Taylor Ryan P. 4

What Happened
Taylor Ryan, a non‑employee director of Reservoir Media, Inc. (RSVR), was granted 654 Deferred Stock Units (DSUs) on Feb 20, 2026. The grant was valued at $7.64 per unit for a total economic value of $4,997. Ryan elected to receive his quarterly director compensation in DSUs instead of cash; these DSUs will be settled in shares of common stock on July 28, 2026. The filing reports an award (grant), not an open‑market purchase or sale.

Key Details

• Transaction date and price: Feb 20, 2026; 654 DSUs at $7.64 each (total ~$4,997).
• Settlement: DSUs will be converted into common shares on July 28, 2026.
• Shares owned after transaction: The filing does not report immediate beneficial ownership of the underlying shares; the reporting person disclaims beneficial ownership except to the extent of his pecuniary interest.
• Notable footnotes: F1 — DSUs awarded under the 2021 Omnibus Incentive Plan and are economic equivalents of one share; F2 — DSU count based on the $7.64 closing price; additional footnotes note directed transfers and pecuniary‑interest disclaimers.
• Timeliness: Form 4 filed Feb 24, 2026 covering the Feb 20, 2026 grant (filed within the typical SEC Form 4 deadline).

Context
DSUs are a form of deferred-compensation for directors and are converted to shares at a later settlement date; such awards reflect routine compensation practices rather than immediate buying or selling activity. Because this was an award (code A), it is not an open‑market purchase (P) nor a sale (S), and does not by itself indicate a director's trading sentiment.