Crane Benton Deloss 4

What Happened
Crane Benton Deloss, a director of Angel Studios, had 2,648 restricted stock units (RSUs) vest and convert into 2,648 shares of Class A common stock on April 23, 2026. The Form 4 shows a derivative conversion (transaction code M) with an acquisition of 2,648 shares and a corresponding disposition of 2,648 derivative units — effectively converting RSUs into common shares. No cash price or sales proceeds are reported (price: N/A), and there is no indication the shares were sold immediately.

Key Details

• Transaction date: 2026-04-23; Form 4 filed: 2026-04-24 (timely filing).
• Shares involved: 2,648 RSUs converted to 2,648 Class A shares. Reported price: N/A.
• Shares owned after transaction: Not provided in the excerpt.
• Footnotes: F1 — RSUs convert into Class A common stock on a one-for-one basis. F2 — RSUs were awarded under the issuer’s 2025 Long‑Term Incentive Plan (effective Oct 23, 2025) and vest in substantially equal quarterly increments over one year; vested RSUs automatically convert to common stock.
• Filing status: Not marked late (transaction reported the next day).

Context
This was a routine vesting/conversion of RSUs rather than an open‑market purchase or sale. The dual lines (acquired and disposed under code M) reflect conversion of a derivative award into underlying shares, not a cash exercise or immediate sale. Vesting-driven conversions are common compensation events and do not by themselves signal a buy or sell intent.