X0306 4 2017-01-25 0 0001583648 PIERIS PHARMACEUTICALS, INC. PIRS 0001609405 Khuong Chau Quang C/O PIERIS PHARMACEUTICALS, INC. 255 STATE STREET, 9TH FLOOR BOSTON MA 02109 1 0 1 0 Stock Option (right to buy) 2.01 2017-01-25 4 A 0 10313 0.00 A 2017-01-25 2027-01-25 Common Stock 10313 10313 D Stock Option (right to buy) 2.01 2017-01-25 4 A 0 20000 0.00 A 2027-01-25 Common Stock 20000 20000 D The Reporting Person is an employee of OrbiMed Advisors LLC ("Advisors") and is obligated to transfer any shares issued under equity grants made to him by the Issuer, or the economic benefits thereof, to Advisors for the ultimate benefit of OrbiMed Private Investments III, LP and OrbiMed Associates III, LP. The option award was issued to the Reporting Person, who elected to take shares in lieu of cash compensation for services as a director and committee member, pursuant to the Issuer's non-employee director compensation plan. The stock option will vest in four equal installments on each of March 31, June 30, September 30, and December 31, 2017. /s/ Marc D. Mantell, Attorney-in-fact 2017-01-30