Document:

Exhibit 10.5

 

SECURITIES SUBSCRIPTION AGREEMENT

 

This Securities Subscription Agreement (this “Agreement”),
effective as of February 5, 2021, is made and entered into by and between Mericsson Acquisition Corporation, a Cayman Islands exempted
company (the “Company”), and Mericsson Sponsor LLC, a Cayman Islands limited liability company (the “Buyer”).

 

RECITALS:

 

WHEREAS, the
Buyer wishes to subscribe for an aggregate of 1,150,000 Class B ordinary shares (the “Shares”), par value $0.0001 per
share, of the Company, and the Company wishes to issue the Shares to the Buyer, on the terms and subject to the conditions set forth in
this Agreement.

 

AGREEMENT:

 

NOW,
THEREFORE, in consideration of the premises, representations, warranties and the mutual covenants contained in this Agreement,
and for other good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto
agree as follows:

 

ARTICLE I

DEFINITIONS

 

The terms defined in this Article I shall
have for all purposes of this Agreement the respective meanings set forth below:

 

“Agreement” shall have the meaning
set forth in the preamble to this Agreement.

 

“Buyer” shall have the meaning set
forth in the preamble to this Agreement.

 

“Class B ordinary shares” shall
have the meaning set forth in the recitals to this Agreement.

 

“Closing” shall have the meaning set
forth in Section 2.3 of this Agreement.

 

“Closing Date” shall have the meaning
set forth in Section 2.3 of this Agreement.

 

“Company” shall have the meaning set
forth in the preamble to this Agreement.

 

“Consent” means any consent, approval,
notification, waiver, or other similar action that is necessary or convenient.

 

“Governmental Body” shall mean any
legislature, agency, bureau, branch, department, division, commission, court, tribunal or other similar recognized organization or body
of any federal, state, county, municipal, local or foreign government or other similar recognized organization or body exercising similar
powers or authority.

 

“Law” shall mean any law (statutory,
common or otherwise), constitution, ordinance, rule, regulation, executive order or other similar authority enacted, adopted, promulgated
or applied by any Governmental Body.

 

“Lien” shall mean a mortgage, deed
of trust, pledge, hypothecation, assignment, encumbrance, charge, restriction, lien (statutory or otherwise, including, without limitation,
any lien for taxes), security interest, preference, participation interest, priority or security agreement or preferential arrangement
of any kind or nature whatsoever, including, without limitation, any conditional sale or other title retention agreement, any financing
lease having substantially the same economic effect as any of the foregoing and the filing of any document under the law of any applicable
jurisdiction to evidence any of the foregoing, other than (i) statutory, mechanics’ or other Liens incurred in the Company’s
ordinary course of business or (ii) Liens for taxes incurred but not yet due.

 

    

     

    

 

“Order” shall mean an order, ruling,
decision, award, judgment, injunction or other similar determination or finding by, before or under the supervision of any Governmental
Body or arbitrator.

 

“Permit” shall mean a permit, license,
certificate, waiver, notice or similar authorization.

 

“Subscription Price” shall have the
meaning set forth in Section 2.2 of this Agreement.

 

“SEC” shall mean the United States
Securities and Exchange Commission.

 

“Securities Act” shall mean the United
States Securities Act of 1933, as amended, or any successor federal statute, and the applicable rules and regulations promulgated
and in effect from time to time thereunder.

 

“Shares” shall have the meaning set
forth in the recitals to this Agreement.

 

ARTICLE II

SUBSCRIPTION OF THE SHARES

 

Section 2.1 Subscription and Issue
of the Shares. Subject to the terms and conditions hereof and in reliance upon the representations and warranties of the parties contained
or incorporated by reference herein, simultaneous with the execution hereof, the Company shall issue to the Buyer, and the Buyer shall
subscribe for the Shares, in consideration of the payment of the Subscription Price noted herein.

 

Section 2.2 Subscription Price.
As payment in full for the Shares being subscribed for under this Agreement and against issue of such Shares, simultaneous with the execution
hereof, the Buyer shall pay $25,000 on behalf of and at the direction of the Company by wire transfer of immediately available funds or
by such other method as may be reasonably acceptable to the Company (the “Subscription Price”).

 

Section 2.3 Closing. The closing
of the subscription and issue of the Shares (the “Closing”) shall be held on the date of this Agreement (“Closing Date”)
at the offices of Ellenoff Grossman & Schole LLP, 1345 Avenue of the Americas, New York, New York 10105, or such other place
as may be agreed upon by the parties hereto.

 

Section 2.4 Closing Deliveries.
All actions taken at the Closing shall be deemed to have been taken simultaneously.

 

(a) Buyer Deliveries. At the Closing
the Buyer shall deliver to the Company the Subscription Price.

 

(b) Company Deliveries. At the Closing,
or within a reasonable time after the Closing, the Company shall issue to the Buyer the Shares and make the necessary entries in the Register
of Members of the Company.

 

Section 2.5 Further Assurances.
The parties hereto shall execute and deliver such additional documents and take such additional actions as any party reasonably may deem
to be practical and necessary in order to consummate the transactions contemplated by this Agreement.

 

Section 2.6 Legend. Any certificate
evidencing the Shares and any certificate issued in exchange for or upon the transfer of any Shares shall be stamped or otherwise imprinted
with a legend in substantially the following form:

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND
MAY NOT BE TRANSFERRED IN VIOLATION OF SUCH ACT AND LAWS.”

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO
ADDITIONAL RESTRICTIONS ON TRANSFER SET FORTH IN THE LETTER AGREEMENT BY AND BETWEEN THE COMPANY AND THE SHAREHOLDER. COPIES OF SUCH AGREEMENT
MAY BE OBTAINED FROM THE COMPANY AT THE COMPANY’S PRINCIPAL PLACE OF BUSINESS WITHOUT CHARGE.”

 

    

     

    

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF THE BUYER

 

The Buyer represents and warrants that the statements
contained in this ARTICLE III are correct and complete as of the date of this Agreement.

 

Section 3.1 Formation, Registration
and Good Standing. The Buyer is a limited liability company duly formed and registered, validly existing, and in good standing under
the laws of the Cayman Islands.

 

Section 3.2 Power and Authority; Enforceability.
This Agreement constitutes the legal, valid, and binding obligation of the Buyer, enforceable against the Buyer in accordance with its
terms. The Buyer has full entity power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The
Buyer has taken all actions necessary to authorize the execution and delivery of this Agreement, the performance of its obligations hereunder
and the consummation of the transactions contemplated hereby. This Agreement has been duly authorized, executed and delivered by, and
is enforceable against, the Buyer.

 

Section 3.3 Investment Representations.

 

(a) The Buyer is an “accredited investor”
as defined in Rule 501 of Regulation D under the Securities Act.

 

(b) The Buyer has received, has thoroughly
read, is familiar with and understands the contents of this Agreement.

 

(c) The Buyer hereby acknowledges that an
investment in the Shares involves certain significant risks. The Buyer acknowledges that there is a substantial risk that it will lose
all or a portion of its investment and that it is financially capable of bearing the risk of such investment for an indefinite period
of time. The Buyer has no need for liquidity in its investment in the Shares for the foreseeable future and is able to bear the risk of
that investment for an indefinite period. The Buyer understands that there presently is no public market for the Shares and none is anticipated
to develop in the foreseeable future. The Buyer’s present financial condition is such that the Buyer is under no present or contemplated
future need to dispose of any portion of the Shares subscribed for hereby to satisfy any existing or contemplated undertaking, need or
indebtedness. The Buyer’s overall commitment to investments which are not readily marketable is not disproportionate to its net
worth and the investment in the Company will not cause such overall commitment to become excessive.

 

(d) The Buyer acknowledges that the Shares
have not been and will not be registered under the Securities Act, or any state securities act, and are being sold on the basis of exemptions
from registration under the Securities Act and applicable state securities acts, except those state securities acts that require registration
of the Shares thereunder. Reliance on such exemptions, where applicable, is predicated in part on the accuracy of the Buyer’s representations
and warranties set forth herein. The Buyer acknowledges and hereby agrees that the Shares will not be transferable under any circumstances
unless the Buyer either registers the Shares in accordance with federal and state securities laws or finds and complies with an available
exemption under such laws. Accordingly, the Buyer hereby acknowledges that there can be no assurance that it will be able to liquidate
its investment in the Company.

 

(e) There are substantial risk factors
pertaining to an investment in the Company. The Buyer acknowledges that it has read the information set forth above regarding
certain of such risks and is familiar with the nature and scope of all such risks, including, without limitation, risks arising from
the fact that the Company is an entity with limited operating history and financial resources; and the Buyer is fully able to bear
the economic risks of such investment for an indefinite period, and can afford a complete loss thereof.

 

(f) The Buyer has been given the opportunity
to (i) ask questions of and receive answers from the Company and its designated representatives concerning the terms and conditions
of the offering, the Company and the business and financial condition of the Company and (ii) obtain any additional information that
the Company possesses or can acquire without unreasonable effort or expense that is necessary to assist the Buyer in evaluating the advisability
of the subscription of the Shares and an investment in the Company. The Buyer further represents and warrants that, prior to signing this
Agreement, it has asked such questions, received such answers and obtained such information as it has deemed necessary or advisable to
evaluate the merits and risks of the subscription of the Shares and an investment in the Company. The Buyer is not relying on any oral
representation made by any person as to the Company or its operations, financial condition or prospects.

 

    

     

    

 

(g) The Buyer understands that no federal,
state or other governmental authority has made any recommendation, findings or determination relating to the merits of an investment in
the Company.

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

Section 4.1 Incorporation and Good
Standing. The Company is an exempted company duly incorporated, validly existing, and in good standing under the laws of the Cayman
Islands.

 

Section 4.2 Power and Authority; Enforceability.
This Agreement constitutes the legal, valid, and binding obligation of the Company, enforceable against the Company in accordance with
its terms. The Company has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The
Company has taken all actions necessary to authorize the execution and delivery of this Agreement, the performance of its obligations
hereunder, and the consummation of the transactions contemplated hereby. This Agreement has been duly authorized, executed, and delivered
by, and is enforceable against, the Company.

 

Section 4.3 No Violation; Necessary
Approvals. Neither the execution and delivery of this Agreement by the Company, nor the consummation or performance by the Company
of any of the transactions contemplated hereby, will: (a) with or without notice or lapse of time, constitute, create or result in
a breach or violation of, default under, loss of benefit or right under or acceleration of performance of any obligation required under
any Law, Order, contract or Permit to which the Company is a party or by which it is bound or any of its assets are subject, or any provision
of the Company’s organizational documents as in effect on the Closing Date, (b) result in the imposition of any lien, claim
or encumbrance upon any assets owned by the Company; (c) require any Consent under any contract or organizational document to which
the Company is a party or by which it is bound; or (d) require any Permit under any Law or Order other than (i) required filings,
if any, with the SEC and (ii) notifications or other filings with state or federal regulatory agencies after the Closing that are
necessary or convenient and do not require approval of the agency as a condition to the validity of the transactions contemplated hereunder;
or (e) trigger any rights of first refusal, preferential purchase or similar rights with respect to any of the Shares.

 

Section 4.4 Authorization of the Shares.
The Shares have been duly authorized and, when issued in accordance with this Agreement and the memorandum and articles of association
of the Company, the Shares will be duly and validly issued, fully paid and non-assessable Class B ordinary shares of the Company
and will be free and clear of all Liens and claims, other than restrictions on transfer imposed by the Securities Act and applicable state
securities laws.

 

ARTICLE V

MISCELLANEOUS

 

Section 5.1 Entire Agreement.
This Agreement, together with any certificates, documents, instruments and writings that are delivered pursuant hereto, constitutes the
entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes all prior understandings, agreements,
or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof
or the transactions contemplated hereby.

 

Section 5.2 Successors. All of
the terms, agreements, covenants, representations, warranties, and conditions of this Agreement are binding upon, and inure to the benefit
of and are enforceable by, the parties hereto and their respective successors.

 

Section 5.3 Assignments. Except
as otherwise provided herein, no party hereto may assign either this Agreement or any of its rights, interests, or obligations hereunder
without the prior written approval of the other party. Any purported assignment in violation of this Section 5.3 shall
be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee.

 

    

     

    

 

Section 5.4 Waiver of Jury Trial.
THE PARTIES HERETO EACH HEREBY AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO JURY TRIAL OF ANY DISPUTE BASED UPON OR ARISING OUT OF THIS AGREEMENT
OR ANY OTHER AGREEMENTS RELATING HERETO OR ANY DEALINGS AMONG THEM RELATING TO THE TRANSACTIONS. THE SCOPE OF THIS WAIVER IS INTENDED
TO BE ALL ENCOMPASSING OF ANY AND ALL ACTIONS THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THE TRANSACTIONS, INCLUDING,
CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THE PARTIES HERETO EACH ACKNOWLEDGE
THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP AND THAT THEY WILL CONTINUE TO RELY ON THE WAIVER IN THEIR
RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND
THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. NOTWITHSTANDING ANYTHING TO
THE CONTRARY HEREIN, THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED ORALLY OR IN WRITING, AND THE WAIVER WILL APPLY
TO ANY AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING HERETO. IN
THE EVENT OF AN ACTION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO TRIAL BY A COURT.

 

Section 5.5 Counterparts. This
Agreement may be executed in two or more counterparts, each of which will be deemed an original but all of which together will constitute
one and the same instrument.

 

Section 5.6 Headings. The article
and section headings contained in this Agreement are inserted for convenience only and will not affect in any way the meaning or interpretation
of this Agreement.

 

Section 5.7 Governing Law. This
Agreement, the entire relationship of the parties hereto, and any litigation between the parties (whether grounded in contract, tort,
statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of New York,
without giving effect to its choice of laws principles.

 

Section 5.8 Amendments. This Agreement
may not be amended, modified or waived as to any particular provision, except by a written instrument executed by the parties hereto.

 

Section 5.9 Severability. The
provisions of this Agreement will be deemed severable and the invalidity or unenforceability of any provision will not affect the validity
or enforceability of the other provisions hereof; provided that if any provision of this Agreement, as applied to any party hereto or
to any circumstance, is adjudged by a Governmental Body, arbitrator, or mediator not to be enforceable in accordance with its terms, the
parties hereto agree that the Governmental Body, arbitrator, or mediator making such determination will have the power to modify the provision
in a manner consistent with its objectives such that it is enforceable, and/or to delete specific words or phrases, and in its reduced
form, such provision will then be enforceable and will be enforced.

 

Section 5.10 Expenses. Except
as otherwise expressly provided in this Agreement, each party hereto will bear its own costs and expenses incurred in connection with
the preparation, execution and performance of this Agreement and the consummation of the transactions contemplated hereby, including all
fees and expenses of agents, representatives, financial advisors, legal counsel and accountants.

 

Section 5.11 Construction. The
parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation
arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden of proof will arise
favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement. Any reference to any federal, state,
local, or foreign Law will be deemed also to refer to Law as amended and all rules and regulations promulgated thereunder, unless
the context requires otherwise. The words “include,” “includes,” and “including”
will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be
construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the
context otherwise requires. The words “this Agreement,” “herein,” “hereof,” “hereby,”
 “hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless
expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have independent
significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect, the fact that
there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity)
which such party hereto has not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation,
warranty, or covenant.

 

    

     

    

 

Section 5.12 Waiver. No waiver
by any party hereto of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, may be
deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way
any rights arising because of any prior or subsequent occurrence.

 

Section 5.13 Surrender of Share.
Upon the issue of the Shares, the Buyer hereby irrevocably surrenders to the Company for cancellation and for nil consideration one Class B
ordinary share of the Company standing in its name in the Register of Members of the Company.

 

[Signature page follows]

 

    

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Agreement to be effective as of the date first set forth above.

 

	 	COMPANY:
	 	 
	 	MERICSSON ACQUISITION CORPORATION
	 	 
	 	By:	/s/ Andy Kwok
	 	Name:	Andy Kwok
	 	Title:	Chief Executive Officer
	 	 
	 	BUYER:
	 	 
	 	MERICSSON SPONSOR LLC
	 	 
	 	By:	/s/ Andy Kwok 
	 	Name:	Andy Kwok
	 	Title:	ManagerExhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement
(this “Agreement”) is entered into as of April 30, 2021 (the “Effective Date”) by and between iBio, Inc., a Delaware
corporation (the “Company” or “iBio”), and Thomas Isett (the “Executive”), and amends, restates and
supersedes in its entirety the employment agreement between the Company and the Executive that was effective as of April 21, 2020 (“2020
Employment Agreement”).

 

In consideration of the premises
and mutual covenants contained herein, and intending to be legally bound, the parties agree as follows:

 

		1.	Employment.

 

(a)  Position.
On the terms and subject to the conditions set forth in this Agreement, the Company shall employ the Executive and the Executive shall
serve the Company as Chief Executive Officer.

 

(b)  Duties. The Executive’s duties shall be prescribed from time to time by the Board of Directors and shall include such responsibilities
as are customary for employees performing functions similar to those of the Executive. In addition, the Executive shall serve at no additional
compensation in such executive capacity or capacities with respect to any subsidiary or affiliate of the Company to which he may assigned,
provided that such duties are not inconsistent with those of a Chief Executive Officer. The Executive shall devote substantially all of
the Executive’s time and attention to the performance of the Executive’s duties and responsibilities for and on behalf of
the Company except as set forth herein or as may be consented to by the Company. Executive shall be required to travel to any Company
office, including, but not limited to, locations in Texas and Maryland.

 

(c)  
Outside Activities. Notwithstanding anything to the contrary herein, Executive shall be permitted: (i) to serve as a member of
the board of directors or advisory board (or their equivalents in the case of a non-corporate entity) of a charitable or philanthropic
organization; (ii) to engage in charitable, community or philanthropic activities or any other activities; or (iii) to serve as an executor,
trustee or in a similar fiduciary capacity; provided, that the activities set out in the foregoing clauses shall be limited by
the Executive so as not to affect, interfere or conflict with, individually or in the aggregate, the performance of the Executive's duties
and responsibilities. Any outside activities in excess of the foregoing shall require the consent of the Board of Directors.

 

(d)  Company Policies. The employment relationship between the parties shall also be subject to the Company’s personnel policies
and procedures as they may be interpreted, adopted, revised or deleted from time to time in the Company’s sole discretion. Notwithstanding
the foregoing, in the event that the terms of this Agreement differ from or are in conflict with the Company’s general employment
policies or practices, this Agreement shall control.

 

2.     Employment Term. Unless earlier terminated as provided herein, the initial term of this Agreement will be for a period of two (2)
years (the “Initial Term”); provided that thereafter this Agreement will be extended for additional one (1) year periods unless,
no later than sixty (60) days prior to the expiration of the Initial Term or any such one (1) year extension period, as the case may be,
either the Company or Executive provides notice to the other of its intent to terminate this Agreement upon the completion of the Initial
Term or any such one (1) year extension period (the period of Executive’s employment by the Company under this Agreement will be
referred to as the “Term”).

 

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3.     Compensation. The Executive shall receive, for all services rendered to the Company pursuant to this Agreement, the following:

 

(a)  Base
Salary. The Employee shall be paid a base salary at the rate of six hundred and fifty thousand dollars ($650,000.00) per annum (“Base
Salary”), less such deductions for withholding taxes required under applicable law or as otherwise authorized by the Executive.
The Base Salary shall accrue from and after the Effective Date and shall be payable during the Term) in equal periodic installments in
accordance with Company’s then current general salary payment policies. The Executive’s Base Salary shall be reviewed from
time to time by the Compensation Committee of the Board (“Compensation Committee”) and may be increased based upon the evaluation
of the Executive’s performance and the compensation policies of the Company in effect at the time of each such review.

 

(b)  Bonus.
Executive shall be eligible for a target bonus of 60% of the base salary paid to Executive during the prior fiscal year based upon the
Compensation Committee’s assessment of his performance and the performance of the Company during the prior fiscal year. In all events,
any bonus awarded pursuant to this Section 3(b) will be paid within 2-1/2 months following the end of the fiscal year for which it is
earned.

 

(c)  Options
and Performance Restricted Stock Units (“RSU”).

 

(i)     NQSOs.
Executive shall receive a grant of nonqualified stock options to purchase three million (3,000,000) shares of iBio common stock based
on the grant date stock price, subject to conditions of applicable law and the iBio, Inc. 2020 Omnibus Incentive Plan, as amended from
time to time (“Plan”) and grant agreement issued thereunder. Such options will vest at the following rates: (1) 25% of options
granted will vest one year following the grant date; and (2) after one year following the grant date, 6.25% of the options granted will
vest for each additional 3 months of employment, subject to the conditions of the Plan and grant agreement.

 

(ii)    RSUs.
The Compensation Committee shall establish performance criteria, and thereafter Executive shall receive a grant of five million (5,000,000)
performance RSUs, subject to conditions of applicable law and the Plan and grant agreement issued thereunder. Such RSUs will vest based
on the performance criteria established by the Compensation Committee, which shall be set forth in the grant agreement.

 

(d)  Benefits.
During the Term, the Company shall provide the Executive with the following benefits:

 

(i)     Company
Plans. The Executive and his dependents (as that term may be defined under the applicable benefit plan(s) of the Company) shall be
included, if and to the extent eligible thereunder, in any and all standard benefit plans, programs and policies of the Company provided
to similarly situated executives (“Benefits Plans”). The Executive acknowledges and agrees that the Benefits Plans may from
time to time be modified by the Company as it deems necessary and appropriate.

 

(ii)    Paid Time Off. During the Term, the Executive shall be entitled to paid vacation, paid holidays and other paid time off (“PTO”)
for which executives of the Company are generally eligible, in each case consistent with Company policy in effect from time to time. Any
PTO unused at the end of a calendar year is forfeited. The Executive shall not be entitled to any payments for unused PTO upon the Executive’s
termination or resignation from employment for any reason.

 

(iii)   Insurance. The Executive shall receive coverage under the Company’s Directors and Officers Liability Insurance under terms
and conditions substantially similar to other executives of the Company. The Executive acknowledges and agrees that such insurance may
from time to time be modified by the Company as it deems necessary and appropriate.

 

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(iv)   Car Allowance. The Company will reimburse the Executive on a monthly basis for all costs related to the use of one personal vehicle
for business purposes (including maintenance and fuel costs), which reimbursement will not exceed $750 per month.

 

(v)    Continuing Education. The Company will pay for all continuing education expenses incurred by the Executive up to a maximum of $7,500
per calendar year. The Executive’s time spent in attendance at any continuing education will not be considered vacation time.

 

(vi)   Relocation Assistance. If the duties of the Executive require the Executive to relocate his residence, the Executive will notify
the Board that he is required to relocate and the Board will approve of such relocation (such approval not to be unreasonably withheld).
In connection with any such relocation, the Company will reimburse the Executive for all reasonable and documented relocation expenses
incurred by the Executive and the members of his immediate household in moving to the new location, including without limitation, moving
expenses, rental payments for temporary living quarters in the area of relocation for a period not to exceed six months, real estate brokerage
commissions incurred by the Executive in connection with the sale of his then primary residence, and loan financing charges and closing
costs incurred in connection with the acquisition and financing of a new residence. The Executive shall provide all such expense reimbursement
documentation within seventy-five (75) days of incurring such expense and the Company shall reimburse the Executive within thirty (30)
days thereafter.

 

(vii)  Life Insurance. The Company agrees to pay up to $500 per month for the cost of any life insurance policy procured by Executive
while Executive remains employed by the Company.

 

(viii) Long Term Disability Insurance. The Company agrees to pay up to $2000 per month toward the cost of any long term disability policy
procured by Executive while Executive remains employed by the Company.

 

(e)  Withholding.
The Company is authorized to deduct and withhold from the Executive’s compensation all sums authorized by the Executive or necessary
or required (whether by law, court decree, executive order or otherwise), including, but not limited to, social security, income tax withholding
and otherwise, and any other amounts required by law or any taxing authority.

 

(f)   Expenses. The Company shall reimburse the Executive for all reasonable out-of-pocket expenses incurred by the Executive in connection
with the performance of the Executive's duties and responsibilities hereunder, upon presentment of a valid receipt or other usual and
customary documents evidencing such expenses. The Company will reimburse properly substantiated and timely submitted expenses in accordance
with Company policy.

 

4.     Termination.

 

(a)  The
employment of the Executive hereunder (and this Agreement) shall be terminable as described in Section 2 subject to the provisions of
this Section 4.

 

(b)  Termination
Upon Mutual Agreement. The Company and the Executive may, by mutual written agreement, terminate the employment of the Executive
hereunder (and this Agreement) at any time, in which case the Executive will be entitled only to the Standard Termination Benefits (as
defined in Section 4(i)).

 

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(c)  Termination
by the Company for Cause. The employment of the Executive hereunder (and this Agreement) shall be terminated (but after the expiration
of the cure period described in clause (v) below, if applicable), at the option of the Company, for “Cause” (as defined herein),
upon written notice to the Executive specifying the subsection(s) of the definition of Cause relied on to support the decision to terminate,
in which event the Company shall have no further obligations or liabilities under this Agreement (including, without limitation, Section
3 hereof) except to pay to the Executive the Standard Termination Benefits. Termination by the Company for Cause shall be effective immediately
after the Company gives notice to Executive of Executive’s termination, unless the Company specifies a later date, in which case,
termination shall be effective as of such later date; provided that no effective date of termination shall precede the expiration of the
cure period described in clause (v) below, if applicable. For purposes of this Agreement, “Cause” means: (i) Executive is
convicted of or Executive pleads guilty or nolo contendere to, any felony, or Executive is convicted of, or Executive pleads guilty
or nolo contendere to, any crime or offense (whether or not involving the Company or any of its affiliates) either (A) constituting
a crime of moral turpitude that is punishable by imprisonment in a state or federal correction facility, or (B) involving acts of theft,
fraud or embezzlement; (ii) Executive’s misconduct that causes material harm to the Company’s business reputation, or commission
of a material act of dishonesty involving the Company or its affiliates; (iii) Material fraud with respect to the Company or any of its
affiliates; (iv) a material breach by Executive of his obligations under this Agreement or any other written agreement with the Company,
which Executive fails to cure within 30 days after receipt of written notice of such breach; or (v) breach of the Company’s policies
or procedures which causes, or could reasonably be expected to cause, material harm to the Company or its affiliates, which Executive
fails to cure within 30 days after receipt of written notice of such breach.

 

(d)  Termination
by the Company without Cause. The employment of the Executive hereunder (and this Agreement) may be terminated at any time, at the
option of the Company without Cause. Termination by the Company without Cause shall be effective immediately after the Company gives notice
to Executive of Executive’s termination, unless the Company specifies a later date, in which case, termination shall be effective
as of such later date.

 

(e)  Termination
Upon Death of Executive. This Agreement will terminate automatically upon the death of the Executive, in which event the Company shall
have no further obligations or liabilities under this Agreement (including, without limitation, Section 3 hereof) except to pay to the
Executive’s estate or his personal representative, as the case may be, the Standard Termination Benefits.

 

(f)   
Termination Upon Disability of Executive. The employment of the Executive hereunder (and this Agreement) shall be terminated, at
the option of the Company, upon not less than thirty (30) days prior written notice to the Executive or his legal representative, as the
case may be, in the event the Executive suffers a “Total Disability” (as defined below). In this event, the Company shall
have no further obligations or liabilities under this Agreement (including, without limitation, Section 3 hereof) except to pay to the
Executive’s estate or his personal representative, as the case may be, the Standard Termination Benefits. “Total Disability”
shall mean the determination by the Company, that, because of a medically determinable disease, condition, injury or other physical
or mental disability, the Executive is unable to substantially perform the duties of the Executive required hereby, and that such disability
is determined or reasonably expected to last for a period of sixteen weeks in a six-month period unless a longer period is required by
applicable law. This definition shall be interpreted and applied consistent with the Americans with Disabilities Act, the Family and Medical
Leave Act, and other applicable law.

 

    	 	4	 

     

    

 

(g)  Resignation
by the Executive for Good Reason. The Executive shall be able to terminate this Agreement for Good Reason by providing written notice
of termination to the Company within thirty (30) days after expiration of the cure period described in the last sentence of this Section
4(g). For purposes of this Agreement, “Good Reason” means, with respect to the Executive, in each case to the extent not consented
by the Executive: (i) a material diminution in Executive’s base salary (unless applied proportionately to all similarly situated
executives), (ii) assignment to a primary worksite different than described in section 1(b) of this Agreement; (iii) a material violation
of this Agreement or any other material agreement between the Executive and the Company, by the Company; (iv) any assignment of duties
to the Executive that would require an unreasonable amount of the Executive's work time and that are duties which customarily would be
discharged by persons junior or subordinate in status to the Executive within the Company as determined in good faith by the Executive
and taking into consideration trends and customs in the market and industry in which the Company operates; provided that the Executive
shall not have Good Reason unless the Executive shall have provided the Company written notice describing such violation in sufficiently
reasonable detail for the Company to understand the breach alleged to have occurred, with such notice provided to the Company no later
than sixty (60) days after the alleged breach first occurs, and the Company shall fail to cure such alleged breach within thirty (30)
days after the Executive has provided the Company the required notice.

 

(h)  Resignation
by the Executive without Good Reason. The employment of the Executive hereunder (and this Agreement) may be terminated, at the option
of the Executive, without Good Reason, upon thirty (30) days’ prior written notice from the Executive to the Company, in which event
the Company shall have no further obligations or liabilities under this Agreement (including, without limitation, Section 3 hereof) except
to pay to the Executive the Standard Termination Benefits.

 

(i)  
Standard Termination Benefits in the Event of Separation from Employment. In the event that the Executive separates from employment
for any reason or no reason, the Company shall pay to the Executive within thirty (30) days of such termination: (i) accrued and unpaid
Base Salary in accordance with Section 3(a); (ii) any unreimbursed expenses payable in accordance with Section 3(f); (iii) any earned
but unpaid annual bonus from a prior fiscal year; and (iv) any amounts payable under any of the benefit plans of the Company in which
the Executive was a participant in accordance with applicable law and the terms of those plans (collectively, the “Standard Termination
Benefits”).

 

(j)  Severance. If the Company terminates the Executive’s employment without Cause, provided the Executive executes and does not
revoke a Separation Agreement in a form mutually acceptable to the Parties, the Executive shall receive, in addition to the Standard Termination
Benefits: (i) an amount equal to the Executive’s then current Base Salary for twenty-four (24) months (the “Severance Period”),
less all applicable withholdings and deductions paid in equal installments in accordance with the Company’s regular payroll dates,
(ii) an amount equal a pro rata share of any bonus earned by the Executive during the fiscal year in which occurs Executive’s Separation
from Service, based on actual attainment of metrics upon which the bonus is calculated (as determined by the Compensation Committee of
the Board), with the proration based on the number of days worked during the fiscal year paid at the time and in the manner the Company
pays bonuses to similarly-situated employees; (iii) an amount equal to the target bonus for Executive for the twenty-four (24) month severance
period paid, less all lawful deductions, ratably on the same schedule as Base Salary payments; and (iv) provided Executive elects continuation
coverage for health insurance under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), the Company will
pay the full cost of this benefit for up to eighteen (18) months. If the Executive has not obtained alternative employer-provided health
coverage by the end of the eighteen (18) month COBRA subsidy period, the Company shall provide the Executive with a lump sum cash payment
equal to six times the monthly amount paid by the Company for the COBRA subsidy, with such payment made within thirty (30) days following
the end of the COBRA subsidy period. Notwithstanding the foregoing, timing of payments under this Section 4(j) shall be subject to Section
7 (relating to Section 409A of the Internal Revenue Code).

 

    	 	5	 

     

    

 

(k)  
Separation After a Change in Control. If the Company terminates the Executive’s employment without Cause within twelve (12)
months after a “change in control” (as defined in the Plan), or the Executive terminates employment with the Company for Good
Reason within twelve (12) months after a “change in control” (as defined in the Plan), provided the Executive executes and
does not revoke a Separation Agreement in a form mutually acceptable to the Parties, the Executive shall receive, in addition to Standard
Termination benefits (i) a lump sum payment equal to twenty-four (24) months of Executive’s then current Base Salary, less all applicable
withholdings and deductions, payable no later than 60 days following the Executive’s employment termination, (ii) an amount equal
to a pro rata share of the Executive’s target bonus for the fiscal year in which occurs Executive’s Separation from Service,
with the proration based on the number of days worked during the fiscal year, payable no later than 60 days following the Executive’s
employment termination; (iii) vesting of any unvested time-based equity awards held by the Executive at such time; (iv) an amount equal
to two hundred percent (200%) of the Executive’s target bonus for the year of employment termination, payable in a lump sum no later
than 60 days following the Executive’s employment termination; and (v) provided Executive elects continuation coverage for health
insurance under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), the Company will pay the full cost of
this benefit for up to eighteen (18) months. If the Executive has not obtained alternative employer-provided health coverage by the end
of the eighteen (18) month COBRA subsidy period, the Company shall provide the Executive with a lump sum cash payment equal to six times
the monthly amount paid by the Company for the COBRA subsidy, with such payment made within thirty (30) days following the end of the
COBRA subsidy period. Notwithstanding the foregoing, timing of payments under this Section 4(j) shall be subject to Section 7 (relating
to Section 409A of the Internal Revenue Code).

 

5.    
Assignment of Intellectual Property Rights. In consideration of his employment, the Executive agrees to be bound by this Section
5.

 

(a)  General.
The Executive agrees to assign, and hereby assigns, to the Company all of his rights in any Inventions (as hereinafter defined) (including
all Intellectual Property Rights (as hereinafter defined) therein or related thereto) that are made, conceived or reduced to practice,
in whole or in part and whether alone or with others, by his during his employment by, or service with, the Company or which arise out
of any activity conducted by, for or under the direction of the Company (whether or not conducted at the Company's facilities, working
hours or using any of the Company's assets), or which are useful with, or relate directly or indirectly to, any Company Interest (as defined
below). The Executive will promptly and fully disclose and provide all of the Inventions described above (the “Assigned Inventions”)
to the Company.

 

(b)  Assurances.
The Executive hereby agrees, during the Term and thereafter, to further assist the Company, at the Company’s expense, to evidence,
record and perfect the Company’s rights in and ownership of the Assigned Inventions, to perfect, obtain, maintain, enforce and defend
any rights specified to be so owned or assigned and to provide and execute all documentation necessary to effect the foregoing.

 

    	 	6	 

     

    

 

(c)  Definitions.
 “Company Interest” means any business of the Company or any product, service, Invention or Intellectual Property Right that
is used or under consideration or development by the Company. “Intellectual Property Rights” means any and all intellectual
property rights and other similar proprietary rights in any jurisdiction, whether registered or unregistered, and whether owned or held
for use under license with any third party, including all rights and interests pertaining to or deriving from: (a) patents and patent
applications, reexaminations, extensions and counterparts claiming property therefrom; inventions, invention disclosures, discoveries
and improvements, whether or not patentable; (b) computer software and firmware, including data files, source code, object code and software-related
specifications and documentation; (c) works of authorship, whether or not copyrightable; (d) trade secrets (including those trade secrets
defined in the Uniform Trade Secrets Act and under corresponding statutory law and common law), business, technical and know-how information,
non-public information, and confidential information and rights to limit the use of disclosure thereof by any person; (e) trademarks,
trade names, service marks, certification marks, service names, brands, trade dress and logos and the goodwill associated therewith; (f)
proprietary databases and data compilations and all documentation relating to the foregoing, including manuals, memoranda and record;
(g) domain names; and (h) licenses of any of the foregoing; including in each case any registrations of, applications to register, and
renewals and extensions of, any of the foregoing with or by any governmental authority in any jurisdiction. “Invention”
means any products, process, ideas, improvements, discoveries, inventions, designs, algorithms, financial models, writings, works of authorship,
content, graphics, data, software, specifications, instructions, text, images, photographs, illustration, audio clips, trade secrets and
other works, material and information, tangible or intangible, whether or not it may be patented, copyrighted or otherwise protected (including
all versions, modifications, enhancements and derivative work thereof).

 

6.    
Restrictive Covenants. The Executive acknowledges and agrees that he has and will have access to secret and confidential information
of the Company, its affiliates, and its subsidiaries (“Confidential Information”) and that the following restrictive
covenants are necessary to protect the interests and continued success of the Company. As used in this Agreement, Confidential Information
includes, without limitation, all information of a technical or commercial nature (such as research and development information, patents,
trademarks and copyrights and applications thereto, formulas, codes, computer programs, software, methodologies, processes, innovations,
software tools, know-how, knowledge, designs, drawings specifications, concepts, data, reports, techniques, documentation, pricing information,
marketing plans, customer and prospect lists, trade secrets, financial information, salaries, business affairs, suppliers, profits, markets,
sales strategies, forecasts and personnel information), whether written or oral, relating to the business and affairs of the Company,
its customers and/or other business associates which has not been made available to the general public.

 

(a)  Confidentiality.
The Executive shall not disclose any Confidential Information to any person or entity at any time during the Term or after the separation
of Executive from employment with the Company.

 

(b)  Non-Compete.
In consideration of the employment hereunder, the Executive agrees that during his employment and for a period of two (2) years thereafter
(one (1) year thereafter if the Executive terminates employment under a circumstance in which severance payments under Sections 4(j) and
(i) are not available), the Executive will not (and will cause any entity controlled by the Executive not to), directly or indirectly,
whether or not for compensation and whether or not as an employee, be engaged in or have any financial interest in any business competing
with the business of the Company within any state within the United States or solicit, advise, provide services or products of the same
or similar nature to services or products of the Company to any person or entity. For purposes of this Agreement, the Executive will be
deemed to be engaged in or to have a financial interest in such competitive business if he is an executive, officer, director, shareholder,
joint venturer, salesperson, consultant, investor, advisor, principal or partner, of any person, partnership, corporation, trust or other
entity which is engaged in such a competitive business, or if he directly or indirectly performs services for such an entity in a capacity
the same as or similar to that which Executive performed for the Company; provided, however, that the foregoing will not
prohibit the Executive from owning, for the purpose of passive investment, less than 2% of any class of securities of a publicly held
corporation or performing work for competitive business if such work is not similar to the work performed by Executive for the Company.

 

    	 	7	 

     

    

 

(c)  Non-Solicitation/Non-Interference.
The Executive agrees that during the Term and for an additional two (2) years after the separation of Executive from employment with the
Company (one (1) year thereafter if the Executive terminates employment under a circumstance in which severance payments under Sections
4(j) and (i) are not available), the Executive shall not (and shall cause any entity controlled by the Executive not to), directly or
indirectly: (i) solicit, request or otherwise attempt to induce or influence, directly or indirectly, any present client, distributor,
licensor or supplier, or prospective client with whom the Company has had significant contact, distributor, licensor or supplier, of the
Company, or other persons sharing a business relationship with the Company, to cancel, limit or postpone their business with the Company,
or otherwise take action which might cause a financial disadvantage of the Company; or (ii) hire or solicit for employment, directly or
indirectly, or induce or actively attempt to influence, any employee, officer, director, agent, contractor or other business associate
of the Company, to terminate his or his employment or discontinue such person’s consultant, contractor or other business association
with the Company. For purposes of this Agreement the term “prospective client” shall mean any person, group of associated
persons or entity whose business the Company has directly solicited within the one-year period prior to the termination of his employment.

 

(d)  Non-Disparagement.
Executive agrees that he will not in any way disparage the Company, including current or former officers, directors and employees, nor
will he make or solicit any comments, statements or the like to the media or to others that may be considered to be disparaging, derogatory
or detrimental to the good name or business reputation of the Company. The Company agrees that after Executive’s separation from
employment, its officers and directors will not in any way disparage Executive or make or solicit any comments, statements or the like
to the media or to others that is disparaging, derogatory or detrimental to the good name or business reputation of Executive.

 

(e)  If the
Company, in its reasonable discretion, determines that the Executive violated any of the restrictive covenants contained in this Section
6, the applicable restrictive period shall be increased by the period of time from the commencement of any such violation until the time
such violation shall be cured by the Executive to the satisfaction of the Company. Executive agrees that a violation of any of the restrictive
covenants contained in this Section 6 shall constitute grounds for forfeiture of any equity-based awards granted to Executive by the Company
(regardless of the extent to which Executive has vested in such awards), and grounds for the Company to recoup from the Executive any
proceeds of equity-based awards granted to Executive by the Company.

 

(f)   
In the event that either any scope or restrictive period set forth in this Section 6 is deemed to be unreasonably restrictive or unenforceable
in any court proceeding, the scope and/or restrictive period shall be reduced to equal the maximum scope and/or restrictive period allowable
under the circumstances.

 

(g)  The
Executive acknowledges and agrees that in the event of a breach or threatened breach of the provisions of this Section 6 by the Executive,
the Company may suffer irreparable harm and, therefore, in advance of arbitration, the Company shall be entitled to seek immediate injunctive
relief restraining the Executive from such breach or threatened breach of the restrictive covenants contained in this Section 5 in a court
of competent jurisdiction in the State of Maryland. Nothing herein shall be construed as prohibiting the Company from pursuing any other
remedies available to it in arbitration for such breach or threatened breach, including the recovery of damages from the Executive. The
Company acknowledges and agrees that in the event of a breach or threatened breach of the provisions of Section by the Company, the Executive
may suffer irreparable reputation harm and, therefore, the Executive shall be entitled to seek immediate injunctive relief restraining
the Company from such breach or threatened breach of the restrictive covenants contained in Section. Nothing herein shall be construed
as prohibiting the Executive from pursuing any other remedies available to him for such breach or threatened breach, including the recovery
of damages from the Company.

 

    	 	8	 

     

    

 

(h)  Under
the federal Defend Trade Secrets Act of 2016 (18 U.S.C. § 1833(b)), “An individual shall not be held criminally or civilly
liable under any Federal or State trade secret law for the disclosure of a trade secret that—(A) is made—(i) in confidence
to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of
reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding,
if such filing is made under seal.” Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create
liability for disclosures of trade secrets that are expressly allowed by 18 U.S.C. § 1833(b). Accordingly, the parties to this
Agreement have the right to disclose in confidence trade secrets to federal, state, and local government officials, or to an attorney,
for the sole purpose of reporting or investigating a suspected violation of law. The parties also have the right to disclose trade secrets
in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure.

 

7.    
Sections 409A and 280G of the Internal Revenue Code.

 

(a)  Separation
from Service. Notwithstanding anything in this Agreement to the contrary, to the extent that any severance or other payments or benefits
paid or provided to Executive, if any, under this Agreement are considered deferred compensation subject to Section 409A of the Internal
Revenue Code of 1986, as amended (“Code”) and the final regulations and any guidance promulgated thereunder (“Section
409A”) (such payments, the “Deferred Payments”), then to the extent required by Section 409A, no Deferred Payments will
be payable unless Executive’s termination of employment also constitutes a “separation from service,” as defined in
Treasury Regulations Section 1.409A-1(h) (a “Separation from Service”). Similarly, no Deferred Payments payable to Executive,
if any, under this Agreement that otherwise would be exempt from Section 409A pursuant to Treasury Regulations Section 1.409A-1(b)(9)
will be payable until Executive has a Separation from Service. For clarity, if Executive’s employment with the Company is terminated
by Executive or the Company (including, without limitation, by resignation) in a manner entitling Executive to Severance Benefits, but
the Executive does not incur a Separation from Service, then any severance payments or benefits that are Deferred Payments and that are
not immediately payable under this Section 7(a) will instead be paid to Executive when Executive incurs a Separation from Service, as
if termination of employment occurred on such date notwithstanding that Executive may no longer be employed under this Agreement.

 

(b)  Payment
Delay. If, at the time of Executive’s Separation from Service, the Company determines that Executive is a “specified employee”
for purposes of Section 409A(a)(2)(B)(i) of the Code and that delayed commencement of any portion of the Deferred Payments is required
to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code (any such delayed commencement, a “Payment Delay”),
then that portion of the Deferred Payments will not be provided to Executive until the earlier of (i) the expiration of the six-month
period measured from the date of Executive’s Separation from Service, (ii) the date of Executive’s death, or (iii) such earlier
date as is permitted under Section 409A. Upon the expiration of the applicable Code Section 409A(a)(2)(B)(i) deferral period, all Deferred
Payments deferred under the Payment Delay will be paid in a lump sum to Executive within 30 days following such expiration, and any remaining
payments due under this Agreement will be paid as otherwise provided in this Agreement. The determination of whether Executive is a “specified
employee” for purposes of Section 409A(a)(2)(B)(i) of the Code at the time of Executive’s Separation from Service will be
made by the Company, in its discretion, in accordance with Section 409A (including, without limitation, Treasury Regulations Section 1.409A-1(i)).
For purposes of Section 409A (including, without limitation, for purposes of Treasury Regulations Section 1.409A-2(b)(2)(iii)), Executive’s
right to receive the payments under this Agreement, including the severance payments and benefits, will be treated as a right to receive
a series of separate payments and, accordingly, each installment payment will at all times be considered a separate and distinct payment.

 

    	 	9	 

     

    

 

(c)  Payment
of Severance Upon Execution of a Release of Claims. Severance payments shall begin upon expiration of the revocation period under
the general release of claims described in Sections 4(d) and (g) (which release shall be executed by the Executive within 45 days following
termination of employment), and the first payment made shall include amounts that would have been paid for preceding payroll periods had
the general release of claims been executed and effective immediately upon the Executive’s termination of employment.  Notwithstanding
the foregoing, if the period for signing and revoking the general release of claims spans two calendar years, any portion of the severance
that is subject to Section 409A shall not be paid until the first payroll date in the second calendar year following expiration of the
revocation period. 

 

(d)  Expense
Reimbursement. If required for compliance with Section 409A of the Code, any expenses incurred by Executive that are reimbursed by
the Company as a taxable reimbursement under this Agreement will be paid in accordance with Treasury Regulations Section 1.409A-3(i)(1)(iv)
and in accordance with the Company’s standard expense reimbursement policies, but in any event on or before the last day of Executive’s
taxable year following the taxable year in which Executive incurred the expenses. The amounts so reimbursed during any taxable year of
Executive will not affect the amounts provided in any other taxable year of Executive, and Executive’s right to reimbursement for
these amounts will not be subject to liquidation or exchange for any other benefit.

 

(e)  Section
280G of the Code. Notwithstanding any provision of this Agreement to the contrary, if any payment or benefit the Executive would receive
from the Company pursuant to this Agreement or otherwise (a “Payment”) would (i) constitute a “parachute payment”
within the meaning of Section 280G of the Code and (ii) but for this Section 7(d), be subject to the excise tax imposed by Section 4999
of the Code (the “Excise Tax”), then such Payment will be equal to the Reduced Amount (as defined below). The “Reduced
Amount” will be either (1) the largest portion of the Payment that would result in no portion of the Payment (after reduction) being
subject to the Excise Tax or (2) the entire Payment, whichever amount after taking into account all applicable federal, state and local
employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate, net of the maximum reduction
in federal income taxes which could be obtained from a deduction of such state and local taxes), results in the Executive’s receipt,
on an after-tax basis, of the greatest amount of the Payment. If a reduction in the Payment is to be made, the reduction in payments and/or
benefits will occur in the following order: (1) reduction of cash payments; and (2) reduction of other benefits paid to the Executive.
In the event that acceleration of vesting of equity award compensation is to be reduced, such acceleration of vesting will be cancelled
in the reverse order of the date of grant of the Executive’s equity awards. This Section 7(e) shall supersede Section 12.1 of the
Plan relating to Section 280G of the Code.

 

8.    
Attorneys’ Fees. If any action at law or in equity (including arbitration) is necessary to enforce or interpret the terms
of any provision of this Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements
in addition to any other relief to which such party may be entitled pursuant to the underlying action.

 

9.    
No Conflicts. The Executive represents and warrants to the Company that the execution, delivery and performance by the Executive
of this Agreement do not conflict with or result in a violation or breach of, or constitute (with or without the giving of notice or the
lapse of time or both) a default under any contract, agreement or understanding, whether oral or written, to which the Executive is a
party or by which the Executive is bound and that there are no restrictions, covenants, agreements or limitations on the Executive’s
right or ability to enter into and perform the terms of this Agreement, and the Executive agrees to indemnify and save the Company harmless
from any liability, cost or expense, including attorney's fees, based upon or arising out of any breach of this Section 9.

 

    	 	10	 

     

    

 

10.  Waiver.
The waiver by either party of any breach by the other party of any provision of this Agreement shall not operate or be construed as a
waiver of any subsequent breach by such party. No person acting other than pursuant to a resolution of the Company shall have authority
on behalf of the Company to agree to amend, modify, repeal, waive or extend any provision of this Agreement.

 

11.  Assignment.
This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Company. This Agreement shall inure
to the benefit of and be enforceable by the Executive or his legal representatives, executors, administrators and heirs. The Executive
may not assign any of the Executive’s duties, responsibilities, obligations or positions hereunder to any person and any such purported
assignment by the Executive shall be void and of no force and effect.

 

12.  Notices.
All notices, requests, demands and other communications which are required or may be given pursuant to this Agreement shall be in writing
and shall be deemed to have been duly given when received if personally delivered; upon confirmation of transmission if sent by telecopy,
electronic or digital transmission; the day after it is sent, if sent for next day delivery to a domestic address by recognized overnight
delivery service (e.g., Federal Express); and upon receipt, if sent by certified or registered mail, return receipt requested. In each
case notice shall be sent to:

 

	If to Executive, addressed to:	If to the Company, addressed to:
	####	
    iBio, Inc.

    8800 HSC Parkway

    Bryan, TX 77807

    ATTN: Presiding/Lead Independent Director

    Cc: legal@ibioinc.com

 

or to such other place and
with such other copies as either party may designate as to itself by written notice to the others.

 

13.  Miscellaneous.

 

(a)  Governing Law;
Jurisdiction/Venue. This Agreement shall be governed by and its provisions construed and enforced in accordance with the laws of Maryland
without reference to its principles regarding conflicts of law.

 

(b)  Arbitration.
The Parties mutually agree that any and all claims or controversies arising out of or relating to Employee’s employment, the termination
thereof, or otherwise arising between Executive and the Company shall, in lieu of a jury or other civil trial, be settled by final and
binding arbitration. This includes all claims between the parties. The parties also agree to submit claims to the arbitrator regarding
issues of arbitrability, the validity, scope, and enforceability of this Agreement, jurisdictional issues, and any other challenges to
this Agreement. Nothing in this Agreement shall be construed to prevent either party’s use of provisional remedies in aid of arbitration
from a court of appropriate jurisdiction including, but not limited to, claims for temporary or preliminary injunctive relief as described
in section 6. The Parties consent to the jurisdiction of the Baltimore County Maryland courts and if the jurisdictional prerequisites
exist, the United States District Court of Maryland for such provisional relief. Such arbitration shall be conducted in accordance with
the JAMS Employment Arbitration Rules & Procedures. Any such arbitration will be conducted in Maryland. Except as otherwise provided
by applicable law, the administrative costs of the arbitration (filing fees, cost for the arbitration site, hearing fees, arbitrator’s
fee) shall be paid by the Company. The Parties agree that to the extent, if any, Executive may have a non-waivable right to file a claim
or charge against the Company (such as claims for unemployment benefits, workers’ compensation benefits, or charges of discrimination
with the Equal Employment Opportunity Commission), this Agreement shall not be intended to waive such a right to file. If Executive or
the Company arbitrates a claim against the other, neither the Executive nor the Company shall, without written consent of the other party,
have the right to participate in a class action in court or in arbitration, either as a class representative or a class member or join
or consolidate claims with any other claims asserted by any other person. In the event any portion of this agreement is found to be unenforceable,
that portion shall not be effective and the remainder of the agreement shall remain effective.

 

    	 	11	 

     

    

 

(c)  Waiver of Jury
Trial. To the extent either party is found to have a right to proceed with any action outside an arbitral forum, the parties hereby
waive their respective rights to a trial by jury, and further agree that no demand, request or motion will be made for trial by jury.

 

(d)  Severability.
In the event that any one or more of the provisions of this Agreement shall be held to be invalid, illegal or unenforceable, the validity,
legality or enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

(e)  Headings.
The descriptive headings of the several paragraphs of this Agreement are inserted for convenience of reference only and shall not constitute
a part of this Agreement.

 

(f)    Entire
Agreement. This Agreement contains the entire agreement of the parties concerning the Executive’s employment and all promises,
representations, understandings, arrangements and prior agreements on such subject are merged herein and superseded hereby.

 

(g)  Representation
by Counsel. Each of the parties hereto acknowledges that: (i) it or he has read this Agreement in its entirety and understands
all of its terms and conditions; (ii) it or he has had the opportunity to consult with any individuals of its or his choice regarding
its or his agreement to the provisions contained herein, including legal counsel of its or his choice, and any decision not to was its
or his alone; and (iii) it or he is entering into this Agreement of its or his own free will, without coercion from any source.

 

(h)  Survival.
The provisions of Sections 4 through 8, and this Section 13 shall survive termination of this Agreement.

 

(i)    Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which together shall
constitute one and the same Agreement. Delivery of facsimile or .pdf, or other electronic copies (complying with the U.S. federal ESIGN
Act of 2000 (e.g., www.docusign.com)) of signature pages for this Agreement shall be valid and treated for all purposes as delivery of
the originals.

 

    	 	12	 

     

    

   

IN WITNESS WHEREOF, the Company
has caused this Agreement to be executed by its duly authorized officer and the Executive has set his hand, all as of the day and year
first above written.

 

	 	iBio,
    Inc.
	 	 	 	 
	 	 	 	 
	 	By:	 	/s/General
    James T. Hill
	 	 	 	General
    James T. Hill, Presiding Director Executive
	 	 	 	 
	 	 	 	 
	 	/S/Thomas
    F. Isett
	 	Thomas
    F. Isett

 

    	 	13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}]]