X0306 4 2020-01-09 0 0001574235 Pulmatrix, Inc. PULM 0001646596 Batycky Richard P. C/O PULMATRIX, INC., 99 HAYDEN AVE, SUITE 390 LEXINGTON MA 02421 1 0 0 0 Stock Option (Right to Buy) 1.54 2020-01-09 4 A 0 30000 0.00 A 2030-01-09 Common Stock 30000 30000 D Twenty-five percent (25%) of this option will vest and become exercisable on November 1, 2020 (the "First Vesting Date"), and the remaining shares underlying the option will vest and become exercisable in thirty-six (36) equal monthly installments on each monthly anniversary of the First Vesting Date thereafter, 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/ Richard Batycky 2020-01-13