SERV Form 4: 25,000-share sale under 10b5-1 plan and 25,000-option exercise

Rhea-AI Filing Summary

Serve Robotics insider transactions by Chief Hardware & Manufacturing Officer Euan Abraham: On 09/19/2025 the reporting person sold 25,000 shares of Serve Robotics common stock at $14.99 per share under a Rule 10b5-1 sales plan adopted June 2, 2025, and on the same date acquired 25,000 shares by exercising stock options with an exercise price of $0.4854. After the sale the reporting person beneficially owned 227,019 shares; after the option exercise the reported beneficial ownership was 252,019 shares. The option vests over time (1/4 on 11/01/2022 and monthly thereafter) and was originally received in connection with the merger closing on 07/31/2023 in exchange for options to acquire 250,000 shares of Legacy Serve common stock.

Positive

• Sale executed under a Rule 10b5-1 plan adopted June 2, 2025, indicating use of a pre-established trading plan
• Option exercise at $0.4854 demonstrates conversion of vested long-term compensation into shares
• Disclosure ties options to the 07/31/2023 merger, clarifying origin of equity awards

Negative

• Sale of 25,000 shares at $14.99 reduced direct beneficial ownership to 227,019 shares prior to the option-derived increase
• Form 4 contains no additional context such as reason for sale beyond the 10b5-1 plan or effect on voting control

Insights

Financial Analyst

TL;DR: Insider sold 25,000 shares under a 10b5-1 plan and exercised 25,000 options at $0.4854, modest net change in ownership.

The transactions are routine insider activity: a Rule 10b5-1 sale of 25,000 shares at $14.99 funded by a sales plan adopted June 2, 2025, combined with an option exercise for 25,000 shares at $0.4854. The filings show post-transaction beneficial ownership of 252,019 shares. These actions reflect execution of pre-established plan and option vesting/exercise mechanics; there is no other financial performance data in this Form 4 to assess broader company impact.

Corporate Governance Expert

TL;DR: Transactions comply with a documented 10b5-1 plan and reflect option vesting and exercise tied to prior merger consideration.

The sale was effected pursuant to a Rule 10b5-1 sales plan adopted June 2, 2025, and the exercised options were granted in connection with the Merger closed 07/31/2023. The Form 4 discloses vesting schedule (initial 1/4 on 11/01/2022 and monthly thereafter) and shows the reporting person remains a direct beneficial owner. The filing is a standard Section 16 disclosure with no additional governance flags disclosed.

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).

X

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^*

Abraham Euan

(Last) (First) (Middle)

C/O SERVE ROBOTICS INC.

730 BROADWAY

(Street)

REDWOOD CITY CA 94063

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Serve Robotics Inc. /DE/ [ SERV ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Hardware & Mftg Offcr

3. Date of Earliest Transaction (Month/Day/Year)
09/19/2025

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	09/19/2025		S(1)		25,000	D	$14.99	227,019	D
Common Stock	09/19/2025		M		25,000	A	$0.4854	252,019	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
Stock Option (right to buy)	$0.4854	09/19/2025		M			25,000	(2)	12/22/2031	Common Stock	25,000	(3)	75,875	D

Explanation of Responses:

1. Sale effected pursuant to a Rule 10b5-1 sales plan, adopted by the Reporting Person on June 2, 2025.

2. The stock option vested as to 1/4 of the total number of shares on November 1, 2022, and an additional 1/48 of the total number of shares vest on each monthly anniversary thereafter, until such time as the stock option is 100% vested, subject to the continuing employment of the Reporting Person on each vesting date.

3. Received in connection with the Issuer's merger (the "Merger") with Serve Robotics Inc. ("Legacy Serve") in accordance with the terms of the Agreement and Plan of Merger and Reorganization dated as of July 31, 2023, by and among the Issuer (f/k/a Patricia Acquisition Corp.), Serve Acquisition Corp. and Legacy Serve, in exchange for options to acquire 250,000 shares of Legacy Serve common stock for $0.39 per share. The Merger closed on July 31, 2023 (the "Merger Closing Date").

Remarks:

	/s/ Jongmin Char, as attorney-in-fact for Euan Abraham	09/22/2025
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did Serve Robotics (SERV) insider Euan Abraham report on 09/19/2025?

The Form 4 reports a sale of 25,000 shares at $14.99 under a Rule 10b5-1 plan and the exercise/acquisition of 25,000 shares via stock option at an exercise price of $0.4854 on 09/19/2025.

Was the sale by Euan Abraham part of a pre-established trading plan?

Yes. The sale was effected pursuant to a Rule 10b5-1 sales plan adopted June 2, 2025, as disclosed in the Form 4.

How many Serve Robotics shares does Euan Abraham beneficially own after these transactions?

The Form 4 reports 252,019 shares beneficially owned following the reported acquisition and sale transactions.

What is the exercise price and vesting detail for the exercised stock option?

The exercised option had an exercise price of $0.4854. It vested 1/4 on 11/01/2022 with an additional 1/48 vesting monthly thereafter, as stated in the filing.

Were the options related to any corporate transaction?

Yes. The Form 4 states the options were received in connection with the merger that closed on 07/31/2023, exchanged for options to acquire 250,000 shares of Legacy Serve common stock.