Taylor Ryan P. 4

What Happened Taylor Ryan P., a non‑employee director and reported 10% owner, was awarded 492 Deferred Stock Units (DSUs) on 2026-06-22 at a calculated value of $10.15 each, for a total value of $4,994. The Form 4 lists the transaction as an award/grant (code A). These DSUs were issued in lieu of quarterly cash compensation and will be settled into shares of Reservoir Media common stock on July 28, 2027.

Key Details

• Transaction date: 2026-06-22; Form 4 filed 2026-06-24 (timely).
• Award: 492 DSUs; price basis used: $10.15 (closing price on grant date); total value ≈ $4,994.
• Settlement: DSUs convert to common shares on 2027-07-28.
• Ownership after transaction: not explicitly stated on this Form 4; the reporting person disclaims beneficial ownership of underlying shares except to the extent of his pecuniary interest.
• Notable footnotes: DSUs are economic equivalents of one share each (FN1); number calculated from closing price (FN2). Reporting person has directed some RSU/DSU settlements to be transferred to a Fund he manages (FNs 3–6), and may be deemed a beneficial owner of Fund/RHCP holdings only to the extent of pecuniary interest.
• Transaction type: Award/grant (A) — not an open‑market buy or sale.

Context This was a compensation award (deferred units), not a market purchase or sale. DSU awards are routine for non‑employee directors and reflect compensation, not an immediate cash outlay or active trading decision. Because the units are deferred and will settle later, they don’t represent immediate share sales or purchases by the insider.