[Form 3] SANUWAVE Health, Inc. Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

SANUWAVE Health, Inc. (SNWV) Form 3 shows Daniel Coyle, the company's Chief Operating Officer and an officer-director, reporting initial beneficial ownership following grants and vesting events. He directly holds 37 shares of common stock and holds options totaling 25,000 underlying shares: a 20,000-share option granted 10/22/2024 exercisable through 10/22/2034 at an exercise price of $14.2, and a second option where 5,000 of the originally granted 10,000 shares vested after achieving two project-based milestones; the remaining 5,000 remain performance‑contingent. The 20,000-share option vests in 12 quarterly installments over three years starting on the grant date. The Form 3 was signed by an attorney-in-fact on 10/06/2025.

Positive

• Equity alignment: Officer holds 25,000 option rights, aligning compensation with shareholder value
• Performance‑based vesting: 5,000 options vested after meeting two project milestones, showing measured payout tied to goals

Negative

• Low current share ownership: Direct ownership of only 37 shares may be viewed as limited immediate stock ownership
• Exercise prices above current market may be required: Options have exercise prices of $14.2 and $27, which could delay or limit economic gain until share price increases

Insights

Corporate Governance Analyst

Officer filing documents direct ownership of 37 shares and 25,000 option rights.

The filing records that Daniel Coyle, the COO, directly owns 37 common shares and holds options covering 25,000 underlying shares with stated exercise prices of $14.2 and $27. The larger option (20,000) vests quarterly over three years from 10/22/2024, and a performance‑based grant originally for 10,000 has 5,000 vested due to two met milestones.

This disclosure is administrative and customary for officers receiving equity compensation; the material items to watch are further vesting triggers and any exercises or sales that would change reported ownership in subsequent Section 16 filings within the required reporting windows.

SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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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1. Name and Address of Reporting Person^*

Coyle Daniel

(Last) (First) (Middle)

9600 W. 76TH STREET

SUITE 118

(Street)

EDEN PRAIRIE MN 55344

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
10/01/2025

3. Issuer Name and Ticker or Trading Symbol
SANUWAVE Health, Inc. [ SNVW ]

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

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

5. 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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	37	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	(1)	10/22/2034	Common Stock	20,000	$14.2	D
Stock Option (right to buy)	(2)	06/04/2035	Common Stock	5,000	$27	D

Explanation of Responses:

1. Options vest over a period of three years in 12 equal installments on each quarterly anniversary of the grant date. These options were granted to the reporting person on October 22, 2024.

2. On June 4, 2025, the reporting person was granted options to purchase 10,000 shares of common stock that vest in four equal installments based on the satisfaction of certain project-based performance milestones. Two of the performance milestones have been met, resulting in the vesting of 5,000 options.

	/s/ Griffin D. Foster, Attorney-in-Fact for Daniel Coyle	10/06/2025
	** 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 5 (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 the SNWV Form 3 filed for Daniel Coyle disclose?

Direct ownership of 37 shares and options covering 25,000 underlying common shares with exercise prices of $14.2 and $27.

How many options vested for the COO per the filing?

5,000 options vested from a 10,000-option performance grant after two milestones were met; 20,000 options vest quarterly over three years.

When was the 20,000-share option granted and its expiration?

The 20,000-share option was granted on 10/22/2024, vests over three years, and has an expiration date of 10/22/2034.

What is the filing date on the Form 3?

The Form 3 was signed by attorney-in-fact and dated 10/06/2025 and reports the event date 10/01/2025.

Are any of the options performance‑contingent?

Yes, a 10,000-option grant vests based on project-based performance milestones; 5,000 have vested after two milestones were achieved.