Sarowitz Steven I 4

What Happened Steven I. Sarowitz, a director of Angel Studios, reported the exercise/conversion of a derivative resulting in 2,648 shares on 2026-07-23. The Form 4 shows an "Acquired" entry for 2,648 shares (code M: exercise/conversion of derivative) and a matching "Disposed" entry for 2,648 shares listed as a derivative. No cash price or total dollar value is reported (price = N/A).

Key Details

• Transaction date: 2026-07-23; Form 4 filed: 2026-07-24 (timely filing).
• Transaction code: M (exercise or conversion of a derivative instrument).
• Shares acquired: 2,648 Class A common shares; Shares disposed (derivative): 2,648.
• Price / value: Not reported (N/A) in the filing.
• Shares owned after transaction: Not specified in the provided excerpt.
• Footnotes: F1 — RSUs convert into Class A common stock on a one-for-one basis. F2 — These were Restricted Stock Units awarded under the Issuer’s 2025 Long-Term Incentive Plan (effective Oct 23, 2025) that vest in substantially equal quarterly increments over a one-year period and automatically convert into one share upon each vesting date.
• No indication in this filing of an open-market sale or a 10b5-1 plan.

Context This filing appears to reflect routine RSU vesting and automatic conversion into Class A shares under the company’s LTIP rather than a market purchase or sale. The paired “Disposed” derivative entry likely relates to the mechanics of converting/canceling the derivative instrument and does not, by itself, indicate an open-market sale of the underlying shares. Retail investors should treat this as compensation-related equity issuance; look for subsequent Form 4 filings if the director later sells shares in the market.