SABS

SEC source: 0000950170-24-084290 · ownership.xml · derivative · entry 1

HAMILTON CHRISTINE E · CIK 0001216114 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 20,000

Underlying: Common Stock · 20,000 shares

Expires 2034-07-15

F1 · security: Represents the 2024 annual grant to the Reporting Person as a member of the Board of Directors of the Issuer (the "Board"). Shares underlying the option vest in two equal annual installments on July 15, 2025, and 2026.

F6 · security: This award was made pursuant to the Issuer's 2021 Omnibus Equity Incentive Plan, as amended.

F1 · derivative.exercise_date: Represents the 2024 annual grant to the Reporting Person as a member of the Board of Directors of the Issuer (the "Board"). Shares underlying the option vest in two equal annual installments on July 15, 2025, and 2026.

SEC source: 0000950170-24-084296 · ownership.xml · derivative · entry 2

Link David Charles · CIK 0001889464 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 9,305

Underlying: Common Stock · 9,305 shares

Expires 2034-07-15

F2 · security: Represents a one-time grant to the Reporting Person as a member of the Board. Shares underlying the option vest in three equal annual installments on July 15, 2025, 2026, and 2027.

F3 · security: This award was made pursuant to the Issuer's 2021 Omnibus Equity Incentive Plan, as amended.

F2 · derivative.exercise_date: Represents a one-time grant to the Reporting Person as a member of the Board. Shares underlying the option vest in three equal annual installments on July 15, 2025, 2026, and 2027.

SEC source: 0000950170-24-084296 · ownership.xml · derivative · entry 1

Link David Charles · CIK 0001889464 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 20,000

Underlying: Common Stock · 20,000 shares

Expires 2034-07-15

F1 · security: Represents the 2024 annual grant to the Reporting Person as a member of the Board of Directors of the Issuer (the "Board"). Shares underlying the option vest in two equal annual installments on July 15, 2025, and 2026.

F3 · security: This award was made pursuant to the Issuer's 2021 Omnibus Equity Incentive Plan, as amended.

F1 · derivative.exercise_date: Represents the 2024 annual grant to the Reporting Person as a member of the Board of Directors of the Issuer (the "Board"). Shares underlying the option vest in two equal annual installments on July 15, 2025, and 2026.

SEC source: 0000950170-24-084295 · ownership.xml · derivative · entry 1

Reich Samuel J · CIK 0001394645 · Director · CEO & EXECUTIVE CHAIRMAN

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 35,700

Underlying: Common Stock · 35,700 shares

Expires 2034-07-15

F1 · security: Represents a one-time grant to the Reporting Person as a member of the Board of Directors of the Issuer. Shares underlying the option vest 25% on July 15, 2025, and in equal monthly installments thereafter over a three-year period ending July 15, 2028.

F2 · security: This award was made pursuant to the Issuer's 2021 Omnibus Equity Incentive Plan, as amended.

F1 · derivative.exercise_date: Represents a one-time grant to the Reporting Person as a member of the Board of Directors of the Issuer. Shares underlying the option vest 25% on July 15, 2025, and in equal monthly installments thereafter over a three-year period ending July 15, 2028.

SEC source: 0000950170-24-084288 · ownership.xml · derivative · entry 1

Giberson Scott · CIK 0001937585 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 20,000

Underlying: Common Stock · 20,000 shares

Expires 2034-07-15

F1 · security: Represents the 2024 annual grant to the Reporting Person as a member of the Board of Directors of the Issuer. Shares underlying the option vest in two equal annual installments on July 15, 2025, and 2026.

F2 · security: This award was made pursuant to the Issuer's 2021 Omnibus Equity Incentive Plan, as amended.

F1 · derivative.exercise_date: Represents the 2024 annual grant to the Reporting Person as a member of the Board of Directors of the Issuer. Shares underlying the option vest in two equal annual installments on July 15, 2025, and 2026.

SEC source: 0000950170-24-019460 · ownership.xml · derivative · entry 1

Kropotova Alexandra · CIK 0001825323 · CHIEF MEDICAL OFFICER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 140,000

Underlying: Common Stock · 140,000 shares

Expires 2034-02-21

F1 · shares: Represents options to purchase shares of common stock pursuant to the Company's 2021 Omnibus Equity Incentive Plan.

F2 · derivative.exercise_date: The shares underlying the option vest over a four-year period, vesting 1/4 on the one-year anniversary of the date of grant, and the remaining 3/4 vesting pro rata on a monthly basis in 36 equal installments thereafter.

SEC source: 0000950170-24-019441 · ownership.xml · derivative · entry 1

Sullivan Eddie Joe · CIK 0001889712 · Director · PRESIDENT

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 190,000

Underlying: Common Stock · 190,000 shares

Expires 2034-02-21

F1 · shares: Represents options to purchase shares of common stock pursuant to the Company's 2021 Omnibus Equity Incentive Plan.

F2 · derivative.exercise_date: The shares underlying the option vest over a four-year period, vesting 1/4 on the one-year anniversary of the date of grant, and the remaining 3/4 vesting pro rata on a monthly basis in 36 equal installments thereafter.

SEC source: 0000950170-24-019434 · ownership.xml · derivative · entry 1

Bausch Christoph Lawrence · CIK 0001889981 · CHIEF OPERATING OFFICER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 140,000

Underlying: Common Stock · 140,000 shares

Expires 2034-02-21

F1 · shares: Represents options to purchase shares of common stock pursuant to the Company's 2021 Omnibus Equity Incentive Plan.

F2 · derivative.exercise_date: The shares underlying the option vest over a four-year period, vesting 1/4 on the one-year anniversary of the date of grant, and the remaining 3/4 vesting pro rata on a monthly basis in 36 equal installments thereafter.

SEC source: 0000950170-24-019432 · ownership.xml · derivative · entry 1

King Michael · CIK 0001998530 · CHIEF FINANCIAL OFFICER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 115,000

Underlying: Common Stock · 115,000 shares

Expires 2034-02-21

F1 · shares: Represents options to purchase shares of common stock pursuant to the Company's 2014 Equity Incentive Plan.

F2 · derivative.exercise_date: The shares underlying the option vest over a four-year period, vesting 1/4 on the one-year anniversary of the date of grant, and the remaining 3/4 vesting pro rata on a monthly basis in 36 equal installments thereafter.

SEC source: 0000950170-24-019430 · ownership.xml · derivative · entry 1

Reich Samuel J · CIK 0001394645 · Director · CEO & EXECUTIVE CHAIRMAN

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 434,000

Underlying: Common Stock · 434,000 shares

Expires 2034-02-21

F1 · shares: Represents options to purchase shares of common stock pursuant to the Company's 2021 Omnibus Equity Incentive Plan.

F2 · derivative.exercise_date: The shares underlying the option vest over a four-year period, vesting 1/4 on the one-year anniversary of the date of grant, and the remaining 3/4 vesting pro rata on a monthly basis in 36 equal installments thereafter.

SEC source: 0000950170-23-068922 · ownership.xml · nonDerivative · entry 1

Sullivan Eddie Joe · CIK 0001889712 · Director · Chief Executive Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 5,232,304

F1 · kind: Represents 1,740 shares of the Issuer's common stock, par value $0.0001 per share, acquired by the reporting person in an open market transaction.

SEC source: 0000950170-23-067072 · ownership.xml · nonDerivative · entry 1

King Michael · CIK 0001998530 · CHIEF FINANCIAL OFFICER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 5,000

F1 · kind: Represents 5,000 shares of the Issuer's common stock, par value $0.0001 per share, acquired by the reporting person in an open market transaction.

SEC source: 0000950170-23-066901 · ownership.xml · nonDerivative · entry 1

Reich Samuel J · CIK 0001394645 · Director · Executive Chairman

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 219,001

F1 · kind: Represents 11,000 shares of the Issuer's common stock, par value $0.0001 per share ("Common Stock"), acquired by the reporting person in an open market transaction.

F2 · balance_after: Includes 1,000 shares of Common Stock held jointly by the reporting person and the reporting person's spouse.

SEC source: 0000950170-23-066395 · ownership.xml · derivative · entry 3

Moin Andrew · CIK 0001996040 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 28,380

Underlying: Common Stock · 45,047,619 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Reflects the automatic conversion of shares of Series A-1 Convertible Preferred Stock, par value $0.0001 per share ("Series A-1 Preferred Stock"), held by Sessa Capital (Master), L.P. (the "Fund") into shares of common stock, par value $0.0001 per share ("Common Stock"), and shares of Series A-2 Convertible Preferred Stock, par value $0.0001 per share ("Series A-2 Preferred Stock"), of SAB Biotherapeutics, Inc. (the "Issuer"). The Series A-1 Preferred Stock became automatically convertible on November 24, 2023, the first trading day following the announcement of the approval by the stockholders of the Issuer of (i) an amendment to the Issuer's Amended and Restated Certificate of Incorporation to increase the number of authorized shares of Common Stock of the Issuer and (ii) the issuance of shares of Common Stock upon conversion of the Issuer's Series A-1 Preferred Stock, Series A-2 Preferred Stock, and Series A-3 Convertible Preferred Stock, par value $0.0001 per share.

F2 · kind: Due to a 1,000 character limit, Footnote 2 is a continuation of Footnote 1: The Series A-1 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Person from converting the Series A-1 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Person beneficially owning more than 4.99% of the Issuer's Common Stock outstanding immediately following such conversion, and to the extent the conversion would cause the Reporting Person's beneficial ownership to exceed such maximum percentage, the Reporting Person will receive shares of Series A-2 Preferred Stock in lieu of Common Stock of the Issuer.

F4 · derivative.exercise_date: Each share of Series A-2 Preferred Stock is convertible into Common Stock, subject to the terms and limitations contained in the Certificate of Designation of Preferences, Rights and Limitations of the Series A Convertible Voting Preferred Stock, which is filed as Exhibit 3.1 to the Issuer's Current Report on Form 8-K filed with the Securities and Exchange Commission on October 2, 2023. The Series A-2 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Person from converting the Series A-2 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Person beneficially owning more than 4.99% of the Issuer's Common Stock outstanding immediately following such conversion.

F4 · derivative.expiration_date: Each share of Series A-2 Preferred Stock is convertible into Common Stock, subject to the terms and limitations contained in the Certificate of Designation of Preferences, Rights and Limitations of the Series A Convertible Voting Preferred Stock, which is filed as Exhibit 3.1 to the Issuer's Current Report on Form 8-K filed with the Securities and Exchange Commission on October 2, 2023. The Series A-2 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Person from converting the Series A-2 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Person beneficially owning more than 4.99% of the Issuer's Common Stock outstanding immediately following such conversion.

F3 · ownership.nature: These securities of the Issuer are beneficially owned by (i) the Fund, directly, (ii) Sessa Capital GP, LLC, indirectly as a result of being the sole general partner of the Fund, (iii) Sessa Capital IM, L.P., indirectly as a result of being the investment adviser for the Fund, (iv) Sessa Capital IM GP, LLC, indirectly as a result of being the sole general partner of Sessa Capital IM, L.P., and (v) John Petry, indirectly as a result of being the manager of Sessa Capital GP, LLC and Sessa Capital IM GP, LLC. Andrew Moin, an Analyst and Partner with Sessa Capital, is a member of the board of directors of the Issuer. Each of the foregoing persons disclaims beneficial ownership of any securities reported by any person except to the extent of their pecuniary interest therein.

SEC source: 0000950170-23-066395 · ownership.xml · derivative · entry 2

Moin Andrew · CIK 0001996040 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 0

Underlying: Common Stock or Series A-2 Convertible Preferred Stock · 49,633,333 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Reflects the automatic conversion of shares of Series A-1 Convertible Preferred Stock, par value $0.0001 per share ("Series A-1 Preferred Stock"), held by Sessa Capital (Master), L.P. (the "Fund") into shares of common stock, par value $0.0001 per share ("Common Stock"), and shares of Series A-2 Convertible Preferred Stock, par value $0.0001 per share ("Series A-2 Preferred Stock"), of SAB Biotherapeutics, Inc. (the "Issuer"). The Series A-1 Preferred Stock became automatically convertible on November 24, 2023, the first trading day following the announcement of the approval by the stockholders of the Issuer of (i) an amendment to the Issuer's Amended and Restated Certificate of Incorporation to increase the number of authorized shares of Common Stock of the Issuer and (ii) the issuance of shares of Common Stock upon conversion of the Issuer's Series A-1 Preferred Stock, Series A-2 Preferred Stock, and Series A-3 Convertible Preferred Stock, par value $0.0001 per share.

F2 · kind: Due to a 1,000 character limit, Footnote 2 is a continuation of Footnote 1: The Series A-1 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Person from converting the Series A-1 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Person beneficially owning more than 4.99% of the Issuer's Common Stock outstanding immediately following such conversion, and to the extent the conversion would cause the Reporting Person's beneficial ownership to exceed such maximum percentage, the Reporting Person will receive shares of Series A-2 Preferred Stock in lieu of Common Stock of the Issuer.

F1 · derivative.exercise_date: Reflects the automatic conversion of shares of Series A-1 Convertible Preferred Stock, par value $0.0001 per share ("Series A-1 Preferred Stock"), held by Sessa Capital (Master), L.P. (the "Fund") into shares of common stock, par value $0.0001 per share ("Common Stock"), and shares of Series A-2 Convertible Preferred Stock, par value $0.0001 per share ("Series A-2 Preferred Stock"), of SAB Biotherapeutics, Inc. (the "Issuer"). The Series A-1 Preferred Stock became automatically convertible on November 24, 2023, the first trading day following the announcement of the approval by the stockholders of the Issuer of (i) an amendment to the Issuer's Amended and Restated Certificate of Incorporation to increase the number of authorized shares of Common Stock of the Issuer and (ii) the issuance of shares of Common Stock upon conversion of the Issuer's Series A-1 Preferred Stock, Series A-2 Preferred Stock, and Series A-3 Convertible Preferred Stock, par value $0.0001 per share.

F2 · derivative.exercise_date: Due to a 1,000 character limit, Footnote 2 is a continuation of Footnote 1: The Series A-1 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Person from converting the Series A-1 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Person beneficially owning more than 4.99% of the Issuer's Common Stock outstanding immediately following such conversion, and to the extent the conversion would cause the Reporting Person's beneficial ownership to exceed such maximum percentage, the Reporting Person will receive shares of Series A-2 Preferred Stock in lieu of Common Stock of the Issuer.

F1 · derivative.expiration_date: Reflects the automatic conversion of shares of Series A-1 Convertible Preferred Stock, par value $0.0001 per share ("Series A-1 Preferred Stock"), held by Sessa Capital (Master), L.P. (the "Fund") into shares of common stock, par value $0.0001 per share ("Common Stock"), and shares of Series A-2 Convertible Preferred Stock, par value $0.0001 per share ("Series A-2 Preferred Stock"), of SAB Biotherapeutics, Inc. (the "Issuer"). The Series A-1 Preferred Stock became automatically convertible on November 24, 2023, the first trading day following the announcement of the approval by the stockholders of the Issuer of (i) an amendment to the Issuer's Amended and Restated Certificate of Incorporation to increase the number of authorized shares of Common Stock of the Issuer and (ii) the issuance of shares of Common Stock upon conversion of the Issuer's Series A-1 Preferred Stock, Series A-2 Preferred Stock, and Series A-3 Convertible Preferred Stock, par value $0.0001 per share.

F2 · derivative.expiration_date: Due to a 1,000 character limit, Footnote 2 is a continuation of Footnote 1: The Series A-1 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Person from converting the Series A-1 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Person beneficially owning more than 4.99% of the Issuer's Common Stock outstanding immediately following such conversion, and to the extent the conversion would cause the Reporting Person's beneficial ownership to exceed such maximum percentage, the Reporting Person will receive shares of Series A-2 Preferred Stock in lieu of Common Stock of the Issuer.

F3 · ownership.nature: These securities of the Issuer are beneficially owned by (i) the Fund, directly, (ii) Sessa Capital GP, LLC, indirectly as a result of being the sole general partner of the Fund, (iii) Sessa Capital IM, L.P., indirectly as a result of being the investment adviser for the Fund, (iv) Sessa Capital IM GP, LLC, indirectly as a result of being the sole general partner of Sessa Capital IM, L.P., and (v) John Petry, indirectly as a result of being the manager of Sessa Capital GP, LLC and Sessa Capital IM GP, LLC. Andrew Moin, an Analyst and Partner with Sessa Capital, is a member of the board of directors of the Issuer. Each of the foregoing persons disclaims beneficial ownership of any securities reported by any person except to the extent of their pecuniary interest therein.

SEC source: 0000950170-23-066395 · ownership.xml · nonDerivative · entry 1

Moin Andrew · CIK 0001996040 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 4,584,571

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Reflects the automatic conversion of shares of Series A-1 Convertible Preferred Stock, par value $0.0001 per share ("Series A-1 Preferred Stock"), held by Sessa Capital (Master), L.P. (the "Fund") into shares of common stock, par value $0.0001 per share ("Common Stock"), and shares of Series A-2 Convertible Preferred Stock, par value $0.0001 per share ("Series A-2 Preferred Stock"), of SAB Biotherapeutics, Inc. (the "Issuer"). The Series A-1 Preferred Stock became automatically convertible on November 24, 2023, the first trading day following the announcement of the approval by the stockholders of the Issuer of (i) an amendment to the Issuer's Amended and Restated Certificate of Incorporation to increase the number of authorized shares of Common Stock of the Issuer and (ii) the issuance of shares of Common Stock upon conversion of the Issuer's Series A-1 Preferred Stock, Series A-2 Preferred Stock, and Series A-3 Convertible Preferred Stock, par value $0.0001 per share.

F2 · kind: Due to a 1,000 character limit, Footnote 2 is a continuation of Footnote 1: The Series A-1 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Person from converting the Series A-1 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Person beneficially owning more than 4.99% of the Issuer's Common Stock outstanding immediately following such conversion, and to the extent the conversion would cause the Reporting Person's beneficial ownership to exceed such maximum percentage, the Reporting Person will receive shares of Series A-2 Preferred Stock in lieu of Common Stock of the Issuer.

F1 · price: Reflects the automatic conversion of shares of Series A-1 Convertible Preferred Stock, par value $0.0001 per share ("Series A-1 Preferred Stock"), held by Sessa Capital (Master), L.P. (the "Fund") into shares of common stock, par value $0.0001 per share ("Common Stock"), and shares of Series A-2 Convertible Preferred Stock, par value $0.0001 per share ("Series A-2 Preferred Stock"), of SAB Biotherapeutics, Inc. (the "Issuer"). The Series A-1 Preferred Stock became automatically convertible on November 24, 2023, the first trading day following the announcement of the approval by the stockholders of the Issuer of (i) an amendment to the Issuer's Amended and Restated Certificate of Incorporation to increase the number of authorized shares of Common Stock of the Issuer and (ii) the issuance of shares of Common Stock upon conversion of the Issuer's Series A-1 Preferred Stock, Series A-2 Preferred Stock, and Series A-3 Convertible Preferred Stock, par value $0.0001 per share.

F2 · price: Due to a 1,000 character limit, Footnote 2 is a continuation of Footnote 1: The Series A-1 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Person from converting the Series A-1 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Person beneficially owning more than 4.99% of the Issuer's Common Stock outstanding immediately following such conversion, and to the extent the conversion would cause the Reporting Person's beneficial ownership to exceed such maximum percentage, the Reporting Person will receive shares of Series A-2 Preferred Stock in lieu of Common Stock of the Issuer.

F3 · ownership.nature: These securities of the Issuer are beneficially owned by (i) the Fund, directly, (ii) Sessa Capital GP, LLC, indirectly as a result of being the sole general partner of the Fund, (iii) Sessa Capital IM, L.P., indirectly as a result of being the investment adviser for the Fund, (iv) Sessa Capital IM GP, LLC, indirectly as a result of being the sole general partner of Sessa Capital IM, L.P., and (v) John Petry, indirectly as a result of being the manager of Sessa Capital GP, LLC and Sessa Capital IM GP, LLC. Andrew Moin, an Analyst and Partner with Sessa Capital, is a member of the board of directors of the Issuer. Each of the foregoing persons disclaims beneficial ownership of any securities reported by any person except to the extent of their pecuniary interest therein.

SEC source: 0001062993-23-021502 · form4.xml · derivative · entry 3

Sessa Capital (Master), L.P. · CIK 0001618360 · Director

Sessa Capital GP, LLC · CIK 0001618699 · Director

Sessa Capital IM, L.P. · CIK 0001595849 · Director

Sessa Capital IM GP, LLC · CIK 0001618700 · Director

Petry John · CIK 0001618702 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 28,380

Underlying: Common Stock · 45,047,619 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Reflects the automatic conversion of Series A-1 Convertible Preferred Stock, par value $0.0001 per share ("Series A-1 Preferred Stock"), held by Sessa Capital (Master), L.P. (the "Fund") into common stock, par value $0.0001 per share ("Common Stock"), and Series A-2 Convertible Preferred Stock, par value $0.0001 per share ("Series A-2 Preferred Stock"), of SAB Biotherapeutics, Inc. (the "Issuer"). The Series A-1 Preferred Stock became automatically convertible on November 24, 2023, the first trading day following the announcement of the approval by the stockholders of the Issuer of (i) an amendment to the Issuer's Amended and Restated Certificate of Incorporation to increase the number of authorized shares of Common Stock of the Issuer and (ii) the issuance of Common Stock upon conversion of the Issuer's Series A-1 Preferred Stock, Series A-2 Preferred Stock, and Series A-3 Convertible Preferred Stock, par value $0.0001 per share.

F2 · kind: Due to a 1,000 character limit, Footnote 2 is a continuation of Footnote 1: The Series A-1 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Persons from converting the Series A-1 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Persons beneficially owning more than 4.99% of the Issuer's Common Stock outstanding immediately following such conversion, and to the extent the conversion would cause the Reporting Persons' beneficial ownership to exceed such maximum percentage, the Reporting Persons will receive shares of Series A-2 Preferred Stock in lieu of Common Stock of the Issuer.

F4 · derivative.exercise_date: Each share of Series A-2 Preferred Stock is convertible into Common Stock, subject to the terms and limitations contained in the Certificate of Designation of Preferences, Rights and Limitations of the Series A Convertible Voting Preferred Stock, which is filed as Exhibit 3.1 to the Issuer's Current Report on Form 8-K filed with the Securities and Exchange Commission on October 2, 2023. The Series A-2 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Persons from converting the Series A-2 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Persons beneficially owning more than 4.99% of the Issuer's Common Stock outstanding immediately following such conversion.

F4 · derivative.expiration_date: Each share of Series A-2 Preferred Stock is convertible into Common Stock, subject to the terms and limitations contained in the Certificate of Designation of Preferences, Rights and Limitations of the Series A Convertible Voting Preferred Stock, which is filed as Exhibit 3.1 to the Issuer's Current Report on Form 8-K filed with the Securities and Exchange Commission on October 2, 2023. The Series A-2 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Persons from converting the Series A-2 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Persons beneficially owning more than 4.99% of the Issuer's Common Stock outstanding immediately following such conversion.

F3 · ownership.direct: These securities of the Issuer are beneficially owned by (i) the Fund, directly, (ii) Sessa Capital GP, LLC, indirectly as a result of being the sole general partner of the Fund, (iii) Sessa Capital IM, L.P., indirectly as a result of being the investment adviser for the Fund, (iv) Sessa Capital IM GP, LLC, indirectly as a result of being the sole general partner of Sessa Capital IM, L.P., and (v) John Petry, indirectly as a result of being the manager of Sessa Capital GP, LLC and Sessa Capital IM GP, LLC. Each of the Reporting Persons and Mr. Petry disclaim beneficial ownership of any securities reported by any person except to the extent of their pecuniary interest therein.

SEC source: 0001062993-23-021502 · form4.xml · derivative · entry 2

Sessa Capital (Master), L.P. · CIK 0001618360 · Director

Sessa Capital GP, LLC · CIK 0001618699 · Director

Sessa Capital IM, L.P. · CIK 0001595849 · Director

Sessa Capital IM GP, LLC · CIK 0001618700 · Director

Petry John · CIK 0001618702 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock or Series A-2 Convertible Preferred Stock · 49,633,333 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Reflects the automatic conversion of Series A-1 Convertible Preferred Stock, par value $0.0001 per share ("Series A-1 Preferred Stock"), held by Sessa Capital (Master), L.P. (the "Fund") into common stock, par value $0.0001 per share ("Common Stock"), and Series A-2 Convertible Preferred Stock, par value $0.0001 per share ("Series A-2 Preferred Stock"), of SAB Biotherapeutics, Inc. (the "Issuer"). The Series A-1 Preferred Stock became automatically convertible on November 24, 2023, the first trading day following the announcement of the approval by the stockholders of the Issuer of (i) an amendment to the Issuer's Amended and Restated Certificate of Incorporation to increase the number of authorized shares of Common Stock of the Issuer and (ii) the issuance of Common Stock upon conversion of the Issuer's Series A-1 Preferred Stock, Series A-2 Preferred Stock, and Series A-3 Convertible Preferred Stock, par value $0.0001 per share.

F2 · kind: Due to a 1,000 character limit, Footnote 2 is a continuation of Footnote 1: The Series A-1 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Persons from converting the Series A-1 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Persons beneficially owning more than 4.99% of the Issuer's Common Stock outstanding immediately following such conversion, and to the extent the conversion would cause the Reporting Persons' beneficial ownership to exceed such maximum percentage, the Reporting Persons will receive shares of Series A-2 Preferred Stock in lieu of Common Stock of the Issuer.

F1 · derivative.exercise_date: Reflects the automatic conversion of Series A-1 Convertible Preferred Stock, par value $0.0001 per share ("Series A-1 Preferred Stock"), held by Sessa Capital (Master), L.P. (the "Fund") into common stock, par value $0.0001 per share ("Common Stock"), and Series A-2 Convertible Preferred Stock, par value $0.0001 per share ("Series A-2 Preferred Stock"), of SAB Biotherapeutics, Inc. (the "Issuer"). The Series A-1 Preferred Stock became automatically convertible on November 24, 2023, the first trading day following the announcement of the approval by the stockholders of the Issuer of (i) an amendment to the Issuer's Amended and Restated Certificate of Incorporation to increase the number of authorized shares of Common Stock of the Issuer and (ii) the issuance of Common Stock upon conversion of the Issuer's Series A-1 Preferred Stock, Series A-2 Preferred Stock, and Series A-3 Convertible Preferred Stock, par value $0.0001 per share.

F2 · derivative.exercise_date: Due to a 1,000 character limit, Footnote 2 is a continuation of Footnote 1: The Series A-1 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Persons from converting the Series A-1 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Persons beneficially owning more than 4.99% of the Issuer's Common Stock outstanding immediately following such conversion, and to the extent the conversion would cause the Reporting Persons' beneficial ownership to exceed such maximum percentage, the Reporting Persons will receive shares of Series A-2 Preferred Stock in lieu of Common Stock of the Issuer.

F1 · derivative.expiration_date: Reflects the automatic conversion of Series A-1 Convertible Preferred Stock, par value $0.0001 per share ("Series A-1 Preferred Stock"), held by Sessa Capital (Master), L.P. (the "Fund") into common stock, par value $0.0001 per share ("Common Stock"), and Series A-2 Convertible Preferred Stock, par value $0.0001 per share ("Series A-2 Preferred Stock"), of SAB Biotherapeutics, Inc. (the "Issuer"). The Series A-1 Preferred Stock became automatically convertible on November 24, 2023, the first trading day following the announcement of the approval by the stockholders of the Issuer of (i) an amendment to the Issuer's Amended and Restated Certificate of Incorporation to increase the number of authorized shares of Common Stock of the Issuer and (ii) the issuance of Common Stock upon conversion of the Issuer's Series A-1 Preferred Stock, Series A-2 Preferred Stock, and Series A-3 Convertible Preferred Stock, par value $0.0001 per share.

F2 · derivative.expiration_date: Due to a 1,000 character limit, Footnote 2 is a continuation of Footnote 1: The Series A-1 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Persons from converting the Series A-1 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Persons beneficially owning more than 4.99% of the Issuer's Common Stock outstanding immediately following such conversion, and to the extent the conversion would cause the Reporting Persons' beneficial ownership to exceed such maximum percentage, the Reporting Persons will receive shares of Series A-2 Preferred Stock in lieu of Common Stock of the Issuer.

F3 · ownership.direct: These securities of the Issuer are beneficially owned by (i) the Fund, directly, (ii) Sessa Capital GP, LLC, indirectly as a result of being the sole general partner of the Fund, (iii) Sessa Capital IM, L.P., indirectly as a result of being the investment adviser for the Fund, (iv) Sessa Capital IM GP, LLC, indirectly as a result of being the sole general partner of Sessa Capital IM, L.P., and (v) John Petry, indirectly as a result of being the manager of Sessa Capital GP, LLC and Sessa Capital IM GP, LLC. Each of the Reporting Persons and Mr. Petry disclaim beneficial ownership of any securities reported by any person except to the extent of their pecuniary interest therein.

SEC source: 0001062993-23-021502 · form4.xml · nonDerivative · entry 1

Sessa Capital (Master), L.P. · CIK 0001618360 · Director

Sessa Capital GP, LLC · CIK 0001618699 · Director

Sessa Capital IM, L.P. · CIK 0001595849 · Director

Sessa Capital IM GP, LLC · CIK 0001618700 · Director

Petry John · CIK 0001618702 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 4,584,571

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Reflects the automatic conversion of Series A-1 Convertible Preferred Stock, par value $0.0001 per share ("Series A-1 Preferred Stock"), held by Sessa Capital (Master), L.P. (the "Fund") into common stock, par value $0.0001 per share ("Common Stock"), and Series A-2 Convertible Preferred Stock, par value $0.0001 per share ("Series A-2 Preferred Stock"), of SAB Biotherapeutics, Inc. (the "Issuer"). The Series A-1 Preferred Stock became automatically convertible on November 24, 2023, the first trading day following the announcement of the approval by the stockholders of the Issuer of (i) an amendment to the Issuer's Amended and Restated Certificate of Incorporation to increase the number of authorized shares of Common Stock of the Issuer and (ii) the issuance of Common Stock upon conversion of the Issuer's Series A-1 Preferred Stock, Series A-2 Preferred Stock, and Series A-3 Convertible Preferred Stock, par value $0.0001 per share.

F2 · kind: Due to a 1,000 character limit, Footnote 2 is a continuation of Footnote 1: The Series A-1 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Persons from converting the Series A-1 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Persons beneficially owning more than 4.99% of the Issuer's Common Stock outstanding immediately following such conversion, and to the extent the conversion would cause the Reporting Persons' beneficial ownership to exceed such maximum percentage, the Reporting Persons will receive shares of Series A-2 Preferred Stock in lieu of Common Stock of the Issuer.

F1 · price: Reflects the automatic conversion of Series A-1 Convertible Preferred Stock, par value $0.0001 per share ("Series A-1 Preferred Stock"), held by Sessa Capital (Master), L.P. (the "Fund") into common stock, par value $0.0001 per share ("Common Stock"), and Series A-2 Convertible Preferred Stock, par value $0.0001 per share ("Series A-2 Preferred Stock"), of SAB Biotherapeutics, Inc. (the "Issuer"). The Series A-1 Preferred Stock became automatically convertible on November 24, 2023, the first trading day following the announcement of the approval by the stockholders of the Issuer of (i) an amendment to the Issuer's Amended and Restated Certificate of Incorporation to increase the number of authorized shares of Common Stock of the Issuer and (ii) the issuance of Common Stock upon conversion of the Issuer's Series A-1 Preferred Stock, Series A-2 Preferred Stock, and Series A-3 Convertible Preferred Stock, par value $0.0001 per share.

F2 · price: Due to a 1,000 character limit, Footnote 2 is a continuation of Footnote 1: The Series A-1 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Persons from converting the Series A-1 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Persons beneficially owning more than 4.99% of the Issuer's Common Stock outstanding immediately following such conversion, and to the extent the conversion would cause the Reporting Persons' beneficial ownership to exceed such maximum percentage, the Reporting Persons will receive shares of Series A-2 Preferred Stock in lieu of Common Stock of the Issuer.

F3 · ownership.direct: These securities of the Issuer are beneficially owned by (i) the Fund, directly, (ii) Sessa Capital GP, LLC, indirectly as a result of being the sole general partner of the Fund, (iii) Sessa Capital IM, L.P., indirectly as a result of being the investment adviser for the Fund, (iv) Sessa Capital IM GP, LLC, indirectly as a result of being the sole general partner of Sessa Capital IM, L.P., and (v) John Petry, indirectly as a result of being the manager of Sessa Capital GP, LLC and Sessa Capital IM GP, LLC. Each of the Reporting Persons and Mr. Petry disclaim beneficial ownership of any securities reported by any person except to the extent of their pecuniary interest therein.

SEC source: 0000950170-23-066394 · ownership.xml · derivative · entry 2

Ellias Helen K. · CIK 0002001600 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 0

Underlying: Common Stock or Series A-2 Convertible Preferred Stock · 2,857,142 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Reflects the automatic conversion of shares of Series A-1 Convertible Preferred Stock, par value $0.0001 per share ("Series A-1 Preferred Stock"), held by JDRF T1D Fund, LLC ("JDRF") into shares of common stock, par value $0.0001 per share ("Common Stock") of SAB Biotherapeutics, Inc. (the "Issuer"). The Series A-1 Preferred Stock became automatically convertible on November 24, 2023, the first trading day following the announcement of the approval by the stockholders of the Issuer of (i) an amendment to the Issuer's Amended and Restated Certificate of Incorporation to increase the number of authorized shares of Common Stock of the Issuer and (ii) the issuance of shares of Common Stock upon conversion of the Issuer's Series A-1 Preferred Stock, Series A-2 Convertible Preferred Stock, par value $0.0001 per share ("Series A-2 Preferred Stock"), and Series A-3 Convertible Preferred Stock, par value $0.0001 per share.

F2 · kind: Due to a 1,000 character limit, Footnote 2 is a continuation of Footnote 1: The Series A-1 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Person from converting the Series A-1 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Person beneficially owning more than 4.99% of the Issuer's Common Stock outstanding immediately following such conversion, and to the extent the conversion would cause the Reporting Person's beneficial ownership to exceed such maximum percentage, the Reporting Person will receive shares of Series A-2 Preferred Stock in lieu of Common Stock of the Issuer.

F1 · derivative.exercise_date: Reflects the automatic conversion of shares of Series A-1 Convertible Preferred Stock, par value $0.0001 per share ("Series A-1 Preferred Stock"), held by JDRF T1D Fund, LLC ("JDRF") into shares of common stock, par value $0.0001 per share ("Common Stock") of SAB Biotherapeutics, Inc. (the "Issuer"). The Series A-1 Preferred Stock became automatically convertible on November 24, 2023, the first trading day following the announcement of the approval by the stockholders of the Issuer of (i) an amendment to the Issuer's Amended and Restated Certificate of Incorporation to increase the number of authorized shares of Common Stock of the Issuer and (ii) the issuance of shares of Common Stock upon conversion of the Issuer's Series A-1 Preferred Stock, Series A-2 Convertible Preferred Stock, par value $0.0001 per share ("Series A-2 Preferred Stock"), and Series A-3 Convertible Preferred Stock, par value $0.0001 per share.

F2 · derivative.exercise_date: Due to a 1,000 character limit, Footnote 2 is a continuation of Footnote 1: The Series A-1 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Person from converting the Series A-1 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Person beneficially owning more than 4.99% of the Issuer's Common Stock outstanding immediately following such conversion, and to the extent the conversion would cause the Reporting Person's beneficial ownership to exceed such maximum percentage, the Reporting Person will receive shares of Series A-2 Preferred Stock in lieu of Common Stock of the Issuer.

F1 · derivative.expiration_date: Reflects the automatic conversion of shares of Series A-1 Convertible Preferred Stock, par value $0.0001 per share ("Series A-1 Preferred Stock"), held by JDRF T1D Fund, LLC ("JDRF") into shares of common stock, par value $0.0001 per share ("Common Stock") of SAB Biotherapeutics, Inc. (the "Issuer"). The Series A-1 Preferred Stock became automatically convertible on November 24, 2023, the first trading day following the announcement of the approval by the stockholders of the Issuer of (i) an amendment to the Issuer's Amended and Restated Certificate of Incorporation to increase the number of authorized shares of Common Stock of the Issuer and (ii) the issuance of shares of Common Stock upon conversion of the Issuer's Series A-1 Preferred Stock, Series A-2 Convertible Preferred Stock, par value $0.0001 per share ("Series A-2 Preferred Stock"), and Series A-3 Convertible Preferred Stock, par value $0.0001 per share.

F2 · derivative.expiration_date: Due to a 1,000 character limit, Footnote 2 is a continuation of Footnote 1: The Series A-1 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Person from converting the Series A-1 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Person beneficially owning more than 4.99% of the Issuer's Common Stock outstanding immediately following such conversion, and to the extent the conversion would cause the Reporting Person's beneficial ownership to exceed such maximum percentage, the Reporting Person will receive shares of Series A-2 Preferred Stock in lieu of Common Stock of the Issuer.

F3 · ownership.nature: These securities are beneficially owned by JDRF, directly. Helen Katherine Ellias, a Managing Director with JDRF, is a member of the board of directors of the Issuer. JDRF is a non-profit organization and the Reporting Person is an employee of such organization. As such, the Reporting Person disclaims beneficial ownership of any securities held by JDRF.

SEC source: 0000950170-23-066394 · ownership.xml · nonDerivative · entry 1

Ellias Helen K. · CIK 0002001600 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 2,857,142

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Reflects the automatic conversion of shares of Series A-1 Convertible Preferred Stock, par value $0.0001 per share ("Series A-1 Preferred Stock"), held by JDRF T1D Fund, LLC ("JDRF") into shares of common stock, par value $0.0001 per share ("Common Stock") of SAB Biotherapeutics, Inc. (the "Issuer"). The Series A-1 Preferred Stock became automatically convertible on November 24, 2023, the first trading day following the announcement of the approval by the stockholders of the Issuer of (i) an amendment to the Issuer's Amended and Restated Certificate of Incorporation to increase the number of authorized shares of Common Stock of the Issuer and (ii) the issuance of shares of Common Stock upon conversion of the Issuer's Series A-1 Preferred Stock, Series A-2 Convertible Preferred Stock, par value $0.0001 per share ("Series A-2 Preferred Stock"), and Series A-3 Convertible Preferred Stock, par value $0.0001 per share.

F2 · kind: Due to a 1,000 character limit, Footnote 2 is a continuation of Footnote 1: The Series A-1 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Person from converting the Series A-1 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Person beneficially owning more than 4.99% of the Issuer's Common Stock outstanding immediately following such conversion, and to the extent the conversion would cause the Reporting Person's beneficial ownership to exceed such maximum percentage, the Reporting Person will receive shares of Series A-2 Preferred Stock in lieu of Common Stock of the Issuer.

F1 · price: Reflects the automatic conversion of shares of Series A-1 Convertible Preferred Stock, par value $0.0001 per share ("Series A-1 Preferred Stock"), held by JDRF T1D Fund, LLC ("JDRF") into shares of common stock, par value $0.0001 per share ("Common Stock") of SAB Biotherapeutics, Inc. (the "Issuer"). The Series A-1 Preferred Stock became automatically convertible on November 24, 2023, the first trading day following the announcement of the approval by the stockholders of the Issuer of (i) an amendment to the Issuer's Amended and Restated Certificate of Incorporation to increase the number of authorized shares of Common Stock of the Issuer and (ii) the issuance of shares of Common Stock upon conversion of the Issuer's Series A-1 Preferred Stock, Series A-2 Convertible Preferred Stock, par value $0.0001 per share ("Series A-2 Preferred Stock"), and Series A-3 Convertible Preferred Stock, par value $0.0001 per share.

F2 · price: Due to a 1,000 character limit, Footnote 2 is a continuation of Footnote 1: The Series A-1 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Person from converting the Series A-1 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Person beneficially owning more than 4.99% of the Issuer's Common Stock outstanding immediately following such conversion, and to the extent the conversion would cause the Reporting Person's beneficial ownership to exceed such maximum percentage, the Reporting Person will receive shares of Series A-2 Preferred Stock in lieu of Common Stock of the Issuer.

F3 · ownership.nature: These securities are beneficially owned by JDRF, directly. Helen Katherine Ellias, a Managing Director with JDRF, is a member of the board of directors of the Issuer. JDRF is a non-profit organization and the Reporting Person is an employee of such organization. As such, the Reporting Person disclaims beneficial ownership of any securities held by JDRF.

SEC source: 0000950170-23-063918 · ownership.xml · derivative · entry 5

Moin Andrew · CIK 0001996040 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 13,269

Underlying: Common Stock and/or Series A-2 Preferred Stock · 21,061,904 shares

Expires not disclosed

F5 · derivative.exercise_date: Reflects the exercise by the Fund of the Tranche A Warrants acquired pursuant to the Transfer Agreement. The shares of Series A-1 Preferred Stock are automatically convertible into shares of the Issuer's common stock, $0.0001 par value per share ("Common Stock"), on the first trading day following the announcement of the approval by the stockholders of the Issuer of (i) an amendment to the Issuer 's Certificate of Incorporation to increase the number of authorized shares of Common Stock of the Issuer and (ii) the issuance of the Series A-1 Preferred Stock.

F6 · derivative.exercise_date: Due to a 1,000 character limit, Footnote 6 is a continuation of Footnote 5: The Series A-1 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Person from converting the Series A-1 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Person beneficially owning more than 4.99% of the Common Stock outstanding immediately following such conversion, and to the extent the conversion would cause the Reporting Person's beneficial ownership to exceed such maximum percentage, the Reporting Person will receive shares of Series A-2 Convertible Preferred Stock, par value $0.0001 per share, in lieu of Common Stock.

F5 · derivative.expiration_date: Reflects the exercise by the Fund of the Tranche A Warrants acquired pursuant to the Transfer Agreement. The shares of Series A-1 Preferred Stock are automatically convertible into shares of the Issuer's common stock, $0.0001 par value per share ("Common Stock"), on the first trading day following the announcement of the approval by the stockholders of the Issuer of (i) an amendment to the Issuer 's Certificate of Incorporation to increase the number of authorized shares of Common Stock of the Issuer and (ii) the issuance of the Series A-1 Preferred Stock.

F6 · derivative.expiration_date: Due to a 1,000 character limit, Footnote 6 is a continuation of Footnote 5: The Series A-1 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Person from converting the Series A-1 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Person beneficially owning more than 4.99% of the Common Stock outstanding immediately following such conversion, and to the extent the conversion would cause the Reporting Person's beneficial ownership to exceed such maximum percentage, the Reporting Person will receive shares of Series A-2 Convertible Preferred Stock, par value $0.0001 per share, in lieu of Common Stock.

F2 · ownership.nature: These securities of the Issuer are beneficially owned by (i) the Fund, directly, (ii) Sessa Capital GP, LLC, indirectly as a result of being the sole general partner of the Fund, (iii) Sessa Capital IM, L.P., indirectly as a result of being the investment adviser for the Fund, (iv) Sessa Capital IM GP, LLC, indirectly as a result of being the sole general partner of Sessa Capital IM, L.P., and (v) John Petry, indirectly as a result of being the manager of Sessa Capital GP, LLC and Sessa Capital IM GP, LLC. Andrew Moin, an Analyst and Partner with Sessa Capital, is a member of the board of directors of the Issuer. Each of the foregoing persons disclaims beneficial ownership of any securities reported by any person except to the extent of their pecuniary interest therein.

SEC source: 0000950170-23-063918 · ownership.xml · derivative · entry 4

Moin Andrew · CIK 0001996040 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 0

Underlying: Series A-1 and/or A-3 Convertible Preferred Stock · 13,269 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: Reflects the acquisition by Sessa Capital (Master), L.P. (the "Fund") of Tranche A Warrants (the "Tranche A Warrants") to purchase shares of Series A-1 Convertible Preferred Stock, par value $0.0001 per share (the "Series A-1 Preferred Stock"), and/or shares of Series A-3 Preferred Stock, par value $0.0001 per share (the "Series A-3 Preferred Stock"), pursuant to a Warrant Amendment and Transfer Agreement, dated as of November 10, 2023 (the "Transfer Agreement"), in consideration for an agreement to exercise the Tranche A Warrants on or before November 14, 2023. The Tranche A Warrants became exercisable commencing on the Issuance Date (as defined in the Form of Preferred Tranche A Warrant) until November 14, 2023.

F1 · derivative.exercise_date: Reflects the acquisition by Sessa Capital (Master), L.P. (the "Fund") of Tranche A Warrants (the "Tranche A Warrants") to purchase shares of Series A-1 Convertible Preferred Stock, par value $0.0001 per share (the "Series A-1 Preferred Stock"), and/or shares of Series A-3 Preferred Stock, par value $0.0001 per share (the "Series A-3 Preferred Stock"), pursuant to a Warrant Amendment and Transfer Agreement, dated as of November 10, 2023 (the "Transfer Agreement"), in consideration for an agreement to exercise the Tranche A Warrants on or before November 14, 2023. The Tranche A Warrants became exercisable commencing on the Issuance Date (as defined in the Form of Preferred Tranche A Warrant) until November 14, 2023.

F1 · derivative.expiration_date: Reflects the acquisition by Sessa Capital (Master), L.P. (the "Fund") of Tranche A Warrants (the "Tranche A Warrants") to purchase shares of Series A-1 Convertible Preferred Stock, par value $0.0001 per share (the "Series A-1 Preferred Stock"), and/or shares of Series A-3 Preferred Stock, par value $0.0001 per share (the "Series A-3 Preferred Stock"), pursuant to a Warrant Amendment and Transfer Agreement, dated as of November 10, 2023 (the "Transfer Agreement"), in consideration for an agreement to exercise the Tranche A Warrants on or before November 14, 2023. The Tranche A Warrants became exercisable commencing on the Issuance Date (as defined in the Form of Preferred Tranche A Warrant) until November 14, 2023.

F2 · ownership.nature: These securities of the Issuer are beneficially owned by (i) the Fund, directly, (ii) Sessa Capital GP, LLC, indirectly as a result of being the sole general partner of the Fund, (iii) Sessa Capital IM, L.P., indirectly as a result of being the investment adviser for the Fund, (iv) Sessa Capital IM GP, LLC, indirectly as a result of being the sole general partner of Sessa Capital IM, L.P., and (v) John Petry, indirectly as a result of being the manager of Sessa Capital GP, LLC and Sessa Capital IM GP, LLC. Andrew Moin, an Analyst and Partner with Sessa Capital, is a member of the board of directors of the Issuer. Each of the foregoing persons disclaims beneficial ownership of any securities reported by any person except to the extent of their pecuniary interest therein.

SEC source: 0001062993-23-020791 · form4.xml · derivative · entry 5

Sessa Capital (Master), L.P. · CIK 0001618360 · Director

Sessa Capital GP, LLC · CIK 0001618699 · Director

Sessa Capital IM, L.P. · CIK 0001595849 · Director

Sessa Capital IM GP, LLC · CIK 0001618700 · Director

Petry John · CIK 0001618702 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 31,269

Underlying: Common Stock or Series A-2 Convertible Preferred Stock · 21,057,903 shares

Expires not disclosed

F5 · kind: Reflects the exercise by the Fund of the Tranche A Warrants acquired pursuant to the Transfer Agreement. The shares of Series A-1 Preferred Stock are automatically convertible into shares of common stock, $0.0001 par value per share ("Common Stock"), of the Issuer on the first trading day following the announcement of the approval by the stockholders of the Issuer of (i) an amendment to the Issuer's Certificate of Incorporation to increase the number of authorized shares of Common Stock of the Issuer and (ii) the issuance of the Series A-1 Preferred Stock.

F6 · kind: Due to a 1,000 character limit, Footnote 6 is a continuation of Footnote 5: The Series A-1 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Persons from converting the Series A-1 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Persons beneficially owning more than 4.99% of the Issuer's Common Stock outstanding immediately following such conversion, and to the extent the conversion would cause the Reporting Persons' beneficial ownership to exceed such maximum percentage, the Reporting Persons will receive shares of Series A-2 Convertible Preferred Stock, par value $0.0001 per share, in lieu of Common Stock of the Issuer.

F5 · derivative.exercise_date: Reflects the exercise by the Fund of the Tranche A Warrants acquired pursuant to the Transfer Agreement. The shares of Series A-1 Preferred Stock are automatically convertible into shares of common stock, $0.0001 par value per share ("Common Stock"), of the Issuer on the first trading day following the announcement of the approval by the stockholders of the Issuer of (i) an amendment to the Issuer's Certificate of Incorporation to increase the number of authorized shares of Common Stock of the Issuer and (ii) the issuance of the Series A-1 Preferred Stock.

F6 · derivative.exercise_date: Due to a 1,000 character limit, Footnote 6 is a continuation of Footnote 5: The Series A-1 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Persons from converting the Series A-1 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Persons beneficially owning more than 4.99% of the Issuer's Common Stock outstanding immediately following such conversion, and to the extent the conversion would cause the Reporting Persons' beneficial ownership to exceed such maximum percentage, the Reporting Persons will receive shares of Series A-2 Convertible Preferred Stock, par value $0.0001 per share, in lieu of Common Stock of the Issuer.

F5 · derivative.expiration_date: Reflects the exercise by the Fund of the Tranche A Warrants acquired pursuant to the Transfer Agreement. The shares of Series A-1 Preferred Stock are automatically convertible into shares of common stock, $0.0001 par value per share ("Common Stock"), of the Issuer on the first trading day following the announcement of the approval by the stockholders of the Issuer of (i) an amendment to the Issuer's Certificate of Incorporation to increase the number of authorized shares of Common Stock of the Issuer and (ii) the issuance of the Series A-1 Preferred Stock.

F6 · derivative.expiration_date: Due to a 1,000 character limit, Footnote 6 is a continuation of Footnote 5: The Series A-1 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Persons from converting the Series A-1 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Persons beneficially owning more than 4.99% of the Issuer's Common Stock outstanding immediately following such conversion, and to the extent the conversion would cause the Reporting Persons' beneficial ownership to exceed such maximum percentage, the Reporting Persons will receive shares of Series A-2 Convertible Preferred Stock, par value $0.0001 per share, in lieu of Common Stock of the Issuer.

F2 · ownership.direct: These securities of the Issuer are beneficially owned by (i) the Fund, directly, (ii) Sessa Capital GP, LLC, indirectly as a result of being the sole general partner of the Fund, (iii) Sessa Capital IM, L.P., indirectly as a result of being the investment adviser for the Fund, (iv) Sessa Capital IM GP, LLC, indirectly as a result of being the sole general partner of Sessa Capital IM, L.P., and (v) John Petry, indirectly as a result of being the manager of Sessa Capital GP, LLC and Sessa Capital IM GP, LLC. Each of the Reporting Persons and Mr. Petry disclaim beneficial ownership of any securities reported by any person except to the extent of their pecuniary interest therein.

SEC source: 0001062993-23-020791 · form4.xml · derivative · entry 4

Sessa Capital (Master), L.P. · CIK 0001618360 · Director

Sessa Capital GP, LLC · CIK 0001618699 · Director

Sessa Capital IM, L.P. · CIK 0001595849 · Director

Sessa Capital IM GP, LLC · CIK 0001618700 · Director

Petry John · CIK 0001618702 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Series A-1 or Series A-3 Convertible Preferred Stock · 13,269 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F5 · kind: Reflects the exercise by the Fund of the Tranche A Warrants acquired pursuant to the Transfer Agreement. The shares of Series A-1 Preferred Stock are automatically convertible into shares of common stock, $0.0001 par value per share ("Common Stock"), of the Issuer on the first trading day following the announcement of the approval by the stockholders of the Issuer of (i) an amendment to the Issuer's Certificate of Incorporation to increase the number of authorized shares of Common Stock of the Issuer and (ii) the issuance of the Series A-1 Preferred Stock.

F6 · kind: Due to a 1,000 character limit, Footnote 6 is a continuation of Footnote 5: The Series A-1 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Persons from converting the Series A-1 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Persons beneficially owning more than 4.99% of the Issuer's Common Stock outstanding immediately following such conversion, and to the extent the conversion would cause the Reporting Persons' beneficial ownership to exceed such maximum percentage, the Reporting Persons will receive shares of Series A-2 Convertible Preferred Stock, par value $0.0001 per share, in lieu of Common Stock of the Issuer.

F1 · price: Reflects the acquisition by Sessa Capital (Master), L.P. (the "Fund") of Tranche A Warrants (the "Tranche A Warrants") to purchase shares of Series A-1 Convertible Preferred Stock, par value $0.0001 per share ("Series A-1 Preferred Stock"), or shares of Series A-3 Convertible Preferred Stock, par value $0.0001 per share, of SAB Biotherapeutics, Inc. (the "Issuer") pursuant to a Warrant Amendment and Transfer Agreement, dated as of November 10, 2023 (the "Transfer Agreement"), in consideration for an agreement to exercise the Tranche A Warrants on or before November 14, 2023. The Tranche A Warrants became exercisable commencing on the Issuance Date (as defined in the Form of Preferred Tranche A Warrant) until November 14, 2023.

F1 · derivative.exercise_date: Reflects the acquisition by Sessa Capital (Master), L.P. (the "Fund") of Tranche A Warrants (the "Tranche A Warrants") to purchase shares of Series A-1 Convertible Preferred Stock, par value $0.0001 per share ("Series A-1 Preferred Stock"), or shares of Series A-3 Convertible Preferred Stock, par value $0.0001 per share, of SAB Biotherapeutics, Inc. (the "Issuer") pursuant to a Warrant Amendment and Transfer Agreement, dated as of November 10, 2023 (the "Transfer Agreement"), in consideration for an agreement to exercise the Tranche A Warrants on or before November 14, 2023. The Tranche A Warrants became exercisable commencing on the Issuance Date (as defined in the Form of Preferred Tranche A Warrant) until November 14, 2023.

F1 · derivative.expiration_date: Reflects the acquisition by Sessa Capital (Master), L.P. (the "Fund") of Tranche A Warrants (the "Tranche A Warrants") to purchase shares of Series A-1 Convertible Preferred Stock, par value $0.0001 per share ("Series A-1 Preferred Stock"), or shares of Series A-3 Convertible Preferred Stock, par value $0.0001 per share, of SAB Biotherapeutics, Inc. (the "Issuer") pursuant to a Warrant Amendment and Transfer Agreement, dated as of November 10, 2023 (the "Transfer Agreement"), in consideration for an agreement to exercise the Tranche A Warrants on or before November 14, 2023. The Tranche A Warrants became exercisable commencing on the Issuance Date (as defined in the Form of Preferred Tranche A Warrant) until November 14, 2023.

F2 · ownership.direct: These securities of the Issuer are beneficially owned by (i) the Fund, directly, (ii) Sessa Capital GP, LLC, indirectly as a result of being the sole general partner of the Fund, (iii) Sessa Capital IM, L.P., indirectly as a result of being the investment adviser for the Fund, (iv) Sessa Capital IM GP, LLC, indirectly as a result of being the sole general partner of Sessa Capital IM, L.P., and (v) John Petry, indirectly as a result of being the manager of Sessa Capital GP, LLC and Sessa Capital IM GP, LLC. Each of the Reporting Persons and Mr. Petry disclaim beneficial ownership of any securities reported by any person except to the extent of their pecuniary interest therein.

SEC source: 0000950170-23-064323 · ownership.xml · derivative · entry 1

Moin Andrew · CIK 0001996040 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 31,269

Underlying: Common Stock and/or Series A-2 Preferred Stock · 21,061,904 shares

Expires not disclosed

F1 · derivative.exercise_date: Reflects the exercise by Sessa Capital (Master), L.P. (the "Fund") of Tranche A Warrants acquired pursuant to a Warrant Amendment and Transfer Agreement, dated as of November 10, 2023. The shares of Series A-1 Convertible Preferred Stock, par value $0.0001 per share ("Series A-1 Preferred Stock"), are automatically convertible into shares of common stock, $0.0001 par value per share ("Common Stock"), of SAB Biotherapeutics, Inc. (the "Issuer") on the first trading day following the announcement of the approval by the stockholders of the Issuer of (i) an amendment to the Issuer's Certificate of Incorporation to increase the number of authorized shares of Common Stock of the Issuer and (ii) the issuance of the Series A-1 Preferred Stock.

F2 · derivative.exercise_date: Due to a 1,000 character limit, Footnote 2 is a continuation of Footnote 1: The Series A-1 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Person from converting the Series A-1 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Person beneficially owning more than 4.99% of the Issuer's Common Stock outstanding immediately following such conversion, and to the extent the conversion would cause the Reporting Person's beneficial ownership to exceed such maximum percentage, the Reporting Person will receive shares of Series A-2 Convertible Preferred Stock, par value $0.0001 per share, in lieu of Common Stock of the Issuer.

F1 · derivative.expiration_date: Reflects the exercise by Sessa Capital (Master), L.P. (the "Fund") of Tranche A Warrants acquired pursuant to a Warrant Amendment and Transfer Agreement, dated as of November 10, 2023. The shares of Series A-1 Convertible Preferred Stock, par value $0.0001 per share ("Series A-1 Preferred Stock"), are automatically convertible into shares of common stock, $0.0001 par value per share ("Common Stock"), of SAB Biotherapeutics, Inc. (the "Issuer") on the first trading day following the announcement of the approval by the stockholders of the Issuer of (i) an amendment to the Issuer's Certificate of Incorporation to increase the number of authorized shares of Common Stock of the Issuer and (ii) the issuance of the Series A-1 Preferred Stock.

F2 · derivative.expiration_date: Due to a 1,000 character limit, Footnote 2 is a continuation of Footnote 1: The Series A-1 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Person from converting the Series A-1 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Person beneficially owning more than 4.99% of the Issuer's Common Stock outstanding immediately following such conversion, and to the extent the conversion would cause the Reporting Person's beneficial ownership to exceed such maximum percentage, the Reporting Person will receive shares of Series A-2 Convertible Preferred Stock, par value $0.0001 per share, in lieu of Common Stock of the Issuer.

F3 · balance_after: The Form 4, as originally filed on November 14, 2023, incorrectly reported this number as 13,269. The correct number is 31,269.

F4 · ownership.nature: These securities of the Issuer are beneficially owned by (i) the Fund, directly, (ii) Sessa Capital GP, LLC, indirectly as a result of being the sole general partner of the Fund, (iii) Sessa Capital IM, L.P., indirectly as a result of being the investment adviser for the Fund, (iv) Sessa Capital IM GP, LLC, indirectly as a result of being the sole general partner of Sessa Capital IM, L.P., and (v) John Petry, indirectly as a result of being the manager of Sessa Capital GP, LLC and Sessa Capital IM GP, LLC. Andrew Moin, an Analyst and Partner with Sessa Capital, is a member of the board of directors of the Issuer. Each of the foregoing persons disclaims beneficial ownership of any securities reported by any person except to the extent of their pecuniary interest therein.

SEC source: 0001062993-23-020902 · form4a.xml · derivative · entry 1

Sessa Capital (Master), L.P. · CIK 0001618360 · Director

Sessa Capital GP, LLC · CIK 0001618699 · Director

Sessa Capital IM, L.P. · CIK 0001595849 · Director

Sessa Capital IM GP, LLC · CIK 0001618700 · Director

Petry John · CIK 0001618702 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 31,269

Underlying: Common Stock or Series A-2 Convertible Preferred Stock · 21,061,904 shares

Expires not disclosed

F1 · kind: Reflects the exercise by Sessa Capital (Master), L.P. (the "Fund") of Tranche A Warrants acquired pursuant to a Warrant Amendment and Transfer Agreement, dated as of November 10, 2023. The shares of Series A-1 Convertible Preferred Stock, par value $0.0001 per share ("Series A-1 Preferred Stock"), are automatically convertible into shares of common stock, $0.0001 par value per share ("Common Stock"), of SAB Biotherapeutics, Inc. (the "Issuer") on the first trading day following the announcement of the approval by the stockholders of the Issuer of (i) an amendment to the Issuer's Certificate of Incorporation to increase the number of authorized shares of Common Stock of the Issuer and (ii) the issuance of the Series A-1 Preferred Stock.

F2 · kind: Due to a 1,000 character limit, Footnote 2 is a continuation of Footnote 1: The Series A-1 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Persons from converting the Series A-1 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Persons beneficially owning more than 4.99% of the Issuer's Common Stock outstanding immediately following such conversion, and to the extent the conversion would cause the Reporting Persons' beneficial ownership to exceed such maximum percentage, the Reporting Persons will receive shares of Series A-2 Convertible Preferred Stock, par value $0.0001 per share, in lieu of Common Stock of the Issuer.

F1 · derivative.exercise_date: Reflects the exercise by Sessa Capital (Master), L.P. (the "Fund") of Tranche A Warrants acquired pursuant to a Warrant Amendment and Transfer Agreement, dated as of November 10, 2023. The shares of Series A-1 Convertible Preferred Stock, par value $0.0001 per share ("Series A-1 Preferred Stock"), are automatically convertible into shares of common stock, $0.0001 par value per share ("Common Stock"), of SAB Biotherapeutics, Inc. (the "Issuer") on the first trading day following the announcement of the approval by the stockholders of the Issuer of (i) an amendment to the Issuer's Certificate of Incorporation to increase the number of authorized shares of Common Stock of the Issuer and (ii) the issuance of the Series A-1 Preferred Stock.

F2 · derivative.exercise_date: Due to a 1,000 character limit, Footnote 2 is a continuation of Footnote 1: The Series A-1 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Persons from converting the Series A-1 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Persons beneficially owning more than 4.99% of the Issuer's Common Stock outstanding immediately following such conversion, and to the extent the conversion would cause the Reporting Persons' beneficial ownership to exceed such maximum percentage, the Reporting Persons will receive shares of Series A-2 Convertible Preferred Stock, par value $0.0001 per share, in lieu of Common Stock of the Issuer.

F1 · derivative.expiration_date: Reflects the exercise by Sessa Capital (Master), L.P. (the "Fund") of Tranche A Warrants acquired pursuant to a Warrant Amendment and Transfer Agreement, dated as of November 10, 2023. The shares of Series A-1 Convertible Preferred Stock, par value $0.0001 per share ("Series A-1 Preferred Stock"), are automatically convertible into shares of common stock, $0.0001 par value per share ("Common Stock"), of SAB Biotherapeutics, Inc. (the "Issuer") on the first trading day following the announcement of the approval by the stockholders of the Issuer of (i) an amendment to the Issuer's Certificate of Incorporation to increase the number of authorized shares of Common Stock of the Issuer and (ii) the issuance of the Series A-1 Preferred Stock.

F2 · derivative.expiration_date: Due to a 1,000 character limit, Footnote 2 is a continuation of Footnote 1: The Series A-1 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Persons from converting the Series A-1 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Persons beneficially owning more than 4.99% of the Issuer's Common Stock outstanding immediately following such conversion, and to the extent the conversion would cause the Reporting Persons' beneficial ownership to exceed such maximum percentage, the Reporting Persons will receive shares of Series A-2 Convertible Preferred Stock, par value $0.0001 per share, in lieu of Common Stock of the Issuer.

F3 · derivative.underlying_shares: The Form 4, as originally filed on November 14, 2023, incorrectly reported this number as 21,057,903. The correct number is 21,061,904.

F4 · ownership.direct: These securities of the Issuer are beneficially owned by (i) the Fund, directly, (ii) Sessa Capital GP, LLC, indirectly as a result of being the sole general partner of the Fund, (iii) Sessa Capital IM, L.P., indirectly as a result of being the investment adviser for the Fund, (iv) Sessa Capital IM GP, LLC, indirectly as a result of being the sole general partner of Sessa Capital IM, L.P., and (v) John Petry, indirectly as a result of being the manager of Sessa Capital GP, LLC and Sessa Capital IM GP, LLC. Each of the Reporting Persons and Mr. Petry disclaim beneficial ownership of any securities reported by any person except to the extent of their pecuniary interest therein.

SEC source: 0000950170-23-063918 · ownership.xml · derivative · entry 3

Moin Andrew · CIK 0001996040 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 52,115

Underlying: Series A-3 Preferred Stock · 22,115 shares

Expires not disclosed

F4 · price: Reflects the acquisition by the Fund of Tranche C Warrants (the "Tranche C Warrants") to purchase shares of Series A-3 Preferred Stock, pursuant to the Transfer Agreement in consideration for an agreement to exercise the Tranche A Warrants on or before November 14, 2023. The Tranche C Warrants are exercisable commencing on the Exercisability Date (as defined in the Form of Preferred Tranche C Warrant) until the five (5) year anniversary of such date.

F4 · derivative.exercise_date: Reflects the acquisition by the Fund of Tranche C Warrants (the "Tranche C Warrants") to purchase shares of Series A-3 Preferred Stock, pursuant to the Transfer Agreement in consideration for an agreement to exercise the Tranche A Warrants on or before November 14, 2023. The Tranche C Warrants are exercisable commencing on the Exercisability Date (as defined in the Form of Preferred Tranche C Warrant) until the five (5) year anniversary of such date.

F4 · derivative.expiration_date: Reflects the acquisition by the Fund of Tranche C Warrants (the "Tranche C Warrants") to purchase shares of Series A-3 Preferred Stock, pursuant to the Transfer Agreement in consideration for an agreement to exercise the Tranche A Warrants on or before November 14, 2023. The Tranche C Warrants are exercisable commencing on the Exercisability Date (as defined in the Form of Preferred Tranche C Warrant) until the five (5) year anniversary of such date.

F2 · ownership.nature: These securities of the Issuer are beneficially owned by (i) the Fund, directly, (ii) Sessa Capital GP, LLC, indirectly as a result of being the sole general partner of the Fund, (iii) Sessa Capital IM, L.P., indirectly as a result of being the investment adviser for the Fund, (iv) Sessa Capital IM GP, LLC, indirectly as a result of being the sole general partner of Sessa Capital IM, L.P., and (v) John Petry, indirectly as a result of being the manager of Sessa Capital GP, LLC and Sessa Capital IM GP, LLC. Andrew Moin, an Analyst and Partner with Sessa Capital, is a member of the board of directors of the Issuer. Each of the foregoing persons disclaims beneficial ownership of any securities reported by any person except to the extent of their pecuniary interest therein.

SEC source: 0000950170-23-063918 · ownership.xml · derivative · entry 2

Moin Andrew · CIK 0001996040 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 20,846

Underlying: Series A-3 Preferred Stock · 8,846 shares

Expires not disclosed

F3 · price: Reflects the acquisition by the Fund of Tranche B Warrants (the "Tranche B Warrants") to purchase shares of Series A-3 Preferred Stock, pursuant to the Transfer Agreement in consideration for an agreement to exercise the Tranche A Warrants on or before November 14, 2023. The Tranche B Warrants are exercisable commencing on the Exercisability Date (as defined in the Form of Preferred Tranche B Warrant) until the later of (i) 21 days following the Issuer 's announcement of data from its SAB-142-101 clinical trial and (ii) March 31, 2025.

F3 · derivative.exercise_date: Reflects the acquisition by the Fund of Tranche B Warrants (the "Tranche B Warrants") to purchase shares of Series A-3 Preferred Stock, pursuant to the Transfer Agreement in consideration for an agreement to exercise the Tranche A Warrants on or before November 14, 2023. The Tranche B Warrants are exercisable commencing on the Exercisability Date (as defined in the Form of Preferred Tranche B Warrant) until the later of (i) 21 days following the Issuer 's announcement of data from its SAB-142-101 clinical trial and (ii) March 31, 2025.

F3 · derivative.expiration_date: Reflects the acquisition by the Fund of Tranche B Warrants (the "Tranche B Warrants") to purchase shares of Series A-3 Preferred Stock, pursuant to the Transfer Agreement in consideration for an agreement to exercise the Tranche A Warrants on or before November 14, 2023. The Tranche B Warrants are exercisable commencing on the Exercisability Date (as defined in the Form of Preferred Tranche B Warrant) until the later of (i) 21 days following the Issuer 's announcement of data from its SAB-142-101 clinical trial and (ii) March 31, 2025.

F2 · ownership.nature: These securities of the Issuer are beneficially owned by (i) the Fund, directly, (ii) Sessa Capital GP, LLC, indirectly as a result of being the sole general partner of the Fund, (iii) Sessa Capital IM, L.P., indirectly as a result of being the investment adviser for the Fund, (iv) Sessa Capital IM GP, LLC, indirectly as a result of being the sole general partner of Sessa Capital IM, L.P., and (v) John Petry, indirectly as a result of being the manager of Sessa Capital GP, LLC and Sessa Capital IM GP, LLC. Andrew Moin, an Analyst and Partner with Sessa Capital, is a member of the board of directors of the Issuer. Each of the foregoing persons disclaims beneficial ownership of any securities reported by any person except to the extent of their pecuniary interest therein.

SEC source: 0000950170-23-063918 · ownership.xml · derivative · entry 1

Moin Andrew · CIK 0001996040 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 13,269

Underlying: Series A-1 and/or A-3 Convertible Preferred Stock · 13,269 shares

Expires not disclosed

F1 · price: Reflects the acquisition by Sessa Capital (Master), L.P. (the "Fund") of Tranche A Warrants (the "Tranche A Warrants") to purchase shares of Series A-1 Convertible Preferred Stock, par value $0.0001 per share (the "Series A-1 Preferred Stock"), and/or shares of Series A-3 Preferred Stock, par value $0.0001 per share (the "Series A-3 Preferred Stock"), pursuant to a Warrant Amendment and Transfer Agreement, dated as of November 10, 2023 (the "Transfer Agreement"), in consideration for an agreement to exercise the Tranche A Warrants on or before November 14, 2023. The Tranche A Warrants became exercisable commencing on the Issuance Date (as defined in the Form of Preferred Tranche A Warrant) until November 14, 2023.

F1 · derivative.exercise_date: Reflects the acquisition by Sessa Capital (Master), L.P. (the "Fund") of Tranche A Warrants (the "Tranche A Warrants") to purchase shares of Series A-1 Convertible Preferred Stock, par value $0.0001 per share (the "Series A-1 Preferred Stock"), and/or shares of Series A-3 Preferred Stock, par value $0.0001 per share (the "Series A-3 Preferred Stock"), pursuant to a Warrant Amendment and Transfer Agreement, dated as of November 10, 2023 (the "Transfer Agreement"), in consideration for an agreement to exercise the Tranche A Warrants on or before November 14, 2023. The Tranche A Warrants became exercisable commencing on the Issuance Date (as defined in the Form of Preferred Tranche A Warrant) until November 14, 2023.

F1 · derivative.expiration_date: Reflects the acquisition by Sessa Capital (Master), L.P. (the "Fund") of Tranche A Warrants (the "Tranche A Warrants") to purchase shares of Series A-1 Convertible Preferred Stock, par value $0.0001 per share (the "Series A-1 Preferred Stock"), and/or shares of Series A-3 Preferred Stock, par value $0.0001 per share (the "Series A-3 Preferred Stock"), pursuant to a Warrant Amendment and Transfer Agreement, dated as of November 10, 2023 (the "Transfer Agreement"), in consideration for an agreement to exercise the Tranche A Warrants on or before November 14, 2023. The Tranche A Warrants became exercisable commencing on the Issuance Date (as defined in the Form of Preferred Tranche A Warrant) until November 14, 2023.

F2 · ownership.nature: These securities of the Issuer are beneficially owned by (i) the Fund, directly, (ii) Sessa Capital GP, LLC, indirectly as a result of being the sole general partner of the Fund, (iii) Sessa Capital IM, L.P., indirectly as a result of being the investment adviser for the Fund, (iv) Sessa Capital IM GP, LLC, indirectly as a result of being the sole general partner of Sessa Capital IM, L.P., and (v) John Petry, indirectly as a result of being the manager of Sessa Capital GP, LLC and Sessa Capital IM GP, LLC. Andrew Moin, an Analyst and Partner with Sessa Capital, is a member of the board of directors of the Issuer. Each of the foregoing persons disclaims beneficial ownership of any securities reported by any person except to the extent of their pecuniary interest therein.

SEC source: 0001062993-23-020791 · form4.xml · derivative · entry 3

Sessa Capital (Master), L.P. · CIK 0001618360 · Director

Sessa Capital GP, LLC · CIK 0001618699 · Director

Sessa Capital IM, L.P. · CIK 0001595849 · Director

Sessa Capital IM GP, LLC · CIK 0001618700 · Director

Petry John · CIK 0001618702 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 52,115

Underlying: Series A-3 Convertible Preferred Stock · 22,115 shares

Expires not disclosed

F4 · price: Reflects the acquisition by the Fund of Tranche C Warrants (the "Tranche C Warrants") to purchase shares of Series A-3 Preferred Stock of the Issuer pursuant to the Transfer Agreement in consideration for an agreement to exercise the Tranche A Warrants on or before November 14, 2023. The Tranche C Warrants are exercisable commencing on the Exercisability Date (as defined in the Form of Preferred Tranche C Warrant) until the five (5) year anniversary of such date.

F4 · derivative.exercise_date: Reflects the acquisition by the Fund of Tranche C Warrants (the "Tranche C Warrants") to purchase shares of Series A-3 Preferred Stock of the Issuer pursuant to the Transfer Agreement in consideration for an agreement to exercise the Tranche A Warrants on or before November 14, 2023. The Tranche C Warrants are exercisable commencing on the Exercisability Date (as defined in the Form of Preferred Tranche C Warrant) until the five (5) year anniversary of such date.

F4 · derivative.expiration_date: Reflects the acquisition by the Fund of Tranche C Warrants (the "Tranche C Warrants") to purchase shares of Series A-3 Preferred Stock of the Issuer pursuant to the Transfer Agreement in consideration for an agreement to exercise the Tranche A Warrants on or before November 14, 2023. The Tranche C Warrants are exercisable commencing on the Exercisability Date (as defined in the Form of Preferred Tranche C Warrant) until the five (5) year anniversary of such date.

F2 · ownership.direct: These securities of the Issuer are beneficially owned by (i) the Fund, directly, (ii) Sessa Capital GP, LLC, indirectly as a result of being the sole general partner of the Fund, (iii) Sessa Capital IM, L.P., indirectly as a result of being the investment adviser for the Fund, (iv) Sessa Capital IM GP, LLC, indirectly as a result of being the sole general partner of Sessa Capital IM, L.P., and (v) John Petry, indirectly as a result of being the manager of Sessa Capital GP, LLC and Sessa Capital IM GP, LLC. Each of the Reporting Persons and Mr. Petry disclaim beneficial ownership of any securities reported by any person except to the extent of their pecuniary interest therein.

SEC source: 0001062993-23-020791 · form4.xml · derivative · entry 2

Sessa Capital (Master), L.P. · CIK 0001618360 · Director

Sessa Capital GP, LLC · CIK 0001618699 · Director

Sessa Capital IM, L.P. · CIK 0001595849 · Director

Sessa Capital IM GP, LLC · CIK 0001618700 · Director

Petry John · CIK 0001618702 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 20,846

Underlying: Series A-3 Convertible Preferred Stock · 8,846 shares

Expires not disclosed

F3 · price: Reflects the acquisition by the Fund of Tranche B Warrants (the "Tranche B Warrants") to purchase shares of Series A-3 Preferred Stock of the Issuer pursuant to the Transfer Agreement in consideration for an agreement to exercise the Tranche A Warrants on or before November 14, 2023. The Tranche B Warrants are exercisable commencing on the Exercisability Date (as defined in the Form of Preferred Tranche B Warrant) until the later of (i) 21 days following the Issuer's announcement of data from its SAB-142-101 clinical trial and (ii) March 31, 2025.

F3 · derivative.exercise_date: Reflects the acquisition by the Fund of Tranche B Warrants (the "Tranche B Warrants") to purchase shares of Series A-3 Preferred Stock of the Issuer pursuant to the Transfer Agreement in consideration for an agreement to exercise the Tranche A Warrants on or before November 14, 2023. The Tranche B Warrants are exercisable commencing on the Exercisability Date (as defined in the Form of Preferred Tranche B Warrant) until the later of (i) 21 days following the Issuer's announcement of data from its SAB-142-101 clinical trial and (ii) March 31, 2025.

F3 · derivative.expiration_date: Reflects the acquisition by the Fund of Tranche B Warrants (the "Tranche B Warrants") to purchase shares of Series A-3 Preferred Stock of the Issuer pursuant to the Transfer Agreement in consideration for an agreement to exercise the Tranche A Warrants on or before November 14, 2023. The Tranche B Warrants are exercisable commencing on the Exercisability Date (as defined in the Form of Preferred Tranche B Warrant) until the later of (i) 21 days following the Issuer's announcement of data from its SAB-142-101 clinical trial and (ii) March 31, 2025.

F2 · ownership.direct: These securities of the Issuer are beneficially owned by (i) the Fund, directly, (ii) Sessa Capital GP, LLC, indirectly as a result of being the sole general partner of the Fund, (iii) Sessa Capital IM, L.P., indirectly as a result of being the investment adviser for the Fund, (iv) Sessa Capital IM GP, LLC, indirectly as a result of being the sole general partner of Sessa Capital IM, L.P., and (v) John Petry, indirectly as a result of being the manager of Sessa Capital GP, LLC and Sessa Capital IM GP, LLC. Each of the Reporting Persons and Mr. Petry disclaim beneficial ownership of any securities reported by any person except to the extent of their pecuniary interest therein.

SEC source: 0001062993-23-020791 · form4.xml · derivative · entry 1

Sessa Capital (Master), L.P. · CIK 0001618360 · Director

Sessa Capital GP, LLC · CIK 0001618699 · Director

Sessa Capital IM, L.P. · CIK 0001595849 · Director

Sessa Capital IM GP, LLC · CIK 0001618700 · Director

Petry John · CIK 0001618702 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 13,269

Underlying: Series A-1 or Series A-3 Convertible Preferred Stock · 13,269 shares

Expires not disclosed

F1 · price: Reflects the acquisition by Sessa Capital (Master), L.P. (the "Fund") of Tranche A Warrants (the "Tranche A Warrants") to purchase shares of Series A-1 Convertible Preferred Stock, par value $0.0001 per share ("Series A-1 Preferred Stock"), or shares of Series A-3 Convertible Preferred Stock, par value $0.0001 per share, of SAB Biotherapeutics, Inc. (the "Issuer") pursuant to a Warrant Amendment and Transfer Agreement, dated as of November 10, 2023 (the "Transfer Agreement"), in consideration for an agreement to exercise the Tranche A Warrants on or before November 14, 2023. The Tranche A Warrants became exercisable commencing on the Issuance Date (as defined in the Form of Preferred Tranche A Warrant) until November 14, 2023.

F1 · derivative.exercise_date: Reflects the acquisition by Sessa Capital (Master), L.P. (the "Fund") of Tranche A Warrants (the "Tranche A Warrants") to purchase shares of Series A-1 Convertible Preferred Stock, par value $0.0001 per share ("Series A-1 Preferred Stock"), or shares of Series A-3 Convertible Preferred Stock, par value $0.0001 per share, of SAB Biotherapeutics, Inc. (the "Issuer") pursuant to a Warrant Amendment and Transfer Agreement, dated as of November 10, 2023 (the "Transfer Agreement"), in consideration for an agreement to exercise the Tranche A Warrants on or before November 14, 2023. The Tranche A Warrants became exercisable commencing on the Issuance Date (as defined in the Form of Preferred Tranche A Warrant) until November 14, 2023.

F1 · derivative.expiration_date: Reflects the acquisition by Sessa Capital (Master), L.P. (the "Fund") of Tranche A Warrants (the "Tranche A Warrants") to purchase shares of Series A-1 Convertible Preferred Stock, par value $0.0001 per share ("Series A-1 Preferred Stock"), or shares of Series A-3 Convertible Preferred Stock, par value $0.0001 per share, of SAB Biotherapeutics, Inc. (the "Issuer") pursuant to a Warrant Amendment and Transfer Agreement, dated as of November 10, 2023 (the "Transfer Agreement"), in consideration for an agreement to exercise the Tranche A Warrants on or before November 14, 2023. The Tranche A Warrants became exercisable commencing on the Issuance Date (as defined in the Form of Preferred Tranche A Warrant) until November 14, 2023.

F2 · ownership.direct: These securities of the Issuer are beneficially owned by (i) the Fund, directly, (ii) Sessa Capital GP, LLC, indirectly as a result of being the sole general partner of the Fund, (iii) Sessa Capital IM, L.P., indirectly as a result of being the investment adviser for the Fund, (iv) Sessa Capital IM GP, LLC, indirectly as a result of being the sole general partner of Sessa Capital IM, L.P., and (v) John Petry, indirectly as a result of being the manager of Sessa Capital GP, LLC and Sessa Capital IM GP, LLC. Each of the Reporting Persons and Mr. Petry disclaim beneficial ownership of any securities reported by any person except to the extent of their pecuniary interest therein.

SEC source: 0000950170-23-058894 · ownership.xml · derivative · entry 1

King Michael · CIK 0001998530 · CHIEF FINANCIAL OFFICER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 850,000

Underlying: Common Stock · 850,000 shares

Expires 2033-10-30

F1 · derivative.exercise_price: Represents options to purchase shares of common stock of the Registrant pursuant to the Registrant's 2021 Omnibus Equity Incentive Plan. The exercise price of the options was determined as of the date that the compensation committee of the board of directors of the Registrant approved the award, October 19, 2023. The award was contingent upon the Reporting Person's commencement of service as Chief Financial Officer of the Registrant, which occurred on October 30, 2023.

F1 · shares: Represents options to purchase shares of common stock of the Registrant pursuant to the Registrant's 2021 Omnibus Equity Incentive Plan. The exercise price of the options was determined as of the date that the compensation committee of the board of directors of the Registrant approved the award, October 19, 2023. The award was contingent upon the Reporting Person's commencement of service as Chief Financial Officer of the Registrant, which occurred on October 30, 2023.

F2 · derivative.exercise_date: The shares underlying the option vest over a four-year period, with 1/4 vesting on the one-year anniversary date from the Reporting Person's commencement of service as Chief Financial Officer (October 30, 2024), and the remainder vesting thereafter in equal monthly installments over a three year period.

SEC source: 0001062993-23-019668 · form4.xml · derivative · entry 2

Sessa Capital (Master), L.P. · CIK 0001618360 · Director

Sessa Capital GP, LLC · CIK 0001618699 · Director

Sessa Capital IM, L.P. · CIK 0001595849 · Director

Sessa Capital IM GP, LLC · CIK 0001618700 · Director

Petry John · CIK 0001618702 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Series A-1 or Series A-3 Convertible Preferred Stock · 16,269 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F4 · price: Pursuant to the SPA, the Fund acquired Tranche A Warrants to purchase shares of Series A-1 Preferred Stock or shares of Series A-3 Convertible Preferred Stock, par value $0.0001 per share, of the Issuer (the "Tranche A Warrants"), on the terms summarized in the Issuer's Current Report on Form 8-K filed on October 2, 2023, including the exhibits thereto. The Tranche A Warrants became exercisable commencing on the Issuance Date (as defined in the Form of Preferred Tranche A Warrant) until the earlier of (i) fifteen (15) trading days following the date of public announcement of the fulsome data set from the Sanofi S.A. Protect trial and (ii) December 15, 2023.

F4 · derivative.exercise_date: Pursuant to the SPA, the Fund acquired Tranche A Warrants to purchase shares of Series A-1 Preferred Stock or shares of Series A-3 Convertible Preferred Stock, par value $0.0001 per share, of the Issuer (the "Tranche A Warrants"), on the terms summarized in the Issuer's Current Report on Form 8-K filed on October 2, 2023, including the exhibits thereto. The Tranche A Warrants became exercisable commencing on the Issuance Date (as defined in the Form of Preferred Tranche A Warrant) until the earlier of (i) fifteen (15) trading days following the date of public announcement of the fulsome data set from the Sanofi S.A. Protect trial and (ii) December 15, 2023.

F4 · derivative.expiration_date: Pursuant to the SPA, the Fund acquired Tranche A Warrants to purchase shares of Series A-1 Preferred Stock or shares of Series A-3 Convertible Preferred Stock, par value $0.0001 per share, of the Issuer (the "Tranche A Warrants"), on the terms summarized in the Issuer's Current Report on Form 8-K filed on October 2, 2023, including the exhibits thereto. The Tranche A Warrants became exercisable commencing on the Issuance Date (as defined in the Form of Preferred Tranche A Warrant) until the earlier of (i) fifteen (15) trading days following the date of public announcement of the fulsome data set from the Sanofi S.A. Protect trial and (ii) December 15, 2023.

F3 · ownership.direct: These securities of the Issuer are beneficially owned by (i) the Fund, directly, (ii) Sessa Capital GP, LLC, indirectly as a result of being the sole general partner of the Fund, (iii) Sessa Capital IM, L.P., indirectly as a result of being the investment adviser for the Fund, (iv) Sessa Capital IM GP, LLC, indirectly as a result of being the sole general partner of Sessa Capital IM, L.P., and (v) John Petry, indirectly as a result of being the manager of Sessa Capital GP, LLC and Sessa Capital IM GP, LLC. Each of the Reporting Persons and Mr. Petry disclaim beneficial ownership of any securities reported by any person except to the extent of their pecuniary interest therein.

SEC source: 0001062993-23-019668 · form4.xml · derivative · entry 1

Sessa Capital (Master), L.P. · CIK 0001618360 · Director

Sessa Capital GP, LLC · CIK 0001618699 · Director

Sessa Capital IM, L.P. · CIK 0001595849 · Director

Sessa Capital IM GP, LLC · CIK 0001618700 · Director

Petry John · CIK 0001618702 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 18,000

Underlying: Common Stock or Series A-2 Convertible Preferred Stock · 25,818,903 shares

Expires not disclosed

F1 · derivative.exercise_date: Reflects the exercise by Sessa Capital (Master), L.P. (the "Fund") of the Tranche A Warrants (as defined below) acquired pursuant to a Securities Purchase Agreement, dated as of September 29, 2023 (the "SPA"). The shares of Series A-1 Convertible Preferred Stock, par value $0.0001 per share ("Series A-1 Preferred Stock") are automatically convertible into shares of Common Stock of SAB Biotherapeutics, Inc. (the "Issuer") on the first trading day following the announcement of the approval by the stockholders of the Issuer of (i) an amendment to the Issuer's Certificate of Incorporation to increase the number of authorized shares of common stock, $0.0001 par value per share ("Common Stock"), of the Issuer and (ii) the issuance of the Series A-1 Preferred Stock.

F2 · derivative.exercise_date: Due to a 1,000 character limit, Footnote 2 is a continuation of Footnote 1: The Series A-1 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Persons from converting the Series A-1 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Persons beneficially owning more than 4.99% of the Issuer's Common Stock outstanding immediately following such conversion, and to the extent the conversion would cause the Reporting Persons' beneficial ownership to exceed such maximum percentage, the Reporting Persons will receive shares of Series A-2 Convertible Preferred Stock, par value $0.0001 per share, in lieu of Common Stock of the Issuer.

F1 · derivative.expiration_date: Reflects the exercise by Sessa Capital (Master), L.P. (the "Fund") of the Tranche A Warrants (as defined below) acquired pursuant to a Securities Purchase Agreement, dated as of September 29, 2023 (the "SPA"). The shares of Series A-1 Convertible Preferred Stock, par value $0.0001 per share ("Series A-1 Preferred Stock") are automatically convertible into shares of Common Stock of SAB Biotherapeutics, Inc. (the "Issuer") on the first trading day following the announcement of the approval by the stockholders of the Issuer of (i) an amendment to the Issuer's Certificate of Incorporation to increase the number of authorized shares of common stock, $0.0001 par value per share ("Common Stock"), of the Issuer and (ii) the issuance of the Series A-1 Preferred Stock.

F2 · derivative.expiration_date: Due to a 1,000 character limit, Footnote 2 is a continuation of Footnote 1: The Series A-1 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Persons from converting the Series A-1 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Persons beneficially owning more than 4.99% of the Issuer's Common Stock outstanding immediately following such conversion, and to the extent the conversion would cause the Reporting Persons' beneficial ownership to exceed such maximum percentage, the Reporting Persons will receive shares of Series A-2 Convertible Preferred Stock, par value $0.0001 per share, in lieu of Common Stock of the Issuer.

F3 · ownership.direct: These securities of the Issuer are beneficially owned by (i) the Fund, directly, (ii) Sessa Capital GP, LLC, indirectly as a result of being the sole general partner of the Fund, (iii) Sessa Capital IM, L.P., indirectly as a result of being the investment adviser for the Fund, (iv) Sessa Capital IM GP, LLC, indirectly as a result of being the sole general partner of Sessa Capital IM, L.P., and (v) John Petry, indirectly as a result of being the manager of Sessa Capital GP, LLC and Sessa Capital IM GP, LLC. Each of the Reporting Persons and Mr. Petry disclaim beneficial ownership of any securities reported by any person except to the extent of their pecuniary interest therein.

SEC source: 0000950170-23-054936 · ownership.xml · derivative · entry 2

Moin Andrew · CIK 0001996040 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 0

Underlying: Series A-1 and/or A-3 Convertible Preferred Stock · 16,269 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F4 · price: Pursuant to the SPA, the Fund acquired Tranche A Warrants to purchase shares of Series A-1 Preferred Stock or shares of Series A-3 Convertible Preferred Stock, par value $0.0001 per share, of the Issuer (the "Tranche A Warrants"), on the terms summarized in the Issuer's Current Report on Form 8-K filed on October 2, 2023, including the exhibits thereto. The Tranche A Warrants became exercisable commencing on the Issuance Date (as defined in the Form of Preferred Tranche A Warrant) until the earlier of (i) fifteen (15) trading days following the date of public announcement of the fulsome data set from the Sanofi S.A. Protect trial and (ii) December 15, 2023.

F4 · derivative.exercise_date: Pursuant to the SPA, the Fund acquired Tranche A Warrants to purchase shares of Series A-1 Preferred Stock or shares of Series A-3 Convertible Preferred Stock, par value $0.0001 per share, of the Issuer (the "Tranche A Warrants"), on the terms summarized in the Issuer's Current Report on Form 8-K filed on October 2, 2023, including the exhibits thereto. The Tranche A Warrants became exercisable commencing on the Issuance Date (as defined in the Form of Preferred Tranche A Warrant) until the earlier of (i) fifteen (15) trading days following the date of public announcement of the fulsome data set from the Sanofi S.A. Protect trial and (ii) December 15, 2023.

F4 · derivative.expiration_date: Pursuant to the SPA, the Fund acquired Tranche A Warrants to purchase shares of Series A-1 Preferred Stock or shares of Series A-3 Convertible Preferred Stock, par value $0.0001 per share, of the Issuer (the "Tranche A Warrants"), on the terms summarized in the Issuer's Current Report on Form 8-K filed on October 2, 2023, including the exhibits thereto. The Tranche A Warrants became exercisable commencing on the Issuance Date (as defined in the Form of Preferred Tranche A Warrant) until the earlier of (i) fifteen (15) trading days following the date of public announcement of the fulsome data set from the Sanofi S.A. Protect trial and (ii) December 15, 2023.

F3 · ownership.nature: These securities of the Issuer are beneficially owned by (i) the Fund, directly, (ii) Sessa Capital GP, LLC, indirectly as a result of being the sole general partner of the Fund, (iii) Sessa Capital IM, L.P., indirectly as a result of being the investment adviser for the Fund, (iv) Sessa Capital IM GP, LLC, indirectly as a result of being the sole general partner of Sessa Capital IM, L.P., and (v) John Petry, indirectly as a result of being the manager of Sessa Capital GP, LLC and Sessa Capital IM GP, LLC. Andrew Moin, an Analyst and Partner with Sessa Capital, is a member of the board of directors of the Registrant. Each of the foregoing persons disclaims beneficial ownership of any securities reported by any person except to the extent of their pecuniary interest therein.

SEC source: 0000950170-23-054936 · ownership.xml · derivative · entry 1

Moin Andrew · CIK 0001996040 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 18,000

Underlying: Common Stock and/or Series A-2 Preferred Stock · 25,818,903 shares

Expires not disclosed

F1 · derivative.exercise_date: Reflects the exercise by Sessa Capital (Master), L.P. (the "Fund") of the Tranche A Warrants (as defined below) acquired pursuant to a Securities Purchase Agreement, dated as of September 29, 2023 (the "SPA"). The shares of Series A-1 Convertible Preferred Stock, par value $0.0001 per share ("Series A-1 Preferred Stock") are automatically convertible into shares of Common Stock of SAB Biotherapeutics, Inc. (the "Issuer") on the first trading day following the announcement of the approval by the stockholders of the Issuer of (i) an amendment to the Issuer's Certificate of Incorporation to increase the number of authorized shares of common stock, $0.0001 par value per share ("Common Stock"), of the Issuer and (ii) the issuance of the Series A-1 Preferred Stock.

F2 · derivative.exercise_date: Due to a 1,000 character limit, Footnote 2 is a continuation of Footnote 1: The Series A-1 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Person from converting the Series A-1 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Person beneficially owning more than 4.99% of the Issuer's Common Stock outstanding immediately following such conversion, and to the extent the conversion would cause the Reporting Person's beneficial ownership to exceed such maximum percentage, the Reporting Person will receive shares of Series A-2 Convertible Preferred Stock, par value $0.0001 per share, in lieu of Common Stock of the Issuer.

F1 · derivative.expiration_date: Reflects the exercise by Sessa Capital (Master), L.P. (the "Fund") of the Tranche A Warrants (as defined below) acquired pursuant to a Securities Purchase Agreement, dated as of September 29, 2023 (the "SPA"). The shares of Series A-1 Convertible Preferred Stock, par value $0.0001 per share ("Series A-1 Preferred Stock") are automatically convertible into shares of Common Stock of SAB Biotherapeutics, Inc. (the "Issuer") on the first trading day following the announcement of the approval by the stockholders of the Issuer of (i) an amendment to the Issuer's Certificate of Incorporation to increase the number of authorized shares of common stock, $0.0001 par value per share ("Common Stock"), of the Issuer and (ii) the issuance of the Series A-1 Preferred Stock.

F2 · derivative.expiration_date: Due to a 1,000 character limit, Footnote 2 is a continuation of Footnote 1: The Series A-1 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Person from converting the Series A-1 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Person beneficially owning more than 4.99% of the Issuer's Common Stock outstanding immediately following such conversion, and to the extent the conversion would cause the Reporting Person's beneficial ownership to exceed such maximum percentage, the Reporting Person will receive shares of Series A-2 Convertible Preferred Stock, par value $0.0001 per share, in lieu of Common Stock of the Issuer.

F3 · ownership.nature: These securities of the Issuer are beneficially owned by (i) the Fund, directly, (ii) Sessa Capital GP, LLC, indirectly as a result of being the sole general partner of the Fund, (iii) Sessa Capital IM, L.P., indirectly as a result of being the investment adviser for the Fund, (iv) Sessa Capital IM GP, LLC, indirectly as a result of being the sole general partner of Sessa Capital IM, L.P., and (v) John Petry, indirectly as a result of being the manager of Sessa Capital GP, LLC and Sessa Capital IM GP, LLC. Andrew Moin, an Analyst and Partner with Sessa Capital, is a member of the board of directors of the Registrant. Each of the foregoing persons disclaims beneficial ownership of any securities reported by any person except to the extent of their pecuniary interest therein.

SEC source: 0001437749-23-009554 · rdgdoc.xml · derivative · entry 1

Lucera Erick · CIK 0001697616 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 25,000

Underlying: Common Stock · 25,000 shares

Expires 2033-04-03

F1 · shares: Represents options to purchase shares of common stock pursuant to the Company's 2021 Omnibus Equity Incentive Plan.

F2 · derivative.exercise_date: The shares underlying the option vest over a three-year period, vesting 1/36 monthly beginning with the month following the Reporting Person's commencement of service as a director (April 3, 2023). This represents the initial grant to the Reporting Person as a member of the Board of Directors.

SEC source: 0001437749-23-006913 · rdgdoc.xml · nonDerivative · entry 1

Kropotova Alexandra · CIK 0001825323 · Chief Medical Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 275,000

F1 · security: Restricted Stock Unit ("RSU") award under the 2021 Equity Incentive Plan, which vests over a four-year service period, with the first 25% vesting on March 14, 2024, and the remaining vesting in even monthly increments thereafter. The RSU award is subject to the reporting person's continued employment through the vesting date.

F1 · shares: Restricted Stock Unit ("RSU") award under the 2021 Equity Incentive Plan, which vests over a four-year service period, with the first 25% vesting on March 14, 2024, and the remaining vesting in even monthly increments thereafter. The RSU award is subject to the reporting person's continued employment through the vesting date.

F2 · price: Each RSU represents a contingent right to receive one share of the Issuer's common stock.

SEC source: 0001437749-23-006911 · rdgdoc.xml · derivative · entry 1

Sullivan Eddie Joe · CIK 0001889712 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 525,000

Underlying: Common Stock · 525,000 shares

Expires 2033-03-14

F1 · shares: Represents options to purchase shares of common stock pursuant to the Company's 2021 Omnibus Equity Incentive Plan.

F2 · derivative.exercise_date: The shares underlying the option vest over a four-year period, vesting 1/4 on the one-year anniversary of the date of grant, and the remaining 3/4 vesting pro rata on a monthly basis in 36 equal installments thereafter.

SEC source: 0001437749-23-006910 · rdgdoc.xml · derivative · entry 1

Reich Samuel J · CIK 0001394645 · Director · Executive Chairman

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 525,000

Underlying: Common Stock · 525,000 shares

Expires 2033-03-14

F1 · shares: Represents options to purchase shares of common stock pursuant to the Company's 2021 Omnibus Equity Incentive Plan.

F2 · derivative.exercise_date: The shares underlying the option vest over a four-year period, vesting 1/4 on the one-year anniversary of the date of grant, and the remaining 3/4 vesting pro rata on a monthly basis in 36 equal installments thereafter.

SEC source: 0001437749-23-006909 · rdgdoc.xml · derivative · entry 1

Bausch Christoph Lawrence · CIK 0001889981 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 275,000

Underlying: Common Stock · 275,000 shares

Expires 2033-03-14

F1 · shares: Represents options to purchase shares of common stock pursuant to the Company's 2021 Omnibus Equity Incentive Plan.

F2 · derivative.exercise_date: The shares underlying the option vest over a four-year period, vesting 1/4 on the one-year anniversary of the date of grant, and the remaining 3/4 vesting pro rata on a monthly basis in 36 equal installments thereafter.

SEC source: 0001437749-23-006908 · rdgdoc.xml · derivative · entry 1

Beyer Russell P · CIK 0001889754 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 275,000

Underlying: Common Stock · 275,000 shares

Expires 2033-03-14

F1 · shares: Represents options to purchase shares of common stock pursuant to the Company's 2021 Omnibus Equity Incentive Plan.

F2 · derivative.exercise_date: The shares underlying the option vest over a four-year period, vesting 1/4 on the one-year anniversary of the date of grant, and the remaining 3/4 vesting pro rata on a monthly basis in 36 equal installments thereafter.

SEC source: 0001437749-23-005167 · rdgdoc.xml · derivative · entry 1

Spragens Jeffrey G · CIK 0001410620 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 19,936

Underlying: Common Stock · 19,936 shares

Expires 2026-10-20

F1 · kind: Pro rata distribution by Big Cypress Holdings LLC to its members for which no consideration is being paid in connection with such distribution. The Reporting Person is a member of Big Cypress Holdings LLC, and as part of the distribution received 19,936 warrants of the issuer.

F1 · price: Pro rata distribution by Big Cypress Holdings LLC to its members for which no consideration is being paid in connection with such distribution. The Reporting Person is a member of Big Cypress Holdings LLC, and as part of the distribution received 19,936 warrants of the issuer.

SEC source: 0001437749-23-005165 · rdgdoc.xml · derivative · entry 2

Reich Samuel J · CIK 0001394645 · Director · Executive Chairman

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,968

Underlying: Common Stock · 9,968 shares

Expires 2026-10-20

F2 · kind: The Reporting Person received 9,968 warrants as part of the distribution, which the Reporting Person previously had an indirect pecuniary interest. Therefore, the transaction, which only changes the form of the Reporting Person's ownership without increasing or decreasing his pecuniary interest, is exempt from the reporting requirements of Section 16 pursuant to Rule 16a-13. Notwithstanding, the Reporting Person is reporting the acquisition on a voluntary basis.

F2 · price: The Reporting Person received 9,968 warrants as part of the distribution, which the Reporting Person previously had an indirect pecuniary interest. Therefore, the transaction, which only changes the form of the Reporting Person's ownership without increasing or decreasing his pecuniary interest, is exempt from the reporting requirements of Section 16 pursuant to Rule 16a-13. Notwithstanding, the Reporting Person is reporting the acquisition on a voluntary basis.

SEC source: 0001437749-23-005165 · rdgdoc.xml · derivative · entry 1

Reich Samuel J · CIK 0001394645 · Director · Executive Chairman

10b5-1 filing: Not disclosed

Ownership: Indirect · Via Big Cypress Holdings LLC

Disclosed balance after: 0

Underlying: Common Stock · 208,600 shares

Expires 2026-10-20

F1 · kind: Pro rata distribution by Big Cypress Holdings LLC to its members for which no consideration is being paid in connection with such distribution. The Reporting Person is a managing member of Big Cypress Holdings LLC, and as part of the distribution received 9,968 warrants of the issuer, which the Reporting Person previously had an indirect pecuniary interest.

F1 · price: Pro rata distribution by Big Cypress Holdings LLC to its members for which no consideration is being paid in connection with such distribution. The Reporting Person is a managing member of Big Cypress Holdings LLC, and as part of the distribution received 9,968 warrants of the issuer, which the Reporting Person previously had an indirect pecuniary interest.

SEC source: 0001209191-22-060501 · doc4.xml · derivative · entry 3

HAMILTON CHRISTINE E · CIK 0001216114 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · By spouse

Disclosed balance after: 82,987

Underlying: Common Stock · 82,987 shares

Expires 2027-12-07

F1 · price: On December 6, 2022, the Registrant entered into a securities purchase agreement with Ms. Christine Hamilton and Dr. Edward Hamilton in connection with a private placement conducted by the Registrant, pursuant to which Ms. Hamilton and Dr. Hamilton purchased (i) an aggregate of 82,987 shares (the "Shares") of the Registrant's common stock, par value $0.0001 per share and (ii) warrants to purchase up to an aggregate of 82,987 shares of common stock at an exercise price of $1.08, at a combined purchase price of $1.205 per share and accompanying warrant. The warrants are exercisable six months from the date of issuance and expire five years from the date of issuance.

SEC source: 0001209191-22-060501 · doc4.xml · nonDerivative · entry 1

HAMILTON CHRISTINE E · CIK 0001216114 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · By spouse

Disclosed balance after: 3,111,334

F1 · date: On December 6, 2022, the Registrant entered into a securities purchase agreement with Ms. Christine Hamilton and Dr. Edward Hamilton in connection with a private placement conducted by the Registrant, pursuant to which Ms. Hamilton and Dr. Hamilton purchased (i) an aggregate of 82,987 shares (the "Shares") of the Registrant's common stock, par value $0.0001 per share and (ii) warrants to purchase up to an aggregate of 82,987 shares of common stock at an exercise price of $1.08, at a combined purchase price of $1.205 per share and accompanying warrant. The warrants are exercisable six months from the date of issuance and expire five years from the date of issuance.

F1 · price: On December 6, 2022, the Registrant entered into a securities purchase agreement with Ms. Christine Hamilton and Dr. Edward Hamilton in connection with a private placement conducted by the Registrant, pursuant to which Ms. Hamilton and Dr. Hamilton purchased (i) an aggregate of 82,987 shares (the "Shares") of the Registrant's common stock, par value $0.0001 per share and (ii) warrants to purchase up to an aggregate of 82,987 shares of common stock at an exercise price of $1.08, at a combined purchase price of $1.205 per share and accompanying warrant. The warrants are exercisable six months from the date of issuance and expire five years from the date of issuance.

F2 · balance_after: Reflects dispositions of 2,000,000 shares of common stock by Ms. Hamilton's spouse for bona fide estate planning purposes exempt from the report requirements of Section 16 under the Securities Exchange Act of 1934, as amended.

SEC source: 0001209191-22-060442 · doc4.xml · derivative · entry 2

Spragens Jeffrey G · CIK 0001410620 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 82,987

Underlying: Common Stock · 82,987 shares

Expires 2027-12-07

F1 · price: On December 6, 2022, the Registrant entered into a securities purchase agreement with Mr. Jeffrey Spragens in connection with a private placement conducted by the Registrant, pursuant to which Mr. Spragens purchased (i) an aggregate of 82,987 shares (the "Shares") of the Registrant's common stock, par value $0.0001 per share and (ii) warrants to purchase up to an aggregate of 82,987 shares of common stock at an exercise price of $1.08, at a combined purchase price of $1.205 per share and accompanying warrant. The warrants are exercisable six months from the date of issuance and expire five years from the date of issuance.