David Link
About David Link
Independent director and Vice-Chairman of SAB Biotherapeutics (SABS), age 70, serving since 2018 . Former EVP and Chief Strategy Officer at Sanford Health with three decades of strategy, planning, and financial operations experience; holds an MBA (University of South Dakota) and a master’s in healthcare administration (University of Minnesota) . Classified as independent by the Board under Nasdaq rules . Tenure on SABS board spans Class II term expiring at the 2026 annual meeting .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Sanford Health | EVP & Chief Strategy Officer; oversight of Sanford Health Plan, Foundation, R&D; created Sanford World Clinics | Not disclosed | Grew system into one of the nation’s largest integrated health systems; led clinic creation and global clinics initiative |
| South Dakota Biotech | LIVE Award honoree | 2019 (award year) | Recognized for leadership supporting bioscience industry |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Dakota State University (President’s Office) | Appointed Program Director | Current (as of filing) | DSU is a leading cybersecurity program |
| Enterprise 605 | Board position | Current (as of filing) | Board member; further details not disclosed |
Board Governance
- Board status: Class II director; Vice-Chairman . Independent under Nasdaq listing standards .
- Committee assignments: Chair, Nominating & Corporate Governance Committee; members include Link, Scott Giberson, Andrew Moin, Jay Skyler; committee held 5 meetings in 2024 .
- Audit Committee: Erick Lucera (Chair), William Polvino, Jeffrey Spragens; held 4 meetings in 2024 .
- Compensation Committee: Christine Hamilton (Chair), Erick Lucera, Katie Ellias; held 10 meetings in 2024 .
- Board meetings: 7 meetings in 2024; each director attended at least 75% of meetings and assigned committees; independent directors met in executive session 7 times .
- Codes/Policies: Corporate Governance Guidelines and Code of Ethics available; insider trading policy prohibits hedging transactions .
Fixed Compensation
| Component (FY2024) | Amount ($) | Details |
|---|---|---|
| Fees Earned or Paid in Cash | 31,417 | Director and committee cash retainers |
| Option Awards (grant-date fair value) | 67,141 | Valued under ASC 718; Black-Scholes methodology |
| Total | 98,558 | Sum of cash and equity fair value |
Policy reference: Independent directors receive $30,000 annual Board retainer; committee chair/member retainers: Audit Chair $8,000, Compensation Chair $7,000, Nominating Chair $6,000; Audit Member $6,000, Compensation Member $5,000, Nominating Member $4,000 .
Performance Compensation
| Equity Element | Grant Size/Structure | Vesting | Notes |
|---|---|---|---|
| Inaugural Director Option | 35,000 options | Vests in 3 equal annual installments, starting 1st anniversary | Standard for new non-employee directors |
| Annual Director Option | 20,000 options | Vests in 2 equal annual installments, starting 1st anniversary | Annual grants for non-employee directors |
| FY2024 Option Award (Link) | $67,141 (fair value) | As per award agreement; time-based vesting | Fair value under ASC 718; Black‑Scholes |
No director performance metrics (e.g., TSR, revenue) are tied to director equity; vesting is time-based as disclosed .
Other Directorships & Interlocks
| Company | Exchange | Role | Notes |
|---|---|---|---|
| None disclosed | — | — | No public company directorships disclosed for Link beyond SABS . |
Expertise & Qualifications
- Strategic leadership in large integrated healthcare systems; oversight of health plan, foundation, and R&D .
- Global healthcare infrastructure initiatives (Sanford World Clinics) .
- Education: MBA (University of South Dakota); Master’s in Healthcare Administration (University of Minnesota); bachelor’s in data processing and computer science .
- Board leadership role as Vice-Chairman .
Equity Ownership
| As of Date | Total Beneficial Ownership (Shares) | Breakdown | Percent of Common |
|---|---|---|---|
| March 21, 2025 | 20,394 | 5,731 direct; 1,209 via Iron Horse Investments, LLC; 4,149 warrants exercisable; 9,305 options exercisable within 60 days; Link is control person of Iron Horse; disclaims beneficial ownership except pecuniary interest | <1% (“*”) |
| August 1, 2025 | 35,046 | 5,731 direct; 1,209 via Iron Horse; 4,149 warrants exercisable; 23,957 options exercisable within 60 days; disclaims beneficial ownership except pecuniary interest | <1% (“*”) |
Note: Company prohibits hedging by directors and employees; pledging is not disclosed in filings reviewed .
Governance Assessment
- Independence and engagement: Link is independent and chairs the nominating committee—positively aligned with governance best practices; Board and committee activity levels in 2024 (7 Board meetings; Nominating 5; Audit 4; Compensation 10) indicate active oversight; directors met attendance thresholds .
- Compensation alignment: Director pay uses modest cash retainers and equity options with time-based vesting; FY2024 mix for Link was ~$31k cash and ~$67k equity fair value, supporting alignment via equity exposure .
- Ownership: Beneficial ownership is small (<1%) but increased between March and August 2025 primarily via exercisable options, indicating growing exposure; no pledging disclosed; hedging prohibited .
- Committee leadership: As Nominating Chair, Link influences board refreshment and governance guidelines—key for board effectiveness .
- RED FLAGS and dilution context: Special meeting proposals in Aug-2025 may materially dilute common shareholders—automatic conversion of 1,000,000 Series B preferred into ~100M common shares (10.4M to ~110.4M, +1,061%); potential full conversion including warrants could reach ~250M shares (to ~260.4M, +2,501%); equity plan amendment lifts plan shares to 31,932,466 and evergreen to max 73,750,000—material dilution overhang and governance scrutiny around equity usage. Directors (including Link) have an interest due to plan participation; careful oversight of compensation equity grants is warranted .
- Related parties & conflicts: No related-party transactions involving Link disclosed; Company policy mandates audit committee review of any >$120k related-party transactions—reduces conflict risk . Iron Horse Investments, LLC stake is de minimis and disclosed with control statement and disclaimer .
Overall investor confidence signals: Independent status, committee leadership, and active board cadence are positives; 2025 capital actions (preferred conversion and expanded equity plan) introduce dilution risk and require rigorous board oversight of equity usage and governance safeguards .