X0306 4 2017-03-20 0 0001574235 Pulmatrix, Inc. PULM 0001325710 Sherman Matthew L C/O PULMATRIX, INC., 99 HAYDEN AVE LEXINGTON MA 02421 1 0 0 0 Stock Option (Right to Buy) 2.78 2017-03-20 4 A 0 4400 0.00 A 2027-03-20 Common Stock 4400 4400 D One-fourth (1/4) of the option vests on March 20, 2018 and the remainder vests in thirty-six (36) equal monthly installments with 2.083% vesting for each of the next thirty-six (36) months that follow March 20, 2018, provided that the reporting person is providing services to the Issuer on the applicable vesting date and subject to the terms and conditions of the Pulmatrix, Inc. 2013 Employee, Director and Consultant Equity Incentive Plan. /s/ Matthew L. Sherman 2017-03-22