X0306 4 2017-12-13 0001029125 Sun BioPharma, Inc. SNBP 0001394821 GILBERTSON RYAN RANDALL 1000 PARKER'S LAKE ROAD WAYZATA MN 55391 1 Common Stock 2017-12-13 4 M 0 80000 1.875 A 567050 D Common Stock 2017-12-13 4 F 0 11512 13.03 D 555538 D Common Stock 28000 I By Total Depth Foundation Warrants (right to buy) 1.875 2017-12-13 4 M 0 80000 0 D 2015-09-04 2023-06-04 Common Stock 80000 0 D Pursuant to "net issue exercise" feature of underlying warrant, represents average closing bid and ask prices of the Issuer's common stock for the ten trading day period ending five trading days prior to December 13, 2017. Unless earlier terminated pursuant to its terms, the warrants terminate upon the earliest of June 2023, upon a closing of a change of control of Issuer, or immediately prior to a closing of a firm commitment underwritten initial public offering pursuant to an effective registration statement filed under the Securities Act covering the offering and sale of Issuer common stock. /s/ Ryan R. Gilbertson 2017-12-15