[Form 4] Bullfrog AI Holdings, Inc. Warrants Insider Trading Activity

Rhea-AI Filing Summary

William Enright, a director of BullFrog AI Holdings, Inc. (symbol: BFRGW), reported equity awards on Form 4 filed for transactions dated 08/22/2025. The filing shows 2,813 shares of common stock issued as a fully vested equity grant and 5,710 restricted stock units (RSUs) granted under the company's 2022 Equity Compensation Plan. The RSUs vest 50% on September 1, 2026 and 50% on September 1, 2027, and each RSU represents a contingent right to one share of common stock. The RSUs include an acceleration provision that lapses forfeiture restrictions upon a change in control or a significant financing. Following these transactions, Enright beneficially owns 13,523 shares (direct).

Insights

Securities Analyst

TL;DR: Director received a mix of fully vested shares and time‑based RSUs, modestly increasing direct ownership with standard acceleration terms.

The reported grant combines immediate ownership (2,813 fully vested shares) with future-issued equity (5,710 RSUs vesting over two years). This structure aligns management incentives with multi-year performance while providing immediate alignment through vested shares. The RSU acceleration provision on change in control or significant financing is standard but relevant to potential dilution timing. The filing does not disclose grant valuation, percentage ownership of outstanding shares, or any sale/purchase price beyond $0.00 for the grants, so materiality to shareholders depends on company size and total outstanding share count, which are not provided in this Form 4.

Corporate Governance Expert

TL;DR: Compensation appears routine: a mix of vested shares and multi‑year RSUs with customary change‑of‑control acceleration.

The award uses the company’s 2022 Equity Compensation Plan and includes a clear vesting schedule (50%/50% in 2026 and 2027). The acceleration clause for change in control or a significant financing is specifically disclosed, which could accelerate issuance timing. The Form 4 is compliant and signed; however, the filing omits contextual figures like total outstanding shares or percentage ownership, limiting assessment of governance impact. Based solely on the Form 4, this is a routine insider grant rather than an extraordinary governance event.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Enright William

(Last) (First) (Middle)

325 ELLINGTON BLVD,

UNIT 317

(Street)

GAITHERSBURG MD 20878

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BullFrog AI Holdings, Inc. [ BFRG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/22/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/22/2025		A		5,710(1)	A	$0.00	10,710	D
Common Stock	08/22/2025		A		2,813(2)	A	$0.00	13,523	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents Restricted Stock Units ("RSUs") issued under the Company's 2022 Equity Compensation Plan (the "Plan"), vesting 50% on September 1, 2026, and the remaining 50% on September 1, 2027. Lapse of forfeiture restrictions will accelerate upon a change in control of the Company (as defined in the Plan) or a significant financing which may, or may not, constitute a change in control. Each RSU represents a contingent right to receive one share of Common Stock of the Issuer.

2. Represents 2,813 shares of Common Stock issued as an equity grant under the Plan, fully vested upon grant.

	/s/ William Enright	08/26/2025
	** Signature of Reporting Person	Date
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