Document:

Exhibit 4.6

 

WARRANT

 

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

 

TFF PHARMACEUTICALS, INC.

 

WARRANT TO PURCHASE COMMON STOCK

 

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

 

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

 

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

 

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

 

2. Exercise
Price. For purposes of this Warrant, the “Exercise Price” shall be equal to 100% of the Conversion
Price of the Series A Preferred Stock, as determined pursuant to Section 8 of the Certificate of Incorporation. Notwithstanding
the foregoing, until such time as the Series A Preferred Stock is converted pursuant to Section 8 of the Certificate of Incorporation,
the Exercise Price shall be equal to $2.50 (as adjusted from time to time as provided in Section 11 herein).

 

3. Number
of Warrant Shares. The aggregate number of Warrant Shares shall be equal to 10% of the aggregate number of shares of Common
Stock issued by the Company upon conversion of 606,000 shares (as adjusted for combinations, subdivisions and the like) of the
Series A Preferred Stock pursuant to Section 8 of the Certificate of Incorporation. Notwithstanding the foregoing, until such time
as the Series A Preferred Stock is converted pursuant to Section 8 of the Certificate of Incorporation, the number of Warrant Shares
shall be equal to 60,600 shares of Common Stock (as adjusted from time to time as provided in Section 11 herein).

 

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

 

    1

     

    

 

5. Transfers; Lock-Up
Period.

 

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

 

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

 

6. Exercise and Duration of Warrants.

 

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

 

    2

     

    

 

(b) The Holder may exercise
this Warrant by delivering to the Company (i) an exercise notice, in the form attached as Schedule 1 hereto (the “Exercise
Notice”), appropriately completed and duly signed, (ii) payment of the Exercise Price for the number of Warrant Shares
as to which this Warrant is being exercised (which may take the form of a “cashless exercise” if so indicated in the
Exercise Notice and if a “cashless exercise” may occur at such time pursuant to Section 12 below), and the date
such items are delivered to the Company (as determined in accordance with the notice provisions hereof) is an “Exercise
Date.” The Holder shall not be required to deliver the original Warrant in order to effect an exercise hereunder.
Execution and delivery of the Exercise Notice shall have the same effect as cancellation of the original Warrant and issuance of
a New Warrant evidencing the right to purchase the remaining number of Warrant Shares.

 

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

 

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

 

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

 

    3

     

    

 

10. Reservation of
Warrant Shares. The Company covenants that it will at all times reserve and keep available out of the aggregate of its authorized
but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon exercise
of this Warrant as herein provided, the number of Warrant Shares which are then issuable and deliverable upon the exercise of this
entire Warrant, free from preemptive rights or any other contingent purchase rights of persons other than the Holder (taking into
account the adjustments and restrictions of Section 11). The Company covenants that all Warrant Shares so issuable and deliverable
shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly and validly
authorized, issued and fully paid and nonassessable. The Company will take all such action as may be necessary to assure that such
shares of Common Stock may be issued as provided herein without violation of any applicable law or regulation, or of any requirements
of any securities exchange or automated quotation system upon which the Common Shares may be listed.

 

11. 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 11.

 

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

 

(b) Fundamental Transactions.
If, at any time while this Warrant is outstanding (i) the Company effects any merger or consolidation of the Company with
or into another Person, in which the Company is not the survivor, (ii) the Company effects any sale of all or substantially all
of its assets or a majority of its Common Stock is acquired by a third party, in each case, in one or a series of related transactions,
(iii) any tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which all or substantially
all of the holders of Common Stock are permitted to tender or exchange their shares for other securities, cash or property, or
(iv) the Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common
Stock is effectively converted into or exchanged for other securities, cash or property (other than as a result of a subdivision
or combination of shares of Common Stock covered by Section 11(a) above) (in any such case, a “Fundamental Transaction”),
then the Holder shall have the right thereafter to receive, upon exercise of this Warrant, the same amount and kind of securities,
cash or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been,
immediately prior to such Fundamental Transaction, the holder of the number of Warrant Shares then issuable upon exercise in full
of this Warrant without regard to any limitations on exercise contained herein (the “Alternate Consideration”).
The Company shall not effect any such Fundamental Transaction unless prior to or simultaneously with the consummation thereof,
any successor to the Company, surviving entity or the corporation purchasing or otherwise acquiring such assets or other appropriate
corporation or entity shall assume the obligation to deliver to the Holder, such Alternate Consideration as, in accordance with
the foregoing provisions, the Holder may be entitled to purchase and/or receive (as the case may be), and the other obligations
under this Warrant. The provisions of this paragraph (c) shall similarly apply to subsequent transactions analogous to a Fundamental
Transaction.

 

    4

     

    

 

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

 

(d) Calculations.
All calculations under this Section 11 shall be made to the nearest cent or the nearest 1/100th of a share, as
applicable. The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for
the account of the Company, and the sale or issuance of any such shares shall be considered an issue or sale of Common Stock.

 

(e) Notice of Adjustments.
Upon the occurrence of each adjustment pursuant to this Section 11, the Company at its expense will, at the written
request of the Holder, promptly compute such adjustment, in good faith, in accordance with the terms of this Warrant and prepare
a certificate setting forth such adjustment, including a statement of the adjusted Exercise Price and adjusted number or type of
Warrant Shares or other securities issuable upon exercise of this Warrant (as applicable), describing the transactions giving rise
to such adjustments and showing in detail the facts upon which such adjustment is based. Upon written request, the Company will
promptly deliver a copy of each such certificate to the Holder and to the Company’s transfer agent.

 

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

 

    5

     

    

 

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

 

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

 

where:

 

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

 

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

 

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

 

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

 

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

 

    6

     

    

 

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

 

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

 

    7

     

    

 

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

 

15. Notices.
Any and all notices or other communications or deliveries hereunder (including, without limitation, any Exercise Notice) shall
be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication
is delivered via email at the email address specified in the Engagement Agreement prior to 5:00 p.m. (prevailing Pacific time)
on a Trading Day, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via
email at the email address specified in the Engagement Agreement t on a day that is not a Trading Day or later than 5:00 p.m. (prevailing
Pacific time) on any Trading Day, (iii) the Trading Day following the date of mailing, if sent by nationally recognized overnight
courier service specifying next business day delivery, or (iv) upon actual receipt by the party to whom such notice is required
to be given, if by hand delivery. The address and facsimile number of a party for such notices or communications shall be as set
forth in the Engagement Agreement unless changed by such party by two Trading Days’ prior notice to the other party in accordance
with this Section 15.

 

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

 

    8

     

    

 

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

 

18. Miscellaneous.

 

(a) The Holder, solely
in such Person’s capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the
holder of share capital of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon
the Holder, solely in such Person’s capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company
or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification
of stock, consolidation, merger, amalgamation, conveyance or otherwise), receive notice of meetings, receive dividends or subscription
rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon
the due exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities
on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether
such liabilities are asserted by the Company or by creditors of the Company. Notwithstanding this Section 18(a), the Company
shall provide the Holder with copies of the same notices and other information given to the shareholders of the Company, contemporaneously
with the giving thereof to the shareholders.

 

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

 

    9

     

    

 

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

 

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

 

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

 

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

 

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

 

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

   

    10

     

    

 

SCHEDULE 1

 

FORM OF EXERCISE NOTICE

 

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

of Common Stock under the foregoing Warrant)

 

Ladies and Gentlemen:

 

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

 

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

 

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

 

		☐	Cash Exercise

 

		☐	“Cashless Exercise” under Section 10

 

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

 

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

  

Dated:_______________, _____

 

[Company]

 

_____________________________________

By:

 

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

 

    11

     

    

 

SCHEDULE 2

 

FORM OF ASSIGNMENT

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

In the presence of:

 

 

12Exhibit 10.1

 

January 26, 2018

 

TFF Pharmaceuticals, Inc.

2801 Via Fortuna

Suite 425

Austin, Texas 78746

		Attention:	Robert S. Mills

Chief Executive
Officer

 

		Re:	Engagement Agreement for Strategic Consulting Services

 

Dear Mark:

 

This letter agreement
(the “Agreement”) confirms the terms and conditions pursuant to which Liquid Patent Advisors,
LLC (“Consultant”) will provide certain strategic and intellectual property advisory services to TFF
Pharmaceuticals, Inc. (together with its subsidiaries and successors, the “Company”) (the “Engagement”).

 

1. Services.
Consultant shall assist the Company with all aspects of its business, strategic and intellectual property development, including:

 

(a) Business
Strategy Activities.

 

		(1)	Identify optimal legal entity structure, shareholding of parent and structure for all subsidiaries;

 

		(2)	Assess current management and identifying and recruiting additional key members of the management
team and Board of Directors;

 

		(3)	Assess the Company’s market landscape;

 

		(4)	Assess the Company’s current business strategy and assisting in the formulation of an optimal
business strategy, including a development and commercialization strategy;

 

		(5)	Assess the competitive features/functions of the Company’s current and proposed products
and services;

 

		(6)	Assess the Company’s current financial and accounting processes and recommend revisions to
such processes;

 

		(7)	Assess and make recommendations for performance measurement metrics for various functions/organizations
and total enterprise;

 

    2121 Rosecrans Avenue, Suite 4305 ● El Segundo, CA 90245 ● www.liquidventure.com
1

     

    

 

		(8)	Assess and make recommendations for the Company’s’ sales compensation structure;

 

		(9)	Assess and make recommendations for the Company’s customer service methodologies, processes,
performance measurement metrics;

 

		(10)	Evaluate and recommend potential strategic partners;

 

		(11)	Assist in development of detailed measurable actionable business and financial plan for the next
18 months; and

 

		(12)	General corporate advice, as needed and requested.

 

(b) IP
Related Activities.

 

		(1)	Review and analysis of inventions held by the Company to determine their usefulness, potential
for monetization and potential patentability, including advice concerning the increase in the likelihood or strength of any of
the foregoing;

 

		(2)	Interviewing the Company to understand the subject inventions and researching prior art for purposes
of determining the patentability of such inventions;

 

		(3)	Advise and assist in developing a strategy for the preparation and filing of one or more patents,
both United States and foreign, for purposes of adequately protecting the substantive claims underlying the inventions, including
for each such invention a complete invention package with technical disclosure documentation (each, a “Disclosure”)
for use in the Company’s patent applications;

 

		(4)	Review and comment on patent applications filed with respect to such inventions;

 

		(5)	Review and comment on office actions concerning patent applications and issued patents;

 

		(6)	Advise and assist in developing a strategy for the Company’s strategic acquisitions of inventions
and patent rights to enhance the Company’s portfolio of patent rights, including conducting the due diligence and acquisition
efforts on behalf of the Company;

 

		(7)	Advise and assist with regard to licensing, litigation and sales of patent rights held by the Company;
and

 

		(8)	Provide engineering and/or scientific advisory services to the Company.

 

    2121 Rosecrans Avenue, Suite 4305 ● El Segundo, CA 90245 ● www.liquidventure.com
2

     

    

 

The IP related services to be provided
by Consultant to the Company set forth in Section 1(b) shall be subject to one or more written work assignments (each, a
“Work Assignment”), all of which are to be submitted to Consultant within 90 days of the date of this
Agreement. The Company shall use a Work Assignment to request the IP Services in Section 1(b)(1) through (8). Each
Work Assignment, when signed and delivered by the Company and accepted by Consultant, shall become part of this Agreement and incorporated
herein by this reference. In the event of any conflict between this Agreement and a Work Assignment, this Agreement shall govern
and control.

 

(c) Additional
Services/Exclusions. It is expressly understood and agreed that Consultant has not provided nor is undertaking to provide any
advice to the Company relating to legal, regulatory, securities, finance, accounting, or tax matters. The services provided to
the Company hereunder are designed to assist, but not replace, the Company’s own intellectual property counsel. Should the
Company request Consultant to perform any services or act in any capacity not specifically addressed in this Agreement, such services
or activities shall constitute separate engagements, the terms and conditions of which will be embodied in separate written agreement(s).

 

2. Compensation.
As consideration for the services provided under this Agreement, the Company will pay Consultant certain fees as follows:

 

(a) Cash
Fees. If the Company elects to file additional patent applications with the help of the Consultant, the Company shall pay Consultant
a cash fee for each patent application Consultant files on behalf of the Company. The standard rate is $7,500 per application,
inclusive of the legal fees associated with such filings; however, that rate may vary based on the patent portfolio strategy the
Company and Consultant jointly agree to pursue.

 

(b) Warrant.
Upon execution of this Agreement, the Company shall grant to Consultant a warrant, which may be issued in one or more instruments,
in the form of Exhibit A attached hereto (the “Warrants”), to purchase a number of shares
of Company common stock (the “Common Stock”), which is in an amount equal to ten percent (10%) of
the total issued and outstanding Common Stock of the Company, calculated on a fully diluted basis, after giving effect to the formation
of the Company and the issuance of all equity securities and equity-linked securities contemplated or issued at the time of formation.
Such Warrants will be for a term of five (5) years at an exercise price of $0.01 per share and shall contain cashless exercise
and anti-dilution provisions and representations and warranties normal and customary for warrants issued to investors, and will
not be callable or terminable prior to the expiration date. The exercise price of the warrant may be adjusted upward at the sole
discretion of the Consultant. The Common Stock underlying the Warrants will have registration rights, including “piggyback”
registration rights on the registrations of the Company or demand registrations (voting with the other registrable securities to
effect any such demand) no less favorable than those granted to any other person prior to or subsequent to the date of this Agreement.
The Company shall bear all costs and expenses of registration, including the filing and clearing of one or more registration statements.
The Warrants may be assigned to any persons or entities designated by Consultant.

 

    2121 Rosecrans Avenue, Suite 4305 ● El Segundo, CA 90245 ● www.liquidventure.com
3

     

    

 

(c) Expenses.
The Company shall fund Consultant’s travel and other reasonable expenses related to the Engagement, including travel expenses,
meals and incidentals, in connection with visits by the Consultant team to the Company’s site, provided that expenses exceeding
$2,000 in aggregate shall be subject to the Company’s prior written approval which shall not be unreasonably withheld.

 

(d) Payments.
All payments to be made to Consultant hereunder will be made in cash by wire transfer of immediately available U.S. funds. Except
as expressly set forth herein, no fee payable to Consultant hereunder shall be credited against any other fee due to Consultant
or any of its affiliates. The obligation to pay any fee or expense set forth herein shall be absolute and unconditional and shall
not be subject to reduction by way of setoff, recoupment or counterclaim.

 

(e) Compensation
Earned. All the compensation provided under this Agreement will be deemed fully earned as of the date of the Agreement, and
not subject to return in whole or in part or subject to reduction or further limitation. The Company waives any and all rights
of set off against the compensation provided for herein, including any securities underlying any Warrants.

 

(f) Lock-Up
Period. In the event of an initial public offering by the Company, all Warrants and shares of Common Stock received pursuant
to exercise of such Warrants received by Consultant and its assigns hereunder may not be sold for a period of 12 months following
the initial listing on an exchange.

 

3. Representations
and Warranties of the Company. The Company warrants and agrees that it is the true and rightful owner of all intellectual property
rights in each of the assets and inventions submitted to Consultant for analysis; that any and all technical invention information
provided to Consultant may, to the actual knowledge of the officers of the Company, be transmitted across country borders subject
to compliance with applicable export control and similar laws; and that no U.S. agency has suspended, revoked, or denied the Company’s
export privileges.

 

4. Term and
Termination. Consultant’s Engagement will commence upon the execution of this Agreement and shall continue in
effect for a period of one hundred eighty (180) days (the “Initial Term”). After the expiration of
the Initial Term, if there are any Work Assignments in progress, the Agreement shall automatically renew and continue in
effect until it is terminated by either party with thirty (30) days’ written notice to the other pursuant to Section 10.
Upon termination of this Agreement for any reason, the rights and obligations of the parties hereunder shall terminate,
except for the obligations set forth in Sections 2-3 and 5-18, which shall survive termination.

 

    2121 Rosecrans Avenue, Suite 4305 ● El Segundo, CA 90245 ● www.liquidventure.com
4

     

    

 

5. Confidentiality.
Consultant acknowledges that in connection with the Engagement, the Company will provide Consultant with information which the
Company considers to be confidential, including its trade secrets (“Confidential Information”). Consultant
agrees to employ all reasonable efforts to keep the Confidential Information secret and confidential, using no less than the degree
of care employed by Consultant to preserve and safeguard its own confidential information, and shall not disclose or reveal the
Confidential Information to anyone except its employees, consultants, affiliates and contractors who have an obligation of confidentiality
with Consultant. Consultant will not use the Confidential Information except in connection with its performance of services hereunder,
unless disclosure is required by law, court order, or any government, regulatory or self-regulatory agency or body in the opinion
of Consultant’s counsel, in which event Consultant will provide the Company with reasonable advance notice of such disclosure.
“Confidential Information” does not include information which (a) was in the public domain or readily
available to the trade or the public prior to the date of the disclosure; (b) becomes generally available to the public in any
manner or form through no fault of Consultant or its representatives; (c) was in Consultant’s possession or readily available
to Consultant from another source not under obligation of secrecy to the Company prior to the disclosure; (d) is rightfully received
by Consultant from another source on a non-confidential basis; (e) is developed by or for Consultant without reference to the Company’s
Confidential Information; (f) is disclosed by the Company to an unaffiliated third party free of any obligation of confidence;
or (g) is released for disclosure with the Company’s written consent. Notwithstanding any termination of this Agreement,
Consultant’s confidentiality obligations (1) in respect of any material that qualifies as a “Trade Secret”
under the Uniform Trade Secrets Act (“UTSA”) shall survive in perpetuity under the UTSA until such information
ceases to be a Trade Secret, and (2) in respect of any non-Trade Secret, for a period of three (3) years from the date of disclosure.

 

6. Indemnification.
The Company hereby agrees to indemnify and hold harmless Consultant and its affiliates and each of their directors, officers, managers,
agents, employees, members and counsel (collectively, the “Consultant Indemnified Parties”) to the fullest
extent permitted by law from and against any and all losses, claims, damages, expenses, or liabilities (or actions in respect thereof)
(“Losses”), joint or several, to which they or any of them may become subject under any statute or at
common law, and to reimburse such Consultant Indemnified Parties for any reasonable legal or other expense (including but not limited
to the cost of any investigation, preparation, response to third party subpoenas) incurred by them in connection with any litigation
or administrative or regulatory action (“Proceeding”), whether pending or threatened, and whether or
not resulting in any liability, insofar as such losses, claims, liabilities, or litigation arise out of or are based upon the Engagement,
including, but not limited to, the Company’s use or misuse (including use contrary to federal or state law) of the Disclosure(s),
the Company’s breach of the representations and warranties contained in Section 3 hereof, or any violation of U.S.
or other import or export controls; provided, however, they shall not apply to (i) amounts paid in settlement of any such litigation
if such settlement is effected without the consent of the Company, which consent will not be unreasonably withheld, conditioned
or delayed or (ii) Losses determined, by a final, non-appealable judgment by a court or arbitral tribunal of competent jurisdiction,
to have arisen solely from the willful misconduct or gross negligence of Consultant Indemnified Parties.

 

The provisions of this
Section 6 shall survive any termination or expiration of this Agreement.

 

    2121 Rosecrans Avenue, Suite 4305 ● El Segundo, CA 90245 ● www.liquidventure.com
5

     

    

 

7. Work
Product and Announcements. Consultant’s advice rendered to the Company as part of this Engagement, in whatever form,
including written, electronic transmission, and oral, shall be considered work for hire and the property and intellectual property
of the Company. Any document or other written information prepared by Consultant in connection with this Engagement shall not be
duplicated by the Consultant except as explicitly provided for hereunder or required by law or upon the written consent of the
Company. The Consultant shall have no ownership or rights to any intellectual property, advice or work product that concerns the
business or the related activities of the Company.

 

The Company acknowledges
that Consultant, at its option and expense, may place announcements and advertisements or otherwise publicize the Engagement (which
may include the reproduction of the Company’s logo and a hyperlink to the Company’s website) on Consultant’s
website and in such financial and other newspapers and journals as it may choose.

 

8. Limitation
of Liability. Consultant shall employ due care and attention in providing the services hereunder. However, the Company acknowledges
that Consultant does not warrant or represent the accuracy or completeness of any public information or any information provided
solely by the Company used in any analysis and that inaccurate or incomplete data may affect the validity and reliability of Consultant’s
work product, including any draft patent Disclosures. Similarly, Consultant makes no representation or warranty with respect to
the non-infringement of any of the assets or inventions described in the Disclosure(s). Consultant makes no warranty, representation,
promise, or undertaking with respect to any legal or financial consequences of, or any other consequences or benefits obtained
from the use of any work product hereunder, including the Disclosure(s), including any representation that any patent(s) will be
granted. The Company assumes all risks related to documentation or technical information and data which may be subject to U.S.
export controls or export or import restrictions in other countries. CONSULTANT SPECIFICALLY DISCLAIMS ANY OTHER WARRANTY, EXPRESS,
IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. CONSULTANT SHALL NOT BE LIABLE
ON ACCOUNT OF ANY ERRORS, OMISSIONS, DELAYS, OR LOSSES UNLESS CAUSED BY ITS GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. To
the fullest extent permitted by law, NEITHER Consultant NOR any of its controlling persons, affiliates, directors, officers, employees
or consultants will be liable for any loss, damage or injury (including without limitation lost profits, indirect, special, or
consequential damages) alleged to be caused by use of the Disclosure(s) OR OTHER SERVICES PROVIDED HEREUNDER. CONSULTANT’S
LIABILITY ARISING UNDER THIS AGREEMENT SHALL BE LIMITED TO THE AMOUNTS PAID BY THE COMPANY TO CONSULTANT WITH REGARD TO THE PROVISION
OF THE SPECIFIC SERVICES THAT GAVE RISE TO THE CLAIM OF LIABILITY, BUT IN NO EVENT WILL SUCH LIABILITY EXCEED THE TOTAL AMOUNT
ACTUALLY PAID TO CONSULTANT PURSUANT TO SECTION 2.

 

    2121 Rosecrans Avenue, Suite 4305 ● El Segundo, CA 90245 ● www.liquidventure.com
6

     

    

 

9. Other
Transactions; Disclaimers. The Company acknowledges that Consultant and its affiliates are engaged in other activities from
which conflicting interests or duties, or the appearance thereof, may arise. Information held elsewhere within Consultant but not
accessible will not under any circumstances affect Consultant’s responsibilities to the Company hereunder. The Company further
acknowledges that Consultant and its affiliates have and may continue to relationships with parties other than the Company pursuant
to which Consultant may acquire information of interest to the Company. Consultant shall have no obligation to disclose to the
Company or to use for the Company’s benefit any such non-public information or other information acquired in the course of
engaging in any other transaction (on Consultant’s own account or otherwise) or otherwise carrying on the business of Consultant.

 

The Company further acknowledges
and agrees that Consultant will act solely as an independent contractor hereunder, and that Consultant’s responsibility to
the Company is solely contractual in nature and that Consultant does not owe the Company or any other person or entity, including
but not limited to its shareholders, any fiduciary or similar duty as a result of the Engagement or otherwise.

 

10. Notice.
All notices, demands, and other communications to given pursuant to this Agreement shall be in writing and shall be personally
delivered, sent by overnight delivery using a nationally recognized courier service, sent by facsimile transmission, or emailed.
Notice shall be deemed received: (a) if personally delivered, upon the date of delivery to the address of the receiving party;
(b) if sent by overnight courier, the date actually received by the recipient; (c) if sent email, when sent. The parties will each
promptly notify the other of any changes to the following contact information.

 

	Notices to Consultant shall be sent to:	Notices
to the Company shall be sent to:
	 	 
	
        Liquid Patent Advisors, LLC

        2121 Rosecrans Avenue, Suite 4305

        El Segundo, CA 90245

        Attention: Ankur V. Desai

        e-mail: adesai@liquidventure.com
	
        TFF Pharmaceuticals, Inc.

        2801 Via Fortuna, Suite 425

        Austin, TX 78746

        Attention: Robert S. Mills, CEO

        e-mail: rsmillsjr@aol.com

 

11. Complete
Agreement; Amendments; Assignment. This Agreement sets forth the entire understanding of the parties relating to the subject
matter hereof and supersedes and cancels any prior communications, understandings and agreements, whether oral or written, between
Consultant and the Company. This Agreement may not be amended or modified except in writing. The rights of Consultant hereunder
shall be freely assignable to any affiliate of Consultant, and this Agreement shall apply to, inure to the benefit of and be binding
upon and enforceable against the parties and their respective successors and assigns.

 

12. Third
Party Beneficiaries. This Agreement is intended solely for the benefit of the parties hereto and, with the exception of the
rights and benefits conferred upon the Consultant Indemnified Parties by Section 6 of this Agreement, shall not be
deemed or interpreted to confer any rights upon any third parties.

 

    2121 Rosecrans Avenue, Suite 4305 ● El Segundo, CA 90245 ● www.liquidventure.com
7

     

    

 

13. Governing
Law; Jurisdiction; Venue. All aspects of the relationship created by this Agreement shall be governed by and construed in accordance
with the laws of the State of California, applicable to contracts made and to be performed in California, without regard to its
conflicts of laws provisions. All actions and proceedings which are not submitted to arbitration pursuant to Section 14
hereof shall be heard and determined exclusively in the state and federal courts located in the County of Los Angeles, State of
California, and the Company and Consultant hereby submit to the jurisdiction of such courts and irrevocably waive any defense or
objection to such forum, on forum non conveniens grounds or otherwise.

 

14. Arbitration.
Any dispute, claim or controversy arising out of or relating to this Agreement or the breach, termination, enforcement, interpretation
or validity thereof, including the determination of the scope or applicability of this agreement to arbitrate, shall be determined
by arbitration before one arbitrator in Los Angeles (with the exception of claims to enforce the indemnity provision contained
herein, administered by JAMS pursuant to its Streamlined Arbitration Rules and Procedures. Judgment on the Award may be entered
in any court having jurisdiction. This clause shall not preclude parties from seeking provisional remedies in aid of arbitration
from a court of appropriate jurisdiction.

 

The arbitrator may,
in the award, allocate all or part of the costs of the arbitration, including the fees of the arbitrator and the reasonable attorneys’
fees of the prevailing party. 

 

The parties hereby
agree that this Section 14 shall survive the termination and/or expiration of this Agreement.

 

The Company’s
and Consultant’s consent to Arbitration are confirmed by initialing below:

 

	/s/ RM	 	/s/ AD
	Company	 	Consultant

 

15. Severability.
Should any one or more covenants, restrictions and provisions contained in this Agreement be held for any reason to be void, invalid
or unenforceable, in whole or in part, such unenforceability will not affect the validity of any other term of this Agreement,
and the invalid provision will be binding to the fullest extent permitted by law and will be deemed amended and construed so as
to meet this intent. To the extent any provision cannot be so amended or construed as a matter of law, the validity of the remaining
provisions shall be deemed unaffected and the illegal or invalid provision will be deemed stricken from this Agreement.

 

16. Section
Headings. The section headings herein are for convenience of reference only, and shall not limit or otherwise affect the meaning
hereof.

 

17. Accounting.
Any calculation, computation or accounting that may be required under this Agreement shall be made in accordance and conformity
with the Generally Accepted Accounting Principles and other standards as determined by the Financial Accounting Standards board
and regulatory agencies with appropriate jurisdiction and where relevant, consistently applied.

 

18. Counterparts.
This Agreement may be executed via facsimile transmission and may be executed in separate counterparts, each of which shall be
deemed to be an original and all of which together shall constitute a single instrument.

 

    2121 Rosecrans Avenue, Suite 4305 ● El Segundo, CA 90245 ● www.liquidventure.com
8

     

    

 

If the above accords
with your understanding and agreement, kindly indicate your consent hereto by signing below. We look forward to a long and successful
relationship with you.

 

	 	Very truly yours,
	 	 
	 	Liquid Patent Advisors, LLC
	 	 
	 	By:	/s/ Ankur Desai
	 	 	Ankur Desai, Manager

 

ACCEPTED AND AGREED TO

AS OF THE DATE FIRST ABOVE WRITTEN:

 

TFF Pharmaceuticals, Inc.

 

	By:	/s/ Robert S. Mills	 
	 	Robert S. Mills	 
	 	Chief Executive Officer	 

 

 

2121 Rosecrans Avenue, Suite 4305 ●
El Segundo, CA 90245 ●www.liquidventure.com

9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00299-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00299-of-00352.parquet"}]]