Document:

Exhibit 10.20
EMPLOYMENT AGREEMENT
This Employment Agreement (this “Agreement”) is entered into as of December 23, 2020 by and between iBio, Inc., a Delaware corporation (the “Company” or “iBio”), and Martin Brenner (the “Executive”). The Effective Date of this Agreement shall be January 18, 2021, provided Executive satisfactorily completes all pre-employment procedures (including, but not limited to a background check). 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 Scientific 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 Human Resources 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 acknowledges and agrees that if the Company opens an office within a one-hour drive from Executive’s current home, Executive shall be required to work from such office as assigned by the Chief Executive Officer. In addition, 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. Executive shall be permitted to provide assistance to Pfenex for up to twenty hours per month until March 31, 2021, provided that his consulting contract with Pfenex is approved by the Chief Executive Officer of the Company.
(d)Company Policies. The employment relationship between the parties shall also be subject to the Company’s personnel policies and procedures as they may be interpreted, adopted, revised or deleted from time to time in the Company’s sole discretion. Notwithstanding the foregoing, in the event that the terms of this Agreement differ from or are in conflict with the Company’s general employment policies or practices, this Agreement shall control.
2.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 

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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 Four Hundred Five Thousand Dollars ($405,000.00) 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. In all events, any bonus awarded pursuant to this Section 3(b) will be paid within 2-1/2 months following the end of the fiscal year for which it is earned.
(c)Sign-On Bonus. Executive shall be eligible to receive a bonus of $120,000, less all lawful deductions, upon the Effective Date of this Agreement. This amount shall be paid to Executive within thirty (30) days of the Effective Date of this Agreement. Executive shall return this amount to the Company if Executive resigns without good reason within twelve months of the Effective Date of this Agreement.
(d)Option Grant. Executive shall receive an initial grant of nonqualified stock options to purchase 500,000 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. 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.
(e)Benefits. During the Term, the Company shall provide the Executive with the following benefits:
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(i)Company Plans. The Executive and his dependents (as that term may be defined under the applicable benefit plan(s) of the Company) shall be included, if and to the extent eligible thereunder, in any and all standard benefit plans, programs and policies of the Company provided to similarly situated executives (“Benefits Plans”). The Executive acknowledges and agrees that the Benefits Plans may from time to time be modified by the Company as it deems necessary and appropriate.
(ii)Paid Time Off. During the Term, the Executive shall be entitled to paid vacation, paid holidays and other paid time off (“PTO”) for which executives of the Company are generally eligible, in each case consistent with Company policy in effect from time to time. Any PTO unused at the end of a calendar year is forfeited. The Executive shall not be entitled to any payments for unused PTO upon the Executive’s termination or resignation from employment for any reason.
(iii)Insurance. The Executive shall receive coverage under the Company’s Directors and Officers Liability Insurance under terms and conditions substantially similar to other executives of the Company. The Executive acknowledges and agrees that such insurance may from time to time be modified by the Company as it deems necessary and appropriate.
(f)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.
(g)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 
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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.
(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 
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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.
(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; and (iii) any amounts payable under any of the benefit plans of the Company in which the Executive was a participant in accordance with applicable law and the terms of those plans (collectively, the “Standard Termination Benefits”).
(j)Severance. If the Company terminates the Executive’s employment without cause, provided the Executive executes and does not revoke a Separation Agreement in a form acceptable to the Company, the Executive shall receive: (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).
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(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 (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.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 
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goodwill associated therewith; (f) proprietary databases and data compilations and all documentation relating to the foregoing, including manuals, memoranda and record; (g) domain names; and (h) licenses of any of the foregoing; including in each case any registrations of, applications to register, and renewals and extensions of, any of the foregoing with or by any governmental authority in any jurisdiction. “Invention” means any products, process, ideas, improvements, discoveries, inventions, designs, algorithms, financial models, writings, works of authorship, content, graphics, data, software, specifications, instructions, text, images, photographs, illustration, audio clips, trade secrets and other works, material and information, tangible or intangible, whether or not it may be patented, copyrighted or otherwise protected (including all versions, modifications, enhancements and derivative work thereof).
6.Restrictive Covenants. The Executive acknowledges and agrees that he has and will have access to secret and confidential information of the Company, its affiliates, and its subsidiaries (“Confidential Information”) and that the following restrictive covenants are necessary to protect the interests and continued success of the Company. As used in this Agreement, Confidential Information includes, without limitation, all information of a technical or commercial nature (such as research and development information, patents, trademarks and copyrights and applications thereto, formulas, codes, computer programs, software, methodologies, processes, innovations, software tools, know-how, knowledge, designs, drawings specifications, concepts, data, reports, techniques, documentation, pricing information, marketing plans, customer and prospect lists, trade secrets, financial information, salaries, business affairs, suppliers, profits, markets, sales strategies, forecasts and personnel information), whether written or oral, relating to the business and affairs of the Company, its customers and/or other business associates which has not been made available to the general public.
(a)Confidentiality. The Executive shall not disclose any Confidential Information to any person or entity at any time during the Term or after the separation of Executive from employment with the Company.
(b)Non-Compete. In consideration of the employment hereunder, the Executive agrees that during his employment and for a period of 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 
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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 her employment or discontinue such person’s consultant, contractor or other business association with the Company. For purposes of this Agreement the term “prospective client” shall mean any person, group of associated persons or entity whose business the Company has directly solicited within the one-year period prior to the termination of his employment.
(d)Non-Disparagement. Executive agrees that he will not in any way disparage the Company, including current or former officers, directors and employees, nor will he make or solicit any comments, statements or the like to the media or to others that may be considered to be disparaging, derogatory or detrimental to the good name or business reputation of the Company.
(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 
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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.
(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 
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(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.
(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 
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income taxes which could be obtained from a deduction of such state and local taxes), results in the Executive’s receipt, on an after-tax basis, of the greatest amount of the Payment. If a reduction in the Payment is to be made, the reduction in payments and/or benefits will occur in the following order: (1) reduction of cash payments; and (2) reduction of other benefits paid to the Executive. In the event that acceleration of vesting of equity award compensation is to be reduced, such acceleration of vesting will be cancelled in the reverse order of the date of grant of the Executive’s equity awards. This Section 7(e) shall supersede Section 12.1 of the Plan relating to Section 280G of the Code.
8.Attorneys’ Fees. If any action at law or in equity (including arbitration) is necessary to enforce or interpret the terms of any provision of this Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled pursuant to the underlying action
9.No Conflicts. The Executive represents and warrants to the Company that the execution, delivery and performance by the Executive of this Agreement do not conflict with or result in a violation or breach of, or constitute (with or without the giving of notice or the lapse of time or both) a default under any contract, agreement or understanding, whether oral or written, to which the Executive is a party or by which the Executive is bound and that there are no restrictions, covenants, agreements or limitations on the Executive’s right or ability to enter into and perform the terms of this Agreement, and the Executive agrees to indemnify and save the Company harmless from any liability, cost or expense, including attorney's fees, based upon or arising out of any breach of this Section 9.
10.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:
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	If to Executive, addressed to:
	If to the Company, addressed to:

	Martin Brenner
1598 Avocado Road
Oceanside, CA 92054
	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 F. Iset

	​
	​
	Thomas F. Isett

	​
	​
	Chief Executive Officer

	​
	​
	​

	​
	Executive

	​
	​
	​

	​
	/s/ Martin Brenner

	​
	Martin Brenner

​

13Exhibit 10.31
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS EXHIBIT MARKED BY [***] HAS BEEN OMITTED BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL
CONFIDENTIAL SETTLEMENT AGREEMENT AND MUTUAL RELEASE
This Confidential Settlement Agreement and Mutual Release (this “Settlement Agreement”) is entered into as of April 30, 2021 (“Effective Date”) by and between iBio, Inc. (“iBio”), a Delaware corporation with a principal place of business at 8800 HSC Parkway, Bryan, TX 77807, and Fraunhofer USA, Inc. (“FhUSA”), a Rhode Island not-for-profit corporation with its principal place of business at 44792 Helm Street, Plymouth, Michigan, 48170.  iBio and FhUSA are referred to together as the “Parties” and each individually as a “Party.”
WHEREAS, iBio and FhUSA have been engaged in litigation captioned iBio, Inc. v. Fraunhofer USA, Inc. (the “Litigation”), in which iBio has asserted claims against FhUSA, and FhUSA has asserted counterclaims against iBio;
WHEREAS, each Party has denied and continues to deny the allegations and claims asserted by the other Party;
WHEREAS, the Parties wish to settle, compromise, and finally resolve all claims that may exist between them without the burden, distraction, expense, and uncertainty of further litigation;
WHEREAS, as part of the consideration for the settlement, iBio and FhUSA are executing a License Agreement (attached hereto as Exhibit A) with regard to certain intellectual property;
And WHEREAS, the Parties agree that the overarching purpose of the settlement is to resolve existing disputes, to avoid future disputes between the Parties, and to ensure that each Party has freedom to operate as expressly allowed in the Settlement Agreement and License Agreement.
 NOW, THEREFORE, in consideration of the mutual releases, agreements, and other covenants listed herein, and for other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:
	1.
	Settlement Payments.  FhUSA shall pay or cause to be paid a total of $26,200,000 by wire transfer of immediately available funds to the account(s) designated in writing by iBio’s counsel, Kirkland & Ellis LLP.  Settlement payments shall be made on the following schedule and conditions:

		(a)
	Payment 1:  $16,000,000 by the end of the first calendar quarter of 2021 or ten (10) Business Days after signing of the Settlement Agreement, whichever is later.  At the time of signing of this Settlement Agreement, the signatures will be held until confirmation is received by iBio that the money has been deposited into the designated account.

​

1

		(b)
	Payment 2:  An additional $5,100,000 no later than March 31, 2022; and

		(c)
	Payment 3:  An additional $5,100,000 no later than March 31, 2023.

		(d)
	Security:  A Standby Letter of Credit for Payments 2 and 3 will be provided to iBio by FhUSA within ten (10) days of execution of this Settlement Agreement.

	2.
	Two separate payments, in amounts of $900,000 each by no later than March 1, 2022 and in the amount of $900,000 by no later than March 1, 2023, will be paid by FhUSA to iBio as set forth in the License Agreement, which is attached hereto as Exhibit A and a part of this Settlement Agreement.

	3.
	Dismissal of Claims. Within three (3) business days after confirmation of receipt in full of the $16,000,000 initial payment, the Parties shall submit a stipulated order dismissing all claims with prejudice asserted in Delaware Chancery Court Case No. 10256-VCF, iBio, Inc. v. Fraunhofer USA, Inc., with each side to bear its own costs and attorneys’ fees.

	4.
	Prior and Existing Agreements.  The Parties and, in the case of iBio, its predecessors in interest, have entered into a number of agreements between them from 2003 through 2014 (referred to herein as “Prior Agreements”).  The Parties have also on occasion entered into agreements with each other and with third parties (referred to herein as “Third-Party Agreements”).  As more specifically discussed in Section 3(b), infra, rights granted by the Parties to third parties pursuant to either the Prior Agreements or the Third-Party Agreements are not diminished by this Settlement Agreement or the License Agreement in Exhibit A.

		(a)
	Authority to Act.  Each Party represents and covenants that it has full authority to act on behalf of any predecessors in interest as well as on behalf of itself and its subsidiaries and affiliates as to all terms of this Settlement Agreement and that it has full authority to act with regard to all of the Prior Agreements.

		(b)
	Third Party Rights.  Any license or sublicense grants or other grants of intellectual property rights to third parties prior to the date of this Settlement Agreement, including all rights that have been granted to the Federal Government, are unaffected by this Agreement or the License Agreement (Exhibit A hereto).

		(c)
	Non-Reliance.  Neither party is making any representations, warranties, or covenants to the other party whatsoever concerning the business of or relating to the exploitation of the Technology, as defined in the License Agreement (Exhibit A hereto), and each Party hereby acknowledges to the other party that it has performed and relied upon its own investigations and due diligence and has sought its own professional advice in entering into this Settlement Agreement.

		(d)
	Entire Agreement.  The Prior Agreements between the parties are hereby terminated and superseded, and all terms and obligations of those Prior Agreements not expressly incorporated herein are of no further effect.  Accordingly, this Settlement Agreement and the License Agreement (Exhibit A hereto) are not to be construed by reference to the terms of the prior agreements between the parties.

​

2

	5.
	General Mutual Release of Claims. In consideration of the terms and conditions of this Settlement Agreement, each of the Parties on behalf of itself and its respective affiliates, parents, subsidiaries, members, predecessors and successors in interest, assigns, agents, advisors, and counsel irrevocably and unconditionally remises, releases, and forever discharges the other Party and its respective affiliates, parents, subsidiaries, members, predecessors and successors in interest, assigns, agents, advisors, and attorneys of and from any and all actions, claims, liabilities, suits, causes of action, debts, charges, complaints, obligations, demands, expenses, obligations, damages, attorneys’ fees, and debts that each Party ever had or now has, whether known or unknown, whether asserted or unasserted, for or by reason of any cause, matter, or thing whatsoever, whether pursuant to statute, common law, or otherwise, from the beginning of time to the date of the signing of this Agreement, including but not limited to the claims and counterclaims and causes of actions arising from or relating to the facts and matters alleged in Delaware Chancery Court Case No. 10256-VCF, iBio, Inc. v. Fraunhofer USA, Inc., and against non-party Fraunhofer-Gesellschaft in Case No. 2017-0790-TMR, iBio, Inc. v.  Fraunhofer-Gesellschaft Zur Förderung Der Angewandten Forschung E.V.

	6.
	No Admission of Liability.  This Settlement Agreement is entered into solely for the purpose of avoiding the continued expenses, burdens, and distractions of litigation, and does not constitute and will not be deemed to be an admission of liability or fault on the part of any Party, or as a concession that any of them has acted improperly in any way.  Neither this Settlement Agreement nor any of its terms shall be offered or admitted into evidence or referenced in any judicial, administrative, enforcement, or dispute resolution proceeding as evidence or admission of any liability.

	7.
	Discovery Materials.  Within 30 days of the Effective Date of this Settlement Agreement, FhUSA will permit iBio to make use of the laboratory notebooks, standard operating procedures, and batch production records that were created by FhUSA for plant-based manufacturing prior to January 1, 2015 and were produced in iBio, Inc. v. Fraunhofer USA, Inc., No. 10256-VCF (Del. Ch.).  Those will be released from the Highly Confidential designation pursuant to the protective order in iBio, Inc. v. Fraunhofer USA, Inc., No. 10256-VCF (Del. Ch.).  All other Discovery Materials produced and marked Confidential or Highly Confidential, including the laboratory notebooks, standard operating procedures, and batch production records that do not satisfy both criteria above, will remain subject to the Confidential or Highly Confidential designation and handled consistent with the provisions of the protective order.  FhUSA makes no representation whether and to what extent any of the Discovery Materials contain Technology within the meaning of the Prior Agreements or whether they contain third-party proprietary material.  Included in the Discovery Materials are 35 SOPs (referenced in Schedule A) that pertain to the operation or maintenance of the FhUSA building or the physical equipment therein, and which accordingly can be used by FhUSA or any subsequent owner or operator of the building and/or equipment.

	8.
	Authority to Settle.  The Parties each represent, warrant, and guarantee that such Party has the necessary power and authority to enter into this Settlement Agreement and to carry out its obligations hereunder. Each individual who executes this Settlement Agreement on behalf of a Party represents that he is fully authorized to execute the Settlement Agreement on behalf of such Party and that he has secured approval of its Board of Directors to the extent required.

​

3

	9.
	Review of Settlement Agreement.  Each Party recognizes that it has been represented by counsel during the negotiations of this Agreement.  Each Party further acknowledges and warrants that it has thoroughly reviewed this Settlement Agreement with counsel and such other professionals as needed to assure itself that it can proceed in compliance with its terms.  Each Party further represents that it has entered into the Settlement Agreement knowingly and voluntarily.

	10.
	No Duty.  Neither party has a duty of disclosure to the other, and neither is relying upon a legal duty on the part of the other or on the part of any employee, agent, representative, or counsel of the party in entering into this Settlement Agreement.  No Party will assert a failure to disclose information as a basis for challenging any term of this Settlement Agreement.

	11.
	Confidentiality and Non-Disparagement.   The Parties hereto and their counsel shall keep the terms of this Settlement Agreement and the related License Agreement confidential except to the extent necessary: (a) to satisfy the requirements of any regulatory agency; (b) in response to a court order or subpoena; (c) to their auditors, accountants, regulators, or counsel; (d) by FhUSA to prospective buyers to confirm that iBio has no claim to physical assets of the facility and equipment of the Center for Molecular Biotechnology subject to typical due diligence confidentiality; or (e) by prior agreement of the Parties.  If a Party receives a subpoena, motion, or other process which calls for the disclosure of the terms of this Agreement, such party shall promptly give notice to each other Party of the subpoena, motion, or other process and shall provide such other Party an opportunity to appear and participate in any proceedings relating to such requested disclosure.  The Parties recognize that disclosure under subparts 11(a)-11(d) may otherwise cause portions of the Settlement Agreement or License Agreement to be disclosed beyond the Parties and their counsel. Each Party further agrees to refrain from making oral or written communications to any third party or entity that is intended to or can reasonably be expected to disparage or damage the reputation of the other Party.

	12.
	Miscellaneous Provisions.

		(a)
	Recitals and Headings.  The recitals set forth above are incorporated into and made part of this Agreement and constitute facts essential hereto.  Headings are provided for convenience of reference only.

		(b)
	Assignments, Successors, and No Third Party Rights.  The Parties each represent, warrant, and guarantee that they have not made, and will not make, any assignment of any claim, cause, or right of action or any right of any kind whatsoever embodied in any of the claims and obligations that are released herein, and that no other person or entity of any kind had or has any interest in any of the demands, obligations, actions, causes of action, debts, liabilities, rights, contracts, damages, attorneys’ fees, costs, expenses, losses, or claims which are released herein.  Except as otherwise provided in this Agreement, no right hereunder shall be assignable and any attempted assignment in violation of this provision shall be void.

​

4

		(c)
	Amendment and Modification. This Settlement Agreement contains the entire agreement between the Parties with respect to the subject matter hereof, and it may not be amended, supplemented, or modified except by a writing signed by all of the executing Parties hereto.  No addition, modification, amendment or waiver of any term of this Settlement Agreement or the incorporated License Agreement shall be binding or enforceable unless executed in writing by both Parties.

		(d)
	Independent Contractors.  Neither Party may make any representation or warranty or incur any liability or obligation on behalf of the other.  Neither Party is the representative, partner, employee, or agent of the other.  Each Party enters this Settlement Agreement and shall perform its obligations hereunder as an independent contractor.

		(e)
	Export Control.  Nothing in this Settlement Agreement shall be construed to permit or require any Party to take any action contrary to any export or import control laws or regulations.

		(f)
	Severability.  If any provision of this Settlement Agreement is held to be invalid or unenforceable by an arbitrator or a court of competent jurisdiction, such provision shall be severable from this Settlement Agreement and the remaining provisions of this Settlement Agreement shall remain in full force and effect and the unenforceable provision shall be reformed or construed so as to as nearly as possible give effect to the intent of the Parties entering into this Settlement Agreement.

		(g)
	Jurisdiction/Resolution of Disputes.

		i.
	This Settlement Agreement shall be construed, interpreted, and enforced (without regard to the principles relating to conflicts of laws) exclusively in accordance with the laws of the State of Delaware.

		ii.
	Any disputes arising out of or in connection with this Settlement Agreement, including without limitation the interpretation hereof, the drafting of, and the performance of the Settlement Agreement or the License Agreement shall be finally resolved by expedited alternative dispute resolution by a single arbitrator under the rules of JAMS ADR, and to the extent possible by David Geronemus as arbitrator.

		iii.
	Except as may be required by law, neither a Party nor an arbitrator may disclose the existence, content, or results of any arbitration hereunder without the prior written consent of both Parties.

		iv.
	In the event that any proceedings are instituted by one Party concerning a dispute arising out of, in connection with, or otherwise relating to this Agreement, including the License Agreement, and if the arbitrator concludes in the award that there has been a material and uncured breach or that the claim was advanced for purposes of harassment, the prevailing Party in such proceedings shall be entitled to seek reasonable attorneys’ fees, costs, and expenses in addition to other relief awarded.  Such award of attorneys’ fees, costs of suit, and/or expenses, if any, shall be made solely in the discretion of the arbitrator.

​

5

		(h)
	Counterparts.  This Settlement Agreement and its Exhibit may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Signatures transmitted by email or by fax shall be as effective as signature pages containing original signatures.

	13.
	Notices.  All notices to be provided under this Settlement Agreement shall be made in writing and shall be deemed to have been given (a) when delivered personally to the recipient, (ii) five Business Days after being mailed to the recipient by registered or certified mail (return receipt requested and postage prepaid), (c) one Business Day after being sent to the recipient by reputable overnight service (such as Federal Express or Express Mail) (charges prepaid); or (d) upon successful transmission by facsimile or electronic mail, in each case to the receiving Parties and their respective counsel or representatives as set forth below.

	​

	​

	​

	​

	​

	​
	If to iBio:
	​

	​
	​
	​
	​
	​

	​
	​
	Kirkland & Ellis LLP
	​

	​
	​
	300 North LaSalle
	​

	​
	​
	Chicago, IL 60654
	​

	​
	​
	mark.premohopkins@kirkland.com
	​

	​
	​
	Attention:
	Mark Premo-Hopkins, P.C.
	​

	​
	​
	​
	​
	​

	​
	​
	AND
	​
	​

	​
	​
	​
	​
	​

	​
	​
	iBio, Inc.
	​

	​
	​
	8800 HSC Parkway
	​

	​
	​
	Bryan, TX 77807
	​

	​
	​
	legal@ibioinc.com
	​

	​
	​
	Attention:
	CEO
	​

	​
	​
	​
	​
	​

	​
	If to FhUSA:
	​

	​
	​
	​
	​
	​

	​
	​
	Fraunhofer USA, Inc.
	​

	​
	​
	44792 Helm Street
	​

	​
	​
	Plymouth, MI  48170
	​

	​
	​
	tschuelke@fraunhofer.org
	​

	​
	​
	bcalore@fraunhofer.org
	​

	​
	​
	Attention:
	Thomas Schuelke
	​

	​
	​
	​
	William Calore
	​

	​
	​
	​
	​
	​

	​
	​
	AND
	​

​
​

6

​
	​
	​
	​
	​
	​

	​
	​
	Faegre Drinker Biddle & Reath LLP
	​

	​
	​
	One Logan Square, Suite 2000
	​

	​
	​
	Philadelphia, Pennsylvania 19103
	​

	​
	​
	paul.saint-antoine@faegredrinker.com
	​

	​
	​
	alicia.hickok@faegredrinker.com
	​

	​
	​
	Attention:
	Paul H. Saint-Antoine
	​

	​
	​
	​
	D. Alicia Hickok
	​

​
[Signature Page Follows]
​

7

NOW THEREFORE, intending to be legally bound, the Parties execute this Settlement Agreement as set forth below.
​
	On behalf of IBIO, INC.
	​

	​
	​
	​

	By:
	/s/ Thomas F. Isett
	​

	Name:
	Thomas F. Isett
	​

	Date:
	2 May 2021
	​

	​
	​
	​

	​
	​
	​

	On behalf of FRAUNHOFER USA, INC.
	​

	​
	​
	​

	By:
	/s/ Endrik Wilhelm, PhD
	​

	Name:
	Endrik Wilhelm, PhD
	​

	Date:
	May 4th, 2021
	​

	​
	​
	​

	AND
	​

	​
	​
	​

	By:
	/s/ Thomas Schuelke
	​

	Name:
	Thomas Schuelke, President
	​

	Date:
	May 3, 2021
	​

	​
	​
	​

​
​

8

Schedule A
​
	File Name
	Beginning
Bates No.
	End Bates No.

	biosafety hood SOP BSC-400 REV0.docx
	FCMB0103142
	FCMB0103151

	biosafety hood SOP BSC-600 REV 0.docx
	FCMB0103157
	FCMB0103167

	EHS-SOP-285_Safe Wrk Prmit PrcedrfinalFeb2011.docx (Safe Work Permit Procedure)
	FCMB0236702
	FCMB0236710

	EQ-SOP-123_Operation, Cleaning, and Maintenance of Biological Safety Cabinet (BSC-400 and BSC-600).pdf
	FCMB0370513
	FCMB0370523

	FA-SOP-115 REV0.docx (USP Water System Startup and Shutdown)
	FCMB0103096
	FCMB0103100

	FA-SOP-116 REV0.docx (Maintenance of USP Water System)
	FCMB0103106
	FCMB0103115

	FA-SOP-117 REV0.docx (Cleaning and Sanitization of the USP Water System)
	FCMB0103121
	FCMB0103126

	FA-SOP-157_Operation of Oil-Free Compressor and Dryer.pdf
	FCMB0370524
	FCMB0370527

	FA-SOP-159_Operation of the Waste Inactivation System.pdf
	FCMB0370528
	FCMB0370536

	FA-SOP-160_Operation and Maintenance of the Chilled Water Generation System.pdf
	FCMB0370537
	FCMB0370540

	MF-SOP-125_Tray Assembly.pdf
	FCMB0371694
	FCMB0371700

	MF-SOP-130_Operation of CIP Skid.pdf
	FCMB0371701
	FCMB0371706

	MF-SOP-139_Set-up, Operation, and Maintenance of Mobius Disposable Mixing System.pdf
	FCMB0371714
	FCMB0371718

	MF-SOP-145_Operation and Maintenance of Hoist (Thern 5110).pdf
	FCMB0371719
	FCMB0371728

	MF-SOP-152_Operation and maintenance of the Genesys 10 Spectrophotometer.pdf
	FCMB0371729
	FCMB0371739

	MF-SOP-153_Operation of the GE AKTA Process Chromatography System.pdf
	FCMB0371740
	FCMB0371750

	MF-SOP-155_Operation and Cleaning of BPG Columns.pdf
	FCMB0371751
	FCMB0371756

	MF-SOP-167_Routine Operation of Cold Room CR-400.pdf
	FCMB0371770
	FCMB0371775

	MF-SOP-168_Operation and Cleaning of Fertilizer Injector.pdf
	FCMB0371776
	FCMB0371782

	MF-SOP-173_Operation, Cleaning and Maintenance of pH Conductivity Meters.pdf
	FCMB0371783
	FCMB0371791

	MF-SOP-182_Operation, Cleaning, and Maintenance of Ultra Low Freezers.pdf
	FCMB0371792
	FCMB0371802

	MF-SOP-202_Operational Procedure of bioflo 510 fermentation system.pdf
	FCMB0371803
	FCMB0371813

	MF-SOP-204_Cleaning of Chromatography Skid (AKTA Process).pdf
	FCMB0371814
	FCMB0371819

	MF-SOP-207_Operation of Seeder.pdf
	FCMB0371820
	FCMB0371829

	MF-SOP-213_Operation of Automated harvester.pdf
	FCMB0371837
	FCMB0371842

	MF-SOP-273_Crop Discard Operation.pdf
	FCMB0371860
	FCMB0371865

	MF-SOP-317_Operation of the GE AKTA Pilot Chromatography System.pdf
	FCMB0371877
	FCMB0371892

	MF-SOP-325_Asymmetry and HETP Measurement of Packed Chromatography Columns.pdf
	FCMB0371893
	FCMB0371897

​

9

​
	QA-SOP-107 Training Files_R00.pdf (Personnel Training and Documentation)
	FCMB0103284
	FCMB0103289

	QA-SOP-107 Training Files_R01.pdf (Personnel Training and Documentation)
	FCMB0103029
	FCMB0103034

	QA-SOP109_REV0.docx (Factory Acceptance Testing)
	FCMB0103051
	FCMB0103054

	QA-SOP110_REV0 SAT.docx (Site Acceptance Testing)
	FCMB0103060
	FCMB0103063

	QA-SOP-114_REV0.docx (Date Format)
	FCMB0103087
	FCMB0103088

	QC-SOP-120 Quarantine procedure rev 0.docx
	FCMB0103140
	FCMB0103141

	QC-SOP-286_Transfer and Storage of Microbial Cell Seed Stocks into and within the Manufacturing Suite.pdf
	FCMB0371955
	FCMB0371959

​
​

10

EXHIBIT A
TECHNOLOGY LICENSE AGREEMENT
This Technology License Agreement (“License Agreement”) is made and entered into effective April 30, 2021 (“Effective Date”) by and between iBio, Inc. (“iBio”), a Delaware corporation with a principal place of business at 8800 HSC Parkway, Bryan, TX 77807, and Fraunhofer USA, Inc. (“FhUSA”), a Rhode Island not-for-profit corporation with a principal place of business at 44792 Helm Street, Plymouth, MI 48170.  iBio and FhUSA are referred to together as the “Parties” and each individually as a “Party” throughout this License Agreement.
RECITALS
WHEREAS, iBio owns certain technology relating to the expression, engineering, testing, production, and validation of proteins using plant-based systems, as more particularly set forth herein;
WHEREAS, FhUSA wishes to license certain technology from iBio, as more particularly set forth herein;
WHEREAS, iBio is willing to grant such a license to FhUSA, subject to the terms and conditions of this License Agreement; and
WHEREAS, on the date hereof the Parties are entering into a Confidential Settlement Agreement and Mutual Release (the “Settlement Agreement”) of which this License Agreement is a part.
NOW, THEREFORE, in consideration of the mutual promises contained in this License Agreement, and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, iBio and FhUSA agree as follows.
SECTION 1: DEFINITIONS
“Non-Patented Proprietary IP” means the trade secrets and know-how proprietary to iBio that was developed up to and including December 31, 2014, as described in the Memorandum Opinion, dated July 29, 2016, in iBio, Inc. v. Fraunhofer USA, Inc., No. 10256-VCF (Del. Ch.).  For avoidance of confusion, a right is proprietary to iBio if it is not (a) in the public domain, (b) in use generally, or (c) proprietary to a third party or FhUSA.
“Patents” means (a) those patents and patent applications that FhUSA has assigned to iBio, as are set forth in Schedule 1, as well as (b) any patents and patent applications that claim priority (in whole, but not in part) to any of the patents and patent applications specified in Schedule 1, and (c) any divisionals, continuations, extensions, reissues, or reexaminations of any of them.
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“Potential Sublicensee” means Fraunhofer Gesellschaft zur Foerderung der angewandten Forschung e.V. (referred to as Fraunhofer Gesellschaft) and, if it acquires a sublicense pursuant to Section 2.2, Fraunhofer Gesellschaft will be the “Sublicensee”.
“Research Customer” means any (a) third party that contractually engages and pays to a contract research organization to perform research and (b) other participants in any research project applicable to clause (a) including without limitation (i) sponsoring agencies (federal, state, or local) or foundations or not-for-profit organizations, (ii) joint contractors or subcontractors of the foregoing, and (iii) third parties that are subcontracting to any of the foregoing, or that are serving as intermediaries, monitors, or administrators to a granting agency or institution.  A Research Customer is considered to be FhUSA’s Research Customer if FhUSA is to receive the payment contemplated by clause (a).  A Research Customer is considered to be Sublicensee’s Research Customer if a Sublicense Agreement has been entered into and Sublicensee is to receive the payment contemplated by clause (a).
“Sublicense Agreement” has the meaning set forth in Section 2.2.
SECTION 2: LICENSE AND ROYALTY
2.1License.  Subject to the terms and conditions of this License Agreement, iBio hereby grants to FhUSA a nonexclusive, nontransferable, worldwide, fully paid-up license, in all fields of use, to make, have made, use, sell, offer for sale, import, export, and otherwise exploit all intellectual property rights in and to the Patents and the Non-Patented Proprietary IP.  Subject to the terms and conditions of this License Agreement, FhUSA may sublicense under this license grant to the Potential Sublicensee pursuant to Section 2.2.  This license is otherwise nonsublicensable.
2.2Sublicense.  FhUSA may grant Fraunhofer Gesellschaft a sublicense of any or all of the rights licensed to FhUSA in Section 2.1.  If FhUSA grants Fraunhofer Gesellschaft a sublicense, the sublicense must be in a written agreement signed by FhUSA and Fraunhofer Gesellschaft (the “Sublicense Agreement”) that is delivered to iBio, and the Sublicense Agreement shall be effective upon such delivery.  The Sublicense Agreement must specify that the Sublicensee is bound by all terms and conditions of this License Agreement (excluding any payments required by Section 2.5 herein and excluding the payment and other obligations of FhUSA in the Settlement Agreement); iBio must be identified in the Sublicense Agreement as an intended third-party beneficiary, with the right to enforce the Sublicense Agreement against Sublicensee; and thereafter each of iBio, FhUSA, and Sublicensee may utilize the provisions of Sections 6.9 and 6.10 of this License Agreement for claims or other disputes between or among any of them arising from this License Agreement or the Sublicense Agreement.  Notwithstanding the foregoing, FhUSA and Fraunhofer Gesellschaft may in their sole discretion agree in the Sublicense Agreement that FhUSA, rather than the Sublicensee, would be responsible for paying iBio any amount required by Section 2.11 hereof arising from conduct of the Sublicensee (if a Sublicense Agreement has been entered into), and in such case iBio would look only to FhUSA and not to the Sublicensee for such payment.  For the purpose of clarity, (x) nothing in this License Agreement obligates Fraunhofer Gesellschaft to take a sublicense, and unless and until Fraunhofer Gesellschaft executes an agreed-to Sublicense Agreement that is delivered to iBio, no
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provisions of this License Agreement apply to Fraunhofer Gesellschaft or create any contractual relationship with or jurisdictional rights over Fraunhofer Gesellschaft; and (y) if Fraunhofer Gesellschaft enters into a Sublicense Agreement, such Sublicense Agreement shall not apply to or otherwise cover Fraunhofer Gesellschaft’s actions or omissions prior to the effective date of such Sublicense Agreement (and by way of example, the Sublicense Agreement (if entered into) will not absolve Fraunhofer Gesellschaft of liability (if any) for actions or omissions prior to the effective date of such Sublicense Agreement); provided, for the sake of clarity, that nothing in this paragraph shall be construed to limit the effect of Paragraph 5 (General Mutual Release of Claims) in the Settlement Agreement, which speaks for itself.
2.3Scope of License.  Subject to the terms and conditions of this License Agreement, the scope of the license granted in Section 2.1, and of the Sublicense Agreement (if any) granted pursuant Section 2.2, shall permit FhUSA (and the Sublicensee, if a Sublicense Agreement has been entered into) to provide their Research Customers the deliverables customarily provided by contract research organizations to their Research Customers.  Such deliverables include without limitation research reports and data; preliminary, interim, and final presentations and strategic discussions; and limited quantities of products or other materials; provided, however, that no deliverables shall include any authorization from FhUSA (or, if a Sublicense Agreement has been entered into, from the Sublicensee) for their Research Customers to use any of the Patents or Non-Patented Proprietary IP or to disclose any of the Non-Patented Proprietary IP (i) outside the scope set forth in the applicable research project, as such research project may be executed, amended, modified, or extended, or (ii) in a commercial product or to deliver a commercial service (other than a service to another Research Customer collaborating in furtherance of the same research project); in each case without a direct license or other past or present express authorization from iBio.  For the avoidance of doubt, regardless of the scope of an applicable research project, FhUSA (and the Sublicensee, if a Sublicense Agreement has been entered into) shall in connection with all deliverables permitted hereunder comply with the obligations of Section 5.1 with respect to the confidentiality of Non-Patented Proprietary IP (and, for the purpose of clarity, the confidentiality provisions in any such research agreement will, with respect to the Non-Patented Proprietary IP, be at least as protective as Section 5.1).
2.4Reservation of Rights.  Except as expressly set forth herein, iBio grants no license or right or permission of any kind, expressly, by implication, or otherwise, under or in relation to the Patents, the Non-Patented Proprietary IP or any other intellectual property rights of iBio.  All such rights are expressly reserved; provided, however, that nothing in this paragraph shall be construed to limit the Settlement Agreement, which speaks for itself.
2.5Royalty.  FhUSA shall pay iBio a one-time, fully paid-up royalty of one million eight hundred thousand dollars (US$1,800,000.00).  This payment shall be made in two (2) installments by wire transfer to the account specified below.  The first installment of nine hundred thousand dollars (US$900,000.00) shall be paid not later than March 1, 2022, and the second installment of nine hundred thousand dollars (US$900,000.00) shall be paid not later than March 1, 2023.
2.6Savings Clause.
(i)The license granted hereunder shall not include any patent that has expired or that has been finally determined by a court or other tribunal of
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competent jurisdiction no longer to be in force.  The license granted hereunder shall not include any trade secret that ceases to qualify as a trade secret under applicable law; provided such cessation was not due to an act or omission of FhUSA occurring on or after February 28, 2021.  The licenses granted hereunder shall not include any confidential information that ceases to qualify as confidential information under the agreement or other legal obligation that gave rise to its protected status; provided such cessation was not due to an act or omission of FhUSA occurring on or after February 28, 2021.
(ii)The royalty set forth in Section 2.5 has been established by the Parties for their convenience, taking into account the different intellectual property regimes and expiration dates/events governing different aspects of the licensed technology.
2.7Previously Granted Rights.  Nothing in this License Agreement shall operate to or be construed to diminish any rights previously granted by iBio to any third parties or to any rights that the United States government has.
2.8Account Information.  FhUSA shall make the royalty payment due to iBio under this License Agreement by wire transfer to the account(s) designated in writing by iBio.
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2.9Late Payment.  Late payments shall bear simple interest at the rate of five percent (5%) over the Federal Reserve discount rate (or the highest rate permitted by law, whichever is lower).
2.10Marking.  FhUSA shall mark every article that is subject to one or more valid claims of the Patents in a manner that conforms with 35 U.S.C. § 287.
2.11Covenant Not to Challenge.  FhUSA, in further consideration of the license it receives under this License Agreement, covenants that it will not directly or indirectly challenge or assist in challenging, now or in a future proceeding, iBio’s ownership or the validity or enforceability of any of the Patents; provided, however, that this restriction shall not to apply in the following situations:
(i)arguments or comments in the ordinary course of prosecution of FhUSA’s or any of its affiliates’ or their Research Customers’ patents or patent applications, provided that such arguments and comments are directed at differentiating such patents or patent applications as patentably distinct from any of the Patents and not primarily directed at questioning or contesting the ownership or the validity or enforceability of any of the Patents;
(ii)any counterclaim or affirmative defense against a third party claim using one or more of the Patents to challenge the validity, enforceability, scope, or patentability of FhUSA’s or any of its affiliates’ or their Research Customers’ patents or patent applications, provided that such counterclaim or defense is directed at differentiating such patents or patent applications as patentably distinct from any of the Patents and not primarily directed at questioning or contesting the ownership or the validity or enforceability of any of the Patents;
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(iii)any counterclaim or affirmative defense against a claim by iBio (or any subsequent owner or licensee of any of the Patents, or any third party bringing a claim in the name of or on behalf any of the foregoing) against FhUSA, the Sublicensee, or any of their Research Customers with respect to any conduct or article that FhUSA believes in good faith is covered by this License Agreement; or
(iv)complying (by the provision of documents or testimony) with court orders, subpoenas, or official requests for information from a governmental authority.
Should the arbitrator, pursuant to the Alternative Dispute Resolution provisions in Section 6.9,  determine that FhUSA initiated, participated in, or assisted in a challenge in violation of this Section 2.11, the royalty set in Section 2.5 shall be increased to [***] and the incremental amount shall become due within thirty days after the arbitrator’s decision.  This increase in the royalty is in addition to any and all remedies available to iBio in law and equity, subject to Section 6.9.
2.12Costs of Performance.  Except as expressly set forth in this License Agreement, the Parties shall bear their own attorneys’ fees, costs, expenses, and taxes with respect to this License Agreement and their performance under it.
SECTION 3: REPRESENTATIONS & WARRANTIES
3.1By iBio. iBio represents and warrants that it owns all right, title, and interest in the Patents free and clear of any liens (other than defects caused by FhUSA).
3.2Mutual.  The Parties each represent, warrant, and guarantee that such Party has the necessary power and authority to enter into this License Agreement and to carry out its obligations hereunder. Each individual who executes this License Agreement on behalf of a Party represents that he is fully authorized to execute the License Agreement on behalf of such Party and that he has secured approval of its Board of Directors to the extent required.
SECTION 4: TERM AND TERMINATION
4.1Term.  This License Agreement shall become effective on the Effective Date and, unless earlier terminated as set forth below, shall continue in force until (a) all Patents have expired or have been finally determined by a court or other tribunal of competent jurisdiction no longer to be in force; and (b) all trade secrets and proprietary information included in the Non-Patented Proprietary IP cease to qualify as such under applicable law.  Neither the savings clause in Section 2.6 nor this Section 4.1 shall in any way operate to limit the remedies available to iBio if any Patent is invalid due to an act or omission of FhUSA occurring on or after February 28, 2021 or if any Non-Patented Proprietary IP ceases to be protectable due to an act or omission of FhUSA occurring on or after February 28, 2021.
4.2Termination.  Either Party may terminate this License Agreement in the event of an uncured material breach of this License Agreement by the other Party.  The Party claiming breach must first send a breach notice in writing to the other Party specifying the particulars of the claimed breach in reasonable detail and providing sixty (60) days to cure.  The allegedly
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breaching Party may challenge the declaration of breach, breach notice, effectiveness of cure, and/or termination pursuant to the Alternative Dispute Resolution provisions in in Section 6.9.  Invocation of the Alternative Dispute Resolution provisions will stay termination until the matter is resolved.
4.3Survival.  The following provisions of this License Agreement shall survive the termination or expiration of it:  Sections 1, 2.4 to 2.10, 2.11 (but only if both (a) this License Agreement is terminated by iBio due to a material breach and (b) FhUSA has not paid the entire one million eight hundred thousand dollar (US$1,800,000.00) royalty set forth in Section 2.5), 2.12, and 4 to 6.
4.4Settlement Agreement.  For the purpose of clarity, termination of this License Agreement will not impact the finality or enforceability of the Settlement Agreement.
SECTION 5: CONFIDENTIALITY
5.1Confidentiality.  FhUSA shall protect the confidentiality of the Non-Patented Proprietary IP using procedures no less rigorous than those used to protect and preserve the confidentiality of its own confidential information of a similar sensitivity (but in no event less than a reasonable degree of care).
5.2Failures.  If FhUSA determines that it is more likely than not that there has been a failure to maintain the confidentiality of iBio Non-Patented Proprietary IP, FhUSA shall promptly notify iBio in writing and FhUSA shall provide reasonable cooperation at no cost to iBio in iBio’s efforts to recover such Non-Patented Proprietary IP.
5.3Compelled Disclosure.  If FhUSA receives a subpoena, document demand, or other legal process that it believes will require the disclosure of any portion of the Non-Patented Proprietary IP, FhUSA shall promptly notify iBio in writing and provide reasonable cooperation (at iBio’s expense) in iBio’s efforts to secure confidential treatment of such Non-Patented Proprietary IP.  Provided FhUSA does so, it shall not be a violation of Section 5.1 for FhUSA to disclose that portion of the Non-Patented Proprietary IP that it is legally required to disclose.  For the avoidance of doubt, “at iBio’s expense” refers to out-of-pocket expenses incurred by FhUSA and not to billing for FhUSA employee time.
SECTION 6: GENERAL
6.1Notices.  All notices to be provided under this License Agreement shall be made in writing and shall be deemed to have been given (a) when delivered personally to the recipient, (b) five business days after being mailed to the recipient by registered or certified mail (return receipt requested and postage prepaid), (c) one business day after being sent to the recipient by reputable overnight service (such as Federal Express or Express Mail) (charges prepaid); or (d) upon successful transmission by facsimile or electronic mail, in each case to the receiving Parties and their respective counsel or representatives as set forth below.
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	If to iBio:

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	Charles J. Morton, Jr., Esq.

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	Venable LLP

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	iBio, Inc.

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	8800 HSC Parkway

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	legal@ibioinc.com

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	Attention: Thomas Isett, CEO

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	Fraunhofer USA, Inc.

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	44792 Helm Street

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	tschuelke@fraunhofer.org

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	Attention:
	Thomas Schuelke

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	William J. Calore

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	Faegre Drinker Biddle & Reath LLP

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	One Logan Square, Suite 2000

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	Philadelphia, Pennsylvania 19103

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	paul.saint-antoine@faegredrinker.com

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	alicia.hickok@faegredrinker.com

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	Attention:
	Paul H. Saint-Antoine

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	D. Alicia Hickok

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A Party may change its notice address by delivery of notice of the change pursuant to this Section.
6.2Headings.  The Section headings used in this License Agreement are for the convenience of the Parties and have no bearing on the interpretation of this License Agreement.
6.3Independent Contractors.  Neither Party may make any representation or warranty or incur any liability or obligation on behalf of the other.  Neither Party is the representative, partner, employee, or agent of the other.  Each Party enters this License Agreement and shall perform its obligations hereunder as an independent contractor.
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6.4Third Party Beneficiaries.  There are no third-party beneficiaries under this License Agreement. For clarity, (a) FhUSA shall be entitled to plead this License Agreement in support of the affirmative defense of license; (b) Sublicensee shall be entitled to plead this License Agreement (if a Sublicense Agreement has been entered into) and/or the Sublicense Agreement (if entered into) in support of the affirmative defense of license; and (c) Research Customers of FhUSA and Sublicensee (if a Sublicense Agreement has been entered into) shall be entitled to plead this License Agreement and/or a Sublicense Agreement (if entered into) in support of the affirmative defense of license.
6.5Export Control.  Nothing in this License Agreement shall be construed to permit or require any Party to take any action contrary to any export or import control laws or regulations.
6.6Severability.  If any provision of this License Agreement is held to be invalid or unenforceable by an arbitrator or a court of competent jurisdiction, such provision shall be severable from this License Agreement and the remaining provisions of this License Agreement shall remain in full force and effect and the unenforceable provision shall be reformed or construed so as to as nearly as possible give effect to the intent of the Parties entering into this License Agreement.  For the purpose of clarity, nothing in this Section 6.6 shall impact the finality or enforceability of the Settlement Agreement.
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6.7Further Assurances.  Each Party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other Party may reasonably request in order to carry out the intent and accomplish the purposes of this License Agreement and the consummation of the transaction contemplated hereby.
6.8Assignment.  This License Agreement may not be assigned by FhUSA without the prior written consent of iBio.  This License Agreement and any of the Patents and the Non-Patented Proprietary IP may be freely assigned by iBio, but any assignment would be subject to this License Agreement, and if the assignment would impact any of FhUSA’s rights or obligations under this License Agreement, written notice of such assignment must be provided to FhUSA at least 30 days in advance.  Subject to the foregoing, this License Agreement shall be binding on the Parties and their successors and permitted assigns.  Any purported assignment in violation of this Section shall be void ab initio.
6.9Governing Law and Dispute Resolution.
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	This License Agreement shall be construed, interpreted, and enforced (without regard to the principles relating to conflicts of laws) exclusively in accordance with the laws of the State of Delaware.

		ii.
	Any disputes arising out of or in connection with this License Agreement, including without limitation the interpretation hereof, the drafting of, and the performance of it shall be finally resolved by expedited alternative dispute resolution by a single arbitrator under the rules of JAMS ADR, and to the extent possible by David Geronemus as arbitrator.

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		iii.
	Except as may be required by law, neither a Party nor an arbitrator may disclose the existence, content, or results of any arbitration hereunder without the prior written consent of both Parties.

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	Notwithstanding Section 6.9(ii), either Party shall be entitled to seek injunctive relief from a court if warranted.

6.10Attorneys’ Fees and Costs.  In the event that any proceedings are instituted by one Party concerning a dispute arising out of, in connection with, or otherwise relating to this License Agreement, and if the arbitrator concludes in the award that there has been a material and uncured breach or that the claim was advanced for purposes of harassment, the prevailing Party in such proceedings shall be entitled to seek reasonable attorneys’ fees, costs, and expenses in addition to other relief awarded.  Such award of attorneys’ fees, costs of suit, and/or expenses, if any, shall be made solely in the discretion of the arbitrator.
6.11Entire Agreement.  This License Agreement, together with the Settlement Agreement,  constitutes the entire agreement between the Parties relative to the subject matter hereof and supersedes any and all prior negotiations and agreements, written or oral, relating to such subject matter.
6.12.Review of License Agreement.  Each Party recognizes that it has been represented by counsel during the negotiations of this License Agreement.  Each Party further acknowledges and warrants that it has thoroughly reviewed this License Agreement with counsel and such other professionals as needed to assure itself that it can proceed in compliance with its terms.  Each Party further represents that it has entered into the License Agreement knowingly and voluntarily.
6.13Amendment and Modification. This License Agreement may not be amended, supplemented, or modified except by a writing signed by all of the executing Parties hereto.  No addition, modification, amendment or waiver of any term of this License Agreement or the incorporated License Agreement shall be binding or enforceable unless executed in writing by both Parties.
6.14Counterparts.  This License Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Signatures transmitted by email or by fax shall be as effective as signature pages containing original signatures.
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WHEREFORE, the Parties hereby acknowledge their agreement and consent to the terms and conditions set forth above through the respective signatures of their duly authorized officers as contained below:
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	iBIO, INC.
	   
	FRAUNHOFER USA, INC.

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SCHEDULE 1
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iBio United States Patents and Applications
[***]

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