RSVR Form 4: Director Ezra Field Increases Beneficial Holdings to 170,664 Shares

Rhea-AI Filing Summary

Ezra S. Field, a director of Reservoir Media, Inc. (RSVR), reported equity awards on Form 4 reflecting his director compensation elections. On 08/15/2025 he was credited 1,629 Deferred Stock Units (DSUs) valued at $7.67 each, to be settled in common shares on January 1, 2026, and 10,430 Restricted Stock Units (RSUs) that vest on July 28, 2026 subject to continued board service. After these transactions, he beneficially owned 170,664 shares. The DSUs represent quarterly director pay elected in equity rather than cash; RSUs are time-based and contingent on continued service.

Positive

• Equity-based compensation aligns the director's economic interests with shareholders by converting quarterly pay into DSUs and RSUs

Negative

• Potential dilution when DSUs are settled in shares on 01/01/2026 and when RSUs vest on 07/28/2026, though no material magnitude is stated

Insights

Corporate Governance Expert

TL;DR: Routine director compensation in equity aligns incentives but is time-vested and not immediately dilutive.

The reported awards are standard governance practice: DSUs convert economic compensation into a share-equivalent settled on a fixed date, and RSUs vest only with continued service on July 28, 2026. This structure aligns the director's interests with shareholders and ties retention to board continuity. The transactions do not indicate any unusual governance event or departure, and settlement timing and vesting conditions are explicitly stated.

Securities Analyst

TL;DR: Transactions are routine insider equity grants with limited immediate market impact.

The Form 4 discloses 1,629 DSUs granted based on a $7.67 closing price and 10,430 RSUs granted with zero immediate cash price, both issued under the 2021 Omnibus Incentive Plan. The DSUs settle in shares on 01/01/2026; RSUs vest 07/28/2026. While these increase the reporting person’s beneficial holdings to 170,664 shares, there is no indication of sales or derivative exercises that would signal liquidity events or material dilution at present.

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^*

Field Ezra S.

(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)		1,629	A(2)	$7.67	160,234	D
Common stock, $0.0001 par value	08/15/2025		A(3)		10,430	A	$0	170,664	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

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 of the Issuer. The Reporting Person elected to receive payment of his quarterly compensation in DSUs in lieu of cash. The DSUs will be settled in shares of Common Stock on January 1, 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 Ezra S. Field	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 Ezra S. Field report on Form 4 for RSVR?

He reported receiving 1,629 DSUs and 10,430 RSUs on 08/15/2025, increasing his beneficial ownership to 170,664 shares.

When will the DSUs and RSUs reported on the RSVR Form 4 settle or vest?

DSUs will be settled in shares on January 1, 2026; RSUs vest on July 28, 2026, subject to continued board service.

What price was used to calculate the DSUs on RSVR's Form 4?

The DSUs were calculated based on the closing price of $7.67 per share on the date of grant.

Do the Form 4 disclosures show any sales or disposals by the reporting person for RSVR?

No sales or disposals are reported; the transactions are grants of DSUs and RSUs.

Under what plan were the DSUs and RSUs granted for RSVR?

Both awards were made under the Reservoir Media, Inc. 2021 Omnibus Incentive Plan.