X0306 4 2019-04-24 0000946486 WINDTREE THERAPEUTICS INC /DE/ WINT 0001573160 Huang James C/O WINDTREE THERAPEUTICS, INC. 2600 KELLY ROAD, SUITE 100 WARRINGTON PA 18976 1 1 Common Stock 4527345 I Via Panacea Venture Healthcare Fund I L.P. Common Stock 114415 I Via Rui Jin (HK) Consulting Management Company Limited Non-Qualified Stock Option (Right to Buy) 4.32 2019-04-24 4 A 0 60000 0 A 2019-12-21 2029-04-24 Common Stock 60000 60000 D The Reporting Person is Director of Panacea Venture Healthcare Fund I L.P. The Reporting Person disclaims beneficial ownership of the shares held by the fund, except to the extent of his pecuniary interest therein. This stock option shall vest in a series of three successive, equal installments measured from the date of Mr. Huang's appointment to the Board of Directors on December 21, 2018. /s/ Mary B. Templeton, Esq., as Attorney-in-Fact 2019-04-26