SNWV Director Receives 1,574 Stock Options at $32.86 – Form 4

Form 4 filing overview – SANUWAVE Health, Inc. (SNWV) Director Gregory M. Bazar reported one insider transaction dated 30 June 2025.

Rhea-AI Filing Summary

Form 4 filing overview – SANUWAVE Health, Inc. (SNWV)

Director Gregory M. Bazar reported one insider transaction dated 30 June 2025. The filing shows an award of 1,574 stock options (right to buy common stock) with an exercise price of $32.86 and an expiration date of 30 June 2030. The options were fully vested at the grant date, and Bazar now beneficially owns 1,574 derivative securities directly. No open-market purchases or sales of common shares were disclosed, and there were no changes to non-derivative share holdings.

The transaction appears to be routine director compensation and represents a limited potential dilution given the company’s outstanding share count. No other financial or operational information was provided in this filing.

Insights

Financial Analyst

TL;DR: Routine option grant; minor dilution; neutral signal for investors.

The award of 1,574 fully-vested options to a board member fits standard equity-based compensation practices for micro-cap issuers. The absence of share sales indicates no insider pessimism, but the small size and lack of performance conditions provide little insight into future fundamentals. Given SNWV’s typical daily volume, this grant is immaterial to float and valuation. I classify the market impact as neutral.

Insider Trade Summary

Grant/Award: 1,574 shares

Grant/Award 1 txn

Insider Bazar Gregory Matthew

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Stock Option (right to buy)	1,574	$0.00	$0.00

Holdings After Transaction: Stock Option (right to buy) — 1,574 contracts (Direct)

Footnotes (1)

1. F1. Options were fully vested at the grant date.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did SNWV disclose in the latest Form 4?

The company reported a grant of 1,574 fully-vested stock options to Director Gregory M. Bazar on 30 June 2025.

What is the exercise price of the new SNWV options?

The exercise price is $32.86 per share.

When do the granted SNWV options expire?

The options expire on 30 June 2030.

Did the insider buy or sell any SNWV common shares?

No. The filing records only an option grant; there were no purchases or sales of common stock.

How many derivative securities does the insider own after the transaction?

Director Bazar now beneficially owns 1,574 options.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 07/02/2025 - 07:28 PM Learn about SEC filing dates

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^*

Bazar Gregory Matthew

(Last) (First) (Middle)

11495 VALLEY VIEW ROAD

(Street)

EDEN PRAIRIE MN 55344

(City) (State) (Zip)

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

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)
06/30/2025

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)	$32.86	06/30/2025		A		1,574		(1)	06/30/2030	Common Stock	1,574	$0	1,574	D

Explanation of Responses:

1. Options were fully vested at the grant date.

	/s/ Griffin D. Foster, Attorney-in-Fact for Gregory M. Bazar	07/02/2025
	** 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.
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