17 STOCK OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT The following table sets forth information regarding the beneficial ownership of our common stock as of April 18, 2022 by (i) each person known to us to beneficially own five percent (5%) or more of our common stock, (ii) each director and Named Executive Officer (as defined below) and (iii) all of our directors and executive officers as a group. The persons named in the table have sole voting and investment power with respect to all shares of common stock owned by them and have an address of c/o Pulmatrix Inc., 99 Hayden Avenue, Suite 390, Lexington, MA 02421, unless otherwise noted. Percentage of ownership is based on 3,387,172 shares of common stock issued and outstanding as of April 18, 2022. Beneficial ownership is determined in accordance with the rules of the SEC. For the purpose of calculating the number of shares beneficially owned by a stockholder and the percentage ownership of that stockholder, shares of common stock subject to options or warrants that are currently exercisable or exercisable within sixty (60) days of April 18, 2022 by that stockholder are deemed outstanding. Name Number of Shares Beneficially Owned (1) Percentage of Shares outstanding(1) Beneficially Owned as a result of stock ownership(1) Beneficially Owned as a result of stock option ownership(1) Beneficially Owned as a result of warrant ownership(1) Named Executive Officers and Directors Richard Batycky, Ph.D. ....................................... 1,648 * 25 1,623 — Todd Bazemore.................................................... 973 * — 973 — Christopher Cabell M.D....................................... 1,097 * — 1,097 — Michael J. Higgins ............................................... 3,214 * — 3,214 — Anand Varadan(2) ............................................... 116 * — 116 — Teofilo Raad ........................................................ 73,085 2.11% — 73,085 — Michelle S. Siegert............................................... 11,415 * 60 11,355 — All directors and executive officers as a group of nine persons.................................................... 91,548 2.63% 85 91,463 — 5% Stockholders Sabby Volatility Warrant Master Fund, Ltd(3) c/o Ogier Fiduciary Services (Cayman) Limited 89 Nexus Way, Camana Bay, Grand Cayman KY1-9007 Cayman Islands.................................. 180,853 5.34% 180,853 — — * Less than 1%. (1) Beneficial ownership as reported in the above table has been determined in accordance with Rule 13d-3 promulgated under the Exchange Act and is not necessarily indicative of beneficial ownership for any other purpose. The number of shares of common stock shown as beneficially owned includes shares of common stock issuable upon the conversion of series A convertible preferred stock and the exercise of stock options and warrants that are currently exercisable or will become exercisable within sixty (60) days of April 18, 2022. (2) Mr. Varadan was appointed to the Board on July 26, 2021. (3) This information is based on the information reported on the Schedule 13G filed on January 5, 2022 by Sabby Volatility Warrant Master Fund, Ltd., Sabby Management, LLC, and Hal Mintz, and other information available to the Company. Sabby Volatility Warrant Master Fund, Ltd (“Sabby”) is the beneficial owner of 180,853 shares of common stock. As of April 18, 2022, Sabby owns warrants that would be exercisable up to 260,411 additional shares of common stock, except for a limitation set forth in the warrant agreements that restricts Sabby’s ability to exercise the warrants if such exercise would result in Sabby Volatility Warrant Master Fund, Ltd owning more than 4.99% of the Company’s currently outstanding number of shares of common stock. The principal address of Sabby is 89 Nexus Way, Camana Bay, Grand Cayman KY1-9007 Cayman Islands.
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