Sarowitz Steven I 4

What Happened

• Steven I. Sarowitz, a director of Angel Studios, had 2,648 restricted stock units (RSUs) convert into 2,648 shares of Class A common stock on April 23, 2026 (transaction code M — exercise/conversion of a derivative). The Form 4 also records a corresponding disposition of 2,648 shares on the same date. No per-share price or total proceeds were reported (listed as N/A).

Key Details

• Transaction date: 2026-04-23 (reported on Form 4 filed 2026-04-24).
• Transaction type/code: M — exercise or conversion of a derivative (RSU conversion).
• Shares acquired: 2,648 (conversion of RSUs).
• Shares disposed: 2,648 (reported as a derivative disposition); no sale price or proceeds reported (N/A).
• Shares owned after the transaction: not disclosed in the provided filing details.
• Footnotes: F1 — RSUs convert into Class A common stock on a one-for-one basis. F2 — These RSUs were granted under the issuer’s 2025 Long-Term Incentive Plan, effective Oct 23, 2025, vesting in substantially equal quarterly increments over one year; upon each vesting date vested RSUs automatically convert into shares.
• Timeliness: Filing appears timely (reporting the 4/23/2026 transaction on 4/24/2026).

Context

• This activity stems from scheduled RSU vesting and automatic conversion into shares under the company’s equity plan, which is typically a routine, award-related event rather than an open-market buy or discretionary sale. The filing shows both the conversion and a matching disposition but does not include details (price or reason) for the disposition, so no conclusions about market timing or proceeds can be drawn from the Form 4 alone.