Michael Jaffa - Dec 7, 2023 Form 4 Insider Report for Kartoon Studios, Inc. (TOON)

Role: COO, GC & Secretary
Signature: /s/ Michael Jaffa
Stock symbol: TOON
Transactions as of: Dec 7, 2023
Transactions value $: $0
Form type: 4
Date filed: 12/13/2023, 09:54 PM
Previous filing: Dec 9, 2022

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		+16.7K	+50%		50K	Dec 7, 2023	Direct	F1, F2

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	-16.7K	-100%	$0.00^*	0	Dec 7, 2023	Common Stock, par value $0.001 per share	16.7K		Direct	F1, F3

* 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 common stock was automatically converted into 1 share of common stock.
F3	On December 7, 2020, the Reporting Person was granted 500,000 restricted stock units, vesting as follows: 166,666 shares on December 7, 2021, 166,666 shares on December 7, 2022, and 166,668 shares on December 7, 2023, subject to the Reporting Person's continued employment. Vested shares were delivered to the Reporting Person in equal installments in each calendar quarter following the vesting date. The restricted stock units, which vested on December 7, 2023, were previously reported as covering 166,668 shares, but were adjusted to 16,667 shares to reflect the 2023 Reverse Stock Split.