Document:

Exhibit 10.14

 

EMPLOYMENT AGREEMENT 服务协议

 

This EMPLOYMENT AGREEMENT
(the “Agreement”) is entered into as of 1st November 2022, by and between ICZOOM
Group Inc.., an exempted company incorporated and existing under the laws of the Cayman Islands (the “Company”)
and Liu Duanrong an individual with ID number  [*] (the “COO”).

 

本雇佣协议(以下简称“协议”)于2022年11月1日由ICZOOM
Group Inc.,(根据开曼群岛法律成立并存续的一家豁免公司)(以下简称“ICZOOM”)之间订立。刘端蓉(身份证)证件号码[*](“首席运营官”)。

 

RECITALS 原侧

 

WHEREAS, the Company desires to employ the executive
the Chief Operating Officer -COO and to assure itself of the services of the Chief Operating Officer during the term of Employment (as
defined below) and under the terms and conditions of the Agreement;

 

鉴于,公司希望在雇用期间(定义见下文)和协议的条款和条件聘用首席运营官并向首席运营官保证其服务;

 

WHEREAS, the Executive, (here in after known as
the the Chief Operating Officer) desires to be employed by the Company during the term of Employment and under the terms and conditions
of the Agreement;

 

鉴于,首席运营官希望在雇佣期间和本协议的条款和条件下被公司雇用;

 

		1.	EMPLOYMENT 雇佣

 

The Company hereby
agrees to employ the Chief Operating Officer and the Chief Operating Officer hereby accepts such employment, on the terms and conditions
hereinafter set forth (the “Employment”).

 

本公司特此同意雇用首席运营官,首席运营官据此接受上述所述的条款和条件(“雇用”)。

 

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		2.	TERM 任期

 

Subject to the terms
and conditions of the Agreement, the initial term of the Employment shall be 36 months, commencing on 1st November 2022)
(the “Effective Date”) and ending on 31th , October, 2025 (the “Initial Term”), unless terminated
earlier pursuant to the terms of the Agreement. Upon expiration of the Initial Term of the Employment, the Employment shall be automatically
extended for successive periods of 24 months each (each, an “Extension Period”) unless either party shall have given 30 days
advance written notice to the other party, in the manner set forth in Section 18 below, prior to the end of the Extension Period in question,
that the term of this Agreement that is in effect at the time such written notice is given is not to be extended or further extended,
as the case may be (the period during which this Agreement is effective being referred to hereafter as the “Term”).

 

根据协议的条款和条件,雇佣的初始期限为36个月,自2022年11月1日(“生效日期”)开始,至2025年10月31日(“初始期限”)结束,除非根据协议条款提前终止。雇用的初始期限届满后,除非合同的任何一方提前30天书面通知另一方,否则该雇佣关系将自动连续延期每个24个月(每个“扩展期”)。在相关扩展期结束之前,下文第19条规定的方式是,在发出此类书面通知时有效的本协议期限,视具体情况而定,不得延长或进一步延长是(本协议生效的期间,以下称为“条款”)。

 

		3.	POSITION AND DUTIES 职位

 

		(a)	During the Term,
the Chief Operating Officer shall serve as the Chief Operating Officer t of the Company or in such other position or positions with a
level of duties and responsibilities consistent with the foregoing with the Company and/or its subsidiaries and affiliated entities as
the board of directors of the Company (the “Board”) may specify from time to time and shall have the duties, responsibilities
and obligations customarily assigned to individuals serving in the position or positions in which the Chief Operating Officer serves hereunder
and as assigned by the Board, or with the Board's authorization, by the Company's Chief Operating Officer.

 

在任期内,首席运营官应担任公司的首席运营官,或在与公司和/或其子公司和关联实体作为董事会的其他职务上,具有与上述规定相一致的职责和责任公司董事(以下简称“董事会”)可能会不时指定,并应履行通常分配给在首席运营官担任的职务或董事会所任命的职务中所承担的职责,责任和义务,或经董事会授权,由公司首席执行官执行。

 

		(b)	The Chief Operating
Officer agrees to serve without additional compensation, if elected or appointed thereto, as a director of the Company or any subsidiaries
or affiliated entities of the Company (collectively, the “Group”) and as a member of any committees of the board of
directors of any such entity, provided that the Chief Operating Officer is indemnified for serving in any and all such capacities on a
basis no less favorable than is currently provided to any other director of any member of the Group.

 

首席运营官同意,如经选举或任命,则无须额外补偿即可担任公司董事或公司的任何子公司或关联实体(以下统称“集团”),并担任公司任何委员会的成员任何此类实体的董事会,但按按首席运营官因在上述各种职务中担任职务而获得的待遇低于目前提供给本集团任何其他成员的其他董事的身份,则可得到补偿。

 

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		(c)	The Chief Operating
Officer agrees to serve without additional compensation, if elected or appointed thereto, as a director of the Company or any subsidiaries
or affiliated entities of the Company (collectively, the “Group”) and as a member of any committees of the board of
directors of any such entity, provided that The Chief Operating Officer is indemnified for serving in any and all such capacities on a
basis no less favorable than is currently provided to any other director of any member of the Group.

 

首席运营官同意,如经选举或任命,则无须额外补偿即可担任公司董事或公司的任何子公司或关联实体(以下统称“集团”),并担任公司任何委员会的成员任何此类实体的董事会,只要首席运营官因在上述各种职务中担任职务而获得的待遇不低于目前提供给本集团任何其他成员的其他董事的身份,则可得到赔偿。

 

		4.	NO BREACH OF CONTRACT 违约

 

The Chief Operating
Officer hereby represents to the Company that: (i) the execution and delivery of the Agreement by The Chief Operating Officer and the
performance by The Chief Operating Officer of The Chief Operating Officer's duties hereunder shall not constitute a breach of, or otherwise
contravene, the terms of any other agreement or policy to which The Chief Operating Officer is a party or by which The Chief Operating
Officer is otherwise bound, except that The Chief Operating Officer does not make any representation with respect to agreements required
to be entered into by and between The Chief Operating Officer and any member of the Group pursuant to the applicable law of the jurisdiction
in which The Chief Operating Officer is based, if any; (ii) that The Chief Operating Officer is not in possession of any information (including,
without limitation, confidential information and trade secrets) the knowledge of which would prevent The Chief Operating Officer from
freely entering into the Agreement and carrying out his/her duties hereunder; and (iii) that The Chief Operating Officer is not bound
by any confidentiality, trade secret or similar agreement with any person or entity other than any member of the Group.

 

首席运营官特此向公司表示:(i)首席运营官执行和交付协议以及首席运营官履行首席运营官在本协议项下的职责,并不构成违反或以其他方式违反任何其他协议的条款首席运营官为订约方或执行方受其约束的政策或政策,但首席运营官与首席运营官与本集团任何成员之间根据本协议订立的协议不作任何陈述行政人员所在司法管辖区的适用法律(如果有);
(ii)首席运营官不掌握任何信息(包括但不限于机密信息和商业秘密),而这些信息会妨碍首席运营官自由订立协议并履行其在本协议下的职责;
(iii)首席运营官不受与本集团任何成员以外的任何个人或实体的任何保密,商业秘密或类似协议的约束。

 

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		5.	LOCATION 地点

 

The Chief Operating
Officer will be based in China (including Hong Kong) or any other location selected by the Chief Operating Officer at his convenience
of work during the Term.

 

首席运营官将在任期内在中国(包括香港)或者其他根据工作便利的要求由首席运营官所选的任何其他地点常驻办公。

 

		6.	COMPENSATION AND BENEFITS 薪酬

 

		(a)	Cash Compensation. As compensation for the performance by The Chief Operating Officer of his/her
obligations hereunder, during the Term, the Company shall pay The Chief Operating Officer cash compensation (exclusive of the statutory
benefit contributions that the Company is required to set aside for the Chief Operating Officer under applicable law), subject to annual
review and adjustment by the Board or any committee designated by the Board. The remuneration of The Chief Operating Officer shall be
RMB 273,000 per year, (RMB 21,000 per month). The compensation (RMB 21,000 per month) shall be paid in RMB by one of the Group’s
affiliates located in Shenzhen. The above monthly compensation shall be paid on no later than the 8th day of next month.

 

		(b)	现金工资。 作为首席运营官员履行其在本协议项下的义务的薪酬,在有效期内,公司应根据执行法律规定支付首席运营官现金待遇(不包括根据适用法律要求公司留给首席运营官的法定福利金)
现金待遇可经董事会或董事会指定的任何委员会年度绩效评估进行调整。薪酬应为每年27,3万人民币(每月合计发放人民币21,000元.
以上年度薪酬集团在深圳设立的子公司承担和支付,每月支付人民币21,000。当月薪酬于下月8号前支付到指定账户。

 

		(c)	Equity Incentives. During the Term, the Chief Operating Officer shall be eligible to participate,
at a level comparable to similarly situated other eexecutive of the Company, in such long-term compensation arrangements as may be authorized
from time to time by the Board, including any share incentive plan.

 

股权激励。
在任期内,首席运营官有资格参予与公司类似位置的长期股权激励安排,包括公司的任何股权激励计划。

 

		(d)	Benefits. During the Term, the Chief Operating Officer shall be entitled to participate in all
of the employee benefit plans and arrangements made available by the Company to its similarly situated Executive - COOs, including, but
not limited to, any retirement plan, medical insurance plan and travel/holiday policy, subject to and on a basis consistent with the terms,
conditions and overall administration of such plans and arrangements。
The Company shall reimburse all business related expenses includes but not limited to hotel, transportation and etc. The Company has to
insurance on the responsibility for the Chief Operating Officer.

 

福利。
在任期内,首席运营官有权获得或参与公司提供给其位置相似的高管的所有雇员福利计划和安排,包括但不限于任何退休福利,医疗保险和差旅/假期等员工福利政策。
该福利计划遵从该计划和安排的条款,条件和整体执行相一致的基础。公司需要承担首席运营官所有差旅产生的费用,包括但不限于酒店住宿费用,交通费等等。公司需要对首席运营官购买责任保险。

 

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		7.	TERMINATION OF THE AGREEMENT 终止雇佣

 

The Employment may
be terminated as follows: 可以如下终止雇佣关系:

 

		(a)	Disability. The Employment shall terminate if the Chief Operating Officer has a disability, including
any physical or mental impairment which, as reasonably determined by the Board, renders the Chief Operating Officer unable to perform
the essential functions of his/her position at the Company, even with reasonable accommodation that does not impose an undue burden on
the Company, for more than 180 days in any 12-month period, unless a longer period is required by applicable law, in which case that longer
period shall apply.

 

残疾。
如果首席运营官有残疾,包括董事会合理确定的任何身体或精神上的障碍,致使首席运营官无法履行其在公司职位的基本职能,即使有合理的安排,如若在任何12个月的期间内,在超过180天的时间内对公司造成不当的负担,除非适用法律要求更长的期限,在这种情况下,可以按照适当的法律终止雇佣关系。

 

		(b)	Good Reason. the Chief Operating Officer may terminate his/her employment hereunder for “Good
Reason” upon the occurrence, without the written consent of The Chief Operating Officer, of an event constituting a material breach
of this Agreement by the Company that has not been fully cured within ten business days after written notice thereof has been given by
the Chief Operating Officer to the Company setting forth in sufficient detail the conduct or activities the Chief Operating Officer believes
constitute grounds for Good Reason, including but not limited to:

 

正当理由。
未经首席运营官书面同意,如果发生本公司严重违反本协议的重大事件,并在首席运营官的书面通知后十个工作日内未完全解决及纠正,则首席运营官可以根据“正当理由”终止其雇用关系。本条款详细说明了首席运营官认为构成正当理由的行为或活动,包括但不限于:

 

the failure by
the Company to pay to the Chief Operating Officer any portion of The Chief Operating Officer's current compensation or to pay to The Chief
Operating Officer any portion of an instalment of deferred compensation under any deferred compensation program of the Company, within
5 business days of the date such compensation is due; or

 

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公司未在指定工资支付日期后的5个工作日内根据公司的任何递延薪酬计划向首席运营官支付首席运营官当前薪酬的任何部分或未向首席运营官支付根据福利计划到期的未支付福利;或

 

any material breach
by the Company of this Agreement.

 

公司对本协议的任何重大违反。

 

		(c)	Notice of Termination. Any termination of The Chief Operating Officer's employment under the Agreement
shall be communicated by written notice of termination (“Notice of Termination”) from the terminating party to the other party.
The notice of termination shall indicate the specific provision(s) of the Agreement relied upon in effecting the termination.

 

终止通知。
根据本协议,首席运营官的任何解雇应通过解雇通知书(“解雇通知”)从另一方通知另一方。
终止通知应指明实施终止所依据的协议的特定条款。

 

		(d)	Compensation upon Termination.

 

因终止雇佣关系产生的补偿。

 

		(1)	Death. If The Chief Operating Officer's employment is terminated by reason of The Chief Operating
Officer's death, the Company shall have no further obligations to the Chief Operating Officer under this Agreement and The Chief Operating
Officer's benefits shall be determined under the Company's retirement, insurance and other benefit and compensation plans or programs
then in effect in accordance with the terms of such plans and programs.

 

死亡。
如果高管人员的死亡是由于高管人员的死亡而终止的,则本公司根据本协议对高管人员没有进一步的义务,而高管人员的福利应根据当时有效的公司退休,保险和其他福利以及补偿计划或计划确定
按照此类计划和方案的条款。

 

		(2)	By Company without Cause or by the Chief Operating Officer for Good Reason. If the Chief Operating
Officer's employment is terminated by the Company other than for Cause or by the Chief Operating Officer for Good Reason, the Company
shall (i) continue to pay and otherwise provide to the Chief Operating Officer, during any notice period, all compensation, base salary
and previously earned but unpaid incentive compensation, if any, and shall continue to allow the Chief Operating Officer to participate
in any benefit plans in accordance with the terms of such plans during such notice period; and (ii) pay to The Chief Operating Officer,
in lieu of benefits under any severance plan or policy of the Company, any such amount as may be agreed between the Company and The Chief
Operating Officer.

 

公司无故或首席运营官根据“正当理由”条款终止雇佣关系。
如果首席运营官的雇佣因公司原因或因高管人员持上述“正当理由”而终止,公司应(i)在任何通知期内继续支付并以其他方式向高管人员提供所有报酬,基本工资和以前的工资
但未付的奖励金(如有),并应继续允许首席运营官在该通知期内按照计划的条款享有任何公司福利;
(ii)向公司首席运营官支付公司的任何遣散或者辞退计划或政策下的赔偿金,或支付经公司与首席运营官之间商定的补偿金额。

 

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		(3)	By Company for Cause or by the Chief Operating Officer other than for Good Reason. If The Chief
Operating Officer's employment shall be terminated by the Company for Cause or by the Chief Operating Officer other than for Good Reason,
the Company shall pay the Chief Operating Officer his/her base salary at the rate in effect at the time Notice of Termination is given
through the Date of Termination, and the Company shall have no additional obligations to the Chief Operating Officer under this Agreement.

 

公司有合理缘故或首席运营官提出非根据“正当理由”终止雇佣关系。
如果首席运营官的雇佣因公司合理原因或首席运营官提出除正当理由以外的其他原因而终止雇佣关系,则公司应支付首席运营官的工资至发出终止雇佣关系终止通知书后并雇佣关系正式终止的日期。除此之外,
根据本协议,公司对首席运营官没有其他义务。

 

		8.	CONFIDENTIALITY
                                            AND NONDISCLOSURE 保密协议

 

		(a)	Confidentiality and Non-Disclosure.

 

		(1)	The Chief Operating Officer acknowledges and agrees that: (A) The Chief Operating Officer holds a position
of trust and confidence with the Company and that his/her employment by the Company will require that The Chief Operating Officer have
access to and knowledge of valuable and sensitive information, material, and devices relating to the Company and/or its business, activities,
products, services, customers and vendors, including, but not limited to, the following, regardless of the form in which the same is accessed,
maintained or stored: the identity of the Company's actual and prospective customers and, as applicable, their representatives; prior,
current or future research or development activities of the Company; the products and services provided or offered by the Company to customers
or potential customers and the manner in which such services are performed or to be performed; the product and/or service needs of actual
or prospective customers; pricing and cost information; information concerning the development, engineering, design, specifications, acquisition
or disposition of products and/or services of the Company; user base personal data, programs, software and source codes, licensing information,
personnel information, advertising client information, vendor information, marketing plans and techniques, forecasts, and other trade
secrets (“Confidential Information”); and (B) the direct and indirect disclosure of any such Confidential Information would
place the Company at a competitive disadvantage and would do damage, monetary or otherwise, to the Company's business.

 

首席运营官同意:(A)首席运营官合理相信他/她在公司的雇佣将允许首席运营官接触并知悉有价值的敏感信息,与公司和/或其业务,活动,产品,服务,客户和供应商有关的材料和设备,包括但不限于以下内容,无论以何种形式访问,维护或存储它们:公司实际和潜在客户及其代表(如适用)的身份;公司先前,当前或未来的研究或开发活动;公司向客户或潜在客户提供或提供的产品和服务,以及执行或将要执行的服务的方式;实际或潜在客户的产品和/或服务需求;定价和成本信息;有关公司产品和/或服务的开发,工程,设计,规格,获取或处置的信息;用户基础的个人数据,程序,软件和源代码,许可信息,人员信息,广告客户信息,供应商信息,营销计划和技术,预测以及其他商业秘密(“机密信息”);
(B)直接或间接披露任何此类机密信息将使公司处于竞争劣势,并对公司业务造成金钱或其他方面的损害。

 

		(b)	Third Party Information in the Company's Possession. The Chief Operating Officer recognizes that
the Company may have received, and in the future may receive, from third parties their confidential or proprietary information subject
to a duty on the Company's part to maintain the confidentiality of such information and to use it only for certain limited purposes. The
Chief Operating Officer agrees that The Chief Operating Officer owes the Company and such third parties, during the Term and thereafter,
a duty to hold all such confidential or proprietary information in strict confidence and not to disclose such information to any person
or firm, or otherwise use such information, in a manner inconsistent with the limited purposes permitted by the Company's agreement with
such third party.

 

公司拥有的第三方信息。首席运营官认识到,公司可能已经并且将来可能会从第三方接收其机密或专有信息,但公司有责任维护此类信息的机密性并将其仅用于某些有限的目的。首席运营官同意,在执行期间及其后,首席运营官有责任对公司和第三方所有此类机密或专有信息严格保密,并且不得将此类信息透露给任何个人或公司,或以其他方式使用此类信息,其方式与公司与该第三方的协议所允许的有限目的相抵触。

 

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		9.	NON-COMPETITION
                                            AND NON-SOLICITATION 非竞争

 

		(a)	Non-Competition. In consideration of the compensation provided to The Chief Operating Officer by
the Company hereunder, the adequacy of which is hereby acknowledged by the parties hereto, The Chief Operating Officer agrees that during
the Term and for a period of six months following the termination of the Employment for whatever reason, The Chief Operating Officer shall
not engage in Competition (as defined below) with the Group. For purposes of this Agreement, “Competition” by The Chief Operating
Officer shall mean The Chief Operating Officer's engaging in, or otherwise directly or indirectly being employed by or acting as a consultant
or lender to, or being a director, officer, employee, principal, agent, stockholder, member, owner or partner of, or permitting The Chief
Operating Officer's name to be used in connection with the activities of, any other business or organization which competes, directly
or indirectly, with the Group in the Business; provided, however, it shall not be a violation for The Chief Operating Officer
to become the registered or beneficial owner of up to five percent (5%) of any class of the capital stock of a publicly traded corporation
in Competition with the Group, provided that The Chief Operating Officer does not otherwise participate in the business of such corporation.

 

不竞争。考虑到公司根据本协议向首席运营官提供的报酬,并据此获得双方的充分承认,首席运营官同意在任期内以及终止雇用后半年内的任何时间因此,首席运营官不得与本集团进行竞争(定义如下)。就本协议而言,首席运营官的“竞争”是指首席运营官从事或以其他方式直接或间接地受雇于其或担任其顾问,出借人,或担任其董事,高级职员,雇员,委托人,代理人,与任何直接或间接与本集团竞争的其他企业或组织的活动有关的股东,股东,成员,所有者或合伙人,或允许将首席运营官的名字用于该企业;但是,在首席运营官不参与该公司的业务前提下,并且首席运营官拥有不超过该与本公司构成竞争关系的公司任何类别股本的百分之五(5%),并不会违反该规定。

 

		(b)	Non-Solicitation; Non-Interference. During the Term and for a period of six months following the
termination of The Chief Operating Officer's employment for any reason, The Chief Operating Officer agrees that he/she will not, directly
or indirectly, for The Chief Operating Officer's benefit or for the benefit of any other person or entity, do any of the following:

 

不招揽;不干涉。在任期内以及因任何原因终止首席运营官的任职的6个月内,首席运营官同意,他/她将不会直接或间接地为首席运营官的利益或任何其他人的利益或实体,执行以下任一操作:

 

		(1)	solicit or seek to solicit from any customer doing business with the Group during the Term business of
the same or of a similar nature to the Business;

 

在定期业务中与该业务具有相同或相似性质的客户与本集团有业务往来的客户;或

 

    8

     

    

 

		(2)	solicit or seek to solicit from any known potential customer of the Group business of the same or of a
similar nature to that which, whether or not has been the subject of a known written or oral bid, offer or proposal by the Group, or of
substantial preparation with a view to making such a bid, proposal or offer;

 

向本集团业务的任何已知潜在客户招揽或寻求与该集团业务具有相同或相似性质的任何潜在客户,而不论该客户是否已成为本集团的已知书面或口头报价,要约或提议的对象,或进行实质性准备以进行此类出价,提议或要约;

 

		(3)	solicit or seek to solicit the employment or services of, or hire or engage, any person who is employed
or engaged by the Group;

 

征求或寻求征求本集团雇用或雇用的任何人的就业或服务,或雇用或雇用该人;

 

		(4)	assume employment with or provide services to any competitors of the Group, or engage, whether as principal,
partner, licensor or otherwise, any of the Group's competitors, without the Group's prior written consent; or

 

未经本集团事先书面同意,在本集团的任何竞争对手中受雇或为其提供服务,或以本集团的任何竞争对手的身份聘请本集团的任何竞争对手(无论是作为委托人,合伙人,许可人还是其他方式);或

 

otherwise interfere with the business
or accounts of the Group, including, but not limited to, with respect to any relationship or agreement between the Group and any vendor
or supplier.

 

否则会干扰本集团的业务或账户,包括但不限于本集团与任何卖方或供商之间的任何关系或协议。

 

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		10.	ENTIRE
                                            AGREEMENT 合同覆盖

 

The Agreement constitutes
the entire agreement and understanding between The Chief Operating Officer and the Company regarding the terms of the Employment and supersedes
all prior or contemporaneous oral or written agreements concerning such subject matter. The Chief Operating Officer acknowledges that
he/she has not entered into the Agreement in reliance upon any representation, warranty or undertaking which is not set forth in the Agreement.

 

该协议构成了首席运营官与公司之间关于雇佣条款的完整协议和理解,并取代了之前或同期有关该主题的所有口头或书面协议。
首席运营官承认,他/她并未根据协议中未作任何陈述,保证或承诺而订立协议。

 

		11.	GOVERNING
                                            LAW 适用法律果

 

The Agreement shall
be governed by and construed in accordance with the law of the State of New York, U.S.A.

 

本协议应受美国纽约州法律的管辖并根据其解释。

 

		12.	COUNTERPARTS

  

The Agreement may
be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon,
and all of which together shall constitute one and the same instrument. The Agreement shall become binding when one or more counterparts
hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. Photographic
copies of such signed counterparts may be used in lieu of the originals for any purpose.

 

该协议可以在任何数量的对应方中执行,每一个对应方都应被视为是原有人,而不是其上签字的任何一方,并且所有这些共同构成一个相同的文书。
当本协议中的一个或多个对应方单独或合并在一起时,应具有在本协议上反映的所有当事方的签名,该协议具有约束力。
此类签名副本的照相副本或可代替原件用于任何目的。

 

[Remainder of the page intentionally left blank.]

 

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IN WITNESS WHEREOF, the Agreement has been
executed as of the date first written above.

 

	COMPANY 公司:	ICZOOM Group Inc.
	 	a Cayman Islands exempted company
	 	 
	 	By:	(seal)
	 	Title: 	Director

 

 

EXECUTIVE -COO 首席运营官:

 

	 	/s/ Liu Duanrong 
	 	Name: 	Liu Duanrong 刘端蓉

 

 

11Exhibit 10.1
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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
​

SEPARATION AGREEMENT AND GENERAL RELEASE
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This Separation Agreement and General Release (hereinafter “Agreement”) is hereby entered into this 1st day of December between iBio, Inc. (hereinafter “the Company”) and Thomas Isett (hereinafter “Mr. Isett”), who are collectively referred to herein as the “Parties.”  As set forth in more detail below, by signing this Agreement, Mr. Isett understands that he, among other things, is giving up claims (both known and unknown) he might have against the Company, is releasing the Company from all liability, and is agreeing not to file a lawsuit of any kind against the Company.
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Whereas, the Company has decided to relocate its business operations solely to California in conjunction with the reorganization of the Company; and
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Whereas, Mr. Isett, the Chief Executive Officer (CEO) of the Company, in accordance with Section 4(g) of his April 30, 2021 Employment Agreement (“Employment Agreement”) has the right to terminate his employment for Good Reason in the event of the relocation of the Company’s business operations and his primary, corresponding worksite, and Mr. Isett has provided the Company with timely notice of his Good Reason resignation pursuant to Section 4(g) of the Employment Agreement; and
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Now, in consideration of the mutual promises contained herein, and other good and valuable consideration as hereinafter recited, the receipt and adequacy of which is hereby acknowledged, the Parties, intending to be legally bound, agree as follows:
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1.As a result of Mr. Isett’s resignation for Good Reason, Mr. Isett’s final day of employment with the Company shall be December 31, 2022. (“Separation Date”).  However, the Parties agree and acknowledge that, as further clarified in Section 25 of this Agreement, Mr. Isett’s current services to the Company, with the exception of his agreed-to cooperation as to the sale of CDMO, LLC or its assets, as detailed further in Section 9 of this Agreement, will for all practical purposes cease as of Friday, December 2, 2022 at which time the Company acknowledges that, with the approval of the Board, Mr. Isett will use some of his accrued but unused 2022 vacation.
2.Employee Benefits. Unless expressly provided otherwise herein, all employment benefits to which Mr. Isett (and/or any applicable spouse or family member of Mr. Isett) is entitled will expire on December 31, 2022. The Parties expressly agree and acknowledge that Mr. Isett shall qualify for and receive the
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Exhibit A -- PR re Isett departure  (SR Version 11-22-22)(Revised) and Exhibit A -- PR re Isett departure  (SR Version 11-22-22)(Revised) 11/23/2022
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Company’s matching payment for the current Plan year to his 401(k) employee retirement account as provided for under Company policy and applicable Retirement Plan.  Notwithstanding the above, Mr. Isett’s ability to participate in the Company’s 401(k) employee retirement account shall cease as of the Separation Date.
3.Wage Payments. On Mr. Isett’s Separation Date, the Company will pay Mr. Isett his: (i) accrued and unpaid Base Salary in accordance with Section 3(a) of the Employment Agreement; and (ii) any unreimbursed reasonable out-of-pocket expenses incurred by Mr. Isett in connection with the performance of his duties and responsibilities, payable in accordance with Section 3(f) of his Employment Agreement, so long as Mr. Isett submits all requests for reimbursement, along with all appropriate corresponding documentation, by or before Friday, December 16, 2022.
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4.Severance Salary Payment. In accordance with Section 4(j)(i) of the Employment Agreement, the Company agrees that it will pay Mr. Isett, in equal bi-monthly installments of $27,083.33 (consistent with his Base Salary) in accordance with the Company’s regular payroll dates, less all applicable withholdings and lawful deductions, for a period of twenty-four (24) months from the Separation Date commencing with two installment payments in January 2023 and continuing through and including its two final installment payments in December 2024.
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5.Severance Pro Rata Bonus.  In accordance with Section 4(j)(ii) of the Employment Agreement, the Company agrees that it will pay Mr. Isett an amount equal to a pro rata share of any bonus earned by Mr. Isett during the 2023 fiscal year, 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 between July 1, 2022, and the Separation Date.  This amount shall be paid, less all applicable withholdings and lawful deductions, at the time and in the manner the Company pays bonuses to similarly-situated employees.
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6.Severance Target Bonus.  In accordance with Section 4(j)(iii) of the Employment Agreement, the Company agrees that it will pay Mr. Isett a total of $780,000, less all applicable withholdings and lawful deductions, in equal bi-monthly installments in accordance with the Company’s regular payroll dates, for a period of twenty-four (24) months from the Separation Date commencing with two installment payments in January 2023 and continuing through and including its two final installment payments in December 2024.
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7.COBRA. Unless Mr. Isett elects continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) for himself and any applicable spouse or family member, his health insurance benefits will
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end on the final day of the month of the Separation Date.  In accordance with Section 4(j)(iv) of the Employment Agreement, the Company agrees to provide Mr. Isett (and any applicable spouse or family member) his and/or their current level of health insurance benefits (including medical, dental and vision coverage) for eighteen (18) months from the Separation Date and the cessation of coverage related his employment, provided Mr. Isett elects continuation coverage for health insurance under COBRA for himself and any applicable spouse or family member.  Pursuant to Section 4(j) of the Employment Agreement, the Company further agrees to make a lump sum payment (equal to 6-months of COBRA premiums it has most recently paid for Mr. Isett’s and any applicable spouse or family member’s health insurance coverage) to Mr. Isett if he has not obtained alternative employer-provided health insurance coverage by the end of the eighteen (18) month COBRA subsidy period provided for herein.  The Parties agree that this lump sum payment will be made to Mr. Isett by no later than the final business day during the eighteen (18) month COBRA subsidy period provided for herein.
​
8.Company Property.  Mr. Isett agrees that on or before his Separation Date, he will surrender to the Company every item and every document that is the Company's property (including but not limited to keys, credit cards, phones, records, computers, peripherals, computer files, electronic storage devices, notes, memoranda, models, inventory and equipment) or contains Company information, in whatever form; provided, however, the Parties agree and acknowledge that with the consent of the Company, Mr. Isett may retain only those such documents solely related to and only to be used in support of Mr. Isett’s agreed to cooperation (as noted on Section 9 of this Agreement) related to the sale of CDMO, LLC or its assets through March 31, 2023.  All of these materials are the sole and absolute property of the Company and the Company agrees to bear any reasonable expense related to the return of this Company property.  Notwithstanding anything set forth herein to the contrary, the Parties expressly agree that, provided Mr. Isett certifies that he has removed all Company information from such equipment and any external drive or any other means of electronic storage on which he has stored Company information by April 14, 2023,  Mr. Isett shall be permitted to retain: (i) a Dell laptop computer; (ii) a computer docking station; (iii) a computer compatible camera and audio device (i.e., utilized for Zoom and related video conferencing); and (iv) a Microsoft Surface Book – all provided to Mr. Isett by the Company, currently in Mr. Isett’s authorized possession, and currently believed to be in used but operating condition.  The Parties agree that ownership of these used items shall be conveyed “as is” on the “Effective Date” of this Agreement in further consideration of the terms and conditions agreed to by Mr. Isett herein.  In addition, the Company agrees that in lieu of returning Company property which may presently be retained by Mr. Isett in the form of paper files, notes and/or related materials, Mr. Isett shall destroy all such items in lieu of returning them to the Company (at the expense of the Company) and certify to the Company by April 14, 2023 that such has occurred.
​
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9.Cooperation.  Mr. Isett agrees to provide the Company with reasonable assistance from time to time as the Company may request related to the sale of CDMO, LLC or its assets through March 31, 2023, in consideration for which the Company agrees to extend Mr. Isett’s eligibility to receive the 200,000 Restrictive Stock Units (“RSUs”) awarded contingent upon the execution of a definitive agreement for the sale of this business/facility [***].  In addition, through and including December of 2024, Mr. Isett agrees to provide the Company with reasonable assistance from time to time as the Company may request related to litigation, administrative proceedings, or any government investigations related to matters on which he previously worked or is familiar with because such actions were initiated during his employment as CEO of the Company [***].  The aforementioned assistance Mr. Isett agrees to provide shall not be construed as, nor is it intended to involve, any consulting or contractor relationship with or for the Company.  It solely includes, but is not limited to, making himself reasonably available: (i) for interviews by Company counsel, (ii) to assist the Company in fact development, (iii) to analyze documents or data, (iv) to respond to discovery requests, (v) to testify at hearings, depositions, trial or other proceedings, and (vi) to prepare for such testimony.  The Company acknowledges that Mr. Isett’s preference is to participate in such proceedings remotely if doing so would be appropriate under the circumstances, and the Company agrees that it will not unreasonably withhold its consent to any such request.  The Company agrees to cover (including advance as necessary) the costs related to or arising from any such cooperation provided by Mr. Isett and to promptly reimburse Mr. Isett for all related out-of-pocket expenses related to all such assistance provided.  The Parties agree and acknowledge that any such cooperation shall not conflict with the personal and professional obligations of Mr. Isett, including but not limited to any such obligations arising from or related to the care or needs of a family member(s) or his own, personal, medical or related care and obligations.
​
10.General Release and Discharge.  Mr. Isett agrees that, to the maximum extent permitted by law, and in consideration of the payments and consideration described herein, he will, and hereby does, forever and irrevocably release and discharge the Company, its officers, directors, employees, independent contractors, agents, affiliates, parents, subsidiaries, divisions, predecessors, employee benefit plans, purchasers, assigns, representatives, successors and successors in interest (herein collectively referred to as “Releasees”) from any and all claims, causes of action, obligations, contracts, promises, judgments, expenses, costs, attorneys’ fees, compensation, and liabilities, known or unknown, whatsoever which he now has, has had, or may have, in any way arising from or relating to any act, occurrence, or transaction on or before the date of this Agreement, including without limitation his employment and separation of employment from the Company.  This waiver and release does not apply to any claim that may arise after the date that Mr. Isett signs this Agreement.  Mr. Isett hereby acknowledges and understands that this is
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a General Release.  Mr. Isett expressly acknowledges that this General Release includes, but is not limited to, Mr. Isett’s intent to release the Company from any claim relating to his employment at and separation from employment with the Company, including, but not limited to, tort and contract claims, claims for contribution or indemnity, wrongful discharge claims, pension claims, employee benefit claims, severance benefits, workers’ compensation claims, arbitration claims, statutory claims, compensation claims, injunction claims, claims for damages, claims under any state, local or federal wage and hour law or wage payment or collection law, and claims of discrimination, retaliation or harassment based on age, race, color, sex, religion, handicap, disability, national origin, ancestry, citizenship, marital status, sexual orientation, genetic information or any other protected basis, or any other claim of employment discrimination, retaliation or harassment under the Age Discrimination In Employment Act (29 U.S.C. §§ 626 et seq., “ADEA”), Title VII of the Civil Rights Acts of 1964 and 1991 as amended (42 U.S.C. §§ 2000e et seq.), the Civil Rights Act of 1870, 42 U.S.C. § 1981, the Employee Retirement Income Security Act (29 U.S.C. §§ 1001 et seq.), the Consolidated Omnibus Budget Reconciliation Act of 1985 (29 U.S.C. §§ 1161 et seq.), the Americans With Disabilities Act (42 U.S.C. §§ 12101 et seq.), the Family and Medical Leave Act (“FMLA”) (29 U.S.C. §§ 2601 et seq.), the Fair Labor Standards Act (29 U.S.C. §§ 201 et seq.), the Annotated Code of Maryland, and any other law, statute, regulation or ordinance of any kind, including those prohibiting employment discrimination or governing employment.  The Parties agree that nothing in this General Release provision is intended to nor shall effect or release the Company from any of its obligations to Mr. Isett provided for in this Agreement, nor is it intended to nor shall it have any affect or impact on Mr. Isett’s retirement plan rights and interests (including the Company’s obligations with regard thereto both during and after Mr. Isett’s employment with the Company).  The Parties agree that this General Release provision, and the covenant not to sue provision below, survive and remain in full force and effect in the event the Company or any Releasee institutes an action or proceeding against Mr. Isett for breach of any provision of this Agreement.
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11.Other than the wages and benefits described in Sections 2 and 3 of this Agreement, Mr. Isett agrees that he is not otherwise entitled to the above-described consideration and payments from the Company unless he signs this Agreement and does not revoke his assent to this Agreement as set forth herein, and has complied and continues to comply with the Sections 5 and 6 of the Employment Agreement.
12.Reemployment.  If Mr. Isett accepts reemployment with the Company or any affiliate of the Company prior to receiving the payments described under Sections 4 through 6 above, then Mr. Isett shall forfeit such payments and agrees to repay any such payments described in Section 4 through 6 above which have already been received by Mr. Isett.
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13.Mr. Isett represents and agrees that he has not instituted, prosecuted, filed, or processed any litigation, claims or proceedings against the Company or any Releasees.  Mr. Isett agrees, to the maximum extent permitted by law, not to make or file any lawsuits, complaints, or other proceedings against the Company or any Releasee or to join in any such lawsuits, complaints, or other proceedings against the Company or Releasees concerning any matter relating to his employment with the Company, his separation from employment with the Company, or that arose on or prior to the date of this Agreement.  Nothing in this Agreement prohibits Mr. Isett from filing a charge with any government administrative agency (such as the Equal Employment Opportunity Commission), or from testifying, assisting or participating in an investigation, hearing or proceeding conducted by any such agency; however, to the extent permitted by law, Mr. Isett waives the right to receive any individualized relief, such as reinstatement, backpay, or other damages, in a lawsuit or administrative action brought by Mr. Isett or by any government agency on his behalf.  Mr. Isett agrees that if there is any complaint filed in any court or arbitral forum which seeks reinstatement, damages or other remedies for Mr. Isett relating to any claim that is covered by this Agreement, Mr. Isett will, to the extent permitted by law, immediately file a dismissal with prejudice of such claim or remedy.
​
14.Mr. Isett further agrees and covenants that, to the maximum extent permitted by law, he will not (and has not) encourage or voluntarily assist or aid in any way others in making or filing any lawsuits, complaints, or other proceedings against the Company, or any other Releasee.
​
15.Mr. Isett acknowledges and declares that he has been fully compensated for all work performed and time he has worked while employed by the Company, and that he is not owed any compensation, wages, salary, benefits, payments, bonus, equity interest, restricted stock units, remuneration or income from the Company of any kind, except as expressly provided in this Agreement.  Mr. Isett agrees that his nonqualified stock options cease vesting as of his Separation Date and that he forfeits any unvested nonqualified stock options.  Mr. Isett understands the deadline for exercising his vested nonqualified stock options.  Mr. Isett further agrees that except as otherwise provided for herein, he is not entitled to any amount with respect to the Restricted Stock Units described in Section 3(c)(ii) of the Employment Agreement.  The Parties further agree that, in entering into this Agreement, the Company is expressly relying on the foregoing representations by Mr. Isett.  The Parties further agree that these representations are an admission by Mr. Isett and are admissible, if offered by the Company, as a sworn statement of fact by Mr. Isett in any proceeding between the Parties.
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16.The Parties further agree that this Agreement shall be binding upon and inure to the benefit of the personal representatives, heirs, executors, and administrators of Mr. Isett and the heirs, executors, administrators, affiliates,
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successors, predecessors, subsidiaries, divisions, officers, purchasers, agents, assigns, representatives, directors and employees of the Company, that this Agreement contains and comprises the entire agreement and understanding of the Parties, that there are no additional promises, contracts, terms or conditions between the Parties other than those contained herein, except that Mr. Isett agrees to continue to be bound by all of the provisions in Sections 5, 6, and13(a), (b) and (c)  of his Employment Agreement with the Company.
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17.This Agreement shall not be modified except in writing signed by each of the Parties hereto.
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18.If any terms of the above provisions of this Agreement are found null, void or inoperative, for any reason, the remaining provisions will remain in full force and effect.  The language of all parts of this Agreement shall in all cases be construed as a whole, according to its fair meaning, and not strictly for or against either of the Parties.  Notwithstanding anything set forth to the contrary in this Agreement, should any of the provision(s) of this Agreement be found null and void such that Mr. Isett would not be provided with any of the consideration set forth in Sections 4, 5, 6 and 7 of this Agreement, Mr. Isett shall be expressly entitled, at his sole discretion, to (i) accept the Agreement such that it would otherwise continue in full force and effect, (ii) seek and accept a mutually agreed-to modification of the Agreement going forward, (iii) declare the Agreement null and void for lack of consideration or (iv) rescind the agreement as a result of a mutual mistake of law (in that the Agreement, including all of its terms – obligations and consideration – was believed to be and reflect a fully valid and enforceable agreement and meeting of the minds between the Parties and they both entered into the agreement in reliance upon that understanding).
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19.Mr. Isett understands that he has twenty-one (21) days from the date of his receipt of this Agreement, which was November 10, 2022, to consider his decision to sign it, and that he may unilaterally waive this period at his election.  Mr. Isett’s signature on this Agreement constitutes an express waiver of the twenty-one (21) day period if affixed prior to the expiration of that period.  By signing this Agreement, Mr. Isett expressly acknowledges that his decision to sign this Agreement was knowing and voluntary and of his own free will.  The Parties agree that any revisions or modifications to this Agreement, whether material or immaterial, will not and did not restart this time period.
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20.Mr. Isett acknowledges that he may revoke this Agreement only as it pertains to claims under the ADEA for up to and including seven (7) days after his execution of this Agreement, and that the aspects of this Agreement regarding his release of claims under the ADEA shall not become effective until the expiration of seven (7) days from the date of his execution of this Agreement.  This provision regarding revocation shall have no effect on the validity and enforceability of any other term, condition or provision of this Agreement, which
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becomes effective when signed.  In the event that Mr. Isett revokes this Agreement as it pertains to claims under the ADEA before the Company makes the monetary payments described in this Agreement, the Parties agree that, in lieu of the payments set forth in this Agreement, the Company will pay and provide all severance and benefits provided for in this Agreement with the sole exception of the addition lump sum payment equal to 6-months of the COBRA benefits the Company had most recently paid to Mr. Isett over the prior eighteen (18) months, as provided for in Section 7 of this Agreement, the adequacy of which is hereby acknowledged.  Mr. Isett accordingly agrees that, in the event he revokes this Agreement as it pertains to claims under the ADEA, all other provisions of this Agreement are independently supported by adequate consideration and are fully enforceable subject to the express provisions set forth in Section 18 of this Agreement.  Mr. Isett expressly agrees that, in order to be effective, his revocation pursuant to this Section must be in writing and must actually be received by Marc Banjak, at marc.banjak@ibio.com, on or before the seventh day following his execution of this Agreement.
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21.The Parties agree that, to the extent that any provision of this Agreement is determined to be in violation of the Older Workers Benefit Protection Act (“OWBPA”), it should be severed from the Agreement or modified to comply with the OWBPA, without affecting the validity or enforceability of any of the other terms or provisions of the Agreement, subject to the express provisions set forth in Section 18 of this Agreement.
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22.The Company hereby advises Mr. Isett to consult with an attorney prior to executing this Agreement.
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23.Mr. Isett is a “specified employee” for purposes of Section 409A of the Internal Revenue Code (“Section 409A”).  As such, for amounts subject to Section 409A payable to Mr. Isett upon separation from service, payment must be delayed for 6 months.  Mr. Isett and the Company acknowledge and agree that Mr. Isett’s termination of employment is involuntary within the meaning of Section 1.409A-1(b)(9) of the Treasury Regulations, and as such, $610,000 of his separation payments are exempt from Section 409A of the Internal Revenue Code (“Code”).  Amounts payable to Mr. Isett under the terms of this Agreement during the first six months following his separation from service will not exceed $610,000.
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24.Mr. Isett represents, certifies and agrees: (a) that he has carefully read this Agreement and understands all of its terms; (b) that he had a reasonable amount of time to consider his decision to sign this Agreement; (c) that in executing this Agreement he does not rely and has not relied upon any representation or statement made by any of the Company’s agents, representatives, or attorneys with regard to the subject matter, basis, or effect of the Agreement; (d) that he enters into this Agreement voluntarily, of his own free will, without any duress and with knowledge of its meaning and effect; (e) that
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other than as provided for herein, he is not owed any wages by the Company for work performed, whether as wages or salary, overtime, bonuses or commissions, or for accrued but unused paid time off, and that Mr. Isett has been fully compensated for all hours worked; (f) he has reported any violations known to him of the Company’s Code of Business Conduct and Ethics (the “Code”) or of any law by the Company or any Company employee or agent, as required by the Code (g) that Mr. Isett is not aware of any factual basis for a claim that the Company has defrauded the government of the United States or of any State; (h) that Mr. Isett has incurred no work-related injuries; and (i) that Mr. Isett has received all family or medical leave to which he was entitled under the law.  The Company is expressly relying on the foregoing representations and admissions by Mr. Isett, and the Parties agree that such representations are admissible, if offered by the Company, as sworn statements of fact by Mr. Isett in any proceeding between the Parties.
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25.Mr. Isett agrees to resign as an officer and CEO of the company, and to relinquish such duties and rights commensurate with being an officer and CEO of the Company, as of the Effective Date of this Agreement.  Ms. Isett further resigns from any and all other positions held arising from or as a result of his being an officer and CEO of the Company as of the Effective Date of this Agreement. Notwithstanding the above, nor anything to the contrary provided herein, and consistent with the terms of this Agreement, the Parties agree and acknowledge that with the exception of relinquishing his title, duties and rights as an officer and CEO of the Company, Mr. Isett remains a full-time employee of the Company pursuant to his Employment Agreement and its terms, through and including his Separation Date.
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26.Mr. Isett agrees to resign from the Board of Directors of the Company concurrent with the Effective Date of this Agreement.
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27.Immediately following the Effective Date of this Agreement, the Parties agree to the Company issuing a mutually acceptable and expressly approved Press Release regarding Mr. Isett’s resignation as an officer and CEO of the Company, as well as his resignation from the Board of Directors, consistent in form and substance with that attached hereto as Exhibit A to this Agreement.  The Parties agree and acknowledge that the language used and representations asserted in Exhibit A are not intended to nor shall they be considered to be part of the terms of this Agreement, such that they shall not be enforceable nor used to enforce any provision of this Agreement other than this Section 27.
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28.This Agreement may be executed in counterparts, each of which will be deemed an original but all of which together will constitute one and the same instrument.  An originally executed version of this Agreement that is scanned as an image file (e.g., Adobe PDF, TIF, JPEG, etc.) and then delivered by one party to the other party via electronic mail as evidence of signature, shall, for all
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purposes hereof, be deemed an original signature.  In addition, an originally executed version of this Agreement that is delivered via facsimile by one party to the other party as evidence of signature shall, for all purposes hereof, be deemed an original.
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IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the day and year first written above.
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	/S/ Thomas Isett
	    
	December 1, 2022

	Thomas Isett
	​
	Date

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	/S/ William C. Clark
	    
	December 1, 2022

	For iBio, Inc.
	​
	Date

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	Chip Clark
	    
	​

	[Print Name]
	​
	​

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	Chairman of the Board
	    
	​

	Title
	​
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EXHIBIT A
iBio Announces CEO Departure
BRYAN, Texas / December 2, 2022 / (GLOBE NEWSWIRE/ iBio, Inc. (NYSEA:IBIO) (“iBio” or the “Company”), an AI-driven innovator of precision antibody immunotherapies, today announced the Board of Directors (the “Board”) and Thomas F. Isett, the Company’s Chief Executive Officer, have agreed that Mr. Isett will resign  as a member of the Board and relinquish his duties, rights and obligations as an officer and CEO of the Company, effective immediately.  While the Company continues its search for a successor, the leadership team will report to the current Chair of the Board, William (Chip) Clark.
“Tom has helped iBio’s transformation into an AI-powered antibody discovery and development organization,” said Mr. Clark. “Tom’s leadership in the establishment of a portfolio of drug candidates, the acquisition of RubrYc’s proprietary drug discovery engine, building the leadership team, and reshaping our Board of Directors has us positioned for our next chapter.”
“It has been gratifying to have helped iBio through this dynamic and pivotal period of change,” said Mr. Isett.  “I am confident the Company is in good hands.  Many thanks and best wishes for everyone at iBio in the continuing journey to help bring new and better treatments to people suffering with cancer.”
About iBio, Inc.
iBio develops next-generation biopharmaceuticals using computational biology and 3D-modeling of subdominant and conformational epitopes, prospectively enabling the discovery of new antibody treatments for hard-to-target cancers and other diseases. iBio’s mission is to decrease drug failures, shorten drug development timelines, and open up new frontiers against the most promising targets. For more information, visit www.ibioinc.com.
Forward-Looking Statements
Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions and include statements regarding iBio continuing with a search for a new CEO. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, its ability to retain its key employees, or maintain its NYSE American listing; and the other factors discussed in the Company’s filings with the SEC including the Company’s Annual Report on Form 10-K for the

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year ended June 30, 2022 and the Company’s subsequent filings with the SEC on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
Contact:
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Investor Relations
Stephen Kilmer
iBio, Inc.
(646) 274-3580
skilmer@ibioinc.com
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Media Relations
Susan Thomas
IBio, Inc.
(619) 540-9195
Susan.thomas@ibioinc.com

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