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

Rhea-AI Filing Summary

Samuel J. Reich, the CEO, Executive Chairman and a director of SAB Biotherapeutics, reported a grant of 4,800,000 stock options on 08/26/2025. The options have an exercise price of $2.17 per share and are issued under the company’s 2021 Omnibus Equity Incentive Plan. The awards are subject to the company receiving stockholder approval to amend the Plan to increase available shares for issuance. The underlying common shares vest over four years, with 1/4 vesting on March 1, 2026 and the remaining 3/4 vesting pro rata monthly over the following 36 months. The Form 4 was signed and filed on 08/28/2025.

Positive

• 4,800,000 options granted to the CEO and Executive Chairman, disclosed publicly
• Clear vesting schedule: 1/4 on March 1, 2026, then pro rata monthly over 36 months
• Options issued under the company’s 2021 Omnibus Equity Incentive Plan, indicating use of an established compensation framework

Negative

• Award is contingent on stockholder approval to amend the Plan to increase shares available for issuance
• Potential dilution from 4,800,000 underlying shares if the amendment is approved and options are exercised

Insights

Financial Analyst

TL;DR: A large option grant to the CEO may affect share count and future dilution; award is conditional on shareholder approval.

The filing documents a grant of 4,800,000 options to Samuel J. Reich at a $2.17 exercise price under the 2021 Omnibus Equity Incentive Plan. The options vest over four years, beginning with a one-quarter cliff on March 1, 2026, then monthly thereafter. Critically, the awards are contingent on stockholder approval to increase the Plan’s share reserve, meaning they are not presently exercisable unless that approval is obtained. For investors, the key considerations are the potential dilution if approved and exercised and the timing of vesting which ties executive compensation to multi-year retention.

Corporate Governance Expert

TL;DR: This is a standard equity incentive disclosure but with a material contingency requiring shareholder action.

The Form 4 shows the CEO and Chairman received a sizeable option award subject to the 2021 Omnibus Equity Incentive Plan and contingent on an amendment to expand the share pool. The filing transparently discloses the vesting schedule and the contingency. From a governance perspective, shareholders will need to evaluate the proposed Plan amendment, the rationale for the increase in available shares, and alignment of the vesting schedule with company performance and retention goals.

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Reich Samuel J

(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)
	CEO & EXECUTIVE CHAIRMAN

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		4,800,000(1)(2)		(3)	08/26/2035	Common Stock	4,800,000	$0	4,800,000	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/ Samuel J. Reich	08/28/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What transaction did Samuel J. Reich report on Form 4 for SAB Biotherapeutics (SABSW)?

He reported a grant of 4,800,000 stock options on 08/26/2025 with an exercise price of $2.17 per share.

Are the option awards immediately exercisable?

No; the options vest over four years with 1/4 vesting on March 1, 2026 and the remaining 3/4 vesting monthly over 36 months.

Is there any condition attached to the option grant?

Yes; the awards are subject to the company receiving stockholder approval to amend the 2021 Omnibus Equity Incentive Plan to increase available shares.

What is the filing and signature date of the Form 4?

The transaction date is 08/26/2025 and the Form 4 was signed on 08/28/2025.

Under which plan were the options granted?

The options were granted under the company’s 2021 Omnibus Equity Incentive Plan, as amended.