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

Rhea-AI Filing Summary

Angel Studios, Inc. director Steven I. Sarowitz reported the conversion of restricted stock units into Class A Common Stock. On January 26, 2026, 2,648 RSUs were converted on a one-for-one basis into 2,648 shares of Class A Common Stock at a price of $0.00 per share, all held directly.

The RSUs were granted under the company’s 2025 Long-Term Incentive Plan and became effective on October 23, 2025, vesting in substantially equal quarterly installments over one year. Following this transaction, Sarowitz directly holds 2,648 shares of Class A Common Stock and 7,945 RSUs, which will convert into additional shares as they vest.

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^*

Sarowitz Steven I

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
01/26/2026

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
Class A Common Stock, par value $0.0001 per share	01/26/2026		M		2,648	A	(1)	2,648	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)	01/26/2026		M			2,648	(2)	(2)	Class A Common Stock, par value $0.0001 per share	2,648	(1)	7,945	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	01/28/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did Angel Studios (ANGX) report for Steven I. Sarowitz?

Angel Studios reported that director Steven I. Sarowitz converted 2,648 restricted stock units into 2,648 shares of Class A Common Stock. The conversion occurred on January 26, 2026, at $0.00 per share as part of his equity compensation.

How many Angel Studios (ANGX) shares does Steven I. Sarowitz hold after this Form 4?

After the reported transaction, Steven I. Sarowitz directly holds 2,648 shares of Angel Studios Class A Common Stock. In addition, he beneficially owns 7,945 restricted stock units that will convert into shares of common stock as they vest over time.

What is the origin of the RSUs reported for Angel Studios (ANGX) director Sarowitz?

The reported restricted stock units were granted under Angel Studios’ 2025 Long-Term Incentive Plan. They became effective on October 23, 2025, and are scheduled to vest in substantially equal quarterly installments over a one-year period beginning on that date.

What does the transaction code “M” mean in the Angel Studios (ANGX) Form 4?

The transaction code “M” on the Form 4 indicates an exercise or conversion of derivative securities. Here, 2,648 restricted stock units were converted into 2,648 shares of Class A Common Stock on a one-for-one basis under the equity award terms.

At what price were the Angel Studios (ANGX) RSUs converted into common stock?

The 2,648 restricted stock units held by director Steven I. Sarowitz were converted into 2,648 Class A Common shares at a price of $0.00 per share. This reflects a cost-free settlement typical for RSU conversions under a long-term incentive plan.

How do the Angel Studios (ANGX) RSUs for Steven I. Sarowitz vest over time?

The restricted stock units effective October 23, 2025, vest in substantially equal quarterly increments over one year. On each vesting date, each vested RSU automatically converts into one share of Angel Studios Class A Common Stock without additional purchase cost.