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

Corporate Governance Specialist

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.

Compensation & Equity Analyst

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.

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
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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^*

OPEKA ERICK

(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)
	CSO and President

3. Date of Earliest Transaction (Month/Day/Year)
10/08/2025

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								194,146(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)	$23.2							(2)	09/28/2028	Class A Common Stock	17,750		17,750	D
Stock Appreciation Right (Right to buy)	$12.8							(3)	12/23/2030	Class A Common Stock	60,000		60,000	D
Stock Appreciation Right (Right to buy)	$5.8							(4)	05/16/2033	Class A Common Stock	75,000		75,000	D
Restricted Stock Unit	(5)							(5)	(5)	Class A Common Stock	91,667		91,667	D
Restricted Stock Unit	(6)							(6)	(6)	Class A Common Stock	94,550		94,550	D
Restricted Stock Unit	(7)	10/08/2025		A		144,147		(7)	(7)	Class A Common Stock	144,147	$0	144,147	D

Explanation of Responses:

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.

2. One-third of the stock appreciation rights vested on March 31 of each of 2019, 2020 and 2021.

3. 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.

4. 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.

5. 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.

6. 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.

7. 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.

	/s/ Erick Opeka	10/10/2025
	** Signature of Reporting Person	Date
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FAQ

What did Cineverse (CNVS) insider Erick Opeka report on 10/08/2025?

The filing reports a disposition of 194,146 Class A shares and the vesting/conversion of 144,147 RSUs into Class A common stock on 10/08/2025.

How many stock appreciation rights does Erick Opeka hold and what are the strike prices?

He holds rights covering 17,750, 60,000, and 75,000 underlying shares with strike prices of $23.2, $12.8, and $5.8 respectively.

Are there scheduled vesting dates for the RSUs and SARs?

Yes. Vesting for various tranches is scheduled between 2024 and 2028, including RSU tranches vesting in 2026, 2027, and 2028.

Did the RSUs convert at a cash cost?

No. The RSUs that vested and converted on 10/08/2025 are reported with a $0 acquisition price.

Does this Form 4 indicate unusual insider activity?

The filing shows routine compensation-related vesting and a share disposition; it does not allege any non-standard corporate action.