CNVS Form 4: Opeka vests 144,147 RSUs; 194,146 shares sold
Rhea-AI Filing Summary
Erick Opeka, CSO and President of Cineverse Corp. (CNVS), reported multiple equity changes on 10/08/2025. The filing shows a disposition of 194,146 shares of Class A common stock and the acquisition/vesting of 144,147 restricted stock units into Class A common stock at no cash cost. The report lists outstanding stock appreciation rights with strike prices of $23.2, $12.8, and $5.8 covering 17,750, 60,000, and 75,000 underlying shares respectively. Several previously granted restricted stock units and appreciation rights have scheduled vesting dates between 2024 and 2028, with specific RSU tranches vesting in 2026, 2027, and 2028.
Positive
- Significant RSU vesting occurred on 10/08/2025, converting 144,147 RSUs into Class A shares at no cash cost
- Structured vesting schedule provides transparency with specific tranches dated through 2028
Negative
- Reported disposition of 194,146 Class A shares reduces the reporting person's direct ownership
- Outstanding stock appreciation rights and RSUs total a material number of potential shares, implying future dilution risk
Insights
Insider executed standard compensation vesting and reported a large disposition and RSU conversion.
The filing documents a disposition of 194,146 Class A shares and the conversion/vesting of 144,147 RSUs on 10/08/2025. The mix of disposals and new vested RSUs is consistent with routine executive equity plan activity rather than an extraordinary corporate event.
Key dependencies include the remaining unvested tranches and scheduled vesting through 2028, which will affect future insider holdings and potential sales. Watch for subsequent Form 4 filings showing sales or additional vesting within the next 12–36 months.
Multiple equity awards remain outstanding across several strike prices and vesting schedules.
The report lists outstanding stock appreciation rights exercisable into 17,750, 60,000, and 75,000 shares with strike prices $23.2, $12.8, and $5.8. Additionally, RSU tranches totaling 91,667, 94,550, and 144,147 are detailed with vesting in 2026–2028.
These award schedules create predictable future dilution timing tied to vesting dates. Monitor quarterly filings and the company’s outstanding share count to quantify dilution impact over the next 2026–2028 period.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Restricted Stock Unit | 144,147 | $0.00 | -- |
| holding | Stock Appreciation Right (Right to buy) | -- | -- | -- |
| holding | Stock Appreciation Right (Right to buy) | -- | -- | -- |
| holding | Stock Appreciation Right (Right to buy) | -- | -- | -- |
| holding | Restricted Stock Unit | -- | -- | -- |
| holding | Restricted Stock Unit | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
Footnotes (1)
- Includes 91,667 shares of restricted stock that vest as follows: 45,833 vest on April 25, 2026 and 45,834 vest on April 25, 2027. One-third of the stock appreciation rights vested on March 31 of each of 2019, 2020 and 2021. Of such stock appreciation rights, 25,000 vested on March 31, 2022, 25,000 vested on March 31, 2023 and 10,000 vested on December 31, 2023. Of such stock appreciation rights, 25,000 vest on May 16, 2024, 25,000 vest on May 1, 2025 and 25,000 vest on May 1, 2026. Each restricted stock unit has a value equal to one share of Class A common stock. Of such RSUs, 45,833 vest on April 25 of 2026 and 45,834 vest on April 25, 2027. Each restricted stock unit has a value equal to one share of Class A common stock. Of such RSUs, 31,517 vest on May 1 of each of 2026 and 2027 and 31,516 vest on May 1, 2028. Each restricted stock unit has a value equal to one share of Class A common stock. Of such RSUs, 48,049 vest on October 8 of each of 2026, 2027 and 2028.
