Document:

Exhibit
10.2

 

Certain
identified information has been excluded from this exhibit because it is both not material and is the type that 

the registrant treats as private or confidential. [***] indicates that information has been redacted.

 

.COLLABORATION
AND LICENSE AGREEMENT

 

This Collaboration and
License Agreement (together with all Exhibits and Schedules attached hereto, this “Agreement”) is made as of August
23 2021 (the “Effective Date”), by and between RubrYc Therapeutics, Inc., a corporation organized and existing
under the laws of Delaware, located at 733 Industrial Road, San Carlos, CA 94070 (“RubrYc”), and iBio, Inc.,
a corporation organized under the laws of the State of Texas, located at 8800 HSC Pkwy, Bryan, TX 77807 (“iBio”). RubrYc
and iBio are referred to in this Agreement individually as a “Party” and collectively as the “Parties.”

 

RECITALS

 

WHEREAS, RubrYc is
a biotechnology company specializing in the field of discovery of biotherapeutics and other pharmaceutical therapies;

 

WHEREAS, iBio is a
biotechnology company, which engages in the development and manufacture of biotherapeutics;

 

WHEREAS, iBio and RubrYc
wish to collaborate to further develop RubrYc’s discovery and development compounds in its RTX-003 campaign, which represents all
of RubrYc’s current and future anti-CD25 work; and

 

WHEREAS, RubrYc wishes
to grant to iBio, and iBio wishes to be granted, the right to develop and commercialize Licensed Products containing such Licensed Compounds
in the Field and the Territory (each as defined herein) in accordance with the terms and conditions set forth below.

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the foregoing premises and the mutual covenants contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

 

Article
1

DEFINITIONS

 

Unless specifically set forth
to the contrary herein, the following terms, whether used in the singular or plural, shall have the respective meanings set forth below:

 

1.1.           
“Additional Developments” shall have the meaning set forth in Section 6.1(d) (Additional Developments).

 

     

     

    

 

1.2.           
“Affiliate” means, with respect to a specified Person, any entity that directly or indirectly controls,
is controlled by or is under common control with such Person. As used in this Section 1.2 (Affiliate), “control”
(and, with correlative meanings, the terms “controlled by” and “under common control with”) means, in the case
of a corporation, the ownership of fifty percent (50%) or more of the outstanding voting securities thereof or, in the case of any
other type of entity, an interest that results in the ability to direct or cause the direction of the management and policies of such
party or the power to appoint fifty percent (50%) or more of the members of the governing body of the party or, where ownership of
fifty percent (50%) or more of such securities or interest is prohibited by law, ownership of the maximum amount legally permitted.
Notwithstanding the foregoing, Affiliates of a Party shall exclude Persons who are financial investors in such Person or under common
control of such investors other than such Person and its parent and subsidiary entities.

 

1.3.           
“Agreement” shall have the meaning set forth in the preamble to this agreement.

 

1.4.           
“Applicable Laws” means all statutes, ordinances, regulations, rules or orders of any kind whatsoever of
any Governmental Authority that may be in effect from time to time and applicable to the relevant activities contemplated by this Agreement.

 

1.5.           
“Background IP” shall have the meaning set forth in Section 6.1(a) (Background IP).

 

1.6.           
“Biologics License Application” or “BLA” means a Biologics License Application in the
United States as described in Section 351(a) of the United States Public Health Service Act (PHS Act), an abbreviated Biological
License Application as described in Section 351(k) of the PHS Act, or equivalent application filed with the applicable Regulatory
Authority in another country or regulatory jurisdiction in the Territory.

 

1.7.           
“Biosimilar Product” means, with respect to a Licensed Product, and on a country-by-country basis, any product
(including a generic product, biogeneric, follow-on biologic, follow-on biological product, follow-on protein product, similar biological
medicinal product, or biosimilar product) that has received Regulatory Approval by way of: (a) a Regulatory Approval process governing
approval of interchangeable or biosimilar biologics as described in 42 U.S.C. § 262 (or its foreign equivalents, as applicable) based
on the Licensed Product, or is the subject of a notice with respect to such Licensed Product under 42 U.S.C. § 262(l)(2) (or its
foreign equivalents, as applicable); or (b) an abbreviated regulatory mechanism or equivalent process for Regulatory Approval to those
set forth in subsection (a) by the relevant Regulatory Authority in a country, where such approval referred to or relied on (1) the Marketing
Approval for such Licensed Product held by iBio or Sublicensee in such country or (2) the data contained or incorporated by reference
in the Marketing Approval for such Licensed Product held by iBio or a Sublicensee in such country, and that in each case: (i) is sold
in the same country (or is commercially available in the same country) as such Licensed Product by any Third Party that is not a Sublicensee
and that did not purchase such product in a chain of distribution that included any of iBio or any of Sublicensees; and (ii) either (A)
contains an active ingredient that is “highly similar” to such Licensed Product (as the phrase “highly similar”
is used in 42 U.S.C. § 262(i)(2), and subject to the factors set forth in FDA’s Guidance for Industry, “Quality Considerations
in Demonstrating Biosimilarity of a Therapeutic Protein Collaboration Product to a Reference Collaboration Product,” (April 2015),
at Section V, and any successor FDA guidance thereto), or (B) meets the equivalency determination by the applicable Regulatory Authority
in any country or jurisdiction outside the United States (including a determination that the product is “comparable,” “interchangeable,”
 “bioequivalent,” “biosimilar” or other term of similar meaning, with respect to the Licensed Product).

 

    -2-

     

    

 

1.8.           
“Business Day” means a day other than Saturday or Sunday, or any day on which banks located in New York,
NY are authorized or obligated to close. Whenever this Agreement refers to a number of days, such number shall refer to calendar days
unless Business Days are specified.

 

1.9.           
“Calendar Quarter” means the respective periods of three consecutive calendar months ending on March 31st,
June 30th, September 30th and December 31st.

 

1.10.       
“Calendar Year” means each twelve (12) month period commencing on January 1st.

 

1.11.       
“CD25 MEMs” are MEMs that are designed to recapitulate the structure and dynamic motion of particular epitopes
on the surface of CD25.

 

1.12.       
“Challenge” shall have the meaning set forth in Section 10.2(e) (Termination for Patent Challenge).

 

1.13.       
“Claim” shall have the meaning set forth in Section 9.1 (By iBio).

 

1.14.       
“Clinical and Regulatory Activities” means any clinical drug or biological development activities occurring
after Development, including test method development and stability testing, toxicology, formulation, quality assurance/quality control
development, statistical analysis, as needed for Clinical Trials and to obtain Regulatory Approvals, Pricing and Reimbursement Approvals
and Regulatory Exclusivity.

 

1.15.       
“Clinical Trial” means any clinical testing (regardless of who sponsors or initiates the clinical testing)
of a product in human subjects, including Phase I Clinical Study, Phase II Clinical Study, and Phase III Clinical Study.

 

1.16.       
“Collaboration” means the collaboration conducted by the Parties to further Develop the Licensed Compounds.
For clarity, unless earlier terminated, the “Collaboration” ends when the Collaboration Plan is terminated or expires.

 

1.17.       
“Collaboration Plan” shall have the meaning set forth in Section 2.2 (Collaboration Plan) and
is attached hereto as Exhibit A.

 

1.18.       
“Collaboration, Option and License Agreement” means the Collaboration, Option and License Agreement between
the Parties dated of even date herewith.

 

1.19.       
“Collaboration Subcontractors” shall have the meaning set forth in Section 2.3 (Subcontracting).

 

    -3-

     

    

 

1.20.       
“Commercialization” or “Commercialize” means those activities directed to marketing,
distribution, pricing, promoting or selling of products (including importing and exporting activities in connection therewith).

 

1.21.       
“Commercial License” shall have the meaning set forth in Section 3.1 (Commercial License).

 

1.22.       
“Commercially Reasonable Efforts” means, with respect to iBio, those efforts exercised by iBio that are
commensurate with those efforts commonly used in the biopharmaceutical industry by a company of comparable size with comparable resources
in connection with the development, manufacturing or commercialization of products that are of similar market or profit potential and
strategic value and of a stage in development or product lifecycle comparable to that of the applicable Licensed Product, as determined
based on conditions then prevailing, taking into account all relevant factors including safety, efficacy, competitive considerations within
the marketplace, projected market size, intellectual property protection and duration, manufacturing costs, resource allocation, pricing,
re-importation concerns, regulatory requirements, payments under this Agreement, and other relevant scientific, technical, legal, operational,
commercial and regulatory considerations, and in any event consistent with the efforts and resources normally used by iBio or its Affiliates
in the exercise of its reasonable business discretion relating to the development of a potential pharmaceutical product or the commercialization
of a pharmaceutical product, in each case owned by it or to which it has exclusive rights, with similar commercial and market potential
as the Licensed Products, taking into account all relevant factors noted above. Where applicable, Commercially Reasonable Efforts will
be determined on a country-by-country and indication-by-indication basis for the applicable Licensed Product, and are anticipated to change
over time, reflecting changes in the status of the applicable market or country involved.

 

1.23.       
“Confidential Information” means all confidential information of the Disclosing Party, regardless of its
form or medium, as provided to the Receiving Party in connection with this Agreement, including all such information provided under the
Mutual Non-Disclosure Agreement entered into by the Parties on March 5, 2021 (“NDA”), whether or not so marked; provided
that, Confidential Information shall not include any information that the Receiving Party can show by competent written evidence: (a) was
already known to the Receiving Party at the time it was disclosed to the Receiving Party by the Disclosing Party without an obligation
of confidentiality and not through a prior disclosure by the Disclosing Party; (b) was or becomes generally known to the public through
no act or omission of the Receiving Party in violation of the terms of this Agreement; (c) was lawfully received by the Receiving
Party from a Third Party without restriction on its disclosure and without, to the reasonable knowledge of the Receiving Party, a breach
by such Third Party of an obligation of confidentiality to the Disclosing Party; or (d) was independently developed by the Receiving
Party without use of or reference to the Confidential Information of the Disclosing Party. The terms of this Agreement that are not publicly
disclosed through a press release or by filings to financial regulatory authorities, as permitted herein, shall be the Confidential Information
of both Parties.

 

1.24.       
“Control” or “Controlled” means, with respect to any Intellectual Property or Intellectual
Property Rights, that a Party has the legal authority or right (whether by ownership, license or otherwise, other than by way of this
Agreement) to grant a license, sublicense, access or right to use (as applicable) under such Intellectual Property or Intellectual Property
Rights, on the terms and conditions set forth herein, in each case without breaching the terms of any agreement with a Third Party.

 

    -4-

     

    

 

1.25.       
“Cover”, “Covered” or “Covering” means, (a) with respect to any
Patent, that at least one Valid Claim of such Patent would be infringed by the development, manufacture, use, import, offer for sale,
or sale of a product, method, or device, as applicable, and (b) with respect to any other Intellectual Property Right, that the development,
manufacture, use, import, offer for sale, sale, reproduction, distribution, public performance or display or making derivative works of
a product, method, or device would infringe or misappropriate such rights, as applicable, in each case ((a) or (b)) in the absence of
the ownership of, or licensed rights granted under, such Patent or other Intellectual Property Right.

 

1.26.       
“Derive” or “Derived” and cognates thereof means to develop, invent, discover, create,
synthesize, conceive, reduce to practice, design or otherwise generate (whether directly or indirectly, or in whole or in part).

 

1.27.       
“Develop” or “Development” or “Developing” means research and development
activities, including test method development and stability testing, toxicology, formulation, quality assurance/quality control development,
statistical analysis, and preclinical studies. For clarity, Development does not include Clinical and Regulatory Activities.

 

1.28.       
“Disclosing Party” shall have the meaning set forth in Section 7.1 (Non-Disclosure Obligation).

 

1.29.       
“Dispute” shall have the meaning set forth in Section 11.1 (General).

 

1.30.       
“Effective Date” shall have the meaning set forth in the preamble in this Agreement.

 

1.31.       
“Executive Officers” means the Chief Executive Officer of RubrYc (or a senior officer designated by the
Chief Executive Officer of RubrYc) and the Chief Executive Officer of iBio (or a senior officer designated by the Chief Executive Officer
of iBio).

 

1.32.       
“FD&C Act” means the U.S. Federal Food, Drug and Cosmetic Act, as amended.

 

1.33.       
“FDA” means the U.S. Food and Drug Administration or any successor entity.

 

1.34.       
“Field” means all fields, including research, bioprocessing, diagnostic and therapeutic uses.

 

1.35.       
“First Commercial Sale” means, with respect to any Licensed Product, the first arm’s-length sale of
such Licensed Product to a Third Party in a country by iBio or its Sublicensee(s) following Marketing Approval. Sales prior to receipt
of marketing and pricing approvals, such as so-called “treatment IND sales,” “named patient sales” and “compassionate
use sales” and any sales to any government, foreign or domestic, including purchases for immediate sale or stockpiling purposes,
are not a First Commercial Sale in that country.

 

    -5-

     

    

 

1.36.       
“GAAP” means the United States generally accepted accounting principles, consistently applied.

 

1.37.       
“GCP” means all applicable Good Clinical Practice standards for the design, conduct, performance, monitoring,
auditing, recording, analyses and reporting of Clinical Trials, including, as applicable (a) as set forth in the International Conference
on Harmonization of Technical Requirements for Registration of Pharmaceuticals for Human Use Harmonized Tripartite Guideline for Good
Clinical Practice (CPMP/ICH/135/95) and any other guidelines for good clinical practice for trials on medicinal products in the Territory,
(b) the Declaration of Helsinki (2004) as last amended at the 52nd World Medical Association in October 2000 and any further amendments
or clarifications thereto, (c) U.S. Code of Federal Regulations Title 21, Parts 50 (Protection of Human Subjects), 56 (Institutional
Review Boards) and 312 (Investigational New Drug Application), as may be amended from time to time, and (d) the equivalent Applicable
Laws in the country in the Territory, each as may be amended and applicable from time to time and in each case, that provide for, among
other things, assurance that the clinical data and reported results are credible and accurate and protect the rights, integrity, and confidentiality
of trial subjects.

 

1.38.       
“GLP” means all applicable Good Laboratory Practice standards, including, as applicable, as set forth in
the then current good laboratory practice standards promulgated or endorsed by the U.S. Food and Drug Administration as defined in 21
C.F.R. Part 58, or the equivalent Applicable Laws in other jurisdictions in the Territory, each as may be amended and applicable
from time to time.

 

1.39.       
“GMP” or “Good Manufacturing Practices” means the then-current Good Manufacturing Practices
required by the FDA, as set forth in the FD&C Act and the regulations promulgated thereunder, for the manufacture and testing of pharmaceutical
materials, and comparable laws and regulations applicable to the manufacture and testing of pharmaceutical materials promulgated by other
Regulatory Authorities, as they may be updated from time to time.

 

1.40.       
“Governmental Authority” means any court, commission, authority, department, ministry, official or other
instrumentality of, or being vested with public authority under any law of, any country, region, state or local authority or any political
subdivision thereof, or any association of countries.

 

1.41.       
“iBio” shall have the meaning set forth in the preamble of this Agreement.

 

1.42.       
“iBio Indemnitee(s)” shall have the meaning set forth in Section 9.2 (By RubrYc).

 

1.43.       
“iBio-Owned Foreground IP” shall have the meaning set forth in Section 6.1(c) (iBio-Owned Foreground
IP).

 

1.44.       
“iBio Stock” means iBio’s Common Stock at a price equal to the 30 day trailing average purchase price
or the previous day’s closing price, whichever is higher for publicly traded iBio’s Common Stock. iBio’s Stock shall
be subject to an escrow between RubrYc and iBio for 6 months on terms to be negotiated in good faith.

 

    -6-

     

    

 

1.45.       
“IND” means an investigational new drug application or equivalent application filed with the applicable
Regulatory Authority, which application is required to commence Clinical Trials in the applicable country or regulatory jurisdiction.

 

1.46.       
“Indemnifying Party” shall have the meaning set forth in Section 9.3 (Defined Indemnification
Terms).

 

1.47.       
“Indemnitee” shall have the meaning set forth in Section 9.3 (Defined Indemnification Terms).

 

1.48.       
“Intellectual Property” means any and all apparatus, biological materials, compounds, compositions, conceptions,
data, databases, designs, discoveries, documentation, equipment, formulae, formulations, ideas, information, innovations, inventions,
knowledge, know-how, machines, methods, molecules, peptides, plans, practices, processes, procedures, production systems, products, programs,
results, show-how, software, specifications, studies, systems, techniques, works of authorship, and other intellectual property or technologies.

 

1.49.       
“Intellectual Property Rights” or “IPR” means any and all legal rights in Intellectual
Property, whether protected, created or arising under the laws of the United States or any foreign jurisdiction, including the following:
(a) Patents; (b) copyrights, mask work rights, database rights and design rights, whether or not registered, published or unpublished,
and registrations and applications for registration thereof, and all rights therein whether provided by international treaties or conventions
or otherwise; (c) trade secret rights; (d) moral rights; (e) trademarks, service marks, trade names, service names, corporate
names, trade dress, logos, and other identifiers of source, including all goodwill associated therewith and all common law rights, registrations
and applications for registration thereof, and all rights therein provided by international treaties or conventions, and all reissues,
extensions and renewals of any of the foregoing, and all intellectual property rights arising from or in respect of domain names, domain
name registrations and reservations; and (f) other applications and registrations related to any of the rights set forth in the foregoing
clauses (a) – (e) above which subsist now or will subsist in the future together with all rights of action, powers and benefits
arising from ownership of any such rights.

 

1.50.       
“Inter Partes/Post-Grant Proceeding” means any interference, derivation, opposition, re-issue, reexamination,
invalidation proceedings, revocation, nullification, or cancellation proceeding relating to a Patent.

 

1.51.       
“Knowledge” means, with respect to a Party, the actual knowledge of any of the senior management team members
of such Party.

 

1.52.       
“Licensed Compound” means each of RubrYc’s current and future CD25 antibody compounds, including without
limitation any and all antibodies developed by RubrYc that target any of RubrYc’s current and future CD25 MEMs, such as those described
in PCT/US2019/061552 and PCT/US2019/061567, as well as US 63/113,784. For the avoidance of doubt, the CD25 MEMs are not Licensed Compounds.

 

    -7-

     

    

 

1.53.       
“Licensed Patent” means any Patents Controlled by RubrYc or its Affiliates as of the Effective Date or during
the Term (other than as a result of a license from iBio) that Cover any Licensed Compound, including without limitation the patent applications
listed in Schedule 1.53 (Licensed Patents) and any continuing applications of the foregoing including divisions, substitutions
and continuation-in-part applications (but only with respect to the subject matter relating to the Licensed Compound(s)), any patents
issuing on said applications or continuing applications including reissues, re-examinations and extensions, and any corresponding foreign
applications or patents. The Parties shall update Schedule 1.53 (Licensed Patents) from time-to-time as new Patents are filed and
issued, but failure to do so shall not affect the status of a Patent as included among the Licensed Patents.

 

1.54.       
“Licensed Product” means any pharmaceutical product containing or using a Licensed Compound (or any derivative,
fragment, conjugation or other format thereof where such derivative, fragment, conjugation or other format would, but for a license granted
hereunder, infringe a Licensed Patent), alone or with other active ingredients, in any form, presentation, formulation or dosage form.

 

1.55.       
“Losses” shall have the meaning set forth in Section 9.1 (By iBio).

 

1.56.       
“Major Market” means each of (a) the United States of America (but not its territories or possessions),
(b) the People’s Republic of China, (c) Japan, and (d) at least two of France, Germany, Spain, Italy, and the United
Kingdom.

 

1.57.       
“Manufacture” or “Manufacturing” or “Manufactured” means those operations
directed to the manufacturing, filling and finishing, quality control testing (including in-process, release and stability testing, if
applicable), storage, releasing and packaging.

 

1.58.       
“Marketing Approval” means all approvals, licenses, registrations or authorizations of any Regulatory Authority
in a country or region, necessary for the Commercialization of a product in such country or region, including the approval of a BLA, other
Regulatory Approvals and any Pricing and Reimbursement Approvals (to the extent such Pricing and Reimbursement Approvals are required
in such country or region for the Commercialization of a product).

 

1.59.       
“MEM” means meso-scale engineered molecule, which is an engineered molecule comprised of a designed scaffold
that supports the structure and presentation of a pre-determined natural epitope.

 

1.60.       
“MEM-Steered Immunization” means the priming and/or boosting of animal immunization to elicit antibodies,
fragments, and derivatives from appropriate host animals using MEMs as immunogens, whether independently formulated for immunization or
conjugated to carrier proteins, nanoparticles, or the like, including immunization strategies where MEMs are used in combination with
corresponding full-length antigen or corresponding antigen expressed on cells.

 

1.61.       
“Milestone Events” shall have the meaning set forth in Section 5.1 (Milestone Payments).

 

    -8-

     

    

 

1.62.       
“Milestone Payment” shall have the meaning set forth in Section 5.1 (Milestone Payments).

 

1.63.       
“Net Sales” means the gross price billed or invoiced on sales of the Licensed Product(s) by iBio, its Affiliates,
or other Sublicensees (each, a “Selling Entity”) to a Third Party, less (without duplication) usual and customary:

 

(a)              
cash, trade or quantity discounts actually granted and deducted solely on account of sales of such Licensed Product, including
early payment discounts;

 

(b)              
rebates and chargebacks or price reductions made to individual or group purchasers of such Licensed Product that are solely on
account of or reasonably allocated to the purchase of such Licensed Product;

 

(c)              
allowances or credits actually granted upon claims, returns or rejections of the Licensed Product, including recalls, regardless
of the party requesting such recall;

 

(d)              
charges included in the gross sales price for freight, insurance, transportation, postage, handling and any other charges relating
to the sale, transportation, delivery or return of the Licensed Product;

 

(e)              
bad debt written off under GAAP or the applicable legitimate accounting standard of the Selling Entity, consistently applied, with
reasonable collection efforts and added back to the gross amount invoiced/billed if collected;

 

(f)               
taxes (including, but not limited to sales, value added, consumption and similar taxes; but excluding income taxes and cross-border
withholding taxes) actually incurred, paid or collected and remitted to the relevant tax authority for the sale of such Licensed Product;
provided that any amount of such taxes refunded, recovered or credited back by the relevant tax authority shall be included in
Net Sales; and

 

(g)              
any other similar amounts normally deducted from the gross invoice price in the reporting of revenues in order to arrive at the
calculation of Net Sales in line with GAAP or the applicable Selling Entity’s legitimate accounting standards, consistently applied,
across the relevant reporting period.

 

Each of the amounts set forth
above shall be determined from the books and records of the Selling Entities, maintained in accordance with GAAP or applicable legitimate
accounting standard, consistently applied, and any amounts that are deducted from Net Sales pursuant to one subsection may not be deducted
pursuant to another subsection (i.e., a deduction may only be taken once).

 

    -9-

     

    

 

The transfer of a Licensed
Product to a Sublicensee or other Third Party (i) in connection with the Development or testing of a Licensed Product (including
the conduct of Clinical Trials), (ii) for purposes of distribution as promotional samples as customary to business in the applicable
country, (iii) for indigent or similar public support or compassionate use programs, or (iv) by and between iBio and its Sublicensees
that is not for end use purposes, shall not, in any case, be considered a Net Sale of a Licensed Product under this Agreement. If a Selling
Entity sells a Licensed Product for consideration other than monetary consideration in an arm’s-length transaction, Net Sales shall
be calculated as if such Licensed Product was sold in an arm’s-length transaction for monetary consideration in the country of such
sale based on amounts earned in such country from sales for monetary consideration at arm’s length.

 

For the purposes of determining
Net Sales, a sale shall be deemed to have occurred when an invoice is generated for such Licensed Product.

 

1.64.       
“Party” or “Parties” shall have the meaning set forth in the preamble to this Agreement.

 

1.65.       
“Patent(s)” means (a) all national, regional and international patents and patent applications, including
any provisional patent application, (b) any patent application claiming priority from such patent application or provisional patent
applications, including divisions, continuations, continuations-in-part, (c) any patent that has issued or in the future issues from
any of the foregoing patent applications, including any utility or design patent or certificate of invention, and (d) re-issues,
renewals, extensions, substitutions, re-examinations or restorations, registrations and revalidations, and supplementary protection certificates
and equivalents to any of the foregoing.

 

1.66.       
“Person” means any individual, sole proprietorship, corporation, joint venture, limited liability company,
partnership, limited partnership, limited liability partnership, trust or any other private, public or governmental entity.

 

1.67.       
“Phase I Clinical Study” means any Clinical Trial(s) the principal purpose of which is a preliminary
determination of safety in healthy individuals or patients, that would satisfy the requirement of 21 C.F.R. § 312.21(a), or
its foreign equivalent, as may be amended from time to time, or any analogous Clinical Trial described or defined in Applicable Laws.

 

1.68.       
“Phase II Clinical Study” means any Clinical Trial(s) of a pharmaceutical or biologic product
in patients with the primary objective of characterizing its activity in a specific disease state as well as generating more detailed
safety, tolerability, and pharmacokinetics information, that would satisfy the requirement of 21 C.F.R. § 312.21(b), or its
foreign equivalent, as may be amended from time to time, or any analogous Clinical Trial described or defined in Applicable Laws.

 

1.69.       
“Phase III Clinical Study” means any Clinical Trial(s) designed to (a) establish that a
pharmaceutical or biologic product is safe and efficacious for its intended use; (b) define warnings, precautions and adverse reactions
that are associated with such pharmaceutical or biologic product in the dosage range to be prescribed; and (c) be a pivotal study
for submission of an application to obtain Regulatory Approval for such product in any country or regulatory jurisdiction; each as defined
in 21 C.F.R. § 312.21(c), or its foreign equivalent, as may be amended from time to time, or any analogous Clinical Trial described
or defined in Applicable Laws.

 

1.70.       
“Pricing and Reimbursement Approval” means such governmental approval, agreement, determination or decision
establishing prices for a product that can be charged or reimbursed in regulatory jurisdictions where the applicable Governmental Authorities
approve or determine the price of or reimbursement for pharmaceutical products.

 

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1.71.       
“Product Infringement” means any infringement or threatened infringement by a Third Party of any Licensed
Patent, which infringing activity involves the using, making, importing, offering for sale or selling of a Licensed Product.

 

1.72.       
 “Prosecution and Maintenance” means the responsibility and authority for (a) preparing, filing and
prosecuting applications (of all types) for any Patent, (b) deciding to abandon Patent(s), (c) listing in regulatory publications
(as applicable), and (d) patent term extension.

 

1.73.       
“Receiving Party” shall have the meaning set forth in Section 7.1 (Non-Disclosure Obligation).

 

1.74.       
“Regulatory Approvals” means all approvals necessary for the Manufacture and Commercialization of a product
for one or more indications in a country or regulatory jurisdiction, which may include satisfaction of all applicable regulatory and notification
requirements. Regulatory Approvals include approvals by Regulatory Authorities of INDs and BLAs, but excludes Pricing and Reimbursement
Approvals.

 

1.75.       
“Regulatory Authority” means any applicable Governmental Authority responsible for granting Regulatory Approvals
for products, including the FDA, the National Medical Products Administration of the People’s Republic of China (the “NMPA”),
the European Medicines Agency (the “EMA”), and any corresponding national or regional regulatory authorities.

 

1.76.       
“Regulatory Exclusivity” means any exclusive marketing rights or data exclusivity rights conferred by any
Regulatory Authority with respect to a product other than Patents, including conferred in the U.S. under the FDA Modernization Act of
1997 (including pediatric exclusivity), orphan drug exclusivity, or rights similar thereto outside the U.S.

 

1.77.       
 “Report” shall have the meaning set forth in Section 4.2 (Reports).

 

1.78.       
 “Royalty Payment” shall have the meaning set forth in Section 5.2(a) (Royalty Payment).

 

1.79.       
“Royalty Report” shall have the meaning set forth in Section 5.2(d) (Royalty Reports and Royalty
Payments).

 

1.80.       
“Royalty Term” shall have the meaning set forth in Section 5.2(b) (Royalty Term).

 

1.81.       
“RubrYc” shall have the meaning set forth in the preamble of this Agreement.

 

1.82.       
“RubrYc Discovery Engine” means RubrYc’s antibody discovery platform that includes RubrYc’s
machine-learning Intellectual Property, scFv/scFv-Fc/Fab/antibody libraries, MEM-Steered Immunization, and MEMs by which antibodies are
selected and/or raised, and any of RubrYc’s associated in vitro and in vivo selection methods that depend on MEMs, as updated
from time to time.

 

    -11-

     

    

 

1.83.       
“RubrYc-Owned Foreground IP” shall have the meaning set forth in Section 6.1(b) (RubrYc-Owned
Foreground IP).

 

1.84.       
“RubrYc Indemnitee(s)” shall have the meaning set forth in Section 9.1 (By iBio).

 

1.85.       
“RubrYc Series A2 Financing” means RubrYc’s sale of Series A-2 Preferred Stock pursuant to the Series
A-2 Preferred Stock Purchase Agreement dated August 23, 2021.

 

1.86.       
“Sale” or “sold” (whether or not capitalized) means the transfer, disposition, or first
market sale of a product for value, whether in the form of cash payments, royalties, fees, stock, or any other form of compensation.

 

1.87.       
“Selling Entity” shall mean an entity that generates Net Sales as defined in Section 1.63 (Net Sales).

 

1.88.       
“Sublicensee” means a Third Party or Affiliate of iBio which is granted a sublicense by iBio under the Commercial
License or which otherwise has been granted by iBio a right to research, develop, make, have made, manufacture, use, distribute, sell,
offer for sale, import, and export any Licensed Product. For clarity, a Third Party or Affiliates of iBio who was granted a sublicense
by a Sublicensee shall also be deemed a Sublicensee.

 

1.89.       
“Term” shall have the meaning set forth in Section 10.1 (Term).

 

1.90.       
“Territory” means worldwide.

 

1.91.       
“Third Party” means an entity other than (a) iBio and its Affiliates or (b) RubrYc and its Affiliates.

 

1.92.       
“U.S. Dollars”, “Dollars” or “$” means United States dollars, the
lawful currency of the United States.

 

1.93.       
“Valid Claim” means (a) a claim of an issued and unexpired Patent that has not been permanently revoked
or held unenforceable or invalid by a decision of a Governmental Authority of competent jurisdiction, which decision is not appealable
or is not appealed within the time allowed for appeal, and has not been abandoned, disclaimed or admitted to be invalid or unenforceable
through reissue, disclaimer or otherwise or (b) a claim of a pending patent application that (i) has not been pending for more
than ten (10) years from its earliest priority date, and (ii) (A) has not been cancelled, withdrawn or abandoned or (B) finally
rejected by an administrative agency action from which no appeal can be taken or that has not been appealed within the time allowed for
appeal.

 

Article
2

COLLABORATION

 

2.1.           
Overview. Subject to the terms and conditions of this Agreement, as between the Parties, iBio shall be solely responsible for
the Development of the Licensed Compound for use in Licensed Products as well as the Licensed Products themselves, in the Field in the
Territory, and shall bear all costs and expenses in connection therewith after the Effective Date.

 

    -12-

     

    

 

2.2.           
Collaboration Plan. The Parties will carry out the Collaboration pursuant to a written collaboration plan, which sets forth
the specific development activities, required resources, and target timelines for the Collaboration (the “Collaboration Plan”);
except as may be set forth in the Collaboration Plan, iBio will perform all activities required by the Collaboration Plan. The initial
Collaboration Plan, as agreed between the Parties, is attached hereto as Exhibit A (Collaboration Plan). The Parties may agree
in writing on updates or amendments to the Collaboration Plan. The Collaboration Plan shall continue for the term set forth therein or
terminate upon mutual agreement of the Parties. In the event of a conflict between the main body of this Agreement and the Collaboration
Plan, the terms of the main body of this Agreement shall control.

 

2.3.           
Subcontracting. During the Collaboration, each Party may, at its discretion, contract with preferred Affiliates, vendors and
suppliers to conduct activities in relation to the Development activities (the “Collaboration Subcontractors”). Each
Party will only contract with Collaboration Subcontractors who are subject to written agreements that contain terms and conditions that
are consistent with this Agreement. The Party engaging any Collaboration Subcontractor will be responsible for any activities delegated
to any Collaboration Subcontractor and shall be the sole point of contact under this Agreement. All activities conducted by any Collaboration
Subcontractor shall be in compliance with this Agreement including the Collaboration Plan.

 

2.4.           
Costs of Collaboration Activities. iBio will cover all costs and expenses for all activities carried out by it and its Collaboration
Subcontractors (if any) in furtherance of the Collaboration, and RubrYc will perform its activities at the rates set forth in the Collaboration
Plan.

 

2.5.           
Records. Each Party shall maintain appropriate records in either tangible or electronic form of all Development activities
conducted in the performance of the Collaboration Plan, and related results and other material information generated therefrom, in each
case in accordance with its usual documentation and record retention practices. Such records shall be in sufficient detail to properly
reflect, in a good scientific manner, all significant work done, and the results of studies and trials undertaken and, further, shall
be at a level of detail appropriate for patent and regulatory purposes. Upon a Party’s reasonable request, the other Party shall,
and shall cause its Collaboration Subcontractors to, provide to the requesting Party copies of such records (including access to relevant
portions of databases, if any) to the extent necessary or helpful for the coordination of the Collaboration activities or for regulatory
and patent purposes. All such records, reports, information and data provided shall be subject to the confidentiality provisions of ARTICLE
7 (Confidentiality; Publication).

 

2.6.           
Collaboration Licenses

 

(a)              
To iBio. Solely for the purposes of the Collaboration pursuant to the Collaboration Plan, and subject to the terms and conditions
in this Agreement, RubrYc hereby grants to iBio a nonexclusive, non-transferable (except to the extent this Agreement is assigned pursuant
to Section 12.2 (Assignment)), non-sublicensable (except to Collaboration Subcontractors subject to the terms of Section 2.3
(Subcontracting)), fully paid-up license to use such of RubrYc’s Controlled Background IP, as well as RubrYc-Owned Foreground IP,
and any RubrYc Additional Developments solely to perform iBio’s Development activities set forth in the Collaboration Plan, except
that the foregoing license grant does not include a license to the RubrYc Discovery Engine.

 

    -13-

     

    

 

(b)              
To RubrYc. Solely for the purposes of the Collaboration pursuant to the Collaboration Plan, and subject to the terms and
conditions in this Agreement, iBio hereby grants to RubrYc a nonexclusive, non-transferable (except to the extent this Agreement is assigned
pursuant to Section 12.2 (Assignment)), non-sublicensable (except to Collaboration Subcontractors subject to the terms of
Section 2.3 (Subcontracting)), fully paid-up license to use iBio’s Controlled Background IP identified in the Collaboration
Plan, as well as iBio-Owned Foreground IP and any iBio Additional Developments solely to perform RubrYc’s Development activities
set forth in the Collaboration Plan.

 

(c)              
Technical Assistance. In connection with the license grants set forth in this Section 2.6 (Collaboration Licenses),
at the other Party’s reasonable request, each Party shall cooperate with the other Party to provide such reasonable technical assistance
as may be necessary to enable the other Party to practice the Intellectual Property Rights licensed under this Section 2.6
(Collaboration Licenses) and to carry out the applicable Development activities using such Intellectual Property Rights.

 

Article
3

COMMERCIAL LICENSE

 

3.1.           
Commercial License. Contingent on receipt of funding under the RubrYc Series A2 Financing, and subject to the terms and conditions
of this Agreement, during the Term, RubrYc hereby grants to iBio (effective upon the occurrence of the foregoing condition precedent)
an exclusive, sublicensable (through multiple tiers but subject to the terms of Section 3.2 (Assignment and Sublicense Rights)),
royalty-bearing license, under the Licensed Patents, to research, develop, make, have made, manufacture, use, distribute, sell, offer
for sale, import, and export the Licensed Compounds in, or for use in, Licensed Products for all uses in the Field and Territory (the
 “Commercial License”). The Commercial License includes at no additional cost the right to use any Intellectual Property
Controlled by RubrYc that is necessary to enable iBio and its Sublicensee(s) to exercise the rights set forth in this Section.

 

3.2.           
Assignment and Sublicense Rights. The Commercial License is only assignable and transferable in the event of an assignment
and transfer of this Agreement pursuant to Section 12.2 (Assignment). The Commercial License includes the right for iBio to
issue written sublicenses (through multiple tiers) to Sublicensees. iBio shall promptly inform RubrYc of the existence of any such Sublicensee
and shall promptly deliver to RubrYc copies of each sublicensing agreement with such Sublicensee, provided that iBio may redact any financial
information and any sensitive or proprietary information that is not necessary to ascertain compliance with this Agreement. Granting a
sublicense does not relieve iBio of any of its obligations under this Agreement, and iBio hereby agrees not to grant a sublicense to any
Sublicensee unless iBio binds such Sublicensee in writing to terms no less protective of RubrYc than those set forth herein. iBio shall
deliver all payments and reports due RubrYc in connection with the sublicense granted to any Sublicensee.

 

    -14-

     

    

 

3.3.           
Reservation of Rights. All rights not specifically granted by a Party herein are reserved to such Party, which may at all times
fully and freely exercise the same.

 

3.4.           
Funding. For clarity, all terms in this Agreement relating to the Commercial License and Licensed Patents shall only apply
contingent on receipt of funding under the RubrYc Series A2 Financing, whether or not stated.

 

Article
4

DEVELOPMENT, CLINICAL AND REGULATORY, MANUFACTURE AND COMMERCIALIZATION

 

4.1.           
iBio Diligence Obligations. iBio shall use Commercially Reasonable Efforts to (i) Develop the Licensed Compounds for use in
Licensed Products, (ii) Develop the Licensed Products, (iii) perform Clinical and Regulatory Activities for the Licensed Products, and
(iv) Manufacture and Commercialize the Licensed Products, in each case of (i)-(iv) in the Field and Territory. Except as set forth in
Article 2 (Collaboration), iBio shall be solely responsible for and have sole control and discretion over such activities at its
sole expense. Without limiting the foregoing, or any other rights RubrYc may have, or obligations iBio may have under this Agreement,
in the event the following milestones are missed, RubrYc has the right to receive a $[***] payment from iBio on the date the milestone
is missed, and each anniversary of such date until the milestone is achieved, provided that the milestone was missed due to iBio’s
failure to exercise Commercially Reasonable Efforts.

 

	iBio Development Milestones 	Anticipated Date
	Successful 1st run GMP manufacture first Licensed Product	[***]
	1st patient dosed under a Licensed Product	[***]

 

For the avoidance
of doubt, the foregoing development milestones relate to the first Licensed Product in the first country in the Territory (not every Licensed
Product or each country in the Territory).

 

4.2.           
Reports. Within thirty (30) days after the end of each Calendar Quarter and upon the achievement of each of the foregoing
milestones in Section 4.1 (iBio Diligence Obligations), iBio will provide RubrYc with a report (each, a “Report”)
setting forth the main activities and progress for the Licensed Product(s). In addition, iBio will make available to RubrYc such additional
information about its activities for the Licensed Product(s) as may be reasonably requested by RubrYc from time to time. All Reports and
further information outside of the Reports provided by iBio pursuant to this Section 4.2 (Reports) that iBio considers to
be its Confidential Information may be identified as such and will be treated subject to the confidentiality provisions of ARTICLE
7 (Confidentiality; Publication). The obligations set forth in this Section shall cease upon the occurrence of the First Commercial
Sale.

 

    -15-

     

    

 

4.3.           
Regulatory Assistance. Upon iBio’s reasonable request, RubrYc will cooperate with and assist, and will cause its Affiliates
or its or their employees to cooperate with and assist, iBio with respect to the preparation of filings or submissions to seek or maintain
Intellectual Property Rights and to conduct Clinical and Regulatory Activities relating to Licensed Products in the Field in the Territory,
including providing any data, results or information in possession of RubrYc or its Affiliates that may be reasonably necessary to be
included in such activities, filings or submission, all at iBio’s expense.

 

4.4.           
Regulatory Responsibilities. iBio shall be solely responsible to obtain and maintain any Regulatory Approvals, Pricing and
Reimbursement Approval, and Marketing Approval that may be necessary for its activities in relation to the Licensed Products in the Field
in the Territory. Without limiting the terms of Section 4.1 (iBio Diligence Obligations), iBio will be obligated to, at its sole
expense, itself or through Sublicensees, use Commercially Reasonable Efforts to complete such further Development, conduct Clinical and
Regulatory Activities, and obtain Marketing Approval, for at least one (1) Licensed Product in the Field in each of the Major Markets.

 

4.5.           
Manufacture. iBio shall be solely responsible for the Manufacturing of the Licensed Products in the Field in the Territory,
or arranging for the Manufacturing of the Licensed Products in the Field in the Territory, at its sole expense. iBio may conduct such
Manufacturing activities itself or through a Sublicensee.

 

4.6.           
Commercialization Responsibilities. iBio shall be solely responsible for the Commercialization of Licensed Products in the
Field in the Territory, at its sole expense. iBio may conduct such Commercialization activities itself or through a Sublicensee.

 

4.7.           
Commercialization Diligence. iBio shall use Commercially Reasonable Efforts to Commercialize at least one (1) Licensed
Product in the Field in each Major Market where such Licensed Product has obtained all necessary Marketing Approvals.

 

Article
5

PAYMENTS

 

5.1.           
Milestones Payments. In partial consideration of the rights granted herein, when each Licensed Product first achieves in any
country in the Territory the milestone events set forth below (each such event, a “Milestone Event”), iBio shall pay
to RubrYc the following irrevocable, non-refundable, non-creditable milestone payments (each such payment, a “Milestone Payment”)
within sixty (60) days of the achievement of the corresponding Milestone Event.

 

	Milestone Event	Milestone Payment

(U.S. Dollars)
	Phase I Clinical Study, 5th patient dosed	[***]
	Phase II Clinical Study, 5th patient dosed	[***]
	Phase III Clinical Study, 5th patient dosed, cash or iBio Stock at iBio’s discretion as elected on or prior to the date that is 30 days after delivering notice of such Milestone Event occurring	[***]
	First Commercial Sale, cash or iBio Stock at iBio’s discretion as elected on or prior to the date that is 30 days after delivering notice of the First Commercial Sale occurring	[***]

 

    -16-

     

    

 

Milestone Payments shall be
payable (by iBio) regardless of whether the applicable Milestone Event was achieved by iBio or by another Selling Entity (or by a successor
or assign of any of them) (provided that, for clarity, the foregoing reference to “successor or assign” does not limit
the application to a Party’s successors or assigns of any other provision of this Agreement where “successor or assign”
is not expressly stated). For the avoidance of doubt, (i) each Milestone Payment shall be payable on the first occurrence of the
corresponding Milestone Event, and (ii) none of the Milestone Payments shall be payable more than once. For the avoidance of doubt,
there are four (4) Milestone Payments in this Section, and the maximum amount to be paid by iBio pursuant to this Section is $15,000,000.

 

5.2.           
Royalties.

 

(a)              
Royalty Payment. During the Royalty Term, on a Calendar Quarterly basis, iBio shall pay to RubrYc royalties at the royalty
rate of [***]% as calculated by multiplying the royalty rate of [***]% by the corresponding amount of Net Sales of a Licensed Product
in the Territory in the Calendar Quarter (a “Royalty Payment”).

 

 

(b)              
Royalty Term. The Royalty Payments payable under this Section 5.2 (Royalties) shall be payable on a country-by-country
and Licensed Product-by-Licensed Product basis from the First Commercial Sale of a Licensed Product in a country until, with respect to
such Licensed Product in such country, the later of:

 

(i)                
the expiration of the last-to-expire Valid Claim of a Licensed Patent in such country that Covers a Licensed Compound in such Licensed
Product in such country;

 

(ii)             
the expiry of the Regulatory Exclusivity for such Licensed Product in such country; or

 

(iii)           
the close of business of the day that is exactly ten (10) years after the date of the First Commercial Sale of such Licensed
Product in such country, provided that no Biosimilar Product has been approved in such country; (the “Royalty Term”).

 

(c)              
Royalty Adjustment for Third Party License Payments. If iBio or its Sublicensee, in its reasonable judgment, is required
to obtain from a Third Party a license under any Patent to make, have made, use, offer for sale, sell or import any Licensed Product in
the Field in any country in the Territory with respect to the use of the Licensed Compound in such Licensed Product, then the amount of
royalties payable under Section 5.2(a) (Royalty Payment) shall be reduced by up to fifty percent (50%) of the amount of such payments
to such Third Party on account of the sale of the Licensed Products in such country, but in no event shall the amount of royalties otherwise
payable under Section 5.2(a) (Royalty Payment) be reduced as a result thereof by more than fifty percent (50%). For the avoidance
of doubt, this royalty reduction shall also be available for any other active ingredient or other component if the licensed Third Party
technology is (in the reasonable judgment of iBio or its Sublicensee) necessary to render the Collaboration Product medically and commercially
viable, unless a non-infringing alternative of the other active ingredient or component is available. iBio may not carry forward to subsequent
Calendar Quarters any deductions that it was not able to deduct as a result of the foregoing proviso.

 

    -17-

     

    

 

(d)              
Royalty Reports and Royalty Payments. Within thirty (30) days after the end of each Calendar Quarter, commencing with
the Calendar Quarter during which the First Commercial Sale of the first Licensed Product is made anywhere in the Territory, iBio shall
provide RubrYc with a report that contains the following information for the applicable Calendar Quarter, on a Licensed Product-by-Licensed
Product and country-by-country basis (each such report, a “Royalty Report”): (i) the amount of Net Sales of each
Licensed Product sold during such Calendar Quarter reporting period by all Selling Entities including supporting calculations showing
the gross invoices/billings and permitted deductions; (ii) a calculation of the Royalty Payment due on such Net Sales; and (iii) the
exchange rate used for converting any Net Sales and any supporting calculations recorded in a currency other than U.S. Dollars. Promptly
following the delivery of the applicable quarterly Royalty Report, RubrYc shall invoice iBio for the royalties due to RubrYc with respect
to Net Sales for such Calendar Quarter, and iBio shall pay such amounts to RubrYc in Dollars within thirty (30) days following iBio’s
receipt of such invoice. If no royalty is due for any Calendar Quarter following commencement of the reporting obligation, iBio shall
so report.

 

5.3.           
Payment.

 

(a)              
Mode of Payment. All payments to be made under this Agreement shall be made in U.S. Dollars and shall be paid by electronic
transfer in immediately available funds to such bank account in the United States as is designated in writing by RubrYc. All payments
shall be free and clear of any transfer fees or charges. Notwithstanding the foregoing, the Parties agree that iBio shall be deemed to
have a one-time credit of $[***] that it may use to offset the first $[***] of Milestone Payments or any other payments due hereunder
or under the Collaboration, Option and License Agreement until such credit is depleted. Moreover, notwithstanding the foregoing, the Parties
agree that iBio may in its sole discretion make certain Milestone Payments in iBio Stock rather than cash, as specified in Section
5.1 (Milestone Payments).

 

(b)              
Currency Exchange Rate. The rate of exchange to be used in computing the amount of currency equivalent in U.S. Dollars for
calculating Net Sales in a Calendar Quarter (for purposes of the royalty calculation) shall be made at the average of the closing exchange
rate as published by The Wall Street Journal (U.S. Eastern Edition) for the first, middle, and last Business Days in New York,
NY of such Calendar Quarter, or such other source as the Parties may agree in writing.

 

(c)              
Payment Timeline. Except as otherwise provided in this Agreement, all payments to be made by one Party to the other Party
under this Agreement shall be due within thirty (30) days following such Party’s receipt of an invoice from the other Party.

 

    -18-

     

    

 

5.4.           
Records and Audits.

 

(a)              
iBio shall keep, and shall require its Sublicensees to keep (all in accordance with GAAP or the applicable legitimate accounting
standard, consistently applied), for a period not less than five (5) years complete and accurate records in sufficient detail to
properly reflect Net Sales and to enable any Milestone Payment payable hereunder to be determined.

 

(b)              
Upon the written request of RubrYc, iBio shall permit, and shall cause its Sublicensees to permit, an independent certified public
accounting firm of nationally recognized standing selected by RubrYc and reasonably acceptable to iBio, at RubrYc’s expense, to
have access during normal business hours to such records of iBio and its Sublicensees as may be reasonably necessary to verify the accuracy
of the payments hereunder for any Calendar Year ending not more than three (3) years prior to the date of such request. These rights
with respect to any Calendar Year shall terminate three (3) years after the end of any such Calendar Year, and the exercise of this
audit right shall be limited to once each Calendar Year (provided that the foregoing frequency limit shall not apply if RubrYc
provides iBio a reasonable basis to believe that a Royalty Report issued within the prior three (3) years is materially inaccurate). RubrYc
shall provide iBio with a copy of the accounting firm’s written report within thirty (30) days of completion of such report.
If such accounting firm correctly concludes that an underpayment was made, then iBio shall pay the amount due, including interest thereon
at the rate set forth in Section 5.5 (Interest), within thirty (30) days of the date RubrYc delivers to iBio such accounting
firm’s written report so correctly concluding. If such accounting firm correctly concludes that an overpayment was made, then such
overpayment shall be credited against any future payment due to RubrYc hereunder (if there is no future payment due, then RubrYc shall
promptly refund such overpayment to iBio). RubrYc shall bear the full cost of such audit unless such audit correctly discloses that iBio
underpaid for the audited period by more than five percent (5%) of the amount properly due for that audited period, in which case
iBio shall pay the reasonable fees and expenses charged by the accounting firm.

 

(c)              
RubrYc shall treat all financial information, subject to review under this Section 5.4 (Records and Audits) as iBio’s
Confidential Information in accordance with the confidentiality provisions of ARTICLE 7 (Confidentiality; Publication), and, prior
to commencing such audit, shall cause its accounting firm to enter into a confidentiality agreement (reasonably acceptable to iBio) with
iBio obligating it to treat all such financial information in confidence pursuant to such confidentiality provisions. Such accounting
firm shall not disclose iBio’s Confidential Information to RubrYc, except to the extent such disclosure is necessary to verify the
accuracy of the financial reports furnished by iBio or the amount of payments to or by iBio under this Agreement.

 

5.5.           
Interest. If any payment due is not paid by the due date, RubrYc may charge interest on any outstanding amount of such payment,
accruing as of the original due date, at an annual rate equal to the rate of prime (as reported in The Wall Street Journal, U.S.
Eastern Edition) plus two percentage points or the maximum rate allowable by Applicable Law, whichever is less. The payment of such interest
shall not foreclose a Party from exercising any other rights it may have because any payment is overdue.

 

    -19-

     

    

 

5.6.           
Taxes.

 

(a)              
Each Party will be responsible for all taxes, fees, duties, levies or similar amounts imposed on its own income, assets, capital,
employment, personnel, and right or license to do business; provided, however, that if Applicable Laws require iBio to withhold
any taxes from payments made to RubrYc under this Agreement, then such taxes shall be paid by iBio to the proper tax authorities and such
amounts shall be deducted by iBio from the amounts due hereunder. 

 

(b)              
The Parties shall cooperate with one another and use reasonable and legal efforts to reduce, or obtain a credit, refund, or recovery
for, any and all income or other taxes required by Applicable Laws to be withheld or deducted from any Royalty Payments, Milestone Payments
or other payments made by iBio to RubrYc under this Agreement, including by completing all reasonable procedural steps, and taking all
reasonable measures, to ensure that any withholding tax is reduced, eliminated, credited, or recovered to the extent permitted under Applicable
Laws, including income tax treaty provisions and related procedures for claiming treaty relief.

 

Article
6

INTELLECTUAL PROPERTY

 

6.1.           
Inventions; Ownership.

 

(a)              
Background IP. As between the Parties, and subject to the rights, licenses and assignments expressly set forth under this
Agreement, each Party shall own or continue to own all right, title and interest in and to any and all Intellectual Property and Intellectual
Property Rights that were Controlled by such Party prior to the Effective Date, or that are generated by or for (by a Third Party or such
Party’s Affiliates) such Party, or to which such Party obtains rights, outside performance of the Collaboration and without use
of the other Party’s Controlled Intellectual Property or Intellectual Property Rights (each Party’s “Background IP”).
Without limiting the foregoing, the RubrYc Discovery Engine is RubrYc’s Background IP.

 

(b)              
RubrYc-Owned Foreground IP. As between the Parties, excluding iBio’s Background IP and the iBio-Owned Foreground IP,
RubrYc shall own all right, title and interest in and to any of the following, including all Intellectual Property Rights therein, Derived
by or on behalf of either Party or its Collaboration Subcontractors during performance of the Collaboration (collectively, “RubrYc-Owned
Foreground IP”): (i) the RubrYc Discovery Engine (including any optimizations or other modifications or improvements thereto);
and (ii) the Licensed Compounds (including any optimizations or other modifications or improvements thereto). iBio will and hereby does
assign to RubrYc all of its right, title and interest in and to such RubrYc-Owned Foreground IP to effectuate the ownership terms herein,
and will take (and will cause its Collaboration Subcontractors to take) such further actions reasonably requested by RubrYc to evidence
such assignments.

 

(c)              
iBio-Owned Foreground IP. As between the Parties, excluding RubrYc’s Background IP and the RubrYc-Owned Foreground
IP, iBio shall own all right, title and interest in and to any of the following, including all Intellectual Property Rights therein, Derived
by or on behalf of either Party or its Collaboration Subcontractors during performance of a Collaboration (collectively, “iBio-Owned
Foreground IP”): iBio’s existing documented technologies (including any modifications or improvements thereto). RubrYc
will and hereby does assign to iBio all of its right, title and interest in and to such iBio-Owned Foreground IP to effectuate the ownership
terms herein, and will take (and will cause its Collaboration Subcontractors to take) such further actions reasonably requested by iBio
to evidence such assignments.

 

    -20-

     

    

 

(d)              
Additional Developments. Subject to the Background IP, iBio-Owned Foreground IP, and RubrYc-Owned Foreground IP, the ownership
of any other Intellectual Property, including all Intellectual Property Rights therein, Derived by or on behalf of either Party or its
Collaboration Subcontractors during performance of the Collaboration (each Party’s “Additional Developments”),
shall follow inventorship or authorship. In the event Additional Developments are jointly invented or authored by personnel of both Parties
(including their respective Collaboration Subcontractors), such Additional Developments shall be owned by iBio. RubrYc will and hereby
does assign to iBio all of its right, title and interest in and to any jointly invented or authored Additional Developments to effectuate
the ownership terms herein, and will take (and will cause its Collaboration Subcontractors to take) such further actions reasonably requested
by iBio to evidence such assignments.

 

(e)              
Disclosure. During the Collaboration, iBio shall promptly disclose to RubrYc all RubrYc-Owned Foreground IP and any of iBio’s
Additional Developments useful for the Collaboration, in each case Derived by or on behalf of iBio during the performance of the Collaboration,
including all invention disclosures or other similar documents submitted to iBio by its Collaboration Subcontractors’ employees,
agents, or independent contractors relating thereto, and shall also promptly respond to reasonable requests from RubrYc for additional
information relating thereto. RubrYc shall promptly disclose to iBio all iBio-Owned Foreground IP and any of RubrYc’s Additional
Developments useful for the Collaboration, in each case Derived by or on behalf of RubrYc during the performance of the Collaboration,
including all invention disclosures or other similar documents submitted to RubrYc by its Collaboration Subcontractors’ employees,
agents, or independent contractors relating thereto, and shall also promptly respond to reasonable requests from iBio for additional information
relating thereto.

 

6.2.           
Prosecution and Maintenance.

 

(a)              
Generally. Each Party shall have the right of Prosecution and Maintenance with respect to its Background IP and its respective
owned RubrYc-Owned Foreground IP, iBio-Owned Foreground IP and Additional Developments, through counsel of its choosing and at its expense,
subject to Section 6.2(b) (Right to Consult) and the following sentence. Contingent on receipt of funding under the RubrYc Series
A2 Financing, until termination of this Agreement with respect to a Licensed Compound, iBio shall have the right (effective upon the occurrence
of the foregoing condition precedent) of, and shall use Commercially Reasonable Efforts to perform, Prosecution and Maintenance with respect
to the Licensed Patents Covering the Licensed Compound(s), including prosecution of genus claims directed to antibodies that bind to CD25
MEMs, through counsel of its choosing and at its expense, subject to Section 6.2(b) (Right to Consult).

 

(b)              
Right to Consult. With respect to Prosecution and Maintenance of the Patents Covering any Licensed Compound or any Additional
Developments, the filing Party shall consult with the other Party and keep the other Party reasonably informed of such Prosecution and
Maintenance and shall provide the other Party with all material correspondence received from any patent authority in connection therewith.
In addition, the filing Party shall provide the other Party with drafts of all proposed material filings and correspondence to any patent
authority in the Territory in connection with such Prosecution and Maintenance for the other Party’s review and comment prior to
the submission of such proposed filings and correspondence. The filing Party shall provide drafts to the other Party not less than thirty
(30) days prior to filing in the case of new Patents and not less than fourteen (14) days prior to filing in the case of amendments and
responses to office actions. The filing Party shall consider in good faith the other Party’s comments but shall have final decision-making
authority over the Prosecution and Maintenance of the rights it owns. The Parties will cooperate with each other in good faith to facilitate
the Prosecution and Maintenance of the Patents Covering any Licensed Compound or any Additional Developments, including executing any
relevant instruments and making its employees, agents and consultants reasonably available to the other Party (or to the other Party’s
authorized attorneys, agents or representatives), to the extent reasonably necessary to enable the appropriate Party hereunder to undertake
its Prosecution or Maintenance responsibilities.

 

(c)              
Limits. Neither Party shall, without the express prior written consent of the other Party, claim the other Party’s
Intellectual Property or Intellectual Property Rights or disclose the other Party’s Confidential Information in any patent applications,
amendments, office actions and responses thereto, issued patents, related correspondence, and other related documents with respect thereto.

 

6.3.           
Patent Enforcement.

 

(a)              
Notice. Each Party shall notify the other within five (5) Business Days of becoming aware (including if its Affiliates
become aware) of any Product Infringement or Inter Partes/Port-grant Proceeding relating to a Licensed Patent. Following such notification,
the Parties will confer. In the event a Third Party asserts that the Licensed Compound(s), Licensed Products or other activities of the
Parties in connection with the Collaboration infringe such Third Party’s rights, the Parties shall work together in good faith to
develop an approach to address the Third Party’s assertion subject to subsection (b) below. In the event a Third Party commences
an Inter Partes/Post-grant Proceeding relating to a Licensed Patent, the Parties shall work together in good faith to develop an approach
to address such Inter Partes/Post-grant Proceeding subject to subsection (c) below.

 

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(b)              
Enforcement Rights. As between the Parties, iBio shall have the first right, but not the obligation, to bring and control
any legal action against any Person engaged in a Product Infringement, at its own expense and by counsel of its own choice. If iBio fails
to bring an action or proceeding against the Product Infringement within three (3) months following receipt or delivery (as applicable)
of the notice of or becoming aware of alleged Product Infringement, then RubrYc shall have the second option to, but shall be under no
obligation to, take such legal action as RubrYc deems necessary at its own expense and by counsel of its own choice and, if RubrYc does
so, RubrYc will provide a meaningful, good faith opportunity to iBio to participate in any such action. Subject to the foregoing, each
Party shall have the first right to bring and control any legal action to enforce the Patents it Controls (except if licensed from the
other Party) at its own expense and by counsel of its own choice as it reasonably determines appropriate, and such Party shall consider
in good faith the interests of the other Party in such enforcement. The Party bringing legal action shall not enter into any settlement
admitting the invalidity of, or otherwise impairing, any Licensed Patents impacting Licensed Compounds or Licensed Products without the
prior written consent of the other Party. Neither Party shall enter into any settlement that would have the effect of admitting liability
of the other Party without the prior written consent of the other Party.

 

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(c)              
Inter Partes/Post-grant Proceedings. Each Party shall have the right to conduct Inter Partes/Post-grant Proceedings with
respect to its Background IP and its respective owned RubrYc-Owned Foreground IP, iBio-Owned Foreground IP and Additional Developments,
through counsel of its choosing and at its expense, subject to the following. As between the Parties, iBio shall have the first right,
but not the obligation, to bring or defend any Inter Partes/Post-grant Proceeding relating to a Licensed Patent, at its own expense and
by counsel of its own choice. If iBio fails to bring or defend any such Inter Partes/Post-grant Proceeding within three (3) months
following notice of the possibility or requirement to do so (or within half the statutory period of time to do so), then RubrYc shall
have the second option to, but shall be under no obligation to, bring or defend the Inter Partes/Post-grant Proceeding at its own expense
and by counsel of its own choice and, if RubrYc does so, RubrYc will provide a meaningful, good faith opportunity to iBio to participate
in any such action. The Party bringing or defending any Inter Partes/Post-grant Proceeding relating to a Licensed Patent shall not enter
into any settlement admitting the invalidity of, or otherwise impairing, any Licensed Patents impacting Licensed Compounds or Licensed
Products without the prior written consent of the other Party.

 

(d)              
Cooperation. Each Party shall provide reasonable assistance in connection with any legal action contemplated by this Section,
including by executing reasonably appropriate documents, cooperating in discovery and joining as a party to the action if required by
Applicable Laws to pursue such action or if the Parties agree it is necessary to maximize the claim, at no out-of-pocket cost to the cooperating/joining
Party.

 

(e)              
Recoveries. Except as otherwise agreed by the Parties as part of a cost-sharing arrangement, any recovery or damages realized
as a result of an action or proceeding contemplated by this Section shall be used first to reimburse the Parties’ reasonable documented
out-of-pocket legal expenses relating to the action or proceeding, subject to a cap that will be agreed by the Parties with regard to
legal expenses of the Party that did not bring and control the action or proceeding, and any remaining recovery shall be retained by the
Party that brought and controlled such action or proceeding, and in the case that iBio brought and controlled such action or proceeding,
the remaining recovery constituting a reasonable royalty shall (if so treated under applicable tax law) be deemed to be Net Sales subject
to royalty payments to RubrYc in accordance with the royalty provisions of Section 5.2 (Royalties), with any additional amount
retained by iBio for its own account.

 

6.4.           
Patent Marking. iBio and its Sublicensees shall mark all Licensed Products and packaging (a) intended for sale in the
United States in accordance with 35 U.S.C. § 287(a) or any other successor statute in the United States and (b) intended
for sale in a country outside the United States in accordance with the applicable Patent marking laws of such country.

 

6.5.           
Trademarks. iBio shall own and be responsible for all trademarks, trade names, branding or logos related to Licensed Products
in the Field in the Territory. iBio shall be responsible for selecting, registering, prosecuting, defending, and maintaining all such
marks at iBio’s sole cost and expense.

 

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6.6.           
No Implied Licenses; Negative Covenant. Except as set forth herein, neither Party or its Affiliates shall acquire any license
or other intellectual property interest, by implication or otherwise, under any Intellectual Property or Intellectual Property Rights
of the other Party or its Affiliates. Each Party shall not, and shall not permit any of its Affiliates or sublicensees to, practice any
Intellectual Property Rights licensed to it by the other Party outside the scope of the licenses granted to it under this Agreement. Nothing
herein shall be construed to limit or restrict, in any manner, RubrYc’s ability to use or exploit, or allow any Person to use or
exploit, the RubrYc Discovery Engine.

 

6.7.           
No Alienation. Neither Party may sell, transfer, or otherwise alienate or encumber any Intellectual Property licensed to the
other Party under this Agreement in such a manner as to interfere with the ability of such Party to enjoy the licenses granted under this
Agreement. Any purported action in contravention of this Section shall be null and void.

 

Article
7

CONFIDENTIALITY; PUBLICATION

 

7.1.           
Nondisclosure Obligation. For the Term of this Agreement and five (5) years thereafter, the Party receiving the Confidential
Information of the other Party (such receiving Party or a Party’s Affiliate, the “Receiving Party”) shall keep
confidential and not publish, make available or otherwise disclose any Confidential Information to any Affiliate or Third Party, without
the express prior written consent of the Party that disclosed such Confidential Information (such disclosing Party or a Party’s
Affiliate, the “Disclosing Party”); provided however, the Receiving Party may disclose the Confidential Information
to those of its Affiliates, officers, directors, employees, agents, consultants or independent contractors (including sublicensees, Sublicensees,
and Collaboration Subcontractors) who need to know the Confidential Information in connection with this Agreement and are bound by confidentiality
obligations with respect to such Confidential Information no less onerous than the terms herein. The Receiving Party shall exercise at
a minimum the same degree of care it would exercise to protect its own Confidential Information (and in no event less than a reasonable
standard of care) to keep confidential the Disclosing Party’s Confidential Information. The Receiving Party shall use the Confidential
Information solely in connection with the purposes of this Agreement and shall not use the Disclosing Party’s Confidential Information
for any other purpose. Notwithstanding anything to the contrary, RubrYc’s Background IP, the RubrYc-Owned Foreground IP and RubrYc’s
Additional Developments are the Confidential Information of RubrYc, and iBio’s Background IP, the iBio-Owned Foreground IP and iBio’s
Additional Developments are the Confidential Information of iBio, unless they meet one of the exceptions in the definition of “Confidential
Information.” This ARTICLE 7 (Confidentiality; Publication) does not limit or expand the scope of any licenses granted
in this Agreement. To the extent there is any conflict between this ARTICLE 7 (Confidentiality; Publication) and any other agreement
related to Confidential Information entered into between the Parties, the terms of this ARTICLE 7 (Confidentiality; Publication)
shall control with respect to disclosures made under or in connection with this Agreement.

 

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7.2.           
Authorized Disclosure. It shall not be considered a breach of this Agreement if the Receiving Party discloses Confidential
Information of the Disclosing Party in order to comply with a lawfully issued court or governmental order or with a requirement of Applicable
Laws (including any such disclosures as are required by a Regulatory Authority in connection with seeking Regulatory Approval, Pricing
and Reimbursement Approval, or import authorization with respect to Licensed Products) or the rules of any internationally recognized
stock exchange; provided that: (a) unless it is unlawful to do so, the Receiving Party gives prompt written notice of such
disclosure requirement to the Disclosing Party and cooperates with the Disclosing Party’s efforts to oppose such disclosure or obtain
a protective order for such Confidential Information; and (b) if such disclosure requirement is not quashed or a protective order
is not obtained, the Receiving Party shall only disclose those portions of the Confidential Information that it is legally required to
disclose and shall make a reasonable effort to obtain confidential treatment for the disclosed Confidential Information.

 

7.3.           
Competitive Products. The Parties agree that each Party may develop information internally or receive information from Affiliates
or Third Parties that may be similar to the other Party’s Confidential Information. So long as a Party does not breach the terms
of this Agreement, neither Party is prohibited by this Agreement from developing (or having others develop) products or services that
compete with the Licensed Compounds or Licensed Products.

 

7.4.           
Scientific Publication. iBio may publish, unilaterally or jointly with RubrYc, with respect to the data, results and information
generated from Collaboration activities.  iBio shall provide RubrYc with the opportunity to review and comment on any such publication,
and iBio will consider in good faith any comments that RubrYc provides and shall comply with RubrYc’s reasonable requests to remove
any and all of RubrYc’s Confidential Information from such proposed publication. To the extent RubrYc proposes to make a unilateral
publication with respect to the data, results and information generated from Collaboration activities or anything related to the Licensed
Compounds, RubrYc shall request approval for such publication to iBio, and iBio shall consider such requests in good faith. RubrYc shall
not make unilateral publications concerning this subject matter without iBio’s written approval. For clarity, iBio shall have ultimate
decision-making authority with respect to publications arising from Collaboration activities or any other work relating to the Licensed
Compounds. The foregoing ceases to apply when this Agreement ends or is terminated with respect to a Licensed Compound.

 

7.5.           
Publicity; Use of Names.

 

(a)              
Each of the Parties agrees not to disclose to any Third Party or Affiliates (except as permitted by Section 7.1 (Nondisclosure
Obligations)) the terms and conditions of this Agreement without the prior approval of the other Party, except to (i) advisors (including
consultants, financial advisors, attorneys and accountants), in each case under circumstances that reasonably protect the confidentiality
thereof, (ii) actual or bona fide potential and existing investors and acquirers on a need to know basis, in each case under circumstances
that reasonably protect the confidentiality thereof, (iii) to the extent necessary to comply with the terms of agreements with Third
Parties or Affiliates, or (iv) to the extent required by Applicable Laws, including securities laws and regulations; provided
that any disclosures pursuant to (i)–(iii) shall be pursuant to terms of a written non-disclosure/non-use agreement with terms and
conditions at least as protective of the Confidential Information as those set forth in this ARTICLE 7 (Confidentiality; Publication)
(or, in the case of attorneys, to a duty and obligation of nondisclosure or nonuse pursuant to applicable rules of the profession). Notwithstanding
the foregoing, the Parties agree that at the request of either Party both Parties may together issue a mutually approved press release
to announce the execution of this Agreement; thereafter, RubrYc and iBio may each disclose to Third Parties and their Affiliates the information
contained in such initial press release without the need for further approval by the other.

 

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(b)              
Notwithstanding any provisions to the contrary contained in this ARTICLE 7 (Confidentiality; Publication), iBio may make
disclosures from time to time with respect to the Clinical and Regulatory Activities and Commercialization for the Licensed Products in
the Field and Territory, including achievement of significant events in the Clinical and Regulatory Activities or Commercialization of
a Licensed Product for use in the Field in the Territory; provided that such disclosures do not include any Confidential Information
of RubrYc, and shall be accurate and compliant with Applicable Laws and regulatory guidance documents.

 

(c)              
Each Party acknowledges the other Party’s need to keep investors and others informed regarding such Party’s business
under this Agreement, including as required by the rules of a recognized stock exchange. To the extent a Party is publicly listed or becomes
publicly listed, and subject to the rest of this Section 7.5 (Publicity; Use of Names), such Party may issue press releases
or make disclosures to the SEC or other applicable agency as it determines, based on advice of counsel, as reasonably necessary to comply
with Applicable Laws or for appropriate market disclosure; provided that each Party shall provide the other Party with advance
notice of disclosures to the extent practicable. The Parties shall consult with each other on the provisions of this Agreement to be redacted
in any filings made by a Party with the SEC or as otherwise required by Applicable Laws; provided that each Party shall have the
right to make any such filing as it reasonably determines necessary under Applicable Laws.

 

(d)              
Each Party will have the right to use the other Party’s name and logo in presentations, its website, collateral materials,
and corporate overviews to describe the Collaboration and license relationship; provided that neither Party will use the other
Party’s name or logo in such a manner as to harm the distinctiveness, reputation, or validity of the other Party’s rights
in such name or logo, and each Party’s use shall be consistent with best practices used by such other Party for its own use of its
name and logo. Except as permitted under this Section 7.5 (Publicity; Use of Names) or with the prior express written permission
of the other Party, neither Party will use the name, trademark, trade name, or logo of the other Party or its Affiliates or their respective
employees in any publicity, promotion, news release, or disclosure relating to this Agreement or its subject matter except as may be required
by Applicable Law.

 

Article
8

REPRESENTATIONS, WARRANTIES, AND COVENANTS

 

8.1.           
Representations and Warranties of Each Party. Each Party represents and warrants to the other Party as of the Effective Date
that:

 

(a)              
it is a company or corporation duly organized, validly existing, and in good standing under the laws of the jurisdiction in which
it is incorporated, and has full corporate power and authority and the legal right to own and operate its property and assets and to carry
on its business as it is now being conducted and as contemplated in this Agreement, including the right to grant the licenses granted
by it hereunder;

 

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(b)              
(i) it has the corporate power and authority and the legal right to enter into this Agreement and perform its obligations
hereunder; (ii) it has taken all necessary corporate action on its part required to authorize the execution and delivery of this
Agreement and the performance of its obligations hereunder; and (iii) this Agreement has been duly executed and delivered on behalf
of such Party, and constitutes a legal, valid, and binding obligation of such Party that is enforceable against it in accordance with
its terms;

 

(c)              
it is not a party to any agreement or bound by any order or other legal obligation that would prevent it from granting the rights
granted to the other Party under this Agreement, conflict with the rights granted, or prevent it from performing its obligations under
this Agreement; and

 

(d)              
all consents, approvals and authorization from all Governmental Authorities or other Third Parties required to be obtained by such
Party in connection with this Agreement have been obtained.

 

8.2.           
Additional Representations and Warranties of RubrYc. RubrYc represents and warrants to iBio that, as of the Effective Date,
to RubrYc’s Knowledge, (a) the use of the Licensed Compounds as contemplated herein does not infringe on any Third Party’s
Intellectual Property Rights, and (b) the Licensed Patents are valid and in good standing, and no interference, opposition, cancellation
or other protest proceeding has been filed against the Licensed Patents.

 

8.3.           
Covenants of Each Party. Each Party covenants to the other Party that in the course of performing its obligations or exercising
its rights under this Agreement, it shall, and shall cause its Affiliates, Sublicensees, and Collaboration Subcontractors to, use commercially
reasonable efforts to comply with the Collaboration Plan and all agreements referenced herein (without modifying any obligations to use
Commercially Reasonable Efforts hereunder), and shall not employ or engage any party who has been debarred by any Regulatory Authority,
or, to such Party’s Knowledge, is the subject of debarment proceedings by a Regulatory Authority. Each Party covenants to the other
Party that in the course of performing its obligations or exercising its rights under this Agreement, it shall, and shall cause its Affiliates,
Sublicensees, and Collaboration Subcontractors to comply with all Applicable Laws.

 

8.4.           
NO OTHER REPRESENTATIONS OR WARRANTIES. EXCEPT AS EXPRESSLY STATED IN THIS ARTICLE 8 (REPRESENTATIONS, WARRANTIES,
AND COVENANTS), NO REPRESENTATIONS OR WARRANTIES WHATSOEVER, WHETHER EXPRESS OR IMPLIED, INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS
FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT, OR NON-MISAPPROPRIATION OF THIRD PARTY INTELLECTUAL PROPERTY RIGHTS, ARE MADE OR GIVEN BY
OR ON BEHALF OF A PARTY. ALL SUCH REPRESENTATIONS AND WARRANTIES, WHETHER ARISING BY OPERATION OF LAW OR OTHERWISE, ARE HEREBY EXPRESSLY
EXCLUDED AND DISCLAIMED.

 

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Article
9

INDEMNIFICATION

 

9.1.           
By iBio. iBio shall indemnify and hold harmless RubrYc, its Affiliates, and their directors, officers, employees and agents
(individually and collectively, the “RubrYc Indemnitee(s)”) from and against all losses, liabilities, damages and expenses
(including reasonable attorneys’ fees and costs) (individually and collectively, “Losses”) awarded to Third Parties,
or agreed to in settlement by iBio, arising after the Effective Date to the extent arising out of Third Party claims or suits (each, a
 “Claim”) against any RubrYc Indemnitee related to: (a) the breach of any covenant, warranty or representation
made by iBio under this Agreement; (b) the gross negligence or willful misconduct of iBio or any of its Affiliates or other Sublicensees;
(c) the Development, Clinical and Regulatory Activities, Manufacture or Commercialization of the Licensed Product(s) (or the Licensed
Compounds used therein) by or on behalf of iBio or Sublicensees, including any product liability claims or infringement claims; (d) any
development activities conducted by or on behalf of iBio or its Affiliates or Collaboration Subcontractors during the Collaboration; or
(e) violation of Applicable Laws by any iBio Indemnitees, iBio’s Collaboration Subcontractors or Sublicensees; in each case
of clauses (a) through (e) above, except to the extent such Losses arise from, are based on, or result from any activity or occurrence
for which RubrYc is obligated to indemnify the iBio Indemnitees under Section 9.2 (By RubrYc).

 

9.2.           
By RubrYc. RubrYc shall indemnify and hold harmless iBio, its Affiliates, and their directors, officers, employees and agents
(individually and collectively, the “iBio Indemnitee(s)”) from and against all Losses awarded to Third Parties, or
agreed to in settlement by RubrYc, arising after the Effective Date to the extent arising out of Claims against any iBio Indemnitee related
to: (a) the breach of any covenant, warranty or representation made by RubrYc under this Agreement; (b) the gross negligence
or willful misconduct of RubrYc or any of its Affiliates; (c) any development activities conducted by or on behalf of RubrYc or its
Affiliates or Collaboration Subcontractors during the Collaboration, including without limitation any use of the RubrYc Discovery Engine
; or (d) violation of Applicable Laws by any RubrYc Indemnitees or RubrYc’s Collaboration Subcontractors; in each case of clauses (a)
through (d) above, except to the extent Losses arise from, are based on, or result from any activity or occurrence for which iBio is obligated
to indemnify the RubrYc Indemnitees under Section 9.1 (By iBio).

 

9.3.           
Defined Indemnification Terms. Either of the iBio Indemnitee or the RubrYc Indemnitee shall be an “Indemnitee”
for the purpose of this ARTICLE 9 (Indemnification), and the Party that is obligated to indemnify the Indemnitee under Section 9.1
(By iBio) or Section 9.2 (By RubrYc) shall be the “Indemnifying Party.”

 

9.4.           
Notice; Defense. If any Claim is made against an Indemnitee under Section 9.1 (By iBio) or 9.2 (By RubrYc),
the Indemnitee shall notify the Indemnifying Party promptly of such Claim and shall reasonably cooperate with all reasonable requests
of the Indemnifying Party with respect thereto at the Indemnifying Party’s expense. The Indemnitee shall be defended at the Indemnifying
Party’s sole expense by counsel selected by the Indemnifying Party, provided that the Indemnitee may, at its own expense,
also be represented by counsel of its own choosing. The Indemnifying Party shall have the sole right to control the defense of any such
claim or action, subject to the terms of this ARTICLE 9 (Indemnification).

 

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9.5.           
Settlement. The Indemnifying Party may settle any such claim, demand, action or other proceeding or otherwise consent to an
adverse judgment (a) with prior written notice to the Indemnitee but without the consent of the Indemnitee where the only liability
to the Indemnitee is the payment of money and the Indemnifying Party makes such payment, or (b) in all other cases, only with the
prior written consent of the Indemnitee, such consent not to be unreasonably withheld or delayed; provided that the Indemnifying
Party shall not enter into any settlement admitting the invalidity of, or otherwise impairing, any Licensed Patents without the prior
written consent of the other Party.

 

9.6.           
Permission by Indemnifying Party. The Indemnitee may not settle any such Claim or otherwise consent to an adverse judgment
in any such Claim or make any admission as to liability or fault without the express written permission of the Indemnifying Party.

 

9.7.           
LIMITATION OF LIABILITY. SUBJECT TO AND WITHOUT LIMITING (A) THE INDEMNIFICATION OBLIGATIONS OF EACH PARTY WITH RESPECT
TO THIRD PARTY CLAIMS UNDER SECTIONS 9.1 (BY IBIO) OR 9.2 (BY RUBRYC), (B) LIABILITY AS A RESULT OF A BREACH OF
ARTICLE 7 (CONFIDENTIALITY; PUBLICATION), OR (C) LIABILITY FOR MISAPPROPRIATION OR INFRINGEMENT OF INTELLECTUAL PROPERTY OWNED
OR CONTROLLED BY A PARTY INCLUDING BREACH OF LICENSE RIGHTS OR RESTRICTIONS, NEITHER PARTY OR ANY OF ITS AFFILIATES SHALL BE LIABLE TO
THE OTHER PARTY UNDER ANY THEORY OF LIABILITY (INCLUDING CONTRACT, WARRANTY, NEGLIGENCE, TORT, STRICT LIABILITY OR OTHER LEGAL OR EQUITABLE
THEORY) FOR ANY SPECIAL, INDIRECT, INCIDENTAL, PUNITIVE, MULTIPLIED OR CONSEQUENTIAL DAMAGES ARISING OUT OF OR IN CONNECTION WITH THIS
AGREEMENT.

 

9.8.           
Insurance. Each Party shall procure and maintain insurance adequate to cover its obligations hereunder and consistent with
normal business practices of prudent companies similarly situated. The insurance maintained by a Party shall include clinical and/or product
liability insurance at all times during which any Licensed Product is being clinically tested in human subjects, Manufactured or Commercialized
and for the six (6) year period thereafter. It is understood that such insurance shall not be construed to create a limit of either
Party’s liability with respect to its indemnification obligations under this ARTICLE 9 (Indemnification). Each Party
shall provide the other Party with written evidence of such insurance upon request. Each Party shall provide the other Party with written
notice at least thirty (30) days prior to the cancellation, non-renewal or material change in such insurance.

 

Article
10

TERM AND TERMINATION

 

10.1.       
Term. This Agreement shall be effective as of the Effective Date, and, unless earlier terminated as set forth in this Agreement,
shall remain in effect until the later of (a) the expiration of the last to expire of the Licensed Patents, or (b) on a country-by-country
and a Licensed Product-by-Licensed Product basis, until the expiration of the Royalty Term of such Licensed Product in such country (the
 “Term”).

 

10.2.       
Termination. In addition to the other termination rights set forth in this Agreement:

 

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(a)              
Termination for Convenience. iBio shall have the right to terminate this Agreement in its entirety or with respect to a
specific Licensed Compound for any or no reason upon ninety (90) days’ written notice to RubrYc.

 

(b)              
Termination for Material Breach. This Agreement may be terminated at any time upon sixty (60) days’ written notice
by either Party if the other Party materially breaches this Agreement and, if such breach is curable, such breach has not been cured within
sixty (60) days (thirty (30) days in the event of non-payment) of such written notice.

 

(c)              
Termination for Failure to Raise  [***]. If RubrYc is unable to complete a financing of $[***] (not including
the RubrYc Series A2 Financing) by the first anniversary of the closing of the RubrYc Series A2 Financing, iBio may terminate both this
Agreement and the Collaboration, Option and License Agreement in their entirety upon written notice to RubrYc within thirty (30) days
of the end of such period, and, effective upon such termination, in addition to the rights set forth in Section 10.2(c) (Termination
for Failure to Raise [***]) of the Collaboration, Option and License Agreement, RubrYc shall and hereby does (effective
upon the occurrence of the foregoing condition precedent) assign to iBio exclusive ownership of the Licensed Compounds, including all
Intellectual Property of RubrYc relevant to such Licensed Compounds, regulatory submissions and interactions, data from all studies performed,
and all other materials owned by RubrYc that are related to the Licensed Compounds without further financial obligation, excluding the
RubrYc Discovery Engine; provided, however, that, the foregoing obligation shall not apply to any Licensed Compound with
respect to which this Agreement has been terminated prior to the end of such 30-day period.

 

(d)              
Termination for Insolvency. Each Party shall have the right to terminate this Agreement upon delivery of written notice
to the other Party in the event that (i) such other Party files in any court or agency pursuant to any statute or regulation of any
jurisdiction a petition in bankruptcy or insolvency or for reorganization under the Chapter 7 of the United States of Bankruptcy
Code or other similar Applicable Laws or similar arrangement for the benefit of creditors or for the appointment of a receiver or trustee
of such other Party or its assets, (ii) such other Party is served with an involuntary petition against it in any insolvency proceeding
and such involuntary petition has not been stayed or dismissed within ninety (90) days of its filing, or (iii) such other Party
makes an assignment of substantially all of its assets for the benefit of its creditors. All rights and licenses granted under or pursuant
to this Agreement are and shall otherwise be deemed to be, for purposes of Section 365(n) of the U.S. Bankruptcy Code or any analogous
provisions in any other country or jurisdiction, licenses of right to “intellectual property” as defined under Section 101
of the U.S. Bankruptcy Code. The Parties agree that the Parties, as licensees of such rights under this Agreement, shall retain and may
fully exercise all of their rights and elections under the U.S. Bankruptcy Code or any analogous provisions in any other country or jurisdiction.

 

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(e)              
Termination for Patent Challenge. To the extent the following clause is permitted by Applicable Law, RubrYc may, but shall
not be required to, terminate this Agreement with immediate effect upon written notice to iBio if iBio or Sublicensee(s), directly or
indirectly, challenge in a legal or administrative proceeding the patentability, enforceability or validity of any claim of any Licensed
Patent (such a challenge is, a “Challenge”); provided, however, that RubrYc shall not have the right
to terminate this Agreement under this Section 10.2(e) (Termination for Patent Challenge), if such Challenge was brought by
a Third Party Sublicensee and iBio has terminated such Sublicensee’s sublicense with respect to such Licensed Patent within sixty
(60) days of RubrYc’s notice to iBio under this Section 10.2(e) (Termination for Patent Challenge). If, upon a
Challenge, at least one claim of a Licensed Patent, which Licensed Patent is subject to the Challenge, survives the Challenge not being
found invalid or unenforceable, then iBio agrees to pay all costs and expenses incurred by RubrYc or its Affiliates (including attorney’s
fees) in connection with defending the Challenge.

 

10.3.       
Effect of Termination.

 

(a)              
Payments. Termination of this Agreement shall not impact the amounts due under ARTICLE 5 (Payments) to the extent
Licensed Products are still being researched, developed, made, have made, manufactured, used, distributed, sold, offered for sale, imported,
and exported by any Selling Entity (notwithstanding the terms of Section 10.3(b) (License Grants)).

 

(b)              
License Grants. Upon the termination of this Agreement by RubrYc due to an uncured material breach by iBio or pursuant to
Section 10.2(a) (Termination for Convenience) by iBio, all rights and licenses granted to a Party herein, and all rights and licenses
granted by iBio to Sublicensees with respect to the Commercial License, shall immediately terminate. Upon the termination of this Agreement
with respect to a Licensed Compound by iBio pursuant to Section 10.2(a) (Termination for Convenience), all rights and licenses
granted to a Party herein, and all rights and licenses granted by iBio to Sublicensees with respect to the Commercial License, with respect
to the Licensed Compound(s) shall immediately terminate. Upon any other termination of this Agreement, iBio shall retain the licenses
granted to it herein subject to the obligation to make Royalty Payments.

 

(c)              
Other Obligations. Termination of this Agreement for any reason shall not release either Party of any obligation or liability
which, at the time of such termination, has already accrued to the other Party or which is attributable to a period prior to such termination.
Notwithstanding anything herein to the contrary, termination of this Agreement by a Party shall be without prejudice to other remedies
such Party may have at law or equity.

 

(d)              
Return of Confidential Information. At the Disclosing Party’s election and request, the Receiving Party shall return
(at Disclosing Party’s expense) or destroy all tangible materials comprising, bearing, or containing any Confidential Information
of the Disclosing Party that are in the Receiving Party’s or its Affiliates’ or Sublicensees’ possession or control
and provide written certification of such destruction (except to the extent any information is the Confidential Information of both Parties
or to the extent that the Receiving Party has the continuing right to use the Confidential Information under this Agreement); provided
that the Receiving Party may retain one (1) copy of such Confidential Information for its legal archives, the access to which shall
be limited to such Party’s legal, compliance or auditing teams. Notwithstanding anything to the contrary set forth in this Agreement,
the Receiving Party shall not be required to destroy electronic files containing such Confidential Information that are made in the ordinary
course of its business information back-up procedures. Any such retained Confidential Information is retained subject to confidentiality
and non-use.

 

    -31-

     

    

 

(e)              
Other Remedies. Termination or expiration of this Agreement for any reason shall not constitute a waiver or release of,
or otherwise be deemed to prejudice or adversely affect, any rights, remedies or claims, whether for damages or otherwise, that a Party
may have hereunder or that may arise out of or in connection with such termination or expiration.

 

10.4.       
Survival. The following provisions shall survive the termination or expiration of this Agreement for any reason: ARTICLE 1
(Definitions), Section 2.4 (Cost of Collaboration Activities), ARTICLE 5 (Payments), Section 6.1 (Inventions;
Ownership); Section 6.6 (No Implied Licenses; Negative Covenant), ARTICLE 7 (Confidentiality; Publication), Section 8.4
(No Other Representations or Warranties), ARTICLE 9 (Indemnification), Section 10.3 (Effect of Termination)(to
the extent applicable), Section 10.4 (Survival), ARTICLE 11 (Dispute Resolution), ARTICLE 12 (Miscellaneous),
and any other provisions that by their nature would be understood to survive termination or expiration of the Agreement.

 

Article
11

DISPUTE RESOLUTION

 

11.1.       
General. The Parties recognize that a dispute may arise relating to this Agreement (a “Dispute”). Any Dispute,
including Disputes that may involve the Affiliates of any Party, shall be resolved in accordance with this ARTICLE 11 (Dispute
Resolution). Disputes shall not modify either Party’s right to terminate hereunder.

 

11.2.       
Escalation. Any claim, Dispute, or controversy as to the breach, enforcement, interpretation or validity of this Agreement
shall be referred to the Executive Officers for attempted resolution. In the event the Executive Officers are unable to resolve such Dispute
within thirty (30) days of such Dispute being referred to them, then either Party may institute a suit, action or proceeding in the
courts located in Wilmington, Delaware. Each of the Parties hereby irrevocably and unconditionally consents to submit to the exclusive
jurisdiction of the courts of Wilmington, Delaware for such suit, action or proceeding and each of the Parties hereby irrevocably and
unconditionally waives any objection to the laying of venue of such suit, action or proceeding in the courts located in Wilmington, Delaware
and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such suit, action
or proceeding sought in any such court has been brought in an inconvenient forum.

 

11.3.       
Equitable Relief. Each Party recognizes that the licenses and restrictions on use herein, and the terms of ARTICLE 7
(Confidentiality; Publication) and their continued performance as set forth in this Agreement are necessary and critical to protect the
legitimate interests of the other Party, that each other Party would not have entered into this Agreement in the absence of such licenses,
covenants and agreements and the assurance of continued performance thereof as set forth in this Agreement, and that a Party’s breach
or threatened breach of such licenses, covenants or agreements may cause the other Party irreparable harm and significant injury, the
amount of which will be extremely difficult to estimate and ascertain, thus potentially making any remedy at law or in damages inadequate.
Therefore, each Party confirms and agrees that, notwithstanding Section 11.2 (Escalation), the other Party shall be entitled
to seek on an interim or permanent basis an order for specific performance, an order restraining any breach or threatened breach of such
licenses, covenants or agreements, and any other equitable relief (including but not limited to temporary, preliminary and/or permanent
injunctive relief), all without need to post any bond or other security, and in addition to and not exclusive of any other remedy available
to such other Party at law or in equity, from any court located in Wilmington, Delaware.

 

    -32-

     

    

 

Article
12

MISCELLANEOUS

 

12.1.       
Force Majeure. Neither Party shall be held liable to the other Party nor be deemed to have defaulted under or breached this
Agreement for failure or delay in performing any obligation under this Agreement to the extent such failure or delay is caused by or results
from causes beyond the reasonable control of the affected Party including embargoes, war, acts of war (whether war be declared or not),
insurrections, riots, civil commotions, strikes, lockouts or other labor disturbances, fire, floods, epidemic, pandemic, or other acts
of God or any other deity, or acts, omissions or delays in acting by any Governmental Authority. The affected Party shall notify the other
Party of such force majeure circumstances as soon as reasonably practical, and shall promptly undertake all reasonable efforts necessary
to cure such force majeure circumstances. Such excuse from performance under this Agreement shall be continued so long as the condition
constituting force majeure continues and the nonperforming Party uses reasonable efforts to remove the condition. The Parties agree the
effects of the COVID-19 pandemic that is ongoing as of the Effective Date may be invoked as a force majeure for the purposes of this Agreement
solely to the extent such effect was not reasonably foreseeable by the Party invoking force majeure as of the Effective Date.

 

12.2.       
Assignment. Neither Party may assign this Agreement to a Third Party or its Affiliate(s) without the other Party’s prior
written consent (such consent not to be unreasonably withheld); except that either Party may with written notice promptly after
such event make such an assignment without the other Party’s prior written consent to a successor to substantially all of the business
of such Party to which this Agreement relates (whether by merger, sale of stock, sale of assets, exclusive license or other transaction).
This Agreement shall inure to the benefit of and be binding on the Parties’ successors and permitted assignees. Any assignment or
transfer in violation of this Section 12.2 (Assignment) shall be null and void and wholly invalid, the assignee or transferee
in any such assignment or transfer shall acquire no rights whatsoever, and the non-assigning non-transferring Party shall not recognize,
nor shall it be required to recognize, such assignment or transfer.

 

12.3.       
Performance by Affiliates. Each Party may discharge any obligations and exercise any right hereunder through any of its Affiliates
and each Party hereby guarantees the performance by its Affiliates of such Party’s obligations and exercise of such Party’s
rights under this Agreement, and shall cause its Affiliates to comply with the provisions of this Agreement in connection with such performance
and the exercise of any rights hereunder.

 

12.4.       
Severability. If any one or more of the provisions contained in this Agreement is held invalid, illegal or unenforceable in
any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or
impaired thereby, unless the absence of the invalidated provision(s) adversely affects the substantive rights of the Parties. The Parties
shall in such an instance use their best efforts to replace the invalid, illegal or unenforceable provision(s) with valid, legal and enforceable
provision(s) which, insofar as practical, implement the purposes of this Agreement.

 

    -33-

     

    

 

12.5.       
Notices. Any notice, request, demand, waiver, consent, approval or other communication permitted or required under this Agreement
shall be in writing, shall refer specifically to this Agreement and shall be deemed given only if delivered by hand or by overnight delivery
service that maintains records of delivery, addressed to the Parties at their respective addresses specified in this Section 12.5
(Notices) or to such other address as the Party to whom notice is to be given may have provided to the other Party in accordance with
this Section 12.5 (Notices), with a courtesy copy sent by email, which will not constitute notice. Such notice shall be deemed
to have been given as of the date delivered by hand or on the second (2nd) Business Day (at the place of delivery) after deposit
with an overnight delivery service. This Section 12.5 (Notices) is not intended to govern the day-to-day business communications
necessary between the Parties in performing their obligations under the terms of this Agreement.

 

If to RubrYc:

RubrYc Therapeutics, Inc.

Address: 733 Industrial Road, San Carlos, CA 94070, U.S.A.

Attn: Isaac Bright

Email: Isaac.bright@rubryc.com

 

with a copy to:

Dorsey & Whitney LLP

50 South Sixth Street, Suite 1500

Minneapolis, MN 55402-1498

Attn: Rhona E. Schmidt

Email: Schmidt.Rhona@dorsey.com

 

If to iBio:

iBio, Inc.

Address: 8800 HSC Pkwy, Bryan, TX 77807

Attn: Thomas Isett

Email: tisett@ibioinc.com

 

with a copy to:

Venable LLP

750 East Pratt Street

Baltimore, MD 21202

Attn: Charles J. Morton,
Jr., Esq.

Email: CJMorton@Venable.com

 

    -34-

     

    

 

12.6.       
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without
reference to any rules of conflict of laws.

 

12.7.       
Entire Agreement; Amendments. This Agreement contains the entire understanding of the Parties with respect to the subject matter
hereof. All express or implied agreements and understandings, either oral or written, with regard to the subject matter hereof (including
the licenses granted hereunder) are superseded by the terms of this Agreement. Neither Party is relying on any representation, promise,
nor warranty not expressly set forth in this Agreement. This Agreement, including the Collaboration Plan, may be amended, or any term
hereof modified, only by a written instrument duly executed by authorized representatives of both Parties hereto. The NDA is hereby terminated,
and all obligations under it relating to confidentiality and non-use are replaced by the terms of this Agreement.

 

12.8.       
Headings. The captions to the several Sections hereof are not a part of this Agreement, but are merely for convenience to assist
in locating and reading the Sections of this Agreement.

 

12.9.       
Independent Contractors. It is expressly agreed that RubrYc and iBio shall be independent contractors and that the relationship
between the two Parties shall not constitute a partnership, joint venture or agency. RubrYc will report any payments received under this
Agreement as payments from iBio. Neither RubrYc nor iBio shall have the authority to make any statements, representations or commitments
of any kind, or to take any action, which shall be binding on the other Party, without the prior written consent of the other Party.

 

12.10.   
Further Actions. Each Party agrees to execute, acknowledge, and deliver such further instruments, and to do all such other
acts, as necessary or appropriate in order to carry out the purposes and intent of this Agreement.

 

12.11.   
Waiver. The waiver by either Party of any right hereunder, or the failure of the other Party to perform, or a breach by the
other Party, shall not be deemed a waiver of any other right hereunder or of any other breach or failure by such other Party whether of
a similar nature or otherwise.

 

12.12.   
Waiver of Rule of Construction. Each Party has had the opportunity to consult with counsel in connection with the review, drafting
and negotiation of this Agreement. Accordingly, the rule of construction that any ambiguity in this Agreement shall be construed against
the drafting Party shall not apply.

 

    -35-

     

    

 

12.13.   
Construction. Except where the context expressly requires otherwise, (a) the use of any gender herein shall be deemed
to encompass references to either or both genders, and the use of the singular shall be deemed to include the plural (and vice versa);
(b) the words “include”, “includes” and “including” shall be deemed to be followed by the phrase
 “without limitation”; (c) the word “will” shall be construed to have the same meaning and effect as the word
 “shall”; (d) any definition of or reference to any agreement, instrument or other document herein shall be construed
as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject
to any restrictions on such amendments, supplements or modifications set forth herein); (e) any reference herein to any person shall
be construed to include the person’s successors and assigns; (f) the words “herein”, “hereof” and “hereunder”,
and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof;
(g) all references herein to Sections, Schedules, or Exhibits shall be construed to refer to Sections, Schedules or Exhibits of this
Agreement, and references to this Agreement include all Schedules and Exhibits hereto; (h) the word “notice” means notice
in writing (whether or not specifically stated) and shall include notices, consents, approvals and other written communications contemplated
under this Agreement; (i) provisions that require that a Party, the Parties or any committee hereunder “agree”, “consent”
or “approve” or the like shall require that such agreement, consent or approval be specific and in writing, whether by written
agreement, letter, approved minutes or otherwise (but excluding e-mail and instant messaging); (j) references to any specific law,
rule or regulation, or Section, section or other division thereof, shall be deemed to include the then-current amendments thereto or any
replacement or successor law, rule or regulation thereof; (k) the term “or” shall be interpreted in the inclusive sense
commonly associated with the term “and/or” where applicable; and (l) the word “day” or “year”
means a calendar day or year unless otherwise specified.

 

12.14.   
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument. Facsimile and e-mailed copies of signatures shall be deemed to be originals
for purposes of the effectiveness of this Agreement. Electronic, facsimile or PDF image signatures shall be treated as original signatures,
with the understanding that each Party expressly agrees that such Party shall be bound by its own electronically transmitted signature
and shall accept the electronically transmitted signature of the other Party (including through the use of eSignature platforms such as
DocuSign®).

 

[Signature Page Follows]

 

    -36-

     

    

 

IN WITNESS WHEREOF, the Parties
intending to be bound have caused this Collaboration and License Agreement to be executed by their duly authorized representatives as
of the Effective Date.

 

	RubrYc Therapeutics, Inc. 	 	iBio, Inc.
	By: 	/s/Isaac Bright	 	By:	/s/ Thomas Isett
	Name: Isaac Bright	Name: Thomas Isett 
	Title: Chief Executive Officer 	 	Title: Chief Executive Officer

 

[Signature Page to Collaboration
and License Agreement]

 

     

     

    

 

Exhibit A

Collaboration Plan

 

[***]

 

     

     

    

 

Schedule 1.53

 

Licensed Patents

 

[***]Exhibit 10.3

 

Certain identified information has been excluded
from this exhibit because it is both not material and is the type that the registrant treats as private or confidential. [***] indicates
that information has been redacted.

 

 

 

RUBRYC THERAPEUTICS, INC.

 

SERIES A-2 PREFERRED STOCK PURCHASE AGREEMENT

 

August 23, 2021

 

     

     

    

 

TABLE
OF CONTENTS

 

Page

		1.	Purchase and Sale of Series A-2 Preferred Stock	1

		1.1	Sale and Issuance of Series A-2 Preferred Stock	1

		1.2	Initial Closing; Delivery	1

		1.3	Milestone Closing.	1

		1.4	Use of Proceeds	2

		1.5	Defined Terms Used in this Agreement	2
	 	 	 	 

		2.	Representations and Warranties of the Company.	3

		2.1	Organization, Good Standing, Corporate Power and Qualification	3

		2.2	Capitalization	4

		2.3	Subsidiaries	5

		2.4	Authorization	5

		2.5	Valid Issuance of Shares	5

		2.6	No Disqualification Event	6

		2.7	Governmental Consents and Filings	6

		2.8	Litigation	6

		2.9	Intellectual Property	6

		2.10	Compliance with Other Instruments	7

		2.11	Agreements; Actions	7

		2.12	Certain Transactions	8

		2.13	Rights of Registration and Voting Rights	8

		2.14	Property	9

		2.15	Financial Statements	9

		2.16	Changes	9

		2.17	Employee Matters	10

		2.18	Tax Returns and Payments	12

		2.19	Insurance	12

		2.20	Employee Agreements	12

		2.21	Permits	12

		2.22	Corporate Documents	13

		2.23	83(b) Elections	13

		2.24	Environmental and Safety Laws	13

		2.25	Disclosure	13

		2.26	Data Privacy	14
	 	 	 	 

		3.	Representations, Warranties and Covenants of the Purchasers	14

		3.1	Authorization	14

		3.2	Purchase Entirely for Own Account	14

		3.3	Disclosure of Information	14

		3.4	Restricted Securities	15

		3.5	No Public Market	15

		3.6	Legends	15

		3.7	Accredited Investor	15

		3.8	Foreign Investors	15

		3.9	No General Solicitation	16

		3.10	Exculpation Among Purchasers	16

		3.11	Residence	16
	 	 	 	 

 

    i

     

    

 

TABLE OF CONTENTS

(continued)

 

		4.	Conditions to the Purchasers’ Obligations at Initial Closing	16

		4.1	Representations and Warranties	16

		4.2	Performance	16

		4.3	Compliance Certificate	16

		4.4	Qualifications	16

		4.5	Indemnification Agreement	17

		4.6	Investors’ Rights Agreement	17

		4.7	Right of First Refusal and Co-Sale Agreement	17

		4.8	Voting Agreement	17

		4.9	Restated Certificate	17

		4.10	Secretary’s Certificate	17

		4.11	Proceedings and Documents	17
	 	 	 	 

		5.	Conditions of the Company’s Obligations at the Initial Closing	17

		5.1	Representations and Warranties	17

		5.2	Performance	17

		5.3	Qualifications	17

		5.4	Investors’ Rights Agreement	18

		5.5	Right of First Refusal and Co-Sale Agreement	18

		5.6	Voting Agreement	18
	 	 	 	 

		6.	Miscellaneous	18

		6.1	Survival of Warranties	18

		6.2	Successors and Assigns	18

		6.3	Governing Law	18

		6.4	Counterparts	18

		6.5	Titles and Subtitles	18

		6.6	Notices	18

		6.7	No Finder’s Fees	19

		6.8	Fees and Expenses. At the Initial Closing, the Company shall pay reasonable fees and expenses incurred by iBio, Inc. in connection with
the transactions contemplated by this Agreement of up to $32,500.	19

		6.9	Amendments and Waivers	19

		6.10	Severability	19

		6.11	Delays or Omissions	19

		6.12	Entire Agreement	20

		6.13	Dispute Resolution	20

		6.14	No Commitment for Additional Financing	20

 

    ii

     

    

 

Certain identified information
has been excluded from this exhibit because it is both not material and is the type that 

the registrant treats as private or confidential.
[***] indicates that information has been redacted.

 

SERIES A-2 PREFERRED STOCK PURCHASE AGREEMENT

 

THIS SERIES A-2 PREFERRED
STOCK PURCHASE AGREEMENT (this “Agreement”), is made as of August 23, 2021, by and among RubrYc Therapeutics, Inc.,
a Delaware corporation (the “Company”), and the investors listed on Exhibit A attached to this Agreement (each
a “Purchaser” and together the “Purchasers”).

 

The parties hereby agree as
follows:

 

1.                 
Purchase and Sale of Series A-2 Preferred Stock.

 

1.1             
Sale and Issuance of Series A-2 Preferred Stock.

 

(a)              
The Company shall adopt and file with the Secretary of State of the State of Delaware on or before the Initial Closing (as defined
below) an Amended and Restated Certificate of Incorporation in the form of Exhibit B attached to this Agreement (the “Restated
Certificate”).

 

(b)              
Subject to the terms and conditions of this Agreement, each Purchaser, severally and not jointly, agrees to purchase at the Initial
Closing, and the Company agrees to sell and issue to each Purchaser at the Initial Closing, that number of shares of the Company’s
Series A-2 Preferred Stock, $0.0001 par value per share (“Series A-2 Preferred Stock”), set forth opposite such Purchaser’s
name on Exhibit A, at a purchase price of $2.6184 per share (the “Per Share Purchase Price”). The shares of
Series A-2 Preferred Stock issued to the Purchasers pursuant to this Agreement (including any shares issued at the Initial Closing
and any Additional Shares, as defined below) shall be referred to in this Agreement as the “Shares.”

 

1.2             
Initial Closing; Delivery.

 

(a)              
The initial purchase and sale of the Shares shall take place remotely via the exchange of documents and signatures, at 10:00 a.m.
Central Time on the date hereof or at such other time and place as the Company and the Purchasers mutually agreed upon, orally or in writing
(which time and place are designated as the “Initial Closing”). In the event there is more than one closing, the term
 “Closing” shall apply to each such closing unless otherwise specified.

 

(b)              
At each Closing, the Company shall, as applicable, deliver to each Purchaser a certificate representing the Shares being purchased
by such Purchaser at such Closing to such Purchaser hereunder, against payment of the purchase price therefor by check payable to the
Company, by wire transfer to a bank account designated by the Company, by cancellation or conversion of indebtedness of the Company to
Purchaser (including interest), or by any combination of such methods.

 

     

     

    

 

1.3             
Milestone Closing. Upon the achievement of the milestones set forth in Exhibit C attached hereto (the “Second Tranche
Milestone”), each Purchaser shall have an obligation to purchase, and the Company shall sell to its Purchaser, its respective
Second Tranche Shares. Within ten (10) days after the achievement of a Second Tranche Milestone, the Company shall deliver to each Purchaser
a written notice setting forth such obligation (the “Second Tranche Notice”). The Second Tranche Notice shall include
a date, time and place for the closing of the issuance and purchase of the Second Tranche Shares (the “Second Tranche Closing”),
which date shall be no less than ten (10) days after the delivery of the Second Tranche Notice to the Purchasers; provided, however, that
such date and time of the Second Tranche Closing may be changed to another date by the written consent of the Company and those Purchasers
who are acquiring at least a majority of the Second Tranche Shares to be acquired by all Purchasers who are participating in such Second
Tranche Closing.

 

1.4             
Use of Proceeds. In accordance with the directions of the Company’s Board of Directors, as it shall be constituted
in accordance with the Voting Agreement, the Company will use the proceeds from the sale of the Shares for product development, including
by entering into a collaboration and licensing agreement with iBio, Inc., and other general corporate purposes, which shall be in accordance
with the budget approved by the Company’s Board of Directors.

 

1.5             
Defined Terms Used in this Agreement. In addition to the terms defined above and below, the following terms used in this
Agreement shall be construed to have the meanings set forth in this Subsection 1.5.

 

(a)              
“Affiliate” means, with respect to any specified Person, any other Person who, directly or indirectly, controls,
is controlled by, or is under common control with such Person, including, without limitation, any general partner, managing member, officer
or director of such Person or any venture capital fund now or hereafter existing that is controlled by one or more general partners or
managing members of, or shares the same management company with, such Person.

 

(b)              
“Code” means the Internal Revenue Code of 1986, as amended.

 

(c)              
“Company Intellectual Property” means all patents, patent applications, trademarks, trademark applications,
service marks, service mark applications, tradenames, copyrights, trade secrets, domain names, mask works, information and proprietary
rights and processes, similar or other intellectual property rights, subject matter of any of the foregoing, tangible embodiments of any
of the foregoing, licenses in, to and under any of the foregoing, and in each and all such cases that are owned or used by the Company
in the conduct of the Company’s business.

 

(d)              
“Founder Series Preferred Stock” means shares of the Company’s Founder Series Preferred Stock, par value
$0.0001 per share.

 

(e)              
“Indemnification Agreement” means the agreement between the Company and a member of the Company’s Board
of Directors in the form of Exhibit D attached to this Agreement.

 

(f)               
“Investors’ Rights Agreement” means the agreement among the Company and the Purchasers as amended and
restated effective as of the date of the Initial Closing, in the form of Exhibit E attached to this Agreement.

 

(g)              
“Key Employees” means Isaac Bright, Matthew Greving, and Ramesh Baliga.

 

    2

     

    

 

(h)              
“Knowledge” including the phrase “to the Company’s knowledge” shall mean the actual knowledge
after reasonable investigation of the Key Employees.

 

(i)                
“Material Adverse Effect” means a material adverse effect on the business, assets (including intangible assets),
liabilities, financial condition, property, prospects or results of operations of the Company.

 

(j)                
“Person” means any individual, corporation, partnership, trust, limited liability company, association or other
entity.

 

(k)              
“Purchaser” means each of the Purchasers who is initially a party to this Agreement and any Additional Purchaser
who becomes a party to this Agreement at a subsequent Closing under Subsection 1.3.

 

(l)                
“Right of First Refusal and Co-Sale Agreement” means the agreement among the Company, the Purchasers, and certain
other stockholders of the Company, as amended as restated effective as of the date of the Initial Closing, in the form of Exhibit F
attached to this Agreement.

 

(m)            
“Second Tranche Shares” means, for each Purchaser, the number of Second Tranche Shares identified for such Purchaser
on Exhibit A.

 

(n)              
“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

(o)              
“Transaction Agreements” means this Agreement, the Investors’ Rights Agreement, the Right of First Refusal
and Co-Sale Agreement and the Voting Agreement.

 

(p)              
“Voting Agreement” means the agreement among the Company, the Purchasers and certain other stockholders of the
Company, as amended and restated effective as of the date of the Initial Closing, in the form of Exhibit G attached to this Agreement.

 

2.                 
Representations and Warranties of the Company. The Company hereby represents and warrants to each Purchaser that, except
as set forth on the Disclosure Schedule attached as Exhibit H to this Agreement, which exceptions shall be deemed to be part of
the representations and warranties made hereunder, the following representations are true and complete as of the date of each Closing,
including for Second Tranche Shares, except as otherwise indicated. The Disclosure Schedule shall be arranged in sections corresponding
to the numbered and lettered sections and subsections contained in this Section 2, and the disclosures in any section or subsection
of the Disclosure Schedule shall qualify other sections and subsections in this Section 2 only to the extent it is readily apparent
from a reading of the disclosure that such disclosure is applicable to such other sections and subsections.

 

For purposes of these representations
and warranties (other than those in Subsections 2.2, 2.3, 2.4, 2.5, and 2.6), the term the “Company”
shall include any subsidiaries of the Company, unless otherwise noted herein.

 

    3

     

    

 

2.1             
Organization, Good Standing, Corporate Power and Qualification. The Company is a corporation duly organized, validly existing
and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority to carry on its business
as presently conducted and as proposed to be conducted. The Company is duly qualified to transact business and is in good standing in
each jurisdiction in which the failure to so qualify would have a Material Adverse Effect.

 

2.2             
Capitalization.

 

(a)              
The authorized capital of the Company consists, upon the Initial Closing, of:

 

(i)                
48,765,990 shares of common stock, $0.0001 par value per share (“Common Stock”), [***]shares of which will be
issued and outstanding as of the Initial Closing. All of the outstanding shares of Common Stock have been duly authorized, are fully paid
and nonassessable and were issued in compliance with all applicable federal and state securities laws.

 

(ii)             
43,219,784 shares of preferred stock, $0.0001 par value per share, of which shares 1,480,079 have been designated Founder Series
Preferred Stock, [***]shares of which are issued and outstanding as of the Initial Closing. In addition, 38,875,360 shares designated
as Series A Preferred Stock, of which [***] shares are issued and outstanding as of the Initial Closing, and 2,864,345 shares designated
as Series A-2 Preferred Stock, [***]of which are issued and outstanding as of the Initial Closing (together with the Founder Series Preferred
Stock and the Series A Preferred Stock, the “Preferred Stock”). The rights, privileges and preferences of the Preferred
Stock are as stated in the Restated Certificate and as provided by the Delaware General Corporation Law.

 

(b)              
The Company has reserved 2,173,000 shares of Common Stock for issuance to officers, directors, employees and consultants of the
Company pursuant to its 2018 Equity Incentive Plan duly adopted by the Board of Directors and approved by the Company’s stockholders
(the “Stock Plan”). Of such reserved shares of Common Stock, no shares have been issued pursuant to restricted stock
purchase agreements, no options to purchase shares of Common Stock have been granted or are currently outstanding, and 15,488 shares of
Common Stock remain available for issuance to officers, directors, employees and consultants pursuant to the Stock Plan. The Company has
furnished to the Purchasers complete and accurate copies of the Stock Plan and forms of agreements used thereunder.

 

(c)              
Section 2.2(c) of the Disclosure Schedule sets forth the capitalization of the Company immediately following the Initial
Closing, by each security holder, the number of shares of the following: (i) issued and outstanding Common Stock, including with
respect to restricted Common Stock, vesting schedule and repurchase price; (ii) granted stock options (including vesting schedule
and repurchase price); (iii) shares of Common Stock reserved for future award grants under the Stock Plan; (iv) issued and outstanding
Preferred Stock; and (v) warrants or stock purchase rights, if any. Except for (A) the rights provided in Section 4 of the
Investors’ Rights Agreement, and (B) the securities and rights described in Subsection 2.2(b) of this Agreement and Section
2.2(c) of the Disclosure Schedule, there are no outstanding options, warrants, rights (including conversion or preemptive rights and
rights of first refusal or similar rights) or agreements, orally or in writing, to purchase or acquire from the Company any shares of
Common Stock or Preferred Stock, or any securities convertible into or exchangeable for shares of Common Stock or Preferred Stock. All
outstanding shares of the Company’s Common Stock and all shares of the Company’s Common Stock underlying outstanding options
are subject to (i) a right of first refusal in favor of the Company upon any proposed transfer (other than transfers for estate planning
purposes); and (ii) a lock-up or market standoff agreement of not less than one hundred eighty (180) days following the Company’s
initial public offering pursuant to a registration statement filed with the Securities and Exchange Commission under the Securities Act.

 

(d)              
The Company has never adjusted or amended the exercise price of any stock options previously awarded, whether through amendment,
cancellation, replacement grant, repricing, or any other means. Except as set forth in the Restated Certificate, the Company has no obligation
(contingent or otherwise) to purchase or redeem any of its capital stock.

 

    4

     

    

 

(e)              
Any “nonqualified deferred compensation plan” (as such term is defined under Section 409A(d)(1) of the Code and the
guidance thereunder) under which the Company makes, is obligated to make or promises to make, payments (each, a “409A Plan”)
complies in all material respects, in both form and operation, with the requirements of Section 409A of the Code and the guidance thereunder.
No payment to be made under any 409A Plan is, or will be, subject to the penalties of Section 409A(a)(1) of the Code.

 

(f)               
The Company has obtained valid waivers of any rights by other parties to purchase any of the Shares covered by this Agreement.

 

2.3             
Subsidiaries. The Company does not currently own or control, directly or indirectly, any interest in any other corporation,
partnership, trust, joint venture, limited liability company, association, or other business entity. The Company is not a participant
in any joint venture, partnership or similar arrangement.

 

2.4             
Authorization. All corporate action required to be taken by the Company’s Board of Directors and stockholders in order
to authorize the Company to enter into the Transaction Agreements, and to issue the Shares at each Closing and the Common Stock issuable
upon conversion of the Shares, has been taken or will be taken prior to such Closing. All action on the part of the officers of the Company
necessary for the execution and delivery of the Transaction Agreements, the performance of all obligations of the Company under the Transaction
Agreements to be performed as of each Closing, and the issuance and delivery of the Shares has been taken or will be taken prior to such
Closing. The Transaction Agreements, when executed and delivered by the Company, shall constitute valid and legally binding obligations
of the Company, enforceable against the Company in accordance with their respective terms.

 

2.5             
Valid Issuance of Shares. The Shares, when issued, sold and delivered in accordance with the terms and for the consideration
set forth in this Agreement, will be validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions
on transfer under the Transaction Agreements, applicable state and federal securities laws and liens or encumbrances created by or imposed
by a Purchaser. Assuming the accuracy of the representations of the Purchasers in Section 3 of this Agreement and subject to the
filings described in Subsection 2.7(ii) below, the Shares will be issued in compliance with all applicable federal and state
securities laws. The Common Stock issuable upon conversion of the Shares has been duly reserved for issuance, and upon issuance in accordance
with the terms of the Restated Certificate, will be validly issued, fully paid and nonassessable and free of restrictions on transfer
other than restrictions on transfer under the Transaction Agreements, applicable federal and state securities laws and liens or encumbrances
created by or imposed by a Purchaser. Based in part upon the representations of the Purchasers in Section 3 of this Agreement,
and subject to Section 2.6 below, the Common Stock issuable upon conversion of the Shares will be issued in compliance with all
applicable federal and state securities laws.

 

2.6             
No Disqualification Event. No “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of the Securities
Act (a “Disqualification Event”) is applicable to the Company or, following due inquiry, to the Company’s knowledge,
any Company Covered Person, except for a Disqualification Event as to which Rule 506(d)(2)(ii–iv) or (d)(3), is applicable.

 

    5

     

    

 

2.7             
Governmental Consents and Filings. Assuming the accuracy of the representations made by the Purchasers in Section 3
of this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing
with, any federal, state or local governmental authority is required on the part of the Company in connection with the consummation of
the transactions contemplated by this Agreement, except for (i) the filing of the Restated Certificate, which will have been filed as
of the Initial Closing, and (ii) filings pursuant to Regulation D of the Securities Act, and applicable state securities laws, which
have been made or will be made in a timely manner.

 

2.8             
Litigation. There is no claim, action, suit, proceeding, arbitration, complaint, charge or investigation pending or, to
the Company’s knowledge, currently threatened (i) against the Company or any officer, director or Key Employee of the Company arising
out of their employment or board relationship with the Company; (ii) that questions the validity of the Transaction Agreements or the
right of the Company to enter into them, or to consummate the transactions contemplated by the Transaction Agreements; or (iii) that would
reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. Neither the Company nor, to the Company’s
knowledge, any of its officers, directors or the Key Employees is a party or is named as subject to the provisions of any order, writ,
injunction, judgment or decree of any court or government agency or instrumentality (in the case of officers, directors or the Key Employees,
such as would adversely affect the Company). There is no action, suit, proceeding or investigation by the Company pending or which the
Company intends to initiate. The foregoing includes, without limitation, actions, suits, proceedings or investigations pending or threatened
in writing (or any basis therefor known to the Company) involving the prior employment of any of the Company’s employees, their
services provided in connection with the Company’s business, any information or techniques allegedly proprietary to any of their
former employers or their obligations under any agreements with prior employers.

 

    6

     

    

 

2.9             
Intellectual Property. The Company owns or possesses all Intellectual Property without any known conflict with, or infringement
of, the rights of others. To the Company’s knowledge, no product or service marketed or sold (or proposed to be marketed or sold)
by the Company violates or will violate any license or infringes or will infringe any intellectual property rights of any other party.
Other than with respect to commercially available software products under standard end-user object code license agreements, there are
no outstanding options, licenses, agreements, claims, encumbrances or shared ownership interests of any kind relating to the Company Intellectual
Property, nor is the Company bound by or a party to any options, licenses or agreements of any kind with respect to the patents, trademarks,
service marks, trade names, copyrights, trade secrets, licenses, information, proprietary rights and processes of any other Person. The
Company has not received any communications alleging that the Company has violated, or by conducting its business, would violate any of
the patents, trademarks, service marks, tradenames, copyrights, trade secrets, mask works or other proprietary rights or processes of
any other Person. The Company has obtained and possesses valid licenses to use all of the software programs present on the computers and
other software-enabled electronic devices that it owns or leases or that it has otherwise provided to its employees for their use in connection
with the Company’s business. It will not be necessary to use any invention of any of the Company’s employees or consultants
(or Persons it currently intends to hire) made prior to their employment or engagement by the Company, as applicable. Each employee and
consultant has assigned to the Company all intellectual property rights he or she owns that are related to the Company’s business
as now conducted and as presently proposed to be conducted. Section 2.9 of the Disclosure Schedule lists (i) all Company patents,
patent applications, trademarks, trademark applications, service marks, service mark applications, tradenames, and copyrights and (ii)
all agreements, understandings, instruments or contracts to which the Company is a party or by which it is bound that involve the license
of any patent, copyright, trademark, trade secret or other proprietary right to or from the Company. The Company has not embedded any
open source, copyleft or community source code in any of its products generally available or in development, including but not limited
to any libraries or code licensed under any General Public License, Lesser General Public License or similar license arrangement.

 

2.10         
Compliance with Other Instruments and Law. The Company is not in violation or default (i) of any provisions of its Restated
Certificate or Bylaws, (ii) of any instrument, judgment, order, writ or decree, (iii) under any note, indenture or mortgage, (iv) under
any lease, agreement, contract or purchase order to which it is a party or by which it is bound that is required to be listed on the Disclosure
Schedule, or (v) of any provision of federal or state statute, rule or regulation applicable to the Company, the violation of which would
have a Material Adverse Effect. The execution, delivery and performance of the Transaction Agreements and the consummation of the transactions
contemplated by the Transaction Agreements will not result in any such violation or be in conflict with or constitute, with or without
the passage of time and giving of notice, either (i) a default under any such provision, instrument, judgment, order, writ, decree, contract
or agreement; or (ii) an event which results in the creation of any lien, charge or encumbrance upon any assets of the Company or the
suspension, revocation, forfeiture, or nonrenewal of any material permit or license applicable to the Company.

 

2.11         
Agreements; Actions.

 

(a)              
Except for the Transaction Agreements and as provided on the Disclosure Schedules, there are no agreements, understandings, instruments,
contracts or proposed transactions to which the Company is a party or by which it is bound that involve (i) obligations (contingent
or otherwise) of, or payments to, the Company in excess of $50,000 per annum, (ii) the grant of rights to manufacture, produce, assemble,
license, market, or sell its products to any other Person that limit the Company’s exclusive right to develop, manufacture, assemble,
distribute, market or sell its products, or (iii) indemnification by the Company with respect to infringements of proprietary rights.

 

    7

     

    

 

(b)              
The Company has not (i) declared or paid any dividends, or authorized or made any distribution upon or with respect to any
class or series of its capital stock, (ii) incurred any indebtedness for money borrowed or incurred any other liabilities individually
in excess of $25,000 or in excess of $50,000 in the aggregate, (iii) made any loans or advances to any Person, other than ordinary
advances for travel expenses, or (iv) sold, exchanged or otherwise disposed of any of its assets or rights, other than the sale of
its inventory in the ordinary course of business. For the purposes of (b) and (c) of this Subsection 2.11, all indebtedness, liabilities,
agreements, understandings, instruments, contracts and proposed transactions involving the same Person (including Persons the Company
has reason to believe are affiliated with each other) shall be aggregated for the purpose of meeting the individual minimum dollar amounts
of such subsection.

 

(c)              
The Company is not a guarantor or indemnitor of any indebtedness of any other Person.

 

2.12         
Certain Transactions.

 

(a)              
Other than (i) standard employee benefits generally made available to all employees, (ii) standard director and officer indemnification
agreements approved by the Board of Directors, and (iii) the issuance of options to purchase shares of the Company’s Common Stock,
in each instance, approved in the written minutes of the Board of Directors (previously provided to the Purchasers or their counsel),
there are no agreements, understandings or proposed transactions between the Company and any of its officers, directors, consultants or
Key Employees, or any Affiliate thereof.

 

(b)              
The Company is not indebted, directly or indirectly, to any of its directors, officers or employees or to their respective spouses
or children or to any Affiliate of any of the foregoing, other than in connection with expenses or advances of expenses incurred in the
ordinary course of business or employee relocation expenses and for other customary employee benefits made generally available to all
employees. None of the Company’s directors, officers or employees, or any members of their immediate families, or any Affiliate
of the foregoing are, directly or indirectly, indebted to the Company, or, to the Company’s knowledge, have any (i) material commercial,
industrial, banking, consulting, legal, accounting, charitable or familial relationship with any of the Company’s customers, suppliers,
service providers, joint venture partners, licensees and competitors, (ii) 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 directors, officers, employees or stockholders of the Company may own stock in (but not exceeding two percent
(2%) of the outstanding capital stock of) publicly traded companies that may compete with the Company; or (iii) financial interest in
any material contract with the Company.

 

2.13         
Rights of Registration and Voting Rights. Except as provided in the Investors’ Rights Agreement, the Company is not
under any obligation to register under the Securities Act any of its currently outstanding securities or any securities issuable upon
exercise or conversion of its currently outstanding securities. To the Company’s knowledge, except as contemplated in the Voting
Agreement, no stockholder of the Company has entered into any agreements with respect to the voting of shares of the Company’s capital
stock.

 

    8

     

    

 

2.14         
Property. The property and assets that the Company owns are free and clear of all mortgages, deeds of trust, liens, loans
and encumbrances, except for statutory liens for the payment of current taxes that are not yet delinquent and encumbrances and liens that
arise in the ordinary course of business and do not materially impair the Company’s ownership or use of such property or assets.
With respect to the property and assets it leases, the Company is in compliance with such leases and holds a valid leasehold interest
free of any liens, claims or encumbrances other than those of the lessors of such property or assets. The Company does not own any real
property.

 

2.15         
Financial Statements.

 

(a)       The
Company has delivered to the Investors its audited financial statements as of and for the periods ended December 31, 2019 and December
31, 2020 (the “Company Financial Statements”). The Company Financial Statements have been prepared in accordance with
U.S. generally accepted accounting principles (“GAAP”) and the Company Financial Statements fairly present in all material
respects the financial condition and operating results of the Company as of the date thereof.

 

(b)       The
Company has delivered to the Investors its unaudited balance sheet as of June 30, 2021, (the “Interim Balance Sheet”).
The Interim Balance Sheet has been prepared in accordance with GAAP applied on a consistent basis throughout the period indicated, and
the Interim Balance Sheet fairly presents in all material respects the financial condition and operating results of the Company as of
the date thereof, except that the Interim Balance Sheet is unaudited, does not contain footnotes, and is subject to nonrecurring year-end
adjustments resulting upon audit of the Company, which adjustments in the aggregate will not be material to the financial condition of
the Company. Except as set forth in the Interim Balance Sheet, the Company has no material liabilities, contingent or otherwise, other
than (i) liabilities incurred in the ordinary course of business subsequent to the date of the Interim Balance Sheet, and (ii) obligations
under contracts and commitments incurred in the ordinary course of business and not required under GAAP to be reflected in the Interim
Balance Sheet, which, in both cases, individually or in the aggregate, are not material to the financial condition or operating results
of the Company. Except as set forth in the Interim Balance Sheet, the Company is not a guarantor or indemnitor of any indebtedness of
any person, firm, or corporation

 

2.16         
Changes. Since the date of the Interim Balance Sheet, there has not been:

 

(a)              
any damage, destruction or loss, whether or not covered by insurance, that would have a Material Adverse Effect;

 

(b)              
any waiver or compromise by the Company of a valuable right or of a material debt owed to it;

 

    9

     

    

 

(c)              
any satisfaction or discharge of any lien, claim, or encumbrance or payment of any obligation by the Company, except in the ordinary
course of business and the satisfaction or discharge of which would not have a Material Adverse Effect;

 

(d)              
any material change to a material contract or agreement by which the Company or any of its assets is bound or subject;

 

(e)              
any material change in any compensation arrangement or agreement with any employee, officer, director or stockholder;

 

(f)               
any resignation or termination of employment of any officer or Key Employee of the Company;

 

(g)              
any mortgage, pledge, transfer of a security interest in, or lien, created by the Company, with respect to any of its material
properties or assets, except liens for taxes not yet due or payable and liens that arise in the ordinary course of business and do not
materially impair the Company’s ownership or use of such property or assets;

 

(h)              
any loans or guarantees made by the Company to or for the benefit of its employees, officers or directors, or any members of their
immediate families, other than travel advances and other advances made in the ordinary course of its business;

 

(i)                
any declaration, setting aside or payment or other distribution in respect of any of the Company’s capital stock, or any
direct or indirect redemption, purchase, or other acquisition of any of such stock by the Company;

 

(j)                
any sale, assignment or transfer of any Company Intellectual Property that could reasonably be expected to result in a Material
Adverse Effect;

 

(k)              
receipt of notice that there has been a loss of, or material order cancellation by, any major customer of the Company;

 

(l)                
to the Company’s knowledge, any other event or condition of any character, other than events affecting the economy or the
Company’s industry generally, that could reasonably be expected to result in a Material Adverse Effect; or

 

(m)            
any arrangement or commitment by the Company to do any of the things described in this Subsection 2.16.

 

2.17         
Employee Matters.

 

(a)              
As of the date hereof, the Company employs 10 full-time employees and no part-time employees and engages no consultants or independent
contractors. The Company has made available to the Purchasers a schedule that sets forth a detailed description of all compensation, including
salary, bonus, severance obligations and deferred compensation paid or payable for each officer, employee, consultant and independent
contractor of the Company who is anticipated to receive compensation in excess of $100,000 for the fiscal year ending December 31, 2021.

 

    10

     

    

 

(b)              
To the Company’s knowledge, none of its employees is obligated under any contract (including licenses, covenants or commitments
of any nature) or other agreement, or subject to any judgment, decree or order of any court or administrative agency, that would materially
interfere with such employee’s ability to promote the interest of the Company or that would conflict with the Company’s business.
Neither the execution or delivery of the Transaction Agreements, nor the carrying on of the Company’s business by the employees
of the Company, nor the conduct of the Company’s business as now conducted and as presently proposed to be conducted, will, to the
Company’s knowledge, conflict with or result in a breach of the terms, conditions, or provisions of, or constitute a default under,
any contract, covenant or instrument under which any such employee is now obligated.

 

(c)              
 The Company has complied in all material respects with all applicable state and federal equal employment opportunity laws and
with other laws related to employment, including those related to wages, hours, worker classification and collective bargaining. The Company
has withheld and paid to the appropriate governmental entity or is holding for payment not yet due to such governmental entity all amounts
required to be withheld from employees of the Company and is not liable for any arrears of wages, taxes, penalties or other sums for failure
to comply with any of the foregoing.

 

(d)              
To the Company’s knowledge, no Key Employee intends to terminate employment with the Company or is otherwise likely to become
unavailable to continue as a Key Employee, nor does the Company have a present intention to terminate the employment of any of the foregoing.
The employment of each employee of the Company is terminable at the will of the Company. Except as set forth in Section 2.17(d)(i)
of the Disclosure Schedule or as required by law, upon termination of the employment of any such employees, no severance or other payments
will become due. Except as set forth in Section 2.17(d)(ii) of the Disclosure Schedule, the Company has no policy, practice, plan
or program of paying severance pay or any form of severance compensation in connection with the termination of employment services.

 

(e)              
The Company has not made any representations regarding equity incentives to any officer, employee, director or consultant that
are inconsistent with the share amounts and terms set forth in the minutes of meetings of the Company’s board of directors.

 

(f)               
Each former employee whose employment was terminated by the Company has entered into an agreement with the Company providing for
the full release of any claims against the Company or any related party arising out of such employment.

 

(g)              
Section 2.17(g) of the Disclosure Schedule sets forth each employee benefit plan maintained, established or sponsored by
the Company, or which the Company participates in or contributes to, which is subject to the Employee Retirement Income Security Act of
1974, as amended (“ERISA”). The Company has made all required contributions and has no liability to any such employee
benefit plan, other than liability for health plan continuation coverage described in Part 6 of Title I(B) of ERISA, and has complied
in all material respects with all applicable laws for any such employee benefit plan.

 

    11

     

    

 

(h)              
The Company is not bound by or subject to (and none of its assets or properties is bound by or subject to) any written or oral,
express or implied, contract, commitment or arrangement with any labor union, and no labor union has requested or, to the knowledge of
the Company, has sought to represent any of the employees, representatives or agents of the Company. There is no strike or other labor
dispute involving the Company pending, or to the Company’s knowledge, threatened, nor is the Company aware of any labor organization
activity involving its employees.

 

(i)                
To the Company’s knowledge, neither any Key Employee nor any of the directors of the Company has been (a) subject to voluntary
or involuntary petition under the federal bankruptcy laws or any state insolvency law or the appointment of a receiver, fiscal agent or
similar officer by a court for his business or property; (b) convicted in a criminal proceeding or named as a subject of a pending criminal
proceeding (excluding traffic violations and other minor offenses); (c) subject to any order, judgment or decree (not subsequently
reversed, suspended, or vacated) of any court of competent jurisdiction permanently or temporarily enjoining him from engaging, or otherwise
imposing limits or conditions on his engagement in any securities, investment advisory, banking, insurance, or other type of business
or acting as an officer or director of a public company; or (d) found by a court of competent jurisdiction in a civil action or by
the Securities and Exchange Commission or the Commodity Futures Trading Commission to have violated any federal or state securities, commodities,
or unfair trade practices law, which such judgment or finding has not been subsequently reversed, suspended, or vacated.

 

2.18         
Tax Returns and Payments. There are no federal, state, county, local or foreign taxes due and payable by the Company which
have not been timely paid. There are no accrued and unpaid federal, state, county, local or foreign taxes of the Company which are due,
whether or not assessed or disputed. There have been no examinations or audits of any tax returns or reports by any applicable federal,
state, local or foreign governmental agency. The Company has duly and timely filed all federal, state, county, local and foreign tax returns
required to have been filed by it and there are in effect no waivers of applicable statutes of limitations with respect to taxes for any
year.

 

2.19         
Insurance. The Company has in full force and effect fire and casualty insurance policies with extended coverage, sufficient
in amount (subject to reasonable deductions) to allow it to replace any of its properties that might be damaged or destroyed.

 

2.20         
Employee Agreements. Each current and former employee, consultant and officer of the Company has executed an agreement with
the Company regarding confidentiality and proprietary information substantially in the form or forms delivered to the counsel for the
Purchasers (the “Confidential Information Agreements”). No Key Employee has excluded works or inventions from his or
her assignment of inventions pursuant to such Key Employee’s Confidential Information Agreement. To the Company’s knowledge,
no Key Employee is in violation of any agreement covered by this Section 2.20.

 

2.21         
Permits. The Company has or will use reasonable efforts to promptly obtain all franchises, permits, licenses and any similar
authority necessary for the conduct of its business. The Company is not in default in any material respect under any of such franchises,
permits, licenses or other similar authority.

 

2.22         
Corporate Documents. The Restated Certificate and Bylaws of the Company are in the form provided to the Purchasers. The
copy of the minute books of the Company provided to the Purchasers contains minutes of all meetings of directors and stockholders and
all actions by written consent without a meeting by the directors and stockholders since the date of incorporation and accurately reflects
in all material respects all actions by the directors (and any committee of directors) and stockholders with respect to all transactions
referred to in such minutes.

 

    12

     

    

 

2.23         
83(b) Elections. To the Company’s knowledge, all elections and notices under Section 83(b) of the Code have been or
will be timely filed by all individuals who have acquired unvested shares of the Company’s Common Stock.

 

2.24         
Environmental and Safety Laws. Except as would not reasonably be expected to have a Material Adverse Effect (a) the
Company is and has been in compliance with all Environmental Laws; (b) there has been no release or, to the Company’s knowledge,
threatened release of any pollutant, contaminant or toxic or hazardous material, substance or waste or petroleum or any fraction thereof
(each a “Hazardous Substance”), on, upon, into or from any site currently or heretofore owned, leased or otherwise
occupied by the Company; (c) there have been no Hazardous Substances generated by the Company that have been disposed of or come
to rest at any site that has been included in any published U.S. federal, state or local “superfund” site list or any other
similar list of hazardous or toxic waste sites published by any governmental authority in the United States; and (d) there are no
underground storage tanks located on, no polychlorinated biphenyls (“PCBs”) or PCB-containing equipment used or stored
on, and no hazardous waste as defined by the Resource Conservation and Recovery Act, as amended, stored on, any site owned or operated
by the Company, except for the storage of hazardous waste in compliance with Environmental Laws. The Company has made available to the
Purchasers true and complete copies of all material environmental records, reports, notifications, certificates of need, permits, pending
permit applications, correspondence, engineering studies and environmental studies or assessments. For purposes of this Section 2.22,
 “Environmental Laws” means any law, regulation, or other applicable requirement relating to (a) releases or threatened
release of Hazardous Substance; (b) pollution or protection of employee health or safety, public health or the environment; or (c) the
manufacture, handling, transport, use, treatment, storage, or disposal of Hazardous Substances.

 

2.25         
Disclosure. The Company has made available to the Purchasers all the information reasonably available to the Company that
the Purchasers have requested for deciding whether to acquire the Shares, including certain of the Company’s projections describing
its proposed business plan (the “Business Plan”). No representation or warranty of the Company contained in this Agreement,
as qualified by the Disclosure Schedule, and no certificate furnished or to be furnished to Purchasers at the Initial Closing contains
any untrue statement of a material fact or, to the Company’s knowledge, omits to state a material fact necessary in order to make
the statements contained herein or therein not misleading in light of the circumstances under which they were made. The Business Plan
was prepared in good faith; however, the Company does not warrant that it will achieve any results projected in the Business Plan. It
is understood that this representation is qualified by the fact that the Company has not delivered to the Purchasers, and has not been
requested to deliver, a private placement or similar memorandum or any written disclosure of the types of information customarily furnished
to purchasers of securities.

 

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2.26         
Data Privacy. In connection with its collection, storage, transfer (including, without limitation, any transfer across national
borders) and/or use of any personally identifiable information from any individuals, including, without limitation, any customers, prospective
customers, employees and/or other third parties (collectively “Personal Information”), the Company is and has been,
to the Company’s knowledge, in compliance with all applicable laws in all relevant jurisdictions, the Company’s privacy policies
and the requirements of any contract or codes of conduct to which the Company is a party. The Company has commercially reasonable physical,
technical, organizational and administrative security measures and policies in place to protect all Personal Information collected by
it or on its behalf from and against unauthorized access, use and/or disclosure. The Company is and has been, to the Company’s knowledge,
in compliance in all material respects with all laws relating to data loss, theft and breach of security notification obligations.

 

3.                 
Representations, Warranties and Covenants of the Purchasers. Each Purchaser, or the funds for which it serves as nominee,
hereby represents and warrants to the Company, severally and not jointly, that:

 

3.1             
Authorization. The Purchaser has full power and authority to enter into the Transaction Agreements. The Transaction Agreements
to which the Purchaser is a party, when executed and delivered by the Purchaser, will constitute valid and legally binding obligations
of the Purchaser, enforceable in accordance with their terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance and any other laws of general application affecting enforcement of creditors’ rights generally,
and as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies, or (b) to
the extent the indemnification provisions contained in the Investors’ Rights Agreement may be limited by applicable federal or state
securities laws.

 

3.2             
Purchase Entirely for Own Account. This Agreement is made with the Purchaser in reliance upon the Purchaser’s representation
to the Company, which by the Purchaser’s execution of this Agreement, the Purchaser hereby confirms, that the Shares to be acquired
by the Purchaser will be acquired for investment for the Purchaser’s own account, not as a nominee or agent (except as set forth
on the signature page of a Purchaser hereto), and not with a view to the resale or distribution of any part thereof, and that the Purchaser
has no present intention of selling, granting any participation in, or otherwise distributing the same. By executing this Agreement, the
Purchaser further represents that the Purchaser does not presently have any contract, undertaking, agreement or arrangement with any Person
to sell, transfer or grant participations to such Person or to any third Person, with respect to any of the Shares. If an entity, the
Purchaser has not been formed for the specific purpose of acquiring the Shares.

 

3.3             
Disclosure of Information. The Purchaser has had an opportunity to discuss the Company’s business, management, financial
affairs and the terms and conditions of the offering of the Shares with the Company’s management and review the Company’s
facilities, and the Company has made available to the Purchaser all information reasonably available to the Company that the Purchaser
has requested for deciding whether to acquire the Shares. The foregoing, however, does not limit or modify the representations and warranties
of the Company in Section 2 of this Agreement or the right of the Purchasers to rely thereon.

 

    14

     

    

 

3.4             
Restricted Securities. The Purchaser understands that the Shares have not been, and will not be, registered under the Securities
Act, by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things,
the bona fide nature of the investment intent and the accuracy of the Purchaser’s representations as expressed herein. The Purchaser
understands that the Shares are “restricted securities” under applicable U.S. federal and state securities laws and that,
pursuant to these laws, the Purchaser must hold the Shares indefinitely unless they are registered with the Securities and Exchange Commission
and qualified by state authorities, or an exemption from such registration and qualification requirements is available. The Purchaser
acknowledges that the Company has no obligation to register or qualify the Shares, or the shares of Common Stock into which they may be
converted, for resale except as set forth in the Investors’ Rights Agreement. The Purchaser further acknowledges that if an exemption
from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time
and manner of sale, the holding period for the Shares, and on requirements relating to the Company which are outside of the Purchaser’s
control, and which the Company is under no obligation and may not be able to satisfy.

 

3.5             
No Public Market. The Purchaser understands that no public market now exists for the Shares, and that the Company has made
no assurances that a public market will ever exist for the Shares.

 

3.6             
Legends. The Purchaser understands that the Shares and any securities issued in respect of or exchange for the Shares, may
be notated with one or all of the following legends:

 

(a)              
“THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT
AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE
REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED
UNDER THE SECURITIES ACT OF 1933.”

 

(b)              
Any legend set forth in, or required by, the other Transaction Agreements.

 

(c)              
Any legend required by the securities laws of any state to the extent such laws are applicable to the Shares represented by the
certificate, instrument, or book entry so legended.

 

3.7             
Accredited Investor. The Purchaser is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under
the Securities Act.

 

    15

     

    

 

3.8             
Foreign Investors. If the Purchaser is not a United States person (as defined by Section 7701(a)(30) of the Code),
the Purchaser hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with
any invitation to subscribe for the Shares or any use of this Agreement, including (a) the legal requirements within its jurisdiction
for the purchase of the Shares, (b) any foreign exchange restrictions applicable to such purchase, (c) any governmental or other
consents that may need to be obtained, and (d) the income tax and other tax consequences, if any, that may be relevant to the purchase,
holding, redemption, sale, or transfer of the Shares. The Purchaser’s subscription and payment for and continued beneficial ownership
of the Shares will not violate any applicable securities or other laws of the Purchaser’s jurisdiction.

 

3.9             
No General Solicitation. Neither the Purchaser, nor any of its officers, directors, employees, agents, stockholders or partners
has either directly or indirectly, including, through a broker or finder (a) engaged in any general solicitation, or (b) published
any advertisement in connection with the offer and sale of the Shares.

 

3.10         
Exculpation Among Purchasers. The Purchaser acknowledges that it is not relying upon any Person, other than the Company
and its officers and directors, in making its investment or decision to invest in the Company. The Purchaser agrees that neither any Purchaser
nor the respective controlling Persons, officers, directors, partners, agents, or employees of any Purchaser shall be liable to any other
Purchaser for any action heretofore taken or omitted to be taken by any of them in connection with the purchase of the Shares.

 

3.11         
Residence. If the Purchaser is an individual, then the Purchaser resides in the state or province identified in the address
of the Purchaser set forth on Exhibit A; if the Purchaser is a partnership, corporation, limited liability company or other entity,
then the office or offices of the Purchaser in which it has its principal place of business is at the address or addresses of the Purchaser
set forth on Exhibit A.

 

4.                 
Conditions to the Purchasers’ Obligations at Initial Closing. The obligations of each Purchaser to purchase Shares
at the Closing are subject to the fulfillment, on or before such Closing, of each of the following conditions, unless otherwise waived:

 

4.1             
Representations and Warranties. The representations and warranties of the Company contained in Section 2 shall
be true and correct in all respects as of such Closing.

 

4.2             
Performance. The Company shall have performed and complied with all covenants, agreements, obligations and conditions contained
in this Agreement that are required to be performed or complied with by the Company on or before such Closing.

 

4.3             
Compliance Certificate. The President of the Company shall deliver to the Purchasers at the Initial Closing a certificate
certifying that the conditions specified in Subsections 4.1 and 4.2 have been fulfilled.

 

4.4             
Qualifications. All authorizations, approvals or permits, if any, of any governmental authority or regulatory body of the
United States or of any state that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement
shall be obtained and effective as of such Closing.

 

    16

     

    

 

4.5       Board
of Directors. As of the Initial Closing (or immediately thereafter), the authorized number of directors to the Board shall be five
(5) and the following individuals shall be directors of the Company: Jigar Choksey, Paul Conley, Tom Isett, Isaac Bright, and Jean Viret.

 

4.5             
Indemnification Agreements. The Company shall have executed and delivered an Indemnification Agreement to Tom Isett.

 

4.6             
Investors’ Rights Agreement. The Company and each Purchaser shall have executed and delivered the Investors’
Rights Agreement.

 

4.7             
Right of First Refusal and Co-Sale Agreement. The Company, each Purchaser, and the other stockholders of the Company named
as parties thereto shall have executed and delivered the Right of First Refusal and Co-Sale Agreement.

 

4.8             
Voting Agreement. The Company, each Purchaser (other than the Purchaser relying upon this condition to excuse such Purchaser’s
performance hereunder), and the other stockholders of the Company named as parties thereto shall have executed and delivered the Voting
Agreement.

 

4.9             
Restated Certificate. The Company shall have filed the Restated Certificate with the Secretary of State of the State of
Delaware on or prior to the Closing, which shall continue to be in full force and effect as of the Closing.

 

4.10         
Secretary’s Certificate. The Secretary of the Company shall have delivered to the Purchasers at the Closing a certificate
certifying (a) the Bylaws of the Company, (b) resolutions of the Board of Directors of the Company approving the Transaction Agreements
and the transactions contemplated under the Transaction Agreements, and (c) resolutions of the stockholders of the Company approving the
Restated Certificate.

 

4.11         
Proceedings and Documents. All corporate and other proceedings in connection with the transactions contemplated at the Closing
and all documents incident thereto shall be reasonably satisfactory in form and substance to each Purchaser, and each Purchaser (or its
counsel) shall have received all such counterpart original and certified or other copies of such documents as reasonably requested. Such
documents shall include good standing certificates.

 

5.                 
Conditions of the Company’s Obligations at the Initial Closing. The obligations of the Company to sell Shares to the
Purchasers at each Closing are subject to the fulfillment, on or before the Initial Closing, of each of the following conditions, unless
otherwise waived:

 

5.1             
Representations and Warranties. The representations and warranties of each Purchaser contained in Section 3 shall
be true and correct in all respects as of such Closing.

 

5.2             
Performance. The Purchasers shall have performed and complied with all covenants, agreements, obligations and conditions
contained in this Agreement that are required to be performed or complied with by them on or before such Closing.

 

5.3             
Qualifications. All authorizations, approvals or permits, if any, of any governmental authority or regulatory body of the
United States or of any state that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement
shall be obtained and effective as of the Closing.

 

    17

     

    

 

5.4             
Investors’ Rights Agreement. Each Purchaser shall have executed and delivered the Investors’ Rights Agreement.

 

5.5             
Right of First Refusal and Co-Sale Agreement. Each Purchaser and the other stockholders of the Company named as parties
thereto shall have executed and delivered the Right of First Refusal and Co-Sale Agreement.

 

5.6             
Voting Agreement. Each Purchaser and the other stockholders of the Company named as parties thereto shall have executed
and delivered the Voting Agreement.

 

6.                 
Miscellaneous.

 

6.1             
Survival of Warranties. Unless otherwise set forth in this Agreement, the representations and warranties of the Company
and the Purchasers contained in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement and the
Closing and shall in no way be affected by any investigation or knowledge of the subject matter thereof made by or on behalf of the Purchasers
or the Company.

 

6.2             
Successors and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the
respective successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party
other than the parties hereto or their respective successors and assigns any rights, remedies, obligations or liabilities under or
by reason of this Agreement, except as expressly provided in this Agreement.

 

6.3             
Governing Law. This Agreement shall be governed by the internal law of the State of Delaware.

 

6.4             
Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including
pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000) or other transmission method and any counterpart so
delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

6.5             
Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered
in construing or interpreting this Agreement.

 

6.6             
Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be
deemed effectively given upon the earlier of actual receipt, or (a) personal delivery to the party to be notified, (b) when sent, if sent
by e-mail or facsimile during normal business hours of the recipient, and if not sent during normal business hours, then on the recipient’s
next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid,
or (d) one (1) business day after deposit with a nationally recognized overnight courier, freight prepaid, specifying next business day
delivery, with written verification of receipt. All communications shall be sent to the respective parties at their address as set forth
on the signature page or Exhibit A, or to such e-mail address, facsimile number or address as subsequently modified by written
notice given in accordance with this Subsection 6.6. If notice is given to the Company, a copy (which shall not constitute notice)
shall also be sent to Dorsey & Whitney LLP, 50 South Sixth Street, Suite 1500, Minneapolis, MN 55402, Attention: Brian G. Moore.

 

    18

     

    

 

6.7             
No Finder’s Fees. Each party represents that it neither is nor will be obligated for any finder’s fee or commission
in connection with this transaction. Each Purchaser agrees to indemnify and to hold harmless the Company from any liability for any commission
or compensation in the nature of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses
of defending against such liability or asserted liability) for which each Purchaser or any of its officers, employees or representatives
is responsible. The Company agrees to indemnify and hold harmless each Purchaser from any liability for any commission or compensation
in the nature of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses of defending
against such liability or asserted liability) for which the Company or any of its officers, employees or representatives is responsible.

 

6.8             
Fees and Expenses. At the Initial Closing, the Company shall pay reasonable fees and expenses incurred by iBio, Inc. in
connection with the transactions contemplated by this Agreement of up to $32,500.

 

6.9             
Amendments and Waivers. Except as set forth in Subsection 1.4 of this Agreement, any term of this Agreement may be amended,
terminated or waived only with the written consent of the Company, iBio, Inc., and the holders of at least a majority of the then-outstanding
Shares. Any amendment or waiver effected in accordance with this Subsection 6.9 shall be binding upon the Purchasers and each transferee
of the Shares (or the shares of Common Stock issuable upon conversion thereof), each future holder of all such securities, and the Company.
Notwithstanding the foregoing, this Agreement shall not be amended to increase or decrease the number of Shares a Purchaser is committed
to purchase hereunder (or the price to be paid for such Shares, other than any adjustment for stock splits, stock dividends, combinations,
subdivisions, recapitalizations or the like) without the express written consent of such Purchaser. The Company shall give prompt notice
of any amendment or waiver hereunder to any party that did not consent to such amendment or waiver.

 

6.10         
Severability. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability
of any other provision.

 

6.11         
Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party under this Agreement,
upon any breach or default of any other party under this Agreement, shall impair any such right, power or remedy of such non-breaching
or non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in
any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other
breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of
any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this
Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under
this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative.

 

    19

     

    

 

6.12         
Entire Agreement. This Agreement (including the Exhibits hereto), the Restated Certificate and the Transaction Agreements
constitute the full and entire understanding and agreement between the parties with respect to the subject matter hereof, and any other
written or oral agreement relating to the subject matter hereof existing between the parties are expressly canceled.

 

6.13         
Dispute Resolution. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the Delaware Court
of Chancery and any state appellate court therefrom within the State of Delaware (or, only if the Delaware Court of Chancery declines
to accept jurisdiction over a particular matter, any federal court within the State of Delaware) for the purpose of any suit, action or
other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out
of or based upon this Agreement except in the above-named courts, and (c) hereby waive, and agree not to assert, by way of motion, as
a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the
above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought
in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof
may not be enforced in or by such court.

 

Waiver
of Jury Trial: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF
THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED
TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION,
INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND
STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY
EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL,
AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL

 

Each of the parties to this
Agreement consents to personal jurisdiction for any equitable action sought in any federal court within the State of Delaware or any court
of the State of Delaware having subject matter jurisdiction.

 

    20

     

    

 

6.14         
No Commitment for Additional Financing. The Company acknowledges and agrees that no Purchaser has made any representation,
undertaking, commitment or agreement to provide or assist the Company in obtaining any financing, investment or other assistance, other
than the purchase of the Shares as set forth herein and subject to the conditions set forth herein. In addition, the Company acknowledges
and agrees that (a) no statements, whether written or oral (other than as provided in subsection (c) below), made by any Purchaser or
its representatives on or after the date of this Agreement shall create an obligation, commitment or agreement to provide or assist the
Company in obtaining any financing or investment, (b) the Company shall not rely on any such statement by any Purchaser or its representatives
and (c) an obligation, commitment or agreement to provide or assist the Company in obtaining any financing or investment may only be created
by a written agreement, signed by such Purchaser and the Company, setting forth the terms and conditions of such financing or investment
and stating that the parties intend for such writing to be a binding obligation or agreement. Each Purchaser shall have the right, in
its sole and absolute discretion, to refuse or decline to participate in any other financing of or investment in the Company, and shall
have no obligation to assist or cooperate with the Company in obtaining any financing, investment or other assistance.

 

[Signature pages follow]

 

    21

     

    

 

IN WITNESS WHEREOF, the parties
have executed this Series A-2 Preferred Stock Purchase Agreement as of the date first written above.

 

		COMPANY:
	 	 	 
	 	RUBRYC THERAPEUTICS, INC.
	 	 	 
	 	By:	/s/ Isaac Bright
	 	 	Name: Isaac Bright
	 	 	Title: CEO
	 	 	 
	 	 	Address:  [***]

  

Signature
Page to Stock Purchase Agreement

 

    

    

    

 

	 	PURCHASERS:
	 	 	 
	 	IBIO INC.
	 	 	 
	 	By: 	/s/ Tom Isett
	 	 	Name: Thomas F. Isett
	 	 	Title: President

 

Signature
Page to Stock Purchase Agreement

 

    

    

    

 

EXHIBIT A

SCHEDULE OF PURCHASERS

Initial Closing:

	Purchaser	 	Number of Shares

 of Series A-2

Preferred Stock	 	 	Aggregate Cash

Purchase Price ($)	 
	iBio, Inc.	 	 	1,909,563	 	 	$	5,000,000	 
	 	 	 	 	 	 	 	 	 
	Total Initial Closing	 	 	 	 	 	 	 	 

 

Milestone Closing:

	Purchaser	 	Number of Second

Tranche Shares	 	 	Aggregate Cash

Purchase Price ($)	 
	iBio, Inc.	 	 	954,782	 	 	$	2,500,000	 
	 	 	 	 	 	 	 	 	 
	Total Milestone Closing

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