[Form 4] Reservoir Media, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Reservoir Media, Inc. (RSVR) reported an insider equity transaction involving a non-employee director. On 11/21/2025, the director received 684 Deferred Stock Units (DSUs)$7.30 closing share price on the grant date.

Each DSU represents the economic equivalent of one share of Reservoir Media common stock and will be settled in actual shares on January 2, 2026. After this grant, the reporting person beneficially owns 78,230 shares directly, while disclaiming beneficial ownership of the underlying DSU shares beyond their pecuniary interest.

11/25/2025 - 06:20 PM

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^*

Rothstein Adam

(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)
11/21/2025

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	11/21/2025		A(1)		684(2)	A	$7.3	78,230	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. This issuance of DSUs will be settled in shares of Common Stock on January 2, 2026 (the "Settlement Date"). The Reporting Person disclaims beneficial ownership of the underlying shares except to the extent of his pecuniary interest therein.

2. The number of DSUs received was calculated based on $7.30, which was the closing price of the Issuer's Common Stock on the date of grant.

	/s/ James A. Heindlmeyer, as attorney-in-fact for Adam Rothstein	11/25/2025
	** 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).
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FAQ

What insider transaction did RSVR report in this Form 4?

The filing reports that a non-employee director of Reservoir Media, Inc. (RSVR) received 684 Deferred Stock Units (DSUs) of common stock on 11/21/2025 as quarterly compensation.

At what price were the 684 DSUs for RSVR calculated?

The 684 DSUs were calculated based on $7.30, which was the closing price of Reservoir Media’s common stock on the grant date.

When will the RSVR DSUs reported in this Form 4 be settled?

The DSUs granted to the director will be settled in shares of Reservoir Media common stock on January 2, 2026, referred to as the Settlement Date.

How many RSVR shares does the reporting person own after this transaction?

Following the reported transaction, the filing states that the reporting person beneficially owns 78,230 shares of Reservoir Media common stock in direct ownership form.

Why did the RSVR director receive DSUs instead of cash?

The non-employee director elected to receive payment of their quarterly compensation in the form of Deferred Stock Units (DSUs) in lieu of cash, under the company’s 2021 Omnibus Incentive Plan.

What does each RSVR DSU represent for the director?

Each DSU is the economic equivalent of one share of Reservoir Media common stock and will be settled in actual shares on the specified Settlement Date.