Form 4: Cineverse Officer Discloses Equity Holdings

Cineverse Chief Motion Pictures Officer Yolanda Macias filed a Form 4 detailing her beneficial ownership of Class A Common Stock, Stock Appreciation Rights, and Restricted Stock Units, including a recent RSU acquisition.

Summary

• Yolanda Macias, Chief Motion Pictures Officer of Cineverse Corp., reported beneficial ownership of 93,949 shares of Class A Common Stock directly and 146 shares indirectly through a minor child.
• The direct ownership includes 66,667 restricted shares, with 33,333 shares vesting on April 25, 2026, and 33,334 shares vesting on April 25, 2027.
• Macias holds 30,000 Stock Appreciation Rights (SARs) with an exercise price of $12.8, of which 15,000 vested on March 31, 2022, and 15,000 vested on March 31, 2023, expiring on December 23, 2030.
• An additional 25,000 SARs are held with an exercise price of $5.8, with 8,333 units vesting on May 16 of 2024, 2025, and 2026, expiring on May 16, 2033.
• Macias also holds 66,667 Restricted Stock Units (RSUs), with 33,333 units vesting on April 25, 2026, and 33,334 units vesting on April 25, 2027.
• Further RSU holdings include 76,820 units, with 25,607 units vesting on May 1, 2026, 25,607 units vesting on May 1, 2027, and 25,606 units vesting on May 1, 2028.
• On October 8, 2025, Macias acquired 79,879 Restricted Stock Units, which will vest with 25,626 units on October 8, 2026, 25,626 units on October 8, 2027, and 25,627 units on October 8, 2028.

Sentiment

Score: 5

Explanation: The filing is a routine disclosure of insider equity holdings and compensation, which is neutral in sentiment. The acquisition of RSUs is generally positive for management alignment but does not indicate a significant shift in company performance or outlook.

Positives

• The significant equity holdings, including common stock, Stock Appreciation Rights, and Restricted Stock Units, align the Chief Motion Pictures Officer's interests with those of shareholders.
• The acquisition of 79,879 Restricted Stock Units on October 8, 2025, demonstrates continued equity-based compensation and potential long-term commitment to the company.

Future Outlook

NA

Industry Context

NA

Corporate Governance

Stakeholder Impact

• Shareholders: The disclosure provides transparency regarding executive compensation and equity ownership, which can influence investor confidence and perception of management alignment.
• Employees: The equity compensation structure, including RSUs and SARs, serves as an incentive for executive performance and retention.

Next Steps

• Vesting of 8,333 Stock Appreciation Rights on May 16, 2024.
• Vesting of 8,333 Stock Appreciation Rights on May 16, 2025.
• Vesting of 33,333 restricted shares and 33,333 Restricted Stock Units on April 25, 2026.
• Vesting of 25,607 Restricted Stock Units on May 1, 2026.
• Vesting of 8,333 Stock Appreciation Rights on May 16, 2026.
• Vesting of 25,626 Restricted Stock Units on October 8, 2026.
• Vesting of 33,334 restricted shares and 33,334 Restricted Stock Units on April 25, 2027.
• Vesting of 25,607 Restricted Stock Units on May 1, 2027.
• Vesting of 25,626 Restricted Stock Units on October 8, 2027.
• Vesting of 25,606 Restricted Stock Units on May 1, 2028.
• Vesting of 25,627 Restricted Stock Units on October 8, 2028.

Key Dates

Recommendation

This Form 4 filing primarily details the beneficial ownership and equity compensation of a key executive. While the acquisition of a significant number of Restricted Stock Units (79,879 units) on October 8, 2025, demonstrates management's continued alignment with shareholder interests and commitment to the company, it does not present new information that would fundamentally alter the company's valuation or immediate operational outlook. It is a routine disclosure of compensation and holdings, suggesting a 'hold' recommendation as it reinforces existing investment theses rather than introducing new catalysts for a 'buy' or 'sell' decision.

Keywords

Cineverse, CNVS, Form 4, Insider Ownership, Equity Compensation, Restricted Stock Units, Stock Appreciation Rights, Beneficial Ownership