Document:

Exhibit 4.1

 

     

     

    

 

The following abbreviations, when
used in the inscription on the face of this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

 

	TEN COM	- as tenants in common	UNIF GIFT MIN ACT - 	____________Custodian__________
	TEN ENT	- as tenants by the entireties	 	(Cust)                                  (Minor)
	JT TEN	- as joint tenants with right of	 	under Uniform Gifts to Minors
	 	survivorship and not as tenants	 	Act ___________________________
	 	in common	 	(State)

 

Additional abbreviations may also be used though not in the
above list.

 

For Value Received, ___________________ hereby sell, assign
and transfer unto

 

	PLEASE INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING
NUMBER OF ASSIGNEE	 
	 

 	 

 

 

 

(PLEASE PRINT OR TYPE NAME
AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

 

 

 

 

 

 

 

 

 

Shares
of the stock represented by the within Certificate, and do hereby irrevocably constitute and appoint

 

 

 

Attorney to transfer the said stock on
the books of the within named Corporation with full power of substitution in the premises.

 

Dated _______________________

 

	 	 
	 	NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND
    WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY
    CHANGE WHATSOEVER.

 

	Signature(s) Guaranteed	 
	 	 
	By	                  	 
	The Signature(s) must be guaranteed by an eligible guarantor institution (Banks, Stockbrokers, Savings and Loan Associations and Credit Unions with membership in an approved Signature Guarantee Medallion Program), pursuant to SEC Rule 17Ad-15.	 

 

 

THE CORPORATION WILL FURNISH
TO ANY STOCKHOLDER, UPON REQUEST AND WITHOUT CHARGE, A FULL STATEMENT OF THE DESIGNATIONS, RELATIVE RIGHTS, PREFERENCES AND LIMITATIONS
OF THE SHARES OF EACH CLASS AND SERIES AUTHORIZED TO BE ISSUED, SO FAR AS THE SAME HAVE BEEN DETERMINED, AND OF THE AUTHORITY,
IF ANY, OF THE BOARD TO DIVIDE THE SHARES INTO CLASSES OR SERIES AND TO DETERMINE AND CHANGE THE RELATIVE RIGHTS, PREFERENCES AND
LIMITATIONS OF ANY CLASS OR SERIES. SUCH REQUEST MAY BE MADE TO THE SECRETARY OF THE CORPORATION OR TO THE TRANSFER AGENT NAMED
ON THIS CERTIFICATE.

 

COLUMBIA PRINTING SERVICES, LLC - www.stockinformation.comExhibit 10.8

 

CONSULTING AGREEMENT

 

THIS CONSULTING
AGREEMENT (this “Agreement”), is made by and between TFF Pharmaceuticals, Inc, a Delaware Corporation with its principal
place of business at 2801 Via Fortuna, Suite 425, Austin, Texas 78746 (“Company”), and James Brian Windsor, an individual
having an address of 5703 Magee Bend, Austin, Texas 78749 (“Consultant”). Company and Consultant shall, at times throughout
this Agreement, be referred to individually as a “Party” and collectively as the “Parties”.

 

		1.	SERVICES

 

		1.1	Consultant agrees to furnish such services related to the business of the Company, such as providing
acting Secretary and Chief Science Officer services and other services as further described in the Scope(s) of Services attached
hereto and incorporated herein (the “Services”) as an exhibit. For purposes of this Agreement, reference to “Company”
shall mean TFF Pharmaceuticals, Inc. or its subsidiary or affiliate issuing the Scope(s) of Services.

 

		1.2	Consultant acknowledges and agrees that each Scope of Services shall be subject to the terms and
conditions of this Agreement, in addition to the specific details set forth in the specific Scope of Services. To the extent any
terms or provisions of a Scope of Services conflict with the terms and provisions of this Agreement, the terms and provisions of
this Agreement shall control, except to the extent that the applicable Scope of Services expressly and specifically states an intent
to supersede this Agreement on a specific matter.

 

		1.3	Consultant represents and warrants that Consultant has the necessary skill, experience, and expertise
to provide the Services and will provide the Services in accordance with the terms and conditions of this Agreement.

 

		1.4	The Parties understand that Company does not have the exclusive right to Consultant’s services.
Consultant’s services shall be rendered at mutually agreeable times and locations.

 

		2.	COMPLIANCE WITH LAW AND COMPANY POLICY; CONFLICT OF INTEREST

 

		2.1	Consultant represents and warrants that Consultant shall perform Consultant’s obligations
under this Agreement in compliance with all Company instructions, policies or guidelines and with any and all applicable Federal,
State, and local laws and regulations and industry and regulatory agency guidances and standards related to the Services, including
but not limited to: the Federal anti-kickback statute, 42 U.S.C. § 1320a-7b(b); Federal Food, Drug and Cosmetic Act and
relevant regulations, including Food and Drug Administration (“FDA”) promotional guidelines; all applicable U.S. securities
laws and regulations; and U.S. Department of Health and Human Services Office of Inspector General’s (“OIG”)
Compliance Program Guidance for Pharmaceutical Manufacturers. Consultant agrees to comply with Company’s reasonable requests
for any information and documentation necessary to verify compliance with applicable laws, regulations and industry guidances and
standards.

 

     

     

    

 

		2.2	Consultant represents and warrants that Consultant:

 

		(a)	is not presently debarred, suspended, proposed for debarment, declared ineligible
or voluntarily excluded from participation in this transaction by any Federal or State law or regulation, including but not limited
to the Generic Drug Enforcement Act of 1992, 21 U.S.C. § 335a(a) and (b);

 

		(b)	has not been convicted of a criminal offense related to healthcare; and

 

		(c)	has not been listed by a Federal department or agency as debarred, excluded,
or otherwise ineligible for participation in Federal healthcare programs as set forth in 42 U.S.C. § 1320a-7, or any similar
state law or regulation.

 

In the event that Consultant
becomes debarred in violation of this Section 2.2, Consultant shall notify Company immediately. Consultant acknowledges and agrees
that, notwithstanding any provision to the contrary, such debarment constitutes grounds for Company to terminate this Agreement
immediately.

 

		2.3	Company and Consultant understand that Consultant is a party to an Executive Employment Agreement
with Lung Therapeutics, Inc. dated February 1, 2014 (the “LTI Agreement”), and both parties expect that the performance
of the Services hereunder and the acceptance of related compensation will not cause Consultant to violate the LTI Agreement or
any other agreements or policies to which Consultant is subject or a party to, including those of an employer or affiliated institution,
or any other lawful restriction of any kind. The parties agree that in the event that Consultant’s obligations under this
Agreement conflict with his duties to LTI or his obligations under the LTI Agreement, Consultant’s duties under the LTI Agreement
will take precedence. Further, if Consultant is or becomes an employee or affiliate of any foreign, federal, or state government,
agency, or institution (collectively, the “Third-Party Institution”), Consultant represents and warrants that Consultant
is not prohibited by any applicable laws, regulations, policies, or ethical guidelines from fulfilling any of Consultant’s
obligations and responsibilities or accepting compensation hereunder and that Consultant has confirmed this in writing from the
Third-Party Institution’s ethics or compliance officer. Consultant agrees to comply with Company’s requests for any
documentation necessary to verify compliance with this Section 2.3.

 

		2.4	Consultant represents and warrants that neither Consultant nor any individual or entity acting
on Consultant’s behalf, nor any payee under this Agreement, will, directly or indirectly, offer, pay or accept, or authorize
the offering, payment, or acceptance of, any money or anything of value to or from any third party, with the knowledge or intent
that the payment, promise or gift, in whole or in part, will be made in order to improperly influence an act or decision that will
assist Consultant, the Company or the third party in securing an improper advantage or in improperly obtaining or retaining business
or in improperly directing business to any person or entity.

 

Consultant acknowledges and agrees that, notwithstanding
any provision to the contrary, any violation of this section constitutes grounds for Company to terminate this Agreement immediately.

 

    2

     

    

 

		3.	TERM AND TERMINATION

 

		3.1	This Agreement will be deemed as effective on January 24, 2018 (the “Effective Date”).
This Agreement will continue for a period of five (5) years from the Effective Date (the “Term”). Thereafter, this
Agreement shall be subject to renewal for successive periods, upon the further written agreement of the Parties.

 

		3.2	Company may terminate this Agreement immediately upon written notice to Consultant
for any violation by Consultant of any provision of this Agreement or for cause.

 

		3.3	Consultant may terminate this Agreement upon thirty (30) days written notice
to Company. Company may terminate this Agreement upon one hundred twenty (120) days written notice to Consultant.

 

		3.4	In the event of termination, Consultant shall be entitled to payment for
services actually rendered prior to the effective date of termination. Such payments shall constitute full settlement of any and
all claims of Consultant of every description against Company.

 

		3.5	Sections 2, 3.4, and 5-9 of this Agreement shall survive the expiration
and/or termination of this Agreement.

 

		4.	COMPENSATION AND EXPENSE REIMBURSEMENT.

 

		4.1	Subject to the conditions set forth in this Agreement, during the Term of
this Agreement, Company will pay Consultant the fees set forth in the applicable Scope of Services. The total amount payable to
Consultant for the Services under this Agreement shall not exceed USD$37,500 per quarter.

 

		4.2	The Parties agree that as of the Effective Date, the compensation negotiated
and agreed upon are fair market value for the Services and are consistent with the value of similar services. Furthermore, the
Parties represent and warrant that the compensation is not and has not been determined in a manner that takes into account the
volume or value of any referrals or business otherwise generated by Consultant for Company.

 

		4.3	The Parties represent and warrant that no amount paid or reimbursed by or
on behalf of Company, nor any services performed by Consultant are intended to be, nor shall they be construed as, an offer or
payment made, whether directly or indirectly, to induce or reward the referral of patients, the purchase, lease or order of any
item or service, or the recommendation or arranging for the purchase, lease or order of any item or service.

 

		4.4	Company will reimburse Consultant for reasonable and customary, out-of-pocket
expenses (including, but not limited to, as applicable telephone, facsimile, photocopying and reproduction, courier, postage, parking,
mileage, airfare and other travel, lodging and meal costs) specifically agreed upon by the Parties and actually incurred by Consultant
in connection with the Services, provided, further, that any expense over $1,000 shall require the approval of the Company. Consultant
shall maintain copies of all documentation in support of any such expenses. Company reserves the right to audit the expenses claimed
by Consultant during the Term of this Agreement at any time.

 

    3

     

    

 

		4.5	Unless otherwise agreed to in writing by the Parties, Consultant shall invoice
Company on a quarterly basis for fees and expenses for the Services performed. Such invoices shall include a detailed description
of the Services rendered and the time spent in performance of those Services. Company agrees to pay Consultant invoices within
fifteen (15) days of receipt. Unless indicated otherwise in a particular Scope of Services, Consultant shall submit such invoices
for payment to the following address:

 

TFF Pharmaceuticals, Inc.

2801 Via Fortuna, Suite 425

Austin, Texas 78746

Attn:     Accounts Payable

 

		5.	INDEMNIFICATION

 

The Company shall indemnify,
hold harmless, and defend Consultant from and against any and all taxes, penalties, and other liabilities (including, without limitation,
reasonable fees and expenses of attorneys and other professionals) arising out of or relating to Consultant’s classification
as an independent contractor, including but not limited to any determination by any entity, governmental or otherwise, that Consultant
should have been classified as an employee of the Company.

 

		6.	PUBLICATIONS

 

Consultant may not publish
or publicize in any way without the prior written consent of Company, which consent Company may withhold in its sole discretion,
any material or manuscript relating to the Services and/or any information or materials that Consultant received in connection
with or pursuant to this Agreement or the relationship established between Consultant and Company.

 

		7.	INDEPENDENT CONTRACTOR STATUS

 

Consultant shall perform
all of his services under this Agreement as an “independent contractor” and not as an employee or agent of Company.
Consultant is not authorized to assume or create any obligation or responsibility, express or implied, on behalf of, or in the
name of, Company or to bind Company in any manner. Consultant shall not be entitled to any benefits, insurance coverage or privileges,
including, without limitation, social security, unemployment, medical or pension benefits, made available to the employees of Company.

 

		8.	NOTICES

 

All notices required or permitted
under this Agreement shall be in writing and shall be mailed, delivered, or faxed and confirmed in writing, addressed to the other
Party at the address shown in the introductory paragraph above, or at such other address or addresses as either Party shall designate
to the other in accordance with this Section 8, and any such notices and other communications shall take effect at the time of
receipt of the Notice.

 

		9.	GOVERNING LAW AND FORUM SELECTION

 

The laws of the State of
Texas (without giving effect to its conflict and choice of law principles) govern all matters arising out of or relating to this
Agreement, including, without limitation, its interpretation, construction, performance, and enforcement. Any dispute arising under
or in connection with this Agreement or related to any matter which is the subject thereof shall be subject to the exclusive jurisdiction
of the state and federal courts of Texas.

 

    4

     

    

 

		10.	ENTIRE AGREEMENT; AMENDMENT

 

This Agreement constitutes the
entire agreement between the Parties and supersedes all prior agreements and understandings, whether written or oral, relating
to the subject matter of this Agreement. This Agreement may be amended only by a written instrument executed by Company and Consultant.

 

		11.	EQUITABLE REMEDIES

 

Because the Services are
personal and unique and because the Consultant will have access to Confidential Information of the Company, the Company will have
the right to enforce this Agreement and any of its provisions by injunction, specific performance or other equitable relief without
prejudice to any other rights and remedies that the Company may have for a breach of this Agreement.

 

		12.	HEADINGS

 

The headings of sections
in this Agreement are for convenience of reference only and do not affect or alter this Agreement’s construction or interpretation.

 

		13.	SUCCESSORS AND ASSIGNS

 

This Agreement shall bind
and inure to the benefit of the parties hereto and their respective successors or heirs, distributees and personal representatives.
Neither Company nor the Consultant may make any assignment or transfer of this Agreement or any interest herein, by operation of
law or otherwise, without the prior written consent of the other party; provided, however, that, upon thirty (30) days prior written
notice to Consultant, the Company may assign or transfer its rights and obligations under this Agreement (i) in connection with
any internal reorganization, or merger, sale or similar business combination involving all or substantially all of the Company’s
assets or stock, or (ii) to an Affiliate of the Company, without obtaining the prior written consent of the Consultant. For purposes
hereof, the term “Affiliate” means any person or entity which controls, is controlled by, or is under common control
with the Company.

 

		14.	COUNTERPARTS

 

This Agreement, and any
exhibits or subsequent amendment(s) attached hereto, may be executed in counterparts and the counterparts, together, shall constitute
a single agreement. A facsimile transmission or electronic copy of this signed Agreement bearing a signature on behalf of a Party
shall be legal and binding on such Party.

 

IN WITNESS WHEREOF, each
Party is signing this Agreement on the date stated below that Party’s signature to be effective as of the Effective Date.

 

    5

     

    

 

Signature Page

 

	TFF PHARMACEUTICALS, INC.	 	 	 
	 	 	 	 	 
	By:	/s/ Robert S. Mills	 	By:	/s/ James Brian Windsor
	Name:	Robert S. Mills	 	Name:	 James Brian Windsor, individually
	Title:	President	 	 	 
	Date:	February 12, 2018	 	Date:  	02/12/18

 

 

    6

     

    

 

Exhibit A

Scope of Services

For

Consulting

 

This Scope of Services is subject to
the terms and conditions of the Consulting Agreement by and between TFF Pharmaceuticals, Inc. (“Company”), and James
Brian Windsor (“Consultant”), dated to be effective as of January 24, 2018 (the “Agreement”), and shall
be attached to and incorporated into such Agreement as Exhibit A. This Scope of Services does not supersede the Agreement, which
defines the terms and conditions of the business arrangement between Company and Consultant.

 

Compensation will be $37,500 per quarter
for providing services as acting Chief Science Officer and Secretary. Consultant shall be paid this amount for the duration of
the Initial Compensation Period. For purposes of this Scope of Services, the “Initial Compensation Period” shall begin
January 7, 2018 through the date the Company has completed its initial round of financing (such initial round must be for a minimum
of $500,000, herein the “Initial Round Closing”), has hired a replacement Chief Science Officer, and such Chief Science
Officer has begun full-time employment. Notwithstanding the foregoing, in no event shall the Initial Compensation Period be less
than six months. Consultant is not expecting a bonus nor any need to be provided with health benefits. Also, Consultant will not
be considered an employee of the Company. Consultant will not invoice the Company for the Services until after the Initial Round
Closing.

 

Following the Initial Compensation Period,
Consultant’s compensation shall change to $25,000 per quarter, with such compensation period lasting until the Company has
completed an initial public offering (IPO) or 12 months following the closing of the Initial Compensation Period, whichever is
later. This period shall be referred to herein as the “Middle Compensation Period.” Following the Middle Compensation
Period, Consultant will continue to provide services for $12,500 per quarter, for a minimum of one year.

 

Consultant will be granted an option to
purchase 20,000 shares of the Company’s common stock, equal to 0.5% of the Company’s common stock. The option
strike price will be determined pursuant to a valuation of the Company’s common stock performed by an independent third party
valuation specialist for purposes of compliance with Internal Revenue Code Section 409A after the Initial Round Closing. Subsequent
to the IPO, Consultant will receive additional grants to ensure that Consultant maintains at least 0.5% ownership of the Company.
Any subsequent sale of shares of the Company after the IPO will result in dilution of Consultant’s equity position with the
Company’s other stockholders

 

Prior to the Initial Round Closing, Lung
Therapeutics, Inc. (LTI), the parent of the Company, will provide D&O insurance coverage for Consultant and all Board members
and Officers of the Company of no less than $5 million for which the Company will reimburse LTI immediately following the Initial
Round Closing.

 

LTI will reimburse Consultant for any travel
that occurs related to the Company prior to the Initial Round Closing and LTI will be subsequently reimbursed after the funds from
the initial financing have been received by the Company.

 

ACCEPTED AND AGREED TO BY:

 

TFF PHARMACEUTICALS, INC.

 

	By:	/s/ Robert S. Mills	 	By:	/s/ James Brian Windsor
	Name: 	Robert S. Mills	 	Name:	James Brian Windsor, individually
	Title: 	President	 	 	 
	Date: 	February 12, 2018	 	Date:	02/12/18

 

    7

     

    

 

FIRST AMENDMENT TO CONSULTING AGREEMENT

 

THIS FIRST AMENDMENT
TO CONSULTING AGREEMENT (the “Amendment”) is made and entered into as of December 20, 2018, between TFF Pharmaceuticals,
Inc., a Delaware corporation having an address of 2801 Via Fortuna, Suite 425, Austin, Texas 78746 (“Company”), and
James Brian Windsor, an individual having an address of 5703 Magee Bend, Austin, Texas 78749 (“Consultant”).

 

Company and Consultant
entered into a Consulting Agreement (the “Agreement”), effective as of January 24, 2018. All capitalized terms used
herein have the same meanings given to them in the Agreement.

 

The parties desire
to amend the Agreement to provide for a revised scope of services to be provided by Consultant, and related compensation, under
the Agreement by entering into this Amendment.

 

1. Section
3.3 of the Agreement is amended to read as follows:

 

“3.3Consultant
may terminate this Agreement upon thirty (30) days written notice to Company. Company may terminate this Agreement upon one hundred
eighty (180) days written notice to Consultant.”

 

2. Exhibit
A of the Agreement is hereby amended to read in its entirety as attached hereto.

 

3. Except
as and to the extent expressly amended by this Amendment, the Agreement remains in full force and effect in accordance with its
terms.

 

4. This
Amendment may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered will be
an original, but all such counterparts will together constitute one and the same instrument.

 

By signing below,
each party acknowledges that it has read, understands and agrees to this Amendment as being effective for all purposes as of the
date first written above.

 

	COMPANY:	 	CONSULTANT:
	 	 	 
	TFF Pharmaceuticals, Inc.,	 	 	 
	 	 	 	 	 
	By:	/s/ Glenn Mattes	 	By:	/s/ James Brian Windsor
	 	Glenn Mattes, President and CEO	 	 	James Brian Windsor, individually

 

    8

     

    

 

Exhibit A

Scope of Services

For

Consulting

 

This Scope of Services is subject to
the terms and conditions of the Consulting Agreement by and between TFF Pharmaceuticals, Inc. (“Company”), and James
Brian Windsor (“Consultant”), dated to be effective as of January 24, 2018, as amended effective December 20, 2018
(the “Agreement”), and shall be attached to and incorporated into such Agreement as Exhibit A, and will replace the
existing Exhibit A. This Scope of Services does not supersede the Agreement, which defines the terms and conditions of the business
arrangement between Company and Consultant.

 

During the Initial Compensation Period,
compensation will be $28,750 per quarter for providing services as a scientific advisor to the Company. For purposes of this Scope
of Services, the “Initial Compensation Period” shall begin on January 7, 2018 and end on the first day of the month
immediately following the closing of the first firm commitment underwritten initial public offering of shares of the Company’s
common stock through a registered broker-dealer (the “Effective Date”). Consultant is not expecting a bonus nor any
need to be provided with health benefits. Also, Consultant will not be considered an employee of the Company.

 

After the Initial Compensation Period,
Consultant’s compensation shall change to $16,250 per quarter, for a minimum of one year.

 

ACCEPTED AND AGREED TO BY:

 

	COMPANY:		CONSULTANT:
	 	 	 
	TFF
    Pharmaceuticals, Inc.,	 	 
	 	 	 
	TFF
    PHARMACEUTICALS, INC.	 	CONSULTANT
	 	 	 	 	 
	By:
    	/s/
    Glenn Mattes	 	By:	/s/
    James Brian Windsor
	Name:
    	Glenn
    Mattes	 	Name:
    	James
    Brian Windsor
	Title:
    	President
    and CEO	 	Title:
    	Individually

 

    9

     

    

 

SECOND AMENDMENT TO CONSULTING AGREEMENT

 

THIS SECOND
AMENDMENT TO CONSULTING AGREEMENT (the “Amendment”) is made and entered into as of September 26, 2019, between TFF
Pharmaceuticals, Inc., a Delaware corporation having an address of 2600 Fortuna, Suite 360, Austin, Texas 78746 (“Company”),
and James Brian Windsor, an individual having an address of 5703 Magee Bend, Austin, Texas 78749 (“Consultant”).

 

Company
and Consultant entered into an Amended and Restated Consulting Agreement (the “Agreement”), effective as of October
1, 2018, as amended by that First Amendment to Consulting Agreement dated as of December 20, 2018. All capitalized terms used herein
have the same meanings given to them in the Agreement.

 

The parties
desire to amend the Agreement to provide for revised compensation following the Initial Compensation Period under the Agreement
by entering into this Amendment.

 

1. The
third paragraph of Exhibit A of the Agreement is hereby amended to read as follows:

 

“After
the Initial Compensation Period, Consultant’s compensation shall change to $37,500 per quarter, for a minimum of one year.”

 

2. Except
as and to the extent expressly amended by this Amendment, the Agreement remains in full force and effect in accordance with its
terms.

 

3. This
Amendment may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered will be
an original, but all such counterparts will together constitute one and the same instrument.

 

By signing
below, each party acknowledges that it has read, understands and agrees to this Amendment as being effective for all purposes as
of the date first written above.

 

	COMPANY:	 	CONSULTANT:
	 	 	 
	TFF PHARMACEUTICALS, INC.,	 	 
	 	 	 	 
	By:	/s/ Glenn Mattes	 	/s/ James
Brian Windsor
	 	Glenn Mattes, President and CEO	 	James Brian Windsor, Individually

 

 

10

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