Document:

Exhibit 10.1

  

   

  

  
     

    

    INNOVIVA, INC.

    April 29, 2022

    Pavel Raifeld

      BY EMAIL

    Re: Employment Offer Letter Agreement

    Dear Pavel,

    The purpose of this letter is to set forth the terms of the mutual understanding between Innoviva, Inc. (the “Company”) and you regarding the details of your continued employment with the Company.  The term of your employment with the Company hereunder will
      commence on May 1, 2022 (the “Commencement Date”) and will continue until April 30, 2024 (the “Initial Term”).  The term of your employment hereunder will automatically be
        extended for successive one-year periods (collectively with the Initial Term, the “Term”) unless either party gives written notice of non-extension to the other no later than sixty (60) days prior to the expiration of the then-applicable Term.  Notwithstanding the foregoing, your
      employment hereunder may be earlier terminated in accordance with this letter.

    During the Term, you will continue to serve as the Chief Executive Officer and will report to, and have such duties and
      responsibilities as are assigned from time to time by, the Company’s Board of Directors (the “Board”).  Your principal place of
      employment shall be at the Company’s headquarters in California, although you understand and agree that you may be required to travel from time to time for business reasons.

    As a condition to your employment with the Company, you agree to observe and comply with all of the rules, regulations, policies and
      procedures established by the Company from time to time, as well as all applicable laws and all rules and regulations imposed by any governmental regulatory authority from time to time.  Without limiting the foregoing, you agree that during your
      employment, you will devote your full business time, attention, skill and best efforts to the performance of your duties and responsibilities hereunder and not to engage in any other business or occupation during your employment, including, without
      limitation, any activity that (x) conflicts with the interests of the Company or any of its subsidiaries, (y) interferes with the proper and efficient performance of your duties for the Company, or (z) interferes with your exercise of judgment in the
      Company’s best interests.  Notwithstanding the foregoing, nothing herein shall preclude you from (i) serving, with the prior written consent of the Board, as a member of the boards of directors or advisory boards (or their equivalents in the case of
      a non-corporate entity) of non-competing businesses and charitable organizations, (ii) engaging in charitable activities and community affairs, and (iii) managing your personal investments and affairs; provided, however, that the activities set out in clauses (i), (ii), and (iii)
      shall be limited by you so as not to materially interfere, individually or in the aggregate, with the performance of your duties and responsibilities hereunder.

    Your base salary on an annualized basis will be $455,000 during the portion of the Initial Term beginning May 1, 2022 and ending April
      30, 2023 (the “First Year”) and will be $500,000 during the portion of the Initial Term beginning May 1, 2023 and ending April
      30, 2024 (the “Second Year”).  You will be eligible to receive an annual discretionary bonus, which may, at the discretion of
      the Board or its Compensation Committee (the “Committee”), be based on the Company’s performance against its annual goals and a
      review of your individual performance, and determined at the sole discretion of the Board or the Committee.  The amount of the bonus will be up to 70% of your annual salary during the First Year and up to 80% of your annual base salary during the
      Second Year, which the Board or the Committee may elect to apply on a pro-rated basis for any bonus year for which the maximum bonus opportunity changes mid-year.  You must be an active employee in good standing at the time the bonus is paid in order
      to receive the bonus.  Your bonus, if any, will be paid on the same date that such bonuses are paid to similarly-situated employees of the Company.

    
      
        

    

    Within sixty (60) days following the Commencement Date and subject to the approval of the Board or the Committee, the Company will
      grant you nonqualified options (the “Options”) to purchase 150,000 shares of the Company’s Common Stock in accordance with the
      Company’s standard Notice of Stock Option Grant and Stock Option Agreement.

    During your employment, you will be eligible to participate in all employee benefits plans from time to time adopted by the Company
      and in effect for similarly-situated employees of the Company, and you will be entitled to paid time off and holidays in accordance with Company policy.  Notwithstanding the foregoing, the Company expressly reserves the right to amend, modify or
      terminate any employee benefit plan or policy at any time, with or without notice.  You will also be reimbursed for all pre-approved and documented out-of-pocket business expenses reasonably incurred by you in the course of performing your duties
      hereunder in accordance with the Company’s policies.

    You acknowledge and agree that the Company may withhold and deposit all federal, state and local income and employment taxes that are
      owed with respect to all amounts paid or benefits provided to or for you by the Company.

    While we hope that your employment with the Company be mutually satisfactory, your employment status will be “at-will.”  As a result,
      both you and the Company are free to terminate the employment relationship at any time for any reason, with or without cause.  This is the full and complete agreement between us with respect to the nature of your employment status.  Although your job
      duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures to which you will be subject, may change from time to time, the “at-will” nature of your employment may only be changed in an express writing signed
      by you and a Director of the Company.  Notwithstanding the foregoing, if your employment is terminated by the Company without Cause (as defined below) (other than due to your death or disability), you will be entitled to: (i) continued payment of
      your base salary in accordance with the Company’s regular payroll practices during the longer of (x) the six (6) month period immediately following the date of such termination or (y) the period beginning on the termination date and ending April 30,
      2024, and (ii) continued eligibility to receive a pro-rata bonus (based on the number of full months of employment completed in the year of termination) for the year of termination (less all applicable withholding taxes), subject to the terms and
      conditions of the Company’s bonus program in effect at the time of termination (other than continued employment) including the achievement of any performance conditions, payable at the same time as bonuses are paid to active employees.  Your receipt
      of such severance payments will be conditioned upon your execution, delivery to the Company and non-revocation of a general release of claims in a form acceptable to the Company within sixty (60) days following the date of termination of your
      employment and any payments otherwise payable prior to the effective date of such release shall be automatically delayed until the effective date of the release.  If you fail to return the release on or before the deadline set forth in the form of
      release, or if you revoke the release, then you will not be entitled to any severance payments.  In addition, your receipt of such severance payments will be conditioned upon your continued compliance with this letter and the Restrictive Covenant
      Agreement and upon any breach of such obligations and restrictions, the Company shall be entitled (in addition to any other remedies available under applicable law) to an immediate refund of any such severance payments already received by you.  For
      the avoidance of doubt, your sole and exclusive remedy upon a termination of employment without Cause shall be receipt of the severance payments described herein, and such payments are in lieu of, and not in addition to, any other severance that you
      may be eligible to receive pursuant to any other agreement, plan or policy of the Company or any of its affiliates (collectively, the “Group”).

    
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    For purposes of the above severance provision, “Cause” shall mean your: (i) unauthorized use or disclosure of the confidential information or trade secrets of the Company or any other member of the Group, which use causes material harm to the
      Company or any other member of the Group, (ii) material breach of any written agreement between you and the Company or any other member of the Group, (iii) material failure to comply with the written policies or rules of the Company or any other
      member of the Group, (iv) conviction of, or your plea of “guilty” or “no contest” to, a felony under the laws of the United States or any state thereof, (v) willful misconduct or negligence in the performance of your duties, (vi) continued failure to
      perform lawful assigned duties after receiving written notification from the Board, or (vii) failure to cooperate in good faith with a governmental or internal investigation of the Company or any other member of the Group or their respective
      directors, officers or employees, if the Company has requested your cooperation.

    Any payment otherwise required to be made hereunder to you at any date as a result of the termination of your employment shall be
      delayed for such period of time (the “Delay Period”) as may be necessary to meet the requirements of Section 409A(a)(2)(B)(i)
      of the Internal Revenue Code of 1986, as amended.  On the first business day following the expiration of the Delay Period, you shall be paid, in a single cash lump sum, an amount equal to the aggregate amount of all payments delayed pursuant to the
      preceding sentence, and any remaining payments not so delayed shall continue to be paid pursuant to the payment schedule set forth herein.

    Upon any termination of your employment for any reason, except as may otherwise be requested by the Company in writing and agreed upon
      in writing by you, you will be deemed to have resigned from any and all directorships, committee memberships, and any other positions you hold with the Company or any other member of the Group and you hereby agree to execute any documents that the
      Company (or any member of the Group) determines necessary to effectuate such resignations.

    You represent and warrant that: (i) you are not subject to any legal or contractual duty or agreement that would prevent or prohibit
      you from performing your duties for the Company or complying with this letter, and (ii) you are not in breach of any legal or contractual duty or agreement, including any agreement concerning trade secrets or confidential information, owned by any
      other person or entity.  You further agree that during your employment with the Company and in connection with the performance of your duties for the Company, you will not breach any legal or contractual duty or agreement you entered into with any
      former employer or third party.  You acknowledge that you are in possession of material non-public information regarding the Company and that you will be bound by the Company’s policies with respect to securities trading restrictions during your
      employment with the Company.

    The terms contained in this letter constitute and embody our full and complete understanding and agreement with respect to your
      employment with the Company, and supersede and replace any prior or contemporaneous agreements or understandings, written or oral, concerning such subject matter, including, without limitation, that certain employment offer letter agreement, dated
      May 20, 2020, by and between you and the Company.  For the avoidance of doubt, this letter shall not affect that certain Restrictive Covenant Agreement, dated as of May 20, 2020, by and between you and the Company.  The terms of this letter may be
      modified only by a writing duly executed by you and the Company, and this letter, and your obligations hereunder, may not be assigned by you without the prior written consent of the Company.  The benefits and obligations contained in this letter will
      inure to the benefit of and be binding upon the Company and its respective successors and assigns.  The provisions of this letter will survive any termination of your employment to the extent necessary to give effect thereto.

    This letter is governed by and construed under the laws of the State of California applicable to agreements made and to be performed
      in that state, without regard to conflict of laws rules.  By signing below, you agree that all disputes and claims of any nature that you may have against the Company or any other member of the Group including, without limitation, all statutory,
      contractual, and common law claims and claims pursuant to this letter, will be submitted solely and exclusively first to mandatory mediation and, if mediation is unsuccessful, then to binding arbitration in accordance with the then-current
      arbitration rules and procedures of the Judicial Arbitration Mediation Services (JAMS) to be held in the closest JAMS office to Burlingame, California (or such other location as mutually agreed to by the parties).  All information regarding the
      dispute or claim and mediation and arbitration proceedings, including any settlement, shall not be disclosed by you or any mediator or arbitrator to any third party without the written consent of the Company, except with respect to judicial
      enforcement of any arbitration award.  The cost of any mediation or arbitration will be borne by the non-prevailing party or, if neither party is the prevailing party, such cost will be borne equally between you and the Company, except where
      prohibited by applicable law.

    * * *

    [Remainder of Page Intentionally Blank]

    
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    If you are in agreement with the terms of your employment with the Company described above, please execute this Agreement where
      indicated below and return to me.  The execution of this letter may be by actual or facsimile signature.

    Sincerely,

    INNOVIVA, INC.

    By: ____________________________

      Name:

      Title:

    AGREED AND ACCEPTED as of this

      ___ day of _______, 2022 by:

    _________________________________

      Pavel Raifeld

    

    

    

    

    

    

    

    

    

    

    
      [Signature Page to P. Raifeld Letter Agreement]CONSULTING AGREEMENT
THIS CONSULTING AGREEMENT (“Agreement”) is made as of May 2, 2022 (the “Effective Date”), by and between iBio, Inc., a Delaware corporation, with a principal place of business at 8800 HSC Parkway, Bryan, Texas 77807 (the “Company”), and Randy J. Maddux (“Consultant” and together with Company, the “Parties”).
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R E C I T A L S
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WHEREAS, Company is a biotechnology and biomanufacturing company, developing therapeutics, vaccines, and biomaterials in addition to providing process development services, biomanufacturing services and consulting services to its clients;
WHEREAS, Consultant has developed substantial expertise in a broad array of biopharmaceutical areas including operations, product and process development, quality, regulatory affairs, business development, and platform technologies, and is willing to use this expertise and knowledge to provide consulting services to the Company; and
WHEREAS, Company wishes to engage the services of Consultant to provide the services set forth below and Consultant wishes to provide such services.
NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants set forth below, the parties, intending to be legally bound, agree as follows:
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A G R E E M E N T
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	1.	Consulting Services; Scope of Work.  Company hereby engages Consultant to provide consulting services in his or her fields of expertise and knowledge related to the technologies and product development objectives of the Company (collectively, the “Services”) as more specifically set forth in one or more consecutively numbered Scopes of Work (each, in the form attached hereto as Exhibit A, a “Scope of Work” or “SOW” to this Agreement.  Each SOW is hereby incorporated into this Agreement by this reference.  The terms of this Agreement shall prevail over and govern to the extent of any conflicting or inconsistent terms and conditions in any SOW unless the SOW specifically states that a particular provision in said SOW shall prevail over and govern a certain provision in this Agreement.

	2.	Hours; Location.  Consultant shall provide Company with up to forty (40) hours of Services per month.  All of Consultant’s Services may be performed remotely; provided, however from time-to-time, Consultant agrees to attend conferences, meetings or perform Services at the Company’s place of business (Bryan, Texas or San Diego, California), upon the reasonable request the Company, or at any other location as agreed to by the Parties.

	3.	Consulting Fees; Expenses.  In consideration for the Services, Company shall pay to Consultant fees based on the rates described in the applicable SOW.  Company shall pay for such Services within forth-five (45) days following the end of each month.  Company is under no 

Consulting Agreement (individual)1‌(rev. 11/20)
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		obligation to pay Consultant for any Services performed beyond the scope authorized under a Services Description or for any Service performed without a SOW.  In addition, Consultant shall be entitled to reimbursement of (i) postage, courier services, printing and reproduction expenses necessarily incurred in connection with the Services and (ii) travel related expenses reasonably incurred in connection with the performance of Services that are pre-approved in writing (e-mail shall satisfy this requirement). Expenses related to travel shall be limited to round trip coach class air transportation, standard-sized rental cars and other regular ground transportation, moderately priced hotels, and reasonable and appropriate meals (and excluding alcoholic beverages).   Consultant shall submit to the Company actual receipts to substantiate all such expenses.  

	4.	Consultant’s Representations and Warranties.Consultant hereby represents and warrants as follows:

		4.1	Consultant has the qualifications, licenses (if any are required by law or necessary to perform the Services) and ability to perform the Services in a professional manner, without the advice, control, or supervision of the Company.

		4.2	the performance of the Services by Consultant will not violate any patent, copyright or other proprietary right of any third party.

		4.3	Consultant will perform and deliver the Services in accordance with all applicable laws, ordinances, requirements, directions, rules, statutes, regulations or lawful orders of any governmental authority or agency.

		4.4	Consultant is not a party to any agreement which prohibits, and is not otherwise prohibited from, performing and delivering the Services.

	5.	Indemnification.  Consultant agrees to indemnify, save and hold harmless Company from and against any and all losses, expenses (including, but not limited to, payroll and income taxes and attorneys’ fees), damages, claims, suits, demands, judgments, and causes of action of any nature arising from or as a result of (i) the failure of Consultant to comply with any term or condition of this Agreement, (ii) the breach of any representation or warranty given or made by Consultant, or (iii) any claim or action for actual or alleged infringement of any patent, copyright or other proprietary right of any third party. 

Company agrees to indemnify and hold Consultant harmless from and against any liabilities, losses and expenses, including legal fees, associated with (iv) the failure of Company to comply with any term or condition of this Agreement; or (v) any claim or action for actual or alleged infringement of any patent, copyright or other proprietary right of any third party.
This Section 5 shall survive expiration or termination of the Agreement and any amendments hereto.  
	6.	Proprietary Rights.  

		6.1	During the course of performing the Services, Consultant may, independently or in conjunction with Company, develop information, produce work product, or achieve other results for Company in connection with the Services it and its employees performs for Company.  Consultant agrees that such information, work product, and other results and information developed by Consultant (or its employees performing Services hereunder) and/or Company in connection 

Consulting Agreement (individual)2‌(rev. 11/20)
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			with such Services (hereinafter referred to collectively as the “Work Product”) shall, to the extent permitted by law, be a “work made for hire” within the definition of Section 101 of the Copyright Act (17 U.S.C. § 101), and shall remain the sole and exclusive property of Company. To the extent any Work Product is not deemed to be a work made for hire within the definition of the Copyright Act, Consultant on behalf of itself and its employees performing Services hereunder, with effect from creation of any and all Work Product, hereby assigns, and agrees to assign, to Company all right, title and interest in and to such Work Product, including but not limited to copyright, all rights subsumed thereunder, and all other intellectual property rights, including all extensions and renewals thereof.  Consultant further agrees to provide all assistance reasonably requested by Company, both during and subsequent to the Term of this Agreement, in the establishment, preservation and enforcement of Company’s rights in the Work Product.  Upon the termination of this Agreement, Consultant agrees to, and will cause its employees performing Services hereunder to deliver promptly to Company all printed, electronic, audio-visual, and other tangible manifestations of the Work Product, including all originals and copies thereof.  Consultant for itself and on behalf of its employees performing Services hereunder hereby irrevocably  waives any and all moral rights relating to the Work Product, including but not limited to, any and all rights of identification of authorship and any and all rights of approval, restriction or limitation on use, and subsequent modifications.

		6.2	Consultant agrees with Company that s/he will promptly disclose, in writing to the Company, all inventions, discoveries, concepts, ideas, developments, improvements and innovations, and all expressions of any of the foregoing, whether or not patentable, conceived, developed or first reduced to practice in whole or in part by Consultant, whether alone or with others (including Company employees and/or consultants), during the Term of this Agreement, that (a) relate in any manner to Company’s business or Company’s research and development activities, (b) are suggested by or result from the Services provided by Consultant to the Company, or (c) result from Consultant’s  use of time, materials, intellectual property or facilities of Company (collectively, “Inventions”).  All Inventions are, and shall be, the sole and exclusive property of Company throughout the world; and Consultant hereby assigns all of Consultant’s right, title and interest in and to all Inventions. Consultant agrees that s/he will, at the request and expense of Company, execute, acknowledge and deliver any and all (i) assignments and other documents and instruments of conveyance, (ii) patent applications and all related documentation, and (iii) all other documents, instruments and writings, and to take any and all further actions, as may be considered necessary or desirable by Company to vest title to the Inventions in Company or its designee.

Consultant's obligations under this Section 6 shall survive expiration or termination of the Agreement and any amendments hereto.  Furthermore, Consultant hereby irrevocably waives all rights in and to all Work Product and/or Inventions created or developed hereunder.  Consultant further agrees that if the Company is unable, after reasonable effort, to secure the signature of Consultant on any documents described above, any executive officer of the Company shall be entitled to execute any such documents as the agent and the attorney-in-fact of Consultant, and Consultant hereby irrevocably designates and appoints each executive officer of the Company its agent and attorney-in-fact to execute any such documents on its behalf, and to take any and all actions as the Company may 

Consulting Agreement (individual)3‌(rev. 11/20)
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deem necessary or desirable in order to protect its rights and interests in any Work Product or Invention, under the conditions described in this sentence.
For avoidance of doubt, Company’s undertakings to prefect its rights with respect to Work Product and/or Inventions shall be done at the Company’s sole cost and expense; provided, however, that Consultant shall not be entitled to any further compensation or consideration in connection with its cooperation under this Section 6. 
	7.	Nondisclosure of Confidential and Proprietary Information.  Through his/her performance of the Services, Consultant may have access to certain confidential and proprietary information concerning Company’s organization, employees, and otherwise, including but not limited to, information concerning Company’s organization, trade secrets, knowledge, data, research and development, trial results, or other information of Company relating to products, process, know-how, designs, formulas, test data, customer lists, business plans, marketing plans and strategies, pricing strategies or other subject matter pertaining to any business of Company or any clients, customers, consultants, licensees or affiliates (collectively, the “Confidential Information”).  For the avoidance of doubt, Confidential Information shall also include all Work Product and Inventions, ideas and discoveries which shall become Company’s property pursuant to Section 6, above.  The use of Confidential Information for the benefit of any person or entity other than Company and the disclosure of such information to any person outside of Company would cause severe competitive and financial damage to Company.  Unless expressly authorized by Company, both during and after the Term of this Agreement, Consultant shall not use Confidential Information for his or her own benefit or for the benefit of anyone other than Company, or disclose such information to anyone outside of Company, except in the proper course of Company’s business. Consultant shall use all reasonable efforts to keep this information confidential. Upon the termination of this Agreement, or at any time upon the request of Company, Consultant shall return to Company all printed, audio-visual and electronic documents, data and other materials, including all originals, copies and extracts thereof, containing or referencing any Confidential Information or otherwise relating to Company’s organization or operations, and all other property of Company then in his/her possession.  Consultant understands that s/he will be liable for any loss or damage to the Company that may result from or be attributable to any disclosure of such Confidential Information in violation of the provisions of this Section 7.

All written information, drawings, documents and other materials prepared by Consultant in the performance of the Services hereunder shall be Company’s sole and exclusive property, and will be delivered to Company upon expiration or termination of this Agreement, together with all Confidential Information, if any and regardless of form, that may have been furnished to Consultant hereunder. 
Consultant's obligations under this Section 7 shall survive expiration or termination of the Agreement and any amendments thereto.  
	8.	Injunctive and Other Relief.  Consultant acknowledges that it would be difficult to measure, or to compensate Company adequately for damages caused by a violation of Sections 6 and 7.  Accordingly, Consultant specifically (and knowingly and willingly) agrees that Company shall be entitled to temporary and permanent injunctive relief to enforce the provisions of Sections 6 and 7 in the event of any violation, or threatened or contemplated violation, or any part thereof, without diminishing the right of Company to claim and recover damages in addition to such injunctive relief.

Consulting Agreement (individual)4‌(rev. 11/20)
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This Section 8 shall survive expiration or termination of the Agreement and any amendments thereto.  
	9.	No Conflict; Prior Contracts.  Consultant represents and warrants that he/she has no business, professional, personal, or other interest, including but not limited to the representation of other clients, which would conflict in any manner or degree with the performance of his/her obligations under this Agreement.  If any such actual or potential conflict of interest arises during the Term of this Agreement, Consultant shall immediately inform Company in writing of such conflict. If, in the reasonable judgment of Company, such conflict poses a material conflict to and with the performance of Consultant’s obligations under this Agreement, then Company may terminate the Agreement immediately upon written notice to Consultant; such termination of the Agreement shall be effective upon the receipt of such notice by Consultant.  Consultant further agrees not to disclose to the Company, or bring onto the Company’s premises, or induce the Company to use any confidential information that belongs to anyone other than the Company.  

Nothing herein shall preclude Consultant from engaging in other business activities, so long as such other activities do not violate or are not inconsistent with the terms and conditions of this Agreement, or do not otherwise pose a conflict of interest with Consultant’s obligations under this Agreement. 
	10.	Term and Termination. 

		10.1
	This Agreement shall commence as of the Effective Date and continue for a period of twelve (12) months, unless mutually extended by the Parties (the “Term”).

		10.2
	After the initial twelve (12) months of the Term, the Company may terminate this Agreement for convenience upon thirty (30) days prior written notice to the Consultant.

		10.3
	Consultant may terminate this Agreement for its convenience upon thirty (30) days prior written notice; provided, however, Consultant shall perform any Services that have been committed to be performed by Consultant prior to such notice.

		10.4
	Either Party may terminate this Agreement immediately if the other Party has breached a material term of this Agreement.

		10.5
	Upon expiration or any termination of this Agreement, the Consultant shall promptly deliver to the Company all Confidential Information and property belonging to the Company that is in his/her possession or control, and the Consultant shall retain no copies or reproductions of such Confidential Information.

	11.	Independent Contractor Status.  The Consultant and Company agree and acknowledge that Consultant is that of client and independent contractor and nothing herein shall be construed as creating a relationship of employer and employee, principal and agent, joint venture or partnership between Company and Consultant. Company and Consultant agree that Services will be provided on a non-exclusive basis, and Consultant may perform consulting services for others simultaneously during the Term of this Agreement, subject to the confidentiality obligations in Section 7, above.    Consultant shall neither act nor make any representation that it is authorized to act as an employee, agent or officer of Company and 

Consulting Agreement (individual)5‌(rev. 11/20)
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		shall have no authority to enter into any agreements or contracts on behalf of Company, or to bind Company in any way, and shall not represent, either explicitly or implicitly, that s/he possesses any such authority.  

Consultant shall not be entitled to any of Company’s benefits, including without limitation: (a) income tax withholding; (b) 401(k) or other retirement benefits; (c) medical, health and/or welfare benefits; or (d) other than existing grant agreements as of the Effective Date between the Company and the Consultant, the stock purchase or stock option plans.  Company shall not be responsible to Consultant for the payment or withholding of any federal, state or local income, unemployment or other employment-related taxes in connection with the performance of the Services.  Consultant shall file all required forms and make all federal, state or local tax payments appropriate and necessary to the status of Consultant as an independent contractor and shall not claim any other status.  CONSULTANT SHALL NOT HOLD HIMSELF/HERSELF OUT OR OTHERWISE REPRESENT HIMSELF/HERSELF TO ANY PERSON OR ENTITY AS ANYTHING OTHER THAN AN INDEPENDENT CONTRACTOR OF THE COMPANY  Consultant agrees to indemnify and hold harmless Company from and against any and all claims, judgments, losses, damages (including special and consequential damages), costs and expenses, including actual attorneys' fees and costs, imposed upon or incurred by Company resulting or arising out of any failure of Consultant to pay any such taxes when due.
	12.	Insurance.  Consultant shall also be solely responsible for maintaining, at his/her own cost and expense, policies of medical, disability, life, and other liability insurance. 

	13.	United States Government Obligations.  Consultant acknowledges that the Company from time to time may have agreements with other persons or with the United States Government, or agencies thereof, which impose obligations or restrictions on the Company regarding inventions made during the course of work under such agreements or regarding the confidential nature of such work. Consultant agrees to be bound by all such obligations and restrictions which are made known to Consultant and to take all action necessary to discharge the obligations of the Company under such agreements.

	14.	Export Regulations.  Consultant acknowledges his/her obligations to control access to technical data under the U.S. Export Laws and Regulations and agrees to adhere to such laws and regulations with regard to any technical data received under this Agreement.

	15.	Insider Trading.  Consultant recognizes that in the course of his/her duties hereunder, Consultant may receive from the Company or others information that may be considered "material, nonpublic information" concerning a public company that is subject to the reporting requirements of the Securities and Exchange Act of 1934, as amended. Consultant agrees NOT to: (a) purchase or sell, directly or indirectly, any securities of any company while in possession of relevant material, nonpublic information relating to such company received from the Company or others in connection herewith; (b) provide Company with information with respect to any public company that may be considered material, nonpublic information without the prior written consent of the Company; or (c) communicate any material, nonpublic information to any other person in which it is reasonably foreseeable that such person is likely to (i) purchase or sell securities of Company with respect to which such information relates, or (ii) otherwise directly or indirectly benefit from such information. Without limiting any of the confidentiality and insider trading obligations included in this Agreement, Consultant shall not discuss any information concerning Company obtained by Consultant in the course of performing the Services with any financial, securities or industry analyst or with the media without the prior written consent of Company.

Consulting Agreement (individual)6‌(rev. 11/20)
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	16.	Compliance with Laws and Company Rules.  In the event that rendition of the Services requires Consultant to be located at facilities of the Company, Consultant shall comply with all applicable federal and state laws and regulatory requirements and all safety and health regulations and other rules and policies prescribed by the Company.

	17.	Assignment.  Consultant may not assign any of his/her obligations hereunder without the prior written consent of Company, which may be withheld in its sole discretion.

	18.	Notices.  All notification and communications hereunder shall be in writing.  All notifications made to Company under this Agreement shall be made to the following address:

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iBio, Inc.
8800 HSC Parkway
Bryan, Texas 77807
Attention: Chief Executive Officer
Attention: General Counsel
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All notifications made to Consultant shall be made to Consultant at the address set forth below Consultant’s name on the signature page hereof.
	19.	Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.  Except as set forth in Section 8 above, any controversy or claim between the Company and Consultant arising out of or related to this Agreement or to Services rendered hereunder, or concerning fees and costs owed or paid to Consultant shall be settled by arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association.  The parties further agree that the locale of such arbitration shall be State of Delaware and that judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof.  In the event of litigation or arbitration concerning the Agreement, reasonable attorney fees and costs shall be awarded to the prevailing Party.  

Consultant's obligations under this Section 19 shall survive expiration or termination of the Agreement and any amendments thereto.  
	20.	Amendments.  No modification, amendment, supplement to or waiver of this Agreement or any signed Services Description shall be binding upon the parties hereto unless made in writing and duly signed by both parties.

	21.	Severability.  In the event any one or more of the provisions of this Agreement is held to be invalid or otherwise unforceable, the enforceability of the remaining provisions shall be unimpaired.

	22.	Entire Agreement.  This Agreement, together with all Services Descriptions, and the surviving obligations and rights of the Employment Agreement between the Company and the Consultant, dated, October 30, 2020, contains the entire agreement between the parties, and 

Consulting Agreement (individual)7‌(rev. 11/20)
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		supersedes any and all prior and contemporaneous oral and written agreements and understandings.

[signature page follows]
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Consulting Agreement (individual)8‌(rev. 11/20)
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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Effective Date.
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	iBio, Inc.  (“company”)
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	Randy J. Maddux (“consultant”)

	By:
	/s/ Thomas Isett
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	By:
	/s/ Randy J. Maddux

	Name:
	Thomas Isett
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	Name:
	Randy J. Maddux

	Title:
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	CEO
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	Address
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4738 Plum Road
Monrovia, MD 21770
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Consulting Agreement (individual)9‌(rev. 11/20)
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EXHIBIT A
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SCOPE OF WORK NO. 1
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THIS SCOPE OF WORK NO. 1 is incorporated into and subject to the terms and conditions of that certain Consulting Agreement between iBio, Inc. and Randy Maddux, dated May 2, 2022 together with this Scope of Work, the “Agreement”.
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I.Period of Performance:  
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May 2, 2022 – May 1, 2023 
II.Consultant Responsibilities:
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		a.	Provide input and counsel to Company leadership in the Consultant’s areas of expertise, as requested to meet key goals and strategic objectives of the Company.

		b.	Promptly escalate issues, risks, and opportunities to the Company.

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III.Description of Services:
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		●	External advocate for FastPharming® platform.

		●	Provide Business Development and external communications support as defined by CFBO.

		●	Ad hoc advisor for Process Development and Manufacturing process improvement.  

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IV.Fees and Charges:
Subject to the terms of this Agreement, Company shall pay Consultant fees as follows:
	000

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	Monthly Bill Rate
	Hourly Travel Rate/Maximum Daily Travel Fee 

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$10,000/monthly
	$__N/A___/hour
$__500___/day

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Consulting Agreement (individual)10‌(rev. 11/20)
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