CNVS Form 4: McGurk logs 263,006 RSUs and reports large disposition
Rhea-AI Filing Summary
Christopher J. McGurk, CEO and Chairman of Cineverse Corp. (CNVS), reported changes in his beneficial ownership on 10/08/2025. He acquired 263,006 restricted stock units (RSUs) that convert one-for-one into Class A common stock and now directly holds 263,006 shares from that grant. The filing also shows 103,526 Class A shares held indirectly via the Christopher and Jamie McGurk Living Trust and a reported disposition of 492,519 Class A shares. McGurk retains multiple stock appreciation rights and prior RSUs/awards: 35,000, 125,000, and 125,000 SARs at exercise prices of $29.4, $10.8, and $9.6 respectively, plus outstanding RSUs totaling 220,000 that vest on scheduled future dates. Vesting schedules for the awards are disclosed through 10/08/2028.
Positive
- 263,006 RSUs granted and recorded as acquired on 10/08/2025
- Multiple SAR tranches outstanding (35,000; 125,000; 125,000) showing retained upside alignment
- Clear vesting schedules provided through 10/08/2028 for transparency
Negative
- Disposition of 492,519 Class A shares materially reduces reported indirect holdings
- Potential dilution from RSU settlement and SAR exercises totaling hundreds of thousands of shares
Insights
Insider grants and large disposals change voting and economic stakes.
The reporting shows a sizeable 263,006 RSU grant vested on 10/08/2025, increasing the reporting person's direct share count by the same amount because each RSU converts to one Class A share. Concurrently, the form records a 492,519 share disposition, which materially reduces indirect holdings reported.
These moves reshape the insider's immediate equity stake and potential voting power; material effects depend on total outstanding shares. Watch upcoming vesting dates through 10/08/2028 for further scheduled share increases and any additional SEC filings that clarify total post-transaction ownership.
Mix of RSUs and vested SARs shows multi-year incentive layering.
The filing lists multiple long-dated stock appreciation rights and staggered restricted stock unit schedules: SAR tranches of 35,000, 125,000, and 125,000 with exercise prices at $29.4, $10.8, and $9.6. RSU tranches total 263,006 newly reported plus earlier RSUs of 220,000 with vesting through 2028.
This structure aligns executive pay with multi-year share-price performance while creating future dilution when RSUs settle; monitor actual exercises of SARs and additional grants versus company disclosures on share count.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Restricted Stock Unit | 263,006 | $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 | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
Footnotes (1)
- The reporting person is a trustee of the Christopher and Jamie McGurk Living Trust. Includes 100,000 shares of restricted stock that vest as follows: 50,000 vest on April 25 of each of 2026 and 2027. One-third of the stock appreciation rights vested on March 31 of each of 2019, 2020 and 2021. 62,500 of the stock appreciation rights vested on November 19, 2020 and 62,500 of the stock appreciation rights vested on March 31, 2023. Of the stock appreciation rights, 41,666 vested on April 1, 2023, 41,666 vested on April 1, 2024 and 41,668 vested on April 1, 2025. Each restricted stock unit has a value equal to one share of Class A common stock. Of such RSUs, 50,000 vest on April 25 of each of 2025, 2026 and 2027. Each restricted stock unit has a value equal to one share of Class A common stock. Of such RSUs, 40,000 vest on May 1 of each of 2026, 2027 and 2028. Each restricted stock unit has a value equal to one share of Class A common stock. Of such RSUs, 87,669 vest on October 8 of each of 2026 and 2027 and 87,668 vest on October 8, 2028.
