Document:

EX-10.1

 Exhibit 10.1 
  

 
 September 23, 2020 

Mr. Andrew Wiechmann 
 [ADDRESS] 

Dear Andy: 
 I am pleased to confirm our offer for you to become
Chief Financial Officer (“CFO”) of MSCI Inc. (“MSCI” or the “Firm”) effective September 25, 2020. In this position, you will work in the New York office, and will be an Executive Officer and member of the
Firm’s Executive Committee reporting directly to Henry Fernandez, Chairman and Chief Executive Officer. You will be indemnified by the Firm in accordance with the Firm’s by-laws for your services to
and on behalf of the Firm, and will be covered by directors’ and officers’ liability insurance to the same extent as other executive officers of the Firm are so covered. 

The details of our offer are as follows: 
  

	1.	 Compensation. Your target compensation will consist of the following components: 

 

	 	•	 	 Base Salary: Your annual base salary will be $500,000 effective October 1, 2020. You will be eligible
for an adjustment to your base salary beginning in January 2022 and review for adjustment each year thereafter. 

  

	 	•	 	 Annual Incentive Plan (AIP): You will be eligible to participate in MSCI’s Annual Incentive Plan
(“AIP”) with an annual target bonus opportunity of $600,000 effective October 1, 2020. Your actual 2020 bonus under the AIP will be prorated based on the portion of the year to which your target bonus opportunity in your current
position applied and the portion of the year to which your new target bonus opportunity in your position as CFO will apply. Actual AIP payments will be based on the achievement of specific annual metrics and goals aligned with your role.

  

	 	•	 	 70% of your AIP bonus is formulaic and based on specific MSCI financial metrics approved by the Board or the
Compensation and Talent Management Committee (the “Committee”), as the case may be, and aligned to your role. These metrics will be reviewed annually. 

 

	 	•	 	 30% of your AIP bonus is discretionary and tied to the attainment of key performance indicator (“KPI”)
goals and your performance as a leader and manager. 

  

	 	•	 	 Payments, if any, under the AIP are not guarantees or commitments to pay and are subject to the Firm’s
performance as well as your individual performance as determined by management and the Board. All payments under the AIP are contingent upon satisfactory performance and conduct. You must remain employed through the applicable payment date in order
to receive any AIP bonus. 

  
 1 

 

 
  

	 	•	 	 Long- Term Incentive Plan: You will be eligible to receive a discretionary equity award pursuant to
MSCI’s Long Term Incentive Plan (LTIP). You will be eligible for your next annual LTIP award in February 2021. 

  

	 	•	 	 Your LTIP target is $900,000. The design of your LTIP will be aligned with that of other Executive Committee
members with the same mix of equity vehicles, terms and performance period. LTIP awards, if any, will be made pursuant to the terms of the MSCI Inc. 2016 Omnibus Incentive Plan (as may be amended from time to time) (together with any successor plan
thereto, the “Omnibus Plan”) and will be governed by the terms of the Omnibus Plan and the applicable grant agreements thereunder approved by the Board or the Committee. 

 

	 	•	 	 The vesting and settlement of LTIP awards will be contingent upon you remaining employed through the applicable
vesting dates, unless otherwise provided in the applicable grant agreements, and your compliance with the restrictions, terms, and conditions of the award and Omnibus Plan provisions (including, without limitation, the cancellation provisions).

  

	 	•	 	 Any LTIP awards and other incentive compensation that you may receive from MSCI will contain restrictive
covenants with respect to non-competition, non-solicitation, non-hire, non-disparagement,
notice requirements and other restrictions that you must comply with, including after any resignation or termination of your employment with MSCI. 

  

	2.	 Severance. As a member of the Executive Committee, in the event your employment is involuntarily
terminated by the Company not-for-cause, you will be eligible to receive a lump sum cash payment equal to (a) one times the sum of (i) your annual base salary
and (ii) your target annual bonus opportunity plus (b) a prorated cash bonus under the AIP for the year of termination, based on actual performance through the date of termination; provided that the foregoing payment
is subject to your valid execution and non-revocation of an agreement,, in a form satisfactory to MSCI, that includes, among other things, a waiver and general release claims and
non-competition, non-solicitation and non-disparagement provisions. The treatment of your LTIP awards upon the Company’s
involuntary termination of your employment not-for-cause will be determined in accordance with, and subject to, the terms set forth in the Omnibus Plan and the
applicable grant notice governing such awards. 

  

	3.	 Change in Control Severance. As a member of the Executive Committee, you will be eligible to participate
in the MSCI Inc. Change in Control Severance Plan, in accordance with, and subject to, the terms and conditions of such plan. The treatment of your LTIP awards upon a termination of your employment in connection with a change in control transaction
will be determined in accordance with, and subject to, the terms set forth in the Omnibus Plan and the applicable grant notice governing such awards. 

  
 2 

 

 
  

	4.	 Clawback Policy. Any incentive compensation (whether in the form of cash and equity) that you receive
will be subject to the MSCI Inc. Clawback Policy (as may be amended from time to time), which provides that the Firm may recoup incentive compensation in the event of a restatement of financial or other performance-based measures (regardless of
whether detrimental conduct has occurred) or in the event that detrimental conduct results in an increased level of performance goal achievement or otherwise causes material financial and/or reputational harm to the Firm. 

 

	5.	 Ownership Policy. As an Executive Officer, you will be subject to the MSCI Inc. Executive Committee
Stock Ownership Guidelines, which requires you to own shares of MSCI Inc. equal to 4X your base salary within five years of the date of your appointment as CFO. Until the expected stock ownership level is achieved, you are required to retain 50% of
the “net shares” resulting from the vesting, settlement or exercise, as applicable, of all LTIP awards granted to you (assuming a tax rate of 50%). In addition, Executive Officers may be subject to additional holding requirements under the
terms of individual equity awards. 

  

	6.	 Vacation. You will be eligible for 30 days of vacation per annum. Vacation must be taken at a time that
is mutually agreed upon by you and your manager. We ask that you request your vacation time with as much notice as possible. Vacation days do not carry over from year to year. 

 

	7.	 Group Benefits. You will be eligible for benefits consistent with other similarly situated U.S. based
employees. 

  

	8.	 Policies. You agree to comply with all Firm policies and procedures in effect from time to time,
including, without limitation, with respect to conduct, privacy, security, confidential and proprietary information, inventions, technology, securities trading and occupational health and safety. You understand and agree that unless you are granted
a waiver in writing by the Legal and Compliance Department you may be required, upon the commencement of employment, to transfer any brokerage/securities accounts that you may influence or control to a designated institution for surveillance and
review by the MSCI Legal and Compliance Department and that certain restrictions and requirements may be imposed on your trading in any such accounts. Additionally, you must disclose to MSCI all other business activities that you engage in, which
will be subject to review and approval by the MSCI Legal and Compliance Department. You will be reimbursed for business-related expenses in accordance with Firm policy. 

 

	9.	 Taxes. All payments made to you by the Firm are subject to applicable withholdings and deductions and
you are responsible for payment of any applicable taxes that are not withheld. If any provision of this offer letter fails to satisfy the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), or
any Treasury Regulations or guidance promulgated thereunder, or would result in your recognizing income for United States federal income tax purposes with respect to any amount payable hereunder before the date of payment, or to incur interest or
additional tax pursuant to Section 409A of the Code, MSCI reserves the right to reform such provision; provided that MSCI shall maintain, to the maximum extent practicable, the original intent of the applicable provision without violating the
requirements of Section 409A of the Code. 

  
 3 

 

 
  

	10.	 At-Will Employment; No Guaranteed Compensation or Benefits. In
accepting this position, you acknowledge that your employment is on an at-will basis and for an unspecified duration. Neither this offer letter, nor any oral representations shall confer any right to
continuing employment. Either you or MSCI may terminate your employment relationship at any time, with or without cause. You further understand that neither job performance, promotions, accommodations, salary, bonuses nor the like shall imply any
obligation on the part of MSCI to continue your employment. It is expressly agreed that any payments or awards do not create an obligation of, nor entitlement to, future payments or awards by the Firm. Nothing in this letter should be construed as a
guarantee of any level of compensation or benefits or of your participation in any compensation or benefit plan. MSCI reserves the right to amend, modify or terminate, in its sole discretion, all compensation and benefit plans in effect from time to
time. 

  

	11.	 Entire Agreement. This offer letter constitutes the entire understanding and contains a complete
statement of all agreements between you and MSCI and supersedes all prior or contemporaneous oral or written agreements, understandings or communications (including, without limitation, any term sheet or other summary writing relating to your
employment); provided, that all summaries of your equity awards as well as the MSCI Inc. Clawback Policy, the MSCI Inc. Executive Committee Stock Ownership Guidelines and the MSCI Inc. Change in Control Severance Plan are qualified in their entirety
by the full text of the equity award agreements and such policies. 

 We ask that you confirm your acceptance of this offer by signing and
dating this letter in the area designated below and returning this letter via email to [NAME] ([EMAIL]). 
 Andy, we look forward to working with you in
your new role as CFO. 
 Sincerely, 
 /s/ Scott Crum 

Scott Crum 
 Chief Human Resources Officer 

Offer Accepted and Agreed To: 
  

			
	Signed:	 	 /s/ Andrew Wiechmann

		 	Andrew Wiechmann
		
	Date:	 	 September 24. 2020

  
 4Exhibit 4.9

DESCRIPTION OF SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF
THE

SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

iBio, Inc. (the “Company,”
 “we,” “us,” and “our”) has one class of securities registered under Section 12 of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), which is our common stock, par value $0.001 per share
(the “common stock”).

 

General

 

The following is a description of the material
terms of our common stock.  This is a summary only and does not purport to be complete. It is subject to and qualified
in its entirety by reference to our Certificate of Incorporation, as amended (the “Certificate of Incorporation”),
and our First Amended and Restated Bylaws (the “Bylaws”), each of which are incorporated by reference as an exhibit
to our Annual Report on Form 10-K for the fiscal year ended June 30, 2020, of which this Exhibit 4.9 is a part. We encourage
you to read our Certificate of Incorporation, our Bylaws and the applicable provisions of the Delaware General Corporation
Law, for additional information.

 

Description of Common Stock

 

Authorized Shares of Common Stock.  We
currently have authorized 275,000,000 shares of common stock.  As of October 8, 2020, we had 180,287,751 issued and outstanding
shares of common stock.

 

Voting.  The holders of
our common stock are entitled to one vote per share on all matters to be voted upon by the stockholders and are not entitled to
cumulative voting for the election of directors.

 

Dividends.  Subject to
preferences that may be applicable to any then outstanding preferred stock, the holders of common stock are entitled to receive
dividends, if any, as may be declared from time to time by our Board of Directors out of legally available funds.

 

Liquidation. In the event of liquidation,
dissolution or winding up of our company, the holders of common stock are entitled to share ratably in all assets remaining after
payment of liabilities and the preferences of preferred stockholders.

 

Rights and Preferences.  The
holders of our common stock have no preemptive, conversion or other subscription rights, and there are no redemption or sinking
fund provisions applicable to our common stock. The rights, preferences and privileges of the holders of our common stock are subject
to, and may be adversely affected by, the rights of the holders of shares of any series of our preferred stock that is currently
outstanding or that we may designate and issue in the future.

 

Fully Paid and Nonassessable.  All
of our issued and outstanding shares of common stock are fully paid and nonassessable.

 

Potential Anti-Takeover Effects

 

Certain provisions set forth in our Certificate
of Incorporation and Bylaws and in Delaware law, which are summarized below, may be deemed to have an anti-takeover effect and
may delay, deter or prevent a tender offer or takeover attempt that a stockholder might consider to be in its best interests, including
attempts that might result in a premium being paid over the market price for the shares held by stockholders.

 

Pursuant to our Certificate of Incorporation,
our Board of Directors may issue additional shares of common or preferred stock. Any additional issuance of common stock could
have the effect of impeding or discouraging the acquisition of control of us by means of a merger, tender offer, proxy contest
or otherwise, including a transaction in which our stockholders would receive a premium over the market price for their shares,
and thereby protect the continuity of our management. Specifically, if in the due exercise of its fiduciary obligations, the Board
of Directors were to determine that a takeover proposal was not in our best interest, shares could be issued by our Board of Directors
without stockholder approval in one or more transactions that might prevent or render more difficult or costly the completion of
the takeover by: 

 

		·	Diluting the voting or other rights of
the proposed acquirer or insurgent stockholder group;
		·	Putting a substantial voting bloc in institutional
or other hands that might undertake to support the incumbent Board of Directors; or 
		·	Effecting an acquisition that might complicate
or preclude the takeover.

 

Our Certificate of Incorporation also allows
our Board of Directors to fix the number of directors in our Bylaws. Cumulative voting in the election of directors is specifically
denied in our Certificate of Incorporation. The effect of these provisions may be to delay or prevent a tender offer or takeover
attempt that a stockholder may determine to be in his, her or its best interest, including attempts that might result in a premium
over the market price for the shares held by the stockholders.

 

    

     

    

 

In addition to the foregoing, our Certificate
of Incorporation and Bylaws contain the following provisions:

 

Staggered Board. Our Board of Directors
is divided into three classes of directors, Class I, II and III, with each class serving staggered 3-year terms.

 

Nominations of Directors and Proposals
of Business. Our Bylaws generally regulate nominations for election of directors by stockholders and proposals of business
at annual meetings. In general, Sections 1.10 and 1.11 of our Bylaws requires stockholders intending to submit nominations or proposals
at an annual meeting of stockholders to provide the Company with advance notice thereof, including information regarding the nomination
or the stockholder proposing the business as well as information regarding the nominee or the proposed business. Sections 1.10
and 1.11 of our Bylaws provides a time period during which nominations or business must be provided to the Company that will create
a predictable window for the submission of such notices, eliminating the risk that the Company finds a meeting will be contested
after printing its proxy materials for an uncontested election and providing the Company with a reasonable opportunity to respond
to nominations and proposals by stockholders.

 

Board Vacancies. Our Bylaws generally
provide that only the Board of Directors (and not the stockholders) may fill vacancies and newly created directorships.

 

Special Meeting of Stockholders.
  Our Bylaws generally provide that special meetings of stockholders for any purpose or purposes for which meetings may be
lawfully called, may be called at any time by our Board of Directors, the Chairman of the Board, the Chief Executive Officer or
by one or more stockholders holding shares in the aggregate entitled to cast not less than fifty percent (50%) of the votes at
that meeting. Business transacted at any special meeting of stockholders shall be limited to matters relating to the purpose or
purposes stated in the notice of meeting.

 

While the foregoing provisions of our Certificate
of Incorporation, Bylaws and Delaware law may have an anti-takeover effect, these provisions are intended to enhance the likelihood
of continuity and stability in the composition of the Board of Directors and in the policies formulated by the Board of Directors
and to discourage certain types of transactions that may involve an actual or threatened change of control. In that regard, these
provisions are designed to reduce our vulnerability to an unsolicited acquisition proposal. The provisions also are intended to
discourage certain tactics that may be used in proxy fights. However, such provisions could have the effect of discouraging others
from making tender offers for our shares and, as a consequence, they also may inhibit fluctuations in the market price of our common
stock that could result from actual or rumored takeover attempts. Such provisions also may have the effect of preventing changes
in our management.

 

Delaware Takeover Statute

 

In general, Section 203 of the Delaware
General Corporation Law prohibits a Delaware corporation that is a public company from engaging in any “business combination”
(as defined below) with any “interested stockholder” (defined generally as an entity or person beneficially owning
15% or more of the outstanding voting stock of the corporation and any entity or person affiliated with such entity or person)
for a period of three years following the date that such stockholder became an interested stockholder, unless: (1) prior to such
date, the board of directors of the corporation approved either the business combination or the transaction that resulted in the
stockholder becoming an interested stockholder; (2) on consummation of the transaction that resulted in the stockholder becoming
an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at
the time the transaction commenced, excluding for purposes of determining the number of shares outstanding those shares owned (x)
by persons who are directors and also officers and (y) by employee stock plans in which employee participants do not have the right
to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or (3) on or
subsequent to such date, the business combination is approved by the board of directors and authorized at an annual or special
meeting of stockholders, and not by written consent, by the affirmative vote of at least two-thirds of the outstanding voting stock
that is not owned by the interested stockholder.

 

Section 203 of the Delaware General Corporation
Law defines “business combination” to include: (1) any merger or consolidation involving the corporation and the interested
stockholder; (2) any sale, transfer, pledge or other disposition of ten percent or more of the assets of the corporation involving
the interested stockholder; (3) subject to certain exceptions, any transaction that results in the issuance or transfer by the
corporation of any stock of the corporation to the interested stockholder; (4) any transaction involving the corporation that has
the effect of increasing the proportionate share of the stock of any class or series of the corporation beneficially owned by the
interested stockholder; or (5) the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges
or other financial benefits provided by or through the corporation.

 

Listing of Common Stock on the NYSE
American

 

Our common stock is currently listed on
the NYSE American under the trading symbol “IBIO.”

 

Transfer Agent

 

The transfer agent and registrar for our
common stock is Continental Stock Transfer & Trust Company. They are located at 1 State Street, 30th  floor,
New York, New York 10004. Their telephone number is (212) 509-4000.

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