Ahlstrom Paul 4

What Happened
Paul Ahlstrom, a director of Angel Studios, reported the conversion/vesting of 2,648 restricted stock units (RSUs) into 2,648 shares of Class A common stock on January 23, 2026 (transaction code M — exercise/conversion of a derivative). The filing shows an acquisition of 2,648 shares and a simultaneous disposition of 2,648 shares (both listed as derivative). No per‑share price or dollar value is reported in the filing.

Key Details

• Transaction date: 2026-01-23; Form 4 filed 2026-01-26 (appears timely).
• Acquired: 2,648 shares via conversion of RSUs (code M).
• Disposed: 2,648 shares (reported as derivative).
• Price: N/A (not disclosed).
• Shares owned after transaction: not specified in the provided filing excerpt.
• Footnotes: F1 — RSUs convert one-for-one to Class A common stock. F2 — RSUs awarded under the 2025 Long‑Term Incentive Plan, effective Oct 23, 2025, vesting in equal quarterly increments over one year; vested RSUs automatically convert into shares upon each vesting date.

Context
This appears to be routine RSU vesting and conversion under the company LTIP. It is common for a matching disposal entry to reflect shares withheld or otherwise transferred at vesting (e.g., for tax withholding or administrative settlement); the filing lists the disposition as a derivative but does not state the reason. Such inward conversions and routine withholdings are not the same signal as an open‑market purchase or sale by the insider.