SERV General Counsel sells 20,458 shares via tax-withhold and 10b5-1

Rhea-AI Filing Summary

Evan Dunn, General Counsel of Serve Robotics Inc. (SERV), reported two stock sales on 10/07/2025. He sold 5,458 shares at a weighted average price of $15.01 to satisfy tax withholding on vested restricted stock units, leaving 225,309 shares beneficially owned after that transaction. On the same date he sold an additional 15,000 shares under a Rule 10b5-1 trading plan at a weighted average price of $15.12 (sales ranged $15.11–$15.14), reducing his holdings to 210,309 shares. The report was signed by an attorney-in-fact and notes the 10b5-1 plan was adopted on 05/20/2025.

Positive

• Sales were executed under a Rule 10b5-1 plan, providing an affirmative defense to insider trading concerns
• Tax-withholding sale indicates RSU vesting and structured liquidity rather than opportunistic trading

Negative

• Insider holdings decreased by 20,458 shares, reducing beneficial ownership to 210,309

Insights

Corporate Governance Counsel

Insider sold shares under a pre-established 10b5-1 plan and for tax withholding on RSUs.

The transactions are routine compliance events: 5,458 shares were sold to cover tax withholding from vested RSUs and 15,000 shares were sold pursuant to a Rule 10b5-1 plan adopted on 05/20/2025. The filing discloses weighted average prices of $15.01 and $15.12.

The main governance item to note is that sales were executed under an affirmative defense plan, which typically reduces insider trading risk if the plan was adopted in good faith. Monitor any future filings for additional plan activity or changes in beneficial ownership near earnings or material events within the next 12 months.

Equity Compensation Analyst

Sales reflect routine vesting tax liquidity and pre-scheduled disposition, modest relative to reported holdings.

The tax-withholding sale of 5,458 shares suggests recent RSU vesting; the separate 15,000-share sale under a 10b5-1 plan is an arranged disposition rather than an opportunistic trade. Post-sales beneficial ownership is reported as 210,309 shares.

For investor impact, these are small, non-control transactions; watch for subsequent Form 4s that would indicate larger-scale monetization or shifts in insider ownership over the next 6-12 months.

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^*

Dunn Evan

(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)
	General Counsel

3. Date of Earliest Transaction (Month/Day/Year)
10/07/2025

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	10/07/2025		S		5,458(1)	D	$15.01	225,309	D
Common Stock	10/07/2025		S		15,000(2)	D	$15.12(3)	210,309	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 shares of the Issuer's common stock sold to satisfy tax withholding obligations relating to the acquisition of shares of the Issuer's common stock in connection with the settlement of the vested portion of RSUs pursuant to provisions of a restricted stock unit agreement by and between the Issuer and the Reporting Person.

2. Represents 15,000 shares of the Issuer's common stock sold pursuant to a Rule 10b5-1 sales plan, adopted by the Reporting Person on May 20, 2025.

3. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $15.11 to $15.14, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Remarks:

	/s/ Jongmin Char, as attorney-in-fact for Evan Dunn	10/07/2025
	** 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 did Serve Robotics (SERV) insider Evan Dunn sell on 10/07/2025?

He sold 5,458 shares to satisfy tax withholding and 15,000 shares under a Rule 10b5-1 plan on 10/07/2025.

At what prices were the SERV shares sold?

The tax-withholding shares sold at a weighted average of $15.01; the 10b5-1 sales had a weighted average of $15.12 (range $15.11–$15.14).

How many SERV shares does Evan Dunn beneficially own after these transactions?

Following the reported transactions, he beneficially owned 210,309 shares.

When was the 10b5-1 plan adopted for the 15,000-share sale?

The 10b5-1 sales plan was adopted on 05/20/2025.

Who signed the Form 4 filing for Evan Dunn?

The filing was signed by Jongmin Char as attorney-in-fact for Evan Dunn on 10/07/2025.