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

Rhea-AI Filing Summary

Angel Studios, Inc. (ANGX) reported an equity compensation grant to its Chief Legal Officer on a Form 4. On November 18, 2025, the officer received 140,457 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 one-third on November 18, 2026, with the remaining two-thirds vesting in eight quarterly installments after that anniversary. Settlement of RSUs occurs on the second trading day following the company’s public release of quarterly earnings in 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^*

Nickle Eric Glen

(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 Legal 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		140,457		(1)	(1)	Common Stock	140,457	(1)	140,457	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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What equity awards were reported for Angel Studios (ANGX) on this Form 4?

The Chief Legal Officer of Angel Studios, Inc. (ANGX) reported receiving 140,457 Restricted Stock Units (RSUs) and 58,482 Performance Stock Units (PSUs) under the company’s 2025 Long-Term Incentive Plan.

When were the RSUs and PSUs for ANGX’s Chief Legal Officer granted and effective?

The RSUs and PSUs were awarded under the 2025 Long-Term Incentive Plan and were effective on November 18, 2025.

How do the RSUs granted by Angel Studios (ANGX) vest?

The 140,457 RSUs vest one-third at the close of business on November 18, 2026. The remaining two-thirds vest in eight quarterly installments following that anniversary, with settlement on the second trading day after the company’s public release of quarterly earnings for the applicable quarter.

How do the PSUs granted by Angel Studios (ANGX) vest?

The 58,482 PSUs vest in 10 equal tranches. Each tranche vests based on a series of increasing stock price milestones as described for the 2025 Long-Term Incentive Plan.

What plan governs the RSU and PSU awards for ANGX’s Chief Legal Officer?

Both the RSUs and PSUs are granted under Angel Studios’ 2025 Long-Term Incentive Plan, which treats the PSUs as Full Value Awards for plan purposes.

Who signed the Angel Studios (ANGX) Form 4 reporting these awards?

The Form 4 was signed by /s/ Patrick J. Reilly, Attorney-in-Fact, on November 20, 2025.