X0306 4 2017-01-27 0001434647 KEMPHARM, INC KMPH 0001638366 Mickle Christal M M C/O KEMPHARM, INC. 2500 CROSSPARK ROAD, SUITE E126 CORALVILLE IA 52241 1 1 VP, Operations & Product Dvlp. Stock Option (right to buy) 3.55 2017-01-27 4 A 0 30000 0 A 2027-01-26 Common Stock 30000 30000 D Stock Option (right to buy) 3.55 2017-01-27 4 A 0 225000 0 A 2027-01-26 Common Stock 225000 225000 I By Spouse Grant to the Reporting Person of a stock option under the Issuer's 2014 Equity Incentive Plan (the "Plan"). 25% of the shares will vest on January 27, 2018 and the remaining 75% of the shares will vest in equal annual installments thereafter, provided that at the relevant vesting dates such optionee's employment relationship has not been terminated as defined in the Plan. All shares underlying the option will vest in full and become immediately exercisable upon a change of control of the Issuer or if the Reporting Person is terminated without cause or resigns for good reason. The option expires ten years after the date of grant. Grant to the Reporting Person's spouse of a stock option under the Plan. 25% of the shares will vest on January 27, 2018 and the remaining 75% of the shares will vest in equal annual installments thereafter, provided that at the relevant vesting dates such optionee's employment relationship has not been terminated as defined in the Plan. All shares underlying the option will vest in full and become immediately exercisable upon a change of control of the Issuer or if the Reporting Person's spouse is terminated without cause or resigns for good reason. The option expires ten years after the date of grant. /s/ Christal M.M. Mickle 2017-01-31