Angel Studios insider files Form 3 for 267,523 options

Rhea-AI Filing Summary

This Form 3 reports initial beneficial ownership by Eric Glen Nickle in Angel Studios, Inc. (ANGX). He holds a stock option exercisable for 267,523 shares of Class B common stock at an exercise price of $6.13, and performance stock units convertible into 80,256 shares of Class A common stock at the same price. The stock options vest 25% on 04/14/2026 with the remainder monthly through 04/14/2029. The PSUs vest in 10 tranches tied to increasing stock-price milestones.

Positive

• Significant equity ownership through options and PSUs (267,523 options; 80,256 PSUs) aligns executive incentives with shareholders
• Structured vesting schedule with an initial 25% vesting event on 04/14/2026 provides retention incentives

Negative

• PSU vesting tied to escalating stock-price milestones which may delay or prevent vesting if share price targets are not met
• Large option count could lead to future dilution if fully exercised

Insights

Corporate Governance Analyst

Insider holds standard executive equity with time- and performance-based vesting.

These awards align executive incentives with shareholder value: a large option grant of 267,523 Class B shares vests over four years and 80,256 PSUs vest against price targets. Time-based vesting begins with a 25% cliff on 04/14/2026.

Key dependencies are the unspecified stock-price milestones for PSUs and the multi-year vesting schedule through 04/14/2029; investors can monitor tranche vesting and whether performance hurdles are met during that period.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Nickle Eric Glen

Role Chief Legal Officer

Type	Security	Shares	Price	Value
holding	Stock Option (right to buy)	--	--	--
holding	Performance Stock Units	--	--	--

Holdings After Transaction: Stock Option (right to buy) — 267,523 shares (Direct); Performance Stock Units — 80,256 shares (Direct)

Footnotes (1)

1. Prior to the Issuer's business combination (the "Business Combination"), the stock options represented the right to purchase 50,000 shares of Angel Legacy, Inc's Class F Common Stock, par value $0.001 per share. Following the Issuer's business combination, the stock options converted into the right to purchase 267,523 shares of the Issuer's Class B Common Stock. Twenty-five percent (25%) of these options vested on April 14, 2026, with the remaining options vesting in equal monthly installments through April 14, 2029. Prior to the Business Combination, the performance stock units (PSUs) were granted under Angel Legacy, Inc's. 2023 Performance Equity Plan and represented the right to purchase 15,000 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 80,256 shares of the Issuer's Class A Common Stock. These options will vest in 10 tranches, equally divided, with each tranche becoming vested based on a series of increasing stock price milestones.

Understanding Insider Trading Forms →

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Nickle Eric Glen

(Last) (First) (Middle)

295 W. CENTER ST.

(Street)

PROVO UT 84601

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
09/10/2025

3. Issuer Name and Ticker or Trading Symbol
Angel Studios, Inc. [ ANGX ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Legal Officer

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	(1)	04/17/2035	Class B Common Stock	267,523	$6.13	D
Performance Stock Units	(2)	04/24/2035	Class A Common Stock	80,256	$6.13	D

Explanation of Responses:

1. Prior to the Issuer's business combination (the "Business Combination"), the stock options represented the right to purchase 50,000 shares of Angel Legacy, Inc's Class F Common Stock, par value $0.001 per share. Following the Issuer's business combination, the stock options converted into the right to purchase 267,523 shares of the Issuer's Class B Common Stock. Twenty-five percent (25%) of these options vested on April 14, 2026, with the remaining options vesting in equal monthly installments through April 14, 2029.

2. Prior to the Business Combination, the performance stock units (PSUs) were granted under Angel Legacy, Inc's. 2023 Performance Equity Plan and represented the right to purchase 15,000 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 80,256 shares of the Issuer's Class A Common Stock. These options will vest in 10 tranches, equally divided, with each tranche becoming vested based on a series of increasing stock price milestones.

Remarks:

Exhibit 24 - Power of Attorney.

	/s/ Patrick J. Reilly, Attorney-in-Fact	10/09/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What securities does Eric Glen Nickle report owning for ANGX?

He reports a stock option exercisable for 267,523 Class B shares at $6.13 and performance stock units convertible into 80,256 Class A shares at $6.13.

When do the stock options vest for ANGX insider Eric Nickle?

Twenty-five percent (25%) of the options vest on 04/14/2026, with the remaining options vesting in equal monthly installments through 04/14/2029.

How do the PSUs for ANGX vest?

The 80,256 PSUs vest in 10 equal tranches, each contingent on meeting a series of increasing stock-price milestones.

What is the exercise price for the reported awards?

Both the stock option and the PSUs (upon conversion) are reported with an exercise price of $6.13 per share.

Who signed the Form 3 filing for Eric Nickle?

The Form 3 was signed by Patrick J. Reilly, Attorney-in-Fact on 10/09/2025.