[Form 4] SANUWAVE Health, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Jeffrey Blizard, a company director of SANUWAVE Health, Inc. (SNWV), reported the acquisition of 1,342 shares of common stock through the exercise of a stock option on 09/30/2025. The option had an exercise price of $37.48 and the underlying shares are exercisable through 09/30/2030. The filing states the options were fully vested at grant date and lists the transaction as a direct ownership change. The Form 4 was signed by an attorney-in-fact on 10/02/2025.

Positive

• 1,342 shares acquired by a director via option exercise, increasing insider alignment with shareholders
• Filing states the options were fully vested at grant date, removing vesting uncertainty

Negative

• None.

Insights

Corporate Governance Specialist

Director exercised vested options for 1,342 shares at $37.48.

The Form 4 shows Jeffrey Blizard exercised a stock option on 09/30/2025 acquiring 1,342 shares with an exercise price of $37.48. The filing explicitly states the options were fully vested at grant date, indicating no additional vesting conditions are disclosed.

This is a standard disclosure of an insider exercise and reflects a direct change in beneficial ownership; the option's expiration is 09/30/2030, which is the contractual exercise window noted in the filing.

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

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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).

1. Name and Address of Reporting Person^*

Blizard Jeffrey

(Last) (First) (Middle)

7600 W. 76TH STREET

SUITE 118

(Street)

EDEN PRAIRIE MN 55344

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

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)	$37.48	09/30/2025		A		1,342		(1)	09/30/2030	Common Stock	1,342	$0	1,342	D

Explanation of Responses:

1. Options were fully vested at the grant date.

	/s/ Griffin D. Foster, Attorney-in-Fact for Jeffrey Blizard	10/02/2025
	** 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 SANUWAVE (SNWV) director Jeffrey Blizard report on Form 4?

He reported the exercise of a stock option that resulted in the acquisition of 1,342 shares on 09/30/2025.

What was the exercise price for the options exercised by Jeffrey Blizard?

The option exercise price was $37.48 per share, as disclosed on the Form 4.

Are the exercised options subject to additional vesting according to the filing?

No. The filing explicitly states the options were fully vested at the grant date.

How long is the exercise window for the option reported on the Form 4?

The option's expiration date is listed as 09/30/2030, giving the holder until that date to exercise.

Who signed the Form 4 filing for Jeffrey Blizard and when?

The Form 4 was signed by Griffin D. Foster, Attorney-in-Fact for Jeffrey Blizard on 10/02/2025.