[Form 4] Cineverse Corp. Insider Trading Activity

Rhea-AI Filing Summary

Mark W. Lindsey, CFO of Cineverse Corp. (CNVS), reported changes in his beneficial ownership on Form 4. The filing shows a disposition of 119,168 shares of Class A common stock on 09/23/2025. It also reports outstanding equity awards: a Stock Appreciation Right exercisable at $11.95 covering 20,000 underlying shares expiring 11/14/2032, and multiple Restricted Stock Units (RSUs) totaling 138,366 RSUs across different grant schedules that vest between 2025 and 2028. Specific vesting schedules are included for each award.

Positive

• Detailed vesting schedules for RSUs and SARs are disclosed, showing alignment of executive compensation with multi‑year retention
• Stock appreciation rights and large RSU grants indicate continued incentive alignment with shareholders

Negative

• Disposition of 119,168 Class A shares on 09/23/2025 by the CFO is a material insider sale reported on Form 4
• Filing does not state whether the sale was under a prearranged trading plan, leaving rationale unclear

Insights

Securities Analyst

TL;DR: Insider reported a sizeable share disposition and holds significant time‑based equity awards that vest over 2025–2028.

The reported 119,168‑share disposition on 09/23/2025 is a clear, reportable sale by the CFO and is notable for size but the filing does not state the reason or proceeds. Offsetting long‑term holdings include a $11.95 strike SAR covering 20,000 shares and 138,366 RSUs that vest in tranches through 2028, indicating ongoing alignment with shareholder value through multi‑year vesting. Without company market cap or share count in the filing, the percentage impact on ownership cannot be determined from this document alone.

Corporate Governance Expert

TL;DR: Transaction appears routine—an insider sale plus standard executive compensation vesting schedules.

The Form 4 documents a sale and standard equity compensation instruments: SARs with staged vesting and RSUs with scheduled vesting dates (notably 09/23 and 04/25 tranches). Such disclosures are customary and support retention incentives. The filing is complete in listing vesting dates and amounts but does not disclose whether the sale was pre‑arranged under a trading plan. From a governance perspective, documentation of vesting timelines is useful for assessing incentive structure but the filing alone does not indicate unusual governance risk.

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).

1. Name and Address of Reporting Person^*

Lindsey Mark Wayne

(Last) (First) (Middle)

C/O CINEVERSE CORP.

224 W. 35TH STREET, SUITE 500, #947

(Street)

NEW YORK NY 10001

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Cineverse Corp. [ CNVS ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
09/23/2025

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
Class A Common Stock								119,168(1)	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
Stock Appreciation Right (Right to buy)	$11.95							(2)	11/14/2032	Class A Common Stock	20,000		20,000	D
Restricted Stock Unit	(3)	09/23/2025		A		71,699		(3)	(3)	Class A Common Stock	71,699	$0	71,699	D
Restricted Stock Unit	(4)							(4)	(4)	Class A Common Stock	66,667		66,667	D

Explanation of Responses:

1. Includes 66,667 shares of restricted stock that vest as follows: 33,333 vest on April 25, 2026 and 33,334 vest on April 25, 2027.

2. Of such stock appreciation rights, 6,667 vested on November 14, 2023, 6,667 vested on November 14, 2024 and 6,666 vest on November 14, 2025.

3. Each restricted stock unit has a value equal to one share of Class A common stock. Of such RSUs, 23,900 vest on September 23 of each of 2026 and 2027 and 23,899 vest on September 23, 2028.

4. Each restricted stock unit has a value equal to one share of Class A common stock. Of such RSUs, 33,333 vest on April 25 of each of 2025 and 2026 and 33,334 vest on April 25, 2027.

	/s/ Mark W. Lindsey	09/25/2025
	** 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.
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.

FAQ

What insider transaction did Cineverse (CNVS) report on 09/23/2025?

The CFO, Mark W. Lindsey, reported a disposition of 119,168 Class A common shares on 09/23/2025.

How many RSUs does the Cineverse CFO hold and when do they vest?

The filing reports 138,366 RSUs in total across grants that vest in tranches on 04/25/2025, 04/25/2026, 04/25/2027, 09/23/2026, 09/23/2027, and 09/23/2028 per the schedules disclosed.

What Stock Appreciation Rights (SARs) does the insider have?

A SAR with an $11.95 exercise price covers 20,000 underlying shares and lists an expiration date of 11/14/2032, with specified vesting tranches in prior years.

Does the Form 4 explain why the CFO sold shares?

No. The Form 4 discloses the disposition amount and date but does not state the reason or whether it was under a trading plan.

Who filed the Form 4 for Cineverse (CNVS)?

The Form 4 was filed by Mark W. Lindsey, who is identified as the company's CFO and the reporting person.