Common use of Milestone Payments for Inhaled Field and Liquidia Respiratory Field Clause in Contracts

Milestone Payments for Inhaled Field and Liquidia Respiratory Field. (a) If GSK exercises the Liquidia Respiratory Option and/or the Inhaled Option, then subject to the remainder of this Section 10.4, GSK shall make each of the following non-refundable, non-creditable milestone payments to Liquidia, for the Liquidia Respiratory Product, and on a Research Product-by-Research Product basis or on an Inhaled Product-by-Inhaled Product basis, as applicable, upon achievement of the applicable development milestone events: Confidential treatment has been requested with respect to portions of this agreement as indicated by “[***]” and such confidential portions have been deleted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. Milestone Payments for Liquidia Respiratory Product, Research Products and Inhaled Products Milestone Events For New Therapeutic Products For Rescue Therapeutic Products and Liquidia Respiratory Product First dosing of First Patient in Phase I Clinical Trial $ 3,000,000 $ [***] First dosing of First Patient in Phase II Clinical Trial $ [***] $ [***] First dosing of First Patient in Phase III Clinical Trial $ [***] $ [***] NDA/BLA approval by FDA with an Acceptable Label $ [***] $ [***] MAA approval by EMA with an Acceptable Label, including price and reimbursement approval at a level acceptable to GSK, in the first three (3) of five (5) Major EU Markets $ [***] $ [***] Total Milestone Payments for the Liquidia Respiratory Product or per Research Product or Inhaled Product, as applicable (subject to Section 10.4(b) below): $ [***] $ [***]

Milestone Payments for Inhaled Field and Liquidia Respiratory Field. (a) If GSK exercises the Liquidia Respiratory Option and/or the Inhaled Option, then subject to the remainder of this Section 10.4, GSK shall make each of the following non-refundable, non-creditable milestone payments to Liquidia, for the Liquidia Respiratory Product, and on a Research Product-by-Research Product basis or on an Inhaled Product-by-Inhaled Product basis, as applicable, upon achievement of the applicable development milestone events: Confidential treatment has been requested with respect to portions of this agreement as indicated by “[***]” and such confidential portions have been deleted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. Milestone Payments for Liquidia Respiratory Product, Research Products and Inhaled Products Milestone Events For New Therapeutic Products For Rescue Therapeutic Products and Liquidia Respiratory Product First dosing of First Patient in Phase I Clinical Trial $ 3,000,000 $ [***] 5,000,000 First dosing of First Patient in Phase II Clinical Trial $ [***] 5,000,000 $ [***] 10,000,000 First dosing of First Patient in Phase III Clinical Trial $ [***] 8,000,000 $ [***] 13,000,000 NDA/BLA approval by FDA with an Acceptable Label $ [***] 14,000,000 $ [***] 18,000,000 MAA approval by EMA with an Acceptable Label, including price and reimbursement approval at a level acceptable to GSK, in the first three (3) of five (5) Major EU Markets $ [***] 5,000,000 $ [***] 7,000,000 Total Milestone Payments for the Liquidia Respiratory Product or per Research Product or Inhaled Product, as applicable (subject to Section 10.4(b) below): $ [***] 35,000,000 $ [***]53,000,000

Milestone Payments for Inhaled Field and Liquidia Respiratory Field. (a) If GSK exercises the Liquidia Respiratory Option and/or the Inhaled Option, then subject to the remainder of this Section 10.4, GSK shall make each of the following non-refundable, non-creditable milestone payments to Liquidia, for the Liquidia Respiratory Product, and on a Research Product-by-Research Product basis or on an Inhaled Product-by-Inhaled Product basis, as applicable, upon achievement of the applicable development milestone events: Confidential treatment has been requested with respect to portions of this agreement as indicated by “[***]” and such confidential portions have been deleted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. Milestone Payments for Liquidia Respiratory Product, Research Products and Inhaled Products Milestone Events For New Therapeutic Products For Rescue Therapeutic Products and Liquidia Respiratory Product First dosing of First Patient in Phase I Clinical Trial $ 3,000,000 [***] $ [***] First dosing of First Patient in Phase II Clinical Trial $ [***] $ [***] First dosing of First Patient in Phase III Clinical Trial $ [***] $ [***] NDA/BLA approval by FDA with an Acceptable Label $ [***] $ [***] MAA approval by EMA with an Acceptable Label, including price and reimbursement approval at a level acceptable to GSK, in the first three (3) of five (5) Major EU Markets $ [***] $ [***] Total Milestone Payments for the Liquidia Respiratory Product or per Research Product or Inhaled Product, as applicable (subject to Section 10.4(b) below): $ [***] $ [***]