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

Rhea-AI Filing Summary

Adam Rothstein, a director of Reservoir Media, Inc. (RSVR), reported two equity awards on 08/15/2025. He received 651 Deferred Stock Units (DSUs) as quarterly director compensation, calculated using the closing share price of $7.67 on the grant date; those DSUs will be settled in common stock on January 1, 2026. He also received 10,430 Restricted Stock Units (RSUs) that vest on July 28, 2026, subject to continued board service. Following the DSU issuance his beneficial holdings rose to 167,116 shares and after the RSU grant to 177,546 shares. The Form 4 was signed by an attorney-in-fact on 08/19/2025.

Positive

• DSU award disclosed with settlement date specified (01/01/2026)
• RSU grant disclosed with clear vesting date (07/28/2026) and service condition
• Post‑transaction beneficial ownership figures provided (167,116 and 177,546 shares)

Negative

• None.

Insights

Securities Analyst

TL;DR Standard director compensation reported: DSUs to be settled in stock and time‑based RSUs awarded; no sale or buy transactions disclosed.

The filing documents routine equity compensation for a non‑employee director. The 651 DSUs are a deferred cash‑in‑kind election that will convert to shares on 01/01/2026, using the $7.67 closing price to calculate unit quantity. The 10,430 RSUs are time‑vesting and contingent on continued service through 07/28/2026. There are no dispositions, option exercises, or derivative transactions reported, and ownership increases reflect grant accounting rather than open‑market purchases.

Corporate Governance Expert

TL;DR Governance update shows director remuneration in equity form with settlement and vesting dates disclosed; typical disclosure for board compensation.

The Form 4 clearly identifies the instruments, settlement schedule, and vesting condition: DSUs awarded under the 2021 Omnibus Incentive Plan will be settled in common stock on a specified date, and RSUs under the same plan vest contingent on continued board service. The filing includes the post‑transaction beneficial ownership counts (167,116 and 177,546 shares), which help track insider holdings for governance and insider trading monitoring.

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

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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)
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	167,116	D
Common stock, $0.0001 par value	08/15/2025		A(3)		10,430	A	$0	177,546	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 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 Adam Rothstein	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.
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FAQ

What equity awards did Adam Rothstein report on Form 4 for RSVR?

He reported 651 Deferred Stock Units (DSUs) and 10,430 Restricted Stock Units (RSUs) granted on 08/15/2025.

When will the DSUs reported by Adam Rothstein be settled?

The DSUs will be settled in common stock on January 1, 2026.

What is the vesting date for the RSUs awarded to Adam Rothstein?

The RSUs vest on July 28, 2026, subject to his continued service on the board.

What price was used to calculate the DSU issuance?

The DSU quantity was calculated using the issuer's closing stock price of $7.67 on the grant date.

How did Adam Rothstein's beneficial ownership change after these grants?

After the DSU issuance his holdings were 167,116 shares; after the RSU grant his holdings were 177,546 shares.