Sarowitz Steven I 4

What Happened

• Steven I. Sarowitz, a director of Angel Studios, reported the conversion/settlement of 2,648 restricted stock units (RSUs) into 2,648 shares of Class A common stock on January 26, 2026 (transaction code M). No cash purchase price or open‑market sale is reported (price: N/A).
• The filing shows both an “acquired” entry (conversion into shares) and a corresponding “disposed” entry for a derivative instrument; per the footnotes, this reflects the automatic conversion/settlement of RSUs under the company plan rather than an outright sale.

Key Details

• Transaction date: 2026-01-26; Form 4 filed: 2026-01-28 (filed within the typical 2‑business‑day window).
• Reported shares converted/acquired: 2,648 shares; reported derivative disposition: 2,648 (price: N/A).
• Shares owned after transaction: not specified in the provided filing.
• Footnotes: F1 — RSUs convert one-for-one into Class A common stock. F2 — RSUs were granted under the 2025 Long‑Term Incentive Plan, effective Oct 23, 2025, vesting in substantially equal quarterly increments over one year; vested RSUs automatically convert to common stock on each vesting date.
• Transaction code: M (exercise or conversion of a derivative/security).

Context

• This is a routine vesting/conversion of compensation RSUs, not an open‑market purchase or a sale that signals a trading decision. For retail investors, such conversions increase the insider's reported share count but do not by themselves indicate a bullish or bearish view.