LSF · Laird Superfood, Inc.

This stock option vests as to 25% of the shares on each of the first four anniversaries of November 4, 2022.

This stock option vests as to 25% of the shares on each of the first four anniversaries of November 4, 2022.

This stock option vests as to 20% of the shares on each of the first five anniversaries of February 23, 2024.

Represents the exercises of stock options with an average strike price of 1.74 per share.

This stock option vests as to 25% of the shares on each of the first four anniversaries of April 3, 2023.

The stock options vest as to 25% of the shares on each of the first four anniversaries of the grant date.

This stock option vests as to 25% of the shares on April 21, 2027, and each of the first three anniversaries thereafter.

This stock option vests as to 25% of the shares on each of the first four anniversaries of the grant date.

This stock option vests as to 6.25% of the shares immediately upon grant, with the remaining shares vesting in equal installments of 6.25% on September 12, 2026, and quarterly thereafter for the following fourteen fiscal quarters, such that the option shall be fully vested on March 12, 2030.

This stock option vests as to 25% of the shares on April 21, 2027, and each of the first three anniversaries thereafter.

This stock option vests as to 6.25% of the shares immediately upon grant, with the remaining shares vesting in equal installments of 6.25% on September 12, 2026, and quarterly thereafter for the following fourteen fiscal quarters, such that the option shall be fully vested on March 12, 2030.

The stock options vest as to 25% of the shares on each of the first four anniversaries of the grant date.

The stock options vest as to 25% of the shares on each of the first four anniversaries of the grant date.

The stock options vest as to 25% of the shares on June 1, 2027, and an additional 25% on each of the three anniversaries thereafter.

This stock option vests as to 25% of the shares on each of the first four anniversaries of the grant date.

This stock option vests as to 25% of the shares on each of the first four anniversaries of the grant date.

This stock option vests as to 25% of the shares on April 21, 2027, and each of the first three anniversaries thereafter.

This stock option vests as to 6.25% of the shares immediately upon grant, with the remaining shares vesting in equal installments of 6.25% on September 12, 2026, and quarterly thereafter for the following fourteen fiscal quarters, such that the option shall be fully vested on March 12, 2030.

The stock options vest as to 25% of the shares on June 1, 2027, and an additional 25% on each of the three anniversaries thereafter.

The stock options vest as to 25% of the shares on each of the first four anniversaries of the grant date.

The stock options vest as to 25% of the shares on each of the first four anniversaries of the grant date.

The stock options vest as to 25% of the shares on each of the first four anniversaries of the grant date.

The stock options vest as to 25% of the shares on each of the first four anniversaries of the grant date.

The stock options vest as to 25% of the shares on June 1, 2027, and an additional 25% on each of the three anniversaries thereafter.

The stock options vest as to 25% of the shares on each of the first four anniversaries of the grant date.

The stock options vest as to 25% of the shares on each of the first four anniversaries of the grant date.

The stock options vest as to 25% of the shares on each of the first four anniversaries of the grant date.

The stock options vest as to 25% of the shares on each of the first four anniversaries of the grant date.

The stock options vest as to 25% of the shares on each of the first four anniversaries of the grant date.

Represents shares withheld to satisfy taxes. No shares were sold.

The Series A Convertible Preferred Stock has no fixed expiration date and is a perpetual security. Each holder has the right to require redemption at the Corporation Repurchase Price on or after the seventh anniversary of the Issue Date (March 12, 2033) pursuant to Section 7.2 of the Certificate of Designation. The Corporation may elect a mandatory conversion no earlier than September 12, 2028 (30 months post-Issue Date) subject to satisfaction of certain price, volume and EBITDA conditions pursuant to Section 8.2 of the Certificate of Designation. See Certificate of Designation of Series A Convertible Preferred Stock, filed as Exhibit 3.1 to Laird Superfood, Inc.'s Form 8-K filed March 12, 2026 (SEC File No. 001-39155).

On April 21, 2026, Gateway Superfood NSSIII Investment LLC ("NSSIII") acquired 24,000 additional shares of Laird Superfood, Inc. Series A Convertible Preferred Stock at $1,000 per share. Post-transaction, NSSIII holds 44,000 preferred shares (approx. 12,324,930 underlying common shares). NSSIII is owned by Nexus Special Situations III, L.P. ("Nexus SS III"). Nexus Special Situations GP III, L.P. ("Nexus SS GP III") is the general partner of Nexus SS III. Nexus Partners III, LLC ("Nexus Partners III") is the general partner of Nexus SS GP III. Nexus Capital Management LP ("Nexus Capital Management") is the investment manager of, and may be deemed an indirect beneficial owner of all securities held by, NSSIII. Damian Giangiacomo, Michael Cohen and Daniel Flesh are the owners of Nexus Capital Management and Nexus Partners. Mr. Cohen serves on the board of directors of the Issuer.

Each of Nexus Capital Management, Nexus SS III, Nexus SS GP III, Nexus Partners III, Nexus SS IV, Nexus SS GP IV, Nexus Partners IV, Mr. Giangiacomo, Mr. Cohen, and Mr. Flesh disclaim, for purposes of Section 16 of the Securities Exchange Act of 1934, beneficial ownership of such securities, except to the extent of its/his indirect pecuniary interest therein, and this report shall not be deemed an admission that any such entity or person is the beneficial owner of such securities for purposes of Section 16 or for any other purposes.

The Series A Convertible Preferred Stock has no fixed expiration date and is a perpetual security. Each holder has the right to require redemption at the Corporation Repurchase Price on or after the seventh anniversary of the Issue Date (March 12, 2033) pursuant to Section 7.2 of the Certificate of Designation. The Corporation may elect a mandatory conversion no earlier than September 12, 2028 (30 months post-Issue Date) subject to satisfaction of certain price, volume and EBITDA conditions pursuant to Section 8.2 of the Certificate of Designation. See Certificate of Designation of Series A Convertible Preferred Stock, filed as Exhibit 3.1 to Laird Superfood, Inc.'s Form 8-K filed March 12, 2026 (SEC File No. 001-39155).

On April 21, 2026, Gateway Superfood NSSIII Investment LLC ("NSSIII") acquired 24,000 additional shares of Laird Superfood, Inc. Series A Convertible Preferred Stock at $1,000 per share. Post-transaction, NSSIII holds 44,000 preferred shares (approx. 12,324,930 underlying common shares). NSSIII is owned by Nexus Special Situations III, L.P. ("Nexus SS III"). Nexus Special Situations GP III, L.P. ("Nexus SS GP III") is the general partner of Nexus SS III. Nexus Partners III, LLC ("Nexus Partners III") is the general partner of Nexus SS GP III. Nexus Capital Management LP ("Nexus Capital Management") is the investment manager of, and may be deemed an indirect beneficial owner of all securities held by, NSSIII. Damian Giangiacomo, Michael Cohen and Daniel Flesh are the owners of Nexus Capital Management and Nexus Partners. Mr. Cohen serves on the board of directors of the Issuer.

Each of Nexus Capital Management, Nexus SS III, Nexus SS GP III, Nexus Partners III, Nexus SS IV, Nexus SS GP IV, Nexus Partners IV, Mr. Giangiacomo, Mr. Cohen, and Mr. Flesh disclaim, for purposes of Section 16 of the Securities Exchange Act of 1934, beneficial ownership of such securities, except to the extent of its/his indirect pecuniary interest therein, and this report shall not be deemed an admission that any such entity or person is the beneficial owner of such securities for purposes of Section 16 or for any other purposes.

The Series A Convertible Preferred Stock has no fixed expiration date and is a perpetual security. Each holder has the right to require redemption at the Corporation Repurchase Price on or after the seventh anniversary of the Issue Date (March 12, 2033) pursuant to Section 7.2 of the Certificate of Designation. The Corporation may elect a mandatory conversion no earlier than September 12, 2028 (30 months post-Issue Date) subject to satisfaction of certain price, volume and EBITDA conditions pursuant to Section 8.2 of the Certificate of Designation. See Certificate of Designation of Series A Convertible Preferred Stock, filed as Exhibit 3.1 to Laird Superfood, Inc.'s Form 8-K filed March 12, 2026 (SEC File No. 001-39155).

On April 21, 2026, Gateway Superfood NSSIII Investment LLC ("NSSIV") acquired 36,000 additional shares of Laird Superfood, Inc. Series A Convertible Preferred Stock at $1,000 per share. Post-transaction, NSSIV holds 66,000 preferred shares (approx. 18,487,395 underlying common shares). NSSIV is owned by Nexus Special Situations IV, L.P. ("Nexus SS IV"). Nexus Special Situations GP IV, L.P. ("Nexus SS GP IV") is the general partner of Nexus SS IV. Nexus Partners IV, LLC ("Nexus Partners IV") is the general partner of Nexus SS GP IV. Nexus Capital Management LP ("Nexus Capital Management") is the investment manager of, and may be deemed an indirect beneficial owner of all securities held by, NSSIV. Damian Giangiacomo, Michael Cohen and Daniel Flesh are the owners of Nexus Capital Management and Nexus Partners. Mr. Cohen serves on the board of directors of the Issuer.

Each of Nexus Capital Management, Nexus SS III, Nexus SS GP III, Nexus Partners III, Nexus SS IV, Nexus SS GP IV, Nexus Partners IV, Mr. Giangiacomo, Mr. Cohen, and Mr. Flesh disclaim, for purposes of Section 16 of the Securities Exchange Act of 1934, beneficial ownership of such securities, except to the extent of its/his indirect pecuniary interest therein, and this report shall not be deemed an admission that any such entity or person is the beneficial owner of such securities for purposes of Section 16 or for any other purposes.

Represents shares withheld to satisfy taxes. No shares were sold.

Represents shares withheld to satisfy taxes. No shares were sold.

Represents shares withheld to satisfy taxes. No shares were sold.