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

Rhea-AI Filing Summary

Angel Studios, Inc. (ANGX) reported an equity compensation grant to its Chief Operating Officer. On November 18, 2025, the officer received 70,695 Performance Stock Units (PSUs) under the 2025 Long-Term Incentive Plan. These PSUs vest in 10 equal tranches, with each tranche tied to increasing stock price milestones and are scheduled to expire on November 18, 2035.

On the same date, the officer was also granted 245,916 Restricted Stock Units (RSUs) under the 2025 Long-Term Incentive Plan. One-third of these RSUs will vest at the close of business on November 18, 2026, with the remaining two-thirds vesting in eight quarterly installments thereafter. Settlement of vested RSUs will occur on the second trading day following the company’s public release of quarterly earnings for the applicable quarter.

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

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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^*

Ellis Elizabeth

(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 Operating 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
Performance Stock Units	(1)	11/18/2025		A		70,695		(1)	11/18/2035	Common Stock	70,695	(1)	70,695	D
Restricted Stock Units	(2)	11/18/2025		A		245,916		(2)	(2)	Common Stock	245,916	(2)	245,916	D

Explanation of Responses:

1. 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.

2. 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.

	/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 did the ANGX COO receive on November 18, 2025?

On November 18, 2025, the ANGX Chief Operating Officer received 70,695 Performance Stock Units (PSUs) and 245,916 Restricted Stock Units (RSUs) under the 2025 Long-Term Incentive Plan.

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

The 70,695 PSUs vest in 10 equal tranches, with each tranche becoming vested based on a series of increasing stock price milestones as specified under the 2025 Long-Term Incentive Plan.

What is the vesting schedule for the 245,916 RSUs granted by ANGX?

Of the 245,916 RSUs, one-third vests on November 18, 2026, and the remaining two-thirds vest in eight quarterly installments following that anniversary.

When will the ANGX RSUs be settled after they vest?

For ANGX, settlement of vested RSUs will occur on the second trading day following the company’s public release of quarterly earnings for the applicable quarter.

Under which plan were the ANGX PSUs and RSUs granted?

Both the PSUs and RSUs granted to the ANGX Chief Operating Officer were awarded under the company’s 2025 Long-Term Incentive Plan.

What is the expiration date of the PSUs granted by Angel Studios (ANGX)?

The Performance Stock Units granted on November 18, 2025, are listed with an expiration date of November 18, 2035.