Andy Heyward - 29 May 2025 Form 4 Insider Report for Kartoon Studios, Inc. (TOON)

Role: CEO and Chairman, Director
Signature: /s/ Andy Heyward
Issuer symbol: TOON
Transactions as of: 29 May 2025
Net transactions value: +$4,918
Form type: 4
Filing time: 30 May 2025, 18:02:43 UTC
Previous filing: 13 Dec 2023
Next filing: 02 Dec 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Heyward Andy	CEO and Chairman, Director	C/O KARTOON STUDIOS, INC., 190 N. CANON DRIVE, 4TH FLOOR, BEVERLY HILLS	/s/ Andy Heyward	30 May 2025	0001591978

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	TOON	Common Stock, par value $0.001 per share	Options Exercise		+149,509	+9.2%		1,777,188	29 May 2025	Direct	F1, F2
transaction	TOON	Common Stock, par value $0.001 per share	Purchase	$4,918	+5,927	+0.33%	$0.8298	1,783,115	29 May 2025	Direct
holding	TOON	Common Stock, par value $0.001 per share						99,073	29 May 2025	See Footnote	F2, F3
holding	TOON	Common Stock, par value $0.001 per share						124	29 May 2025	See Footnote	F2, F4

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	TOON	Restricted Stock Units	Options Exercise	$0	-187,501	-15%	$0.000000	1,031,249	30 May 2025	Common Stock, par value $0.001 per share	187,501		Direct	F1, F2, F5, F6

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each restricted stock unit represents a contingent right to receive one share of TOON common stock.
F2	On February 6, 2023, the issuer effected a 10-for-1 reverse stock split of the issued and outstanding shares of its common stock (the "2023 Reverse Stock Split"). Upon effectiveness of the 2023 Reverse Stock Split, every 10 shares of voting common stock was automatically converted into 1 share of common stock.
F3	The Reporting Person indirectly owns 99,073 shares of common stock over which the Reporting Person holds voting and dispositive power.
F4	The Reporting Person indirectly owns 124 shares of common stock held by Heyward Living Trust.
F5	On December 7, 2020, the Reporting Person was granted 15,000,000 restricted stock units pursuant to a restricted stock unit agreement, of which (i) 7,500,000 shares vested in four equal installments on the first, second, third and fourth anniversaries of December 7, 2020, and (ii) 7,500,000 shares (characterized as Performance Shares in previous Form 4) vested in four equal installments on the first, second, third and fourth anniversaries of December 7, 2020, based on the achievement of certain performance goals, each subject to the Reporting Person's continued employment. Such agreement was amended and restated in June 2021 to revise the vesting provisions so that (i) an aggregate of 3,750,000 shares vested in four equal installments on the first, second, third and fourth anniversaries of December 7, 2020, and (ii) an aggregate of 11,250,000 shares vested based on achievement of certain performance goals, each subject to the Reporting Person's continued employment.
F6	The restricted stock units, which vested on December 7, 2023, were previously reported as covering 937,500 shares, but were adjusted to 93,750 shares to reflect the 2023 Reverse Stock Split.