Document:

Exhibit 4.2

 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE
AND, EXCEPT AS SET FORTH IN SECTIONS 6.3 AND 6.4 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED
UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY, SUCH OFFER, SALE, PLEDGE
OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

WARRANT TO PURCHASE STOCK

 

This WARRANT TO PURCHASE
STOCK (as amended and in effect from time to time, this “Warrant”) is issued as of the issue date set forth on Schedule
I hereto (the “Issue Date”) by the company set forth on Schedule I hereto (the “Company”)
to SVB INNOVATION CREDIT FUND VIII, L.P. in connection with that certain Amended and Restated Loan and Security Agreement of even date
herewith among Silicon Valley Bank, SVB Innovation Credit Fund VIII, L.P. and the Company (as
amended and/or modified and in effect from time to time, the “Loan Agreement”). The parties agree as follows:

 

SCHEDULE I. WARRANT PROVISIONS.

 

	Warrant
    Section	Warrant
    Provision
	Recitals
    – “Issue Date”	January
    7, 2022
	Recitals
    – “Company”	Liquidia
    Corporation, a Delaware corporation
	1.1
    – “Class”	Common
    Stock, $0.001 par value per share
	1.1–
    “Exercise Price”	$5.14
	1.2
    – “Shares”	62,500
	6.1(a)
    – “Expiration Date”	January
    6, 2032

 

SECTION 1.         
RIGHT TO PURCHASE SHARES.

 

1.1               
Grant of Right. For good and valuable consideration, the Company hereby grants to SVB INNOVATION CREDIT FUND VIII, L.P. (together
with any successor or permitted assignee or transferee of this Warrant or of any shares issued upon exercise hereof, “Holder”)
the right, and Holder is entitled, to purchase from the Company up to the number of fully paid and non-assessable
shares (as determined pursuant to Section 1.2 below) of the class set forth on Schedule I hereto (the “Class”),
at a purchase price per Share set forth on Schedule I hereto (the “Exercise Price”), subject to the provisions
and upon the terms and conditions set forth in this Warrant.

 

1.2               
Number of Shares. This Warrant shall be exercisable for the number of shares of the Class set forth on Schedule I hereto
(as may be adjusted from time to time in accordance with the provisions of this Warrant, the “Shares”).

 

SECTION 2.         
EXERCISE.

 

2.1               
Method of Exercise. Holder may exercise this Warrant in whole or in part at any time
and from time to time prior to the expiration or earlier termination of this Warrant, by delivering to
the Company the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached hereto
as Appendix 1 and, unless Holder is exercising this Warrant pursuant to
a cashless exercise set forth in Section 2.2 below, a check, wire transfer of same-day funds
(to an account designated by the Company), or other form of payment acceptable to the Company for the aggregate Exercise Price
for the Shares being purchased. Notwithstanding any contrary provision herein, to the extent that the original of this Warrant is an
electronic original, in no event shall an original ink-signed paper copy of this Warrant be required for any exercise of a Holder’s
rights hereunder, nor shall this Warrant or any physical copy hereof be required to be physically surrendered at the time of any exercise
hereof.

 

    

    

    

 

2.2               
Cashless Exercise. On any exercise of this Warrant, in lieu of payment of the aggregate Exercise Price in the manner specified
in Section 2.1 above, Holder may elect to surrender to the Company Shares having an aggregate value equal to the aggregate Exercise Price.
If Holder makes such election, the Company shall issue to Holder such number of fully paid and non-assessable Shares determined by the
following formula:

 

X
= Y(A-B)/A

 

where:

 

X
=       the number of Shares to be issued to Holder;

 

Y
=       the number of Shares with respect to which this Warrant is being exercised (inclusive of the
Shares surrendered to the Company in payment of the aggregate Exercise Price);

 

A
=      the fair market value (as determined pursuant to Section 2.3 below)
of one Share; and

 

B
=       the Exercise Price.

 

2.3               
Fair Market Value. If shares of the Class are then traded or
quoted on a nationally recognized securities exchange, inter-dealer quotation system or over-the-counter market (a “Trading
Market”), the fair market value of a Share shall be the closing price or
last sale price of a share of the Class reported for the Business Day immediately before the
date on which Holder delivers this Warrant together with its Notice of Exercise to the Company. If shares of the Class are not
then traded in a Trading Market, the Board of Directors of the Company shall determine
the fair market value of a Share
in its reasonable good faith judgment.

 

2.4               
Delivery of Certificate and New Warrant. Within a reasonable time after Holder exercises this Warrant in
the manner set forth in Sections 2.1 or 2.2 above, the Company shall deliver to Holder a
certificate (or, in the case of uncertificated securities, provide notice of book entry) representing the Shares issued
to Holder upon such exercise and, if this Warrant has not been fully exercised and has not expired, a new warrant
of like tenor representing the Shares not so acquired (or surrendered in payment of the aggregate Exercise Price).

 

2.5               
Replacement of Warrant.

 

(a)                
Paper Original Warrant. To the extent that the original of this Warrant is a paper original, on receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction,
on delivery of an indemnity agreement reasonably satisfactory in form, substance and amount to the Company or, in the case of mutilation,
on surrender of this Warrant to the Company for cancellation, the Company shall, within a reasonable time, execute and deliver to Holder,
in lieu of this Warrant, a new warrant of like tenor and amount.

 

(b)                
Electronic Original Warrant. To the extent that the original of this Warrant is an electronic original, if at any time
this Warrant is rejected by any person (including, but not limited to, paying or escrow agents) or any such person fails to comply with
the terms of this Warrant based on this Warrant being presented to such person as an electronic record or a printout hereof, or any signature
hereto being in electronic form, the Company shall, promptly upon Holder’s request and without indemnity, execute and deliver to
Holder, in lieu of electronic original versions of this Warrant, a new warrant of like tenor and amount in paper form with original ink
signatures.

 

2.6               
Treatment of Warrant Upon Acquisition of Company.

 

(a)                
Acquisition. “Acquisition” means any transaction or
series of related transactions involving: (i) the sale, lease,
exclusive license, or other disposition of all or substantially all of the assets of the Company; (ii)
any merger or consolidation of the Company into or with another person or entity (other than a merger or consolidation effected exclusively
to change the Company’s domicile), or any other corporate reorganization, in which the stockholders of the Company in their capacity
as such immediately prior to such merger, consolidation or reorganization, own less than a majority of the Company’s
(or the surviving or successor entity’s)
outstanding voting power immediately after such merger, consolidation or reorganization; or (iii) any sale or other transfer by the stockholders
of the Company of shares representing at least a majority of the Company’s then-total outstanding combined voting power. For the
avoidance of doubt, “Acquisition” shall not include any sale and issuance by the Company of
shares of its capital stock or of securities or instruments exercisable for or convertible into, or otherwise representing the right
to acquire, shares of its capital stock to one or more investors for cash in a transaction or series of related transactions the primary
purpose of which is a bona fide equity financing of the Company.

 

    2

    

    

 

(b)                
Treatment of Warrant in Cash/Public Acquisition. In the event of an Acquisition in which the consideration to be received
by the holders of the outstanding shares of the Class (in their capacity as such) consists solely of cash, solely of Marketable Securities
(as hereinafter defined) or a combination of cash and Marketable Securities (a “Cash/Public Acquisition”), and the
fair market value of one Share as determined in accordance with Section 2.3 above would be greater than the Exercise Price in effect
as of immediately prior to the closing of such Cash/Public Acquisition, and Holder has not previously exercised this Warrant in full,
then, in lieu of Holder’s exercise of the unexercised portion of this Warrant, this Warrant shall, as of immediately prior to such
closing (but subject to the occurrence thereof) automatically cease to represent the right to purchase Shares and shall, from and after
such closing, represent solely the right to receive the aggregate consideration that would have been payable in such Acquisition on and
in respect of all Shares for which this Warrant was exercisable as of immediately prior to the closing thereof, net of the aggregate
Exercise Price therefor, as if such Shares had been issued and outstanding to Holder as of immediately prior to such closing, as and
when such consideration is paid to the holders of the outstanding shares of the Class. In the event of a Cash/Public Acquisition in which
the fair market value of one Share as determined in accordance with Section 2.3 above would be equal to or less than the Exercise
Price in effect as of immediately prior to the closing of such Cash/Public Acquisition, then this Warrant will automatically and without
further action of any party terminate as of immediately prior to such closing.

 

(c)                Treatment
of Warrant in non-Cash/Public Acquisition. Upon the closing of any Acquisition other than a
Cash/Public Acquisition, the acquiring, surviving or successor entity shall
assume this Warrant and the Company’s obligations hereunder, and this Warrant shall thereafter
be exercisable for the same securities and/or other property as would have
been paid for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding
on and as of the closing of such Acquisition, at an aggregate Exercise Price equal to the
aggregate Exercise Price in effect as of immediately prior to such closing, all subject to further adjustment from time to time thereafter
in accordance with the provisions of this Warrant.

 

(d)                
Marketable Securities. “Marketable Securities” means securities
meeting all of the following requirements (determined as of immediately prior to the closing of the Acquisition): (i) the issuer thereof
is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the
 “Exchange Act”), and is then current in its filing of all required reports and other information under the Act and
the Exchange Act; (ii) the class and series of shares or other security of the issuer that would be received by Holder in connection
with the Acquisition were Holder to exercise this Warrant on or prior to the closing thereof is then traded in a Trading Market, and
(iii) following the closing of such Acquisition, Holder would not be restricted from publicly re-selling all of the issuer’s shares
and/or other securities that would be received by Holder in such Acquisition were Holder to exercise this Warrant in full on or prior
to the closing of such Acquisition, except to the extent that any such restriction (x) arises solely under federal or state securities
laws, rules or regulations, and (y) does not extend beyond six (6) months from the closing of such Acquisition. Notwithstanding
the foregoing provisions of this Section 2.6(d), securities held in escrow or subject to holdback to cover indemnification-related claims
shall be deemed to be Marketable Securities if they would otherwise be Marketable Securities but for the fact that they are held in escrow
or subject to holdback to cover indemnification-related claims.

 

SECTION 3.         
CERTAIN ADJUSTMENTS TO THE SHARES, CLASS AND EXERCISE PRICE.

 

3.1               
Stock Dividends, Splits, Etc. If the Company declares or pays a dividend or distribution on the outstanding shares of the Class
payable in additional shares of the Class (including fractional shares) or other securities or
property (other than cash), then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without additional
cost to Holder, the total number and kind of securities and property which Holder
would have received had Holder owned the Shares of record as of the date the dividend
or distribution occurred. If the Company subdivides the outstanding shares of the Class by reclassification or otherwise into a greater
number of shares, the number of Shares purchasable hereunder shall be proportionately increased, even if such number would include fractional
shares, and the Exercise Price shall be proportionately decreased. If the outstanding shares of the Class are combined or consolidated,
by reclassification or otherwise, into a lesser number of shares, the Exercise Price shall be proportionately increased and the number
of Shares shall be proportionately decreased, even if such number would include fractional shares.

 

    3

    

    

 

3.2               
Reclassification, Exchange, Combination or Substitution. Upon any event whereby all
of the outstanding shares of the Class are reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company
securities of a different class and/or series, then from and after the consummation of such event, “Class” shall mean such
securities and this Warrant will be exercisable for the number of such securities that Holder would have received had the
Shares been outstanding on and as of the consummation of such event, at an aggregate
Exercise Price equal to the aggregate Exercise Price in effect as of immediately prior to such event, all subject to further adjustment
thereafter from time to time in accordance with the provisions of this Warrant. The provisions of this Section 3.2 shall similarly
apply to successive reclassifications, exchanges, combinations, substitutions, replacements
or other similar events.

 

3.3               
Adjustment to Exercise Price on Cash Dividend. In the event that the Company at any time or from time to time prior to the exercise
in full of this Warrant pays any cash dividend on the outstanding shares of the Class or makes any cash distribution on or in respect
of all outstanding shares of the Class (other than a distribution of cash proceeds received by the Company in connection with an Acquisition
described in Section 2.6(a)(i) above), then on and as of the date of each such dividend payment and/or distribution, the Exercise Price
shall be reduced by an amount equal to the amount paid or distributed upon or in respect of each outstanding share of the Class; provided
that in no event shall the Exercise Price be reduced below the then-par value, if any, of a share of the Class.

 

3.4               
No Fractional Share.
No fractional Share shall be issued upon exercise of this Warrant, and the number of Shares to be issued shall be rounded down to the
nearest whole Share. If a fractional Share interest arises upon any exercise of this Warrant, the Company shall eliminate such fractional
Share interest by paying Holder in cash an amount equal to (a) such fractional interest, multiplied by (b)(i) the fair market value (as
determined in accordance with Section 2.3 above) of a full Share, less (ii) the then-effective Exercise Price (the “Fractional
Share Value”), unless Holder otherwise elects, in its sole discretion, to waive such payment. Notwithstanding any contrary
provision herein, if this Warrant becomes exercisable for a fractional Share interest at any
time or from time to time prior to the exercise in full of this Warrant, and the Company eliminates such fractional Share interest prior
to any exercise of this Warrant, then the then-effective Exercise Price shall be reduced by an amount equal to the Fractional Share Value,
unless Holder otherwise elects, in its sole discretion, to waive such reduction.

 

3.5               
Certificate as to Adjustments. Within a reasonable time following each adjustment of the Exercise Price, Class and/or number of
Shares pursuant to the terms of this Warrant, the Company, at its expense, shall deliver a certificate of its Chief Financial Officer
or other authorized officer to Holder setting forth the adjustments to the Exercise Price, Class and/or number of Shares and the facts
upon which such adjustments are based. The Company shall, at any time and from time to time within a reasonable time following Holder’s
written request and at the Company’s expense, furnish Holder with a certificate of its Chief Financial Officer or other authorized
officer setting forth the then-current Exercise Price, Class and number of Shares and the computations or other determinations thereof.

 

SECTION 4.         
REPRESENTATIONS AND COVENANTS OF THE COMPANY.

 

4.1               
Representations and Warranties. The Company represents and warrants to, and agrees with, Holder as follows:

 

(a)                All
Shares which may be issued upon the exercise of this Warrant, shall, upon issuance,
be duly authorized, validly issued, fully paid and non-assessable, and free of any
liens and encumbrances except for restrictions on transfer provided for herein or under the Company’s Certificate of Incorporation
or Bylaws, each as amended and in effect from time to time (the “Charter Documents”) or applicable federal and state
securities laws.

 

(b)                The
Company shall all at all times cause to be reserved and kept available out of its authorized and unissued capital stock such number of
shares of the Class and other securities as will be sufficient to permit the exercise in full of this Warrant.

 

    4

    

    

 

4.2               
 Notice of Certain Events. If the Company proposes at any time to:

 

(a)                
declare any dividend or distribution upon the outstanding shares of the Class, whether
in cash, stock or other securities or property and whether or not a regular cash dividend;

 

(b)                
offer for subscription or sale pro rata to all holders of the outstanding shares of the Class
any additional securities of the Company (other than pursuant to contractual pre-emptive
or first refusal rights);

 

(c)                
effect any reclassification, exchange, combination, substitution, reorganization or recapitalization of the
outstanding shares of the Class; or

 

(d)                
effect an Acquisition, or to liquidate, dissolve or wind up the Company;

 

then, in connection with each such event, the
Company shall give Holder notice thereof at the same time and in the same manner is at gives notice thereof to the holders of the outstanding
shares of the Class.

 

4.3               
Certain Company Information. The Company will provide such information requested by Holder from time to time, within a
reasonable time following each such request, that is reasonably necessary to enable
Holder to comply with Holder’s accounting or reporting requirements, to the extent such information is not available in the Company’s
public filings made pursuant to the Exchange Act.

 

SECTION 5.         
REPRESENTATIONS AND COVENANTS OF HOLDER.

 

Holder represents and warrants to, and agrees with, the
Company as follows:

 

5.1               
Investment Representations.

 

(a)                
Purchase for Own Account. This Warrant and the Shares to be acquired upon exercise hereof are being acquired for investment
for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of
the Act. Holder also represents that it has not been formed for the specific purpose of acquiring this Warrant or the Shares.

 

(b)               
Disclosure of Information. Holder is aware of the Company’s business affairs
and financial condition and has received or has had full access to all the information it considers necessary or appropriate to
make an informed investment decision with respect to the acquisition of this Warrant and its underlying securities. Holder further has
had an opportunity to ask questions of and receive answers from the Company regarding the terms and conditions of the offering of this
Warrant and its underlying securities and to obtain additional information (to the extent the Company possessed such information or could
acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access.

 

(c)                
Investment Experience. Holder understands that the purchase of this Warrant and its underlying securities involves substantial
risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear
the economic risk of such Holder’s investment in this Warrant and its underlying securities for an indefinite period of time, and
has such knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment
in this Warrant and its underlying securities and/or has a preexisting personal or business relationship with the Company and certain
of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business
acumen and financial circumstances of such persons.

 

(d)               
Accredited Investor Status. Holder is an “accredited investor” within the meaning of Regulation D promulgated
under the Act.

 

(e)                
The Act. Holder understands that this Warrant and the Shares issuable upon exercise hereof have not been registered under
the Act or registered or qualified under the securities laws of any state, and are issued in reliance upon specific exemptions therefrom,
which exemptions depend upon, among other things, the bona fide nature of the Holder’s investment intent as expressed herein. Holder
understands that the Company is under no obligation to so register or qualify this Warrant, the Shares or such other securities. Holder
understands that this Warrant and the Shares issued upon any exercise hereof are “restricted securities” under applicable
federal and state securities laws and must be held indefinitely unless subsequently registered under the Act and registered or qualified
under applicable state securities laws, or unless exemptions from such registration and qualification are otherwise available. Holder
is aware of the provisions of Rule 144 promulgated under the Act.

 

    5

    

    

 

5.2               
No Stockholder Rights. Without limiting any provision of this Warrant, Holder agrees that as a Holder of this Warrant it
will not have any rights (including, but not limited to, voting rights) as a stockholder of the Company with respect to the Shares issuable
hereunder unless and until the exercise of this Warrant and then only with respect to the Shares issued on such exercise.

 

5.3               
Confidential Information. Holder agrees to treat and hold all non-public information provided by the Company pursuant to
this Warrant in confidence in accordance with the provisions of Section 12.8 of the Loan Agreement (regardless of whether the Loan Agreement
shall then be in effect).

 

SECTION 6.         
MISCELLANEOUS.

 

6.1               
Term; Automatic Cashless Exercise Upon Expiration.

 

(a)                
Term. Subject to the provisions of Section 2.6 above, this Warrant is
exercisable in whole or in part at any time and from time to time on or before 6:00 PM, Pacific
time, on the expiration date set forth on Schedule I hereto (the “Expiration Date”) and
shall be void thereafter; provided that if the Company does not deliver to Holder written confirmation of the fair market value
of a Share pursuant to Section 6.1(b) below, then the Expiration Date shall automatically be extended until the earlier to occur of (i)
such date as the Company delivers such written confirmation and (ii) one (1) year after the Expiration Date.

 

(b)               
Automatic Cashless Exercise upon Expiration. In the event that, upon the Expiration Date, the fair market value of one
Share as determined in accordance with Section 2.3 above is greater than the Exercise Price in effect on such date, then this Warrant
shall automatically be deemed on and as of such date to be exercised pursuant to Section 2.2 above as to all Shares for which it shall
not previously have been exercised, and the Company shall, within a reasonable time following Holder’s written request, deliver
a certificate (or, in the case of uncertificated securities, provide notice of book entry)
representing the Shares issued to Holder upon such exercise. If shares of the Class are not then traded in a Trading
Market, the Company shall deliver to Holder, prior to the Expiration Date, written confirmation of the fair market value of a
Share (as determined pursuant to Section 2.3 above)
to be used in determining whether this Warrant shall automatically exercise on the Expiration Date pursuant to this Section 6.1(b).

 

6.2               
Legends. Each certificate or notice of book entry evidencing Shares shall be imprinted with a legend in substantially
the following form (together with such additional legends as may be required by the Charter Documents or under any Stockholder Agreement
(to the extent Holder is then a party thereto or otherwise subject thereto in accordance with the provisions of Section 5.4 above)):

 

THE
SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS
SET FORTH IN THAT CERTAIN WARRANT TO PURCHASE STOCK ISSUED BY THE ISSUER TO
SVB INNOVATION CREDIT FUND VIII, L.P. DATED JANUARY __, 2022, MAY NOT BE OFFERED, SOLD, PLEDGED
OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS
OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER
TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

6.3               
Compliance with Securities Laws on Transfer. This Warrant and the Shares issued upon exercise hereof may not be transferred
or assigned in whole or in part except in compliance with applicable federal and state
securities laws by the transferor and the transferee (including, without limitation, the delivery of investment representation letters
and legal opinions reasonably satisfactory to the Company, as reasonably requested by the Company). The Company shall not require Holder
to provide an opinion of counsel if the transfer is to an affiliate of Holder; provided that such affiliate is an “accredited investor”
as defined in Regulation D promulgated under the Act.

 

    6

    

    

 

6.4               
 Transfer Procedure. Subject to the provisions of Section 6.3 and upon providing the Company with written notice, Holder
may transfer all or part of this Warrant or the Shares issued upon exercise of this Warrant to any transferee; provided that in connection
with any such transfer, Holder will give the Company notice of the portion of the Warrant and/or Shares being transferred with the name,
address and taxpayer identification number of the transferee, and Holder will surrender this Warrant, or the certificates or other evidence
of such Shares or other securities, to the Company for reissuance to the transferee(s) (and to Holder if applicable);
and provided further, that any transferee shall make substantially the representations set forth in Section 5.1 above and shall agree
in writing with the Company to be bound by all of the terms and conditions of this Warrant.

 

6.5               
Notices. All notices and other communications hereunder from the Company to the Holder, or vice versa, shall be deemed
delivered and effective (i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class registered
or certified mail, postage prepaid, (iii) upon actual receipt if given by electronic mail and such receipt is confirmed in writing by
the recipient, or (iv) on the first Business Day following delivery to a reliable overnight courier service, courier fee prepaid, in
any case at such address as may have been furnished to the Company or Holder, as the case may be, in writing by the Company or such Holder
from time to time in accordance with the provisions of this Section 6.5. All notices to Holder shall be addressed as follows until the
Company receives notice of a change of address in connection with a transfer or otherwise:

 

SVB Innovation Credit Fund VIII, L.P.

c/o SVB Capital

2770 Sand Hill Road

Menlo Park, CA 94025

Attn: SVB Capital Finance and Operations

Email address:     svbcapitalcredit@svb.com

SVBCapitalCreditFinance@svb.com

 

All notices to the Company
shall be addressed as follows until Holder receives notice of a change in address:

 

Liquidia Corporation

Attn: Chief Financial Officer

419 Davis Drive, Suite 100

Morrisville, NC 27560

Telephone: (919) 328-4400

Email:

 

With
a copy (which shall not constitute notice) to:

 

DLA Piper LLP

Attn: Andrew P. Gilbert

51 John F. Kennedy Parkway

Short Hills, NJ 07078

Telephone: (973) 520-2550

Email:

 

6.6               
Amendment and Waiver. Notwithstanding any contrary provision herein or in the Loan Agreement, this Warrant may be amended
and any provision hereof waived (either generally or in a particular instance and either retroactively
or prospectively) only by an instrument in writing signed by Holder and any party against which enforcement of such amendment
or waiver is sought.

 

6.7               
Counterparts; Electronic Signatures; Status as Certificated Security.
This Warrant may be executed by one or more of the parties hereto in any number of separate counterparts, all of which together shall
constitute one and the same instrument. The Company, Holder and any other party hereto may execute this Warrant by electronic means and
each party hereto recognizes and accepts the use of electronic signatures and the keeping of records in electronic form by any other
party hereto in connection with the execution and storage hereof. To the extent that this Warrant or any agreement subject to the terms
hereof or any amendment hereto is executed, recorded or delivered electronically, it shall be binding to the same extent as though it
had been executed on paper with an original ink signature, as provided under applicable law, including, without limitation, any state
law based on the Uniform Electronic Transactions Act. The fact that this Warrant is executed, signed, stored or delivered electronically
shall not prevent the transfer by any Holder of this Warrant pursuant to Section 6.4 or the enforcement
of the terms hereof. To the extent that the original of this Warrant is an electronic original, this Warrant, and any copies hereof,
shall NOT be deemed to be a “certificated security” within the meaning of Section 8102(a)(4) of the California Commercial
Code. Physical possession of the original of this Warrant or any paper copy thereof shall confer no special status to the bearer thereof.

 

    7

    

    

 

6.8               
Headings. The headings in this Warrant are for purposes of reference only and shall not limit or otherwise affect the meaning
of any provision of this Warrant.

 

6.9               
Business Days. “Business Day” means any day that is
not a Saturday, Sunday or a day on which banks in California are closed.

 

SECTION 7.         
GOVERNING LAW, VENUE AND JURY TRIAL WAIVER; JUDICIAL REFERENCE.

 

7.1               
Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of California,
without giving effect to its principles regarding conflicts of law.

 

7.2               
Jurisdiction and Venue. The Company and Holder each irrevocably and unconditionally submit to the exclusive jurisdiction
of the State and Federal courts in Santa Clara County, California; provided, however, that nothing in this Warrant shall be deemed to
operate to preclude Holder from bringing suit or taking other legal action in any other jurisdiction to enforce a judgment or other court
order in favor of Holder. The Company expressly, irrevocably and unconditionally submits and consents in advance to such jurisdiction
in any action or suit commenced in any such court, and the Company hereby irrevocably and unconditionally waives, to the fullest extent
permitted by applicable law, any objection that it may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens
and hereby irrevocably and unconditionally consents to the granting of such legal or equitable relief as is deemed appropriate by such
court. The Company hereby waives personal service of the summons, complaints, and other process issued in such action or suit and agrees
that service of such summons, complaints, and other process may be made by registered or certified mail addressed to the Company in accordance
with Section 6.5 of this Warrant and that service so made shall be deemed completed upon the earlier to occur of the Company’s
actual receipt thereof or three (3) days after deposit in the U.S. mails, proper postage prepaid.

 

7.3               
Jury Trial Waiver. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE COMPANY AND HOLDER EACH WAIVES ITS RIGHT TO
A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS WARRANT, THE LOAN AGREEMENT OR ANY CONTEMPLATED TRANSACTION,
INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR THE PARTIES’ AGREEMENT
TO THIS WARRANT. EACH PARTY HERETO HAS REVIEWED THIS WAIVER WITH ITS COUNSEL.

 

7.4               
Judicial Reference. WITHOUT INTENDING IN ANY WAY TO LIMIT THE PARTIES’ AGREEMENT TO WAIVE THEIR RESPECTIVE RIGHT
TO A TRIAL BY JURY, if the waiver of the right to a trial by jury in Section 7.3 above is not enforceable, the parties hereto agree
that any and all disputes or controversies of any nature between them arising at any time shall be decided by a reference to a private
judge, mutually selected by the parties (or, if they cannot agree, by the Presiding Judge of the Santa Clara County, California Superior
Court) appointed in accordance with California Code of Civil Procedure Section 638 (or pursuant to comparable provisions of federal law
if the dispute falls within the exclusive jurisdiction of the federal courts), sitting without a jury, in Santa Clara County, California;
and the parties hereby submit to the jurisdiction of such court. The reference proceedings shall be conducted pursuant to and in accordance
with the provisions of California Code of Civil Procedure Sections 638 through 645.1, inclusive. The private judge shall have the
power, among others, to grant provisional relief, including without limitation, entering temporary restraining orders, issuing preliminary
and permanent injunctions and appointing receivers. All such proceedings shall be closed to the public and confidential and all records
relating thereto shall be permanently sealed. If during the course of any dispute, a party desires to seek provisional relief, but a
judge has not been appointed at that point pursuant to the judicial reference procedures, then such party may apply to the Santa Clara
County, California Superior Court for such relief. The proceeding before the private judge shall be conducted in the same manner as it
would be before a court under the rules of evidence applicable to judicial proceedings. The parties shall be entitled to discovery which
shall be conducted in the same manner as it would be before a court under the rules of discovery applicable to judicial proceedings.
The private judge shall oversee discovery and may enforce all discovery rules and orders applicable to judicial proceedings in the same
manner as a trial court judge. The parties agree that the selected or appointed private judge shall have the power to decide all issues
in the action or proceeding, whether of fact or of law, and shall report a statement of decision thereon pursuant to California Code
of Civil Procedure Section 644(a). Nothing in this Section 7.4 shall limit the right of any party at any
time to exercise self-help remedies or obtain provisional remedies. The private judge shall also determine all issues relating to the
applicability, interpretation, and enforceability of this Section 7.4.

 

7.5               
Survival. This Section 7 shall survive the termination of this Warrant.

 

[Signature
page follows]

 

    8

    

    

 

       IN
WITNESS WHEREOF, the parties have caused this Warrant To Purchase Stock to be executed by their duly authorized representatives effective
as of the Issue Date written above.

 

	 	COMPANY:
	 	 
	 	LIQUIDIA CORPORATION

 

	 	By:	/s/ Michael Kaseta
	 	Name:	Michael Kaseta
	 	Title:	Chief Financial Officer

 

	 	HOLDER:
	 	 
	 	SVB INNOVATION CREDIT FUND VIII, L.P.

 

	 	By:	SVB Innovation Credit Partners VIII, LLC, its General Partner

 

	 	By:	/s/ J.P. Michael
	 	Name:	J.P. Michael
	 	Title:	Senior Managing Director

 

    9

    

    

 

APPENDIX 1

 

Form of Notice of Exercise of Warrant

 

1.                 
The undersigned Holder hereby exercises its right to purchase ___________ shares of the [Common] / [Series ______ Preferred] [circle
one] Stock of __________________ (the “Company”) in accordance with the attached Warrant To Purchase Stock, and tenders
payment of the aggregate Exercise Price for such shares as follows:

 

	 	[ ]	Check in the amount of $________ payable to order of the Company enclosed herewith

 

	 	[ ]	Wire transfer of immediately available funds to the Company’s account

 

	 	[ ]	Cashless exercise pursuant to Section 2.2 of the Warrant, resulting in the issuance of __________________ shares
  of the [Common] / [Series ______ Preferred] [circle one] Stock of the Company

 

	 	[ ]	Other [Describe] __________________________________________

 

2.                 
Please issue a certificate or certificates (or evidence of book entry) representing the Shares in the name specified below:

 

___________________________________________

Holder’s Name

 

___________________________________________

 

___________________________________________

(Address)

 

3.                 
By its execution below and for the benefit of the Company, Holder hereby makes each of the representations and warranties set
forth in Section 5.1 of the Warrant To Purchase Stock as of the date hereof.

 

	 	HOLDER:
	 	 
	 	 

 

	 	By:	 

	 	Name:	 

	 	Title:	 

 

	 	(Date):	 

 

    Appendix 1Exhibit 4.3

 

THIS
WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 6.3 AND 6.4 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY
TO THE COMPANY, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

WARRANT
TO PURCHASE STOCK

 

This
WARRANT TO PURCHASE STOCK (as amended and in effect from time to time, this “Warrant”) is issued as of the issue date
set forth on Schedule I hereto (the “Issue Date”) by the company set forth on Schedule I hereto (the
 “Company”) to INNOVATION CREDIT FUND VIII-A, L.P. in connection with that certain Amended and Restated Loan and Security
Agreement of even date herewith among Silicon Valley Bank, SVB Innovation Credit Fund VIII, L.P. and the Company (as
amended and/or modified and in effect from time to time, the “Loan Agreement”). The parties agree as follows:

 

SCHEDULE
I. WARRANT PROVISIONS.

 

	Warrant
    Section	Warrant
    Provision
	Recitals
    – “Issue Date”	January
    7, 2022
	Recitals
    – “Company”	Liquidia
    Corporation, a Delaware corporation
	1.1
    – “Class”	Common
    Stock, $0.001 par value per share
	1.1–
    “Exercise Price”	$5.14
	1.2
    – “Shares”	62,500
	6.1(a)
    – “Expiration Date”	January
    6, 2032

 

SECTION
1.          RIGHT TO PURCHASE SHARES.

 

1.1               
Grant of Right. For good and valuable consideration, the Company hereby grants to INNOVATION CREDIT FUND VIII-A, L.P. (together
with any successor or permitted assignee or transferee of this Warrant or of any shares issued upon exercise hereof, “Holder”)
the right, and Holder is entitled, to purchase from the Company up to the number of fully paid and non-assessable
shares (as determined pursuant to Section 1.2 below) of the class set forth on Schedule I hereto (the “Class”),
at a purchase price per Share set forth on Schedule I hereto (the “Exercise Price”), subject to the provisions
and upon the terms and conditions set forth in this Warrant.

 

1.2               
Number of Shares. This Warrant shall be exercisable for the number of shares of the Class set forth on Schedule I hereto
(as may be adjusted from time to time in accordance with the provisions of this Warrant, the “Shares”).

 

SECTION
2.          EXERCISE.

 

2.1                Method
of Exercise. Holder may exercise this Warrant in whole or in part at any time and
from time to time prior to the expiration or earlier termination of this Warrant, by delivering to
the Company the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached hereto as Appendix
1 and, unless Holder is exercising this Warrant pursuant to a cashless
exercise set forth in Section 2.2 below, a check, wire transfer of same-day funds (to
an account designated by the Company), or other form of payment acceptable to the Company for the aggregate Exercise Price for the
Shares being purchased. Notwithstanding any contrary provision herein, to the extent that the original of this Warrant is an
electronic original, in no event shall an original ink-signed paper copy of this Warrant be required for any exercise of a
Holder’s rights hereunder, nor shall this Warrant or any physical copy hereof be required to be physically surrendered at the
time of any exercise hereof.

 

     

     

    

 

2.2               
Cashless Exercise. On any exercise of this Warrant,
in lieu of payment of the aggregate Exercise Price in the manner specified in Section 2.1 above, Holder may elect to surrender to the
Company Shares having an aggregate value equal to the aggregate Exercise Price. If Holder makes such election, the Company shall issue
to Holder such number of fully paid and non-assessable Shares determined by the following formula:

 

X
= Y(A-B)/A

 

where:

 

X
=          the number of Shares to be issued to Holder;

 

Y
=          the number of Shares with respect to which this Warrant is being exercised
(inclusive of the Shares surrendered to the Company in payment of the aggregate Exercise Price);

 

A
=          the fair market value (as determined
pursuant to Section 2.3 below) of one Share; and

 

B
=          the Exercise Price.

 

2.3               
Fair Market Value. If shares of the Class are then traded or
quoted on a nationally recognized securities exchange, inter-dealer quotation system or over-the-counter market (a “Trading
Market”), the fair market value of a Share shall be the closing price or
last sale price of a share of the Class reported for the Business Day immediately before the
date on which Holder delivers this Warrant together with its Notice of Exercise to the Company. If shares of the Class are not
then traded in a Trading Market, the Board of Directors of the Company shall determine
the fair market value of a Share
in its reasonable good faith judgment.

 

2.4               
Delivery of Certificate and New Warrant. Within a reasonable time after Holder exercises this Warrant in
the manner set forth in Sections 2.1 or 2.2 above, the Company shall deliver to Holder a
certificate (or, in the case of uncertificated securities, provide notice of book entry) representing the Shares issued
to Holder upon such exercise and, if this Warrant has not been fully exercised and has not expired, a new warrant
of like tenor representing the Shares not so acquired (or surrendered in payment of the aggregate Exercise Price).

 

2.5               
Replacement of Warrant.

 

(a)                
Paper Original Warrant. To the extent that the original of this Warrant is a paper original, on receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction,
on delivery of an indemnity agreement reasonably satisfactory in form, substance and amount to the Company or, in the case of mutilation,
on surrender of this Warrant to the Company for cancellation, the Company shall, within a reasonable time, execute and deliver to Holder,
in lieu of this Warrant, a new warrant of like tenor and amount.

 

(b)               
Electronic Original Warrant. To the extent that the original of this Warrant is an electronic original, if at any time this Warrant
is rejected by any person (including, but not limited to, paying or escrow agents) or any such person fails to comply with the terms
of this Warrant based on this Warrant being presented to such person as an electronic record or a printout hereof, or any signature hereto
being in electronic form, the Company shall, promptly upon Holder’s request and without indemnity, execute and deliver to Holder,
in lieu of electronic original versions of this Warrant, a new warrant of like tenor and amount in paper form with original ink signatures.

 

2.6               
Treatment of Warrant Upon Acquisition of Company.

 

(a)                 Acquisition.
 “Acquisition” means any transaction or series of related transactions involving:
(i) the sale, lease, exclusive license, or other disposition of all or
substantially all of the assets of the Company; (ii) any merger or consolidation of the
Company into or with another person or entity (other than a merger or consolidation effected exclusively to change the
Company’s domicile), or any other corporate reorganization, in which the stockholders of the Company in their capacity as such
immediately prior to such merger, consolidation or reorganization, own less than a majority of the Company’s
(or the surviving or successor entity’s)
outstanding voting power immediately after such merger, consolidation or reorganization; or (iii) any sale or other transfer by the
stockholders of the Company of shares representing at least a majority of the Company’s then-total outstanding combined voting
power. For the avoidance of doubt, “Acquisition” shall not include any sale and issuance by the Company of shares of its
capital stock or of securities or instruments exercisable for or convertible into, or otherwise representing the right to acquire,
shares of its capital stock to one or more investors for cash in a transaction or series of related transactions the primary purpose
of which is a bona fide equity financing of the Company.

 

    2

     

    

 

(b)               
Treatment of Warrant in Cash/Public Acquisition. In the event of an Acquisition in which the consideration to be received by the
holders of the outstanding shares of the Class (in their capacity as such) consists solely of cash, solely of Marketable Securities (as
hereinafter defined) or a combination of cash and Marketable Securities (a “Cash/Public Acquisition”), and the fair
market value of one Share as determined in accordance with Section 2.3 above would be greater than the Exercise Price in effect
as of immediately prior to the closing of such Cash/Public Acquisition, and Holder has not previously exercised this Warrant in full,
then, in lieu of Holder’s exercise of the unexercised portion of this Warrant, this Warrant shall, as of immediately prior to such
closing (but subject to the occurrence thereof) automatically cease to represent the right to purchase Shares and shall, from and after
such closing, represent solely the right to receive the aggregate consideration that would have been payable in such Acquisition on and
in respect of all Shares for which this Warrant was exercisable as of immediately prior to the closing thereof, net of the aggregate
Exercise Price therefor, as if such Shares had been issued and outstanding to Holder as of immediately prior to such closing, as and
when such consideration is paid to the holders of the outstanding shares of the Class. In the event of a Cash/Public Acquisition in which
the fair market value of one Share as determined in accordance with Section 2.3 above would be equal to or less than the Exercise
Price in effect as of immediately prior to the closing of such Cash/Public Acquisition, then this Warrant will automatically and without
further action of any party terminate as of immediately prior to such closing.

 

(c)                
Treatment of Warrant in non-Cash/Public Acquisition. Upon the closing of any Acquisition other than a
Cash/Public Acquisition, the acquiring, surviving or successor entity shall
assume this Warrant and the Company’s obligations hereunder, and this Warrant shall thereafter
be exercisable for the same securities and/or other property as would have
been paid for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding
on and as of the closing of such Acquisition, at an aggregate Exercise Price equal to the
aggregate Exercise Price in effect as of immediately prior to such closing, all subject to further adjustment from time to time thereafter
in accordance with the provisions of this Warrant.

 

(d)               
Marketable Securities. “Marketable Securities” means securities
meeting all of the following requirements (determined as of immediately prior to the closing of the Acquisition): (i) the issuer thereof
is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the
 “Exchange Act”), and is then current in its filing of all required reports and other information under the Act and
the Exchange Act; (ii) the class and series of shares or other security of the issuer that would be received by Holder in connection
with the Acquisition were Holder to exercise this Warrant on or prior to the closing thereof is then traded in a Trading Market, and
(iii) following the closing of such Acquisition, Holder would not be restricted from publicly re-selling all of the issuer’s shares
and/or other securities that would be received by Holder in such Acquisition were Holder to exercise this Warrant in full on or prior
to the closing of such Acquisition, except to the extent that any such restriction (x) arises solely under federal or state securities
laws, rules or regulations, and (y) does not extend beyond six (6) months from the closing of such Acquisition. Notwithstanding
the foregoing provisions of this Section 2.6(d), securities held in escrow or subject to holdback to cover indemnification-related claims
shall be deemed to be Marketable Securities if they would otherwise be Marketable Securities but for the fact that they are held in escrow
or subject to holdback to cover indemnification-related claims.

 

SECTION
3.          CERTAIN ADJUSTMENTS TO THE SHARES, CLASS AND
EXERCISE PRICE.

 

3.1                Stock
Dividends, Splits, Etc. If the Company declares or pays a dividend or distribution on the outstanding shares of the Class
payable in additional shares of the Class (including fractional shares) or other securities or
property (other than cash), then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without additional cost
to Holder, the total number and kind of securities and property which Holder would
have received had Holder owned the Shares of record as of the date the dividend or
distribution occurred. If the Company subdivides the outstanding shares of the Class by reclassification or otherwise into a greater
number of shares, the number of Shares purchasable hereunder shall be proportionately increased, even if such number would include
fractional shares, and the Exercise Price shall be proportionately decreased. If the outstanding shares of the Class are combined or
consolidated, by reclassification or otherwise, into a lesser number of shares, the Exercise Price shall be proportionately
increased and the number of Shares shall be proportionately decreased, even if such number would include fractional
shares.

 

    3

     

    

 

3.2               
Reclassification, Exchange, Combination or Substitution. Upon any event whereby all
of the outstanding shares of the Class are reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company
securities of a different class and/or series, then from and after the consummation of such event, “Class” shall mean such
securities and this Warrant will be exercisable for the number of such securities that Holder would have received had the
Shares been outstanding on and as of the consummation of such event, at an aggregate
Exercise Price equal to the aggregate Exercise Price in effect as of immediately prior to such event, all subject to further adjustment
thereafter from time to time in accordance with the provisions of this Warrant. The provisions of this Section 3.2 shall similarly
apply to successive reclassifications, exchanges, combinations, substitutions, replacements
or other similar events.

 

3.3               
Adjustment to Exercise Price on Cash Dividend. In the event that the Company at any time or from time to time prior to the exercise
in full of this Warrant pays any cash dividend on the outstanding shares of the Class or makes any cash distribution on or in respect
of all outstanding shares of the Class (other than a distribution of cash proceeds received by the Company in connection with an Acquisition
described in Section 2.6(a)(i) above), then on and as of the date of each such dividend payment and/or distribution, the Exercise Price
shall be reduced by an amount equal to the amount paid or distributed upon or in respect of each outstanding share of the Class; provided
that in no event shall the Exercise Price be reduced below the then-par value, if any, of a share of the Class.

 

3.4               
No Fractional Share.
No fractional Share shall be issued upon exercise of this Warrant, and the number of Shares to be issued shall be rounded down to the
nearest whole Share. If a fractional Share interest arises upon any exercise of this Warrant, the Company shall eliminate such fractional
Share interest by paying Holder in cash an amount equal to (a) such fractional interest, multiplied by (b)(i) the fair market value (as
determined in accordance with Section 2.3 above) of a full Share, less (ii) the then-effective Exercise Price (the “Fractional
Share Value”), unless Holder otherwise elects, in its sole discretion, to waive such payment. Notwithstanding any contrary
provision herein, if this Warrant becomes exercisable for a fractional Share interest at any
time or from time to time prior to the exercise in full of this Warrant, and the Company eliminates such fractional Share interest prior
to any exercise of this Warrant, then the then-effective Exercise Price shall be reduced by an amount equal to the Fractional Share Value,
unless Holder otherwise elects, in its sole discretion, to waive such reduction.

 

3.5               
Certificate as to Adjustments. Within a reasonable time following each adjustment of the Exercise Price, Class and/or number of
Shares pursuant to the terms of this Warrant, the Company, at its expense, shall deliver a certificate of its Chief Financial Officer
or other authorized officer to Holder setting forth the adjustments to the Exercise Price, Class and/or number of Shares and the facts
upon which such adjustments are based. The Company shall, at any time and from time to time within a reasonable time following Holder’s
written request and at the Company’s expense, furnish Holder with a certificate of its Chief Financial Officer or other authorized
officer setting forth the then-current Exercise Price, Class and number of Shares and the computations or other determinations thereof.

 

SECTION
4.          REPRESENTATIONS AND COVENANTS OF THE COMPANY.

 

4.1               
Representations and Warranties. The Company represents and warrants to, and agrees with, Holder as follows:

 

(a)       All
Shares which may be issued upon the exercise of this Warrant, shall, upon issuance,
be duly authorized, validly issued, fully paid and non-assessable, and free of any
liens and encumbrances except for restrictions on transfer provided for herein or under the Company’s Certificate of Incorporation
or Bylaws, each as amended and in effect from time to time (the “Charter Documents”) or applicable federal and state
securities laws.

 

(b)       The
Company shall all at all times cause to be reserved and kept available out of its authorized and unissued capital stock such number of
shares of the Class and other securities as will be sufficient to permit the exercise in full of this Warrant.

 

    4

     

    

 

4.2               
 Notice of Certain Events. If the Company proposes at any time to:

 

(a)                
declare any dividend or distribution upon the outstanding shares of the Class, whether
in cash, stock or other securities or property and whether or not a regular cash dividend;

 

(b)               
offer for subscription or sale pro rata to all holders of the outstanding shares of the Class
any additional securities of the Company (other than pursuant to contractual pre-emptive
or first refusal rights);

 

(c)                
effect any reclassification, exchange, combination, substitution, reorganization or recapitalization of the
outstanding shares of the Class; or

 

(d)               
effect an Acquisition, or to liquidate, dissolve or
wind up the Company;

 

then,
in connection with each such event, the Company shall give Holder notice thereof at the same time and in the same manner is at gives
notice thereof to the holders of the outstanding shares of the Class.

 

4.3               
Certain Company Information. The Company will provide such information requested by Holder from time to time, within a reasonable
time following each such request, that is reasonably necessary to enable Holder to
comply with Holder’s accounting or reporting requirements, to the extent such information is not available in the Company’s
public filings made pursuant to the Exchange Act.

 

SECTION
5.          REPRESENTATIONS AND COVENANTS OF HOLDER.

 

Holder
represents and warrants to, and agrees with, the Company as follows:

 

5.1               
Investment Representations.

 

(a)                
Purchase for Own Account. This Warrant and the Shares to be acquired upon exercise hereof are being acquired for investment for
Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the
Act. Holder also represents that it has not been formed for the specific purpose of acquiring this Warrant or the Shares.

 

(b)               
Disclosure of Information. Holder is aware of the Company’s business affairs
and financial condition and has received or has had full access to all the information it considers necessary or appropriate to
make an informed investment decision with respect to the acquisition of this Warrant and its underlying securities. Holder further has
had an opportunity to ask questions of and receive answers from the Company regarding the terms and conditions of the offering of this
Warrant and its underlying securities and to obtain additional information (to the extent the Company possessed such information or could
acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access.

 

(c)                
Investment Experience. Holder understands that the purchase of this Warrant and its underlying securities involves substantial
risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear
the economic risk of such Holder’s investment in this Warrant and its underlying securities for an indefinite period of time, and
has such knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment
in this Warrant and its underlying securities and/or has a preexisting personal or business relationship with the Company and certain
of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business
acumen and financial circumstances of such persons.

 

(d)               
Accredited Investor Status. Holder is an “accredited investor” within the meaning of Regulation D promulgated under
the Act.

 

(e)                 The
Act. Holder understands that this Warrant and the Shares issuable upon exercise hereof have not been registered under the Act or
registered or qualified under the securities laws of any state, and are issued in reliance upon specific exemptions therefrom, which
exemptions depend upon, among other things, the bona fide nature of the Holder’s investment intent as expressed herein. Holder
understands that the Company is under no obligation to so register or qualify this Warrant, the Shares or such other securities.
Holder understands that this Warrant and the Shares issued upon any exercise hereof are “restricted securities” under
applicable federal and state securities laws and must be held indefinitely unless subsequently registered under the Act and
registered or qualified under applicable state securities laws, or unless exemptions from such registration and qualification are
otherwise available. Holder is aware of the provisions of Rule 144 promulgated under the
Act.

 

    5

     

    

 

5.2               
No Stockholder Rights. Without limiting any provision of this Warrant, Holder agrees that as a Holder of this Warrant it will
not have any rights (including, but not limited to, voting rights) as a stockholder of the Company with respect to the Shares issuable
hereunder unless and until the exercise of this Warrant and then only with respect to the Shares issued on such exercise.

 

5.3               
Confidential Information. Holder agrees to treat and hold all non-public information provided by the Company pursuant to this
Warrant in confidence in accordance with the provisions of Section 12.8 of the Loan Agreement (regardless of whether the Loan Agreement
shall then be in effect).

 

SECTION
6.          MISCELLANEOUS.

 

6.1               
Term; Automatic Cashless Exercise Upon Expiration.

 

(a)                
Term. Subject to the provisions of Section 2.6 above, this Warrant is exercisable
in whole or in part at any time and from time to time on or before 6:00 PM, Pacific time,
on the expiration date set forth on Schedule I hereto (the “Expiration Date”) and
shall be void thereafter; provided that if the Company does not deliver to Holder written confirmation of the fair market value
of a Share pursuant to Section 6.1(b) below, then the Expiration Date shall automatically be extended until the earlier to occur of (i)
such date as the Company delivers such written confirmation and (ii) one (1) year after the Expiration Date.

 

(b)               
Automatic Cashless Exercise upon Expiration. In the event that, upon the Expiration Date, the fair market value of one Share as
determined in accordance with Section 2.3 above is greater than the Exercise Price in effect on such date, then this Warrant shall automatically
be deemed on and as of such date to be exercised pursuant to Section 2.2 above as to all Shares for which it shall not previously have
been exercised, and the Company shall, within a reasonable time following Holder’s written request, deliver a certificate (or,
in the case of uncertificated securities, provide notice of book entry) representing the Shares issued to Holder upon such exercise.
If shares of the Class are not then traded in a Trading Market, the Company shall deliver
to Holder, prior to the Expiration Date, written confirmation of the fair market value of a Share (as
determined pursuant to Section 2.3 above) to be used in determining whether
this Warrant shall automatically exercise on the Expiration Date pursuant to this Section 6.1(b).

 

6.2               
Legends. Each certificate or notice of book entry
evidencing Shares shall be imprinted with a legend in substantially the following form (together with such additional legends as may
be required by the Charter Documents or under any Stockholder Agreement (to the extent Holder is then a party thereto or otherwise subject
thereto in accordance with the provisions of Section 5.4 above)):

 

THE
SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE
SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN THAT CERTAIN WARRANT TO PURCHASE
STOCK ISSUED BY THE ISSUER TO INNOVATION CREDIT FUND VIII-A, L.P. DATED JANUARY __,
2022, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED
UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY
TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH
REGISTRATION.

 

6.3               
Compliance with Securities Laws on Transfer. This Warrant and the Shares issued upon exercise hereof may not be transferred or
assigned in whole or in part except in compliance with applicable federal and state
securities laws by the transferor and the transferee (including, without limitation, the delivery of investment representation letters
and legal opinions reasonably satisfactory to the Company, as reasonably requested by the Company). The Company shall not require Holder
to provide an opinion of counsel if the transfer is to an affiliate of Holder; provided that such affiliate is an “accredited investor”
as defined in Regulation D promulgated under the Act.

 

    6

     

    

 

6.4               
 Transfer Procedure. Subject to the provisions of Section 6.3 and upon providing the Company with written notice, Holder may transfer
all or part of this Warrant or the Shares issued upon exercise of this Warrant to any transferee; provided that in connection with any
such transfer, Holder will give the Company notice of the portion of the Warrant and/or Shares being transferred with the name, address
and taxpayer identification number of the transferee, and Holder will surrender this Warrant, or the certificates or other evidence of
such Shares or other securities, to the Company for reissuance to the transferee(s) (and to Holder if applicable);
and provided further, that any transferee shall make substantially the representations set forth in Section 5.1 above and shall agree
in writing with the Company to be bound by all of the terms and conditions of this Warrant.

 

6.5               
Notices. All notices and other communications hereunder from the Company to the Holder, or vice versa, shall be deemed delivered
and effective (i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class registered or certified
mail, postage prepaid, (iii) upon actual receipt if given by electronic mail and such receipt is confirmed in writing by the recipient,
or (iv) on the first Business Day following delivery to a reliable overnight courier service, courier fee prepaid, in any case at such
address as may have been furnished to the Company or Holder, as the case may be, in writing by the Company or such Holder from time to
time in accordance with the provisions of this Section 6.5. All notices to Holder shall be addressed as follows until the Company receives
notice of a change of address in connection with a transfer or otherwise:

 

Innovation
Credit Fund VIII-A, L.P.

c/o
SVB Capital

2770
Sand Hill Road

Menlo
Park, CA 94025

Attn:
SVB Capital Finance and Operations

Email
address:       svbcapitalcredit@svb.com

SVBCapitalCreditFinance@svb.com

 

All
notices to the Company shall be addressed as follows until Holder receives notice of a change in address:

 

Liquidia
Corporation

Attn: Chief Financial Officer

419 Davis Drive, Suite 100

Morrisville,
NC 27560

Telephone: (919) 328-4400

Email:

 

With
a copy (which shall not constitute notice) to:

 

DLA
Piper LLP

Attn: Andrew P. Gilbert

51 John F. Kennedy Parkway

Short
Hills, NJ 07078

Telephone: (973) 520-2550

Email:

 

6.6               
Amendment and Waiver. Notwithstanding any contrary provision herein or in the Loan Agreement, this Warrant may be amended and
any provision hereof waived (either generally or in a particular instance and either retroactively
or prospectively) only by an instrument in writing signed by Holder and any party against which enforcement of such amendment
or waiver is sought.

 

    7

     

    

 

6.7                Counterparts; Electronic
Signatures; Status as Certificated Security. This Warrant may be executed by one or more of the parties hereto in any number of
separate counterparts, all of which together shall constitute one and the same instrument. The Company, Holder and any other party
hereto may execute this Warrant by electronic means and each party hereto recognizes and accepts the use of electronic signatures
and the keeping of records in electronic form by any other party hereto in connection with the execution and storage hereof. To the
extent that this Warrant or any agreement subject to the terms hereof or any amendment hereto is executed, recorded or delivered
electronically, it shall be binding to the same extent as though it had been executed on paper with an original ink signature, as
provided under applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act. The
fact that this Warrant is executed, signed, stored or delivered electronically shall not prevent the transfer by any Holder of this
Warrant pursuant to Section 6.4 or the enforcement of the terms hereof. To the extent that the original of this Warrant is an
electronic original, this Warrant, and any copies hereof, shall NOT be deemed to be a “certificated security” within the
meaning of Section 8102(a)(4) of the California Commercial Code. Physical possession of the original of this Warrant or any paper
copy thereof shall confer no special status to the bearer thereof.

 

6.8               
Headings. The headings in this Warrant are for purposes of reference only and shall not limit or otherwise affect the meaning
of any provision of this Warrant.

 

6.9               
Business Days. “Business Day” means any day that is not a
Saturday, Sunday or a day on which banks in California are closed.

 

SECTION
7.          GOVERNING LAW, VENUE AND JURY TRIAL WAIVER; JUDICIAL REFERENCE.

 

7.1               
Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of California, without
giving effect to its principles regarding conflicts of law.

 

7.2               
Jurisdiction and Venue. The Company and Holder each irrevocably and unconditionally submit to the exclusive jurisdiction of the
State and Federal courts in Santa Clara County, California; provided, however, that nothing in this Warrant shall be deemed to operate
to preclude Holder from bringing suit or taking other legal action in any other jurisdiction to enforce a judgment or other court order
in favor of Holder. The Company expressly, irrevocably and unconditionally submits and consents in advance to such jurisdiction in any
action or suit commenced in any such court, and the Company hereby irrevocably and unconditionally waives, to the fullest extent permitted
by applicable law, any objection that it may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens and
hereby irrevocably and unconditionally consents to the granting of such legal or equitable relief as is deemed appropriate by such court.
The Company hereby waives personal service of the summons, complaints, and other process issued in such action or suit and agrees that
service of such summons, complaints, and other process may be made by registered or certified mail addressed to the Company in accordance
with Section 6.5 of this Warrant and that service so made shall be deemed completed upon the earlier to occur of the Company’s
actual receipt thereof or three (3) days after deposit in the U.S. mails, proper postage prepaid.

 

7.3               
Jury Trial Waiver. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE COMPANY AND HOLDER EACH WAIVES ITS RIGHT TO A JURY
TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS WARRANT, THE LOAN AGREEMENT OR ANY CONTEMPLATED TRANSACTION,
INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR THE PARTIES’ AGREEMENT
TO THIS WARRANT. EACH PARTY HERETO HAS REVIEWED THIS WAIVER WITH ITS COUNSEL.

 

7.4                Judicial
Reference. WITHOUT INTENDING IN ANY WAY TO LIMIT THE PARTIES’ AGREEMENT TO WAIVE THEIR RESPECTIVE RIGHT TO A TRIAL BY
JURY, if the waiver of the right to a trial by jury in Section 7.3 above is not enforceable, the parties hereto agree that any
and all disputes or controversies of any nature between them arising at any time shall be decided by a reference to a private judge,
mutually selected by the parties (or, if they cannot agree, by the Presiding Judge of the Santa Clara County, California Superior
Court) appointed in accordance with California Code of Civil Procedure Section 638 (or pursuant to comparable provisions of federal
law if the dispute falls within the exclusive jurisdiction of the federal courts), sitting without a jury, in Santa Clara County,
California; and the parties hereby submit to the jurisdiction of such court. The reference proceedings shall be conducted pursuant
to and in accordance with the provisions of California Code of Civil Procedure Sections 638 through 645.1, inclusive. The
private judge shall have the power, among others, to grant provisional relief, including without limitation, entering temporary
restraining orders, issuing preliminary and permanent injunctions and appointing receivers. All such proceedings shall be closed to
the public and confidential and all records relating thereto shall be permanently sealed. If during the course of any dispute, a
party desires to seek provisional relief, but a judge has not been appointed at that point pursuant to the judicial reference
procedures, then such party may apply to the Santa Clara County, California Superior Court for such relief. The proceeding before
the private judge shall be conducted in the same manner as it would be before a court under the rules of evidence applicable to
judicial proceedings. The parties shall be entitled to discovery which shall be conducted in the same manner as it would be before a
court under the rules of discovery applicable to judicial proceedings. The private judge shall oversee discovery and may enforce all
discovery rules and orders applicable to judicial proceedings in the same manner as a trial court judge. The parties agree that the
selected or appointed private judge shall have the power to decide all issues in the action or proceeding, whether of fact or of
law, and shall report a statement of decision thereon pursuant to California Code of Civil Procedure Section 644(a). Nothing in this
Section 7.4 shall limit the right of any party at any time to exercise self-help remedies or obtain provisional remedies. The
private judge shall also determine all issues relating to the applicability, interpretation, and enforceability of this Section
7.4.

 

7.5               
Survival. This Section 7 shall survive the termination of this Warrant.

 

[Signature
page follows]

 

    8

     

    

 

IN
WITNESS WHEREOF, the parties have caused this Warrant To Purchase Stock to be executed by their duly authorized representatives effective
as of the Issue Date written above.

 

	 	COMPANY:
	 	 
	 	LIQUIDIA
    CORPORATION
	 	 
	 	 
	 	By: 	/s/ Michael Kaseta
	 	 
	 	Name:
    Michael Kaseta
	 	 
	 	Title:
    Chief Financial Officer
	 	  
	 	HOLDER:
	 	 
	 	INNOVATION
    CREDIT FUND VIII-A, L.P.
	 	 
	 	By:
    SVB Innovation Credit Partners VIII, LLC, its General Partner
	 	 
	 	 
	 	By:	 J.P. Michael
	 	 
	 	Name:
    J.P. Michael
	 	 
	 	Title:
    Senior Managing Director

 

    9

     

    

 

APPENDIX
1

 

Form
of Notice of Exercise of Warrant

 

1.                  
The undersigned Holder hereby exercises its right to purchase ___________ shares of the [Common] / [Series ______ Preferred] [circle
one] Stock of __________________ (the “Company”) in accordance with the attached Warrant To Purchase Stock, and tenders
payment of the aggregate Exercise Price for such shares as follows:

 

		 ̈	Check
in the amount of $________ payable to order of the Company enclosed herewith

 

		 ̈	Wire
transfer of immediately available funds to the Company’s account

 

		 ̈	Cashless
exercise pursuant to Section 2.2 of the Warrant, resulting in the issuance of __________________ shares of the [Common] / [Series ______
Preferred] [circle one] Stock of the Company

 

		 ̈	Other
[Describe] __________________________________________

 

2.                  
Please issue a certificate or certificates (or evidence of book entry) representing the Shares in the name specified below:

 

___________________________________________

Holder’s
Name

 

___________________________________________

 

___________________________________________

(Address)

 

3.                  
By its execution below and for the benefit of the Company, Holder hereby makes each of the representations and warranties set forth in
Section 5.1 of the Warrant To Purchase Stock as of the date hereof.

 

	 	HOLDER:
	 	 
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	(Date):	                        

 

    Appendix 1

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