[Form 4] SAB Biotherapeutics, Inc. Warrant Insider Trading Activity

Rhea-AI Filing Summary

Eddie Joe Sullivan, a director and President of SAB Biotherapeutics, Inc. (ticker SABSW), reported a grant of options on 08/26/2025 to purchase 3,000,000 shares of common stock at a $2.17 exercise price. The options are reported as acquired and are held directly. The filing states the awards are governed by the company’s 2021 Omnibus Equity Incentive Plan and are conditioned on shareholder approval to amend the Plan to increase available shares. The underlying shares vest over four years, with 1/4 vesting on March 1, 2026 and the remaining 3/4 vesting monthly in 36 equal installments. The filing shows the options relate to common stock and that 3,000,000 shares would be beneficially owned following the transaction.

Insights

Corporate Governance Expert

TL;DR: Large, conditional option grant aligns executive incentives but depends on shareholder approval and may raise dilution questions.

The filing documents a significant equity award to the company President and a board member: an option for 3,000,000 shares at $2.17 per share, subject to amendment of the 2021 Omnibus Equity Incentive Plan to increase available shares. Vesting is time-based over four years, which is a standard retention mechanism. From a governance perspective, the conditional nature—requiring stockholder approval to increase the plan pool—is material because the award is not effective until that approval occurs. The grant size is sizable on its face and could meaningfully expand outstanding potential dilution if approved, so transparency around plan amendment rationale and dilution impact will be important for shareholders.

Securities Analyst

TL;DR: Insider received 3 million options at $2.17; impact on valuation depends on plan amendment and eventual exercise.

The Form 4 reports acquisition of options exercisable into 3,000,000 common shares at a $2.17 strike. The options vest starting March 1, 2026 and continue monthly over three additional years, a typical retention schedule. The award is conditional on shareholder approval to amend the equity plan to increase available shares, so current reported beneficial ownership reflects contingent potential rather than immediately dilutive shares. For investors, the near-term balance sheet and share count are unchanged until approval and exercise; any valuation effect will depend on whether the amendment passes and on future exercises.

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

OMB APPROVAL

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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^*

Sullivan Eddie Joe

(Last) (First) (Middle)

777 W 41ST ST

SUITE 401

(Street)

MIAMI BEACH FL 33140

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SAB Biotherapeutics, Inc. [ SABS ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
08/26/2025

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

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
Stock Option (right to buy)	$2.17	08/26/2025		A		3,000,000(1)(2)		(3)	08/26/2035	Common Stock	3,000,000	$0	3,000,000	D

Explanation of Responses:

1. Represents options to purchase shares of the Issuer's common stock par value $0.0001 per share ("Common Stock"), pursuant to the Issuer's 2021 Omnibus Equity Incentive Plan, as amended (the "Plan").

2. The awards are subject to the Company's receipt of stockholder approval to amend the Plan, to increase the number of shares of Common Stock available for issuance thereunder.

3. The shares of Common Stock underlying the option vest over a four-year period, vesting 1/4 on March 1, 2026, and the remaining 3/4 vesting pro rata on a monthly basis in 36 equal installments thereafter.

	/s/ Eddie Joe Sullivan	08/28/2025
	** Signature of Reporting Person	Date
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