ANEB · Anebulo Pharmaceuticals, Inc.

The option vests on the earlier of April 4, 2026 or the date of the 2026 annual meeting of shareholders.

The option vests on the earlier of April 4, 2026 or the date of the 2026 annual meeting of shareholders.

The option vests on the earlier of April 4, 2026 or the date of the 2026 annual meeting of shareholders.

One-sixteenth (1/16) of the shares subject to the option vested and became exercisable on April 4, 2025, with the remainder scheduled to vest and become exercisable in fifteen (15) equal quarterly installments on each July 15, October 15, January 15, and April 15 thereafter, vesting fully on January 15, 2029, in each case, subject to the Reporting Person's continued service to the Issuer through each vesting date.

The option vests on the earlier of April 4, 2026 or the date of the 2026 annual meeting of shareholders.

The option vests on the earlier of April 4, 2026 or the date of the 2026 annual meeting of shareholders.

The option vests on the earlier of April 4, 2026 or the date of the 2026 annual meeting of shareholders.

The option vests on the earlier of April 4, 2026 or the date of the 2026 annual meeting of shareholders.

The option vests on the earlier of April 4, 2026 or the date of the 2026 annual meeting of shareholders.

The option vests on the earlier of April 4, 2026 or the date of the 2026 annual meeting of shareholders.

The option vests on the earlier of April 4, 2026 or the date of the 2026 annual meeting of shareholders.

One-sixteenth (1/16) of the shares subject to the option vested and became exercisable on April 4, 2025, with the remainder scheduled to vest and become exercisable in fifteen (15) equal quarterly installments on each July 15, October 15, January 15, and April 15 thereafter, vesting fully on January 15, 2029, in each case, subject to the Reporting Person's continued service to the Issuer through each vesting date.

The option vests on the earlier of April 4, 2026 or the date of the 2026 annual meeting of shareholders.

The option vests on the earlier of April 4, 2026 or the date of the 2026 annual meeting of shareholders.

The option vests on the earlier of April 4, 2026 or the date of the 2026 annual meeting of shareholders.

The option vests on the earlier of April 4, 2026 or the date of the 2026 annual meeting of shareholders.

The shares were issued to 22NW Fund, LP in connection with a private placement offering of the Issuer.

This Form 4 is filed jointly by Aron R. English and 22NW Fund, LP (collectively, the "Reporting Persons"). Each of the Reporting Persons may be deemed to be a member of a Section 13(d) group that collectively beneficially owns more than 10% of the Issuer's outstanding shares of Common Stock. Each of the Reporting Persons disclaims beneficial ownership of the securities of the Issuer owned directly by other members of the Section 13(d) group and this report shall not be deemed an admission that the Reporting Persons are the beneficial owners of such securities for purposes of Section 16 or for any other purpose. Further, each of the Reporting Persons expressly disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein.

Securities owned directly by 22NW Fund, LP. Mr. English, as the Manager of 22NW Fund GP, LLC, which is the General Partner of 22NW Fund, LP, may be deemed to beneficially own the securities owned directly by 22NW Fund, LP.

The shares subject to the options vest immediately on the date of the grant.

These stock options vest on the earlier of November 30,2024 or the date of the 2024 annual meeting of shareholders

These stock options vest on the earlier of November 30,2024 or the date of the 2024 annual meeting of shareholders

These stock options vest 50% on the date of the 2024 annual meeting of shareholders and 50% on the one year anniversary of the date of grant

These stock options vest on the earlier of November 30,2024 or the date of the 2024 annual meeting of shareholders

These stock options vest 50% on the date of the 2024 annual meeting of shareholders and 50% on the one year anniversary of the date of grant

These stock options vest on the earlier of November 30,2024 or the date of the 2024 annual meeting of shareholders

These stock options vest on the earlier of November 30,2024 or the date of the 2024 annual meeting of shareholders

These stock options vest 50% on the date of the 2024 annual meeting of shareholders and 50% on the one year anniversary of the date of grant

These stock options vest 50% on the date of the 2024 annual meeting of shareholders and 50% on the one year anniversary of the date of grant

These stock options vest 50% on the date of the 2024 annual meeting of shareholders and 50% on the one year anniversary of the date of grant

These stock options vest 50% on the date of the 2024 annual meeting of shareholders and 50% on the one year anniversary of the date of grant

These stock options vest 50% on the date of the 2024 annual meeting of shareholders and 50% on the one year anniversary of the date of grant

These stock options vest on the earlier of November 30,2024 or the date of the 2024 annual meeting of shareholders

These stock options vest on the earlier of November 30,2024 or the date of the 2024 annual meeting of shareholders

The shares vest in a series of sixteen (16) equal quarterly installments on the first day of each calendar quarter, commencing with the first day of the calendar quarter beginning on April 1, 2024.

Securities owned directly by 22NW Fund, LP. Mr. English, as the Manager of 22NW Fund GP, LLC, which is the General Partner of 22NW Fund, LP, may be deemed to beneficially own the securities owned directly by 22NW Fund, LP.

Securities owned directly by 22NW, LP. Mr. English, as the Manager of 22NW, LP may be deemed to beneficially own the securities owned directly by 22NW, LP.

The shares were issued to 22NW, LP as partial consideration for entering into a loan and security agreement with the Issuer.

This Form 4 is filed jointly by Aron R. English, 22NW, LP and 22NW Fund, LP (collectively, the "Reporting Persons"). Each of the Reporting Persons may be deemed to be a member of a Section 13(d) group that collectively beneficially owns more than 10% of the Issuer's outstanding shares of Common Stock. Each of the Reporting Persons disclaims beneficial ownership of the securities of the Issuer owned directly by other members of the Section 13(d) group and this report shall not be deemed an admission that the Reporting Persons are the beneficial owners of such securities for purposes of Section 16 or for any other purpose. Further, each of the Reporting Persons expressly disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein.

Securities owned directly by 22NW, LP. Mr. English, as the Manager of 22NW, LP may be deemed to beneficially own the securities owned directly by 22NW, LP.

25% of the original number of shares vest on the first anniversary of October 6, 2023 (the "Vesting Commencement Date") and 2.0833% of the original number of shares vest at the end of each successive month following the first anniversary of the Vesting Commencement Date until the fourth anniversary of the Vesting Commencement Date.

The shares subject to the option will vest and become exercisable as follows: ratably in 16 quarterly installments (37,500 per installment) on the first day of each calendar quarter commencing with January 1, 2024, such that option will be full vested on October 1, 2027.

The shares vest in a series of sixteen (16) equal quarterly installments on the first day of each calendar quarter, commencing with the first day of the calendar quarter first occurring after December 9, 2022.

The shares vest in a series of sixteen (16) equal quarterly installments on the first day of each calendar quarter, commencing with the first day of the calendar quarter first occurring after December 9, 2022.

25% of the original number of shares vest on the first anniversary of November 1, 2022 (the "Vesting Commencement Date") and 2.0833% of the original number of shares vest at the end of each successive month following the first anniversary of the Vesting Commencement Date until the fourth anniversary of the Vesting Commencement Date.

This Form 4 is filed jointly by Aron R. English and 22NW Fund, LP (collectively, the "Reporting Persons"). Each of the Reporting Persons may be deemed to be a member of a Section 13(d) group that collectively beneficially owns more than 10% of the Issuer's outstanding shares of Common Stock. Each of the Reporting Persons disclaims beneficial ownership of the securities of the Issuer owned directly by other members of the Section 13(d) group and this report shall not be deemed an admission that the Reporting Persons are the beneficial owners of such securities for purposes of Section 16 or for any other purpose. Further, each of the Reporting Persons expressly disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein.

Securities owned directly by 22NW Fund, LP. Mr. English, as the Manager of 22NW Fund GP, LLC, which is the General Partner of 22NW Fund, LP, may be deemed to beneficially own the securities owned directly by 22NW Fund, LP.

4,841 shares vest immediately. The remainder of the shares vest ratably in 15 quarterly installments (4,841.06 shares each Quarter) from July 1, 2022 through January 1, 2026. All shares subject to the option will vest immediately upon the satisfaction of certain performance conditions that were established at the time of the Compensation Committee's approval of the option on June 23, 2022.

Mr. Cundy received a stock option to purchase shares of the Issuer's common stock pursuant to the Issuer's 2020 Stock Incentive Plan: (a) 233,446 shares will vest in equal quarterly installments from July 1, 2022 through April 1, 2026. (b) 116,723 shares will vest upon completion of certain milestone events.