Angel Studios director exercises 2,648 RSUs

Angel Studios, Inc. director Steven I. Sarowitz increased his direct holdings through equity compensation.

Rhea-AI Filing Summary

Angel Studios, Inc. director Steven I. Sarowitz increased his direct holdings through equity compensation. On April 23, 2026, he acquired 2,648 shares of Class A Common Stock at $0.0000 per share via the exercise of restricted stock units (RSUs).

After this conversion, he directly holds 5,296 shares of Class A Common Stock. The RSUs were awarded under Angel Studios’ 2025 Long-Term Incentive Plan, effective October 23, 2025, and vest in substantially equal quarterly installments over one year, with each vested RSU automatically converting into one common share.

Insider Trade Summary

2,648 shares exercised/converted

Exercise 2 txns

Insider Sarowitz Steven I

Role Director

Type	Security	Shares	Price	Value
Exercise	Class A Common Stock Restricted Stock Units	2,648	$0.00	$0.00
Exercise	Class A Common Stock, par value $0.0001 per share	2,648	$0.00	$0.00

Holdings After Transaction: Class A Common Stock Restricted Stock Units — 5,297 contracts (Direct); Class A Common Stock, par value $0.0001 per share — 5,296 shares (Direct)

Footnotes (2)

1. F1. RSU's convert into Class A Common Stock on a one-for-one basis.
2. F2. Restricted Stock Units ("RSUs") are awarded under the Issuer's 2025 Long-Term Incentive Plan. The RSUs were effective on October 23, 2025, with such RSUs vesting in substantially equal quarterly increments, over a one-year period beginning October 23, 2025. Upon each vesting date, each vested RSU shall automatically convert into one share of common stock.

Key Figures

Shares acquired via RSU conversion: 2,648 shares Price per share on conversion: $0.0000 per share Direct holdings after transaction: 5,296 shares +3 more

6 metrics

Shares acquired via RSU conversion 2,648 shares Class A Common Stock acquired on April 23, 2026

Price per share on conversion $0.0000 per share Exercise of restricted stock units

Direct holdings after transaction 5,296 shares Class A Common Stock held directly by Steven I. Sarowitz

RSU grant effective date October 23, 2025 RSUs under 2025 Long-Term Incentive Plan

Vesting schedule length One year RSUs vest in substantially equal quarterly increments

RSU conversion ratio 1 RSU : 1 share Each vested RSU converts into one common share

Key Terms

Restricted Stock Units, RSU's convert into Class A Common Stock on a one-for-one basis, 2025 Long-Term Incentive Plan, vesting in substantially equal quarterly increments, +1 more

5 terms

Restricted Stock Units financial

"Class A Common Stock Restricted Stock Units"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

RSU's convert into Class A Common Stock on a one-for-one basis financial

"RSU's convert into Class A Common Stock on a one-for-one basis."

2025 Long-Term Incentive Plan financial

"Restricted Stock Units ("RSUs") are awarded under the Issuer's 2025 Long-Term Incentive Plan."

vesting in substantially equal quarterly increments financial

"such RSUs vesting in substantially equal quarterly increments, over a one-year period"

Exercise or conversion of derivative security financial

"transaction_code_description": "Exercise or conversion of derivative security"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did ANGX director Steven Sarowitz report?

Director Steven I. Sarowitz reported acquiring 2,648 shares of Angel Studios Class A Common Stock. The shares came from the conversion of restricted stock units, not an open-market purchase, and reflect compensation granted under the company’s 2025 Long-Term Incentive Plan.

How many ANGX shares does Steven Sarowitz hold after this Form 4?

After the reported transaction, Steven I. Sarowitz directly holds 5,296 shares of Angel Studios Class A Common Stock. This total reflects the addition of 2,648 shares acquired through restricted stock unit conversion on April 23, 2026, as shown in the Form 4 filing.

Were the ANGX shares in this Form 4 bought on the open market?

No, the shares were not bought on the open market. The 2,648 Angel Studios shares were acquired at $0.0000 per share through the exercise of restricted stock units, a form of equity compensation granted under the 2025 Long-Term Incentive Plan.

How do the ANGX restricted stock units held by Steven Sarowitz vest?

The restricted stock units were effective October 23, 2025 and vest in substantially equal quarterly installments over one year. On each vesting date, each vested RSU automatically converts into one share of Angel Studios Class A Common Stock, according to the plan’s terms.

What plan governs the ANGX restricted stock units in this Form 4?

The restricted stock units were granted under Angel Studios’ 2025 Long-Term Incentive Plan. This plan provides equity-based awards such as RSUs, which in this case convert on a one-for-one basis into Class A Common Stock as they vest over the specified one-year schedule.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/24/2026 - 05:18 PM Learn about SEC filing dates

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Sarowitz Steven I

(Last) (First) (Middle)

295 W. CENTER ST

(Street)

PROVO UTAH 84601

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/23/2026

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

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

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

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
Class A Common Stock, par value $0.0001 per share	04/23/2026		M		2,648	A	(1)	5,296	D

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
Class A Common Stock Restricted Stock Units	(2)	04/23/2026		M			2,648	(2)	(2)	Class A Common Stock, par value $0.0001 per share	2,648	(1)	5,297	D

Explanation of Responses:

1. RSU's convert into Class A Common Stock on a one-for-one basis.

2. Restricted Stock Units ("RSUs") are awarded under the Issuer's 2025 Long-Term Incentive Plan. The RSUs were effective on October 23, 2025, with such RSUs vesting in substantially equal quarterly increments, over a one-year period beginning October 23, 2025. Upon each vesting date, each vested RSU shall automatically convert into one share of common stock.

	/s/ Steve Sarowitz	04/24/2026
	** 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.
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.
* Form 4: SEC 1474 (03-26)