RSVR Form 4: Stephen Cook Adds 944,779 Shares After Equity Awards

Rhea-AI Filing Summary

Stephen M. Cook, a director of Reservoir Media, Inc. (RSVR), reported equity awards and beneficial ownership changes on Form 4. On 08/15/2025 he was awarded 651 Deferred Stock Units (DSUs) as director compensation, calculated at the closing price of $7.67 per share, and 10,430 Restricted Stock Units (RSUs) that vest subject to continued board service. The DSUs will be settled in shares on July 28, 2026 and the RSUs vest on July 28, 2026. Following these transactions the reporting person directly beneficially owned 944,779 shares and indirectly owned 226,089 shares through BTCSJC Music LLC. The filing was signed on 08/19/2025 by an attorney-in-fact.

Positive

• Director compensation elected as equity (651 DSUs and 10,430 RSUs), which aligns director interests with shareholders.
• Clear vesting/settlement timeline provided: DSUs to be settled and RSUs to vest on July 28, 2026, subject to continued service.

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine director compensation converted to equity; modest increase in reported beneficial ownership, no immediate cash proceeds or dispositions.

The Form 4 discloses non-cash compensation: 651 DSUs and 10,430 RSUs granted on 08/15/2025. The DSUs are to be settled in shares on July 28, 2026, and the RSUs vest on the same date subject to continued board service, which aligns executive pay with future equity performance. The filing shows combined direct beneficial ownership rising to 944,779 shares with an additional 226,089 shares held indirectly. These are typical governance and compensation disclosures and do not reflect sales or changes to leverage or debt. Impact to outstanding share count will depend on settlement practices but no exercise or cash transactions are reported here.

Corporate Governance Expert

TL;DR: Director elected equity-based compensation and retention vesting; standard governance disclosure with service-based vesting conditions.

The report documents that the director elected to receive quarterly board compensation in DSUs and received RSUs under the 2021 Omnibus Incentive Plan, both subject to future settlement or vesting on July 28, 2026 contingent on continued service. This structure is commonly used to align director incentives with shareholder outcomes and to promote retention. The disclosure appropriately identifies indirect holdings via an affiliated entity (BTCSJC Music LLC) and provides required dates and quantities, meeting Section 16 reporting norms.

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

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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^*

Cook Stephen M.

(Last) (First) (Middle)

C/O RESERVOIR MEDIA, INC.

200 VARICK STREET, SUITE 801

(Street)

NEW YORK NY 10014

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Reservoir Media, Inc. [ RSVR ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
08/15/2025

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
Common stock, $0.0001 par value	08/15/2025		A(1)		651(2)	A	$7.67	934,349	D
Common stock, $0.0001 par value	08/15/2025		A(3)		10,430	A	$0	944,779	D
Common stock, $0.0001 par value								226,089	I	Owned by BTCSJC Music LLC

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

Explanation of Responses:

1. Represents Deferred Stock Units ("DSUs") awarded under the Reservoir Media, Inc. 2021 Omnibus Incentive Plan (the "Plan"). Each DSU is the economic equivalent of one share of common stock, $0.0001 par value per share (the "Common Stock"), of Reservoir Media, Inc. (the "Issuer"). The Reporting Person acquired these DSUs in connection with the Reporting Person's quarterly compensation for service as a non-employee director. The Reporting Person elected to receive payment of their quarterly compensation in DSUs in lieu of cash. The DSUs will be settled in shares of Common Stock on July 28, 2026.

2. The number of DSUs received was calculated based on $7.67 which was the closing price of the Issuer's Common Stock on the date of grant.

3. Represents Restricted Stock Units ("RSUs") awarded under the Plan. Each RSU represents a contingent right to receive one share of common stock. The RSUs will vest on July 28, 2026, subject to Reporting Person's continued service on the board of directors (the "Board") of the Issuer on such date.

	/s/ James A. Heindlmeyer, as attorney-in-fact for Stephen M. Cook	08/19/2025
	** 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 did Stephen M. Cook report on the Form 4 for RSVR?

He reported receipt of 651 DSUs and 10,430 RSUs on 08/15/2025, increasing his direct beneficial ownership to 944,779 shares and showing 226,089 shares indirectly owned via BTCSJC Music LLC.

When will the DSUs and RSUs reported for RSVR settle or vest?

The DSUs will be settled in shares and the RSUs will vest on July 28, 2026, subject to the reporting person's continued service on the board.

What price was used to calculate the DSUs in the RSVR filing?

The DSUs were calculated using the Issuer's closing common stock price on the grant date of $7.67.

Does the Form 4 show any sales or dispositions by the reporting person for RSVR?

No. The Form 4 reports only awards (DSUs and RSUs) granted; there are no dispositions or cash sales reported.

Who signed the Form 4 for the reporting person in the RSVR filing?

The Form 4 was signed on behalf of Stephen M. Cook by James A. Heindlmeyer, as attorney-in-fact, on 08/19/2025.