Document:

EX-4.1

 Exhibit 4.1 

SECURITIES ESCROW AGREEMENT 

This SECURITIES ESCROW AGREEMENT (this “Agreement”) made as of the 12th day of June 2015, by and among Ruthigen, Inc.
(“Parent”) whose address is 2455 Bennett Valley Road, Suite C116, Santa Rosa, CA 95404, Dr. Steven Gillis, as representative of the record owners of the outstanding shares of the common stock of Pulmatrix Inc. (the
“Company”) immediately prior to the Effective Date (the “Pre-Merger Company Stockholder Representative”) and Collateral Agents LLC, as representative of the record and beneficial owners of the outstanding shares of
common stock of Parent immediately prior to the Effective Date (the “Pre-Merger Parent Representative”) and VStock Transfer, LLC (the “Escrow Agent”) whose address is 18 Lafayette Place, Woodmere, NY 11598. Parent,
the Pre-Merger Company Stockholder Representative and the Pre-Merger Parent Representative are sometimes referred to individually as a “Party” and collectively referred to as the “Parties.” Terms used in this
Agreement with initial capital letters that are not otherwise defined herein shall have the meanings ascribed to such terms in the Merger Agreement (as defined below). 

WITNESSETH: 
 WHEREAS,
Parent, Ruthigen Merger Corp., a wholly owned subsidiary of Parent (“Merger Sub”), and the Company entered into that certain Agreement and Plan of Merger, dated as of March 13, 2015 (the “Merger Agreement”),
pursuant to which the Company shall be merged with and into Merger Sub; and 
 WHEREAS, pursuant to the Merger Agreement and in connection
with the transactions contemplated thereby, the Parties have agreed to enter into this Agreement to establish the Shares Escrow and deposit the Indemnification Shares to be held in escrow by the Escrow Agent for the benefit of the Pre-Merger Company
Stockholders and the Pre-Merger Parent Stockholders; and 
 WHEREAS, pursuant to the Merger Agreement, the Parties have agreed that
the Escrow Property (as defined below) shall provide a source of funds for satisfaction of certain indemnification obligations of Parent or the Company may owe to the Pre-Merger Company Stockholders or to the Pre-Merger Parent Stockholders as
provided in Article VIII of the Merger Agreement; and 
 WHEREAS, the Escrow Agent is willing to act as escrow agent in respect of
the Escrow Property and hold and distribute such Escrow Property upon the terms and conditions hereinafter set forth; and 
 WHEREAS,
the execution and delivery of this Agreement is a condition to the Parties’ obligations to consummate the transactions contemplated by the Merger Agreement. 

NOW, THEREFORE, in consideration of the promises and agreements of the parties hereto and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the Parties and the Escrow Agent agree as follows: 
 1. Designation of Escrow
Agent. The Parties, in consideration for the Escrow Agent’s agreement to perform the duties of an escrow agent (a nondiscretionary agent) under this Agreement, hereby designate the Escrow Agent as an escrow agent and Escrow Agent hereby
agrees to act as escrow agent as herein established. This Agreement shall only become effective upon the Closing of the Merger. The Escrow Agent, as escrow agent but not as trustee or fiduciary in any respect, shall take, hold and distribute the
Escrow Property in accordance with the terms of this Agreement and shall hold the Escrow Property as escrow agent. However, the Escrow Agent shall not be liable for any act, omission or determination made in connection with this Agreement except for
its bad faith or willful misconduct. Without limiting the generality of the foregoing, the Escrow Agent shall not be liable for any losses arising from its compliance with written or oral directions and shall be fully protected in acting in good
faith upon any instrument, certificate or paper believed by it to be genuine and to be signed or presented by the proper person or persons and the Escrow Agent shall be under no duty to make any investigation or inquiry as to any statement contained
in any such writing, but may accept the same as conclusive evidence of the truth and accuracy of the statements therein contained. 

 1. 2. Deposits. At the Closing, Parent shall deliver to and deposit with the Escrow Agent,
the Indemnification Shares to be held by the Escrow Agent for the purposes set forth in the Merger Agreement (together with any dividends, distributions or other income earned with respect thereto, and as reduced by any distribution therefrom
pursuant hereto, the “Escrow Property”). At the Closing, Parent shall deliver to the Escrow Agent a stock certificate in the name of the Escrow Agent as escrow agent representing 5,850,000 shares of Parent Common Stock (subject to
adjustment upon the occurrence of certain events of Parent, including in the case of stock splits, subdivisions, reclassifications or combinations of the Parent Common Stock). The Escrow Agent is responsible for safekeeping the Escrow Property which
is delivered into its possession by Parent or its agent. The Escrow Agent will not be responsible for the computation and collection of any interest, dividends, or other proceeds or certificates due or issuable upon a reorganization of Parent with
respect to the Escrow Property. Without limiting the foregoing, the Parties hereby acknowledge that the Escrow Agent will act solely as escrow agent and is not under any duty to supervise the marketability of the Escrow Property or to advise or make
recommendations with respect to such. 
 3. Disbursements. 

3.1 The period for which the Escrow Property is maintained in the Shares Escrow shall be the Survival Period; provided, however, that a
portion of the Escrow Property that is necessary to satisfy any Unresolved and Unsatisfied Claims specified in any Indemnification Certificate delivered to the Escrow Agent prior to termination of the Survival Period with respect to facts and
circumstances existing prior to expiration of the Survival Period shall remain in the Shares Escrow until such claims have been resolved. 

3.2 Within three (3) business days after the end of the Survival Period (the “Release Date”), the Escrow Agent
shall return the Escrow Property remaining after settlement of all of the claims upon the Shares Escrow in accordance with Section 3.6 hereof, less the portion of the Escrow Property necessary to cover any Damages described in an
Indemnification Certificate delivered in accordance with Section 3.3 hereof with respect to any Unresolved and Unsatisfied Claims, to Parent. In the event any portion of the Escrow Property is held back as a result of the preceding sentence,
promptly upon resolution of each Unsatisfied and Unresolved Claim, the Escrow Agent shall either return the applicable portion of the Escrow Property to Parent, or, if less than full payments were made on the claims in accordance with
Section 3.6(a)(i) through (iii) hereof, release them to the Pre-Merger Company Stockholders or to the Pre-Merger Parent Stockholders, as applicable, in accordance with Section 3.6(b) hereof. 

3.3 On or before the last day of the Survival Period, the Pre-Merger Company Stockholder Representative or the Pre-Merger Parent
Representative shall execute and deliver to the Escrow Agent an Indemnification Certificate stating that Damages are alleged to exist with respect to the indemnification obligations of Parent or the Company as set forth in Article VIII of the Merger
Agreement and specifying in reasonable detail the individual items of such Damages included in the amount so stated, the date each such item was paid, or properly accrued or arose, and the nature of the misrepresentation, breach of warranty,
covenant, claim or cost to which such item is related. The presentation of any Indemnification Certificate with respect to any indemnification obligations under Article VIII of the Merger Agreement shall not limit the right of the Pre-Merger Company
Stockholder Representative and Pre-Merger Parent Representative to submit one or more additional Indemnification Certificates with respect to the same or any other indemnification obligation. Any claim upon the Shares Escrow shall be settled
pursuant to Section 3.6, and no Escrow Property shall be released to the Pre-Merger Company Stockholders or to the Pre-Merger Parent Stockholders prior to the end of the Survival Period. 

3.4 At the time of delivery of any Indemnification Certificate to the Escrow Agent, the Pre-Merger Company Stockholder Representative shall
deliver a duplicate copy of such Indemnification Certificate to Parent and the Pre-Merger Parent Representative, and the Pre-Merger Parent Representative shall deliver a duplicate copy of such Indemnification Certificate to the Company and the
Pre-Merger Company Stockholder Representative. For a period of ten (10) days after such delivery, the representative of the party not delivering the Indemnification Certificate shall either consent or object in a

  
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written statement to the claim made in the Indemnification Certificate, and such statement shall be delivered to the Escrow Agent, Parent and to the representative of the party that has delivered
the Indemnification Certificate (either the Pre-Merger Company Stockholder Representative or the Pre-Merger Parent Representative). In case the Pre-Merger Parent Representative or the Pre-Merger Company Stockholder Representative shall object in
writing within the ten (10) day period to any claim or claims made in the Indemnification Certificate, the representative of the party that has delivered the Indemnification Certificate shall have thirty (30) days to respond in a written
statement to such objection. If after such thirty (30) day period there remains a dispute as to any claims, the Pre-Merger Parent Representative and the Pre-Merger Company Stockholder Representative shall attempt in good faith for sixty
(60) days to agree upon the rights of the Party that has delivered the Indemnification Certificate to receive Indemnification Shares in respect of the disputed claims. If the Pre-Merger Parent Representative and the Pre-Merger Company
Stockholder Representative should so agree, a memorandum setting forth such agreement shall be prepared and signed by both the Pre-Merger Parent Representative and the Pre-Merger Company Stockholder Representative and, if applicable, shall be
furnished to the Escrow Agent. The Escrow Agent shall be entitled to rely on any such memorandum and shall release the Escrow Property to the Pre-Merger Company Stockholders or the Pre-Merger Parent Stockholders, as applicable, upon the end of the
Survival Period, in accordance with the terms of such memorandum and subject to Section 3.6 hereof. If no agreement can be reached after good faith negotiation between the parties pursuant to this Section 3.4 hereof, then the Escrow Agent
will release the Escrow Property to the Pre-Merger Company Stockholders or the Pre-Merger Parent Stockholders, as applicable, subject to Section 3.6, in respect of such disputed claim, as determined by the independent accountant as provided in
Section 3.5 hereof. 
 3.5 If the Pre-Merger Company Stockholder Representative and the Pre-Merger Parent Representative fail to reach
an agreement with respect to all of the matters set forth in any objection to a claim made in an Indemnification Certificate pursuant to Section 3.4 hereof, then any amounts remaining in dispute shall be submitted for resolution to the office
of Marcum LLP or, if Marcum LLP is unable to serve, the Pre-Merger Parent Representative and the Company Pre-Merger Stockholder Representative shall appoint by mutual agreement the office of an impartial nationally recognized firm of independent
certified public accountants who shall resolve the dispute. Marcum LLP, or such other independent accountant, as the case may be, shall resolve such dispute within thirty (30) days of all relevant materials from the Pre-Merger Company
Stockholder Representative and the Pre-Merger Parent Representative. Such determination shall be final and binding on all parties hereto. 

3.6 (a) Subject to Section 3.6(b) hereof, after the end of the Survival Period but prior to the Release Date, the Escrow Agent shall,
subject to the provisions of Section 3.4 hereof, release to the Pre-Merger Company Stockholders or to the Pre-Merger Parent Stockholders, as applicable, the Escrow Property (valued based on the Average Price as of the end of the Survival
Period) for the amount of the claims (i) as set forth in a Indemnification Certificate, if the Escrow Agent had received a written consent to the claim made in the Indemnification Certificate from the party not delivering the Indemnification
Certificate, (ii) as set forth in a memorandum setting forth the agreement of the Pre-Merger Parent Representative and the Pre-Merger Company Stockholder Representative, if the party not delivering the Indemnification Certificate had delivered
to the Escrow Agent a written objection to the claim made in a Indemnification Statement and reached an agreement with the party delivering the Indemnification Certificate pursuant to Section 3.4 hereof, and (iii) as determined by the
independent accountant as provided in Section 3.5 hereof. Upon the release of any of the Parent Common Stock included in the Escrow Property pursuant to this Section 3.6, the Escrow Agent shall deliver to the Pre-Merger Company
Stockholders or to the Pre-Merger Parent Stockholders stock powers to effect the transfer to the Pre-Merger Company Stockholders or to the Pre-Merger Parent Stockholders of the number of the shares of Parent Common Stock included in the Escrow
Property to be released, and Parent then shall or shall cause its transfer agent to prepare, execute and issue new stock certificate(s) to be held in escrow, evidencing the portion of Escrow Property necessary to cover any Damages described in an
Indemnification Certificate delivered in accordance with Section 3.3 hereof with respect to any Unresolved and Unsatisfied Claims, if any, and deliver such stock certificate(s) to the Escrow Agent. 

(b) In the event that the aggregate amount of the claims as set forth in the Indemnification Certificates of Pre-Merger Parent Stockholders
and the Pre-Merger Company Stockholders 

  
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exceeds the value of the Escrow Property (valued based on the Average Price as of the end of the Survival Period) held in Shares Escrow, then the Escrow Property shall be released ratably among
the Pre-Merger Parent Stockholders and the Pre-Merger Company Stockholders in proportion to the amount of the claims the Pre-Merger Parent Stockholders and the Pre-Merger Company Stockholders are entitled as set forth in Section 3.6(a)(i)
through (iii) hereof. 
 4. Rights, Duties and Responsibilities of Escrow Agent. The Escrow Agent is obligated only to perform
the duties specifically set forth in this Agreement, which shall be deemed purely ministerial in nature, and that: 
 4.1 The Escrow Agent
shall not be responsible for the performance by the Parties of any of their respective obligations pursuant to any agreement among the Parties. 

4.2 If the Escrow Agent is uncertain as to its duties or rights hereunder or shall receive instructions with respect to the Escrow Property
which, in its sole determination, are in conflict either with other instructions received by it or with any provision of this Agreement, it shall be entitled to hold the Escrow Property, or a portion thereof, pending the resolution of such
uncertainty to the Escrow Agent’s sole satisfaction, by final judgment of a court or courts of competent jurisdiction or otherwise. 

4.3 The Escrow Agent shall not be liable for any action taken or omitted hereunder, or for the misconduct of any employee, agent or attorney
appointed by it, except in the case of bad faith, willful misconduct or gross negligence. The Escrow Agent shall be entitled to consult with counsel of its own choosing and shall not be liable for any action taken, suffered or omitted by it in
accordance with the advice of such counsel. 
 4.4 The Escrow Agent shall have no responsibility at any time to ascertain whether or not
any security interest exists in the Escrow Property or any part thereof or to file any financing statement under the Uniform Commercial Code with respect to the Escrow Property or any part thereof. 

4.5 Without limiting the generality of the foregoing, the Escrow Agent shall not be under any obligation to defend any legal action or engage
in any legal proceeding with respect to the Escrow Property. 
 5. Amendment; Resignation or Removal of Escrow Agent. This Agreement
may be altered or amended only with the written consent of the Parties and the Escrow Agent. If the Parties agree to amend any defined term in the Merger Agreement from and after the date hereof, and such defined term is used as a defined term
herein, then the Parties shall jointly notify the Escrow Agent in writing of such amendment as promptly as practicable. The Escrow Agent may resign by furnishing written notice of its resignation to the Parties, and the Parties may remove the Escrow
Agent by furnishing to the Escrow Agent a joint written notice signed by both Parties of its removal. Such resignation or removal, as the case may be, shall be effective thirty (30) days after the delivery of such notice or upon the earlier
appointment of a successor, and the Escrow Agent’s sole responsibility thereafter shall be to safely keep the Escrow Property and to deliver the same to a successor escrow agent as shall be appointed by the Parties, as evidenced by a joint
written notice signed by the Parties delivered to the Escrow Agent or in accordance with a court order. Such successor escrow agent shall become the Escrow Agent hereunder upon the resignation date specified in such notice. The Escrow Agent shall
continue to serve until its successor accepts the Escrow Property. Upon its resignation or removal and delivery of the Escrow Property as set forth in this Section 5, the Escrow Agent shall be discharged of and from any and all further
obligations arising in connection with the escrow agent relationship contemplated by this Agreement. Without limiting the provisions of Section 5 hereof, the resigning Escrow Agent shall be entitled to be reimbursed by Parent for any expenses
incurred in connection with its resignation, transfer of the Escrow Property to a successor Escrow Agent. 

  
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 6. Representations and Warranties. Each Party hereby represents and warrants to the Escrow
Agent that: 
 6.1 No party other than the parties hereto has, or shall have, any lien, claim or security interest in the Escrow Property
or any part thereof. 
 6.2 No financing statement under the Uniform Commercial Code is on file in any jurisdiction claiming a security
interest in or describing (whether specifically or generally) the Escrow Property or any part thereof. 
 7. Fees and Expenses. The
Escrow Agent shall be entitled to payment of one hundred ($100) Dollars per month. In addition, Parent agrees to reimburse the Escrow Agent for any reasonable expenses incurred in connection with this Agreement, including, but not limited to,
reasonable counsel fees. 
 8. Indemnification and Contribution. 

8.1 Parent (the “Indemnitor”) agrees to indemnify the Escrow Agent and its officers, directors, employees, agents and
shareholders (collectively referred to as the “Indemnitees”) against, and hold them harmless of and from, any and all loss, liability, cost, damage and expense, including without limitation, reasonable counsel fees, which the
Indemnitees may suffer or incur by reason of any action, claim or proceeding brought against the Indemnitees arising out of or relating in any way to this Agreement or any transaction to which this Agreement relates, unless such action, claim or
proceeding is the result of the bad faith, willful misconduct or gross negligence of the Indemnitees. 
 8.2 If the indemnification
provided for in Section 8.1 hereof is applicable, but for any reason is held to be unavailable, the Indemnitor shall contribute such amounts as are just and equitable to pay, or to reimburse the Indemnitees for, the aggregate of any and all
losses, liabilities, costs, damages and expenses, including counsel fees, actually incurred by the Indemnitees as a result of or in connection with, and any amount paid in settlement of, any action, claim or proceeding arising out of or relating in
any way to any actions or omissions of the Indemnitor. 
 8.3 The provisions of this Article 7 shall survive any termination of this
Agreement, whether by disbursement of the Escrow Property, resignation of the Escrow Agent or otherwise. 
 9. Termination of
Agreement. This Agreement shall terminate and shall be of no further force and effect on the earlier to occur of (a) the date of the final disposition of the Escrow Property pursuant to the terms of this Agreement or (b) the execution
and delivery of a written agreement to terminate this Agreement signed by the Parties, provided that the rights of the Escrow Agent and the obligations of the other parties hereto under Section 7 shall survive the termination hereof and the
resignation or removal of the Escrow Agent. Notwithstanding anything to the contrary herein, if the Parties issue a joint instruction signed by the Parties instructing the disposition of the Escrow Property, the Escrow Agent shall distribute the
Escrow Property as specified in such joint instruction. 
 10. Governing Law and Assignment. This Agreement shall be construed in
accordance with and governed by the laws of the State of New York, without regard to the conflicts of laws principles thereof, and shall be binding, upon the parties hereto and their respective successors and assigns; provided,
however, that any assignment or transfer by any party of its rights under this Agreement or with respect to the Escrow Property shall be void as against the Escrow Agent unless (a) written notice thereof shall be given to the Escrow
Agent; and (b) the Escrow Agent shall have consented in writing to such assignment or transfer, which consent shall not be unreasonably withheld. 

11. Notices. All notices required to be given in connection with this Agreement shall be in writing, in English, and shall be deemed to
have been given (a) when personally delivered, (b) on written confirmation of receipt, if sent by facsimile, telecopy, electronic mail or other electronic transmission device, (c) one (1) Business Day after deposit with a
nationally recognized overnight courier, specifying next day delivery or (d) three (3) Business Days after being sent by registered or certified mail. All notices to more than one Party shall be sent on the same date and by the same mode
of delivery to all Parties. If notice is given to a party hereto, it shall be given at the address for such party set forth below. It shall be the responsibility of the Parties to notify the Escrow Agent and the other Parties in writing of any name
or address changes. 

  
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	If to Pre-Merger Company Stockholder Representative:	  	 ARCH Venture Partners
 8725 W. Higgins Rd.,
Suite 290
 Chicago, Illinois 60631
 Attn: Dr. Steven Gillis

Facsimile: 773-380-6600
 E-mail:
sgillis@archventure.com

		
	If to Pre-Merger Company Stockholder Representative:	  	 Collateral Agents LLC
 333 Seventh Avenue-3rd
Floor
 New York, NY 10001
 Attn: Robert Schechter, CEO

Phone:646-289-8681
 Fax: 646-245-9101

E-mail: RSchechter@CollateralAgents.com

		
	If to Parent	  	 Pulmatrix, Inc.
 99 Hayden Avenue

Suite 390
 Lexington, MA 02421

Facsimile: 781-357-2399
 E-mail: info@pulmatrix.com

		
	with a copy to:	  	 Haynes and Boone, LLP
 30 Rockefeller
Plaza
 26th Floor
 New York, NY 10112

Facsimile: (212) 884-8234
 E-mail: rick.werner@haynesboone.com

Attention: Rick A. Werner, Esq.

		
	If to the Escrow Agent:	  	 VStock Transfer, LLC
 18 Lafayette Place

Woodmere, New York 11598
 Facsimile: (646) 536-3179

E-mail: yoel@vstocktransfer.com

 12. Severability. If any provision of this Agreement or the application thereof to any person or
circumstance shall be determined to be invalid or unenforceable, the remaining provisions of this Agreement or the application of such provision to persons or circumstances other than those to which it is held invalid or unenforceable shall not be
affected thereby and shall be valid and enforceable to the fullest extent permitted by law. 
 13. Consent to Jurisdiction; Waiver of
Jury Trial. Any legal action or proceeding with respect to this Agreement and any action for enforcement of any judgment in respect thereof shall be brought in the courts of the State of New York or of the United States of America for the
Southern District of New York, and, by execution and delivery of this Agreement, the parties hereto hereby accept for themselves and in respect of their property, generally and unconditionally, the exclusive jurisdiction of the aforesaid courts and
appellate courts. The parties waive the right to trial by jury with respect to any claims hereby. The parties hereby irrevocably waive any objection which they may now or hereafter have to the laying of venue of any of the aforesaid actions or
proceedings arising out of or in connection with this Agreement brought in the courts referred to and hereby further irrevocably waive and agree, to the extent permitted by applicable law, not to plead or claim in any such court that any such action
or proceeding brought in any such court has been brought in an inconvenient forum. 

  
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 14. Execution in Several Counterparts. This Agreement may be executed in several
counterparts or by separate instruments and by facsimile transmission, and all of such counterparts and instruments shall constitute one agreement, binding on all of the parties hereto. 

15. Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter
hereof and supersedes all prior agreements and understandings (written or oral) of the parties in connection therewith. 
 16. Referenced
Terms. This Agreement is the Escrow Agreement referred to in the Merger Agreement. 

  
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 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the day and year first
above written. 
  

			
	VSTOCK TRANSFER, LLC
		
	By:	 	 /s/ Yoel Goldfeder

	Name:	 	Yoel Goldfeder
	Title:	 	CEO
	
	RUTHIGEN, INC.
		
	By:	 	 /s/ Hojabr Alimi

	Name:	 	Hojabr Alimi
	Title:	 	CEO
	
	PRE-MERGER COMPANY STOCKHOLDER REPRESENTATIVE
		
	By:	 	 /s/ Dr. Steven Gillis

	Name:	 	Dr. Steven Gillis
	Title:	 	Managing Director of ARCH Venture Partners
	
	PRE-MERGER PARENT REPRESENTATIVE
	
	Collateral Agents LLC
		
	By:	 	 /s/ Robert Schecter

	Name:	 	Robert Schecter
	Title:	 	CEO

  
 8EX-10.4

 Exhibit 10.4 

Execution Version 

EXECUTIVE EMPLOYMENT AGREEMENT 

This Employment Agreement (the “Agreement”), made and entered into this 24th day of June, 2015 (the “Effective Date”), by
and between Pulmatrix, Inc., a Delaware corporation (“Company”), and William Duke (“Executive”). 
 WHEREAS,
Company wishes to employ Executive as its Chief Financial Officer; 
 WHEREAS, Executive represents that Executive possesses the
necessary skills to perform the duties of this position and that Executive has no obligation to any other person or entity which would prevent, limit or interfere with Executive’s ability to do so; and 

WHEREAS, Executive and Company desire to enter into a formal Employment Agreement to assure the harmonious performance of the affairs
of Company. 
 NOW, THEREFORE, in consideration of the mutual promises, terms, provisions, and conditions contained herein, the
parties agree as follows: 
 1. Roles and Duties. Subject to the terms and conditions of this Agreement, Company shall employ
Executive as its Chief Financial Officer (“CFO”) reporting to Company’s Chief Executive Officer (“CEO”). Executive accepts such employment upon the terms and conditions set forth herein, and agrees to perform to the best of
Executive’s ability the duties normally associated with such position and as determined by Company in its sole discretion. During Executive’s employment, Executive shall devote all of Executive’s business time and energies to the
business and affairs of Company, provided that nothing contained in this Section 1 shall prevent or limit Executive’s right to manage Executive’s personal investments on Executive’s own personal time, including, without
limitation the right to make passive investments in the securities of: (a) any entity which Executive does not control, directly or indirectly, and which does not compete with Company, or (b) any publicly held entity so long as
Executive’s aggregate direct and indirect interest does not exceed two percent (2%) of the issued and outstanding securities of any class of securities of such publicly held entity. During Executive’s employment, Executive shall not
engage in any other non-Company related business activities of any nature whatsoever (including board memberships) without Company’s prior written consent, except that Executive may be involved in civic and charitable activities so long as such
activities do not interfere with Executive’s duties for Company, provided that Executive shall not serve in any official capacity, including as a member of a board, without the prior written approval of Company.  

2. Term of Employment. 

(a) Term. Subject to the terms hereof, Executive’s employment hereunder shall have commenced on June 22, 2015 (the
“Commencement Date”) and shall continue until terminated hereunder by either party (such term of employment referred to herein as the “Term”). 

(b) Termination. Notwithstanding anything else contained in this Agreement, Executive’s employment hereunder shall terminate upon
the earliest to occur of the following: 
 (i) Death. Immediately upon Executive’s death; 

 (ii) Termination by Company. 

(A) If because of Executive’s Disability (as defined below in Section 2(c)), upon written notice by Company to
Executive that Executive’s employment is being terminated as a result of Executive’s Disability, which termination shall be effective on the date of such notice or such later date as specified in writing by Company; 

(B) If for Cause (as defined below in Section 2(d)), upon written notice by Company to Executive that Executive’s
employment is being terminated for Cause which termination shall be effective on the date of such notice or such later date as specified in writing by Company; or 

(C) If by Company for reasons other than under Sections 2(b)(ii)(A) or (B), upon written notice by Company to Executive that
Executive’s employment is being terminated, which termination shall be effective immediately after the date of such notice or such later date as specified in writing by Company. 

(iii) Termination by Executive. 

(A) If for Good Reason (as defined below in Section 2(e)), upon written notice by Executive to Company that Executive is
terminating Executive’s employment for Good Reason and that sets forth the factual basis supporting the alleged Good Reason, which termination shall be effective thirty (30) days after the date of such notice; provided that if
Company has cured the circumstances giving rise to the Good Reason, then such termination shall not be effective; or 
 (B)
If without Good Reason, written notice by Executive to Company that Executive is terminating Executive’s employment, which termination shall be effective at least thirty (30) days after the date of such notice. 

Notwithstanding anything in this Section 2(b), Company may at any point terminate Executive’s employment for Cause prior to the
effective date of any other termination contemplated hereunder. 
 (c) Definition of “Disability”. For purposes of this
Agreement, “Disability” shall mean Executive’s incapacity or inability to perform Executive’s duties and responsibilities as contemplated herein for one hundred twenty (120) days or more within any one (1) year period
(cumulative or consecutive), because Executive’s physical or mental health has become so impaired as to make it impossible or impractical for Executive to perform the duties and responsibilities contemplated hereunder. Determination of
Executive’s physical or mental health shall be determined by Company after consultation with a medical expert appointed by mutual agreement between Company and Executive who has examined Executive. Executive hereby consents to such examination
and consultation regarding Executive’s health and ability to perform as aforesaid. 

 (d) Definition of “Cause”. As used herein, “Cause” shall include:
(i) Executive’s willful engagement in dishonesty, illegal conduct or gross misconduct, which is, in each case, materially injurious to Company or any affiliate; (ii) Executive’s deliberate insubordination;
(iii) Executive’s substantial malfeasance or nonfeasance of duty; (iv) Executive’s unauthorized disclosure of confidential information; (v) Executive’s embezzlement, misappropriation or fraud, whether or not related
Executive’s employment with Company; or (vi) Executive’s breach of a material provision of any employment, non-disclosure, invention assignment, non-competition, or similar agreement between Executive and Company. In all cases,
Company shall provide Executive with written notice of the specific conduct or events that Company believes constitutes Cause and, in case of (ii) and (iii) above, Executive shall have thirty (30) days to effect a cure of the claimed
conduct or events. 
 (e) Definition of “Good Reason”. As used herein, “Good Reason” shall mean:
(i) relocation of Executive’s principal business location to a location more than fifty (50) miles from Executive’s then-current business location; (ii) a material diminution in Executive’s duties, authority or
responsibilities; or (iii) a material reduction in Executive’s Base Salary; provided that (A) Executive provides Company with written notice that Executive intends to terminate Executive’s employment hereunder for one of the
circumstances set forth in this Section 2(e) within thirty (30) days of such circumstance occurring, (B) if such circumstance is capable of being cured, Company has failed to cure such circumstance within a period of thirty
(30) days from the date of such written notice, and (C) Executive terminates Executive’s employment within sixty five (65) days from the date that Good Reason first occurs. For purposes of clarification, the above-listed
conditions shall apply separately to each occurrence of Good Reason and failure to adhere to such conditions in the event of Good Reason shall not disqualify Executive from asserting Good Reason for any subsequent occurrence of Good Reason. For
purposes of this Agreement, “Good Reason” shall be interpreted in a manner, and limited to the extent necessary, so that it shall not cause adverse tax consequences for either party with respect to Section 409A (“Section
409A”) of the Internal Revenue Code of 1986, as amended (the “Code”), and any successor statute, regulation and guidance thereto. 

3. Compensation. 

(a) Base Salary. Company shall pay Executive a base salary (the “Base Salary”) at the annual rate of Three Hundred Thousand
Dollars ($300,000). The Base Salary shall be payable in substantially equal periodic installments in accordance with Company’s payroll practices as in effect from time to time. Company shall deduct from each such installment all amounts
required to be deducted or withheld under applicable law or under any employee benefit plan in which Executive participates. The Board or an appropriate committee thereof shall review the Base Salary on an annual basis. 

(b) Annual Performance Bonus. Executive shall be eligible to receive an annual cash bonus (the “Annual Performance Bonus”),
with the target amount of such Annual Performance Bonus equal to Thirty Five Percent (35%) of Executive’s Base Salary in the year to which the Annual Performance Bonus relates, provided that the actual amount of the Annual
Performance Bonus may be greater or less than such target amount. The amount of the Annual Performance Bonus shall be determined by the Board or an appropriate committee thereof in its sole discretion, and shall be paid to Executive no later than
March 15th of the calendar year immediately following the calendar year in which it was earned. Executive must be employed by Company on the last day of the fiscal year on which the Annual
Performance Bonus is earned 

 
in order to be eligible for, and to be deemed as having earned, such Annual Performance Bonus. Company shall deduct from the Annual Performance Bonus all amounts required to be deducted or
withheld under applicable law or under any employee benefit plan in which Executive participates. For the current calendar year, Executive shall be eligible for an Annual Performance Bonus at the target amount subject to the terms and conditions
described above. 
 (c) Sign-On Bonus. Company shall pay Executive a sign-on bonus (the “Sign-On Bonus”) in the amount of
Thirty Thousand Dollars ($30,000), within ten (10) days following the Commencement Date. Company shall deduct from the Sign-On Bonus all amounts required to be deducted or withheld under applicable law or under any employee benefit plan in
which Executive participates. 
 (d) Equity. Subject to approval of the Board or an appropriate committee thereof, Company shall grant
Executive on the Commencement Date or as soon as practicable thereafter: 
 (i) Pursuant to the terms of the Pulmatrix, Inc. 2013 Employee,
Director and Consultant Equity Incentive Plan (the “Plan”), an option to purchase 235,224 shares of common stock of Company, at a per share exercise price equal to the Fair Market Value (as defined in the Plan) of Company’s common
stock on the date of grant, which option shall be, to the maximum extent permissible, treated as an “incentive stock option” within the meaning of Section 422 of the Code. Twenty five percent (25%) of the shares subject to the
option shall vest on the first (1st) anniversary of the Commencement Date, and the remaining Seventy Five Percent (75%) of the shares shall vest in equal installments on the last day of
each of the thirty six (36) successive months thereafter, provided that Executive remains employed by Company on the vesting date, except as otherwise set forth herein or in the Plan. The option shall be evidenced in writing by, and
subject to the terms and conditions of, the Plan and Company’s standard form of stock option agreement, which agreement shall expire ten (10) years from the date of grant except as otherwise provided in the stock option agreement or the
Plan. 
 (e) Paid Time Off. Executive may take up to twenty (20) days of paid time off (“PTO”) per year, to be
scheduled to minimize disruption to Company’s operations, pursuant to the terms and conditions of Company policy and practices as applied to Company senior executives. 

(f) Fringe Benefits. Executive shall be entitled to participate in all benefit/welfare plans and fringe benefits provided to Company
senior executives. Executive understands that, except when prohibited by applicable law, Company’s benefit plans and fringe benefits may be amended by Company from time to time in its sole discretion. 

(g) Reimbursement of Expenses. Company shall reimburse Executive for all ordinary and reasonable out-of-pocket business expenses
incurred by Executive in furtherance of Company’s business in accordance with Company’s policies with respect thereto as in effect from time to time. Executive must submit any request for reimbursement no later than ninety (90) days
following the date that such business expense is incurred. All reimbursements provided under this Agreement shall be made or provided in accordance with the requirements of 

 
Section 409A including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during Executive’s lifetime (or during a shorter period of time
specified in this Agreement); (ii) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year; (iii) the reimbursement of an eligible expense
shall be made no later than the last day of the calendar year following the year in which the expense is incurred; and (iv) the right to reimbursement or in kind benefits is not subject to liquidation or exchange for another benefit. 

(h) Attorneys’ Fees. Company shall reimburse Executive for attorneys’ fees incurred in the negotiation of this Agreement, up
to a maximum reimbursement of Fifteen Thousand Dollars ($15,000), subject to the submission of a summary invoice from Executive’s attorney, which for the avoidance of doubt shall not include any confidential or privileged information, and
provided that Executive shall submit invoices to Company within ninety (90) days of incurrence of the expense, and Company shall reimburse Executive within sixty (60) days thereafter. 

(i) Indemnification. Executive shall be entitled to indemnification with respect to Executive’s services provided hereunder
pursuant to Delaware law, the terms and conditions of Company’s certificate of incorporation and/or by-laws, Company’s directors and officers (“D&O”) liability insurance policy, and Company’s standard indemnification
agreement for directors and officers as executed by Company and Executive. 
 4. Payments Upon Termination. 

(a) Definition of Accrued Obligations. For purposes of this Agreement, “Accrued Obligations” means: (i) the portion of
Executive’s Base Salary that has accrued prior to any termination of Executive’s employment with Company and has not yet been paid; and (ii) the amount of any expenses properly incurred by Executive on behalf of Company prior to any
such termination and not yet reimbursed. Executive’s entitlement to any other compensation or benefit under any plan of Company shall be governed by and determined in accordance with the terms of such plans, except as otherwise specified in
this Agreement. 
 (b) Termination by Company for Cause, by Executive Without Good Reason, or as a Result of Executive’s Disability
or Death. If Executive’s employment hereunder is terminated by Company for Cause, by Executive without Good Reason, or as a result of Executive’s Disability or death, then Company shall pay the Accrued Obligations to Executive promptly
following the effective date of such termination and shall have no further obligations to Executive. 
 (c) Termination by Company Without
Cause or by Executive For Good Reason. In the event that Executive’s employment is terminated by action of Company other than for Cause, or Executive terminates Executive’s employment for Good Reason, then, in addition to the Accrued
Obligations, Executive shall receive the following, subject to the terms and conditions described in Section 4(e) (including Executive’s execution of a release of claims): 

 (i) Severance Payments. Continuation of payments in an amount equal to Executive’s
then-current Base Salary for a nine (9) month period, less all customary and required taxes and employment-related deductions, in accordance with Company’s normal payroll practices (provided such payments shall be made at least monthly),
commencing on the first payroll date following the date on which the release of claims required by Section 4(e) becomes effective and non-revocable, but not after seventy (70) days following the effective date of termination from
employment; provided, that if the 70th day falls in the calendar year following the year during which the termination or separation from service occurred, then the payments will commence in such subsequent calendar year; provided further that if
such payments commence in such subsequent year, the first such payment shall be a lump sum in an amount equal to the payments that would have come due since Employee’s separation from service. 

(ii) Separation Bonus. Payment of a separation bonus in an amount equal to seventy-five percent (75%) of the target Annual
Performance Bonus to which Executive may have been entitled for the year in which Executive’s employment terminates, such 75% amount to be prorated to reflect that portion of the year in which Executive was employed prior to termination, less
all customary and required taxes and employment-related deductions, paid on the first payroll date following the date on which the release of claims required by Section 4(e) becomes effective and non-revocable, but not after seventy
(70) days following the effective date of termination from employment. 
 (iii) Equity Acceleration. On the date of termination
of Executive’s employment, Executive shall become fully vested in any and all outstanding equity awards that would have vested during the nine- (9-) month period following the termination date. 

(iv) Benefits Payments. Upon completion of appropriate forms and subject to applicable terms and conditions under the Consolidated
Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), Company shall continue to provide Executive medical insurance coverage at no cost to Executive to the same extent that such insurance continues to be provided to similarly
situated executives at the time of Executive’s termination, until the earlier to occur of nine (9) months following Executive’s termination date or the date Executive begins employment with another employer. Executive shall bear full
responsibility for applying for COBRA continuation coverage and Company shall have no obligation to provide Executive such coverage if Executive fails to elect COBRA benefits in a timely fashion. 

Payment of the above described severance payments and benefits are expressly conditioned on Executive’s execution without revocation of
the release of claims under Section 4(e) and return of Company property under Section 6. 
 (d) Termination by Company Without
Cause or by Executive For Good Reason Following a Change of Control. In the event that a Change of Control (as defined below) occurs and within a period of one (1) year following the Change of Control, either Executive’s employment is
terminated other than for Cause, or Executive terminates Executive’s employment for Good Reason, then, in addition to the Accrued Obligations, Executive shall receive the following, subject to the terms and conditions described in
Section 4(e) (including Executive’s execution of a release of claims): 

 (i) Lump Sum Severance Payment. Payment of a lump sum amount equal to twelve
(12) months of Executive’s then-current Base Salary, less all customary and required taxes and employment-related deductions, paid on the first payroll date following the date on which the release of claims required by Paragraph 4(e)
becomes effective and non-revocable, but not after seventy (70) days following the effective date of termination from employment. 

(ii) Separation Bonus. Payment of a separation bonus in an amount equal to the target Annual Performance Bonus to which Executive may
have been entitled for the year in which Executive’s employment terminates, prorated to reflect that portion of the year in which Executive was employed prior to termination, less all customary and required taxes and employment-related
deductions, paid on the first payroll date following the date on which the release of claims required by Section 4(e) becomes effective and non-revocable, but not after seventy (70) days following the effective date of termination from
employment. 
 (iii) Equity Acceleration. On the date of termination of Executive’s employment, Executive shall become fully
vested in any and all equity awards outstanding as of the date of Executive’s termination. 
 (iv) Benefit Payments. Upon
completion of appropriate forms and subject to applicable terms and conditions under COBRA, Company shall continue to provide Executive medical insurance coverage at no cost to Executive to the same extent that such insurance continues to be
provided to similarly situated executives at the time of Executive’s termination, until the earlier to occur of twelve (12) months following Executive’s termination date or the date Executive begins employment with another employer.
Executive shall bear full responsibility for applying for COBRA continuation coverage and Company shall have no obligation to provide Executive such coverage if Executive fails to elect COBRA benefits in a timely fashion. 

Payment of the above described severance payments and benefits are expressly conditioned on Executive’s execution without revocation of
the release of claims under Section 4(e) and return of Company property under Section 6. In the event that Executive is eligible for the severance payments and benefits under this Section 4(d), Executive shall not be eligible for and
shall not receive any of the severance payments and benefits as provided in Section 4(c). 
 As used herein, a “Change of
Control” shall mean the occurrence of any of the following events: (i) Ownership. Any “Person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) becomes the
“Beneficial Owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of Company representing fifty percent (50%) or more of the total voting power represented by Company’s then outstanding voting
securities (excluding for this purpose any such voting securities held by Company, or any 

 
affiliate, parent or subsidiary of Company, or by any employee benefit plan of Company) pursuant to a transaction or a series of related transactions which the Board does not approve; or
(ii) Merger/Sale of Assets. (A) A merger or consolidation of Company whether or not approved by the Board, other than a merger or consolidation which would result in the voting securities of Company outstanding immediately prior
thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or the parent of such corporation) at least fifty percent (50%) of the total voting power represented by the
voting securities of Company or such surviving entity or parent of such corporation, as the case may be, outstanding immediately after such merger or consolidation; (B) the sale or disposition by Company of all or substantially all of
Company’s assets; or (iii) Change in Board Composition. A change in the composition of the Board, as a result of which fewer than a majority of the directors are Incumbent Directors. “Incumbent Directors” shall mean
directors who either (A) are directors of Company as of the Commencement Date, or (B) are elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the Incumbent Directors, or by a committee of
the Board made up of at least a majority of the Incumbent Directors, at the time of such election or nomination (but shall not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to
the election of directors). 
 (e) Execution of Release of Claims. Company shall not be obligated to pay Executive any of the
severance payments or benefits described in this Section 4 unless and until Executive has executed (without revocation) a timely release of claims in a form that is acceptable to Company, and which includes standard and reasonable terms
regarding items such as mutual non-disparagement, confidentiality, cooperation and the like, which must be provided to Executive within fifteen (15) days following separation from service, and signed by Executive and returned to Company no
later than sixty (60) days following Executive’s separation from service (the “Review Period”), and which shall include a general release of claims against Company and its affiliated entities and each of their officers,
directors, employees and others associated with Company and its affiliated entities. If Executive fails or refuses to return such agreement within the Review Period, Executive’s severance payments hereunder and benefits shall be forfeited. 

(f) No Other Payments or Benefits Owing. The payments and benefits set forth in this Section 4 shall be the sole amounts owing to
Executive upon termination of Executive’s employment for the reasons set forth above and Executive shall not be eligible for any other payments or other forms of compensation or benefits. The payments and benefits set forth in Section 4
shall be the sole remedy, if any, available to Executive in the event that Executive brings any claim against Company relating to the termination of Executive’s employment under this Agreement. 

5. Prohibited Competition And Solicitation. Executive expressly acknowledges that: (a) there are competitive and proprietary
aspects of the business of Company; (b) during the course of Executive’s employment, Company shall furnish, disclose or make available to Executive confidential and proprietary information and may provide Executive with unique and
specialized training; (c) such Confidential Information and training have been developed and shall be developed by Company through the expenditure of substantial time, effort and money, and could be used by Executive to compete with Company;
and (d) in the course of Executive’s  

 
employment, Executive shall be introduced to customers and others with important relationships to Company, and any and all “goodwill” created through such introductions belongs
exclusively to Company, including, but not limited to, any goodwill created as a result of direct or indirect contacts or relationships between Executive and any customers of Company. In light of the foregoing acknowledgements, and as a condition of
employment hereunder, Executive agrees to execute and abide by Company’s Confidentiality, Assignment of Inventions and Non-Competition Agreement. 

6. Property and Records. Upon the termination of Executive’s employment hereunder for any reason or for no reason, or if
Company otherwise requests, Executive shall: (a) return to Company all tangible business information and copies thereof (regardless how such Confidential Information or copies are maintained), and (b) deliver to Company any property of
Company which may be in Executive’s possession, including, but not limited to, Blackberry-type devices, smart phones, laptops, cell phones, products, materials, memoranda, notes, records, reports or other documents or photocopies of the
same. 
 7. Code Sections 409A and 280G. 

(a) In the event that the payments or benefits set forth in Section 4 of this Agreement constitute “non-qualified deferred
compensation” subject to Section 409A, then the following conditions apply to such payments or benefits: 
 (i) Any termination of
Executive’s employment triggering payment of benefits under Section 4 must constitute a “separation from service” under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h) before distribution of such
benefits can commence. To the extent that the termination of Executive’s employment does not constitute a separation of service under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h) (as the result of further services
that are reasonably anticipated to be provided by Executive to Company at the time Executive’s employment terminates), any such payments under Section 4 that constitute deferred compensation under Section 409A shall be delayed until
after the date of a subsequent event constituting a separation of service under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h). For purposes of clarification, this Section 7(a) shall not cause any forfeiture of
benefits on Executive’s part, but shall only act as a delay until such time as a “separation from service” occurs. 
 (ii)
Notwithstanding any other provision with respect to the timing of payments under Section 4 if, at the time of Executive’s termination, Executive is deemed to be a “specified employee” of Company (within the meaning of
Section 409A(a)(2)(B)(i) of the Code), then limited only to the extent necessary to comply with the requirements of Section 409A, any payments to which Executive may become entitled under Section 4 which are subject to
Section 409A (and not otherwise exempt from its application) shall be withheld until the first (1st) business day of the seventh
(7th) month following the termination of Executive’s employment, at which time Executive shall be paid an aggregate amount equal to the accumulated, but unpaid, payments otherwise due to
Executive under the terms of Section 4. 

 (b) It is intended that each installment of the payments and benefits provided under
Section 4 of this Agreement shall be treated as a separate “payment” for purposes of Section 409A. Neither Company nor Executive shall have the right to accelerate or defer the delivery of any such payments or benefits except to
the extent specifically permitted or required by Section 409A. 
 (c) Notwithstanding any other provision of this Agreement to the
contrary, this Agreement shall be interpreted and at all times administered in a manner that avoids the inclusion of compensation in income under Section 409A, or the payment of increased taxes, excise taxes or other penalties under
Section 409A. The parties intend this Agreement to be in compliance with Section 409A. Executive acknowledges and agrees that Company does not guarantee the tax treatment or tax consequences associated with any payment or benefit arising
under this Agreement, including but not limited to consequences related to Section 409A. 
 (d) If any payment or benefit Executive
would receive under this Agreement, when combined with any other payment or benefit Executive receives pursuant to a Change of Control (for purposes of this section, a “Payment”) would: (i) constitute a “parachute payment”
within the meaning of Section 280G the Code; and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be either: (A) the full amount of
such Payment; or (B) such lesser amount as would result in no portion of the Payment being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state and local employments taxes, income
taxes and the Excise Tax, results in Executive’s receipt, on an after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. With respect to subsection (B), if
there is more than one method of reducing the payment as would result in no portion of the Payment being subject to the Excise Tax, then Executive shall determine which method shall be followed, provided that if Executive fails to make such
determination within thirty (30) days after Company has sent Executive written notice of the need for such reduction, Company may determine the amount of such reduction in its sole discretion. 

 8. Mediation/Dispute Resolution/Governing Law. 

(a) Subject to Section 8(c) below, in the event of a dispute regarding any of the terms and conditions of this Agreement, or otherwise
relating to Executive’s employment with Company, either party may request that the other party engage in a mediation to resolve such dispute. If such request is made, the other party shall respond in writing by no later than seven
(7) business days thereafter, stating whether such other party is willing to participate in such mediation, and such mediation shall occur within thirty (30) days following such notification. If the parties are unable to agree to a
mediator, then the matter shall be submitted to the mediation program conducted by the American Arbitration Association in Boston, Massachusetts, and a mediator shall be selected pursuant to the rules applicable to such program. 

(b) Subject to Section 8(c) below, in the event that the other party declines to participate in a mediation, either party may require that
the dispute be submitted to binding arbitration, and in such event the dispute shall be settled by arbitration in accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration Association, except that both
parties agree that the matter shall be submitted to and resolved by a single arbitrator. Such arbitration shall occur in Boston, Massachusetts. Each party hereby agrees to a speedy hearing upon the matter in dispute, and the judgment upon the award
rendered by the arbitrator may be entered in any court having jurisdiction thereof. Notwithstanding anything to the contrary in the rules cited above, and unless prohibited by applicable law: (i) the costs and expenses of the arbitration,
including the arbitrator’s fees and expenses, shall be evenly split between the parties; (ii) each party shall pay for and bear the cost of his or its own experts, evidence and counsel; and (iii) no award of punitive damages may be
rendered by the arbitrator in such proceedings.
 (c) Notwithstanding the foregoing, Company and Executive expressly acknowledge and agree
that Company retains the right, and nothing herein shall be deemed to limit Company’s right, to seek immediate judicial relief (including injunctive relief) in a court of competent jurisdiction in the event of a claimed breach by Executive of
obligations under this Agreement, the Confidentiality, Assignment of Inventions and Non-Competition Agreement, or other agreement related to non-competition, non-solicitation, non-disclosure and/or intellectual property, without the need to submit
to arbitration or post any bond or other financial guarantee in such court action. 
 9. General. 

(a) Notices. Except as otherwise specifically provided herein, any notice required or permitted by this Agreement shall be in writing
and shall be delivered as follows with notice deemed given as indicated: (i) by personal delivery when delivered personally; (ii) by overnight courier upon written verification of receipt; (iii) by telecopy or facsimile transmission
upon acknowledgment of receipt of electronic transmission; or (iv) by certified or registered mail, return receipt requested, upon verification of receipt. 

Notices to Executive shall be sent to the last known address in Company’s records or such other address as Executive may specify in
writing. 

 Notices to Company shall be sent to: 

Pulmatrix, Inc. 
 99 Hayden Ave.

 Lexington, MA 02421 
 Attn:
Chief Executive Officer 
 or to such other Company representative as Company may specify in writing, with a copy to: 

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. 

One Financial Center 
 Boston, MA
02111 
 Attn: William T. Whelan 

(b) Modifications and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement
executed by the parties hereto. 
 (c) Waivers and Consents. The terms and provisions of this Agreement may be waived, or consent for
the departure therefrom granted, only by written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or shall constitute a waiver or consent with respect to any other
terms or provisions of this Agreement, whether or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and shall not constitute a continuing waiver or consent. 

(d) Assignment. Company may assign its rights and obligations hereunder to any person or entity that succeeds to all or substantially
all of Company’s business or that aspect of Company’s business in which Executive is principally involved. Executive may not assign Executive’s rights and obligations under this Agreement without the prior written consent of Company.

 (e) Governing Law. This Agreement shall be governed by and construed in accordance with the substantive laws of the Commonwealth of
Massachusetts, without giving effect to any choice or conflict of law provision or rule, and any legal action permitted by this Agreement to enforce an award or for a claimed breach shall be governed by the laws of the Commonwealth of Massachusetts
and shall be commenced and maintained solely in any state or federal court located in the Commonwealth of Massachusetts, and both parties hereby submit to the jurisdiction and venue of any such court. 

(f) Headings and Captions. The headings and captions of the various subdivisions of this Agreement are for convenience of reference only
and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof. 
 (g) Entire Agreement.
This Agreement, together with the other agreements specifically referenced herein, embodies the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and supersedes all prior oral or written
agreements and understandings relating to the subject matter hereof. No statement, representation, warranty, covenant or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict, the
express terms and provisions of this Agreement. 

 (h) Counterparts. This Agreement may be executed in two or more counterparts, and by
different parties hereto on separate counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. For all purposes a signature by fax shall be treated as an original. 

[Signature Page to Follow] 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written above. 
  

							
	WILLIAM DUKE	 		 	PULMATRIX, INC.
				
	 /s/ William Duke
	 		 	By:	 	 /s/ Robert W. Clarke, Ph.D.

	Signature	 		 		 	Name: Robert W. Clarke, Ph.D.
	Address:     Mr. William Duke	 		 		 	Title: President & Chief Executive Officer

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