Angel Studios, Inc.

Filing Date

Sep 22, 2025

Transaction Date

Sep 10, 2025

Accession Number

0001104659-25-092264

Form Type

3

Footnotes

1. (F1)These shares of Class B Common Stock are held by an immediate family member of Mrs. Ellis sharing the same household. Mrs. Ellis is thus deemed to hold an indirect pecuniary interest in these shares of Class B Common Stock.
2. (F2)Prior to the Issuer's business combination (the "Business Combination"), the fully-vested stock options represented the right to purchase 28,000 shares of Angel Legacy, Inc's Class F Common Stock, par value $0.001 per share. Following the Issuer's business combination, the fully-vested stock options converted into the right to purchase 149,812 shares of the Issuer's Class B Common Stock.
3. (F3)Prior to the Business Combination, the fully-vested stock options represented the right to purchase 1,018 shares of Angel Legacy, Inc's Class F Common Stock, par value $0.001 per share. Following the Issuer's business combination, the fully-vested stock options converted into the right to purchase 5,446 shares of the Issuer's Class B Common Stock.
4. (F4)Prior to the Business Combination, the fully-vested stock options represented the right to purchase 20,000 shares of Angel Legacy, Inc's Class F Common Stock, par value $0.001 per share. Following the Issuer's business combination, the fully-vested stock options converted into the right to purchase 107,009 shares of the Issuer's Class B Common Stock.
5. (F5)Prior to the Business Combination, the fully-vested stock options represented the right to purchase 101,250 shares of Angel Legacy, Inc's Class F Common Stock, par value $0.001 per share. Following the Issuer's business combination, the fully-vested stock options converted into the right to purchase 541,734 shares of the Issuer's Class B Common Stock.
6. (F6)Prior to the Business Combination, the fully-vested stock options represented the right to purchase 11,718 shares of Angel Legacy, Inc's Class F Common Stock, par value $0.001 per share. Following the Issuer's business combination, the fully-vested stock options converted into the right to purchase 62,696 shares of the Issuer's Class B Common Stock.
7. (F7)Prior to the Business Combination, the fully-vested stock options represented the right to purchase 50,035 shares of Angel Legacy, Inc's Class F Common Stock, par value $0.001 per share. Following the Issuer's business combination, the fully-vested stock options converted into the right to purchase 267,710 shares of the Issuer's Class B Common Stock.
8. (F8)Prior to the Business Combination, the fully-vested stock options represented the right to purchase 7,179 shares of Angel Legacy, Inc's Class F Common Stock, par value $0.001 per share. Following the Issuer's business combination, the fully-vested stock options converted into the right to purchase 38,410 shares of the Issuer's Class B Common Stock.
9. (F9)Prior to the Business Combination, the stock options represented the right to purchase 66,496 shares of Angel Legacy, Inc's Class F Common Stock, par value $0.001 per share. Following the Issuer's business combination, the stock options converted into the right to purchase 355,784 shares of the Issuer's Class B Common Stock. Twenty-five percent (25%) of these options vested on April 20, 2024, with the remaining options vesting in equal monthly installments through April 20, 2027.
10. (F10)Prior to the Business Combination, the performance stock units (PSUs) were granted under Angel Legacy, Inc's. 2023 Performance Equity Plan and represented the right to purchase 16,525 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 88,416 shares of the Issuer's Class A Common Stock. These options will vest in 10 tranches, equally divided, with each tranche becoming vested based on a series of increasing stock price milestones.
11. (F11)Prior to the Business Combination, the performance stock units (PSUs) were granted under Angel Legacy, Inc's. 2023 Performance Equity Plan and represented the right to purchase 4,518 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 24,173 shares of the Issuer's Class A Common Stock. These options will vest in 10 tranches, equally divided, with each tranche becoming vested based on a series of increasing stock price milestones.
12. (F12)Prior to the Business Combination, the performance stock units (PSUs) were granted under Angel Legacy, Inc's. 2023 Performance Equity Plan and represented the right to purchase 53,426 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 285,853 shares of the Issuer's Class A Common Stock. These options will vest in 10 tranches, equally divided, with each tranche becoming vested based on a series of increasing stock price milestones.
13. (F13)Prior to the Business Combination, the performance stock units (PSUs) were granted under Angel Legacy, Inc's. 2023 Performance Equity Plan and represented the right to purchase 8,049 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 43,065 shares of the Issuer's Class A Common Stock. These options will vest in 10 tranches, equally divided, with each tranche becoming vested based on a series of increasing stock price milestones.
14. (F14)Prior to the Business Combination, the performance stock units (PSUs) were granted under Angel Legacy, Inc's. 2023 Performance Equity Plan and represented the right to purchase 3,458 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 18,501 shares of the Issuer's Class A Common Stock. These options will vest in 10 tranches, equally divided, with each tranche becoming vested based on a series of increasing stock price milestones.