[Form 4] Angel Studios, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Angel Studios, Inc. (ANGX) reported new equity awards to its Chief Financial Officer on a Form 4. On November 18, 2025, the CFO received 113,549 restricted stock units (RSUs) and 58,482 performance stock units (PSUs) under the company’s 2025 Long-Term Incentive Plan.

The RSUs become effective on November 18, 2025 and vest over time: one-third vests on November 18, 2026, with the remaining two-thirds vesting in eight quarterly installments thereafter. Settlement occurs on the second trading day after the company releases quarterly earnings for the applicable quarter. The PSUs, also effective November 18, 2025, vest in 10 equal tranches, each tied to increasing stock price milestones.

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

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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^*

Klossner Scott Edward

(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 Financial 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
Restricted Stock Units	(1)	11/18/2025		A		113,549		(1)	(1)	Common Stock	113,549	(1)	113,549	D
Performance Stock Units	(2)	11/18/2025		A		58,482		(2)	11/18/2035	Common Stock	58,482	(2)	58,482	D

Explanation of Responses:

1. 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.

2. 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.

	/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.
* If the form is filed by more than one reporting person, see Instruction 4 (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).
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FAQ

What did Angel Studios (ANGX) disclose in this Form 4 filing?

The filing reports that the Chief Financial Officer of Angel Studios, Inc. (ANGX) received new equity awards consisting of restricted stock units (RSUs) and performance stock units (PSUs) under the company’s 2025 Long-Term Incentive Plan, effective November 18, 2025.

How many RSUs were granted to the Angel Studios CFO in this Form 4?

The Chief Financial Officer received 113,549 restricted stock units (RSUs). These RSUs were granted under the company’s 2025 Long-Term Incentive Plan and become effective on November 18, 2025.

What is the vesting schedule for the Angel Studios CFO RSUs?

The RSUs vest over time: one-third vests at the close of business on November 18, 2026, and the remaining two-thirds vest in eight quarterly installments after that anniversary. Settlement of the RSUs occurs on the second trading day following the company’s public release of quarterly earnings for the applicable quarter.

How many PSUs were granted to the Angel Studios CFO and how do they vest?

The Chief Financial Officer received 58,482 performance stock units (PSUs). These PSUs, granted under the 2025 Long-Term Incentive Plan, vest in 10 equal tranches, with each tranche becoming vested based on a series of increasing stock price milestones.

Under what plan were the RSUs and PSUs granted to the Angel Studios CFO?

Both the RSUs and PSUs were granted under Angel Studios’ 2025 Long-Term Incentive Plan. The PSUs are described as “Full Value Awards” for purposes of this plan.

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

The reporting person is an officer of Angel Studios with the title Chief Financial Officer, as indicated in the Form 4 under the relationship to issuer section.