Document:

EX-10.18

 Exhibit 10.18 

EMPLOYMENT AGREEMENT 

This Employment Agreement (“Agreement”) is made by and between Generation Income Properties, Inc. (“GIP”)
and Richard Russell (“Employee”) in consideration of Employee’s anticipated or continued employment relationship with GIP and the advantages and benefits of such relationship, the receipt and adequacy of all of such
consideration being hereby acknowledged and accepted by Employee. 
 1.    Offer and Agreement. GIP
offers Employee a position with GIP conditioned on Employee’s execution of this Agreement and Employee’s satisfactory completion of certain requirements, as more fully explained in this Agreement. The Employee’s employment hereunder
shall be effective as of December 20, 2019 (the “Effective Date”) and Employee’s employment is at-will, meaning that GIP or Employee may terminate the employment relationship at any
time, with or without cause, and with or without notice. Employee’s employment is subject to the terms and conditions set forth in this Agreement, which override anything said to Employee during any interview or any other discussions about
Employee’s employment with GIP. 
 2.    Position. Employee will act as Chief Financial
Officer. Employee will conduct the activities and duties customarily associated with such position, and perform other duties and responsibilities that are reasonable and consistent with such position as may be assigned to Employee from time to time.
Employee will report directly to GIP’s Chief Executive Officer (“CEO”), or another individual designated by GIP’s Board of Directors (the “Board”). Notwithstanding anything to the contrary in this
Agreement or otherwise, Employee shall not work more than 20 hours in any week without the prior written consent of GIP’s CEO. 

3.    Compensation. 

(a) Hourly Rate. Employee will be paid on an hourly basis at the rate of $175 per hour, payable in accordance with the regular payroll
practices of GIP, subject to all withholdings and deductions as required by law. 
 (b) Bonus. Employee will be eligible to earn
bonuses as determined in the discretion of the Board of Directors of GIP. Such payments will be subject to all withholdings and deductions as required by law. 

(c) Equity. GIP intends to establish an Equity Incentive Plan providing for equity-based compensation. Upon the establishment of such
Equity Incentive Plan, the Employee shall be eligible to participate, subject to approval by GIP’s Board of Directors. It is anticipated that, subject to approval by GIP’s Board of Directors, Employee will receive an equity award in the
form of 30,000 restricted shares that shall vest in equal, annual installments over a 36-month period contingent on Employee’s continued employment with GIP until the applicable vesting date. All terms
and conditions of any award to Employee under the Equity Incentive Plan shall be governed by the terms of such Plan and an award 

 
agreement. Notwithstanding anything to the contrary herein, participation in the Equity Incentive Plan in one year shall not guarantee participation in another year, and GIP’s Board of
Directors may at any time amend, suspend or terminate the Equity Incentive Plan or any other equity-based compensation program. 

4.    Benefits. Employee will be eligible to participate in any benefit plans and programs in effect
from time to time as are made available to other similarly situated employees of GIP, in accordance with and subject to the eligibility and other provisions of such plans and programs. Employee will have the right to other benefits that are
consistent with benefits of other executives of GIP. Employee shall be entitled for reimbursement for all reasonable and necessary out-of-pocket business, entertainment,
and travel expenses incurred by Employee in connection with the performance of the Employee’s duties hereunder in accordance with GIP’s expense reimbursement policies and procedures. 

5.    Termination. Upon termination of Employee’s employment for any reason, the Employee shall
be deemed to have resigned from all positions held with GIP or its affiliates, including, without limitation, any position as a director, officer, agent, trustee, or consultant of GIP or any affiliate of GIP, unless the Board expressly determines
otherwise. Upon request of GIP, the Employee shall promptly sign and deliver to GIP any and all documents reflecting such resignations as of the effective date of termination. 

6.    Confidentiality Covenants. Employee acknowledges and understands that GIP is obligated by law
to maintain the confidentiality of its client-related information, and Employee is required to treat such information as strictly confidential and privileged both during and after Employee’s relationship with GIP, regardless of whether the
termination of the relationship is voluntary or involuntary or with or without cause. Employee further acknowledges and understands that it is essential to GIP’s business that its professional and business relationships and information be
protected. Employee agrees to keep in strict secrecy and confidence any and all information (whether in print, electronic, on computer disks, drives or tapes or in any other media, and whether internally generated or used by GIP under agreement with
any third party) that Employee obtains or develops or to which Employee has access during his relationship with GIP and that is not a matter of common knowledge or public record, including but not limited to: the processes, strategies and/or
techniques utilized by GIP; research records; technical data (e.g., financial and personnel data); staff lists and staff records; information regarding costs, pricing, marketing, contracts with third parties, plans for market or service developments
or improvements, computer programs, computer interfaces or interface mechanisms, processes, business and strategic plans, or financial forecasts; any other information that derives economic value, either directly or indirectly, from being
confidential to or trade secrets of GIP or its actual or potential customers or clients; or any information identifying or relating in any way whatsoever to any client of the firm or the services or advice rendered to any client of the firm (any
such information being herein called “Confidential Information”). Employee agrees that such Confidential Information is and shall remain the property of GIP, and, both during and after the term of Employee’s relationship with
GIP, without the prior written consent of GIP: (a) Employee will not use or disclose or cause to be disclosed any Confidential Information to any 

  
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third person, partnership, joint venture, company, corporation, or other entity, organization or third party; (b) Employee will not take from any of GIP’s offices for his own use or the
use of any third party any document, paper, computer-generated media or other property of GIP containing Confidential Information (unless necessary during Employee’s employment with GIP or expressly authorized by GIP to conduct business on
behalf of GIP); and (c) without request upon termination of Employee’s employment with GIP, or at any time that GIP may so request, Employee will immediately deliver to GIP any document, paper, electronic or computer-generated media or
other property of GIP (and all copies of same) in Employee’s possession that contains Confidential Information. Nothing in this Section prohibits Employee from reporting possible violations of law or regulation to any governmental agency or
making other disclosures that are protected under the whistleblower provisions of applicable law or regulation. 

7.    Non-Competition Covenants. Employee agrees,
during his employment with GIP and for a period of twelve (12) months after the date on which Employee last performed any services for GIP, regardless of whether the termination of Employee’s relationship with GIP is voluntary or
involuntary or with or without cause, that Employee will refrain from and will not, directly or indirectly, as independent contractor, employee, consultant, agent, partner, investor, joint venturer, or otherwise, engage in Competitive Activity
within the state of Florida, whether Employee is physically within the state of Florida or is aiding or engaged with any other entity that is doing business within the state of Florida. Competitive Activity is activity whereby the Employee engages
in any business that competes or would compete with any aspect of GIP’s business or contributes the Employee’s knowledge to an entity engaged in the same or similar business as GIP. Competitive Activity also includes activity that may
require or inevitably require disclosure of trade secrets, proprietary information, or Confidential Information. Employee further agrees that upon a violation of this section of this Agreement, the period during which the covenants herein apply will
be extended by the number of days equal to the period of such violation. Nothing herein shall prohibit the Employee from purchasing or owning less than two percent (2%) of the publicly traded securities of any corporation, provided that such
ownership represents a passive investment and that the Employee is not a controlling person of, or a member of a group that controls, such corporation. 

8.    Non-Solicitation
Covenants.    Employee agrees, during his employment with GIP and for a period of twelve (12) months after the date on which Employee last performed any services for GIP, regardless of whether the termination of
Employee’s relationship with GIP is voluntary or involuntary or with or without cause, that Employee will refrain from and will not, directly or indirectly, as independent contractor, employee, consultant, agent, partner, joint venturer, or
otherwise: (a) solicit or counsel any third person, partnership, joint venture, company, corporation, association or other organization with whom or with which Employee had a substantial relationship within the preceding twenty-four-month
period, regardless of such person’s or entity’s location, to terminate or reduce any business relationship with GIP; or (b) solicit any of the employees, agents or independent contractors of GIP, or any other third party for which GIP
acts under contract or as an agent, regardless of such person’s or entity’s location, to terminate or reduce any business relationship with GIP. Employee further agrees that upon a violation of this section of this Agreement, the period
during which the covenants herein apply will be extended by the number of days equal to the period of such violation. 

  
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 9.    Intellectual Property. 

(a)    Work Product. Employee acknowledges and agrees that all writings, works of authorship, technology,
inventions, discoveries, ideas and other work product of any nature whatsoever that are created, prepared, produced, authored, edited, amended, conceived or reduced to practice by Employee individually or jointly with others, in the course of
performing his employment duties under this Agreement and that directly relate to the business of GIP (regardless of when or where the Work Product is prepared or whose equipment or other resources is used in preparing the same) and all printed,
physical and electronic copies, all improvements, rights and claims related to the foregoing, and other tangible embodiments thereof (collectively, “Work Product”), shall be the sole and exclusive property of GIP. For purposes of
this Agreement, Work Product includes, but is not limited to, GIP information, including plans, publications, research, strategies, techniques, agreements, documents, contracts, terms of agreements, negotiations,
know-how, computer programs, software design, web design, work in process, databases, manuals, results, developments, reports, graphics, drawings, sketches, market studies, formulae, notes, communications,
algorithms, product plans, product designs, styles, models, audiovisual programs, inventions, original works of authorship, discoveries, specifications, customer information, client information, customer lists, client lists, marketing information,
advertising information, and sales information. 
 (b)    Work Made for Hire; Assignment. Employee acknowledges
that, by reason of being employed by GIP at the relevant times, to the extent permitted by law, all of the Work Product consisting of copyrightable subject matter is “work made for hire” as defined in 17 U.S.C. § 101 and such
copyrights are therefore owned by GIP. To the extent that the foregoing does not apply, Employee hereby irrevocably assigns to GIP, for no additional consideration, Employee’s entire right, title and interest in and to all Work Product,
including the right to sue, counterclaim and recover for all past, present and future infringement, misappropriation or dilution thereof, and all rights corresponding thereto throughout the world. Nothing contained in this Agreement shall be
construed to reduce or limit GIP’s rights, title or interest in any Work Product so as to be less in any respect than that GIP would have had in the absence of this Agreement. 

(c)    Further Assurances; Power of Attorney. During and after Employee’s employment, Employee agrees to
reasonably cooperate with GIP to (a) apply for, obtain, perfect and transfer to GIP the Work Product ; and (b) maintain, protect and enforce the same, including, without limitation, executing and delivering to GIP any and all applications,
oaths, declarations, affidavits, waivers, assignments and other documents and instruments as shall be requested by GIP. Employee hereby irrevocably grants GIP power of attorney to execute and deliver any such documents on Employee’s behalf in
Employee’s name and to do all other lawfully permitted acts 

  
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to transfer the Work Product to GIP, to the full extent permitted by law, if Employee does not promptly cooperate with GIP’s request (without limiting the rights GIP shall have in such
circumstances by operation of law). The power of attorney is coupled with an interest and shall not be affected by Employee’s subsequent incapacity. 

(d)    No License. Employee understands that this Agreement does not, and shall not be construed to, grant Employee
any license or right of any nature with respect to any Work Product or any Confidential Information, materials, software or other tools made available to Employee by GIP. 

10.    Remedies Upon Breach. Employee acknowledges that damages at law will be difficult, if not
impossible, to accurately measure in the event that Employee violates the terms of the confidentiality, non-solicitation, non-acceptance and/or intellectual property
covenants as set forth in Sections 6 – 9 above (individually, a “Covenant,” and collectively, the “Covenants”), and that GIP would suffer substantial and irreparable damage as a result of
such violation. Accordingly, Employee agrees that upon a violation of any of those Covenants, GIP will be entitled, at its option and in its sole discretion, upon application to a court of competent jurisdiction or other tribunal, to obtain
injunctive relief to enforce the Covenants, which injunctive relief will be in addition to any other rights, remedies, damages or other forms of relief available to GIP. 

11.    General. Employee understands that each of the Covenants are an essential element of his
relationship with GIP and that, but for Employee’s agreement to comply with such Covenants, GIP would not have agreed to enter into or to continue Employee’s employment (provided, however, that this Agreement is not intended to give
Employee a right to employment). Such Covenants will be construed as agreements independent of any other provisions of Employee’s employment, and the existence of any claim or cause of action that Employee may have against GIP will not
constitute a defense to the enforcement of any Covenants by GIP. Furthermore, Employee agrees that if any portion of a Covenant set forth herein is held to be unreasonable, arbitrary or against public policy, then such portion of the Covenant will
be considered divisible as to time, geographic area or condition. If any court of competent jurisdiction or other tribunal determines any portion of a Covenant to be unreasonable, arbitrary or against public policy, then such portion may be
reformed, to a lesser time period or geographic area or otherwise, so as to be reasonable, not arbitrary and not against public policy, and, as reformed, may be enforced against Employee and any such provision shall be severable from the other
provisions of that Covenant and the other provisions of this Agreement, and such occurrence will not have the effect of rendering the provision in question invalid in any other case or circumstance, or of rendering invalid any other provision of
this Agreement. Employee agrees that the Covenants are appropriate and reasonable when considered in light of the nature and extent of the business of GIP and Employee’s relationship with GIP. The waiver by GIP of Employee’s breach of any
provision of the Covenants shall not be construed as a waiver of the other Covenants or any other provisions hereof or of any subsequent breach by Employee. 

  
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 12.    No Violation of Prior Agreements. Employee
hereby represents and warrants that the exercise of the duties Employee performs for GIP, Employee’s execution of this Agreement or Employee’s performance hereunder do not and will not constitute a violation of any existing restrictive
covenants given to any former or current employer or other third party. 
 13.    Enforceability by
Assignee, Successor or Third-Party Beneficiary. Employee consents to the assignment hereafter, by merger or otherwise, of the protections afforded by this Agreement and/or any of the Covenants herein by the entity with which Employee
has an employment relationship at the time that this Agreement is executed to any affiliate (through common ownership or otherwise) of GIP and expressly recognizes that this Agreement and the Covenants in this Agreement shall be enforceable by any
such assignee , as well as by any third-party beneficiary or entity affiliated with GIP through common ownership or otherwise. 

14.    Miscellaneous. This Agreement will be construed pursuant to and governed by the laws of the
State of Florida except that the Arbitration Provision will be construed pursuant to the Federal Arbitration Act and the federal substantive law of arbitrability. This Agreement may be signed in multiple counterparts. It is the intention of the
parties for facsimile, electronic or emailed signatures to be in full effect and sufficient for the enforcement of this Agreement. Any modification or amendment to this Agreement shall not be effective unless it is incorporated in a writing signed
by both Employee and GIP. Notwithstanding anything to the contrary in this Agreement, to the extent that GIP, in the exercise of its reasonable judgment, shall determine that Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”) applies to any amounts payable under this Agreement, any such amounts shall be paid in such fashion and at such times so as to ensure that GIP and Executive are in compliance with Section 409A of the Code. In the event
that GIP, in the exercise of its reasonable judgment, determines that any portion of the payments and benefits payable as a result of Employee’s separation from service under this Agreement are subject to the requirements of Section 409A
of the Code, and that Employee is a “specified employee” within the meaning of Section 409A of the Code, then, to the extent required for compliance with Section 409A of the Code, any portion of the such payments or benefits that
are subject to Section 409A of the Code and that would otherwise be payable or provided within the first six (6) months following such termination of employment shall be delayed, and paid in a lump sum, on the first regular payroll date of
GIP following the six (6) month anniversary of Employee’s termination of employment (or the date of his death, if earlier than that anniversary). 

15.    Dispute Resolution.  

(a)    Arbitration. GIP and Employee agree that any dispute, controversy or claim arising out of or related in any
way to Employee’s employment relationship with GIP, the termination of that relationship, this Agreement, and/or any breach of this Agreement, shall be submitted to and decided by binding arbitration in Hillsborough County in the State of
Florida. By beginning or continuing employment with GIP, Employee accepts and consents to be bound by this agreement to arbitrate (the “Arbitration Provision”). This Arbitration Provision covers all grievances, disputes, claims or
causes of action that otherwise could be brought in a federal, state 

  
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or local court under applicable federal, state or local laws, arising out of or relating to Employee’s employment with GIP and the termination thereof, including claims Employee may have
against GIP or against its officers, directors, supervisors, managers, employees or agents in their capacity as such or otherwise. The claims covered by this Arbitration Provision include, but are not limited to, claims for breach of any contract or
covenant (express or implied); tort claims; claims for wages or other compensation due; claims for wrongful termination (constructive or actual); claims for discrimination or harassment (including, but not limited to, harassment or discrimination
based on race, age, color, sex, gender, national origin, alienage or citizenship status, creed, religion, marital status, partnership status, military status, predisposing genetic characteristics, medical condition, psychological condition, mental
condition, criminal accusations and convictions, disability, sexual orientation, or any other trait or characteristic protected by federal, state or local law); claims for violation of any federal, state, local or other governmental law, statute,
regulation or ordinance; and claims or disputes concerning the validity, enforceability, arbitrability or scope of this Arbitration Provision. Claims not covered by this Arbitration Provision are claims for workers’ compensation or unemployment
compensation benefits; at GIP’s sole option, claims by GIP for injunctive or other equitable relief for the breach or threatened breach of the Covenants above; and any other claims that, as a matter of law, GIP and Employee cannot agree to
arbitrate. Nothing herein shall impair Employee’s right to report possible violations of law to any government agency or cooperate with any agency’s investigation. 

GIP and Employee expressly intend and agree that: (a) class, collective and/or representative action procedures shall not be asserted,
nor will they apply, in any arbitration pursuant to this Arbitration Provision; (b) Employee will not assert class, collective and/or representative action claims against GIP or its officers, directors, supervisors, managers, employees or
agents in arbitration or otherwise; and (c) Employee shall only submit his own, individual claims in arbitration and will not seek to represent the interests of any other person. Further, GIP and Employee expressly intend and agree that any
claims by Employee will not be joined, consolidated or heard together with claims of any other employee. 
 The Arbitrator shall apply the
substantive law of the State of Florida or federal law (and the law of remedies, if applicable) as applicable to the claims asserted and shall apply the same rules of evidence as a federal court. Arbitration shall be administered in accordance with
the AAA Employment Arbitration Rules in effect at the time the arbitration is commenced. To the extent not provided for in the AAA Employment Arbitration Rules, the Arbitrator has the power to order discovery upon a showing that discovery is
necessary for a party to have a fair opportunity to present a claim or defense, and the Arbitrator shall decide all discovery disputes. Employee’s agreements to arbitrate and participate only in his individual capacity are contracts under the
Federal Arbitration Act and any other laws validating such agreements. No failure to strictly enforce these agreements will constitute a waiver or create any future waivers. If any part of this Arbitration Provision is adjudged to be void or
otherwise unenforceable, in whole or in part, the void or unenforceable portion shall be severed and such adjudication shall not affect the validity of the remainder of this Arbitration Provision and/or this Agreement. Any arbitral award
determination shall be final and binding upon the parties. Judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. 

  
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 (b)    Injunctive Relief. Nothing in the Arbitration Provision
and/or this Agreement shall prevent GIP from applying to and obtaining from a court of competent jurisdiction a writ of attachment, a temporary restraining order, a permanent restraining order, a temporary injunction, a permanent injunction, or
other injunctive relief available to safeguard and protect GIP’s interests, including but not limited to GIP’s interests in the Covenants contained herein. Any action, suit or other proceeding initiated for these purposes shall be brought
in the State of Florida in the Thirteenth Judicial Circuit in and for Hillsborough County, Florida or in the United States District Court for the Middle District of Florida and Employee agrees to submit himself to the exclusive personal jurisdiction
and venue of those courts for such purposes. 
 c)    WAIVER OF JURY TRIAL. GIP AND EMPLOYEE
UNDERSTAND AND AGREE THAT THEY ARE WAIVING ANY RIGHT TO JURY TRIAL WITH RESPECT TO ANY DISPUTE, CONTROVERSY OR CLAIM ARISING OUT OF OR RELATED IN ANY WAY TO EMPLOYEE’S EMPLOYMENT RELATIONSHIP WITH TRENAM, THE TERMINATION OF THAT RELATIONSHIP,
THIS AGREEMENT, AND/OR ANY BREACH OF THIS AGREEMENT. GIP AND EMPLOYEE EXPRESSLY ACKNOWLEDGE AND AGREE THAT THEY ARE WAIVING ANY RIGHT THEY MAY HAVE TO A JURY TRIAL BY SIGNING THIS AGREEMENT. 

Dated this 20 day of December 2019. 
  

							
	RICHARD RUSSELL	 		 	    	 	GENERATION INCOME PROPERTIES, INC.
				
	 /s/ Richard Russell

Signature
  

Richard Russell
 Printed
Name
	 		 		 	 /s/ David Sobelman

Signature of Employer Representative
  

David Sobelman
 Name of Employer
Representative
  
 President

Title Of Employer Representative

  
 8 of 8Exhibit 10.1

 

Execution Version

 

CERTAIN IDENTIFIED INFORMATION HAS BEEN
EXCLUDED FROM THIS EXHIBIT BECAUSE IT

IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF

PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED.

 

 

COMMON STOCK PURCHASE AGREEMENT

 

COMMON
STOCK PURCHASE AGREEMENT (this “Agreement”), dated as of December 23, 2019, by and among Liquidia
Technologies, Inc., a Delaware corporation, with headquarters located at 419 Davis Drive, Suite 100, Morrisville, NC 27560 (“Liquidia”),
and each of the investors listed on the Schedule of Buyers attached hereto (individually, a “Buyer” and collectively,
the “Buyers”).

 

A.          WHEREAS, each Buyer wishes to purchase from Liquidia, and Liquidia wishes to sell, upon the terms and conditions
stated in this Agreement, that aggregate number of shares of Liquidia’s common stock, par value $0.001 per share (the “Common
Stock”), set forth opposite such Buyer’s name in column (3) on the Schedule of Buyers attached hereto (collectively,
the “Common Shares”) for an aggregate purchase price as set forth on the Schedule of Buyers (provided that each
Buyer and its Affiliates shall not be a “beneficial owner” of more than 19.99% of the Common Stock (as defined for
purposes of Rule 13d-3 of the 1934 Act (as defined below)) immediately following the Closing), and Liquidia desires to sell the
Common Shares to the Buyers, all on the terms and conditions set forth in this Agreement; and

 

B.           WHEREAS, in reliance upon the representations made by each of the Buyers and Liquidia in this Agreement, the transactions
contemplated by this Agreement are such that the offer and sale of securities by Liquidia under this Agreement will be exempt from
registration under applicable United States securities laws as a result of the transaction being contemplated hereby being undertaken
pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the “1933 Act”) and Rule 506 of Regulation
D (“Regulation D”) as promulgated by the U.S. Securities and Exchange Commission (the “SEC”)
under the 1933 Act.

 

C.           NOW, THEREFORE, in consideration of the terms and conditions contained herein, and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, Liquidia and each Buyer hereby agree as follows:

 

1.            PURCHASE AND SALE OF COMMON SHARES.

 

(a)              
Purchase of Common Shares. Subject to the satisfaction (or waiver) of all of the conditions set forth in Section
5 and Section 6 below, Liquidia shall issue and sell to each Buyer, and each Buyer severally, but not jointly, agrees
to purchase from Liquidia on the Closing Date (as defined below), the number of Common Shares as is set forth opposite such Buyer’s
name in column (3) on the Schedule of Buyers attached hereto at a purchase price of $3.13 per Common Share (the “Closing”).

 

(b)               Closing.
On the Closing Date (as defined below), upon the terms and subject to the conditions set forth herein, Liquidia agrees to
sell, and each Buyer agrees to purchase, the number of Common Shares at the Purchase Price (as defined below) set forth
opposite such Buyer’s name in columns (3) and (4), respectively, of the Schedule of Buyers attached hereto. The Closing
shall occur at 10 a.m. Eastern time on December 27, 2019, subject to the satisfaction or waiver of the conditions set forth
in Section 5 and Section 6 in accordance with this Agreement (the “Closing Date”), at
the offices of DLA Piper LLP (US), 51 John F. Kennedy Parkway, Suite 120, Short Hills, NJ 07078, or at such later date, time
or other location as the parties may mutually agree in writing, and of which the Buyers will be notified in advance by
Jefferies LLC, as placement agent (the “Placement Agent”). At or prior to the Closing, each of Liquidia
and the Buyers shall execute any related agreements or other documents required to be executed as of the Closing hereunder,
each dated the Closing Date. The Shares shall be delivered via a book-entry record through Liquidia’s transfer agent.
Unless Liquidia and a Buyer otherwise mutually agree with respect to such Buyer’s Common Shares, at Closing settlement
shall occur on a “delivery versus payment” basis.

 

    1

     

    

 

(c)              
Purchase Price. The purchase price for the Common Shares to be purchased by each Buyer pursuant to this Agreement
shall be the number of Common Shares to be purchased by such Buyer multiplied by the per share purchase price set forth in Section
1(a) hereof which amount shall be set forth opposite such Buyer’s name in column (4) of the Schedule of Buyers attached
hereto (each, a “Purchase Price”).

 

(d)              
Section 4(a)(2) and Regulation D. Assuming the accuracy of the representations and warranties of each Buyer and Liquidia
set forth in Section 2 and Section 3, respectively, the parties acknowledge and agree that the purpose of such representations
and warranties is, among other things, to ensure that the transaction contemplated hereby qualify as a sale of securities under
Section 4(a)(2) of the 1933 Act and Rule 506 of Regulation D as promulgated by the SEC under the 1933 Act.

 

(e)              
Allocation of Purchase Price. Liquidia and each Buyer, as a result of arm’s length bargaining, agree that (I)
none of the Buyers nor any of their Affiliates (as defined below) have rendered services to Liquidia in connection with this Agreement,
and (II) except as otherwise required by a final “determination” within the meaning of Section 1313(a)(1) of the U.S.
Internal Revenue Code of 1986, as amended, all tax returns and other information returns of each party relative to this Agreement,
and the Common Shares issued pursuant hereto shall consistently reflect the matters agreed to in clause (I) of this Section
1(e).

 

2.            BUYER’S REPRESENTATIONS AND WARRANTIES. Each Buyer, severally and not jointly, represents and warrants with
respect to only itself to Liquidia that, as of the date hereof and as of the Closing Date:

 

(a)              
Organization and Existence. Such Buyer is a duly incorporated or organized and validly existing corporation, limited
partnership, limited liability company or other legal entity, has all requisite corporate, partnership or limited liability company
power and authority to enter into and consummate the transactions contemplated by the Transaction Documents (as defined below)
and to carry out its obligations hereunder and thereunder, and to invest in the Common Shares pursuant to this Agreement, and is
in good standing under the laws of the jurisdiction of its incorporation or organization.

 

(b)              
No Public Sale or Distribution. Such Buyer is acquiring the Common Shares for its own account, not as nominee or
agent, for the purpose of investment and not with a view towards, or for resale in connection with, the public sale or distribution
thereof, except pursuant to sales registered or exempted under the 1933 Act; provided, however, that by making the
representations herein, such Buyer does not agree to hold any of the Common Shares for any minimum or other specific term and reserves
the right to dispose of the Common Shares at any time in accordance with or pursuant to a registration statement or an exemption
under the 1933 Act. Such Buyer is acquiring the Common Shares hereunder in the ordinary course of its business. Such Buyer does
not presently have any agreement or understanding, directly or indirectly, with any Person to distribute any of the Common Shares.
For purposes of this Agreement, “Person” means an individual, a limited liability company, a partnership, a
joint venture, a corporation, a trust, an unincorporated organization and a government or any department or agency thereof.

 

    2

     

    

 

(c)              
Accredited Investor Status; No Disqualification Events. Such Buyer is (i) an “accredited investor” as
that term is defined in Rule 501(a) of Regulation D and (ii) an “Institutional Account” as defined in FINRA Rule 4512(c).
Such Buyer has executed and delivered to Liquidia a questionnaire in substantially the form attached hereto as Exhibit A
(the “Investor Questionnaire”), which such Buyer represents and warrants is true, correct and complete. Such
Buyer is a sophisticated institutional investor with sufficient knowledge and experience in investing in private equity transactions
to properly evaluate the risks and merits of its purchase of the Common Shares. None of the “bad actor” disqualifications
described in Rule 506(d)(1)(i) through (viii) under the 1933 Act (“Disqualification Events”) are applicable
to such Buyer or any of its Rule 506(d) Related Parties (as defined below), except, if applicable, for a Disqualification Event
as to which Rule 506(d)(2)(ii) or (iii) or (d)(3) is applicable. Such Buyer hereby agrees that it shall notify Liquidia promptly
in writing in the event a Disqualification Event becomes applicable to such Buyer or any of its Rule 506(d) Related Parties, except,
if applicable, for a Disqualification Event as to which Rule 506(d)(2)(ii) or (iii) or (d)(3) is applicable. For purposes of this
Section 2(b), “Rule 506(d) Related Party” shall mean a Person that is a beneficial owner of such Buyer’s
securities for purposes of Rule 506(d) of the 1933 Act. Except as set forth on Schedule 2(b), such Buyer is not, and has
not been, for a period of at least three (3) months prior to the date of this Agreement (a) an officer or director of Liquidia,
(b) an “affiliate” of Liquidia (as defined in Rule 144) (an “Affiliate”), or (c) a “beneficial
owner” of more than 10% of Liquidia’s Common Stock (as defined for purposes of Rule 13d-3 of the 1934 Act).

 

(d)              
Placement Agent. Such Buyer hereby acknowledges and agrees that (a) the Placement Agent is acting solely as placement
agent in connection with the execution, delivery and performance of the Transaction Documents and is not acting as an underwriter
or in any other capacity and is not and shall not be construed as a fiduciary for such Buyer, Liquidia or any other person or entity
in connection with the execution, delivery and performance of the Transaction Documents, (b) the Placement Agent has not made or
will make any representation or warranty, whether express or implied, of any kind or character, or has provided any advice or recommendation
in connection with the execution, delivery and performance of the Transaction Documents, (c) the Placement Agent will not have
any responsibility with respect to (i) any representations, warranties or agreements made by any person or entity under or in connection
with the execution, delivery and performance of the Transaction Documents, or the execution, legality, validity or enforceability
(with respect to any person) thereof, or (ii) the business, affairs, financial condition, operations, properties or prospects of,
or any other matter concerning Liquidia, and (d) the Placement Agent will not have any liability or obligation (including without
limitation, for or with respect to any losses, claims, damages, obligations, penalties, judgments, awards, liabilities, costs,
expenses or disbursements incurred by such Buyer, Liquidia or any other person or entity), whether in contract, tort or otherwise,
to such Buyer, or to any person claiming through it, in respect of the execution, delivery and performance of the Transaction Documents.

 

    3

     

    

 

(e)              
No General Solicitation. Such Buyer did not learn of the investment in the Common Shares as a result of any general
or public solicitation or general advertising, or publicly disseminated advertisements or sales literature, including (a) any
advertisement, article, notice or other communication published in any newspaper, magazine, website, or similar media, or broadcast
over television or radio, or (b) any seminar or meeting to which such Buyer was invited by any of the foregoing means of communications.

 

(f)               
Brokers and Finders. Other than the Placement Agent, no Person will have, as a result of the transactions contemplated
by the Transaction Documents, any valid right, interest or claim against or upon Liquidia or a Buyer for any commission, fee or
other compensation pursuant to any agreement, arrangement or understanding entered into by or on behalf of such Buyer.

 

(g)              
Short Sales and Confidentiality Prior to the Date Hereof. Other than consummating the transactions contemplated hereunder,
such Buyer has not, nor has any Person acting on behalf of or pursuant to any understanding with such Buyer, directly or indirectly
executed any purchases or sales, including “short sales” (as defined in Rule 200 of Regulation SHO under the
1934 Act), of the securities of Liquidia during the period commencing as of the time that such Buyer was first contacted by
Liquidia, the Placement Agent or any other Person regarding the transactions contemplated hereby and ending immediately prior to
the date hereof.  Notwithstanding the foregoing, in the case of a Buyer that is a multi-managed investment vehicle whereby
separate portfolio managers manage separate portions of such Buyer’s assets and the portfolio managers have no direct knowledge
of the investment decisions made by the portfolio managers managing other portions of such Buyer’s assets, the representation
set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment
decision to purchase the Common Shares covered by this Agreement. Other than to other Persons party to this Agreement and
other than to such Person’s outside attorney, accountant, auditor or investment advisor only to the extent necessary to permit
evaluation of the investment, and the performance of the necessary or required tax, accounting, financial, legal, or administrative
tasks and services and other than as may be required by law, such Buyer has maintained the confidentiality of all disclosures made
to it in connection with this transaction (including the existence and terms of this transaction). Notwithstanding the foregoing,
for avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect
to the identification of the availability of, or securing of, available shares to borrow in order to effect “short sales”
or similar transactions in the future.

 

(h)              
Reliance on Exemptions. Such Buyer understands that the Common Shares are being offered and sold to it in reliance
on specific exemptions from the registration requirements of U.S. federal and state securities laws and that Liquidia is relying
in part upon the truth and accuracy of, and such Buyer’s compliance with, the representations, warranties, agreements, acknowledgments
and understandings of such Buyer set forth herein in order to determine the availability of such exemptions and the eligibility
of such Buyer to acquire the Common Shares.

 

    4

     

    

 

(i)                
Information. Such Buyer has been furnished with all materials relating to the business, finances and operations of
Liquidia and materials relating to the transactions contemplated hereunder that have been requested by such Buyer. Such Buyer has
been afforded the opportunity to ask questions of Liquidia. Neither such inquiries nor any other due diligence investigations conducted
by such Buyer or its representatives shall modify, amend or affect such Buyer’s right to rely on Liquidia’s representations
and warranties contained herein. Such Buyer acknowledges that all of the documents filed by Liquidia with the SEC under Sections
13(a), 14(a) or 15(d) of the 1934 Act that have been posted on the SEC’s EDGAR site are available to such Buyer, and such
Buyer has not relied on any statement of Liquidia not contained in such documents in connection with such Buyer’s decision
to enter into this Agreement and the transactions contemplated hereby. Such Buyer has not relied on any information or advice furnished
by or on behalf of the Placement Agent or any other Buyer in connection with the transaction contemplated hereby.

 

(j)                
Risk. Such Buyer understands that its investment in the Common Shares involves a high degree of risk. Such Buyer
is able to bear the risk of an investment in the Common Shares, including, without limitation, the risk of total loss of its investment.
Such Buyer has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision
with respect to the transactions contemplated hereby. Such Buyer understands that there is no assurance that the Common Shares
will continue to be quoted, traded or listed for trading or quotation on the Nasdaq Capital Market (“Nasdaq”)
or on any other organized market or quotation system.

 

(k)              
No Governmental Review. Such Buyer understands that no U.S. federal or state agency or any other government or governmental
agency has passed on or made any recommendation or endorsement of the Common Shares or the fairness or suitability of the investment
in the Common Shares nor have such authorities passed upon or endorsed the merits of the offering of the Common Shares.

 

(l)               
No Intent to Effect a Change of Control. Such Buyer has no present intent to effect a “change of control”
of Liquidia as such term is understood under the rules promulgated pursuant to Section 13(d) of the 1934 Act.

 

(m)             
Residency. Such Buyer’s office in which its investment decision with respect to the Common Shares was made
is located at the address immediately below such Buyer’s name on its signature page hereto.

 

(n)              
Transfer or Resale. Such Buyer acknowledges and agrees that the Common Shares are “restricted securities”
as defined in Rule 144 promulgated under the 1933 Act as in effect from time to time (or a successor rule thereto) (“Rule
144”) and must be held indefinitely unless they are subsequently registered under the 1933 Act or an exemption from such
registration is available. Buyer has been advised or is aware of the provisions of Rule 144, which permits limited resale of shares
purchased in a private placement subject to the satisfaction of certain conditions, including, among other things: the availability
of certain current public information about Liquidia, the resale occurring following the required holding period under Rule 144
and the number of shares being sold during any three-month period not exceeding specified limitations.

 

    5

     

    

 

(o)              
Authorization; Validity; Enforcement. Such Buyer has all requisite power and authority to enter into this Agreement
and the other Transaction Documents to which such Buyer is a party, to carry out its obligations hereunder and to consummate the
transactions contemplated hereby. This Agreement and the other Transaction Documents to which such Buyer is a party have been duly
and validly authorized, executed and delivered on behalf of such Buyer and shall constitute the legal, valid and binding obligations
of such Buyer enforceable against such Buyer in accordance with their respective terms, except as such enforceability may be limited
by general principles of equity or to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar
laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies.

 

(p)              
Legends. Such Buyer understands that the certificates or other instruments representing the Common Shares, until
such time as the exchange or resale of the Common Shares have been registered under the 1933 Act, may bear a restrictive legend
in the following form (and a stop-transfer order may be placed against transfer of such Common Shares):

 

THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS
OF ANY STATE. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT
AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS SHOULD
BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE ISSUER
OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED
TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 

In addition, if any Buyer
is an affiliate of Liquidia, the Common Shares issued to such Buyer may bear a customary “affiliates” legend. Furthermore,
Buyer understands that, if required by the authorities of any state in connection with the issuance of sale of the Common Shares,
the Common Shares may bear the legend required by such state authority.

 

(q)              
No Conflicts. The execution, delivery and performance by such Buyer of this Agreement and the other Transaction Documents
to which such Buyer is a party and the consummation by such Buyer of the transactions contemplated hereby and thereby will not
(i) result in a violation of the organizational documents of such Buyer or (ii) conflict with, or constitute a default (or an event
which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment,
acceleration or cancellation of, any agreement, indenture or instrument to which such Buyer is a party, or (iii) result in a violation
of any law, rule, regulation, order, judgment or decree (including federal and state securities laws) applicable to such Buyer,
except in the case of clauses (ii) and (iii) above, for such conflicts, defaults, rights or violations which would not, individually
or in the aggregate, reasonably be expected to have a material adverse effect on the ability of such Buyer to perform its obligations
hereunder.

 

    6

     

    

 

3.            REPRESENTATIONS AND WARRANTIES OF LIQUIDIA.

 

Liquidia represents and
warrants to each of the Buyers that, as of the date hereof and as of the Closing Date, except as set forth on the Disclosure Schedule
attached hereto as Exhibit B (the “Disclosure Schedule”) (references to a “Schedule” in this
Agreement shall be deemed to refer to a schedule contained in the Disclosure Schedule unless otherwise expressly provided):

 

(a)              
Organization and Qualification. Liquidia is an entity duly organized and validly existing and in good standing under
the laws of the state of Delaware, and has the requisite corporate power and authorization to own its properties and to carry on
its business as now being conducted and as presently proposed to be conducted. Liquidia is duly qualified as a foreign corporation
to do business and is in good standing in every jurisdiction in which its ownership of property or the nature of the business conducted
by it makes such qualification necessary, except to the extent that the failure to be so qualified or be in good standing would
not reasonably be expected to have a Material Adverse Effect. As used in this Agreement, “Material Adverse Effect”
means any material adverse effect on the business, properties, assets, liabilities, operations, results of operations, condition
(financial or otherwise) or prospects of Liquidia, individually or taken as a whole, or on the transactions contemplated hereby
or on the other Transaction Documents (as defined below) or by the agreements and instruments to be entered into in connection
herewith or therewith, or on the authority or ability of Liquidia to perform any of its obligations under any of the Transaction
Documents. Liquidia does not, directly or indirectly, own any of the capital stock or hold an equity or similar interest in any
entity.

 

(b)              
Authorization; Enforcement; Validity. Liquidia has the requisite corporate power and authority to enter into and
perform its obligations under this Agreement, that certain Registration Rights Agreement, by and among the parties hereto, dated
on or about the date hereof (as may be amended, amended and restated, or supplemented from time to time), and each of the other
agreements entered into by Liquidia in connection with the transactions contemplated by this Agreement (collectively, the “Transaction
Documents”) and to issue the Common Shares in accordance with the terms hereof and thereof. The execution and delivery
of this Agreement and the other Transaction Documents by Liquidia and the consummation by Liquidia of the transactions contemplated
hereby and thereby, including, without limitation, the issuance of the Common Shares, have been duly authorized by Liquidia’s
Board of Directors and (other than the filing of a Form D with the SEC and any other filings as may be required by any state securities
agencies), no further filing, consent or authorization is required by Liquidia, its Board of Directors or its stockholders. This
Agreement and the other Transaction Documents have been duly executed and delivered by Liquidia, and constitute the legal, valid
and binding obligations of Liquidia, enforceable against Liquidia in accordance with their respective terms, except as such enforceability
may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or
similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies.

 

(c)              
Issuance of Common Shares. The issuance of the Common Shares is duly authorized and, upon issuance in accordance
with the terms of the Transaction Documents, the Common Shares shall be validly issued and free from all preemptive or similar
rights (except for those which have been validly waived prior to the date hereof), taxes, liens and charges and other encumbrances
with respect to the issue thereof and the Common Shares shall be fully paid and nonassessable with the holders being entitled to
all rights accorded to a holder of Liquidia Common Stock. Assuming the accuracy of each of the representations and warranties set
forth in Section 2 of this Agreement, the offer and issuance by Liquidia of the Common Shares is exempt from registration
under the 1933 Act. The offer and issuance of the Common Shares hereunder will not obligate Liquidia to issue shares of Common
Stock or other securities to any other Person (other than the Buyers) and will not result in the adjustment of the exercise, conversion,
exchange or reset price of any outstanding security.

 

    7

     

    

 

(d)              
No Conflicts. The execution, delivery and performance of the Transaction Documents by Liquidia and the consummation
by Liquidia of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Common Shares)
will not (i) result in a violation of Liquidia’s certificate of incorporation, as amended and restated and as in effect on
the date hereof (the “Certificate of Incorporation”), or Liquidia’s bylaws, as amended and restated and
as in effect on the date hereof (the “Bylaws”), or (ii) conflict with, or constitute a default (or an event
which with notice or lapse of time or both would become a default) in any respect under, or give to others any rights of termination,
amendment, acceleration or cancellation of, any agreement, indenture or instrument to which Liquidia is a party, or (iii) result
in a violation of any applicable law, rule, regulation, order, judgment or decree (including foreign, federal and state securities
laws and regulations) applicable to Liquidia or by which any property or asset of Liquidia is bound or affected, except, in the
case of clauses (ii) and (iii) above, as would not have or reasonably be expected to result in a Material Adverse Effect.

 

(e)              
Consents. Liquidia is not required to obtain any consent from, authorization or order of, or make any filing or registration
with (other than the filing of a Form D with the SEC and any other filings as may be required by any state securities agencies),
any court, governmental agency or any regulatory or self-regulatory agency or any other Person in order for it to execute, deliver
or perform any of its obligations under or contemplated by the Transaction Documents, in each case, in accordance with the terms
hereof or thereof. All consents, authorizations, orders, filings and registrations which Liquidia is required to obtain pursuant
to the preceding sentence have been obtained or effected on or prior to the Closing Date (or in the case of filings detailed above,
will be made timely after the Closing Date).

 

(f)               
Acknowledgment Regarding Buyer’s Purchase of Common Shares. Liquidia acknowledges and agrees that each Buyer
is acting solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions
contemplated hereby and thereby and that, except as set forth on Schedule 3(f), no Buyer is (i) an officer or director of
Liquidia, (ii) an “affiliate” of Liquidia (as defined in Rule 144) or (iii) to the knowledge of Liquidia, a “beneficial
owner” (as defined for purposes of Rule 13d-3 of the 1934 Act) of more than 10% of the Liquidia Common Stock. Liquidia further
acknowledges that no Buyer is acting as a financial advisor or fiduciary of Liquidia or any other Buyer (or in any similar capacity)
with respect to the Transaction Documents and the transactions contemplated hereby and thereby, and any advice given by a Buyer
or any of its representatives or agents in connection with the Transaction Documents and the transactions contemplated hereby and
thereby is merely incidental to such Buyer’s purchase of the Common Shares. Liquidia further represents to each Buyer that
Liquidia’s decision to enter into the Transaction Documents has been based solely on the independent evaluation by Liquidia
and its representatives.

 

    8

     

    

 

(g)              
SEC Reports; Financial Statements. Liquidia has filed all reports, schedules, forms, statements and other documents
required to be filed by Liquidia under the 1933 Act and the Securities Exchange Act of 1934, as amended (the “1934 Act”),
including pursuant to Section 13(a) or 15(d) of the 1934 Act, for the twelve (12) months preceding the date of this Agreement (the
foregoing materials, including the exhibits thereto and documents incorporated by reference therein, being collectively referred
to herein as the “SEC Reports”) on a timely basis or has received a valid extension of such time of filing and
has filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports complied
in all material respects with the requirements of the 1933 Act and the 1934 Act, as applicable, and none of the SEC Reports, when
filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The financial
statements of Liquidia included in the SEC Reports comply in all material respects with applicable accounting requirements and
the rules and regulations of the Securities Exchange Commission (the “SEC”) with respect thereto as in effect
at the time of filing. Such financial statements have been prepared in accordance with generally accepted accounting principles
in the United States applied on a consistent basis during the periods involved (“GAAP”), except as may be otherwise
specified in such financial statements or the notes thereto and except that unaudited financial statements may not contain all
footnotes required by GAAP, and fairly present in all material respects the financial position of Liquidia as of and for the dates
thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements,
to normal, immaterial, year-end audit adjustments. As of the date of this Agreement and as of the Closing Date, there are no outstanding
or unresolved comments received from the staff of the SEC with respect to the SEC Reports, and to Liquidia’s knowledge, none
of the SEC Reports is the subject of any ongoing SEC review or investigation.

 

(h)              
Subsidiaries. Liquidia does not have any subsidiaries.

 

(i)                No General Solicitation; Placement Agent’s Fees. Neither Liquidia, nor its affiliates, nor any Person acting
on its or their behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation
D) in connection with the offer or sale of the Common Shares. Liquidia shall be responsible for the payment of the Placement Agent’s
fees described on Schedule 3(i), which shall be the only such placement agent fees, financial advisory fees, or brokers’
commissions (other than for Persons engaged by any Buyer or its investment advisor) relating to or arising out of the transactions
contemplated hereby. Liquidia shall pay, and hold each Buyer harmless against, any liability, loss or expense (including, without
limitation, attorney’s fees and out-of-pocket expenses) arising in connection with any such claim.

 

(j)                No
Integrated Offering. Neither Liquidia, nor any of its affiliates, nor any Person acting on its behalf has, directly or indirectly,
made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would require registration
of the issuance of any of the Common Shares under the 1933 Act, whether through integration with prior offerings or otherwise,
or cause this offering of the Common Shares to require approval of stockholders of Liquidia for purposes of the 1933 Act or any
applicable stockholder approval provisions, including, without limitation, under the rules and regulations of any exchange or
automated quotation system on which any of the securities of Liquidia are listed or designated for quotation. Neither Liquidia
nor its affiliates nor any Person acting on their behalf will take any action or steps that would require registration of the
issuance of any of the Common Shares under the 1933 Act or cause the offering of any of the Common Shares to be integrated with
other offerings for purposes of any such applicable stockholder approval provisions.

 

    9

     

    

 

(k)              
Application of Takeover Protections; Rights Agreement. Liquidia and its Board of Directors have taken all necessary
action, if any, in order to render inapplicable any control share acquisition, interested stockholder, business combination, poison
pill (including, without limitation, any distribution under a rights agreement) or other similar anti-takeover provision under
the Certificate of Incorporation, Bylaws or other organizational documents or the laws of the jurisdiction of its formation which
is or could become applicable to any Buyer as a result of the transactions contemplated by this Agreement, including, without limitation,
Liquidia’s issuance of the Common Shares and any Buyer’s ownership of the Common Shares. Liquidia and its Board of
Directors have taken all necessary action, if any, in order to render inapplicable any stockholder rights plan or similar arrangement
relating to accumulations of beneficial ownership of Liquidia Common Stock or a change in control of Liquidia.

 

(l)                
Absence of Certain Changes. Except as disclosed in the SEC Reports, since September 30, 2019, there has been no material
adverse change and no material adverse development in the business, assets, liabilities, properties, operations, condition (financial
or otherwise), results of operations or prospects of Liquidia. Except as disclosed in the SEC Reports, since September 30, 2019,
Liquidia has not (i) declared or paid any dividends, (ii) sold any assets, individually or in the aggregate, in excess of $100,000
outside of the ordinary course of business or (iii) had capital expenditures, individually or in the aggregate, in excess of $350,000.
Liquidia has not taken any steps to seek protection pursuant to any law or statute relating to bankruptcy, insolvency, reorganization,
receivership, liquidation or winding up, nor does Liquidia have any knowledge or reason to believe that any of its creditors intend
to initiate involuntary bankruptcy proceedings or any actual knowledge of any fact which would reasonably lead a creditor to do
so. Liquidia is not as of the date hereof, and after giving effect to the transactions contemplated hereby to occur at the Closing,
will not be Insolvent (as defined below). For purposes of this Agreement, “Insolvent” means, with respect to
any Person, (i) the present fair saleable value of such Person’s assets is less than the amount required to pay such Person’s
total Indebtedness (as defined below), (ii) such Person is unable to pay its debts and liabilities, subordinated, contingent or
otherwise, as such debts and liabilities become absolute and matured, (iii) such Person intends to incur or believes that it will
incur debts that would be beyond its ability to pay as such debts mature or (iv) such Person has unreasonably small capital with
which to conduct the business in which it is engaged as such business is now conducted and is proposed to be conducted.

 

(m)            
No Undisclosed Events, Liabilities, Developments or Circumstances. No event, liability, development or circumstance
has occurred or exists, or is contemplated to occur with respect to Liquidia or its business, properties, prospects, operations
or financial condition, that would be required to be disclosed by Liquidia under applicable securities laws on a registration statement
on Form S-1 filed with the SEC relating to an issuance and sale by Liquidia of Liquidia Common Stock and which has not been publicly
disclosed.

 

(n)              
Conduct of Business; Regulatory Permits. Liquidia is not in violation of any term of or in default under the Certificate
of Incorporation or the Bylaws. Liquidia is not in violation of any judgment, decree or order or any statute, ordinance, rule or
regulation applicable to Liquidia, and Liquidia will not conduct its business in violation of any of the foregoing, except in all
cases for possible violations which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. Liquidia possesses all certificates, authorizations and permits issued by the appropriate foreign, federal or state regulatory
authorities necessary to conduct its business, except where the failure to possess such certificates, authorizations or permits
would not have, individually or in the aggregate, a Material Adverse Effect, and Liquidia has not received any notice of proceedings
relating to the revocation or modification of any such certificate, authorization or permit. Without limiting the generality of
the foregoing, Liquidia has no knowledge of any facts or circumstances that would reasonably lead to delisting or suspension of
Common Stock by Nasdaq in the foreseeable future. The Company is in compliance with applicable Nasdaq continued listing requirements.
The issuance and sale of the Common Shares does not contravene the rules and regulations of Nasdaq.

 

    10

     

    

 

(o)              
Foreign Corrupt Practices. Neither Liquidia, nor any director, officer, agent, employee or other Person acting on
behalf of Liquidia has, in the course of its actions for, or on behalf of, Liquidia (i) used any corporate funds for any unlawful
contribution, gift, entertainment or other unlawful expenses relating to political activity; (ii) made any direct or indirect unlawful
payment to any foreign or domestic government official or employee from corporate funds; (iii) violated or is in violation of any
provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended; or (iv) made any unlawful bribe, rebate, payoff, influence
payment, kickback or other unlawful payment to any foreign or domestic government official or employee.

 

(p)              
Transactions with Affiliates. Except as set forth in Schedule 3(p), none of the officers, directors or employees
of Liquidia is presently a party to any transaction with Liquidia (other than for ordinary course services as employees, officers
or directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing
for rental of real or personal property to or from, or otherwise requiring payments to or from any such officer, director or employee
or, to the knowledge of Liquidia, any corporation, partnership, trust or other Person in which any such officer, director, or employee
has a substantial interest or is an employee, officer, director, trustee or partner.

 

(q)              
Equity Capitalization. As of the date hereof, the authorized capital stock of Liquidia consists of (I) 40,000,000
shares of Liquidia Common Stock, of which as of November 30, 2019, 18,657,154 were issued and outstanding, 2,058,065 shares were
issuable under outstanding options to purchase Liquidia Common Stock at a weighted average exercise price of $9.3438 per share,
7,727 shares were issuable upon the vesting of restricted stock units and 106,274 shares were issuable under outstanding warrants
to purchase Liquidia Common Stock, each with an exercise price of $0.0168 per share, and (II) 10,000,000 shares of preferred stock
of Liquidia, none of which are issued or outstanding. All of the issued and outstanding shares of Liquidia’s capital stock
have been duly authorized and validly issued and are fully paid and nonassessable; none of such shares were issued in violation
of any preemptive rights; and such shares were issued in compliance with applicable state and federal securities law and any rights
of third parties. There are no other outstanding warrants, options, convertible securities or other rights, agreements or arrangements
of any character under which Liquidia is or may be obligated to issue any equity securities of any kind, except as contemplated
by this Agreement. There are no voting agreements, buy-sell agreements, option or right of first purchase agreements or other agreements
of any kind among Liquidia and any of its securityholders relating to Liquidia securities held by them. Except as provided in the
Registration Rights Agreement, and except as provided in that certain Seventh Amended and Restated Investors’ Rights Agreement,
dated as of February 2, 2018, by and among Liquidia and certain investors signatory thereto, no Person has the right to require
Liquidia to register any Liquidia securities under the 1933 Act, whether on a demand basis or in connection with the registration
of Liquidia securities for its own account or for the account of any other Person.

 

    11

     

    

 

(r)               
Indebtedness and Other Contracts. Except as disclosed in the SEC Reports, Liquidia (i) is not a party to any contract,
agreement or instrument, the violation of which, or default under which, by the other party(ies) to such contract, agreement or
instrument would reasonably be expected to result in a Material Adverse Effect, or (ii) is not in violation of any term of, or
in default under, any contract, agreement or instrument relating to any Indebtedness, except where such violations and defaults
would not result, individually or in the aggregate, in a Material Adverse Effect. For purposes of this Agreement: (x) “Indebtedness”
of any Person means, without duplication (A) all indebtedness for borrowed money, (B) all obligations issued, undertaken or assumed
as the deferred purchase price of property or services (including, without limitation, “capital leases” in accordance
with GAAP, consistently applied during the periods involved) (other than trade payables entered into in the ordinary course of
business consistent with past practice), (C) all reimbursement or payment obligations with respect to letters of credit, surety
bonds and other similar instruments, (D) all obligations evidenced by notes, bonds, debentures or similar instruments, including
obligations so evidenced incurred in connection with the acquisition of property, assets or businesses, (E) all indebtedness created
or arising under any conditional sale or other title retention agreement, or incurred as financing, in either case with respect
to any property or assets acquired with the proceeds of such indebtedness (even though the rights and remedies of the seller or
bank under such agreement in the event of default are limited to repossession or sale of such property), (F) all monetary obligations
under any leasing or similar arrangement which, in connection with GAAP, consistently applied for the periods covered thereby,
is classified as a capital lease, (G) all indebtedness referred to in clauses (A) through (F) above secured by (or for which the
holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any mortgage, claim, lien, tax, right
of first refusal, pledge, charge, security interest or other encumbrance upon or in any property or assets (including accounts
and contract rights) owned by any Person, even though the Person which owns such assets or property has not assumed or become liable
for the payment of such indebtedness, and (H) all Contingent Obligations in respect of indebtedness or obligations of others of
the kinds referred to in clauses (A) through (G) above; and (y) “Contingent Obligation” means, as to any Person,
any direct or indirect liability, contingent or otherwise, of that Person with respect to any indebtedness, capital lease, dividend
or other obligation of another Person if the primary purpose or intent of the Person incurring such liability, or the primary effect
thereof, is to provide assurance to the obligee of such liability that such liability will be paid or discharged, or that any agreements
relating thereto will be complied with, or that the holders of such liability will be protected (in whole or in part) against loss
with respect thereto.

 

(s)               
Absence of Litigation. There is no action, suit, proceeding, inquiry or investigation before or by any court, public
board, government agency, self-regulatory organization or body pending or, to the knowledge of Liquidia, threatened against or
affecting Liquidia, the Liquidia Common Stock or any of Liquidia’s officers or directors, whether of a civil or criminal
nature or otherwise, in their capacities as such, except as set forth in the SEC Reports. The litigation matters set forth in the
SEC Reports would not reasonably be expected to have a Material Adverse Effect.

 

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(t)                
Employee Relations. Liquidia is not a party to any collective bargaining agreement, nor does it employ any member
of a union. Liquidia believes that its relations with its employees are good. No executive officer (as defined in Rule 501(f) promulgated
under the 1933 Act) or other key employee of Liquidia has notified Liquidia that such officer intends to leave Liquidia or otherwise
terminate such officer’s employment with Liquidia. No executive officer or other key employee of Liquidia is, or is now expected
to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement,
non-competition agreement, or any other contract or agreement or any restrictive covenant, and the continued employment of each
such executive officer or other key employee (as the case may be) does not subject Liquidia to any liability with respect to any
of the foregoing matters. Liquidia is in compliance with all federal, state, local and foreign laws and regulations respecting
labor, employment and employment practices and benefits, terms and conditions of employment and wages and hours, except where failure
to be in compliance would not, either individually or in the aggregate, reasonably be expected to result in a Material Adverse
Effect.

 

(u)              
Title. Liquidia has good and marketable title in fee simple to all real property and good and marketable title to
all personal property owned by it which is material to the business of Liquidia, in each case free and clear of all liens, encumbrances
and defects except such as do not materially affect the value of such property and do not interfere with the use made and proposed
to be made of such property by Liquidia. Any real property and facilities held under lease by Liquidia is held by it under valid,
subsisting and enforceable leases with such exceptions as are not material and do not interfere with the use made and proposed
to be made of such property and buildings by Liquidia.

 

(v)              
Intellectual Property Rights. Liquidia owns, or has obtained valid and enforceable licenses for, the inventions,
patent applications, patents, trademarks, trade names, service names, copyrights, trade secrets and other intellectual property
described in the SEC Reports as being owned or licensed by it or which are necessary for the conduct of its business as currently
conducted or as currently proposed to be conducted, in each case as described in the SEC Reports (collectively, “Intellectual
Property”), except for such exceptions as could not be expected, individually or in the aggregate, to have a Material
Adverse Effect.  To Liquidia’s knowledge:  (i) there are no third parties who have rights to any Intellectual
Property, except for customary reversionary rights of third-party licensors with respect to Intellectual Property that is disclosed
in the SEC Reports as licensed to Liquidia; and (ii) there is no infringement by third parties of any Intellectual Property. 
There is no pending or, to Liquidia’s knowledge, threatened action, suit, proceeding or claim by others: (A) challenging
Liquidia’s rights in or to any Intellectual Property, and Liquidia is unaware of any facts which would form a reasonable
basis for any such action, suit, proceeding or claim; (B) challenging the validity, enforceability or scope of any Intellectual
Property, and Liquidia is unaware of any facts which would form a reasonable basis for any such action, suit, proceeding or claim;
or (C) asserting that Liquidia infringes or otherwise violates, or would, upon the commercialization of any product or service
described in the SEC Reports as under development, infringe or violate, any patent, trademark, trade name, service name, copyright,
trade secret or other proprietary rights of others, and Liquidia is unaware of any facts which would form a reasonable basis for
any such action, suit, proceeding or claim.  Liquidia has complied in all material respects with the terms of each agreement
pursuant to which Intellectual Property has been licensed to Liquidia, and all such agreements are in full force and effect. 
The product candidates described in the SEC Reports as under development by Liquidia fall within the scope of the claims of one
or more patents or patent applications owned by, or exclusively licensed to, Liquidia.

 

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(w)            
Environmental Laws. Liquidia (A) is in compliance with all Environmental Laws (as defined below), (B) has received
all permits, licenses or other approvals required of it under applicable Environmental Laws to conduct its business and (C) is
in compliance with all terms and conditions of any such permit, license or approval where, in each of the foregoing clauses (A),
(B) and (C), the failure to so comply could be reasonably expected to have, individually or in the aggregate, a Material Adverse
Effect. The term “Environmental Laws” means all federal, state, local or foreign laws relating to pollution
or protection of human health or the environment (including, without limitation, ambient air, surface water, groundwater, land
surface or subsurface strata), including, without limitation, laws relating to emissions, discharges, releases or threatened releases
of chemicals, pollutants, contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”)
into the environment, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport
or handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands or demand letters, injunctions, judgments,
licenses, notices or notice letters, orders, permits, plans or regulations issued, entered, promulgated or approved thereunder.

 

(x)              
Tax Status. Liquidia (i) has timely filed all foreign, federal and state income and all other tax returns, reports
and declarations required by any jurisdiction to which it is subject, (ii) has timely paid all taxes and other governmental assessments
and charges that are material in amount, shown or determined to be due on such returns, reports and declarations, except those
being contested in good faith, and (iii) has set aside on its books provision reasonably adequate for the payment of all taxes
for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material
amount claimed to be due by the taxing authority of any jurisdiction, and the officers of Liquidia know of no basis for any such
claim.

 

(y)              
Investment Company Status. Liquidia is not, and upon consummation of the sale of the Common Shares, will not be,
an “investment company,” an affiliate of an “investment company,” a company controlled by an “investment
company” or an “affiliated person” of, or “promoter” or “principal underwriter” for,
an “investment company” as such terms are defined in the Investment Company Act of 1940, as amended.

 

(z)              
U.S. Real Property Holding Corporation. Liquidia is not, and has never been, a U.S. real property holding corporation
within the meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and Liquidia shall so certify upon any Buyer’s
reasonable request.

 

(aa)           
Shell Company Status. Liquidia is not, and has never been, an issuer identified in, or subject to, Rule 144(i)(1)
of the 1933 Act.

 

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(bb)          
Compliance with Anti-Money Laundering Laws. The operations of Liquidia are and have been conducted at all times in
compliance with applicable financial recordkeeping and reporting requirements and all other applicable U.S. and non-U.S. anti-money
laundering laws, rules and regulations, including, but not limited to, those of the Currency and Foreign Transactions Reporting
Act of 1970, as amended, the United States Bank Secrecy Act, as amended by the USA PATRIOT Act of 2001, and the United States Money
Laundering Control Act of 1986 (18 U.S.C. §§1956 and 1957), as amended, as well as the implementing rules and regulations
promulgated thereunder, and the applicable money laundering statutes of all applicable jurisdictions, the rules and regulations
thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency
or self-regulatory body (collectively, the “Anti-Money Laundering Laws”), and no action, suit or proceeding
by or before any court or governmental agency, authority or body or any arbitrator involving Liquidia with respect to the Anti-Money
Laundering Laws is pending or, to the knowledge of Liquidia, threatened.

 

(cc)           
No Conflicts with Sanctions Laws. Neither Liquidia nor any director, officer, employee, agent, affiliate or other
person associated with or acting on behalf of Liquidia or any of its affiliates is, or is directly or indirectly owned or controlled
by, a Person that is currently the subject or the target of any sanctions administered or enforced by the U.S. government (including,
without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Departments of State
or Commerce and including, without limitation, the designation as a “Specially Designated National” or on the
“Sectoral Sanctions Identifications List”, collectively “Blocked Persons”), the United Nations
Security Council, the European Union, Her Majesty’s Treasury or any other relevant sanctions authority (collectively, “Sanctions
Laws”); neither Liquidia, nor any director, officer, employee, agent, affiliate or other person associated with or acting
on behalf of Liquidia or its affiliates, is located, organized or resident in a country or territory that is the subject or target
of a comprehensive embargo or Sanctions Laws prohibiting trade with the country or territory, including, without limitation, Crimea,
Cuba, Iran, North Korea, Sudan and Syria (each, a “Sanctioned Country”); Liquidia maintains in effect and enforces
policies and procedures reasonably designed to ensure compliance by Liquidia with applicable Sanctions Laws; neither Liquidia,
nor any director, officer, employee, agent, affiliate or other person associated with or acting on behalf of Liquidia or its affiliates,
acting in any capacity in connection with the operations of Liquidia, conducts any business with or for the benefit of any Blocked
Person or engages in making or receiving any contribution of funds, goods or services to, from or for the benefit of any Blocked
Person, or deals in, or otherwise engages in any transaction relating to, any property or interests in property blocked or subject
to blocking pursuant to any applicable Sanctions Laws; no action of Liquidia in connection with (i) the execution, delivery and
performance of this Agreement and the other Transaction Documents, (ii) the issuance and sale of the Common Shares, or (iii) the
direct or indirect use of proceeds from the Common Shares or the consummation of any other transaction contemplated hereby or by
the other Transaction Documents or the fulfillment of the terms hereof or thereof, will result in the proceeds of the transactions
contemplated hereby and by the other Transaction Documents being used, or loaned, contributed or otherwise made available, directly
or indirectly, to any joint venture partner or other person or entity, for the purpose of (i) unlawfully funding or facilitating
any activities of or business with any person that, at the time of such funding or facilitation, is the subject or target of Sanctions
Laws, (ii) unlawfully funding or facilitating any activities of or business in any Sanctioned Country or (iii) in any other manner
that will result in a violation by any Person (including any Person participating in the transaction, whether as underwriter, advisor,
investor or otherwise) of Sanctions Laws. From its inception, Liquidia has not knowingly engaged in and is not now knowingly engaged
in any dealings or transactions with any person that at the time of the dealing or transaction is or was the subject or the target
of Sanctions Laws or with any Sanctioned Country.

 

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(dd)          
Anti-Bribery. Liquidia has not made any contribution or other payment to any official of, or candidate for, any federal,
state or foreign office in violation of any law which violation is required to be disclosed. Neither Liquidia, nor any of its affiliates,
nor any director, officer, agent, employee or other person associated with or acting on behalf of Liquidia, or any of its affiliates,
has (i) used any funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity,
(ii) made any direct or indirect unlawful payment to any foreign or domestic government official or employee, to any employee or
agent of a private entity with which Liquidia does or seeks to do business or to foreign or domestic political parties or campaigns,
(iii) violated or is in violation of any provision of any applicable law or regulation implementing the OECD Convention on Combating
Bribery of Foreign Public Officials in International Business Transactions or any applicable provision of the U.S. Foreign Corrupt
Practices Act of 1977, as amended, the U.K. Bribery Act 2010, or any other similar law of any other jurisdiction in which Liquidia
operates its business, including, in each case, the rules and regulations thereunder (the “Anti-Bribery Laws”),
(iv) taken, is currently taking or will take any action in furtherance of an offer, payment, gift or anything else of value, directly
or indirectly, to any person while knowing that all or some portion of the money or value will be offered, given or promised to
anyone to improperly influence official action, to obtain or retain business or otherwise to secure any improper advantage or (v)
otherwise made any offer, bribe, rebate, payoff, influence payment, unlawful kickback or other unlawful payment; Liquidia has instituted
and has maintained, and will continue to maintain, policies and procedures reasonably designed to promote and achieve compliance
with the laws referred to in (iii) above and with this representation and warranty; none of Liquidia, nor any of its affiliates
will directly or indirectly use the proceeds of the Common Shares or lend, contribute or otherwise make available such proceeds
to any subsidiary, affiliate, joint venture partner or other person or entity for the purpose of financing or facilitating any
activity that would violate the laws and regulations referred to in (iii) above; there are, and have been, no allegations, investigations
or inquiries with regard to a potential violation of any Anti-Bribery Laws by Liquidia, or its affiliates, or any of their respective
current or former directors, officers, employees, stockholders, representatives or agents, or other persons acting or purporting
to act on their behalf.

 

(ee)           
No Disqualification Events. None of Liquidia, any of its predecessors, any affiliated issuer, any director, executive
officer, other officer of Liquidia participating in the offering hereunder, any beneficial owner of 20% or more of Liquidia’s
outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule
405 under the 1933 Act) connected with Liquidia in any capacity at the time of sale (each, an “Issuer Covered Person”
and, together, “Issuer Covered Persons”) is subject to any a Disqualification Event, except, if applicable,
for a Disqualification Event as to which Rule 506(d)(2)(ii) or (iii) or (d)(3) is applicable. Liquidia has exercised reasonable
care to determine whether any Issuer Covered Person is subject to a Disqualification Event. Liquidia has complied, to the extent
applicable, with its disclosure obligations under Rule 506(e), and has furnished to the Buyers a copy of any disclosures provided
thereunder.

 

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(ff)           
Disclosure. Liquidia confirms that neither it nor any other Person acting on its behalf has provided any of the Buyers
or their agents or counsel with any information that constitutes or could reasonably be expected to constitute material, non-public
information concerning Liquidia, other than the existence of the transactions contemplated by this Agreement and the other Transaction
Documents. Liquidia understands and confirms that each of the Buyers will rely on the foregoing representations in effecting transactions
in securities of Liquidia. All disclosure provided to the Buyers regarding Liquidia, its business and the transactions contemplated
hereby, including the schedules to this Agreement, furnished by or on behalf of Liquidia is true and correct and does not contain
any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein,
in the light of the circumstances under which they were made, not misleading. All of the written information furnished after the
date hereof by or on behalf of Liquidia to you pursuant to or in connection with this Agreement and the other Transaction Documents,
taken as a whole, will be true and correct in all material respects as of the date on which such information is so provided and
will not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements
made therein, in the light of the circumstances under which they are made, not misleading. No event or circumstance has occurred
or information exists with respect to Liquidia or its business, properties, liabilities, prospects, operations (including results
thereof) or conditions (financial or otherwise), which, under applicable law, rule or regulation, requires public disclosure at
or before the date hereof or announcement by Liquidia but which has not been so publicly disclosed. Liquidia acknowledges and agrees
that no Buyer makes or has made any representations or warranties with respect to the transactions contemplated hereby other than
those specifically set forth in Section 2.

 

(gg)          
Disclosure Controls. Liquidia maintains systems of internal accounting controls designed to provide reasonable assurance
that (a) transactions are executed in accordance with management’s general or specific authorizations; (b) transactions are
recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability;
(c) access to assets is permitted only in accordance with management’s general or specific authorization; and (d) the recorded
accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect
to any differences. Liquidia is not aware of any material weaknesses or significant deficiencies in its internal control over financial
reporting. To the knowledge of Liquidia, since the date of the latest audited financial statements of Liquidia included within
the SEC Reports, there has been no change in Liquidia’s internal control over financial reporting that has materially affected,
or is reasonably likely to materially affect, Liquidia’s internal control over financial reporting. Liquidia has established
disclosure controls and procedures (as defined in 1934 Act Rules 13a-15 and 15d-15) for Liquidia and designed such disclosure controls
and procedures to ensure that material information relating to Liquidia is made known to the certifying officers by others within
Liquidia, particularly during the period in which Liquidia’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q,
as the case may be, is being prepared. Liquidia’s certifying officers evaluated the effectiveness of Liquidia’s controls
and procedures as of a date within 90 days prior to the filing date of the Annual Report on Form 10-K for the fiscal year most
recently ended (such date, the “Evaluation Date”). Liquidia presented in its Annual Report on Form 10-K for
the fiscal year most recently ended the conclusions of the certifying officers about the effectiveness of the disclosure controls
and procedures based on their evaluations as of the Evaluation Date. Since the Evaluation Date, there have been no significant
changes in Liquidia’s internal controls (as such term is defined in Item 307(b) of Regulation S-K under the 1933 Act) or,
to Liquidia’s knowledge, in other factors that would significantly adversely affect Liquidia’s internal controls. To
the knowledge of Liquidia, Liquidia’s “internal control over financial reporting” and “disclosure controls
and procedures” (as such terms are defined under the 1934 Act) are effective at a reasonable assurance level.

 

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(hh)          
Clinical Data and Regulatory Compliance.  The preclinical tests and clinical trials, and other studies (collectively,
“studies”) that are described in, or the results of which are referred to in, the SEC Reports were and, if still pending,
are being conducted in all material respects in accordance with the protocols, procedures and controls designed and approved for
such studies and with standard medical and scientific research procedures; each description of the results of such studies is accurate
and complete in all material respects and fairly presents the data derived from such studies, and Liquidia has no knowledge of
any other studies the results of which are materially inconsistent with, or otherwise call into question, the results described
or referred to in the SEC Reports; Liquidia has made all such filings and obtained all such approvals as may be required by the
Food and Drug Administration of the U.S. Department of Health and Human Services or any committee thereof or from any other U.S.
or foreign government or drug or medical device regulatory agency, or health care facility Institutional Review Board (collectively,
the “Regulatory Agencies”) based on the location and nature of the relevant study; Liquidia has not received
any notice of, or correspondence from, any Regulatory Agency requiring the termination, suspension or modification of any clinical
trials that are described or referred to in the SEC Reports; and Liquidia has operated and currently is in compliance in all material
respects with all applicable rules, regulations and policies of the Regulatory Agencies.

 

(ii)             
Compliance with Health Care Laws.  Liquidia is, and at all times has been, in material compliance with all applicable
Health Care Laws. For purposes of this Agreement, “Health Care Laws” means: (i) the Federal Food,
Drug, and Cosmetic Act and the regulations promulgated thereunder; (ii) all applicable federal, state, local and foreign health
care laws, including, without limitation, the U.S. Anti-Kickback Statute (42 U.S.C. Section 1320a-7b(b)), the
Civil Monetary Penalties Law (42 U.S.C. Section 1320a-7a), the U.S. Civil False Claims Act (31 U.S.C. Section 3729
et seq.), all applicable federal, state, local and all foreign criminal laws relating to health care fraud and abuse, including
but not limited to the U.S. False Statements Law (42 U.S.C. Section 1320a-7b(a)), 18 U.S.C. Sections 286 and 287,
and the health care fraud criminal provisions under the U.S. Health Insurance Portability and Accountability Act of 1996 (“HIPAA”)
(42 U.S.C. Section 1320d et seq.), the exclusion laws (42 U.S.C. Section 1320a-7), the statutes, regulations and directives
of applicable government funded or sponsored healthcare programs, and the regulations promulgated pursuant to such statutes; (iii) to
the extent applicable, the Standards for Privacy of Individually Identifiable Health Information (the “Privacy Rule”),
the Security Standards, and the Standards for Electronic Transactions and Code Sets promulgated under HIPAA, the Health Information
Technology for Economic and Clinical Health Act (42 U.S.C. Section 17921 et seq.), and the regulations promulgated thereunder
and any state or non-U.S. counterpart thereof or other law or regulation the purpose of which is to protect the
privacy of individuals or prescribers; (iv) the Patient Protection and Affordable Care Act of 2010, as amended by the Health
Care and Education Reconciliation Act of 2010, the regulations promulgated thereunder; (v) the U.S. Controlled Substances
Act (21 U.S.C. Section 801 et seq.); (vi) licensure, quality, safety and accreditation requirements under applicable
federal, state, local or foreign laws or regulatory bodies; and (vii) all other local, state, federal, national, supranational
and foreign laws, relating to the regulation of Liquidia. Liquidia has not received written notice of any claim, action, suit,
proceeding, hearing, enforcement, investigation, arbitration or other material action from any court or arbitrator or governmental
or regulatory authority or third party alleging that any product operation or activity is in violation of any Health Care Laws
nor is any such claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action threatened. Liquidia
has filed, obtained, maintained or submitted all material reports, documents, forms, notices, applications, records, claims, submissions
and supplements or amendments as required by any Health Care Laws, and all such reports, documents, forms, notices, applications,
records, claims, submissions and supplements or amendments were in all material respects timely, complete, accurate and not misleading
on the date filed (or were corrected or supplemented by a subsequent submission). Liquidia is not a party to any corporate integrity
agreements, monitoring agreements, consent decrees, settlement orders, or similar agreements with or imposed by any governmental
or regulatory authority. Additionally, neither Liquidia nor any of its employees, officers or directors has been excluded, suspended
or debarred from participation in any U.S. federal health care program or human clinical research or is subject to a governmental
inquiry, investigation, proceeding, or other similar action that could reasonably be expected to result in debarment, suspension,
or exclusion.

 

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(jj)             
No Additional Agreements. Liquidia has no other agreements or understandings (including, without limitation, side
letters) with any Buyer to purchase Common Shares on terms more favorable to such Buyer than as set forth herein.

 

(kk)           
Manipulation of Price.  Liquidia has not taken, and, to Liquidia’s knowledge, no Person acting on its
behalf has taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the
price of any security of Liquidia to facilitate the sale or resale of any of the Common Shares.

 

4.           COVENANTS.

 

(a)              
Commercially Reasonable Efforts. Each party shall use its commercially reasonable efforts timely to satisfy each
of the covenants and the conditions to be satisfied by it as provided in Section 5 and Section 6 of this Agreement.

 

(b)              
No Conflicting Agreements. Liquidia will not take any action, enter into any agreement or make any commitment that
would conflict or interfere in any material respect with Liquidia’s obligations to the Buyers under the Transaction Documents.

 

(c)              
Nasdaq Listing. Liquidia will use commercially reasonable efforts to continue the listing and trading of its Common
Stock on Nasdaq and, in accordance therewith, will use commercially reasonable efforts to comply in all material respects with
Liquidia’s reporting, filing and other obligations under the bylaws or rules of such market or exchange, as applicable.

 

(d)              
Reporting Status. Liquidia shall timely file all reports required to be filed with the SEC pursuant to the 1934 Act,
and Liquidia shall not terminate its status as an issuer required to file reports under the 1934 Act even if the 1934 Act or the
rules and regulations thereunder would otherwise permit such termination.

 

(e)              
Termination of Covenants. The provisions of Sections 4(b), 4(c) and 4(d) shall terminate
and be of no further force and effect on the date on which Liquidia’s obligations under the Registration Rights Agreement
being entered into among Liquidia and the Buyers on the date hereof (the “Registration Rights Agreement”) to
register or maintain the effectiveness of any registration covering the Registrable Securities (as such term is defined in the
Registration Rights Agreement) shall terminate.

 

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(f)               
Compliance with Laws. Notwithstanding any other provision of the Transaction Documents, each Buyer covenants that
the Common Shares may be disposed of only pursuant to an effective registration statement under, and in compliance with the requirements
of, the 1933 Act, or pursuant to an available exemption from, or in a transaction not subject to, the registration requirements
of the 1933 Act, and in compliance with any applicable state and federal securities laws. In connection with any transfer of the
Common Shares other than (i) pursuant to an effective registration statement or (ii) to Liquidia, Liquidia may require the transferor
thereof to provide to Liquidia an opinion of counsel selected by the transferor and reasonably acceptable to Liquidia, the form
and substance of which opinion shall be reasonably satisfactory to Liquidia, to the effect that such transfer does not require
registration of such transferred Common Shares under the 1933 Act.

 

(g)               
Removal of Legends. Subject to Liquidia’s right to request an opinion of counsel as set forth in Section
4(f), the legend set forth in Section 2(p) shall be removable and Liquidia shall issue or cause to be issued a certificate
or book-entry evidence of ownership without such legend or any other legend (except for any “affiliates” legend as
set forth in Section 2(p)) to the holder of the applicable Common Shares upon which it is stamped, if (i) such Common Shares
are registered for resale and resold pursuant to an effective registration statement under the 1933 Act or (ii) such Common Shares
are sold or transferred in compliance with Rule 144, including without limitation in compliance with the current public information
requirements of Rule 144 if applicable to Liquidia at the time of such sale or transfer, and the holder and its broker have delivered
customary documents reasonably requested by counsel to Liquidia in connection with such sale or transfer. Any fees (with respect
to the counsel to Liquidia or otherwise) associated with the removal of such legend shall be borne by Liquidia.

 

(h)               
Use of Proceeds. Liquidia shall use the proceeds from the sale of the Common Shares to complete ongoing development
of LIQ861 and LIQ865 and for general corporate purposes.

 

(i)                
Fees. Liquidia and the Buyers shall each pay the fees and expenses of their respective advisers, counsel, accountants
and other experts, if any, and all other expenses incurred by such party in connection with the negotiation, preparation, execution,
delivery and performance of this Agreement; except that Liquidia will pay the reasonable fees and expenses of Wyrick Robbins Yates
& Ponton LLP, not to exceed Twenty-Five Thousand Dollars ($25,000), for acting as counsel to Buyer Eshelman Ventures, LLC.

 

(j)                
Short Sales and Confidentiality After the Date Hereof.  Each Buyer covenants that neither it nor any Affiliates
acting on its behalf or pursuant to any understanding with it will execute any “short sales” during the period from
the date hereof until the earlier of such time as (i) the transactions contemplated by this Agreement are first publicly announced
or (ii) this Agreement is terminated in full. Each Buyer covenants that until such time as the transactions contemplated by
this Agreement are publicly disclosed by Liquidia, such Buyer will maintain the confidentiality of all disclosures made to it in
connection with this transaction (including the existence and terms of this transaction), other than to such Person’s outside
attorney, accountant, auditor or investment advisor only to the extent necessary to permit evaluation of the investment, and the
performance of the necessary or required tax, accounting, financial, legal, or administrative tasks and services and other than
as may be required by law. Each Buyer understands and acknowledges that the SEC currently takes the position that coverage of “short
sales” of shares of the Common Stock “against the box” prior to effectiveness of a resale registration statement
with securities included in such registration statement would be a violation of Section 5 of the 1933 Act, as set forth in
Item 239.10 of the Securities Act Rules Compliance and Disclosure Interpretations compiled by the Office of Chief Counsel, Division
of Corporation Finance.

 

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(k)              
Notice of Disqualification Events. Liquidia will notify the Buyers in writing, prior to the Closing Date of (i) any
Disqualification Event relating to any Issuer Covered Person and (ii) any event that would, with the passage of time, become a
Disqualification Event relating to any Issuer Covered Person, in each case of which it is aware.

 

(l)                
Subsequent Equity Sales.

 

(i)                
From the date hereof until 90 days after the Closing Date, without the consent of the Placement Agent, Liquidia shall
not offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Common Stock (other than the Common
Shares offered pursuant to this Agreement) or securities convertible into or exchangeable for Common Stock, warrants or any rights
to purchase or acquire, Common Stock prior to the termination of this Agreement; provided, however, that such restrictions will
not be required in connection with Liquidia’s (i) issuance or sale of Common Stock, options to purchase Common Stock
or Common Stock issuable upon the exercise of options, restricted stock units or other equity awards pursuant to any employee or
director share option, incentive or benefit plan, share purchase or ownership plan, long-term incentive plan, dividend reinvestment
plan, inducement award under the rules of Nasdaq or other compensation plan of Common Stock, whether now in effect or hereafter
implemented, disclosed in the SEC Reports (or, in the case of an inducement award under Nasdaq rules, disclosed by press release),
(ii) issuance or sale of Common Stock issuable upon exchange, conversion or redemption of securities or the exercise or vesting
of warrants, options, restricted stock units or other equity awards outstanding at the date of this Agreement or disclosed in the
SEC Reports, (iii) issuance or sale of Common Stock or securities convertible into or exchangeable for Common Stock as consideration
for mergers, acquisitions, other business combinations, joint ventures or strategic alliances, marketing or distribution arrangements,
collaboration agreements, co-promotion agreements or intellectual property license agreements occurring after the date of this
Agreement which are not used for capital raising purposes, provided, that the aggregate number of Common Stock issued or issuable
does not exceed 10% of the number of shares of Common Stock outstanding immediately following the Closing and (iv) modification
of any outstanding options, warrants, restricted stock units or any other rights to purchase or acquire Common Stock.

 

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5.            CONDITIONS TO LIQUIDIA’S OBLIGATION TO ISSUE AND SELL.

 

The obligation of Liquidia
hereunder to issue and sell the Common Shares at the Closing is subject to the satisfaction, at or before the Closing Date, of
each of the following conditions, provided that these conditions are for Liquidia’s sole benefit and may be waived
by Liquidia at any time in its sole discretion by providing each Buyer with prior written notice thereof:

 

(i)              Such Buyer shall have executed each of the Investor Questionnaire and the Transaction Documents to which it is a party and
delivered the same to Liquidia.

 

(ii)             The Purchase Price for the Common Shares with respect to each Buyer shall have been received by Liquidia.

 

(iii)           
The representations and warranties made by such Buyer in this Agreement shall be true and correct as of the date hereof
and on and as of the Closing Date as though made at that time (except for representations and warranties that speak as of a specific
date which shall be true and correct as of such specified date); and such Buyer shall have performed, satisfied and complied in
all respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with
by such Buyer at or prior to the Closing Date.

 

(iv)           
All authorizations, approvals or permits, if any, of any governmental authority or regulatory body of the United States
or of any state that are required in connection with the lawful issuance and sale of the Common Shares pursuant to this Agreement
shall be obtained and effective as of the Closing.

 

6.            CONDITIONS TO EACH BUYER’S OBLIGATION TO PURCHASE.

 

The obligation of each
Buyer hereunder to purchase the Common Shares at the Closing is subject to the satisfaction, at or before the Closing Date, of
each of the following conditions, provided that these conditions are for each Buyer’s sole benefit and may be waived
by such Buyer at any time in its sole discretion by providing Liquidia with prior written notice thereof:

 

(i)              Liquidia shall have duly executed and delivered to such Buyer (A) each of the Transaction Documents and (B) the Common Shares
(allocated in such amounts as such Buyer shall request), being purchased by such Buyer at the Closing pursuant to this Agreement.

 

(ii)             Liquidia shall have filed with Nasdaq a Notification Form: Listing of Additional Shares for the listing of the Common Shares,
and Nasdaq shall have raised no objection to the consummation of the transactions contemplated by the Transaction Documents.

 

(iii)           
No judgment, writ, order, injunction, award or decree of or by any court, or judge, justice or magistrate, including any
bankruptcy court or judge, or any order of or by any governmental authority, shall have been issued, and no action or proceeding
shall have been instituted by any governmental authority, enjoining or preventing the consummation of the transactions contemplated
hereby or in the other Transaction Documents.

 

    22

     

    

 

(iv)           
Liquidia shall have delivered a certificate, executed by Liquidia’s Secretary and dated as of the Closing Date, as
to (i) the resolutions consistent with Section 3(b) as adopted by its Board of Directors and Pricing Committee, (ii) the
Certificate of Incorporation and (iii) the Bylaws in effect at the Closing, in the form attached hereto as Exhibit C.

 

(v)             The representations and warranties made by Liquidia in this Agreement shall be true and correct as of the date hereof and
on and as of the Closing Date as though made at that time (except for representations and warranties that speak as of a specific
date which shall be true and correct as of such specified date); and Liquidia shall have performed, satisfied and complied in all
respects with the covenants, agreements and conditions required by the Transaction Documents to be performed, satisfied or complied
with by it at or prior to the Closing Date. Such Buyer shall have received a certificate, executed by the Chief Executive Officer
of Liquidia, dated as of the Closing Date, to the foregoing effect and as to such other matters as may be reasonably requested
by such Buyer in the form attached hereto as Exhibit D.

 

(vi)           
Liquidia shall have delivered a customary legal opinion in substance reasonably satisfactory to such Buyer, dated the date
of Closing, from DLA Piper LLP (US), counsel for Liquidia, with respect to the Transaction Documents and the Common Shares.

 

(vii)         
There shall have been no Material Adverse Effect with respect to Liquidia since the date hereof.

 

(viii)          No stop order or suspension of trading shall have been imposed by Nasdaq, the SEC or any other governmental or regulatory
body with respect to public trading in the Common Stock.

 

(ix)            All authorizations, approvals or permits, if any, of any governmental authority or regulatory body of the United States
or of any state that are required in connection with the lawful issuance and sale of the Common Shares pursuant to this Agreement
shall be obtained and effective as of the Closing.

 

7.          
TERMINATION OF OBLIGATIONS TO EFFECT CLOSING; EFFECTS.

 

The obligations of Liquidia,
on the one hand, and the Buyers, on the other hand, to effect the Closing shall terminate as follows:

 

(i)              Upon the mutual written consent of Liquidia and Buyers that agreed to purchase a majority of the Common Shares to be issued
and sold pursuant to this Agreement;

 

(ii)             By Liquidia if any of the conditions set forth in Section 5 shall have become incapable of fulfillment, and shall not have
been waived by Liquidia;

 

(iii)           
By a Buyer (with respect to itself only) if any of the conditions set forth in Section 6 shall have become incapable
of fulfillment, and shall not have been waived by the Buyer; or

 

(iv)            
By either Liquidia or any Buyer (with respect to itself only) if the Closing has not occurred on or prior to January 15,
2020;

 

    23

     

    

 

provided,
however, that, except in the case of clause (i) above, the party seeking to terminate its obligation to effect the
Closing shall not then be in breach of any of its representations, warranties, covenants or agreements contained in this Agreement
or the other Transaction Documents if such breach has resulted in the circumstances giving rise to such party’s seeking to
terminate its obligation to effect the Closing.

 

In the event of termination by Liquidia
or any Buyer of its obligations to effect the Closing pursuant to this Section 7, written notice thereof shall be given
to the other Buyers by Liquidia and the other Buyers shall have the right to terminate their obligations to effect the Closing
upon written notice to Liquidia and the other Buyers. Nothing in this Section 7 shall be deemed to release any party
from any liability for any breach by such party of the terms and provisions of this Agreement or the other Transaction Documents
or to impair the right of any party to compel specific performance by any other party of its obligations under this Agreement or
the other Transaction Documents.

 

8.            INDEMNIFICATION.

 

(a)            Indemnification.
Liquidia agrees to indemnify and hold harmless each Buyer and its Affiliates, and their respective directors, officers, trustees,
members, managers, employees, investment advisers and agents, from and against any and all losses, claims, damages, liabilities
and expenses (including without limitation reasonable and documented attorney fees and disbursements and other documented out-of-pocket
expenses reasonably incurred in connection with investigating, preparing or defending any action, claim or proceeding, pending
or threatened and the costs of enforcement thereof) to which such Person may become subject as a result of any breach of representation,
warranty, covenant or agreement made by or to be performed on the part of Liquidia under the Transaction Documents, and will reimburse
any such Person for all such amounts as they are incurred by such Person solely to the extent such amounts have been finally judicially
determined not to have resulted from such Person’s fraud, bad faith or willful misconduct.

 

(b)           Conduct
of Indemnification Proceedings. Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the
indemnifying party of any claim with respect to which it seeks indemnification and (ii) permit such indemnifying party to assume
the defense of such claim with counsel reasonably satisfactory to the indemnified party; provided that any person entitled
to indemnification hereunder shall have the right to employ separate counsel and to participate in the defense of such claim, but
the fees and expenses of such counsel shall be at the expense of such person unless (a) the indemnifying party has agreed in writing
to pay such fees or expenses, (b) the indemnifying party shall have failed to assume the defense of such claim and employ counsel
reasonably satisfactory to such person or (c) in the reasonable judgment of any such person, based upon written advice of its counsel,
a conflict of interest exists between such person and the indemnifying party with respect to such claims (in which case, if the
person notifies the indemnifying party in writing that such person elects to employ separate counsel at the expense of the indemnifying
party, the indemnifying party shall not have the right to assume the defense of such claim on behalf of such person); and provided,
further, that the failure of any indemnified party to give written notice as provided herein shall not relieve the indemnifying
party of its obligations hereunder, except to the extent that such failure to give notice shall materially adversely affect the
indemnifying party in the defense of any such claim or litigation. It is understood that the indemnifying party shall not, in connection
with any proceeding in the same jurisdiction, be liable for fees or expenses of more than one separate firm of attorneys at any
time for all such indemnified parties. No indemnifying party will, except with the consent of the indemnified party, consent to
entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant
or plaintiff to such indemnified party of a release from all liability in respect of such claim or litigation. No indemnified party
will, except with the consent of the indemnifying party, consent to entry of any judgment or enter into any settlement.

 

    24

     

    

 

9.           
MISCELLANEOUS.

 

(a)              
Governing Law; Jurisdiction; Jury Trial. This Agreement and any related dispute shall be governed by, and construed
and interpreted in accordance with, the laws of the State of New York applicable to contracts executed in and to be performed in
that State. Each of the parties hereto hereby (a) irrevocably submits to the personal jurisdiction of the Supreme Court of the
State of New York and any state appellate court therefrom within the State of New York (or, if the Supreme Court of the State of
New York declines to accept jurisdiction over a particular matter, any state or federal court within the State of New York) in
the event that any dispute arises out of this Agreement or any of the transactions contemplated by this Agreement, (b) agrees that
it will not attempt to deny or defeat such personal jurisdiction or venue by motion or other request for leave from any such court
and (c) agrees that it will not bring any action relating to this Agreement or any of the transactions contemplated by this Agreement
in any court other than the Supreme Court of the State of New York and any state appellate court therefrom within the State of
New York (or, if the Supreme Court of the State of New York declines to accept jurisdiction over a particular matter, any state
or federal court within the State of New York). EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE EXTENT PERMITTED
BY APPLICABLE LEGAL REQUIREMENTS, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR OTHER LEGAL PROCEEDING ARISING OUT
OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

(b)              
Counterparts. This Agreement may be executed in two or more identical counterparts, all of which shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party; provided that a facsimile, .pdf or any other electronic signature complying with the U.S. federal ESIGN Act of 2000
(e.g., www.docusign.com) shall be considered due execution and shall be binding upon the signatory thereto with the same force
and effect as if the signature were an original, not a facsimile, .pdf or other electronic signature.

 

(c)              
Headings. The headings of this Agreement are for convenience of reference and shall not form part of, or affect the
interpretation of, this Agreement.

 

(d)              
Severability. If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable
by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed
amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such
provision shall not affect the validity of the remaining provisions of this Agreement so long as this Agreement as so modified
continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited
nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations
or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the
parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s)
with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

    25

     

    

 

(e)              
Entire Agreement; Amendments. This Agreement and the other Transaction Documents supersede all other prior oral or
written agreements between Liquidia, its affiliates and Persons acting on their behalf, on the one hand, and the Buyers, their
affiliates and Persons acting on their behalf, on the other hand, with respect to the matters discussed herein, and this Agreement,
the other Transaction Documents and the instruments referenced herein and therein contain the entire understanding of the parties
with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither Liquidia
nor any Buyer makes any representation, warranty, covenant or undertaking with respect to such matters. No provision of this Agreement
may be amended other than by an instrument in writing signed by Liquidia and the holders of at least a majority of the aggregate
amount of Common Shares issued hereunder, and any amendment to this Agreement made in conformity with the provisions of this Section
9(e) shall be binding on all Buyers and holders of Common Shares and Liquidia; provided, that any such amendment or
waiver that complies with the foregoing but that disproportionately, materially and adversely affects the rights and obligations
of any Buyer relative to the comparable rights and obligations of the other Buyers shall require the prior written consent of such
adversely affected Buyer (for the avoidance of doubt, participation by any Buyer in an unrelated financing by Liquidia shall not
be deemed to disproportionately affect the Buyers who do not participate in such financing). No provisions hereto may be waived
other than by an instrument in writing signed by the party against whom enforcement is sought. No such amendment shall be effective
to the extent that it applies to less than all of the Buyers or holders of the applicable Common Shares then outstanding. No consideration
shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of any of the Transaction
Documents unless the same consideration (other than the reimbursement of legal fees) also is offered to all of the parties to the
Transaction Documents and holders of Common Shares, as the case may be.

 

(f)               
Notices. Any notices, consents, waivers or other communications required or permitted to be given under the terms
of this Agreement or any of the other Transaction Documents must be in writing and will be deemed to have been delivered: (i) upon
receipt, when delivered personally; (ii) upon delivery by electronic mail; (iii) upon delivery, when sent by electronic mail (provided,
that the sending party does not receive an automated rejection notice); or (iv) one (1) Business Day after deposit with an overnight
courier service, in each case properly addressed to the party to receive the same. For purposes of this Section 9(f), “Business
Day” means any day, excluding Saturday, Sunday and any day which is a legal holiday in the City of New York or is a day
on which banking institutions located in the City of New York are authorized or required by law or other governmental action to
close. The addresses and e-mail addresses for such communications shall be:

 

    26

     

    

 

	
        If to Liquidia:

        Liquidia Technologies, Inc.

        P.O. Box 110085

        Research Triangle Park, NC 27709

        Telephone: (919) 328-4400

        Attention: Neal Fowler

        E-mail: [***]

         

        With a copy (for informational purposes only) to:

        DLA Piper LLP (US)

        51 John F. Kennedy Parkway, Suite 120

        Short Hills, NJ 07078

        Telephone: [***]

        Facsimile: [***]

        E-mail: [***]

        Attention: Andrew P. Gilbert, Esq.

 

If to a Buyer, to its address, facsimile
number and e-mail address set forth on the Schedule of Buyers attached hereto, with copies to such Buyer’s representatives
as set forth on the Schedule of Buyers attached hereto, or to such other address and/or e-mail address and/or to the attention
of such other Person as the recipient party has specified by written notice given to each other party five (5) calendar days prior
to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver
or other communication, (B) mechanically or electronically generated by the sender’s e-mail containing the time and date
or (C) provided by an overnight courier service shall be rebuttable evidence of personal service, receipt by facsimile or receipt
from an overnight courier service in accordance with clause (i), (ii) or (iii) above, respectively.

 

(g)              
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and assigns, including any purchasers of the Common Shares. Liquidia shall not assign this Agreement or any rights or
obligations hereunder without the prior written consent of the Buyers (other than by merger, consolidation or to an entity which
acquires Liquidia, including by way of acquiring all or substantially all of Liquidia’s assets). No Buyer may assign this
Agreement or any rights or obligations hereunder without the prior written consent of Liquidia.

 

(h)              
Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective
permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.
Notwithstanding the foregoing, the Placement Agent is an intended third-party beneficiary of the representations and warranties
of each Buyer and Liquidia set forth in Section 2 and Section 3, respectively, of this Agreement.

 

(i)                
Survival. The representations and warranties of the Buyers and Liquidia contained in Section 2 and Section
3, respectively, and the agreements and covenants set forth in Section 4, Section 8 and this Section 9 shall
survive the Closing. Liquidia and each Buyer shall be responsible only for its own representations, warranties, agreements and
covenants hereunder.

 

    27

     

    

 

(j)             Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and
things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other party may
reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby.

 

(k)            No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties
to express their mutual intent, and no rules of strict construction will be applied against any party.

 

(l)             Remedies. Each Buyer and each holder of the Common Shares shall have all rights and remedies set forth in the Transaction
Documents and all rights and remedies which such holders have been granted at any time under any other agreement or contract and
all of the rights which such holders have under any law. The parties agree that irreparable damage may occur in the event that
any of the provisions of the Transaction Documents were not performed in accordance with their specific terms or were otherwise
breached and that monetary damages may not be adequate compensation for any loss incurred by the Buyers or Liquidia by reason of
any breach of any such provisions. As such, the non-breaching party shall be entitled to seek equitable relief, including an injunction
and specific performance, as a remedy for any such breach.

 

(m)         
Independent Nature of Buyers’ Obligations and Rights. The obligations of each Buyer under any Transaction Document
are several and not joint with the obligations of any other Buyer, and no Buyer shall be responsible in any way for the performance
of the obligations of any other Buyer under any Transaction Document. Nothing contained herein or in any other Transaction Document,
and no action taken by any Buyer pursuant hereto or thereto, shall be deemed to constitute the Buyers as, and Liquidia acknowledges
that the Buyers do not so constitute, a partnership, an association, a joint venture or any other kind of entity, or create a presumption
that the Buyers are in any way acting in concert or as a group, and Liquidia shall not assert any such claim with respect to such
obligations or the transactions contemplated by the Transaction Documents and Liquidia acknowledges that the Buyers are not acting
in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents. Liquidia
acknowledges and each Buyer confirms that it has independently participated in the negotiation of the transaction contemplated
hereby with the advice of its own counsel and advisors. Each Buyer shall be entitled to independently protect and enforce its rights,
including, without limitation, the rights arising out of this Agreement or out of any other Transaction Documents, and it shall
not be necessary for any other Buyer to be joined as an additional party in any proceeding for such purpose.

 

(n)          
Waiver of Conflicts. Each Buyer acknowledges that: (a) it has read this Agreement; (b) it has been represented in
the preparation, negotiation and execution of this Agreement by legal counsel of its own choice or has voluntarily declined to
seek such counsel; and (c) it understands the terms and consequences of this Agreement and is fully aware of the legal and binding
effect of this Agreement. Each Buyer understands that Liquidia has been represented in the preparation, negotiation and execution
of this Agreement by DLA Piper LLP (US) and that DLA Piper LLP (US) now or may in the future represent one or more Buyers or their
affiliates in matters unrelated to the transactions contemplated by this Agreement, including the representation of such Buyers
or their affiliates in matters of a nature similar to those contemplated by this Agreement. Liquidia and each Buyer hereby acknowledge
that they have had an opportunity to ask for and have obtained information relevant to such representation, including disclosure
of the reasonably foreseeable adverse consequences of such representation, and hereby waives any conflict arising out of such representation
solely with respect to the matters contemplated by this Agreement.

 

     28

     

    

 

(o)           Exculpation of the Placement Agent. Each party acknowledges that it has read the notice available at http://www.jefferies.com/CMSFiles/Jefferies.com/files/Reg%20A%20and%20D%20Disclosure%207_2014(1).pdf
and hereto agrees for the express benefit of each of the Placements Agents, their affiliates and their representatives that:

 

(i)                
Neither the Placement Agent nor any of its affiliates or any of their representatives (1) has any duties or obligations
other than those specifically set forth herein or in the engagement letter, dated as of December 23, 2019, between Liquidia and
Jefferies LLC (the “Engagement Letter”); (2) shall be liable for any improper payment made in accordance with
the information provided by Liquidia; (3) makes any representation or warranty, or has any responsibilities as to the validity,
accuracy, value or genuineness of any information, certificates or documentation delivered by or on behalf of Liquidia pursuant
to this Agreement or the Transaction Documents or in connection with any of the transactions contemplated hereby and thereby; or
(4) shall be liable (x) for any action taken, suffered or omitted by any of them in good faith and reasonably believed to be authorized
or within the discretion or rights or powers conferred upon it by this Agreement or any Transaction Document or (y) for anything
which any of them may do or refrain from doing in connection with this Agreement or any Transaction Document, except in each case
for such party’s own gross negligence, willful misconduct or bad faith.

 

(ii)             
The Placement Agent, its affiliates and their representatives shall be entitled to (1) rely on, and shall be protected in
acting upon, any certificate, instrument, notice, letter or any other document or security delivered to any of them by or on behalf
of Liquidia, and (2) be indemnified by Liquidia for acting as the Placement Agent hereunder pursuant to the indemnification provisions
set forth in the Engagement Letter.

 

     29

     

    

 

(p)          
Publicity. Except as set forth below, no public release or announcement concerning the transactions contemplated
hereby shall be issued by the Buyers without the prior consent of Liquidia, except as such release or announcement may be required
by law or the applicable rules or regulations of any securities exchange or securities market, in which case the Buyers shall allow
Liquidia reasonable time to comment on such release or announcement in advance of such issuance. Notwithstanding the foregoing,
each Buyer may identify Liquidia and the value of such Buyer’s security holdings in Liquidia in accordance with applicable
investment reporting and disclosure regulations or internal policies without prior notice to or consent from the Liquidia (including,
for the avoidance of doubt, filings pursuant to Sections 13 and 16 of the 1934 Act). Liquidia shall not include the name of any
Buyer or any Affiliate or investment adviser of such Buyer in any press release or public announcement (which, for the avoidance
of doubt, shall not include any SEC filing to the extent such disclosure is required by SEC rules and regulations) without the
prior written consent of such Buyer. By 8:30 a.m. (New York City time) on the Business Day immediately following the date this
Agreement is executed, Liquidia shall issue a press release disclosing all material terms of the transactions contemplated by this
Agreement and any other material nonpublic information that Liquidia may have provided any Buyer at any time prior to the filing
of such press release (the “Press Release”). From and after the issuance of the Press Release, no Buyer shall
be in possession of any material nonpublic information received from Liquidia, its subsidiaries or any of their respective officers,
directors, employees or agents (including the Placement Agent). No later than 5:30 p.m. (New York City time) on the first Business
Day following the date this Agreement is executed, Liquidia will file a Current Report on Form 8-K attaching the press release
described in the foregoing sentence as well as copies of the Transaction Documents. In addition, Liquidia will make such other
filings and notices in the manner and time required by the SEC or Nasdaq. Liquidia shall not, and shall cause each of its officers,
directors, employees and agents not to, provide any Buyer with any such material nonpublic information regarding Liquidia from
and after the filing of the Press Release without the express prior written consent of such Buyer.

 

[Signature Page Follows]

 

     30

     

    

 

IN
WITNESS WHEREOF, each Buyer and Liquidia have caused their respective signature pages to this Common Stock Purchase
Agreement to be duly executed as of the date first written above.

 

	 	LIQUIDIA TECHNOLOGIES, INC.
	 	 
	 	By:	/s/ Neal Fowler
	 	 	Name:	Neal Fowler
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	BUYERS:
	 	 	 	 
	 	ESHELMAN VENTURES, LLC
	 	 	 	 
	 	By:	/s/ Fred Eshelman
	 	 	Name:	Fred Eshelman
	 	 	Title:	Principal
	 	 	 	 
	 	BKB GROWTH INVESTMENTS, LLC
	 	 	 
	 	By:	Tiger City Capital, LLC, its manager
	 	 	 
	 	By:	/s/ Paul B. Manning
	 	 	Name:	Paul B. Manning
	 	 	Title:	Manager
	 	 	 	 
	 	By:	/s/ Bradford Manning
	 	 	Name:	Bradford Manning
	 	 	Title:	Manager
	 	 	 	 
	 	PD JOINT HOLDINGS, LLC, SERIES 2016-A
	 	 	 
	 	By:	Tiger City Capital, LLC, its manager
	 	 	 
	 	By:	/s/ Paul B. Manning
	 	 	Name:	Paul B. Manning
	 	 	Title:	Manager
	 	 	 
	 	By:	/s/ Bradford Manning
	 	 	Name:	Bradford Manning
	 	 	Title:	Manager
	 	 	 	 

 

     31

     

    

 

	 	SAMSARA BIOCAPITAL, L.P.
	 	 	 
	 	By:	/s/ Srinivas Akkaraju, M.D., Ph.D.
	 	 	Name:	Srinivas Akkaraju, M.D., Ph.D.
	 	 	Title:	Managing General Partner
	 	 	 	 
	 	CANAAN VIII LP
	 	 	 
	 	By:	Canaan Partners VIII LLC, its general partner
	 	 	 
	 	By:	/s/ Stephen Bloch
	 	 	Name:	Stephen Bloch
	 	 	Title:	Manager
	 	 	 	 
	 	AMDG 1, LLC
	 	 	 
	 	By:	/s/ Henry R. Kaestner
	 	 	Name:	Henry R. Kaestner
	 	 	Title:	Manager
	 	 	 	 
	 	SOVEREIGN’S CAPITAL II, LP
	 	 	 
	 	By:	Sovereign’s GP II, LLC, its General Partner
	 	 	 
	 	By:	/s/ Lukas M. Roush
	 	 	Name:	Lukas M. Roush
	 	 	Title:	Manager
	 	 	 	 
	 	BRENT BURGESS
	 	 	 
	 	By:	/s/ Brent Burgess
	 	 	Name:	Brent Burgess
	 	 	Title:	N/A

 

     32

     

    

 

SCHEDULE OF BUYERS

 

	(1)	 	(2)	 	 	(3)		 	 	(4)	
	Buyer	 	Address	 	 	Number of
 Common
 Shares	 	 	 	Purchase Price	 
	 	 	 	 	 	 	 	 	 	 	 
	Eshelman Ventures, LLC	 	[***]	 	 	5,159,744	 	 	$	16,149,998.72	 
	 	 	 	 	 	 	 	 	 	 	 
	BKB Growth Investments, LLC	 	[***]	 	 	479,233	 	 	$	1,499,999.29	 
	 	 	 	 	 	 	 	 	 	 	 
	PD Joint Holdings, LLC, Series 2016-A	 	[***]	 	 	479,233	 	 	$	1,499,999.29	 
	 	 	 	 	 	 	 	 	 	 	 
	Samsara BioCapital, L.P.	 	[***]	 	 	479,233	 	 	$	1,499,999.29	 
	 	 	 	 	 	 	 	 	 	 	 
	Canaan VIII L.P.	 	[***]	 	 	319,488	 	 	$	999,997.44	 
	 	 	 	 	 	 	 	 	 	 	 
	AMDG 1, LLC	 	[***]	 	 	159,744	 	 	$	499,998.72	 
	 	 	 	 	 	 	 	 	 	 	 
	Sovereign’s Capital II, LP	 	[***]	 	 	79,872	 	 	$	249,999.36	 
	 	 	 	 	 	 	 	 	 	 	 
	Brent Burgess	 	[***]	 	 	7,987	 	 	$	24,999.31	 
	 	 	 	 	 	 	 	 	 	 	 
	TOTAL	 		 	 	7,164,534	 	 	$	22,424,991.42	 

 

     33

     

    

 

EXHIBITS

 

	Exhibit A	Investor Questionnaire
	Exhibit B	Disclosure Schedule
	Exhibit C	Form of Secretary’s Certificate
	Exhibit D	Form of Officer’s Certificate

 

     34

     

    

 

EXHIBIT A

 

Investor Questionnaire

 

(See attached)

 

    	 	 	 

     

    

 

LIQUIDIA TECHNOLOGIES, INC. COVERED PERSON
QUESTIONNAIRE

 

This Questionnaire
is being furnished in connection with a proposed sale of common stock, $0.001 par value per share (“Common Stock”)
(the “Offering”) by Liquidia Technologies, Inc., a Delaware corporation (the “Company”).
The undersigned individual, partnership, corporation, business trust, limited liability company, limited liability partnership,
joint stock company, trust, unincorporated association, joint venture or other entity (each referred to as “You”
herein) hereby represents and warrants to the Company as follows:

 

You are one or more
of the following: (a) a general partner, managing member, director, executive officer, or other officer participating in the
Offering, of the Company; (b) a beneficial owner of 5% or more of the Company’s outstanding Common Stock (as calculated
pursuant to Rule 13d-3 of the Securities Exchange Act of 1934, as amended); (c) a promoter connected with the Company in any
capacity; (d) an investment manager of a Company that is a pooled investment fund; (e) a person that has been or will
be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the Offering; (f) a general
partner or managing member of an investment manager described in (d) or solicitor described in (e); or (g) a director, executive
officer or other officer participating in the Offering of an investment manager described in (d) or solicitor described in (e)
or a general partner or managing member of such investment manager or solicitor.

 

Please
answer each of the following questions by indicating “Yes” or “No.” If you answer “Yes”
to any of the questions, please describe the underlying events and circumstances, including dates and any ongoing
or related activities, on an attached page.

 

1.       In
the 10 years preceding the date of the Offering (the “Offering Date”), have you been convicted of
any crime:

 

(a)       in
connection with the purchase or sale of any security;

 

(b)       in
connection with the making of a false filing with the Securities and Exchange Commission (“SEC”); or

 

(c)       arising
out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor
of purchasers of securities?

 

__________Yes                       __________No

 

2.       In
the 5 years preceding the Offering Date, have you been subject to any court injunction or restraining order:

 

(a)       in
connection with the purchase or sale of a security;

 

(b)       in
connection with making of a false filing with the SEC; or

 

(c)       arising
out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor
of purchasers of securities?

 

__________Yes                      
__________No

 

    	 	 	 

     

    

 

3.       Have
you ever been subject to any final order from the U.S. Commodity Futures Trading Commission, federal banking agencies, the
National Credit Union Administration, or state regulators of securities, insurance, banking, savings associations or credit unions
that:

 

(a)       bars
you from associating with an entity regulated by any such commission or agency, engaging in the business of securities, insurance
or banking, or engaging in savings association or credit union activities; or

 

(b)       is
based on a violation of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct?

 

__________Yes                      
__________No

 

4.       Have
you ever been subject to any order of the SEC that:

 

(a)       suspends or revokes your
registration as a broker, dealer, municipal securities dealer or investment adviser;

 

(b)       places limitations on your
activities, functions or operations, or imposes civil monetary penalties; or

 

(c)       bars you from being associated
with any entity or from participating in the offering of any penny stock?

 

__________Yes                      
__________No

 

5.       In
the 5 years preceding the Offering Date, have you been subject to any order of the SEC ordering you to cease and desist
from committing or causing a violation or future violation of:

 

(a)       any scienter-based (intent-based)
anti-fraud provision of the federal securities laws; or

 

(b) Section 5 of the Securities
Act of 1933, as amended (the “Securities Act”), covering prohibitions relating to interstate commerce and the
mails?

 

__________Yes                      
__________No

 

6.       Have
you ever been suspended or expelled from membership in, or suspended or barred from association with a member of, any securities
self-regulatory organization (i.e., a registered national securities exchange or a registered national or affiliated securities
association) for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade?

 

__________Yes                      
__________No

 

7.       In
the 5 years preceding the Offering Date, have you filed (as a registrant or issuer), or been named as an underwriter in, any registration
statement or Regulation A offering statement filed with the SEC that was the subject of a refusal order, stop order, or order
suspending the Regulation A exemption, or are you the subject of any ongoing investigation or proceeding to determine
whether a stop order or suspension order should be issued?

 

__________Yes                      
__________No

 

8.       In
the 5 years preceding the Offering Date, have you been subject to any United States Postal Service (“USPS”)
false representation order, or are you currently subject to any temporary restraining order or preliminary injunction
with respect to conduct alleged by the USPS to constitute a scheme or device for obtaining money or property through the mail by
means of false representations?

 

__________Yes                      
__________No

 

    	 	 	 

     

    

 

By signing below, you acknowledge and agree to the following:

 

(a) you represent and warrant
that the information provided by you in this Questionnaire is true and correct to the best of your knowledge and belief
after a reasonable investigation, as of the date you sign the Questionnaire;

 

(b) the
Company is relying on your representations and warranties contained herein for the purpose of compliance with federal, state,
and local law, including without limitation the Securities Act;

 

(c) you will promptly
notify the Company of any changes in information provided in the Questionnaire occurring after the date you sign the Questionnaire;

 

(d) you give your consent
for the Company to rely upon the information provided in this Questionnaire; and

 

(e) you acknowledge that
the SEC, another regulatory body or a court may require the Company to publicly disclose the information you provided in this
Questionnaire, and you consent to such public disclosure.

 

	If you are an individual, please print your name and sign below:	OR	If you are signing on behalf of an entity, please print the name of the entity and your name and sign below, indicating your title:
	 	 	 
	 	 	 
	Print Individual’s Name	 	Name of the Entity 
	 	 	 
	 	 	 
	Individual’s Signature	 	Print Name of Person Signing for Entity
	 	 	 
	 	 	 
	Address:	 	Signature of Authorized Person
	 	 	 
	 	 	 
	 	 	Title
	 	 	 
	 	 	Address:
	Date:	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	Date:	 
	 	 	 	 	 

 

Note: For any questions
you answered “Yes,” provide details on an attached page.

 

    	 	 	 

     

    

 

EXHIBIT B

 

Disclosure Schedule

 

(See attached)

 

    	 	 	 

     

    

 

 

DISCLOSURE
SCHEDULE

TO

COMMON STOCK PURCHASE AGREEMENT

 

This
Disclosure Schedule, dated as of December 23, 2019 (this “Disclosure Schedule”), relates to the Common
Stock Purchase Agreement, dated as of December 23, 2019 (the “Agreement”), by and among Liquidia Technologies,
Inc., and each of the investors listed on the Schedule of Buyers attached to the Agreement. All capitalized terms used but not
otherwise defined in this Disclosure Schedule have the meanings set forth in the Agreement, unless otherwise indicated.

 

This Disclosure Schedule
is subject to the following terms and conditions:

 

	1.	
        The parties agree that any reference in
        a particular Section of this Disclosure Schedule shall be deemed to be an exception to (or, as applicable, a disclosure for purposes
        of) the representations and warranties (or covenants, as applicable) of Company that are contained in the corresponding Section
        of the Agreement and any other representations and warranties of such party that is contained in the Agreement to which the relevance
        of such item thereto is reasonably apparent on its face.

         

	2.	
        Company has or may have set forth information
        in this Disclosure Schedule in a Section hereof that corresponds to the Section of the Agreement to which it relates. The fact
        that any item of information is disclosed in this Disclosure Schedule shall not be construed to mean that such information is required
        to be disclosed by the Agreement.

         

	3.	
        The mere inclusion of an item by Company
        in this Disclosure Schedule as an exception to (or, as applicable, a disclosure for purposes of) a representation or warranty shall
        not be deemed an admission that (a) such item represents a material exception or material fact, event or circumstance or that such
        item has had or would reasonably be expected to have, with respect to Company, a Material Adverse Effect, or (b) such information
        (or any non-disclosed information of comparable or greater significance) is required to be disclosed by the terms of the Agreement
        or is material to the business, results of operations or financial condition of Company.

         

	4.	
        The introductory language and headings
        to each Section of this Disclosure Schedule are inserted for convenience only and shall not affect in any way the meaning or interpretation
        of the Agreement.

         

	5.	Any summary or description of any law, regulation, contract, agreement, plan, document or other disclosure item contained in this Disclosure Schedule, including any term or provision of the Agreement, is for convenience only and does not purport to be a complete statement of the material terms of such law, regulation, contract, agreement, plan, document or other disclosure item, and any such summary or description is qualified in its entirety by the actual language, terms and provisions of such law, regulation, contract, agreement, plan, document or other disclosure item.

 

    	 	 	 

     

    

 

Part 3(f)

Buyers

 

Canaan VIII L.P. is an “affiliate” of Liquidia and
a “beneficial owner” of more than 10% of the Liquidia Common Stock

 

    	 	 	 

     

    

Part 3(i)

Placement Agent’s Fees, Financial Advisory Fees, or Brokers’ Commissions

 

At the Closing,
Jefferies LLC will receive 5.75% of the total Purchase Price for the Common Shares sold pursuant to this Agreement.

 

    	 	 	 

     

    

Part 3(p)

Transactions with Affiliates

 

	1.	Investors’ Rights Agreement, February 2, 2018, by and among Liquidia Technologies, Inc. and certain stockholders of the Company (including Canaan VIII L.P., NEA Ventures 2006, Limited Partnership, New Enterprise Associates 12, Limited Partnership and Rob Lippe).

 

    	 	 	 

     

    

 

EXHIBIT C

 

Form of Secretary’s Certificate

  

(See attached)

 

    	 	 	 

     

    

 

Liquidia
TECHNOLOGIES, INC.

SECRETARY’S CERTIFICATE

 

The
undersigned hereby certifies that he is the duly elected, qualified and acting Secretary of Liquidia Technologies, Inc., a Delaware
corporation (the “Company”), and that as such he is authorized to execute and deliver this certificate in the
name and on behalf of the Company and in connection with the Common Stock Purchase Agreement, dated as of December 23, 2019,
by and among the Company and the investors listed on the Schedule of Buyers attached thereto (as may be amended or restated from
time to time, the “Purchase Agreement”), and further certifies in his official capacity, in the name and on
behalf of the Company, the items set forth below. Capitalized terms used but not otherwise defined herein shall have the meanings
set forth in the Purchase Agreement.

 

	1.	
        Attached hereto as Exhibit A are
        true, correct and complete copy of the resolutions of the Board of Directors of the Company, dated December 15, 2019, and the pricing
        committee of the Board of Directors of the Company, dated December 23, 2019 approving the transaction contemplated by the Purchase
        Agreement, the Transaction Documents and the issuance of the Common Shares. The resolutions contained in Exhibit A have
        not in any way been amended, modified, revoked or rescinded, have been in full force and effect since their adoption to and including
        the date hereof and are now in full force and effect.

         

	2.	
        Attached hereto as Exhibit B is
        a true, correct and complete copy of the Certificate of Incorporation, together with any and all amendments thereto, and no action
        has been taken to further amend, modify or repeal such Certificate of Incorporation, the same being in full force and effect in
        the attached form as of the date hereof.

         

	3.	
        Attached hereto as Exhibit C is
        a true, correct and complete copy of the Bylaws and any and all amendments thereto, and no action has been taken to further amend,
        modify or repeal such Bylaws, the same being in full force and effect in the attached form as of the date hereof.

         

	4.	Each person listed below has been duly elected or appointed to the position(s) indicated opposite his name and is duly authorized to sign the Purchase Agreement and each of the Transaction Documents on behalf of the Company, and the signature appearing opposite such person’s name below is such person’s genuine signature.

 

	Name	Position	Signature
	Neal Fowler	Chief Executive Officer	

         

	 	 	 
		
	Richard D. Katz, M.D.	Chief Financial Officer	 

 

    	 	 	 

     

    

 

 

IN WITNESS WHEREOF, the
undersigned has hereunto set his hand as of this _______ day of December, 2019.

 

 

	 	 
	 	
        

        Shawn Glidden

        Secretary

 

I,
Neal Fowler, Chief Executive Officer of the Company, hereby certify that Shawn Glidden is the duly elected, qualified and
acting Secretary of the Company and that the signature set forth above is his true signature.

 

	 	 
	 	
        

        Neal Fowler

Chief Executive Officer

 

    	 	 	 

     

    

 

Exhibit A

 

Board
and Pricing Committee Resolutions

(See attached)

 

    	 	 	 

     

    

 

 

Exhibit B

 

Amended and Restated Certificate
of Incorporation

 

(See attached)

 

    	 	 	 

     

    

 

Exhibit C

 

Amended
and Restated Bylaws

(See attached)

 

    	 	 	 

     

    

 

EXHIBIT D

 

Form of Officer’s Certificate

 

(See attached)

 

    	 	 	 

     

    

 

LIQUIDIA TECHNOLOGIES, INC.

OFFICER’S CERTIFICATE

 

The undersigned Chief
Executive Officer of Liquidia Technologies, Inc., a Delaware corporation (the “Company”), hereby represents,
warrants and certifies to the Buyers (as defined below), pursuant to Section 6(iv) of the Purchase Agreement (as defined below),
as follows:

 

	1.	
        The representations and warranties of the
        Company set forth in Section 3 of the Common Stock Purchase Agreement, dated as of December 23, 2019 (as may be amended or restated
        from time to time, the “Purchase Agreement”), by and among the Company and the investors identified on the Schedule
        of Buyers attached to the Purchase Agreement (the “Buyers”), are true and correct in all respects as of the
        date when made and as of the date hereof (except for representations and warranties that speak as of a specific date, which are
        true and correct as of such specified date).

         

	2.	The Company has performed, satisfied and complied in all respects with the covenants, agreements and conditions required by the Transaction Documents (as defined in the Purchase Agreement) to be performed, satisfied and complied with by the Company as of the date hereof.

 

Capitalized terms used
but not otherwise defined herein shall have the meaning set forth in the Purchase Agreement.

 

[Remainder of page intentionally
left blank; signature page follows]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, the undersigned has executed this certificate this ________ day of December, 2019.

 

	 	By:	 
	 	Name:	Neal Fowler
	 	Title:	Chief Executive Officer

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