Document:

EX-10.11

 Exhibit 10.11 

NON-QUALIFIED STOCK OPTION AGREEMENT 

OF 
 JO-ANN STORES HOLDINGS INC. 
 THIS AGREEMENT (the “Agreement”) is entered into as of
                    ,          (the “Grant Date”) by and between Jo-Ann Stores Holdings Inc., a Delaware corporation (the “Company”), and [ ], an employee, consultant or director of the Company or one of its Subsidiaries (hereinafter referred to as the
“Optionee”). 
 WHEREAS, pursuant to authorization by the Board of Directors of the Company (the “Board”) the
Company has assumed the 2011 Stock Option Plan of Needle Holdings Inc. (as it may be amended from time to time, the “Plan”), the terms of which are hereby incorporated by reference and made a part of this Agreement; 

WHEREAS, the Board has determined that it would be to the advantage and best interest of the Company and its shareholders to grant the Non-Qualified Stock Option provided for herein to the Optionee as an inducement to enter into or remain in the service of the Company or one of its Subsidiaries and as an incentive for increased efforts during such
service, and has advised the Company thereof and instructed the undersigned officers to issue said Option; and 
 WHEREAS, the Optionee has
entered into a Stockholders Agreement (as defined in the Plan) with the Company. 
 NOW, THEREFORE, in consideration of the mutual covenants
contained herein and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto do hereby agree as follows: 

ARTICLE I. 

DEFINITIONS 

Whenever the following terms are used in this Agreement, they shall have the meaning specified below unless the context clearly indicates to
the contrary. Capitalized terms used in this Agreement and not defined below shall have the meaning given such terms in the Plan. The singular pronoun shall include the plural, where the context so indicates. 

Section 1.1 “Board” shall have the meaning set forth in the Recitals hereto. 

Section 1.2 “Cause” shall mean the Company or any of its Subsidiaries having “Cause” to
terminate the Optionee’s employment as defined in any employment or severance agreement between the Optionee and the Company or any of its Subsidiaries; provided that, in the absence of an agreement containing such a definition, the
Company or its Subsidiaries shall have “Cause” to terminate the Optionee’s employment upon: (a) the willful and continued failure by the Optionee to substantially perform his or her normal duties (other than any such failure
resulting from the Optionee’s illness or injury), after a written demand for substantial performance is delivered to the Optionee that specifically identifies the manner in which the Committee believes that the Optionee has not substantially
performed his or her duties, and the Optionee has failed to remedy the situation within thirty (30) business days of receiving such notice; (b) the Optionee’s conviction for committing an act of fraud, embezzlement, theft, or

 
other criminal act constituting a felony; or (c) the willful engaging by the Optionee in gross negligence materially and demonstrably injurious to the Company. However, no act, or failure to
act on the Optionee’s part shall be considered “willful” unless done, or omitted to be done, by the Optionee not in good faith and without reasonable belief that his or her action or omission was not in or not opposed to the best
interest of the Company. 
 Section 1.3 “Change in Control” shall mean (a) the sale of all
or substantially all of the assets of the Company, Needle Holdings, Jo-Ann Stores or any wholly-owned subsidiary between the Company and Jo-Ann Stores (an
“Intermediate Subsidiary”) to any other person or entity (other than the Company, any of its Subsidiaries, LGP, or any employee benefit plan maintained by the Company or any of its Subsidiaries), or (b) a change in beneficial
ownership or control of the Company, Needle Holdings, Jo-Ann Stores or any Intermediate Subsidiary effected through a transaction or series of transactions (other than an offering of Common Stock or other
securities to the general public through a registration statement filed with the Securities and Exchange Commission) whereby any “person” or related “group” of “persons” (as such terms are used in Sections 13(d) and
14(d)(2) of the Exchange Act) (other than the Company, any of its Subsidiaries, LGP, or any employee benefit plan maintained by the Company or any of its Subsidiaries), directly or indirectly acquires beneficial ownership (within the meaning of Rule
13d-3 under the Exchange Act) of securities of the Company, Needle Holdings, Jo-Ann Stores or any Intermediate Subsidiary possessing more than 50% of the total combined
voting power of such entity’s securities outstanding immediately after such acquisition. 
 Section 1.4
“Committee” shall mean the Committee appointed to administer the Plan pursuant to Section 6.1 of the Plan. In the absence of such Committee, any references to the “Committee” shall mean the Board. 

Section 1.5 “Company” shall have the meaning set forth in the preamble hereto. 

Section 1.6 “Competitive Business” shall have the meaning set forth in Section 4.4(a). 

Section 1.7 “Confidential Information” shall have the meaning set forth in Section 4.1. 

Section 1.8 “Disability” shall mean permanent disability or incapacity as determined in accordance
with the Company’s disability insurance policy, if such a policy is then in effect, or if no such policy is then in effect, such permanent disability or incapacity shall be determined by the Board in its good faith judgment based upon inability
to perform the essential functions of his or her position, with reasonable accommodation by the Company, for a period in excess of 180 days during any period of 365 calendar days. 

Section 1.9 “Grant Date” shall have the meaning set forth in the preamble hereto. 

Section 1.10 “Intermediate Subsidiary” shall have the meaning set forth in Section 1.3. 

Section 1.11 “Jo-Ann Stores” shall mean Jo-Ann Stores, LLC, an Ohio limited liability company. 
 Section 1.12
“LGP” shall mean, collectively, Green Equity Investors V, Green Equity Investors Side V, LP and Needle Coinvest LLC. 

  
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 Section 1.13 “Needle Holdings” shall mean Needle
Holdings LLC, a Delaware limited liability company. 
 Section 1.14 “Noncompete Period” shall
have the meaning set forth in Section 4.4(a). 
 Section 1.15 “Option” shall mean the Non-Qualified Stock Option to purchase Common Stock granted under this Agreement. 

Section 1.16 “Plan” shall have the meaning set forth in the Recitals hereto. 

Section 1.17 “Third Party Information” shall have the meaning set forth in Section 4.3. 

Section 1.18 “Work Product” shall have the meaning set forth in Section 4.2. 

ARTICLE II. 
 GRANT OF
OPTION 
 Section 2.1 Grant of Option. In consideration of the Optionee’s agreement to enter
into or remain in the employ of, consultancy to or other service relationship with the Company or one of its Subsidiaries, and for other good and valuable consideration, as of the Grant Date, the Company irrevocably grants to the Optionee the Option
to purchase any part or all of an aggregate of xxx shares of Common Stock upon the terms and conditions set forth in the Plan and this Agreement. 

Section 2.2 Option Subject to Plan. The Option granted hereunder is subject to the terms and provisions of
the Plan, including without limitation, Article V and Sections 7.1, 7.2 and 7.3 thereof. 
 Section 2.3 Option
Price. The purchase price of the shares of Common Stock covered by the Option shall be $xxx per share (without commission or other charge), which is not less than 100% of Fair Market Value as of the Grant Date. 

ARTICLE III. 

EXERCISABILITY 

Section 3.1 Commencement of Exercisability 

(a) Subject to Sections 3.1(b), 3.1(c) and 3.3, the Option shall become exercisable in four cumulative installments provided that the Optionee
remains continuously employed in active service by the Company or any of its Subsidiaries (and no Termination of Services occurs) from the Grant Date through such date as follows: 

(i) The first installment shall consist of 40% of the shares covered by the Option and shall become exercisable on the second anniversary of
                    ,         ; 

(ii) The second installment shall consist of 20% of the shares covered by the Option and shall become exercisable on the third anniversary of
                    ,         ; 

  
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 (iii) The third installment shall consist of 20% of the shares covered by the Option and
shall become exercisable on the fourth anniversary of                     ,         ; and 

(iv) The fourth installment shall consist of 20% of the shares covered by the Option and shall become exercisable on the fifth anniversary of
                    ,         . 

(b) Notwithstanding the foregoing provisions of this Section 3.1 but subject to Section 3.1(c) and Section 3.3, upon a Change
in Control, provided that the Optionee remains continuously employed in active service by the Company or any of its Subsidiaries (and no Termination of Services occurs) from the Grant Date through the consummation of such Change in Control, the
Option shall become fully vested and exercisable immediately prior to the effective date of such Change in Control. 
 (c) No portion of the
Option which is unexercisable at Termination of Services for any reason shall thereafter become exercisable. 

Section 3.2 Duration of Exercisability. The installments provided for in Section 3.1 are cumulative.
Each such installment which becomes exercisable pursuant to Section 3.1 shall remain exercisable until it becomes unexercisable. 

Section 3.3 Expiration of Option. The Option may not be exercised to any extent by anyone after the first to
occur of the following events: 
 (a) The tenth anniversary of
                    ,         ; or 

(b) Except for such longer period as the Committee may otherwise approve, the 90th day following the date of the Optionee’s Termination
of Services for any reason other than (i) termination by the Company for Cause or (ii) due to the Optionee’s death, retirement or Disability; or 

(c) Notwithstanding the provisions of Section 3.1, in the event of the Optionee’s Termination of Services by the Company for Cause,
the Optionee shall, immediately prior to such Termination of Services (and subject to such Termination of Services), forfeit the Option, whether vested or unvested; or 

(d) In the case of a Termination of Employment by the Company due to the Optionee’s death, retirement or Disability, the expiration of
one year from the date of the Optionee’s Termination of Employment; or 
 (e) The date the Optionee first violates any of the
restrictive covenants set forth in Article IV. 
 Section 3.4 Partial Exercise. Any exercisable portion of
the Option or the entire Option, if then wholly exercisable, may be exercised in whole or in part at any time prior to the time when the Option or portion thereof becomes unexercisable; provided, however, that each partial exercise shall be
for not less than 10 shares. 

  
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 Section 3.5 Exercise of Option. The exercise of the Option
shall be governed by the terms of this Agreement and the terms of the Plan, including, without limitation, the provisions of Article V of the Plan. 

ARTICLE IV. 

RESTRICTIVE COVENANTS 

Section 4.1 Obligation to Maintain Confidentiality. Optionee acknowledges that the confidential or
proprietary information and data (including trade secrets) of the Company or any of its Subsidiaries or Affiliates obtained by Optionee while employed by or in the service of the Company or any of its Subsidiaries or Affiliates (including, without
limitation, prior to the date of this Agreement) (“Confidential Information”) are the property of the Company or such Subsidiaries or Affiliates, including information concerning acquisition opportunities in or reasonably related to
the Company’s, or such Subsidiaries’ or Affiliates’ business or industry of which Optionee becomes aware during the period of Optionee’s employment or service. Therefore, Optionee agrees that he or she will not disclose to any
unauthorized person, group or entity or use for Optionee’s own account any Confidential Information without the Company’s written consent, unless and to the extent that the Confidential Information, (a) becomes generally known to and
available for use by the public other than as a result of Optionee’s acts or omissions to act, (b) was known to Optionee prior to Optionee’s employment or service with the Company or any of its Subsidiaries and Affiliates, or
(c) is required to be disclosed pursuant to any applicable law or court order. Optionee shall use reasonable best efforts to deliver to the Company on the date of his or her termination of employment, or at any other time the Company may
request, all memoranda, notes, plans, records, reports, computer tapes, printouts and software and other documents and data (and copies thereof) relating to the Confidential Information, Work Product (as defined below) or the business of the Company
and its Subsidiaries and Affiliates (including, without limitation, all acquisition prospects, lists and contact information) which Optionee may then possess or have under his or her control, but excluding financial information of the Company
relating to Optionee’s ownership of Option Shares, which information will nonetheless continue to constitute Confidential Information. 

Section 4.2 Ownership of Property. Optionee acknowledges that all discoveries, concepts, ideas, inventions,
innovations, improvements, developments, methods, processes, programs, designs, analyses, drawings, reports, patent applications, copyrightable work and mask work (whether or not including any Confidential Information) and all registrations or
applications related thereto, all other proprietary information and all similar or related information (whether or not patentable) that relate to the Company’s or any of its Subsidiaries’ or Affiliates’ actual or anticipated business,
research and development, or existing or future products or services and that were or are conceived, developed, contributed to, made, or reduced to practice by Optionee (either solely or jointly with others) while employed by or in the service of
the Company or any of its Subsidiaries or Affiliates (including, without limitation, prior to the date of this Agreement) (including any of the foregoing that constitutes any proprietary information or records) (“Work Product”)
belong to the Company or such Subsidiary or Affiliate and Optionee hereby assigns, and agrees to assign, all of the above Work Product to the Company or to such Subsidiary or Affiliate. Any copyrightable work prepared in whole or in part by Optionee
in the course of Optionee’s work for any of the foregoing entities shall be deemed a “work made for hire” under the copyright laws, and the Company or such Subsidiary 

  
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or Affiliate shall own all rights therein. To the extent that any such copyrightable work is not a “work made for hire,” Optionee hereby assigns and agrees to assign to the Company or
such Subsidiary or Affiliate all right, title, and interest, including without limitation, copyright in and to such copyrightable work. Optionee shall as promptly as practicable under the circumstances disclose such Work Product and copyrightable
work to the Company and perform all actions reasonably requested by the Company (whether during or after Optionee’s employment with or service to the Company and its Subsidiaries and Affiliates) to establish and confirm the Company’s or
such Subsidiary’s or Affiliate’s ownership (including, without limitation, assignments, consents, powers of attorney, and other instruments). 

Section 4.3 Third Party Information. Optionee understands that the Company and its Subsidiaries and
Affiliates will receive from third parties confidential or proprietary information (“Third Party Information”) subject to a duty on the Company’s and its Subsidiaries and Affiliates’ part to maintain the confidentiality of
such information and to use it only for certain limited purposes. During the period of Optionee’s employment with or service to the Company or its Subsidiaries or Affiliates and thereafter, and without in any way limiting the provisions of
Section 4.1 above, Optionee will hold Third Party Information in the strictest confidence and will not disclose to anyone (other than personnel and consultants of the Company or its Subsidiaries and Affiliates who need to know such information
in connection with their work for the Company or its Subsidiaries and Affiliates) or use, except in connection with Optionee’s work for the Company or its Subsidiaries and Affiliates, Third Party Information unless expressly authorized by the
Company in writing or unless and to the extent that the Third Party Information, (a) becomes generally known to and available for use by the public other than as a result of Optionee’s acts or omissions to act, (b) was known to
Optionee prior to Optionee’s employment with or service to the Company or any of its Subsidiaries and Affiliates, or (c) is required to be disclosed pursuant to any applicable law or court order. 

Section 4.4 Noncompetition and Nonsolicitation. Optionee acknowledges that, in the course of Optionee’s
employment, Optionee will become familiar with the Company’s and its Subsidiaries’ and Affiliates’ trade secrets and with other confidential information concerning the Company and its Subsidiaries and Affiliates and that
Optionee’s services will be of special, unique and extraordinary value to the Company and its Subsidiaries and Affiliates. Therefore, Optionee agrees that: 

(a) Noncompetition. While employed by the Company or any of its Subsidiaries or Affiliates, and for a period beginning on the date of
termination of Optionee’s employment for any reason and ending on the second anniversary of such date of termination (the “Noncompete Period”), Optionee shall not, anywhere in the world where the Company or its Subsidiaries or
Affiliates conduct or actively propose to conduct business during Optionee’s employment, directly or indirectly own, manage, control, participate in, consult with, be employed by or in any manner engage in any business that is engaged in, or
plans to be engaged in, the sale at retail or direct marketing (including online) to consumers of fabric, sewing and craft components (a “Competitive Business”); provided, however, that Optionee may manage, control,
participate in, consult with, be employed by or in any manner engage with an entity which derives less than 5% of its gross revenues from a Competitive Business so long as Optionee’s responsibilities, activities and contributions in respect of
such entity do not directly impact the Competitive Business; provided further that Optionee may own up to 2% of any class of an issuer’s publicly traded securities. Nothing in this Section 4.4(a) confers upon Optionee any right to
receive severance or obligates the Company to pay any severance to Optionee in connection with his or her termination of employment for any reason. 

  
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 (b) Nonsolicitation. During the Noncompete Period, Optionee shall not directly or
indirectly through another entity (i) induce or attempt to induce any employee of the Company or its Subsidiaries or Affiliates to leave the employ of the Company or any of its Subsidiaries or Affiliates, or in any way interfere with the
relationship between the Company or its Subsidiaries or Affiliates and any employee thereof, (ii) hire any person who was an employee of the Company or any of its Subsidiaries or Affiliates within 180 days prior to the time such employee was
hired by Optionee, (iii) induce or attempt to induce any customer, supplier, licensee or other business relation of the Company or its Subsidiaries or Affiliates to cease doing business with the Company or its Subsidiaries or Affiliates or in
any way interfere with the relationship between any such customer, supplier, licensee or business relation and the Company or its Subsidiaries or Affiliates or (iv) directly or indirectly acquire or attempt to acquire an interest in any
business relating to the business of the Company or its Subsidiaries or Affiliates and with which the Company, its Subsidiaries or Affiliates has entered into substantive negotiations or has requested and received confidential information relating
to the acquisition of such business by the Company, its Subsidiaries or Affiliates in the two-year period immediately preceding Optionee’s termination of employment with the Company or any of its
Subsidiaries or Affiliates. 
 (c) Enforcement. If, at the time of enforcement of Section 4.4(a) or (b), a court holds that the
restrictions stated herein are unreasonable under circumstances then existing, the parties hereto agree that the maximum duration, scope or geographical area reasonable under such circumstances shall be substituted for the stated period, scope or
area and that the court shall be allowed to revise the restrictions contained herein to cover the maximum duration, scope and area permitted by law. Optionee agrees that because his or her services are unique and Optionee has access to confidential
information, money damages would be an inadequate remedy for any breach of this Article IV. Optionee agrees that the Company, its Subsidiaries and Affiliates, in the event of a breach or threatened breach of this Article IV, may seek injunctive or
other equitable relief in addition to any other remedy available to them in a court of competent jurisdiction without posting bond or other security. 

(d) Non-disparagement. Optionee agrees that at no time during his or her employment by the
Company or any of its Subsidiaries or Affiliates or thereafter shall he make, or cause or assist any other person to make, any statement or other communication to any third party which impugns or attacks, or is otherwise critical of, in any material
respect, the reputation, business or character of the Company or any of its Subsidiaries or Affiliates or any of their respective directors, officers or employees; provided that Optionee shall not be required to make any untruthful statement
or to violate any law. 
 Section 4.5 Acknowledgments. Optionee acknowledges that the provisions of this
Article IV are (a) in addition to, and not in limitation of, any obligation of Optionee’s under the terms of any employment agreement with the Company or any of its Subsidiaries or Affiliates and (b) in consideration of
(i) employment with the Company or any of its Subsidiaries or Affiliates, (ii) the issuance of the Option by the Company and (iii) additional good and valuable consideration as set forth in this Agreement. In addition, Optionee agrees
and acknowledges that 

  
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the restrictions contained in Article IV do not preclude Optionee from earning a livelihood, nor do they unreasonably impose limitations on Optionee’s ability to earn a living. Optionee
agrees and acknowledges that the potential harm to the Company or its Subsidiaries or Affiliates of the non-enforcement of this Article IV outweighs any potential harm to Optionee of its enforcement by
injunction or otherwise. Optionee acknowledges that he or she has carefully read this Agreement and has given careful consideration to the restraints imposed upon Optionee by this Agreement, and is in full accord as to their necessity for the
reasonable and proper protection of confidential and proprietary information of the Company, and its Subsidiaries and Affiliates now existing or to be developed in the future. Optionee expressly acknowledges and agrees that each and every restraint
imposed by this Agreement is reasonable with respect to subject matter, time period and geographical area. 
 ARTICLE V. 

OTHER PROVISIONS 

Section 5.1 Not a Contract of Employment. Nothing in this Agreement or in the Plan shall confer upon the
Optionee any right to continue in the employ of the Company or any of its Subsidiaries or shall interfere with or restrict in any way the rights of the Company or its Subsidiaries, which are hereby expressly reserved, to discharge the Optionee at
any time for any reason whatsoever, with or without Cause, except as may otherwise be provided by any written agreement entered into by and between the Company and the Optionee. 

Section 5.2 Shares Subject to Plan and Stockholders Agreement; Entire Agreement. The Optionee acknowledges
that any shares acquired upon exercise of the Option are subject to the terms of the Plan and the Stockholders Agreement. The terms of this Agreement are intended by the parties to be the final expression of their agreement with respect to the
subject matter hereof and may not be contradicted by evidence of any prior or contemporaneous agreement. The parties further intend that this Agreement (together with the Plan and the Stockholders Agreement) shall constitute the complete and
exclusive statement of its terms and that no extrinsic evidence whatsoever may be introduced in any judicial, administrative, or other legal proceeding to vary the terms of this Agreement. 

Section 5.3 Construction. This Agreement shall be administered, interpreted and enforced under the internal
laws of the State of Delaware, without regard to the principles of conflicts of law thereof, or principles of conflicts of law of any other jurisdiction which could cause the application of the laws of any jurisdiction other than the State of
Delaware. Notwithstanding the final and binding effect of the Committee’s determinations and decisions pursuant to Section 6.3 of the Plan, in the event of any proceeding where such determinations or decisions are at issue, no special
deference shall be afforded to such determinations or decisions as they apply to the Optionee, and they shall be reviewed de novo. 

Section 5.4 Conformity to Securities Laws. The Optionee acknowledges that the Plan is intended to conform to
the extent necessary with all provisions of the Securities Act and the Exchange Act and any and all regulations and rules promulgated thereunder by the Securities and Exchange Commission, including without limitation Rule 16b-3. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the Option is granted and may be exercised, only in such a manner as to conform to such laws, rules and regulations. To the
extent permitted by applicable law, the Plan and this Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations. 

  
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 Section 5.5 Amendment, Suspension and Termination. The
Option may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Committee or the Board, provided that neither the amendment, suspension nor termination of this Agreement shall,
without the consent of the Optionee, alter or impair any rights of the Optionee or obligations of the Company under the Option. For the avoidance of doubt, adjustments made under Section 7.1 of the Plan are not amendments for this purpose. 

Section 5.6 Section 409A. The Option granted hereunder is intended to be exempt from Section 409A of the
Code. 
 [signature page follows] 

  
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 IN WITNESS WHEREOF, this Agreement has been executed and delivered by the parties hereto as
of the date first above written. 
  

	
	JO-ANN STORES HOLDINGS INC.
	
	 
	By: Wade Miquelon
	Its: Chief Executive Officer and President
	
	OPTIONEE
	
	
	[    ]

  
 10Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement
(this “Agreement”) is entered into as of February 15, 2021 by and between iBio, Inc., a Delaware corporation
(the “Company” or “iBio”), and Robert Lutz (the “Executive”). The Effective Date of this Agreement
shall be March 4, 2021 provided Executive satisfactorily completes all pre-employment procedures (including, but not limited to
a background check) in the sole discretion of the Company. If Executive fails to satisfactorily complete all such pre-employment
procedures, this Agreement shall be null and void. In consideration of the premises and mutual covenants contained herein, and
intending to be legally bound, the parties agree as follows:

 

		1.	Employment.

 

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

 

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

 

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

 

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

    1

     

    

 

2.            
At-will Employment. Subject to the provisions of section 4 of this Agreement, Executive shall be employed on an at-will
basis. Neither this Agreement nor any of the Company’s policies, practices or procedures constitute an expressed or implied
contract of employment. Employment at the Company and its affiliates is a voluntary employment “at-will” relationship
for no definite period of time which affords either party the right to terminate the relationship at any time for any reason or
for no reason at all not prohibited by law.

 

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

 

(a)  
Base Salary. The Employee shall be paid a base salary at the rate of ($425,000.00) per annum (“Base Salary”),
less such deductions for withholding taxes required under applicable law or as otherwise authorized by the Executive. The Base
Salary shall accrue from and after the Effective Date, and shall be payable during the Term in equal periodic installments in accordance
with Company’s then current general salary payment policies. The Executive’s Base Salary shall be reviewed from time
to time by the Compensation Committee of the Board (“Compensation Committee”), and may be increased based upon the
evaluation of the Executive’s performance and the compensation policies of the Company in effect at the time of each such
review.

 

(b)  
Bonus. Executive shall be eligible for a target bonus of 40% of the base salary paid to Executive during the prior fiscal
year based upon the Compensation Committee’s assessment of his performance and the performance of the Company during the
prior fiscal year. This bonus will be prorated for FY21. In all events, any bonus awarded pursuant to this Section 3(b) will be
paid within 2-1/2 months following the end of the fiscal year for which it is earned. The goals upon which the annual bonus will
be based will be furnished to Executive by the end of the first quarter of the applicable fiscal year. For FY2021, the goals will
be furnished to Executive within the first two months of his employment.

 

(c)  
Option [and Restricted Stock Unit (“RSU”)] Grant. Executive shall receive an initial grant of nonqualified stock
options to purchase 350,000 shares of iBio common stock based on the grant date stock price, subject to conditions of applicable
law and the iBio, Inc. 2020 Omnibus Incentive Plan, as amended from time to time (“Plan”) and grant agreement issued
thereunder. Such options will vest at the following rates: (1) 25% of options granted will vest one year following the grant date;
and (2) after one year following the grant date, 6.25% of the options granted will vest for each additional 3 months of employment,
subject to the conditions of the Plan and grant agreement. [Executive shall also receive an initial grant of 232,000 RSUs. Such
RSUs will vest in even increments on the first three anniversaries of grant, subject to the conditions of the Plan and grant agreement.]
The Executive shall also be eligible for additional grants of equity compensation from time to time, in a similar manner to other
similarly situated executives, subject to the Company grant policy and applicable approvals of grants.

 

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

 

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

 

    2

     

    

 

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

 

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

 

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

 

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

 

		4.	Termination.

 

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

 

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

 

(c)  
Termination by the Company for Cause. The employment of the Executive hereunder (and this Agreement) shall be terminated
(but after the expiration of the cure period described in clause (v) below, if applicable), at the option of the Company, for “Cause”
(as defined herein), upon written notice to the Executive specifying the subsection(s) of the definition of Cause relied on to
support the decision to terminate, in which event the Company shall have no further obligations or liabilities under this Agreement
(including, without limitation, Section 3 hereof) except to pay to the Executive the Standard Termination Benefits. Termination
by the Company for Cause shall be effective immediately after the Company gives notice to Executive of Executive’s termination,
unless the Company specifies a later date, in which case, termination shall be effective as of such later date; provided that no
effective date of termination shall precede the expiration of the cure period described in clause (v) below, if applicable. For
purposes of this Agreement, “Cause” means: (i) an act of personal dishonesty in connection with the Executive’s
responsibilities as an employee of the Company that is intended to result in personal enrichment of the Executive; (ii) Executive’s
commission of a felony or other crime involving theft, fraud or moral turpitude which the Company reasonably believes has had or
could have a material detrimental effect on the Company’s reputation or business; (iii) a breach of any fiduciary duty owed
to the Company that has, or reasonably could have, a material detrimental effect on the Company’s reputation or business
as determined in good faith by the Company; (iv) willful violations of the Executive’s obligations to the Company; or (v)
the material breach by the Executive of any material obligation imposed upon the Executive pursuant to this Agreement or any other
material policy of the Company if (in the event such failure is reasonably susceptible of cure) such failure continues uncured
for thirty (30) days after written notice specifying in reasonable detail such failure.

 

    3

     

    

 

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

 

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

 

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

 

(g)  
Resignation by the Executive for Good Reason. The Executive shall be able to terminate this Agreement for Good Reason by
providing written notice of termination to the Company within thirty (30) days after expiration of the cure period described in
the last sentence of this Section 4(g). For purposes of this Agreement, “Good Reason” means, with respect to the Executive,
in each case to the extent not consented by the Executive: (i) a material diminution in Executive’s base salary (unless applied
proportionately to all similarly situated executives), (ii) assignment to a primary worksite different than described in section
1(b) of this Agreement; (iii) a material violation of this Agreement or any other material agreement between the Executive and
the Company, by the Company; (iv) any assignment of duties to the Executive that would require an unreasonable amount of the Executive's
work time and that are duties which customarily would be discharged by persons junior or subordinate in status to the Executive
within the Company as determined in good faith by the Executive and taking into consideration trends and customs in the market
and industry in which the Company operates; provided that the Executive shall not have Good Reason unless the Executive shall have
provided the Company written notice describing such violation in sufficiently reasonable detail for the Company to understand the
breach alleged to have occurred, with such notice provided to the Company no later than ten (10) days after the alleged breach
first occurs, and the Company shall fail to cure such alleged breach within thirty (30) days after the Executive has provided the
Company the required notice.

 

    4

     

    

 

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

 

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

 

(j)    Severance.
If the Company terminates the Executive’s employment without Cause or the Executive resigns for Good Reason, in either case
provided the Executive executes and does not revoke a Separation Agreement in a form acceptable to the Company, the Executive shall
receive, in addition to the Standard Termination Benefits: (i) an amount equal to the Executive’s then current Base Salary
for nine (9) months (the “Severance Period”), less all applicable withholdings and deductions paid in equal installments
in accordance with the Company’s regular payroll dates, (ii) a pro rata share of any bonus earned by the Eligible Executive
during the fiscal year in which occurs Executive’s Separation from Service, based on actual attainment of metrics upon which
the bonus is calculated (as determined by the Compensation Committee of the Board), with the proration based on the number of days
worked during the fiscal year paid in a lump sum at the time the Company pays bonuses to similarly-situated employees; and (iii)
provided Executive elects continuation coverage for health insurance under the Consolidated Omnibus Budget Reconciliation Act of
1985 (“COBRA”), the Company will pay the full cost of this benefit for the Severance Period. Notwithstanding the foregoing,
timing of payments under this Section 4(j) shall be subject to Section 7 (relating to Section 409A of the Internal Revenue Code).

 

(k)   Separation
After a Change in Control. If the Company terminates the Executive’s employment without Cause within twelve (12) months
after a “change in control” (as defined in the Plan), or the Executive terminates employment with the Company for Good
Reason within twelve (12) months after a “change in control” (as defined in the Plan), provided the Executive executes
and does not revoke a Separation Agreement in a form acceptable to the Company, the Executive shall receive, in addition to Standard
Termination benefits (i) an amount equal to the Executive’s then current Base Salary for twelve months (12) months (the “Severance
Period”), less all applicable withholdings and deductions paid in equal installments in accordance with the Company’s
regular payroll dates, (ii) an amount equal to the target bonus for which Executive would have been eligible during the Company
fiscal year in which the Executive terminates employment, within thirty (30) days of Executive’s execution of a Separation
Agreement, (iii) vesting of any unvested time-vested equity awards held by the Executive at such time; and (iv) provided Executive
elects continuation coverage for health insurance under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”),
the Company will pay the full cost of this benefit for the Severance Period. Notwithstanding the foregoing, timing of payments
under this Section 4(j) shall be subject to Section 7 (relating to Section 409A of the Internal Revenue Code).

 

    5

     

    

 

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

 

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

 

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

 

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

 

    6

     

    

 

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

 

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

 

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

  

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

 

    7

     

    

 

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

 

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

 

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

 

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

 

    8

     

    

 

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

 

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

 

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

 

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

 

    9

     

    

 

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

 

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

 

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

 

    10

     

    

 

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

 

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

 

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

 

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

 

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

 

    11

     

    

 

	If to Executive, addressed to:	If to the Company, addressed to:
	
        Robert Lutz

        ___________________

        ___________________

         
	
        iBio, Inc.

        8800 HSC Parkway

        Bryan, TX 77807

        ATTN: CEO

        Cc: legal@ibioinc.com

 

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

 

		13.	Miscellaneous.

 

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

 

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

 

    12

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

	 	iBio, Inc.	 
	 	 	 
	 	 	 
	 	By: 	/s/
    Thomas Isett	 
	 	Thomas
Isett, Chief Executive Officer 	 
	 	 	 
	 	Executive	 
	 	 	 	 
	 	 	 	 
	 	/s/
    Robert Lutz	 
	 	Robert Lutz	 

 

    13

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