§ 3729 et seq.), the administrative False Claims Law (42 U.S.C. § 1320a-7b(a)), the Health
Insurance Portability and Accountability Act of 1996 (42 U.S.C. § 1320d et seq.), the exclusion laws (42 U.S.C. § 1320a-7), the Food Drug and Cosmetic Act (21 U.S.C. §§ 301 et seq.) (collectively, “Health Care
Laws”). The Company has not received any notification, correspondence or any other written or oral communication from any Governmental Entity, including, without limitation, the FDA, the Centers for Medicare and Medicaid Services, and the
Department of Health and Human Services Office of Inspector General, of potential or actual material non-compliance by, or liability of, the Company under any Health Care Laws. 

(d) The Company is not a party to any corporate integrity agreements, monitoring agreements, consent decrees, settlement orders, or
similar agreements with or imposed by any Governmental Entity. 
 3.16 Application of Takeover Protections. The issuance of
the shares hereunder and Intrexon’s ownership thereof is not prohibited by the business combination statutes of the state of Florida. The Company has not adopted any stockholder rights plan, “poison pill” or similar arrangement that
would trigger any right, obligation or event as a result of the issuance of such shares and Intrexon’s ownership of such shares and there are no similar anti-takeover provisions under the Company’s charter documents. 

  
 9 

 3.17 Listing and Maintenance Requirements. The Company is in compliance with the
requirements of the NYSE MKT for continued listing of the Common Stock thereon. The issuance and sale of the shares hereunder does not contravene the rules and regulations of the NYSE MKT. 

3.18 Private Placement. Neither the Company nor its affiliates, nor any Person acting on its or their behalf, (i) has
engaged in any form of general solicitation or general advertising (within the meaning of Regulation D under the Securities Act) in connection with the offer or sale of the shares hereunder, (ii) has, directly or indirectly, made any offers or
sales of any security or solicited any offers to buy any security, under any circumstances that would require registration of the sale and issuance by the Company of the shares under the Securities Act or (iii) has issued any shares of Common
Stock or shares of any series of preferred stock or other securities or instruments convertible into, exchangeable for or otherwise entitling the holder thereof to acquire shares of Common Stock which would be integrated with the sale of the shares
to Intrexon for purposes of the Securities Act or of any applicable stockholder approval provisions, including, without limitation, under the rules and regulations of any exchange or automated quotation system on which any of the securities of the
Company are listed or designated, nor will the Company or any of its subsidiaries or affiliates take any action or steps that would require registration of any of the shares under the Securities Act or cause the offering of the shares to be
integrated with other offerings. Assuming the accuracy of the representations and warranties of Intrexon, the offer and issuance of the shares by the Company to Intrexon pursuant to this Agreement will be exempt from the registration requirements of
the Securities Act. 
 3.19 No Manipulation of Stock. The Company has not taken, and has no plans to take, in violation of
applicable law, any action outside the ordinary course of business designed to, or that might reasonably be expected to, cause or result in unlawful manipulation of the price of the Common Stock. 

3.20 Brokers. Neither the Company nor any of the officers, directors or employees of the Company has employed any broker or
finder in connection with the transaction contemplated by this Agreement. The Company shall indemnify Intrexon from and against any broker’s, finder’s or agent’s fees for which the Company is responsible. 

 

	 	SECTION 4.	REPRESENTATIONS, WARRANTIES AND COVENANTS OF INTREXON. 

4.1 Purchaser Sophistication. Intrexon represents and warrants to, and covenants with, the Company that Intrexon (a) is
knowledgeable, sophisticated and experienced in making, and is qualified to make decisions with respect to, investments in shares presenting an investment decision like that involved in the acceptance of the shares pursuant hereto, including
investments in securities issued by the Company and investments in comparable companies, and has requested, received, reviewed and considered all information it deemed relevant in making an informed decision to purchase the shares,
(b) Intrexon, in connection with its decision to purchase the shares, relied only upon the SEC Documents, other publicly available information, and the representations and warranties of the Company contained herein. Intrexon is an
“accredited investor” pursuant to Rule 501 of Regulation D under the Securities Act, (c) Intrexon is acquiring the shares for its own account for investment only and with no present intention of

  
 10 

 
distributing any of such shares or any arrangement or understanding with any other persons regarding the distribution of such shares; (d) Intrexon has not been organized, reorganized or
recapitalized specifically for the purpose of investing in the shares; (e) Intrexon will not, directly or indirectly, offer, sell, pledge, transfer or otherwise dispose of (or solicit any offers to buy, purchase or otherwise acquire to take a
pledge of) any of the shares except in compliance with the Securities Act and applicable state securities laws, (f) Intrexon understands that the shares are being offered and sold to it in reliance upon specific exemptions from the registration
requirements of the Securities Act and state securities laws, and that the Company is relying upon the truth and accuracy of, and Intrexon’s compliance with, the representations, warranties, agreements, acknowledgments and understandings of
Intrexon set forth herein in order to determine the availability of such exemptions and the eligibility of Intrexon to acquire the shares, (g) Intrexon understands that its investment in the shares involves a significant degree of risk,
including a risk of total loss of Intrexon’s investment (provided that such acknowledgment in no way diminishes the representations, warranties and covenants made by the Company hereunder) and (h) Intrexon understands that no United States
federal or state agency or any other government or governmental agency has passed upon or made any recommendation or endorsement of the shares. 

4.2 Authorization and Power. Intrexon has the requisite power and authority to enter into and perform this Agreement. The
execution, delivery and performance of this Agreement by Intrexon and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary corporate action, and no further consent or authorization of Intrexon or
its board of directors or stockholders is required. When executed and delivered by Intrexon, this Agreement shall constitute a valid and binding obligation of Intrexon enforceable against Intrexon in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation, conservatorship, receivership or similar laws relating to, or affecting generally the enforcement of, creditor’s rights and remedies or
by other equitable principles of general application. 
 4.3 No Conflict. The execution, delivery and performance of this
Agreement by Intrexon and the consummation by Intrexon of the transactions contemplated hereby do not and will not (i) violate any provision of Intrexon’s charter or organizational documents, (ii) conflict with, or constitute a
default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, mortgage, deed of trust, indenture, note, bond,
license, lease agreement, instrument or obligation to which Intrexon is a party or by which Intrexon’s properties or assets are bound, or (iii) result in a violation of any federal, state, local or foreign statute, rule, regulation, order,
judgment or decree (including federal and state securities laws and regulations) applicable to Intrexon or by which any property or asset of Intrexon are bound or affected, except, in all cases, other than violations (with respect to federal and
state securities laws) above, for such conflicts, defaults, terminations, amendments, acceleration, cancellations and violations as would not, individually or in the aggregate, materially and adversely affect Intrexon’s ability to perform its
obligations under the Agreement. 
 4.4 Restricted Shares. Intrexon acknowledges that the shares when issued shall be
restricted securities and must be held indefinitely unless subsequently registered under the Securities Act or the Company receives an opinion of counsel reasonably satisfactory to the 

  
 11 

 
Company that such registration is not required. Intrexon is aware of the provisions of Rule 144 promulgated under the Securities Act which permit limited resale of stock purchased in a private
placement subject to the satisfaction of certain conditions, including, among other things, the existence of a public market for the stock, the availability of certain current public information about the Company, the resale occurring not less than
one year after a party has purchased and paid for the stock to be sold, the sale being through a “broker’s transaction” or a transaction directly with a “market maker” and the number of shares of the stock being sold during
any three-month period not exceeding specified limitations. Intrexon further acknowledges and understands that the Company may not be satisfying the current public information requirement of Rule 144 at the time Intrexon wishes to sell the shares
and, if so, Intrexon would be precluded from selling the shares under Rule 144 even if the one year minimum holding period has been satisfied. 

4.5 Ownership of Common Stock. As of the date hereof, Intrexon and its affiliates beneficially own 9,839,221 shares (Intrexon -
8,838,666 shares, NRM VII Holdings I, LLC - 1,000,555 shares) of Common Stock of the Company. 
 4.6 Stock Legends. Intrexon
acknowledges that certificates evidencing any shares shall bear a restrictive legend in substantially the following form (and including related stock transfer instructions and record notations): 

4.7 THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN
RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT
OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL
REASONABLY SATISFACTORY TO THE COMPANY. 
 4.8 Brokers. Neither Intrexon nor any of the officers, directors or employees of
Intrexon has employed any broker or finder in connection with the transaction contemplated by this Agreement. Intrexon shall indemnify the Company from and against any broker’s, finder’s or agent’s fees for which Intrexon is
responsible. 
  

	 	SECTION 5.	REGISTRATION RIGHTS. 

 5.1 Piggyback Registration
Rights. If, at any time, the Company proposes to file a registration statement under the Securities Act, other than a registration relating solely to employee benefit plans or Rule 145 transactions, with respect to an underwritten offering for
its own account of any class of securities of the Company (a “Registration Statement”), then each such time, the Company shall give written notice of such intention to file a Registration Statement (a “Piggyback
Notice”) to Intrexon at least five (5) days before the anticipated filing date. The Piggyback Notice shall describe the number of shares to be registered and the intended 

  
 12 

 
method of distribution and offer Intrexon the opportunity to register pursuant to such Registration Statement such shares obtained by operation of the Channel Agreement and held by Intrexon and
its Subsidiaries and (the “Registrable Shares”) as Intrexon may request in writing to the Company within five (5) days after the date Intrexon first received the Piggyback Notice (a “Piggyback Registration”).
The Piggyback Registration rights shall be subject ratably to potential underwriter’s limitations set forth herein. The Company shall take all reasonable steps to include in the Registration Statement the Registrable Shares which the Company
has been so requested to register by Intrexon on behalf of Intrexon and/or Subsidiary. The Company shall be entitled to suspend or withdraw a Registration Statement prior to its becoming effective. If the managing underwriter with respect to such an
offering advises the Company in writing that the inclusion of all or any portion of the Registrable Shares which Intrexon has requested to be included in the Registration Statement would materially jeopardize the success of the offering, then the
Company shall be required to include in the underwriting only that number of Registrable Shares which the underwriter advises the Company in writing may be sold without materially jeopardizing the offering. If Intrexon disapproves of the terms of
any such underwriting may elect to withdraw its Registrable Shares from it by written notice to the Company and the underwriter. Intrexon also agrees that it and Subsidiary shall be subject to any lock-up agreements reasonably requested by a
managing underwriter so long as the Company shares held by the Company’s largest shareholder are also subject to a similar lock-up agreement. The Company shall not grant registration rights to any other holder or prospective holder of its
securities in connection with a private placement of the Company’s securities unless, (i) all shares held by Intrexon and Subsidiary by operation of the Channel Agreement are, at the time of such private placement, included on a
Registration Statement, or (ii) the Company agrees, in connection with such private placement, to grant Intrexon the right to include on the Registration Statement a collective total number of Intrexon’s and/or Subsidiary’s
Registrable Shares equal to one half of the number of shares to be registered on behalf of the other holder or prospective holder. 
 5.2
Registration Expenses. All reasonable fees and expenses incident to the performance of or compliance with this Agreement by the Company, except as and to the extent specified in this Section 5, shall be borne by the Company whether
or not the Registration Statement is filed or becomes effective and whether or not any shares are sold pursuant to the Registration Statement. The fees and expenses referred to in the foregoing sentence shall include, without limitation,
(i) all registration and filing fees (including, without limitation, fees and expenses (A) with respect to filings required to be made with each securities exchange or market on which shares are listed, (B) with respect to filings
required to be made with the Financial Industry Regulatory Authority and (C) in compliance with state securities or Blue Sky laws, (ii) messenger, telephone and delivery expenses, (iii) fees and disbursements of counsel for the
Company, (iv) Securities Act liability insurance, if the Company so desires such insurance, and (v) fees and expenses of all other persons or entities retained by the Company in connection with the consummation of the transactions
contemplated by this Section 5, including, without limitation, the Company’s independent public accountants. 
 5.3
Indemnification by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and hold harmless Intrexon and Subsidiary, its permitted assignees, officers, directors, agents, affiliates and employees, to
the fullest extent permitted by applicable law, from and against any and all claims, losses, damages, liabilities, 

  
 13 

 
penalties, judgments, costs and expenses (including, without limitation, reasonable attorneys’ fees and expenses) (collectively, “Losses”), arising out of or relating to any untrue
or alleged untrue statement of a material fact contained in a Registration Statement or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in
the case of any prospectus or form of prospectus or supplement thereto, in the light of the circumstances under which they were made) not misleading, except (i) to the extent that such untrue statements or omissions are based upon information
furnished to the Company by Intrexon expressly for use in the Registration Statement; (ii) as a result of the failure of such indemnitee to deliver a prospectus, as amended or supplemented, to a purchaser in connection with an offer or sale; or
(iii) the use by the indemnitee of an outdated or defective prospectus after the Company has notified Intrexon in writing that the prospectus is outdated or defective, but only if and to the extent that following such receipt the misstatement
or omission giving rise to such Loss would have been corrected; provided, however, that the indemnity agreement contained in this Section 5.3 shall not apply to amounts paid in settlement of any Losses if such settlement is effected without the
prior written consent of the Company, which consent shall not be unreasonably withheld. 
 5.4 Indemnification by Intrexon.
Intrexon shall indemnify and hold harmless the Company, its directors, officers, agents and employees to the fullest extent permitted by applicable law, from and against all Losses, as incurred, arising out of or relating to any untrue or alleged
untrue statement of a material fact contained in a Registration Statement or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of
any prospectus or supplement thereto, in the light of the circumstances under which they were made) not misleading, to the extent that such untrue statement or omission is contained in or omitted from any information regarding Intrexon and/or
Subsidiary furnished in writing to the Company by Intrexon and/or Subsidiary expressly for use in therein, and that such information was reasonably relied upon by the Company for use therein, or to the extent that such information relates to
Intrexon or Subsidiary, or to Intrexon’s or Subsidiary’s proposed method of distribution of shares and was furnished in writing by Intrexon and/or Subsidiary expressly for use therein. Notwithstanding anything to the contrary contained
herein, in no event shall the liability of Intrexon under this Section 5.5 exceed the net proceeds to Intrexon as a result of the sale of shares pursuant to a Registration Statement in connection with which the untrue or alleged untrue
statement or material omission was provided. 
  

	 	SECTION 6.	SURVIVAL OF REPRESENTATIONS, WARRANTIES AND AGREEMENTS.  

Notwithstanding any investigation made by any party to this Agreement, all representations and warranties made by the Company and Intrexon
herein shall survive the execution of this Agreement and the issuance to Intrexon of the Technology Access Fee Consideration and shall terminate eighteen (18) months after the Closing, provided, however, that the representations and
warranties in Sections 3.1, 3.2 and 3.3 shall survive for so long as Intrexon continues to hold any of the Technology Access Fee Consideration sold hereunder. No claim may be asserted against either party for breach of any representation or warranty
contained herein, unless written notice of such claim is received by such party describing in reasonable detail and to the extent available the facts and circumstances with respect to the subject matter of such claim on or prior to the date on which
the representation or warranty on which such claim is 

  
 14 

 
based ceases to survive as set forth above. In no event shall any party be liable to the other party for any punitive, incidental, consequential, special or indirect damages, including loss of
future revenue or income, loss of business reputation or opportunity relating to the breach or alleged breach of any representation or warranty in this Agreement. 
  

	 	SECTION 7.	COVENANTS.  

 7.1 Standstill
Provision. 
 (a) Intrexon hereby agrees that, for a period of three years from the date hereof, unless specifically invited in
writing by the Company to do so, neither Intrexon nor any of its affiliates (including subsidiaries) will, or will cause or knowingly permit any of its or their directors, officers, employees, investment bankers, attorneys, accountants or other
advisors or representatives to, in any manner, directly or indirectly: 
 (i) effect or seek, initiate, offer or propose (whether
publicly or otherwise) to effect, or cause or participate in or in any way advise or, assist any other person to effect or seek, initiate, offer or propose (whether publicly or otherwise) to effect or cause or participate in, any acquisition of any
securities (or beneficial ownership thereof) or assets of the Company; any tender or exchange offer, merger, consolidation or other business combination involving the Company; any recapitalization, restructuring, liquidation, dissolution or other
extraordinary transaction with respect to the Company; or any “solicitation” of “proxies” (as such terms are used in the proxy rules of the Commission) or consents to vote any voting securities of the Company; 

(ii) form, join or in any way participate in a “group” (as defined under the Exchange Act, hereafter a “Group”)
with respect to any securities of the Company; 
 (iii) otherwise act, alone or in concert with others, to seek to control or
influence the management, board of directors, or policies of the Company (except as contemplated by Section 7.3 of this Agreement); 

(iv) take any action which could reasonably be expected to force the Company to make a public announcement regarding any of the types
of matters set forth in this Section 7.1; or 
 (v) enter into any agreements, discussions or arrangements with any third party
with respect to any of the foregoing. 
 (b) Notwithstanding the foregoing, the Company hereby agrees that the provisions of this
Section 7.1 shall not apply to the following: 
 (i) the purchase by Intrexon and/or its affiliates after the date hereof (and
not pursuant to this Agreement) of up to an aggregate number of shares of Common Stock that does not exceed 10% of the number of shares of Common Stock then issued and outstanding; 

  
 15 

 (ii) the exercise by Intrexon and/or its affiliates, if applicable, of any voting rights
available to Company stockholders generally pursuant to any transaction described Section 7.1(a)(i) above, provided that Intrexon has not then either directly, indirectly, or as a member of a Group made, effected, initiated or caused such
transaction to occur or otherwise violated this Section 7.1; 
 (iii) the exercise by Intrexon and/or its affiliates, if
applicable, of any voting rights generally available to it or them as non-Affiliate security holders of a third party that is a participant in an action or transaction described in Section 7.1(a)(i) above, provided that Intrexon has not then
either directly, indirectly, or as a member of a Group made, effected, initiated or caused such action or transaction to occur or otherwise violated this Section 7.1; 

(iv) any activity by Intrexon after the Company has made any public announcement of its intent to solicit or engage in any transaction
which would result in a Company Sale; and 
 (v) making any communication to Company executive management on a confidential basis
solely that Intrexon would be interested in engaging in discussions with the Company that could result in a negotiated transaction described in Section 7.1(a)(i) so long as Intrexon does not propose any such transaction or discuss or refer to
potential terms thereof without the Company’s prior consent. 
 (c) Intrexon’s rights and the Company’s obligations
under this Section 7.1 shall terminate upon the termination of the Channel Agreement. 
 7.2 Intrexon Proposals.
Notwithstanding any of the foregoing provisions of Section 7.1, the Company further agrees that nothing herein shall limit the ability of Intrexon to confidentially propose to the executive management of the Company and its board of directors,
and/or advocate for, any transaction between the Company and any third party unaffiliated with Intrexon or its Affiliates. 
 7.3
Further Assurances. Each of the Company, Intrexon and its affiliates, including but not limited to Actobiotics, shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all
such other agreements, certificates, instruments and documents, as each other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement, the Channel Agreement and the consummation of the transactions
contemplated thereby. 
  

	 	SECTION 8.	NOTICES.  

 All notices or other communications which are required
or permitted hereunder shall be in writing and addressed as follows: 
  

			
	If to the Company:		Oragenics, Inc.
			4902 Eisenhower Boulevard, Suite 125,
			Tampa, FL 33634
			Attention: Chief Executive Officer
			Fax No.: (813) 286-7904

  
 16 

			
	If to Intrexon:		Intrexon Corporation
			20374 Seneca Meadows Parkway
			Germantown, MD 20876
			Attention: Legal Department
			Fax No.: (301) 556-9902

 or to such other address as the party to whom notice is to be given may have furnished to the other party in writing in
accordance herewith. Any such communication shall be deemed to have been given when delivered if personally delivered or sent by facsimile (provided that the party providing such notice promptly confirms receipt of such transmission with the other
party by telephone), on the business day after dispatch if sent by a nationally-recognized overnight courier and on the third business day following the date of mailing if sent by certified mail, postage prepaid, return receipt requested. 

 

	 	SECTION 9.	MISCELLANEOUS. 

 9.1 Fees and
Expenses. Each party shall pay the fees and expenses of its advisors, counsel, accountants and other experts, if any, and all other expenses, incurred by such party incident to the negotiation, preparation, execution, delivery and performance of
this Agreement. 
 9.2 Waivers and Amendments. Neither this Agreement nor any provision hereof may be changed, waived,
discharged, terminated, modified or amended except upon the written consent of the parties hereto. 
 9.3 Headings. The
headings of the various sections of this Agreement have been inserted for convenience of reference only and shall not be deemed to be part of this Agreement. 

9.4 Severability. If any provision hereof should be held invalid, illegal or unenforceable in any respect, then, to the fullest
extent permitted by law, (a) all other provisions hereof shall remain in full force and effect and shall be liberally construed in order to carry out the intentions of the Parties as nearly as may be possible and (b) the parties shall use
their best efforts to replace the invalid, illegal or unenforceable provision(s) with valid, legal and enforceable provision(s) which, insofar as practical, implement the purposes of such provision(s) in this Agreement. 

9.5 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida as
applied to contracts entered into and performed entirely in the State of Florida by Florida residents, without regard to conflicts of law principles. 

9.6 Counterparts. This Agreement may be executed in two or more counterparts (including by facsimile, PDF, or other means of
electronic communication), each of which shall constitute an original, but all of which, when taken together, shall constitute but one instrument, and shall become effective when one or more counterparts have been signed by each party hereto and
delivered to the other parties. 

  
 17 

 9.7 Successors and Assigns. Except as otherwise expressly provided herein, the
provisions hereof shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto, provided that Intrexon shall not assign its rights or obligations hereunder unless Intrexon
assigns such rights in whole and not in part to an assignee of such rights and obligations which shall agree in writing with the Company to be bound by this Agreement and that Intrexon’s rights under Section 7.1 shall not be assignable.

 9.8 No Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective
permitted successors and assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other person. 
 9.9
Expenses. Each party shall pay all costs and expenses that it incurs with respect to the negotiation, execution, delivery and performance of this Agreement. 

9.10 Entire Agreement. This Agreement (including the Schedule of Exceptions), the Channel Agreement and other documents executed
and delivered pursuant hereto and thereto, including the exhibits, constitute the full and entire understanding and agreement between the parties with regard to the subjects hereof and thereof. Notwithstanding the foregoing, nothing in this
Agreement shall alter the rights of the Parties under that certain Stock Issuance Agreement, dated June 5, 2012, or that certain Stock Purchase and Issuance Agreement dated September 30, 2013, or that certain First Amendment to the Stock
Purchase and Issuance Agreement dated September 30, 2013, all three of which by and between Intrexon and Oragenics. 
 9.11
Publicity. Except as otherwise provided herein, no party shall issue any press releases or otherwise make any public statement with respect to the transactions contemplated by this Agreement without the prior written consent of the other
party, except as may be required by applicable law or regulations, in which case such party shall provide the other parties with reasonable notice of such publicity and/or opportunity to review such disclosure. The Company shall issue a press
release announcing the transaction contemplated by this Agreement and the Channel Agreement prior to the opening of the financial markets in New York City on the business day immediately following the date hereof. Such press release shall be
substantially in the form mutually agreed to by the parties. 
 9.12 Waiver of Rule of Construction. Each Party has had the
opportunity to consult with counsel in connection with the review, drafting and negotiation of this Agreement. Accordingly, the rule of construction that any ambiguity in this Agreement shall be construed against the drafting Party shall not apply.

 [Remainder of page intentionally left blank.] 

  
 18 

 IN WITNESS WHEREOF, the
parties hereto have caused this Stock Issuance Agreement to be executed by their duly authorized representatives as of the Effective Date. 
  

			
	ORAGENICS, INC.
		
	By:		 /s/ Michael Sullivan

	Name:		 Michael Sullivan

	Title:		 Chief Financial Officer

	
	INTREXON CORPORATION
		
	By:		 /s/ Donald P. Lehr

	Name:		 Donald P. Lehr

	Title:		 Chief Legal Officer

 [Signature page of Stock Issuance Agreement] 

  
 19Convertible Promissory Note

 Exhibit 10.3 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY APPLICABLE STATE
SECURITIES LAWS. IT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITY UNDER SUCH ACT OR AN OPINION OF COUNSEL SATISFACTORY TO BORROWER THAT SUCH REGISTRATION
IS NOT REQUIRED. 
 ORAGENICS, INC. 

CONVERTIBLE PROMISSORY NOTE 
  

							
	$5,000,000						June 9, 2015

 FOR VALUE RECEIVED, the undersigned, Oragenics, Inc., a Florida corporation, with an address of 4209
Eisenhower Boulevard, Suite 125, Tampa, FL 33634 (together with its successors and permitted assigns, the “Maker”), hereby promises to pay to the order of Intrexon Corporation, a Virginia corporation (together with its
successors and assigns, the “Holder”), at 20374 Seneca Meadows Parkway, Germantown, MD, 20876, or at such other place as may be designated from time to time in writing by the Holder, without setoff, the principal sum of
$5,000,000, or such lesser amount as may remain outstanding from time to time, together with simple interest thereon at the rate provided below, all in accordance with the following terms and provisions: 

1. Definitions. The following terms, unless the context otherwise requires, have the following meanings: 

 

	 	(a)	“Act” has the meaning set forth in the legend to this Note. 

  

	 	(b)	“Conversion Price” shall equal the closing price per share on the last trading day immediately prior to the date of conversion. 

 

	 	(c)	“Conversion Cash Balance” has the meaning set forth in Section 8(d) of this Note. 

  

	 	(d)	“Conversion Closing Date” means the date of receipt by Holder of the Conversion Notice. 

  

	 	(e)	“Conversion Notice” has the meaning set forth in Section 8(d) of this Note. 

  

	 	(f)	“Conversion Shares” has the meaning set forth in Section 8(a) of this Note. 

  

	 	(g)	“Event of Default” has the meaning set forth in Section 14 of this Note. 

  
 1 

 (h) “Exclusive Channel Collaboration Agreement” or “ECC” means
the Exclusive Channel Collaboration Agreement dated of even date herewith by and between the Maker and the Holder. 
 (i)
“Holder” has the meaning set forth in the preamble to this Note. 
 (j) “Indebtedness” means, as to any
Person, (i) all obligations of such Person for borrowed money (including, without limitation, reimbursement and all other obligations with respect to surety bonds, letters of credit and bankers’ acceptances, whether or not matured),
(ii) all obligations of such Person evidenced by notes, bonds, debentures or similar instruments, (iii) all obligations of such Person to pay the deferred purchase price of property or services, except trade accounts payable and accrued
commercial or trade liabilities arising in the ordinary course of business, (iv) all interest rate and currency swaps, caps, collars and similar agreements or hedging devices under which payments are obligated to be made by such Person, whether
periodically or upon the happening of a contingency, (v) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person (even though the rights and remedies of
the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (vi) all obligations of such Person under leases which have been or should be, in accordance with GAAP, recorded as capital
leases and (vii) all indebtedness secured by any Lien (other than Liens in favor of lessors under leases other than leases included in clause (vi) above) on any property or asset owned or held by that Person regardless of whether the
indebtedness secured thereby shall have been assumed by that Person or its non-recourse to the credit of that Person. 
 (k)
“Maker” has the meaning set forth in the preamble to this Note. 
 (l) “Maturity Date” shall mean
December 31, 2015, or such later date as may be agreed by the Holder with the Holder’s prior written consent. 
 (m)
“Note” means this Convertible Promissory Note in accordance with all the terms and provisions set forth herein. 
 (n)
“Stock Issuance Agreement” means the Stock Issuance Agreement, dated of even date herewith, by and between the Maker and the Holder, as amended. 

2. Stock Issuance Agreement. This Note has been executed and delivered by the Maker pursuant to the terms and conditions of the Stock Issuance
Agreement. This Note represents payment of the technology access fee to be paid by Maker to Holder under the ECC Agreement in exchange for certain license rights and other good and valuable consideration. 

3. Interest Rate. The unpaid principal balance of this Note outstanding from time to time shall bear interest at a simple rate of interest equal to
three percent (3%) per annum. After the occurrence and during the continuance of an Event of Default, interest shall accrue on all amounts due hereunder at a simple rate of interest equal to five percent (5%) per annum. Interest shall be
calculated on the basis of actual number of days elapsed over a year of three hundred sixty (360) days. 

  
 2 

 4. Interest Payments. Without the prior written consent of the Holder, the Maker shall not be permitted to
make a payment of interest under this Note prior to the Maturity Date or such earlier date that this Note is repaid pursuant to Section 6 or Section 8 of this Note. 

5. Principal Payments. If not sooner paid, the entire unpaid principal balance of this Note and all unpaid accrued interest thereon shall be due and
payable on the Maturity Date. 
 6. Prepayment. This Note may be prepaid in whole or in part at any time at the election of the Maker. 

7. Application of Payments. Payments made by the Maker pursuant to the terms of this Note shall be applied as follows: first, to any unpaid
accrued collection costs and expenses; second, to any unpaid accrued interest; and third, to the principal balance of this Note. 
 8.
Conversion. 
 (a) Conversion Election. Prior to the Maturity Date and subject to the restrictions set forth in this
Section 8, the Maker shall have the right to convert the outstanding principal and interest of this Note, in whole or in part, into a number of shares of the Maker’s common stock (the “Conversion Shares”). The
number of Conversion Shares to be issued upon such conversion under this Section 8(a) shall be equal to the quotient obtained by dividing (i) the principal balance of the Note outstanding at the time of conversion by (ii) the
Conversion Price (as adjusted for stock splits, stock dividends, recapitalizations and similar adjustments of the Common Stock), with the caveat that in no event will Maker be entitled to convert such outstanding principal and interest into a number
of shares that would cause the Holder and its affiliates to hold and/or beneficially own collectively more than 34.5% of the number of shares of Common Stock of the Company that is issued and outstanding. For clarity, the number of Shares held
collectively by Holder and its affiliates per the prior sentence would include, without limitation, the Conversion Shares plus (i) any other Shares issued to, acquired by, or otherwise held by Holder on the Conversion Closing Date (including
under the ECC Agreement, the Stock Issuance Agreement, or any other prior Agreement between Holder and Maker), and (ii) any Shares held by affiliates of Holder on the Conversion Closing Date (including the Shares held by Third Security, LCC
and/or NRM VII Holdings I, LLC, such as those identified in Section 4.5 of the Stock Issuance Agreement). 
 (b) Shareholder
Approval. Prior to exercising its right to convert this Note, the Maker shall take such actions as are reasonably necessary and advisable to permit the conversion of this Note into the Conversion Shares, including without limitation soliciting
the requisite NYSE required shareholder approval to authorize the issuance of such Conversion Shares. The Maker agrees that, prior to receipt of the requisite NYSE required shareholder approval, it shall not have the right to convert this Note or to
issue the Conversion Shares. Holder and its affiliates shall fully cooperate with Maker in connection with its seeking shareholder approval and Holder shall take any and all such actions necessary to ensure that its affiliates fully cooperate with
Maker in connection with seeking shareholder approval, including but not limited to, executing any stockholder consent for any and all shares beneficially owned and held by Holder and its 

  
 3 

 
affiliates or voting in favor of any proposals submitted to shareholders in any Proxy Statement filed by Maker, to authorize and approve the issuance of the Conversion Shares. 

(c) Conversion Procedure. 

(i) Conversion Notice. If this Note is converted pursuant to Section 8(a), the Maker shall give written notice to the
Holder, notifying the Holder of its election to convert this Note and specifying the amount of the outstanding principal and interest and the amount thereof to be converted (the “Conversion Notice”). In the event that the Conversion
Shares, valued at the Conversion Price, do not satisfy the full outstanding principal of this Note, such Conversion Notice shall also specify the remaining principal balance of the Note that will be paid in cash by Maker to Holder (the
“Conversion Cash Balance”). Upon receipt of such notice, the Holder shall surrender this Note at the Maker’s principal executive office, or, if this Note has been lost, stolen, destroyed or mutilated, then, in the case of loss,
theft or destruction, the Holder shall deliver an indemnity agreement reasonably satisfactory in form and substance to the Maker or, in the case of mutilation, the Holder shall surrender and cancel this Note. The Maker shall, as soon as practicable
thereafter, issue and deliver to the Holder, at the address requested by the Holder, a certificate or certificates for the Conversion Shares to which the Holder shall be entitled upon such conversion (bearing any such legends as are required by
applicable state and federal securities laws in the opinion of counsel to the Maker). Such conversion shall be deemed to have been made immediately prior to the close of business on the date of receipt by Holder of the notice of conversion, and on
and after such date the Person entitled to receive the shares issuable upon such conversion shall be treated for all purposes as the record holder of such shares. 

(ii) Condition to Conversion. It shall be a condition to the conversion of the Note in accordance with this Section 8 that
the Maker obtain the requisite NYSE required shareholder approval to issue the Conversion Shares issuable upon conversion of the Notes. 

(iii) Fractional Shares. No fractional shares shall be issued upon conversion of this Note. In lieu of the Maker issuing any fractional
shares to the Holder upon the conversion of this Note, the Maker shall pay to the Holder in cash the amount of the unconverted principal balance of this Note that would otherwise be converted into such fractional share as part of the Conversion Cash
Balance. 
 (iv) Payment of Conversion Cash Balance. Upon conversion of the Note, the Conversion Cash Balance (if any) shall be paid from
Maker to Holder, by wire in United States dollars to a bank account specified by Holder. Such payment shall be made within five (5) business days of the Conversion Closing Date, but in no event later than the Maturity Date. 

(v) Effect of Conversion. Upon conversion of this Note and issuance of the Conversion Shares and payment of the Conversion Cash Balance
(if any) in accord with this Section 8, the Maker shall be forever released from all of its obligations and liabilities under this Note. 

  
 4 

 9. Assignment. Subject to the restrictions on transfer described in Section 11 of this Note,
the rights and obligations of the Maker and the Holder shall be binding upon and inure to the benefit of the permitted successors, assigns, heirs, administrators and transferees of the parties hereto. 

10. Amendment. Any provision of this Note may be amended or modified with the prior written consent of both the Holder and the Maker. 

11. Transfer of this Note. Subject to applicable securities laws, the Holder may assign this Note or any of its rights hereunder to any of its
Affiliates; provided that, for the avoidance of doubt, the Holder may not assign this Note or any of its rights hereunder to any Person that is not an affiliate of the Holder without the prior written consent of the Maker. With respect to any
such transfer of this Note, the Holder will give written notice to the Maker prior thereto, describing briefly the manner thereof, together with a written opinion of such Holder’s counsel, in a form reasonably satisfactory to the Maker, to the
effect that such offer, sales or other distribution may be effected without registration or qualification under any federal or state law then in effect. Promptly upon receiving such written notice and opinion of counsel, the Maker, as promptly as
practicable but in no event later than five (5) Business Days after receipt of such notice and opinion, shall notify the Holder that the Holder may sell or otherwise dispose of this Note in accordance with the terms of the notice delivered to
the Maker, subject to any additional applicable restrictions. If a determination has been made pursuant to this Section 11 that the opinion of counsel for the Holder is not reasonably satisfactory to the Maker, the Maker shall so notify
the Holder promptly after such determination has been made. This Note thus transferred shall bear a legend as to the applicable restrictions on transferability in order to ensure compliance with the Act, unless in the opinion of counsel for the
Maker such legend is not required, in order to ensure compliance with the registration or qualification requirement of any federal or state law then in effect. The Maker may issue stop transfer instructions to its transfer agent in connection with
such restrictions. 
 12. Shareholder Status. The Holder currently owns certain capital stock of Maker. Nothing contained in this Note shall be
construed as conferring upon the Holder (prior to conversion in accordance with Section 8 of this Note) any additional rights to vote or to receive dividends or to consent or to receive notice as a shareholder in respect of any meeting
of shareholders for the election of directors of the Maker or of any other matter, or any rights whatsoever as a shareholder of the Maker. 
 13.
Negative Covenants. So long as there remains any outstanding and unpaid principal or interest under this Note, the Maker hereby agrees to abide by the restriction and negative covenant set forth in this Section 13, unless the
Maker first obtains the written consent of Holder to permit the Maker to take the action that would otherwise result in a breach of this Section 13. 

(a) Obligations Under this Note. The Maker shall not, by amendment of its organizational documents or through any reorganization,
transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Note, but shall at all times in good faith assist in
the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate in order to protect the rights of the Holder hereunder. 

  
 5 

 14. Default and Remedies. If any of the events specified in this Section 14 shall occur
(herein individually referred to as an “Event of Default”), the Holder shall, so long as such condition exists (after giving effect to any applicable cure period set forth below), declare the entire outstanding principal
balance and unpaid accrued interest hereon immediately due and payable, by notice in writing to the Maker. 
 (a) Default in the payment of
the principal or unpaid accrued interest on this Note when due and payable if such default is not cured by the Maker within fifteen (15) Business Days after the Maker receives written notice of such default. 

(b) A material default in the observance or performance of any other covenant or agreement contained in this Note, which default continues for
a period of fifteen (15) Business Days after the Maker receives written notice specifying the default. 
 (c) Termination of the ECC
Agreement other than as a result of Holder’s material breach of the ECC Agreement. 
 (d) The institution by the Maker of proceedings to
be adjudicated as bankrupt or insolvent, or the consent by it to institution of bankruptcy or insolvency proceedings against it or the filing by it of a petition or answer or consent seeking reorganization or release under Title 11 of the United
States Code, or any other applicable federal or state law, or the consent by it to the filing of any such petition or the appointment of a receiver, liquidator, assignee, trustee or other similar official of the Maker, or of any substantial part of
its property, or the making by it of an assignment for the benefit of creditors, which action is not dismissed within sixty (60) days of the commencement thereof. 

(e) If, within sixty (60) days after the commencement of an action against the Maker (and service of process in connection therewith on
the Maker) seeking any bankruptcy, insolvency, reorganization, liquidation, dissolution or similar relief under any present or future statute, law or regulation, such action shall not have been resolved in favor of the Maker or all orders or
proceedings thereunder affecting the operations or the business of the Maker stayed, or if the stay of any such order or proceeding shall thereafter be set aside, or if, within sixty (60) days after the appointment without the consent or
acquiescence of the Maker of any trustee, receiver or liquidator of the Maker or of all or any substantial part of the properties of the Maker, such appointment shall not have been vacated. 

(f) The decision by the board of directors of the Maker to cease or substantially cease its operations or wind up the affairs of the Maker.

  
 6 

 15. Allocation of Costs. If this Note is not paid in accordance with its terms, the Maker shall pay to the
Holder, in addition to principal and accrued interest thereon, all costs of collection of the principal and accrued interest, including, but not limited to, reasonable attorneys’ fees, court costs and other costs for the enforcement of payment
of this Note. 
 16. Waiver. No waiver of any obligation of the Maker under this Note shall be effective unless it is in a writing signed by the
Holder. A waiver by the Holder of any right or remedy under this Note on any occasion shall not be a bar to exercise of the same right or remedy on any subsequent occasion or of any other right or remedy at any time. The Maker hereby expressly
waives presentment, demand, and protest, notice of demand, dishonor and nonpayment of this Note, and all other notices or demands of any kind in connection with the delivery, acceptance, performance, default or enforcement hereof, except as
expressly provided for herein, and hereby consents to any delays, extensions of time, renewals or waivers that may be granted or consented to by the Holder hereof with respect to the time of payment or any other provision hereof. 

17. Notices. All notices, demands and other communications provided for or permitted hereunder shall be made in writing and shall be by registered or
certified first-class mail, return receipt requested, facsimile, electronic mail, courier service or personal delivery to the addresses listed in the Stock Issuance Agreement. All such notices and communications shall be deemed to have been duly
given when delivered by hand, if personally delivered; when delivered by courier, if delivered by commercial courier service, five (5) Business Days after being deposited in the mail, postage prepaid, if mailed; and upon receipt if sent via
facsimile or electronic mail. 
 18. Governing Law. This Note is delivered in and shall be enforceable in accordance with the laws of the State of
Florida (other than its conflict of laws principles) and shall be construed in accordance therewith, and shall have the effect of a sealed instrument. 

19. Severability. In the event any one or more of the provisions of this Note shall for any reason be held to be invalid, illegal or unenforceable, in
whole or in part or in any respect, or in the event that any one or more of the provisions of this Note operate or would prospectively operate to invalidate this Note, then and in any such event, such provision(s) only shall be deemed null and void
and shall not affect any other provision of this Note and the remaining provisions of this Note shall remain operative and in full force and effect and in no way shall be affected, prejudiced or disturbed thereby. 

20. No Personal Liability. Neither the officers, the directors or the shareholders of the Maker nor any Person executing this Note on behalf of the
Maker shall be liable personally or be subject to any personal liability or accountability with respect to the obligations of this Note or the Stock Issuance Agreement by reason of the issuance hereof. 

[remainder of page intentionally blank] 

  
 7 

 IN WITNESS WHEREOF, the Maker has executed and delivered this Note as a sealed instrument as of
the date first above written. 
  

			
	Oragenics, Inc.
		
	By:		 /s/ Michael Sullivan

	Name:		Michael Sullivan
	Title:		Chief Financial Officer

 IN WITNESS WHEREOF, the Holder has accepted and agreed to the terms of this Note as of the date first
above written. 
  

			
	Intrexon Corporation
		
	By:		 /s/ Donald P. Lehr

	Name:		Donald P. Lehr
	Title:		Chief Legal Officer

 [SIGNATURE PAGE TO CONVERTIBLE PROMISSORY NOTE] 

  
 8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00246-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00246-of-00352.parquet"}]]