Kartoon Studios (NASDAQ: TOON) CEO Andy Heyward Amends Form 4 on RSU Grant

Rhea-AI Filing Summary

Kartoon Studios, Inc. CEO and Chairman Andy Heyward filed an amended Form 4 updating his reported equity holdings in TOON. The filing identifies him as a director, officer, and reporting person acting individually.

The amendment explains that a previously reported grant of 2,000,000 restricted stock units, tied to a new employment agreement signed on August 25, 2025, was never finalized and no securities were issued, so the earlier report is being corrected. Following the corrected reporting, Heyward is shown with indirect ownership of 124 common shares through the Heyward Living Trust, 99,073 indirect common shares over which he has voting and dispositive power, and 1,783,115 common shares held directly, as well as 1,031,249 restricted stock units.

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^*

Heyward Andy

(Last) (First) (Middle)

C/O KARTOON STUDIOS, INC.

190 N. CANON DRIVE, 4TH FLOOR

(Street)

BEVERLY HILLS CA 90210

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Kartoon Studios, Inc. [ TOON ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
09/19/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)
09/19/2025

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, par value $0.001 per share								124	I	See Footnote(1)
Common Stock, par value $0.001 per share								99,073	I	See Footnote(2)
Common Stock, par value $0.001 per share								1,783,115	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
Restricted Stock Units	(3)	09/19/2025		A		0		(4)	(4)	Common Stock, par value $0.001 per share	0	$0	1,031,249	D

Explanation of Responses:

1. The Reporting Person indirectly owns 124 shares of common stock held by Heyward Living Trust.

2. The Reporting Person indirectly owns 99,073 shares of common stock over which the Reporting Person holds voting and dispositive power.

3. Each restricted stock unit represents a contingent right to receive one share of TOON common stock.

4. This Form 4/A is filed to amend the Form 4 filed on September 19, 2025, which initially reported a grant of 2,000,000 restricted stock units to the Reporting Person pursuant to a new employment agreement signed on August 25, 2025. The terms were subsequently revisited, and the grant was never finalized and no securities were issued. Accordingly, this amendment corrects the prior report.

Remarks:

	/s/ Andy Heyward	12/02/2025
	** 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 Kartoon Studios (TOON) insider Andy Heyward report in this amended Form 4?

The filing shows Andy Heyward, CEO and Chairman of Kartoon Studios, Inc. (TOON), updating his reported holdings and correcting a previously reported restricted stock unit grant that was never finalized.

What correction does Andy Heyward make regarding restricted stock units of Kartoon Studios (TOON)?

The amendment states that a prior report showed a grant of 2,000,000 restricted stock units under a new employment agreement signed on August 25, 2025, but those terms were revisited, the grant was never finalized, and no securities were issued.

How many Kartoon Studios (TOON) common shares does Andy Heyward indirectly own after this amendment?

Andy Heyward indirectly owns 124 common shares of TOON through the Heyward Living Trust and 99,073 common shares over which he has voting and dispositive power.

How many Kartoon Studios (TOON) common shares does Andy Heyward hold directly?

The filing reports that Andy Heyward directly owns 1,783,115 shares of Kartoon Studios common stock, par value $0.001 per share.

What derivative securities related to Kartoon Studios (TOON) are reported for Andy Heyward?

The filing lists 1,031,249 restricted stock units, each representing a contingent right to receive one share of TOON common stock, with an exercise price shown as $0.

What is Andy Heyward’s relationship to Kartoon Studios (TOON) as disclosed in this filing?

He is reported as a director, and as an officer serving as CEO and Chairman of Kartoon Studios, Inc.