Document:

ex_384356.htm

Exhibit 4.17

 

 

 

September 21, 2017

 

Elizabeth Williams

1920 Yonge Street, 2nd Floor

Toronto, ON

 

Dear Elizabeth:

 

We are asking you to agree to certain changes to your written employment agreement dated December 12, 2016 (your “Employment Agreement”) a copy of which is enclosed with this amendment letter).

 

We have set out the changes that will be made to the terms of your Employment Agreement below. Please sign and return this document to indicate your acceptance of these changes. Once you have accepted the changes, this document will constitute an official amendment to the terms of your Employment Agreement.

 

1.         Change to your Base Salary - Section 3.1(a) will be modified to reflect your new Base Salary of Cdn $225,000 which is effective as of April 1,2017.

 

2.         Changes to your Bonus Structure - Section 3.3 will be modified to reflect your new bonus rate of 25 percent.

 

Finally, all other terms and conditions of your Employment Agreement shall remain the same.

 

Thank you for taking the time to carefully consider this letter. Please return a signed copy at your earliest convenience. In the meantime, if you have any questions please do not hesitate to contact the undersigned.

 

Yours Sincerely,

 

Medicenna Therapeutics Inc.

 

Signed:       /s/Fahar Merchant                                      

 

Encl. Your Employment Agreement

 

I hereby agree to amend the terms and conditions of my Employment Agreement, as described above. All remaining terms and conditions of my employment will remain in effect, unchanged by this consent

 

Signed:       /s/Elizabeth Williams                                                  Date: September 21, 2017

Elizabeth Williamsex_384352.htm

Exhibit 4.18

 

 

 

 

November 3, 2020

 

Elizabeth Williams

2 Bloor St. W, 7th Floor

Toronto, ON    M4W 3E2

 

 

Dear Elizabeth,

 

We are asking you to agree to certain changes to the written employment agreement dated December 12, 2016 as amended September 21, 2017 (your "Employment Agreement") a copy of which is enclosed with this amendment letter).

 

We have set out the changes that will be made to the terms of your Employment Agreement, below. Please sign and return this document to indicate your acceptance of these changes. Once you have accepted the changes, this document will constitute an official amendment to the terms of your Employment Agreement.

 

	 	
			1.

				
			Change to your Base Salary - Section 3.1(a) will be modified to reflect your new Base Salary of Cdn $260,000 which is effective as of April 1, 2020.

			
	 	 	 
	 	 	Addition of 3.1(d) – Retirement Contribution – Effective April 1, 2020 the Company will annually deposit $26,000 to an RRSP account of the Executive’s choosing by February 28th of the following year (i.e. February 28, 2021)
	 	 	 
	 	2.	Changes to your Bonus Structure – Section 3.3 will be modified to reflect your new bonus rate of 40 percent effective April 1, 2020.
	 	 	 
	 	3.	Changes to your Severance Payment – Section 5.3 (a) (i) will be replaced as follows:
	 	 	 
	 	 	an amount equal to one quarter of the current Annual Base Salary during the first year plus one quarter of the current Annual Base Salary during the second year, plus one quarter of the current Annual Base Salary during the third year and plus one quarter of the Annual Base Salary during the fourth or any additional year the Executive is employed by the Company to a maximum of one times the Executive’s current Annual Base Salary; and
	 	 	 
	 	Finally, all other terms and conditions of your Employment Agreement shall remain the same.

 

Thank you for taking the time to carefully consider this letter. Please return a signed copy at your earliest convenience. In the meantime, if you have any questions please do not hesitate to contact the undersigned.

 

Yours Sincerely,

Medicenna Therapeutics

 

Signed: /s/ Fahar Merchant                        

 

 

 

 

 

 

 

I hereby agree to amend the terms and conditions of my Employment Agreement, as described above. All remaining terms and conditions of my employment will remain in effect, unchanged by this consent.

 

	
			Signed: /s/ Elizabeth Williams                   

			             Elizabeth Williams

				
			Date:    December 11, 2020ex_384353.htm

Exhibit 4.19

 

 

 

 

July 28, 2021

 

Elizabeth Williams

2 Bloor St. W, 7th Floor

Toronto, ON    M4W 3E2

 

 

Dear Elizabeth,

 

We are asking you to agree to certain changes to the written employment agreement dated December 12, 2016 as amended September 21, 2017 and November 3, 2021 (your "Employment Agreement") a copy of which is enclosed with this amendment letter).

 

We have set out the change that will be made to the terms of your Employment Agreement, below. Please sign and return this document to indicate your acceptance of this change. Once you have accepted the change, this document will constitute an official amendment to the terms of your Employment Agreement.

 

	 	
			1.

				
			Change to your Base Salary - Section 3.1(a) will be modified to reflect your new Base Salary of Cdn $285,000 which is effective as of April 1, 2021.

			
	 	 	 
	 	Finally, all other terms and conditions of your Employment Agreement shall remain the same.

 

Thank you for taking the time to carefully consider this letter. Please return a signed copy at your earliest convenience. In the meantime, if you have any questions please do not hesitate to contact the undersigned.

 

Yours Sincerely,

Medicenna Therapeutics

 

Signed: /s/ Fahar Merchant                        

 

I hereby agree to amend the terms and conditions of my Employment Agreement, as described above. All remaining terms and conditions of my employment will remain in effect, unchanged by this consent.

 

	
			Signed: /s/ Elizabeth Williams                  

			             Elizabeth Williams

				
			Date:   July 28, 2021Exhibit 10.1

 

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

This EXECUTIVE
EMPLOYMENT AGREEMENT (the “Agreement”) is entered into effective June 13th, 2022 2022 (the “Effective
Date”), by and between Rajeev Saggar (“Executive”) and Liquidia Technologies, Inc., a Delaware
corporation (the “Company”). Each of the Company and Executive is a “Party” and, collectively,
they are the “Parties.”

 

The Company desires
to employ Executive and, in connection with such employment, to compensate Executive for Executive’s personal services to the Company;
and

 

Executive desires
to provide personal services to the Company in return for certain compensation.

 

Accordingly, in
consideration of the mutual promises and covenants contained herein, the Parties agree to the following:

 

		1.	EMPLOYMENT BY THE COMPANY.

 

1.1            At-Will
Employment. Executive shall be employed by the Company beginning on Monday, July 18th, 2022 (the “Start
Date”) on an “at will” basis, meaning either the Company or Executive may terminate Executive’s employment
at any time, with or without cause or advance notice. Any contrary representations that may have been made to Executive shall be superseded
by this Agreement. This Agreement shall constitute the full and complete agreement between Executive and the Company on the “at
will” nature of Executive’s employment with the Company, which may be changed only in an express written agreement signed
by Executive and a duly authorized officer of the Company. Executive’s rights to any compensation following a termination shall
be only as set forth in Section 6.

 

1.2            Position.
Subject to the terms set forth herein, the Company agrees to employ Executive in the position of Chief Medical Officer, and
Executive hereby accepts such employment. Executive will report to the Chief Executive Officer (“CEO”)
and/or such Company officers or directors designated by the CEO.

 

1.3            Duties.
Executive shall faithfully perform all duties of the Company related to the position or positions held by Executive,
including but not limited to all duties set forth in this Agreement and/or in the Bylaws of the Company related to the position or
positions held by Executive and all additional duties that are reasonably prescribed from time to time by the CEO or other
designated officers or directors of the Company. Executive shall devote Executive’s full business time and attention to the
performance of Executive’s duties and responsibilities on behalf of the Company and in furtherance of its best interests.
Executive is expected to perform Executive’s duties under this Agreement principally on a remote basis, but may be required to
work from the Company’s corporate headquarters in North Carolina from time to time, as and to the extent necessary to carry
out his responsibilities. In addition, Executive shall make such business trips at the Company’s expense to such places as may
be necessary or advisable for the efficient operations of the Company.

 

419 Davis Drive, Suite 100, Morrisville,
North Carolina 27560

Phone: +1 919-328-4400 Fax: +1 919-328-4402

 

    	 	 

     

    

 

 

1.4            Company
Policies. Executive shall comply with all Company policies, standards, rules and regulations (a “Company Policy”
or collectively, the “Company Policies”) and all applicable government laws, rules and regulations that
are now or hereafter in effect. Executive acknowledges receipt of copies of all written Company Policies that are in effect as of the
date of this Agreement. Notwithstanding the foregoing, in the event that the terms of this Agreement differ from or are in conflict with
the Company’s general employment policies or practices, this Agreement shall control.

 

		2.	COMPENSATION.

 

2.1            Salary.
Executive shall receive a base salary of $475,000.00 on an annualized basis, payable subject to standard federal and state
payroll withholding requirements in accordance with the Company’s standard payroll practices (“Base
Salary”). Executive’s Base Salary may be increased from time to time by the Board of Directors of the Company
(the “Board”).
Notwithstanding anything to the contrary, the Base Salary may be reduced if the Board determines such reduction is necessary and
justified by the financial condition of the Company and implements an equal percentage reduction in the base salaries of all of the
Company’s executive officers, but in no event will such reduction be greater than ten percent (10%) of the Base Salary. A
reduction in Executive’s Base Salary in accordance with the immediately preceding sentence shall not constitute a material
diminution in Base Salary as described in Section 6.4(b) of this Agreement.

 

2.2            Bonus.
During the period Executive is employed with the Company, Executive shall be eligible to earn a discretionary annual cash
bonus of up to 40% of Base Salary (“Target Award”), subject to review and adjustment by the Company in its
sole discretion, pursuant to the terms of the Liquidia Technologies, Inc. Annual Cash Bonus Plan, as amended by the Company
from time to time (the “Bonus Plan”), or its successor plan. Any bonus, if earned, will be paid to
Executive within the time period set forth in the Bonus Plan. For the avoidance of doubt, Executive’s bonus, to the extent
earned, shall not be pro-rated for the 2022 performance year.

 

    	 	 

     

    

 

 

 

2.3            Equity
Grants. Upon employment and subject to approval of the Compensation Committee of the Board, as a material inducement to
Executive joining the Company, Executive will receive a nonqualified stock option to purchase 200,000 shares of the Company’s
common stock (the “Option”)
under the Liquidia Corporation 2022 Inducement Plan (the “Inducement Plan”) and applicable award
agreement, subject to the requirements under the inducement grant exception under Nasdaq Rule 5635(c)(4). The Option will be
issued with an exercise price per share of Common Stock underlying the Option equaling the Fair Market Value under the Inducement
Plan (of a share of Common Stock on the date of grant. The Option shall (i) be granted under and subject to the terms of the
Plan and the form of nonqualified stock option grant agreement, and (ii) be subject to the following vesting schedule: 25% of
the grant will become vested and exercisable or settled, as applicable, on the first anniversary of Executive’s start
date and the balance will become vested and exercisable or settled, as applicable, in equal monthly installments over the following
thirty-six (36) months, subject to Executive’s continuous employment with the Company on each such vesting date. Furthermore,
upon employment and subject to approval of the Compensation Committee of the Board, the Executive will receive a number of
restricted stock units (the “RSUs”) under the Liquidia Corporation 2020 Long-Term Incentive Plan (the
 “Plan”) and applicable award agreement equal to $350,000.00 divided by the Fair Market Value (as defined
under the Plan) of a share of Common Stock on the Start Date, which RSUs shall be subject to the following vesting schedule: 50% of
the grant will become vested on the first anniversary of Executive’s start date and the balance will become vested in equal
quarterly installments over the following two years, subject to Executive’s continuous employment with the Company on each
such vesting date; provided, however, that the RSU shall become fully vested in the event that Executive’s employment is
terminated due to his death or Disability or is terminated by the Company without Cause.

 

2.4            Sign-On
Bonus. As an incentive for Executive to commence employment with the Company on the Effective Date and to
remain employed with the Company for at least one (1) year thereafter, the Company agrees to pay to Executive a one-time,
sign-on bonus equal to $50,000.00 less standard payroll withholding requirements (the “Sign-On Bonus”).
The Company shall advance such Sign-On Bonus to Executive within thirty (30) days after the Executive’s start date, subject to
Executive’s obligation to repay the full amount of the Sign-On Bonus if, prior to the first anniversary of the
Executive’s start date, Executive’s employment is terminated by the Company for Cause or Executive resigns without Good
Reason. In the event Executive is required to repay the Sign-On Bonus as set forth herein, Executive agrees that the Company may
deduct, in accordance with applicable law, said amount from any payments the Company owes Executive, including but not limited to
Executive’s final paycheck, bonus or other compensation, and any expense reimbursements, and Executive further agrees to pay
to the Company, within thirty (30) days of his termination date, any remaining unpaid balance of the Sign-On Bonus not covered by
such deductions. For purposes of clarity, Executive shall have no obligation to repay the Sign-On Bonus to the Company in the event
that Executive’s employment is terminated due to his death or Disability.

 

2.5            Benefits.
Executive will be eligible to participate on the same basis as similarly situated employees in the Company’s benefit
plans in effect from time to time during Executive’s employment. All matters of eligibility for coverage or benefits under any
benefit plan shall be determined in accordance with the provisions of such plan. The Company reserves the right to change, alter, or
terminate any benefit plan in its sole discretion.

 

2.6            Expense
Reimbursement. The Company shall reimburse Executive for all customary and appropriate business-related expenses
actually incurred and documented in accordance with Company Policy, as in effect from time to time. For the avoidance of doubt, to
the extent that any reimbursements payable to Executive are subject to the provisions of Section 409A of the Code: (a) any
such reimbursements will be paid no later than December 31 of the year following the year in which the expense was incurred,
(b) the amount of expenses reimbursed in one year will not affect the amount eligible for reimbursement in any subsequent year,
and (c) the right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit.

 

    	 	 

     

    

 

 

 

3.
          PROPRIETARY INFORMATION, INVENTIONS,
NON-COMPETITION AND NON-SOLICITATION
OBLIGATIONS. As a condition of employment with the Company,
Executive agrees to execute and abide by a Confidentiality, Inventions and Non-Competition Agreement (the “Confidential
Information Agreement”), which may be amended by the Parties from time to time without regard to this Agreement. The Confidential
Information Agreement contains provisions that are intended by the Parties to survive and do survive termination of this Agreement.

 

3.1            Permissible
Communications. Notwithstanding anything to the contrary in the Confidential Information Agreement, Executive
acknowledges that nothing in the Confidential Information Agreement shall be construed to prohibit Executive from (a) filing a
charge or complaint with, or participating in any proceeding before, a government agency authorized to enforce and investigate
suspected violations of federal anti-discrimination laws, labor relations laws, occupational health and safety laws, wage and hour
laws, and such similar state or local laws; (b) reporting possible violations of federal securities laws to the appropriate
government enforcing agency and make such other disclosures that are expressly protected under such laws, or (c) responding
truthfully to inquiries from, or otherwise cooperating with, any governmental or regulatory investigation (the activities set forth
in clauses (a) through (c) are collectively referred to as the “Protected Activities”).
Executive understands that in connection with such Protected Activity, Executive is permitted to disclose documents or other
information as permitted by law, and without giving notice to, or receiving authorization from, the Company; provided,
however, that Executive agrees to take all reasonable precautions to prevent any unauthorized use or disclosure of any
information that may constitute Proprietary Information under the Confidential Information Agreement to any parties other than the
appropriate government agencies. Executive further understands that “Protected Activity” does not include the disclosure
of any Company attorney-client privileged communications, and that any such disclosure without the Company’s written consent
shall constitute a material breach of this Agreement.

 

3.2            Defend
Trade Secrets Act. Pursuant to the Defend Trade Secrets Act of 2016, Executive acknowledges that Executive will not
have criminal or civil liability under any Federal or State trade secret law for the disclosure of a trade secret that (a) is
made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney and
(ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or
other document filed in a lawsuit or other proceeding, if such filing is made under seal. In addition, if Executive files a lawsuit
for retaliation by the Company for reporting a suspected violation of law, Executive may disclose the trade secret to
Executive’s attorney and may use the trade secret information in the court proceeding, if Executive (x) files any
document containing the trade secret under seal and (y) does not disclose the trade secret, except pursuant to court order.

 

     

     

    

 

 

 

4.            OUTSIDE
ACTIVITIES DURING EMPLOYMENT.
Except with the prior written consent of the Company, which shall not be unreasonably withheld, Executive will not, while employed by
the Company, undertake or engage in any other employment, occupation or business enterprise that would interfere with Executive’s
responsibilities and the performance of Executive’s duties hereunder, except for (i) reasonable time devoted to volunteer
services for or on behalf of such religious, educational, non-profit and/or other charitable organization as Executive may wish to serve,
(ii) reasonable time devoted to activities in the non-profit and business communities consistent with Executive’s duties,
(iii) performing qualified medical examinations in the State of California so long as Executive does not engage in such activity
more than eight (8) hours per month, on average, and that such activity does not otherwise interfere with Executive’s responsibilities
and the performance of Executive’s duties hereunder, (iv) covering hospital shifts up to twelve (12) hours per month in order
to maintain Executive’s clinical skills so long as Executive does not prescribe any medications for pulmonary hypertension or other
conditions for which the Company markets, sells or promotes a product and that such activity does not otherwise interfere with Executive’s
responsibilities and the performance of Executive’s duties hereunder, and (v) such other activities as may be specifically
approved by the Company. This restriction shall not, however, preclude Executive from owning less than one percent (1%) of the total
outstanding shares of a publicly traded company, or employment or service in any capacity with Affiliates of the Company. As used in
this Agreement, “Affiliates” means an entity under common management or control with the Company.

 

5.            NO
CONFLICT WITH EXISTING OBLIGATIONS.
Executive represents that Executive’s performance of all the terms of this Agreement and as an executive of the Company do not
and will not breach any agreement or obligation of any kind made prior to Executive’s employment by the Company, including agreements
or obligations Executive may have with prior employers or entities for which Executive has provided services. Executive has not entered
into, and Executive agrees that Executive will not enter into, any agreement or obligation, either written or oral, in conflict herewith.

 

6.            TERMINATION
OF EMPLOYMENT. The Parties
acknowledge that Executive’s employment relationship with the Company is at-will. The provisions in this Section govern the
amount of compensation, if any, to be provided to Executive upon termination of employment and do not alter this at-will status.

 

6.1           Termination
by the Company Without Cause.

 

(a)            The
Company shall have the right to terminate Executive’s employment with the Company pursuant to this Section 6.1 at any time
without “Cause” (as defined in Section 6.2(b) below) by giving notice as described in Section 7.1 of this Agreement.
A termination pursuant to Sections 6.3 and 6.5 below is not a termination without “Cause” for purposes of receiving the benefits
described in this Section 6.1.

 

(b)            If
the Company terminates Executive’s employment at any time without Cause and provided that such termination constitutes a
 “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h) a “Separation
from Service”), then Executive shall be entitled to receive the Accrued Obligations (defined below) and,
subject to Executive’s compliance with the obligations in Section 6.1(c) below, then Executive shall also be
entitled to receive (collectively, the “Severance Benefits”):

 

(i)            an
amount equal to Executive’s then current Base Salary for nine (9) months (the “Severance Period”),
less all applicable withholdings and deductions, paid in equal installments beginning on the Company’s first regularly scheduled
payroll date following the Release Effective Date (as defined in Section 6.1(c) below), with the remaining installments occurring
on the Company’s regularly scheduled payroll dates thereafter;

 

     

     

    

 

 

 

(ii)            an
amount equal to the unpaid bonus (if any) that Executive would have earned pursuant to the Bonus Plan with respect to any Performance
Period (as defined in the Bonus Plan) completed prior to the termination date but for the employment requirement set forth in Section 6.3
of the Bonus Plan; and

 

(iii)            payment
of the employer portion of the premiums required to continue Executive’s group health care coverage under the applicable provisions
of the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), provided that Executive timely elects
to continue coverage under COBRA, until the earliest of (A) the close of the Severance Period, (B) the expiration of Executive’s
eligibility for the continuation coverage under COBRA, or (C) the date when Executive becomes eligible for substantially equivalent
health insurance coverage in connection with new employment (such period from the termination date through the earliest of (A), (B) or
(C), the “COBRA Payment Period”). Notwithstanding the foregoing, if at any time the Company determines in its
sole discretion that the payment of the COBRA premiums would result in a violation of the nondiscrimination rules of Section 105(h)(2) of
the Code, or any statute or regulation of similar effect (including but not limited to the 2010 Patient Protection and Affordable Care
Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of providing the COBRA premiums, the Company will
instead pay Executive on the last day of each remaining month of the COBRA Payment Period, a fully taxable cash payment equal to the COBRA
premiums for that month, subject to applicable tax withholdings for the remainder of the COBRA Payment Period, regardless of whether Executive
elects COBRA coverage (the “Special Severance Payment”). Executive may, but is not obligated to, use such Special
Severance Payment toward the cost of COBRA premiums. If Executive becomes eligible for coverage under another employer’s group health
plan or otherwise ceases to be eligible for COBRA during the COBRA Payment Period, Executive must immediately notify the Company of such
event, and all payments and obligations under this clause will cease.

 

     

     

    

 

 

 

(c)            Executive
will be paid all of the Accrued Obligations on the Company’s first payroll date after Executive’s date of termination
from employment or earlier if required by law. Executive shall receive the Severance Benefits pursuant to
Section 6.1(b) of this Agreement if: (i) Executive signs and delivers to the Company an effective, general release of
claims in favor of the Company and its affiliates and representatives, in a form acceptable to the Company (the
 “Release”), by the 60th day following the termination date or such earlier date as set forth in the
Release, which cannot be revoked in whole or part (if applicable) by such date or such earlier date as set forth in the
Release (the date that the Release can no longer be revoked is referred to as the “Release Effective
Date”); (ii) if Executive holds any other positions with the Company, Executive resigns such position(s) to
be effective no later than the date of Executive’s termination date (or such other date as requested by the Board);
(iii) Executive returns all Company property in proper order and condition, reasonable wear and tear excepted, (including, but
not limited to, all books, documents, papers, materials and any other property or assets relating to the business or affairs of the
Company which may be in Executive’s possession or under his control but excluding copies of records related to
Executive’s compensation from the Company and any equity ownership in the Company); (iv) Executive complies with all
post-termination obligations under this Agreement and the Confidential Information Agreement; and (v) Executive complies with
the terms of the Release, including without limitation any non-disparagement and confidentiality provisions contained in the
Release. To the extent that any Severance Benefits are deferred compensation under Section 409A of the Code, and are not
otherwise exempt from the application of Section 409A, then, if the period during which Executive may consider and sign the
Release spans two calendar years, the payment of Severance Benefits will not be made or begin until the later calendar year.

 

(d)            For
purposes of this Agreement, “Accrued Obligations” are (i) Executive’s accrued but unpaid salary through
the date of termination, (ii) any unreimbursed business expenses incurred by Executive payable in accordance with the Company’s
standard expense reimbursement policies, and (iii) benefits owed to Executive under any qualified retirement plan or health and welfare
benefit plan in which Executive was a participant in accordance with applicable law and the provisions of such plan.

 

(e)            The
Severance Benefits provided to Executive pursuant to this Section 6.1 is in lieu of, and not in addition to, any benefits to which
Executive may otherwise be entitled under any Company severance plan, policy or program.

 

(f)            Any
damages caused by the termination of Executive’s employment without Cause would be difficult to ascertain; therefore, the Severance
Benefits for which Executive is eligible pursuant to Section 6.1(b) above in exchange for the Release is agreed to by the Parties
as liquidated damages, to serve as full compensation, and not a penalty.

 

6.2            Termination
by the Company for Cause.

 

(a)            Subject
to Section 6.2(c) below, the Company shall have the right to terminate Executive’s employment with the Company at any
time for Cause by giving notice as described in Section 7.1 of this Agreement.

 

     

     

    

 

 

 

(b)            “Cause”
for termination shall mean that the Company has determined in its sole discretion that Executive has engaged in any of the
following: (i) any material breach of the terms of this Agreement by Executive, or the willful failure of Executive to
diligently and properly perform Executive’s material duties for the Company; (ii) Executive’s misappropriation or
unauthorized use of the Company’s tangible or intangible property that causes or is likely to cause material harm to the
Company or its reputation, or material breach of the Confidential Information Agreement or any other similar agreement
regarding confidentiality, intellectual property rights, non-competition or non-solicitation; (iii) any material failure to
comply with the Company Policies or any other policies and/or directives of the Board; (iv) Executive’s use of illegal
drugs or any illegal substance, or Executive’s use of alcohol in any manner that materially interferes with the performance of
Executive’s duties under this Agreement; (v) any (A) dishonest or illegal action (including, without limitation,
embezzlement) by Executive, or (B) other action, whether or not dishonest or illegal, by Executive, in either case which is
materially detrimental to the interest and well-being of the Company, including, without limitation, harm to its reputation;
(vi) Executive’s failure to fully disclose any material conflict of interest Executive may have with the Company in a
transaction between the Company and any third party which is materially detrimental to the interest and well-being of the Company;
(vii) any adverse action or omission by Executive which would be required to be disclosed pursuant to public securities laws or
which would limit the ability of the Company or any entity affiliated with the Company to sell securities under any Federal or state
law or which would disqualify the Company or any affiliated entity from any exemption otherwise available to it; or
(viii) become prohibited by law or any order from any regulatory body or governmental body from being an employee or director
of any company, firm or entity; provided, however, that prior to any termination of Executive for “Cause,” if the
grounds for such Cause are reasonably capable of cure by Executive, the Company shall provide Executive with written notice of the
grounds for Cause and provide Executive with ten (10) business days in which to cure such Cause.

 

(c)            In
the event Executive’s employment is terminated at any time for Cause, Executive will not receive Severance Benefits or any other
severance compensation or benefits, except that, pursuant to the Company’s standard payroll policies, the Company shall pay to Executive
the Accrued Obligations.

 

6.3           Resignation
by Executive.

 

(a)            Executive
may resign from Executive’s employment with the Company at any time by giving notice as described in Section 7.1.

 

(b)            In
the event Executive resigns from Executive’s employment with the Company for any reason (other than a resignation for Good Reason
as described in Section 6.4 below), Executive will not receive Severance Benefits or any other severance compensation or benefits,
except that, pursuant to the Company’s standard payroll policies, the Company shall pay to Executive the Accrued Obligations.

 

6.4           Resignation
by Executive for Good Reason.

 

(a)            Provided
Executive has not previously been notified of the Company’s intention to terminate Executive’s employment, Executive may resign
from employment with the Company for Good Reason (as defined in Section 6.4(b) below).

 

     

     

    

 

 

 

(b)            “Good
Reason” for resignation shall mean the occurrence of any of the following without Executive’s prior consent:
(i) a material diminution in Executive’s authority, duties or responsibilities; (ii) a material diminution in
Executive’s Base Salary; (iii) a requirement that Executive report to an employee other than the CEO;
(iv) Executive’s employment is changed from being primarily remote employment to primarily in-office employment and
Executive’s principal place of employment is established at a location that is more than fifty (50) miles from the
Executive’s then-current residence; or (v) the Company materially breaches its obligations under this Agreement. In
addition to any requirements set forth above, in order for any of the above events to constitute “Good Reason,”
Executive must (X) inform the Company of the existence of the event within sixty (60) days of the initial existence of the
event, after which date the Company shall have no less than thirty (30) days to cure the event which otherwise would constitute
 “Good Reason” hereunder and (Y) Executive must terminate his employment with the Company for such “Good
Reason” no later than ninety (90) days after the initial existence of the event which prompted Executive’s termination.
Any actions taken by the Company to accommodate a disability of Executive or pursuant to the Family and Medical Leave Act shall not
be a Good Reason for purposes of this Agreement.

 

(c)            In
the event Executive resigns from Executive’s employment for Good Reason, and provided that such termination constitutes a Separation
from Service, then subject to Executive’s compliance with the obligations in Section 6.1(c) above, Executive shall be
eligible to receive the same Severance Benefits as described in Section 6.1 and on the same terms and conditions set forth in Section 6.1(c) and
Section 6.1(e) as if Executive had been terminated by the Company without Cause.

 

(d)            Any
damages caused by the termination of Executive’s employment for Good Reason would be difficult to ascertain; therefore, the Severance
Benefits for which Executive is eligible pursuant to Section 6.1(b) above in exchange for the Release is agreed to by the Parties
as liquidated damages, to serve as full compensation, and not a penalty.

 

6.5           Termination
by Virtue of Death or Disability of Executive.

 

(a)            In
the event of Executive’s death while employed pursuant to this Agreement, all obligations of the Parties hereunder shall terminate
immediately, and the Company shall, pursuant to the Company’s standard payroll policies, pay to Executive’s legal representatives
all Accrued Obligations.

 

(b)            Subject
to applicable state and federal law, the Company shall at all times have the right, upon written notice to Executive, to terminate
this Agreement based on Executive’s Disability. Termination by the Company of Executive’s employment based on
 “Disability” shall mean termination because a qualified medical doctor mutually acceptable to the Company
and Executive or Executive’s personal representative has certified in writing that: (A) Executive is unable, because of a
medically determinable physical or mental disability, to perform the essential functions of Executive’s job, with or without a
reasonable accommodation, for more than one hundred and eighty (180) calendar days measured from the last full day of work; or
(B) by reason of mental or physical disability, it is unlikely that Executive will be able, within one hundred and eighty (180)
calendar days, to resume the essential functions of Executive’s job, with or without a reasonable accommodation, and to
otherwise discharge Executive’s duties under this Agreement. This definition shall be interpreted and applied
consistent with the Americans with Disabilities Act, the Family and Medical Leave Act, and other applicable law. In the event
Executive’s employment is terminated based on Executive’s Disability, Executive will not receive Severance Benefits or
any other severance compensation or benefit, except that, pursuant to the Company’s standard payroll policies, the Company
shall pay to Executive the Accrued Obligations.

 

     

     

    

 

 

 

6.6            Change
in Control Benefits. In the event the Company (or any surviving or acquiring corporation) terminates
Executive’s employment without Cause or Executive resigns for Good Reason within twelve (12) months following the effective
date of a Change in Control (as defined under the Plan), then Executive shall be entitled to the Accrued Obligations and, provided
that Executive complies with the obligations in Section 6.1(c) of this Agreement (including the requirement to provide an
effective Release), Executive shall be eligible to receive the same Severance Benefits as described in Section 6.1(b) and
on the same conditions as if Executive had been terminated by the Company without Cause; provided, however, that (a) the
Severance Period shall be increased to twelve (12) months; (b) the bonus set forth in Section 6.1(b)(ii) shall
instead be payable at the Target Amount; and (c) in the event that Executive’s outstanding equity as of the closing of
the Change in Control is assumed or continued (in accordance with its terms) by the surviving entity in a Change in Control, then
100% of the unvested portion of such equity shall become vested.

 

6.7            Cooperation
With Company After Termination of Employment. Following termination of Executive’s employment for any reason
and for a period of one (1) year thereafter, Executive agrees to cooperate (a) with the Company in (i) the defense of
any legal matter involving any matter that arose during Executive’s employment with the Company, and (ii) all matters
relating to the winding up of Executive’s pending work and the orderly transfer of any such pending work to such other
employees as may be designated by the Company; and (b) with all government authorities on matters pertaining to any
investigation, litigation or administrative proceeding pertaining to the Company. The Company will reimburse Executive for any
reasonable travel and out of pocket expenses incurred by Executive in providing such cooperation. The Company will also pay
Executive a per diem amount equal to Executive’s Base Salary as of the date of termination divided by two hundred and thirty
(230) for each day or partial day that Executive devotes to fulfilling his obligation to cooperate under this Section 6.7,
unless Executive is then receiving continued payment of his Base Salary under 6.1(b)(ii), above. Following termination of
Executive’s employment for any reason, and in the event of a failure by Executive (following reasonable efforts by the Company
to secure his voluntary cooperation) to resign from any position as officer or director of the Company, with such resignation to be
effective no later than the date of Executive’s termination date (or such other date as requested by the Board), the Company
is hereby irrevocably authorized to appoint its then-current Chief Executive Officer to act in Executive’s name and on his
behalf to execute any documents and to do all things reasonably necessary to effect such resignation. Further, Executive shall not,
at any time after termination of Executive’s employment for any reason, represent himself as being an agent or representative
of the Company, unless expressly authorized in a written agreement executed by an authorized officer of the Company.

 

     

     

    

 

 

 

6.8            Application
of Section 409A.

 

(a)            It
is intended that all of the severance payments payable under this Agreement satisfy, to the greatest extent possible, the exemptions from
the application of Section 409A of the Code and the regulations and other guidance thereunder and any state law of similar effect
(collectively, “Section 409A”) provided under Treasury Regulations Sections 1.409A-1(b)(4) and 1.409A-1(b)(9),
and this Agreement will be construed in a manner that complies with Section 409A. If not so exempt, this Agreement (and any definitions
hereunder) will be construed in a manner that complies with Section 409A, and incorporates by reference all required definitions
and payment terms.

 

(b)            The
preceding provisions shall not be construed as a guarantee by the Company of any particular tax effect to Executive under this Agreement.
The Company shall not be liable to Executive for any payment made under this Agreement which is determined to result in an additional
tax, penalty or interest under Section 409A, nor for reporting in good faith any payment as an amount includible in gross income
under Section 409A.

 

(c)            No
severance payments will be made under this Agreement unless Executive’s termination of employment constitutes a “separation
from service” (as defined under Treasury Regulation Section 1.409A-1(h)).

 

(d)            For
purposes of Section 409A (including, without limitation, for purposes of Treasury Regulations Section 1.409A-2(b)(2)(iii)),
Executive’s right to receive any installment payments under this Agreement (whether severance payments or otherwise) shall be treated
as a right to receive a series of separate payments and, accordingly, each installment payment hereunder shall at all times be considered
a separate and distinct payment.

 

(e)            If
the Company determines that the severance benefits provided under this Agreement constitutes “deferred compensation” under
Section 409A and if Executive is a “specified employee” of the Company, as such term is defined in Section 409A(a)(2)(B)(i) of
the Code at the time of Executive’s Separation from Service, then, solely to the extent necessary to avoid the incurrence of the
adverse personal tax consequences under Section 409A, the timing of the Severance Benefits will be delayed as follows: on the earlier
to occur of (i) the date that is six months and one day after Executive’s Separation from Service, and (ii) the date of
Executive’s death (such earlier date, the “Delayed Initial Payment Date”), the Company will (1) pay
to Executive a lump sum amount equal to the sum of the Severance Benefits that Executive would otherwise have received through the Delayed
Initial Payment Date if the commencement of the payment of the Severance Benefits had not been delayed pursuant to this Section 6.8,
and (2) commence paying the balance of the Severance Benefits in accordance with the applicable payment schedule set forth in Section 6.1.
No interest shall be due on any amounts deferred pursuant to this Section 6.8.

 

     

     

    

 

 

 

6.9            Parachute
Payments.

 

(a)            Notwithstanding
any other provisions of this Agreement to the contrary, in the event that it shall be determined that any payment or distribution to
or for the benefit of Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or
otherwise (a “Payment”) would be nondeductible by the Company for Federal income tax purposes because of
Section 280G of the Code, the Company shall reduce the aggregate present value of the Payments under this Agreement to the
Reduced Amount (as defined below) if, and only if, reducing the Payments under this Agreement will provide Executive with a greater
net after-tax amount than would be the case if no such reduction was made, taking into account the applicable federal, state, local
and foreign income, employment and other taxes, including the excise tax imposed by Section 4999 of the Code. If a reduction in
the Payments is necessary, such reduction shall occur in the following order: (1) reduction of cash payments;
(2) cancellation of accelerated vesting of equity awards other than stock options; (3) cancellation of accelerated vesting of
stock options; and (4) reduction of other benefits paid to Executive. Within any such category of payments and benefits (that
is, clauses (1), (2), (3) or (4) of this Section 6.9(a)), a reduction shall occur first with respect to amounts that are
not “deferred compensation” within the meaning of Section 409A of the Code and then with respect to amounts that
are. The “Reduced Amount” shall be an amount expressed in present value that maximizes the aggregate
present value of Payments under this Agreement without causing any Payment to be nondeductible by the Company because of
Section 280G of the Code.

 

(b)            All
determinations to be made under this Section 6.9 shall be made at the Company’s expense by a firm of certified public accountants
of national standing selected by the Company (the “Accounting Firm”) which may be the firm regularly auditing
the financial statements of the Company. The Company and Executive shall furnish to the Accounting Firm such information and documents
as the Accounting Firm may reasonably require in order to make a determination under this Section. To the extent requested by Executive,
the Company shall cooperate with Executive in good faith in valuing, and the Accounting Firm shall value, services to be provided by Executive
(including refraining from performing services pursuant to a covenant not to compete) before, on or after the date of the transaction
which cause the application of Section 280G of the Code such that payments in respect of such services may be considered to be “reasonable
compensation” within the meaning of the regulations under Section 280G of the Code. In making its determinations hereunder,
the Accounting Firm shall apply reasonable, good faith interpretations regarding the applicability of Section 280G and Section 4999,
along with any other applicable portions of the Code or other tax laws. The Accounting Firm shall make all determinations required to
be made under this Section and shall provide detailed supporting calculations to the Company and Executive within 30 days after the
Termination Date or such earlier time as is requested by the Company, and provide an opinion to Executive that he or she has substantial
authority not to report any excise tax on his or her Federal income tax return with respect to any Payments. Any such determination by
the Accounting Firm shall be binding upon the Company and Executive. Subject to Sections 6.1(c) and 6.9, within five business days
thereafter, the Company shall pay to or distribute to or for the benefit of Executive such amounts as are then due to Executive under
this Agreement.

 

     

     

    

 

 

 

(c)            As
a result of the uncertainty in the application of Section 280G of the Code at the time of the initial determination by
the Accounting Firm or the Company hereunder, it is possible that Payments, as the case may be, will have been made by the Company
which should not have been made (“Overpayment”) or that additional Payments, as the case may be, which
will not have been made by the Company could have been made (“Underpayment”), in each case, consistent
with the calculations required to be made hereunder. In the event that the Accounting Firm, based upon the assertion of a deficiency
by the Internal Revenue Service against Executive which the Accounting Firm believes has a high probability of success determines
that an Overpayment has been made, promptly on notice and demand Executive shall repay to the Company any such Overpayment paid or
distributed by the Company to or for the benefit of Executive together with interest at the applicable Federal rate provided for in
Section 7872(f)(2)(A) of the Code; provided, however, that no such amount shall be payable by Executive to the Company if
and to the extent such payment would not either reduce the amount on which Executive is subject to tax under Section 1 and
Section 4999 of the Code or generate a refund of such taxes. In the event that the Accounting Firm, based upon controlling
precedent or other substantial authority, determines that an Underpayment has occurred, any such Underpayment shall be promptly paid
by the Company to or for the benefit of Executive together with interest at the applicable federal rate provided for in
Section 7872(f)(2)(A) of the Code.

 

7.            GENERAL
PROVISIONS.

 

7.1            Notices.
Any notices required hereunder to be in writing shall be deemed effectively given: (a) upon personal delivery to the
Party to be notified, (b) when sent by electronic mail or confirmed facsimile if sent during normal business hours of the
recipient, and if not, then on the next business day, (c) five (5) days after having been sent by registered or certified
mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight
courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the Company at its
primary office location and to Executive at Executive’s address as listed on the Company payroll, or at such other address as
the Company or Executive may designate by ten (10) days advance written notice to the other.

 

7.2            Severability.
Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any
applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision
or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid,
illegal or unenforceable provisions had never been contained herein.

 

7.3            Survival.
Provisions of this Agreement which by their terms must survive the termination of this Agreement in order to effectuate the
intent of the Parties will survive any such termination, whether by expiration of the term, termination of Executive’s
employment, or otherwise, for such period as may be appropriate under the circumstances.

 

7.4            Waiver.
If either Party should waive any breach of any provisions of this Agreement, it shall not thereby be deemed to have waived
any preceding or succeeding breach of the same or any other provision of this Agreement.

 

     

     

    

.

 

 

7.5            Complete
Agreement. This Agreement constitutes the entire agreement between Executive and the Company with regard to the
subject matter hereof. This Agreement is the complete, final, and exclusive embodiment of their agreement with regard to this
subject matter and supersedes any prior oral discussions or written communications and agreements. This Agreement is entered into
without reliance on any promise or representation other than those expressly contained herein, and it cannot be modified or amended
except in writing signed by Executive and an authorized officer of the Company, subject to the approval of the Board, its
compensation committee or (if necessary) the stockholders of the Company. The Parties have entered into a separate Confidential
Information Agreement and have entered or may enter into separate agreements related to equity. These separate agreements govern
other aspects of the relationship between the Parties, have or may have provisions that survive termination of Executive’s
employment under this Agreement, may be amended or superseded by the Parties without regard to this Agreement and are enforceable
according to their terms without regard to the enforcement provision of this Agreement.

 

7.6            Headings.
The headings of the sections hereof are inserted for convenience only and shall not be deemed to constitute a part hereof nor
to affect the meaning thereof.

 

7.7            Successors
and Assigns. The Company shall assign this Agreement and its rights and obligations hereunder in whole, but not in
part, to any company or other entity with or into which the Company may hereafter merge or consolidate or to which the Company may
transfer all or substantially all of its assets, if in any such case said Company or other entity shall by operation of law or
expressly in writing assume all obligations of the Company hereunder as fully as if it had been originally made a Party, but may not
otherwise assign this Agreement or its rights and obligations hereunder. Executive may not assign or transfer this Agreement or any
rights or obligations hereunder, other than to Executive’s estate upon death.

 

7.8            Withholding.
All amounts payable hereunder shall be subject to applicable tax withholding.

 

7.9            Choice
of Law. This Agreement in all respects shall be governed by and interpreted in accordance with the laws of the State
of North Carolina, both procedural and substantive, without regard to conflicts of law, except to the extent that federal laws and
regulations preempt otherwise applicable law.

 

7.10           Mandatory
Mediation. Prior to and as a condition of either Party’s filing suit in state or federal court, the Parties shall engage
in a mediated settlement conference in accordance with the North Carolina Superior Court Rules Implementing Statewide Mediation.
The Parties shall mediate in good faith until settlement is reached or an impasse is declared by the mediator.

 

7.11            Jurisdiction.
Each Party hereby irrevocably submits to the exclusive jurisdiction of the United States District Court located in Wake County, North
Carolina, or any state court located within such state, in respect of any claim relating to this Agreement or Executive’s employment
with the Company, and hereby waives, and agrees not to assert, as a defense in any action, suit or proceeding in which any such claim
is made that said Party is not subject thereto or that such action, suit or proceeding may not be brought or is not maintainable in such
courts or that the venue thereof may not be appropriate or that this Agreement may not be enforced in or by such courts. Any appellate
proceedings shall take place in the appropriate courts having appellate jurisdiction over the courts set forth in this Section.

 

     

     

    

 

 

 

7.12           Counterparts.
This Agreement may be executed in separate counterparts, any one of which need not contain signatures of more than one Party, but all
of which taken together will constitute one and the same Agreement. Facsimile signatures and signatures transmitted by PDF shall be equivalent
to original signatures.

 

[SIGNATURES TO FOLLOW ON NEXT PAGE]

 

     

     

    

 

Liquidia

 

IN WITNESS WHEREOF, the Parties
have executed this Agreement on the day and year first written above.

 

	 	L1QUIDIA TECHNOLOGIES, INC.
	 	 
	 	By:	/s/ Roger Jeffs                      
	 	Name: Roger Jeffs
	 	Title: Chief Executive Officer
	 	 
	 	EXECUTIVE:
	 	 
	 	/s/ Rajeev Saggar
	 	Rajeev Saggar

 

     

     

    

 

Exhibit A

Confidentiality, Inventions
and Non-Competition AGREEMENT

 

     

     

    

 

PROPRIETARY INFORMATION AGREEMENT

 

THIS PROPRIETARY INFORMATION
AGREEMENT (this “Agreement”) is effective as of ________ (the “Effective Date”) by and between _______
(hereinafter “Employee”) and [Name of Employer] (together with Liquidia Corporation and all of its other subsidiaries,
collectively referred to herein as the “Company”).

 

STATEMENT OF PURPOSE

 

The Employee desires to be
employed by the Company, and the Company is willing to employ Employee strictly subject to Employee’s agreement to be bound by the
terms of this Agreement.

 

IN CONSIDERATION of the Company’s
employment of the Employee and the compensation and other benefits that the Company may provide to Employee as an employee, the Employee,
intending to be legally bound, agrees to the following:

 

1. For purposes of this Agreement,
 “Proprietary Information” is information (whether in written or other form or whether or not patentable or protectable
by copyright, trade secret, trade dress, trademark, or the like) that: (i) has been created, invented, discovered, or developed by
the Employee in connection with the Employee’s employment by the Company; (ii) is non-public and has been disclosed, furnished,
or communicated to the Employee in connection with the Employee’s employment by the Company; or (iii) is non-public and the
unauthorized disclosure of which could be detrimental to the interests of the Company. Proprietary Information includes, but is not limited
to, all inventions, works of authorship, trade secrets, know how, proprietary or confidential information, including, but not limited
to, research, product or business plans, products, services, projects, proposals, processes, formulas, ideas, data, compositions, technology,
computer programs and related source code and object code, developments, designs, drawings, marketing information and plans, customer
lists, budgets, projections, partners, cost analyses, acquisition candidates, relevant parts of analysis, reviews, compilations, studies
or other records and documents, and other information owned by the Company, disclosed to the Employee, or to which the Employee has been
provided access or gains access, either directly or indirectly, by any means. Proprietary Information does not include information that
is or becomes generally available to the public other than as a result of a disclosure by the Employee or by any other person or entity
that is under a confidentiality obligation to Company with respect to such information.

 

    		A-1	 

     

    

 

 

2. Nondisclosure of Proprietary
Information.

 

2.1 The Employee acknowledges
and agrees that Proprietary Information is the sole property of the Company or its designee and that the Employee shall have no right,
title, license, or interest in or to any Proprietary Information. During and after the Employee’s employment by the Company, the
Employee shall keep in the strictest confidence and trust all Proprietary Information and shall not directly or indirectly disclose, distribute,
copy, supply, or use, in whole or in part, any Proprietary Information except as approved in advance in writing by the Company. Notwithstanding
the foregoing, it is understood that, at all such times, the Employee is free (i) to use information which was known to the Employee
prior to employment with the Company or which is generally known in the trade or industry through no breach of this Agreement or other
act or omission by the Employee, (ii) to discuss the terms of the Employee’s employment, wages and working conditions to the
extent expressly protected by applicable law, (iii) to report possible violations of federal securities laws to the appropriate government
enforcing agency and make such other disclosures that are expressly protected under such laws, (iv) to respond to inquiries from,
or otherwise cooperate with, any governmental or regulatory investigation, or (v) to testify truthfully as compelled by lawful process
or subpoena related to such testimony after the Employee has provided advance written notice of said subpoena to the Company’s Chief
Executive Officer and reasonably cooperates with the Company in any process to oppose said subpoena.

 

2.2 The Employee shall not
use or disclose to the Company, or assist in the disclosure to the Company of, proprietary or confidential information belonging to any
third parties, including any prior employer(s).

 

2.3 The Employee acknowledges
and agrees that the Company has received and in the future may receive from third parties, including, but not limited to, potential collaborating
partners or customers of the Company, confidential or proprietary information (“Third Party Information”) subject to
a duty on the Company’s part to maintain the confidentiality of such information and to use it only for certain limited purposes.
During the term of the Employee’s employment with the Company and thereafter, the Employee will hold Third Party Information in
the strictest confidence and will not disclose to anyone (other than Company personnel or the Company’s designee who need to know
such information in connection with their work for the Company or such third party) or use Third Party Information, except in connection
with the Employee’s work for the Company or such third party, unless expressly approved in advance in writing by the Company. The
Employee further agrees to be bound by and subject to any confidentiality or nondisclosure agreements or clauses with respect to such
Third Party Information between the Company and any such third party.

 

    		A-2	 

     

    

 

 

 

2.4 Pursuant to the Defend
Trade Secrets Act of 2016, the Employee acknowledges that the Employee will not have criminal or civil liability under any federal or
state trade secret law for the disclosure of a trade secret that (i) is made (a) in confidence to a federal, state, or local
government official, either directly or indirectly, or to an attorney and (b) solely for the purpose of reporting or investigating
a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing
is made under seal. In addition, if the Employee files a lawsuit for retaliation by the Company for reporting a suspected violation of
law, the Employee may disclose the trade secret to the Employee’s attorney and may use the trade secret information in the court
proceeding, if the Employee (x) files any document containing the trade secret under seal and (y) does not disclose the trade
secret, except pursuant to court order.

 

3. Upon the earliest to occur
of (i) termination of the Employee’s employment by the Company for any reason, (ii) termination of the Employee’s
access to Proprietary Information, or (iii) the request of the Company, the Employee shall return to the Company (and will not keep
in Employee’s possession or control or deliver to anyone else) all materials belonging to the Company, whether kept at the Employee’s
business office, personal residence or otherwise, including, but not limited to, all materials containing or relating to any Proprietary
Information in any written, tangible, electronic or other form that the Employee may have in Employee’s possession or control, and
any and all mobile telephones, personal digital assistants, pagers, computer and other electronic devices and credit cards. After returning
the materials and equipment described in the preceding sentence to the Company, the Employee shall not retain any copies of any such materials.

 

4. Ownership of Proprietary
Information.

 

4.1 All Proprietary Information
and other information, which by its nature is proprietary to the Company, relating to the Company’s business or the Company’s
anticipated business, or based on, derived from or relating to any Proprietary Information (collectively, Proprietary Information and
 “Work Product”) shall be the sole property of the Company. The Employee agrees that all Proprietary Information and
Work Product created, conceived, reduced to practice, made or otherwise developed by the Employee, solely or jointly, during and in any
way related to the Employee’s employment, shall be the exclusive property of the Company and/or its designees or assignees, and
shall be deemed “works made for hire,” as that term is defined in Section 101 of the U.S. Copyright Act of 1976, as amended.

 

    		A-3	 

     

    

 

 

 

4.2 If, for any reason, any
Proprietary Information and Work Product does not qualify as works made for hire, the Employee shall assign and does hereby irrevocably,
unconditionally, and without encumbrance of any kind assign to the Company, and forever waives and agrees never to assert, all right,
title, and interest, including without limitation, all patent, trademark, copyright, trade secret, and other intellectual property (collectively,
 “Intellectual Property”) rights, in and to such Proprietary Information and Work Product. The Employee shall assist
the Company, or its designee, in every proper way to secure the Company's rights in the Proprietary Information and Work Product and any
Intellectual Property rights relating thereto in any and all countries, including (i) the disclosure to the Company of all pertinent
information and data with respect thereto, (ii) the execution of all applications, specifications, oaths, assignments and all other
instruments which the Company shall deem necessary in order to apply for and obtain such rights and in order to assign and convey to the
Company or its designee the sole and exclusive right, title and interest in and to the Proprietary Information and Work Product, and (iii) the
defense of any claim, demand, action, litigation, suit, or other proceeding, including, but not limited to, interference, cancellation,
opposition, or other proceedings in respect of such applications or any registrations or patents issuing therefrom. The Employee shall
continue such assistance after the termination of the Employee’s employment by the Company.

 

4.3 During the Employee’s
employment by the Company, the Employee shall report promptly to the Company all Proprietary Information and Work Product created, conceived,
reduced to practice, or otherwise developed by the Employee, solely or jointly.

 

4.4 If the Company is unable
because of the Employee’s mental or physical incapacity or for any other reason to secure the Employee’s signature to apply
for or to secure protection of any Proprietary Information and Work Product, then the Employee hereby designates and appoints the Company
and its duly authorized officers and agents as its agents and attorneys-in-fact to execute and file any certificates, applications or
documents and to do all of their lawful acts necessary to perfect and protect the Company’s rights in the Proprietary Information
and Work Product. The Employee expressly acknowledges that the foregoing power of attorney is coupled with an interest and is therefore
irrevocable and shall survive the Employee’s death or incompetency and the termination of the Employee’s employment or engagement
by the Company.

 

4.5 The Employee hereby represents
and warrants that the Employee has fully disclosed to the Company on Schedule A attached hereto any idea, invention, discovery or process
relating to the Company’s business which, prior to the Employee’s employment with the Company, the Employee conceived, reduced
to practice, or developed, individually or jointly, and is to be excluded from the scope of this Agreement.

 

    		A-4	 

     

    

 

 

 

4.6 Notwithstanding anything
in this Agreement to the contrary, the obligation of the Employee to assign or offer to assign the Employee’s rights in an invention
to the Company shall not extend or apply to an invention that the undersigned developed (i) entirely on the Employee’s own
time; (ii) without using Company equipment, supplies, facilities, or other resources, Proprietary Information or trade secret information
unless such invention (a) relates to the Company’s business or actual or demonstrably anticipated research or development,
or (b) results from any work performed by the Employee for the Company. The Employee shall bear the burden of proof in establishing
that the Employee’s invention qualifies for exclusion under this Section 4.6.

 

5. Covenant Not To Compete.

 

5.1 For purposes of Part 5
of this Agreement, including each of its subparts, the following terms shall have the following meanings:

 

a. “Competing Business”
shall mean any corporation, partnership, person, or other entity that is researching, developing, manufacturing, marketing, distributing,
or selling any product, service, or technology that is competitive with any part of the Company’s Business.

 

b. The “Company’s
Business” shall mean the development, manufacture, marketing, distribution, or sale of, including research directed to, any
product, service, or technology that the Company is developing, manufacturing, marketing, distributing, or selling or to which the Company
directed research at any time during Employee’s employment with the Company. As of the date of this Agreement, the Company’s
Business includes, but is not limited to, research directed to and the development, manufacture, marketing, distribution, and/or sale
of: (i) isolated size and/or shape controlled pharmaceutical or therapeutic particles fabricated from a mold, including products
of or containing the isolated size and/or shape controlled pharmaceutical or therapeutic particles fabricated from a mold; (ii) size
and/or shape controllable pharmaceutical or therapeutic particles molded using a polymer or low surface energy mold; (iii) film based
products of or containing arrays of size and/or shape controlled structures molded from a low surface energy mold; (iv) isolated
nano or micro size and/or shape controlled particles fabricated from a mold, including products of or containing the isolated size and/or
shape controlled particles fabricated from a mold; (v) nano or micro size and/or shape controllable particles molded using a polymer
or low surface energy mold; or (vi) patterned drum fabrication and mold for manufacturing the products of (i)-(v) above. The
Employee understands that during the Employee’s employment with the Company, the Company’s Business may expand or change,
and the Employee agrees that any such expansions or changes shall expand or contract the definition of the Company’s Business and
the Employee’s obligations under this Agreement accordingly.

 

    		A-5	 

     

    

 

 

 

c. “Territory”
shall mean the following severable geographic areas: (i) the world, (ii) any country in which the Company or a Competing Business
is engaged in business, (iii) any country in which the Company is engaged in business, (iv) the United States, Europe, and Asia,
(v) the United States, (vi) any state, including the District of Columbia, in which the Company or a Competing Business is engaged
in business, (vii) any state, including the District of Columbia, in which the Company is engaged in business, (viii) North
Carolina, (ix) a one hundred mile radius of the Employee’s principal place of employment or work for the Company, or (x) a
one hundred mile radius of the Company’s corporate headquarters.

 

5.2 It is recognized and understood
by the Employee that, through the Employee’s association with the Company, the Employee shall: (i) have access to trade secrets
and confidential information of the Company, including, but not limited to, valuable information about its intellectual property, business
operations and methods, and the persons with which it does business in various locations throughout the world, that is not generally known
to or readily ascertainable by the Company’s competitors, (ii) develop relationships with the Company’s customers and
others with which the Company does business, and these relationships are among the Company’s most important assets, (iii) receive
specialized knowledge of and specialized training in the Company’s Business, and (iv) gain such knowledge of the Company’s
Business that, during the course of the Employee’s employment with the Company and for a period of one year following the termination
thereof, the Employee could not perform services for a Competing Business without inevitably disclosing the Company’s trade secrets
and Proprietary Information to that Competing Business.

 

5.3 While employed by the
Company, the Employee will not, without the express written consent of an authorized representative of the Company: (i) perform services
(as an employee, independent contractor, officer, director, or otherwise) for any Competing Business, (ii) engage in any activities
(or assist others to engage in any activities) that compete with the Company’s Business, (iii) own or beneficially own an equity
interest in a Competing Business, (iv) request, induce, or solicit (or assist others to request, induce, or solicit) any existing
or prospective customers, suppliers, business partners, or contractors of the Company to curtail or cancel their business with the Company
or to do business within the scope of the Company’s Business with a Competing Business, or (v) request, induce, or solicit
(or assist others to request, induce, or solicit) any employee of the Company to terminate his or her employment with the Company.

 

    		A-6	 

     

    

 

 

 

5.4 For a period of one year
following the termination of the Employee’s employment with the Company, the Employee will not, without the express written consent
of an authorized representative of the Company: (i) perform services (as an employee, independent contractor, officer, director,
or otherwise), within the Territory for any Competing Business, that are the same or substantially similar to any services that the Employee
performed for the Company or that otherwise utilize skills, knowledge, and/or business contacts and/or relationships that the Employee
developed while providing services to the Company, (ii) engage in any activities (or assist others to engage in any activities) within
the Territory that compete with the Company’s Business, (iii) own or beneficially own an equity interest in a Competing Business,
(iv) request, induce, or solicit (or assist others to request, induce, or solicit) any existing customer or any prospective customers
to whom the Company has made a written proposal (“Prospective Customers”), suppliers, business partners, or contractors
of the Company, during the last year of the Employee’s employment with the Company, to curtail or cancel their business with the
Company or to do business within the scope of the Company’s Business with a Competing Business, (v) request, induce, or solicit
(or assist others to request, induce, or solicit) any existing customer or Prospective Customers, suppliers, business partners, or contractors
of the Company with which the Employee worked or had business contact during the last year of the Employee’s employment with the
Company to curtail or cancel their business with the Company or to do business within the scope of the Company’s Business with a
Competing Business, or (vi) request, induce, or solicit (or assist others to request, induce, or solicit) any employee of the Company
to terminate his or her employment with the Company. Where a Competing Business is a large enterprise with separately operated business
units, the restrictions in Section 5.4(i) shall not apply to any such business unit that has no involvement in the research,
development, manufacture, marketing, distribution, or sale of a product, service, or technology that is competitive with any part of the
Company’s Business; provided, however, that this sentence does not apply to any employees in a scientific role or whose role
involves the research, development or maintenance of the Company’s trade secrets. These obligations will continue for the specified
period regardless of whether the termination of the Employee’s employment was voluntary or involuntary or with or without cause,
and the specified period shall be tolled and shall not run during any time in which the Employee fails to abide by this obligations.

 

5.5 The Employee shall not
at any time following the termination of the Employee’s employment with the Company use the name or trading style of the Company
in any country, or use in any country any name or trading style which is the same as or similar to any of the trade or service marks of
the Company or any brand name or proposed brand name of any of the Company's products or proposed products, or represent himself or herself
as carrying on or continuing or being connected with the Company or its business for any purpose whatsoever unless otherwise agreed by
the Company in writing.

 

    		A-7	 

     

    

 

 

 

5.6 While employed by the
Company, the Employee shall disclose to the audit committee of the Company the Employee’s interest in respect of any contract or
arrangement in which the Employee has any personal material interest, directly or indirectly, or any conflicts of interest (including
the conflict of interest that may arise from the Employee’s directorship(s) or executive position or personal investments in
any corporation(s)) that may involve the Employee. Upon such disclosure, the Employee shall abstain from voting in respect of any such
contract, arrangement, proposal, transaction, or matter in which the conflict of interest arises, unless and until the audit committee
has determined that no such conflict of interest exists.

 

5.7 As an exception to the
restrictions set forth in Parts 5.3 and 5.4 herein, the Employee may own passive investments in a Competing Businesses, (including, but
not limited to, indirect investments through mutual funds), provided that the securities of the Competing Business are publicly traded
and the Employee does not own or control more than two percent of the outstanding voting rights or equity of the Competing Business.

 

5.8 In the event that a court
determines that the length of time, the geographic area, or the activities prohibited under this Agreement are too restrictive to be enforceable,
the Court may reduce the scope of the restriction to the extent necessary to make the restriction enforceable.

 

5.9 The market for the Company’s
services and the Company’s Business is highly specialized and highly competitive such that other companies and business entities
compete with the Company in various locations throughout the world. The provisions set forth in this Agreement: (i) are reasonably
necessary to protect the Company’s legitimate business interests, (ii) are reasonable as to the time, territory, and scope
of activities that are restricted, (iii) do not interfere with the Employee’s ability to earn a comparable living or secure
employment in the field of the Employee’s choice, (iv) do not interfere and are not inconsistent with public policy or the
public interest, and (v) are described with sufficient accuracy and definiteness to enable the Employee to understand the scope of
the restrictions on the Employee.

 

5.10 Because of the unique
nature of the Proprietary Information, the Employee understands and agrees that the Company will suffer irreparable harm in the event
that the Employee fails to comply with any of the Employee’s obligations under this Agreement and that monetary damages will be
inadequate to compensate the Company for such breach. Accordingly, the Employee agrees that the Company will, in addition to any other
remedies available to it at law or in equity, be entitled to injunctive relief to enforce the terms of this Agreement.

 

    		A-8	 

     

    

 

 

 

6. The Employee hereby authorizes
the Company to provide a copy of this Agreement, including any exhibits hereto, to any and all of the Employee’s future employers
and to notify any and all such future employers that the Company intends to exercise its legal rights arising out of or in connection
with this Agreement and/or any breach or any inducement of a breach hereof.

 

7. The Employee agrees that,
during the term of the Employee’s employment with the Company, the Employee will not: (i) engage in any other employment, occupation,
consulting, or other business activity that conflicts with the Employee’s obligations to the Company, or (ii) engage in any
other activities that conflict with the Employee’s obligations to the Company.

 

8. Debarment Certification

 

8.1 The Employee represents and promises that Employee:

 

	 	(a)	is not presently, and during the Employee’s employment will not be, debarred or convicted for a crime for which Employee can be debarred under the Generic Drug Enforcement Act of 1992 (21USC335a)(the “Act”); and

 

	 	(b)	is not presently, and during the Employee’s employment will not be, indicted or otherwise criminally or civilly charged by a government entity (Federal or State) with commission of the kinds of conduct for which Employee can be debarred under the Act; and

 

	 	(c)	will not employ or otherwise engage any individual who has been (i) debarred or (ii) convicted of a crime for which a person can be debarred under the Act, in any capacity in connection with the activities of developing or reporting data which may become part of an application for approval of a drug or biologic.

 

8.2 The Employee promises
that, during the Employee’s employment with the Company, the Employee will promptly notify the Company upon learning of or having
a belief that the Employee cannot satisfy the obligations of Section 8.1 above.

 

    		A-9	 

     

    

 

 

 

9. The Employee agrees that
this Agreement shall be enforced, construed and interpreted under the law of the state of North Carolina, without regard to the conflicts
of laws principles thereof. The state and federal courts in North Carolina shall be the exclusive venues for the adjudication of all disputes
arising out of this Agreement, and the Employee consents to the exercise of personal jurisdiction over the Employee in any such adjudication
and hereby waives any and all objections and defenses to the exercise of such personal jurisdiction.

 

10. The Employee agrees that:
(i) the Employee’s employment relationship with the Company is “at-will,” which means that either the Employee
or the Company can terminate the relationship at any time for any reason or no reason, with or without notice, unless the Employee and
the Company are parties to a contract that expressly provides a fixed term of employment, (ii) the Employee’s employment relationship
with the Company is contingent upon the Employee’s execution of this Agreement, which is a material inducement to the Company to
offer the employment relationship to the Employee and to provide Proprietary Information to the Employee, and (iii) this Agreement
shall survive any termination for any reason whatsoever of the Employee’s employment relationship with the Company.

 

11. The Employee agrees that
the Company’s failure to insist upon strict compliance with any provision of this Agreement shall not be deemed a waiver of such
provision or of any other provision in the Agreement. The provisions of this Agreement shall be enforceable, notwithstanding the existence
of any breach of this Agreement by the Company or of any claim by the Employee against the Company, whether predicated on this Agreement
or otherwise.

 

12. This Agreement contains
the entire understanding between the parties with respect to the subject matter hereof and supersedes all prior or contemporary agreements
or understandings, whether written or oral, with respect thereto, provided, however, prior to the execution of this Agreement, if Company
and the Employee were parties to any agreement regarding the subject matter hereof, that agreement will be superseded by this Agreement
prospectively only. This Agreement may not be modified or amended except by an agreement in writing signed by both parties.

 

13. The Employee agrees that
this Agreement is assignable by the Company at the Company’s discretion and the Employee authorizes the Company’s successors
and assigns to enforce this Agreement for their respective benefits.

 

14. The invalidity or unenforceability
of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement and each other
provision of this Agreement shall be severable and enforceable to the extent permitted by law.

 

    		A-10	 

     

    

 

 

 

15. The Employee agrees that
a breach of any provision(s) of this Agreement will toll the running of the limitation period with respect to such provision(s) for
as long as such breach occurs.

 

16. The Employee agrees and
acknowledges that the Company’s agreement to employ the Employee, in and of itself, is sufficient and adequate consideration for
the Employee’s promises and obligations hereunder, and that the compensation and other benefits that the Company provides the Employee
during the course of the Employee’s employment are, independently and collectively, sufficient and adequate consideration for the
Employee’s promises and obligations hereunder.

 

IN WITNESS WHEREOF, and intending
to be legally bound hereby, the Employee has executed this Agreement to be effective as of the date set forth above.

 

	[NAME OF EMPLOYER]	 
	 	 
	By:	                          	 (s)
	Name:	 
	Title:	 
		 (s)

 

    		A-11	 

     

    

 

 

 

SCHEDULE A

 

The following items are inventions,
ideas, computer software programs or other equipment or technology not covered by Section 4 of this Agreement, which the undersigned
conceived of or developed, wholly or in part, prior to the Employee’s employment or engagement with the Company and shall be excluded
from the scope of this Agreement.

 

If the undersigned has
no such items to disclose, write “NONE” on this line: _____________.

 

Description of Items: (if applicable)

 

	Title on Document	 	Date on Document	 	Name of Witness

on Document
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

[NAME OF EMPLOYER]

	 	 	 	 
	By:	                      	 	Employee
    Name Dated:

	Dated:	          	 	
	 	 	 	 	 

 

    		A-12

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