Document:

Exhibit 4.6

 

WARRANT

 

NEITHER THESE SECURITIES NOR THE SECURITIES
ISSUABLE UPON EXERCISE OF THESE SECURITIES HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”) AND APPLICABLE STATE SECURITIES LAWS AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO (I) AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (II) AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT
TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS.
THESE SECURITIES AND THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN
ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

TFF PHARMACEUTICALS, INC.

 

WARRANT TO PURCHASE COMMON STOCK

 

	Warrant No. 18	 	Original Issue Date: May 23, 2019

 

TFF Pharmaceuticals, Inc., a Delaware corporation
(the “Company”), hereby certifies that, for value received, National Securities Corporation, or its permitted
registered assigns (the “Holder”), is entitled to purchase from the Company up to a total of 73,050 shares
of common stock, $0.001 par value (the “Common Stock”), of the Company (each such share, a “Warrant
Share” and all such shares, the “Warrant Shares”) at an exercise price per share equal
to $2.50 (as adjusted from time to time as provided in Section 9 herein, the “Exercise Price”),
at any time and from time to time from on or after the date hereof (the “Trigger Date”) and through and
including 5:00 P.M., prevailing Pacific time, on May 23, 2024 (the “Expiration Date”), and subject to
the following terms and conditions:

 

This Warrant (this
“Warrant”) is one of a series of similar warrants issued pursuant to that certain Engagement Agreement
dated January 26, 2018 between the Company and the Holder (the “Engagement Agreement”). All such warrants
are referred to herein, collectively, as the “Warrants.”

 

1. Definitions.
In addition to the terms defined elsewhere in this Warrant, capitalized terms that are not otherwise defined herein have the meanings
given to such terms in the Engagement Agreement.

 

2. Registration of
Warrants. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder (which shall include the initial Holder or, as the case may be, any
registered assignee to which this Warrant is permissibly assigned hereunder) from time to time. The Company may deem and treat
the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to
the Holder, and for all other purposes, absent actual notice to the contrary.

 

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3. Transfers; Lock-Up
Period.

 

(a) The Company shall
register the transfer of all or any portion of this Warrant in the Warrant Register, upon (i) surrender of this Warrant, with the
Form of Assignment attached as Schedule 2 hereto duly completed and signed, to the Company’s transfer agent or to
the Company at its address specified herein (ii) delivery, at the request of the Company, of an opinion of counsel reasonably satisfactory
to the Company to the effect that the transfer of such portion of this Warrant may be made pursuant to an available exemption from
the registration requirements of the Securities Act of 1933 (“Securities Act”) and all applicable state
securities or blue sky laws and (iii) delivery by the transferee of a written statement to the Company certifying that the transferee
is an “accredited investor” as defined in Rule 501(a) under the Securities Act and making the representations and certifications
as the Company may reasonably request to procure an exemption from section 5 of the Securities Act. Upon any such registration
or transfer, a new warrant to purchase Common Stock in substantially the form of this Warrant (any such new warrant, a “New
Warrant”) evidencing the portion of this Warrant so transferred shall be issued to the transferee, and a New Warrant
evidencing the remaining portion of this Warrant not so transferred, if any, shall be issued to the transferring Holder. The acceptance
of the New Warrant by the transferee thereof shall be deemed the acceptance by such transferee of all of the rights and obligations
of a Holder of a Warrant.

 

(b) The Holder agrees
that in the event of an initial public offering of the Company’s securities, pursuant to the Lock-Up Period (as defined below)
contained in Rule 5110(g)(1) of the Financial Industry Regulatory Authority, Inc. (“FINRA”), it will
not (a) sell, transfer, assign, pledge, hypothecate or otherwise transfer the Warrant (including any Warrant Shares issued or issuable
hereunder) other than to a bona fide officer, partner or other associated person of the Holder or any selected dealer (or any officer,
partner or other associated person thereof) in connection with the initial public offering, in each case in accordance with FINRA
Conduct Rule 5110(g)(1), or (b) cause the Warrant or any Warrant Shares issued or issuable hereunder to be the subject of any hedging,
short sale, derivative, put or call transaction that would result in the effective economic disposition of the Warrant or any Warrant
Shares issued or issuable hereunder, except as provided for in FINRA Rule 5110(g)(2). As used herein, the term “Lock-Up
Period” means the period beginning on the date that a registration statement of the Company under the Securities
Act is declared effective by the Securities and Exchange Commission (the “Effective Date”) and ending
on the one hundred eighty day anniversary of the Effective Date.

 

4. Exercise and Duration of Warrants.

 

(a) All or any part of
this Warrant shall be exercisable by the registered Holder at any time and from time to time on or after the Trigger Date and through
and including 5:00 P.M. prevailing Pacific time on the Expiration Date. At 5:00 P.M., prevailing Pacific time, on the Expiration
Date, the portion of this Warrant not exercised prior thereto shall be and become void and of no value and this Warrant shall be
terminated and no longer outstanding.

 

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(b) The Holder may exercise
this Warrant by delivering to the Company (i) an exercise notice, in the form attached as Schedule 1 hereto (the “Exercise
Notice”), appropriately completed and duly signed, (ii) payment of the Exercise Price for the number of Warrant Shares
as to which this Warrant is being exercised (which may take the form of a “cashless exercise” if so indicated in the
Exercise Notice and if a “cashless exercise” may occur at such time pursuant to Section 10 below), and the date
such items are delivered to the Company (as determined in accordance with the notice provisions hereof) is an “Exercise
Date.” The Holder shall not be required to deliver the original Warrant in order to effect an exercise hereunder.
Execution and delivery of the Exercise Notice shall have the same effect as cancellation of the original Warrant and issuance of
a New Warrant evidencing the right to purchase the remaining number of Warrant Shares.

 

5. Delivery of Warrant
Shares. Upon exercise of this Warrant, the Company shall promptly issue or cause to be issued and cause to be delivered to
or upon the written order of the Holder and in such name or names as the Holder may designate a certificate for the Warrant Shares
issuable upon such exercise, with an appropriate restrictive legend. The Holder, or any Person permissibly so designated by the
Holder to receive Warrant Shares, shall be deemed to have become the holder of record of such Warrant Shares as of the Exercise
Date.

 

6. Charges, Taxes
and Expenses. Issuance and delivery of certificates for shares of Common Stock upon exercise of this Warrant shall be made
without charge to the Holder for any issue or transfer tax, transfer agent fee or other incidental tax or expense in respect of
the issuance of such certificates, all of which taxes and expenses shall be paid by the Company; provided, however, that
the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the registration of
any certificates for Warrant Shares or Warrants in a name other than that of the Holder or an Affiliate thereof. The Holder shall
be responsible for all other tax liability that may arise as a result of holding or transferring this Warrant or receiving Warrant
Shares upon exercise hereof.

 

7. Replacement of
Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange
and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon
receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction (in such case) and, in each case,
a customary and reasonable indemnity (which shall not include a surety bond), if requested. Applicants for a New Warrant under
such circumstances shall also comply with such other reasonable regulations and procedures and pay such other reasonable third-party
costs as the Company may prescribe. If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder
shall deliver such mutilated Warrant to the Company as a condition precedent to the Company’s obligation to issue the New
Warrant.

 

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8. Reservation of
Warrant Shares. The Company covenants that it will at all times reserve and keep available out of the aggregate of its authorized
but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon exercise
of this Warrant as herein provided, the number of Warrant Shares which are then issuable and deliverable upon the exercise of this
entire Warrant, free from preemptive rights or any other contingent purchase rights of persons other than the Holder (taking into
account the adjustments and restrictions of Section 9). The Company covenants that all Warrant Shares so issuable and deliverable
shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly and validly
authorized, issued and fully paid and nonassessable. The Company will take all such action as may be necessary to assure that such
shares of Common Stock may be issued as provided herein without violation of any applicable law or regulation, or of any requirements
of any securities exchange or automated quotation system upon which the Common Shares may be listed.

 

9. Certain Adjustments.
The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment from time to time
as set forth in this Section 9.

 

(a) Stock Dividends
and Splits. If the Company, at any time while this Warrant is outstanding, (i) pays a stock dividend on its Common Stock or
otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii) subdivides its outstanding
shares of Common Stock into a larger number of shares, or (iii) combines its outstanding shares of Common Stock into a smaller
number of shares, then in each such case the Exercise Price shall be multiplied by a fraction, the numerator of which shall be
the number of shares of Common Stock outstanding immediately before such event and the denominator of which shall be the number
of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to clause (i) of this paragraph
shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend
or distribution, and any adjustment pursuant to clause (ii) or (iii) of this paragraph shall become effective immediately after
the effective date of such subdivision or combination.

 

(b) Fundamental Transactions.
If, at any time while this Warrant is outstanding (i) the Company effects any merger or consolidation of the Company with
or into another Person, in which the Company is not the survivor, (ii) the Company effects any sale of all or substantially all
of its assets or a majority of its Common Stock is acquired by a third party, in each case, in one or a series of related transactions,
(iii) any tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which all or substantially
all of the holders of Common Stock are permitted to tender or exchange their shares for other securities, cash or property, or
(iv) the Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common
Stock is effectively converted into or exchanged for other securities, cash or property (other than as a result of a subdivision
or combination of shares of Common Stock covered by Section 9(a) above) (in any such case, a “Fundamental Transaction”),
then the Holder shall have the right thereafter to receive, upon exercise of this Warrant, the same amount and kind of securities,
cash or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been,
immediately prior to such Fundamental Transaction, the holder of the number of Warrant Shares then issuable upon exercise in full
of this Warrant without regard to any limitations on exercise contained herein (the “Alternate Consideration”).
The Company shall not effect any such Fundamental Transaction unless prior to or simultaneously with the consummation thereof,
any successor to the Company, surviving entity or the corporation purchasing or otherwise acquiring such assets or other appropriate
corporation or entity shall assume the obligation to deliver to the Holder, such Alternate Consideration as, in accordance with
the foregoing provisions, the Holder may be entitled to purchase and/or receive (as the case may be), and the other obligations
under this Warrant. The provisions of this paragraph (c) shall similarly apply to subsequent transactions analogous to a Fundamental
Transaction.

 

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(c) Number of Warrant
Shares. Simultaneously with any adjustment to the Exercise Price pursuant to paragraph (a) of this Section, the number of Warrant
Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so that after such
adjustment the aggregate Exercise Price payable hereunder for the increased or decreased number of Warrant Shares shall be the
same as the aggregate Exercise Price in effect immediately prior to such adjustment.

 

(d) Calculations.
All calculations under this Section 9 shall be made to the nearest cent or the nearest 1/100th of a share, as
applicable. The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for
the account of the Company, and the sale or issuance of any such shares shall be considered an issue or sale of Common Stock.

 

(e) Notice of Adjustments.
Upon the occurrence of each adjustment pursuant to this Section 9, the Company at its expense will, at the written
request of the Holder, promptly compute such adjustment, in good faith, in accordance with the terms of this Warrant and prepare
a certificate setting forth such adjustment, including a statement of the adjusted Exercise Price and adjusted number or type of
Warrant Shares or other securities issuable upon exercise of this Warrant (as applicable), describing the transactions giving rise
to such adjustments and showing in detail the facts upon which such adjustment is based. Upon written request, the Company will
promptly deliver a copy of each such certificate to the Holder and to the Company’s transfer agent.

 

(f) Notice of Corporate
Events. If, while this Warrant is outstanding, the Company (i) declares a dividend or any other distribution of cash,
securities or other property in respect of its Common Stock, including, without limitation, any granting of rights or warrants
to subscribe for or purchase any capital stock of the Company, (ii) authorizes or approves, enters into any agreement contemplating
or solicits stockholder approval for any Fundamental Transaction or (iii) authorizes the voluntary dissolution, liquidation or
winding up of the affairs of the Company, then, except if such notice and the contents thereof shall be deemed to constitute material
non-public information, the Company shall deliver to the Holder a notice describing the material terms and conditions of such transaction
at least ten (10) Trading Days prior to the applicable record or effective date on which a Person would need to hold Common Stock
in order to participate in or vote with respect to such transaction, and the Company will take all steps reasonably necessary in
order to insure that the Holder is given the practical opportunity to exercise this Warrant prior to such time so as to participate
in or vote with respect to such transaction; provided, however, that the failure to deliver such notice or any defect therein
shall not affect the validity of the corporate action required to be described in such notice.

 

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10. Payment of Exercise
Price. The Holder shall pay the Exercise Price in immediately available funds; provided, however, the Holder may, in
its sole discretion, commencing on the date that is 18 months from the date of this Warrant, satisfy its obligation to pay the
Exercise Price through a “cashless exercise”, in which event the Company shall issue to the Holder the number of Warrant
Shares determined as follows:

 

X = Y [(A-B)/A]

 

where:

 

X = the number of Warrant Shares to be issued to
the Holder.

 

Y = the total number of Warrant Shares with respect
to which this Warrant is being exercised.

 

A = the average of the Closing Sale Prices of the shares
of Common Stock (as reported by Bloomberg Financial Markets) for the five Trading Days ending on the date immediately preceding
the Exercise Date.

 

B = the Exercise Price then in effect for the applicable
Warrant Shares at the time of such exercise.

 

For purposes of this Warrant, “Closing
Sale Price” means, for any security as of any date, the last trade price for such security on the principal securities
exchange or trading market for such security, as reported by Bloomberg Financial Markets, or, if such exchange or trading market
begins to operate on an extended hours basis and does not designate the last trade price, then the last trade price of such security
prior to 4:00:00 p.m., New York Time, as reported by Bloomberg Financial Markets, or if the foregoing do not apply, the last trade
price of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg
Financial Markets, or, if no last trade price is reported for such security by Bloomberg Financial Markets, the average of the
bid prices, or the ask prices, respectively, of any market makers for such security as reported in the “pink sheets”
by Pink Sheets LLC. If the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing
bases, the Closing Sale Price of such security on such date shall be the fair market value as mutually determined by the Company
and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then the Company
shall, within two business days submit via facsimile (a) the disputed determination of the Warrant Exercise Price to an independent,
reputable investment bank selected by the Company and approved by the Holder or (b) the disputed arithmetic calculation of the
Warrant Shares to the Company’s independent, outside accountant. The Company shall cause at its expense the investment bank
or the accountant, as the case may be, to perform the determinations or calculations and notify the Company and the Holder of the
results no later than ten business days from the time it receives the disputed determinations or calculations. Such investment
bank’s or accountant’s determination or calculation, as the case may be, shall be binding upon all parties absent demonstrable
error. All such determinations to be appropriately adjusted for any stock dividend, stock split, stock combination or other similar
transaction during the applicable calculation period.

 

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For purposes of Rule 144 promulgated under
the Securities Act, it is intended, understood and acknowledged that the Warrant Shares issued in a cashless exercise transaction
shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced,
on the date this Warrant was originally issued pursuant to the Consulting Agreement (provided that the Commission continues to
take the position that such treatment is proper at the time of such exercise).

 

11. Limitation on
Exercises. The Company shall not effect the exercise of this Warrant, and the Holder shall not have the right to exercise this
Warrant, to the extent that after giving effect to such exercise, the Holder (together with such Holder’s affiliates) would
beneficially own in excess of 4.99% (“Maximum Percentage”) of the shares of Common Stock outstanding
immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common
Stock beneficially owned by such Holder and its affiliates shall include the number of shares of Common Stock issuable upon exercise
of this Warrant with respect to which the determination of such sentence is being made, but shall exclude shares of Common Stock
which would be issuable upon (A) exercise of the remaining, unexercised portion of this Warrant beneficially owned by such Holder
and its affiliates and (B) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company
beneficially owned by such Person and its affiliates (including, without limitation, any convertible notes or convertible preferred
stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set
forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section
13(d) of the Securities Exchange Act of 1934, as amended. To the extent that the limitation contained in this Section 11
applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together
with any affiliate) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the
submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable
(in relation to other securities owned by the Holder together with any affiliate) and of which portion of this Warrant is exercisable,
in each case subject to such aggregate percentage limitation, and the Company shall have no obligation to verify or confirm the
accuracy of the determination. For purposes of this Warrant, in determining the number of outstanding shares of Common Stock, the
Holder may rely on the number of outstanding shares of Common Stock as reflected in (1) the Company’s most recent Form 10-K,
Form 10-Q, Current Report on Form 8-K or other public filing with the Securities and Exchange Commission, as the case may be, (2)
a more recent public announcement by the Company or (3) any other notice by the Company setting forth the number of shares of Common
Stock outstanding. For any reason at any time, upon the written or oral request of the Holder, the Company shall within one (1)
business day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the
number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities
of the Company, including this Warrant, by the Holder and its affiliates since the date as of which such number of outstanding
shares of Common Stock was reported. By written notice to the Company, any Holder may decrease the Maximum Percentage to any other
percentage specified in such notice; provided that such decrease will apply only to the Holder sending such notice and not to any
other holder of Warrants. In addition, by written notice to the Company, any Holder may remove the limitations on exercises provided
in this Section 11 entirely; provided that (i) any such removal will not be effective until the 61st day after such
notice is delivered to the Company, and (ii) any such removal will apply only to the Holder sending such notice and not to any
other holder of Warrants. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict
conformity with the terms of this Section 11 to correct this paragraph (or any portion hereof) which may be defective or
inconsistent with the intended beneficial ownership limitation herein contained or to make changes or supplements necessary or
desirable to properly give effect to such limitation.

 

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12. No Fractional
Shares. No fractional Warrant Shares will be issued in connection with any exercise of this Warrant. In lieu of any fractional
shares which would otherwise be issuable, the number of Warrant Shares to be issued shall be rounded up to the next whole number.

 

13. Notices.
Any and all notices or other communications or deliveries hereunder (including, without limitation, any Exercise Notice) shall
be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication
is delivered via email at the email address specified in the Engagement Agreement prior to 5:00 p.m. (prevailing Pacific time)
on a Trading Day, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via
email at the email address specified in the Engagement Agreement t on a day that is not a Trading Day or later than 5:00 p.m. (prevailing
Pacific time) on any Trading Day, (iii) the Trading Day following the date of mailing, if sent by nationally recognized overnight
courier service specifying next business day delivery, or (iv) upon actual receipt by the party to whom such notice is required
to be given, if by hand delivery. The address and facsimile number of a party for such notices or communications shall be as set
forth in the Engagement Agreement unless changed by such party by two Trading Days’ prior notice to the other party in accordance
with this Section 13.

 

14. Warrant Agent.
The Company shall serve as warrant agent under this Warrant. Upon thirty (30) days’ notice to the Holder, the Company may
appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation resulting
from any consolidation to which the Company or any new warrant agent shall be a party or any corporation to which the Company or
any new warrant agent transfers substantially all of its corporate trust or shareholders’ services business shall be a successor
warrant agent under this Warrant without any further act. Any such successor warrant agent shall promptly cause notice of its succession
as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s last address as shown
on the Warrant Register.

 

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15. Registration
Rights. The Company agrees that the Holder and its assigns will have registration rights covering the resale of the Warrant
Shares, including “piggyback” registration rights on the registrations of the Company or demand registrations (voting
with the other registrable securities to effect any such demand), no less favorable than those granted to any other person by the
Company prior or subsequent to the date of this Warrant. At such time, and from time to time, as the Company enters into an agreement
subsequent to the date of this Warrant pursuant to which the Company grants any third party rights with respect to the Company’s
registration of Company securities under the Securities Act held by such party, the Company shall offer to enter into a formal
written registration rights agreement with the Holder and its assigns on substantially the same terms and such other terms as are
customary and usual for agreements of such nature.

 

16. Miscellaneous.

 

(a) The Holder, solely
in such Person’s capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the
holder of share capital of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon
the Holder, solely in such Person’s capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company
or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification
of stock, consolidation, merger, amalgamation, conveyance or otherwise), receive notice of meetings, receive dividends or subscription
rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon
the due exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities
on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether
such liabilities are asserted by the Company or by creditors of the Company. Notwithstanding this Section 16(a), the Company
shall provide the Holder with copies of the same notices and other information given to the shareholders of the Company, contemporaneously
with the giving thereof to the shareholders.

 

(b) Subject to the restrictions
on transfer set forth on the first page hereof, and compliance with applicable securities laws, this Warrant may be assigned by
the Holder. This Warrant may not be assigned by the Company except to a successor in the event of a Fundamental Transaction. This
Warrant shall be binding on and inure to the benefit of the parties hereto and their respective successors and assigns. Subject
to the preceding sentence, nothing in this Warrant shall be construed to give to any Person other than the Company and the Holder
any legal or equitable right, remedy or cause of action under this Warrant. This Warrant may be amended only in writing signed
by the Company and the Holder, or their successors and assigns.

 

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(c) GOVERNING LAW; VENUE;
WAIVER OF JURY TRIAL. ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS WARRANT SHALL
BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES
OF CONFLICTS OF LAW THEREOF. EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS
SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH
OR WITH ANY TRANSACTION CONTEMPLATED HEREBY OR DISCUSSED HEREIN (INCLUDING WITH RESPECT TO THE ENFORCEMENT OF ANY OF THE TRANSACTION
DOCUMENTS), AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT
PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, THAT SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER. EACH PARTY HEREBY IRREVOCABLY
WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY
THEREOF VIA REGISTERED OR CERTIFIED MAIL OR OVERNIGHT DELIVERY (WITH EVIDENCE OF DELIVERY) TO SUCH PARTY AT THE ADDRESS IN EFFECT
FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND
NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED
BY LAW. THE COMPANY HEREBY WAIVES ALL RIGHTS TO A TRIAL BY JURY. 

 

(d) The headings herein
are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect any of the provisions
hereof.

 

(e) In case any one or
more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability of the
remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby, and the parties will attempt
in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable substitute therefor, and
upon so agreeing, shall incorporate such substitute provision in this Warrant.

 

(f) Except as otherwise
set forth herein, prior to exercise of this Warrant, the Holder hereof shall not, by reason of by being a Holder, be entitled to
any rights of a stockholder with respect to the Warrant Shares.

 

IN WITNESS WHEREOF, the Company has caused this Warrant to be
duly executed by its authorized officer as of the date first indicated above.

 

	 	“Company”
	 	 
	 	/s/ Glenn Mattes
	 	By: Glenn Mattes, President

   

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SCHEDULE 1

 

FORM OF EXERCISE NOTICE

 

(To be executed by the Holder to exercise
the right to purchase shares

of Common Stock under the foregoing Warrant)

 

Ladies and Gentlemen:

 

(1) The undersigned
is the Holder of Warrant No. __________ (the “Warrant”) issued by TFF Pharmaceuticals, Inc. (the “Company”).
Capitalized terms used herein and not otherwise defined herein have the respective meanings set forth in the Warrant.

 

(2) The undersigned
hereby exercises its right to purchase __________ Warrant Shares pursuant to the Warrant.

 

(3) The Holder intends
that payment of the Exercise Price shall be made as (check one):

 

		☐	Cash Exercise

 

		☐	“Cashless Exercise” under Section 10

 

(4) If the Holder has
elected a Cash Exercise, the Holder shall pay the sum of $_______ in immediately available funds to the Company in accordance with
the terms of the Warrant.

 

(5) Pursuant to this
Exercise Notice, the Company shall deliver to the Holder _____________ Warrant Shares in accordance with the terms of the Warrant.

  

Dated:_______________, _____

 

[Company]

 

_____________________________________

By:

 

(Signature must conform in all respects
to name of Holder as specified on the face of the Warrant)

 

    11

     

    

 

SCHEDULE 2

 

FORM OF ASSIGNMENT

 

[To be completed and signed only upon transfer
of Warrant]

 

FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto                             
(the “Transferee” the right represented by the within Warrant to purchase                 
shares of Common Stock of TFF Pharmaceuticals, Inc. (the “Company”) to which the within Warrant relates
and appoints                             
attorney to transfer said right on the books of the Company with full power of substitution in the premises. In connection therewith,
the undersigned represents, warrants, covenants and agrees to and with the Company that:

 

		(a)	the offer and sale of the Warrant contemplated hereby
is being made in compliance with Section 4(a)(1) of the United States Securities Act of 1933, as amended (the “Securities
Act”) or another valid exemption from the registration requirements of Section 5 of the Securities Act and in compliance
with all applicable securities laws of the states of the United States;

 

		(b)	the undersigned has not offered to sell the Warrant
by any form of general solicitation or general advertising, including, but not limited to, any advertisement, article, notice
or other communication published in any newspaper, magazine or similar media or broadcast over television or radio, and any seminar
or meeting whose attendees have been invited by any general solicitation or general advertising;

 

		(c)	the undersigned has read the Transferee’s investment
letter included herewith, and to its actual knowledge, the statements made therein are true and correct; and

 

		(d)	the undersigned understands that the Company may condition
the transfer of the Warrant contemplated hereby upon the delivery to the Company by the undersigned or the Transferee, as the
case may be, of a written opinion of counsel (which opinion shall be in form, substance and scope customary for opinions of counsel
in comparable transactions) to the effect that such transfer may be made without registration under the Securities Act and under
applicable securities laws of the states of the United States.

 

	Dated:_______________, _____ 	 	 
	 	 	 
	[Company]	 	 
	 	 	 
	_____________________________________	 	 
	By:	 	 
	 	 	 
	(Signature must conform in all respects to name of Holder as specified on the face of the Warrant)	 	 
	 	 	Address of Transferee
	 	 	 
	 	 	 
	 	 	 

 

In the presence of:

 

 

12Exhibit 10.13

 

AMENDMENT
#1 TO PATENT LICENSE AGREEMENT

 

This
Amendment #1 to the Patent License Agreement (“Amendment”) is made and entered into as of November 30, 2018 (“Amendment
Effective Date”) by and between TFF Pharmaceuticals, Inc. (“Licensee”) and The University of Texas at Austin,
on behalf of the Board of Regents of the University of Texas System (“Licensor”), an agency of the State of Texas.

 

Background

 

		A.	The
                                         Licensor and Lung Therapeutics, Inc. entered into a Patent License Agreement (UTA Agreement
                                         No. PM1504101-A) with an Effective Date of July 8 2015, (the “Patent License Agreement”).
                                         Capitalized terms used herein without definition shall have meanings given to them in
                                         the Patent License Agreement.

 

		B.	Lung
                                         Therapeutics, Inc. assigned the Patent License Agreement to TFF Pharmaceuticals, Inc.
                                         on January 24, 2018.

 

		C.	Licensor
                                         consented to said assignment on March 9, 2018.

 

		D.	As
                                         assignee of the Patent License Agreement No. PM1504101-A, and pursuant to Section 15(c)
                                         of the Patent License Agreement, Licensee hereby agrees to accept all interests, rights,
                                         duties and obligations of the Licensee under the Patent License Agreement, and agrees
                                         to comply with all terms and conditions of the Patent License Agreement.

 

		E.	The
                                         Licensor and Licensee now wish to amend the Patent License Agreement as set forth below.

 

    
CONFIDENTIAL
Page 1 of 17

     

    

 

NOW,
THEREFORE, it is hereby agreed as follows:

 

		1.	Section
                                         1 of the Patent License Agreement (Definitions) shall be deleted and replaced with the
                                         following:

 

	1.
    Definitions
	 	Effective
    Date	Date
    of last signature
	 	Licensor	The
    University of Texas at Austin, on behalf of the Board of Regents of the University of Texas System, an agency of the State
    of Texas, whose address is 3925 W. Braker Lane, Suite 1.9A (R3500), Austin, Texas 78759.
	 	Licensee	TFF
    Pharmaceuticals, Inc., a Delaware Corporation, with its principal place of business at 2801 Via Fortuna, Suite 425, Austin,
    Texas 78746
	 	Contract
    Year and Contract Quarters	Check
                                         one box to correspond with Licensee fiscal year and quarters)

                                                                                                                                                                

        ☒ 
        Contract Year is 12-month period ending on December 31 and Contract Quarters are 3-month periods ending on March 31, June
        30, Sept. 30, Dec. 31

         

        OR

         

        ☐
        Other: Contract Year is 12-month period ending on (specify): [month and day]; Contract Quarters are 3-month periods ending
        on (specify): [month and day, Q1], [month and day, Q2], [month and day, Q3], [month and day, Q4]

	 	Territory	Worldwide
	 	Field	☒ All
fields

                                                                                                                                                               

         

        OR

         

        ☐ Limited
        fields

         

        Field:
        [Describe field of use] Field: [Describe field of use]

        If
        the Field is not “All Fields” and “Limited fields” is checked,

        Excluded
        Fields include:

        Excluded
        Field: [Describe excluded field of use]

        Excluded
        Field: [Describe excluded field of use]

	 	Patent
    Rights	(See
    Exhibit B)
	 	Mandatory
    Sublicensing	None
	 	USPTO
    Entity Status as of Effective Date	Check
                                         one box:

        ☒ 
        Small

        ☐ Large

 

    
CONFIDENTIAL
Page 2 of 17

     

    

 

		2.	Section
                                         2.4 of the Patent License Agreement (Diligence Milestones) shall be deleted and replaced
                                         with the following:

 

	2.4.
    Diligence Milestones
	 	Milestones
    and deadlines	Milestone
    Events	Deadlines
	 	 	1.	 Receive $14 million in aggregate financing	Complete
	 	 	2. 	Enter into a sponsored research agreement with the lab
of Dr. Robert O. Williams III for $129,000	Complete
	 	 	3. 	Enter into a sponsored research agreement with the lab
of Dr. Robert O. Williams III for $200,000 , with a start date after May 1, 2019	May
    31, 2019
	 	 	4. 	IND submission for TFF-VORI Licensed Product	December
    31, 2019
	 	 	5.	 Enter into a sponsored research agreement with the lab
of Dr. Robert O. Williams III for $200,000, with a start date after May 1, 2020	May
    31, 2020
	 	 	6.	 Final Phase II report submitted to Complete FDA for
TFF-VORI Licensed Product $200,000 , with a start date after May 1, 2021	December
    31, 2020
	 	 	7.	 Enter into a sponsored research agreement with the lab
of Dr. Robert O. Williams III for $200,000 , with a start date after May 1, 2021	May
    31, 2021
	 	 	8. 	Final Phase III report submitted to FDA for TFF-VORI
Licensed Product	December
    31, 2021
	 	 	9.	 FDA regulatory approval for TFF- VORI Licensed Product	December
    31, 2022
	 	 	10. 	Final Phase I report submitted to FDA for TFF-TAC Licensed
Product	December
    31, 2024

 

		3.	Section
                                         3.1(a) of the Patent License Agreement (Compensation) shall be deleted and replaced with
                                         the following:

 

	3.
    Compensation
	3.1(a)	Patent
    expenses	Amount
    and due date	based
    on invoices received as of:
	 	 	$22,350.56
    due on December 18, 2018	December
    7, 2018
	 	 	$47,089.55
    due on July 8, 2019	December
    7, 2018
	 	 	$47,089.55
    due on January 8, 2020	December
    7, 2018

 

    
CONFIDENTIAL
Page 3 of 17

     

    

 

		4.	Section
3.1(b) of the Patent License Agreement (Milestone fees) shall be deleted and replaced with the following:

 

	 	 	 	 
	3.1(b)	Milestone
    Fees	Milestone
    Events	Milestone
    Fees
	 	 	IND
    Approval on first indication of Licensed Product	$50,000
	 	 	Submission
    of final Phase II report for first Licensed Product (FDA or foreign equivalent)	$100,000
	 	 	Submission
    of final Phase III report for first Licensed Product (FDA or foreign equivalent)	$250,000
	 	 	Regulatory
    approval for first Licensed Product (FDA or foreign equivalent)	$500,000
	 	 	Regulatory
    approval for second Licensed Product or second indication of first Licensed Product (FDA or foreign equivalent)	$500,000

 

		5.	Section
                                         3.1(d) of the Patent License Agreement (Sublicense Fees) shall be deleted and replaced
                                         with the following:

 

	 	 	 
	3.1(d)	Sublicense
    Fees	15%
                                         of Non-Royalty Sublicense Consideration from a Sublicense Agreement executed before 1st
                                         human testing of Licensed Product in a clinical trial;

                                                                                                                                                                

        7.5%
        of Non-Royalty Sublicense Consideration from a Sublicense Agreement executed after 1st human testing of Licensed Product
        in a clinical trial.

         

        5%
        of Non-Royalty Sublicense Consideration from a Sublicense Agreement executed after FDA Regulatory approval of Licensed
        Product.

 

    
CONFIDENTIAL
Page 4 of 17

     

    

 

		6.	Section
                                         18 of the Patent License Agreement (Contact Information) shall be deleted and replaced
                                         with the following:

 

	18.
    Contact Information
	 	Licensee
    Contacts	Licensor
    Contacts
	 	Contact
                                         for Notice:

                                         Attn: Glenn Mattes

                                         Fax: 2801 Via Fortuna, Suite 425,

 Austin, Texas 78746

                                         Phone: 215-880-2632

                                         E-mail:gmattes@tffpharma.com &

                                         glnmtts@aol.com

                                                                                                                                                                    

        Accounting
        contact:

        Attn: Kirk Coleman

        2801 Via Fortuna, Suite 425,

        Austin, Texas 78746

        Fax: N/A

        Phone: 817-989-6358

        E-mail: kcoleman@tffpharma.com

         

        Patent
        prosecution contact:

        Attn: Kirk Coleman

        2801 Via Fortuna, Suite 425,

        Austin, Texas 78746

        Fax: N/A

        Phone: 817-989-6358

        E-mail: kcoleman@tffpharma.com
	Contact
                                         for Notice:

                                         Attn: Contract Manager

                                         3925 W. Braker Lane, Suite 1.9A (R3500)

                                         Austin, TX 78759

                                         Fax: 512.475.6894

                                         Phone: 512.471.2995

                                         E-mail: licensing@otc.utexas.edu

                                                                                                                                                                    

        Payment
        and reporting contact:

        Checks
        payable to “The University of Texas at Austin”

        Attn: Accounting/Compliance

        3925 W. Braker Lane, Suite 1.9A (R3500)

        Austin, TX 78759

        Fax: 512.475.6894

        Phone: 512.471.2995

        E-mail: accounting@otc.utexas.edu;

        compliance@otc.utexas.edu

         

        Patent
        prosecution contact:

        Attn: Patents

        3925 W. Braker Lane, Suite 1.9A (R3500)

        Austin, TX 78759

        Fax: 512.475.6894

        Phone: 512.471.2995

        E-mail: patents@otc.utexas.edu

 

		7.	Special
                                         Provision 20.1 of the Patent License Agreement shall be deleted in its entirety.

 

		8.	Special
                                         Provision 20.2 of the Patent License Agreement shall be deleted in its entirety.

 

		9.	Section
                                         2.3(d) in the Terms and Conditions shall be deleted in its entirety.

 

		10.	Section
                                         3.1 of the Terms and Conditions, shall be deleted and replaced with the following:

 

3.1
Non-Royalty Payments due from Licensee

 

		(a)	Patent
                                         Expenses. Licensee will reimburse Licensor for all past patent expenses stated in
                                         Section 3.1(a) of the Patent License Agreement within 15 days of the corresponding due
                                         date. The stated amount is the current estimate for past patent expenses based on invoices
                                         received by the Licensor through the stated date. Licensee’s obligations to pay
                                         all past and future patent expenses pursuant to Section 6 (Patent Expenses and Prosecution)
                                         will not be limited by such amount.

 

    
CONFIDENTIAL
Page 5 of 17

     

    

 

		11.	A
                                         new section 3.5 is added to the Terms and Conditions, which provides in full as follows:

 

3.5
Equity Consideration for License Grant

 

		(a)	In
                                         partial consideration of the rights granted to Licensee by Licensor in the Patent License
                                         Agreement, Licensee will issue to Licensor that number of shares (the “Shares”)
                                         of the common stock of the company, $0.001 par value per share (the “Common Stock”),
                                         of Licensee, representing 1% of Licensee’s outstanding shares of Common Stock,
                                         on a fully diluted basis, as of 30 days after IND approval for first Licensed Product.

 

		(b)	All
                                         Shares issued to Licensor under this Section 3.5 will be considered fully paid, non-assessable,
                                         and have no requirement of contribution of any kind to Licensee. Stock certificates representing
                                         such Shares shall be issued in the name of Licensor indicated in Section 1 of the Patent
                                         License Agreement. The address of record shall be the payment and reporting contact address
                                         set forth in Section 18 (Notices) of the Patent License Agreement, as amended by this
                                         Amendment.

 

		(c)	The
                                         Licensor agrees that, during the period beginning on and including the close of an initial
                                         public offering of the Common Stock (“IPO Effective Date”) through and including
                                         the twelve-month anniversary of the IPO Effective Date (the “Lock-Up Period”),
                                         the Licensor, or any affiliated party of the Licensor, will not, without the prior written
                                         consent of the Company, directly or indirectly: (i) offer, pledge, sell, contract to
                                         sell, sell any option or contract to purchase, purchase any option or contract to sell,
                                         grant any option, right or warrant to purchase, lend or otherwise transfer or dispose
                                         of any shares of Common Stock or any securities convertible into or exercisable or exchangeable
                                         for Common Stock, whether now owned or hereafter acquired by the Licensor or with respect
                                         to which the Licensor has or hereafter acquires the power of disposition, or (ii) enter
                                         into any swap or other agreement, arrangement or transaction that transfers to another,
                                         in whole or in part, directly or indirectly, any of the economic consequence of ownership
                                         of any shares of Common Stock or any securities convertible into or exercisable or exchangeable
                                         for any Common Stock, whether any such transaction is to be settled by delivery of Common
                                         Stock, other securities, in cash or otherwise. Notwithstanding the provisions set forth
                                         in this Section 3.5(c), the Licensor may, without the prior written consent of the Company,
                                         transfer any shares of Common Stock acquired in an open market purchase following the
                                         IPO Effective Date.

 

    
CONFIDENTIAL
Page 6 of 17

     

    

 

		(d)	Prior
                                         to the effective date of the first registration statement filed by Licensee for the offering
                                         of its securities to the general public, (i) Licensor shall be entitled to receive all
                                         financial statements, budgets and business plans of Licensee that Licensee provides to
                                         any other shareholder, lender or prospective investor of Licensee, at the same time and
                                         in the same format as provided to such other parties, and (ii) Licensor shall be entitled
                                         to access to such other financial information and books and records of Licensee as Licensor
                                         may reasonably request from time to time and in any event, annually.

  

		12.	Exhibits
                                         B and C shall be deleted in their entirety and replaced with Exhibit B in this Amendment.

 

		13.	Agreement
                                         in Full Force and Effect. Except as expressly provided in this Amendment, all other
                                         terms, conditions and provisions of the Patent License Agreement shall continue in full
                                         force and effect as provided therein.

 

[SIGNATURE
PAGE TO FOLLOW]

 

    
CONFIDENTIAL
Page 7 of 17

     

    

 

IN
WITNESS WHEREOF, the Licensor and Licensee have entered into this Agreement effective as of the date fist set forth above.

 

	THE
    UNIVERSITY OF TEXAS AS AUSTIN ON BEHALF OF THE BOARD OF REGENTS OF THE UNIVERSITY OF TEXAS SYSTEM	 	TFF
    Pharmaceuticals, Inc.
	 	 	 
	By:	/s/
    Les Nichols	 	By:	/s/
    Kirk Coleman
	Les
    Nichols	 	Name:	Kirk
    Coleman
	Interim
    Director	 	Title:	Chief
    FinancCial Officer
	Office
    of Technology Commercialization	 		
	 	 		
	Date:	12/18/2018	 	Date:	12/21/2018

 

    
CONFIDENTIAL
Page 8 of 17

     

    

 

EXHIBIT
B

Patient Rights

 

	App.
    No./

    Date of

    Filing	Title	Inventor(s)	Jointly
    Owned?

    (Y/N; if Y, with

    whom?)	Prosecution

    Counsel
	Canada
                                         Serial No. 2,678,455

        Filed
        on 08/14/2009
	Enhanced
    Delivery of Immunosuppressive Drug Compositions for Pulmonary Delivery (5175 WIL)	Keith
                                         P. Johnston

        Jason
        T. McConville

        Jay
        I. Peters

        True
        L. Rogers

        Prapasri
        Sinswat

        Robert
        L. Talbert Jr.

        Alan
        B. Watts

        Robert
        O. Williams III
	☒ Yes,
                                                                                                                                                               w/ UT Health San Antonio

        ☐ No
	Parker
    Highlander
	US
                                         Serial No. 12/522,774, Issued US Patent No. 9,044,391

        Filed
        on

        07/10/2009
	Enhanced
    Delivery of Immunosuppressive Drug Compositions for Pulmonary Delivery (5175 WIL)	Keith
                                         P. Johnston

        Jason
        T. McConville

        Jay
        I. Peters

        True
        L. Rogers

        Prapasri
        Sinswat

        Robert
        L. Talbert Jr.

        Alan
        B. Watts

        Robert
        O. Williams III
	☒ Yes, w/ UT Health San Antonio

        ☐ No
	Parker
    Highlander
	US
                                         Provisional Serial No. 60/884,383

        Filed
        on

        1/10/2007
	Enhanced
    Delivery of Immunosuppressive Drug Compositions For Pulmonary Delivery (5175 WIL)	Keith
                                         P. Johnston

        Jason
        T. McConville

        Jay
        I. Peters

        Prapasri
        Sinswat

        Robert
        L. Talbert Jr.

        Robert
        O. Williams III
	☒
                                                                                                                                                               Yes, w/ UT Health San Antonio

        ☐
        No
	Parker
    Highlander
	US
                                         Serial No. 14/621,337

        Continuation
        of 12/522,774

        Filed
        on

        02/12/2015
	Enhanced
    Delivery of Immunosuppressive Drug Compositions for Pulmonary Delivery (5175 WIL)	Keith
                                         P. Johnston

        Jason
        T. McConville

        Jay
        I. Peters

        True
        L. Rogers

        Prapasri
        Sinswat

        Robert
        L. Talbert Jr.

        Alan
        B. Watts

        Robert
        O. Williams III
	☒
                                                                                                                                                               Yes, w/ UT Health San Antonio

        ☐ No
	Parker
    Highlander
	European
    Issued Patent No. 2124898 Validated in in France, Spain, Germany, and Great Britain	Enhanced
    Delivery of Immunosuppressive Drug Compositions for Pulmonary Delivery (5175 WIL)	Keith
                                         P. Johnston

        Jason
        T. McConville

        Jay
        I. Peters

        True
        L. Rogers

        Prapasri
        Sinswat

        Robert
        L. Talbert Jr.

        Alan
        B. Watts

        Robert
        O. Williams III
	☒
                                                                                                                                                               Yes, w/ UT Health San Antonio

        ☐
        No
	Parker
    Highlander

 

    
CONFIDENTIAL
Page 9 of 17

     

    

 

	App.
    No./

    Date of

    Filing	Title	Inventor(s)	Jointly
    Owned?

    (Y/N; if Y, with

    whom?)	Prosecution

    Counsel
	PCT/US2008
                                         /050795

        Filed
        on 01/10/2008
	Enhanced
    Delivery of Immunosuppressive Drug Compositions for Pulmonary Delivery (5175 WIL)	Keith
                                         P. Johnston

        Jason
        T. McConville

        Jay
        I. Peters

        True
        L. Rogers

        Prapasri
        Sinswat

        Robert
        L. Talbert Jr.

        Alan
        B. Watts

        Robert
        O. Williams III
	☒
                                                                                                                                                               Yes, w/ UT Health San Antonio

        ☐ No
	Parker
    Highlander
	US
                                         Serial No. 11/660,012, Issued US Patent 9,061,027

        Filed
        on

        08/15/2007
	Enhanced
    Delivery of Drug Compositions to Treat Life Threatening Infections (2802 WIL)	Robert
                                         O. Williams III

        Keith
        P. Johnston

        Jason
        T. McConville

        Robert
        L. Talbert Jr.

        David
        S. Burgess

        Jay
        I. Peters

        Brian
        D. Scherzer

        Christopher
        J. Tucker

        David
        A. Hayes

        Ian
        B. Gillespie

        James
        E. Hitt

        Nicholas
        S. Beck

        Paula
        C. Garcia

        True
        L. Rogers

        Timothy
        J. Young
	☒
                                                                                                                                                               Yes, w/ UT Health San Antonio

        Also
        subject to INT-27237603 with Dow

        ☒ No
	Parker
    Highlander
	US
                                         Serial No. 14/713,156, Issued US Patent No. 9,724,344

        Continuation
        of 11/660,012

        Filed
        on 05/15/2015
	Enhanced
    Delivery Of Drug Compositions To Treat Life Threatening Infections (2802 WIL)	James
                                         E. Hitt

        True
        L. Rogers

        Brian
        D. Scherzer

        Ian
        B. Gillespie

        Paula
        C. Garcia

        Nicholas
        S. Beck

        Christopher
        J. Tucker

        Timothy
        J. Young

        David
        A. Hayes

        Robert
        O. Williams III

        Keith
        P. Johnston

        Jason
        T. McConville

        Jay
        I. Peters

        Robert
        L. Talbert Jr.

        David
        S. Burgess
	☒ Yes,
                                                                                                                                                               w/ UT Health San Antonio

        Also
        subject to INT-27237603 with Dow

        ☐ 
        No
	Parker
    Highlander

 

    
CONFIDENTIAL
Page 10 of 17

     

    

 

	App.
    No./

    Date of

    Filing	Title	Inventor(s)	Jointly
    Owned?

    (Y/N; if Y, with

    whom?)	Prosecution

    Counsel
	PCT/US2005
    /030543	Enhanced
    Delivery of Drug Compositions to Treat Life Threatening Infections (2802 WIL)	Robert
                                         O. Williams III

        Keith
        P. Johnston

        Jason
        T. McConville

        Robert
        L. Talbert Jr.

        David
        S. Burgess

        Jay
        I. Peters

        Brian
        D. Scherzer

        Christopher
        J. Tucker

        David
        A. Hayes

        Ian
        B. Gillespie

        James
        E. Hitt

        Nicholas
        S. Beck

        Paula
        C. Garcia

        True
        L. Rogers

        Timothy
        J. Young
	☒ Yes,
                                                                                                                                                               w/ UT Health San Antonio

        Also
        subject to INT-27237603 with Dow

        ☐ No
	Parker
    Highlander
	US
                                         Provisional Serial No. 60/605,179

        Filed
        on 8/27/2004
	Enhanced
    Delivery of Drug Compositions to Treat Life Threatening Infections (2802 WIL)	Robert
                                         O. Williams III

        Keith
        P. Johnston

        Jason
        T. McConville

        James
        E. Hitt

        True
        L. Rogers

        Ian
        B. Gillespie

        Brian
        D. Scherzer

        Paula
        C. Garcia

        Nicholas
        S. Beck

        Christopher
        J. Tucker

        Timothy
        J. Young

        David
        A. Hayes

        Jay
        I. Peters

        Robert
        Talbert

        David
        Burgess
	☐

        ☒ 
        No

        Also
        subject to with INT-27237603 with Dow
	Parker
    Highlander
	US
                                         Serial No. 12/778,795 Issued as US Patent 10,092,512

        Continuation
        in Part of US Serial No. 12/371,573

        Filed
        on

        02/13/2009
	Compositions
    and Methods of Making Brittle-Matrix Particles Through Blister Pack Freezing (5408 JOH)	Keith
                                         P. Johnston

        Jasmine
        Tam (Rowe)

        Robert
        O. Williams III

        Alan
        B. Watts

        Joshua
        Engstrom
	☐ Yes,

        ☒ No
	Parker
    Highlander

 

    
CONFIDENTIAL
Page 11 of 17

     

    

 

	App.
    No./

    Date of

    Filing	Title	Inventor(s)	Jointly
    Owned?

    (Y/N; if Y, with

    whom?)	Prosecution

    Counsel
	16/115,888
    

Filed on 08/29/2018	Compositions
    and Methods of Making Brittle-Matrix Particles Through Blister Pack Freezing (5408 JOH)	Keith
                                         P. Johnston

        Jasmine
        Tam (Rowe)

        Robert
        O. Williams III

        Alan
        B. Watts

        Joshua
        Engstrom
	☐
                                                                                                                                                               Yes,

        ☒ No
	Parker
    Highlander
	US
                                         Serial No. 10/639,361, Issued US Patent No. 9,175,906

        Filed
        on 08/12/2003
	Process
    for Production of Nanoparticles and Microparticles by Spray Freezing Into Liquid (5612 DOW)	Brian
                                         D. Scherzer

        James
        E. Hitt

        Jonathan
        C. Evans
	☐
                                                                                                                                                               Yes,

        ☒ No,
        IP was assigned from Dow to The Board of Regents of The University of Texas per INT-27237603
	Parker
    Highlander
	US
                                         Serial No. 14/861,046.

        Divisional
        of 10/639,361

        Filed
        on 08/12/2003
	Process
    for Production of Nanoparticles and Microparticles by Spray Freezing Into Liquid (5612 DOW)	Brian
                                         D. Scherzer

        James
        E. Hitt

        Jonthan
        C. Evans
	☐ Yes,

        ☒
        No, IP was assigned from Dow to The Board of Regents of The University of Texas per INT-27237603
	Parker
    Highlander
	Japanese
                                         Serial No. 2004- 566896, Issued Patent No. 4933732

        Filed
        on

        08/12/2003
	Drug
    Particles From Freezing onto a Surface (5612 DOW)	Brian
                                         D. Scherzer

        James
        E. Hitt

        Jonathan
        C. Evans
	☐Yes,

        ☒ No,
        IP was assigned from Dow to The Board of Regents of The University of Texas per INT-27237603
	Parker
    Highlander

 

    
CONFIDENTIAL
Page 12 of 17

     

    

 

	App.
    No./

    Date of

    Filing	Title	Inventor(s)	Jointly
    Owned?

    (Y/N; if Y, with

    whom?)	Prosecution

    Counsel
	Singaporean
                                         Serial No. 200504247.8, Issued Patent No. 112782

        Filed
        on 08/12/2003
	Drug
    Particles From Freezing onto a Surface (5612 DOW)	Brian
                                         D. Scherzer

        James
        E. Hitt

        Jonthan
        C. Evans
	☐Yes,

        ☒ No,
        IP was assigned from Dow to The Board of Regents of The University of Texas per INT-27237603
	Parker
    Highlander
	US
                                         Serial No. 15/570,828

        Filed
        on 10/31/17
	Multidrug
                                         Brittle Matrix Compositions

        (6677
        WIL and 6678 WIL)
	Robert
                                         O. Williams III

        Alan
        B. Watts

        Jay
        I. Peters
	☒Yes,
w/ UT Health San Antonio

        ☐
	Parker
    Highlander
	US
                                         Serial No. 62/156,052

        Filed
        on 09/02/2015
	Multidrug
                                         Brittle Matrix Compositions

        (6677
        WIL and 6678 WIL)
	Robert
                                         O. Williams III

        Alan
        B. Watts

        Jay
        I. Peters
	☒ Yes,
                                                                                                                                                               w/ UT Health San Antonio

        ☐
	Parker
    Highlander
	PCT/US15/4
    8093	Multidrug
                                         Brittle

                                         Matrix

        Compositions
        (6677 WIL and 6678 WIL)
	Robert
                                         O. Williams III

        Alan
        B. Watts

        Jay
        I. Peters
	☒
                                                                                                                                                               Yes, w/ UT Health San Antonio

        ☐
	Parker
    Highlander
	Australian
                                         Serial No. 2015393953

        Filed
        on: 10/16/17
	Multidrug
                                         Brittle Matrix Compositions

        (6677
        WIL and 6678 WIL)
	Robert
                                         O. Williams III

        Alan
        B. Watts

        Jay
        I. Peters
	☒
                                                                                                                                                               Yes, w/ UT Health San Antonio

        ☐
	Parker
    Highlander
	Brazilian
                                         Serial No. 1120170233 517

        Filed
        on: 10/30/17
	Multidrug
                                         Brittle Matrix Compositions

        (6677
        WIL and 6678 WIL)
	Robert
                                         O. Williams III

        Alan
        B. Watts

        Jay
        I. Peters
	☒ Yes,
                                                                                                                                                               w/ UT Health San Antonio

        ☐
	Parker
    Highlander
	Canadian
                                         Serial No. 2,983,427

        Filed
        on: 10/20/17
	Multidrug
                                         Brittle Matrix Compositions

        (6677
        WIL and 6678 WIL)
	Robert
                                         O. Williams III

        Alan
        B. Watts

        Jay
        I. Peters
	☒ Yes,
                                                                                                                                                               w/ UT Health San Antonio

        ☐
	Parker
    Highlander

 

    
CONFIDENTIAL
Page 13 of 17

     

    

 

	App.
    No./

    Date of

    Filing	Title	Inventor(s)	Jointly
    Owned?

    (Y/N; if Y, with

    whom?)	Prosecution

    Counsel
	Chinese
                                         Serial No. 2015008051 7.9

        Filed
        on: 11/29/17
	Multidrug
                                         Brittle Matrix Compositions

        (6677
        WIL and 6678 WIL)
	Robert
                                         O. Williams III

        Alan
        B. Watts

        Jay
        I. Peters
	☒
                                                                                                                                                               Yes, w/ UT Health San Antonio

        ☐
	Parker
    Highlander
	European
                                         Serial No. 15766292.5

        Filed
        on: 11/16/17
	Multidrug
                                         Brittle Matrix Compositions

        (6677
        WIL and 6678 WIL)
	Robert
                                         O. Williams III

        Alan
        B. Watts

        Jay
        I. Peters
	☒ Yes,
                                                                                                                                                               w/ UT Health San Antonio

        ☐
	Parker
    Highlander
	Indian
                                         Serial No. 2017170402 47

        Filed
        on: 11/10/17
	Multidrug
                                         Brittle Matrix Compositions

        (6677
        WIL and 6678 WIL)
	Robert
                                         O. Williams III

        Alan
        B. Watts

        Jay
        I. Peters
	☒
                                                                                                                                                               Yes, w/ UT Health San Antonio

        ☐
	Parker
    Highlander
	Japanese
                                         Serial No. 2017-557057

        Filed
        on: 10/31/17
	Multidrug
                                         Brittle Matrix Compositions

        (6677
        WIL and 6678 WIL)
	Robert
                                         O. Williams III

        Alan
        B. Watts

        Jay
        I. Peters
	☒
                                                                                                                                                               Yes, w/ UT Health San Antonio

        ☐
	Parker
    Highlander
	Korean
                                         Serial No. 10-2017- 7034565

        Filed
        on: 11/29/17
	Multidrug
                                         Brittle Matrix Compositions

        (6677
        WIL and 6678 WIL)
	Robert
                                         O. Williams III

        Alan
        B. Watts

        Jay
        I. Peters
	☒ Yes,
                                                                                                                                                               w/ UT Health San Antonio

        ☐
	Parker
    Highlander
	US
                                         Serial No. 12/371,573

        Filed
        on 2/13/2009
	Templated
    Open Flocs of Anisotropic Particles for Enhanced Pulmonary Delivery (5312 JOH)	Keith
                                         P. Johnston

        Jasmine
        Tam (Rowe)

        Robert
        O. Williams III

        Alan
        B. Watts

        Joshua
        D. Engstrom
	☐ Yes,

        ☒ No
	Parker
    Highlander
	Canada
                                         Issued Patent No. 2,723,314

        Filed
        on 2/13/2009
	Templated
    Open Flocs of Anisotropic Particles for Enhanced Pulmonary Delivery (5312 JOH)	Joshua
                                         D. Engstrom

        Keith
        P. Johnston

        Jasmine
        Tam (Rowe)

        Robert
        O. Williams III
	☐ Yes,

        ☒ No
	Parker
    Highlander

 

    
CONFIDENTIAL
Page 14 of 17

     

    

 

	App.
    No./

    Date of

    Filing	Title	Inventor(s)	Jointly
    Owned?

    (Y/N; if Y, with

    whom?)	Prosecution

    Counsel
	Australia
                                         Issued Patent No. 2009214443

        Filed
        on 2/13/2009
	Templated
    Open Flocs of Anisotropic Particles for Enhanced Pulmonary Delivery (5312 JOH)	Joshua
                                         D. Engstrom

        Keith
        P. Johnston

        Jasmine
        Tam (Rowe)

        Robert
        O. Williams III
	☐ Yes,

        ☒ No
	Parker
    Highlander
	European
                                         Serial No. 09709833.9, Issued Patent No. 2252275

        Validated
        in Belgium, Denmark, Finland, France, Germany, Ireland, Luxembourg, Monaco, Netherlands, Norway, Sweden, Switzerland,
        and Great Britain

        Filed
        on 9/13/2010
	Templated
    Open Flocs of Anisotropic Particles for Enhanced Pulmonary Delivery (5312 JOH)	Joshua
                                         D. Engstrom

        Keith
        P. Johnston

        Jasmine
        Tam (Rowe)

        Robert
        O. Williams III
	☐ Yes,

        ☒ No
	Parker
    Highlander
	US
                                         Serial No. 61/028,218

        Filed
        on 2/13/2008
	Non-Settling
    Flocs for Surfactant-Free Enhanced Pulmonary Delivery with Pressurized Metered Dose Inhalers (5312 JOH)	Joshua
                                         D. Engstrom

        Keith
        P. Johnston

        Jasmine
        Tam (Rowe)
	☐ Yes,

        ☒ No
	Parker
    Highlander
	PCT/US2009
                                         /034162

        Filed
        on 2/13/2009
	Templated
    Open Flocs of Anisotropic Particles for Enhanced Pulmonary Delivery (5312 JOH)	Joshua
                                         D. Engstrom

        Keith
        P. Johnston

        Jasmine
        Tam (Rowe)
	☐ Yes,

        ☒ No
	Parker
    Highlander

 

    
CONFIDENTIAL
Page 15 of 17

     

    

 

	App.
    No./

    Date of

    Filing	Title	Inventor(s)	Jointly
    Owned?

    (Y/N; if Y, with

    whom?)	Prosecution

    Counsel
	US
                                         Serial No. 14/603,211, Issued US Patent 9,622,974

        Division
        of 12/665,308 Filed on 01/22/15
	Formation
    of Stable Submicron Peptide or Protein Particles by Thin Film Freezing (5254 JOH)	Keith
                                         P. Johnston

        Joshua
        D. Engstrom

        Robert
        O. Williams III
	☐ Yes,

        ☒ No
	Parker
    Highlander
	US
                                         Serial No. 15/479,137

        Continuation
        of 14/603,211.

        Filed
        on 04/04/17
	Formation
    of Stable Submicron Peptide or Protein Particles by Thin Film Freezing (5254 JOH)	Keith
                                         P. Johnston

        Joshua
        D. Engstrom

        Robert
        O. Williams III
	☐ Yes,

        ☒ No
	Parker
    Highlander
	Europe
                                         Serial No. 08771657.7, Issued Patent No. 2170283

        Filed
        on 01/22/2010
	Formation
    of Stable Submicron Peptide or Protein Particles by Thin Film Freezing (5254 JOH)	Keith
                                         P. Johnston

        Joshua
        D. Engstrom

        Robert
        O. Williams III
	☐ Yes,

        ☒ No
	Parker
    Highlander
	US
                                         Serial No. 12/665,386, Issued US Patent No. 8,968,786

        Filed
        on 12/18/2009
	Formation
    of Stable Submicron Peptide or Protein Particles by Thin Film Freezing (5254 JOH)	Keith
                                         P. Johnston

        Joshua
        D. Engstrom

        Robert
        O. Williams III
	☐ Yes,

        ☒ No
	Parker
    Highlander
	US
                                         Provisional Serial No. 60/945,737

        Filed
        on 6/22/2007
	Formation
    of Stable Submicron Peptide or Protein Particles by Thin Film Freezing (5254 JOH)	Keith
                                         P. Johnston

        Joshua
        D. Engstrom
	☐ Yes,

        ☒ No
	Parker
    Highlander
	Canada
                                         Issued Patent No. 2,691,531

        Filed
        on 12/22/2009
	Formation
    of Stable Submicron Peptide or Protein Particles by Thin Film Freezing (5254 JOH)	Keith
                                         P. Johnston

        Joshua
        D. Engstrom

        Robert
        O. Williams III
	☐ Yes,

        ☒ No
	Parker
    Highlander

 

    
CONFIDENTIAL
Page 16 of 17

     

    

 

	App.
    No./

    Date of

    Filing	Title	Inventor(s)	Jointly
    Owned?

    (Y/N; if Y, with

    whom?)	Prosecution

    Counsel
	Japan
                                         Serial No. 2010- 513468, Issued Patent No. 5658031

        Filed
        on 02/19/2010
	Formation
    of Stable Submicron Peptide or Protein Particles by Thin Film Freezing (5254 JOH)	Keith
                                         P. Johnston

        Joshua
        D. Engstrom

        Robert
        O. Williams III
	☐ Yes,

        ☒ No
	Parker
    Highlander
	PCT/US2008
                                         /067766

        Filed
        on 06/20/2008
	Formation
    of Stable Submicron Peptide or Protein Particles by Thin Film Freezing (5254 JOH)	Keith
                                         P. Johnston

        Joshua
        D. Engstrom
	☐ Yes,

        ☒ No
	Parker
    Highlander
	62/702,674

        Filed
        on 07/24/2018
	Compositions
    of surface-modified therapeutically active particles by ultra-rapid freezing (7314 WIL)	Robert
                                         O. Williams III

        Alan
        B. Watts

        Chaeho
        Moon
	☐ Yes,

        ☒ No
	Parker
    Highlander

 

 

CONFIDENTIAL

Page 17 of 17

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