Document:

Exhibit 10.2

SeCURITIES
PURCHASE AGREEMENT

 

This SECURITIES
PURCHASE AGREEMENT (as amended from time to time, this “Purchase Agreement”) dated as of March 13, 2015
(the “Effective Date”), is by and among Pulmatrix Inc., a Delaware Corporation (the “Company”),
and the persons or entities identified on Schedule A hereto (which persons or entities, with any of their successors or
assignees, are hereinafter referred to individually as a “Purchaser” and collectively as the “Purchasers”).
Capitalized terms used and not defined herein shall have the meanings ascribed to them in the Merger Agreement (as defined below).

 

RECITALS

 

A.           WHEREAS,
the Company has entered into the Agreement and Plan of Merger (the “Merger Agreement”) dated March 13,
2015 by and among the Company, Ruthigen, Inc. (“Ruthigen”), a Delaware corporation and Ruthigen Merger, Inc.,
a Delaware corporation and wholly-owned subsidiary of Ruthigen, Inc.; and

 

B.           WHEREAS,
the Purchasers wish to purchase from the Company at the Closing (as defined in Section 2.2), and the Company wishes to sell 24,538,999
units (the “Units”), with each Unit consisting of one share of the Company’s common stock $0.00001 par
value per share (the “Common Stock”) and a warrant to purchase 2.193140519 shares of Common Stock with an exercise
price of $0.448266 per whole share in substantially the form of Exhibit A attached hereto (the “Warrants”),
for an aggregate purchase price of $10,000,000 to the Purchasers at the Closing; and

 

C.           WHEREAS,
Each Purchaser has agreed to purchase the number of Units, set forth opposite each such Purchaser’s name on Schedule A
hereto and the Company has agreed to sell such Units on the terms and conditions set forth herein.

 

NOW, THEREFORE, in
consideration of the mutual promises and covenants contained in this Purchase Agreement, the parties hereto, intending to be legally
bound, agree as follows:

 

Article
I

PURCHASE OF COMMON STOCK

 

		1.1	Purchase and Sale of the Units to the Purchasers.

 

(a)          On
or prior to the Closing (as defined below), the Company shall have authorized the sale and issuance to the Purchasers of up to
24,538,999 Units at the Closing (as defined below) in accordance with this Agreement.

 

(b)          Subject
to and upon the terms and conditions set forth in this Purchase Agreement and in reliance on the representations and warranties
set forth or referred to herein, the Company agrees to issue and sell to each Purchaser, and each Purchaser agrees to purchase
from the Company, at the Closing referred to in Section 2.02 below, if such Closing occurs, the number of Units set forth opposite
the name of such Purchaser on Schedule A attached hereto under the caption “Number of Units Purchased”.

 

(c)          The
Purchase Price payable by each Purchaser for the Units purchased by it at the Closing under this Purchase Agreement shall be an
amount set forth opposite such Purchaser’s name on Schedule A hereto under the caption “Purchase Price”,
as applicable. The aggregate purchase price of all Units to be issued and sold by the Company to the Purchasers pursuant to this
Section 2.1 shall be up to $10,000,000.

 

(d)          The
Company and the Purchasers, having adverse interests as a result of arm's length bargaining, agree that (i) neither the Purchasers
nor any of their affiliates or partners have rendered or agreed to render any services to the Company in connection with this Agreement
or the issuance of the Common Stock. The Purchase Price payable by each Purchaser for the Units purchased by it at the Closing
under this Purchase Agreement shall be an amount equal to the number of Units set forth opposite each Purchaser’s name on
Schedule A, multiplied by $0.4075146, which amount is set forth opposite such Purchaser’s name on Schedule A
hereto under the caption “Purchase Price” for each Closing.

 

    	 

    	 

    

  

		1.2	The Closing.

 

(a)          The
closing of the sale and purchase of the Units under this Purchase Agreement shall be immediately prior to the closing of the Merger
Agreement on the Effective Date (as defined in the Merger Agreement). No physical certificates evidencing the Units or the shares
or Common Stock or Warrants comprising the Units will be issued and the Units, shares of Common Stock and Warrants will be issued
in book-entry form only; provided, however, Pulmatrix shall cause Ruthigen to issue physical certificates for the securities of
Ruthigen issued in exchange for the Common Stock and Warrants in the Merger. The parties agree that the delivery of this Purchase
Agreement and any other documents at the Closing may be effected by means of an exchange of signatures by facsimile or electronic
mail with original copies to follow by mail or courier service. From and after the Effective Date the Common Stock and Warrants
comprising each Unit will automatically, without any further action of any person, separate. Prior to the Closing the Purchasers
and the Company shall agree on a Purchase Price allocation among the shares of Common Stock and Warrants comprising the Units.
Such allocation shall be final and binding on the parties hereto and no party shall take a different position regarding the purchase
price allocation.

 

Article
II

rEPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

The Company hereby
makes the following representations and warranties to the Purchasers.

 

2.1           Organization,
Good Standing and Qualification. The Company is a corporation duly organized, validly existing and in good standing
under the laws of the State of Delaware and has all requisite corporate power and authority to carry on its business as now conducted
and as currently proposed to be conducted. The Company is duly qualified to transact business and is in good standing in each jurisdiction
in which the failure to so qualify would have a material adverse effect on its business or properties.

 

2.2           Corporate
Power and Authority; Authorization; Enforceability. All corporate action on the part of the Company, its officers, directors
and stockholders necessary for the authorization of this Purchase Agreement and the performance of all obligations of the Company
hereunder has been taken or will be taken prior to the Closing. This Purchase Agreement has been duly executed and delivered by
the Company and constitutes the valid and legally binding obligation of the Company, enforceable in accordance with its terms,
except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting
enforcement of creditors' rights generally, and (ii) as limited by laws relating to the availability of specific performance, injunctive
relief, or other equitable remedies.

 

2.3           No
Conflict. Neither the authorization, execution, delivery or performance of this Purchase Agreement, the consummation of the
transactions contemplated hereby, or the sale, issuance and delivery of any of the shares of capital stock of the Company which
may be issued pursuant to the terms of this Agreement will conflict with or result in a breach of or default under (or with due
notice or lapse of time or both would result in a default under) the Company's certificate of incorporation or by-laws, as currently
in effect, or any statute, law, rule, regulation, judgment, decree, writ, injunction, order or award of any arbitrator, court or
governmental authority.

 

2.4           Valid
Issuance. Upon issuance against payment of the Purchase Price therefor, the shares of Common Stock included in the Units will
be duly authorized, validly issued, fully paid and non-assessable. The shares of Common Stock issuable upon exercise of the Warrants
when issued, against payment of the exercise price therefor, will be duly authorized, validly issued, fully paid and non-assessable.

 

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Article
III

REPRESENTATION AND WARRANTIES OF THE PURCHASERS

 

Each Purchaser hereby
severally and not jointly represents and warrants to the Company with respect to such Purchaser as follows:

 

3.1           Authorization.
The execution, delivery and performance by each Purchaser of this Purchase Agreement have been duly authorized by all requisite
corporate, partnership or other action on the part of such Purchaser. This Purchase Agreement has been duly executed and delivered
by such Purchaser or on behalf of such Purchaser by a duly authorized representative of such Purchaser and constitutes valid and
legally binding obligations of such Purchaser enforceable against such Purchaser in accordance with its terms, except (i) as limited
by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of
creditors' rights generally, and (ii) as limited by laws relating to the availability of specific performance, injunctive relief,
or other equitable remedies.

 

3.2           Investment
Purpose; Restrictions. Each Purchaser is purchasing the Units for its own account, for investment and not with a view to the
distribution thereof, nor with any present intention of distributing the same. Such Purchaser understands and acknowledges that
the Units, and the Common Stock and Warrants comprising the Units, have not been registered under the Securities Act, or applicable
state securities laws and those securities therefore cannot be resold unless they are subsequently registered under the Securities
Act and applicable state securities laws or unless an exemption from such registration is available. Each Purchaser further represents
that it understands and agrees that the Units, and Common Stock and Warrants comprising the Units, whether upon initial issuance
or upon any permitted transfer thereof, shall be subject to the following legend:

 

THESE SHARES OF COMMON STOCK
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE STATE
SECURITIES LAWS AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED BY ANY PERSON, INCLUDING A PLEDGEE, UNLESS (1) EITHER (A) A REGISTRATION
WITH RESPECT THERETO SHALL BE EFFECTIVE UNDER THE SECURITIES ACT, OR (B) THE COMPANY SHA.LL HAVE RECEIVED AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY THAT AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT IS AVAILABLE, AND (2) THERE SHALL HAVE
BEEN COMPLIANCE WITH ALL APPLICABLE STATE SECURITIES OR “BLUE SKY” LAWS

 

3.3           Information.
Each Purchaser has been furnished with or has had access to all information it has requested from the Company and has had an opportunity
to review the books and records of the Company and to discuss with management of the Company its business and financial affairs
and has generally such knowledge and experience in business and financial matters and with respect to investments in securities
of privately held development-stage companies so as to enable it to understand and evaluate the risks of such investment and form
an investment decision with respect thereto; provided, however, that the foregoing shall in no way affect, diminish, or
derogate from the representations and warranties made by the Company hereunder or the right of such Purchaser to rely thereon.

 

3.4           Accredited
Investor. Each Purchaser is an “accredited investor” within the meaning set forth in Rule 501 under the Securities
Act, is capable of evaluating the merits and risks of the transactions contemplated hereunder and is able to bear the economic
risks of its investment in the Common Stock.

 

Article
IV

CONDITIONS

 

4.1           Conditions
to Purchasers’ Obligations at each Closing. Purchasers’ obligations under Article II of this Purchase Agreement
are subject to the satisfaction of the following conditions:

 

(a)          Representations
and Warranties True; Performance of Obligations. The representations
and warranties made by the Company in Article III hereof shall be true and correct in all material respects as of the Effective
Date;

 

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(b)          Legal
Investment. On the Effective Date, the sale and issuance of the Units shall be legally permitted by all laws and regulations
to which Purchasers and the Company are subject;

 

(c)          Consents,
Permits, and Waivers. At or prior to the Effective Date, the Company shall have obtained any and all consents, permits and
waivers necessary or appropriate for consummation of the transactions contemplated by this Purchase Agreement; and

 

(d)          Delivery
of the Common Stock. Following receipt of the Purchase Price for the Units, the Company shall deliver the duly executed and
delivered to each Purchaser a Unit ledger evidencing that the Units have been issued and recorded on the books of the Company.

 

(e)          Effective
Time. The Merger shall be consummated immediately following the issuance of the Units hereunder.

 

4.2           Conditions
to Obligations of the Company. The Company’s obligation to issue and sell the Units is subject to the satisfaction of
the following conditions:

 

(a)          Representations
and Warranties True. The representations and warranties in Article IV made by the Purchasers shall be true and correct as of
the Effective Date;

 

(b)          Legal
Investment. On each Effective Date, the sale and issuance of the Units shall be legally permitted by all laws and regulations
to which Purchasers and the Company are subject;

 

(c)          Consents,
Permits, and Waivers. The Company shall have obtained any and all consents, permits and waivers necessary or appropriate for
consummation of the transactions contemplated by this Purchase Agreement; and

 

(d)          Purchase
Price Delivery. The Company shall have received from each Purchaser the purchase price for such Units being purchased hereunder
in immediately available funds.

 

(e)          Effective
Time. The Merger shall be consummated immediately following the issuance of the Units hereunder.

 

Article
V

MISCELLANEOUS

 

5.1           Amendments
and Waivers. This Purchase Agreement may be amended, and any term or provision of this Purchase Agreement may be waived (either
generally or in a particular instance and either retroactively or prospectively) upon the written consent of the parties hereto.

 

5.2           Successors
and Assigns. This Purchase Agreement may not be assigned, conveyed or transferred without the prior written consent of the
Company; provided, however, a Purchaser that is partnership, corporation, trust, joint venture, unincorporated organization or
other entity may transfer this Purchase Agreement to an Affiliate without the prior written consent of the Company. Subject to
the foregoing, the rights and obligations of the Company and each Purchaser under this Purchase Agreement shall be binding upon
and benefit their respective permitted successors, assigns, heirs, administrators and transferees. The terms and provisions of
this Purchase Agreement are for the sole benefit of the parties hereto and their respective permitted successors and assigns, and
are not intended to confer any third-party benefit on any other person.

 

5.3           Notices.
All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing, and, unless otherwise
expressly provided herein, shall be deemed to have been duly given or made when delivered by hand, or, in the case of facsimile
or electronic mail notice, when received, or, in the case of a nationally recognized courier service, one business day after delivery
to such courier service, addressed as follows in the case of the Company and the Purchasers or to such other address as may be
hereafter notified by the respective parties hereto and any future holders of the Notes and the Warrants:

 

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		Company:	Pulmatrix Inc.

99 Hayden Avenue, Suite 390

Lexington, Massachusetts 02421

Attn: President

 

		With a copy to:	Haynes and Boone, LLP

30 Rockefeller Plaza, 26th Floor

New York, New York 10112

Attn: Rick A. Werner, Esq.

 

		Purchasers:	To the addresses set forth on the signature pages hereto

 

5.4           Waiver;
Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of any Purchaser, any right, remedy, power
or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power
or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.
The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and
privileges provided by law.

 

5.5           Counterparts.
This Purchase Agreement may be executed by one or more of the parties to this Purchase Agreement on any number of separate counterparts,
and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

 

5.6           Severability.
Any provision of this Purchase Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and
any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

 

5.7           Integration.
This Purchase Agreement represent the agreement of the Company and the Purchasers with respect to the subject matter hereof, and
there are no promises, undertakings, representations or warranties by the Purchasers relative to the subject matter hereof not
expressly set forth or referred to in this Purchase Agreement.

 

5.8           Governing
Law. This Purchase Agreement shall be construed and enforced in accordance with and governed by the State of Delaware, without
giving effect to the conflicts of law principles thereof.

 

5.9           Jurisdiction
and Service of Process. Any legal action or proceeding with respect to this Purchase Agreement shall be brought in the courts
of the State of Delaware or of the United States of America for the District of Delaware. By execution and delivery of this Purchase
Agreement, each of the parties hereto accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction
of the aforesaid courts. Each of the parties hereto irrevocably consents to the service of process of any of the aforementioned
courts in any such action or proceeding by the mailing of copies thereof by certified mail, postage prepaid, to the party at its
address set forth in Section 5.3 hereof.

 

[Remainder of Page Intentionally Left
Blank]

 

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IN WITNESS WHEREOF, the
parties hereto have caused this Securities Purchase Agreement to be duly executed and delivered by their proper and duly authorized
officers as of the day and year first above written.

 

	 	COMPANY:
	 	 
	 	PULMATRIX INC.
	 	 	 
	 	By:  	/s/ Robert Clarke
	 	 	Robert Clarke, 
	 	 	Chief Executive Officer

 

	 	Address:	99 Hayden Avenue, Suite 390
	 	 	Lexington, MA 02421
	 	 	Phone: 781-357-2333
	 	 	Fax: 78 -357-2399

 

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IN WITNESS WHEREOF, the
parties hereto have caused this Stock Purchase Agreement to be duly executed and delivered by their proper and duly authorized
officers as of the day and year first above written.

 

	 	PURCHASERS:
	 	 
	 	ARCH VENTURE FUND VII, L.P.
	 	 
	 	By:	ARCH VENTURE PARTNERS VII, L.P.
	 	Its:	General Partner
	 	 	 
	 	By:	ARCH VENTURE PARTNERS VII, LLC
	 	Its	General Partner
	 	 	 
	 	By: 	/s/ Keith Crandell
	 	Its:  	Managing Director

 

	 	Address:	c/o ARCH Venture Partners
	 	 	8725 West Higgins Road
	 	 	Suite 290
	 	 	Chicago, IL 60631
	 	 	Attn: Mark McDonnell
	 	 	Phone: 
	 	 	Fax: (773) 380-6606
	 	 	 
	 	 	With a copy to: 
	 	 	c/o ARCH Venture Partners
	 	 	1000 Second Avenue, Suite 3700
	 	 	Seattle, WA 98104
	 	 	Attn: Steven Gillis
	 	 	Fax: (206) 674-3026

 

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IN WITNESS WHEREOF, the
parties hereto have caused this Stock Purchase Agreement to be duly executed and delivered by their proper and duly authorized
officers as of the day and year first above written.

 

	 	PURCHASERS:
	 	 
	 	5AM VENTURES LLC, by its Manager
	 	5AM CO-INVESTORS LLC, by its Manager
	 	 
	 	5AM Partners LLC
	 	 	 
	 	By:	/s/ Andrew J. Schwab
	 	 	Andrew J. Schwab, Managing Director 
	 	 	 

	 	Address:	c/o 5AM Ventures
	 	 	2200 Sand Hill Road, Suite 110
	 	 	Menlo Park, CA 94025
	 	 	Phone: 
	 	 	Fax: 

 

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IN WITNESS WHEREOF, the
parties hereto have caused this Stock Purchase Agreement to be duly executed and delivered by their proper and duly authorized
officers as of the day and year first above written.

 

	 	PURCHASERS:
	 	 
	 	POLARIS VENTURE PARTNERS IV, L.P.
	 	By:  Polaris Venture Management Co. IV, L.L.C., its General Partner
	 	 	 
	 	By: 	/s/ William E. Bilodeau
	 	 	William E. Bilodeau
	 	 	Attorney-in-fact
	 	 	 
	 	POLARIS VENTURE PARTNERS
	 	ENTREPRENEURS’ FUND IV, L.P.
	 	By:  Polaris Venture Management Co. IV, L.L.C., its General Partner
	 	 	 
	 	By: 	/s/ William E. Bilodeau
	 	 	William E. Bilodeau
	 	 	Attorney-in-fact
	 	 	 
	 	POLARIS VENTURE PARTNERS V, L.P.
	 	By:  Polaris Venture Management Co. V, L.L.C., its
	 	General Partner
	 	 	 
	 	By: 	/s/ William E. Bilodeau
	 	 	William E. Bilodeau
	 	 	Attorney-in-fact
	 	 	 
	 	POLARIS VENTURE PARTNERS
	 	ENTREPRENEURS’ FUND V, L.P.
	 	By:  Polaris Venture Management Co. V, L.L.C., its
	 	General Partner
	 	 	 
	 	By: 	/s/ William E. Bilodeau
	 	 	William E. Bilodeau
	 	 	Attorney-in-fact

 

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IN WITNESS WHEREOF, the
parties hereto have caused this Stock Purchase Agreement to be duly executed and delivered by their proper and duly authorized
officers as of the day and year first above written.

 

	 	PURCHASERS:	 
	 	 
	 	POLARIS VENTURE PARTNERS
	 	FOUNDERS’ FUND V, L.P.
	 	By:  Polaris Venture Management Co. V, L.L.C., its
	 	General Partner
	 	 	 
	 	By: 	/s/ William E. Bilodeau
	 	 	William E. Bilodeau
	 	 	Attorney-in-fact
	 	 	 
	 	POLARIS VENTURE PARTNERS SPECIAL
	 	FOUNDERS’ FUND V, L.P.
	 	By:  Polaris Venture Management Co. V, L.L.C., its
	 	General Partner
	 	 	 
	 	By: 	/s/ William E. Bilodeau
	 	 	William E. Bilodeau
	 	 	Attorney-in-fact
	 	 	 	 

	 	Address:	1000 Winter Street, Suite 3350
	 	 	Waltham, MA  02451
	 	 	Phone: 781-290-0770
	 	 	Fax: 781-290-0880

 

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IN WITNESS WHEREOF, the
parties hereto have caused this Stock Purchase Agreement to be duly executed and delivered by their proper and duly authorized
officers as of the day and year first above written.

 

	 	PURCHASERS:
	 	 
	 	ALTITUDE LIFE SCIENCE VENTURES II, L.P.
	 	 
	 	By:	Altitude Life Science Ventures II, LLC
	 	Its:	General Partner
	 	 	 
	 	By:	/s/ David Maki
	 	Name:	David Maki
	 	Title:	Member

 

	 	Address:	David Maki
	 	 	Altitude Life Science Ventures
	 	 	701 5th Avenue
	 	 	Suite 5400
	 	 	Seattle, WA  98104
	 	 	Phone: 206-999-3348

 

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SCHEDULE A

 

List of Purchasers

 

	 
 
Purchasers
	 	 
 
Number of Units
 Purchased
	 	 	Number of
 Shares
 Included in 
 Units 

Purchased	 	 	Number of
 Shares issuable
 upon exercise of
 Warrants
 included in Units 
 Purchased	 	 	 
 
Purchase Price
	 
	ARCH Venture Fund VII, L.P.	 	 	6,134,750	 	 	 	6,134,750	 	 	 	13,454,368.8	 	 	$	2,500,000.20	 
	5AM Ventures LLC	 	 	2,866,241	 	 	 	2,866,241	 	 	 	6,286,069.274	 	 	$	1,168,035.06	 
	5AM Co-Investors LLC	 	 	406,034	 	 	 	406,034	 	 	 	890,489.6175	 	 	$	165,464.79	 
	Polaris Venture Partners IV, L.P.	 	 	2,703,480	 	 	 	2,703,480	 	 	 	5,929,111.53	 	 	$	1,101,707.58	 
	Polaris Venture Partners Entrepreneurs’ Fund IV, L.P.	 	 	50,682	 	 	 	50,682	 	 	 	111,152.7478	 	 	$	20,653.66	 
	Polaris Venture Partners V, L.P.	 	 	6,024,144	 	 	 	6,024,144	 	 	 	13,211,794.30	 	 	$	2,454,926.64	 
	Polaris Venture Partners Entrepreneurs’ Fund V, L.P.	 	 	117,411	 	 	 	117,411	 	 	 	257,498.8215	 	 	$	47,846.70	 
	Polaris Venture Partners Founders’ Fund V, L.P.	 	 	41,266	 	 	 	41,266	 	 	 	90,502.13666	 	 	$	16,816.50	 
	Polaris Venture Partners Special Founders’ Fund V, L.P.	 	 	60,241	 	 	 	60,241	 	 	 	132,116.978	 	 	$	24,549.09	 
	Altitude Life Science Ventures II, L.P.	 	 	6,134,750	 	 	 	6,134,750	 	 	 	13,454,368.8	 	 	$	2,500,000.20	 
	Totals	 	 	24,538,999	 	 	 	24,538,999	 	 	 	53,817,473.00	 	 	$	10,000,000.42Exhibit
10.3

 

FORM OF
WARRANT

 

NEITHER THESE SECURITIES NOR THE SECURITIES
FOR WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

 

PULMATRIX, INC.

 

WARRANT

 

	Warrant No.  [__]	Dated:  ___________, 2015

 

Pulmatrix, Inc., a
Delaware corporation (the “Company”), hereby certifies that, for value received, [_____________] or its
registered assigns (the “Holder”), is entitled to purchase from the Company up to a total of [_________]
shares of common stock, $0.00001 par value per share (the “Common Stock”) of the Company (each such share,
a “Warrant Share” and all such shares, the “Warrant Shares”) at an exercise
price equal to $0.44826 per share (as adjusted from time to time as provided in Section 8, the “Exercise
Price”), at any time and on or after the Initial Exercise Date (as defined below) and through and including the date
that is five (5) years from the Initial Exercise Date, or if such day is not a Business Day (as defined below), on the next
preceding Business Day (the “Expiration Date”), and subject to the following terms and conditions. This
Warrant (this “Warrant”) is issued pursuant to that certain Securities Purchase Agreement, dated
as of ________________, 2015, by and among the Company and the investors signatory thereto (the “Purchase Agreement”).

 

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

 

2.          Registration
of Transfers. The Company shall register the transfer of any portion of this Warrant in the Warrant Register, upon surrender
of this Warrant, with the Form of Assignment attached hereto duly completed and signed, to the Company at its address specified
herein. Upon any such registration of transfer, a new warrant to purchase Common Stock, in substantially the Form of this
Warrant (any such new warrant, a “New Warrant”), evidencing the portion of this Warrant so transferred
shall be issued to the transferee and a New Warrant evidencing the remaining portion of this Warrant not so transferred, if any,
shall be issued to the transferring Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance
by such transferee of all of the rights and obligations of a holder of this Warrant.

 

3.          Exercise
and Duration of Warrant. 

 

(a)          This
Warrant shall be exercisable by the registered Holder at any time and from time to time on or after the Initial Exercise Date and
prior to 5:30 p.m., New York City time on the Expiration Date at which time the portion of this Warrant not exercised prior
thereto shall be and become void and of no value.

 

    	 

    	 

    

 

 

(b)          The
Holder may exercise this Warrant by delivering to the Company (i) an exercise notice, in the Form attached hereto (the
“Exercise Notice”), appropriately completed and duly signed, and (ii) payment of the Exercise Price
for the number of Warrant Shares as to which this Warrant is being exercised, and the date such items are delivered to the Company
(as determined in accordance with the notice provisions hereof) is an “Exercise Date.” The Holder
shall not be required to deliver the original Warrant in order to affect an exercise hereunder; provided, however,
that in the event that this Warrant is exercised in full or for the remaining unexercised portion hereof, the Holder shall deliver
this Warrant to the Company for cancellation within a reasonable time after such exercise. In the event of a partial exercise of
this Warrant, execution and delivery of the Exercise Notice shall have the same effect as cancellation of the original Warrant
and issuance of a New Warrant evidencing the right to purchase the remaining number of Warrant Shares.

 

4.          Delivery
of Warrant Shares. 

 

(a)          Upon
exercise of this Warrant, the Company shall promptly following the Exercise Date (but in no event later than three Trading Days
after the Exercise Date) credit such aggregate number of Warrant Shares to which the Holder is entitled to receive pursuant
to such exercise of this Warrant to the Holder’s or its designee’s balance account with The Depository Trust Company
(“DTC”) through its Deposit Withdrawal Agent Commission system, or if the Company’s transfer
agent for the Common Stock (the “Transfer Agent”) is not participating in the Fast Automated Securities
Transfer Program or if the certificates are required to bear a legend regarding restriction on transferability, issue and dispatch
by overnight courier to the address as specified in the Exercise Notice, a certificate, registered in the Company’s share
register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled to receive
pursuant to such exercise of this Warrant. The Holder, or any Person so designated by the Holder to receive Warrant Shares, shall
be deemed to have become the holder of record of such Warrant Shares as of the Exercise Date, irrespective of the date such Warrant
Shares are credited to the Holder’s DTC account or the date of delivery of the certificates evidencing such Warrant Shares,
as the case may be. For purposes of this Warrant, “Person” shall mean an individual or corporation, partnership,
trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or
an agency or subdivision thereof) or other entity of any kind and “Trading Day” means a day on which
the Common Stock is traded on the Trading Market.

 

(b)          This
Warrant is exercisable, either in its entirety or, from time to time, for a portion of the number of Warrant Shares. Upon surrender
of this Warrant following one or more partial exercises, the Company shall issue or cause to be issued, at its expense, a New Warrant
evidencing the right to purchase the remaining number of Warrant Shares.

 

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

 

6.          Replacement
of Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange
and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon
receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction and customary and reasonable bond
or indemnity, if requested. Applicants for a New Warrant under such circumstances shall also comply with such other reasonable
regulations and procedures and pay such other reasonable third-party costs as the Company may prescribe.

 

    	 

    	 

    

 

 

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

 

8.          Certain
Adjustments. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment
from time to time as set forth in this Section 8.

 

(a)          Stock
Dividends, Subdivisions or Combinations. If the Company, at any time while this Warrant is outstanding, (i) pays a stock dividend
on its Common Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock,
(ii) subdivides outstanding shares of Common Stock into a larger number of shares, or (iii) combines outstanding shares of
Common Stock into a smaller number of shares, then in each such case the Exercise Price shall be adjusted by multiplying the Exercise
Price by a fraction of which the numerator shall be the number of shares of Common Stock outstanding immediately before such event
and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event. Simultaneously
with any adjustment to the Exercise Price pursuant to this subsection (a), the number of Warrant Shares that may be purchased upon
exercise of this Warrant shall be adjusted proportionately, so that after such adjustment the aggregate Exercise Price payable
hereunder for the increased or decreased number of Warrant Shares, as the case may be, shall be the same as the aggregate Exercise
Price in effect immediately prior to such adjustment to the Exercise Price and the number of Warrant Shares.

 

(b)          Adjustments
Upon Reorganization, Reclassification, Consolidation or Merger. In the event of any (i) capital reorganization of the
Company, (ii) reclassification of the Common Stock of the Company (other than as a result of a stock dividend or subdivision,
split-up or combination of shares), (iii) consolidation or merger of the Company with or into another Person, (iv) sale
of all or substantially all of the Company’s assets to another Person or (v) other similar transaction (other than a
transaction covered by Section 8(a)), in each case which entitles the holders of Common Stock to receive (either directly
or upon subsequent liquidation) stock, securities or assets with respect to or in exchange for Common Stock, this Warrant
shall, immediately after such reorganization, reclassification, consolidation, merger, sale or similar transaction, remain outstanding
and shall thereafter be exercisable for the kind and number of shares of stock or other securities or assets of the Company or
of the successor Person resulting from such transaction to which the Holder would have been entitled upon such reorganization,
reclassification, consolidation, merger, sale or similar transaction if the Holder had exercised this Warrant in full immediately
prior to the time of such transaction and acquired the applicable number of Warrant Shares then issuable hereunder as a result
of such exercise; and, in such case, appropriate adjustments (in form and substance reasonably satisfactory to the Holder) shall
be made with respect to the Holder’s rights hereunder to insure that the provisions of this Section 8 shall thereafter
be applicable, as nearly as possible, to this Warrant in relation to any shares of stock, securities or assets thereafter acquirable
upon exercise of this Warrant. The provisions of this Section 8(b) shall similarly apply to all successive reorganizations,
reclassifications, consolidations, mergers, sales or similar transactions. The Company shall not affect any such reorganization,
reclassification, consolidation, merger, sale or similar transaction unless, prior to the consummation thereof, the successor Person
(if other than the Company) resulting therefrom, shall assume, by written instrument substantially similar in Form and
substance to this Warrant and satisfactory to the Holder, the obligation to deliver to the Holder such shares of stock, securities
or assets which, in accordance with the foregoing provisions, the Holder shall be entitled to receive upon exercise of this Warrant.
Notwithstanding anything to the contrary contained herein, with respect to any corporate event or transaction contemplated by this
Section 8(b), the Holder shall have the right to elect prior to the consummation of such event or transaction, to exercise
this Warrant in accordance with Section 3(b) instead of giving effect to the provisions of this Section 8(b) with
respect to this Warrant.

 

    	 

    	 

    

 

 

(c)          Calculations.
All calculations under this Section 8 shall be made to the nearest cent or the nearest 1/100th of a share, as applicable.

 

(d)          Certificate
as to Adjustment. As promptly as reasonably practicable following any adjustment of the Exercise Price, but in no event later
than five (5) Business Days thereafter, the Company shall furnish to the Holder a certificate of an executive officer of the
Company setting forth in reasonable detail such adjustment and the facts upon which it is based and certifying the calculation
thereof. No later than five (5) Business Days following the receipt by the Company of a written request by the Holder, the
Company shall furnish the Holder a certificate of an executive officer certifying the Exercise Price then in effect and the number
of Warrant Shares or the amount, if any, of other shares of stock, securities or assets then issuable upon exercise of the Warrant.

 

(e)          Notice
of Corporate Events. If (i) the Company shall declare a dividend (or any other distribution in whatever form) on
the Common Stock, (ii) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock
applicable to all holders thereof, (iii) the Company shall authorize the granting to all holders of the Common Stock rights
or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (iv) the approval of any
stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or
merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory
share exchange whereby the Common Stock is converted into other securities, cash or property, or (v) the Company shall authorize
the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company
shall cause to be mailed to the Holder at its last address as it shall appear upon the Warrant Register of the Company, at least
20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on
which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is
not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions,
redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger,
sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders
of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property
deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to mail
such notice or any defect therein or in the mailing thereof shall not affect the validity of the corporate action required to be
specified in such notice. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of
such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

9.          Fractional
Shares. The Company shall not be required to issue or cause to be issued fractional Warrant Shares on the exercise of this
Warrant. If any fraction of a Warrant Share would, except for the provisions of this Section, be issuable upon exercise of this
Warrant, the number of Warrant Shares to be issued will be rounded up to the nearest whole share.

 

    	 

    	 

    

 

 

10.         Notices.
Any and all notices or other communications or deliveries hereunder (including without limitation any Exercise Notice) shall
be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number specified in the Purchase Agreement prior to 6:30 p.m. (New York City time) on
a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile
at the facsimile number specified in the Purchase Agreement on a day that is not a Trading Day or later than 6:30 p.m. (New
York City time) on any Trading Day, (c) the Trading Day following the date of mailing, if sent by nationally recognized
overnight courier service, or (d) upon actual receipt by the party to whom such notice is required to be given. The address
for such notices or communications shall be as set forth in the Purchase Agreement.

 

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

 

1.          Call
Provision. If, at any time after the Initial Exercise Date, (i) the volume weighted average price of the Common Stock on the
Trading Market as reported by Bloomberg L.P. exceeds 150% of the Exercise Price then in effect for thirty (30) consecutive Trading
Days (the “Measurement Period”), (ii) the daily trading volume for the Common Stock on such Trading Market
as reported by Bloomberg, L.P. during such thirty (30) Trading Day period exceeds 200,000 (subject to adjustment for stock splits,
reverse stock splits, stock dividends and other similar events, but no adjustment shall be made in respect of the Merger) shares
per Trading Day, and (iii) there is an effective registration statement under the Securities Act of 1933, as amended covering the
resale of the shares of Common Stock issuable upon exercise of this Warrant, then the Company shall call for cancellation that
portion of this Warrant for which an Exercise Notice has not yet been delivered as of the date of the Call Notice (as defined below)
for consideration equal to $.001 per Warrant Share. The Company shall deliver to the Holder a written notice (a “Call
Notice”) of any call for cancellation of the Warrants pursuant to this Section 12 promptly following the last day
of the Measurement Period. On the thirtieth (30th) calendar day after the date of the Call Notice (the “Call Date”),
the portion of this Warrant for which an Exercise Notice shall not have been received by the Call Date will be cancelled at 5:30
p.m. (local time in New York City, New York). In furtherance of the foregoing, the Company covenants and agrees that it will honor
all Exercise Notices that are tendered on or before 5:29 p.m. (local time in New York City, New York) on the Call Date.

 

12.         Miscellaneous

 

(a)          As
used herein, the following terms shall have the following meanings:

 

2.          “Business
Day” means any day other than a Saturday, Sunday or any other day when banks in the State of New York or authorized
or permitted to be closed.

 

3.          “Common
Stock Equivalents” means any securities of the Company or any subsidiary of the Company which would entitle the holder
thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or
other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof
to receive, Common Stock.

 

    	 

    	 

    

 

 

4.          “Change
of Control Transaction” means the occurrence after the date hereof of any of (a) an acquisition after the date hereof
by an individual or legal entity or “group” (as described in Rule 13d-5(b)(1) promulgated under the Securities Exchange
Act of 1934, as amended) of effective control (whether through legal or beneficial ownership of capital stock of the Company, by
contract or otherwise) of in excess of 50% of the voting securities of the Company, (b) the Company merges into or consolidates
with any other Person, or any Person merges into or consolidates with the Company and, after giving effect to such transaction,
the stockholders of the Company immediately prior to such transaction own less than 50% of the aggregate voting power of the Company
or the successor entity of such transaction, (c) the Company sells or transfers all or substantially all of its assets to another
Person and the stockholders of the Company immediately prior to such transaction own less than 50% of the aggregate voting power
of the acquiring entity immediately after the transaction, or (d) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person acquires more than 50% of the
outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or
party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other
business combination).

 

5.          “Initial
Exercise Date” means the date that (a) the Company enters into a strategic license agreement with a third party related
to any of the Company’s products pursuant to which the Company is guaranteed to receive consideration from such third party
consisting of cash, marketable securities or a combination thereof having a value of at least $20,000,000 in the aggregate; (b)
the Company consummates of a public or private offering of Common Stock or Common Stock Equivalents resulting in gross proceeds
to the Company of at least $20,000,000 upon the consummation thereof and the consideration paid per share of Common Stock issued
in such offering (or per share of Common Stock issuable upon exercise or conversion of such Common Stock Equivalents issued in
such offering) is at least $4.00 per share (subject to adjustment for stock splits, reverse stock splits, stock dividends and other
similar events, but no adjustment shall be made in respect of the Merger); (c) the volume weighted average price per share of Common
Stock on the Trading Market as reported by Bloomberg, L.P. exceeds $5.00 (subject to adjustment for stock splits, reverse stock
splits, stock dividends and other similar events, but no adjustment shall be made in respect of the Merger) for a period of sixty
(60) consecutive Trading Days and the average daily trading volume on such Trading Market as reported by Bloomberg, L.P. during
such period sixty (60) Trading Day period exceeds 100,000 (subject to adjustment for stock splits, reverse stock splits, stock
dividends and other similar events, but no adjustment shall be made in respect of the Merger) shares of Common Stock per Trading
Day; or (d) a Change of Control Transaction is consummated.

 

6.          “Merger”
has the meaning given such term in the Purchase Agreement.

 

7.          “Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

8.          “Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading
on the date in question: the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock
Exchange, the NYSE MKT, the OTC Bulletin Board or any over-the-counter market operated by OTC Markets Group Inc. (or any successors
to any of the foregoing).

 

    	 

    	 

    

 

 

(b)          Subject
to compliance with applicable securities laws, this Warrant may be assigned by the Holder. This Warrant shall be binding on and
inure to the benefit of the parties hereto and their respective successors and assigns. Subject to the preceding sentence, nothing
in this Warrant shall be construed to give to any Person other than the Company and the Holder any legal or equitable right, remedy
or cause of action under this Warrant. This Warrant may be amended only in writing signed by the Company and the Holder and their
successors and assigns.

 

(c)          The
Company will not, by amendment of its governing documents or through any reorganization, transfer of assets, consolidation, merger,
dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of
any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking
of all such action as may be necessary or appropriate in order to protect the rights of the Holder against impairment. Without
limiting the generality of the foregoing, the Company (i) will not increase the par value of any Warrant Shares above the
amount payable therefor on such exercise, (ii) will take all such action as may be reasonably necessary or appropriate in
order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares on the exercise of this Warrant,
and (iii) will not close its stockholder books or records in any manner which interferes with the timely exercise of this
Warrant.

 

(d)          ALL
QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED
AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY AND, BY ACCEPTING THIS WARRANT, THE HOLDER
HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH
OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR WITH ANY TRANSACTION CONTEMPLATED HEREBY
OR DISCUSSED HEREIN (INCLUDING WITH RESPECT TO THE ENFORCEMENT OF THIS WARRANT), AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT
TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT,
THAT SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER. EACH OF THE COMPANY AND, BY ACCEPTING THIS WARRANT, THE HOLDER HEREBY IRREVOCABLY
WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY
THEREOF VIA REGISTERED OR CERTIFIED MAIL OR OVERNIGHT DELIVERY (WITH EVIDENCE OF DELIVERY) TO SUCH PARTY AT THE ADDRESS IN
EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS
AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED
BY LAW. THE COMPANY HEREBY WAIVES ALL RIGHTS TO A TRIAL BY JURY. 

 

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

 

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

 

    	 

    	 

    

 

 

(g)          The
remedies provided in this Warrant shall be cumulative and in addition to all other remedies available under this Warrant, at law
or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the right
of the Holder to pursue actual damages for any failure by the Company to comply with the terms of this Warrant. The Company acknowledges
that a breach by it of its obligations hereunder may cause irreparable harm to the Holder and that the remedy at law for any such
breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, the holder of
this Warrant shall be entitled, in addition to all other available remedies, to seek an injunction restraining any breach.

 

(h)          No
provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and
no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase
price of any Warrant Shares or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors
of the Company. Prior to the exercise of this Warrant, the Holder shall not have or exercise any rights as a stockholder of the
Company by virtue of its ownership of this Warrant.

 

SIGNATURE PAGE FOLLOWS

 

    	 

    	 

    

 

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

 

	 	PULMATRIX, INC.
	 	 	 
	 	By:	 
	 	 	Name: Robert Clarke
	 	 	Title: Chief Executive Officer

 

    	 

    	 

    

 

 

FORM OF EXERCISE NOTICE

 

(To be executed by the Holder to exercise
the right to purchase shares of Common Stock under the foregoing Warrant)

 

To Pulmatrix, Inc.:

 

The undersigned is the Holder of Warrant
No. _______ (the “Warrant”) issued by Pulmatrix, Inc., a Delaware corporation (the “Company”).
Capitalized terms used herein and not otherwise defined have the respective meanings set forth in the Warrant.

 

		1.	The Warrant is currently exercisable to purchase a total of ______________
Warrant Shares.

 

		2.	The undersigned Holder hereby exercises its right to purchase _________________ Warrant Shares
pursuant to the Warrant.

 

		3.	The holder shall pay the sum of $____________ to the Company in accordance with the terms of the
Warrant.

 

		4.	Pursuant to this exercise, the Company shall deliver to the holder _______________ Warrant Shares
in accordance with the terms of the Warrant.

 

		5.	Following this exercise, the Warrant shall be exercisable to purchase a total of ______________
Warrant Shares.

 

	Dated:                                 	Name of Holder:
	 	 
	 	(Print)	 
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    	 

    	 

    

 

 

ACKNOWLEDGED AND AGREED TO this ___ day of

___________, 20__

 

PULMATRIX, INC.

 

	By:	 
	 	Name:
	 	Title:

 

    	 

    	 

    

 

 

FORM OF ASSIGNMENT

 

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

 

FOR VALUE RECEIVED,
the undersigned hereby sells, assigns and transfers unto ________________________________ the right represented by the within Warrant
to purchase ____________ shares of Common Stock of Pulmatrix, Inc. to which the within Warrant relates and appoints ________________
attorney to transfer said right on the books of Pulmatrix, Inc. with full power of substitution in the premises.

 

Dated:                             ,                            

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	Address of Transferee	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

In the presence of:

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