Form 4: Reservoir Media Director Acquires Stock Units

Reservoir Media Director Stephen M. Cook acquired 684 Deferred Stock Units as part of his quarterly compensation, settling in shares on July 28, 2026.

Summary

• Stephen M. Cook, a Director of Reservoir Media, Inc. (RSVR), acquired 684 Deferred Stock Units (DSUs).
• These DSUs were awarded under the Reservoir Media, Inc. 2021 Omnibus Incentive Plan.
• The acquisition represents quarterly compensation for Cook's service as a non-employee director, with Cook electing to receive DSUs in lieu of cash.
• Each DSU is the economic equivalent of one share of common stock, $0.0001 par value per share.
• The number of DSUs received was calculated based on a closing price of $7.30 per share of the Issuer's Common Stock on the date of grant.
• The DSUs will be settled in shares of Common Stock on July 28, 2026.
• Following this transaction, Cook directly beneficially owns 945,463 shares of Common Stock and indirectly owns 226,089 shares through BTCSJC Music LLC.

Sentiment

Score: 7

Explanation: The transaction is a positive signal of director confidence and alignment of interests, but it's a routine compensation event rather than a major strategic move or a significant change in the company's financial position.

Positives

• Director Stephen M. Cook elected to receive compensation in Deferred Stock Units (DSUs) instead of cash, indicating confidence in the company's future performance.
• The acquisition of DSUs aligns the director's interests with those of shareholders, as the value of his compensation is tied to the company's stock price.

Future Outlook

The Deferred Stock Units acquired by Director Stephen M. Cook are scheduled to settle in shares of Common Stock on July 28, 2026, representing a future conversion event for this equity compensation.

Industry Context

This transaction represents a standard insider filing for director compensation, a common practice across various industries, including media, to align the interests of non-employee directors with long-term shareholder value. The use of equity awards like DSUs is a prevalent method for compensating board members in publicly traded companies.

Comparison to Industry Standards

• Receiving equity compensation (DSUs) in lieu of cash is a common practice for non-employee directors across various industries, including media, to align their interests with long-term shareholder value.
• The structure of the 2021 Omnibus Incentive Plan, which facilitates such awards, is typical for public companies, similar to compensation plans observed at other music and entertainment companies like Warner Music Group (WMG) or Universal Music Group (UMG) which also utilize equity awards for executive and director compensation.

Corporate Governance

Stakeholder Impact

• Shareholders: Positive impact due to increased alignment of the director's interests with long-term stock performance.
• Management: Reinforces the company's compensation strategy for non-employee directors, promoting long-term commitment.

Next Steps

• Settlement of 684 Deferred Stock Units into common stock on July 28, 2026.

Key Dates

Recommendation

This Form 4 filing details a routine compensation event where a director elected to receive equity instead of cash. While it signals confidence and aligns interests, it does not present new fundamental information or a significant change in the company's outlook that would warrant a change in investment recommendation. It is a standard insider transaction and does not materially alter the investment thesis for Reservoir Media, Inc.

Keywords

Reservoir Media, RSVR, Form 4, insider transaction, director compensation, deferred stock units, equity compensation, stock ownership