Document:

Exhibit 10.15

 

LEAK-OUT AGREEMENT

 

October ●,
2019

 

This agreement (the
 “Leak-Out Agreement”) is being delivered to you in connection with an understanding by and between iBio, Inc.,
a Delaware corporation (the “Company”), and the person or persons named on the signature pages hereto (collectively,
the “Holder”).

 

Reference is hereby
made to (a) the Underwriting Agreement, dated October ●, 2019, by and among the Company and A.G.P./Alliance Global Partners
(“AGP”), as representative of the several underwriters, in connection with the follow-on underwritten public
offering (the “Offering”) of the Company (the “UA”) pursuant to which the Holder and certain
other purchasers acquired (i) shares of Common Stock of the Company (“Shares”), (ii) Series C Convertible Preferred
Stock (the “Preferred”), whose terms are governed by a certain Certificate of Designation of Preferences, Rights
and Limitations of Series C Convertible Preferred Stock, dated October ●, 2019 (the “CoD”), and (iii)
warrants of the Company to purchase Shares, the “Firm Common Warrants,” and together with the Shares and Preferred,
the “Securities”) and (b) the registration statement on Form S-1 (File No. 333-233504) (“Registration
Statement”). Capitalized terms not defined herein shall have the meaning as set forth in the UA, unless otherwise set
forth herein.

 

The Holder agrees solely
with the Company that from the pricing date of the Offering that the UA is entered into by the Company and AGP (the “Effective
Date”) and ending at 4:00 pm (New York City time) on _____, 20191 (such period, the “Restricted
Period”), neither the Holder, nor any affiliate of such Holder which (x) had or has knowledge of the transactions contemplated
by the UA, (y) has or shares discretion relating to such Holder’s investments or trading or information concerning such Holder’s
investments, including in respect of the Securities, or (z) is subject to such Holder’s review or input concerning such affiliate’s
investments or trading (together, the “Holder’s Trading Affiliates”), collectively, shall sell, dispose
or otherwise transfer, directly or indirectly, (including, without limitation, any sales, short sales, swaps or any derivative
transactions that would be equivalent to any sales or short positions) on any Trading Day during the Restricted Period (any such
date, a “Date of Determination”), shares of Common Stock of the Company, or shares of common stock of the Company
underlying any Convertible Securities or Options (each as defined in the CoD), held by the Holder on the date hereof, as well as
the Shares and the shares of Common Stock of the Company issuable upon exercise of the Preferred and Firm Common Warrants (collectively,
the “Restricted Securities”), in an amount representing more than [ ]%2 of the average daily volume
of Common Stock as reported by Bloomberg, LP on each applicable Date of Determination (“Leak-Out Percentage”);
provided that the Leak-Out Percentage shall not be in effect on any day on which the price of the Common Stock trades by 200% over
the Public Offering Price; provided, further, that the foregoing restriction shall not apply to any actual “long” (as
defined in Regulation SHO of the Securities Exchange Act of 1934, as amended) sales by the Holder or any of the Holder’s
Trading Affiliates at a price greater than $0.● (in each case, as adjusted for stock splits, stock dividends, stock combinations,
recapitalizations or other similar events occurring after the date hereof).

 

 

		1	35 days

		2	Pro
rata portion of 35% among investors executing Leak-Out Agreements, based on the aggregate amount to be paid by each such investor
for the Securities.

 

     

     

    

 

Notwithstanding anything
herein to the contrary, during the Restricted Period, the Holder may, directly or indirectly, sell or transfer all, or any part,
of any Restricted Securities to any Person (an “Assignee”) in a transaction which does not need to be reported
on the consolidated tape on the Principal Market, without complying with (or otherwise limited by) the restrictions set forth in
this Leak-Out Agreement; provided, that as a condition to any such sale or transfer an authorized signatory of the Company and
such Assignee duly execute and deliver a leak-out agreement in the form of this Leak-Out Agreement (an “Assignee Agreement”,
and each such transfer a “Permitted Transfer”) and, subsequent to a Permitted Transfer, sales of the Holder
and the Holder’s Trading Affiliates and all Assignees (other than any such sales that constitute Permitted Transfers) shall
be aggregated for all purposes of this Leak-Out Agreement and all Assignee Agreements.

 

Any notices, consents,
waivers or other communications required or permitted to be given under the terms of this Leak-Out Agreement must be in writing
and shall be given in accordance with the terms of the UA.

 

This Leak-Out Agreement
constitutes the entire agreement among the parties hereto with respect to the subject matter hereof and supersedes all prior negotiations,
letters and understandings relating to the subject matter hereof and are fully binding on the parties hereto.

 

This Leak-Out Agreement
may be executed simultaneously in any number of counterparts. Each counterpart shall be deemed to be an original, and all such
counterparts shall constitute one and the same instrument. This Leak-Out Agreement may be executed and accepted by facsimile or
PDF signature and any such signature shall be of the same force and effect as an original signature.

 

The terms of this Leak-Out
Agreement shall be binding upon and shall inure to the benefit of each of the parties hereto and their respective successors and
assigns.

 

This Leak-Out Agreement
may not be amended or modified except in writing signed by each of the parties hereto.

 

All questions concerning
the construction, validity, enforcement and interpretation of this Leak-Out Agreement shall be governed by the applicable provisions
of the UA.

 

Each party hereto acknowledges
that, in view of the uniqueness of the transactions contemplated by this Leak-Out Agreement, the other party or parties hereto
may not have an adequate remedy at law for money damages in the event that this Leak-Out Agreement has not been performed in accordance
with its terms, and therefore agrees that such other party or parties shall be entitled to seek specific enforcement of the terms
hereof in addition to any other remedy it may seek, at law or in equity.

 

     

     

    

  

The Holder acknowledges
that it is not a party to the UA and AGP has acted as representative of the several underwriters and all of the purchasers in the
Offering. The obligations of the Holder under this Leak-Out Agreement are several and not joint with the obligations of any other
holder of any of the Securities issued under the UA (each, an “Other Holder”) or any other holder of any of
the Securities issued under the Registration Statement that is not a signatory to the UA (each, a “Prospectus Purchaser
Other Holder”) under any other agreement, and the Holder shall not be responsible in any way for the performance of the
obligations of any Other Holder or any Prospectus Purchaser Other Holder under any such other agreement. Nothing contained in this
Leak-Out Agreement, and no action taken by the Holder pursuant hereto, shall be deemed to constitute the Holder and Other Holders
or any Prospectus Purchaser Other Holder as a partnership, an association, a joint venture or any other kind of entity, or create
a presumption that the Holder and the Other Holders or any Prospectus Purchaser Other Holder are in any way acting in concert or
as a group with respect to such obligations or the transactions contemplated by this Leak-Out Agreement and the Company acknowledges
that the Holder and the Other Holders or any Prospectus Purchaser Other Holder are not acting in concert or as a group with respect
to such obligations or the transactions contemplated by this Leak-Out Agreement or any other agreement. The Company and the Holder
confirm that the Holder has independently participated in the negotiation of the transactions contemplated hereby with the advice
of its own counsel and advisors. The Holder shall be entitled to independently protect and enforce its rights, including, without
limitation, the rights arising out of this Leak-Out Agreement, and it shall not be necessary for any Other Holder or any Prospectus
Purchaser Other Holder to be joined as an additional party in any proceeding for such purpose.

 

The Company hereby
represents and warrants as of the date hereof and covenants and agrees from and after the date hereof that none of the terms offered
to any Other Holder or any Prospectus Purchaser Other Holder that purchases $250,000 or more of the Securities in the Offering
with respect to any restrictions on the sale of Securities substantially in the form of this Leak-Out Agreement (or any amendment,
modification, waiver or release thereof) (each a “Settlement Document”), is or will be more favorable to such
Other Holder than those of the Holder and this Leak-Out Agreement. If, and whenever on or after the date hereof, the Company enters
into a Settlement Document with terms that are materially different from this Leak-Out Agreement, then (i) the Company shall provide
notice thereof to the Holder promptly following the occurrence thereof and (ii) the terms and conditions of this Leak-Out Agreement
shall be, without any further action by the Holder or the Company, automatically amended and modified in an economically and legally
equivalent manner such that the Holder shall receive the benefit of the more favorable terms and/or conditions (as the case may
be) set forth in such Settlement Document, provided that upon written notice to the Company at any time the Holder may elect not
to accept the benefit of any such amended or modified term or condition, in which event the term or condition contained in this
Leak-Out Agreement shall apply to the Holder as it was in effect immediately prior to such amendment or modification as if such
amendment or modification never occurred with respect to the Holder. The provisions of this paragraph shall apply similarly and
equally to each Settlement Document.

 

[The remainder of the page is intentionally
left blank]

 

     

     

    

 

The parties hereto have executed this Leak-Out Agreement as
of the date first set forth above.

 

	 	Sincerely,	 
	 	 	 
	 	IBIO, INC.	 
	 	 	 	 	 
	 	 	 	 	 
	 	By:	 	 
	 	 	Name: 	 	 
	 	 	Title: 	 	 

 

	Agreed to and Accepted: 
	 	 	 
	“HOLDER”	 
			 
	 	 	 
	By: 		 
	 	Name: 	 
	 	Title: 	 

 

	Acknowledged:
	 	 	 
	A.G.P./Alliance Global Partners
	By:  A.G.P./Alliance Global Partners
	 
	By:		 
	Name: 		 
	Title:Exhibit 10.4

 

SECOND
EXTENSION AND MODIFICATION AGREEMENT

 

Kodak
Brothers Real Estate Cash Flow Fund, LLC

3555
Bee Cave Rd., Ste. 609

Austin,
Texas 78746

 

October
9, 2019

 

Victory
Oilfield Tech, Inc.

3555
Bee Cave Rd., Ste. 608

Austin,
Texas 78746

Gentlemen:

Reference
is made to that certain Loan Agreement, dated as of July 31, 2018, among Victory Oilfield Tech, Inc., a Delaware corporation ("Borrower"),
and Kodak Brothers Real Estate Cash Flow Fund, LLC, a Texas limited liability company ("Lender")
(as it may be further amended, restated, supplemented or otherwise modified through the date hereof, the "Loan
Agreement"), regarding a loan made by Lender to Borrower in the original principal amount of $375,000. Capitalized
terms used but not defined herein shall have the meanings assigned to them in the Loan Agreement.

The
Note referenced in the Loan Agreement provided for an initial Maturity Date of March 31, 2019. Borrower, as Maker under the Note,
subsequently exercised the Term Option referenced in Section l(a) of the Note, thereby extending the Maturity Date until June
30, 2019. Lender and Borrower subsequently executed that certain Extension and Modification Agreement dated July 10, 2019 (the
"First EMA"), extending the Maturity Date to September 30, 2019, increasing the Base Rate of interest applicable to
the Loan and containing other revisions to the Loan and Note as set forth therein.

Lender
and Borrower now wish to extend and modify the terms of the Loan contemplated by the Loan Agreement as set forth in this letter
agreement.

Lender
and Borrower, by execution of this letter agreement (this "Second
Extension and Modification Agreement") hereby agree as follows, with such agreement to
be effective as of September 30, 2019 (the "Effective Date"):

1.
Extension. The Maturity Date set forth in the First EMA is hereby extended from September 30, 2019 to December 30, 2019.
Accordingly, all references to the "Maturity Date" contained in the Loan Documents are hereby deemed amended to reference
December 30, 2019. Such extension is effective for all purposes under the Loan Documents, provided, however, that such extension
is made without prejudice to Lender's rights under the Loan Documents or applicable law to accelerate maturity of the Loan and
Note (and Guarantor's obligations under the Guaranty), to receive interest at the Default Rate, or to exercise any other permissible
and lawful rights or remedies against Borrower or Guarantor upon occurrence of an Event of Default, which rights are fully reserved
by Lender.

 

     

     

    

 

Victory
Oilfield Tech, Inc.

October
9, 2019

Page
2

  

2.
Interest Rate. The Base Rate shall be Seventeen and One-Half Percent (17.5%) per annum, simple interest from and after
September 30, 2019.

3.
Payments of Interest. Principal and Fees. Section l(d) of the Note is hereby restated in its entirety to read as follows:
          "(d) Borrower will prepay interest and make payments of principal and fees under this
Note as follows:

	1.		Borrower
                                         will upon its execution of this letter agreement prepay to Lender interest due for the
                                         fourth quarter of 2019 in the amount of $11,059.03.

	2.		Borrower
                                         will on or before October 14, 2019 pay the sum of$12,500 representing loan due diligence
                                         fees, such fees to be payable $6,250 each to Lender and to Lender's Manager, Kodak Brothers
                                         Capital Management, LLC.

	3.		Borrower
                                         will on or before October 18, 2019 pay the sum of $27,500 representing $25,000 of loan
                                         monitoring fees and $2,500 of loan extension fees, such fees to be payable $13,750 each
                                         to Lender and to Lender's Manager, Kodak Brothers Capital Management, LLC.

	4.		Borrower
                                         will on or before October 31, 2019 pay the sum of$125,000 to Lender as a payment of principal.
                                         Borrower will incur a late fee of $5,000 every 7 days (or portion thereof) that the balance
                                         remains unpaid after October 31, 2019.

	5.		Borrower
                                         will on or before November 29, 2019 pay the sum of $125,000 to Lender as a payment of
                                         principal. Borrower will incur a late fee of $5,000 every 7 days (or portion thereof)
                                         that the balance remains unpaid after November 29, 2019

	6.		Borrower
                                         will on or before December 30, 2019 pay to Lender any unpaid and/or outstanding balances
                                         owed on the Note. If the Note and any late fees or other fees, interest, or principal
                                         is not paid in full by December 30, 2019, Borrower agrees that it will pay $25,000 to
                                         Lender as liquidated damages. Borrower agrees that it would be difficult, if not impossible
                                         to determine the amount of damages caused by Borrower's default and necessity for Lender
                                         to foreclose. Borrower stipulates that the liquidated damages is not a penalty, but rather
                                         a reasonable measure of damages, based on the Parties' experience and the nature of the
                                         losses that may result from the default.

 

4.
Representations and Warranties.

 

     

     

    

Victory
Oilfield Tech, Inc.

October
9, 2019

Page
3

 

	A.		Each
                                         party represents and warrants that it has all requisite power and authority to enter
                                         into this letter agreement, and that such party's execution and delivery of this letter
                                         agreement has been duly authorized by all necessary action on the part of such party.

	B.		Each
                                         party further acknowledges and agrees that the Loan Documents, as amended (including
                                         as amended and modified by this letter agreement), shall continue in full force and effect
                                         and that its rights and obligations thereunder shall not be impaired or limited by the
                                         execution or effectiveness of this letter agreement.

	C.		Each
                                         party represents and warrants that, after giving effect to the amendments and other agreements
                                         made in this letter agreement, all representations and warranties made by it in each
                                         Loan Document are true and correct in all material respects on and as of the date hereof
                                         to the same extent as though made on and as of the date hereof, except to the extent
                                         such representations and warranties specifically relate to an earlier date, in which
                                         case they were true and correct in all material respects on and as of such earlier date.

	D.		No
                                         registration with, consent or approval of, or notice to, or other action to, with or
                                         by, any governmental authority is or will be required in connection with the execution
                                         and delivery by each party of this letter agreement.

	E.		This
                                         letter agreement has been duly executed and delivered by each of the parties and is the
                                         legally valid and binding obligation of such party, enforceable against such party in
                                         accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization,
                                         moratorium or similar laws relating to or limiting creditors' rights generally or by
                                         equitable principles relating to enforceability.

	F.		After
                                         giving effect to the amendments and other agreements made in this letter agreement, each
                                         of Borrower and Guarantor represent and warrant to Lender that no event has occurred
                                         and is continuing that would constitute an Event of Default or a Default.

5.
Agreement by Co-Lenders under Intercreditor Agreement. Each of Stewart Matheson ("Matheson") and Visionary
Private Equity Group I, LP ("VPEG"), as other secured lenders to Borrower and as other Lenders to Borrower under
that certain Intercreditor Agreement by and among Borrower, Kodak, Matheson, and VPEG I (as such terms are defined therein) dated
July 31, 2018 (the "Intercreditor Agreement"), join in the execution of this letter agreement to evidence their
respective consent and agreement to Borrower's entry into this letter agreement and Borrower's agreement to be bound by the terms
and provisions hereof, and to acknowledge that Borrower's entry into this letter agreement does not as of the date hereof, and
will not with the passage of time, constitute an Event of Default under the Intercreditor Agreement, the Matheson Loan Documents,
or the VPEG Loan Documents, respectively.

 

     

     

    

  

Victory
Oilfield Tech, Inc . 

October
9, 2019

Page
4

 

Upon
the execution of a counterpart of this letter agreement by each of Borrower and Lender, and by each of Matheson and VPEG, the
receipt by each such party of a fully executed copy hereof (including by way of counterparts and
by electronic delivery) and the payment by Borrower of any fees or other payments required in connection herewith, this
letter agreement and the conversions, extensions and other agreements contemplated herein shall become effective as of September
30, 2019. Borrower and Lender agree that the aggregate principal amount of the Loan is $375,000 as of the date of this letter
agreement.

After
the effectiveness of this letter agreement in accordance with the preceding paragraph, this letter agreement may only be changed,
modified or varied by written instrument in accordance with the requirements for the modification of Loan Documents pursuant to
Section 8.5 of the Loan Agreement. 

THIS
LETTER AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF.

 

[Remainder
of this page intentionally left blank.]

 

     

     

    

 

Victory
Oilfield Tech, Inc.

October
9, 2019

Page
5

 

This
letter agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each
of which when so executed and delivered shall be deemed an original, but all such
counterparts together shall constitute but one and the same instrument; signature
pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are
physically attached to the same document.

  

	 	Very truly yours,
	 	 
	 	Kodak Brothers Real Estate Cash
    Flow Fund, LLC,
	 	 
	 	By: Kodak Brothers Capital Management,
    LLC, its manager
	 	 
	 	By: 		October
    21, 2019
	 	 	Scott Kodak,
    Manager

	 	 	 
	 	 	Address:	3355
                                    Bee Cave Road,

                                    Suite
                                    609

	 	 	 	Austin, Texas 78746

ACCEPTED
AND AGREED AS OF THE EFFECTIVE DATE:

	 	BORROWER:
	 	 
	 	Victory Oilfield Tech, Inc.
	 	 
	 	By: 	
	 	 	Name: Kevin DeLeon
Title:
    CEO
	 	 	Date: October 17, 2019

 

	 	GUARANTOR:
	 	 
	 	Pro-Tech Hardbanding Services, Inc.
	 	 
	 	By: 	
	 	 	Name: Shawn Grucella
Title:
    General Manager
	 	 	Date: October 17, 2019

 

 

[Additional
Signatures Follow]

     

     

    

Victory
Oilfield Tech, Inc.

October
9, 2019

Page
6

 

 

The
undersigned, in their respective capacities as other secured lenders to Borrower, and as additional Lenders to Borrower under
the Intercreditor Agreement, join in execution of this letter agreement for the purposes set forth in Section 5 above.

 

	 	 
	 	
	 	Stewart
    Matheson
Date: October 17, 2019

 

	 	Visionary Private Equity Group I
    LP
	 	By: Visionary PE GP I, LLC, its General
    Partner
	 	 
	 	
	 	Date:10-11-2019

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