GAY ROBERT C 4

What Happened

• Robert C. Gay, a director of Angel Studios, had 5,296 restricted stock units (RSUs) convert into Class A common stock on 2026-05-22 (reported on a Form 4 filed 2026-05-26). The filing shows the 5,296 shares were both acquired by conversion (derivative exercise/conversion) and immediately disposed. No per-share price or total dollar value is reported in the filing (listed as N/A).

Key Details

• Transaction date: 2026-05-22; Form 4 filed: 2026-05-26.
• Transaction code: M (exercise or conversion of derivative); filing shows 5,296 shares Acquired and 5,296 shares Disposed (disposition listed as "Derivative").
• Price/value: N/A in the filing (no dollar amount disclosed).
• Shares owned after the transaction: not specified in the filing.
• Footnotes: F1 notes RSUs convert into Class A common stock one-for-one. F2 explains these 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, with each vested RSU automatically converting into one share upon vesting.
• Filing timeliness: transaction reported on a Form 4 filed four days after the transaction date; the filing does not include a late-filing code.

Context

• This was a conversion/vesting of RSUs rather than an open-market purchase or an executive sale. The filing shows the converted shares were immediately disposed; the Form 4 does not state the reason (common reasons in such filings include tax withholding or immediate sale, but the filing itself gives no explanation). For retail investors, RSU vesting/conversions are routine compensation events and do not by themselves indicate a change in insider sentiment.