Angel Studios, Inc.

A stockholder, or a group of up to 20 stockholders, owning continuously for at least three years a number of shares that represents 3% or more of the aggregate voting power of the outstanding shares of the Company entitled to vote in the election of directors may nominate directors to our Board and include the nominees in our proxy materials to be voted on for an annual meeting of stockholders. The maximum number of stockholder nominees that will be included in our proxy materials with respect to any such annual meeting of stockholders is the greater of (i) two, or (ii) 20% of directors to be elected. Proxy access rights are subject to additional eligibility, procedural and disclosure requirements set forth in our bylaws.