Form 4: Zomedica director granted 1.82M SARs

Director Pamela Nichols received 1,823,107 stock appreciation rights at a $0.10 exercise price, first exercisable 11/16/2026 and expiring 11/16/2035.

Summary

• Director Pamela Nichols received a grant of 1,823,107 Stock Appreciation Rights (SARs) on 11/17/2025.
• The SARs have an exercise price of $0.10 per underlying common share.
• The SARs become first exercisable on 11/16/2026 and expire on 11/16/2035.
• Following the transaction, Nichols beneficially owns 1,823,107 derivative securities (SARs) directly.
• No non-derivative (common stock) transactions were reported in this Form 4.

Sentiment

Score: 5

Explanation: Neutral; standard director equity grant that aligns incentives with minimal immediate impact but potential dilution upon exercise.

Positives

• Equity-based compensation aligns director incentives with shareholder interests.
• Long-dated term (through 11/16/2035) encourages long-term orientation.
• Clear disclosure of exercise price ($0.10) and exercisability date (11/16/2026) enhances transparency.

Negatives

• Potential dilution for shareholders if SARs are settled in shares upon exercise.
• No detail provided on vesting schedule beyond the first exercisable date, limiting visibility into cadence of potential exercises.

Future Outlook

No forward-looking statements or guidance are included; this report solely discloses an insider equity grant.

Industry Context

Equity awards to directors, including SARs with 10-year terms and approximately one-year wait until first exercisability, are common across U.S.-listed animal health and life sciences companies to align governance and long-term performance.

Comparison to Industry Standards

• Grant structure (10-year term, first exercisability after roughly one year) is consistent with typical U.S. director equity practices.
• Peers in animal health and diagnostics such as IDEXX Laboratories and Elanco commonly use equity-based director compensation (options, RSUs, or SARs) with similar long-dated terms.

Related Party Transactions

• Grant of 1,823,107 Stock Appreciation Rights to Director Pamela Nichols on 11/17/2025 at a $0.10 exercise price, first exercisable 11/16/2026 and expiring 11/16/2035.

Stakeholder Impact

• Shareholders: Better alignment of director incentives with long-term value creation.
• Potential dilution for existing shareholders if SARs are exercised and settled in shares.

Next Steps

• SARs become first exercisable on 11/16/2026.
• SARs expire on 11/16/2035 if not exercised.

Key Dates

Keywords

Zomedica, ZOMDF, SEC Form 4, insider transaction, stock appreciation rights, SAR grant, director compensation, derivative securities, beneficial ownership, equity award