Kartoon Studios (TOON) CEO Andy Heyward updates holdings after 41,176-share transfer

Rhea-AI Filing Summary

Kartoon Studios director and CEO Andy Heyward reported a private share transfer and updated his holdings in the company’s stock. On December 3, 2025, he instructed a private, non‑market, non‑cash transfer of 41,176 shares of Kartoon Studios, Inc. common stock at a reported price of $0, to be completed upon processing by the transfer agent. Following this transaction, he directly holds 1,741,939 shares of common stock. He also indirectly owns 124 shares through the Heyward Living Trust and 99,073 shares over which he has voting and dispositive power. In addition, he holds 1,031,249 restricted stock units, each representing a contingent right to receive one share of TOON common stock.

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)
12/03/2025

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, par value $0.001 per share	12/03/2025		J(1)		41,176	D	$0	1,741,939	D
Common Stock, par value $0.001 per share								124	I	See Footnote(2)
Common Stock, par value $0.001 per share								99,073	I	See Footnote(3)

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	(4)							(5)	(5)	Common Stock, par value $0.001 per share	1,031,249		1,031,249	D

Explanation of Responses:

1. On December 3, 2025, the Reporting Person delivered instructions to effect a private, non-market, non-cash transfer of 41,176 shares to a third party. The transfer will be completed upon processing by the transfer agent.

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

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

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

5. The reported balance of RSUs includes previously granted and reported RSUs in accordance with their respective terms described in prior Form 4 filings.

Remarks:

	/s/ Andy Heyward	12/03/2025
	** 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 insider transaction did Kartoon Studios (TOON) CEO Andy Heyward report?

On December 3, 2025, Andy Heyward reported instructions for a private, non‑market, non‑cash transfer of 41,176 shares of Kartoon Studios, Inc. common stock to a third party, with completion pending transfer agent processing.

How many Kartoon Studios (TOON) shares does Andy Heyward own directly after the reported transaction?

After the reported transaction, Andy Heyward directly owns 1,741,939 shares of Kartoon Studios, Inc. common stock.

What indirect shareholdings in Kartoon Studios (TOON) does Andy Heyward report?

Andy Heyward indirectly owns 124 shares of common stock held by the Heyward Living Trust and 99,073 shares of common stock over which he holds voting and dispositive power.

What derivative securities or RSUs does the Kartoon Studios (TOON) CEO hold?

Andy Heyward holds 1,031,249 restricted stock units, each representing a contingent right to receive one share of Kartoon Studios (TOON) common stock, including previously granted and reported RSUs.

What does the transaction code J indicate in Andy Heyward’s Kartoon Studios (TOON) Form 4?

The Form 4 identifies the transaction in common stock on December 3, 2025 with code J and describes it as a private, non‑market, non‑cash transfer of 41,176 shares to a third party.

What is Andy Heyward’s role and relationship to Kartoon Studios (TOON)?

Andy Heyward is reported as a Director and an Officer of Kartoon Studios, Inc., serving as CEO and Chairman.