X0306 4 2020-01-09 0 0001574235 Pulmatrix, Inc. PULM 0001478521 Higgins Michael J C/O PULMATRIX, INC., 99 HAYDEN AVE LEXINGTON MA 02421 1 0 0 0 Stock Option (Right to Buy) 1.54 2020-01-09 4 A 0 15000 0.00 A 2030-01-09 Common Stock 15000 15000 D The shares underlying this stock option will vest and become exercisable in forty-eight (48) equal monthly installments beginning on the first monthly anniversary of the date of grant, with the first tranche vesting on January 9, 2020, 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. Amended and Restated 2013 Employee, Director and Consultant Equity Incentive Plan. /s/ Michael Higgins 2020-01-13