Angel Studios, Inc. — Director's Dealing 2025

Oct 9, 2025

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: Angel Studios, Inc. (ANGX)
CIK: 0001865200
Period of Report: 2025-09-10

Reporting Person: Nickle Eric Glen (Chief Legal Officer)

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (right to buy)	$6.13	2035-04-17	Class B Common Stock (267523)		Direct
Performance Stock Units	$6.13	2035-04-24	Class A Common Stock (80256)		Direct

Footnotes

F1: Prior to the Issuer's business combination (the "Business Combination"), the stock options represented the right to purchase 50,000 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 267,523 shares of the Issuer's Class B Common Stock. Twenty-five percent (25%) of these options vested on April 14, 2026, with the remaining options vesting in equal monthly installments through April 14, 2029.

F2: 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 15,000 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 80,256 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.