James Buckly Jordan - Apr 22, 2024 Form 4 Insider Report for Serve Robotics Inc. /DE/ (SERV)

Role: Director
Signature: /s/ Ali Kashani, as Attorney-in-Fact
Stock symbol: SERV
Transactions as of: Apr 22, 2024
Transactions value $: -$1
Form type: 4
Date filed: 4/22/2024, 04:31 PM
Previous filing: Aug 2, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SERV	Common Stock	Options Exercise	$251K	+64.4K		$3.89^*	64.4K	Apr 22, 2024	Direct
transaction	SERV	Common Stock	Tax liability	-$251K	-62.6K	-97.25%	$4.00^*	1.77K	Apr 22, 2024	Direct	F1
holding	SERV	Common Stock						659K	Apr 22, 2024	By Wavemaker Global Select II, LLC	F2
holding	SERV	Common Stock						9.2K	Apr 22, 2024	By Future VC, LLC	F3
holding	SERV	Common Stock						77.3K	Apr 22, 2024	Match Robotics VC, LLC	F3

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

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	SERV	Warrants (Right to Buy)	Options Exercise		-64.4K	-100%		0	Apr 22, 2024	Common Stock	64.4K	$3.89	Direct	F4, F5

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

Explanation of Responses:

Id	Content
F1	The Reporting Person exercised a warrant to purchase 64,410 shares of the Issuer's common stock at an exercise price of $3.89 per share (the "Warrant"). The Reporting Person exercised the Warrant on a cashless basis pursuant to the terms of the Warrant, resulting in the withholding by the Issuer of 62,639 shares and issuing to the Reporting Person the remaining 1,771 shares.
F2	The Reporting Person is the Managing Partner of Wavemaker Global Select II, LLC and has dispositive power over the shares of common stock held thereby. The Reporting Person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or for any other purpose.
F3	The Reporting Person has voting and dispositive power over the shares held by Future VC, LLC and Match Robotics VC, LLC. The Reporting Person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or for any other purpose.
F4	The warrants are immediately exercisable in full.
F5	Received in connection with the Issuer's merger with Serve Robotics Inc. ("Legacy Serve") in accordance with the terms of the Agreement and Plan of Merger and Reorganization dated as of July 31, 2023, by and among the Issuer (f/k/a Patricia Acquisition Corp.), Serve Acquisition Corp. and Legacy Serve, in exchange for warrants to acquire 80,162 shares of Legacy Serve common stock for $3.12 per share.