Document:

EXHIBIT 10.1

FORM OF SECURITIES PURCHASE AGREEMENT

          This
Securities Purchase Agreement (this “Agreement”) is dated as of
__________ ___, 2010 among iBio, Inc., a Delaware corporation (the “Company”),
and each purchaser identified on the signature pages hereto (each, including
its successors and assigns, a “Purchaser” and collectively the “Purchasers”).

          WHEREAS,
subject to the terms and conditions set forth in this Agreement and pursuant to
Section 4(2) of the Securities Act of 1933, as amended (the “Securities Act”),
and Rule 506 promulgated thereunder, the Company desires to issue and sell to
each Purchaser, and each Purchaser, severally and not jointly, desires to
purchase from the Company, shares of common stock of the Company and an equal
number of warrants to purchase common stock of the Company, as more fully
described in this Agreement.

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

ARTICLE I

DEFINITIONS

          1.1. Definitions.
In addition to the terms defined elsewhere in this Agreement the following
terms have the meanings set forth in this Section 1.1:

          “Affiliate”
means any Person that, directly or indirectly through one or more
intermediaries, controls or is controlled by or is under common control with a
Person, as such terms are used in and construed under Rule 405 under the
Securities Act. With respect to a Purchaser, any investment fund or managed
account that is managed on a discretionary basis by the same investment manager
as such Purchaser will be deemed to be an Affiliate of such Purchaser.

          “Board
of Directors” means the board of directors of the Company.

          “Business
Day” means any day except any Saturday, any Sunday, any day which is a
federal legal holiday in the United States or any day on which banking
institutions in the State of New York are authorized or required by law or
other governmental action to close.

          “Closing”
or “Closings” means the closing of the purchase and sale of the
Securities pursuant to Section 2.2.

          “Closing
Date” means the Trading Day when all of the Transaction Documents have been
executed and delivered by the applicable parties thereto, and all conditions
precedent to (i) the Purchasers’ obligations to pay the applicable Purchase
Amount and (ii) the Company’s obligations to deliver the applicable Securities
have been satisfied or waived.

          “Commission”
means the Securities and Exchange Commission.

          “Common
Stock” means the common stock of the Company, par value $0.001 per share.

          “Company
Counsel” means Andrew Abramowitz, PLLC, with offices located at 565 Fifth
Avenue, 9th Floor, New York, New York 10017.

          “Disclosure
Schedules” shall have the meaning ascribed to such term in Section 3.1.

          “Effective
Date” means the date that the initial Registration Statement filed by the
Company pursuant to the Registration Rights Agreement is first declared
effective by the Commission.

          “Escrow
Agent” shall mean Signature Bank, with offices located at 261 Madison Ave,
New York, New York 10016.

          “Escrow Agreement”
shall mean the escrow agreement entered into prior to or on the date hereof, by
and among the Company and the Escrow Agent pursuant to which the Purchasers
shall deposit Purchase Amounts with the Escrow Agent to be applied to the
transactions contemplated hereunder.

          “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules
and regulations promulgated thereunder.

          “Financial
Statements” shall have the meaning assigned to such term in Section 3.1(m).

          “June
Registration Statement” shall have the meaning assigned to such term in
Section 3.2(e).

          “Liens”
means a lien, charge, security interest, encumbrance, right of first refusal,
preemptive right or other similar restriction.

          “Material
Adverse Effect” shall have the meaning assigned to such term in Section
3.1(b).

          “Noble
Financial” shall have the meaning assigned to such term in Section 3.1(n).

          “Person”
means an individual or corporation, partnership, trust, incorporated or
unincorporated association, joint venture, limited liability company, joint
stock company, government (or an agency or subdivision thereof) or other entity
of any kind.

          “Placement
Agent” shall have the meaning assigned to such term in Section 3.2(h).

          “Proceeding”
means an action, claim, suit, investigation or proceeding (including, without
limitation, an informal investigation or partial proceeding, such as a
deposition), whether commenced or threatened.

          “Purchase
Amount” means, as to each Purchaser, the aggregate amount to be paid for
Securities purchased hereunder as specified below such Purchaser’s name on the
signature page

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of this Agreement and next to the heading “Purchase Amount,” in United
States dollars and in immediately available funds.

          “Registration
Rights Agreement” means the Registration Rights Agreement, dated the date
hereof, among the Company and the Purchasers, in the form of Exhibit A
attached hereto.

          “Registration
Statement” means a registration statement meeting the requirements set
forth in the Registration Rights Agreement and covering the resale of the
Shares, and the shares of Common Stock underlying the Warrants, by each
Purchaser as provided for in the Registration Rights Agreement.

          “Required
Approvals” shall have the meaning ascribed to such term in Section 3.1(e).

          “Rule
144” means Rule 144 promulgated by the Commission pursuant to the
Securities Act, as such Rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission having substantially the
same effect as such Rule.

          “SEC
Documents” shall have the meaning ascribed to such term in Section 3.1(m).

          “Securities”
means, collectively, the Shares and the Warrants.

          “Shares”
means the shares of Common Stock sold to each Purchaser pursuant to this
Agreement.

          “Subsidiary”
means any direct or indirect subsidiary of the Company and shall, where
applicable, include any direct or indirect subsidiary of the Company formed or
acquired after the date hereof.

          “Trading
Day” means a day on which the New York Stock Exchange is open for trading.

          “Trading
Market” means the following markets or exchanges on which the Common Stock
is listed or quoted for trading on the date in question: NYSE Amex Equities,
the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select
Market, or the New York Stock Exchange or the OTC Bulletin Board.

          “Transaction
Documents” means this Agreement, the Registration Rights Agreement, the
Warrants, the Escrow Agreement, all exhibits and schedules thereto and hereto
and any other documents or agreements executed in connection with the
transactions contemplated hereunder.

          “Transfer
Agent” means Continental Stock Transfer & Trust Company, the current
transfer agent of the Company with a mailing address of 17 Battery Place, New
York, New York 10004, and a facsimile number of (212) 509-5150, and any
successor transfer agent of the Company.

          “Warrants”
means the warrants to purchase shares of Common Stock issued to each Purchaser
pursuant to this Agreement, in the form of Exhibit B attached hereto.

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ARTICLE II

PURCHASE AND SALE

          2.1. Signing.
On the Closing Date, upon the terms and subject to the conditions set forth
herein, the Company agrees to sell, and the Purchasers, severally and not
jointly, agree to purchase, a minimum of $6,000,000 and a maximum of $8,000,000
of Securities. The Closing Date shall be no later than October 29, 2010, which
deadline may be extended by up to thirty (30) days upon the mutual written
consent of the Company and the Placement Agent. On or prior to the Closing
Date, each Purchaser shall deliver (1) to the Escrow Agent, via wire transfer
or a certified check, immediately available funds equal to its Purchase Amount
and (2) to the Company, this Agreement duly executed by such Purchaser. On or
prior to the Closing Date, the Company shall deliver to each Purchaser, this Agreement
duly executed by the Company.

          2.2. Closing.
On the Closing Date, upon the terms and subject to the conditions set forth
herein, the Company shall deliver to each Purchaser its respective Securities,
as determined pursuant to Section 2.3(a), and the Company and each Purchaser
shall deliver the other items set forth in Section 2.3 deliverable at the
Closing. Upon satisfaction of the conditions set forth in Sections 2.3 and 2.4,
the Closing shall occur at the offices of Company Counsel or such other
location as the parties shall mutually agree. The parties hereto acknowledge
that there may be more than one Closing in connection with transactions
contemplated by this Agreement in the event that the conditions to Closing set
forth in Section 2.4(a) are not met as to any Purchaser as of the time of the
first Closing, in order to allow for the sale of Securities to such Purchaser
on a date subsequent to the first Closing; provided, that any subsequent
Closings shall occur within ten (10) days of the first Closing.

          2.3. Closing
Deliveries.

          (a) On the
Closing Date, the Company shall deliver or cause to be delivered to each
Purchaser the following:

	
  

 	
  

 	
  

 
	
  

 	
 (i)

 	
 irrevocable instructions to the Transfer Agent instructing the
 Transfer Agent to deliver a certificate evidencing a number of Shares equal
 to such Purchaser’s Purchase Amount divided by the per share purchase price
 of $2.00 (the “Purchase Price”), registered in the name of such
 Purchaser; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (ii)

 	
 the Registration Rights Agreement in the form attached hereto as Exhibit A
 duly executed by the Company;

 
	
  

 	
  

 	
  

 
	
  

 	
 (iii)

 	
 a Warrant in the form attached hereto as Exhibit B duly
 executed by the Company, exercisable for the number of shares of Common Stock
 equal to such Purchaser’s Purchase Amount divided by the Purchase Price, with
 an exercise price equal to $2.20 per share, registered in the name of such
 Purchaser; and

 
	
  

 	
  

 	
  

 
	
  

 	
 (iv)

 	
 an opinion of Company Counsel, in form and substance satisfactory to
 the Company and the Placement Agent.

 

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          (b) On or
before the Closing Date, each Purchaser shall deliver or cause to be delivered
to the Company and the Placement Agent (or, in case of the Purchase Amount, to
the Escrow Agent) the following:

	
  

 	
  

 	
  

 
	
  

 	
 (i)

 	
 the Registration Rights Agreement duly executed by such Purchaser; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (ii)

 	
 the Accredited Investor Questionnaire; and

 
	
  

 	
  

 	
  

 
	
  

 	
 (ii)

 	
 the Purchase Amount.

 

          2.4. Closing
Conditions.

          (a) The
obligations of the Company hereunder in connection with the Closing as to any
Purchaser are subject to the following conditions being met:

	
  

 	
  

 	
  

 
	
  

 	
 (i)

 	
 the accuracy in all material respects on the Closing Date of the
 representations and warranties of such Purchaser contained herein;

 
	
  

 	
  

 	
  

 
	
  

 	
 (ii)

 	
 all obligations, covenants and agreements of such Purchaser required
 to be performed at or prior to the Closing Date shall have been performed;
 and

 
	
  

 	
  

 	
  

 
	
  

 	
 (iii)

 	
 the delivery by such Purchaser of the items set forth in Section
 2.3(b) of this Agreement.

 
	
  

 	
  

 	
  

 
	
           (b) The
 respective obligations of the Purchasers hereunder in connection with the
 Closing are subject to the following conditions being met:

 
	
  

 	
  

 	
  

 
	
  

 	
  (i)

 	
 the accuracy in all material respects when made and on the Closing
 Date of the representations and warranties of the Company contained herein;

 
	
  

 	
  

 	
  

 
	
  

 	
 (ii)

 	
 all obligations, covenants and agreements of the Company required to
 be performed at or prior to the Closing Date shall have been performed;

 
	
  

 	
  

 	
  

 
	
  

 	
 (iii)

 	
 the delivery by the Company of the items set forth in Section 2.3(a)
 of this Agreement; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (iv)

 	
 there shall have been no Material Adverse Effect with respect to the
 Company since the date hereof; and

 
	
  

 	
  

 	
  

 
	
  

 	
 (v)

 	
 from the date hereof to the Closing Date, trading in the Common Stock
 shall not have been suspended by the Commission or the Company’s principal
 Trading Market (except for any suspension of trading of limited duration
 agreed to by the Company, which suspension shall be terminated prior to the
 Closing), and, at any time prior to the Closing Date, trading in securities
 generally as reported by Bloomberg L.P. shall not have been suspended or
 limited, or minimum prices shall not have been established on securities
 whose trades are reported by such service, or on any Trading Market, nor
 shall a banking moratorium have been declared either by the

 

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 United States or New York State authorities nor shall there have
 occurred any material outbreak or escalation of hostilities or other national
 or international calamity of such magnitude in its effect on, or any material
 adverse change in, any financial market which, in each case, in the
 reasonable judgment of each Purchaser, makes it impracticable or inadvisable
 to purchase the Securities at the Closing.

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES

          3.1. Representations
and Warranties of the Company. Except as set forth under the corresponding
section of the disclosure schedules delivered to the Purchasers concurrently
herewith (the “Disclosure Schedules”), attached hereto as Exhibit C,
which Disclosure Schedules shall be deemed a part hereof, the Company hereby
makes the representations and warranties set forth below to each Purchaser:

          (a) Subsidiaries.
The Company has no Subsidiaries. Any references to the Subsidiaries or any of
them in the Transaction Documents shall be disregarded, unless such references
are to Subsidiaries formed after the date hereof.

          (b) Organization
and Qualification. The Company is an entity duly incorporated or otherwise
organized, validly existing and in good standing under the laws of the
jurisdiction of its incorporation, with the requisite power and authority to
own and use its properties and assets and to carry on its business as currently
conducted. The Company is not in violation or default of any of the provisions
of its certificate of incorporation, bylaws or other organizational or charter
documents. The Company is duly qualified to conduct business and is in good
standing as a foreign corporation in each jurisdiction in which the nature of
the business conducted or property owned by it makes such qualification
necessary, except where the failure to be so qualified or in good standing, as
the case may be, could not have or reasonably be expected to result in (i) a
material adverse effect on the legality, validity or enforceability of any
Transaction Document, (ii) a material adverse effect on the results of
operations, assets, business, properties or condition (financial or otherwise)
of the Company and the Subsidiaries, taken as a whole, or (iii) a material
adverse effect on the Company’s ability to perform in any material respect on a
timely basis its obligations under any Transaction Document (any of (i), (ii)
or (iii), a “Material Adverse Effect”) and no Proceeding has been
instituted in any such jurisdiction revoking, limiting or curtailing or seeking
to revoke, limit or curtail such power and authority or qualification.

          (c) Authorization;
Enforcement. The Company has the requisite corporate power and authority to
enter into and to consummate the transactions contemplated by each of the
Transaction Documents, to issue the Securities in accordance with the terms
hereof and thereof and otherwise to carry out its obligations hereunder and
thereunder. The execution and delivery of each of the Transaction Documents by
the Company and the consummation by it of the transactions contemplated hereby
and thereby, including the issuance of the Securities, have been duly
authorized by all necessary action on the part of the Company and no further
action is required by the Company, the Board of Directors or the Company’s
stockholders in connection therewith other than in connection with the Required
Approvals. Each Transaction Document has been (or upon delivery will have been)
duly executed by the Company and, when delivered

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in accordance with the terms hereof and thereof, will constitute the
valid and binding obligation of the Company enforceable against the Company in
accordance with its terms, except as limited by general equitable principles
and applicable bankruptcy, insolvency, reorganization, moratorium and other
laws of general application affecting enforcement of creditors’ rights
generally.

          (d) No
Conflicts. The execution, delivery and performance of the Transaction
Documents by the Company and the consummation by the Company of the other
transactions contemplated hereby and thereby (including, without limitation, the
issuance of the Securities) do not and will not: (i) conflict with or violate
any provision of the Company’s or any Subsidiary’s certificate or articles of
incorporation, bylaws or other organizational or charter documents, or (ii)
conflict with, or constitute a default (or an event that with notice or lapse
of time or both would become a default) under, result in the creation of any
Lien upon any of the properties or assets of the Company or any Subsidiary, or
give to others any rights of termination, amendment, acceleration or
cancellation (with or without notice, lapse of time or both) of, any agreement,
credit facility, debt or other instrument (evidencing a Company or Subsidiary
debt or otherwise) or other understanding to which the Company or any Subsidiary
is a party or by which any property or asset of the Company or any Subsidiary
is bound or affected, or (iii) subject to the Required Approvals, conflict with
or result in a violation of any law, rule, regulation, order, judgment,
injunction, decree or other restriction of any court or governmental authority
to which the Company or a Subsidiary is subject (including federal and state
securities laws and regulations and the rules and regulations of any Trading
Market on which the Common Stock is traded or quoted), or by which any property
or asset of the Company or a Subsidiary is bound or affected, except in the
cases of conflicts described in clauses (ii) or (iii) that would not have a
Material Adverse Effect.

          (e) Filings,
Consents and Approvals. The Company is not required to obtain any consent,
waiver, authorization or order of, give any notice to, or make any filing or
registration with, any court or other federal, state, local or other
governmental authority or other Person in connection with the execution,
delivery and performance by the Company of the Transaction Documents, including
but not limited to the issuance and sale of securities, other than (i) filings
required pursuant to the Exchange Act, (ii) the filing with the Commission of
the Registration Statement, and (iii) the filing of Form D with the Commission
and such filings as are required to be made under applicable state securities
laws (collectively, the “Required Approvals”) and filings which if not
made would not result in a Material Adverse Effect.

          (f) Issuance
of the Securities. The Shares, and the shares of Common Stock underlying
the Warrants, are duly authorized and, when issued and paid for in accordance
with the applicable Transaction Documents, will be duly and validly issued,
fully paid and nonassessable, free and clear of all taxes and charges with
respect thereof and free and clear of all Liens imposed by the Company other
than restrictions on transfer provided for in the Transaction Documents. The
Securities would not have been issued or sold in violation of any preemptive or
similar rights of the holders of any securities of the Company.

          (g) Conduct
of Business. The conduct of business by the Company as presently conducted
is not subject to continuing oversight, supervision, regulation or examination
by any governmental official or body of the United States or any other
jurisdiction wherein the

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Company conducts or proposes to conduct such business, except (i) as
such regulation as is applicable to commercial enterprises generally, and (ii)
by the U.S. Food and Drug Administration. The Company has obtained all
requisite licenses, permits and other governmental authorization necessary to
conduct its business as presently, and as proposed to be, conducted, except
where the failure to obtain such license, permit or other governmental
authorization would not result in a Material Adverse Effect, and the Company
has not received any notice of proceedings relating to the revocation or
modification of any such license, permit or other governmental authorization. 

          (h) Compliance.
No default or violation by the Company or, to the best knowledge of the
Company, any other party exists in the due performance under any agreement to
which the Company is a party or to which any of its assets is subject
(collectively, the “Company Agreements”), except for such defaults or
violations that would not result in a Material Adverse Effect, and the Company
has not received notice of any claim that it is in default or violation of any
Company Agreement. The Company is not in violation of any order of any court,
arbitrator or governmental body, and is not, and has not been, in violation of
any statute, rule or regulation of any governmental authority, except in each
case as would not result in a Material Adverse Effect.

          (i) Intellectual
Property. The Company owns all right, title and interest in, or possesses
adequate and enforceable rights to use, all patents, patent applications,
trademarks, trade names, service marks, copyrights, rights, licenses,
franchises, trade secrets, confidential information, processes, formulations,
software and source and object codes necessary for the conduct of its business
(collectively, the “Intangibles”), except for such defects in ownership
rights that would not result in a Material Adverse Effect. To the knowledge of
the Company, it has not infringed upon the rights of others with respect to the
Intangibles and the Company has not received notice that it has or may have infringed
or is infringing upon the rights of others with respect to the Intangibles, or
any notice of conflict with the asserted rights of others with respect to the
Intangibles that could, individually or in the aggregate, have a Material
Adverse Effect. 

          (j) Anti-Terrorism.
Neither the sale of the Securities by the Company nor its use of the proceeds
thereof will violate the Trading with the Enemy Act, as amended, or any of the
foreign assets control regulations of the United States Treasury Department (31
CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or
executive order relating thereto. Without limiting the foregoing, the Company
is not (a) a person whose property or interests in property are blocked
pursuant to Section 1 of Executive Order 13224 of September 23, 2001 Blocking
Property and Prohibiting Transactions With Persons Who Commit, Threaten to
Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)) or (b) a person who
engages in any dealings or transactions, or be otherwise associated, with any
such person. The Company and its subsidiaries are in compliance, in all
material respects, with the USA Patriot Act of 2001 (signed into law October
26, 2001).

          (k) Capitalization;
Additional Issuances. The issued and outstanding securities of the Company
as of October 6, 2010 are as set forth in Schedule 3.1(k) hereto. Except
as set forth in Schedule 3.1(k), as of October 6 2010 there are no
outstanding agreements or preemptive or similar rights affecting the Company’s
Common Stock and no outstanding rights, warrants or

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options to acquire, or instruments convertible into or exchangeable
for, or agreements or understandings with respect to the sale or issuance of
any Common Stock of the Company. Except as set forth in the SEC Reports, the
Company has not issued any capital stock since its most recently filed periodic
report under the Exchange Act, other than pursuant to the exercise of employee
stock options under the Company’s stock option plans. No Person has any right
of first refusal, preemptive right, right of participation or any similar right
to participate in the transactions contemplated by this Agreement. Except as
set forth in Schedule 3.1(k), the issuance and sale of the Securities
will not obligate the Company to issue shares of Common Stock or other
securities to any Person (other than the Purchasers and other than the
Placement Agent as set forth in Section 4.4) and will not result in a right of
any holder of Company securities to adjust the exercise, conversion, exchange
or reset price under any of such securities. All of the outstanding shares of
capital stock of the Company are validly issued, fully paid and nonassessable,
have been issued in compliance with all federal and state securities laws, and
none of such outstanding shares was issued in violation of any preemptive
rights or similar rights to subscribe for or purchase securities. 

          (l) Litigation.
Except as disclosed in Schedule 3.1(l), there are no legal proceedings,
other than routine litigation incidental to the business, pending or, to the
knowledge of the Company, threatened against or involving the Company or any of
its respective property or assets, except for proceedings that if determined
adversely to the Company would not result in a Material Adverse Effect. There
are no outstanding orders, judgments, injunctions, awards or decrees of any
court, governmental or regulatory body or arbitration tribunal against or
involving the Company, except for orders, judgments, injunctions, awards or
decrees that would not have a Material Adverse Effect. There has not been, and
to the knowledge of the Company, there is not pending or contemplated, any
inquiry, investigation or similar proceeding by the Commission involving the
Company or any current or former director or officer of the Company. The
Commission has not issued any stop order or other order suspending the
effectiveness of any registration statement filed by the Company under the
Exchange Act or the Securities Act. 

          (m) SEC
Reports. The Company has filed all reports required to be filed by it under
the Exchange Act, for
the two years preceding the date hereof (or such shorter period as the Company
was required by law to file such material)(all of the
foregoing filed prior to the date hereof and all exhibits included therein and
financial statements and schedules thereto and documents incorporated by
reference therein, being hereinafter referred to as the “SEC Documents”).
As of their respective dates, the SEC Documents complied in all material
respects as to form with the requirements of the Securities Act and the
Exchange Act and the rules and regulations of the Commission promulgated
hereunder, and none of the SEC Documents, when filed, contained any untrue
statement of a material fact or omitted 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. The Company
has advised the Purchasers that a correct and complete copy of each of the SEC
Documents (together with all exhibits and schedules thereto and as amended to
date) is available at http://www.sec.gov, a website maintained by the
Commission where the Purchasers may view the SEC Documents. The financial
statements of the Company included in the SEC Documents (the “Financial Statements”) comply in all material respects with
applicable accounting requirements and the rules and regulations of the
Commission with respect thereto as in effect at the time of filing. Such
financial statements have been prepared in all material respects in accordance
with

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generally accepted accounting principles applied on a consistent basis
during the periods involved (“GAAP”), except as may be otherwise specified in such
financial statements or the notes thereto, and fairly present in all material
respects the financial position of the Company and its consolidated
Subsidiaries as of and for the dates thereof and the results of operations and
cash flows for the periods then ended.

          (n) Brokers.
Except for Noble International Investments, Inc. d/b/a Noble Financial Capital
Markets, Inc. (“Noble Financial”), the Company has not employed any
unaffiliated broker or finder, or incurred any liability for any brokerage or
finders fees or any similar fees or commissions in connection with the
transactions contemplated by this Agreement.

          (o) Related
Party Transactions. Except as disclosed in the SEC Documents, there are no
oral or written agreements, understandings or proposed transactions between the
Company, on the one hand, and any of the Company’s officers, directors,
stockholders, or Employees (as defined below), on the other hand, other than
(a) for payment for services rendered, (b) reimbursement for reasonable
expenses incurred on behalf of the Company; and (c) for other standard employee
benefits made generally available to all Employees (including stock option
agreements outstanding under any stock option plan approved by the Board of
Directors of the Company). None of the officers, directors or stockholders of
the Company or any members of their immediate families are indebted to the
Company or, to the Company’s knowledge, have any direct or indirect ownership
interest in any firm or corporation with which the Company is affiliated or
with which the Company has a business relationship, or any firm or corporation
which competes with the Company, except that officers, directors and/or
stockholders of the Company may own stock in publicly traded companies which
may compete with the Company. To the Company’s knowledge, no officer or
director or any stockholder of the Company or any member of their respective
immediate families, has, directly or indirectly, an interest in any contract
with the Company (other than such contracts as relate to any such person’s
ownership of capital stock or other securities of the Company). To the
Company’s knowledge, there is no familial or other significant business
relationship that exists between or among any Employee of the Company and any
customer, supplier, vendor or contractor of the Company. For purposes of this
Agreement, “Employee”
shall mean any person employed by the Company, whether directly or indirectly,
by lease or co-employment arrangement with a third-party or otherwise.

          (p) Title.
The Company has good and marketable title to its properties and assets,
including the properties and assets reflected in the most recent balance sheet
included in the Financial Statements, and good title to its leasehold estates,
in each case subject to no mortgage, pledge, lien, lease, encumbrance or
charge, other than (i) those resulting from taxes which have not yet become
delinquent, (ii) minor liens and encumbrances that do not detract from the
value of the property subject thereto or impair the operations of the Company,
and (iii) those that have otherwise arisen in the ordinary course of business.
All facilities, machinery, equipment, fixtures, vehicles and other properties
owned, leased or used by the Company are in good operating condition and repair
and are fit and usable for the purposes for which they are being used. The
Company is in material compliance with all terms of each lease to which it is a
party or is otherwise bound. 

          (q) Registration
Rights. Except as provided for in the Registration Rights Agreement, and
except as disclosed in Schedule 3.1(q), no Person has any right to cause
the

10

Company to effect the registration under the Securities Act of any
securities of the Company, which rights are currently not satisfied. 

          (r) Listing
and Maintenance Requirements. The Common Stock is registered pursuant to
Section 12(b) or 12(g) of the Exchange Act, and the Company has taken no action
designed to, or which to its knowledge is likely to have the effect of,
terminating the registration of the Common Stock under the Exchange Act nor has
the Company received any notification that the Commission is contemplating
terminating such registration. The Company has not, in the 12 months preceding
the date hereof, received notice from any Trading Market on which the Common
Stock is or has been listed or quoted to the effect that the Company is not in
compliance with the listing or maintenance requirements of such Trading Market.
The Company is, and has no reason to believe that it will not in the
foreseeable future continue to be, in compliance with all such listing and
maintenance requirements. 

          (s) Material
Changes; Undisclosed Events, Liabilities or Developments. Since the date of
the latest audited financial statements included within the SEC Reports, except
as specifically disclosed in the SEC Reports or the draft Annual Report on Form
10-K for the year ended June 30, 2010, attached hereto as Exhibit H, (i)
there has been no event, occurrence of development that has had or could
reasonably be expected to result in a Material Adverse Effect, (ii) the Company
has not incurred any liabilities (contingent or otherwise) other than (A) trade
payables and accrued expenses incurred in the ordinary course of business
consistent with past practice and (B) liabilities not required to be reflected
in the Company’s financial statements pursuant to GAAP or required to be
disclosed in filings made with the Commission, (iii) the Company has not
altered its method of accounting, (iv) the Company has not declared or made any
dividend or distribution of cash or other property to its stockholders or
purchased, redeemed, or made any agreements to purchase or redeem any shares of
its capital stock and (v) the Company has not issued any equity securities to
any officer, director or Affiliate, except pursuant to existing Company stock
option plans. The Company does not have pending before the Commission any
request for confidential treatment of information. Except for the issuance of
the Securities contemplated by this Agreement, no event, liability or
development has occurred or exists with respect to the Company or its business,
properties, operations or financial condition, that would be required to be
disclosed by the Company under applicable securities laws at the time this
representation is made that has not been publicly disclosed at least one
Business Day prior to the date that this representation is made. 

          (t) Disclosure.
The representations, warranties and other statements contained in this
Agreement, the Disclosure Schedules and any other documents provided to the
Purchasers do not contain any untrue statement of a material fact or omit to
state a material fact necessary in order to make the statements contained
herein or therein not misleading.

          3.2. Representations
and Warranties of the Purchasers. Each Purchaser, for itself and for no
other Purchaser, hereby, represents and warrants as of the date hereof and as
of the Closing Date to the Company as follows:

          (a) Organization;
Authority. Such Purchaser is an entity duly organized, validly existing and
in good standing under the laws of the jurisdiction of its organization with
full right, corporate or partnership power and authority to enter into and to
consummate the transactions

11

contemplated by the Transaction Documents and otherwise to carry out
its obligations hereunder and thereunder. The execution and delivery of the
Transaction Documents and performance by such Purchaser of the transactions
contemplated by the Transaction Documents have been duly authorized by all
necessary corporate or similar action on the part of such Purchaser. Each
Transaction Document to which it is a party has been duly executed by such
Purchaser, and when delivered by such Purchaser in accordance with the terms
hereof, will constitute the valid and legally binding obligation of such
Purchaser, enforceable against it in accordance with its terms, except (i) as
limited by general equitable principles and applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting
enforcement of creditors’ rights generally, (ii) as limited by laws relating to
the availability of specific performance, injunctive relief or other equitable
remedies and (iii) insofar as indemnification and contribution provisions may
be limited by applicable law.

          (b) Own
Account. Such Purchaser understands that the Securities are “restricted
securities” and have not been registered under the Securities Act or any
applicable state securities law and is acquiring the Securities as principal
for its own account and not with a view to or for distributing or reselling
such Securities or any part thereof in violation of the Securities Act or any
applicable state securities law, has no present intention of distributing any
of such Securities in violation of the Securities Act or any applicable state
securities law and has no direct or indirect arrangement or understandings with
any other persons to distribute or regarding the distribution of such
Securities (this representation and warranty not limiting such Purchaser’s
right to sell the Securities pursuant to the Registration Statement or
otherwise in compliance with applicable federal and state securities laws) in
violation of the Securities Act or any applicable state securities law. Such
Purchaser is acquiring the Securities hereunder in the ordinary course of its
business.

          (c) Purchaser
Status. At the time such Purchaser was offered the Securities, it was, and
at the date hereof it is either: (i) an “accredited investor” as defined in
Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act or
(ii) a “qualified institutional buyer” as defined in Rule 144A(a) under the Securities
Act. Such Purchaser is not required to be registered as a broker-dealer under
Section 15 of the Exchange Act. Such Purchaser will complete execute an
Accredited Investor Questionnaire in the form attached hereto as Exhibit D
and deliver the same to the Placement Agent simultaneously with the execution
of this Agreement.

          (d) Experience
of Such Purchaser. Such Purchaser, either alone or together with its
representatives, has such knowledge, sophistication and experience in business
and financial matters so as to be capable of evaluating the merits and risks of
the prospective investment in the Securities, and has so evaluated the merits
and risks of such investment. Such Purchaser is able to bear the economic risk
of an investment in the Securities and, at the present time, is able to afford
a complete loss of such investment. Such Purchaser (i) has adequate means
of providing for its current needs in the same manner as it would have been
able to provide prior to making the investment in the Securities, (ii) has
no need for liquidity in this investment, (iii) is aware of and able to
bear the risks of this investment for an indefinite period of time and
(iv) is presently able to afford a complete loss of such investment.

          (e) General
Solicitation. Such Purchaser is not purchasing the Securities as a result
of any advertisement, article, notice or other communication regarding the
Securities published in

12

any newspaper, magazine or similar media or broadcast over television
or radio or presented at any seminar or any other general solicitation or
general advertisement including the Form S-1 Registration Statement filed with
the Commission on June 7, 2010 (the “June Registration Statement”).

          (f) Information.
Such Purchaser represents that it has access to and has reviewed copies of the
Company’s SEC Documents, the June Registration Statement and each of the
exhibits attached hereto. Such Purchaser and its attorneys, investment
advisors, business advisors, tax advisors and accountants have had sufficient
access to all documents and records pertaining to the Company and this proposed
investment, including but not limited to the SEC Documents and the exhibits
attached hereto. Additionally, such Purchaser and all of its advisors have had
the opportunity to ask questions and receive answers concerning the terms and
conditions of the offering and other matters pertaining to this investment, and
all such questions have been answered to the satisfaction of such Purchaser.
Such Purchaser and all of its advisors have had an opportunity to obtain any
additional information which the Company possesses, or can acquire without
unreasonable effort or expense, necessary to verify the accuracy of the
information furnished in the SEC Documents, the June Registration Statement and
any exhibits attached hereto.

          (g) Risk/Lack
of Market. Such Purchaser recognizes that an investment in the Securities
involves significant risks, including, without limitation, those set forth in
the SEC Documents, the June Registration Statement and any of the exhibits
attached hereto. Such Purchaser has reviewed the Risk Factors attached hereto
and made a part hereof as Exhibit E. Such Purchaser acknowledges that
the Company’s continued operation is highly dependent upon its ability to raise
substantial additional capital and/or increase revenues. No assurance can be
given that the Company will be successful in raising any such capital and/or
increasing revenues. The failure to raise such capital and/or increase revenues
will have a material adverse effect on the Company’s operations and financial
condition and on its ability to continue as a going concern. Such Purchaser
realizes that it may not be able to sell or dispose of any of the Securities
and that no market of any kind (public or private) may be available for
any of the Securities at the time such Purchaser elects to sell its Securities.
In addition, such Purchaser understands that its right to transfer the
Securities will be subject to restrictions contained in applicable federal and
state securities laws.

          (h) Indemnification
Representations of Purchaser. The representations, warranties and
agreements made by such Purchaser herein have been made with the intent that
they be relied upon by the Company and Noble Financial, and any of its affiliates,
officers, directors, shareholders, managers, employees or agents (the “Placement
Agent”) for purposes of this offering. Such Purchaser represents and
warrants that none of the representations or warranties made by such Purchaser
herein or any Accredited Investor Questionnaire submitted by such Purchaser to the Company (“Purchaser
Statements”) contain any false or misleading statement or omit to state a
material fact. Such Purchaser shall indemnify the Company and the Placement
Agent to the extent the Company or the Placement Agent incurs or suffers any
damage, expenses, loss, claim, judgment or liability resulting from the
Company’s reliance upon any Purchaser Statements made by such Purchaser.

13

ARTICLE IV

OTHER AGREEMENTS OF THE PARTIES

          4.1. Transfer
Restrictions.

          (a) The
Securities may only be disposed of in compliance with state and federal
securities laws. In connection with any transfer of Securities other than
pursuant to an effective registration statement or Rule 144, to the Company or
to an Affiliate of a Purchaser or in connection with a pledge as contemplated
in Section 4.1(b), the Company may require the transferor thereof to provide to
the Company an opinion of counsel selected by the transferor and reasonably
acceptable to the Company, the form and substance of which opinion shall be
reasonably satisfactory to the Company, to the effect that such transfer does
not require registration of such transferred Securities under the Securities
Act. As a condition of transfer, any such transferee shall agree in writing to
be bound by the terms of this Agreement and shall have the rights of a
Purchaser under this Agreement and the Registration Rights Agreement.

          (b) The
Purchasers agree to the imprinting, so long as is required by this Section 4.1,
of a legend on any of the Shares, and shares of Common Stock underlying the
Warrants, in the following form:

          THESE
SHARES 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 AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO
SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE
COMPANY.

          4.2. Use
of Proceeds. The Company shall use the net proceeds from the sale of the
Securities hereunder for general corporate purposes.

          4.3. Form
D; Blue Sky Filings. The Company agrees to timely file a Form D with
respect to the Securities as required under Regulation D, with the assistance
of the Placement Agent and its counsel, and to provide a copy thereof, promptly
upon request of any Purchaser. The Company shall take such action as the
Company shall reasonably determine is necessary in order to obtain an exemption
for, or to qualify the Securities for, sale to the Purchasers at the Closing
under applicable securities or “Blue Sky” laws of the states of the United
States, and shall provide evidence of such actions promptly upon request of any
Purchaser.

          4.4 Acknowledgement
of Placement Agent Fees. Each Purchaser acknowledges that the Company has
engaged the Placement Agent. The Company expects to pay commissions to the
Placement Agent, a registered broker/dealer firm, as follows:

14

          (a) At each
closing (“Closing”) of any sale of the Securities to purchasers
introduced by the Placement Agent, a cash fee equal to (i) 7% for equity or
equity-linked securities, (ii) 5% for subordinated debt (including mezzanine
debt) securities, and (iii) 3% for senior secured debt securities, of the
aggregate gross proceeds received from a sale of the Securities. Additionally,
at each Closing of any sale of the Securities, the Placement Agent shall have
the right to purchase, for $.0001 each, cashless exercise warrants to purchase
common stock equal to the aggregate gross proceeds received from a sale of
Securities divided by the Company’s closing stock price at each Closing
multiplied by (i) 7% for equity or equity-linked, (ii) 5% for subordinated
debt, and (iii) 3% for senior secured debt. Such warrants will have a term of
five years and have an exercise price equal to 100% of the Company’s closing
stock price at each Closing. Such warrants will be transferable to the
Placement Agent’s employees and affiliates. The Placement Agent shall also be
granted one time piggyback registration rights with respect to the Securities
underlying such warrants. In addition to compensation payable at any Closing,
the Placement Agent will be entitled to a warrant exercise fee equal to (i) a
cash fee of 4% for the gross proceeds received by the Company for the exercise
of any warrants issued to investors in transactions for which the Placement
Agent acted as placement agent including the Warrants issued to the Purchasers
and (ii) cashless exercise warrants to purchase common stock for $.0001 each,
equal to the aggregate gross proceeds received from the exercise of such
warrants divided by the Company’s then-current stock price at each exercise
multiplied by 4%. Such warrants will have a term of five years and have an
exercise price equal to 100% of the Company’s closing stock price at the
applicable investor warrant exercise date.

          (b) In
accordance with an Advisory Agreement dated June 16, 2010, the Company is
paying the Placement Agent a financial advisory fee (“Advisory Fee”) of (i)
$15,000 cash for each month for a two-year term, plus (ii) five year cash
warrants to purchase 500,000 shares of the Company’s (or its successor’s)
common stock exercisable at $1.10 per share (vesting at the rate of 20,000
shares per month, with 20,000 shares previously vested), which, in accordance
with that agreement, is transferable to the Placement Agent’s employees and
affiliates for which the Placement Agent and its transferees will have one-time
piggyback registration rights with respect to the common stock underlying such
warrants.

          (c) Whether
or not a sale of the Securities occurs, the Company will reimburse the
Placement Agent upon demand (accompanied by reasonable supporting
documentation), up to a maximum of $10,000 for the reasonable expenses of the
Placement Agent incurred in connection with its acting as placement agent in
this offering, plus up to a maximum of $1,500 for counsel to the Placement
Agent in connection with the “Blue Sky” obligations described in Section 4.3.

          (d) The
Placement Agent will have a right of first refusal to act as the exclusive
placement agent or underwriter for all offerings involving the sale of the
Company’s securities by the Company or any affiliate for a period of 12 months
after the final Closing Date, in the event of any sale of Securities pursuant
to this Agreement.

          4.5 Acknowledgement
of Placement Agent Participation in this Offering. Each Purchaser
acknowledges and accepts that the Placement Agent, its partners, managers,
members, shareholders, directors, officers, affiliates, employees and agents
may participate in making an investment in this offering, and accordingly that
such role as a Placement Agent and investor 

15

may be an inherent conflict of interest with such Purchaser. The
Placement Agent and/or its affiliates are the beneficial owners of more than 1%
of the Company’s outstanding shares of Common Stock, as previously disclosed in
the June Registration Statement. By execution of this Agreement, each Purchaser
hereby waives any potential conflict of interest that may exist as a result of
the foregoing.

          4.6 Indemnification
by Purchasers. Each Purchaser shall indemnify upon demand the Company and
the Placement Agent, and its partners, managers, members, shareholders,
directors, officers, employees, agents and any of the affiliates of the
foregoing (the “Indemnified Persons”) and hold harmless the Indemnified
Persons from and against any and all loss, cost, liability, damages, penalties,
actions, suits, and expenses (including reasonable attorneys’ fees and other
legal expenses) which may be imposed upon, asserted against, paid or incurred
by the Indemnified Persons (except and only to the extent that the same arises
solely from gross negligence or willful misconduct on the part of an Indemnified
Person) at any time or from time to time in connection with the enforcement of
the terms hereof against such Purchaser, or related to the consummation of the
transaction contemplated hereby with respect to such Purchaser, including the
prosecution or defense of any suit against such Purchaser relating to or
arising out of this Agreement, or any default by such Purchaser under this
Agreement, including those caused by an Indemnified Person’s negligence
(collectively the “Indemnified Liability”); provided, however, that no
Purchaser shall be liable for the payment to any Indemnified Person of any
portion of such Indemnified Liability resulting from the gross negligence or
willful misconduct on the part of an Indemnified Person. 

          4.7 Indemnification
by Company. The Company shall indemnify and hold each Purchaser and its
directors, officers, shareholders, members, partners, employees and agents (and
any other Persons with a functionally equivalent role of a Person holding such
titles notwithstanding a lack of such title or any other title), each Person
who controls such Purchaser (within the meaning of Section 15 of the Securities
Act and Section 20 of the Exchange Act), and the directors, officers,
shareholders, agents, members, partners or employees (and any other Persons
with a functionally equivalent role of a Person holding such titles
notwithstanding a lack of such title or any other title) of such controlling
Persons (each, a “Purchaser Party”) harmless from any and all losses,
liabilities, obligations, claims, contingencies, damages, costs and expenses,
including all judgments, amounts paid in settlements, court costs and
reasonable attorneys’ fees and costs of investigation that any such Purchaser
Party may suffer or incur as a result of or relating to (a) any breach of any
of the representations, warranties, covenants or agreements made by the Company
in this Agreement or in the other Transaction Documents or (b) any action
instituted against a Purchaser, or any of them or their respective Affiliates,
by any stockholder of the Company who is not an Affiliate of such Purchaser,
with respect to any of the transactions contemplated by the Transaction
Documents (unless such action is based upon a breach of such Purchaser’s
representations, warranties or covenants under the Transaction Documents or any
agreements or understandings such Purchaser may have with any such stockholder
or any violations by the Purchaser of state or federal securities laws or any
conduct by such Purchaser which constitutes fraud, gross negligence, willful
misconduct or malfeasance). If any action shall be brought against any
Purchaser Party in respect of which indemnity may be sought pursuant to this
Agreement, such Purchaser Party shall promptly notify the Company in writing, and
the Company shall have the right to assume the defense thereof with counsel of
its own choosing reasonably acceptable to the Purchaser Party. Any Purchaser
Party shall have the 

16

right to employ separate counsel in any such action and participate in
the defense thereof, but the fees and expenses of such counsel shall be at the
expense of such Purchaser Party except to the extent that (i) the employment
thereof has been specifically authorized by the Company in writing, (ii) the
Company has failed after a reasonable period of time to assume such defense and
to employ counsel or (iii) in such action there is, in the reasonable opinion
of such separate counsel, a material conflict on any material issue between the
position of the Company and the position of such Purchaser Party, in which case
the Company shall be responsible for the reasonable fees and expenses of no
more than one such separate counsel. The Company will not be liable to any
Purchaser Party under this Agreement (i) for any settlement by a Purchaser
Party effected without the Company’s prior written consent, which shall not be
unreasonably withheld or delayed or (ii) to the extent, but only to the extent,
that a loss, claim, damage or liability is attributable to any Purchaser
Party’s breach of any of the representations, warranties, covenants or
agreements made by such Purchaser Party in this Agreement or in the other
Transaction Documents.

ARTICLE V

MISCELLANEOUS

          5.1. Termination.
This Agreement may be terminated by any Purchaser, as to such Purchaser’s
obligations hereunder only and without any effect whatsoever on the obligations
between the Company and the other Purchasers, by written notice to the other
parties, if the Closing has not been consummated with such Purchaser on or
before five (5) days from the date hereof; provided, however, that such
termination will not affect the right of any party to sue for any breach by the
other party (or parties). In the event of any such termination, the Company
shall promptly return (or cause the Escrow Agent to return) the Purchase Amount
to such Purchaser in immediately available funds, without any offset or
deduction of any sort.

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

          5.3. Notices.
Any and all notices or other communications or deliveries required or permitted
to be provided hereunder shall be in writing and shall be deemed given and
effective on the earliest of (a) the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile number set forth on
the signature pages attached hereto prior to 5:30 p.m. (New York City time) on
a Trading Day, (b) the next Trading Day after the date of transmission, if such
notice or communication is delivered via facsimile at the facsimile number set
forth on the signature pages attached hereto on a day that is not a Trading Day
or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second
(2nd) Trading Day following the date of mailing, if sent by U.S.
nationally recognized overnight courier service, or (d) upon actual receipt by
the party to whom such notice is required to be given. The address for such
notices and communications shall be as set forth on the signature pages
attached hereto.

17

          5.4. Amendments;
Waivers. No provision of this Agreement may be waived, modified,
supplemented or amended except in a written instrument signed, in the case of
an amendment, by the Company and the Purchasers of at least a majority in
interest of the Securities still held by Purchasers or, in the case of a
waiver, by the party against whom enforcement of any such waived provision is
sought. No waiver of any default with respect to any provision, condition or
requirement of this Agreement shall be deemed to be a continuing waiver in the
future or a waiver of any subsequent default or a waiver of any other
provision, condition or requirement hereof, nor shall any delay or omission of
any party to exercise any right hereunder in any manner impair the exercise of
any such right.

          5.5. Survival.
The representations and warranties contained herein shall survive the Closing
and the delivery of the Securities for a period of twelve months.

          5.6. Headings.
The headings herein are for convenience only, do not constitute a part of this
Agreement and shall not be deemed to limit or affect the interpretation of any
of the provisions hereof.

          5.7. Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit
of the parties and their successors and permitted assigns. The Company may not
assign this Agreement or any rights or obligations hereunder without the prior
written consent of each Purchaser (other than by merger). Any Purchaser may
assign any or all of its rights under this Agreement to any Person to whom such
Purchaser assigns or transfers any Securities, provided that such transferee
agrees in writing to be bound, with respect to the transferred Securities, by
the provisions of the Transaction Documents that apply to the “Purchasers.”

          5.8. No
Third-Party Beneficiaries. This Agreement is intended for the benefit of
the parties hereto and their respective successors and permitted assigns and is
not for the benefit of, nor may any provision hereof be enforced by, any other
Person.

          5.9. Governing
Law; Jurisdiction; No Jury Trial. All questions concerning the
construction, validity, enforcement and interpretation of the Transaction
Documents shall be governed by and construed and enforced in accordance with
the internal laws of the State of New York, without regard to the principles of
conflicts of law thereof. Each party agrees that all legal proceedings
concerning the interpretations, enforcement and defense of the transactions
contemplated by this Agreement and any other Transaction Documents (whether
brought against a party hereto or its respective affiliates, directors,
officers, shareholders, employees or agents) shall be commenced exclusively in
the state and federal courts sitting in The City of West Palm Beach, Florida.
Each party hereby irrevocably submits to the exclusive jurisdiction of the
state and federal courts sitting in The City of West Palm Beach, Florida for
the adjudication of any dispute hereunder or in connection herewith or with any
transaction contemplated hereby or discussed herein (including with respect to
the enforcement of any of the Transaction Documents), and hereby irrevocably
waives, and agrees not to assert in any suit, action or proceeding, any claim
that it is not personally subject to the jurisdiction of any such court, that
such suit, action or proceeding is improper or is an inconvenient venue for
such proceeding. Each party hereby irrevocably waives personal service of
process and consents to process being served in any such suit, action or
proceeding by mailing a copy thereof via registered or certified mail or
overnight delivery (with evidence of delivery) to such party at the address in
effect for 

18

notices to it under this Agreement and agrees that such service shall
constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process
in any other manner permitted by law. If any party shall commence an action or
proceeding to enforce any provisions of the Transaction Documents, then the
prevailing party in such action or proceeding shall be reimbursed by the other
party for its reasonable attorneys’ fees and other costs and expenses incurred
with the investigation, preparation and prosecution of such action or
proceeding. Each party hereby irrevocably waives any right it may have, and
agrees not to request, a jury trial for the adjudication of any dispute
hereunder or in connection with or arising out of the Transaction Documents.

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

          5.11. Severability.
If any term, provision, covenant or restriction of this Agreement is held by a
court of competent jurisdiction to be invalid, illegal, void or unenforceable,
the remainder of the terms, provisions, covenants and restrictions set forth
herein shall remain in full force and effect and shall in no way be affected,
impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same
or substantially the same result as that contemplated by such term, provision,
covenant or restriction. It is hereby stipulated and declared to be the
intention of the parties that they would have executed the remaining terms,
provisions, covenants and restrictions without including any of such that may
be hereafter declared invalid, illegal, void or unenforceable.

          5.12. Remedies.
In addition to being entitled to exercise all rights provided herein or granted
by law, including recovery of damages, each of the Purchasers and the Company
will be entitled to specific performance under the Transaction Documents. The
parties agree that monetary damages may not be adequate compensation for any
loss incurred by reason of any breach of obligations contained in the Transaction
Documents and hereby agrees to waive and not to assert in any action for
specific performance of any such obligation the defense that a remedy at law
would be adequate.

          5.13. Independent
Nature of Purchasers’ Obligations and Rights. The obligations of each
Purchaser under any Transaction Document are several and not joint with the
obligations of any other Purchaser, and no Purchaser shall be responsible in
any way for the performance or non-performance of the obligations of any other Purchaser
under any Transaction Document. Nothing contained herein or in any other
Transaction Document, and no action taken by any Purchaser pursuant thereto,
shall be deemed to constitute the Purchasers as a partnership, an association,
a joint venture or any other kind of entity, or create a presumption that the
Purchasers are in any way acting in concert or as a group with respect to such
obligations or the transactions contemplated by the Transaction Documents. Each
Purchaser shall be entitled to 

19

independently protect and enforce its rights, including without
limitation the rights arising out of this Agreement or out of the other
Transaction Documents, and it shall not be necessary for any other Purchaser to
be joined as an additional party in any proceeding for such purpose. Each
Purchaser has been represented by its own separate legal counsel in their
review and negotiation of the Transaction Documents. The Company has elected to
provide all Purchasers with the same terms and Transaction Documents for the
convenience of the Company and not because it was required or requested to do
so by the Purchasers.

          5.14. Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any
action or the expiration of any right required or granted herein shall not be a
Business Day, then such action may be taken or such right may be exercised on
the next succeeding Business Day.

          5.15. Construction.
The parties agree that each of them and/or their respective counsel has
reviewed and had an opportunity to revise the Transaction Documents, and,
therefore, the normal rule of construction to the effect that any ambiguities
are to be resolved against the drafting party shall not be employed in the
interpretation of the Transaction Documents or any amendments hereto.

          5.16. Expenses.
The Company shall bear its own expenses and legal fees incurred on its behalf
with respect to the negotiation, execution and consummation of the transaction
contemplated by this Agreement and the Transaction Documents, and the Company
will pay all of the legal fees and disbursements of a single counsel for all of
the Purchasers for work relating to the review and negotiation of the
Transaction Documents, upon receipt of itemized statements therefor, up to a
maximum payment of $25,000.

          5.17 Exhibits.
The parties acknowledge that the following exhibits are attached hereto and
made a part hereof:

	
  

 	
  

 
	
  

 	
 Exhibit A:
 Form of Registration Rights Agreement

 
	
  

 	
  

 
	
  

 	
 Exhibit B:
 Form of Warrant

 
	
  

 	
  

 
	
  

 	
 Exhibit C:
 Disclosure Schedules

 
	
  

 	
  

 
	
  

 	
 Exhibit D:
 Accredited Investor Questionnaire

 
	
  

 	
  

 
	
  

 	
 Exhibit E:
 Risk Factors

 
	
  

 	
  

 
	
  

 	
 Exhibit F:
 Form 10-K for period ending June 30, 2009

 
	
  

 	
  

 
	
  

 	
 Exhibit G:
 Form 10-Q for period ending March 31, 2010

 
	
  

 	
  

 
	
  

 	
 Exhibit H:
 Draft Form 10-K for period ending June 30, 2010

 

 (Signature Pages Follow)

20

          IN
WITNESS WHEREOF, the parties hereto have caused this Securities Purchase
Agreement to be duly executed by their respective authorized signatories as of
the date first indicated above.

	
  

 	
  

 	
  

 	
  

 
	
 IBIO, INC.

 	
  

 	
 Address for
 Notice:

 
	
  

 	
  

 	
  

 	
  

 
	
 By:

 	
  

 	
  

 	
 iBio, Inc.

 
	
  

 	

 

 	
  

 	
  

 
	
 Name:     Robert
 B. Kay

 	
  

 	
 9 Innovation
 Way, Suite 100

 
	
 Title:     Chief
 Executive Officer

 	
  

 	
 Newark, DE
 19711

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 Attention:
 Chief Executive Officer

 Telephone: (302) 355-0650

 Facsimile: (302) 356-1173

 
	
  

 	
  

 	
  

 	
  

 
	
 With a copy
 to (which shall not constitute notice):

 	
  

 	
 Andrew
 Abramowitz, PLLC

 565 Fifth Avenue, 9th Floor

 New York, NY 10017

 Attention: Andrew Abramowitz, Esq.

 Telephone: (212) 972-8882

 Facsimile: (212) 972-8883

 
	
  

 	
  

 	
  

 	
  

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASERS FOLLOWS]

[PURCHASER SIGNATURE PAGES TO IBIO SECURITIES
PURCHASE AGREEMENT]

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

Name of Purchaser: ________________________

Signature of Purchaser or Authorized
Signatory:
________________________________________________________________________

Name of Authorized Signatory (if applicable):
__________________________________________________________________________

Title of Authorized Signatory:
_______________________________________________________________________________________

E-mail Address of Purchaser: ________________________

Facsimile Number of Purchaser: ________________________

Address for Notice to Purchaser: ________________________

Address for Delivery of Securities for Purchaser (if not same as
address for notice):

Purchase Amount: $ ________________

Shares of Common Stock: ________________ (purchase price of $2.00 per
share) (Warrant coverage 100% of such amount)

EIN or Social Security Number: [PROVIDE
THIS UNDER SEPARATE COVER]EXHIBIT 10.2

FORM OF REGISTRATION RIGHTS AGREEMENT

          This
Registration Rights Agreement (this “Agreement”) is made and entered
into as of ___________ ___, 2010, among iBio, Inc., a Delaware corporation (the
“Company”) and each of the several purchasers signatory hereto (each
such purchaser, a “Purchaser” and, collectively, the “Purchasers”).

          This
Agreement is made pursuant to the Securities Purchase Agreement, dated as of
the date hereof, between the Company and each Purchaser (the “Securities
Purchase Agreement”).

          The Company
and each Purchaser hereby agrees as follows:

          1. Definitions

          Capitalized
terms used and not otherwise defined herein that are defined in the Securities
Purchase Agreement shall have the meanings given such terms in the Securities
Purchase Agreement.

          As used in
this Agreement, the following terms shall have the following meanings:

	
  

 	
  

 
	
  

 	
 “Advice”
 shall have the meaning set forth in Section 6(c).

 
	
  

 	
  

 
	
  

 	
 “Commission”
 means the Securities and Exchange Commission.

 
	
  

 	
  

 
	
  

 	
 “Effective
 Date” means, as to a Registration Statement, the date on which such
 Registration Statement is first declared effective by the Commission.

 
	
  

 	
  

 
	
  

 	
 “Effectiveness
 Date” means:

 
	
  

 	
  

 
	
  

 	
           (a) with
 respect to the initial Registration Statement required to be filed under
 Section 2(a), the earlier of (i) the 90th day following the final
 closing date of the Equity Financing (the 120th day if the
 Commission reviews and has written comments to the initial Registration
 Statement that would require the filing of a pre-effective amendment thereto
 with the Commission) and (ii) the fifth Trading Day following the date on
 which the Company is notified by the Commission that such initial
 Registration Statement will not be reviewed or is no longer subject to
 further review and comments;

 
	
  

 	
  

 
	
  

 	
           (b) with
 respect to any additional Registration Statements that may be required
 pursuant to Section 2(b), the earlier of (i) the 90th day
 following (x) if such Registration Statement is required because the
 Commission shall have notified the Company in writing that certain
 Registrable Securities were not eligible for inclusion on a previously filed
 Registration Statement, the date or time on which the Commission shall
 indicate as being the first date or time that such Registrable Securities may
 then be included in a Registration Statement, or (y) if such Registration
 Statement is required for a reason other than as described in (x) above, 

 

	
  

 	
  

 
	
  

 	
 the date on which the Company first knows, or reasonably should have
 known, that such additional Registration Statement(s) is required; provided,
 that, if the Commission reviews and has written comments to a Registration
 Statement filed under Section 2(b) that would require the filing of a
 pre-effective amendment thereto with the Commission, then the Effectiveness
 Date under this clause (b)(i) for such Registration Statement shall be the
 earlier of the 120th day following the date that the Company first
 knows, or reasonably should have known, that such additional Registration
 Statement is required under such Section, and (ii) the fifth Trading Day
 following the date on which the Company is notified by the Commission that
 such additional Registration Statement will not be reviewed or is no longer
 subject to further review and comments; and

 
	
  

 	
  

 
	
  

 	
           (c) with
 respect to a Registration Statement required to be filed under Section 2(c),
 the earlier of: (c)(i) the 90th day following the date on which
 the Company becomes eligible to utilize Form S-3 to register the resale of
 Common Stock; provided, that, if the Commission reviews and has
 written comments to such filed Registration Statement that would require the
 filing of a pre-effective amendment thereto with the Commission, then the
 Effectiveness Date under this clause (c)(i) shall be the earlier of the 120th
 day following the date on which the Company becomes eligible to utilize Form
 S-3 to register the resale of Common Stock, and (ii) the fifth Trading Day
 following the date on which the Company is notified by the Commission that
 the initial Registration Statement will not be reviewed or is no longer
 subject to further review and comments.

 
	
  

 	
  

 
	
  

 	
 “Effectiveness Period” shall have the meaning set forth in
 Section 2(a).

 
	
  

 	
  

 
	
  

 	
 “Filing Date” means (a) with respect to the initial
Registration Statement required to be filed under Section 2(a), the 30th
day following the final closing of the up-to-$10,000,000 equity financing
being offered pursuant to a Securities Purchase Agreement of even date
herewith (the “Equity Financing”); (b) with respect to any additional
Registration Statements that may be required pursuant to Section 2(b), the 30th
day following (x) if such Registration Statement is required because the
Commission shall have notified the Company in writing that certain
Registrable Securities were not eligible for inclusion on a previously filed
Registration Statement, the date or time on which the Commission shall
indicate as being the first date or time that such Registrable Securities may
then be included in a Registration Statement, or (y) if such Registration
Statement is required for a reason other than as described in (x) above, the
date on which the Company first knows, or reasonably should have known, that
such additional Registration Statement(s) is required, but in any event no
earlier than the initial Filing Date; and (c) with respect to a Registration
Statement required to be filed under Section 2(c), the 30th day
following the date on which the Company becomes eligible to utilize Form S-3
to register the resale of Common Stock, but in any event no earlier than the
initial Filing Date. 

 

2

	
  

 	
  

 	
  

 
	
  

 	
           “Holder”
 or “Holders” means the holder or holders, as the case may be, from
 time to time of Registrable Securities.

 
	
  

 	
  

 	
  

 
	
  

 	
           “Indemnified
 Party” shall have the meaning set forth in Section 5(c).

 
	
  

 	
  

 	
  

 
	
  

 	
           “Indemnifying
 Party” shall have the meaning set forth in Section 5(c).

 
	
  

 	
  

 	
  

 
	
  

 	
           “Losses”
 shall have the meaning set forth in Section 5(a).

 
	
  

 	
  

 	
  

 
	
  

 	
           “Prospectus”
 means the prospectus included in a Registration Statement (including, without
 limitation, a prospectus that includes any information previously omitted
 from a prospectus filed as part of an effective registration statement in
 reliance upon Rule 430A promulgated by the Commission pursuant to the
 Securities Act), as amended or supplemented by any prospectus supplement,
 with respect to the terms of the offering of any portion of the Registrable
 Securities covered by a Registration Statement, and all other amendments and
 supplements to the Prospectus, including post-effective amendments, and all
 material incorporated by reference or deemed to be incorporated by reference
 in such Prospectus.

 
	
  

 	
  

 	
  

 
	
  

 	
           “Registrable
 Securities” means, as of the date in question, (i) all of the Shares,
 (ii) all shares of Common Stock issuable upon exercise of the Warrants, and
 (iii) any securities issued or issuable upon any stock split, dividend or
 other distribution, recapitalization or similar event with respect to the
 foregoing.

 
	
  

 	
  

 	
  

 
	
  

 	
           “Registration
 Statement” means the registration statement required to be filed upon
 demand hereunder and any additional registration statements contemplated by
 Section 3(c), including (in each case) the Prospectus, amendments and
 supplements to such registration statement or Prospectus, including pre- and
 post-effective amendments, all exhibits thereto, and all material
 incorporated by reference or deemed to be incorporated by reference in such
 registration statement.

 
	
  

 	
  

 	
  

 
	
  

 	
           “Rule
 144” means Rule 144 promulgated by the Commission pursuant to the
 Securities Act, as such Rule may be amended from time to time, or any similar
 rule or regulation hereafter adopted by the Commission having substantially
 the same effect as such Rule.

 
	
  

 	
  

 	
  

 
	
  

 	
           “Rule
 415” means Rule 415 promulgated by the Commission pursuant to the
 Securities Act, as such Rule may be amended from time to time, or any similar
 rule or regulation hereafter adopted by the Commission having substantially
 the same effect as such Rule.

 
	
  

 	
  

 	
  

 
	
  

 	
           “Rule
 424” means Rule 424 promulgated by the Commission pursuant to the
 Securities Act, as such Rule may be amended or interpreted from time to time,
 or any similar rule or regulation hereafter adopted by the Commission having
 substantially the same purpose and effect as such Rule.

 
	
  

 	
  

 	
  

 
	
  

 	
           “Securities
 Act” means the Securities Act of 1933, as amended.

 

3

	
  

 	
  

 	
  

 
	
  

 	
           “Selling
 Shareholder Questionnaire” shall have the meaning set forth in Section
 3(a).

 

          2. Registration.

          (a) On or
prior to each Filing Date, the Company shall prepare and file with the
Commission a Registration Statement covering the resale of all Registrable
Securities not already covered by an existing and effective Registration
Statement for an offering to be made on a continuous basis pursuant to Rule
415, on Form S-1 or if eligible, Form S-3 (or on such other form appropriate
for such purpose).  Such Registration Statement shall contain (except
if otherwise required pursuant to written comments received from the Commission
upon a review of such Registration Statement) the “Plan of Distribution”
attached hereto as Annex A.  The Company shall use its
reasonable best efforts to cause such Registration Statement to be declared
effective under the Securities Act as soon as possible but, in any event, no
later than its Effectiveness Date, and shall use its reasonable best efforts to
keep the Registration Statement continuously effective under the Securities Act
until the date which is the earlier of (i) 120 days after no Holder is an
affiliate of the Company or (ii) such time as all of the Registrable Securities
covered by such Registration Statement may be sold by the Holders pursuant to
Rule 144 without any volume limitations as determined by the counsel to the
Company pursuant to a written opinion letter to such effect, addressed and
acceptable to the Company’s transfer agent and the affected Holders or (iii)
such time as all of the Registrable Securities covered by such Registration
Statement have been publicly sold by the Holders (the “Effectiveness Period”).  The Company shall notify the Holders via facsimile or by
e-mail of the effectiveness of a Registration Statement on the same Trading Day
that the Company telephonically confirms effectiveness with the Commission,
which shall be the date requested for effectiveness of such Registration
Statement. By 9:30 a.m. (Eastern Time) on the Business Day immediately
following the Effective Date of each Registration Statement, the Company shall
file with the Commission in accordance with Rule 424 under the Securities Act
the final prospectus to be used in connection with sales pursuant to such
Registration Statement (whether or not such filing is technically required
under such Rule).  If for any reason other than due solely to
Commission restrictions, a Registration Statement is effective but not all
outstanding Registrable Securities are registered for resale pursuant thereto,
then the Company shall prepare and file by the applicable Filing Date an additional
Registration Statement to register the resale of all such unregistered
Registrable Securities for an offering to be made on a continuous basis
pursuant to Rule 415. 

                              (b)
If for any reason the Commission does not permit all of the Registrable
Securities to be included in the Registration Statement filed pursuant to
Section 2(a), or for any other reason any outstanding Registrable Securities
are not then covered by an effective Registration Statement, then the Company shall
prepare and file by the Filing Date for such Registration Statement, an
additional Registration Statement covering the resale of all Registrable
Securities not already covered by an existing and effective Registration
Statement for an offering to be made on a continuous basis pursuant to Rule
415, on Form S-1 or if eligible, Form S-3 (or on such other form appropriate
for such purpose); provided, however, that the Company shall not be
required to file such additional Registration Statement, or may exclude shares
from such additional Registration Statement, if it believes in good faith,
based upon advice from the Commission’s Staff, that application of Rule 415
would not permit registration

4

of all or the excluded portion of such Registrable Securities; provided
further that the Company shall be obligated to use reasonable best efforts to
advocate with the Commission for the registration of all of the Registrable
Securities in accordance with Commission guidance.  If the Commission
does require a reduction in the number of Registrable Securities or other
shares of Common Stock that may be included in a Registration Statement, the
number of Registrable Securities or other shares of Common Stock to be
registered on such Registration Statement will be reduced on a pro rata basis
based on the total number of unregistered shares held by the holders thereof,
subject to a determination by the Commission that certain holders must be
reduced before other holders based on the number of shares held by such holders.  Each
such additional Registration Statement shall contain (except if otherwise
required pursuant to written comments received from the Commission upon a
review of such additional Registration Statement) the “Plan of Distribution”
attached hereto as Annex A.  The Company shall use its
reasonable best efforts to cause each such additional Registration Statement to
be declared effective under the Securities Act as soon as possible but, in any
event, by its Effectiveness Date, and shall use its reasonable best efforts to
keep such additional Registration Statement continuously effective under the
Securities Act during the entire Effectiveness Period.

                              (c)
Promptly following any date on which the Company becomes eligible to use a registration
statement on Form S-3 to register the Registrable Securities for resale, the
Company shall file a registration statement on Form S-3 covering the
Registrable Securities (or a post-effective amendment on Form S-3 to the then
effective Registration Statement) and shall use its reasonable best efforts to
cause such Registration Statement to be declared effective as soon as
possible thereafter, but in any event prior to the Effectiveness Date therefor.
Such Registration Statement shall contain (except if otherwise required
pursuant to written comments received from the Commission upon a review of such
Registration Statement) the “Plan of Distribution” attached hereto as Annex
A.  The Company shall use its reasonable best efforts to cause
such Registration Statement to be declared effective under the Securities Act
as soon as possible but, in any event, by its Effectiveness Date, and shall use
its reasonable best efforts to keep such additional Registration Statement
continuously effective under the Securities Act during the entire Effectiveness
Period.

                              (d)
If: (i) a Registration Statement is not filed on or prior to its Filing Date
(if the Company files a Registration Statement, except in the case of an
amendment that does not  concern a Holder, without affording the
Holders the opportunity to review and comment on the same as required by
Section 3(a) hereof, the Company shall not be deemed to have satisfied this
clause (i)), or (ii) a Registration Statement is not declared effective by the
Commission on or prior to its required Effectiveness Date excluding by reason
of the Commission’s refusal to accept the Plan of Distribution set forth in
Annex A of this Agreement with respect to the ability to sell at prevailing
market prices, or (iii) after its Effective Date such Registration Statement
ceases for any reason to be effective and available to the Holders as to all
Registrable Securities to which it is required to cover at any time prior to
the expiration of its Effectiveness Period for more than 60 consecutive trading
days or more than an aggregate of 90 trading days (which need not be
consecutive) in any 12-month period including by reason of the Company’s
delaying or suspending such Registration Statement by reason of the Board of
Directors concluding in good faith that such suspension or delay is necessary
to comply with applicable law or otherwise necessary to avoid harm to the
Company (any such failure or breach

5

being referred to as an “Event,”
and for purposes of clauses (i) or (ii) the date on which such Event occurs, or
for purposes of clause (iii) the date which such trading day-period is
exceeded, being referred to as “Event Date”),
then in addition to any other rights the Holders may have hereunder or under
applicable law, on each monthly anniversary of each such Event Date (if the
applicable Event shall not have been cured by such date) until the applicable
Event is cured, the Company shall pay to each Holder an amount in cash, as
partial liquidated damages and not as a penalty, equal to 1.0% of the purchase
price paid by the Purchaser, up to a maximum aggregate payment of 6.0% of the
purchase price paid by the Purchaser.  If the Company fails to pay
any partial liquidated damages pursuant to this Section in full within seven
days after the date payable, the Company will pay interest thereon at a rate of
5.0% per annum to the Holder, accruing daily from the date such partial
liquidated damages are due until such amounts, plus all such interest thereon,
are paid in full.  The partial liquidated damages pursuant to the
terms hereof shall apply on a daily pro-rata basis for any portion of a month
prior to the cure of an Event, except in the case of the first Event Date. 

                              (e)
Each Holder agrees to furnish to the Company a completed Questionnaire in the
form attached to this Agreement as Annex B (a “Selling Stockholder
Questionnaire”).  The Company shall not be required to include the
Registrable Securities of a Holder in a Registration Statement and shall not be
required to pay any liquidated or other damages under Section 2(d) to any
Holder who fails to furnish to the Company a fully completed Selling
Stockholder Questionnaire at least two Trading Days prior to the Filing Date
(subject to the requirements set forth in Section 3(a)).

          3. Registration
Procedures.

          In
connection with the Company’s registration obligations hereunder, the Company
shall:

                    (a)
Cause its officers and directors, counsel and independent certified public
accountants to respond to such inquiries as shall be necessary, in the
reasonable opinion of respective counsel to each Holder, to conduct a
reasonable investigation within the meaning of the Securities Act. Each Holder
agrees to furnish to the Company a completed questionnaire in the form attached
to this Agreement as Annex B prior to the filing of the Registration
Statement.

                    (b)
(i) Prepare and file with the Commission such amendments, including
post-effective amendments, to a Registration Statement and the Prospectus used
in connection therewith as may be necessary to keep a Registration Statement
continuously effective as to the applicable Registrable Securities for the
Effectiveness Period and prepare and file with the Commission such additional
Registration Statements in order to register for resale under the Securities
Act all of the Registrable Securities; (ii) cause the related Prospectus to be
amended or supplemented by any required Prospectus supplement (subject to the
terms of this Agreement), and, as so supplemented or amended, to be filed
pursuant to Rule 424; (iii) respond as promptly as reasonably possible to any
comments received from the Commission with respect to a Registration Statement
or any amendment thereto; and (iv) comply in all material respects with the
provisions of the Securities Act and the Exchange Act with respect to the
disposition of all Registrable Securities covered by a Registration Statement
during the applicable period in accordance (subject to the terms of this
Agreement) with the intended methods of disposition by

6

the Holders
thereof set forth in such Registration Statement as so amended or in such
Prospectus as so supplemented.

                    (c)
If during the Effectiveness Period, the number of Registrable Securities at any
time exceeds 100% of the number of shares of Common Stock then registered in a
Registration Statement, then the Company shall file as soon as reasonably
practicable, an additional Registration Statement covering the resale by the
Holders of not less than the number of such Registrable Securities.

                    (d)
Notify the Holders of Registrable Securities to be sold (which notice shall,
pursuant to clauses (i) through (iv) hereof, be accompanied by an instruction
to suspend the use of the Prospectus until the requisite changes have been
made) as promptly as reasonably possible and (if requested by any such Person)
confirm such notice in writing no later than one Trading Day following the day
(i) of the issuance by the Commission or any other federal or state
governmental authority of any stop order suspending the effectiveness of a
Registration Statement covering any or all of the Registrable Securities or the
initiation of any Proceedings for that purpose; (ii) of the receipt by the
Company of any notification with respect to the suspension of the qualification
or exemption from qualification of any of the Registrable Securities for sale
in any jurisdiction, or the initiation or threatening of any Proceeding for
such purpose; (iii) of the occurrence of any event or passage of time that
makes the financial statements included in a Registration Statement ineligible
for inclusion therein or any statement made in a Registration Statement or
Prospectus or any document incorporated or deemed to be incorporated therein by
reference untrue in any material respect or that requires any revisions to a
Registration Statement, Prospectus or other documents so that, in the case of a
Registration Statement or the Prospectus, as the case may be, it will not
contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading; and
(iv) of the occurrence or existence of any pending corporate development with
respect to the Company that the Company believes may be material and that, in
the determination of the Company, makes it not in the best interest of the
Company to allow continued availability of a Registration Statement or
Prospectus, provided that any and all of such information shall remain
confidential to each Holder until such information otherwise becomes public,
unless disclosure by a Holder is required by law; provided, further, that
notwithstanding each Holder’s agreement to keep such information confidential,
each such Holder makes no acknowledgement that any such information is
material, non-public information.

                    (e)
Use its reasonable efforts to avoid the issuance of, or, if issued, obtain the
withdrawal of (i) any order stopping or suspending the effectiveness of a
Registration Statement, or (ii) any suspension of the qualification (or
exemption from qualification) of any of the Registrable Securities for sale in
any jurisdiction, at the earliest practicable moment.

                    (f)
Furnish to each Holder, without charge, at least one conformed copy of each
such Registration Statement and each amendment thereto, including financial
statements and schedules, all documents incorporated or deemed to be
incorporated therein by reference to the extent requested by such Person, and
all exhibits to the extent requested by such Person

7

(including
those previously furnished or incorporated by reference) promptly after the
filing of such documents with the Commission; provided, that any such item
which is available on the EDGAR system need not be furnished in physical form.

                    (g)
Subject to the terms of this Agreement, the Company hereby consents to the use
of such Prospectus and each amendment or supplement thereto by each of the
selling Holders in connection with the offering and sale of the Registrable
Securities covered by such Prospectus and any amendment or supplement thereto,
except after the giving of any notice pursuant to Section 3(d).

                    (h)
Prior to any resale of Registrable Securities by a Holder, use its commercially
reasonable efforts to register or qualify or cooperate with the selling Holders
in connection with the registration or qualification (or exemption from the
Registration or qualification) of such Registrable Securities for the resale by
the Holder under the securities or Blue Sky laws of such jurisdictions within
the United States as any Holder reasonably requests in writing, to keep each
registration or qualification (or exemption therefrom) effective during the
Effectiveness Period and to do any and all other acts or things reasonably
necessary to enable the disposition in such jurisdictions of the Registrable
Securities covered by each Registration Statement; provided, that the Company
shall not be required to qualify generally to do business in any jurisdiction
where it is not then so qualified, subject the Company to any material tax in
any such jurisdiction where it is not then so subject or file a general consent
to service of process in any such jurisdiction.

                    (i)
If requested by a Holder, cooperate with such Holders to facilitate the timely
preparation and delivery of certificates representing Registrable Securities to
be delivered to a transferee pursuant to a Registration Statement, which
certificates shall be free, to the extent permitted by the Securities Purchase
Agreement, of all restrictive legends, and to enable such Registrable
Securities to be in such denominations and registered in such names as any such
Holder may request.

                    (j)
Upon the occurrence of any event contemplated by Section 3(d), as promptly as
reasonably possible under the circumstances taking into account the Company’s
good faith assessment of any adverse consequences to the Company and its
stockholders of the premature disclosure of such event, prepare a supplement or
amendment, including a post-effective amendment, to a Registration Statement or
a supplement to the related Prospectus or any document incorporated or deemed
to be incorporated therein by reference, and file any other required document
so that, as thereafter delivered, neither a Registration Statement nor such
Prospectus will contain an untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made,
not misleading. If the Company notifies the Holders in accordance with clauses
(i) through (iv) of Section 3(d) above to suspend the use of any Prospectus
until the requisite changes to such Prospectus have been made, then the Holders
shall suspend use of such Prospectus. The Company will use its reasonable
efforts to ensure that the use of the Prospectus may be resumed as promptly as
is practicable. The Company shall be entitled to exercise its right under this
Section 3(j) to suspend the availability of a Registration Statement and
Prospectus.

8

                    (k)
Comply with all applicable rules and regulations of the Commission.

                    (l)
The Company may require each selling Holder to furnish to the Company a
certified statement as to the number of shares of Common Stock beneficially
owned by such Holder and, if required by the Commission, the natural persons
thereof that have voting and dispositive control over the shares.

          4.
Registration Expenses. All fees and expenses incident to the performance
of or compliance with this Agreement by the Company shall be borne by the
Company whether or not any Registrable Securities are sold pursuant to a
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 any Trading Market on which the Common Stock
is then listed for trading, and (B) in compliance with applicable state
securities or Blue Sky laws), (ii) printing expenses (including, without
limitation, expenses of printing certificates for Registrable Securities and of
printing prospectuses if the printing of prospectuses is reasonably requested
by the holders of a majority of the Registrable Securities included in the
Registration Statement), (iii) messenger, telephone and delivery expenses, (iv)
fees and disbursements of counsel for the Company and up to one counsel for the
Holders, (v) Securities Act liability insurance, if the Company so desires such
insurance, and (vi) fees and expenses of all other Persons retained by the
Company in connection with the consummation of the transactions contemplated by
this Agreement.  In addition, the Company shall be responsible for
all of its internal expenses incurred in connection with the consummation of
the transactions contemplated by this Agreement (including, without limitation,
all salaries and expenses of its officers and employees performing legal or
accounting duties), the expense of any annual audit and the fees and expenses
incurred in connection with the listing of the Registrable Securities on any
securities exchange as required hereunder.  In no event
shall the Company be responsible for any broker or similar commissions of any
Holder or, except to the extent provided for in the Transaction Documents, any
legal fees or other costs of the Holders.

          5.
Indemnification.

                    (a)
Indemnification by the Company. The Company shall, notwithstanding any
termination of this Agreement, indemnify and hold harmless each Holder, the
officers, directors, members, partners, agents, brokers (including brokers who
offer and sell Registrable Securities as principal as a result of a pledge or
any failure to perform under a margin call of Common Stock), investment
advisors, employees, the Placement Agent and any of its affiliates, officers,
directors, shareholders, employees and agents (and any other Persons with a
functionally equivalent role of a Person holding such titles, notwithstanding a
lack of such title or any other title) of each of them, each Person who
controls any such Holder (within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act) and the officers, directors, members,
shareholders, partners, agents and employees (and any other Persons with a
functionally equivalent role of a Person holding such titles, notwithstanding a
lack of such title or any other title) of each such controlling Person, to the
fullest extent permitted by applicable law, from and against any and all
losses, claims, damages, liabilities, costs (including, without
limitation, reasonable attorneys’ fees) and expenses (collectively,
“Losses”), as incurred, arising out of or relating to (1) any untrue or alleged
untrue statement of a material fact contained in a

9

Registration
Statement, any Prospectus or any form of prospectus or in any amendment or
supplement thereto or in any preliminary prospectus, 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 light of the circumstances under which
they were made) not misleading or (2) any violation or alleged violation by the
Company of the Securities Act, the Exchange Act or any state securities law, or
any rule or regulation thereunder, in connection with the performance of its
obligations under this Agreement, except to the extent, but only to the extent,
that (i) such untrue statements or omissions are based solely upon information
regarding such Holder furnished in writing to the Company by such Holder
expressly for use therein, or to the extent that such information relates to
such Holder or such Holder’s proposed method of distribution of Registrable
Securities and was reviewed and expressly approved in writing by such Holder
expressly for use in a Registration Statement, such Prospectus or in any
amendment or supplement thereto or (ii) in the case of an occurrence of an
event of the type specified in Section 3(d) (i)-(iv), the use by such Holder of
an outdated or defective Prospectus after the Company has notified such Holder
in writing that the Prospectus is outdated or defective and prior to the
receipt by such Holder of the Advice contemplated in Section 6(c). The Company
shall notify the Holders promptly of the institution, threat or assertion of
any Proceeding arising from or in connection with the transactions contemplated
by this Agreement of which the Company is aware.

                    (b)
Indemnification by Holders. Each Holder shall, severally and not
jointly, indemnify and hold harmless the Company, its directors, officers,
agents and employees, each Person who controls the Company (within the meaning
of Section 15 of the Securities Act and Section 20 of the Exchange Act), the
Placement Agent, and its affiliates, and the directors, officers, agents or
employees of such controlling Persons and the Placement Agent, to the fullest
extent permitted by applicable law, from and against all Losses, as incurred,
to the extent arising out of or based solely upon: (x) such Holder’s failure to
comply with the prospectus delivery requirements of the Securities Act or (y) any
untrue or alleged untrue statement of a material fact contained in any
Registration Statement, any Prospectus, or any form of prospectus, or in any
amendment or supplement thereto or in any preliminary prospectus, 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 not
misleading (i) to the extent, but only to the extent, that such untrue
statement or omission is contained in any information so furnished in writing
by such Holder to the Company specifically for inclusion in such Registration
Statement or such Prospectus or such form of prospectus, (ii) to the extent
that such information relates to such Holder’s proposed method of distribution
of Registrable Securities and was reviewed and expressly approved in writing by
such Holder expressly for use in a Registration Statement, such Prospectus or
in any amendment or supplement thereto or (iii) in the case of an occurrence of
an event of the type specified in Section 3(d) (i)-(iv), the use by such Holder
of an outdated or defective Prospectus after the Company has notified such
Holder in writing that the Prospectus is outdated or defective and prior to the
receipt by such Holder of the Advice contemplated in Section 6(c). In no event
shall the liability of any selling Holder hereunder be greater in amount than
the dollar amount of the net proceeds received by such Holder upon the sale of
the Registrable Securities giving rise to such indemnification obligation.

10

                    (c)
Conduct of Indemnification Proceedings. If any Proceeding shall be
brought or asserted against any Person entitled to indemnity hereunder (an “Indemnified
Party”), such Indemnified Party shall promptly notify the Person from whom
indemnity is sought (the “Indemnifying Party”) in writing, and the
Indemnifying Party shall have the right to assume the defense thereof,
including the employment of counsel reasonably satisfactory to the Indemnified
Party and the payment of all fees and expenses incurred in connection with
defense thereof; provided, that the failure of any Indemnified Party to give
such notice shall not relieve the Indemnifying Party of its obligations or
liabilities pursuant to this Agreement, except (and only) to the extent that it
shall be finally determined by a court of competent jurisdiction (which
determination is not subject to appeal or further review) that such failure
shall have prejudiced the Indemnifying Party.

          An
Indemnified Party shall have the right to employ separate counsel in any such
Proceeding and to participate in the defense thereof, but the fees and expenses
of such counsel shall be at the expense of such Indemnified Party or Parties
unless: (1) the Indemnifying Party has agreed in writing to pay such fees and
expenses; (2) the Indemnifying Party shall have failed promptly to assume the
defense of such Proceeding and to employ counsel reasonably satisfactory to
such Indemnified Party in any such Proceeding; or (3) the named parties to any
such Proceeding (including any impleaded parties) include both such Indemnified
Party and the Indemnifying Party, and counsel to the Indemnified Party shall
reasonably believe that a material conflict of interest is likely to exist if
the same counsel were to represent such Indemnified Party and the Indemnifying
Party (in which case, if such Indemnified Party notifies the Indemnifying Party
in writing that it elects to employ separate counsel at the expense of the
Indemnifying Party, the Indemnifying Party shall not have the right to assume
the defense thereof and the reasonable fees and expenses of no more than one
separate counsel shall be at the expense of the Indemnifying Party). The
Indemnifying Party shall not be liable for any settlement of any such
Proceeding effected without its written consent, which consent shall not be
unreasonably withheld or delayed. No Indemnifying Party shall, without the
prior written consent of the Indemnified Party, effect any settlement of any
pending Proceeding in respect of which any Indemnified Party is a party, unless
such settlement includes an unconditional release of such Indemnified Party
from all liability on claims that are the subject matter of such Proceeding.

          Subject
to the terms of this Agreement, all reasonable fees and expenses of the
Indemnified Party (including reasonable fees and expenses to the extent
incurred in connection with investigating or preparing to defend such
Proceeding in a manner not inconsistent with this Section) shall be paid to the
Indemnified Party, as incurred, within ten Trading Days of written notice
thereof to the Indemnifying Party; provided, that the Indemnified Party shall
promptly reimburse the Indemnifying Party for that portion of such fees and
expenses applicable to such actions for which such Indemnified Party is
judicially determined to be not entitled to indemnification hereunder.

          6.
Miscellaneous.

                    (a)
Remedies. In the event of a breach by the Company or by a Holder of any
of their respective obligations under this Agreement, each Holder or the
Company, as the case may be, in addition to being entitled to exercise all
rights granted by law and under this Agreement, including recovery of damages,
shall be entitled to specific performance of its rights under this

11

Agreement. The
Company and each Holder agree that monetary damages would not provide adequate
compensation for any losses incurred by reason of a breach by it of any of the
provisions of this Agreement and hereby further agrees that, in the event of
any action for specific performance in respect of such breach, it shall not
assert or shall waive the defense that a remedy at law would be adequate.

                    (b)
Compliance. Each Holder covenants and agrees that it will comply with
the prospectus delivery requirements of the Securities Act as applicable to it
in connection with sales of Registrable Securities pursuant to a Registration
Statement.

                    (c)
Discontinued Disposition. By its acquisition of Registrable Securities,
each Holder agrees that, upon receipt of a notice from the Company of the
occurrence of any event of the kind described in Section 3(d) (i) through (iv),
such Holder will forthwith discontinue disposition of such Registrable Securities
under a Registration Statement until it is advised in writing (the “Advice”)
by the Company that the use of the applicable Prospectus (as it may have been
supplemented or amended) may be resumed. The Company will use its reasonable
efforts to ensure that the use of the Prospectus may be resumed as promptly as
it practicable.

                    (d)
Amendments and Waivers. The provisions of this Agreement, including the
provisions of this sentence, may not be amended, modified or supplemented, and
waivers or consents to departures from the provisions hereof may not be given,
unless the same shall be in writing and signed by the Company and the Holders
of a majority of the then outstanding Registrable Securities (including, for
this purpose any Registrable Securities issuable upon exercise or conversion of
any Security). If a Registration Statement does not register all of the
Registrable Securities pursuant to a waiver or amendment done in compliance
with the previous sentence, then the number of Registrable Securities to be
registered for each Holder shall be reduced pro rata among all Holders and each
Holder shall have the right to designate which of its Registrable Securities
shall be omitted from such Registration Statement. Notwithstanding the foregoing,
a waiver or consent to depart from the provisions hereof with respect to a
matter that relates exclusively to the rights of a Holder or some Holders and
that does not directly or indirectly affect the rights of other Holders may be
given by such Holder or Holders of all of the Registrable Securities to which
such waiver or consent relates; provided, however, that the
provisions of this sentence may not be amended, modified, or supplemented
except in accordance with the provisions of the first sentence of this Section
6(d).

                    (e)
Notices. Any and all notices or other communications or deliveries
required or permitted to be provided hereunder shall be delivered as set forth
in the Securities Purchase Agreement.

                    (f)
Successors and Assigns. This Agreement shall inure to the benefit of and
be binding upon the successors and permitted assigns of each of the parties and
shall inure to the benefit of each Holder. The Company may not assign (except
by merger) its rights or obligations hereunder without the prior written
consent of all of the Holders of the then outstanding Registrable Securities.
Each Holder may assign their respective rights hereunder in the manner and to
the Persons as permitted under the Securities Purchase Agreement.

12

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

                    (h)
Governing Law. All questions concerning the construction, validity,
enforcement and interpretation of this Agreement shall be determined in
accordance with the provisions of the Securities Purchase Agreement.

                    (i)
Cumulative Remedies. The remedies provided herein are cumulative and not
exclusive of any other remedies provided by law.

                    (j)
Severability. If any term, provision, covenant or restriction of this
Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and
restrictions set forth herein shall remain in full force and effect and shall
in no way be affected, impaired or invalidated, and the parties hereto shall use
their commercially reasonable efforts to find and employ an alternative means
to achieve the same or substantially the same result as that contemplated by
such term, provision, covenant or restriction. It is hereby stipulated and
declared to be the intention of the parties that they would have executed the
remaining terms, provisions, covenants and restrictions without including any
of such that may be hereafter declared invalid, illegal, void or unenforceable.

                    (k)
Headings. The headings in this Agreement are for convenience only, do
not constitute a part of the Agreement and shall not be deemed to limit or
affect any of the provisions hereof.

                    (l)
Independent Nature of Holders’ Obligations and Rights. The obligations
of each Holder hereunder are several and not joint with the obligations of any
other Holder hereunder, and no Holder shall be responsible in any way for the
performance of the obligations of any other Holder hereunder. Nothing contained
herein or in any other agreement or document delivered at any closing, and no
action taken by any Holder pursuant hereto or thereto, shall be deemed to
constitute the Holders as a partnership, an association, a joint venture or any
other kind of entity, or create a presumption that the Holders are in any way
acting in concert with respect to such obligations or the transactions
contemplated by this Agreement. Each Holder shall be entitled to protect and
enforce its rights, including without limitation the rights arising out of this
Agreement, and it shall not be necessary for any other Holder to be joined as
an additional party in any proceeding for such purpose.

13

          IN
WITNESS WHEREOF, the parties have executed this Registration Rights Agreement
as of the date first written above.

	
  

 	
  

 	
  

 
	
 IBIO, INC.

 	
  

 
	
  

 	
  

 
	
 By: 

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
 Name: Robert
 B. Kay

 
	
 Title: Chief
 Executive Officer

 

Facsimile
Number for Notices: 302/356-1173

[SIGNATURE PAGE OF HOLDERS FOLLOWS]

[SIGNATURE PAGE OF HOLDERS TO IBIO RRA]

Name of
Holder: __________________________

Signature of Authorized Signatory of Holder:
__________________________

Name of
Authorized Signatory: _________________________

Title of Authorized Signatory:
__________________________

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