Document:

Exhibit 10.4 Agreement

SECOND WAIVER AND AMENDMENT AGREEMENT

THIS SECOND WAIVER AND AMENDMENT AGREEMENT (hereafter, as it may be from time to time amended, modified, extended, renewed, substituted, and/or supplemented, referred to as this “Agreement"), dated as of May 18, 2017 (the “Execution Date”), is entered into by and between OROPLATA RESOURCES, INC., a Nevada corporation ("Oroplata" or the “Company”), and TANGIERS INVESTMENT GROUP, LLC ("Tangiers") (the “Parties”, and each, a “Party”).

RECITALS

WHEREAS, Oroplata and Tangiers previously entered into that certain Investment Agreement dated as of July 18, 2016 (the “Investment Agreement”) pursuant to which Oroplata has agreed to issue and sell to Tangiers an indeterminate number of shares of Oroplata’s common stock, par value of $0.001 per share (the “Common Stock”), in exchange for Tangiers’ commitment to invest up to an aggregate of Five Million Dollars ($5,000,000); and

WHEREAS, in connection with the Investment Agreement, the Parties entered into that certain Registration Rights Agreement dated as of July 18, 2016 (the “Registration Rights Agreement”), as an incentive for Tangiers to enter into the Investment Agreement, pursuant to which Oroplata agreed to use its best efforts to file, within forty-five (45) days of the date of the agreement, with the Securities and Exchange Commission (the “SEC”) a registration statement or registration statements (as is necessary) on Form S-1 (the “Registration Statement”), covering the resale of shares of Common Stock issuable to Tangiers under the Investment Agreement; and

WHEREAS, in accordance with the terms of the Investment Agreement, Oroplata issued to Tangiers a 10% fixed convertible promissory note in the principal amount of $75,000 as a commitment fee (the “Commitment Fee Note”), to evidence Oroplata’s commitment to file the Registration Statement; and

WHEREAS, further in connection with the Investment Agreement and the Registration Rights Agreement, on July 18, 2016, Oroplata sold to Tangiers an original issue discount (such discount valued at $11,000) 10% fixed convertible promissory note in the principal amount of $121,000 (the “July Note”); and

WHEREAS, on July 18, 2016, as an investment incentive for Tangiers to purchase the July Note, Oroplata issued to Tangiers a common stock purchase warrant, which allows Tangiers to subscribe for and purchase from Oroplata, up to 121,000 shares (as subject to adjustment as provided therein) of Common Stock at an exercise price of $0.50 per share for a term of five (5) years (the “July Warrants”); and 

WHEREAS, on September 28, 2016, Oroplata sold a 10% fixed convertible promissory note in the principal amount of up to $550,000 (the “September Note”) to Tangiers for initial cash consideration of $100,000 and an initial issue discount of $10,000 retained by Tangiers for due diligence and legal fees related to the purchase of the September Note, resulting in an initial principal due under the note in the amount of $110,000; and

WHEREAS, on September 28, 2016, as an investment incentive for Tangiers to purchase the July Note, Oroplata issued to Tangiers a common stock purchase warrant, which allows Tangiers to subscribe for and purchase from Oroplata, up to 121,000 shares (as subject to adjustment as provided therein) of Common Stock at an exercise price of $0.50 per share for a term of five (5) years (the “September Warrants”); and 

WHEREAS, as inducement for Tangiers to purchase the Notes and to enter into any and all other agreements to be entered into connection with the transactions contemplated thereby, the Parties, together with Oroplata’s subsidiary, Lithortech Resources, Inc., entered into that certain subsidiary guarantee dated as of September 28, 2016 in favor of Tangiers (the “Guaranty”); and

WHEREAS, as collateral for Oroplata’s obligations under the both the July Note and the September Note, and further inducement of Tangiers to extend the loans as evidenced under the Notes, and any and all other agreements to be entered into in connection with the transactions contemplated thereby, Oroplata executed and delivered in favor of Tangiers a security agreement dated as of July 18, 2016 entered into in connection with the July Note and a security agreement dated as of September 28, 2016 entered into in connection with the September Note (each a “Security Agreement”); and

WHEREAS, on February 15, 2017, Oroplata and Tangiers entered into a Waiver and Amendment Agreement (the “Amendment”) pursuant to which Tangiers (i) waived any and all existing Events of Default (as defined in each respective Transaction Document), remedies, including acceleration, arising out of Events of Default and the application of the default interest rate, if any, as set forth in the Transaction Documents occurring prior to February 15, 2017, or continuing after such date, (ii) amended certain Events of Default provisions in the Registration Rights Agreement, the July Note and the September Note, and (iii) amended the Maturity Date as defined as it appears in each of the Transaction Documents to December 31, 2017; and

WHEREAS, in connection with the Amendment, Oroplata issued to Tangiers a common stock purchase warrant, which allows Tangiers to subscribe for and purchase from Oroplata, up to 500,000 shares (as subject to adjustment as provided therein) of Common Stock at an exercise price of $0.15 per share for a term of five (5) years (the “February Warrants”); and

WHEREAS, Oroplata agreed to use its best efforts to file the Registration Statement with the SEC within 90 days of the date of the Amendment and to use its best efforts to have the Registration Statement declared effective within 180 days of February 15, 2017; and

WHEREAS, Oroplata and Tangiers agreed that the Amendment shall be construed in connection with and as part of the Transaction Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Transaction Documents, except as amended by the Amendment, shall remain in full force and effect, and that any and all provisions of the Transaction Documents which are inconsistent with the Amendment are deemed amended, modified or waived to the extent necessary to give effect to the Amendment; and

WHEREAS, on February 16, 2017, in exchange for the cancellation of 2,000,000 shares of Common Stock by Tangiers, Oroplata issued to Tangiers a common stock purchase warrant, which allows Tangiers to subscribe for and purchase from Oroplata, up to 2,000,000 shares (as subject to adjustment as provided therein) of Common Stock at an exercise price of $0.001 per share for a term of five (5) years (the “Share Exchange Warrants”); and

WHEREAS, on February 16, 2017, Oroplata sold a 10% fixed convertible promissory note in the principal amount of up to $250,000 (the “February Note”) to Tangiers for initial cash consideration of $29,480 and an initial issue discount of $2,948 retained by Tangiers for due diligence and legal fees related to the purchase of the September Note, resulting in an initial principal due under the note in the amount of $32,428; and

WHEREAS, on February 24, 2017, Oroplata and Tangiers entered into an agreement to amend the February Note (the “February Note Amendment”), whereby Tangiers paid an additional $77,000 under the February Note, of which $7,000 was retained as an original issue discount, resulting in an initial principal due under the note in the amount of $109,428; and 

WHEREAS, Oroplata filed its Form S-1 on March 17, 2017 (the “Registration Statement”) with the Securities and Exchange Commission (the “SEC”) pursuant to terms of the Transaction Documents and the Registration Rights Agreement, and on April 7, 2017 received a comment letter from the SEC requesting that Oroplata - (i) file an application for quotation on the OTCQB Marketplace (the “OTCQB”); (ii) withdraw its Registration Statement until such time as the Company obtains approval for quotation on the OTCQB; and (iii) expand and clarify certain disclosure included within the Registration Statement; and

WHEREAS, on April 17, 2017, Oroplata and Tangiers entered into a second agreement to amend the February Note (the “Second Note Amendment”), whereby Tangiers paid an additional $13,750 under the February Note, of which $1,250 was retained as an original issue discount, resulting in an initial principal due under the note in the amount of $123,178; and

WHEREAS, on April 26, 2017, Oroplata and Tangiers entered into a third agreement to amend the February Note (the “Third Note Amendment”, and, together with the “Commitment Fee Note”, the “July Note”, the “September Note”, and the “February Note”, the “February Note Amendment”, and the “Second Note Amendment”, the “Notes”), whereby Tangiers paid an additional $88,000 under the February Note, of which $8,000 was retained as an original issue discount, resulting in an initial principal due under the note in the amount of $211,178; and

WHEREAS, Oroplata filed its application for quotation on the OTCQB on April 17, 2017 (the “OTCQB Application”); and

WHEREAS, Oroplata is in default under certain terms of the Transaction Documents as more fully set herein; and 

WHEREAS, Oroplata has requested that Tangiers agree to (i) waive certain Events of Default that have occurred under the Transaction Documents, including any defaults under any other agreement entered into by and between the Parties, which Events of Default have occurred after the effective date of the Amendment, are now existing or that shall continue to exist after the Execution Date of this Agreement, (ii) amend certain provisions provided under the Transaction Documents, each as set forth herein and (iii) grant an extension of the filing date of the Registration Statement in consideration of the preceding events.

AGREEMENT

NOW THEREFORE, in consideration of the mutual promises contained in this Agreement and other good and valuable consideration, the sufficiency, mutuality and adequacy of which are hereby acknowledged, the Parties hereto hereby agree as follows:

1.

Definitions. 

Capitalized terms used but not defined in this Agreement shall have the meanings given to them in the Transaction Documents.

a.

“Agreement” shall have the meaning set forth in the preamble.

b.

 “Amendment” shall have the meaning set forth in the recitals.

c.

“Commitment Fee Note” shall have the meaning set forth in the recitals.

d.

“Common Stock” shall have the meaning set forth in the recitals. 

e.

“Events of Default” shall have the meaning set forth in each respective Transaction Document without giving effect to this Agreement.

f.

“Execution Date” means the date set forth in the preamble.

g.

“February Note Amendment” shall have the meaning set forth in the recitals. In addition, the terms and conditions of the February Note Amendment provide that, within three (3) months of the date thereof, the Company shall allocate the $70,000 proceeds in the following manner: (i) $48,000 toward the exploration development budget; and (ii) $22,000 toward the retirement of outstanding payables in the Company’s general & administrative budget.

h.

 “February Warrants” shall have the meaning set forth in the recitals.

i.

“Guaranty” shall have the meaning set forth in the recitals. 

j.

“Investment Agreement” shall have the meaning set forth in the recitals. 

k.

“July Note” shall have the meaning set forth in the recitals.

l.

 “July Warrants” shall have the meaning set forth in the recitals.

m.

 “Notes” means, collectively, the Commitment Fee Note, the July Note, the September Note, the February Note, the February Note Amendment, the Second Note Amendment, the Third Note Amendment and any other Note between the Parties to the extent existing, or that shall exist subsequently, as of the Execution Date of this Agreement.

n.

“Obligations” shall have the meaning set forth in Section 3(b).

o.

“OTCQB Application” shall have the meaning set forth in the recitals.

p.

“Parties” means Oroplata and Tangiers, collectively.

q.

 “Registration Statement” shall have the meaning set forth in the recitals.

r.

“Registration Rights Agreement” shall have the meaning set forth in the recitals.

s.

“Second Note Amendment” shall have the meaning as set forth in the recitals. In addition, the terms and conditions of the Second Note Amendment provide that the Company shall allocate the $12,500 proceeds for payment of the OTCQB Application fee and other OTC-related fees for the Company. 

t.

“Security Agreement” shall have the meaning as set forth in the recitals.

u.

“September Note” shall have the meaning set forth in the recitals.

v.

 “September Warrants” shall have the meaning set forth in the recitals.

w.

 “Share Exchange Warrants” shall have the meaning set forth in the recitals.

x.

“Third Note Amendment” shall have the meaning set forth in the recitals. In addition, the terms and conditions of the Third Note Amendment provide that the Company shall allocate the $80,000 proceeds in the following manner: (i) $10,000 toward legal fees; and (ii) the remaining $70,000 balance toward exploration and land acquisition.

y.

“Transaction Documents” means, collectively the Registration Rights Agreement, the Investment Agreement, the Commitment Fee Note, the July Note, the September Note, February Note, the February Note Amendment, the Security Agreement, the Guaranty, the July Warrants, the September Warrants, the February Warrants, the Share Exchange Warrants and all other agreements entered into between the Parties to the extent existing as of the Execution Date.

z.

“Warrants” means, collectively, the July Warrants, the September Warrants, the February Warrants, the Share Exchange Warrants and any other Warrants between the Parties to the extent existing, or that shall exist subsequently, as of the Execution Date of this Agreement.

2.

Acknowledgement of Use of Proceeds

(a)

Oroplata and Tangiers together acknowledge that all proceeds received by Oroplata from Tangiers under the Investment Agreement shall not be used by Oroplata to repay any of the amounts due under each of the Notes.

(b)

Tangiers further agrees that it shall not demand payment on any amounts due under any of the Notes from any proceeds received by Oroplata from Tangiers under the Investment Agreement.

3.

Acknowledgement of Commitment Fee Note

(a)

Oroplata and Tangiers together acknowledge that the Commitment Fee Note became a duly and validly issued, fully paid, nonassessable binding obligation of Oroplata upon execution of the Amendment on February 15, 2017 and its ratification by Oroplata’s Board of Directors. 

4.

Acknowledgement of Default. 

(a)

Oroplata acknowledges that Oroplata is currently in default under the Transaction Documents due to Oroplata’s failure to file the Registration Statement, among other things, in accordance with the provisions set forth therein. Other than as set forth herein, Oroplata confirms that it is in compliance in all respects with the Transaction Documents.

(b)

Oroplata further acknowledges and confirms, that as of the Execution Date, and immediately prior to any of the payments specified in the Notes, the Company is indebted to Tangiers, without any deduction, defense, setoff, claim or counterclaim, of any nature, in the aggregate principal amount of $517,178, comprised of (i) principal of $75,000 due on account of the Commitment Fee Note, together with accrued but unpaid interest thereon, (ii) $121,000 due on account of the July Note, together with accrued but unpaid interest thereon, (iii) principal of $110,000 due on account of the September Note, together with accrued but unpaid interest thereon; and (iv) principal of $211,178 due on account of the February Note, the February Note Amendment, the Second Note Amendment and the Third Note Amendment, together with accrued but unpaid interest thereon (collectively, the “Obligations”). 

5.

Waiver of Events of Default, Default Interest and Liquidated Damages.

Tangiers agrees that any and all Events of Default, remedies, including acceleration, arising out of Events of Default and the application of the default interest rate, if any, as set forth in the Transaction Documents, occurring prior to the Execution Date, or continuing after the Execution Date, shall be deemed waived, without any recourse or remedy, by Tangiers or any successor or assign.

6.

Amendment of Conversion Prices.

The Parties agree Section 2.00(c) of the Notes is hereby amended and restated in its entirety as set forth below: 

(a)

Conversion Right. At any time and from time to time after a default occurs solely due to the fact the Note is not retired on or before the Maturity Date (“Maturity Default”), subject to the terms hereof and restrictions and limitations contained herein, the Holder shall have the right, at the Holder's sole option, to convert in whole or in part the outstanding and unpaid Principal Amount under this Note into shares of Common Stock at the Maturity Default Conversion Price. The “Maturity Default Conversion Price” shall be equal to the lower of: (a) the Conversion Price or (b) 60% of the lowest trading price of the Company’s common stock during the 20 consecutive Trading Days prior to the date on which Holder elects to convert all or part of the Note. For the purpose of calculating the Maturity Default Conversion Price only, any time after 4:00 pm Eastern Time (the closing time of the Principal Market) shall be considered to be the beginning of the next Business Day. If the Company is placed on “chilled” status with the DTC, the discount shall be increased by 10%, i.e., from 40% to 50%, until such chill is remedied. If the Company is not DWAC eligible through their Transfer Agent and DTC’s FAST system, the discount will be increased by 5%, i.e., from 40% to 45%. In the case of both, the discount shall be a cumulative increase of 15%, i.e., from 40% to 55%. 

7.

Amendment of the Transaction Documents. The Transaction Documents shall be amended as follows:

(a)

Registration Rights Agreement. Section II subsection 2.1 of the Registration Rights Agreement shall be amended and restated as follows:

The Company shall use its best efforts to, within thirty (30) days of May 18, 2017, file with the SEC a Registration Statement or Registration Statements (as is necessary) on Form S-1 (or, if such form is unavailable for such a registration, on such other form as is available for registration, covering the resale of 8,000,000 shares of the Registrable Securities, which Registration Statement(s) shall state that, in accordance with Rule 416 promulgated under the 1933 Act, such Registration Statement also covers such indeterminate number of additional shares of Common Stock as may become issuable upon stock splits, stock dividends or similar transactions. The Company shall initially register for resale 8,000,000 shares of Registrable Securities except to the extent that the SEC requires the share amount to be reduced as a condition of effectiveness.

8.

No Other Effect on the Transaction Documents.

This Agreement shall be construed in connection with and as part of the Transaction Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Transaction Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect. Thus, the Transaction Documents shall remain in full force and effect, except as amended by this Agreement. Any and all provisions of the Transaction Documents which are inconsistent with the foregoing amendments to the Transaction Documents are hereby deemed to be amended, modified or waived to the extent necessary to give effect to such amendments.

9.

Further Covenants and Agreements. 

(a)

Oroplata further agrees it shall: (i) use its best efforts to file the Form S-1 with the SEC within 30 days of the Effective Date, except that in the event the OTCQB Application is not approved within 30 days of the Effective Date, then use its best efforts to file the Form S-1 with the SEC within three business days of the date the OTCQB Application is approved; and (ii) use its best efforts to have the Form S-1 declared effective within 180 days of the Execution Date (the “Form S-1 Deadline”). At the sole option of Tangiers, failure to comply with the Form S-1 Deadline will result in the termination of this Agreement and void all effects of this Agreement.

10.

Miscellaneous.

(a)

Captions; Certain Definitions. Titles and captions of or in this Agreement are inserted only as a matter of convenience and for reference and in no way define, limit, extend or describe the scope of this Agreement or the intent of any of its provisions. All capitalized terms not otherwise defined herein shall have the meaning therefor, as set forth in the Transaction Documents.

(b)

Effectiveness. This Agreement shall be deemed effective upon the due execution and delivery of this Agreement by each Party hereto.

(c)

Controlling Law. This Agreement is governed by, and shall be construed and enforced in accordance with the laws of the State of California (except the laws of that jurisdiction that would render such choice of laws ineffective).

(d)

Counterparts. This Agreement may be executed in one or more counterparts (one counterpart reflecting the signatures of all parties), each of which shall be deemed to be an original, and it shall not be necessary in making proof of this Amendment or its terms to account for more than one of such counterparts. This Agreement may be executed by each party upon a separate copy, and one or more execution pages may be detached from a copy of this Agreement and attached to another copy in order to form one or more counterparts. 

IN WITNESS WHEREOF, this Agreement has been executed and delivered by Oroplata and Tangiers as of the date first set forth above.

			
	Oroplata:

	 
	OROPLATA RESOURCES, INC.

	 
	 
	 

	Date:

	By: 

	/s/ Michael Mason

	 
	Name: 

	Michael Mason

	 
	Title: 

	CEO

	 
	 
	 

	Tangiers:

	 
	TANGIERS INVESTMENT GROUP, LLC

	 
	 
	 

	Date:

	By: 

	 

	 
	Name:  

	 

	 
	Title:EX-10.1

 Exhibit 10.1 
  

 
 CONSULTING AGREEMENT 

CONSULTING AGREEMENT (this “Agreement”) is
made and entered into as of May 8, 2017 (the “Effective Date”), by and among Zosano Pharma Corporation, a Delaware corporation having its principal place of business at 34790 Ardentech Court,
Fremont, California 94555 (the “Parent”), ZP Opco, Inc., a Delaware corporation and wholly owned subsidiary of Parent (the “Company”), and
JOHN WALKER, an individual residing at ****** (“Consultant”). The Parent, Company and Consultant may be referred to herein individually as a
“Party” or collectively as the “Parties.” 

Recitals 

WHEREAS, Consultant is currently a member and Chairman of the board of directors of the Parent (the
“Board”); 
 WHEREAS, effective on the Start Date (as
defined below), Consultant desires to serve as the Interim Chief Executive Officer of the Parent and the Company; and 

WHEREAS, the Company desires to retain Consultant to serve as the Interim Chief Executive Officer of the
Parent and the Company subject to the terms and conditions set forth herein. 
 NOW
THEREFORE, in consideration of the foregoing premises and the mutual covenants set forth below, the Parties hereby agree as follows: 

1. Services. 
 Commencing
on May 8, 2017 (the “Start Date”), the Parent and the Company hereby retain Consultant, and Consultant hereby agrees to serve as the Interim Chief Executive Officer of the Parent and the Company
(collectively, the “Services”) and to report to the Board. You agree to perform the duties of your positions and such other duties as may reasonably be assigned to you from time to time by the Board.
Consultant agrees to perform the Services, and provide the results thereof, with the highest degree of professional skill and expertise. 

2. Compensation. 

Sections 2 and 3 of Exhibit A attached hereto set forth the amount and timing of payment for the Services and reimbursable expenses. For
the avoidance of doubt, the compensation paid hereunder shall be separate and apart from, and in addition to, any compensation received by the Consultant in connection with his service as a member and chairman of the Board. 

3. Independent Contractor.  

The Parties understand and agree that Consultant is an independent contractor and not an agent or employee of the Parent or the Company.
Consultant will not be eligible for any employee benefits, nor will the Company make deductions from Consultant’s fees for taxes or insurance (except as otherwise required by applicable law or regulation). Any payroll and employment taxes,
insurance, and benefits imposed on Consultant due to activities performed hereunder will be the sole responsibility of Consultant. 

	 	4.	Recognition of Company’s Rights; Nondisclosure. 

 Consultant recognizes that the
Parent and the Company are engaged in a continuous program of research and development respecting its present and future business activities. Consultant agrees as follows: 

4.1 At all times during the term of Consultant’s association with the Parent and the Company and thereafter, Consultant will hold in
strictest confidence and will not disclose, use, lecture upon or publish any of the Parent’s or the Company’s Proprietary Information (defined below), except to the extent such disclosure, use or publication may be required in direct
connection with Consultant’s performing requested Services for the Parent and the Company or is expressly authorized in writing by the Board. It is understood that the Proprietary Information will remain the sole property of the Parent and the
Company. Consultant further agrees to take all reasonable precautions to prevent any unauthorized disclosure of the Proprietary Information including, but not limited to, having each Consultant, agent or representative of Consultant, if any, with
access to any Proprietary Information execute a nondisclosure agreement containing provisions in the Parent’s and the Company’s favor substantially similar to Sections 4 and 13 of this Agreement. 

4.2 The term “Proprietary Information” shall mean any and all trade secrets, confidential knowledge, know-how, data or
other proprietary information or materials of the Company, the Parent or any of their respective affiliates. By way of illustration but not limitation, Proprietary Information includes: (i) inventions, ideas, samples, prototypes, devices,
hardware, software, electronic components and materials, and procedures for producing any such items, as well as data, know-how, improvements, inventions, discoveries, developments, designs and techniques; (ii) information regarding plans for
research, development, new products, marketing and selling activities, business models, budgets and unpublished financial statements, licenses, prices and costs, suppliers and customers; and (iii) information regarding the skills and
compensation of Consultants or consultants of the Company. 
 4.3 In addition, Consultant understands that the Parent and the Company have
received and in the future will receive from third parties confidential or proprietary information (“Third Party Information”) subject to a duty on the Parent’s and/or the Company’s part to maintain the
confidentiality of such information and to use it only for certain limited purposes. During the term of Consultant’s association with the Parent and the Company and thereafter, Consultant will hold Third Party Information in the strictest
confidence and will not disclose or use Third Party Information, except in connection with Consultant’s performing requested Services for the Parent and the Company, or as expressly authorized in writing by the Board. 

 

	 	5.	Intellectual Property Rights. 

 5.1 Consultant shall promptly and fully disclose to the
Parent and the Company any and all ideas, inventions, technologies, discoveries, improvements, know-how and techniques that Consultant conceives, reduces to practice or develops during the term of this Agreement, alone or in conjunction with others,
and in any way related to or arising from (i) the Field (as defined in Section 6.1), (ii) the Services, or (iii) Proprietary Information (collectively, the “Inventions”). Consultant agrees to keep and
maintain adequate and current records (in the form of notes, sketches, drawings or in any other form that may be required by the Parent and the 

 
Company) of all Services provided and results thereof and such records shall be available to and remain the sole property of the Company at all times. Consultant agrees that any and all
Inventions, including any related patents, copyrights, trade secrets and trademark rights, shall be the sole and exclusive property of the Parent and the Company. 

5.2 Consultant hereby assigns to the Parent and the Company his entire right, title and interest in and to all Inventions. Consultant hereby
designates each of the Parent and the Company as his agent for, and grants to the Company a power of attorney, which power of attorney shall be deemed coupled with an interest, solely for the purpose of effecting the foregoing assignment from
Consultant to the Parent and the Company. Consultant will perform other activities necessary to effect the intent of this Section 5.2. 

5.3 Consultant further agrees to cooperate and provide reasonable assistance to the Parent and the Company to obtain and from time to time
enforce United States and foreign patents, copyrights, and other rights and protections claiming, covering or relating to the Inventions in any and all countries. 

5.4 Consultant agrees to submit to the Parent and the Company any proposed publication that contains any discussion relating to the Company,
Proprietary Information, Inventions or work performed by Consultant for the Company hereunder. Consultant further agrees that no such publication shall be made without the prior written consent of the Parent and the Company, which consent shall not
be unreasonably withheld. 
  

	 	6.	Noncompetition and Nonsolicitation of Consultants. 

 6.1 During the term of this
Agreement, Consultant will not, without the prior consent of the Board, engage in any commercial business activity that competes in any way with any business then being conducted or planned by the Parent and the Company relating to the research,
discovery, development, manufacture or commercialization of transdermal drug delivery systems or patches for administering pharmaceutical compounds to humans (the “Field”). 

6.2 During the term of this Agreement and for one (1) year after its termination, Consultant will not personally or through others
recruit, solicit or induce any Consultant of the Parent and the Company to terminate his or her employment with the Parent and/or the Company. 

6.3 If any restriction set forth in Sections 6.1 and 6.2 is found by any court of competent jurisdiction to be unenforceable because it extends
for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend only over the maximum period of time, range of activities or geographic area as to which it may be
enforceable. 
  

	 	7.	No Conflicting Obligation. 

 7.1 Consultant represents that Consultant’s performance
of all of the terms of this Agreement and the performing of the Services for the Parent and the Company do not breach or conflict with any agreement with a third party, including an agreement to keep in confidence any proprietary information of
another entity acquired by Consultant in confidence or in trust prior to the date of this Agreement. 

 7.2 Consultant hereby agrees not to enter into any agreement that conflicts with this Agreement.

  

	 	8.	No Improper Use of Materials. 

 Consultant agrees not to bring to the Parent and the
Company or to use in the performance of Services for the Parent and the Company any materials or documents of a present or former employer of Consultant, or any materials or documents obtained by Consultant from a third party under a binder of
confidentiality, unless such materials or documents are generally available to the public or Consultant has authorization from such present or former employer or third party for the possession and unrestricted use of such materials. Consultant
understands that Consultant is not to breach any obligation of confidentiality that Consultant has to present or former employers or clients, and agrees to fulfill all such obligations during the term of this Agreement. 

 

	 	9.	Term and Termination. 

 9.1 The term of this Agreement (the
“Term”) shall commence on the Start Date and shall continue until the Board has elected a permanent Chief Executive Officer of the Parent and the Company, unless earlier terminated as provided below in this Section 9.

 9.2 Each party may terminate this Agreement for any reason upon 30 days’ written notice to the other parties. 

9.3 If Consultant breaches Section 6 or Section 1 of Exhibit A and does not cure such breach within 14 days after written notice from
the Company describing such breach, then the Parent and the Company may terminate this Agreement promptly after such failure to cure. 
 9.4
The obligations set forth in Sections 4, 5, 6 and 9 through 16 will survive any termination or expiration of this Agreement. Upon termination of this Agreement, Consultant will cease work immediately after giving or receiving such notice of
termination, unless otherwise advised by the Parent and the Company, and promptly deliver to the Parent and the Company all documents and other materials of any nature pertaining to the Services, together with all documents and other items
containing or pertaining to any Proprietary Information. 
  

	 	10.	Assignment. 

 The rights and liabilities of the Parties hereto shall bind and inure to
the benefit of their respective successors, heirs, executors and administrators, as the case may be; provided that, as the Parent and the Company has specifically contracted for Consultant’s Services, Consultant may not assign or
delegate Consultant’s obligations under this Agreement either in whole or in part without the prior written consent of the Parent and the Company. The Parent and the Company may assign of their rights and obligations hereunder to any person or
entity that succeeds to all or substantially all of the Parent’s and the Company’s business. Any assignment not in accordance with this Section 10 shall be void. 

	 	11.	Legal and Equitable Remedies. 

 Because Consultant’s Services are personal and
unique and because Consultant may have access to and become acquainted with the Proprietary Information of the Parent and the Company, the Parent and the Company shall 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 Parent and the Company may have for a breach of this Agreement. 
  

	 	12.	Compliance with Applicable Laws and Obligations. 

 Consultant will perform the Services
in compliance with all applicable laws. 
  

	 	13.	Governing Law; Severability. 

 This Agreement shall be governed by and construed
according to the laws of the State of Delaware, without regards to conflicts of laws rules. If any provision of this Agreement is found by a court of competent jurisdiction to be unenforceable, that provision shall be severed and the remainder of
this Agreement shall continue in full force and effect. 
  

	 	14.	Complete Understanding; Modification. 

 This Agreement, including the Exhibits mentioned
herein, constitutes the final, exclusive and complete understanding and agreement of the Parties hereto and supersede all prior understandings and agreements with respect to the subject matter hereof. Any waiver, modification or amendment of any
provision of this Agreement shall be effective only if in writing and signed by the Parties hereto. 
  

	 	15.	Notices. 

 Any notices required or permitted hereunder shall be given to the appropriate
Party at the address listed on the first page of this Agreement, or such other address as the Party shall specify in writing pursuant to this notice provision. Such notice shall be deemed given upon personal delivery to the appropriate address or
three days after the date of mailing if sent by certified or registered mail. 
  

	 	16.	Counterparts. 

 This Agreement may be executed in one or more counterparts each of which
will be deemed an original, but all of which together shall constitute one and the same instrument. 
 [Signature Page Follows] 

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

			
	ZOSANO PHARMA CORPORATION	  	CONSULTANT
		
	By: /s/ Georgia Erbez                                	  	/s/ John
Walker                                    
	      Name: Georgia Erbez	  	John Walker
	      Title: Chief Business Officer	  	
		
	ZP OPCO, INC.	  	
		
	By: /s/ Georgia Erbez                            	  	
	      Name: Georgia Erbez	  	
	      Title: Chief Business Officer	  	

 EXHIBIT A 

SCOPE AND COMPENSATION 

1. Time Commitment: Consultant shall provide Services to the Company and Parent for approximately 20 hours per week. The Company and
Parent acknowledge that Consultant may, subject to Sections 6 and 7 of this Agreement, provide management services to other clients during the term of this Agreement. 
  

	 	2.	Consideration: 

 (a) Cash. The Company will pay Consultant a fee, in cash, at the
rate of $12,000.00 per month, payable in arrears, for all Services performed during the Term, payable according to the Company’s normal payroll schedule. 

(b) Stock. As soon as is practicable following the Start Date, the Compensation Committee of the Board of Directors of Parent (the
“Compensation Committee”) shall grant to Consultant 60,000 shares of the Parent’s common stock, par value $0.0001 per share (the “Restricted Shares”) pursuant to Parent’s Amended and Restated 2014 Equity
and Incentive Plan. The Restricted Shares shall be subject to vesting such that 10,000 shares shall vest on May 31, 2017, and an additional 10,000 shares vest at the end of each month thereafter, subject to continued engagement hereunder, and
any shares that are not vested at the time of the termination or expiration of this Agreement shall be forfeited. For the avoidance of doubt, the vesting of the Restricted Shares shall cease when this Agreement is terminated notwithstanding any
continued service by Consultant as a director. In the event that the Consultant continues to provide Services after October 31, 2017, the Compensation Committee will grant more restricted shares to Consultant, so that he will continue to earn
shares at the rate of 10,000 shares per month for so long as he is providing Services. 
 3. Expenses that will be reimbursed: The
Company shall reimburse Consultant for business expenses that are reasonable and necessary for Consultant to perform, and are incurred by Consultant in the course of the performance of Consultant’s duties pursuant to this Agreement and in
accordance with the Company’s general policies. Such expenses shall be reimbursed upon Consultant’s submission of vouchers and an expense report in such form as may be required by the Company consistent with the Company’s policies in
place from time-to-time.

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