Michael Jaffa - 24 Nov 2025 Form 4 Insider Report for Kartoon Studios, Inc. (TOON)

Role: COO, GC & Secretary
Signature: /s/ Michael Jaffa
Issuer symbol: TOON
Transactions as of: 24 Nov 2025
Net transactions value: $0
Form type: 4
Filing time: 03 Dec 2025, 17:38:29 UTC
Previous filing: 29 May 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Jaffa Michael	COO, GC & Secretary	C/O KARTOON STUDIOS, INC., 190 N. CANON DRIVE, 4TH FLOOR, BEVERLY HILLS	/s/ Michael Jaffa	03 Dec 2025	0001738277

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	TOON	Common Stock, par value $0.001 per share						57,001	24 Nov 2025	Direct

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	Award	$0	+750,000		$0.000000	750,000	24 Nov 2025	Common Stock, par value $0.001 per share	750,000		Direct	F1, F2

* 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 November 24, 2025, the Reporting Person was granted 750,000 restricted stock units, vesting as follows: 250,000 shares on November 14, 2026, 250,000 shares on November 14, 2027, and 250,000 shares on November 14, 2028, subject to the Reporting Person's continued employment. Vested shares will be delivered to the Reporting Person in equal installments in each calendar quarter following the vesting date.

Content

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

On November 24, 2025, the Reporting Person was granted 750,000 restricted stock units, vesting as follows: 250,000 shares on November 14, 2026, 250,000 shares on November 14, 2027, and 250,000 shares on November 14, 2028, subject to the Reporting Person's continued employment. Vested shares will be delivered to the Reporting Person in equal installments in each calendar quarter following the vesting date.