Kartoon Studios, Inc. — Director's Dealing 2025

Sep 23, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Kartoon Studios, Inc. (TOON)
CIK: 0001355848
Period of Report: 2025-09-19

Reporting Person: Heyward Andy (Director, CEO and Chairman)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-09-19	Restricted Stock Units	$	A	2000000	Acquired		Common Stock, par value $0.001 per share (2000000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, par value $0.001 per share	1783115	Direct
Common Stock, par value $0.001 per share	99073	Indirect
Common Stock, par value $0.001 per share	124	Indirect

Footnotes

F1: The Reporting Person indirectly owns 99,073 shares of common stock over which the Reporting Person holds voting and dispositive power.

F2: The Reporting Person indirectly owns 124 shares of common stock held by Heyward Living Trust.

F3: Each restricted stock unit represents a contingent right to receive one share of TOON common stock.

F4: The Reporting Person was granted 2,000,000 restricted stock units pursuant to a new employment agreement signed on August 25, 2025, which will vest in three equal installments on the first, second and third anniversaries of the grant date, subject to the Reporting Person's continued employment.