Emergent BioSolutions Inc. — Director's Dealing 2016

May 16, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Emergent BioSolutions Inc. (EBS)
CIK: 0001367644
Period of Report: 2016-05-12

Reporting Person: SULLIVAN LOUIS W (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-12	Common Stock	M	300	$8.43	Acquired	28800	Direct
2016-05-12	Common Stock	S	300	$39.00	Disposed	28500	Direct
2016-05-13	Common Stock	M	4131	$8.43	Acquired	32631	Direct
2016-05-13	Common Stock	S	4131	$39.00	Disposed	28500	Direct
2016-05-13	Common Stock	M	21600	$8.76	Acquired	50100	Direct
2016-05-13	Common Stock	S	21600	$39.19	Acquired	28500	Direct
2016-05-13	Common Stock	M	21600	$11.67	Acquired	50100	Direct
2016-05-13	Common Stock	S	21600	$39.28	Disposed	28500	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-12	Stock Option	$8.43	M	300	Acquired	2017-06-13	Common Stock (300)	Direct
2016-05-13	Stock Option	$8.43	M	4131	Acquired	2017-06-13	Common Stock (4131)	Direct
2016-05-13	Stock Option	$8.76	M	21600	Acquired	2018-05-20	Common Stock (21600)	Direct
2016-05-13	Stock Option	$11.67	M	21600	Acquired	2019-05-20	Common Stock (21600)	Direct

Footnotes

F1: Consists of an option granted under the company's stock incentive plan on June 14, 2007.

F2: Consists of an option granted under the company's stock incentive plan on May 21, 2008.

F3: The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $39.00 to $39.47; inclusive.

F4: Consists of an option granted under the company's stock incentive plan on May 21, 2009.

F5: The option vested in three equal installments in June 2008, 2009 and 2010.

F6: The option vested in three equal installments in May 2009, 2010 and 2011.

F7: The options vested in three equal installments in May 2010, 2011 and 2012.