Form 4: Reservoir Media Director Ryan P. Taylor Reports Changes in Beneficial Ownership

Reservoir Media, Inc. Director Ryan P. Taylor filed a Form 4 detailing the acquisition of Deferred Stock Units as compensation and the transfer of previously awarded equity to an affiliated entity.

Summary

• Ryan P. Taylor, a Director of Reservoir Media, Inc. (RSVR), reported changes in his beneficial ownership of the company's common stock.
• On June 6, 2025, Mr. Taylor acquired 684 Deferred Stock Units (DSUs) under the Reservoir Media, Inc. 2021 Omnibus Incentive Plan.
• These DSUs were received as quarterly compensation for his service as a non-employee director, elected in lieu of cash, and were valued at the closing stock price of $7.30 per share on the grant date.
• The acquired DSUs are scheduled to settle in shares of Common Stock on July 28, 2026.
• Mr. Taylor also reported a disposition of 14,436 shares, comprising 11,235 Restricted Stock Units (RSUs) and 3,201 DSUs, which were transferred to the account of ER Reservoir, LLC.
• This transfer was directed by Mr. Taylor due to his position as the manager of the general partner of a manager of ER Reservoir, LLC.
• Following these transactions, Mr. Taylor's direct beneficial ownership stands at 179,389 shares of common stock.
• Indirect beneficial ownership includes 418,576 shares through Richmond Hill Capital Partners, LP, 13,638,620 shares through Essex Equity Joint Investment Vehicle, LLC, and 13,638,620 shares through ER Reservoir, LLC.
• Mr. Taylor disclaims beneficial ownership of the indirectly held shares except to the extent of his pecuniary interest therein.

Sentiment

Score: 5

Explanation: The document is a standard SEC Form 4 filing, reporting routine insider transactions related to compensation and ownership adjustments. It contains no unexpected positive or negative news, making the sentiment neutral.

Positives

• The acquisition of 684 Deferred Stock Units (DSUs) by Director Ryan P. Taylor demonstrates continued alignment of management's interests with shareholders, as these units were taken as compensation in lieu of cash.
• The DSUs were valued at $7.30 per share, reflecting the closing price of the Issuer's Common Stock on the date of grant.

Negatives

• The reported disposition of 14,436 shares (11,235 RSUs and 3,201 DSUs) from Mr. Taylor's direct holdings, although transferred to an affiliated entity (ER Reservoir, LLC), represents a reduction in his direct beneficial ownership.

Future Outlook

The Deferred Stock Units acquired by Director Ryan P. Taylor are scheduled to settle in shares of Common Stock on July 28, 2026, indicating a future conversion of these equity awards.

Management Comments

• The Reporting Person elected to receive payment of his quarterly compensation in DSUs in lieu of cash.
• The Reporting Person disclaims beneficial ownership of the underlying shares except to the extent of his pecuniary interest therein.

Industry Context

This filing is a routine insider transaction report and does not provide specific insights into broader industry trends or competitive dynamics within the music publishing and entertainment rights sector.

Related Party Transactions

• Transfer of 14,436 shares (11,235 RSUs and 3,201 DSUs) to ER Reservoir, LLC, an entity where the Reporting Person is the manager of the general partner of a manager.
• Indirect beneficial ownership through Richmond Hill Capital Partners, LP (RHCP), where the Reporting Person is the managing member of the general partner.
• Indirect beneficial ownership through Essex Equity Joint Investment Vehicle, LLC (EEJIV), where the Reporting Person owns an equity interest in an entity that may have a pecuniary interest.

Stakeholder Impact

• Shareholders: Minor impact, as it reflects routine compensation and ownership adjustments by a director, aligning his interests with the company's performance through equity awards.

Next Steps

• Settlement of the 684 Deferred Stock Units (DSUs) into shares of Common Stock on July 28, 2026.

Key Dates

Keywords

Reservoir Media, RSVR, SEC Form 4, Insider Transaction, Beneficial Ownership, Deferred Stock Units, Restricted Stock Units, Director Compensation, Equity Compensation, Stock Ownership, Corporate Governance