[Form 4] Cineverse Corp. Insider Trading Activity

Rhea-AI Filing Summary

Insider transfer reported by Cineverse Corp. officer Yolanda Macias. The filing shows Ms. Macias holds 93,949 Class A shares indirectly and reports a disposition of 93,949 Class A shares plus an indirect 146 share holding for a minor child. She also holds multiple equity awards: two stock appreciation rights covering 30,000 and 25,000 shares with exercise prices of $12.8 and $5.8, and restricted stock units (RSUs) totaling 305,253 underlying Class A shares across several grants. A grant of 79,879 RSUs was reported as acquired on 10/08/2025 with $0 price; portions of RSUs vest annually through 10/08/2028 and other grants vest through 05/01/2028 and 04/25/2027.

Positive

• Large multi‑year RSU package (totaling 305,253 underlying shares) aligns officer incentives with long‑term performance
• Stock appreciation rights include staggered vesting, promoting retention through 2026–2027

Negative

• Disposition of 93,949 Class A shares reduced the officer's direct shareholdings, which may lower short‑term insider ownership
• Potential dilution from 305,253 RSUs and 55,000 SARs if fully vested and settled

Insights

Corporate Governance Analyst

Officer reported large RSU grant and sizable option holdings; disposition reduces direct share ownership.

The report discloses a disposition of 93,949 Class A shares while the officer retains substantial equity via RSUs (totaling 305,253 underlying shares) and stock appreciation rights (totaling 55,000 shares). Equity compensation is concentrated in time‑based vesting schedules extending to 10/08/2028, aligning officer incentives with multi‑year retention.

Key dependencies include vesting schedules and exercise prices ($12.8 and $5.8) which determine potential future dilution and realized gains if exercised; monitor vesting dates through 2028 for material changes to ownership.

Compensation & Dilution Specialist

New RSU grant increases potential outstanding Class A shares if vested and settled.

The reported 79,879 RSU grant issued on 10/08/2025 is recorded at $0 price with scheduled vesting in equal annual tranches, adding to prior RSU pools that vest through 2028. If all awards vest, they convert to Class A common stock and may increase share count and dilution.

Watch the timing of vesting tranches and any future exercises of the 55,000 stock appreciation rights to assess near‑term dilution impact; upcoming vest dates in 2026 and 2027 are the nearest milestones.

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^*

Macias Yolanda

(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)
	Chief Motion Pictures Officer

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								146	I	By minor child.
Class A Common Stock								93,949(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)	$12.8							(2)	12/23/2030	Class A Common Stock	30,000		30,000	D
Stock Appreciaiton Right (Right to buy)	$5.8							(3)	05/16/2033	Class A Common Stock	25,000		25,000	D
Restricted Stock Unit	(4)							(4)	(4)	Class A Common Stock	66,667		66,667	D
Restricted Stock Unit	(5)							(5)	(5)	Class A Common Stock	76,820		76,820	D
Restricted Stock Unit	(6)	10/08/2025		A		79,879		(6)	(6)	Class A Common Stock	76,879	$0	79,879	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, 15,000 vested on March 31, of each of 2022 and 2023.

3. Of such stock appreciation rights, 8,333 vest on May 16 of each of 2024, 2025 and 2026.

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, 2026 and 33,334 vest on April 25, 2027.

5. Each restricted stock unit has a value equal to one share of Class A common stock. Of such RSUs, 25,607 vest on May 1 of 2026 and 2027 and 25,606 vest on May 1, 2028.

6. Each restricted stock unit has a value equal to one share of Class A common stock. Of such RSUs, 25,626 vest on October 8 of each of 2026 and 2027 and 25,627 vest on October 8, 2028.

	/s/ Yolanda Macias	10/10/2025
	** 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 did Cineverse (CNVS) officer Yolanda Macias report on Form 4?

Ms. Macias reported a disposition of 93,949 Class A shares, indirect ownership of 93,949 shares plus 146 held for a minor, and multiple equity awards including RSUs totaling 305,253 underlying shares and SARs for 55,000 shares.

How many restricted stock units (RSUs) were granted on 10/08/2025 to the officer?

A grant of 79,879 RSUs was reported as acquired on 10/08/2025 with a $0 reported price and vesting scheduled through 10/08/2028.

What are the exercise prices and sizes of stock appreciation rights held by the officer?

The officer holds SARs covering 30,000 shares at an exercise price of $12.8 and 25,000 shares at $5.8.

When do the reported RSUs and SARs vest?

Vesting dates are staggered: portions vest on 04/25/2026, 04/25/2027, 05/01/2026–05/01/2028, and annually on 10/08 through 10/08/2028 depending on the grant.

Will these reported awards immediately dilute Cineverse (CNVS) shares outstanding?

RSUs convert to Class A shares only upon vesting and settlement; SARs create dilution if exercised. The filing shows scheduled vesting through 2028, so dilution would occur over time as awards vest or are exercised.