Angel Studios (ANGX) director converts 2,648 RSUs into Class A common shares

Rhea-AI Filing Summary

Angel Studios, Inc. director Robert C Gay reported the vesting and conversion of 2,648 Restricted Stock Units into the same number of shares of Class A common stock on July 23, 2026. After this conversion under the 2025 Long-Term Incentive Plan, he holds 7,944 common shares and 2,649 RSUs.

Insider Trade Summary

Net Buyer: 2,648 shares

Net Buy 2 txns

Insider GAY ROBERT C

Role Director

Type	Security	Shares	Price	Value
Exercise	Class A Common Stock Restricted Stock Units F2, F1	2,648	--	--
Exercise	Class A Common Stock, par value $0.0001 per share F1	2,648	--	--

Holdings After Transaction: Class A Common Stock Restricted Stock Units — 2,649 shares (Direct); Class A Common Stock, par value $0.0001 per share — 7,944 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

RSUs converted: 2,648 RSUs Shares acquired via conversion: 2,648 shares Common shares held after transaction: 7,944 shares +2 more

5 metrics

RSUs converted 2,648 RSUs Restricted Stock Units converted into Class A common stock on July 23, 2026

Shares acquired via conversion 2,648 shares Class A common stock received from RSU conversion on July 23, 2026

Common shares held after transaction 7,944 shares Direct Class A common stock holdings following the July 23, 2026 conversion

RSUs held after transaction 2,649 RSUs Restricted Stock Units remaining after the July 23, 2026 RSU conversion event

RSU vesting period 1 year RSUs vest in substantially equal quarterly increments over one year beginning October 23, 2025

Key Terms

Restricted Stock Units ("RSUs"), 2025 Long-Term Incentive Plan, substantially equal quarterly increments, par value $0.0001 per share

4 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

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

substantially equal quarterly increments financial

"RSUs vest in substantially equal quarterly increments, over a one-year period."

par value $0.0001 per share financial

"Class A Common Stock, par value $0.0001 per share"

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

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/24/2026 - 04:06 PM Accepted by SEC EDGAR 07/24/2026 - 04:06 PM Learn about SEC filing dates

FAQ

What did Angel Studios (ANGX) director Robert C Gay report in this Form 4?

Robert C Gay reported the vesting and conversion of 2,648 Restricted Stock Units into Class A common stock on July 23, 2026. These RSUs converted on a one-for-one basis into shares under Angel Studios’ 2025 Long-Term Incentive Plan.

How many Angel Studios (ANGX) shares did Robert C Gay acquire in this transaction?

He acquired 2,648 shares of Class A common stock through the automatic conversion of an equal number of vested RSUs. The transaction is coded as an exercise or conversion of a derivative security rather than an open-market purchase.

What are Restricted Stock Units (RSUs) in the Angel Studios (ANGX) filing?

The filing states that RSUs convert into Class A common stock on a one-for-one basis. Gay’s RSUs were granted under the 2025 Long-Term Incentive Plan and vest in substantially equal quarterly increments over one year, with each vested RSU becoming one share.

What is the vesting schedule of Robert C Gay’s RSUs at Angel Studios (ANGX)?

His RSUs were effective on October 23, 2025 and vest in substantially equal quarterly increments over a one-year period beginning that date. Upon each vesting date, each vested RSU automatically converts into one share of common stock.

How many Angel Studios (ANGX) shares and RSUs does Robert C Gay hold after this event?

After the July 23, 2026 conversion, Gay holds 7,944 shares of Class A common stock directly and 2,649 RSUs. The RSUs remain subject to their vesting schedule and will convert into common shares as they vest.

Was the Angel Studios (ANGX) Form 4 transaction under a Rule 10b5-1 plan?

The Form 4’s Rule 10b5-1 checkbox is not affirmatively marked as a trading plan, and the footnotes do not state that these transactions were executed under a Rule 10b5-1 or similar pre-arranged trading arrangement.

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)
07/23/2026

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	07/23/2026		M		2,648	A	(1)	7,944	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)	07/23/2026		M			2,648	(2)	(2)	Class A Common Stock, par value $0.0001 per share	2,648	(1)	2,649	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	07/24/2026
	** 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)