Emergent BioSolutions Inc. — Director's Dealing 2017

Jan 20, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Emergent BioSolutions Inc. (EBS)
CIK: 0001367644
Period of Report: 2017-01-17

Reporting Person: Havey Adam (EVP, Biodefense Divison)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-08-01	Common Stock	J	452	—	Acquired	41424	Direct
2016-08-01	Common Stock	J	599	—	Acquired	42023	Direct
2016-08-01	Common Stock	J	748	—	Acquired	42771	Direct
2017-01-17	Common Stock	S	8438	$29.7465	Disposed	34333	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-08-01	Stock Option (Right to buy)	$22.03	J	577	Acquired	2018-03-14	Common Stock (577)	Direct
2016-08-01	Stock Option (Right to buy)	$22.03	J	1386	Acquired	2018-03-14	Common Stock (1386)	Direct
2016-08-01	Stock Option (Right to buy)	$25.62	J	2709	Acquired	2021-03-10	Common Stock (2709)	Direct
2016-08-01	Stock Option (Right to buy)	$26.45	J	1794	Acquired	2022-03-09	Common Stock (1794)	Direct
2016-08-01	Stock Option (Right to buy)	$30.86	J	1495	Acquired	2023-02-28	Common Stock (1495)	Direct

Footnotes

F1: In connection with the spin-off of Aptevo Therapeutics Inc. from Emergent BioSolutions Inc, on August 1, 2016 the reporting person received a grant of restricted stock units as
a result of an adjustment to an existing Emergent restricted stock unit grant held by the reporting person prior to the spin-off. The restricted stock units vest in March 2017.

F2: In connection with the spin-off of Aptevo Therapeutics Inc. from Emergent BioSolutions Inc, on August 1, 2016 the reporting person received a grant of restricted stock units as
a result of an adjustment to an existing Emergent restricted stock unit grant held by the reporting person prior to the spin-off. The restricted stock units vest in March 2017 and March 2018.

F3: In connection with the spin-off of Aptevo Therapeutics Inc. from Emergent BioSolutions Inc, on August 1, 2016 the reporting person received a grant of restricted stock units as
a result of an adjustment to an existing Emergent restricted stock unit grant held by the reporting person prior to the spin-off. The restricted stock units vest in March 2017, March 2018 and March 2019.

F4: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by Mr. Havey.

F5: The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $29.48 to $30.15, inclusive.

F6: Consists of an option granted on 03/15/2011 under the company's stock incentive plan as amended and restated. In connection with the spin-off on August 1, 2016, the reporting person received a grant of additional stock options as a result of an adjustment to preserve the pre-spin intrinsic value of an existing stock option grant. The adjustments included an adjustment to the stock option price of the grant.

F7: The option grant vests in three equal installments on the day prior to the first, second and third anniversary dates of the grant.

F8: Consists of an option granted on 03/11/2014 under the company's stock incentive plan as amended and restated. In connection with the spin-off on August 1, 2016, the reporting person received a grant of additional stock options as a result of an adjustment to preserve the pre-spin intrinsic value of an existing stock option grant. The adjustments included an adjustment to the stock option price of the grant.

F9: Consists of an option granted on 03/10/2015 under the company's stock incentive plan as amended and restated. In connection with the spin-off on August 1, 2016, the reporting person received a grant of additional stock options as a result of an adjustment to preserve the pre-spin intrinsic value of an existing stock option grant. The adjustments included an adjustment to the stock option price of the grant.

F10: Consists of an option granted on 03/01/2016 under the company's stock incentive plan as amended and restated. In connection with the spin-off on August 1, 2016, the reporting person received a grant of additional stock options as a result of an adjustment to preserve the pre-spin intrinsic value of an existing stock option grant. The adjustments included an adjustment to the stock option price of the grant.