X0306 4 2020-02-18 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 2020-02-18 4 P 0 400 3.8375 A 23400 D Common Stock 6182974 I Via Panacea Venture Healthcare Fund I L.P. Common Stock 210844 I Via Rui Jin (HK) Consulting Management Company Limited The shares were purchased in multiple trades at prices ranging from $3.75 to $4.10. The price reported above reflects the weighted average purchase price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. The Reporting Person is a Director of Panacea Venture Healthcare Fund GP I L.P. The Reporting Person disclaims beneficial ownership of the shares held by Panacea Venture Healthcare Fund I L.P., except to the extent of his pecuniary interest therein. The Reporting Person is a Director of Rui Jin (HK) Consulting Management Company Limited. /s/ Mary B. Templeton, Esq., as Attorney-in-Fact 2020-02-20