Eddie Joe Sullivan - Oct 7, 2021 Form 4 Insider Report for SAB Biotherapeutics, Inc. (SABS)

Role: Chief Executive Officer, Director, 10%+ Owner
Signature: /s/ Eddie Joe Sullivan
Stock symbol: SABS
Transactions as of: Oct 7, 2021
Transactions value $: $28,196
Form type: 4
Date filed: 10/26/2021, 09:50 PM
Next filing: Oct 22, 2021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SABS	Common Stock	Award		+5.21M			5.21M	Oct 22, 2021	Direct	F1
transaction	SABS	Common Stock	Award	$28.2K	+2.8K		$10.07^*	2.8K	Oct 7, 2021	Direct	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	SABS	Earnout Rights (Common Stock)	Award		+2.11M			2.11M	Oct 22, 2021	Common Stock	2.11M		Direct	F3, F4
transaction	SABS	Employee Stock Option (right to buy)	Award		+140K			140K	Oct 22, 2021	Common Stock	140K	$0.25	Direct	F5, F6
transaction	SABS	Employee Stock Option (right to buy)	Award		+163K			163K	Oct 22, 2021	Common Stock	163K	$0.25	Direct	F5, F6
transaction	SABS	Employee Stock Option (right to buy)	Award		+163K			163K	Oct 22, 2021	Common Stock	163K	$0.25	Direct	F5, F6
transaction	SABS	Employee Stock Option (right to buy)	Award		+23.3K			23.3K	Oct 22, 2021	Common Stock	23.3K	$1.25	Direct	F5, F6
transaction	SABS	Restricted Stock Unit	Award		+197K			197K	Oct 22, 2021	Common Stock	197K		Direct	F3, F7

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Pursuant to the Agreement and Plan of Merger, dated June 21, 2021 and as amended August 12, 2021 (the "Business Combination Agreement"), by and among Big Cypress Acquisition Corp. ("BCYP"), Big Cypress Merger Sub Inc., and SAB Biotherapeutics, Inc. ("Old SAB Biotherapeutics"), each share of Old SAB Biotherapeutics issued and outstanding immediately prior to the effective time of the transactions contemplated by the Business Combination Agreement was automatically converted into a number of shares of the Issuer's common stock based on a conversion rate of $10.10. Upon consummation of the business combination, BCYP changed its name to "SAB Biotherapeutics, Inc." ("New SAB Biotherapeutics" or "Issuer").
F2	This transaction occurred prior to the business combination. The reporting person's obligation to disclose this transaction occurred upon the consummation of the business combination.
F3	Pursuant to the earnout provisions in the Business Combination Agreement, the reporting person is entitled to receive shares of New SAB Biotherapeutics common stock if, from the closing of the transaction until the fifth anniversary thereof, the volume-weighted average price of the common stock equals or exceeds certain thresholds (the "Earnout Shares"). Subject to adjustment as provided in the Business Combination Agreement, the Earnout Shares will be released as follows: [continued in the next footnote.]
F4	25% of the Earnout Shares will be released if within the five-year period after the closing (the "Earnout Period"), the volume weighted share price of the New SAB Biotherapeutics common stock equals or exceeds $15.00 during at least 20 trading days within a 30-day trading period; 25% of the Earnout Shares will be released if within the Earnout Period, the volume weighted share price of the New SAB Biotherapeutics common stock equals or exceeds $20.00 during at least 20 trading days within a 30-day trading period; 25% of the Earnout Shares will be released if within the Earnout Period, the volume weighted share price of the New SAB Biotherapeutics common stock equals or exceeds $25.00 during at least 20 trading days within a 30-day trading period; and 25% of the Earnout Shares will be released if within the Earnout Period, the volume weighted share price of the New SAB Biotherapeutics common stock equals or exceeds $30.00 during at least 20 trading days within a 30-day trading period.
F5	Pursuant to the Business Combination Agreement, each security to purchase shares of Old SAB Biotherapeutics common stock issued and outstanding immediately prior to the effective time of the transactions contemplated by the Business Combination Agreement was automatically converted into a security to purchase a number of shares of the Issuer's common stock based on a conversion rate of $10.10.
F6	The option is fully vested.
F7	In connection with the business combination, the reporting person received additional New SAB Biotherapeutics restricted stock units, or RSUs, where each RSU represents a contingent right to receive one share of common stock (the "Earnout RSUs"). The Earnout RSUs will be released upon the same milestones as the Earnout Shares.