ANGX · Angel Studios, Inc.

RSU's convert into Class A Common Stock on a one-for-one basis.

Restricted Stock Units ("RSUs") are awarded under the Issuer's 2025 Long-Term Incentive Plan. The RSUs were effective on October 23, 2025, with such RSUs vesting in substantially equal quarterly increments, over a one-year period beginning October 23, 2025. Upon each vesting date, each vested RSU shall automatically convert into one share of common stock.

RSU's convert into Class A Common Stock on a one-for-one basis.

Restricted Stock Units ("RSUs") are awarded under the Issuer's 2025 Long-Term Incentive Plan. The RSUs were effective on October 23, 2025, with such RSUs vesting in substantially equal quarterly increments, over a one-year period beginning October 23, 2025. Upon each vesting date, each vested RSU shall automatically convert into one share of common stock.

RSU's convert into Class A Common Stock on a one-for-one basis.

RSU's convert into Class A Common Stock on a one-for-one basis.

RSU's convert into Class A Common Stock on a one-for-one basis.

Restricted Stock Units ("RSUs") are awarded under the Issuer's 2025 Long-Term Incentive Plan. The RSUs were effective on October 23, 2025, with such RSUs vesting in substantially equal quarterly increments, over a one-year period beginning October 23, 2025. Upon each vesting date, each vested RSU shall automatically convert into one share of common stock.

RSU's convert into Class A Common Stock on a one-for-one basis.

RSU's convert into Class A Common Stock on a one-for-one basis.

Restricted Stock Units ("RSUs") are awarded under the Issuer's 2025 Long-Term Incentive Plan. The RSUs were effective on October 23, 2025, with such RSUs vesting in substantially equal quarterly increments, over a one-year period beginning October 23, 2025. Upon each vesting date, each vested RSU shall automatically convert into one share of common stock.

RSU's convert into Class A Common Stock on a one-for-one basis.

This transaction represents a bona fide gift of 3,277,536 shares of Class B Common Stock to irrevocable trusts established for the benefit of the reporting person's family members for estate planning purposes. The reporting person does not serve as trustee of the trusts and does not receive any financial benefit from the shares held therein. The reporting person disclaims beneficial ownership of the reported securities, except to the extent of any pecuniary interest he may be deemed to have under Rule 16a-1(a)(2) as a result of certain of the trustees being immediate family members who share his household.

This transaction represents a bona fide gift of 3,277,536 shares of Class B Common Stock to irrevocable trusts established for the benefit of the reporting person's family members for estate planning purposes. The reporting person does not serve as trustee of the trusts and does not receive any financial benefit from the shares held therein. The reporting person disclaims beneficial ownership of the reported securities, except to the extent of any pecuniary interest he may be deemed to have under Rule 16a-1(a)(2) as a result of certain of the trustees being immediate family members who share his household.

This transaction represents a bona fide gift of 3,056,369 shares of Class B Common Stock to irrevocable trusts established for the benefit of the reporting person's family members for estate planning purposes. The reporting person does not serve as trustee of the trusts and does not receive any financial benefit from the shares held therein. The reporting person disclaims beneficial ownership of the reported securities, except to the extent of any pecuniary interest he may be deemed to have under Rule 16a-1(a)(2) as a result of certain of the trustees being immediate family members who share his household.

This transaction represents a bona fide gift of 5,073,000 shares of Class B Common Stock to an irrevocable Delaware noncharitable purpose trust. The purpose of the transfer is to preserve the voting power associated with the Class B Common Stock within the trust structure on a permanent basis. The trust has no named beneficiaries and the shares are not intended for distribution to any individual, including the reporting person's family members. The reporting person received no consideration for this transfer and disclaims all beneficial and pecuniary interest in the shares.

This transaction represents a bona fide gift of 5,073,000 shares of Class B Common Stock to an irrevocable Delaware noncharitable purpose trust. The purpose of the transfer is to preserve the voting power associated with the Class B Common Stock within the trust structure on a permanent basis. The trust has no named beneficiaries and the shares are not intended for distribution to any individual, including the reporting person's family members. The reporting person received no consideration for this transfer and disclaims all beneficial and pecuniary interest in the shares.

This transaction represents a bona fide gift of 3,056,369 shares of Class B Common Stock to irrevocable trusts established for the benefit of the reporting person's family members for estate planning purposes. The reporting person does not serve as trustee of the trusts and does not receive any financial benefit from the shares held therein. The reporting person disclaims beneficial ownership of the reported securities, except to the extent of any pecuniary interest he may be deemed to have under Rule 16a-1(a)(2) as a result of certain of the trustees being immediate family members who share his household.

Restricted Stock Units ("RSUs") are awarded under the Issuer's 2025 Long-Term Incentive Plan. The RSUs were effective on October 23, 2025, with such RSUs vesting in substantially equal quarterly increments, over a one-year period beginning October 23, 2025. Upon each vesting date, each vested RSU shall automatically convert into one share of common stock.

RSU's convert into Class A Common Stock on a one-for-one basis.

RSU's convert into Class A Common Stock on a one-for-one basis.

RSU's convert into Class A Common Stock on a one-for-one basis.

Restricted Stock Units ("RSUs") are awarded under the Issuer's 2025 Long-Term Incentive Plan. The RSUs were effective on October 23, 2025, with such RSUs vesting in substantially equal quarterly increments, over a one-year period beginning October 23, 2025. Upon each vesting date, each vested RSU shall automatically convert into one share of common stock.

RSU's convert into Class A Common Stock on a one-for-one basis.

Restricted Stock Units ("RSUs") are awarded under the Issuer's 2025 Long-Term Incentive Plan. The RSUs were effective on October 23, 2025, with such RSUs vesting in substantially equal quarterly increments, over a one-year period beginning October 23, 2025. Upon each vesting date, each vested RSU shall automatically convert into one share of common stock.

RSU's convert into Class A Common Stock on a one-for-one basis.

RSU's convert into Class A Common Stock on a one-for-one basis.

Restricted Stock Units ("RSUs") are awarded under the Issuer's 2025 Long-Term Incentive Plan. The RSUs were effective on October 23, 2025, with such RSUs vesting in substantially equal quarterly increments, over a one-year period beginning October 23, 2025. Upon each vesting date, each vested RSU shall automatically convert into one share of common stock.

RSU's convert into Class A Common Stock on a one-for-one basis.

RSU's convert into Class A Common Stock on a one-for-one basis.

RSU's convert into Class A Common Stock on a one-for-one basis.

Restricted Stock Units ("RSUs") are awarded under the Issuer's 2025 Long-Term Incentive Plan. The RSUs were effective on October 23, 2025, with such RSUs vesting in substantially equal quarterly increments, over a one-year period beginning October 23, 2025. Upon each vesting date, each vested RSU shall automatically convert into one share of common stock.

RSU's convert into Class A Common Stock on a one-for-one basis.

Restricted Stock Units ("RSUs") are awarded under the Issuer's 2025 Long-Term Incentive Plan. The RSUs were effective on October 23, 2025, with such RSUs vesting in substantially equal quarterly increments, over a one-year period beginning October 23, 2025. Upon each vesting date, each vested RSU shall automatically convert into one share of common stock.

RSU's convert into Class A Common Stock on a one-for-one basis.

RSU's convert into Class A Common Stock on a one-for-one basis.

Each share of Class B Common Stock was convertible at any time into one share of Class A Common Stock. The Class B Common Stock had no expiration date.

Each share of Class B Common Stock was convertible at any time into one share of Class A Common Stock. The Class B Common Stock had no expiration date.

RSU's convert into Class A Common Stock on a one-for-one basis.

Restricted Stock Units ("RSUs") are awarded under the Issuer's 2025 Long-Term Incentive Plan. The RSUs were effective on October 23, 2025, with such RSUs vesting in substantially equal quarterly increments, over a one-year period beginning October 23, 2025. Upon each vesting date, each vested RSU shall automatically convert into one share of common stock.

RSU's convert into Class A Common Stock on a one-for-one basis.

Restricted Stock Units ("RSUs") are awarded under the Issuer's 2025 Long-Term Incentive Plan. The RSUs were effective on October 23, 2025, with such RSUs vesting in substantially equal quarterly increments, over a one-year period beginning October 23, 2025. Upon each vesting date, each vested RSU shall automatically convert into one share of common stock.

RSU's convert into Class A Common Stock on a one-for-one basis.

RSU's convert into Class A Common Stock on a one-for-one basis.

Restricted Stock Units ("RSUs") are awarded under the Issuer's 2025 Long-Term Incentive Plan. The RSUs were effective on October 23, 2025, with such RSUs vesting in substantially equal quarterly increments, over a one-year period beginning October 23, 2025. Upon each vesting date, each vested RSU shall automatically convert into one share of common stock.

RSU's convert into Class A Common Stock on a one-for-one basis.

RSU's convert into Class A Common Stock on a one-for-one basis.

Restricted Stock Units ("RSUs") are awarded under the Issuer's 2025 Long-Term Incentive Plan. The RSUs were effective on October 23, 2025, with such RSUs vesting in substantially equal quarterly increments, over a one-year period beginning October 23, 2025. Upon each vesting date, each vested RSU shall automatically convert into one share of common stock.

RSU's convert into Class A Common Stock on a one-for-one basis.

RSU's convert into Class A Common Stock on a one-for-one basis.

Restricted Stock Units ("RSUs") are awarded under the Issuer's 2025 Long-Term Incentive Plan. The RSUs were effective on October 23, 2025, with such RSUs vesting in substantially equal quarterly increments, over a one-year period beginning October 23, 2025. Upon each vesting date, each vested RSU shall automatically convert into one share of common stock.

RSU's convert into Class A Common Stock on a one-for-one basis.

RSU's convert into Class A Common Stock on a one-for-one basis.

On January 15, 2026, Alta Ventures Mexico Fund I, LP. ("Alta Ventures") transferred 210,406 shares held in the fund directly to the Reporter. Upon completion of this transaction the Reporter no longer beneficially owned, directly or indirectly, any of the remaining shares held by Alta Ventures.

On January 15, 2026, Alta Ventures Mexico Fund I, LP. ("Alta Ventures") transferred 210,406 shares held in the fund directly to the Reporter. Upon completion of this transaction the Reporter no longer beneficially owned, directly or indirectly, any of the remaining shares held by Alta Ventures.

On January 15, 2026, Alta Ventures Mexico Fund I, LP. ("Alta Ventures") transferred 210,406 shares held in the fund directly to the Reporter. Upon completion of this transaction the Reporter no longer beneficially owned, directly or indirectly, any of the remaining shares held by Alta Ventures.

Restricted Stock Units ("RSUs") are awarded under the Issuer's 2025 Long-Term Incentive Plan. The RSUs were effective on December 10, 2025, with such RSUs vesting one-third at the close of business on December 10, 2026, and the remaining two-thirds vesting in eight quarterly installments on the following dates: February 18, 2027, May 18, 2027, August 18, 2027, November 18, 2027, February 18, 2028, May 18, 2028, August 18, 2028, and November 18, 2028.

Performance Stock Units ("PSUs") are awarded under the Issuer's 2025 Long-Term Incentive Plan. These awards are considered "Full Value Awards" for purposes of the Company's 2025 Long-Term Incentive Plan. The PSUs were effective on December 10, 2025 and will vest in 10 tranches, equally divided, with each tranche becoming vested based on a series of increasing stock price milestones.

The fully-vested stock options represent the right to purchase shares of Angel Studios, Inc's Class B Common Stock, par value $0.0001 per share.

On November 26, 2025, the reporting person converted Class B Common Stock into Class A Common Stock.