Kartoon Studios, Inc. — Director's Dealing 2025

Dec 3, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Kartoon Studios, Inc. (TOON)
CIK: 0001355848
Period of Report: 2025-11-24

Reporting Person: Jaffa Michael (COO, GC & Secretary)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-11-24	Restricted Stock Units	$	A	750000	Acquired		Common Stock, par value $0.001 per share (750000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, par value $0.001 per share	57001	Direct

Footnotes

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.