Angel Studios director converts awards into 2,649 shares

Q: How many ANGX shares did Robert C. Gay acquire from RSUs?

Robert C. Gay acquired 2,649 shares of Class A common stock through the RSU conversion on October 26, 2026.

The RSUs were effective October 23, 2025, and vested in substantially equal quarterly increments over a one-year period beginning that date.

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Rhea-AI Filing Summary

Robert C. Gay, a director of Angel Studios, Inc. (ANGX), reported the conversion of 2,649 restricted stock units into 2,649 shares of Class A common stock on October 26, 2026. Each vested RSU automatically converts into one share. Following the transaction, his reported direct holdings were 10,593 Class A shares, and the RSU position shown was zero. The RSUs were awarded under the issuer’s 2025 Long-Term Incentive Plan and vested in substantially equal quarterly increments over a one-year period beginning October 23, 2025.

Insider Trade Summary

2,649 shares exercised/converted

Exercise 2 txns

Insider GAY ROBERT C

Role Director

Type	Security	Shares	Price	Value
Exercise	Class A Common Stock Restricted Stock Units ^{F2, F1}	2,649	--	--
Exercise	Class A Common Stock, par value $0.0001 per share ^F1	2,649	--	--

Holdings After Transaction: Class A Common Stock Restricted Stock Units — 0 contracts (Direct); Class A Common Stock, par value $0.0001 per share — 10,593 shares (Direct)

Footnotes (2)

F1. RSU's convert into Class A Common Stock on a one-for-one basis.
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

Restricted stock units converted: 2,649 RSUs Class A common shares acquired: 2,649 shares Direct Class A common shares after transaction: 10,593 shares +2 more

5 metrics

Restricted stock units converted 2,649 RSUs October 26, 2026

Class A common shares acquired 2,649 shares October 26, 2026 conversion

Direct Class A common shares after transaction 10,593 shares Reported following the October 26, 2026 transaction

RSUs following transaction 0 RSUs Reported following the October 26, 2026 transaction

RSU conversion ratio One-for-one Each vested RSU automatically converts into one share of common stock

Key Terms

Restricted Stock Units ("RSUs"), 2025 Long-Term Incentive Plan, vesting

3 terms

Restricted Stock Units ("RSUs") financial

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

Restricted stock units (RSUs) are a company promise to give an employee shares of stock (or cash equivalent) in the future, but only after certain conditions—usually staying with the company for a set time or hitting performance goals—are met. Investors watch RSUs because when they vest they increase the number of shares outstanding and can lead insiders to sell shares, affecting share price, company dilution and the true cost of employee pay.

2025 Long-Term Incentive Plan financial

"awarded under the Issuer's 2025 Long-Term Incentive Plan"

vesting financial

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

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

FAQ

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

How many ANGX shares did Robert C. Gay acquire from RSUs?

Robert C. Gay acquired 2,649 shares of Class A common stock through the RSU conversion on October 26, 2026.

What was the vesting schedule for Robert C. Gay’s ANGX RSUs?

The RSUs were awarded under the issuer’s 2025 Long-Term Incentive Plan, effective October 23, 2025, and vested in substantially equal quarterly increments over a one-year period beginning October 23, 2025. Each vested RSU automatically converted into one share of common stock.

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

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Available on EDGAR 10/27/2026 - 04:06 PM EDT Accepted by SEC EDGAR 10/27/2026 - 04:06 PM EDT

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^*

GAY ROBERT C

(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)
10/26/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock, par value $0.0001 per share	10/26/2026		M		2,649	A	⁽¹⁾	10,593	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock Restricted Stock Units	⁽²⁾	10/26/2026		M			2,649	⁽²⁾	⁽²⁾	Class A Common Stock, par value $0.0001 per share	2,649	⁽¹⁾	0	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/ Patrick J. Reilly, Attorney-in-Fact	10/27/2026
	** 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)

Source: View Original Filing on SEC EDGAR