ANGX Chief Content Officer receives new 2025 PSU and RSU awards

Rhea-AI Filing Summary

Angel Studios, Inc. (ANGX) reported an equity award for its Chief Content Officer on a Form 4. On November 18, 2025, the officer received 70,695 Performance Stock Units (PSUs) and 245,916 Restricted Stock Units (RSUs) under the company’s 2025 Long-Term Incentive Plan.

The PSUs vest in 10 equal tranches, with each tranche tied to a series of increasing stock price milestones, meaning vesting depends on future share price performance. The RSUs vest one-third on November 18, 2026, with the remaining two-thirds vesting in eight quarterly installments after that date, and each vested portion settles on the second trading day after the company publicly releases its quarterly earnings for the applicable quarter.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Harmon Jeffrey

(Last) (First) (Middle)

295 W. CENTER ST.

(Street)

PROVO UT 84601

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
11/18/2025

4. 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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Performance Stock Units	(1)	11/18/2025		A		70,695		(1)	11/18/2035	Common Stock	70,695	(1)	70,695	D
Restricted Stock Units	(2)	11/18/2025		A		245,916		(2)	(2)	Common Stock	245,916	(2)	245,916	D

Explanation of Responses:

1. Performance Stock Units ("PSUs") are awarded under the Issuer's 2025 Long-Term Incentive Plan. These awards are considered "Full Value Awards" for purposes of the Company's 2025 Long-Term Incentive Plan. The PSUs were effective on November 18, 2025 and will vest in 10 tranches, equally divided, with each tranche becoming vested based on a series of increasing stock price milestones.

2. Restricted Stock Units ("RSUs") are awarded under the Issuer's 2025 Long-Term Incentive Plan. The RSUs were effective on November 18, 2025, with such RSUs vesting one-third at the close of business on November 18, 2026, and the remaining two-thirds vesting in eight quarterly installments following such anniversary with settlement of such RSUs occurring on the second trading day following the Company's public release of quarterly earnings during the applicable quarter.

	/s/ Patrick J. Reilly, Attorney-in-Fact	11/20/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What equity awards did the Angel Studios (ANGX) Chief Content Officer receive?

The Chief Content Officer received 70,695 Performance Stock Units (PSUs) and 245,916 Restricted Stock Units (RSUs) under Angel Studios’ 2025 Long-Term Incentive Plan.

When were the ANGX PSUs and RSUs granted to the officer?

The PSUs and RSUs were effective on November 18, 2025, as reported in the Form 4.

How do the Angel Studios (ANGX) Performance Stock Units vest?

The 70,695 PSUs vest in 10 equal tranches, with each tranche becoming vested based on a series of increasing stock price milestones.

What is the vesting schedule for the Angel Studios (ANGX) Restricted Stock Units?

The 245,916 RSUs vest one-third at the close of business on November 18, 2026, and the remaining two-thirds vest in eight quarterly installments following that anniversary.

When are the ANGX RSUs settled after they vest?

Settlement of vested RSUs occurs on the second trading day following Angel Studios’ public release of quarterly earnings for the applicable quarter.

Under what plan were the ANGX PSUs and RSUs granted?

Both the PSUs and RSUs were granted under Angel Studios’ 2025 Long-Term Incentive Plan, where they are classified as Full Value Awards.

What role does the reporting person hold at Angel Studios (ANGX)?

The reporting person serves as an Officer, specifically the company’s Chief Content Officer.