# EDGAR Filing Document

**Accession Number:** 0002070718
**File Stem:** 0001104659-25-067382
**Filing Date:** 2025-7
**Character Count:** 562357
**Document Hash:** ca1fdec9aed64df76554b3f27aa8d35f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-067382.hdr.sgml**: 20250711

**ACCESSION NUMBER**: 0001104659-25-067382

**CONFORMED SUBMISSION TYPE**: 1-A

**PUBLIC DOCUMENT COUNT**: 16

**FILED AS OF DATE**: 20250711

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Angel Studios 024, Inc.
- **CENTRAL INDEX KEY:** 0002070718

**ORGANIZATION NAME:**
- **EIN:** 334462387
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 024-12638
- **FILM NUMBER:** 251118912

**BUSINESS ADDRESS:**
- **STREET 1:** 295 W CENTER STREET
- **CITY:** PROVO
- **STATE:** UT
- **ZIP:** 84601
- **BUSINESS PHONE:** 3853841224

**MAIL ADDRESS:**
- **STREET 1:** 295 W CENTER STREET
- **CITY:** PROVO
- **STATE:** UT
- **ZIP:** 84601

## Part

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 1-A**

**REGULATION A OFFERING CIRCULAR**

**UNDER THE SECURITIES ACT OF 1933**

**Angel Studios 024, Inc.**

(Exact name of issuer as specified in its charter)

**Delaware**

(State of other jurisdiction of incorporation or organization)

**295 W Center St.**

**Provo, Utah 84601**

**Phone: (760) 933-8437**

(Address, including zip code, and telephone number,

including area code of issuer's principal executive office)

**Patrick Reilly**

**Chief Executive Officer**

**Angel Studios 024, Inc.**

**295 W Center St.**

**Provo, Utah 84601**

**Phone: (760) 933-8437**

(Name, address, including zip code, and telephone number,

including area code, of agent for service)

*Copy to:*

**Betsy T. Voter**

**Iqan Fadaei**

**Michael Best & Friedrich, LLP**

**650 S. Main St., Suite 500**

**Salt Lake City, UT 84101**

**Phone: (385) 695-6450**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**7841** | &nbsp;&nbsp;**33-4462387** |
| &nbsp;&nbsp; (Primary Standard Industrial<br> Classification Code Number) | &nbsp;&nbsp; (I.R.S. Employer<br> Identification Number) |

---

An offering statement pursuant to Regulation A relating to these securities has been filed with the U.S. Securities and Exchange Commission. Information contained in this Preliminary Offering Circular is subject to completion or amendment. These securities may not be sold nor may offers to buy be accepted before the offering statement filed with the Commission is qualified. This Preliminary Offering Circular shall not constitute an offer to sell or the solicitation of an offer to buy nor may there be any sales of these securities in any state in which such offer, solicitation, or sale would be unlawful before registration or qualification under the laws of any such state. We may elect to satisfy our obligation to deliver a Final Offering Circular by sending you a notice within two business days after the completion of our sale to you that contains the URL where the Final Offering Circular or the offering statement in which such Final Offering Circular was filed may be obtained.

**Angel Studios 024, Inc.**

Preliminary Offering Circular

July 11, 2025

Subject to Completion

**Up to 5,000,000 Shares of Series A Preferred Stock**

**$5,000,000 Maximum Offering Amount**

**THE U.S. SECURITIES AND EXCHANGE COMMISSION (SEC) DOES NOT PASS UPON THE MERITS OF OR GIVE ITS APPROVAL TO ANY SECURITIES OFFERED OR THE TERMS OF THE OFFERING, NOR DOES IT PASS UPON THE ACCURACY OR COMPLETENESS OF ANY OFFERING CIRCULAR OR OTHER SOLICITATION MATERIALS. THESE SECURITIES ARE OFFERED PURSUANT TO AN EXEMPTION FROM REGISTRATION WITH THE SEC; HOWEVER, THE SEC HAS NOT MADE AN INDEPENDENT DETERMINATION THAT THE SECURITIES OFFERED ARE EXEMPT FROM REGISTRATION.**

**Generally, no sale may be made to you in this Offering if the aggregate purchase price you pay is more than 10% of the greater of your annual income or net worth. Different rules apply to accredited investors and non-natural persons. Before making any representation that your investment does not exceed applicable thresholds, we encourage you to review Rule 251(** **d)(2)(i)(C) of Regulation A. For general information on investing, we encourage you to refer to *<u>www.investor.gov</u>*.**

------

Angel Studios 024, Inc., a Delaware corporation ("<u>we</u>," "<u>us</u>," "<u>our</u>," or the "<u>Company</u>"), is offering up to $5,000,000 of our Series A Preferred Stock shares (the "<u>Shares</u>"), at an offering price of $1.00 per share in a "Tier 2" offering under Regulation A (the "<u>Offering</u>"). All Shares will be offered in all jurisdictions at the same price.

We were formed as a wholly owned subsidiary of Angel Studios, Inc., our parent company ("<u>Parent Company</u>"), for the sole purpose of exploiting the commercial potential of the film entitled "SKETCH" (the "<u>Picture</u>"). In particular, we were formed to market and distribute the Picture in movie theaters and through distribution platforms in the post-theatrical period, and will share in the revenue generated by that distribution. We will use the proceeds from the Offering primarily to market the Picture, including by engaging in theatrical and post-theatrical 'Prints and Advertising' ("<u>P&A</u>") marketing.

When our Board of Directors (the "<u>Board</u>") has determined that it has sufficient funds available, we will use revenue generated by our exploitation of the Picture to redeem the Shares at a price of $1.15 per Share (the "<u>Stated Value</u>" or, to the extent unpaid and as existing at any time, the "<u>Series A Payment Amount</u>"). Therefore, at the time of redemption, holders of the Shares ("<u>Series A Stockholders</u>") will have received their investment principal plus a 15% return. We may redeem the Shares through a single redemption or through the payment of dividends. Upon payment of an amount equal in the aggregate to $1.15 per Share, the Shares will be deemed automatically redeemed and returned to us as authorized and unissued shares of Series A Preferred Stock. Our redemption of Shares or payment of dividends will be made in the sole discretion of the Board and subject to the availability of sufficient funds, as determined by the Board. However, we will not make any payments from Licensing Revenue (as defined below) to other persons (including our common stockholders) until we have redeemed the Shares in full. See "*Description of Shares*" and our Certificate of Designations of Preferences and Rights of Series A Preferred Stock of Angel Studios 024, Inc., as amended (the "Certificate of Designations") for more information.

Other than redemptions made in the context of liquidation payments (as described in our Certificate of Designations, which establishes the rights of the Series A Stockholders), our redemption of the Shares will be made in the form and at the timing determined by the Board in its sole discretion. If we redeem the Shares through the payment of dividends, such dividends will be distributed equally among all outstanding Shares. Series A Stockholders will have no right to request a dividend or a redemption by us.

Series A Stockholders will have no voting rights, other than as required by law or to amend the Certificate of Designations. Further, the Shares will not be convertible into, and Series A Stockholders will not participate in any payments made to, our common stock or on any other class of our stock. We will redeem the Shares before making any distributions to any of our other classes of stock, except as otherwise may be required by applicable law.

If we are unable to generate revenue sufficient to redeem the Shares, Series A Stockholders will have only a right to receive payments towards redemption of the Shares upon our liquidation, dissolution, or winding up, and to the extent we have assets available for distribution. If, upon our liquidation, dissolution, or winding up, or upon a Deemed Liquidation Event (as defined in our Certificate of Designations), our available assets are insufficient to fully redeem the Shares, Series A Stockholders will proportionally share in the distribution of available assets based on their respective ownership of Shares. See "*Description of Shares*" and our Certificate of Designations for more information.

Although we intend to redeem the Shares using revenue from our exploitation of the Picture, Series A Stockholders will not share directly or proportionally in, and will not have any rights to, any revenue or profits derived from the Picture. Therefore, regardless of the financial success of the Picture, Series A Stockholders' returns from this investment will be limited to a maximum of $0.15 per Share (in addition to the principal amount of $1.00 per share), to the extent such payment is approved by the Board.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Securities Offered by Us** | **Price to public** | **Underwriting<br> discount and<br> commissions** | **Proceeds to<br> Us<sup>1)</sup>** | **Proceeds to<br> other persons** |
| Per Series A Preferred Share: | $1.00 | N/A | $1.00 | $0.00 |
| Total Minimum: | $0.00 | $N/A | $0.00 | $0.00 |
| Total Maximum: | $5000000.00 | $N/A | $5000000.00 | $0.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The amounts shown are before deducting estimated Offering expenses including, without limitation, broker, legal, accounting, auditing, and other professional, printing, advertising, travel, marketing, and miscellaneous expenses of this Offering. Our Parent Company will initially pay all such expenses and will be reimbursed by us from the Offering proceeds. We estimate that the total expenses of this Offering will be $125,000, resulting in net proceeds of $4,875,000.

Film investments can be structured as discrete investments in entities formed around a single script and key talent. Through this structure, investors can invest in a single film's release without exposure to the poorer performance or liabilities of other films. Likewise, we were formed solely to exploit the commercial potential of a single film – SKETCH. An investment in us is not an investment in our Parent Company or any other film or television show our Parent Company markets or distributes, and we and our investors will not have any rights to the assets of our Parent Company.

The Picture was produced by Morphan Time, LLC ("<u>Producer</u>"), and its production budget was financed by The Wonder Project, Inc. ("<u>Wonder</u>"). Currently, Wonder holds all right and title to the Picture pursuant to an agreement between Wonder and the Producer, but we have entered into a Picture Services Agreement, (see Exhibit 6.2) with Wonder that grants us the licenses required to operate our business. See "*Description of Business – Relationship with Wonder; Picture Services Agreement*."

The Picture has an expected domestic release date of August 6, 2025, and international release dates in the days and weeks that follow. We aim to market the Picture's theatrical release and to distribute the Picture in at least 1,200 screens, including in the top 20 markets in the United States. We also plan to distribute the Picture through foreign exhibitors, and to release the Picture in the various foreign territories enumerated in the Picture Services Agreement, as well as an additional 60 territories. See "*Description of Business* – *Relationship with Wonder; Picture Services Agreement.*" We intend to exploit the Picture by marketing its post-theatrical release and distributing the Picture through the streaming platform operated by our Parent Company (the "<u>Platform</u>"), as well as through other on-demand platforms, streaming services, and distribution networks. Additionally, we expect to generate revenue from our Parent Company's "<u>Pay It Forward</u>" business model, by selling merchandise derived from the Picture, and by licensing the Picture through social media platforms and other third-party distributors. See "*Description of Business – Revenue Streams*."

Theaters distributing the Picture will be entitled to a portion (generally 55-60%) of box office receipts generated from the Picture's theatrical release. We will initially use all remaining box office receipts (the "<u>Theatrical Revenue</u>") to redeem the Shares sold in this offering, subject to the discretion of our Board. From the revenue derived from the Picture's non-theatrical exploitation of the Picture, we will first pay third-party participations, residuals, royalties, and other payments required to be made to unions and guilds ("<u>Residuals</u>"). We will initially use all remaining revenue derived from the Picture's non-theatrical exploitation (such revenue, "<u>Non-Theatrical Revenue</u>" and, together with Theatrical Revenue, "<u>Licensing Revenue</u>") to redeem the Shares, subject to the discretion of our Board. After we have redeemed the Shares, we (or our Parent Company, as applicable) will be reimbursed for all other marketing and distribution expenses permitted under the Picture Services Agreement between us and Wonder, up to any applicable cap described therein.

We expect to offer the Shares in this Offering from the date the SEC qualifies the Offering Statement, of which this offering circular is a part, until we raise the maximum amount being offered. No sales of the Shares will be made prior to the qualification of the Offering Statement by the SEC. We anticipate the Offering period to continue for up to 12 months from the date of commencement. However, we reserve the right to terminate this Offering for any reason at any time prior to the anticipated close of the Offering period. In particular, if we determine that we have raised funds sufficient to market the Picture before or around the Picture's theatrical release in August 2025, we may close the Offering before the 12-month Offering period ends.

This Offering is being conducted on a "best efforts" basis through our officers and director, under the safe harbor from broker-dealer registration set out in Rule 3a4-1 under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"). We have engaged Rialto Markets LLC, a Delaware limited liability company and member of FINRA/SIPC ("<u>Rialto</u>"), to act as broker-dealer of record in connection with this Offering, but not for underwriting or placement agent services. Rialto will receive a consulting fee of $5,000, plus an amount equal to 1% of the proceeds from the sale of the Shares. See *Plan of Distribution*."

After the SEC qualifies the Offering Statement, interested investors can review this Offering Statement (together with all exhibits hereto, including the Subscription Agreement), execute the Subscription Agreement, and pay the purchase price by visiting <u>launch.movie/sketch</u> (the "<u>Offering Site</u>"). We retain complete discretion to determine (or for Rialto to determine) that subscribers are "qualified purchasers" as defined in Regulation A, and to reject any investor's subscription in whole or in part for any reason. For sales that are not consummated, including because we or Rialto have determined that a subscriber is not a qualified purchaser, funds will be promptly refunded without interest.

We may engage an escrow agent in connection with this Offering. We expect that, upon our acceptance of a subscription for the Offering, funds received by us in connection with the subscription will be immediately deductible from the escrow account and available to us. Upon our acceptance of an investor's funds, we will issue the corresponding number of Shares to the investor. There is no minimum number of Shares or dollar amount that needs to be sold as a condition of the Offering's closing. Subscriptions, once received, are irrevocable by investors but can be rejected by us.

**Investing in our securities involves a high degree of risk, including the risk that you could lose all of your investment. An investment should be made only by persons or entities able to bear the risk of, and to withstand the total loss of, their investment. Prospective investors should carefully consider and review the section entitled "*Risk Factors*" beginning on page 5 of this offering circular before investing.**

**There is no public market for the Shares, and none is expected to develop. We do not intend to list the Shares on a national securities exchange or interdealer quotational system.**

The website address of our Parent Company is <u>https://www.angel.com</u>. Information contained on, or accessible through, our Parent Company's website is not a part of, and is not incorporated by reference into, this offering circular.

This offering circular follows the offering circular format described in Part II of Form 1-A.

**We are offering to sell, and are seeking offers to buy, the Shares only in jurisdictions where such offers and sales are permitted. You should rely only on the information contained in this offering circular. We have not authorized anyone to provide you with any information other than the information contained in this offering circular. The information contained in this offering circular is accurate only as of its date, regardless of the time of its delivery or of any sale or delivery of our securities. Neither the delivery of this offering circular nor any sale or delivery of our securities shall, under any circumstances, imply that there has been no change in our affairs since the date of this offering circular. This offering circular will be updated and made available for delivery to the extent required by the federal securities laws.**

**For investors outside the United States: we have not done anything that would permit this Offering or possession or distribution of this offering circular in any jurisdiction where action for that purpose is required, other than the United States. You are required to inform yourselves about and to observe any restrictions relating to the Offering and the distribution of this offering circular.**

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | Page |
| [CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS](#a_001) | [2](#a_001) |
| [Third-party data](#a_002) | [2](#a_002) |
| [STATE LAW EXEMPTION, qualified purchasers AND PURCHASE RESTRICTIONS](#a_003) | [3](#a_003) |
| [SUMMARY](#a_004) | [3](#a_004) |
| [RISK FACTORS](#a_005) | [5](#a_005) |
| [DILUTION](#a_006) | [12](#a_006) |
| [PLAN OF DISTRIBUTION](#a_007) | [12](#a_007) |
| [USE OF PROCEEDS TO ISSUER](#a_008) | [14](#a_008) |
| [DESCRIPTION OF BUSINESS](#a_009) | [14](#a_009) |
| [DESCRIPTION OF PROPERTY](#a_010) | [21](#a_010) |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#a_011) | [21](#a_011) |
| [DIRECTORS, EXECUTIVE OFFICERS, AND SIGNIFICANT EMPLOYEES](#a_012) | [23](#a_012) |
| [COMPENSATION OF DIRECTORS AND EXECUTIVE OFFICERS](#a_013) | [24](#a_013) |
| [SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN SECURITYHOLDERS](#a_014) | [24](#a_014) |
| [INTEREST OF MANAGEMENT AND OTHERS IN CERTAIN TRANSACTIONS](#a_015) | [25](#a_015) |
| [DESCRIPTION OF SHARES](#a_016) | [26](#a_016) |
| [ADDITIONAL REQUIREMENTS AND RESTRICTIONS](#a_017) | [29](#a_017) |
| [EXPERTS](#a_018) | [29](#a_018) |
| [LEGAL MATTERS](#a_019) | [29](#a_019) |
| [WHERE YOU CAN FIND MORE INFORMATION](#a_020) | [30](#a_020) |

---

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

This offering circular contains certain forward-looking statements that are subject to various risks and uncertainties. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "should," "potential," "plan," "intend," "expect," "outlook," "seek," "anticipate," "estimate," "approximately," "believe," "could," "project," "predict," or other similar words or expressions. Forward-looking statements are based on certain assumptions, discuss future expectations, describe future plans and strategies, or state other forward-looking information. Our ability to predict future events, actions, plans, or strategies is inherently uncertain. Although we believe that the expectations reflected in our forward-looking statements are based on reasonable assumptions, actual outcomes could differ materially from those set forth or anticipated in our forward-looking statements. In particular, certain expectations are based on projections of the revenue that may be generated by the Picture, and such revenue cannot be easily projected until the Picture's initial theatrical release begins, at the earliest. Factors that could cause our forward-looking statements to differ from actual outcomes include, but are not limited to, those described under the heading "*Risk Factors*." Readers are cautioned not to place undue reliance on any of these forward-looking statements, which reflect our views as of the date of this offering circular. Furthermore, except as required by law, we are under no duty, and do not intend, to update any of our forward-looking statements after the date of this offering circular, whether as a result of new information, future events, or otherwise.

You should read this offering circular and the documents referred to herein thoroughly, with the understanding that our actual future results may be materially different from and/or worse than what we expect. We qualify all of our forward-looking statements by these cautionary statements and those appearing elsewhere in this offering circular, including those made in the "*Risk Factors*" section. Other sections of this offering circular include additional factors that could adversely impact our business and financial performance. New risk factors emerge from time to time, and it is not possible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Except for our ongoing obligations to disclose material information under the federal securities laws, we undertake no obligation to release publicly any revisions to any forward-looking statements, to report events, or to report the occurrence of unanticipated events. These forward-looking statements speak only as of the date of this offering circular, and you should not rely on these statements without also considering the risks and uncertainties associated with these statements and our business.

**THIRD-PARTY DATA**

Certain data included in this offering circular, including without limitation information about the film industry, competing films, and films previously marketed (and distributed) by our Parent Company, is derived from information provided by third parties that we believe to be reasonable, reliable, fair, and accurate. However, we cannot assure the accuracy or completeness of included information, and we have not independently verified such third-party information, nor have we ascertained the underlying economic assumptions relied upon therein. While we are not aware of any material misstatements regarding any market, industry, film, or similar data presented herein and derived from third-party sources, reliance on such data involves risks and uncertainties. Certain data is also based on our good faith estimates, which are derived from management's knowledge of the industry and independent sources.

**STATE LAW EXEMPTION, QUALIFIED PURCHASERS, AND PURCHASE RESTRICTIONS**

We are offering the Shares pursuant to Tier 2 of Regulation A. As such, this Offering is exempt from state "blue sky" law review, subject to compliance with certain anti-fraud provisions.

As the Shares will not be listed on a registered national securities exchange upon qualification, the Shares are offered and sold only to: (i) "accredited investors" under Rule 501(a) of Regulation D; and (ii) persons whose investment in our Shares does not represent more than 10% of the greater of their annual income or net worth (for natural persons), or 10% of the greater of annual revenue or net assets at the end of the most recently completed fiscal year (for non-natural persons). Annual income and net worth are calculated as provided in the "accredited investor" definition under Rule 501 of Regulation D.

Under Rule 501(a) of Regulation D, the term "accredited investor" includes a natural person who:

(1) has a net worth, or joint net worth with the person's spouse or spousal equivalent, that exceeds $1,000,000 at the time of the purchase, excluding the value of the primary residence of such person; *<u>or</u>* 

(2) had earned income exceeding $200,000 in each of the two most recent years or joint income with a spouse or spousal equivalent exceeding $300,000 for those years and has a reasonable expectation of reaching the same income level in the current year; *<u>or</u>* 

(3) is holding in good standing one or more professional certifications or designations or credentials from an accredited educational institution that the SEC has designated as qualifying an individual for accredited investor status; *<u>or</u>* 

(4) is a "family client," as defined in Rule 202(a)(11)(G)-1 of the Investment Advisers Act of 1940, as amended, of a family office meeting the requirements of Rule 501(a)(12) of Regulation D and whose prospective investment in the Company is directed by such family office pursuant to Rule 501(a)(12).

Different standards apply to non-natural persons. See Rule 501 of Regulation D for more details on accredited investor status.

We reserve the right to reject any investor's subscription in whole or in part for any reason, including if we determine in our sole and absolute discretion that such investor is not qualified to invest in the Shares under Regulation A.

**SUMMARY**

*This summary highlights selected information contained elsewhere in this offering circular. This summary does not contain all of the information you should consider before investing in the Shares. You should read this entire offering circular carefully, especially the risks of investing in the Shares as discussed in the "Risk Factors" before making an investment decision.*

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| | |
|:---|:---|
| **The Company** | We are a wholly owned subsidiary of Angel Studios, Inc. We were formed to exploit the commercial potential of a single film ('SKETCH'), allowing investors to invest in a specific film rather than the general business of our Parent Company or other film productions marketed and/or distributed by our Parent Company. |
| **The Picture** | We expect to release the Picture domestically on August 6, 2025, and to distribute it in the top 20 major U.S. markets, and in at least 1,200 screens. The Picture will subsequently be released in foreign markets. We expect the Picture to run in theaters for at least one week.<br>The Picture depicts the story of a young girl who joins with her family to solve the problems that arise when the girl's drawings come to life after her sketchbook is submerged in a mysterious pond. The Picture was written and directed by Seth Worley, in his debut as a film screenwriter and director, and stars Tony Hale and D'Arcy Carden, with Bianca Belle, Kue Lawrence, and Kalon Cox in supporting roles. See "*Description of Business*" for more information.<br>|
| **Shares Offered** | Up to 5,000,000 Shares, on a "best efforts" basis for up to $5,000,000 of gross proceeds. Each Share has a purchase price of $1.00.<br>We may redeem the Shares at $1.15 per Share – the 'Stated Value.' Series A Stockholders also have a right to receive the Series A Payment Amount upon a Deemed Liquidation Event, or upon our liquidation, dissolution, or winding up, to the extent we still have assets available for distribution. We may redeem the Shares by paying dividends equal to the Series A Payment Amount or by voluntarily paying the Stated Value to Series A Stockholders in one payment. However, any payment will be made in the sole discretion of the Board and subject to the availability of sufficient funds. Series A Stockholders will have no voting rights and no right to request a dividend or a redemption by us. |

---

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| | |
|:---|:---|
|  | Other than Series A Stockholders' right to receive the Series A Payment Amount, the Shares will not participate in any payments to the holders of shares of our common stock. Series A Stockholders will have no voting rights, other than as required by law or for any proposed amendments to the as-filed Certificate of Designations. For a detailed description of the Shares, see "*Description of Shares*." |
| **Offering Price per Share** | $1.00 |
| **Stated Value per Share** | $1.15 – the price at which we may redeem the Shares. |
| **Number of Shares Outstanding Before the Offering** | There are no Shares of Series A Preferred Stock issued and outstanding at this time. There are 100 shares of common stock issued and outstanding, all of which are held by our Parent Company. |
| **Number of Shares Outstanding After the Offering** | 5,000,000 shares of Preferred Stock, assuming the Offering is fully subscribed, in addition to 100 shares of common stock currently held by our Parent Company. |
| **Minimum and Maximum Investment Amount** | There is no minimum investment amount that an investor must invest in this Offering. We reserve the right to limit the maximum investment amount that a single investor may invest in our sole discretion.<br>There is no minimum number of Shares or minimum dollar amount that needs to be sold as a condition of closing this Offering. The maximum Offering amount is $5,000,000. |
| **Subscription and Payment for Shares** | After the SEC qualifies our offering statement, of which this offering circular is a part, investors may invest in this Offering by executing the Subscription Agreement. Subscriptions, once received, are irrevocable by investors but may be rejected by us. We reserve the right to reject any investor's subscription in whole or in part for any reason. See "*Plan of Distribution – Procedures for Subscribing*."<br>The Subscription Agreement will be available on the Offering Site. Payments may be made on the Offering Site via ACH debit transfer or wire transfer to the account listed on the Offering Site. |
| **Distribution** | This Offering is being conducted a "best efforts" basis through our officers/director, which means our officers/director will attempt to sell the Shares but there is no guarantee that they will sell any minimum amount. Our officers and director will sell the Shares directly to the public, with no commission or other remuneration payable to them for any Shares sold. In offering the Shares on our behalf, our officers and director will rely on the safe harbor from broker-dealer registration set out in Rule 3a4-1 under the Exchange Act, as amended. See "*Plan of Distribution*." |
| **Offering Period and Termination of Offering** | We expect to offer the Shares in this Offering for a period of up to 12 months from the date of commencement, or until we raise the maximum offering amount. However, we reserve the right to terminate this Offering for any reason at any time, particularly if we determine that we have raised sufficient funds to market the Picture before the Picture's August 2025 release.  |
| **Investment Amount Restrictions** | Generally, unless you are an accredited investor, no sale may be made to you in this Offering if the aggregate purchase price you pay is more than 10% of the greater of your annual income or net worth. Different rules apply to investors that are not natural persons. Before making any representation that your investment does not exceed applicable thresholds, we encourage you to review Rule 251(d)(2)(i)(c) of Regulation A. For general information on investing, we encourage you to refer to <u>www.investor.gov</u>. |
| **Voting Rights** | Series A Stockholders will have no voting rights, other than as required by law or for any proposed amendments to the as-filed Certificate of Designations. |
| **Risk Factors** | Investing in the Shares involves substantial risks. See "*Risk Factors*" for a discussion of factors you should carefully consider before deciding to invest in the Shares. |
| **Use of Proceeds** | We expect to receive gross proceeds from this Offering of up to $5,000,000. The proceeds of this Offering will be used primarily to fund P&A marketing of the Picture's theatrical release, as well as to market and distribute the Picture during the post-theatrical period. Additionally, we will use proceeds to reimburse our Parent Company for all costs and expenses it incurs in connection with this Offering. |
| **Payment Agent; No Transfer Agent** | We will not use a transfer agent in connection with this Offering. We will use a third-party payment processor to process the transfer of funds to and from investors and us. |
| **Uncertificated Shares** | All Shares will be uncertificated. |

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**RISK FACTORS**

***Investing in the Shares involves significant risks. In addition to the other information contained in this offering circular, you should carefully consider the following risks before deciding to purchase any Shares. The occurrence of any of the following events might cause you to lose all or a part of your investment. Certain statements in this offering circular, including statements in the following risk factors, constitute forward-looking statements. Please refer to "Cautionary Statement Regarding Forward-Looking Statements" for more information regarding forward-looking statements.***

Below is a summary of material risks, uncertainties, and other factors that could have a material effect on us and our ability to redeem the Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· We have a limited purpose to license, promote, and distribute the Picture. Investments in films involve significant risk. If we do not effectively promote and distribute the Picture, or if the Picture is not well received by audiences, investors will lose some or all of their investment.

· If we do not raise sufficient funds in this Offering, we may not be able to effectively market the Picture, and may therefore be unable to redeem the Shares.

· We may need to raise additional capital on terms senior to the Series A Stockholders' right to receive a dividend.

· We face intense competition from other films and from film studios with much greater production, marketing, and distribution budgets and networks than us. If we cannot compete effectively with other films and distributors, we may be unable to generate Licensing Revenue sufficient to redeem the Shares.

· We are completely reliant on the efforts of our Parent Company to market and distribute the Picture. If our Parent Company cannot effectively perform those services, we may be unable to generate Licensing Revenue sufficient to redeem the Shares.

· Our success depends on our and Wonder's ability to protect the intellectual property of the Picture. If our or Wonder's rights to the Picture are infringed or restricted, we may be unable to effectively exploit our right to market and distribute the Picture.

· Series A Stockholders will have no voting rights and will not be able to influence us or our business.

· The Shares are not convertible, and Series A Stockholders will have no rights to participate in any payments to the holders of common stock. Further, there is no mandatory redemption of the Shares, other than in the event of a liquidation payment. Series A Stockholders have no right to request us to redeem the Shares. All payments of the Series A Payment Amount will be at the sole discretion of our Board.

· There is no public market for the Shares, and none is expected to develop.

· The Offering price may not accurately represent our current value or our assets at any particular time.

**Risks Related to our Company**

***We do not have an operating history that investors can use in deciding whether to invest.***

We are a newly formed company with no operating history that an investor can use to evaluate the risks of the proposed investment. Any prior experience of our director and officers in the film industry, and any successes of our Parent Company or other films it markets or distributes, does not guarantee that the Picture or your investment will be successful.

***We have a limited purpose that we may not be able to successfully achieve.***

We were formed for the sole purpose to license, promote, and distribute the Picture in the theatrical and post-theatrical period, and to otherwise exploit the commercial value of the Picture. We will not conduct any business activities except for activities relating to the Picture. If we are not successful in promoting and distributing the Picture, or if the Picture fails to achieve the success we anticipate, we will have no other source of revenue from which to redeem the Shares and you will lose some or all of your investment.

***The Offering may not close and, if we do not raise sufficient funds in this Offering, we may not be able to implement our business plan.***

We are a newly formed company and have not generated any revenues to date. There are numerous possible scenarios pursuant to which the Offering may be delayed, suspended, or abandoned prior to the initial closing, including a material adverse change or event in the capital markets or film industry, which could make it impracticable to consummate this Offering, the emergence of material litigation regarding us and/or involving the Picture, the outbreak of war or hostilities, or other unforeseeable events. If we do not raise sufficient funds in this Offering, we may not be able to implement our business model or redeem the Shares.

***We may need to raise additional capital that may be unavailable or involve issuing other securities.***

We may determine that additional funds will assist with or be necessary to the successful promotion of the Picture. If we are unable to raise additional funds if and when needed, we may not be able to maximize the Picture's potential box office success, which will negatively impact our ability to redeem the Shares. We may raise additional funds by issuing debt to investors outside of this Offering, including "P&A" debt investments common in the film industry. We expect to negotiate the terms of any such debt so that we redeem the Shares before making any repayments on our debt. However, debt holders will generally have rights that Series A Stockholders do not have, such as security interests in assets of our Parent Company, and priority of payment in the event of our liquidation, dissolution, or winding up. Additionally, any debt we incur may contain restrictive covenants that limit our ability to incur additional indebtedness, which may adversely affect our ability to finance future operations and capital needs.

***As we are owned by our Parent Company, our agreements with our Parent Company are related-party transactions. Additionally, we are not represented by legal counsel*.**

Our director and officers are also officers of or hold senior positions in our Parent Company and have ownership interests in our Parent Company. Therefore, the decisions to become a wholly owned subsidiary of our Parent Company and to enter into the Services Agreement with our Parent Company, were related-party transactions. Although we will seek to prioritize payment of the Series A Payment Amount, we expect to continue working with our Parent Company on all matters relating to the marketing of the Picture, and any transactions with our Parent Company will involve related parties.

Additionally, pursuant to a quitclaim/assignment agreement between our Parent Company and Wonder, our Parent Company will own all of Wonder's rights, title, and interest in and to the Picture upon fulfilling its payment obligations, and will assume Wonder's position in contracts governing such rights, upon payment of the purchase price in the quitclaim/assignment agreement. Therefore, it is likely that the Picture Services Agreement will eventually be between us and our Parent Company, and the transactions with our Parent Company will be related-party transactions. Further, we are not separately represented by our own legal counsel in connection with this Offering or otherwise.

***Our officers and director will have limited liability for, and will be indemnified and held harmless from, our losses.***

Our officers and director will not be liable for, and will be indemnified and held harmless (to the extent of our assets) from, any loss or damage incurred by them, us, or our stockholders in connection with any act or omission performed or omitted in good faith that does not constitute fraud, willful misconduct, gross negligence, or breach of fiduciary duty. These provisions may discourage stockholders from bringing suit against a director or officer for breach of fiduciary duty and may reduce the likelihood of derivative litigation brought by stockholders on our behalf against an officer or director. Additionally, any indemnification of our officers or director could result in substantial expenditures, which we may be unable to recoup. If such expenditures are significant, or involve issues that result in significant liability for our key personnel, we may have insufficient funds to redeem the Shares.

***We have a single director, and the Board has not voluntarily implemented various corporate governance measures.***

The Board has a single director and does not have a majority of independent directors. Additionally, the Board has not voluntarily implemented various corporate governance measures, such as an independent audit or compensation committee. In the absence of such measures, Series A Stockholders may have more limited protections against interested director transactions, conflicts of interest, and similar matters. For example, in the absence of independent directors/committees, decisions concerning matters such as contractual issues with our Parent Company are made by a director who has an interest in the outcome of the matters being decided. However, as a general rule, the Board, in making its decisions, determines first that the terms of any interested party transaction are no less favorable to us than those that would be available with respect to a similar transaction with an unaffiliated third party.

***The preparation of our financial statements involves the use of estimates, judgments, and assumptions, and our financial statements may be materially affected if such estimates, judgments, or assumptions prove to be inaccurate.***

Financial statements prepared in accordance with accounting principles generally accepted in the United States of America typically require the use of estimates, judgments, and assumptions that affect the reported amounts. Often, different estimates, judgments, and assumptions could reasonably be used that would have a material effect on such financial statements, and changes in these estimates, judgments, and assumptions may occur from period to period over time. Significant areas of accounting requiring the application of management's judgment include, but are not limited to, determining the fair value of assets and the timing and amount of cash flows from assets. These estimates, judgments, and assumptions are inherently uncertain and, if our estimates prove to be wrong, we will face the risk of needing to change or adjust our income or other financial statements. Any such changes could harm our business, including our financial condition and results of operations and the price of the Shares. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" for a discussion of the accounting estimates, judgments, and assumptions that we believe are the most critical to an understanding of our financial statements and business.

**Risks Relating to the Picture and the Film Industry**

***The Picture may be commercially unsuccessful, in which case we will not be able to redeem the Shares.***

The Picture will be the only film we market and distribute, and our rights relating to the Picture will be our primary asset. Therefore, our ability to redeem the Shares is completely dependent on our ability to generate revenue by exploiting our rights to the Picture.

The distribution of the Picture is subject to numerous uncertainties, including: the release schedule and performance of competing films; the availability of cost-effective marketing outlets and strategies; public taste in film genres; and competition with television shows and other leisure activities. Additionally, the production and distribution of feature films, "Video On Demand" and "Subscription Video On Demand," and other kinds of content are inherently risky businesses, largely because the revenues derived from the sale or licensing of such content depend primarily on widespread public acceptance, which is difficult to predict. The Picture's success will also depend on our ability to market the Picture to target any key audience demographics we may identify. Furthermore, we must invest substantial amounts in marketing the Picture before we can know whether the Picture will reach anticipated levels of popularity and financial return. The amounts we invest in marketing the Picture may outweigh the revenue generated from distributing the Picture, in which case we will have insufficient funds to redeem the Shares.

***The film business is highly speculative.***

The film industry is highly speculative and involves a substantial degree of risk. Many films are released each year that are not commercially successful and fail to recoup their production costs from distribution. We cannot assure the economic success of the Picture, since the revenues derived from its distribution depend on many factors that are outside of our control and cannot be predicted with certainty. For example, the Picture's success will depend on: its acceptance by the public; the quality and acceptance of competing films and shows released at or near the same time; the availability of alternative forms of entertainment and leisure time activities; consumer spending trends; and general economic conditions. Accordingly, there is a substantial risk that the Picture will not be commercially successful, in which case we may never be able to redeem the Shares.

***The Picture may not succeed if it receives bad audience and/or critic reviews.***

Like most motion pictures, the financial success of the Picture depends, in large measure, on the public's reaction to it. Public views on motion pictures are often influenced by professional reviewers or critics for newspapers, television, and other media. It is impossible to judge in advance what the reaction of these reviewers and critics will be to the Picture. To the extent that the Picture receives unfavorable reviews from reviewers and critics, its chances of a positive reception, and therefore financial success, may be substantially diminished. Additionally, the success of a film's theatrical release can determine the success of its theatrical distribution in foreign markets and its post-theatrical success. Therefore, if the Picture's domestic theatrical release is unsuccessful, our exploitation of the Picture thereafter may be limited.

***Most of our competitors, which include large and small studios and production companies, have significantly greater financial and marketing resources and experience than us.***

Although our Parent Company has been competing with film studios, production companies, independent producers, and marketing agencies for several years, the film industry is extremely competitive. Most of the major film studios in the United States are part of large diversified corporate groups with a variety of other operations, including television networks and cable channels, that support the distribution of films and provide multiple sources of revenue even if a single asset performs poorly. The top production companies control the vast majority of the domestic box office and even established smaller studios, production companies, and agencies may have significantly greater financial and marketing resources than us. Although we will rely on our Parent Company for marketing services, our Parent Company will face the same issues with competition as those described in this paragraph.

***The Picture may be released close in time to other films that feature household-name talent and were produced by larger film studios compared to the Picture.***

We expect the Picture to compete with several films starring well-known cast members, directed by better-known directors, and produced with budgets significantly greater than the Picture. In particular, THE BAD GUYS 2 and NAKED GUN are expected to be released the week prior to the anticipated opening day of the Picture, and FREAKIER FRIDAY and WEAPONS are scheduled to be released in the same week as the Picture's anticipated release date. The foregoing films likely have production budgets of around or above $100 million, are produced and distributed by multi-billion-dollar companies with global production/distribution networks. The release of other films at the same or similar times as the release of the Picture may reduce viewership of the Picture and/or limit our ability to add cinema screens for the Picture's theatrical release. As a result, we may be unable generate sufficient Theatrical Revenue to redeem the Shares, in which case we will need to rely on Non-Theatrical Revenue to redeem the Shares.

***The film industry is rapidly changing, and we may not be able to sufficiently adapt to such changes in promoting and distributing the Picture.***

The film industry is characterized by its dynamic and rapidly evolving nature, with frequent advancements in technology, changing consumer preferences, and shifting distribution models. For example, there is a widespread, growing preference for online streaming over traditional cinema viewing. If we cannot adapt effectively to these industry transformations when promoting and distributing the Picture, the Picture may not be commercially successful.

**Risks Relating to our Promotion and Distribution of the Picture**

***We are completely reliant on our Parent Company to market and distribute the Picture.***

We entered into a Picture Services Agreement with Wonder on March 7, 2025, and amended as of March 18, 2025 (see Exhibit 6.3). Pursuant to the Picture Services Agreement, we have the right and obligation to market the Picture. We have entered into a Services Agreement with our Parent Company, pursuant to which our Parent Company has agreed to provide all the marketing services we are obligated to perform under the Picture Services Agreement. We will be unable to market the Picture effectively without the experience, network, and services of our Parent Company. We cannot guarantee that our Parent Company will successfully promote and market the Picture.

Further, if we do not generate sufficient Theatrical Revenue, we will be dependent on the distribution of the Picture in the post-theatrical period to generate Licensing Revenue sufficient to redeem the Shares. We will initially distribute the Picture on the Platform in the post-theatrical period. In doing so, we will rely on our Parent Company's ability to attract and maintain an audience for the Picture. We also intend to license the Picture to third parties for distribution on their distribution platforms, and will rely on their ability to attract and maintain an audience for the Picture. Our licensing negotiations with third parties will be informed by our affiliation with our Parent Company, and we are therefore reliant on our Parent Company when securing profitable licensing agreements with third-party distributors.

***We and our investors will have no rights to the assets of our Parent Company, and our Parent Company does not guarantee the success of the Picture.***

Although we were formed as a wholly owned subsidiary of our Parent Company, and will contract with our Parent Company for various marketing and distribution services, we will have no rights to any of our Parent Company's assets. An investment in this Offering and in us is not an investment in our Parent Company. Neither we nor our investors will have any right to any other film marketed or distributed by our Parent Company, nor to any other assets of our Parent Company. Further, our Parent Company does not guarantee the success of the Picture. As such, our ability to redeem the Shares is entirely dependent on the commercial success of the Picture.

***Our Parent Company is reliant on its management team to perform its services to us.***

Our Parent Company is reliant on its management team and key personnel to operate its marketing and distribution businesses. Its success has depended, and continues to depend, on the efforts and talents of officers and employees who include Patrick Reilly, Neal Harmon, Jeffrey Harmon, and Jordan Harmon, the first of whom is also our director and officer. Our ability to distribute the Picture through third-party distribution platforms and to negotiate favorable licensing terms in connection therewith will also depend on the relationships our Parent Company has with third-party distributors. Our Parent Company's personnel, including the aforementioned officers, have marketing and distribution expertise that could not be easily replaced if our Parent Company were to lose the services of such personnel, in which case we could be unable to market and distribute the Picture successfully.

***Distribution platforms rely upon computer systems the breach of which would adversely affect the Picture's post-theatrical distribution.***

If funds available to us from the Picture's theatrical release are insufficient to redeem the Shares, we will need to generate Licensing Revenue from distributing the Picture by other means, including online distribution platforms. Following the Picture's theatrical release, we anticipate distributing the Picture initially through the Platform, before entering into licensing agreements with third parties. The Platform and other distribution platforms and networks rely extensively on computer systems for continued operation and are subject to damage or interruption from power outages, computer and telecommunications failures, computer viruses, cyber security breaches, vandalism, severe weather conditions, catastrophic events, and human error. If distribution platforms or networks fail to function properly or otherwise become unavailable, we may lose revenue that we could otherwise generate from distributing the Picture following its theatrical release.

***The ability of online distributors to distribute the Picture is dependent on the consistency of internet laws.***

The adoption or modification of laws or regulations relating to the internet could limit or otherwise adversely affect the distribution of the Picture on distribution platforms providing video on demand and related streaming models. In addition, the continued growth and development of the market for online commerce may lead to more stringent consumer and privacy protection laws, which may impose additional burdens on us. Changes in laws or regulations that adversely affect the growth, popularity, or use of the internet, including laws impacting net neutrality and consumer privacy, could decrease the demand for streaming services. Within such a regulatory environment, coupled with potentially significant political and economic power of local network operators, distribution platforms may be significantly impeded in their ability to provide streaming services. Any detriment to the functionality, use, or popularity of streaming services can negatively impact our distribution of the Picture through our distribution partners.

***Our Parent Company's marketing strategies are subject to restrictions in the Brand Guide.***

Our Parent Company's ability to market and promote the Picture is subject to the Brand Guide agreed upon by the parties (see "*Brand Guide*" section for more information). The Brand Guide gives Wonder the right to object to any marketing or promotional campaign, which may limit our Parent Company's ability to market and promote the Picture in a manner that it deems most effective.

***Our Parent Company's marketing strategies are dependent on its compliance with applicable laws.***

Our Parent Company is expected to utilize data supplied by its customers to market the Picture. Our Parent Company must comply with various international, federal, and state laws and regulations related to the handling, use, and protection of data. Any actual or perceived failure to comply with data privacy laws or regulations, or related contractual or other obligations, or any perceived privacy rights violation, could result in adverse regulatory or private action that restricts our ability to market the Picture.

***Changes in competitive offerings for entertainment video, including piracy-based video offerings, could adversely impact our ability to generate Non-Theatrical Revenue.***

The market for entertainment video is intensely competitive and subject to rapid change. Through new and existing distribution channels, consumers have increasing options to access entertainment video. The various economic models underlying these channels include subscription, transactional, ad-supported, and piracy-based services. All have the potential to capture meaningful segments of the entertainment video market in the future. Piracy, in particular, threatens to damage our business as virtually all its content is provided for free. Furthermore, piracy services are subject to rapid global growth. Additionally, traditional providers of entertainment video, including broadcasters and cable network operators, as well as internet-based, e-commerce entertainment video providers, are increasing their internet-based video offerings. Several of these competitors have long operating histories, large customer bases, strong brand recognition, and significant financial, marketing, and other resources. New competitors may enter the market or existing providers may adjust their services with unique offerings or approaches to providing video entertainment. Companies also may enter into business combinations or alliances that strengthen their competitive positions. If we are unable to successfully compete with current and new competitors in our post-theatrical promotion and distribution of the Picture, our business will be adversely affected.

***The Picture's success is dependent on establishing distributor agreements with global reach.***

We intend to generate Non-Theatrical Revenue by distributing the Picture internationally and benefitting from related secondary revenue sources such as advertising deals. This will require us to enter into agreements with global distributors. If we cannot establish and maintain relationships and agreements with global distributors, we will have limited revenue from outside our domestic market, in which case our ability to redeem the Shares will largely be dependent on the Picture's domestic success.

***Our success will depend on our ability to protect our and Wonder's intellectual property rights.***

Although we believe that the Picture will not infringe on the rights of third parties, the entertainment industry is notoriously litigious, and ownership and attribution claims are common. Our success will depend, in part, on our ability to protect our rights to market and distribute the Picture and on Wonder's ability to protect its rights to the Picture's underlying intellectual property. We and Wonder will rely primarily on a combination of copyright laws and other methods to protect our respective proprietary rights in the Picture. However, we cannot assure that such measures will protect our or Wonder's rights in the Picture. Additionally, third parties may claim they have contributed to the intellectual property of the Picture and are owed a contribution from the Picture's revenue or similar redress. Any associated litigation may result in a judgment or settlement that impacts our ability to distribute the Picture or generate Licensing Revenue with which to redeem the Shares. Further, we cannot assure that our competitors will not develop screenplays for films or shows similar to the Picture.

**Risks Relating to Ownership of the Shares**

***There are limited circumstances requiring us to pay the Series A Payment Amount, and Series A Stockholders will have no right to request a redemption of the Shares.***

We are required to pay the Series A Payment Amount only upon: a Deemed Liquidation Event; or, upon our liquidation, dissolution, or winding up, and only to the extent we have assets available for distribution. Otherwise, there is no mandatory redemption of the Shares, and Series A Stockholders will have no right to request us to redeem the Shares; any payment of dividends and any voluntary redemption of Shares will be at the sole discretion of the Board. Therefore, Series A Stockholders may be required to hold the Shares for a significant period until we pay the Series A Payment Amount, if at all.

***Our Certificate of Designations permits us to redeem the Shares on a non-pro rata basis.***

Our Certificate of Designations permits us, at any time following the issuance of any Shares and in the sole discretion of the Board, to redeem some, certain, or all of the Shares then issued and outstanding (a "<u>Corporation Optional Redemption</u>"). Pursuant to the Certificate of Designations, a Corporation Optional Redemption does need not be consummated pro rata amongst all of the Series A Stockholders, allowing some Series A Stockholders to receive their Series A Payment Amount before other Series A Stockholders. However, we intend to make any Corporation Optional Redemption on a pro rata basis only. If the Board determines that circumstances require a Corporation Optional Redemption be made on a non-pro rata basis, we will make such redemption in a fair manner, for example in the order in which we received subscriptions from investors (i.e., on a first-come, first-repaid basis).

***The Shares will not share in our profits following redemption of the Series A Payment Amount.***

Upon payment of the Series A Payment Amount, the Shares will be automatically redeemed, and investors will no longer own the Shares or other equity in our Company. Therefore, Series A Stockholders should only expect to receive a maximum payment of their principal of $1.00 per Share plus a return of $0.15 per Share. Series A Stockholders will not share in our profits beyond the Series A Payment Amount.

***The Shares are not convertible into our common stock or any other of our securities, and Series A Stockholders will have no voting rights.***

The Shares are not shares of common stock and are not convertible into any other shares of our stock. Series A Stockholders will have no voting rights, other than as required by law or for any proposed amendments to the as-filed Certificate of Designations. Series A Stockholders will have no ability to appoint, remove or influence our management. Accordingly, Series A Stockholders will be relying on the judgment of our management as to the use of the net proceeds from the Offering for the purpose of marketing and distributing the Picture.

***There is no public market for the Shares, and none is expected to develop.***

The Shares are newly issued securities. Although, pursuant to Regulation A, the securities are not restricted, the Shares are still highly illiquid securities. No public market has developed nor is expected to develop for the Shares, and we do not intend to list the Shares on a national securities exchange or interdealer quotational system. Series A Stockholders should be prepared to hold the Shares indefinitely as they are expected to be highly illiquid investments.

***The Offering price may not accurately represent our current value or our assets at any particular time.***

Our Board has determined the Offering price in its sole discretion. The Offering price for our Shares will not vary based on the underlying value of our assets at any time and may not be supported by our current value or our assets at any particular time.

***Holders of our Shares may face significant restrictions on the resale of the Shares due to state "blue sky" laws or rules restricting participation by foreign citizens.***

Each state has its own securities laws, often called "blue sky" laws, which impose restrictions on resales of securities. We have no plan to make any blue sky filings required for the resale of the Shares in any state that requires such filings. As such, there may be significant blue sky law restrictions on the ability of investors to sell the Shares, and investors should only invest if they are able to hold the Shares indefinitely.

***You may not be able to sell your Shares at or above the Offering price or at all.***

You may not be able to sell your Shares at or above the initial Offering price or at all. Investors should be prepared to hold their Shares for an indefinite period, and we cannot assure that the Shares can ever be traded or sold.

***By purchasing Shares in this Offering, you are bound by the exclusive forum selection provision contained in our Bylaws.***

Section 7.4 of our Bylaws provides that: "Unless the Corporation consents in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Corporation, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of the Corporation to the Corporation or the Corporation's stockholders, (iii) an action asserting a claim arising pursuant to any provision of the DGCL, or (iv) any action asserting a claim governed by the internal affairs doctrine shall be a state or federal court located within the state of Delaware, in all cases subject to the court's having personal jurisdiction over the indispensable parties named as defendants." This provision restricts your ability to bring certain claims in a court outside of Delaware, and such restriction may discourage you from pursuing an action you may be entitled to pursue against us.

***By purchasing Shares in this Offering, you are bound by the fee-shifting selection provision contained in our Bylaws, which may discourage you to pursue actions against us.***

Section 7.4 of our Bylaws provides that: "If any action is brought by any party against another party, relating to or arising out of these Bylaws, or the enforcement hereof, the prevailing party shall be entitled to recover from the other party reasonable attorneys' fees, costs and expenses incurred in connection with the prosecution or defense of such action, provided that the provisions of this sentence shall not apply with respect to 'internal corporate claims' as defined in Section 109(b) of the DGCL." Therefore, if you initiate or assert a claim against us in connection with our Bylaws, and we prevail against you in such action, you may be obligated to reimburse us for all reasonable costs and expenses incurred in connection with the claim, including reasonable attorney's fees and expenses and costs of appeal. This provision may discourage you from pursuing an action you may be entitled to pursue against us.

THE FEE SHIFTING PROVISION CONTAINED IN THE BYLAWS IS NOT INTENDED TO BE DEEMED A WAIVER BY ANY SERIES A STOCKHOLDER OF THE COMPANY'S COMPLIANCE WITH THE U.S. FEDERAL SECURITIES LAWS AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER. THE FEE SHIFTING PROVISION CONTAINED IN THE BYLAWS DOES NOT APPLY TO CLAIMS BROUGHT UNDER THE SECURITIES ACT OR THE EXCHANGE ACT.

**Risks Relating to this Offering**

***Noncompliance with Regulation A could result in Series A Stockholders rescinding their investments, which would impose severe financial demands on us that we may not be able to meet*.**

Our Shares have not been registered under the Securities Act and are being offered in reliance upon the exemption provided by Section 3(b) of the Securities Act and Regulation A promulgated thereunder. If it is determined that we have made a material misrepresentation in this offering circular, or if this Offering fails to qualify for exemption from registration under applicable federal and state securities laws, including pursuant to Regulation A, each investor may have the right to rescind their purchase of the Shares. In event of a rescission by investors, each such investor could have the right to receive back from us their purchase price with interest. Such investors, however, may be unable to collect on any judgment, and the cost of obtaining such judgment may outweigh the benefits. Further, if investors successfully sought rescission, we would face severe financial demands that we may not be able to meet, and such financial demands would also adversely affect any non-rescinding investors.

***Ongoing compliance with Regulation A and reporting to the SEC could be costly.***

Compliance with Regulation A is costly. Under Regulation A, we will be required to, for example, file an annual report on Form 1-K, a semi-annual report on Form 1-SA, and current reports on Form 1-U. As such, compliance with Regulation A requires significant legal and accounting expertise, and greater expenditures on outside counsel and outside auditors. Failure to remain in compliance with Regulation A may subject us to sanctions, penalties, and reputational damage, and would adversely affect our results of operations. The costs of compliance with Regulation A and other applicable securities laws will reduce the Licensing Revenue available for us to pay the Series A Payment Amount.

**DILUTION**

On May 27, 2025, we sold and issued 100 shares of our $0.00001 par value per share common stock to our Parent Company, in exchange for $100 at a price of $1.00 per share. We are offering the Shares of Series A Preferred Stock at a price of $1.00 per share. The Shares being offered in this Offering are not convertible into any other of our securities. Accordingly, there is no material disparity between the public offering price in this Offering, and the effective cash cost for any of our shares issued during the past year.

**PLAN OF DISTRIBUTION**

**Offering Price and Period; No Closing Conditions**

We are offering up to $5,000,000 of Shares at an offering price of $1.00 per Share, in a "Tier 2" offering under Regulation A of the Securities Act. We expect to commence the sale of the Shares on or around the date our offering statement (of which this Offering Circular is a part) is qualified by the SEC. The Offering is expected to expire at earlier of: (i) the sale of all of the Shares offered; (ii) 12 months following the commencement of this Offering; or (iii) our early termination of the Offering period. We reserve the right to terminate this Offering for any reason at any time prior to the initial closing. In particular, we anticipate raising most of the funds prior to the planned theatrical release of the Picture in August 2025, and may close the Offering if we determine that we have raised proceeds sufficient to fund our business plan.

There is no minimum number of Shares or dollar amount that needs to be sold as a condition of this Offering closing, and we will not be required to return any funds to you if we do not raise the maximum Offering amount.

**Escrow**

We plan to establish an escrow account in connection with the Offering. Upon our acceptance of a subscription, funds invested by an investor will be immediately deductible from the escrow account and available to us. Upon our acceptance of an investor's subscription and receipt of the investor's funds, we expect to issue Shares to such investor. Subscriptions, once received, are irrevocable by investors but can be rejected by us. We reserve the right to reject any investor's subscription in whole or in part for any reason. For sales that are not consummated, funds will be promptly refunded without interest.

**Best Efforts Offering; Broker of Record**

This Offering is being conducted on a "best efforts" basis through our officers and director, which means our officers and director will attempt to sell the Shares we are offering in this offering circular, but there is no guarantee that any minimum amount will be sold by them. This offering circular will permit our officers and director to sell the Shares directly to the public, with no commission or other remuneration payable to them for any securities they may sell. Our officers and director will receive no commission from their sale of the Shares, and will not register as broker-dealers by virtue of the safe harbor and exemption from broker-dealer registration set out in Rule 3a4-1 under the Exchange Act.

We have engaged Rialto, a broker-dealer registered with the Commission and a member of FINRA, to act as broker-dealer of record in connection with this Offering. Rialto has been engaged to perform the following operational and compliance related functions in connection with this Offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Act as the investor onboarding agent/broker of record for SEC and FINRA filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Review investor information, including "Know Your Customer" data,
anti-money laundering and other compliance background checks, and provide a recommendation to us whether or not to accept the investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Review each investor's subscription agreement to confirm such investor's
participation in the Offering and provide a determination to us whether or not to accept the use of the subscription agreement for the
investor's participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Manage exceptions with investor subscription agreements, personal details,
or funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reconcile investor subscription agreements and investment funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Contact and/or notify us, if needed, to gather additional information or
clarification on an investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Coordinate with third party providers to ensure adequate review and compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Review any marketing material related to the offering.

Rialto is not participating as an underwriter in this Offering and will not solicit any investment in us, sell any Shares, or provide any investment advice or recommendations to any investor. Rialto is not distributing any offering circulars or making any oral representations concerning this offering circular or this Offering. No investor should rely on the involvement of Rialto in this Offering as a basis for investing in the Offering. All inquiries regarding this Offering should be made directly to us.

As compensation for the services listed above, Rialto will be paid a $5,000 consulting fee at onboarding, plus an amount equal to 1% of the gross proceeds from the sale of the Shares. Rialto will also be reimbursed the FINRA 5110 filing fee payable to FINRA (which we anticipate will be $1,250), or the FINRA filing fee will be paid directly on behalf of Rialto.

If we do not proceed with the offering after Rialto receives a 'no objections' letter from FINRA, we will be charged a $30,000 early termination fee, unless the termination is for cause as described in our agreement with Rialto, attached as Exhibit 6.4..

**Payment Agent; No Transfer Agent**

There is no transfer agent for our Shares. However, we may engage a third party to facilitate the transfer of funds from and to investors.

**Book-Entry Records of Shares**

Pursuant to Title 8, Section 158, of the Delaware Code, ownership of the Shares will be represented in "book-entry" only form directly in the name of the respective owner of the Shares and will be recorded by us. No physical certificates will be issued, nor received, by us or any other person.

**Foreign Regulatory Restrictions on Purchase of the Shares**

We have not taken any action to permit a public offering of our Shares outside the United States or to permit the possession or distribution of this offering circular outside the United States. Persons outside the United States who come into possession of this offering circular must inform themselves about and observe any restrictions relating to this Offering of Shares and the distribution of the offering circular outside the United States.

**Procedures for Subscribing**

After the SEC has qualified the Offering Statement, you may review a copy of the offering circular and all exhibits thereto, including the Subscription Agreement, by visiting the Offering Site. In order to access the Subscription Agreement, you will be required to submit an email address and certain other items of information about yourself.

If, after reviewing the Subscription Agreement, you wish to proceed with an investment in this Offering, you will then have to complete the procedures for subscribing set forth in the Subscription Agreement and on the Offering Site, including executing the Subscription Agreement and following certain payment instructions.

You will be required to represent and warrant in your Subscription Agreement that: (i) you are an accredited investor as defined under Rule 501 of Regulation D; (ii) your investment in the Shares does not exceed 10% of your net worth or annual income, whichever is greater, if you are a natural person; or (iii) your investment in the Shares does not exceed 10% of your revenues or net assets (calculated as of your most recent fiscal year), whichever is greater, if you are a non-natural person. By completing and executing the Subscription Agreement, you will also acknowledge and represent that you have received a copy of this offering circular, you are purchasing the Shares for your own account and not with a view of resale or distribution, and that your rights and responsibilities regarding your Shares will be governed by our Certificate of Incorporation, Certificate of Designations, and Bylaws, each of which is filed as an exhibit to this offering circular.

You may pay the purchase price for the Shares in the form of ACH debit transfer or wire transfer to the account listed on the Offering Site.

After we receive your completed, executed Subscription Agreement, and after you have transferred the purchase price described in the Subscription Agreement to an account designated by us, we have the right to review and accept or reject your subscription in whole or in part for any reason or for no reason. Rialto will review all Subscription Agreements completed by investors. After Rialto has completed its review of a Subscription Agreement for an investment and no objection has been raised by Rialto or us, the funds may be released. We will return all monies from rejected subscriptions immediately to you, without interest or deduction. If we accept your subscription, we will countersign the Subscription Agreement and issue the Shares for which you have subscribed. Once you submit the Subscription Agreement and it is accepted, you may not revoke or change your subscription or request a return of your subscription funds. All accepted Subscription Agreements are irrevocable.

**USE OF PROCEEDS**

We expect to receive gross proceeds from this Offering of up to $5,000,000. The proceeds of this Offering will be used to market the Picture, initially and primarily by engaging in P&A marketing to promote the Picture's theatrical release, as well as to fund the Picture's non-theatrical marketing, distribution, and commercial exploitation. See "*Description of Business*." Additionally, we will use proceeds from this Offering to repay our Parent Company for all expenses incurred in connection with this Offering, including all legal, broker and accounting/auditing fees.

If all of the Shares are sold in this Offering, we expect to receive net proceeds from this Offering of approximately $4,875,000 after deducting $125,000 in fees and expenses associated with qualification of this Offering under Regulation A, including legal, broker, auditing, accounting, and other professional fees. However, we cannot guarantee that we will sell all of the Shares being offered hereunder. The following table summarizes how we anticipate using the gross proceeds of this Offering assuming the Shares are sold in this Offering, depending upon whether we sell 25%, 50%, 75%, or 100% of the Shares being offered:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **If 25% of<br> Shares<br> Sold for<br> Cash** | **If 50% of<br> Shares<br> Sold for<br> Cash** | **If 75% of<br> Shares<br> Sold for<br> Cash** | **If 100% of<br> Shares<br> Sold for<br> Cash** |
| **Gross Proceeds** | $**1250000** | $**2500000** | $**3750000** | $**5000000** |
| Fees for qualification of Offering under Regulation A (includes legal, broker, auditing, accounting, payment processor, financial printer, and other professional fees as well as Regulation A sales/marketing expenses)<sup>(1)</sup> | $(87500) | $(100000) | $(112500) | $(125000) |
| Net Proceeds | $**1162500** | $**2400000** | $**3637500** | $**4875000)** |
| **Our intended use of the net proceeds is as follows:** |  |  |  |  |
| Marketing and distribution of the Picture<sup>(2)</sup> | $(1162500) | $(2400000) | $(3637500) | $(4875000) |
| Total Use of Net Proceeds | $1162500 | $2400000 | $3637500 | $4875000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Offering expenses and fees will be paid by our Parent Company, and we will reimburse our Parent Company for all such expenses, up to an estimated $125,000, including $4,500 in consent fees paid to Tanner LLC, $50,000 in legal fees paid to Michael Best & Friedrich LLP, up to $55,000 paid to Rialto Markets LLC, and other fees, costs, and expenses that may be incurred in connection with this offering, including (i) escrow fees that may be incurred if we engage an escrow agent, and (ii) additional professional fees that may be incurred after the date of this Offering Circular. Rialto Markets LLC will be compensated for acting as the broker-dealer of record in connection with this Offering, but not for underwriting or placement agent services. Rialto will receive a consulting fee of $5,000, plus an amount equal to 1% of the proceeds from our sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;(2) All net proceeds will be used by our Parent Company to market, distribute, and otherwise exploit the Picture.

**DESCRIPTION OF BUSINESS**

**Our Company**

We were formed as a Delaware corporation on April 8, 2025. On May 27, 2025, we sold and issued 100 shares of our $0.00001 par value per share common stock to our Parent Company, in exchange for $100. We have authorized and created 10,000,000 shares of Series A Preferred Stock.

We were formed as a wholly owned subsidiary of our Parent Company for the sole purpose of licensing and exploiting various rights relating to the upcoming film "SKETCH." In particular, we were formed to market and distribute the Picture, including by engaging in P&A marketing of the Picture's theatrical release. Our right to license, promote, and distribute the Picture is governed by the Picture Services Agreement, as amended, by and between us and Wonder, as amended. We will promote the Picture through our Parent Company pursuant to a Services Agreement dated July 10, 2025. See Exhibit 6.1.

As is common with investments in the film industry, we were formed as a new entity to exploit licensing rights relating only to the Picture, allowing investors to back a release they anticipate being successful without exposure to the risks and losses of less successful films. We will not conduct any business activities except for activities relating to the Picture.

In many film investment deals, a film's producers invite investors (typically institutional investors) to fund the printing, advertising, and other expenses used to market the film's theatrical release. In return, investors are paid a pre-negotiated return on their investment from the box office receipts of the film. Investors may be paid after payments owed to distributing movie theaters. This investment structure is commonly known as a "P&A" investment. As P&A investors generally do not take on the greater risk of funding the film's creation, P&A investments are often regarded as 'last money in, first money out.'

The proceeds of this Offering will be used largely to fund the prints and advertising of the Picture and primarily its theatrical release. We expect that marketing the Picture will require significant upfront expenditures. Therefore, we may raise funds outside this Offering, including by issuing debt. In general, our debt holders will only be paid after Series A Stockholders have been paid the Series A Payment Amount. However, our debt holders will generally be paid before Series A Stockholders in the event of our liquidation, dissolution, or winding up, as is typical of debt investors compared to equity investors.

After we pay distributing theaters approximately 55-60% of the Picture's theatrical gross box office receipts, Theatrical Revenue will first be used to pay the Series A Payment Amount. If the theatrical release fails to generate Theatrical Revenue sufficient to pay the Series A Payment Amount of all Shares, we will seek to pay any remaining P&A Payment Amount through Non-Theatrical Revenue. In particular, following the Picture's theatrical release, we anticipate distributing the Picture through a variety of distribution platforms and networks. Initially, we expect to distribute the Picture through the Platform, before licensing the Picture to third-party distributors. Non-Theatrical Revenue generated by the Picture's non-theatrical exploitation of the Picture will first be used to pay Residuals *e.g.*, to the Writers Guild of America, Directors Guild of America, Screen Actors Guild, American Federation of Musicians, and IATSE. The remaining revenue will be used to pay the P&A Payment Amount, to the extent not already paid out from Theatrical Revenue. As such, although this Offering differs to traditional P&A investments facilitated through debt offerings, this Offering is structured to afford investors the ability to invest in the Picture's prints and advertising.

**The Picture**

The Picture depicts the story of a young girl whose drawings come to life after her sketchbook is submerged in a mysterious pond. The story dramatizes the events that occur after the drawings begin to cause problems, as the young girl and her family are forced to join together to solve those problems. The Picture was written and directed by Seth Worley, in his debut as a screenwriter and director. The Picture stars actor Tony Hale (INSIDE OUT 2, 2024; TOY STORY 4, 2019; THE ANGRY BIRDS MOVIE, 2016), and D'Arcy Carden (BOMBSHELL, 2019) with Bianca Belle, Kue Lawrence, and Kalon Cox in supporting roles.

The Picture was originally screened publicly at the 2024 Toronto Film Festival but will be released more broadly in accordance with the Picture Services Agreement.

We expect to release the Picture on August 6, 2025, in at least 1,200 theaters across the country. The Picture will also be released (in the days and weeks following the domestic release) in Australia, New Zealand, Brazil, Colombia, Mexico, Argentina, Bolivia, Chile, Panama, Guatemala, Honduras, El Salvador, Nicaragua, Costa Rica, Ecuador, Peru, Paraguay, Uruguay, Portugal, Philippines, Spain, Germany, Singapore, South Africa, Japan, and the Middle East. We will aim to release the Picture in an additional 60 countries, including France, Italy, the United Kingdom, and Ireland. We expect the Picture to run for several weeks following release, but no longer than the 30-day window provided for in the Picture Services Agreement. However, the exact duration of the Picture's run will depend on various factors, including the opening weekend box office performance, continued audience demand, marketing strategies of our Parent Company (*e.g.,* the decision to afford streaming windows to third-party streaming platforms), and the Picture's success with viewers in each theater individually.

**The Film Market**

The film market in the United States and globally experienced several significant trends and changes over recent years.

There was a significant (around 80%) drop in movie ticket sales between 2019 and 2020 due to the COVID-19 pandemic. However, since 2020, sales significantly increased year-on-year for several years, and box office in 2023 was about $34 billion globally and $9 billion domestically. In 2024, film market sales dipped slightly for the first time in the post-COVID era, to a box office of about $8.8 billion domestic and $32.3 billion global. So far in 2025, gross domestic box office receipts are around $3.8 billion.

The wider growth of the movie industry has been driven in part by internet proliferation and smartphone usage, which facilitate content access on streaming platforms. Streaming services like Netflix, Amazon Prime, Disney+, Peacock, and Apple TV have experienced significant growth in recent years, and strong consumer demand has contributed to a robust streaming market. This growth reflects the increasing monetization of streaming services, and also indicates the growing willingness of consumers to invest in digital media for entertainment and information.

The industry also continues to be driven by the technological advancements and innovations that are redefining the landscape of entertainment and media consumption. For example, the film market is seeing an increase in the use of autonomous drones, 3D previsualization, motion capture technology, virtual production, and 4K technology. These technological advancements are expected to continue contributing to consumer demand for high quality media content.

So far in the 2025 box office year, the most popular movie genres based on gross box office receipts in the United States were: Adventure (accounting for 33% of the market share), followed by Action (21%), Horror (16%), Drama (9%), Musical (8%), Thriller/Suspense (6%), and Comedy (6%). Other genres such as Romantic Comedy and Documentary held smaller shares of the market.

The data for 2025 (which is limited) indicates a change from the 2024 box office year, in which Action and Adventure led market share, but were followed by Musical (13%) and Comedy (10%). The Picture's genre, Comedy, fell in market share from the prior year, down to 6% in 2025. Notably, the popularity of genres thus far in 2025 has been heavily impacted by the release of a few large films. For example, the Horror genre jumped because of the release of SINNERS and FINAL DESTINATION: BLOODLINES, which collectively have earned over $400 million in 2025. Similarly, the Adventure and Action genres have maintained high market shares because of films like A MINECRAFT MOVIE (Adventure), LILO & STITCH (Adventure), CAPTAIN AMERICA: BRAVE NEW WORLD (Action), and THUNDERBOLTS (Action), which have grossed over $1 billion collectively in 2025.

**Relationship with Wonder; Picture Services Agreement**

Morphan Time, LLC produced the Picture with a $5,800,000 production budget financed by The Wonder Project, LLC (originally d/b/a The Capra Project, LLC). As part of that relationship, Morphan Time, LLC assigned its ownership rights in and to the Picture to Wonder. On March 7, 2025, we entered into the Picture Services Agreement with Wonder, agreeing to market, distribute, and otherwise exploit the Picture.

The term of the Picture Services Agreement is 20 years (the "<u>Term</u>"), subject to additional provisions in the Picture Services Agreement. Upon Wonder's receipt of an amount equal to 120% of its investment in the Picture (*i.e.*, upon receiving payment of $6,960,000), the Term will become perpetual.

The following paragraphs provide summary information about the Picture Services Agreement. The descriptions of the Picture Services Agreement herein are qualified in their entirety by the Picture Services Agreement. See Exhibit 6.2.

*Licenses*

The Picture Services Agreement grants us various rights and licenses to exploit the Picture. Subject to the limitations described below and in the Picture Services Agreement, the Licenses are for the entirety of the Term.

We have the right to distribute the Picture in theaters throughout the world for a period of thirty (30) days. Additionally, we have the exclusive right to distribute the Picture on the Platform for a period of ninety (90) days (the "<u>Exclusive Window</u>") following the Picture's theatrical run. After the Exclusive Window has elapsed, we will have a royalty-bearing right and license to facilitate the distribution of the Picture on the Platform for the remainder of the Term. Wonder will also have the right, following the Exclusive Window, to distribute the Picture on a platform it creates (if any).

We also have the right to sublicense the distribution of the Picture to third parties. During and after the Exclusive Window, we have the right to negotiate the distribution of the Picture through other streaming platforms, including television (free, pay-per-view, satellite, cable, etc.), video-on-demand, video devices (including DVD and Blu Ray) and online and digital streaming, as well as for educational and commercial purposes (*e.g.*, distribution for viewing on ships, flights, hotels, etc.).

Additionally, we have an irrevocable, non-exclusive, royalty-bearing right and license to manufacture and sell merchandise (*e.g.*, board games, toys, books, apparel, etc.) and digital collectibles derived from the Picture.

*Wonder Platform License*

The Picture Services Agreement provides for distribution of the Picture on a streaming platform operated by Wonder, and for sharing of licensing fees in connection with that distribution. However, to date, Wonder does not have a streaming platform and we expect that the Picture will not be distributed on Wonder's platform.

*Theatrical Release*

We have agreed to use commercially reasonable efforts to facilitate release of the Picture in the 2025 summer season in a minimum of 1,200 screens, including but not limited to franchises such as AMC, Regal, and Cinemark, and including screens in the top 20 markets in the United States (as measured by box office revenue data collected by Box Office Mojo within 30 days of the theatrical release). The Picture will also be released in Australia, New Zealand, Brazil, Colombia, Mexico, Argentina, Bolivia, Chile, Panama, Guatemala, Honduras, El Salvador, Nicaragua, Costa Rica, Ecuador, Peru, Paraguay, Uruguay, Portugal, Philippines, Spain, Germany, Singapore, South Africa, Japan, and the Middle East. We will aim to release the Picture in an additional 60 countries, including France, Italy, the United Kingdom, and Ireland. We will also market the Picture's theatrical release through a P&A campaign funded in whole or in part through proceeds from this Offering.

*Non-Theatrical Exploitation*

We will market, distribute, and exploit the Picture in the post-theatrical period by distributing the Picture on the Platform, followed by distribution through third-party distribution platforms and streaming services. We may also exploit the commercial potential of the Picture by licensing the Picture on social media platforms, and entering into advertising relationships.

*Distribution and Marketing Cap; Payment of Permitted Distribution and Marketing Expenses*

The Picture Services Agreement limits the amount of marketing expenses we may incur. First, we may incur up to $10,000,000 in theatrical marketing expenses. Second, we may incur up to 25% percent of the Theatrical Revenue in post-theatrical marketing expenses. Any additional expenses above the foregoing caps must be agreed upon by Wonder.

Pursuant to the Picture Services Agreement, we are entitled to deduct marketing expenses (subject to the foregoing caps) and distribution expenses from the Licensing Revenue generated by exploitation of the Picture. Payment of the P&A Payment Amount is a permitted distribution and marketing expense under the Picture Services Agreement, and we will use Theatrical Revenue to pay the P&A Payment Amount before paying any other permitted expenses. To the extent the P&A Payment Amount cannot be paid through Theatrical Revenue, we will use Non-Theatrical Revenue to pay Residuals and then to pay the remaining P&A Payment Amount, before paying any other permitted expenses. After payment of the P&A Payment Amount, we will pay other marketing and distribution expenses. Any remaining Licensing Revenue will be split between us and Wonder.

*Revenue Split*

After the payment of permitted distribution and marketing expenses, 66.67% of the remaining Licensing Revenue will be retained by Wonder, which will be further split between Wonder, the Producer, and Kingdom Story Company, LLC ("<u>Kingdom Story</u>") (which provided physical production services in connection with the Picture) in accordance with Wonder's agreements with those third parties. The other 33.33% of remaining Licensing Revenue will be retained by us. We will pay (or cause our Parent Company to pay) Wonder's share of Licensing Revenue on a quarterly basis. We will have redeemed the Shares prior to paying Wonder its share of the revenue split.

Revenue generated from distributing the Picture through our Parent Company's subscription (or 'Guild') service is not subject to the above revenue split. Instead, after payment of permitted distribution and marketing expenses, as well as certain Guild-related expenses, our Parent Company will retain 50% of Picture-derived Guild revenue as a fee for its services to us. Wonder, the Producer, and Kingdom Story will split the remaining 50%. As such, we will use Picture-derived Guild revenue to pay the P&A Payment Amount but will not share in that revenue on an ongoing basis after payment of the P&A Payment Amount.

*Financial Guarantee*

We have guaranteed Wonder a minimum of $6,000,000 in Licensing Revenue within five years of the Picture's release date (the "<u>Minimum Guarantee</u>"). However, we will not pay Wonder the Minimum Guarantee until we have redeemed the Shares.

*Intellectual Property*

The underlying intellectual property of the Picture, including the social media accounts associated with the Picture, and any derivative productions are owned and managed by Wonder. Upon our Parent Company paying the purchase price for the Picture, our Parent Company will own the intellectual property of the Picture.

*Film Credits*

We will receive up to three executive producer credits on a single card in the Picture's main titles, a logo credit in the main titles, and an "Angel Studios Presents" credit. We anticipate that we will assign the credits to our Parent Company.

*Derivative Productions*

We have the exclusive right to license, reproduce, use, adapt, distribute, display, perform or create derivative works based on the Picture or any portion thereof. These rights include, but are not limited to, derivative works such as video games or other interactive games and devices.

*Brand Guide*

We and Wonder have agreed to collaborate on the creation of a "brand guide" for the Picture (the "<u>Brand Guide</u>"). While we will generally have broad discretion in marketing, distributing, and exploiting the Picture, we will be required to adhere to the Brand Guide in conducting such activities. Wonder retains the right to object to any marketing or promotional campaign conducted by us. As part of the Brand Guide, we have agreed to set up and administer social media accounts for the Picture. We and Wonder will each have access to the social media accounts for the Picture, and we have agreed to strictly adhere to the Brand Guide in all social media engagements.

*Customary Provisions*

The Picture Services Agreement also includes customary contractual provisions, such as representations and warranties, indemnification, insurance, default, and other provisions.

**Quitclaim/Assignment Agreement**

On May 22, 2025, our Parent Company and Wonder fully executed a Quitclaim/Assignment Agreement (the "<u>Quitclaim Agreement</u>"), granting all of Wonder's rights, title, and interest in and to the Picture to our Parent Company, upon our Parent Company's payment of the purchase price as detailed in the Quitclaim Agreement. Upon our Parent Company's final payment under the Quitclaim Agreement, scheduled for July 31, 2025, our Parent Company will hold all of Wonder's right, title, and interest in and to the Picture, and will assume Wonder's position under existing agreements governing Wonder's rights to the Picture. As such, upon our Parent Company's payment of the purchase price for the Picture, the Picture Services Agreement will be directly between us and our Parent Company. However, the execution of the Quitclaim Agreement does not alter our rights and obligations under the Picture Services Agreement, and will not alter the rights of Series A Stockholders to receive the Series A Payment Amount.

**Marketing; Prints and Advertising**

On July 10, 2025, we entered into a Services Agreement with our Parent Company, pursuant to which our Parent Company agreed to perform various services that we are obligated to provide to Wonder under the Picture Services Agreement, particularly the prints and advertising of the Picture. As such, we will direct all net proceeds from this Offering to our Parent Company for its use in marketing and distributing the Picture.

We expect our Parent Company to market the Picture through proprietary marketing strategies, which may include the tailored use of billboards, trailers in theaters, advertisements on the Platform aimed at the Platform's established user base, advertising through social media accounts of 'influencers,' and targeted advertising using social media websites. Our Parent Company has previously provided marketing services in connection with the following films:

*His Only Son.* The domestic wide release of *His Only Son* was March 31, 2023. The film was screened in over 1,920 theaters at its opening.

*Sound of Freedom.* The domestic wide release of *Sound of Freedom* was July 4, 2023. The film was screened in over 2,950 theaters at its opening.

*After Death.* The domestic wide release of *After Death* was October 27, 2023. The film was screened in over 2,645 theaters at its opening.

*The Shift*. The domestic wide release of *The Shift* was December 1, 2023. The film was screened in over 2,450 theaters at its opening.

*Cabrini*. The domestic wide release of *Cabrini* was March 8, 2024. The film was screened in over 2,450 theaters at its opening.

*Bonhoeffer: Pastor. Spy. Assassin.* The domestic wide release of *Bonhoeffer: Pastor. Spy. Assassin.* was November 22, 2024. The film was screened in over 1,850 theaters at its opening.

*Homestead.* The domestic wide release of *Homestead* was December 20, 2024. The film was screened in over 1,850 theaters at its opening.

*The King of Kings.* The domestic wide release of *The King of Kings* was April 11, 2025. The film was screened in 3,200 theaters at its opening.

*The Last Rodeo*. The domestic wide release of *The Last Rodeo* was May 23, 2025. The film was screened in 2,205 theaters at its opening.

As compensation for its services, our Parent Company will receive the right to distribute the Picture on the Platform. Additionally, after the deduction of amounts needed to pay the P&A Payment Amount and certain costs and expenses relating to our Parent Company's membership-based service (the "<u>Guild</u>"), our Parent Company will receive 50% of Guild revenue attributable to the distribution of the Picture on the Platform. Guild revenue attributable to the Picture will be based on a pro rata viewing time algorithm applied uniformly with other pictures/titles on the Platform.

**Revenue Streams**

*Theatrical Release of the Picture*

We expect to derive a primary portion of our revenues from ticket sales in connection with the Picture's theatrical release. We anticipate distributing the Picture in at least 1,200 movie theaters, owned/operated by a variety of movie theater companies and franchises, such as AMC, Regal, and Cinemark. The terms of our agreements with a theater's distribution of the Picture vary, but theaters are generally obligated to screen a film for its opening weekend. Theaters may also choose to screen the Picture for longer depending on their expectation of the Picture's continued generation of box office receipts. We expect to retain 40-45% of the box office receipts generated from the Picture's theatrical release, with the remaining 55-60% paid to the movie theaters from the release date onwards. Our goal is to then pay all Series A Stockholders the Series A Payment Amount with the revenue generated from the box office receipts we receive.

Theater tickets may be sold by movie theaters online at the theater's website and in person at the theater. Our Parent Company may also sell tickets through the Platform. Additionally, members of the Guild may receive two free tickets to the Picture as part of their Guild subscription. If Guild members redeem their tickets, our Parent Company will direct funds equal to the value of those tickets to comprise part of the Theatrical Revenue.

*Post-Theatrical Distribution of the Picture*

The other primary portion of our revenue will be derived from the Picture's distribution through distribution platforms and networks, including "video on demand" and similar streaming services. Following the theatrical release of the Picture, we will initially distribute the Picture exclusively on the Platform to members of the Guild. The Platform's general users will be able to view the Picture at a later date for free, as part of a wider Platform release. Distribution of the Picture on the Platform will be governed by the Services Agreement between us and our Parent Company. Pursuant to the Services Agreement, we anticipate that revenue generated by the Guild and attributable to the Picture will generally be calculated based on the pro rata viewing time of the Picture compared to other content on the Platform. Guild membership fees attributable to the Picture will be used to pay the P&A Payment Amount, wholesale theatrical ticket costs, Guild marketing expenses, and various other fees and costs. Our Parent Company and Wonder will share the remaining Guild revenue evenly. See "*Description of Business – Relationship with Wonder; Picture Services Agreement*."

After the Picture's distribution through the Platform, we anticipate distributing the Picture through a range of global distribution platforms and networks. The terms of our licensing agreements with each distribution platform will likely be determined following the Picture's initial theatrical release, and we expect to receive more favorable pricing and terms if the Picture's theatrical release is successful. The revenue generated from licensing agreements with distribution platforms that offer on-demand streaming service may be linked to the Picture's viewership on that streaming service's platform.

The films below followed a similar pattern of initial marketing by our Parent Company, followed by distribution on the Platform, and then distribution through third-party distribution platforms:

*His Only Son*. The film was distributed on the Platform in May 2023. The film was later distributed through Vudu.

*Sound of Freedom*. The film was distributed on the Platform in November 2023. The film was later distributed through Amazon, iTunes, and Vudu.

*After Death*. The film was distributed on the Platform in January 2024. The film was later distributed through Amazon, iTunes, and Vudu.

*The Shift*. The film was distributed on the Platform in February 2024. The film was later distributed through iTunes and Vudu.

*Cabrini*. The film was distributed on the Platform in June 2024. The film was later distributed through Amazon, iTunes, and Vudu.

*Bonhoeffer: Pastor. Spy. Assassin.* The film was distributed on the Platform in January 2025.

*Homestead.* The film was distributed on the Platform in April 2025. The film was later distributed through Vudu.

*The King of Kings.* The film was distributed on the Platform in May 2025. The film was later distributed through Vudu.

*The Last Rodeo*. The film was distributed on the Platform in June 2025. The film was later distributed through Vudu.

*Pay It Forward Revenue*

Our Parent Company uses a "Pay It Forward" technology that allows people, including individuals who have viewed the Picture, to pay for theater tickets on behalf of other members of the public – in particular, for viewers who would not otherwise watch the film at a theater. Individuals participating in the Pay It Forward program can purchase the tickets through the Angel Studios application or the Angel Studios website. If the funds contributed through the Pay It Forward program exceed the total cost of the theater tickets purchased with such funds, we will receive such excess funds as revenue.

Similar to the theatrical release Pay It Forward model, our Parent Company also uses a Pay It Forward model on the Platform. Access to the Platform is free, and most content on the Platform is free. Contributors can make a one-time or monthly payments of varying amounts to support our Parent Company's provision of free content to general users. In general, contributors participate in the Pay It Forward model to fund the continued distribution of specific films or television shows.

We anticipate that the Licensing Revenue generated from the Pay It Forward model will be low compared to the revenue derived from the Picture's theatrical release and its distribution on the Platform.

**Competition**

We compete with other companies that promote and license films similar to the Picture. In the film industry, competition in the licensing and promotion sector is intense, with several prominent companies leading the market, such as major studios like Village Roadshow Pictures, Pixar Animation Studios, Relativity Media, Amblin Entertainment, DreamWorks Animation LLC, Access Industries, Legendary Pictures Productions, and New Line Cinema. Each of these companies generates billions of dollars in global box office sales, leveraging diverse portfolios and partnerships with distribution platforms like Netflix, Amazon Prime, and Disney+. Therefore, even when a film has low ratings or does not perform comparatively well at the box office, the film may still generate revenue through the streaming platforms with which production companies maintain significant relationships.

Additionally, major studios have widespread brand recognition, as well as production and marketing budgets far greater than we or our Parent Company will have at our disposal. With greater production budgets, other studios can cast household name directors and actors/actresses, which typically draw larger audiences. In particular, major studios are scheduled to release films during the Summer 2025 season, including films like THE BAD GUYS 2, NAKED GUN, FREAKIER FRIDAY, and WEAPONS. These films are currently set for release the week prior to or the week of the Picture's expected release, which may reduce viewership of the Picture and/or limit our ability to add cinema screens for the Picture's theatrical release. These films also have household-name directors and cast members, and their distributors can also spend more on marketing (including P&A marketing) than us, which increases the likelihood of a larger audience size. Further, THE BAD GUYS 2, NAKED GUN, and FREAKIER FRIDAY are all comedies that will compete with the Picture, which is also a comedy. In particular, we will need to compete with THE BAD GUYS 2, since that film is a comedy that, like the Picture, is child-friendly. Nonetheless, we anticipate that theater traffic will be sufficient for the Picture to sell tickets if competing releases are successful. Additionally, we believe that the Picture's quality and unique storyline will enable it to compete effectively. Further, we believe the Picture will compete effectively with WEAPONS, since that is a horror film targeting a different audience, and offering a substantially different viewing experience, to the Picture.

Moreover, movie theaters may be incentivized to keep the Picture in theater for longer than usual. Movie theaters are frequently not entitled to retain any box office sales of a film until after the film has been screened for weeks or even months, after which movie theaters keep around 50% of the box office receipts. Our Parent Company has previously permitted movie theaters to retain 55-60% of the box office receipts of a film from the release date onwards. We expect movie theaters to retain a similar portion of box office receipts generated by the Picture, with the remaining 40-45% constituting our Theatrical Revenue. Depending on the initial success of the Picture, theaters may be incentivized to continue screening the Picture longer than an equally successful film distributed by a different company, since they will retain a greater portion of receipts than they will from the sale of tickets to other films.

Finally, because the Platform only distributes content aligning with our Parent Company's vision of promoting media that 'amplifies light,' the content preferences of Platform users are already aligned with Picture. Additionally, content is only distributed on the Platform if it is first greenlit by a vote of Guild members. As such, the Platform's viewer base provides a ready audience to view the Picture.

**Employees**

We have no full-time or part-time employees. All of our day-to-day operations are administered by our Parent Company, Angel Studios, Inc.

**Legal Proceedings**

We are not currently a party, as plaintiff or defendant, nor are we aware of any threatened or pending legal proceedings, that we believe to be material or which, individually or in the aggregate, would be expected to have a material effect on our business, financial condition, or results of operation if determined adversely to us.

**Executive Offices**

Our corporate headquarters are located at 295 W Center St., Provo, Utah 84601, which we are allowed to use for no charge by our Parent Company. We believe that this facility is adequate for our current and near-term future needs.

**Public Market**

Although the Shares will not be restricted because they are offered pursuant to Regulation A, the Shares are still highly illiquid securities. No public market has developed nor is expected to develop for the Shares, and we do not intend to list the Shares on a national securities exchange, interdealer quotational system, or alternative trading system. As the Shares are highly illiquid investments, investors should be prepared to hold the Shares indefinitely.

**Government Regulation**

Government regulations in the film industry, particularly concerning the licensing and promotion of films, encompass a range of areas including copyright laws, distribution regulations, advertising standards, and content classification systems. Copyright laws protect the intellectual property rights of creators, while distribution regulations govern how films can be shared and sold. Advertising standards ensure that film promotions are truthful and not misleading. Content classification systems, like the MPAA rating in the United States, categorize films based on suitability for different audiences. These regulations aim to balance the interests of creators, distributors, and the public.

In addition to these regulations, the film industry must also navigate a complex web of international laws when distributing films globally. This includes adhering to different copyright standards, respecting cultural sensitivities, and complying with varying content restrictions imposed by different countries. The promotion of films internationally also requires careful consideration of diverse marketing laws and cultural norms, ensuring that advertising content is appropriately tailored and compliant with local regulations in each market. These layers of regulation add complexity to film licensing and promotion, requiring producers and distributors to be vigilant and adaptable in their global strategies.

**DESCRIPTION OF PROPERTY**

As of the date of this offering circular, we do not own or lease any real property. Our corporate headquarters are located at 295 W Center St., Provo, Utah 84601, where we are allowed to operate for no charge by our Parent Company. We believe that this facility is adequate for our current and near-term future needs.

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF**

**FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

The following discussion of our financial condition and results of operations should be read in conjunction with the financial statements and the notes to those statements that are included elsewhere in this offering circular. Our discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations, and intentions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors, including those set forth under the Risk Factors, Cautionary Notice Regarding Forward-Looking Statements, and Business sections in this offering circular. We use words such as "anticipate," "estimate," "plan," "project," "continuing," "ongoing," "expect," "believe," "intend," "may," "should," "could," and similar expressions to identify forward-looking statements. Our future operating results, however, are impossible to predict and no guaranty or warranty is to be inferred from those forward-looking statements.

**Formation**

We were formed as a Delaware corporation on April 8, 2025, and authorized and created 10,000,000 shares of Series A Preferred Stock. On May 12, 2025, we filed a Certificate of Designations that designated all shares of preferred stock as Series A Preferred Stock. On May 27, 2025, we filed an amendment to our Certificate of Designations, lowering the Stated Value of the Series A Preferred Stock from $1.20 to $1.15 per Share. On May 27, 2025, we also sold and issued 100 shares of our $0.00001 par value per share of common stock to our Parent Company, in exchange for $100.

We were formed for the sole purpose to license, promote and distribute the Picture. We are seeking to raise funds in this Offering to accomplish this purpose, particularly by funding the P&A marketing of the Picture and distributing the Picture in theaters and through distribution networks and platforms. We will not conduct any business activities except for activities relating to the Picture.

**Plan of Operations**

We are a newly organized company and have worked on organizational and development matters since inception. We have not generated any revenues, and we are dependent on investment and the services of our Parent Company to implement our business model. See "*Interest of Management and Others in Certain Transactions*" for more information.

For the 12 months following the commencement of the Offering, we will seek to sell our Shares and use the proceeds in promoting and distributing the Picture in accordance with our business model. We intend to use the proceeds from this Offering regardless of the amount raised. If we determine that further funds will help us successfully promote and distribute the Picture, we may decide to raise such additional funds, including funds from the issuance of securities to investors in a separate offering.

*Specific Plan of Operations and Milestones*

Our plan of operations over the next 12-month period is as follows, assuming the sale of 25%, 50%, 75% and 100% of Shares in this offering, and does not include offering expenses of this offering of $125,000:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **If 25% of<br> Shares<br> Sold for<br> Cash** | **If 50% of<br> Shares<br> Sold for<br> Cash** | **If 75% of<br> Shares<br> Sold for<br> Cash** | **If 100% of<br> Shares<br> Sold for<br> Cash** |
| **Gross Proceeds** | $**1250000** | $**2500000** | $**3750000** | $**5000000** |
| Licensing, Promotion, and Distribution of the Picture | $(1250000) | (2500000) | (3750000) | (5000000) |
| **Total Use of Net Proceeds** | $**1250000** | $**2500000** | $**3750000** | $**5000000** |

---

During the next 12 months, we intend to, among other things, have the Offering Statement declared qualified, begin receiving net proceeds from this Offering, and pay the expenses of this Offering with those net proceeds. Additionally, for the next 12 months, we plan to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1. Promote the Picture*. We intend to promote the Picture by engaging our Parent Company to conduct a Prints and Advertising campaign, using various media (including, for example, billboards, online advertisements, and advertising segments on the Platform) to encourage members of the public to purchase tickets to watch the Picture in theaters. We may spend up to $10,000,000 to advertise the Picture's theatrical release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2. Distribute the Picture in Theaters*. We intend to distribute the Picture in at least 1,200 theaters, and in at least the top 20 markets in the U.S., in addition to various foreign markets. The distributing movie theaters will receive 55-60% of all box office receipts; the specific percentage will be negotiated with each distributing theater company prior to the Picture's release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3. Distribute the Picture on the Platform.* We intend to distribute the Picture on the Platform. We estimate the costs of this to be nominal since we expect to receive payments from our Parent Company for its right to distribute the Picture on the Platform. We may also receive payments from the Platform's Pay It Forward model. The costs of operating the Platform and the Pay It Forward will be borne by our Parent Company, not us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4. License the Picture to Third-Party Distributors*. We intend to sub-license the Picture to third-party distribution networks and platforms, including on-demand streaming platforms. We anticipate the cost of this to be minimal compared to the cost of promoting the Picture, as we expect such third-party distributors to pay us for their right to distribute the Picture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5. Sell Merchandise and Picture-related Digital Collectibles.* We intend to sell Picture-related merchandise and Picture-related digital collectibles. We anticipate the cost of this to be minimal compared to the cost of promoting the Picture and distributing it on the Platform.

Until sufficient proceeds have been received by us from the sale of Shares in this Offering, we cannot assure that we will be successful in raising proceeds in this Offering. If we do not raise sufficient funds in this Offering, we may not be able to implement our business plan or may have to cease operations altogether.

**Results of Operations**

As of April 30, 2025, we had not commenced operations. For the period from April 8, 2025 (inception), to the period ended April 30, 2025, our total revenues from operations were $0. Operating costs for the same period were $0.

**Liquidity and Capital Resources**

As of April 30, 2025, we had cash on hand of $0. We do not have any external sources of capital.

Potential future sources of capital include secured or unsecured financings from additional investors and/or lenders, including financial institutions. Note that, currently, we have not identified any additional source of financing, other than the proceeds from our Offering, and we cannot assure that such sources of financing will be available on favorable terms or at all. If we do not raise sufficient funds in this Offering, we may not be able to implement our business plan or may have to cease operations altogether.

**Contingent Liabilities**

We may be subject to lawsuits, investigations, and claims (some of which may involve substantial dollar amounts) that can arise out of our normal business operations. We intend to continually assess the likelihood of any adverse judgments or outcomes to our contingencies, as well as potential amounts or ranges of probable losses, and recognize a liability, if any, for these contingencies based on a thorough analysis of each matter, and potentially with the assistance of outside legal counsel and other experts. Because most contingencies are resolved over long periods, liabilities may change in the future due to new developments (including new discovery of facts, changes in legislation and outcomes of similar cases through the judicial system), changes in assumptions or changes in our settlement strategy. There were no contingent liabilities as of April 30, 2025.

**Income Taxes**

As of April 30, 2025, we had no federal and state income tax expense.

**Off-Balance Sheet and Other Arrangements**

As of April 30, 2025, we did not have any material off-balance sheet arrangements.

**Significant Accounting Policies**

Our management's discussion and analysis of our financial condition and results of operations is based on our financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles, or "GAAP." The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reported period. In accordance with GAAP, we base our estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. Our significant accounting policies are fully described in Note 1 to our audited financial statements appearing elsewhere in this offering circular, and we believe those accounting policies are critical to the process of making significant judgments and estimates in the preparation of our financial statements.

**DIRECTORS, EXECUTIVE OFFICERS, AND SIGNIFICANT EMPLOYEES**

Our director will serve until his successor is elected and qualified or until his or her death, resignation, or removal. Our officers are appointed by our Board and will serve in such capacity until his or her successor is appointed or until his or her death, resignation, or removal. Our Board has no nominating, audit, or compensation committees.

Set forth below is certain information concerning our directors and executive officers.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name<sup>(1)</sup>** | **Age** | **Position** | **Term of Office** | **Approximate hours per<br> week<sup>(2)</sup>** |
| Patrick Reilly | 43 | Chief Executive Officer; Director | April 2025 – April 2026 | 1 |
| Ray Willardson | 43 | Chief Financial Officer; Secretary | April 2025 – April 2026 | 1 |
| David Crapo | 39 | Director of Operations | April 2025 – April 2026 | 1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) We have no significant employees and no executive officers or directors except as provided in this table.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Each of the directors and officers listed is employed full-time by our Parent Company.

**Biographies**

***Patrick Reilly*.** Patrick has served as our Chief Executive Officer and Director since April 2025. Patrick began providing consulting services to our Parent Company, Angel Studios, in March 2014 and joined Angel Studios as the Director of Finance in February 2016. Patrick then served as the Chief Financial Officer of Angel Studios until June 2025, and now serves as Angel Studios' Senior Vice President of Finance. Patrick is a veteran of tech startups. Prior to joining us, Patrick served as the Financial Controller at Moki Mobility, Inc. a computer software company, from 2013 to February 2016, where he was responsible for all finance and accounting duties. From 2009 to 2013, Patrick was the Vice President of Finance and Financial Controller at Allegiance, Inc. (now Maritz CX), where he was responsible for all finance and accounting duties of the company. Patrick graduated from the University of Utah with his M.B.A in 2020 and holds a B.S. in Business Administration from Utah Valley University.

***Ray Willardson*.** Ray has served as our Chief Financial Officer and Secretary since April 2025. Ray has served as the Vice President of Finance for our Parent Company since 2021, where he oversees all aspects of accounting, as well as portions of the finance, treasury, and strategic direction for the business. Prior to working at our Parent Company, Ray served as the Director of Reporting (from 2015 to 2020) and Vice President of Accounting (from 2020 to 2021) at sPower, a renewable energy company, where he oversaw all accounting matters for over 200 entities and a consolidated balance sheet of over $2 billion. Ray has extensive experience in finance and accounting. He is a CPA, has five years of Big Four auditing experience, and has excelled while working for large public companies and small start-ups. Ray graduated from Brigham Young University with a dual degree of B.S. in Accounting and MAcc in 2008.

***David Crapo*.** David has served as our Director of Operations since April 2025. David has served as the Senior Product Manager over the Guild Initiatives team for our Parent Company since February 2023. In that position, David leads an engineering team to oversee portions of the Angel Studios web and mobile applications, including member onboarding and offboarding experiences, account management, and various matters involving new theatrical releases. David graduated from the Eccles School of Business at the University of Utah in 2018 with an MBA, and a Juris Doctorate from the J. Reuben Clark law school at Brigham Young University in 2019.

**Family Relationships**

There are no family relationships among our executive officers or director of. Certain shareholders, officers, and directors of our Parent Company are members of Harmon Brothers, LLC, an advertising and marketing company that we anticipate will provide advertising services to our Parent Company in connection with the Picture.

**Involvement in Certain Legal Proceedings**

None of our executive officers, member of the Board, or control persons has been involved in any legal proceeding listed in Item 401(f) of Regulation S-K in the past 10 years.

**COMPENSATION OF DIRECTORS AND EXECUTIVE OFFICERS**

We were incorporated on April 8, 2025. We have not yet paid our director and officers Patrick Reilly, Ray Willardson, and David Crapo (our "named executive officers") any cash or other form of compensation from April 8, 2025 (inception) to date. Therefore, we have excluded a Summary Compensation Table for the period from April 8, 2025 (inception) to April 30, 2025, for the named executive officers.

We have no intention of compensating the named executive officers. We expect the named executive officers will be compensated only by our Parent Company in connection with their services to our Parent Company. There are no compensatory plans or arrangements, including payments to be received from us with respect to any executive officer, that would result in payments to such person because of his or her resignation, retirement or other termination of employment with us, any change in control, or a change in the person's responsibilities following a change in our control.

**SECURITY OWNERSHIP OF**

**MANAGEMENT AND CERTAIN SECURITYHOLDERS**

The following table sets forth information about our current beneficial ownership as of April 30, 2025, and our estimated beneficial ownership at after the Offering for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each person known to us to be the beneficial owner of more than 10% of our voting securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each director and executive officer who beneficially owns more than 10% of our voting securities; and

· all of the executive officers and directors as a group.

Unless otherwise noted below, the address for each beneficial owner listed on the table is in care of Angel Studios 024, Inc., 295 W Center St., Provo, Utah 84601. We have determined beneficial ownership in accordance with the rules of the SEC. We believe, based on the information furnished to us, that the persons and entity named in the table below have sole voting and investment power with respect to all shares of common stock that they beneficially own, subject to applicable community property laws. We have based our calculation of the percentage of beneficial ownership on 100 shares of our common stock outstanding as of April 30, 2025. We have authorized and created 10,000,000 shares of Series A Preferred Stock, none of which are issued and outstanding.

We have not issued any options, convertible notes, or restricted stock units to include in our calculation of the beneficial ownership information below.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Common Stock Shares**<br> **Beneficially Owned <br> Prior<br> to**<br> **this Offering** | **Common Stock Shares**<br> **Beneficially Owned <br> Prior<br> to**<br> **this Offering** | **Common Stock <br> Shares<br> Beneficially<br> Owned After this <br> Offering<sup>(1)</sup>** | **Common Stock <br> Shares<br> Beneficially<br> Owned After this <br> Offering<sup>(1)</sup>** |
| <br>**Name of Beneficial Owner** | **Number** | **Percent** | **Number** | **Percent** |
| **Directors and Named Executive Officers:** | | | | |
| Patrick Reilly, Chief Executive Officer and Director | 0 | 0 | 0 | 0 |
| Ray Willardson, Chief Financial Officer and Secretary | 0 | 0 | 0 | 0 |
| David Crapo, Director of Operations | 0 | 0 | 0 | 0 |
| All named executive officers and members of the board of directors as a group (3 persons) | 0 | 0 | 0 | 0 |
| **10% holders:** |  |  |  |  |
| Angel Studios, Inc.<sup>(1)</sup> | 100 | 100% | 100 | 100% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Board of Directors of Angel Studios, Inc. has voting and dispositive control of our common stock held by Angel Studios, Inc. Because any action of Angel Studios, Inc. requires the vote of a majority of the Board of Angel Studios, Inc., no single member has voting or dispositive control.

**INTEREST OF MANAGEMENT AND<br> OTHERS IN CERTAIN TRANSACTIONS**

The following is a description of each transaction since April 8, 2025 (our inception) and each currently proposed transaction in which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· we have been or will be a participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the amount involved exceeds the lesser of $120,000 or one percent of the average of the smaller reporting company's total assets at yearend for the last two completed fiscal years; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any of our directors, executive officers, or beneficial owners of more than 5% of our capital stock, or any immediate family member of, or person sharing the household with, any of these individuals, had or will have a direct or indirect material interest.

The following also describes certain other of our transactions in which our officers and/or directors have a direct or indirect interest.

**Share Issuance to Parent Company**

On May 27, 2025, we sold and issued 100 shares of our $0.00001 par value per share common stock to our Parent Company, in exchange for $100. All our officers and directors are also officers, employees, and/or shareholders of our Parent Company.

**Services Agreement with Parent Company; Platform Ownership and Operation**

As noted previously, we have entered into a Services Agreement with our Parent Company, pursuant to which our Parent Company has agreed to provide marketing services in connection with the Picture on our behalf. We will also distribute the Picture through the Platform owned and operated by our Parent Company. See "*Description of Business – Revenue Streams*" for more detailed information. Our officers and director authorizing execution of the Services Agreement and use of the Platform for distribution are also officers, employees, and/or shareholders of our Parent Company.

**Other Business Interests and Obligations to Other Entities**

We and/or our respective affiliates, shareholders, members, partners, managers, directors, officers, and employees will devote as much time to our affairs as is reasonably required in our judgment as applicable. Such affiliates, shareholders, members, partners, managers, directors, officers, and employees will not be precluded from engaging directly or indirectly in any other business or other activity, including the same type of business as conducted by us.

None of our officers and directors will be required to manage our Company as his or her sole and exclusive function, and they may have other business interests and may engage in other activities in addition to those relating to us, provided that such activities do not otherwise breach their agreements with us. We are dependent on these persons to successfully operate our Company. Their other business interests and activities could divert time and attention from operating our Company.

**DESCRIPTION OF SHARES**

We have authorized 1,000 shares of common stock, par value $0.00001 per share. There are currently 100 shares of common stock issued and outstanding. On May 12, 2025, we authorized and created 10,000,000 Shares of Series A Preferred Stock, with a par value $0.00001 per Share. We are offering up to 5,000,000 Shares at an offering price of $1.00 per share. There are no Shares issued and outstanding at this time.

The following paragraphs describe our common and preferred shares. All descriptions of our shares herein are qualified in their entirety by the Certificate of Incorporation and the Certificate of Designations. See Exhibit 2.1 and 2.3–2.4 respectively.

**Common Stock**

Holders of our common stock are entitled to one vote for each share on all matters submitted to a stockholder vote. The shares of common stock do not have cumulative voting rights. Therefore, holders of a majority of the shares of common stock voting for the election of directors can elect all of the directors. Holders of our common stock representing a majority of the voting power of our capital stock issued, outstanding, and entitled to vote, represented in person or by proxy, are necessary to constitute a quorum at any meeting of stockholders. Holders of our common stock are entitled to share in all dividends that our Board, in its discretion, declares from legally available funds, after payment of the P&A Payment Amount. In the event of a liquidation, dissolution, or winding up, each outstanding share entitles its holder to participate pro rata in all assets that remain after payment of liabilities and after providing for each class of stock, if any, having preference over the common stock. Our common stock has no preemptive rights, no conversion rights, and there are no redemption provisions applicable to our common stock.

**Preferred Stock**

The rights, preferences, restrictions, and other matters relating to the Series A Preferred Stock are as follows:

***Number and Stated Value***. The number of authorized shares of Series A Stock is 10,000,000 shares. Each share of Series A Stock has a Stated Value of $1.15. The Stated Value, to the extent unpaid and as existing at any time, is referred to in the Certificate of Designations as the 'Series A Payment Amount.'

***Dividends***. We, at the discretion of our Board, may issue dividend payments to Series A Stockholders if it deems sufficient funds are available. However, Series A Stockholders have no right to request or demand a dividend. If we pay a dividend, each dividend payment will be determined in amount and timing by the Board and each dividend payment will proportionally reduce the Series A Payment Amount. Dividends, if any, will be distributed equally among all outstanding Series A Stock. The Series A Payment Amount will be reduced by the amount of any dividends paid on the Shares.

***Voting Rights***. Series A Stockholders will have no voting rights, other than as required by law or for any proposed amendments to the as-filed Certificate of Designations.

***No Participation***. The Series A Stock will not participate in any payments to be paid to the common stock or on any other payments on any other shares of our stock.

***No Conversion.*** The Series A Stock will not be convertible into any other shares of our stock.

***Liquidation Payment***. In the event of our liquidation, dissolution, or winding up, or in the case of a Deemed Liquidation Event, holders of Series A Stock are entitled to receive payment before any distributions to common stockholders. This payment per share will be equivalent to the then-applicable Series A Payment Amount. If our available assets are insufficient to fully pay the Series A Payment Amount, Series A Stockholders will proportionally share in the distribution of available assets based on their respective shares. A "<u>Deemed Liquidation Event</u>" means a merger or consolidation where we issue new capital stock (unless the current stockholders maintain majority control post-transaction), or the sale, lease, transfer, exclusive license, or other disposition of all or substantially all our assets and our subsidiaries, or the sale of subsidiaries holding these assets, except for transactions within wholly owned subsidiaries. This definition is subject to change based on a majority vote by Series A Stockholders.

***Deemed Redemption*.** Upon full payment of the Series A Payment Amount, for any reason, all of the shares of Series A Stock will be deemed automatically redeemed in return for such payment(s) and will be automatically returned to us and will constitute authorized and unissued shares of Series A Stock.

***Optional Redemption***. At any time following the date of the issuance of any shares of Series A Stock, we may elect, in the sole discretion of the Board, to conduct a Corporation Optional Redemption, and such Corporation Optional Redemption need not be consummated pro rata amongst all of the Series A holders. A Corporation Optional Redemption will be consummated at a redemption price equal to the then applicable Series A Payment Amount with respect to the shares of Series A Stock then being redeemed.

***No Payments on Other Shares***. Until the Series A Payment Amount has been paid in full and therefore the Series A Stock has been redeemed, we will not pay any dividends or make any distributions to any of the other classes of our stock, except as otherwise may be required by applicable law.

***Amendment and Protective Provisions***. We may not amend or repeal the Certificate of Designations in any manner that would be material and adverse to the Series A holders without the prior written consent of Series A holders holding a majority of the Series A Stock then issued and outstanding, in which vote each share of Series A Stock then issued and outstanding shall have one vote, voting separately as a single class, in person or by proxy, either in writing without a meeting or at an annual or a special meeting of such Series A holders, and any such act or transaction entered into without such vote or consent shall be null and void ab initio, and of no force or effect.

**Exclusive Forum Provisions**

Section 7.4 of our Bylaws provides that "Unless the Corporation consents in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Corporation, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of the Corporation to the Corporation or the Corporation's stockholders, (iii) an action asserting a claim arising pursuant to any provision of the DGCL, or (iv) any action asserting a claim governed by the internal affairs doctrine shall be a state or federal court located within the state of Delaware, in all cases subject to the court's having personal jurisdiction over the indispensable parties named as defendants."

This choice of forum provision may limit the ability of a Series A Stockholder to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers, or other employees, which may discourage such lawsuits against us and our directors, officers, and employees. Alternatively, a court could find these provisions of our Bylaws to be inapplicable or unenforceable in respect of one or more of the specified types of actions or proceedings, which may require us to incur additional costs associated with resolving such matters in other jurisdictions, which could adversely affect our business and financial condition.

**Fee Shifting Provision**

Section 7.4 of our Bylaws provides that "If any action is brought by any party against another party, relating to or arising out of these Bylaws, or the enforcement hereof, the prevailing party shall be entitled to recover from the other party reasonable attorneys' fees, costs and expenses incurred in connection with the prosecution or defense of such action, provided that the provisions of this sentence shall not apply with respect to "internal corporate claims" as defined in Section 109(b) of the DGCL."

In the event a Series A Stockholder initiates or assert a claim against us, in accordance with Section 7 of our Bylaws, and does not obtain a judgment on the merits that substantially achieves, in substance and amount, the full remedy sought, the Series A Stockholder will be obligated to reimburse us for all reasonable costs and expenses incurred in connection with such claim, including, but not limited to, reasonable attorney's fees and expenses and costs of appeal, if any.

THE FEE SHIFTING PROVISION CONTAINED IN THE BYLAWS IS NOT INTENDED TO BE DEEMED A WAIVER BY ANY HOLDER OF THE SHARES OF THE COMPANY'S COMPLIANCE WITH THE U.S. FEDERAL SECURITIES LAWS AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER. THE FEE SHIFTING PROVISION CONTAINED IN THE BYLAWS DO NOT APPLY TO CLAIMS BROUGHT UNDER THE EXCHANGE ACT AND SECURITIES ACT.

**Certain Anti-Takeover Provisions of Delaware Law and our Certificate of Incorporation and Bylaws**

We are subject to the provisions of Section 203 of the Delaware General Corporate Law ("<u>DGCL</u>") regulating corporate takeovers. This statute prevents certain Delaware corporations, under certain circumstances, from engaging in a "business combination" with:

· a stockholder who owns 15% or more of our outstanding voting stock (otherwise known as an "interested stockholder");

· an affiliate of an interested stockholder; or

· an associate of an interested stockholder, for three years following the date that the stockholder became an interested stockholder.

A "business combination" includes a merger or sale of more than 10% of our assets. However, the above provisions of Section 203 do not apply if:

· our board of directors approves the transaction that made the stockholder an "interested stockholder," prior to the date of the transaction;

· after the completion of the transaction that resulted in the stockholder becoming an interested stockholder, that stockholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, other than statutorily excluded shares of common stock; or

· on or subsequent to the date of the transaction, the business combination is approved by our board of directors and authorized at a meeting of our stockholders, and not by written consent, by an affirmative vote of at least two-thirds of the outstanding voting stock not owned by the interested stockholder.

Our authorized but unissued common stock and preferred stock are available for future issuances without stockholder approval and could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved common stock and preferred stock could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.

**Special Meeting of Stockholders**

Our Bylaws provide that a special meeting of our stockholders other than a special meeting for the election of directors may be called only by the Board.

**No Classified Board of Directors**

Our Board is not currently divided into classes, and each director is elected to a one-year term, and therefore all directors will be subject to reelection at each annual meeting of stockholders. Each director's term will continue until the election and qualification of the director's successor, or the director's earlier death, resignation, or removal.

**Removal of Directors**

Except as may otherwise be provided in connection with rights to elect additional directors under specified circumstances, which may be granted to the holders of any class or series of preferred stock, any director may be removed from office only by the affirmative vote of the holders of not less than a majority of the voting power of the issued and outstanding stock entitled to vote, at a special meeting of the stockholders called for that purpose, and the vacancies thus created may be filled, at the meeting held for the purpose of removal, by the majority affirmative vote of the holders of all of the voting power of the issued and outstanding stock entitled to vote.

**Payment Agent; No Transfer Agent; Uncertificated Stock**

We will not use any transfer agent in connection with this Offering. We will use a third-party payment processor to facilitate the transfer of funds to and from Series A Stockholders. Information about transfer of funds is available on the Offering Site. All the Shares will be uncertificated.

**Shares Eligible for Future Sale**

Prior to this Offering, there has been no public market for our Shares, and we do not intend to seek to establish one. Prior to the Offering, there are no Shares issued and outstanding. Upon closing of this Offering, if it is fully subscribed, 5,000,000 Shares will be issued and outstanding. Prior to this Offering, and after this Offering, 100 shares of our common stock are, and will be, issued and outstanding.

**Personal Liability of Directors, Officers, Employees, and Stockholders**

No incorporator, stockholder, employee, agent, officer, director, parent company, or subsidiary of ours will have any liability for any obligations of ours due to the issuance of any Shares.

**Tax Treatment**

Series A Stockholders will receive income upon our redemption of the Shares. At the end of the calendar year, investors will receive such tax forms as we are required to provide in accordance with the U.S. tax code, which forms will need to be filed by investors pursuant to such code. Investor's tax situations will likely vary greatly and all tax and accounting questions should be directed towards a certified public accountant.

**ADDITIONAL REQUIREMENTS AND RESTRICTIONS**

**State Securities – Blue Sky Laws**

There is no established public market for our Shares, and we do not intend to list our Shares on any exchange or trading platform. Transfer of our Shares may also be restricted under the securities laws or regulations promulgated by various states and foreign jurisdictions, commonly referred to as "blue sky" laws. Absent compliance with such individual state laws, our Shares may not be traded in such jurisdictions. Because the securities qualified hereunder have not been registered for resale under the blue sky laws of any state, the holders of such Shares and persons who desire to purchase them in any trading market that might develop in the future, should be aware that there may be significant state blue-sky law restrictions upon the ability of investors to sell the securities and of purchasers to purchase the securities. Accordingly, investors may not be able to liquidate their investments and should be prepared to hold the Shares for an indefinite period.

We currently do not intend to and may not be able to qualify the Shares for resale in states which require the Shares to be qualified before they can be resold by their holders.

**EXPERTS**

Our balance sheet as of April 30, 2025, and the related statements of operations, stockholders' equity and cash flows for the period from April 8, 2025 (inception) through April 30, 2025, included in this offering circular have been audited by Tanner LLC, an independent registered public accounting firm, as indicated in its report with respect thereto, and have been so included in reliance upon the report of such firm given on its authority as an expert in accounting and auditing.

**LEGAL MATTERS**

Certain legal matters regarding the Shares being offered will be passed upon for us by Michael Best & Friedrich, LLP, Salt Lake City, Utah. We have received an opinion from Michael Best & Friedrich, LLP, Salt Lake City, Utah, regarding the validity of the Shares to be offered pursuant to Delaware law.

**WHERE YOU CAN FIND MORE INFORMATION**

We have filed an Offering Statement on Form 1-A with the SEC under Regulation A of the Securities Act with respect to the Series A Preferred Stock offered by this offering circular. This offering circular, which constitutes a part of the Offering Statement, does not contain all of the information set forth in the Offering Statement or the exhibits and schedules filed therewith. Statements contained in this offering circular regarding the contents of any contract or any other document that is filed as an exhibit to the offering statement are not necessarily complete, and each such statement is qualified in all respects by reference to the full text of such contract or other document filed as an exhibit to the Offering Statement. The Offering Statement, including its exhibits and schedules, may be inspected without charge at the public reference room maintained by the SEC, located at 100 F Street, N.E., Room 1580, Washington, D.C. 20549, and copies of all or any part of the offering statement may be obtained from such offices upon the payment of the fees prescribed by the SEC. Please call the SEC at 1-800-SEC-0330 for further information about the public reference room. The SEC also maintains an Internet website that contains our Offering Statement, as well as reports, proxy and information statements and other information regarding registrants that file electronically with the SEC. The address of the site is <u>www.sec.gov.</u>

We also maintain the Offering Site at <u>launch.movie/sketch</u>. After the completion of this Offering, you may access these materials at the Offering Site free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. Information contained on our website is not a part of this offering circular and the inclusion of our website address in this offering circular is an inactive textual reference only.

After the completion of this Tier 2, Regulation A offering, we will be required to comply with certain ongoing disclosure requirements under Rule 257 of Regulation A. We will be required to file: an annual report with the SEC on Form 1-K; a semi-annual report with the SEC on Form 1-SA; and current reports with the SEC on Form 1-U. These reports and other information will be available for inspection and copying at the public reference room and on the SEC's website referred to above. If and when we are no longer obligated to file and provide reports pursuant to the requirements of Regulation A, we expect to file a Form 1-Z to discontinue our reporting obligations under Regulation A.

**Angel Studios 024, Inc.**

**Best Efforts Offering of**

**$5,000,000 Maximum Offering Amount (5,000,000 Shares of Series A Preferred Stock)**

**OFFERING CIRCULAR**

**PART III – EXHIBITS**

**Index to Exhibits**

---

| | |
|:---|:---|
| Exhibit |  |
| No. | Exhibit Description |
| [2.1](tm2520389d1_ex2-1.htm) | [Certificate of Incorporation of Angel Studios 024, Inc., as filed on April 8, 2025.\*](tm2520389d1_ex2-1.htm) |
| [2.2](tm2520389d1_ex2-2.htm) | [Bylaws\*](tm2520389d1_ex2-2.htm) |
| [2.3](tm2520389d1_ex2-3.htm) | [Certificate of Designations of Preferences and Rights of Series A Preferred Stock of Angel Studios 024, Inc., as filed on May 12, 2025.\*](tm2520389d1_ex2-3.htm) |
| [2.4](tm2520389d1_ex2-4.htm) | [Certificate of Amendment to Certificate of Designations of Series A Preferred Stock of Angel Studios 024, Inc., as filed on May 27, 2025.\*](tm2520389d1_ex2-4.htm) |
| [4.1](tm2520389d1_ex4-1.htm) | [Form of Subscription Agreement for Regulation A Offering\*](tm2520389d1_ex4-1.htm) |
| [6.1](tm2520389d1_ex6-1.htm) | [Services Agreement\*](tm2520389d1_ex6-1.htm) |
| [6.2](tm2520389d1_ex6-2.htm) | [Picture Services Agreement\*](tm2520389d1_ex6-2.htm) |
| [6.3](tm2520389d1_ex6-3.htm) | [Amendment to Picture Services Agreement\*](tm2520389d1_ex6-3.htm) |
| [6.4](tm2520389d1_ex6-4.htm) | [Broker-Dealer – Onboarding Agent Engagement Agreement – Reg A+ Tier 2.\*](tm2520389d1_ex6-4.htm) |
| [10.1](tm2520389d1_ex10-1.htm) | [Power of Attorney\*](tm2520389d1_ex10-1.htm) |
| [11.1](tm2520389d1_ex12-1.htm) | [Consent of Michael Best & Friedrich, LLP (included in Exhibit 12.1)\*](tm2520389d1_ex12-1.htm) |
| [11.2](tm2520389d1_ex11-2.htm) | [Consent of Tanner LLC\*](tm2520389d1_ex11-2.htm) |
| [12.1](tm2520389d1_ex12-1.htm) | [Opinion of Michael Best & Friedrich, LLP\*](tm2520389d1_ex12-1.htm) |

---

\* Filed herewith

**SIGNATURES**

Pursuant to the requirements of Regulation A, the registrant has duly caused this Form 1-A to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Provo, State of Utah, on July 11, 2025.

---

| | |
|:---|:---|
| Angel Studios 024, Inc. | Angel Studios 024, Inc. |
| By: | */s/ Patrick Reilly* |
|  | Patrick Reilly |
|  | Chief Executive Officer |

---

Pursuant to the requirements of Regulation A, this Form 1-A has been signed by the following persons in the capacities indicated on July 11, 2025.

---

| | |
|:---|:---|
| **Name** | **Title** |
| */s/ Patrick Reilly* | Chief Executive Officer and Director |
| Patrick Reilly | (Principal Executive Officer) |
| */s/ Ray Willardson* | Chief Financial Officer and Secretary |
| Ray Willardson | (Principal Financial Officer and Principal Accounting Officer) |

---

---

| | |
|:---|:---|
| */s/ David Crapo* | Director of Operations |
| David Crapo |  |

---

---

| | |
|:---|:---|
| **Financial Statements (Audited)** |  |
| ***For the Period from April 8, 2025 (date of inception) through April 30, 2025*** |  |
| [Independent Auditors' Report](#S_01) | [F-2](#S_01) |
| [Balance Sheet](#S_02) | [F-3](#S_02) |
| [Statement of Operations](#S_03) | [F-4](#S_03) |
| [Statement of Stockholders' Equity](#S_04) | [F-5](#S_04) |
| [Statement of Cash Flows](#S_05) | [F-6](#S_05) |
| [Notes to Financial Statements](#S_06) | [F-7](#S_06) |

---

**Independent Auditor's Report**

**The Stockholders of Angel Studios 024, Inc.**

**Opinion**

We have audited the accompanying financial statements of Angel Studios 024, Inc. (the Company) which comprise the balance sheet as of April 30, 2025, and the related statements of operations, stockholders' equity, and cash flows for the period from April 8, 2025 (date of inception) through April 30, 2025, and the related notes to financial statements.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of April 30, 2025, and the results of its operations and its cash flows for the period from April 8, 2025 (date of inception) through April 30, 2025 in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP).

**Basis for Opinion**

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (U.S. GAAS). Our responsibilities under those standards are further described in the *Auditors' Responsibilities for the Audit of the Financial Statements* section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

**Responsibilities of Management for the Financial Statements**

Management is responsible for the preparation and fair presentation of the financial statements in accordance with U.S. GAAP, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are available to be issued.

**Auditors' Responsibilities for the Audit of the Financial Statements**

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with U.S. GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with U.S. GAAS, we:

&nbsp;&nbsp;&nbsp;&nbsp;· Exercise professional judgment and maintain professional
skepticism throughout the audit.

&nbsp;&nbsp;&nbsp;&nbsp;· Identify and assess the risks of material misstatement
of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures
include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;· Obtain an understanding of internal control relevant
to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed. Evaluate the appropriateness
of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall
presentation of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;· Conclude whether, in our judgment, there are
conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going
concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

/s/ Tanner LLC

June 4, 2025

***Balance Sheet***

---

| | |
|:---|:---|
|  | **April 30, 2025** |
| **Assets** |  |
| Cash | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $- |
| **Liabilities and Stockholders' Equity** |  |
| Liabilities | $- |
| Stockholders' equity: |  |
| &nbsp;&nbsp;&nbsp;Series A preferred stock, $0.00001 par value, 10,000,000 shares authorized; 0 shares issued and outstanding, respectively |  |
| &nbsp;&nbsp;&nbsp;Common stock, $0.00001 par value, 1,000 shares authorized; 0 shares issued and outstanding, respectively |  |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital |  |
| &nbsp;&nbsp;&nbsp;Retained earnings |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' equity** | $- |

---

*See accompanying notes to financial statements*

***Statement of Operations***

**For the Period from April 8, 2025 (date of inception) through April 30, 2025**

---

| | | |
|:---|:---|:---|
| Revenues | $|  |
| Operating expenses |  |  |
| Operating income |  |  |
| Income tax provision |  |  |
| Net income | $| - |
| Net income per common share - basic | $|  |
| Net income per common share - diluted | $|  |
| Weighted average common shares outstanding - basic |  |  |
| Weighted average common shares outstanding - diluted |  |  |

---

*See accompanying notes to financial statements*

***Statement of Stockholder's Equity***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Capital Stock** | **Capital Stock** | **Capital Stock** | **Capital Stock** | | | |
|  | **Series A Preferred<br> Stock** | **Amount** | **Common Stock** | **Amount** | <br>**Additional<br> Paid-in Capital** | <br>**Retained <br> Earnings** | <br>**Total Stockholders' <br> Equity** |
| Balance as of April 8, 2025 (Inception) |  | $- |  | $- | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;Issurance of Common Stock |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income | - | - | - | - | - | - | - |
| Balance as of April 30, 2025 | - | $- | - | $- | $- | $- | $- |

---

*See accompanying notes to financial statements*

**Statement of Cash Flows**

**For the Period from April 8, 2025 (date of inception) through April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $| - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities |  |  |
| **Cash flows from investing activities** |  |  |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of common stock | | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | | - |
| Net change in cash |  |  |
| Cash at beginning of period | | - |
| Cash at end of period | $| - |

---

See accompanying notes to financial statements

***Notes to Financial Statements***

**1. Organization and Summary of Significant Accounting Policies and Related Matters**

***Nature of Operations***

Angel Studios 024, Inc. (the Company), is a Corporation organized under the state of Delaware. The Company commenced operations on April 8, 2025 and is managed by Angel Studios, Inc. (Owner).

The Company is a special purpose vehicle whose sole purpose is to license and promote the upcoming Films of Owner. Money raised will be used for print and advertising purposes to promote certain film's theatrical releases as well as additional licensing and marketing needs during the post-theatrical period.

***Concentration of Credit Risk***

The Company will maintain its cash in bank deposit accounts which, at times, may exceed federally insured limits. To date, the Company has not experienced a loss or lack of access to any cash; however, no assurance can be provided that access to the Company's future invested cash will not be impacted by the adverse conditions in the financial markets.

***Liability of Owner***

The Owner is not personally liable for any obligations of the Company and has no obligation to make contributions to the Company.

***Contributed Capital***

As of April 30, 2025, the Company had received $0 of contributed capital from the Owner.

***Basis of Presentation and Use of Estimates in Financial Statements***

The accompanying financial statements and schedule of investments are presented using accounting principles generally accepted in the United States of America (U.S. GAAP). Financial statements prepared on a U.S. GAAP basis require management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein. Actual results could differ from these estimates.

***Income Taxes***

The Company analyzes the financial statement effect of an uncertain tax position only after considering the probability that a tax authority would sustain the position in an examination. For tax positions meeting a "more-likely-than-not" threshold, the amount recognized in the financial statements is the amount expected to be realized upon settlement with the tax authority. For tax positions not meeting the threshold, no financial statement amount is recognized. As of April 30, 2025, the Company had no uncertain tax positions. The Company recognizes interest and penalties, if any, related to uncertain tax positions as operating expenses. The Company currently has no federal or state tax examinations in progress.

***Subsequent Events***

The Company has evaluated subsequent events and transactions for potential recognition or disclosure through June 4, 2025, which is the date the financial statements were available to be issued.

**2. Related-Party Transactions**

As disclosed in Note 6, Subsequent Events, the Owner contributed $100 to the Company for purchase of 100 shares of common stock on May 27, 2025.

**3. Class A Preferred Stock**

The Company has authorized 10,000,000 shares of preferred stock, par value $0.00001 per share with all authorized shares of preferred stock designated as Series A preferred stock. No shares of Series A preferred stock have been issued as of April 30, 2025.

***Stated Value***

Each share of Series A preferred stock has a stated value of $1.15 per share (the "Repayment Amount"), which is the value of the price of each share ($1.00) plus a 15% return. Other than the Repayment Amount, the Series A preferred stockholders shall not participate in any profits of the Company beyond the payment of the Series A Repayment Amount.

***Voting Rights***

The holders of Series A preferred stock shall be entitled to zero (0) votes per share on each matter to be voted on by the stockholders of the Company.

***Deemed Redemption***

Once the Series A preferred stock stated value of $1.15 has been fully paid, the shares of preferred stock shall be deemed automatically redeemed. Once redeemed, the shares shall be returned to the Company as unissued shares of Series A preferred stock.

**4. Common Stock**

The Company has authorized capital stock consisting of 1,000 shares of common stock, par value $0.00001 per share.

***Voting Rights***

The holders of common stock shall be entitled to one (1) vote per share on each matter to be voted on by the stockholders of the Company.

***Dividends***

Subject to the rights of the holders of preferred stock, dividends may be paid on the outstanding shares of common stock as and when declared by the Board of Directors, out of funds legally available.

***Liquidation Rights***

Subject to the rights of the holders of preferred stock, the holders of common stock outstanding shall be entitled to receive all of the assets and funds of the Company remaining and available for distribution after the Company has paid the Repayment Amount to the Holders of Series A preferred stock. Such assets and funds shall be divided among and paid to the holders of common stock, on a pro-rata basis, according to the number of shares of common stock held by them.

**5. Earnings per Share**

The Company reports earnings per share in accordance with Accounting Standards Codification (ASC) 260-10. Basic earnings per share includes no dilution and is computed by dividing net income available to stockholders by the weighted average common shares outstanding for the period. Diluted earnings per share is calculated similarly to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the common shares were dilutive.

**6. Subsequent Events**

The Owner contributed $100 to the Company for the purchase of 100 shares of common stock on May 27, 2025.

## Ex1A-2A

**Exhibit 2.1**

CERTIFICATE OF INCORPORATION

OF

Angel Studios 024, Inc.

The undersigned incorporator, in order to form a corporation under the General Corporation Law of the State of Delaware (the "DGCL"), certifies as follows:

Section 1. <u>Name</u>. The name of the corporation is Angel Studios 024, Inc. (the "Corporation").

Section 2. <u>Incorporator; Registered Office and Agent</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Incorporator</u>. The name and mailing address of the incorporator are: Patrick Reilly, 295 West Center
Street, Provo, Utah 84601. The powers of the incorporator are to terminate upon the filing of this Certificate of Incorporation with the
Secretary of State of the State of Delaware, and the initial directors of the Corporation shall be as set forth in Section 7.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Registered Agent</u>. The name and address of the registered agent of the Corporation in the State
of Delaware is Harvard Business Services, Inc., 16192 Coastal Hwy, Lewes, DE 19958 Sussex County, or such other agent and address
as the Board of Directors of the Corporation (the "Board") shall from time to time select.

Section 3. <u>Purpose and Business</u>. The purpose of the Corporation is to engage in any lawful act or activity for which corporations may now or hereafter be organized under the DGCL, including, but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Corporation may at any time exercise such rights, privileges, and powers, when not inconsistent with
the purposes and object for which this Corporation is organized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Corporation shall have the power to have succession by its corporate name in perpetuity, or until
dissolved and its affairs wound up according to law.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Corporation shall have the power to sue and be sued in any court of law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Corporation shall have the power to make contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Corporation shall have the power to hold, purchase and convey real and personal estate and to mortgage
or lease any such real and personal estate with its franchises. The power to hold real and personal estate shall include the power to
take the same by devise or bequest in the State of Delaware, or in any other state, territory or country.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Corporation shall have the power to appoint such officers and agents as the affairs of the Corporation
shall require and allow them suitable compensation.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The Corporation shall have the power to make bylaws not inconsistent with the constitution or laws of
the United States, or of the State of Delaware, for the management, regulation and government of its affairs and property, the transfer
of its stock, the transaction of its business and the calling and holding of meetings of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The Corporation shall have the power to wind up and dissolve itself, or be wound up or dissolved.

&nbsp;&nbsp;&nbsp;&nbsp;(i) The Corporation shall have the power to adopt and use a common seal or stamp, or to not use such seal
or stamp and if one is used, to alter the same. The use of a seal or stamp by the Corporation on any corporate documents is not necessary.
The Corporation may use a seal or stamp, if it desires, but such use or non-use shall not in any way affect the legality of the document.

&nbsp;&nbsp;&nbsp;&nbsp;(j) The Corporation shall have the power to borrow money and contract debts when necessary for the transaction
of its business, or for the exercise of its corporate rights, privileges or franchises, or for any other lawful purpose of its incorporation;
to issue bonds, promissory notes, bills of exchange, debentures and other obligations and evidence of indebtedness, payable at a specified
time or times, or payable upon the happening of a specified event or events, whether secured by mortgage, pledge or otherwise, or unsecured,
for money borrowed, or in payment for property purchased, or acquired, or for another lawful object.

&nbsp;&nbsp;&nbsp;&nbsp;(k) The Corporation shall have the power to guarantee, purchase, hold, sell, assign, transfer, mortgage, pledge

corporation or corporations in the State of Delaware, or any other state or government and, while the owner of such stock, bonds, securities
or evidence of indebtedness, to exercise all the rights, powers and privileges of ownership, including the right to vote, if any.

&nbsp;&nbsp;&nbsp;&nbsp;(l) The Corporation shall have the power to purchase, hold, sell and transfer shares of its own capital stock
and use therefore its capital, capital surplus, surplus or other property or fund.

&nbsp;&nbsp;&nbsp;&nbsp;(m) The Corporation shall have the power to conduct business, have one or more offices and hold, purchase,
mortgage and convey real and personal property in the State of Delaware and in any of the several states, territories, possessions and
dependencies of the United States, the District of Columbia and in any foreign country.

&nbsp;&nbsp;&nbsp;&nbsp;(n) The Corporation shall have the power to do all and everything necessary and proper for the accomplishment
of the objects enumerated in its Certificate of Incorporation, or any amendments thereof, or necessary or incidental to the protection
and benefit of the Corporation and, in general, to carry on any lawful business necessary or incidental to the attainment of the purposes
of the Corporation, whether or not such business is similar in nature to the purposes set forth in the Certificate of Incorporation of
the Corporation, or any amendment thereof.

&nbsp;&nbsp;&nbsp;&nbsp;(o) The Corporation shall have the power to make donations for the public welfare or for charitable, scientific
or educational purposes.

&nbsp;&nbsp;&nbsp;&nbsp;(p) The Corporation shall have the power to enter partnerships, general or limited, or joint ventures, in
connection with any lawful activities.

Section 4. <u>Capital Stock</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Classes and Number of Shares</u>. The total number of shares of all classes of stock, which the
Corporation shall have authority to issue shall be One Thousand (1,000) shares of common stock, par value of $0.00001 per share (the "Common
Stock") and ten million (10,000,000) shares of preferred stock, par value of $0.00001 per share (the "Preferred Stock").

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Powers and Rights of Common Stock</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Preemptive Right</u>. No shareholders of the Corporation holding Common Stock shall have any preemptive
or other right to subscribe for any additional unissued or treasury shares of stock or for other securities of any class or series, or
for rights, warrants or options to purchase stock, or for scrip, or for securities of any kind convertible into stock or carrying stock
purchase warrants or privileges unless so authorized by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Voting Rights and Powers</u>. With respect to all matters upon which stockholders are entitled
to vote or to which stockholders are entitled to give consent, the holders of the outstanding shares of the Common Stock shall be entitled
to cast thereon one (1) vote in person or by proxy for each share of the Common Stock standing in his/her name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Dividends and Distributions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>Cash Dividends</u>. Subject to the rights of holders of Preferred Stock, holders of Common Stock
shall be entitled to receive such cash dividends as may be declared thereon by the Board from time to time out of assets or funds of the
Corporation legally available therefore; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>Other Dividends and Distributions</u>. The Board may issue shares of the Common Stock in the form of
a distribution or distributions pursuant to a stock dividend or split-up of the shares of the Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Other Rights</u>. Except as otherwise required by the DGCL and as may otherwise be provided in
this Certificate of Incorporation, each share of the Common Stock shall have identical powers, preferences and rights, including rights
in liquidation.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Series of Preferred Stock</u>. The powers, preferences, rights, qualifications, limitations and
restrictions pertaining to the Preferred Stock, or any series thereof, shall be such as may be fixed, from time to time, by the Board
in its sole discretion, authority to do so being hereby expressly vested in the Board. The authority of the Board with respect to each
such series of Preferred Stock will include, without limiting the generality of the foregoing, the determination of any or all of the
following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The number of shares of any series and the designation to distinguish the shares of such series from the
shares of all other series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the voting powers, if any, of the shares of such series and whether such voting powers are full or limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the redemption provisions, if any, applicable to such series, including the redemption price or prices
to be paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) whether dividends, if any, will be cumulative or noncumulative, the dividend rate or rates of such series
and the dates and preferences of dividends on such series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the rights of such series upon the voluntary or involuntary dissolution of, or upon any distribution of
the assets of, the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the provisions, if any, pursuant to which the shares of such series are convertible into, or exchangeable
for, shares of any other class or classes or of any other series of the same or any other class or classes of stock, or any other security,
of the Corporation or any other corporation or other entity, and the rates or other determinants of conversion or exchange applicable
thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the right, if any, to subscribe for or to purchase any securities of the Corporation or any other corporation
or other entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the provisions, if any, of a sinking fund applicable to such series; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any other relative, participating, optional or other powers, preferences or rights, and any qualifications,
limitations or restrictions thereof, of such series.

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Issuance of the Common Stock and the Preferred Stock</u>. The Board may from time to time authorize
by resolution the issuance of any or all shares of the Common Stock and the Preferred Stock herein authorized in accordance with the terms
and conditions set forth in this Certificate of Incorporation for such purposes, in such amounts, to such persons, corporations, or entities,
for such consideration and in the case of the Preferred Stock, in one or more series, all as the Board in its discretion may determine
and without any vote or other action by the stockholders, except as otherwise required by law. The Board, from time to time, also may
authorize, by resolution, options, warrants and other rights convertible into Common or Preferred stock (collectively "securities").
The securities must be issued for such consideration, including cash, property, or services, as the Board may deem appropriate, subject
to the requirement that the value of such consideration be no less than the par value of the shares issued. Any shares issued for which
the consideration so fixed has been paid or delivered shall be fully paid stock and the holder of such shares shall not be liable for
any further call or assessment or any other payment thereon, provided that the actual value of such consideration is not less that the
par value of the shares so issued. The Board may issue shares of the Common Stock in the form of a distribution or distributions pursuant
to a stock dividend or split-up of the shares of the Common Stock only to the then holders of the outstanding shares of the Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Cumulative Voting</u>. Except as otherwise required by applicable law, there shall be no cumulative
voting on any matter brought to a vote of stockholders of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>One Class</u>. Except as otherwise required by the DGCL, this Certificate of Incorporation, or any
designation for a series of Preferred Stock (which may provide that an alternate vote is required), (i) all shares of capital stock
of the Corporation shall vote together as one class on all matters submitted to a vote of the shareholders of the Corporation; and
(ii) the affirmative vote of a majority of the voting power of all outstanding shares of voting stock entitled to vote in connection
with the applicable matter shall be required for approval of such matter.

&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Section 242(b)(2) Election</u>. For the avoidance of doubt, the intent of Section 4(f) is,
and the operation of Section 4(f) shall be, that, without limitation, (i) the number of authorized shares of Common Stock,
may be increased or decreased (but not below the number of shares thereof then outstanding) by the affirmative vote of the holders of
a majority of the stock of the Corporation entitled to vote irrespective of Section 242(b)(2) of the DGCL, with no vote of any
holders of a particular class or series of stock, voting as a separate class or series, being required; and (ii) unless otherwise
set forth in a certificate of designations for the applicable series of Preferred Stock, the number of authorized shares of any series
of Preferred Stock may be increased or decreased (but not below the number of shares thereof then outstanding) by the affirmative vote
of the holders of a majority of the stock of the Corporation entitled to vote irrespective of Section 242(b)(2) of the DGCL,
with no vote of any holders of a particular class or series of stock, voting as a separate class or series, being required.

Section 5. <u>Adoption of Bylaws</u>. In the furtherance and not in limitation of the powers conferred by statute and subject to Section 6, the Board is expressly authorized to adopt, repeal, rescind, alter or amend in any respect the bylaws of the Corporation (the "Bylaws").

Section 6. <u>Shareholder Amendment of Bylaws</u>. Notwithstanding Section 5, the Bylaws may also be adopted, repealed, rescinded, altered or amended in any respect by the stockholders of the Corporation, but only by the affirmative vote of the holders of a majority of the voting power of all outstanding shares of voting stock, regardless of class and voting together as a single voting class, other than any class of Preferred Stock which has no voting rights, other than as may be required by applicable law.

Section 7. <u>Board of Directors</u>. The business and affairs of the Corporation shall be managed by and under the direction of the Board. The first Board shall initially consist of one (1) person. The initial director of the Corporation shall be Patrick Reilly, and his mailing address is 295 West Center Street, Provo, Utah 84601. Except as may otherwise be provided in connection with rights to elect additional directors under specified circumstances, which may be granted to the holders of any class or series of Preferred Stock, the number of directors of the Corporation may be amended from time to time as set forth in the Bylaws. The exact number of directors shall be fixed from time to time by the Board pursuant to a resolution adopted by a majority of the full Board. Directors need not be stockholders.

Section 8. <u>Powers of Board</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) In furtherance and not in limitation of the powers conferred by the laws of the DGCL, the Board is expressly
authorized and empowered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To make, alter, amend, and repeal the Bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Subject to the applicable provisions of the Bylaws then in effect, to determine, from time to time, whether
and to what extent, and at what times and places, and under what conditions and regulations, the accounts and books of the Corporation,
or any of them, shall be open to stockholder inspection, provided that no stockholder shall have any right to inspect any of the accounts,
books or documents of the Corporation, except as permitted by law, unless and until authorized to do so by resolution of the Board or
of the stockholders of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To authorize and issue, without stockholder consent, obligations of the Corporation, secured and unsecured,
under such terms and conditions as the Board, in its sole discretion, may determine, and to pledge or mortgage, as security therefore,
any real or personal property of the Corporation, including after-acquired property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) To determine whether any and, if so, what part of the earned surplus of the Corporation shall be paid
in dividends to the stockholders, and to direct and determine other use and disposition of any such earned surplus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) To fix, from time to time, the amount of the profits of the Corporation to be reserved as working capital
or for any other lawful purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) To establish bonus, profit-sharing, stock option, or other types of incentive compensation plans for the
employees, including officers and directors, of the Corporation, and to fix the amount of profits to be shared or distributed, and to
determine the persons to participate in any such plans and the amount of their respective participations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to designate, by resolution or resolutions passed by a majority of the whole Board, one or more committees,
each consisting of two or more directors, which, to the extent permitted by law and authorized by the resolution or the Bylaws, shall
have and may exercise the powers of the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) To provide for the reasonable compensation of its own members by Bylaw, and to fix the terms and conditions
upon which such compensation will be paid.

&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the powers and authority hereinbefore, or by statute, expressly conferred upon it, the
Board may exercise all such powers and do all such acts and things as may be exercised or done by the Corporation, subject, nevertheless,
to the provisions of the laws of the State of Delaware, of this Certificate of Incorporation, and of the Bylaws of the Corporation.

Section 9. <u>Interested Directors</u>. No contract or transaction between this Corporation and any of its directors, or between this Corporation and any other corporation, firm, association, or other legal entity shall be invalidated by reason of the fact that the director of the Corporation has a direct or indirect interest, pecuniary or otherwise, in such corporation, firm, association, or legal entity, or because the interested director was present at the meeting of the Board which acted upon or in reference to such contract or transaction, or because he participated in such action, provided that: (1) the interest of each such director shall have been disclosed to or known by the Board and a disinterested majority of the Board shall have, nonetheless, ratified and approved such contract or transaction (such interested director or directors may be counted in determining whether a quorum is present for the meeting at which such ratification or approval is given); or (2) the conditions of DGCL Title 8, Section 144 are met.

Section 10. <u>Term of Board of Directors</u>. Except as otherwise required by applicable law, each director shall serve for a term ending on the first anniversary of their date of election, provided that, notwithstanding the foregoing provisions of this Section 10 each director shall serve until their successor is elected and qualified or until his or her death, resignation or removal. All directors shall have equal standing. Notwithstanding the foregoing provisions of this Section 10, no decrease in the authorized number of directors shall shorten the term of any incumbent director; and additional directors, elected in connection with rights to elect such additional directors under specified circumstances, which may be granted to the holders of any class or series of Preferred Stock, shall not be included in any class, but shall serve for such term or terms and pursuant to such other provisions as are specified in the resolution of the Board establishing such class or series.

Section 11. <u>Vacancies on Board of Directors</u>. Except as may otherwise be provided in connection with rights to elect additional directors under specified circumstances, which may be granted to the holders of any series of Preferred Stock, newly created directorships resulting from any increase in the number of directors, or any vacancies on the Board resulting from death, resignation, removal, or other causes, shall be filled solely by the quorum of the Board. Any director elected in accordance with the preceding sentence shall hold office for the remainder of the full term of directors in which the new directorship was created or the vacancy occurred and until such director's successor shall have been elected and qualified or until such director's death, resignation or removal, whichever first occurs.

Section 12. <u>Removal of Directors</u>. Except as may otherwise be provided in connection with rights to elect additional directors under specified circumstances, which may be granted to the holders of any series of Preferred Stock, any director may be removed from office only by the affirmative vote of the holders of not less than a majority of the voting power of the issued and outstanding stock entitled to vote. Failure of an incumbent director to be nominated to serve an additional term of office shall not be deemed a removal from office requiring any stockholder vote.

Section 13. <u>Stockholder Action</u>. Any action required or permitted to be taken by the stockholders of the Corporation must be effective at a duly called annual meeting or at a special meeting of stockholders of the Corporation, unless such action requiring or permitting stockholder approval is approved by a majority of the directors, in which case such action may be authorized or taken by the written consent of the holders of outstanding shares of voting stock having not less than the minimum voting power that would be necessary to authorize or take such action at a meeting of stockholders at which all shares entitled to vote thereon were present and voted, provided all other requirements of applicable law and this Certificate of Incorporation have been satisfied.

Section 14. <u>Special Stockholder Meetings</u>. Special meetings of the stockholders of the Corporation for any purpose or purposes may be called at any time by a majority of the Board. Special meetings may not be called by any other person or persons. Each special meeting shall be held at such date and time as is requested by Board, within the limits fixed by law.

Section 15. <u>Location of Stockholder Meetings</u>. Meetings of stockholders of the Corporation may be held within or without the State of Delaware, as the Bylaws may provide. The books of the Corporation may be kept (subject to any provision of the DGCL) outside the State of Delaware at such place or places as may be designated from time to time by the Board or in the Bylaws.

Section 16. <u>Private Property of Stockholders</u>. The private property of the stockholders shall not be subject to the payment of corporate debts to any extent whatever and the stockholders shall not be personally liable for the payment of the Corporation's debts.

Section 17. <u>Amendments</u>. The Corporation reserves the right to adopt, repeal, rescind, alter or amend in any respect any provision contained in this Certificate of Incorporation in the manner now or hereafter prescribed by applicable law and all rights conferred on stockholders herein granted subject to this reservation.

Section 18. <u>Term of Existence</u>. The Corporation is to have perpetual existence.

Section 19. <u>Liability of Directors</u>. No director of this Corporation shall have personal liability to the Corporation or any of its stockholders for monetary damages for breach of fiduciary duty as a director or officers involving any act or omission of any such director or officer. The foregoing provision shall not eliminate or limit the liability of a director (i) for any breach of the director's duty of loyalty to the Corporation or its stockholders, (ii) for acts or omissions not in good faith or, which involve intentional misconduct or a knowing violation of law, (iii) under applicable sections of the DGCL, (iv) the payment of dividends in violation of the DGCL or, (v) for any transaction from which the director derived an improper personal benefit. Any repeal or modification of this Section 19 by the stockholders of the Corporation shall be prospective only and shall not adversely affect any limitation on the personal liability of a director or officer of the Corporation for acts or omissions prior to such repeal or modification.

Section 20. <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Indemnification in Actions, Suits or Proceedings other than Those by or in the Right of the Corporation.* Subject to Section 20(c) and Section 20(j), the Corporation shall, to the fullest extent permitted by the DGCL and applicable
Delaware law as in effect at any time, indemnify, hold harmless and defend any person who: (i) was or is a director or officer of
the Corporation or was or is a director or officer of a direct or indirect wholly owned subsidiary of the Corporation, and (ii) was
or is a party or is threatened to be made a party to, or was or is otherwise directly involved in (including as a witness), any threatened,
pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or
in the right of the Corporation) by reason of the fact that such person was or is a director or officer of the Corporation or any direct
or indirect wholly owned subsidiary of the Corporation, or was or is serving at the request of the Corporation as a director, officer,
employee, partner, member or agent of another corporation, partnership, limited liability company, joint venture, trust, employee benefit
plan or other enterprise, whether the basis of such proceeding is alleged action in an official capacity or in any other capacity, against
expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person
in connection with such action, suit or proceeding if such person acted in good faith and in a manner such person reasonably believed
to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had no reasonable
cause to believe such person's conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement,
conviction, or upon a plea or nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act
in good faith and in a manner which such person reasonably believed to be in or not opposed to the best interests of the Corporation,
and, with respect to any criminal action or proceeding, had reasonable cause to believe that such person's conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;(b) *Indemnification in Actions, Suits or Proceedings by or in the Right of the Corporation.* Subject
to Section 20(c) and Section 20(j), the Corporation shall indemnify, hold harmless and defend any person who: (i) was
or is a director or officer of the Corporation or was or is a director or officer of a direct or indirect wholly owned subsidiary of the
Corporation, and (ii) was or is a party or is threatened to be made a party to, or was or is otherwise directly involved in (including
as a witness), any threatened, pending or completed action or suit by or in the right of the Corporation to procure a judgment in its
favor by reason of the fact that such person was or is a director or officer of the Corporation or any direct or indirect wholly owned
subsidiary of the Corporation, or was or is serving at the request of the Corporation as a director, officer, employee, partner, member
or agent of another corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise,
and whether the basis of such action, suit or proceeding is alleged action in an official capacity or in any other capacity, against expenses
(including attorneys' fees) actually and reasonably incurred by such person in connection with the defense or settlement of such
action or suit if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best
interests of the Corporation; except that no indemnification shall be made in respect of any claim, issue or matter as to which such
person shall have been adjudged to be liable to the Corporation unless and only to the extent that the Courts in the State of Delaware
or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but
in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court
in the State of Delaware or such other court shall deem proper.

&nbsp;&nbsp;&nbsp;&nbsp;(c) *Authorization of Indemnification.* Any indemnification or defense under this Section 20 (unless
ordered by a court) shall be made by the Corporation only as authorized in the specific case upon a determination that indemnification
of the director or officer is proper in the circumstances because such person has met the applicable standard of conduct set forth in
Section 20(a) or Section 20(b), as the case may be. Such determination shall be made, with respect to a person who is a
director or officer at the time of such determination: (i) by directors constituting a majority of the Board and who are not parties
to such action, suit or proceeding, even though less than a quorum (the "Board Voting Majority"), or (ii) by a committee
of such directors designated by the Board Voting Majority, even though less than a quorum, or (iii) if there are no such directors,
or if such directors so direct, by independent legal counsel in a written opinion, or (iv) by the stockholders. Such determination
shall be made, with respect to former directors and officers, by any person or persons having the authority to act on the matter on behalf
of the Corporation. To the extent, however, that a present or former director or officer of the Corporation has been successful on the
merits or otherwise in defense of any action, suit or proceeding set forth in Section 20(a) or Section 20(b) or in
defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys' fees) actually
and reasonably incurred by such person in connection therewith, without the necessity of authorization in the specific case.

&nbsp;&nbsp;&nbsp;&nbsp;(d) *Good Faith Defined.* For purposes of any determination under Section 20(c), a person shall
be deemed to have acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of
the Corporation, or, with respect to any criminal action or proceeding, to have had no reasonable cause to believe such person's
conduct was unlawful, if such person's action is based on good faith reliance on the records or books of account of the Corporation
or another enterprise, or on information supplied to such person by the officers of the Corporation or another enterprise in the course
of their duties, or on the advice of legal counsel for the Corporation or another enterprise or on information or records given or reports
made to the Corporation or another enterprise by an independent certified public accountant or by an appraiser or other expert selected
with reasonable care by the Corporation or another enterprise. The term "another enterprise" as used in this Section 20(d) shall
mean any other corporation or any partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise
of which such person was or is serving at the request of the Corporation as a director, officer, employee, partner, member or agent. The
provisions of this Section 20(d) shall not be deemed to be exclusive or to limit in any way the circumstances in which a person
may be deemed to have met the applicable standard of conduct set forth in Section 20(a) or Section 20(b), as the case may
be.

&nbsp;&nbsp;&nbsp;&nbsp;(e) *Expenses Payable in Advance.* Expenses, including attorneys' fees, incurred by a current or
former director or officer in defending any action, suit or proceeding described in Section 20(a) or Section 20(b) shall
be paid by the Corporation in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or
on behalf of such director or officer to repay such amount if it shall ultimately be determined that such person is not entitled to be
indemnified by the Corporation as authorized in this Section 20.

&nbsp;&nbsp;&nbsp;&nbsp;(f) *Non-exclusivity of Indemnification and Advancement of Expenses.* The indemnification, defense and
advancement of expenses provided by or granted pursuant to this Section 20 shall not be deemed exclusive of any other rights to which
those seeking indemnification or advancement of expenses may be entitled under the Certificate, any agreement, vote of stockholders or
disinterested directors or otherwise, both as to action in such person's official capacity and as to action in another capacity
while holding such office, it being the policy of the Corporation that indemnification of the persons specified in Section 20(a) or
Section 20(b) shall be made to the fullest extent permitted by applicable law. The provisions of this Section 20 shall
not be deemed to preclude the indemnification of, or advancement of expenses to, any person who is not specified in Section 20(a) or
Section 20(b) but whom the Corporation has the power or obligation to indemnify under the provisions of the DGCL or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;(g) *Insurance.* The Corporation may purchase and maintain insurance on behalf of any person who was
or is a director, officer, employee or agent of the Corporation, or a direct or indirect wholly owned subsidiary of the Corporation, or
was or is serving at the request of the Corporation, as a director, officer, employee, partner, member or agent of another corporation,
partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise against any liability asserted
against such person and incurred by such person in any such capacity, or arising out of such person's status as such, whether or
not the Corporation would have the power or the obligation to indemnify, hold harmless or defend such person against such liability under
the provisions of this Section 20.

&nbsp;&nbsp;&nbsp;&nbsp;(h) *Certain Definitions.* For purposes of this Section 20 references to the "Corporation"
shall include, in addition to the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed
in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors,
officers, employees or agents so that any person who was or is a director, officer, employee or agent of such constituent corporation,
or was or is serving at the request of such constituent corporation as a director, officer, employee, partner, member or agent of another
corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise, shall stand in the
same position under the provisions of this Section 20 with respect to the resulting or surviving corporation as such person would
have with respect to such constituent corporation if its separate existence had continued. For purposes of this Section 20, references
to "fines" shall include any excise taxes assessed on a person with respect of any employee benefit plan; and references
to "serving at the request of the Corporation" shall include any service as a director, officer, employee or agent of the
Corporation which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit
plan, its participants or beneficiaries; and a person who acted in good faith and in a manner such person reasonably believed to
be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner "not
opposed to the best interests of the Corporation" as referred to in this Section 20.

&nbsp;&nbsp;&nbsp;&nbsp;(i) *Survival of Indemnification and Advancement of Expenses.* The indemnification, defense and advancement
of expenses provided by, or granted pursuant to, this Section 20 shall, unless otherwise provided when authorized or ratified, continue
as to a person who has ceased to be a director or officer and shall inure to the benefit of the heirs, executors and administrators of
such a person.

&nbsp;&nbsp;&nbsp;&nbsp;(j) *Limitation on Indemnification; Attorneys' Fees.* Notwithstanding anything contained in this
Section 20 to the contrary, except for proceedings to enforce rights to indemnification and defense under this Section 20 (which
shall be governed by Section 20(k)(ii)), the Corporation shall not be obligated under this Section 20 to indemnify, hold harmless
or defend any director, officer, employee or agent in connection with a proceeding (or part thereof) initiated by such person unless such
proceeding (or part thereof) was authorized by the Board. Notwithstanding anything contained in this Section 20 to the contrary,
the prevailing party shall not be entitled to recover from the other party reasonable attorneys' fees, costs and expenses incurred
in connection with the prosecution or defense of such action to the extent that such fees, costs and expenses relate to "internal
corporate claims" as defined in Section 109(b) of the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;(k) *Contract Rights.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The obligations of the Corporation under this Section 20 to indemnify, hold harmless and defend a
person who was or is a director or officer of the Corporation or was or is a director or officer of a direct or indirect wholly owned
subsidiary of the Corporation, including the duty to advance expenses, shall be considered a contract between the Corporation and such
person, and no modification or repeal of any provision of this Section 20 shall affect, to the detriment of such person, such obligations
of the Corporation in connection with a claim based on any act or failure to act occurring before such modification or repeal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If a claim under Section 20(a), Section 20(b) or Section 20(e) is not paid in
full by the Corporation within 90 days after a written claim has been received by the Corporation, except in the case of a claim for an
advancement of expenses, in which case the applicable period shall be 45 days, the person making such claim may at any time thereafter
bring suit against the Corporation to recover the unpaid amount of the claim. To the fullest extent permitted by applicable law, if successful
in whole or in part in any such suit, or in a suit brought by the Corporation to recover an advancement of expenses pursuant to the terms
of an undertaking, such person shall be entitled to be paid also the expense of prosecuting or defending such suit. In (i) any suit
brought by such person to enforce a right to indemnification hereunder (but not in a suit brought by such person to enforce a right to
an advancement of expenses) it shall be a defense, and (ii) in any suit brought by the Corporation to recover an advancement of expenses
pursuant to the terms of an undertaking, the Corporation shall be entitled to recover such expenses upon a final adjudication that such
person has not met any applicable standard for indemnification set forth in the DGCL. Neither the failure of the Corporation (including
its directors who are not parties to such action, a committee of such directors, independent legal counsel or its Stockholders) to have
made a determination prior to the commencement of such suit that indemnification of such person is proper in the circumstances because
such person has met the applicable standard of conduct set forth in the DGCL, nor an actual determination by the Corporation (including
its directors who are not parties to such action, a committee of such directors, independent legal counsel or its Stockholders) that such
person has not met such applicable standard of conduct, shall create a presumption that such person has not met the applicable standard
of conduct or, in the case of such a suit brought by such person, be a defense to such suit.

&nbsp;&nbsp;&nbsp;&nbsp;(l) *Indemnification Agreements.* Without limiting the generality of the foregoing, the Corporation shall
have the express authority to enter into such agreements as the Board deems appropriate for the indemnification of present or future directors
and officers of the Corporation in connection with their service to, or status with, the Corporation or any other corporation, entity
or enterprise with whom such person is serving at the express written request of the Corporation.

Section 22. <u>Headings</u>. The headings contained herein are for convenience only, do not constitute a part of this Certificate of Incorporation and shall not be deemed to limit or affect any of the provisions hereof.

IN WITNESS WHEREOF, the undersigned has executed this Certificate of Incorporation as of March 27, 2025.

---

| | |
|:---|:---|
| Sole Incorporator | Sole Incorporator |
| By: | /s/Patrick Reilly |
| Patrick Reilly | Patrick Reilly |
| Sole Incorporator | Sole Incorporator |

---

## Ex1A-2B

**Exhibit 2.2**

**BYLAWS OF**

**Angel Studios 024, Inc**

**a Delaware corporation**

Adopted April 8, 2025

1. *Offices*. Angel Studios 024, Inc. (the "Corporation")
may have an office or offices, and keep the books and records of the Corporation, except as may otherwise be required by applicable law,
at such other place or places, either within or without the State of Delaware, as the Board may from time to time determine or the business
of the Corporation may require.

2. *Meetings of Stockholders*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. *Annual Meetings.* The annual meetings of stockholders for the election of directors and for such
other business as may be stated in the notice of the meeting shall be held at such time and date and place as the Board, by resolution,
shall determine and as set forth in the notice of the meeting and shall be held at such place, either within or without the State of Delaware.
If the date of the annual meeting shall fall upon a legal holiday, the meeting shall be held on the next succeeding business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. *Deferred Meeting for Election of Directors, etc.* If the annual meeting of stockholders for
the election of directors and the transaction of other business is not held within the time specified in Section 2.1, the Board shall
call a special meeting of stockholders for the election of directors and the transaction of other business as soon thereafter as convenient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. *Other Special Meetings.* A special meeting of stockholders (other than a special meeting for the
election of directors), unless otherwise prescribed by statute, may only be called by the Board and may be called at any time by the Board.
At any special meeting of stockholders, only such business may be transacted as is related to the purpose(s) of such meeting set
forth in the notice thereof given pursuant to Section 2.5 or in any waiver of notice thereof given pursuant to Section 2.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. *Fixing Record Date.* For the purpose of determining the stockholders entitled to notice of or to
vote at any meeting of stockholders or any adjournment thereof, or to express consent to corporate action in writing without a meeting,
or for the purpose of determining stockholders entitled to receive payment of any dividend or other distribution or allotment of any rights,
or entitled to exercise any rights in respect of any change, conversion or exchange of stock, or for the purpose of any other lawful action,
the Board may fix, in advance, a date as of the record date for any such determination of stockholders. Such date shall not be more than
sixty (60) nor less than ten (10) days before the date of such meeting nor more than sixty (60) days prior to any other action. If
no such record date is fixed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The record date for the determination of stockholders entitled to notice of or to vote at a meeting of
stockholders shall be at the close of business on the day next preceding the day on which notice is given or, if no notice is given or
if notice is waived, at the close of business on the day next preceding the day on which the meeting is held;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The record date for determining stockholders entitled to express consent to corporate action in writing
without a meeting, when no prior action by the Board is necessary, shall be the day on which the first written consent is expressed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The record date for determining stockholders for any purpose other than those specified in Sections 2.4(a) and
Section 2.4(b) shall be at the close of business on the day on which the Board adopts the resolution relating thereto.

When a determination of stockholders entitled to notice of, or to vote at, any meeting of stockholders has been made as provided in this Section 2.4, such determination shall apply to any adjournment thereof, unless the Board fixes a new record date for the adjourned meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. *Notice of Meetings of Stockholders; Location.* Except as otherwise provided in Section 2.4
and Section 2.6, whenever under any provision of the Delaware General Corporation Law (as the same may be amended and supplemented
from time to time, and including any successor provision thereto, the "DGCL"), the Certificate of Incorporation of the Corporation
(as the same may be amended, supplemented and/or restated from time to time, the "Certificate") or these Bylaws, stockholders
are required or permitted to take any action at a meeting, written notice shall be given stating the place, date and hour of the meeting
and, in the case of a special meeting, the purpose(s) for which the meeting is called. Except as otherwise provided by any provision
of the DGCL, a copy of the notice of any meeting shall be given, personally or by mail, not less than 10 nor more than 60 days before
the date of the meeting, to each stockholder entitled to notice of, or to vote at, such meeting. If mailed, such notice shall be deemed
to be given when deposited in the United States Mail, postage prepaid, directed to the stockholder at his address as it appears on the
records of the Corporation. An affidavit of the Secretary or an Assistant Secretary or of the transfer agent of the Corporation that the
notice required by this Section 2.5 has been given shall, in the absence of fraud, be prima facie evidence of the facts stated therein.
When a meeting is adjourned to another time or place, notice need not be given of the adjourned meeting if the time and place thereof
are announced at the meeting at which the adjournment is taken and, at the adjourned meeting, any business may be transacted that might
have been transacted at the meeting originally called. If, however, the adjournment is for more than 60 days or if, after the adjournment,
a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder of record entitled
to vote at the meeting. The Board may designate the place of meeting for any meeting of Stockholders. If no designation is made by the
Board, the place of meeting shall be the principal executive offices of the Corporation. The Board may, in its sole discretion, determine
that the meeting shall not be held at any place, but may instead be held solely by means of remote communication as authorized by the
DGCL

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. *Waivers of Notice.* Whenever notice is required to be given to the stockholders under any provision
of the DGCL, or the Certificate or these Bylaws, a written waiver thereof, signed by a stockholder entitled to notice, whether before
or after the time stated therein, shall be deemed equivalent to notice. Attendance of a stockholder at a meeting shall constitute a waiver
of notice of such meeting, except when the stockholder attends a meeting for the express purpose of objecting, at the beginning of the
meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted
at, nor the purpose of, any regular or special meeting of the stockholders need be specified in any written waiver of notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7. *Quorum of Stockholders; Adjournment; Postponement.* The holders of a majority of the voting
power, present, in person or represented by proxy, shall be necessary and sufficient to constitute a quorum for the transaction of any
business at such meeting, except where otherwise provided by any provision of the DGCL. When a quorum is once present to organize a meeting
of stockholders, it is not broken by the subsequent withdrawal of any stockholders. The Chairman, or the holders of a majority of the
shares of stock present in person or represented by proxy at any meeting of stockholders, including an adjournment meeting, whether or
not a quorum is present, may adjourn such meeting to another time and place. Any previously scheduled meeting of stockholders may be postponed,
and any previously scheduled special meeting of Stockholders may be canceled, by the Board upon public notice given prior to the time
previously scheduled for such meeting of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8. *Voting; Proxies.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise provided in the Certificate, every stockholder of record shall be entitled at every meeting
of stockholders to one vote for each share of capital stock standing in his name on the record of stockholders determined in accordance
with Section 2.4. If the Certificate provides for more or less than one vote for any share on any matter, every reference in these
Bylaws or any provision of the DGCL, to a majority or other proportion of stock shall refer to such majority or other proportion of the
votes of such stock. The provisions of the DGCL shall apply in determining whether any shares of capital stock may be voted and the persons,
if any entitled to vote such shares, but the Corporation shall be protected in treating the persons in whose names shares of capital stock
stand on the record of stockholders as owners thereof for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In any uncontested election of directors, each person receiving a majority of the votes cast shall be
deemed elected. For purposes of this paragraph, a 'majority of the votes cast' shall mean that the number of votes cast 'for'
a director must exceed the number of votes cast 'against' that director (with 'abstentions' and 'broker
non-votes' not counted as a vote cast with respect to that director). In any contested election of directors, the persons receiving
a plurality of the votes cast, up to the number of directors to be elected in such election, shall be deemed elected. The Board may, but
need not, establish policies and procedures regarding the nomination, election and resignation of directors, which policies and procedures
may: (i) include a condition to nomination by the Board for election or re-election as a director that an individual agree to tender,
if elected or re-elected, an irrevocable offer of resignation conditioned on: (A) failing to receive the required vote for re-election
at the next meeting at which such person would face re-election and (B) acceptance of the resignation by the Board, (ii) require:
(A) if one exists, the Corporation's nominating and governance committee or other committee designated by the Board (the "Nominating
and Governance Committee") to make a recommendation to the Board on whether to accept or reject the resignation, or whether other
action should be taken and (B) the Board to act on the Nominating and Governance Committee's recommendation and publicly disclose
its decision and the rationale behind it within 90 days, to the extent practicable, from the date of the certification of the election
results. A "contested election" is one in which: (i) the Secretary receives a notice that a Stockholder has nominated
a person for election to the Board in compliance with the advance notice requirements for stockholder nominees for director set forth
in Section and (ii) such nomination has not been withdrawn by such stockholder on or before the 10<sup>th</sup> day before
the Corporation first mails its notice of meeting for such meeting to the stockholders. An "uncontested election" is any election
other than a contested election. All elections of directors shall be by written ballot unless otherwise provided in the Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As to each matter submitted to a vote of the stockholders (other than the election of directors), except
as otherwise provided by law or by the Certificate or by these Bylaws, such matter shall be decided by a majority of the votes cast on
such matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In voting on any other question on which a vote by ballot is required by law, the voting shall be by ballot.
Each ballot shall be signed by the stockholder voting or by his proxy and shall state the number of shares voted. Every stockholder entitled
to vote at a meeting of stockholders or to express consent or dissent to corporate action in writing without a meeting may authorize another
person(s) to act for him by proxy. Any proxy to be used at a meeting of stockholders must be delivered to the Secretary of the Corporation
or his or her representative at the principal executive offices of the Corporation at or before the time of the meeting. The validity
and enforceability of any proxy shall be determined in accordance with the provisions of the DGCL. The Chairman shall fix and announce
at the meeting the date and time of the opening and the closing of the polls for each matter upon which the stockholders will vote at
the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9. *Nomination of Directors.* Only persons who are nominated in accordance with the procedures set forth
in these Bylaws shall be eligible for election as directors. Nominations of persons for election to the Board may be made at a meeting
of stockholders at which directors are to be elected only (a) by or at the direction of the Board or (b) by any stockholder
of the Corporation entitled to vote for the election of directors at a meeting who complies with the notice procedures set forth in Section 2.10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10. *Notices of Business or Nominations for Director.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For director nominations or other business to be properly brought before an annual meeting of stockholders
by a stockholder, a stockholder's notice must include the following information and/or documents, as applicable: (A) the name
and address of the stockholder giving the notice, as they appear on the Corporation's books, and of the beneficial owner of stock
of the Corporation, if any, on whose behalf such nomination or proposal of other business is made (such beneficial owner, the "Beneficial
Owner"); (B) representations that, as of the date of delivery of such notice, such stockholder is a holder of record of
stock of the Corporation and is entitled to vote at such meeting and intends to appear in person or by proxy at such meeting to propose
and vote for such nomination and any such other business; (C) as to each person whom the stockholder proposes to nominate for
election or re-election as a director (a "Stockholder Nominee"): (1) all information relating to such Stockholder Nominee
that is required to be disclosed in solicitations of proxies for election of directors in an election contest, or is otherwise required,
in each case pursuant to Regulation 14A under the Securities Exchange Act of 1934 (as amended from time to time, the "Exchange Act")
or any successor provision thereto, including such Stockholder Nominee's written consent to being named in the proxy statement as
a nominee and to serving as a director if elected and to being named in the Corporation's proxy statement and form of proxy if the
Corporation so determines, (2) a statement whether such Stockholder Nominee, if elected, intends to tender, promptly following such
Stockholder Nominee's election or re-election, an irrevocable offer of resignation effective upon such Stockholder Nominee's
failure to receive the required vote for re-election at the next meeting at which such Stockholder Nominee would face re-election and
upon acceptance of such resignation by the Board; and (3) such other information as may be reasonably requested by the Corporation;
(D) as to any other business that the stockholder proposes to bring before the meeting: (1) a brief description of such business,
(2) the text of the proposal (including the text of any resolutions proposed for consideration and, if such business includes a proposal
to amend these Bylaws, the text of the proposed amendment) and (3) the reasons for conducting such business at the meeting;
and (E) in all cases: (1) the name of each individual, firm, corporation, limited liability company, partnership, trust or other
entity (including any successor thereto, a "Person") with whom the stockholder, any Beneficial Owner, any Stockholder Nominee
and the respective affiliates and associates (as defined under Regulation 12B under the Exchange Act or any successor provision thereto)
of such stockholder, Beneficial Owner and/or Stockholder Nominee (each of the foregoing, including, for the avoidance of doubt, the Stockholder,
Beneficial Owner and/or Stockholder Nominee, a "Stockholder Group Member") either is acting in concert with respect to the
Corporation or has any agreement, arrangement or understanding (whether written or oral) for the purpose of acquiring, holding, voting
(except pursuant to a revocable proxy given to such Person in response to a public proxy solicitation made generally by such Person to
all holders of common stock of the Corporation) or disposing of any capital stock of the Corporation or to cooperate in obtaining, changing
or influencing the control of the Corporation (except independent financial, legal and other advisors acting in the ordinary course of
their respective businesses) (each Person described in this clause (1), including each Stockholder Group Member, a "Covered Person"),
and a description, and, if in writing, a copy, of each such agreement, arrangement or understanding, (2) a list of the class, series
and number of shares of capital stock of the Corporation that are beneficially owned or owned of record by each Covered Person, together
with documentary evidence of such record or beneficial ownership, (3) a list of all derivative securities (as defined in Rule 16a-1
under the Exchange Act or any successor provision thereto) and other derivatives or similar arrangements to which any Covered Person is
a counterparty and relating to any shares of capital stock of the Corporation, a description of all economic terms of all such derivative
securities and other derivatives or similar arrangements and copies of all agreements and other documents relating to each of such derivative
securities and other derivatives or similar arrangements, (4) a list of all transactions by any Covered Person involving any shares
of capital stock of the Corporation or any derivative securities (as defined under Rule 16a-1 under the Exchange Act or any successor
provision thereto) or other derivatives or similar arrangements related to any shares of capital stock of the Corporation entered into
or consummated within 60 days prior to the date of such notice, (5) details of all other material interests of each Covered Person
in such nomination or proposal or shares of capital stock of the Corporation (including any rights to dividends or performance-related
fees based on any increase or decrease in the value of such shares of capital stock) and (6) a representation as to whether any Covered
Person intends or is part of a group which intends to deliver a proxy statement and/or form of proxy to, in the case of a nomination or
nominations, at least the percentage of the Corporation's outstanding capital stock reasonably believed by the Covered Person to
be sufficient to elect the nominee or nominees proposed to be nominated by the stockholder and, in the case of a proposal, holders of
at least the percentage of the Corporation's outstanding capital stock required to elect any Stockholder Nominee or approve such
proposal (such representation, the "Solicitation Representation").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A notice delivered by or on behalf of any Stockholder under this Section 2.10 shall be deemed to
be not in compliance with this Section 2.10 and not be effective if: (x) such notice does not include all of the information,
documents and representations required under this Section 2.10, (y) after delivery of such notice, any information or document
required to be included in such notice changes or is amended, modified or supplemented, as applicable, prior to the date of the relevant
meeting and such information and/or document is not delivered to the Corporation by way of a further written notice as promptly as practicable
following the event causing such change in information or amendment, modification or supplement, as applicable, and in any case where
such event occurs within 45 days of the date of the relevant meeting, within five business days after such event or (z) any Covered
Person does not act in accordance with the representation set forth in the Solicitation Representation; provided, however, that the
Board shall have the authority to waive any such non-compliance if the Board determines that such action is appropriate in the exercise
of its fiduciary duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding Section 2.10(b), in the event that the number of directors to be elected to the Board
is increased effective at the next annual meeting and there is no Public Announcement (as defined below) specifying the size of the increased
Board made by the Corporation at least 100 days prior to the first anniversary of the preceding year's annual meeting, a stockholder's
notice required by this Section 2.10 shall also be considered timely, but only with respect to nominees for any new positions created
by such increase, if it is delivered to the Secretary at the principal executive offices of the Corporation not later than the close of
business on the 10<sup>th</sup> day following the day on which such Public Announcement is first made by the Corporation and such notice
otherwise complies with the requirements of this Section 2.10. To be timely, a stockholder's notice must be delivered to the
Secretary at the principal executive offices of the Corporation not less than 90 days nor more than 120 days prior to the first anniversary
of the preceding year's annual meeting; provided, however, that in the event that the date of the annual meeting is advanced
by more than 30 days, or delayed by more than 90 days, from such anniversary date, or if no annual meeting was held in the preceding year,
notice by a stockholder to be timely must be so delivered not earlier than the 120<sup>th</sup> day prior to such annual meeting and not
later than the close of business on the later of the 90<sup>th</sup> day prior to such annual meeting and the 10<sup>th</sup> day following
the day on which the Public Announcement of the date of such meeting is first made by the Corporation. In no event shall the Public Announcement
of an adjournment or postponement of an annual meeting commence a new time period for the giving of a Stockholder's notice as described
in this Section 2.10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Public Announcement" shall mean disclosure in a press release reported by the Dow Jones News
Service, Associated Press or comparable national news service or in a document publicly filed by the Corporation with the Securities and
Exchange Commission pursuant to Section 13, Section 14 or Section 15(d) of the Exchange Act or any document delivered
to all Stockholders (including any quarterly income statement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11. *Selection and Duties of Inspectors at Meeting of Stockholders.* The Board, in advance of any meeting
of stockholders, may appoint one or more inspectors to act at the meeting or any adjournment thereof. If inspectors are not so appointed,
the person presiding at such meeting may and, on the request of any stockholder entitled to vote thereat shall, appoint one or more inspectors.
In case any person appointed fails to appear or act, the vacancy may be filled by appointment made by the Board in advance of the meeting
or at the meeting by the person presiding thereat. Each inspector, before entering upon the discharge of his duties, shall take and sign
an oath faithfully to execute the duties of inspector at such meeting with strict impartiality and according to the best of his ability.
The inspector(s) shall determine the number of shares outstanding and the voting power of each, the shares represented at the meeting,
the existence of a quorum, the validity and effect of proxies, and shall receive votes, ballots or consents, hear and determine all challenges
and questions arising in connection with the right to vote, count and tabulate all votes, ballots or consents, determine the result, and
shall do such acts as are proper to conduct the election or vote with fairness to all stockholders. On the request of the person presiding
at the meeting or any stockholder entitled to vote thereat, the inspector(s) shall make a report in writing of any challenge, question
or matter determined by him or them and execute a certificate of any fact found by him or them. Any report or certificate made by the
inspector(s) shall be prima facie evidence of the facts stated and of the vote as certified by him or them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12. *Organization.* At every meeting of stockholders, the Chief Executive Officer or, in the absence
of the Chief Executive Officer, a President or a Vice President, and in case more than one Vice President shall be present, that Vice
President designated by the Board (or in the absence of any such designation, the most senior Vice President, based on age, present) shall
act as chairman of the meeting. In case none of the officers above designated to act as chairman or secretary of the meeting, respectively,
shall be present, a chairman or a secretary of the meeting, as the case may be, may be chosen by a majority of the voting power present
at such meeting, which includes the voting power which is present in person or represented by proxy and entitled to vote at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13. *Order of Business.* The order of business at all meetings of stockholders shall be as determined
by the chairman of the meeting, but the order of business to be followed at any meeting at which a quorum is present may be changed by
a majority of the votes cast at such meeting by the holders of shares of capital stock present, in person or represented by proxy and
entitled to vote at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14. *Action Without Meeting.* Unless otherwise provided by the Certificate or these Bylaws, any action
required to be taken at any annual or special meeting of stockholders, or any action which may be taken at any annual or special meeting,
may be taken without a meeting, without prior notice and without a vote if a consent in writing setting forth the action so taken is signed
by the stockholders holding at least a majority of the voting power, except that if a different proportion of voting power is required
for such action at a meeting, then that proportion of written consents is required. Every written consent shall bear the date of signature
of each stockholder who signs the consent and no written consent shall be effective to take the corporate action referred to therein unless,
within 60 days of the date the earliest dated consent is delivered to the Corporation, a written consent or consents signed by a sufficient
number of holders to take action are delivered to the Corporation in the manner prescribed herein. An electronic transmission consenting
to an action to be taken and transmitted by a stockholder or proxyholder, or by a person or persons authorized to act for a stockholder
or proxyholder, shall be deemed to be written, signed and dated for the purposes of this Section 2.14 to the extent permitted by
law. Any such consent shall be delivered in accordance with the DGCL. Prompt notice of the taking of the corporate action without a meeting
by less than unanimous written consent shall be given to those stockholders who have not consented in writing or electronic transmission
and who, if the action had been taken at a meeting, would have been entitled to notice of the meeting if the record date of such meeting
had been the date that written consents signed by a sufficient number of stockholders or members to take the action were delivered to
the Corporation as provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15. *Copies, Etc.* Any copy, facsimile or other reliable reproduction of a consent in writing may be
substituted or used in lieu of the original writing for any and all purposes for which the original writing could be used, provided that
such copy, facsimile or other reproduction shall be a complete reproduction of the entire original writing

3. *Directors.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. *Number and Term.* Except as provided by any provision of the DGCL, the number of directors shall
initially be one (1) or such other number of persons as the majority of the full Board, by resolution, may from time to time determine.
The directors shall, except for filling vacancies (whether resulting from an increase in the number of directors, resignations, removals
or otherwise), be elected at the annual meeting of the stockholders and each director shall be elected to serve until his successor is
elected and qualifies. Directors need not be stockholders. No decrease in the number of directors constituting the Board shall shorten
the term of any incumbent director. The members of the Board may elect a chairman of the Board (the "Chairman") by a vote
of a majority vote of all directors (which may include the vote of the person so elected).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. *Resignations.* Any director, member of a committee or other officer may resign at any time. Such
resignation shall be made in writing and shall take effect at the time specified therein and, if no time be specified, at the time of
its receipt by the Chief Executive Officer or Secretary. The acceptance of a resignation shall not be necessary to make it effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. *Vacancies.* Except as may otherwise be provided in connection with rights to elect additional directors
under specified circumstances, which may be granted to the holders of any class or series of preferred stock, if the position of any director
becomes vacant (whether resulting from an increase in the number of directors, resignations, removals or otherwise), the remaining directors
in office, though less than a quorum, by a majority vote, may appoint any qualified person to fill such vacancy, who shall hold office
for the unexpired term and until his successor shall be duly chosen.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. *Removal.* Other than with respect to any director(s) who are named by a class of preferred
stock of the Corporation, which may be removed and replaced either for or without cause at any time solely by the holders of such class
of preferred stock, any director(s) may be removed by the affirmative vote of the holders of not less than a majority of the voting
power of the issued and outstanding stock entitled to vote, at a special meeting of the stockholders called for that purpose and the vacancies
thus created may be filled, at the meeting held for the purpose of removal, by the majority affirmative vote of the holders of all of
the voting power of the issued and outstanding stock entitled to vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. *Increase or Decrease of Number.* The number of directors may be increased or decreased only by the
affirmative vote of a majority of the directors, though less than a quorum. Any newly created directorships may be filled in the same
manner as a vacancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. *Powers.* The business and affairs of the Corporation shall be managed by or under the direction
of the Board, except as otherwise provided by applicable law or by the Certificate. If any such provision is made in the Certificate,
the powers and duties imposed upon the Board by applicable law shall be exercised or performed to such extent and by such person or persons
as shall be provided in the Certificate. The Board shall exercise all of the powers of the Corporation except such as are by law, or by
the Certificate of the Corporation or by these Bylaws, conferred upon or reserved to the stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7. *Conference Call.* Members of the Board or any committee designated by such Board may participate
in a meeting of the Board or such committee by means of telephone conference or similar communication equipment by means of which all
persons participating in the meeting can hear each other and participation pursuant to this Section 3.7 shall constitute presence
at such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8. *Committees.* The Board may, by resolution(s) passed by a majority of the whole Board, designate
one or more committees, each committee to consist of one (1) or more of the directors of the Corporation. The Board may designate
one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee.
In the absence or disqualification of any member or such committee or committees, the member or members thereof present at any such meeting
and not disqualified from voting, whether or not he or they constitute a quorum, may unanimously appoint another member of the Board to
act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in the resolution
of the Board or in these Bylaws, shall have and may exercise all the powers and authority of the Board in the management of the business
and affairs of the Corporation, but no such committee shall have the power or authority in reference to amending the Certificate, adopting
an agreement of merger or consolidation, recommending to the stockholders the sale, lease or exchange of all or substantially all of the
Corporation's property and assets, recommending to the stockholders a dissolution of the Corporation or a revocation of a dissolution,
or amending these Bylaws of the Corporation and, unless the resolution, these Bylaws or the Certificate expressly so provide, no such
committee shall have the power or authority to declare a dividend or to authorize the issuance of stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9. *Meetings.* Meetings of the Board, regular or special, may be held at any place within or without
the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On the day when, and at the place where, the annual meeting of stockholders for the election of directors
is held, and as soon as practicable thereafter, the Board may hold its annual meeting, without notice of such meeting, for the purposes
or organization, election of officers and transaction of other business. The annual meeting of the Board may be held at any other time
and place specified in a notice given as provided in this Section 3.9 for special meetings of the Board or in a waiver of notice
thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Regular meetings of the directors may be held without notice at such place and time as shall be determined
from time to time by resolution of the directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Special meetings of the Board may be called by the Chief Executive Officer or by the Secretary on the
written request of any two or more directors on at least ten (10) days' notice to each director and shall be held at such place(s) as
may be determined by the directors, or as shall be stated in the call of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Anything in these Bylaws or in any resolution adopted by the Board to the contrary notwithstanding, notice
of any meeting of the Board need not be given to any director who submits a signed waiver of such notice, whether before or after such
meeting, or who attends such meeting without protesting, prior thereto or at its commencement, the lack of notice to him.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10. *Quorum.* A majority of the directors in office from time to time shall constitute a quorum for the
transaction of business. If at any meeting of the Board there shall be less than a quorum present, a majority of those present may adjourn
the meeting from time to time until a quorum is obtained and no further notice thereof need be given, other than by announcement at the
meeting which shall be so adjourned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11. *Compensation.* Unless otherwise restricted by the Certificate, the Board shall have the authority
to fix the compensation of the directors. The directors may be paid their expenses, if any, of attendance at each meeting of the Board
and may be paid a fixed sum for attendance at each meeting of the Board or paid a stated salary or paid other compensation as director.
No such payment shall preclude any director from serving the Corporation in any other capacity and receiving compensation therefor. Members
of special or standing committees may be allowed compensation for attending committee meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12. *Action Without Meeting.* Any action required or permitted to be taken at any meeting of the Board,
or of any committee thereof, may be taken without a meeting if a written consent thereto is signed by all members of the Board, or of
such committee, as the case may be, and such written consent is filed with the minutes of proceedings of the Board or committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13. *Telephone Meeting.* Any one or more members of the Board or any committee thereof may participate
in a meeting of the Board or such committee by means of a telephone conference or similar communications equipment allowing all persons
participating in the meeting to hear each other at the same time. Participation by such means shall constitute presence in person at such
meeting.

4. *Officers*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. *Officers.* The Board may elect or appoint a Chief Executive Officer and such other officers as it
may determine. The Board may designate one or more Vice Presidents as Executive Vice Presidents and may use descriptive words or phrases
to designate the standing, seniority or area of special competence of the Vice Presidents elected or appointed by it. Each officer shall
hold his office until his successor is elected and qualified or until his earlier death, resignation or removal in the manner provided
in Section 4.2. Any two or more offices may be held by the same person. The Board may require any officer to give a bond or other
security for the faithful performance of his duties, in such amount and with such sureties as the Board may determine. All officers as
between themselves and the Corporation shall have such authority and perform such duties in the management of the Corporation as may be
provided in these Bylaws or as the Board may from time to time determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. *Removal of Officers.* Any officer elected or appointed by the Board may be removed by the Board
with or without cause. The removal of an officer without cause shall be without prejudice to his contract rights, if any. The election
or appointment of an officer shall not of itself create contract rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. *Resignations.* Any officer may resign at any time by notifying the Board, the Chief Executive Officer
or the Secretary in writing. Such resignation shall take effect at the date of receipt of such notice or at such later time as is therein
specified and, unless otherwise specified, the acceptance of such resignation shall not be necessary to make it effective. The resignation
of an officer shall be without prejudice to the contract rights of the Corporation, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. *Vacancies.* A vacancy in any office because of death, resignation, removal, disqualification or
any other cause shall be filled for the unexpired portion of the term in the manner prescribed in these Bylaws for the regular election
or appointment to such office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5. *Compensation.* Salaries or other compensation of the officers may be fixed from time to time by
the Board. No officer shall be prevented from receiving a salary or other compensation by reason of the fact that he is also a director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6. *Chief Executive Officer.* The Chief Executive Officer shall have general supervision and direction
of the business and affairs of the Corporation, subject to control of the Board, and shall report directly to the Board, and shall have
supervisory responsibility over officers operating and discharging their responsibilities. The Chief Executive Officer shall perform all
such other duties which are commonly incident to the capacity of Chief Executive Officer or which are delegated to him or her by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7. *President.* The President shall have general supervision and direction of the business and affairs
of the Corporation as directed by the Chief Executive Officer. The President may, if present, preside at all meetings of the stockholders.
He may, with the Secretary or the Treasurer or an Assistant Secretary or an Assistant Treasurer, sign certificates for shares of the Corporation.
He may sign and execute, in the name of the Corporation, deeds, mortgages, bonds, contracts and other instruments, except in cases where
the signing and execution thereof shall be expressly delegated by the Board or by these Bylaws to some other officer or agent of the Corporation,
or shall be required by law otherwise to be signed or executed, and, in general, he shall perform all duties incident to the office of
President and such other duties as from time to time may be assigned to him by the Board. If there is no President, the Chief Executive
Officer shall perform the President's functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8. *Chief Financial Officer.* The Chief Financial Officer shall perform all the powers and duties of
the office of the principal financial officer and in general have overall supervision of the financial operations of the Corporation.
The Chief Financial Officer shall, when requested, counsel with and advise the other officers of the Corporation and shall perform such
other duties as he may agree with the Chief Executive Officer or as the Board may from time to time determine. If there is no Chief Financial
Officer, the Chief Executive Officer shall perform the Chief Financial Officer's functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9. *Executive Vice Presidents.* At the request of the President or, in his absence, at the request of
the Board, the Executive Vice Presidents shall (in such order as may be designated by the Board or, in the absence of any such designation,
in order of seniority based on age) perform all of the duties of the President and, so acting, shall have all the powers of and be subject
to all restrictions upon the President. Any Executive Vice President may also, with the Secretary or the Treasurer or an Assistant Secretary
or an Assistant Treasurer, sign certificates for shares of the Corporation, may sign and execute in the name of the Corporation deeds,
mortgages, bonds, contracts or other instruments authorized by the Board, except in cases where the signing and execution thereof shall
be expressly delegated by the Board or by these Bylaws to some other officer or agent of the Corporation, or shall be required by law
otherwise to be signed or executed, and shall perform such other duties as from time to time may be assigned to him by the Board or the
President.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10. *Secretary.* The Secretary, if present, shall act as Secretary of all meetings of the stockholders
and of the Board and shall keep the minutes thereof in the proper book(s) to be provided for that purpose; he shall see that
all notices required to be given by the Corporation are duly given and served; he may, with the Chief Executive Officer or a Vice
President, sign certificates for shares of the Corporation; he shall be custodian of the seal of the Corporation, if any, and may
seal with the seal of the Corporation or a facsimile thereof, if any, all certificates for shares of capital stock of the Corporation
and all documents; he shall have charge of the stock ledger and also of the other books, records and papers of the Corporation relating
to its organization and management as a Corporation and shall see that the reports, statements and other documents required by law are
properly kept and filed; and shall, in general, perform all duties incident to the office of Secretary and such other duties as from
time to time may be assigned to him by the Board or the Chief Executive Officer. If there is no Secretary, the Chief Executive Officer
shall perform the Secretary's functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11. *Treasurer.* The Treasurer shall have charge and custody of, and be responsible for, all funds, securities
and notes of the Corporation; receive and give receipts for monies due and payable to the Corporation from any sources whatsoever;
deposit all such monies in the name of the Corporation in such banks, trust companies or other depositories as shall be selected in accordance
with these Bylaws; against proper vouchers, cause such funds to be disbursed by checks or drafts on the authorized depositories of
the Corporation signed in such manner as shall be determined in accordance with any provisions of these Bylaws, and be responsible for
the accuracy of the amounts of all monies to disbursed; regularly enter or cause to be entered in books to be kept by him or under
his direction full and adequate account of all monies received or paid by him for the account of the Corporation; have the right
to require, from time to time, reports or statements giving such information as he may desire with respect to any and all financial transactions
of the Corporation from the officers or agents transacting the same; render to the Chief Executive Officer or the Board, whenever
the Chief Executive Officer or the Board, respectively, shall require him so to do, an account of the financial conditions of the Corporation
and of all his transactions as Treasurer; exhibit at all reasonable times his books of account and other records to any of the directors
upon application at the office of the Corporation where such books and records are kept; and, in general, perform all duties incident
to the office of Treasurer and such other duties as from time to time may be assigned to him by the Chief Executive Officer or the Board;
and he may sign with the Chief Executive Officer or a Vice President certificates for shares of the capital stock of the Corporation.
If there is no Treasurer, the Chief Executive Officer shall perform the Treasurer's functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12. *Assistant Secretaries and Assistant Treasurers.* Assistant Secretaries and Assistant Treasurers
shall perform such duties as shall be assigned to them by the Secretary or by the Treasurer, respectively, or by the Board or the Chief
Executive Officer. Assistant Secretaries and Assistant Treasurers may, with the Chief Executive Officer or a Vice President, sign certificates
for shares of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13. *Additional Matters.* The Chief Executive Officer, the President and the Chief Financial Officer
of the Corporation shall have the authority to designate employees of the Corporation to have the title of Vice President, Assistant Vice
President, Assistant Treasurer, Assistant Controller or Assistant Secretary. Any employee so designated shall have the powers and duties
determined by the officer making such designation. The persons upon whom such titles are conferred shall not be deemed officers of the
Corporation unless elected by the Board.

5. *Contracts, Checks, Drafts, Bank Accounts, etc.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. *Execution of Contracts.* The Board may authorize any officer, employee or agent, in the name and
on behalf of the Corporation, to enter into any contract or execute and satisfy any instrument, and any such authority may be general
or confined to specific instances, or otherwise limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. *Loans.* The Chief Executive Officer or any other officer, employee or agent authorized by these
Bylaws or by the Board may effect loans and advances at any time for the Corporation from any bank, trust company or other institutions
or from any firm, corporation or individual and for such loans and advances may make, execute and deliver promissory notes, bonds or other
certificates or evidence of indebtedness of the Corporation and, when authorized by the Board to do so, may pledge and hypothecate or
transfer any securities or the property of the Corporation as security for any such loans or advances. Such authority conferred by the
Board may be general or confined to specific instances or otherwise limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. *Checks, Drafts, etc.* All checks, drafts and other orders for the payment of money out of the
funds of the Corporation and all notes or other evidence of indebtedness of the Corporation shall be signed on behalf of the Corporation
in such manner as shall from time to time be determined by resolution of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. *Deposits.* The funds of the Corporation not otherwise employed shall be deposited from time to time
to the order of the Corporation in such banks, trust companies or other depositories as the Board may select or as may be selected by
an officer, employee or agent of the Corporation to whom such power may from time to time be delegated by the Board.

6. *Stocks and Dividends.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. *Certificates Representing Shares.* The shares of the Corporation shall not be certificated unless
required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. *Transfer of Shares.* Transfers of shares of capital stock of the Corporation shall be made only
on the books of the Corporation by the holder thereof or by his duly authorized attorney appointed by a power of attorney duly executed
and filed with the Secretary or a transfer agent of the Corporation and on surrender of any certificate(s) representing such shares
of capital stock, if they exist, properly endorsed for transfer and upon payment of all necessary transfer taxes and such other instruments
of transfer as requested by the Corporation. A person in whose name shares of capital stock shall stand on the books of the Corporation
shall be deemed the owner thereof to receive dividends, to vote as such owner and for all other purposes as respects the Corporation,
its stockholders and creditors for any purpose, except to render the transferee liable for the debts of the Corporation to the extent
provided by law, until such transfer shall have been entered on the books of the Corporation by an entry showing from and to whom transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. *Registered Stockholders and Addresses of Stockholders.* The Corporation shall be entitled to recognize
the exclusive right of a person registered on its records as the owner of shares of capital stock to receive dividends and to vote as
such owner, and shall not be bound to recognize any equitable or other claim to or interest in such share or shares of capital stock on
the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise provided by applicable
law. Each stockholder shall designate to the Secretary or transfer agent of the Corporation an address at which notices of meetings and
all other corporate notices may be given to such person, and, if any stockholder fails to designate such address, corporate notices may
be given to such person by mail directed to such person at such person's post office address, if any, as the same appears on the
stock record books of the Corporation or at such person's last known post office address or as otherwise provided by applicable
law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. *Transfer and Registry Agents.* The Corporation may from time to time maintain one or more transfer
offices or agents and registry offices or agents at such place(s) as may be determined from time to time by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5. *Lost, Destroyed, Stolen and Mutilated Certificates.* The holder of any shares shall immediately
notify the Corporation of any loss, destruction, theft or mutilation of the certificate representing such shares and the Corporation may
issue a new certificate to replace the certificate alleged to have been lost, destroyed, stolen or mutilated. The Board may, in its discretion,
as a condition to the issue of any such new certificate, require the owner of the lost, destroyed, stolen or mutilated certificate, or
his legal representatives, to make proof satisfactory to the Board of such loss, destruction, theft or mutilation and to advertise such
fact in such manner as the Board may require, and to give the Corporation and its transfer agents and registrars, or such of them as the
Board may require, a bond in such form, in such sums and with such surety or sureties as the Board may direct, to indemnify the Corporation
and its transfer agents and registrars against any claim that may be made against any of them on account of the continued existence of
any such certificate so alleged to have been lost, destroyed, stolen or mutilated and against any expense in connection with such claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6. *Regulations.* The Board may make rules and regulations as it may deem expedient, not inconsistent
with these Bylaws or with the Certificate, concerning the issue, transfer and registration of certificates representing shares of its
capital stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7. *Restriction on Transfer of Stock.* A written restriction on the transfer or registration of transfer
of capital stock of the Corporation, if permitted by the provisions of the DGCL, and noted conspicuously on the certificate representing
such capital stock, if such certificate exists, may be enforced against the holder of the restricted capital stock of any successor or
transferee of the holder including an executor, administrator, trustee, guardian or other fiduciary entrusted with like responsibility
for the person or estate of the holder. Unless noted conspicuously on the certificate representing such capital stock, a restriction,
even though permitted by the provisions of the DGCL, as the same may be amended and supplements, shall be ineffective except against a
person with actual knowledge of the restriction. A restriction on the transfer or registration of transfer of capital stock of the Corporation
may be imposed either by the Certificate or by an agreement among any number of stockholders or among such stockholders and the Corporation.
No restriction so imposed shall be binding with respect to capital stock issued prior to the adoption of the restriction unless the holders
of such capital stock are parties to an agreement or voted in favor of the restriction. Except to the extent that the Corporation has
obtained an opinion of counsel acceptable to the Corporation that transfer restrictions are not required under applicable securities laws,
or has otherwise satisfied itself that such transfer restrictions are not required, any certificates representing shares of the Corporation
shall bear a legend on the face of the certificate, or on the reverse of the certificate if a reference to the legend is contained on
the face, which reads substantially as follows:

THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR APPLICABLE STATE SECURITIES LAWS, AND NO INTEREST MAY BE SOLD, DISTRIBUTED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE TRANSFERRED UNLESS (A) THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS COVERING ANY SUCH TRANSACTION INVOLVING SAID SECURITIES, (B) THIS CORPORATION RECEIVES AN OPINION OF LEGAL COUNSEL FOR THE HOLDER OF THESE SECURITIES SATISFACTORY TO THIS CORPORATION STATING THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION, OR (C) THIS CORPORATION OTHERWISE SATISFIES ITSELF THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8. *Dividends, Surplus, etc.* Subject to the provisions of the Certificate and of law, the Board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) may declare and pay dividends or make other distributions on the outstanding shares of capital stock in
such amounts and at such time to times as, in its discretion, the conditions of the affairs of the Corporation shall render advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) may use and apply, in its discretion, any of the surplus of the Corporation in purchasing or acquiring
any shares of capital stock of the Corporation, or purchase warrants therefor, in accordance with law, or any of its bonds, debentures,
notes, scrip or other securities or evidence of indebtedness; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) may set aside from time to time out of such surplus or net profits such sum(s) as, in its discretion,
it may think proper, as a reserve fund to meet contingencies, or for equalizing dividends or for the purpose of maintaining or increasing
the property or business of the Corporation, or for any other purpose it may think conducive to the best interests of the Corporation.

7. *Miscellaneous*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. *Seal*. The Board shall have the power by resolution to adopt, make and use a corporate seal and
to alter the form of such seal from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. *Fiscal Year.* The fiscal year of the Corporation shall be determined, and may be changed, by resolution
of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. *Books and Records.* The Corporation shall: (1) Keep as permanent records minutes of all meetings
of its stockholders and the Board, a record of all actions taken by the stockholders or the Board without a meeting, and a record of all
actions taken by a committee of the Board exercising the authority of the Board on behalf of the Corporation; (2) Maintain appropriate
accounting records; (3) Maintain a record of its stockholders, in a form that permits preparation of a list of the names and
addresses of all stockholders, in alphabetical order by class of shares showing the number and class of shares held by each; provided,
however, such record may be maintained by an agent of the Corporation; (4) Maintain its records in written form or in another
form capable of conversion into written form within a reasonable time; and (5) Keep a copy of the following records (subject
to any provision of the DGCL) outside the State of Delaware at such place or places as may be designated from time to time by the Board:
(a) the Certificate as currently in effect; (b) these Bylaws and all amendments thereto as currently in effect; (c) the
minutes of all meetings of stockholders and records of all action taken by stockholders; (d) the Corporation's financial
statements for the past three years; (e) all written communications to stockholders generally within the past three years;
(f) a list of the names and business addresses of the current Directors and officers; and (g) the most recent annual report
delivered to the Delaware Secretary of State.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4. *Forum Selection; Attorneys' Fees.* Unless the Corporation consents in writing to the
selection of an alternative forum, the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of
the Corporation, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee
of the Corporation to the Corporation or the Corporation's stockholders, (iii) an action asserting a claim arising pursuant
to any provision of the DGCL, or (iv) any action asserting a claim governed by the internal affairs doctrine shall be a state or
federal court located within the state of Delaware, in all cases subject to the court's having personal jurisdiction over the indispensable
parties named as defendants. If any action is brought by any party against another party, relating to or arising out of these Bylaws,
or the enforcement hereof, the prevailing party shall be entitled to recover from the other party reasonable attorneys' fees, costs
and expenses incurred in connection with the prosecution or defense of such action, provided that the provisions of this sentence shall
not apply with respect to "internal corporate claims" as defined in Section 109(b) of the DGCL. For purposes of
these Bylaws, the term "attorneys' fees" or "attorneys' fees and costs" shall mean the fees and expenses
of counsel to the Corporation and any other parties asserting a claim as set forth in the initial paragraph of this Section 7.4,
which may include printing, photocopying, duplicating and other expenses, air freight charges, and fees billed for law clerks, paralegals
and other persons not admitted to the bar but performing services under the supervision of an attorney, and the costs and fees incurred
in connection with the enforcement or collection of any judgment obtained in any such proceeding. The provisions of this Section 7.4
shall survive the entry of any judgment, and shall not merge, or be deemed to have merged, into any judgment. Notwithstanding the foregoing,

amended, the Securities Act of 1933, as amended, or any claim for which the federal courts have exclusive or concurrent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5. *Subject to Law and Certificate of Incorporation*. All powers, duties and responsibilities provided
for in these Bylaws, whether or not explicitly so qualified, are qualified by the provisions of the Certificate and applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6. *Facsimile Signatures.* In addition to the provisions for use of facsimile signatures elsewhere specifically
authorized in these Bylaws, facsimile signatures of any officer or officers of the Corporation may be used at any time unless otherwise
restricted by the Board or a committee thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7. *Time Periods.* In applying any provision of these Bylaws which requires that an act be done or not
be done a specified number of days prior to an event or that an act be done during a period of a specified number of days prior to an
event, calendar days shall be used, the day of the doing of the act shall be excluded, and the day of the event shall be included.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8. *Electronic Transmission.* For purposes of these Bylaws, "electronic transmission" means
any form of communication, not directly involving the physical transmission of paper, that creates a record that may be retained, retrieved,
and reviewed by a recipient thereof, and that may be directly reproduced in paper form by such a recipient through an automated process.

8. *Indemnification.* The Corporation shall have the rights and obligations related to indemnification
as set forth in the Certificate.

9. *Amendments*. These Bylaws may be altered or repealed and Bylaws may be made at any annual meeting
of the stockholders or at any special meeting thereof, if notice of the proposed alteration or repeal of Bylaw or Bylaws to be made be
contained in the notice of such special meeting, by the affirmative vote of a majority of the voting power of the capital stock issued
and outstanding and entitled to vote thereat, or by the affirmative vote of a majority of the Board at any regular meeting of the Board,
or at any special meeting of the Board, if notice of the proposed alteration or repeal, or Bylaw or Bylaws to be made, be contained in
the notice of such meeting, or by a written consent in lieu of a meeting as set forth herein.

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

---

| |
|:---|
| /s/ Patrick Reilly |
| Chief Executive Officer |

---

## Ex1A-2A

**Exhibit 2.3**

**CERTIFICATE OF DESIGNATIONS OF PREFERENCES AND RIGHTS OF**

**SERIES A PREFERRED STOCK**

**OF**

**Angel Studios 024, Inc.**

a Delaware corporation

Pursuant to Section 151 of the General Corporation Law of the State of Delaware, Angel Studios 024, Inc. (the "Corporation"), a corporation organized and existing under the laws of the State of Delaware, does hereby file this Certificate of Designations of Preferences and Rights of Series A Convertible Preferred Stock and DOES HEREBY CERTIFY that pursuant to the authority contained in the Corporation's Certificate of Incorporation, and pursuant to Section 151 of the General Corporation Law of the State of Delaware and in accordance with the provisions of the resolution creating a series of the class of the Corporation's authorized Preferred Stock designated as Series A Convertible Preferred Stock, as follows:

FIRST: The Certificate of Incorporation of the Corporation authorizes the issuance by the Corporation of 1,000 shares of common stock, $0.00001 par value per share (the "Common Stock") and 10,000,000 shares of preferred stock, par value $0.00001 per share (the "Preferred Stock"), and, further, authorizes the Board of Directors of the Corporation, by resolution or resolutions, at any time and from time to time, to divide and establish any or all of the unissued shares of Preferred Stock not then allocated to any series into one or more series and, without limiting the generality of the foregoing, to fix and determine the designation of each such share, the number of shares which shall constitute such series and certain preferences, limitations and relative rights of the shares of each series so established.

SECOND: By unanimous written consent of the Board of Directors of the Corporation dated March 27, 2025, the Board of Directors designated 10,000,000 shares of the Preferred Stock as Series A Preferred Stock, par value $0.00001 per share (the "Series A Stock"), pursuant to a resolution providing that a series of preferred stock of the Corporation be and hereby is created, and that the designation and number of shares thereof and the voting and other powers, preferences and relative, participating, optional or other rights of the shares of such series and the qualifications, limitations and restrictions thereof are as follows:

SERIES A PREFERRED STOCK

Section 1. <u>Powers and Rights of Series A Preferred Stock</u>. There is hereby designated a class of Preferred Stock of the Corporation as the Series A Preferred Stock, par value $0.00001 per share, of the Corporation (the "Series A Stock"). The number of shares, powers, terms, conditions, designations, preferences and privileges, relative, participating, optional and other special rights, and qualifications, limitations and restrictions, if any, of the Series A Stock shall be as set forth in this Certificate of Designations of Preferences and Rights of Series A Preferred Stock (this "Certificate of Designations"). For purposes hereon, a holder of a share or shares of Series A Stock, with respect to their rights as related to the Series A Stock, shall be referred to as a "Series A Holder".

Section 2. <u>Number and Stated Value</u>. The number of authorized shares of Series A Stock is 10,000,000 shares. Each share of Series A Stock shall have a stated value of $1.20 (as the same may be adjusted herein, the "Stated Value").

Section 3. <u>Payment Amount</u>. The Stated Value, to the extent unpaid and as existing at any time, is referred to as the "Series A Payment Amount".

Section 4. <u>Payments for Series A Stock; No Other Participation.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Payments</u>. The Corporation may, in the event that the Board of Directors of the Corporation (the
"Board"), in its sole discretion, deems that the Corporation has sufficient funds available to make a dividend payment to
the Series A Stock, make one or more payments of dividends on the Series A Stock in such amounts and such times as the Board
may determine (each, a "Series A Dividend"). Each Series A Dividend shall operate to reduce the amount of the Series A
Payment Amount then applicable. All Series A Dividends shall be paid pro-rata to all shares of Series A Stock then issued and
outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Liquidation Payment</u>. In the event of any voluntary or involuntary liquidation, dissolution or winding
up of the Corporation, the holders of shares of Series A Stock then outstanding shall be entitled to be paid out of the assets of
the Corporation available for distribution to its stockholders, and in the event of a Deemed Liquidation Event (as defined below) the
holders of shares of Series A Stock then outstanding shall be entitled to be paid out of the consideration payable to stockholders
in such Deemed Liquidation Event, or out of the consideration received by the Corporation for such Deemed Liquidation Event (net of any
retained liabilities associated with the assets sold or technology licensed, as determined in good faith by the Board, as applicable,
before any payment shall be made to the holders of common stock, par value $0.00001 per share, of the Corporation (the "Common Stock")
by reason of their ownership thereof, an amount per share equal to the then-applicable Series A Payment Amount. If upon any such
liquidation, dissolution or winding up of the Corporation or Deemed Liquidation Event, the assets of the Corporation available for distribution
to its stockholders shall be insufficient to pay the holders of shares of Series A Stock the full remaining Series A Payment
Amount to which they shall be entitled under this Section 4(b), the holders of shares of Series A Stock shall share ratably
in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable
in respect of the share of Series A Stock held by them upon such distribution if all amounts payable on or with respect to such shares
were paid in full. All payments made to the Series A Stock pursuant to this Section 4(b) shall be paid pro-rata to all
shares of Series A Stock then issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Participation</u>. Other than as specifically set forth herein, the Series A Stock shall not
participate in any payments to be paid to the Common Stock or on any other payments on any other shares of stock of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Deemed Liquidation Events.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Definition</u>. Each of the following events shall be considered a "Deemed Liquidation Event"
unless the holders of at least a majority of the outstanding shares of Series A Stock elect otherwise by written notice sent to the
Corporation at least 5 days prior to the effective date of any such event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a merger or consolidation in which the Corporation is a constituent party and the Corporation issues shares
of its capital stock pursuant to such merger or consolidation; except any such merger or consolidation involving the Corporation in which
the shares of capital stock of the Corporation outstanding immediately prior to such merger or consolidation continue to represent, or
are converted into or exchanged for shares of capital stock that represent, immediately following such merger or consolidation, at least
a majority, by voting power, of the capital stock of (1) the surviving or resulting corporation; or (2) if the surviving or
resulting corporation is a wholly owned subsidiary of another corporation immediately following such merger or consolidation, the parent
corporation of such surviving or resulting corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of
related transactions, by the Corporation or any subsidiary of the Corporation of all or substantially all the assets of the Corporation
and its subsidiaries taken as a whole, or the sale or disposition (whether by merger, consolidation or otherwise, and whether in a single
transaction or a series of related transactions) of one or more subsidiaries of the Corporation if substantially all of the assets of
the Corporation and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where such sale, lease, transfer,
exclusive license or other disposition is to a wholly owned subsidiary of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Amount Deemed Paid or Distributed.</u> The amount deemed paid or distributed
to the holders of capital stock of the Corporation upon any Deemed Liquidation Event shall be the cash or the value of the property, rights
or securities to be paid or distributed to such holders pursuant to such Deemed Liquidation Event. The value of such property, rights
or securities shall be determined in good faith by the Board .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Allocation of Escrow and Contingent Consideration</u>. In the event of a Deemed Liquidation Event,
if any portion of the consideration payable to the stockholders of the Corporation is payable only upon satisfaction of contingencies
(the "Additional Consideration"), the transaction agreement related to such Deemed Liquidation Event shall provide that (a) the
portion of such consideration that is not Additional Consideration (such portion, the "Initial Consideration") shall be allocated
among the holders of capital stock of the Corporation in accordance with this Section 4 and the Certificate of Incorporation of the
Corporation as if the Initial Consideration were the only consideration payable in connection with such Deemed Liquidation Event; and
(b) any Additional Consideration which becomes payable to the stockholders of the Corporation upon satisfaction of such contingencies
shall be allocated among the holders of capital stock of the Corporation in accordance with this Section 4 and the Certificate of
Incorporation of the Corporation after taking into account the previous payment of the Initial Consideration as part of the same transaction.
For the purposes of this Section 4(d)(iii), consideration placed into escrow or retained as a holdback to be available for satisfaction
of indemnification or similar obligations in connection with such Deemed Liquidation Event shall be deemed to be Additional Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Deemed Redemption</u>. Upon full payment of the Series A Payment Amount, for any reason or through
any method herein, all of the shares of Series A Stock shall be deemed automatically redeemed in return for such payment(s), and
shall be automatically returned to the Corporation and shall constitute authorized and unissued shares of Series A Stock.

&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No Payments on Other Shares</u>. Until the Series A Payment Amount has been paid in full and therefore
the Series A Stock has been redeemed as set forth in Section 4(e), the Corporation shall not pay any dividends or make any distributions
to any of the other classes of stock of the Corporation, except as other may be required by applicable law.

Section 5. <u>Corporation Optional Redemption</u>. At any time following the date of the issuance of any shares of Series A Stock, the Corporation may elect, in the sole discretion of the Board, to redeem some, certain, or all, of the Series A Stock then issued and outstanding from the applicable Series A Holders (a "Corporation Optional Redemption"), and such Corporation Optional Redemption need not be consummated pro rata amongst all of the Series A Holder. A Corporation Optional Redemption shall be consummated at a redemption price equal to the equal to the then-applicable Series A Payment Amount with respect to the shares of Series A Stock then being redeemed. The Corporation shall provide notice of any Corporation Optional Redemption to the Series A Holder(s) from whom the Corporation elects to complete a Corporation Optional Redemptions within 5 Business Days of the determination of the Board to consummate the applicable Corporation Optional Redemption, and thereafter such Corporation Optional Redemption shall be completed within ten days of the delivery of such notice, and at such time the Corporation shall deliver to the applicable Series A Holder(s) valid funds in the amount of the total redemption price as calculated in good faith by the Corporation. Each Series A Holder agrees to execute and deliver to the Corporation such instruments and documents, and to take such actions, as reasonably required to consummate the Corporation Optional Redemption. For the avoidance of doubt, none of the other provisions of this Certificate of Designations shall limit the power of the Corporation to utilize funds of the Corporation to complete any one or more Corporation Optional Redemptions.

Section 6. <u>No Conversion.</u> The Series A Stock shall not be convertible into any other shares of stock of the Corporation.

Section 7. <u>Vote</u>. Other than as set forth in Section 8 or as may be required by applicable law, the Series A Stock shall not have any voting rights or any voting power, and shall no right to vote on any matter submitted to the holders of the Common Stock, or any class thereof, or any other class of stock of the Corporation, for a vote.

Section 8. <u>Amendment and Protective Provisions</u>. The Corporation may not, and shall not, amend or repeal this Certificate of Designations in any manner that would be material and adverse to the Series A Holders without the prior written consent of Series A Holders holding a majority of the Series A Stock then issued and outstanding, in which vote each share of Series A Stock then issued and outstanding shall have one vote, voting separately as a single class, in person or by proxy, either in writing without a meeting or at an annual or a special meeting of such Series A Holders, and any such act or transaction entered into without such vote or consent shall be null and void *ab initio*, and of no force or effect.

Section 9. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Legend</u>. Any certificates representing the Series A Stock shall bear a restrictive legend in
substantially the following form (and a stop transfer order may be placed against transfer of such stock certificates):

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, NOR REGISTERED NOR QUALIFIED UNDER ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, DELIVERED AFTER SALE, TRANSFERRED, PLEDGED, OR HYPOTHECATED UNLESS QUALIFIED AND REGISTERED UNDER APPLICABLE STATE AND FEDERAL SECURITIES LAWS OR UNLESS, IN THE OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY, SUCH QUALIFICATION AND REGISTRATION IS NOT REQUIRED. ANY TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS FURTHER SUBJECT TO OTHER RESTRICTIONS, TERMS AND CONDITIONS WHICH ARE SET FORTH HEREIN.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Lost or Mutilated Series A Stock Certificate</u>. If the certificate for the Series A Stock
held by the Series A Holder thereof shall be mutilated, lost, stolen or destroyed, the Corporation shall execute and deliver, in
exchange and substitution for and upon cancellation of a mutilated certificate, or in lieu of or in substitution for a lost, stolen or
destroyed certificate, a new certificate for the share of Series A Stock so mutilated, lost, stolen or destroyed but only upon receipt
of evidence of such loss, theft or destruction of such certificate, and of the ownership hereof, and indemnity, if requested, all reasonably
satisfactory to the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Interpretation</u>. If a Series A Holder shall commence an action or proceeding to enforce any
provisions of this Certificate of Designations, then the prevailing party in such action or proceeding shall be reimbursed by the other
party for its attorneys' fees and other costs and expenses incurred with the investigation, preparation and prosecution of such
action or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Waiver</u>. Any waiver by the Corporation or a Series A Holder of a breach of any provision of
this Certificate of Designations shall not operate as or be construed to be a waiver of any other breach of such provision or of any breach
of any other provision of this Certificate of Designations. The failure of the Corporation or a Series A Holder to insist upon strict
adherence to any term of this Certificate of Designations on one or more occasions shall not be considered a waiver or deprive that party
of the right thereafter to insist upon strict adherence to that term or any other term of this Certificate of Designations. Any waiver
must be in writing.

Section 10. <u>Severability</u>. If any provision of this Certificate of Designations is invalid, illegal or unenforceable, the balance of this Certificate of Designations shall remain in effect, and if any provision is inapplicable to any person or circumstance, it shall nevertheless remain applicable to all other persons and circumstances. If it shall be found that any interest or other amount deemed interest due hereunder violates applicable laws governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum permitted rate of interest.

------

\*\*\*

IN WITNESS WHEREOF, Angel Studios 024, Inc. has caused this Certificate of Designations to be signed by a duly authorized officer on this 27th day of March, 2025.

---

| | |
|:---|:---|
| Angel Studios 024, Inc. | Angel Studios 024, Inc. |
| /s/ Patrick Reilly | /s/ Patrick Reilly |
| Name: | Patrick Reilly |
| Title: | Chief Executive Officer |

---

## Ex1A-2A

**Exhibit 2.4**

**ANGEL STUDIOS 024, INC.**

**CERTIFICATE OF AMENDMENT**

**TO**

**CERTIFICATE OF DESIGNATION**

**OF**

**SERIES A PREFERRED STOCK**

**(Pursuant to Section 242 of the General Corporation Law of the State of Delaware)**

Angel Studios 024, Inc. (the "<u>Corporation</u>"), organized and existing under and by virtue of the General Corporation Law of the State of Delaware, does hereby certify:

**FIRST:** That the original Certificate of Designations of Preferences and Rights of Series A Preferred Stock (the "<u>Series A Preferred Stock</u>") was originally filed with the Secretary of State of Delaware on April 8, 2025 (the "<u>Certificate of Designation</u>").

**SECOND:** That the Board of Directors of the Corporation, by unanimous written consent executed as of May 27, 2025, duly adopted a resolution authorizing and directing that the Certificate of Designation be amended, and declaring said amendments to be advisable, which resolutions are as follows:

RESOLVED, that Section 2 of the Certificate of Designation be amended and restated in its entirety as follows:

Section 2. <u>Number and Stated Value</u>. The number of authorized shares of Series A Stock is 10,000,000. Each share of Series A Stock shall have a stated value of $1.15 (as the same may be adjusted herein, the "Stated Value").

**THIRD:** That there are no currently issued and outstanding shares of Series A Preferred Stock of the Corporation and none will be issued subject to the Certificate of Designation previously filed with respect to the Series A Preferred Stock. Accordingly, said proposed amendment has been duly adopted in accordance with the applicable provisions of Section 141 of the General Corporation Law of the State of Delaware.

[Signature Page Follows]

**In Witness Whereof**, the Corporation has caused this Certificate of Amendment to Certificate of Designation to be executed as of May 27, 2025.

---

| | |
|:---|:---|
| **ANGEL STUDIOS 024, INC.** | **ANGEL STUDIOS 024, INC.** |
| By: | /s/ Patrick Reilly |
|  | Patrick Reilly |
|  | Chief Executive Officer |

---

## Ex1A-4

**Exhibit 4.1**

**Angel Studios 024, Inc.**

**SUBSCRIPTION AGREEMENT – ANGEL STUDIOS 024, INC.**

**D** **ATED AS OF JULY 11, 2025**

**THIS INVESTMENT INVOLVES A HIGH DEGREE OF RISK. THIS INVESTMENT IS SUITABLE ONLY FOR PERSONS WHO CAN BEAR THE ECONOMIC RISK OF AN INVESTMENT IN THE SERIES A PREFERRED SHARES OF ANGEL STUDIOS 024, INC. FOR AN INDEFINITE PERIOD OF TIME AND WHO CAN AFFORD TO LOSE THEIR ENTIRE INVESTMENT. AN INVESTMENT IN THE SERIES A PREFERRED SHARES IS ILLIQUID AND IS EXPECTED TO CONTINUE TO BE ILLIQUID FOR AN INDEFINITE PERIOD OF TIME. NO PUBLIC MARKET EXISTS FOR THE SECURITIES, AND NO PUBLIC MARKET IS EXPECTED TO DEVELOP FOLLOWING THIS OFFERING.**

**SUBSCRIPTION AGREEMENT**

Angel Studios 024, Inc. (the "**Company**") is offering 5,000,000 shares of Series A Preferred Stock, par value $0.00001 (the "**Shares**") at a price of $1.00 per Share pursuant to its Form 1-A, as amended and/or supplemented from time to time (the "**Offering Statement**"), filed with the Securities and Exchange Commission (the "**SEC**") under Tier 2 of Regulation A promulgated under the Securities Act of 1933, as amended (the "**Securities Act**").

In connection with the Company's offering of the Shares, and subject to the following terms and conditions, the undersigned ("**Subscriber**" and together with the Company, the "**Parties**") hereby subscribes for the dollar amount of Shares indicated on the signature page hereto (the "**Subscription Amount**"). The Parties further agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Offer to Purchase.** Subscriber hereby irrevocably offers to purchase the Shares and tenders herewith
the Subscription Amount. Subscriber recognizes and agrees that (i) this subscription is irrevocable and shall survive Subscriber's
death, disability or other incapacity, and (ii) the Company has complete discretion to accept or to reject this Subscription Agreement
in its entirety and shall have no liability for any rejection of this Subscription Agreement. This Subscription Agreement shall be deemed
to be accepted by the Company only when it is executed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Effect of Acceptance.** Subscriber hereby acknowledges and agrees that on the Company's acceptance
of this Subscription Agreement, it shall become a binding and fully enforceable agreement between the Company and Subscriber. As a result,
upon acceptance by the Company of this Subscription Agreement, Subscriber will become the record and beneficial holder of the Shares and
the Company will be entitled to receive the purchase price of the Shares as specified herein.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Closing of Offering Period.** The Company may elect at any time to close this offering before the
12-month offering period if it determines that it has raised funds sufficient to execute its business plan.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Acknowledgements.** Subscriber acknowledges and understands that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** The Shares are a speculative investment and involve a substantial degree of risk, including the risk of
complete loss of Subscriber's investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** The Company does not have a significant financial or operating history.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)** The Shares are being offered pursuant to Regulation A under the Securities Act and have not been registered
or qualified under any state blue sky or securities law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d)** Subscriber is not dependent for liquidity on any of the amounts Subscriber is investing in the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e)** There is no public market for the Shares and no such market is expected to exist in the future. The Company
has no obligation to list any of the Shares on any market or take any steps (including registration under the Securities Act or the Securities
Exchange Act of 1934) with respect to facilitating trading or resale of the Shares. Subscriber must bear the economic risk of this investment
indefinitely and acknowledges that Subscriber is able to so bear the economic risk of losing Subscriber's entire investment in the
Shares.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Company Representations and Warranties.** The Company represents and warrants to Subscriber that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** The Company is duly formed and validly existing in good standing as corporation under the laws of the
State of Delaware and has all requisite power and authority to carry on its business as now conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** The execution, delivery and performance by the Company of this Subscription Agreement have been authorized
by all necessary action on behalf of the Company, and this Subscription Agreement is a legal, valid and binding agreement of the Company,
enforceable against the Company in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Subscriber Representations and Warranties.** Subscriber hereby represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** Subscriber is a "qualified purchaser," as defined in Regulation A under the Securities Act,
meaning (i) Subscriber is an "accredited investor" as defined in Rule 501 of Regulation D under the Securities Act and as
further represented on the signature page hereto, or (ii) the Subscription Amount does not represent more than 10% of the greater of Subscriber's
annual income or net worth (for natural persons), or 10% of the greater of annual revenue or net worth at fiscal year-end (for non-natural
persons), with net worth calculated in the same manner as for accredited investors under Rule 501 of Regulation D under the Securities
Act. Subscriber has accurately filled out the Qualified Purchaser Questionnaire on the signature page hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** The information provided by Subscriber to the Company via this Subscription Agreement or otherwise is
true and correct in all respects as of the date hereof and Subscriber hereby agrees to promptly notify the Company and supply corrective
information to the Company if, prior to the consummation of its investment in the Company, any of such information becomes inaccurate
or incomplete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)** Subscriber, if an individual, is over 18 years of age (or older if required by Subscriber's state
in order to purchase securities), and the address set forth above is the true residence and domicile of Subscriber, and Subscriber has
no present intention of becoming a resident or domiciliary of any other state or jurisdiction. If a corporation, trust, partnership or
other entity, Subscriber has its principal place of business at the address set forth on the signature page hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d)** Except as set forth in this Subscription Agreement, no representations or warranties have been made to
Subscriber by the Company or any partner, agent, employee or affiliate thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e)** Subscriber
 has carefully reviewed all of the Company's SEC filings filed by the Company since
 the Company's Offering Statement was qualified by the SEC and understands the information
 contained therein. Subscriber acknowledges that the Company's SEC filings, including
 but not limited to the Offering Statement, are available free of charge at the SEC's
 web site at <u>www.sec.gov</u>. The Company's Offering Circular contain statements
 as to the future performance of the Company, which projections may not be realized, may be
 based on assumptions which may not be correct, and may be subject to numerous factors beyond
 the Company's control that may result in the Company's projections becoming inaccurate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f)** Subscriber has such knowledge and experience in financial and business matters that Subscriber is capable
of evaluating the merits and risks of an investment in the Company and making an informed investment decision with respect thereto. Subscriber
has consulted its own advisers with respect to its proposed investment in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g)** Subscriber has the financial ability to bear the economic risk of Subscriber's investment, including
a complete loss thereof, has adequate means for providing for its current needs and possible contingencies, and has no need for liquidity
in its investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**h)** Subscriber has had an opportunity to ask questions of and receive answers from the Company, or a person
or persons acting on its behalf, concerning the Company and the terms and conditions of this investment, and all such questions have been
answered to the full satisfaction of Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i)** The Shares are being acquired for Subscriber's own account for investment, with no intention by
Subscriber to distribute or sell any portion thereof within the meaning of the Securities Act, and will not be transferred by Subscriber
in violation of the Securities Act or the then applicable rules or regulations thereunder. No one other than Subscriber has any interest
in or any right to acquire the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**j)** Subscriber has all requisite power and authority to (i) execute and deliver this Agreement, and (ii) to
carry out and perform its obligations under the terms of this Agreement. This Agreement has been duly authorized, executed and delivered
and constitutes the legal, valid and binding obligation of Subscriber, enforceable in accordance with its terms, except as such enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or other laws relating to or affecting the enforcement
of creditors' rights generally in effect from time to time and by general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**k)** Subscriber is not an individual named on an OFAC list, or a person or entity prohibited under the OFAC
Programs. These individuals include specially designated nationals, specially designated narcotics traffickers and other parties subject
to OFAC sanctions and embargo programs. Subscriber agrees to promptly notify the Company should Subscriber become aware of any change
in the information set forth in these representations. Subscriber understands and acknowledges that the Company may (or may be required
to) prohibit additional subscriptions from Subscriber. Subscriber further acknowledges that the Company may, by written notice to Subscriber,
suspend the redemption rights, if any, of Subscriber if the Company reasonably deems it necessary to do so to comply with anti-money laundering
regulations applicable to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Miscellaneous** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** This Subscription Agreement is not transferable or assignable by Subscriber without the prior written
consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** The representations, warranties and agreements contained herein shall be deemed to be made by and be binding
upon Subscriber and its heirs, executors, administrators and successors and shall inure to the benefit of the Company and its successors
and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)** None of the provisions of this Subscription Agreement may be waived, changed or terminated orally or otherwise,
except as specifically set forth herein or except by a writing signed by the Company and Subscriber. No failure or delay by any Party
in exercising any right, power or privilege under this Subscription Agreement shall operate as a waiver thereof nor shall any single or
partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d)** The invalidity, illegality or unenforceability of one or more of the provisions of this Subscription Agreement
in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Subscription Agreement in such
jurisdiction or the validity, legality or enforceability of this Subscription Agreement, including any such provision, in any other jurisdiction,
it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e)** The terms and provisions of this Subscription Agreement are intended solely for the benefit of each party
hereto and their respective successors and assigns, and it is not the intention of the Parties to confer, and no provision hereof shall
confer, third-party beneficiary rights upon any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f)** This Subscription Agreement may be executed in any number of counterparts with the same force and effect
as if all Parties had executed the same document. The execution and delivery of a facsimile or other electronic transmission of this Subscription
Agreement shall constitute delivery of an executed original and shall be binding upon the person whose signature appears on the transmitted
copy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g)** Notice, requests, demands and other communications relating to this Subscription Agreement and the transactions
contemplated herein shall be in writing and shall be deemed to have been duly given if and when (a) delivered personally, on the date
of such delivery; or (b) mailed by registered or certified mail, postage prepaid, return receipt requested, on the third day after the
posting thereof; or (c) emailed, telecopied or cabled, on the date of such delivery to the respective parties at the addresses set forth
on the signature page hereto. The Company will not accept notice by email or other electronic communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**h)** The interpretation, performance and enforcement of this Agreement shall be governed by the laws of the
State of Delaware, without reference to principles of conflict of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i)** The headings in this Subscription Agreement are for convenience of reference and shall not by themselves
determine the meaning of this Subscription Agreement or of any part hereof.

**[EXECUTION PAGE FOLLOWS]**

**IN WITNESS WHEREOF**, this Subscription Agreement is executed as of [ ] day of [ ], 2025.

---

| | |
|:---|:---|
| Number of Shares Subscribed for: |  |
| Total Subscription Amount: | $|
| Signature of Subscriber: |  |
| Name of Subscriber: |  |
| Address of Subscriber: |  |
| Subscriber E-Mail Address: |  |

---

**Qualified Purchaser Questionnaire**

◻ The Subscription Amount does not represent more than 10% of the greater of Subscriber's annual income or net worth (for natural persons), or 10% of the greater of annual revenue or net worth at fiscal year-end (for non-natural persons), with net worth calculated in the same manner as for accredited investors under Rule 501 of Regulation D under the Securities Act.

◻ Subscriber is an Accredited Investor. If you check this box, please also check all of the following boxes below that correctly describe you.

***-----***

**Accredited Investor Questionnaire:** To be completed by Accredited Investors.

◻ **Individual with Net Worth In Excess of $1 Million.** A natural person (not an entity) whose net worth, or joint net worth with his or her spouse or spousal equivalent, at the time of purchase exceeds $1,000,000. (Explanation: In calculating your net worth, you must exclude the value of your primary residence. This means you must exclude both the equity in your primary residence and any mortgage or other debt secured by your primary residence up to the fair market value of your primary residence; provided, however, that any indebtedness secured by your primary residence that (i) you have incurred in the 60-day period prior to the date hereof or (ii) is in excess of the fair market value of your primary residence should be considered a liability and deducted from your aggregate net worth. In calculating your net worth, you may include your equity in personal property and real estate (excluding your primary residence), cash, short-term investments, stock and securities. Your inclusion of equity in personal property and real estate (excluding your primary residence) should be based on the fair market value of such property less debt secured by such property.

**◻ Individual with a $200,000 Individual Annual Income.** A natural person (not an entity) who had an individual income of more than $200,000 in each of the preceding two calendar years, and has a reasonable expectation of reaching the same income level in the current year.

**◻ Individual with a $300,000 Joint Annual Income.** A natural person (not an entity) who had joint income with his or her spouse or spousal equivalent in excess of $300,000 in each of the preceding two calendar years, and has a reasonable expectation of reaching the same income level in the current year.

**◻ Trust.** A trust with total assets in excess of $5 million, not formed for the specific purpose of acquiring the Shares, whose subscription for and purchase of the Shares is directed by a sophisticated person as described in Rule 506(b)(2)(ii) of Regulation D.

**◻ Executive Officer or Director.** A natural person who is an executive officer, director or general partner of the Company or an affiliate thereof.

**◻ Entity Owned Entirely By Accredited Investors.** A corporation, partnership, private investment company or similar entity each of whose equity owners is a natural person who is an accredited investor. (If this category is checked, please also check the additional category or categories under which each natural person qualifies as an accredited investor.)

**◻ Professional Certifications.** A natural person who holds in good standing one or more professional certifications or designations or credentials from an accredited educational institution that the SEC has designated as qualifying an individual for accredited investor status.

**◻ Corporations or Partnerships.** A corporation, limited liability company, partnership, or similar entity that has in excess of $5 million of assets and was not formed for the specific purpose of acquiring the Shares.

**◻ Other Institutional Investor (check one).** 

◻ A bank, as defined in Section 3(a)(2) of the Securities Act (whether acting for its own account or in a fiduciary capacity).

◻ A savings and loan association or similar institution, as defined in Section 3(a)(5)(A) of the Securities Act (whether acting for its own account or in a fiduciary capacity.

◻ A broker-dealer registered under the Securities Exchange Act of 1934, as amended.

◻ An insurance company, as defined in section 2(13) of the Securities Act.

◻ An investment company registered under the Investment Company Act.

◻ A "business development company," as defined in Section 2(a)(48) of the Investment Company Act.

◻ A small business investment company licensed under Section 301(c) or (d) of the Small Business Investment Act of 1958, as amended.

◻ A "private business development company" as defined in Section 202(a)(22) of the Investment Advisers Act of 1940, as amended.

◻ An investment advisor registered pursuant to the Investment Advisers Act of 1940 or pursuant to the laws of a state or relying on an exemption under such act.

◻ A Rural Business Investment Company.

◻ A "family office" with assets under management in excess of $5,000,000 that is not formed for the specific purpose of acquiring the Shares and whose prospective investment is directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment.

◻ A "family client" of a family office described above whose prospective investment in the Shares is directed by such family office.

◻ A natural person who is a "knowledgeable employee" of the Company where the Company would be an investment company as defined in the Investment Company Act of 1940 but for the exclusion provided by either section 3(c)(1) or 3(c)(7) of that act.

---

| | | |
|:---|:---|:---|
| **ACCEPTED BY: ANGEL STUDIOS 024, INC.** | **ACCEPTED BY: ANGEL STUDIOS 024, INC.** | **ACCEPTED BY: ANGEL STUDIOS 024, INC.** |
| Signature of Authorized Signatory: | | |
| Name of Authorized Signatory: | | |
| Date of Acceptance: | | , 2025 |
| Address: | Angel Studios 024, Inc. | Angel Studios 024, Inc. |
|  | 295 W Center St. | 295 W Center St. |
|  | Provo, Utah 84601 | Provo, Utah 84601 |

---

## Ex1A-6

**Exhibit 6.1**

<u>(Master) Services Agreement</u>

<u>Angel Studios, Inc. + Angel studios 024, inc.</u>

Dated as of July 10, 2025

This Services Agreement ("<u>Agreement</u>") is made and entered into as of the date first set forth above (the "<u>Effective Date</u>"), by and between Angel Studios024, Inc., a Delaware corporation (the "<u>Company</u>") and Angel Studios, Inc., a Delaware corporation ("<u>Service Provider</u>"). Each of the Company and Service Provider may be referred to herein individually as a "<u>Party</u>" and collectively as the "<u>Parties</u>".

WHEREAS, Service Provider is in the business of providing services relating to the marketing and distribution of movies and television shows; and

WHEREAS, the Company deems it to be in its best interest to retain Service Provider to render to the Company such services as set forth herein; and

WHEREAS, after having a complete understanding of the services desired and the services to be provided, the Company desires to retain Service Provider to provide services for the Company, and Service Provider is willing to provide such services to the Company;

NOW, THEREFORE, in consideration of the mutual promises set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Engagement</u>. In exchange for the compensation set forth herein and subject to the other terms and
conditions hereinafter set forth, the Company hereby engages Service Provider during the Term (as defined below), on a non-exclusive basis,
to render the Services set forth in Section 2 as an independent contractor of the Company, and Service Provider hereby accepts such
engagement.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Distribution Agreement</u>. The Parties acknowledge and agree that the Company has entered into a Distribution
Agreement with THE WONDER PROJECT, INC. (" <u>Producer</u> "), dated as of March 7, 2025, attached hereto as Exhibit A
(the " <u>Distribution Agreement</u> "), as amended and ratified by the Company and Producer. Pursuant to the Distribution Agreement,
the Company has agreed to provide to Producer the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Picture Services</u>. Subject to the terms and conditions herein, and for the Term, Service Provider
shall perform certain of the Company's duties under the Distribution Agreement according to the relevant terms, conditions, provisions,
and limitations of the Distribution Agreement (collectively, the " <u>Picture Services</u> "). The Picture Services shall include:
conducting a 'Prints & Advertising' (" <u>P&A</u> ") campaign to market the Picture's theatrical
and post-theatrical release as applicable; distributing the Picture in theaters (as applicable); distributing the Picture through various
media platforms; and manufacturing and selling merchandise and digital collectibles derived from the Picture. The Company may request
Service Provider to perform such additional services as the Company may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Platform Services</u>. Subject to the terms and conditions herein, and for the Term, Service Provider
 shall distribute the Picture through the Angel Studios streaming platform and application
 (the " <u>Platform</u>," currently available at <u>www.angel.com</u>). Service
 Provider shall also make available its "Pay-It-Forward" model, allowing people
 to contribute to the Picture's ongoing distribution. The services associated with distribution
 of the Picture on the Platform (including services relating to the Pay-It-Forward model)
 are hereinafter referred to as the " <u>Platform Services</u> " and, together with
 the Picture Services, the " <u>Services</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Standard of Performance</u>. Service Provider will use its commercially reasonable efforts to provide
the Services using the best of its professional skills and in a manner consistent with generally accepted standards for the performance
of such work. Service Provider shall devote such of Service Provider's time and effort, and the time and effort of its employees
and agents, necessary to the discharge of its duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Costs and Expenses of Services</u>. The Company will provide Service Provider
with the proceeds it raises from offerings of the Company's securities conducted to raise funds for the marketing, distribution,
and exploitation of the Picture (the " <u>Proceeds</u> "). Service Provider will use the Proceeds solely for the performance
of the Services, including the P&A campaign marketing the Picture's theatrical and post-theatrical release as set forth in the
Distribution Agreement. The Company will use revenue derived from exploitation of the Picture to reimburse Service Provider for
expenses incurred in connection with the Picture Services, including expenses incurred as part of the Company's securities offerings
(such as auditing and legal fees). Service Provider shall keep records of its expenses and provide them to the Company upon request.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Payment of Revenues; Compensation.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Gross Picture Revenue; Deduction of Participations/Residuals</u>. Service Provider shall collect and
pay to Company all revenue generated from its exploitation of the Picture (the " <u>Gross Picture Revenue</u> "). From the Gross
Picture Revenue, Service Provider shall deduct and pay all third-party participations and residuals required to be paid under Section 6
of the Standard Terms & Conditions to the Distribution Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Guild Revenue; Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Service Provider will collect revenue it derives from the membership fees paid by members of its subscription-based
service, the ' <u>Guild</u>,' ("Gross Guild Revenue".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The <u>Gross Guild Revenue</u> shall be used, shared, and paid as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) *First*, Service Provider shall deduct from the Gross Guild Revenue costs and expenses relating to
the Guild including, but not limited to (A) transaction fees (e.g., credit card fees), (B) wholesale theatrical ticket costs
incurred by Service Provider in connection with the right of Guild members to receive theatrical tickets; and (C) a marketing fee
equal to 25% of the Gross Guild Revenue, which Service Provider may use to market and grow the Guild, in a manner determined by the Service
Provider in its sole discretion. The remaining amount will hereafter be known as "Net Guild Revenue".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Second*, the Net Guild Revenue shall be split fifty percent (50%)
 to participating filmmakers via the Company <sup>1</sup> (" <u>Filmmaker Guild Share</u> ") and fifty percent (50%) retained by Angel (" <u>Angel Guild Share</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Third, Filmmaker Guild Share will in turn be split between participating filmmakers based on a pro rata
viewing time algorithm which is applied uniformly with any other picture of title appearing in the Angel platform. For example, if the
Picture makes up 17% of the total time watched by Guild members, the Company would be entitled to 17% of the Filmmaker Guild Share (" <u>Company Guild Share</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Within thirty (30) days after the end of each quarter, Service Provider will: (A) pay into a bank
account selected by the Company, by ACH or wire transfer, the Company Guild Share; and (B) provide to the Company all reports required
to be provided to the Producer under the Distribution Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parties acknowledge and agree that the Service Provider is a stockholder of the Company. The potential
increase in value of Service Provider's shares in the Company as a result of Service Provider's provision of the Services
hereunder, is good, valuable and adequate consideration for the agreements of the Service Provider hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Party represents and warrants to the other that: (i) this Agreement and the transactions contemplated
hereunder have been duly and validly authorized by all requisite action; (ii) such Party has the full right, power and capacity to
execute, deliver and perform its obligations hereunder; and (iii) this Agreement, upon execution and delivery of the same by the
Party, will represent the valid and binding obligation of such Party enforceable in accordance with its terms, subject to the application
of bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors' rights generally
and general principles of equity, regardless of whether enforceability is considered in a proceeding at law or in equity (the " <u>Enforceability Exceptions</u> "). The representations and warranties set forth herein shall survive the termination or expiration of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Non-Exclusivity</u>. This Agreement is not an exclusive agreement with respect to the operations or
efforts of Service Provider. The Parties acknowledge and agree that the Service Provider is currently, or in the future shall, provide
the same or similar services as the Services herein to other subsidiaries of the Service Provider, or to other entities, with respect
to other motion pictures or other events. The provision of such other and additional services by the Service Provider are hereby expressly
agreed and consented to, and the Service Provider shall be free to provide such additional services as it may determine or elect.

&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Term; Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The term of this Agreement shall commence on the Effective Date and shall continue for as long as the
Distribution Agreement remains in effect (the " <u>Term</u> "), *provided* that either Party may terminate this Agreement
if (i) the other Party has materially breached this Agreement, (ii) the non-breaching Party has provided the breaching Party
with written notice of the material breach, and (iii) the breaching Party fails to cure such breach within thirty (30) days of its
receipt of the foregoing notice. Upon the termination or expiration of the Term, the Parties shall have no further obligations hereunder
other than those which arose prior to such termination, or which are explicitly set forth herein as surviving any such termination or
expiration.

<sup>1</sup> Company shall pass along one hundred percent (100%) of Company Guild Share to respective production entities that have contracted with Company for the distribution of their film or television series.

&nbsp;&nbsp;&nbsp;&nbsp;8. <u>No Employee Status</u>. Service Provider is retained by the Company only for the purposes of and to
the extent set forth in this Agreement, and Service Provider's relation to the Company during the period of its engagement hereunder
shall be that of an independent contractor. Service Provider is not an employee or agent of the Company in Service Provider's position
as a consultant and advisor, and notwithstanding the fact that Service Provider is a stockholder of the Company. As such, the Company
will not be liable for any employment tax, withholding tax, social security tax, worker's compensation or any other tax, insurance,
expense or liability with respect to any or all compensation, reimbursements and remuneration Service Provider may receive hereunder,
all of which shall be the sole responsibility of Service Provider. Service Provider is solely responsible for the reporting and payment
of, all pertinent federal, state, or local self-employment or income taxes, licensing fees, or any other taxes or assessments levied by
governmental authorities, as well as for all other liabilities or payments related to those services. Service Provider shall not have
authority to enter into contracts binding the Company or to create any obligations or incur liabilities on behalf of the Company other
than as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Indemnification as Between the Parties</u>. In the event either Party is subject to any action, claim
or proceeding resulting from the other's gross negligence or intentional breach of this Agreement, the Party at fault agrees to
indemnify and hold harmless the other from any such action, claim or proceeding. Indemnification shall include all fees, costs and reasonable
attorneys' fees that the indemnified Party may incur. In claiming indemnification hereunder, the indemnified Party shall promptly
provide the indemnifying Party written notice of any claim that the indemnified Party reasonably believes falls within the scope of this
Agreement. The indemnified Party may, at its expense, assist in the defense if it so chooses, provided that the indemnifying Party shall
control such defense, and all negotiations relative to the settlement of any such claim. Any settlement intended to bind the indemnified
Party shall not be final without the indemnified Party's written consent.

&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Miscellaneous.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notices</u>. All notices under this Agreement shall be in writing. Notices may be served by certified
or registered mail, postage paid with return receipt requested; by private courier, prepaid; by other reliable form of electronic communication;
or personally. Mailed notices shall be deemed delivered five (5) days after mailing, properly addressed. Couriered notices shall
be deemed delivered on the date that the courier warrants that delivery will occur. Electronic communication notices shall be deemed delivered
when receipt is either confirmed by confirming transmission equipment or acknowledged by the addressee or its office. Personal delivery
shall be effective when accomplished. Any Party may change its address by giving notice, in writing, stating its new address, to the other
Party. Subject to the forgoing, notices shall be sent as follows:

If to the Service Provider:

Angel Studios, Inc.

Attn: Neal Harmon

295 West Center Street

Provo, UT 84601

Email: legal@angel.com

If to the Company, to:

Angel Studios 024, Inc.

Attn: Patrick Reilly 295 West

Center Street Provo, UT 84601

Email: patrick@angel.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Accuracy of Statements</u>. Each Party represents and warrants that no representation or warranty contained
in this Agreement, and no statement delivered or information supplied to the other Party pursuant hereto, contains an untrue statement
of material fact or omits to state a material fact necessary in order to make the statements or information contained herein or therein
not misleading. The representations and warranties made in this Agreement will be continued and will remain true and complete in all material
respects and will survive the execution of the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Entire Agreement</u>. This Agreement, and the Distribution Agreement set forth all the promises, covenants,
agreements, conditions and understandings between the Parties, and supersede all prior and contemporaneous agreements, understandings,
inducements or conditions, expressed or implied, oral or written, except as herein or therein contained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Survival</u>. The provisions of Section 5, Section 8, Section 9 and Section 10
of this Agreement, and any additional provisions as required to effect any of such Sections, shall survive any termination or expiration
hereof, and provided that no expiration or termination of this Agreement shall excuse a Party for any liability for obligations arising
prior to such expiration or termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Amendment</u>. The Parties hereby irrevocably agree that no attempted amendment, modification, termination,
discharge or change (collectively, " <u>Amendment</u> ") of this Agreement shall be valid and effective, unless the Parties
shall unanimously agree in writing to such Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No Waiver</u>. No waiver of any provision of this Agreement shall be effective unless it is in writing
and signed by the Party against whom it is asserted, and any such written waiver shall only be applicable to the specific instance to
which it relates and shall not be deemed to be a continuing or future waiver. No failure to exercise and no delay in exercising on the
part of either of the Parties any right, power or privilege under this Agreement shall operate as a waiver of it, nor shall any single
or partial exercise of any other right, power or privilege preclude any other or further exercise of its exercise of any other right,
power or privilege

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Gender and Use of Singular and Plural</u>. All pronouns shall be deemed to refer to the masculine,
feminine, neuter, singular or plural, as the identity of the Party or Parties, or their personal representatives, successors and assigns
may require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Headings</u>. The article and section headings contained in this Agreement are inserted for convenience
only and shall not affect in any way the meaning or interpretation of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Governing Law; Venue; Waiver of Jury Trial</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This Agreement, and any and all claims, proceedings or causes of action relating to this Agreement or
arising from this Agreement or the transactions contemplated herein, including, without limitation, tort claims, statutory claims and
contract claims, shall be interpreted, construed, governed and enforced under and solely in accordance with the substantive and procedural
laws of the State of Delaware, in each case as in effect from time to time and as the same may be amended from time to time, and as applied
to agreements performed wholly within the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE OTHER TRANSACTION
DOCUMENTS OR THE CONTEMPLATED TRANSACTIONS SHALL BE INSTITUTED SOLELY IN THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA OR THE COURTS
OF THE STATE OF UTAH, IN EACH CASE LOCATED IN UTAH COUNTY, UTAH, AND EACH PARTY IRREVOCABLY SUBMITS TO THE PERSONAL JURISDICTION
OF SUCH COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING. THE PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY OBJECTION TO THE LAYING OF
VENUE OF ANY SUIT, ACTION OR ANY PROCEEDING IN SUCH COURTS AND IRREVOCABLY WAIVE AND AGREE NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT
ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III) EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT
 MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
 TRANSACTIONS, THE PERFORMANCE THEREOF OR THE FINANCINGS CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).
 EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN
THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT
AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION 10(i)(iii)10(i)(iii). EACH OF THE PARTIES FURTHER ACKNOWLEDGE THAT EACH HAS READ AND UNDERSTANDS
THE MEANING OF THIS WAIVER AND GRANTS THIS WAIVER KNOWINGLY, VOLUNTARILY, AND ONLY AFTER CONSIDERATION OF THE CONSEQUENCES OF THIS WAIVER
IN FULL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Limitation on Damages</u>. IN NO EVENT SHALL ANY PARTY BE LIABLE TO ANY OTHER PARTY FOR ANY LOST PROFITS
OR SPECIAL, CONSEQUENTIAL OR PUNITIVE DAMAGES, EVEN IF INFORMED OF THE POSSIBILITY OF SUCH DAMAGES. THE FOREGOING SHALL BE INTERPRETED
AND HAVE EFFECT TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, RULE OR REGULATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Severability; Expenses; Further Assurances</u>. If any term, condition or other provision of this Agreement
is determined by a court of competent jurisdiction to be invalid, illegal or incapable of being enforced by any rule of law or public
policy, all other terms, conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the
economic or legal substance of the transactions contemplated by this Agreement is not affected in any manner materially adverse to any
Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall
negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually
acceptable manner in order that the transactions contemplated by this Agreement be consummated as originally contemplated to the fullest
extent possible. Except as otherwise specifically provided in this Agreement, each Party shall be responsible for the expenses it may
incur in connection with the negotiation, preparation, execution, delivery, performance and enforcement of this Agreement. The Parties
shall from time to time do and perform any additional acts and execute and deliver any additional documents and instruments that may be
required by Law or reasonably requested by any Party to establish, maintain or protect its rights and remedies under, or to effect the
intents and purposes of, this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Specific Performance</u>. Each Party agrees that irreparable damage would occur if any provision of
this Agreement were not performed in accordance with the terms hereof and that each Party shall be entitled to seek specific performance
of the terms hereof in addition to any other remedy at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Attorneys' Fees</u>. If any Party hereto is required to engage in litigation against any other
Party, either as plaintiff or as defendant, in order to enforce or defend any rights under this Agreement, and such litigation results
in a final judgment in favor of such Party (" <u>Prevailing Party</u> "), then the party or parties against whom said final
judgment is obtained shall reimburse the Prevailing Party for all direct, indirect or incidental expenses incurred, including, but not
limited to, all attorneys' fees, court costs and other expenses incurred throughout all negotiations, trials or appeals undertaken
in order to enforce the Prevailing Party's rights hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Parties in Interest; Assignment; Third Party Beneficiaries</u>. This Agreement shall be binding upon
and shall inure to the benefit of the Parties and their respective successors and permitted assigns. No Party shall have any power or
any right to assign or transfer, in whole or in part, this Agreement, or any of its rights or any of its obligations hereunder, including,
without limitation, any right to pursue any claim for damages pursuant to this Agreement or the transactions contemplated herein, or to
pursue any claim for any breach or default of this Agreement, or any right arising from the purported assignor's due performance
of its obligations hereunder, without the prior written consent of the other Party and any such purported assignment in contravention
of the provisions herein shall be null and void and of no force or effect. Subject to the immediately following sentence, this contract
is strictly between the Parties and, except as specifically provided, no director, officer, stockholder, employee, agent, independent
contractor or any other Person shall be deemed to be a third- Party beneficiary of this Agreement, provided that each Protected Person
is an intended third-party beneficiary of this Agreement and shall have the right to enforce its rights under this Agreement as if it
were a direct Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Execution in Counterparts, Electronic Transmission</u>. This Agreement may be executed in multiple
counterparts, each of which shall be deemed an original and all of which taken together shall be but a single instrument. Counterparts
may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of
2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly
delivered and be valid and effective for all purposes.

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date.

---

| | |
|:---|:---|
| **Angel Studios, Inc.** | **Angel Studios, Inc.** |
| By: | /s/ Neal Harmon |
| Name: | Neal Harmon |
| Title: | Chief Executive Officer |
| **Angel Studios 024, Inc.** | **Angel Studios 024, Inc.** |
| By: | /s/ Ray Willardson |
| Name: | Ray Willardson |
| Title: | Chief Financial Officer |

---

<u>Exhibit A</u>

<u>Distribution Agreement</u>

**ANGEL STUDIOS [TBD], INC.**

**Picture Services Agreement**

This PICTURE SERVICES AGREEMENT (referred to hereafter as the "**Deal Terms**"), together with the attached Exhibit A and Exhibit B (collectively with the Deal Terms, referenced hereafter as the "**Agreement**"), is dated March 7, 2025 (the "**Effective Date**"), and is between **ANGEL STUDIOS [TBD], INC.**, a Delaware corporation, with an office address at **295 W Center, Provo, UT 84058** (**"We," "Us," or "Angel"**) and **THE WONDER PROJECT, INC.** a Delaware limited liability company with an office address at **2700 Pennsylvania Ave. Ste. 1000, Santa Monica, CA 90404** ("**You," "Licensor**", or **"Wonder"**).

WHEREAS, Angel is in the business of providing certain services to market and distribute video and motion pictures;

WHEREAS, Licensor owns a completed feature film entitled "**SKETCH**" (which collectively, with any derivative audio-visual content, is referenced hereafter as the "**Picture**");

WHEREAS, Licensor seeks the services of Angel and Angel wishes to provide the services described in these Deal Terms, all as further detailed in the **Standard Terms and Conditions** (**"ST&C"**) set forth at **Exhibit A**, and the **Picture Specifications & Delivery Requirements** set forth at **Exhibit B**, each of with, together with the Deal Terms, are integrated with each other and incorporated by reference; and

WHEREAS, the **Picture Specifications & Delivery Requirements** contain particulars about the Picture and a list of each element that should be created and delivered to facilitate performance by the parties hereto;

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties, intending to be legally bound, hereby agree as follows:

1.  **<u>CONDITIONS PRECEDENT</u>:** The following are prerequisites
to performance of the Agreement: (a) Angel's review and approval of the legal chain-of-title to the Picture, as further described
in Paragraph 1 of the ST&C; (b) the Picture must receive a passing score from the Angel Guild; and (c) both parties must
sign this Agreement.

2.  **<u>LICENSES</u>:** Licensor hereby grants and licenses to Angel:
(a) an exclusive, royalty-bearing (as expressly set forth in the Section 4 of the Agreement), assignable solely to Angel Studios, Inc.
(" **ASI** "), a Delaware corporation and parent company of Angel, except as expressly set forth in the Agreement, right
and license to market and distribute the Picture within the Territory and during the Term (as defined below as further detailed in this
section, in consideration for credits and remuneration as further discussed herein (the "**Distribution License** "); (b) a
irrevocable, non-exclusive, solely in the Territory (as defined below) and during the Term, sub-licensable solely to ASI, except as expressly
set forth in the Agreement, royalty bearing as described in Section 4, right and license to manufacture, have manufactured, sell,
have sold, distribute, have distributed, mint or have minted any merchandise or non-fungible digital collectible scenes and frames derived
from the Picture (this license is referred to hereafter as the "**Merchandising License** "); and (c) a, non-exclusive,
solely in the Territory and during the Term, sub-licensable to ASI, except as expressly set forth in the Agreement, royalty bearing as
described in Section 4, right and license to exhibit the Picture on any ASI digital platform or app (this license is referred to
hereafter as the "**Streaming License** "). Collectively, these licenses may be referred to hereafter as the "**Licenses** ".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Media, Territory, Term and Credits</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Media</u>: In addition to the Angel Rights detailed in Paragraph 2 of the ST&C, Angel is hereby
granted the right to livestream short excerpts (under 5 minutes) of the Picture on its apps and Angel's social media channels to
facilitate marketing of the Picture in accordance with any applicable contractual restrictions or obligations per existing talent agreements
and union rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>The Territory</u>: For both Angel and Producer, territory means the entire world, in all languages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>The Term</u>: The term of this Agreement shall commence on the date of full execution hereof and
continue for twenty (20) years from the earliest of (a) Angel's receipt and approval of all Essential Delivery materials (b) the
first exploitation of the Rights by Angel and (c) the Outside Release Date (as defined below) (the "**Term** "). If
Producers receive 120% return on their principle investment of $5,800,000 within the Term, then the Term shall become perpetual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <u>Window</u>. Angel shall have the right to distribute the Picture worldwide for thirty (30) days (or
longer period if mutually agreed); followed by the right to have the Picture on Angel's owned and operated platforms exclusively
for ninety (90) days; provided, however, Angel shall consider in good faith a shortened exclusive window in order for Licensor to exhibit
on Licensor's platform once it launches ()"**Exclusive Angel Window** "); and then Licensor and Angel shall have a
co-exclusive window to have the Picture exhibited on their respective platforms (the "**Co-Exclusive Window**") thereafter..
At any time during the Exclusive Angel Window or the Co-Exclusive Window, Angel shall ensure to optimize revenue even if it means licensing
the Picture to third parties during such period(s); provided however, any third party license during the Co-Exclusive Window to a faith
based SVOD service shall require Licensor's prior written approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. <u>Credits</u>: Angel shall be entitled to the following credits: A) Up to three (3) executive producer
credits for Angel or Angel-affiliated executives on a single card in the Picture's main titles; B) a logo credit in the main titles;
and C) an "Angel Studios Presents" credit, which all logos may be modified in creative consultation with the director of the
Picture (the **"Director"**), the final version of which shall be subject to mutual approval. The names of the executive
producer (s) shall be tendered by Angel to Licensor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Angel Services</u>: Angel shall use its commercially reasonable best efforts to provide the following
services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Facilitate a wide theatrical release of the Picture through major domestic exhibitors, including but not
limited to AMC, Regal, and Cinemark within the top twenty (20) markets in the United States as measured by box office revenue data collected
by Box Office Mojo within 30 days of the theatrical release date on a minimum 1,200 screens and for an exclusive window of 30 days. Angel
will use reasonable best efforts to theatrically release the Picture in the summer of 2025, but no later than December 1, 2025 (the
" **Outside Release Date** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Facilitate a theatrical release of the Picture through Angel's foreign exhibitor partners in the
following enumerated territories: Australia, New Zealand, Brazil, Colombia, Mexico, Argentina, Bolivia, Chile, Panama, Guatemala, Honduras,
El Salvador, Nicaragua, Costa Rica, Ecuador, Peru, Paraguay, Uruguay, Portugal, Philippines, Spain, Germany, Singapore, South Africa,
Japan, and the Middle East, plus good faith efforts to release theatrically in a total of sixty additional territories including France, Italy,
UK, Ireland, Etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Assistance with a capital campaign to raise up to Five Million Dollars ($5,000,000) from retail investors
in compliance with state and federal securities and crowdfunding laws ()"**Crowdfunded P&A** "). No interest shall accrue
on Crowdfunded P&A; notwithstanding, Licensor understands and agrees that there is a premium coupon attached to Crowdfunded P&A
(typically 15% to 20%).

3.  **<u>MARKETING & DISTRIBUTION</u>:** Angel and Licensor shall each employ commercially
reasonable best efforts to market and distribute the Picture in a manner intended to maximize potential revenues, based upon cooperative
performance between the parties of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Access to Marketing Assets</u>: You will use best efforts to make available to Us "Behind-the-Scenes
Footage" and "on set photography on a timely basis as well as any other creative marketing assets You have or may have access
to related to the Picture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Consultation</u>: We will consult with You regarding our marketing and distribution activities
and release plan. You shall have the right to meaningful consultation on i) the primary key art, ii) the primary trailer and iii)
the release strategy; provided that any marketing material shall meet the Brand Guide (defined below). You shall promptly coordinate all
promotional activity You intend to undertake with Us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Other Motion Pictures</u>: You acknowledge that We have the right to promote and provide our services
to benefit any other motion picture or video and work with any other motion picture or video producers on any streaming channel or other
distribution platform on which We distribute your Picture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Brand and Voice Guide</u>: Angel and Licensor shall meaningfully collaborate on the creation of a Project
brand and voice guide (**"Brand Guide"**). Provided Angel adheres to the Brand Guide, Angel shall have broad latitude to
market the Picture in its discretion. Licensor may object to any marketing or promotional campaign by providing Angel written notice of
the asset or strategy to which it objects and the reasons therefore. Upon receipt of such objection, Angel shall consult in good faith
on ways to revise or amend the marketing to resolve Licensor's concerns. Angel will set up, control and administer the Project-based
social media accounts (**"Project Social Media Accounts"**) and Angel and Licensor shall each have direct access to log
in to such accounts (including direct access to all data associated with such accounts). Angel agrees to strictly follow the Brand Guide
in all social media engagements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Project IP</u>. The underlying intellectual property of the Project, Project Social Media Accounts
and any derivatives (collectively, the **"Project IP"**) shall be owned and managed by Licensor. Licensor's Business
and Legal Affairs team shall handle all legal aspects of the Project IP including copyright and trademark registrations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Wonder and Angel SVOD:</u> Each of Wonder and Angel shall attribute a license fee for its exhibition
of the Picture on the Wonder controlled platform(s)/channel(s) (the "**Wonder Platform License** "), as such Wonder
Platform License will be negotiated between the parties in a separate agreement with an effort to close such agreement within 30 days
of execution of this Agreement, and Angel controlled platform(s)/ channel(s); Wonder Platform License fee(s) shall be treated as
Gross Angel Licensing Revenues. The Angel MG (defined below in Section 4) shall be reducible by the Wonder Platform License. The
license fee for Angel Platform shall be the Producer Guild Share of Net Guild Revenue set forth in subparagraph 4(b) below.

4.  **<u>CONSIDERATION</u>** : As payment for all of the Angel Rights, including the Licenses, the
parties agree to a revenue sharing arrangement after the recoupment of agreed upon costs by Angel, as detailed in this section. Angel
will guarantee a minimum of six million dollars ($6,000,000) in Net Revenue Share to Licensor (the "**Angel MG** ")(adjusted
by any amount allocated to Angel for the Wonder Platform License) to Licensor within 5 years from the Outside Release Date. To maximize
net revenues shared between the parties, Angel won't assess a distribution fee and will cap the amount of deductible marketing costs,
and revenue will be shared as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Angel Revenue</u>: Angel will report and account for any and all the revenues it derives from
exploitation of the Angel Rights and Licenses as defined in paragraph 2 of the ST&C and including but not limited to, Distribution
License, Merchandising License, Streaming License including subscription fees, sublicensing fees, Pay-it-Forward revenues, and social
media licensing revenues (collectively referred to hereafter as **"Gross Angel Licensing Revenues** "). From the aggregate
sum of the **Gross Angel Licensing Revenues**, Angel will deduct and share the balance as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Distribution Fee</u>: None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Permitted Distribution and Marketing Expenses</u>: "**Permitted Distribution & Marketing Expenses** ", defined in Paragraph 4 of the ST&C, shall be the only permitted deductions from the **Gross Angel Licensing Revenues** and the Permitted Marketing Expenses shall be capped as described in the immediately following sentence. Licensor
hereby acknowledges and agrees that Angel is permitted to spend up to ten million dollars ($10,000,000), at its sole discretion, for the theatrical marketing of the Picture in accordance with the Brand Guide (the
" **Theatrical Marketing Cap"**), and any higher amount
shall require Licensor's written approval, with such expenditures to be based on the performance of the Picture and unless otherwise
agreed in writing by Angel and Licensor. Angel will first spend the funds from Crowdfunded P&A (as defined in paragraph 2b
(ii) above) to market the Picture, before using its own funds through Angel's revolving P&A credit line for
these expenses. The Crowdfunded P&A and Institutional P&A including any agreed upon interest/returns due (the "**P&A Break-Even Point** "), will first be deducted from Gross Angel Licensing Revenues after which any additional marketing expenses
as defined in paragraph 4 of the ST&C will be deducted. For purposes of clarity, the Theatrical Marketing Cap shall not include any
of Angel's overhead and shall only include P&A Costs. After the domestic theatrical run ends, Angel may, with meaningful consultation
by Licensor deduct a percentage of up to twenty-five percent (25%) of Gross Angel Licensing Revenue ()"**Licensing Marketing Cap** ")
to continue marketing the Picture for the duration of the Agreement. Amounts in excess of the Theatrical Marketing Cap or Licensing Marketing
Cap must be mutually approved by the parties in order to be deducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>PR Services</u>. Angel shall retain the services of Brooke Blumberg at Sunshine Sachs to provide PR
services for the theatrical opening of the Picture for a period of time as agreed between the parties. Such costs shall be part of the
permitted Marketing Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <u>Measurement Periods and Reporting</u>: The Gross Angel Licensing Revenues and the Permitted Distribution &
Marketing Expenses shall be reported by Angel within forty-five (45) days of the end of each quarter during the Term of the Agreement.
Customary reports of profit and loss, income and expense, and gross and net revenue, collected and incurred in performance of this Agreement
shall be prepared and reported by Angel which accounting shall include a summary of distribution and marketing activities, costs, and
revenues. The reports shall be distributed to Licensor within forty-five (45) days after the end of each quarter during the Term and any
renewal term of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. <u>Net Revenue Share</u>: The net revenue remaining from the deduction of Permitted Distribution &
Marketing Expenses from the Gross Angel Licensing Revenues shall be referred to hereafter as the **"Net Licensing Revenues"**.
The Net Licensing Revenues will be split 66.67% to Licensor and 33.33% to Angel subject to adjustment for any amounts accruing to Licensor's
benefit for the Wonder Platform License as set forth in the schedule in subparagraph (c) below; collectively, this revenue share
is hereafter referred to as the **"Net Revenue Share"**. Licensor's Net Revenue Share, after adjustment for the value
of the Wonder Platform License, shall be tendered by Angel to Licensor quarterly, within forty-five (45) days following the distribution
of the quarter's reports to Licensor. For added clarity, Angel does not retain any of the 25% marketing cap(s) (i.e. Theatrical
Marketing Cap or Licensing Marketing Cap) for its own account and does not take any margin or mark up on its Marketing and Distribution
Expenses. Angel will guarantee a minimum of six million dollars ($6,000,000) in revenue back to Producer from the aggregate of Licensor
Net Revenue Share and Filmmaker Guild Share (see paragraph b, below) within five (5) years from the Outside Release Date (the "**Angel MG** "). The Angel MG obligation shall be reduced by any amounts allocated by Licensor for the Wonder Platform License. For the
avoidance of doubt, Angel agrees to pay any difference (i.e., deficiency) between Licensor Net Revenue/Filmmaker Guild Share paid to Licensor
and the Angel MG, on or before the time such amounts become due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. <u>Third-party Residuals</u>: Angel shall be responsible for paying all third-party residuals, provided
Angel is made aware of any obligations and agreements of Licensor with respect to the production, including royalties to performing rights
societies for blanket music licenses required for the Picture and all union residuals from the exploitation of the Picture. Third-party
royalties and residuals shall be included in the permissible Distribution Expenses set forth in Paragraph 5 of the ST&C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Angel Guild Membership Fees</u>: Revenue from Angel Guild membership fees shall be separate from the
Net Revenue Share and set aside for participating filmmakers after the deduction of certain Guild related costs including, but not limited
to (A) transaction fees, (B) wholesale theatrical ticket costs; (C) 25% Guild marketing expenses; and (D) digital
currency ()"**LUMENS**") transaction costs ()"**Net Guild Revenue** "). The Net Guild Revenue shall be split
fifty percent (50%) to participating filmmakers ()"**Filmmaker Guild Share**") and fifty percent (50%) retained by Angel
(" **Angel Guild Share** "). Filmmaker Guild Share will in turn be split between participating filmmakers based on a pro
rata viewing time algorithm which is applied uniformly with any other picture or title appearing in the Angel platform. For example, if
Licensor's Picture makes up 17% of the total time watched by Guild members, Licensor would be entitled to 17% of the Filmmaker Guild
Share. Licensor's portion of the Filmmaker Guild Share shall hereafter be known as "**Producer Guild Share**."

5.  **<u>CREATIVE CONTROL + GUILD PROCESS</u>** : Licensor shall have final creative control over the Picture
subject to i) the Angel Guild process below; and ii) Angel's ability to set the run time of the Picture. The foregoing notwithstanding,
Licensor shall determine how to meet Angel's run time requirement in its sole discretion. Angel acknowledges that the Picture is
a completed film that was publicly screened at the 2024 Toronto Film Festival and changes or edits to satisfy i) a specific MPAA rating
requirement or ii) a language requirement to meet Angel's Guild Process minimum requirements or otherwise will be done in consultation
with the Picture's filmmakers so that Licensor can make those changes in a timely manner or in accordance with the Angel Guild process
as a recoupable Distribution Expense. The parties agree to work toward an MPAA rating no more restrictive than a PG rating.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.  **<u>Guild Process</u>** <sup>2</sup>: Upon completion of a "locked"
edit ()"**Locked Edit** ")<sup>3</sup> of the Picture , Licensor shall submit the "Locked Edit" to the Angel
Guild for review. Provided the Locked Edit receives a passing score Angel will set a release date for the Licensor's version of
the Picture including the Locked Edit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. If the Picture does not receive a passing score from the Guild, Licensor
shall have six months to refine the cut (music, color, audio mix, VFX, etc.) to try to get a passing score and a release date. Angel
to pay any associated costs which will be treated as a recoupable Distribution Expense. The Director has the first opportunity to implement
any changes.

<sup>2</sup> Angel reserves the right to amend and update its Guild scoring requirements at any time during the Term, provided however, that such policy changes shall be applied uniformly across all projects currently in the Guild and shall not be applied on a film by film basis.

<sup>3</sup> Locked Edit means the timelines for the audio and visual elements are locked, but audio mixing, color correction, and VFX may still be in process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. If, after six (6) months from the Locked Cut, the Picture still has not passed the Guild, then Angel
shall have the right (at its election and sole cost) to create its own edit of the Picture (the "**Angel Cut**") to submit
to the Angel Guild. If the Angel Cut receives a passing score, Angel shall set a release date for the Angel Cut. Release dates shall be
set by Angel in its sole discretion after consideration is given for the overall Angel slate and general market conditions. Angel acknowledges
that the Director has final cut rights. Any "material" changes to a Locked Cut, Final Cut, or Angel Cut shall require resubmission
to the Guild for re-evaluation. Material changes are those that change the audio/visual elements of the Picture and not merely technical
improvements such as audio sweetening or color correction.

6.  **<u>DELIVERY</u>:** You understand and agree that for Us to effectively market and distribute
the Picture, it is essential that You comply with all the delivery requirements in The Picture Specifications & Delivery Requirements
attached as Exhibit B.

7.  **<u>NOTICES AND PAYMENTS</u>:** Here are the addresses for both:

a. To Licensor: <br> Kelly Merryman Hoogstraten, CEO The Wonder Project, Inc. 2700 Pennsylvania Ave. Ste. 1000 Santa Monica, CA 90404 Email: <u>kelly@thewonderproject.com</u>

with a copy to:

Email: rina.yano@thewonderproject.com

b. To Angel: <br> Neal Harmon, CEO Angel Studios, Inc. 295 West Center Street Provo, UT 84601 Email: legal@angel.com

8. <u>SPECIAL PROVISIONS:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Angel Non-Branding</u>: Notwithstanding anything to the contrary herein, Angel reserves its rights
to withhold its brand name, trademarks or service marks (whether or not registered), logos or tag lines (collectively, all such intellectual
property is hereafter referred to as "Trademarks") from any marketing and/or distribution of the Picture or change the manner
in which it is identified. Licensor will promptly comply with Angel written instructions pertaining to the use of its Trademarks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Final Cut:</u> Licensor shall have final creative control over the Picture including control over all
aspects of production after Angel's meaningful consultation with respect to the run time. In the case of any theatrical release
or product, Angel shall have the right to determine the final run time after review of Licensor's Locked Edit and acknowledges that
the cut publicly screened at the 2024 Toronto Film Festival shall be deemed the "Locked Edit". Such determination shall be
within 15 minutes of Licensor's Final Cut and Licensor shall determine in its sole discretion how to edit to conform to Angel's
runtime.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Pay-It-Forward</u>: The parties agree to mutually approve the treatment and delivery of a "Pay-it-Forward"
campaign to be included in the end credits of the film (including any perks or other incentives offered by Licensor as part of any Pay-it-Forward
campaign) conducted as an appeal to viewers to pay money solely to show appreciation for the Picture for which there is no other reward
given in return, or to pay for the Picture to be distributed to others as well as to fund future episodes of the Picture, if any ()"**PIF** "). 
Licensor agrees i) not to engage in any PIF campaigns without the consent and/or participation of Angel during; and ii) to use reasonable
best efforts to fulfill any PIF perks or incentives offered by Licensor in consultation with Angel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Angel Not a Registered Financial Services Firm</u>: Angel is not registered as a broker or dealer,
intermediary platform, finder, or investment adviser of any kind, and is not providing You with any services that would require registration
as such, including but not limited to any of the services described in Paragraph 5 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Issuer's Guarantee of Regulatory Compliance</u>: The Issuer (as defined by the SEC and
whether the Issuer is Licensor or Angel) of any security in the Picture agrees that the Funding Campaign is controlled solely and exclusively
by Issuer, including all final decisions regarding its "messaging" and all other aspects of its operation. By signing
this agreement, You/Angel acknowledge and agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Funding Campaign a Regulated Security</u>: Your Campaign may qualify as the issuance of securities
governed by applicable state and federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Licensor's Obligation of Compliance</u>: It is solely Your obligation to comply with all
applicable securities laws and You agree to comply with all such laws, including but not limited to applicable marketing and advertising
rules, and the antifraud provisions of the Securities Act of 1933 and Securities Exchange Act of 1934, each as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Angel's Non-Obligation for Licensor's Compliance</u>: Angel expressly disclaims responsibility
for Your compliance with any applicable laws and governmental regulation of any crowdfunding campaign for which You are an Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <u>Adverse Consequences</u>: You understand that failure to comply with applicable securities laws
may subject You, Angel and third-parties to adverse regulatory and enforcement consequences.

9.  **<u>DEFINITION OF TERMS</u>:** Capitalized words have the meaning set forth in these Deal Terms
or elsewhere in the Agreement; if not defined therein, undefined capitalized words have the meaning commonly understood in the entertainment
industry.

10.  **<u>DEAL TERMS GOVERN</u>:** The Deal Terms shall govern and control to the extent of any conflict
with The Standard Terms and Conditions.

11.  **<u>SIGNATURES AND COUNTERPARTS</u>** : This Agreement may be executed in two or more counterparts,
each of which is deemed an original but all of which together constitute one and the same instrument. Authentic electronic or digital
signatures shall have the same force and effect as original signatures.

[*Signature Page Follows*]

---

| | | | |
|:---|:---|:---|:---|
| **AGREED TO AS OF THE EFFECTIVE DATE:** | **AGREED TO AS OF THE EFFECTIVE DATE:** | | |
| **THE WONDER PROJECT, INC.** | **THE WONDER PROJECT, INC.** | **ANGEL STUDIOS [TBD], INC.** | **ANGEL STUDIOS [TBD], INC.** |
| By: | /s/ Tristen Tuckfield | By: | /s/ Patrick Reilly |
| Name: | Tristen Tuckfield | Name: | Patrick Reilly |
| Title: | Chief Commercial Officer | Title: | Chief Executive Officer |

---

**Exhibit A**

**<u>THE STANDARD TERMS AND CONDITIONS</u>**

Herewith are the Standard Terms and Conditions **("ST&C")** to that certain Picture Distribution Agreement dated March 7, 2025 between Licensor and Angel. Capitalized words have the meaning set forth herein or elsewhere in the Agreement; undefined capitalized words have the meaning commonly understood in the entertainment industry.

**1.**  **<u>CONTINGENCIES/APPROVAL OF CHAIN-OF-TITLE</u>:** To clear the chain-of-title, Licensor must
establish that Licensor is the sole owner of any and all literary, dramatic or musical material not otherwise within the public domain,
free of any claim, lien, limitation or condition of any kind. Licensor shall obtain all clearances and/or make or cause to be made
any and all screenplay changes which may be necessary to obtain customary errors and omissions insurance. As used herein, "Underlying
Material" shall mean all Underlying Material that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. written or composed for use in the Picture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. acquired, supplied or assigned by Licensor (or by any other person that produced or was associated in
the production of the Picture) for or in connection with the Picture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. included in the Picture; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. on which the Picture is based in whole or in part.

**2.**  **<u>ANGEL RIGHTS</u>:** Subject to the Deal Terms, Licensor hereby exclusively and irrevocably
grants, assigns, and licenses to Angel throughout the Term and in the Territory the sole and exclusive right, license and privilege under
copyright in and to the Picture to authorize, license and sublicense others to, exhibit, distribute, release, sell copies of, dispose
of, transmit, reproduce, broadcast, publicize, manufacture, publicly display, project, publicly perform, market, advertise, promote, tag
and edit or cause the Picture to be tagged and edited for i) skipping through the Picture, ii) streaming the Picture with or without sound
at the user's direction; and iii) the facility for users to tag and skip through tags at their own direction, and otherwise exploit
the Picture (and its plot, themes and other elements) and any and all cuts, re-cut, edited, re-edited, dubbed, re-dubbed and other versions
thereof, and trailers and clips and excerpts therefrom, by any and every means, method, process, device, exhibition, distribution, exploitation,
delivery and manner of transmission means now known or hereafter devised or invented, and in all markets within the Territory and media
now known and hereafter devised or exploited, in any and all languages (whether dubbed or subtitled or otherwise) in all linear formats,
including, without limitation, (i) all forms of theatrical, (ii) all forms of non-theatrical, including without limitation all
educational, industrial, hotel/motel, ships, commercial in-flight and trade distribution, (iii) all forms of television (including,
without limitation, free, pay, pay per view, terrestrial, satellite, and cable, regardless of the delivery system or payment system (if
any) involved, including without limitation all rights to transmit, broadcast and exhibit the Picture by means of free, toll, pay, subscription
and theatre (including transmission or broadcast by open or closed circuits to any theatre or other place where an admission fee is charged
to view the broadcast or transmission of the Picture) television, all other forms of satellite and relay television, pay-per-view television,
and any and all other kinds of open or closed circuit systems), and all forms of video-on-demand (including without limitation SVOD, TVOD,
AVOD, CVOD and NVOD), provided that Angel shall maximize such video-on-demand revenue by not streaming exclusively on Angel or Wonder
platforms, in the event revenue opportunities with third party platforms arise; (iv) online/internet, digital streaming, interactive,
clips, mobile (e.g., cell phones), and any and all allied and ancillary rights without reservation of any kind, as well as the exclusive
right to advertise, publicize and promote any and all of the foregoing (hereinafter referred to as "**Angel Rights** ").
These rights shall also include, without limitation, Video Devices which are defined as all physical forms of home video or other home
viewing technology now known or hereafter devised (including without limitation cassette, videodisc, DVD, HD DVD and Blu Ray (collectively,
" **Video Devices** "); and the right to use, produce and exploit any special feature material (i.e., DVD special features
and extras) in connection with the exploitation of the Picture

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Included Rights</u>: Without limiting the generality of the foregoing definitions included in Paragraph
2. above, the Parties agree that the "Angel Rights" include the following, subject to all third party restrictions and obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Promotional Clip Rights</u>: The exclusive right to broadcast, transmit or reproduce, separately
from other portions of the Picture, the visual portion, sound or music contained in the Picture, or clips or excerpts as well as dramatizations
or summaries of such visual portion, sound or music of the Underlying Material, or any part or combination of all or any part of the foregoing,
in connection with the advertising and promotion of the Picture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Name and Likeness</u>: Licensor hereby grants all the exclusive rights it has to use the names
and likenesses of the cast, and any other person who rendered services or granted rights in or for the Picture, and to use the name and
trademark of Licensor, in and in connection with the Picture and the advertising and exploitation of the Picture, including Commercial
Tie-in Rights, subject to reasonable and customary restrictions in written contracts with such persons that have been approved in advance
in writing by Angel (existing name and likeness restrictions pre-approved);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Commercial Tie-ins</u>: The exclusive right to enter into and exploit commercial tie-ins with
respect to advertising and promotion of the Picture. As used herein, the term "commercial tie-in" refers to a type of
advertising or exploitation in which some product, service or commodity (in addition to the Picture) is advertised ()"**Commercial Tie-in Rights** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <u>Merchandising License</u>: Angel hereunder retains stand-alone merchandising rights and a first
right of refusal for any unexploited stand-alone merchandising rights. All merchandising is subject to mutual approval not to be unreasonably
withheld between Angel and Licensor. Any stand-alone merchandise created in association with the Picture (including but not limited to
board games, toys, books, graphic novels, novelizations, items of wearing apparel, food, beverages and similar items which make reference
to or are based upon or adapted from the Picture or any part thereof (including the title thereof)) is not part of Gross Angel Licensing
Revenues or the application of Gross Angel Licensing Revenues. Angel shall pay Licensor a 20% fee on all revenues generated by stand-alone
merchandise, subject to the approval by Licensor. Angel will be paid a 20% fee on all revenues generated by stand-alone merchandise created
and exploited by Licensor, subject to the approval by Angel. For the avoidance of doubt, all merchandise created and sold in conjunction
with the exploitation of the Picture are part of Gross Angel Licensing Revenues and the application of Gross Angel Licensing Revenues,
to the extent not included in Commercial Tie-in Rights ()"**Merchandising License**") and will also include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. <u>Electronic Publishing Rights</u>: The exclusive right to license, reproduce, use, adapt, distribute,
display, perform or create derivative works based on the Picture or any portion thereof (including, without limitation, video games and
interactive games and devices), that are electronically read, digitized, interactive and computer-based or computer-assisted systems,
devices and services in photographic, audio, video, optical, digital or interactive form or in any other form or method of copying, recording,
manipulation, transmission or use thereof, whether now known or hereafter devised, the purpose of which is to allow the user to selectively
display, manipulate or perform the Picture, derivative material based on the Picture or portions thereof, alone or in conjunction with
other audio, video, photographic, digital, computer software, firmware, hardware or any other systems now known or hereafter devised ()"**Electronic Publishing Rights** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. <u>Non-Fungible Tokens ()"**NFT** s")</u>: The exclusive right to exploit physical or
digital objects derived from or otherwise related to the Picture and any Underlying Material upon which it is based as NFTs (including
the right to create new physical or digital objects as NFTs). In connection therewith, the right to tag and employ other panning
and scanning requirements (including any re-sizing of the picture to conform to NFT context requirements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. <u>Music Publishing Rights</u>: One Hundred Percent (100%) of all music publishing rights for original
music contained in the Picture to allow Angel to register the cue sheets with relevant performing rights societies (PROs) and collect
royalties on behalf of composers, musicians, and artists rendering music composition services for the Picture (not including the "Writer's
share" of the publishing rights);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. <u>Pre-Delivery Activities; Sublicenses</u>: Licensor agrees that from and after the date hereof, Angel
shall have the exclusive right to (i) advertise, promote, publicize and market, and engage in other customary pre-sales and pre-release
activity in the Territory with respect to, the Picture, (ii) negotiate, enter into, administer and service distribution agreements
or licenses of the Rights in the Territory (each, a "**Sublicense**" and, collectively, "**Sublicenses** "),
and (iii) to deliver the Picture (including creating delivery materials to the extent permitted or required hereunder), collect amounts
due, and otherwise perform its obligations or enforce its rights and remedies under Sublicenses. Notwithstanding anything to the
contrary contained in this Agreement, Licensor agrees to honor and abide by the terms of all Sublicenses hereunder to the extent such
Sublicenses do not conflict with the terms of this Agreement. Licensor further agrees that it will not exercise or permit any third parties
which may have a lien in and to the Picture, the Rights and/or the Gross Angel Licensing Revenues (as defined below) to exercise its rights
or liens as secured parties or otherwise act in a manner which will disturb, infringe upon, interfere with, prevent or impede the full,
complete, free and unencumbered exercise by any distributor or licensee of its rights under any of the Sublicenses, except as otherwise
may be agreed in writing in advance by Angel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. <u>Angel Guild Torch Submission</u>: During the Term, You grant Us the non-exclusive right to stream,
display, monetize and/or otherwise exploit your final Torch submission on any and all Angel platforms ()"**Angel Torch Rights** "),
including any reformatted versions thereof as well as alternate and/or repeated submissions to differing viewer groupings and/or on differing
viewing platforms and/or other methods (such as email campaigns) bundled with other content and/or featured alone all as determined by
Us in our sole discretion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. <u>Other Rights</u>: All other linear rights of every kind and nature whatsoever in and to the Picture.

**3.**  **<u>EDITING RIGHTS</u>** : Notwithstanding anything to the contrary in this Agreement, Angel
may cut or edit the Picture, or cause the Picture to be cut or edited, for (a) standards and practices compliance (airline, broadcast,
and otherwise), including time compression (and editing for time); (b) creating commercial breaks; (c) potential or actual legal
claims; (d) censorship compliance; (e) ratings compliance; (f) panning and scanning requirements (including any re-sizing
of the picture to conform to broadcast requirement); (g) closed-captions materials, bonus materials and/or Angel's own promotional
reel; and (h) subtitling and dubbing.

**4.**  **<u>CONSIDERATION:</u>** All consideration set forth in Paragraph 4 of the Deal Terms is conditioned
upon the Picture being produced in accordance with the requirements of this Agreement and being completely delivered on the Delivery Date. Such
consideration shall be deemed full consideration for all rights granted and services performed by Licensor hereunder. In connection
with the calculation of the Net Revenue Share set forth in the Deal Terms, "Permitted Distribution & Marketing Expenses"
shall include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. " <u>Distribution Expenses</u>:" All actual, direct, verifiable, accounted for, out-of-pocket
costs and expenses incurred in connection with the marketing, promotion, advertising, manufacturing, distribution, exhibition or other
exploitation of the Picture including, without limitation, manufacturing costs, production costs, translation costs, dubbing costs, insurance
costs, purchase costs, distribution costs, third-party processing fees, payment processing fees, costs for providing streams, fees charged
by credit card issuers, fees charged by third-party e-commerce platforms, applications and services; fees charged by resellers, costs
associated with returns and warranty claims; costs of required union or guild residuals; and directly attributable personnel costs. 
For the avoidance of doubt, Distribution Expenses shall exclude any general overhead charge. No single Distribution Expense item shall
be deducted and recouped more than once. Distribution Expenses shall be net of any rebates or discounts received by Angel in connection
with the advertising, publicity, promotion and/or distribution of the Picture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. " <u>Marketing Expenses</u>:" All actual, direct, verifiable costs, charges and expenses incurred
for or in connection with advertising, promoting and publicizing the Picture in any way, including, without limitation, all costs incurred
directly or charged by third parties in connection with trailer production, social media promotion, audience testing, market research
and directly attributable personnel costs. For the avoidance of doubt, the foregoing Marketing Expenses shall exclude any general overhead
charge. Marketing Expenses from an affiliated entity of Angel or its management shall be disclosed to Licensor and any fees charged by
such affiliated entity shall be at market rates.

**5.**  **<u>THIRD-PARTY OBLIGATIONS</u>:** Angel is responsible for and shall act as paymaster for any and
all collective bargaining payments and mandated residuals payable to any party by reason of the exercise of the Angel Rights, including,
without limitation, the Writers Guild of America, Directors Guild of America, Screen Actors Guild, American Federation of Musicians and
IATSE.

**6.**  **<u>ACCOUNTINGS/PAYMENTS</u>:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Accountings</u>: Angel and Licensor shall maintain true, accurate, and complete books and records
with respect to the Picture at its principal place of business during the Term. Angel shall render statements to Licensor specifying the
amounts collected, expended and to be distributed with respect to the Rights granted hereunder showing its Gross Angel Licensing Revenues,
Net Licensing Revenues, as well as any revenue Angel and/or Licensor derives from the exercise of its Social Media Clip Licenses
during the Term (the "**Records** "). Angel shall pay Licensor and Licensor shall pay Angel (if applicable), all revenues
payable to the other, quarterly in the amounts payable pursuant to Paragraph 4 of the Deal Terms and deliver with the payment, statements
of the Records, within forty-five (45) days after the expiration of the applicable quarter. The applicable accounting periods shall
coincide with the following fiscal quarters: January through March, April through June, July through September, and October through
December. Statements shall be rendered on calendar quarterly basis for the first two (2) years, on a semi-annual basis for
the next two (2) years and annually thereafter. Angel will account to Licensor in customary manner in the Media and Entertainment
industry of the United States of America - which accounting shall include a summary of distribution activities, costs, and revenues. 
Notwithstanding the foregoing, no accounting shall be rendered for any period in which no receipts are received, or no distribution activities
occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Audit Rights</u>: Licensor may, at Licensor's sole cost and expense, but not more than
once annually throughout the term of the Agreement, audit those books and records of Angel that pertain to the calculation of Licensor's
Net Revenue Share for any preceding period. Said audit shall be conducted by a certified public accountant selected by Licensor, subject
to Angel's approval, which approval shall not be unreasonably withheld. The audit shall be conducted during Angel's regular
business hours, upon thirty (30) days' advance notice, in a manner that does not interfere with Angel's normal business activities.
The auditor shall simultaneously provide a complete written copy of the audit results to Angel and Licensor. Licensor If said audit uncovers
an underpayment to Licensor, Angel shall pay the underpayment within 60 days following receipt by Angel of the audit results if Angel
agrees that the audit results are correct or, if a disagreement occurs, shall pay the undisputed amount and shall pay any remaining amount
after the proper amount is determined. If any underpayment to Licensor exceeds ten percent (10%) of the total for the applicable reporting
period, Angel shall reimburse Licensor its reasonable out-of-pocket audit costs at the same time that Angel pays the underpayment. 
Angel is granted identical rights and conditions of inspection of Licensor's records, as set forth in this Paragraph 7 with respect
to Licensor's rights and conditions to inspect Angel's records.

8.  **<u>INSURANCE</u>:** Licensor will procure and maintain, beginning on the Effective Date of
the Agreement and for a period of not less than 3 years thereafter, at no cost to Angel, an errors and omissions insurance policy ()"**E&O Insurance** "), with coverage conforming to the criteria set forth in Exhibit B, enumerated Paragraph 1. In addition, such
policy shall insure Angel, its Affiliates, the sponsors and distributors of the Picture and their respective advertising agencies (collectively,
the "**Angel Parties** "), against any liability resulting from the transmission hereunder of the Picture. Further,
the E&O Insurance will (a) be issued by a reputable insurance carrier and rated A-/X or better in Best's Insurance Guides,
(b) name the Angel Parties as additional insureds, (c) be primary and not in excess of or contributory to any other insurance
policies provided for the benefit of, or maintained by, Angel, (d) contain an express waiver of any and all rights of subrogation
that the insurers may have against Angel, and (e) provide for at least thirty (30) days advance written notice to Angel of any cancellation,
non-renewal or other material change thereto. Upon request, Licensor will furnish Angel with a certificate of media liability insurance
covering Angel's authorized exhibitions and transmissions of the Picture and satisfying, at a minimum, the coverage and term requirements
specified above.

9.  **<u>REPRESENTATIONS & WARRANTIES</u>:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Licensor and Angel each hereby represent, warrant and covenant to the other as follows: (i) It is
duly incorporated or organized, validly existing and in good standing under the laws of its state or country of incorporation or organization;
(ii) it has the full power, authority and ability to enter into, execute, deliver and perform all its obligations under this Agreement;
(iii) this Agreement constitutes a valid and binding obligation of it enforceable in accordance with the terms hereof; (iv) the
execution, delivery and performance of this Agreement will not cause it to be in material breach of a third-party agreement which breach
would jeopardize its ability to perform its obligations hereunder; (v) neither party shall, nor shall either party permit or assist
any Affiliate or third-party to, challenge or undermine the intellectual property (including without limitation, the Trademarks and Licensor
Marks) ownership rights of the other party; and (vi) if either party becomes aware or has reason to believe that the intellectual
property of the other party is being infringed by a third-party, it shall promptly notify the other party in writing, and reasonably cooperate
in the investigation and enforcement of the other party's intellectual property, at the cost and expense of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Licensor hereby further represents, warrants and covenants to Angel as follows: (i) other than the
third-party obligations in paragraph 5 of these ST&Cs, the Picture, when delivered to Angel, will be free and clear of any liens or
encumbrances which would impair or interfere with Angel's quiet enjoyment of its rights hereunder throughout the Territory and term
set forth in the Deal Terms; (ii) Other than historical elements, the Picture is not in the public domain and will not violate or
infringe any applicable law or regulation (iii) Licensor has obtained all rights, permissions, releases and licenses (including all
music master and synchronization licenses) required to enable Angel to fully exploit and promote the Picture in accordance with the terms
of this Agreement; (iv) Licensor shall deliver all the Delivery Elements by the Delivery Elements Due Date, including, without limitation,
the E & O Insurance as required in Paragraph 8 above; (v) All third-party participations, deferments, royalties, fees
and other payments necessary to deliver the Picture free and clear of any incumbrances or defects shall be borne solely by Licensor, as
further set forth in Paragraph 5 above; (vi) the Picture has been produced and records kept in accordance with the Child Protection
Restoration and Penalties Enforcement Act of 1990 and any amendments thereto; (viii) Licensor will promptly undertake to secure and
diligently preserve throughout the Term of this Agreement any and all necessary and proper trademarks, service marks and/or copyright
registrations and renewals, in the appropriate class or classes, pertaining to the Picture; and (ix) the Picture will not violate
or infringe any third-party intellectual property rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Publicly Traded Insider Information Liability</u>: Licensor hereby acknowledges, understands, and agrees
that (i) following the consummation of the Agreement, ASI is or will be a publicly-held company through a merger with South Port
Acquisition Corporation (the "**SPAC**") and (ii) Licensor is aware that applicable securities laws prohibit any person
who is aware of material, non-public information about a company obtained directly or indirectly from that company from purchasing or
selling securities of such company or from communicating such information to any other person under circumstances in which it is reasonably
foreseeable that such person is likely to purchase or sell such securities. Licensor hereby further acknowledges and agrees that it will
not during the period commencing on Effective Date and ending on March 31, 2025, directly or indirectly, effect any purchase or sale
transaction in any securities of ASI or the SPAC, including any transaction that transfers, in whole or in part, any of the economic consequences
of ownership of any of such securities.

10.  **<u>INDEMNITY</u>:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Angel will defend, indemnify, and hold harmless Licensor and its parent,
subsidiary, affiliated and related companies, and the directors, officers, agents, representatives and employees of each of the foregoing
from and against any and all third party claims and causes of action, losses, costs, expenses, settlements, damages, judgments, fees,
harm or liabilities, including reasonable attorneys' fees (collectively hereafter, "**Costs**") resulting from (a) any
breach by Angel Studios of any of its representations, warranties and/or agreements hereunder; and/or (b) the development, production,
distribution and/or exploitation of the Picture by Angel Studios, except to the extent covered by Licensor's indemnification below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Licensor will defend, indemnify, and hold Angel Studios and its parent, subsidiary,
affiliated and related companies, and the directors, officers, agents, representatives and employees of each of the foregoing harmless
from and against any and all Costs related to (a) breach by Licensor of its representations, warranties and/or agreements hereunder;
(b) the license by Licensor of the rights in the Underlying Material; (c) Licensor's acts or omissions in connection with
the development, production, distribution and/or exploitation of the Picture; (d) Licensor's distribution of the Picture outside
of the Territory (if applicable); and/or (e) the development, production, distribution or other exploitation of the Underlying Material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Either party seeking indemnification under this Agreement (the "**Indemnified Party** ")
shall give written notice to the party required to provide indemnification hereunder (the "**Indemnifying Party**") and
the Indemnifying Party shall promptly, at the Indemnified Party's request, assume and diligently conduct the entire defense of any
suit or action, or the making of any claim as to which indemnity may be sought hereunder, including settlements and appeals, at the Indemnifying
Party's sole cost and expense, and the Indemnifying Party shall pay and discharge any and all settlement amounts, judgments or decrees
which may be rendered. The Indemnifying Party shall not, except with the written consent of the Indemnified Party, consent to entry of
any judgment or administrative order or enter into any settlement that: (i) could affect the intellectual property rights or other
business interest of the Indemnified Party; (ii) does not include as an unconditional term thereof the giving by the claimant or
plaintiff to the Indemnified Party of a release from all liability with respect to such claim or litigation; or (iii) requires any
consideration other than the payment of money by the Indemnifying Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Licensor shall promptly and timely execute any additional document(s) and take any additional action(s),
at Licensor's sole cost and expense, that Angel deems necessary or desirable in order for Angel to enforce and/or defend its rights
under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER PARTY, NOR SHALL A PARTY HAVE A RIGHT AS AGAINST
THE OTHER PARTY, FOR CONSEQUENTIAL, SPECIAL, INDIRECT, INCIDENTAL, OR EXEMPLARY PUNITIVE DAMAGES, HOWEVER CAUSED AND WHETHER
OR NOT A PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGE.

11. For avoidance of doubt, the party that owns any intellectual property that is infringed by a third party,
shall be the sole party with the right to enforce its intellectual property rights in court or before another decision-making authority
against such infringing third-party, and the proceeds from any judgment, settlement or award arising from such enforcement action shall
only inure to the benefit of the party enforcing its intellectual property rights.

12.  **<u>DEFAULT</u>:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Licensor Default</u>: Licensor shall be in default if Licensor breaches any term, covenant, or condition
of this Agreement. Angel shall give Licensor written notice of any claimed default and if the default is capable of cure, then Licensor
shall have thirty (30) days after its receipt to cure any default. If the default is incapable of cure, or if Licensor fails to cure within
the time provided, then Angel may terminate this Agreement upon written notice to Licensor. Without limiting the foregoing, in the event
Licensor is in breach of the representations and warranties given in Paragraph 9, Angel shall have the right to terminate this Agreement.
Any claim arising out of or related to this Agreement or the interpretation, performance, or breach hereof, including but not limited
to alleged violations of state or federal statutory or common law rights or duties shall be resolved solely and exclusively by final and
binding arbitration in accordance to the JAMS Arbitration Rules and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Angel Default</u>: No failure by Angel to fulfill any of its obligations hereunder shall constitute
a breach of this Agreement by Angel unless and until the Licensor has provided Angel with written notice specifying such failure(s) and
Angel has failed to cure such failure within thirty (30) days after receipt of a judgment from a competent tribunal (i.e., arbitrator
or district court) finding Angel has in fact breached the Agreement. Such written notice by Licensor to Angel must be delivered to Angel
via only the approved means of notification identified in Paragraph 15 below and must explicitly contain the following information: (i) the
exact nature of the claimed failure, (ii) a statement that the writing constitutes a "formal notice of default", and
(iii) the date in which the failure is alleged to have occurred. In the event of any dispute relating to the subject matter
of this Agreement, the Agreement shall remain in full force and effect and Licensor will be limited to its remedies at law for monetary
damages, if any, actually sustained by Licensor as determined by the relevant tribunal. Licensor hereby waives and disclaims, to the fullest
extent permitted by law and notwithstanding anything to the contrary herein, any right to seek, accept or be awarded any equitable remedy
against Angel or its Affiliates, including without limitation, any enjoining, revocation, rescission, limitation, impairment or alternation
of Angel Rights, the Licenses or Angel's rights to distribute, promote or exploit the Picture under the express terms of the Agreement.

13.  **<u>ASSIGNABILITY</u>** : The Agreement shall be binding on and shall inure to the benefit of
the Parties and their Affiliates, successors, and permitted assigns. Angel shall only have the right to assign, transfer, delegate, license,
sublicense, and/or convey this Agreement, and/or any of its rights, licenses, privileges, and/or obligations hereunder, in whole or in
part, all or any portion of this Agreement or any or all of its rights or obligations hereunder to: (a) an entity into which Angel
merges or is consolidated; (b) a person or entity which acquires all or substantially all of Angel's business and assets; (c) an
entity owned or controlled by Angel and (d) any third party approved in writing by Licensor; in each such case, that is financially
responsible and capable of performing Angel's then-current executory obligations to Licensor and assumes ass of Distributor's
executory obligations under this Agreement in writing. Licensor shall not assign its rights and/or delegate its duties hereunder without
the express written consent of Angel. Notwithstanding the foregoing and only in the event the Date of Accepted Delivery has occurred,
Licensor may assign the right to receive payments as under this Agreement to up to one additional payee upon timely written notice to
Angel, pursuant to a customary 'direction to pay' letter to be provided by Angel and signed by an authorized officer of Licensor.

14.  **<u>LICENSOR MARKS</u>:** The Parties agree that any and all uses of the logos, trademarks or
service marks (whether or not registered) and tag lines of Licensor (collectively referred to hereafter as the "**Licensor Marks** "),
and all goodwill generated thereby, shall inure to the benefit of, and belong exclusively to, Licensor and Licensor's successors
and assigns. Angel agrees to provide to Licensor, on request and for no cost, specimens of use of the Licensor Marks and sworn statements
of use. Licensor shall be solely liable for any third-party claims for infringement that may arise from the use of the Licensor Mark in
domestic and foreign jurisdictions. Angel also agrees that the quality of all goods and services provided under the Licensor Marks shall
be of the same general quality as those provided by Licensor and that Angel will cooperate with Licensor's monitoring of that quality.

15.  **<u>NOTICES AND APPROVALS</u>:** Any notice hereunder must be in writing and shall be deemed given
and received (except for notice of change of address which shall be deemed given and received only upon receipt thereof): (a) on
the date of personal delivery; (b) on the fifth business day following the day of mailing by prepaid certified mail (return receipt
requested); (c) on the day of transmission by facsimile with written confirmation; (d) in the case of Accounting Statements
only, by regular mail on the postmarked date or via email; or (e) on the next business day following the day of shipment via a nationally
recognized overnight courier service with signature of confirmation of receipt, as the case may be, to the party to be notified at the
addresses set forth in Paragraph 7 of the Deal Terms.

16.  **<u>INTELLECTUAL PROPERTY DEFINITION IN BANKRUPTCY</u>** : In the event of a bankruptcy by Licensor,
including without limitation, a petition or bankruptcy filed in court by or against Licensor, or If Licensor shall be judged insolvent
by any court or if a trustee or a receiver of any property of Licensor shall be appointed in any suit or proceeding by or against Licensor,
or if Licensor shall make an assignment for the benefit of creditors or shall take the benefit of any bankruptcy or insolvency act, or
if Licensor shall liquidate its business for any cause whatsoever, Licensor acknowledges and agrees that the licensed rights hereunder
are fundamentally in the nature of "intellectual property" as defined in the Title 11 of the United States Code entitled "Bankruptcy",
as now or hereafter in effect, or any successor statute (the "**Bankruptcy Code** "), and that all licensed rights are fundamental
to the basic license hereunder; and therefore all licensed rights should be deemed intellectual property subject to Section 365(n)(1)(B) of
the Bankruptcy Code. Licensor agrees that the definition of "intellectual property" in Title 11 of the United States Code shall
also include trademark and service marks, as trademarks and service marks are inextricably linked to other intellectual property rights
granted under this Agreement.

17.  **<u>MISCELLANEOUS</u>:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Integration and Amendments</u>: The Agreement constitutes the entire understanding of the Parties and
revokes and supersedes all prior agreements (whether written or oral, express or implied) between the Parties relating to the Picture. 
This Agreement shall not be modified or amended except in writing signed by the Parties and specifically referring to this Agreement. 
This Agreement may not be amended by course of conduct or oral agreement. This Agreement shall take precedence over any other documents
that may be in conflict herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Advertising Materials</u>: Licensor hereby grants to Angel a limited, exclusive, non-transferrable,
royalty-free license to use the Licensor Marks in Angel's marketing materials where applicable, and Licensor agrees that Angel may
indicate in such materials that the parties have entered into a license agreement pertaining to the Picture. Licensor may terminate Angel's
right to use the Licensor Marks, in whole or in part, by providing written notice to Angel if Angel's usage of the Licensor Marks
does not adhere to Licensor's then-current written policies provided to Angel regarding the use of Licensor Marks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Governing Law/Jurisdiction</u>: Subject to Paragraph 16(f), the interpretation, construction,
validity, performance, and enforcement of this Agreement shall be governed in accordance with the laws of the United States of America
and the laws of State of Utah, as if signed and performed wholly within Utah. The exclusive jurisdiction and venue of any action regarding
this Agreement shall be in the state or federal courts located in Provo, Utah, and each of the Parties submits itself to the exclusive
jurisdiction and venue of those court and shall not raise any claim of inconvenience or lack of personal jurisdiction as a defense against
the jurisdiction of such courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Construction</u>: References in this Agreement to "Paragraphs", "Sections"
or "Exhibits" are to sections and exhibits herein and hereto unless otherwise indicated. The terms "Paragraph"
and "Section" may be used interchangeably. Except as specified in a particular context, the word "or" means each
as well as all alternatives. All terms defined in the singular form will have comparable meanings when used in the plural form and *vice versa*. This Agreement shall be construed as if the Parties had equal participation in drafting it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Sublicensees</u>: Angel shall be responsible for its sublicensees' compliance with
the terms and conditions of this Agreement as if each sublicensee were the Angel itself, including, without limitation, the accounting
for and payment of all Compensation applicable to the sublicensee's exercise of the license rights granted by this Agreement. 
Angel shall not grant a sublicense to any third-party except pursuant to an enforceable, written sublicense agreement consistent with
the terms and conditions of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Mediation</u>: In the event of a dispute between the Parties, prior to commencing any litigation,
the Parties agree to enter into good-faith non-binding mediation with a mediator mutually selected by the parties. Such mediation shall
take place in either Los Angeles, California or Provo, Utah. Each party shall pay its own costs of the mediation and the cost of the mediator
shall be divided equally between the parties. The mediator shall be a retired judge or an attorney with no less than ten (10) years
of experience in resolving disputes in the motion picture entertainment industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. <u>Force Majeure</u>: Notwithstanding anything herein to the contrary, neither party shall
be liable to the other in damages or otherwise owing to any failure to perform hereunder, except for the payment of any fees or revenue
splits, caused by fire; earthquake; flood; epidemic; accident; explosion; casualty; strike; lockout; labor action; riot; civil disobedience;
act of a public enemy; embargo; war; declared disaster; act of God or force majeure; application of municipal, state or federal ordinance
or law; act of a legally constituted executive authority, whether municipal, state of federal; or the issuance of any executive order.
In no event, however, shall inclement weather be deemed or constitute an event of force majeure for any purpose of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. <u>Confidentiality</u>: Each Party, on behalf of itself and, respectively, any entity or individual
that is under the direct or indirect control of, or exercises control over, such Party through ownership, management, or other significant
influence (all such entities or individuals referred to collectively herein as "**Affiliates** "), agrees not to disclose
the terms or conditions of this Agreement to any third-party without the prior consent of the other party. These confidentiality obligations
are subject to the following exception: (i) disclosure is permissible if to financial advisors, accountants, and attorneys; and (ii) disclosure
is permissible if required by the government, court order, or subpoena, if required by law or if required to enforce rights under this
Agreement; provided the Party required to disclose first gives the other Party sufficient prior notice to enable the non-disclosing Party
to seek a protective order, and reasonable steps are taken to maintain the confidentiality of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>No Publicity</u>: Except in connection with Angel's promotion and marketing of the Picture in
accordance with this Agreement, which all press releases shall be subject to mutual approval by the parties, as a material obligation
of this Agreement, neither party will use the other party's Trademarks or Licensor Marks, or directly or indirectly reference or
identify the other party, its products or services, or this Agreement, in any press release, advertising, case study or other public announcement,
without such other party's prior written consent in each instance. Angel agrees that no marketing of the film as "faith-based",
and no association of the Picture with other film releases by Angel (e.g., "from the studio that brought you Sound of Freedom).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. <u>Successors and Assigns</u> **:** This Agreement shall be binding on and shall inure to the
benefit of the Parties and their Affiliates, successors, and permitted assigns as further described in Exhibit A at Paragraph 12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. <u>Waiver</u>: No waiver by either Party of any default hereunder shall be deemed as a waiver of
any prior or subsequent default of the same or other provisions of this Agreement. A waiver shall only be valid if in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. <u>Severability</u>: If any provision of this Agreement, or the application of such provision to
any person or party, in general or the circumstances, is determined to be invalid, illegal, or unenforceable in any respect by a court
of competent jurisdiction, that invalidity, illegality, or unenforceability will not affect any other provision of this Agreement, and
this Agreement will remain in full force and effect and be legally effective as if that illegal, invalid, or unenforceable provision were
not a part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. <u>Relationship of Parties</u>: Nothing in this Agreement shall be construed to create among the
Parties a partnership, joint venture, or principal and agent relationship, or to impose upon either Party any obligation for any loss,
debt, or other obligation incurred by the other Party except as expressly set forth herein.

**Exhibit B**

**<u>THE PICTURE SPECIFICATIONS AND DELIVERY</u>**

**<u>REQUIREMENTS</u>**

Licensor to conform the Picture to the guidelines located at: **<u>https://angelstudios.notion.site/Angel-Originals-Creator-Production-and-Spec-Sheet-38fa5c85358549a59fa59682a3e94808</u>**

**BASIC LEGAL DELIVERABLES (Angel reserves the right to request additional documentation as needed to effectuate its distribution rights in and to the Picture).**

1) A copy of the **insurance application, a copy of the full policy** and a copy of the current certificate of occurrence based on Licensor liability (errors and omissions) insurance policy, with an insurance carrier approved by Angel, inclusive of title and music coverage and without any non-standard exclusions with three year coverage, along with a prior acts endorsement (if not already part of the policy), with liability limits of not less than $1,000,000 for each occurrence and $3,000,000 in the aggregate, with a deductible not to exceed $25,000 per occurrence, plus, if requested by Angel, a "Term of Contract Endorsement" (also known as a "Rights Period Endorsement") for the length of the Term. Licensor shall deliver to Angel a certificate of such insurance and endorsement, in a form acceptable to Angel, naming as additional insureds thereunder the additional insureds specified in the Agreement. Licensor shall be responsible for all deductibles and retentions under the policy. The policy shall cover all aspects of the Picture and any and all materials relating thereto (including all underlying material with respect thereto, all behind-the-scene footage, "making of" documentaries, bloopers, EPK's, and DVD bonus materials), all trims and outtakes, as well as the title of the Picture, the music therein, and the distribution/release of the Picture on video cassettes, tapes, discs and future technology) and each endorsement to this effect shall be delivered. The policy shall include a provision that the policy shall be primary and not contributory to any other insurance provided for the benefit of or by any additional insured. The policy shall be on a per-claim basis and shall be issued from a reputable company. The insurance carrier shall agree to name any other person and/or entity as an additional insured, at no additional cost, and provide a certificate of insurance and additional insured endorsement with respect thereto, as requested by Angel throughout the policy term. If the Picture is based on (or inspired by) a true story and/or true event(s), the true-life components shall be covered under the policy and documentation to this effect shall be delivered.

2) Licensor shall submit to Angel complete and accurate copies of all documents comprising the full and complete **chain of title** for the Picture complete and sufficient to grant the rights to Angel hereunder in form and substance satisfactory to Angel, which satisfaction will not be arbitrarily withheld, including, without limitation, receipt by Angel of all necessary releases, assignments, supporting agreements and documentation required by Angel.

3) **Title and copyright reports** – Licensor shall submit to Angel the following reports and opinions: (i) a current (i.e. within sixty (60) days of the delivery date) U.S. copyright report from a reputable service (e.g. Thomsen CompuMark or IP Innovations), and (ii) a current (i.e. within sixty (60) days of the delivery date) title report (from a reputable service (e.g. Thomsen CompuMark or IP Innovations) and opinion of counsel indicating that the title "Sketch" is cleared for use as the title of the Picture.

4) If SAG-AFTRA production – copy of SAG-AFTRA final cast list in the format approved by SAG-AFTRA. If DGA production – copies of DGA form deal memos for all DGA personnel. If WGA production – copies of all writer agreements and the WGA final credit determination letter for the Picture and proof of payment of script publication fee. If IATSE-- copies of IATSE form deal memos for all IATSE personnel.

5) Copyright Registration:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) One certificate of United States copyright registration for the screenplay. If the certificate has not been returned from the
Library of Congress, Licensor shall deliver a copy of the filed application and proof of payment of the registration fee. Licensor
shall deliver one copy of the Certificate of Copyright Registration for the screenplay once registered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) One certificate of United States copyright registration for the motion picture. If the stamped certificate has not been returned
from the Library of Congress, Licensor shall deliver a copy of the filed application and proof of payment of the registration fee. 
Licensor shall deliver one copy of the Certificate of Copyright Registration for the motion picture once registered.

6) Personnel Documentation (All agreements shall include work-for-hire and/or assignment language unequivocally granting all rights to ("Licensor"), language which prevents equitable relief (including right of termination waiver and waiver of injunctive relief) and no limitation on Licensor's rights of assignment.):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) List of main cast and personnel and their contact information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Copies of all agreements or other documents relating to the engagement of personnel in connection with the Picture not set forth above
(including copies of the agreements for the principal cast (inclusive of any featured voices and cameo appearances) and all key personnel
(e.g. director, director of photography, costume designer, production designer, editor, screenwriters (inclusive of all agreements for
all rewrites), Licensor(s), unit production manager, 1st assistant director, 2nd assistant director, composers, music producer (if applicable),
for all individuals and entities accorded credit in the billing block, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) All agreements for all minors appearing in the Content shall be provided. The work permits (if applicable in the jurisdiction in which
principal production took place), guardian release forms (if applicable), parental consent/inducement agreements, production permits (e.g.,
permit to employ minors as required in the jurisdictions in which principal production took place), the trust account documents (if applicable
in the jurisdiction in which principal production took place (e.g., "Coogan Account" for U.S. productions)), etc. shall
accompany all agreements for all minors. All documents shall be fully executed. Note: the employment of a minor must adhere to state,
local and federal guidelines.

**ANGEL STUDIOS 024, INC.**

**Amendment to the Picture Services Agreement**

This AMENDMENT TO THE PICTURE SERVICES AGREEMENT for ***Sketch*** ("**Picture**") by and between **THE WONDER PROJECT, INC.,** (the "**Producer**" or "You"), and **ANGEL STUDIOS 024, INC.**, formerly known as Angel Studios [TBD], Inc. ("**Angel**" or "Us"), dated as of March 18, 2025 (the "**Addendum Effective Date**"). Capitalized terms used but not defined in this Amendment shall have the same meaning given such terms in the Agreement.

**WHEREAS**, the parties entered into that certain Picture Services dated March 7, 2025 (the "**Agreement**");

**WHEREAS**, the entity previously known as Angel Studios [TBD], Inc. has undergone a name change and is now known as Angel Studios 024, Inc.;

**NOW, THEREFORE**, in consideration of the mutual covenants contained herein, the parties agree as follows:

1. **Entity Name Change.** All references to "**ANGEL STUDIOS [TBD], INC.**" in the
Agreement (including all obligations and responsibilities) shall be deemed to refer to "**ANGEL STUDIOS 24, INC.** "

2. **No Other Changes.** Except as expressly amended by this Amendment, all terms and conditions of the
Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first written above.

---

| | | | |
|:---|:---|:---|:---|
| **THE WONDER PROJECT, INC.** | **THE WONDER PROJECT, INC.** | **ANGEL STUDIOS 024, INC.** | **ANGEL STUDIOS 024, INC.** |
| By: | /s/ Tristen Tuckfield | By: | /s/ Patrick Reilly |
| Name: | Tristen Tuckfield | Name: | Patrick Reilly |
| Title: | Chief Commercial Officer | Title: | Chief Executive Officer |

---

## Ex1A-6

**Exhibit 6.2**

**ANGEL STUDIOS [TBD], INC.**

**Picture Services Agreement**

This PICTURE SERVICES AGREEMENT (referred to hereafter as the "**Deal Terms**"), together with the attached Exhibit A and Exhibit B (collectively with the Deal Terms, referenced hereafter as the "**Agreement**"), is dated March 7, 2025 (the "**Effective Date**"), and is between **ANGEL STUDIOS [TBD], INC.**, a Delaware corporation, with an office address at **295 W Center, Provo, UT 84058** (**"We," "Us," or "Angel"**) and **THE WONDER PROJECT, INC.** a Delaware limited liability company with an office address at **2700 Pennsylvania Ave. Ste. 1000, Santa Monica, CA 90404** ("**You," "Licensor**", or **"Wonder"**).

WHEREAS, Angel is in the business of providing certain services to market and distribute video and motion pictures;

WHEREAS, Licensor owns a completed feature film entitled "**SKETCH**" (which collectively, with any derivative audio-visual content, is referenced hereafter as the "**Picture**");

WHEREAS, Licensor seeks the services of Angel and Angel wishes to provide the services described in these Deal Terms, all as further detailed in the **Standard Terms and Conditions** (**"ST&C"**) set forth at **Exhibit A**, and the **Picture Specifications & Delivery Requirements** set forth at **Exhibit B**, each of with, together with the Deal Terms, are integrated with each other and incorporated by reference; and

WHEREAS, the **Picture Specifications & Delivery Requirements** contain particulars about the Picture and a list of each element that should be created and delivered to facilitate performance by the parties hereto;

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties, intending to be legally bound, hereby agree as follows:

1.  **<u>CONDITIONS PRECEDENT</u>:** The following are prerequisites to performance of the Agreement:
 (a) Angel's review and approval of the legal chain-of-title to the Picture, as further
 described in Paragraph 1 of the ST&C; (b) the Picture must receive a passing score from
 the Angel Guild; and (c) both parties must sign this Agreement.

2.  **<u>LICENSES</u>:** Licensor hereby grants and licenses to Angel: (a) an exclusive, royalty-bearing (as expressly
 set forth in the Section 4 of the Agreement), assignable solely to Angel Studios, Inc. ()"**ASI** "),
 a Delaware corporation and parent company of Angel, except as expressly set forth in the
 Agreement, right and license to market and distribute the Picture within the Territory and
 during the Term (as defined below as further detailed in this section, in consideration for
 credits and remuneration as further discussed herein (the "**Distribution License** ");
 (b) a irrevocable, non-exclusive, solely in the Territory (as defined below) and during the
 Term, sub-licensable solely to ASI, except as expressly set forth in the Agreement, royalty
 bearing as described in Section 4, right and license to manufacture, have manufactured, sell,
 have sold, distribute, have distributed, mint or have minted any merchandise or non-fungible
 digital collectible scenes and frames derived from the Picture (this license is referred
 to hereafter as the "**Merchandising License** "); and (c) a, non-exclusive,
 solely in the Territory and during the Term, sub-licensable to ASI, except as expressly set
 forth in the Agreement, royalty bearing as described in Section 4, right and license to exhibit
 the Picture on any ASI digital platform or app (this license is referred to hereafter as
 the "**Streaming License** "). Collectively, these licenses may be referred
 to hereafter as the "**Licenses** ".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Media, Territory, Term and Credits</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Media</u>: In
 addition to the Angel Rights detailed in Paragraph 2 of the ST&C, Angel is hereby granted
 the right to livestream short excerpts (under 5 minutes) of the Picture on its apps and Angel's
 social media channels to facilitate marketing of the Picture in accordance with any applicable
 contractual restrictions or obligations per existing talent agreements and union rules and
 regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>The Territory</u>: For both Angel and Producer, territory means the entire world, in all
 languages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>The Term</u>: The term of this Agreement shall commence on the date of full execution hereof
 and continue for twenty (20) years from the earliest of (a) Angel's receipt and approval
 of all Essential Delivery materials (b) the first exploitation of the Rights by Angel and
 (c) the Outside Release Date (as defined below) (the "**Term** "). If Producers
 receive 120% return on their principle investment of $5,800,000 within the Term, then the
 Term shall become perpetual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <u>Window</u>.
 Angel shall have the right to distribute the Picture worldwide for thirty (30) days (or longer
 period if mutually agreed); followed by the right to have the Picture on Angel's owned
 and operated platforms exclusively for ninety (90) days; provided, however, Angel shall consider
 in good faith a shortened exclusive window in order for Licensor to exhibit on Licensor's
 platform once it launches ()"**Exclusive Angel Window** "); and then Licensor
 and Angel shall have a co-exclusive window to have the Picture exhibited on their respective
 platforms (the "**Co-Exclusive Window**") thereafter.. At any time during
 the Exclusive Angel Window or the Co-Exclusive Window, Angel shall ensure to optimize revenue
 even if it means licensing the Picture to third parties during such period(s); provided however,
 any third party license during the Co-Exclusive Window to a faith based SVOD service shall
 require Licensor's prior written approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. <u>Credits</u>:
 Angel shall be entitled to the following credits: A) Up to three (3) executive producer credits
 for Angel or Angel-affiliated executives on a single card in the Picture's main titles;
 B) a logo credit in the main titles; and C) an "Angel Studios Presents" credit,
 which all logos may be modified in creative consultation with the director of the Picture
 (the **"Director"**), the final version of which shall be subject to mutual
 approval. The names of the executive producer (s) shall be tendered by Angel to Licensor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Angel Services</u>: Angel shall use its commercially reasonable best efforts to provide the following
 services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Facilitate
 a wide theatrical release of the Picture through major domestic exhibitors, including but
 not limited to AMC, Regal, and Cinemark within the top twenty (20) markets in the United
 States as measured by box office revenue data collected by Box Office Mojo within 30 days
 of the theatrical release date on a minimum 1,200 screens and for an exclusive window of
 30 days. Angel will use reasonable best efforts to theatrically release the Picture in the
 summer of 2025, but no later than December 1, 2025 (the "**Outside Release Date** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Facilitate
 a theatrical release of the Picture through Angel's foreign exhibitor partners in the
 following enumerated territories: Australia, New Zealand, Brazil, Colombia, Mexico, Argentina,
 Bolivia, Chile, Panama, Guatemala, Honduras, El Salvador, Nicaragua, Costa Rica, Ecuador,
 Peru, Paraguay, Uruguay, Portugal, Philippines, Spain, Germany, Singapore, South Africa,
 Japan, and the Middle East, plus good faith efforts to release theatrically in a total of
 sixty additional territories including France, Italy, UK, Ireland, Etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Assistance
 with a capital campaign to raise up to Five Million Dollars ($5,000,000) from retail investors
 in compliance with state and federal securities and crowdfunding laws ()"**Crowdfunded P&A** "). No interest shall accrue on Crowdfunded P&A; notwithstanding, Licensor
 understands and agrees that there is a premium coupon attached to Crowdfunded P&A (typically
 15% to 20%).

3.  **<u>MARKETING & DISTRIBUTION</u>:** Angel and Licensor shall each employ commercially reasonable
 best efforts to market and distribute the Picture in a manner intended to maximize potential
 revenues, based upon cooperative performance between the parties of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Access to Marketing Assets</u>: You will use best efforts to make available to Us "Behind-the-Scenes
 Footage" and "on set photography on a timely basis as well as any other creative
 marketing assets You have or may have access to related to the Picture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Consultation</u>: We
 will consult with You regarding our marketing and distribution activities and release plan. 
 You shall have the right to meaningful consultation on i) the primary key art, ii) the primary
 trailer and iii) the release strategy; provided that any marketing material shall meet the
 Brand Guide (defined below). You shall promptly coordinate all promotional activity You intend
 to undertake with Us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Other Motion Pictures</u>: You acknowledge that We have the right to promote and provide our
 services to benefit any other motion picture or video and work with any other motion picture
 or video producers on any streaming channel or other distribution platform on which We distribute
 your Picture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Brand and Voice Guide</u>: Angel and Licensor shall meaningfully collaborate on the creation of
 a Project brand and voice guide (**"Brand Guide"**). Provided Angel adheres
 to the Brand Guide, Angel shall have broad latitude to market the Picture in its discretion.
 Licensor may object to any marketing or promotional campaign by providing Angel written notice
 of the asset or strategy to which it objects and the reasons therefore. Upon receipt of such
 objection, Angel shall consult in good faith on ways to revise or amend the marketing to
 resolve Licensor's concerns. Angel will set up, control and administer the Project-based
 social media accounts (**"Project Social Media Accounts"**) and Angel and
 Licensor shall each have direct access to log in to such accounts (including direct access
 to all data associated with such accounts). Angel agrees to strictly follow the Brand Guide
 in all social media engagements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Project IP</u>. The underlying intellectual property of the Project, Project Social Media Accounts
 and any derivatives (collectively, the **"Project IP"**) shall be owned and
 managed by Licensor. Licensor's Business and Legal Affairs team shall handle all legal
 aspects of the Project IP including copyright and trademark registrations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Wonder and Angel SVOD:</u> Each of Wonder and Angel shall attribute a license fee for its exhibition
 of the Picture on the Wonder controlled platform(s)/channel(s) (the "**Wonder Platform License** "), as such Wonder Platform License will be negotiated between the parties
 in a separate agreement with an effort to close such agreement within 30 days of execution
 of this Agreement, and Angel controlled platform(s)/ channel(s); Wonder Platform License
 fee(s) shall be treated as Gross Angel Licensing Revenues. The Angel MG (defined below in
 Section 4) shall be reducible by the Wonder Platform License. The license fee for Angel Platform
 shall be the Producer Guild Share of Net Guild Revenue set forth in subparagraph 4(b) below.

4.  **<u>CONSIDERATION</u>** : As
 payment for all of the Angel Rights, including the Licenses, the parties agree to a revenue
 sharing arrangement after the recoupment of agreed upon costs by Angel, as detailed in this
 section. Angel will guarantee a minimum of six million dollars ($6,000,000) in Net Revenue
 Share to Licensor (the "**Angel MG** ")(adjusted by any amount allocated to
 Angel for the Wonder Platform License) to Licensor within 5 years from the Outside Release
 Date. To maximize net revenues shared between the parties, Angel won't assess a distribution
 fee and will cap the amount of deductible marketing costs, and revenue will be shared as
 described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Angel Revenue</u>: Angel will report and account for any and all the revenues it derives from
 exploitation of the Angel Rights and Licenses as defined in paragraph 2 of the ST&C and
 including but not limited to, Distribution License, Merchandising License, Streaming License
 including subscription fees, sublicensing fees, Pay-it-Forward revenues, and social media
 licensing revenues (collectively referred to hereafter as **"Gross Angel Licensing Revenues** "). From the aggregate sum of the **Gross Angel Licensing Revenues**,
 Angel will deduct and share the balance as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Distribution Fee</u>: None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Permitted Distribution and Marketing Expenses</u>: "**Permitted Distribution & Marketing Expenses** ", defined in Paragraph 4 of the ST&C, shall be the only permitted
 deductions from the **Gross Angel Licensing Revenues** and the Permitted Marketing Expenses
 shall be capped as described in the immediately following sentence. Licensor hereby acknowledges
 and agrees that Angel is permitted to spend up to ten
 million dollars ($10,000,000), at its sole discretion, for the theatrical marketing of the
 Picture in accordance with the Brand Guide (the "**Theatrical Marketing Cap"**),
 and any higher amount shall require Licensor's written approval, with such expenditures
 to be based on the performance of the Picture and unless otherwise agreed in writing by Angel
 and Licensor. Angel will first spend the funds from Crowdfunded P&A (as defined in paragraph
 2b (ii) above) to market the Picture, before using its own funds through Angel's
 revolving P&A credit line for these expenses. The
 Crowdfunded P&A and Institutional P&A including any agreed upon interest/returns
 due (the "**P&A Break-Even Point** "), will first be deducted from Gross
 Angel Licensing Revenues after which any additional marketing expenses as defined in paragraph
 4 of the ST&C will be deducted. For purposes of clarity, the Theatrical Marketing Cap
 shall not include any of Angel's overhead and shall only include P&A Costs. After
 the domestic theatrical run ends, Angel may, with meaningful consultation by Licensor deduct
 a percentage of up to twenty-five percent (25%) of Gross Angel Licensing Revenue ()"**Licensing Marketing Cap**") to continue marketing the Picture for the duration of the Agreement.
 Amounts in excess of the Theatrical Marketing Cap or Licensing Marketing Cap must be mutually
 approved by the parties in order to be deducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>PR Services</u>. Angel shall retain the services of Brooke Blumberg at Sunshine Sachs to provide
 PR services for the theatrical opening of the Picture for a period of time as agreed between
 the parties. Such costs shall be part of the permitted Marketing Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <u>Measurement Periods and Reporting</u>: The Gross Angel Licensing Revenues and the Permitted Distribution
 & Marketing Expenses shall be reported by Angel within forty-five (45) days of the end
 of each quarter during the Term of the Agreement. Customary reports of profit and loss, income
 and expense, and gross and net revenue, collected and incurred in performance of this Agreement
 shall be prepared and reported by Angel which accounting shall include a summary of distribution
 and marketing activities, costs, and revenues. The reports shall be distributed to Licensor
 within forty-five (45) days after the end of each quarter during the Term and any renewal
 term of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. <u>Net Revenue Share</u>: The net revenue remaining from the deduction of Permitted Distribution
 & Marketing Expenses from the Gross Angel Licensing Revenues shall be referred to hereafter
 as the **"Net Licensing Revenues"**. The Net Licensing Revenues will be split
 66.67% to Licensor and 33.33% to Angel subject to adjustment for any amounts accruing to
 Licensor's benefit for the Wonder Platform License as set forth in the schedule in
 subparagraph (c) below; collectively, this revenue share is hereafter referred to as the **"Net Revenue Share"**. Licensor's Net Revenue Share, after adjustment
 for the value of the Wonder Platform License, shall be tendered by Angel to Licensor quarterly,
 within forty-five (45) days following the distribution of the quarter's reports to
 Licensor. For added clarity, Angel does not retain any of the 25% marketing cap(s) (i.e.
 Theatrical Marketing Cap or Licensing Marketing Cap) for its own account and does not take
 any margin or mark up on its Marketing and Distribution Expenses. Angel will guarantee a
 minimum of six million dollars ($6,000,000) in revenue back to Producer from the aggregate
 of Licensor Net Revenue Share and Filmmaker Guild Share (see paragraph b, below) within five
 (5) years from the Outside Release Date (the "**Angel MG** "). The Angel MG
 obligation shall be reduced by any amounts allocated by Licensor for the Wonder Platform
 License. For the avoidance of doubt, Angel agrees to pay any difference (i.e., deficiency)
 between Licensor Net Revenue/Filmmaker Guild Share paid to Licensor and the Angel MG, on
 or before the time such amounts become due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. <u>Third-party Residuals</u>: Angel shall be responsible for paying all third-party residuals, provided
 Angel is made aware of any obligations and agreements of Licensor with respect to the production,
 including royalties to performing rights societies for blanket music licenses required for
 the Picture and all union residuals from the exploitation of the Picture. Third-party royalties
 and residuals shall be included in the permissible Distribution Expenses set forth in Paragraph
 5 of the ST&C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Angel Guild Membership Fees</u>: Revenue from Angel Guild membership fees shall be separate from
 the Net Revenue Share and set aside for participating filmmakers after the deduction of certain
 Guild related costs including, but not limited to (A) transaction fees, (B) wholesale theatrical
 ticket costs; (C) 25% Guild marketing expenses; and (D) digital currency ()"**LUMENS** ")
 transaction costs ()"**Net Guild Revenue** "). The Net Guild Revenue shall be
 split fifty percent (50%) to participating filmmakers ()"**Filmmaker Guild Share** ")
 and fifty percent (50%) retained by Angel ()"**Angel Guild Share** "). Filmmaker
 Guild Share will in turn be split between participating filmmakers based on a pro rata viewing
 time algorithm which is applied uniformly with any other picture or title appearing in the
 Angel platform. For example, if Licensor's Picture makes up 17% of the total time watched
 by Guild members, Licensor would be entitled to 17% of the Filmmaker Guild Share. Licensor's
 portion of the Filmmaker Guild Share shall hereafter be known as "**Producer Guild Share**."

5.  **<u>CREATIVE CONTROL + GUILD PROCESS</u>** : Licensor shall have final creative control over the Picture
 subject to i) the Angel Guild process below; and ii) Angel's ability to set the run
 time of the Picture. The foregoing notwithstanding, Licensor shall determine how to meet
 Angel's run time requirement in its sole discretion. Angel acknowledges that the Picture
 is a completed film that was publicly screened at the 2024 Toronto Film Festival and changes
 or edits to satisfy i) a specific MPAA rating requirement or ii) a language requirement to
 meet Angel's Guild Process minimum requirements or otherwise will be done in consultation
 with the Picture's filmmakers so that Licensor can make those changes in a timely manner
 or in accordance with the Angel Guild process as a recoupable Distribution Expense. The parties
 agree to work toward an MPAA rating no more restrictive than a PG rating.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.  **<u>Guild Process</u>** <sup>1</sup>: Upon completion of a "locked" edit ()"**Locked Edit** ")<sup>2</sup> of the Picture , Licensor shall submit the "Locked Edit"
 to the Angel Guild for review. Provided the Locked Edit receives a passing score Angel will
 set a release date for the Licensor's version of the Picture including the Locked Edit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. If
 the Picture does not receive a passing score from the Guild, Licensor shall have six months
 to refine the cut (music, color, audio mix, VFX, etc.) to try to get a passing score and
 a release date. Angel to pay any associated costs which will be treated as a recoupable Distribution
 Expense. The Director has the first opportunity to implement any changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. If,
 after six (6) months from the Locked Cut, the Picture still has not passed the Guild, then
 Angel shall have the right (at its election and sole cost) to create its own edit of the
 Picture (the "**Angel Cut**") to submit to the Angel Guild. If the Angel Cut
 receives a passing score, Angel shall set a release date for the Angel Cut. Release dates
 shall be set by Angel in its sole discretion after consideration is given for the overall
 Angel slate and general market conditions. Angel acknowledges that the Director has final
 cut rights. Any "material" changes to a Locked Cut, Final Cut, or Angel Cut shall
 require resubmission to the Guild for re-evaluation. Material changes are those that change
 the audio/visual elements of the Picture and not merely technical improvements such as audio
 sweetening or color correction.

<sup>1</sup> Angel reserves the right to amend and update its Guild scoring requirements at any time during the Term, provided however, that such policy changes shall be applied uniformly across all projects currently in the Guild and shall not be applied on a film by film basis.

<sup>2</sup> Locked Edit means the timelines for the audio and visual elements are locked, but audio mixing, color correction, and VFX may still be in process.

6.  **<u>DELIVERY</u>:** You understand and agree that for Us to effectively market and distribute the Picture,
 it is essential that You comply with all the delivery requirements in The Picture Specifications
 & Delivery Requirements attached as Exhibit B.

7.  **<u>NOTICES AND PAYMENTS</u>:** Here are the addresses for both:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. To
 Licensor:

Kelly Merryman Hoogstraten, CEO

The Wonder Project, Inc.

2700 Pennsylvania Ave. Ste. 1000

Santa Monica, CA 90404

Email: <u>kelly@thewonderproject.com</u>

with a copy to:

Email:rina.yano@thewonderproject.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. To
 Angel:

Neal Harmon, CEO

Angel Studios, Inc.

295 West Center Street

Provo, UT 84601

Email: legal@angel.com

8. <u>SPECIAL PROVISIONS:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Angel Non-Branding</u>: Notwithstanding anything to the contrary herein, Angel reserves its
 rights to withhold its brand name, trademarks or service marks (whether or not registered),
 logos or tag lines (collectively, all such intellectual property is hereafter referred to
 as "Trademarks") from any marketing and/or distribution of the Picture or change
 the manner in which it is identified. Licensor will promptly comply with Angel written
 instructions pertaining to the use of its Trademarks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Final Cut:</u> Licensor shall have final creative control over the Picture including control over
 all aspects of production after Angel's meaningful consultation with respect to the
 run time. In the case of any theatrical release or product, Angel shall have the right to
 determine the final run time after review of Licensor's Locked Edit and acknowledges
 that the cut publicly screened at the 2024 Toronto Film Festival shall be deemed the "Locked
 Edit". Such determination shall be within 15 minutes of Licensor's Final Cut
 and Licensor shall determine in its sole discretion how to edit to conform to Angel's
 runtime.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Pay-It-Forward</u>: 
 The parties agree to mutually approve the treatment and delivery of a "Pay-it-Forward"
 campaign to be included in the end credits of the film (including any perks or other incentives
 offered by Licensor as part of any Pay-it-Forward campaign) conducted as an appeal to viewers
 to pay money solely to show appreciation for the Picture for which there is no other reward
 given in return, or to pay for the Picture to be distributed to others as well as to fund
 future episodes of the Picture, if any ()"**PIF** "). Licensor agrees
 i) not to engage in any PIF campaigns without the consent and/or participation of Angel during;
 and ii) to use reasonable best efforts to fulfill any PIF perks or incentives offered by
 Licensor in consultation with Angel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Angel Not a Registered Financial Services Firm</u>: Angel is not registered as a broker or
 dealer, intermediary platform, finder, or investment adviser of any kind, and is not providing
 You with any services that would require registration as such, including but not limited
 to any of the services described in Paragraph 5 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Issuer's Guarantee of Regulatory Compliance</u>: The Issuer (as defined by the SEC and whether
 the Issuer is Licensor or Angel) of any security in the Picture agrees that the Funding Campaign
 is controlled solely and exclusively by Issuer, including all final decisions regarding its
 "messaging" and all other aspects of its operation. By signing this agreement,
 You/Angel acknowledge and agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Funding Campaign a Regulated Security</u>: Your Campaign may qualify as the issuance of securities
 governed by applicable state and federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Licensor's Obligation of Compliance</u>: It is solely Your obligation to comply with all applicable
 securities laws and You agree to comply with all such laws, including but not limited to
 applicable marketing and advertising rules, and the antifraud provisions of the Securities
 Act of 1933 and Securities Exchange Act of 1934, each as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Angel's Non-Obligation for Licensor's Compliance</u>: Angel expressly disclaims responsibility
 for Your compliance with any applicable laws and governmental regulation of any crowdfunding
 campaign for which You are an Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <u>Adverse Consequences</u>: You understand that failure to comply with applicable securities
 laws may subject You, Angel and third-parties to adverse regulatory and enforcement consequences.

9.  **<u>DEFINITION OF TERMS</u>:** Capitalized words have the meaning set forth in these Deal Terms
 or elsewhere in the Agreement; if not defined therein, undefined capitalized words have the
 meaning commonly understood in the entertainment industry.

10.  **<u>DEAL TERMS GOVERN</u>:** The Deal Terms shall govern and control to the extent of any
 conflict with The Standard Terms and Conditions.

11.  **<u>SIGNATURES AND COUNTERPARTS</u>** : This Agreement may be executed in two or more counterparts,
 each of which is deemed an original but all of which together constitute one and the same
 instrument. Authentic electronic or digital signatures shall have the same force and effect
 as original signatures.

[*Signature Page Follows*]

---

| | | | |
|:---|:---|:---|:---|
| **AGREED TO AS OF THE EFFECTIVE DATE:** | **AGREED TO AS OF THE EFFECTIVE DATE:** | | |
| **THE WONDER PROJECT, INC.** | **THE WONDER PROJECT, INC.** | **ANGEL STUDIOS [TBD], INC.** | **ANGEL STUDIOS [TBD], INC.** |
| By: | /s/ Tristen Tuckfield | By: | /s/ Patrick Reilly |
| Name: | Tristen Tuckfield | Name: | Patrick Reilly |
| Title: | Chief Commercial Officer | Title: | Chief Executive Officer |

---

**Exhibit A**

**<u>THE STANDARD TERMS AND CONDITIONS</u>**

Herewith are the Standard Terms and Conditions **("ST&C")** to that certain Picture Distribution Agreement dated March 7, 2025 between Licensor and Angel. Capitalized words have the meaning set forth herein or elsewhere in the Agreement; undefined capitalized words have the meaning commonly understood in the entertainment industry.

**1.**  **<u>CONTINGENCIES/APPROVAL OF CHAIN-OF-TITLE</u>:** To clear the chain-of-title, Licensor must establish that
 Licensor is the sole owner of any and all literary, dramatic or musical material not otherwise
 within the public domain, free of any claim, lien, limitation or condition of any kind. 
 Licensor shall obtain all clearances and/or make or cause to be made any and all screenplay
 changes which may be necessary to obtain customary errors and omissions insurance. 
 As used herein, "Underlying Material" shall mean all Underlying Material that
 is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. written
 or composed for use in the Picture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. acquired,
 supplied or assigned by Licensor (or by any other person that produced or was associated
 in the production of the Picture) for or in connection with the Picture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. included
 in the Picture; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. on
 which the Picture is based in whole or in part.

**2.**  **<u>ANGEL RIGHTS</u>:** Subject to the Deal Terms, Licensor hereby exclusively and irrevocably
 grants, assigns, and licenses to Angel throughout the Term and in the Territory the sole
 and exclusive right, license and privilege under copyright in and to the Picture to authorize,
 license and sublicense others to, exhibit, distribute, release, sell copies of, dispose of,
 transmit, reproduce, broadcast, publicize, manufacture, publicly display, project, publicly
 perform, market, advertise, promote, tag and edit or cause the Picture to be tagged and edited
 for i) skipping through the Picture, ii) streaming the Picture with or without sound at the
 user's direction; and iii) the facility for users to tag and skip through tags at their
 own direction, and otherwise exploit the Picture (and its plot, themes and other elements)
 and any and all cuts, re-cut, edited, re-edited, dubbed, re-dubbed and other versions thereof,
 and trailers and clips and excerpts therefrom, by any and every means, method, process, device,
 exhibition, distribution, exploitation, delivery and manner of transmission means now known
 or hereafter devised or invented, and in all markets within the Territory and media now known
 and hereafter devised or exploited, in any and all languages (whether dubbed or subtitled
 or otherwise) in all linear formats, including, without limitation, (i) all forms of theatrical,
 (ii) all forms of non-theatrical, including without limitation all educational, industrial,
 hotel/motel, ships, commercial in-flight and trade distribution, (iii) all forms of television
 (including, without limitation, free, pay, pay per view, terrestrial, satellite, and cable,
 regardless of the delivery system or payment system (if any) involved, including without
 limitation all rights to transmit, broadcast and exhibit the Picture by means of free, toll,
 pay, subscription and theatre (including transmission or broadcast by open or closed circuits
 to any theatre or other place where an admission fee is charged to view the broadcast or
 transmission of the Picture) television, all other forms of satellite and relay television,
 pay-per-view television, and any and all other kinds of open or closed circuit systems),
 and all forms of video-on-demand (including without limitation SVOD, TVOD, AVOD, CVOD and
 NVOD), provided that Angel shall maximize such video-on-demand revenue by not streaming exclusively
 on Angel or Wonder platforms, in the event revenue opportunities with third party platforms
 arise; (iv) online/internet, digital streaming, interactive, clips, mobile (e.g., cell phones),
 and any and all allied and ancillary rights without reservation of any kind, as well as the
 exclusive right to advertise, publicize and promote any and all of the foregoing (hereinafter
 referred to as "**Angel Rights** "). These rights shall also include, without
 limitation, Video Devices which are defined as all physical forms of home video or other
 home viewing technology now known or hereafter devised (including without limitation cassette,
 videodisc, DVD, HD DVD and Blu Ray (collectively, "**Video Devices** "); and
 the right to use, produce and exploit any special feature material (i.e., DVD special features
 and extras) in connection with the exploitation of the Picture

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Included Rights</u>: Without limiting the generality of the foregoing definitions included in Paragraph
 2. above, the Parties agree that the "Angel Rights" include the following, subject
 to all third party restrictions and obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Promotional Clip Rights</u>: The exclusive right to broadcast, transmit or reproduce, separately
 from other portions of the Picture, the visual portion, sound or music contained in the Picture,
 or clips or excerpts as well as dramatizations or summaries of such visual portion, sound
 or music of the Underlying Material, or any part or combination of all or any part of the
 foregoing, in connection with the advertising and promotion of the Picture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Name and Likeness</u>: Licensor hereby grants all the exclusive rights it has to use the
 names and likenesses of the cast, and any other person who rendered services or granted rights
 in or for the Picture, and to use the name and trademark of Licensor, in and in connection
 with the Picture and the advertising and exploitation of the Picture, including Commercial
 Tie-in Rights, subject to reasonable and customary restrictions in written contracts with
 such persons that have been approved in advance in writing by Angel (existing name and likeness
 restrictions pre-approved);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Commercial Tie-ins</u>: The exclusive right to enter into and exploit commercial tie-ins with
 respect to advertising and promotion of the Picture. As used herein, the term "commercial
 tie-in" refers to a type of advertising or exploitation in which some product, service
 or commodity (in addition to the Picture) is advertised ()"**Commercial Tie-in Rights** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <u>Merchandising License</u>: Angel hereunder retains stand-alone merchandising rights and a first right
 of refusal for any unexploited stand-alone merchandising rights. All merchandising is subject
 to mutual approval not to be unreasonably withheld between Angel and Licensor. Any stand-alone
 merchandise created in association with the Picture (including but not limited to board games,
 toys, books, graphic novels, novelizations, items of wearing apparel, food, beverages and
 similar items which make reference to or are based upon or adapted from the Picture or any
 part thereof (including the title thereof)) is not part of Gross Angel Licensing Revenues
 or the application of Gross Angel Licensing Revenues. Angel shall pay Licensor a 20% fee
 on all revenues generated by stand-alone merchandise, subject to the approval by Licensor.
 Angel will be paid a 20% fee on all revenues generated by stand-alone merchandise created
 and exploited by Licensor, subject to the approval by Angel. For the avoidance of doubt,
 all merchandise created and sold in conjunction with the exploitation of the Picture are
 part of Gross Angel Licensing Revenues and the application of Gross Angel Licensing Revenues,
 to the extent not included in Commercial Tie-in Rights ()"**Merchandising License** ")
 and will also include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. <u>Electronic Publishing Rights</u>: The exclusive right to license, reproduce, use, adapt, distribute,
 display, perform or create derivative works based on the Picture or any portion thereof (including,
 without limitation, video games and interactive games and devices), that are electronically
 read, digitized, interactive and computer-based or computer-assisted systems, devices and
 services in photographic, audio, video, optical, digital or interactive form or in any other
 form or method of copying, recording, manipulation, transmission or use thereof, whether
 now known or hereafter devised, the purpose of which is to allow the user to selectively
 display, manipulate or perform the Picture, derivative material based on the Picture or portions
 thereof, alone or in conjunction with other audio, video, photographic, digital, computer
 software, firmware, hardware or any other systems now known or hereafter devised ()"**Electronic Publishing Rights** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. <u>Non-Fungible Tokens ()"**NFT** s")</u>: The exclusive right to exploit physical or digital
 objects derived from or otherwise related to the Picture and any Underlying Material
 upon which it is based as NFTs (including the right to create new physical or digital objects
 as NFTs). In connection therewith, the right to tag and employ other panning and scanning
 requirements (including any re-sizing of the picture to conform to NFT context requirements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. <u>Music Publishing Rights</u>: One Hundred Percent (100%) of all music publishing rights for
 original music contained in the Picture to allow Angel to register the cue sheets with relevant
 performing rights societies (PROs) and collect royalties on behalf of composers, musicians,
 and artists rendering music composition services for the Picture (not including the "Writer's
 share" of the publishing rights);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. <u>Pre-Delivery Activities; Sublicenses</u>: Licensor agrees that from and after the date hereof, Angel shall
 have the exclusive right to (i) advertise, promote, publicize and market, and engage in other
 customary pre-sales and pre-release activity in the Territory with respect to, the Picture,
 (ii) negotiate, enter into, administer and service distribution agreements or licenses of
 the Rights in the Territory (each, a "**Sublicense**" and, collectively, "**Sublicenses** "),
 and (iii) to deliver the Picture (including creating delivery materials to the extent permitted
 or required hereunder), collect amounts due, and otherwise perform its obligations or enforce
 its rights and remedies under Sublicenses. Notwithstanding anything to the contrary
 contained in this Agreement, Licensor agrees to honor and abide by the terms of all Sublicenses
 hereunder to the extent such Sublicenses do not conflict with the terms of this Agreement.
 Licensor further agrees that it will not exercise or permit any third parties which may have
 a lien in and to the Picture, the Rights and/or the Gross Angel Licensing Revenues (as defined
 below) to exercise its rights or liens as secured parties or otherwise act in a manner which
 will disturb, infringe upon, interfere with, prevent or impede the full, complete, free and
 unencumbered exercise by any distributor or licensee of its rights under any of the Sublicenses,
 except as otherwise may be agreed in writing in advance by Angel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. <u>Angel Guild Torch Submission</u>: During the Term, You grant Us the non-exclusive right to stream,
 display, monetize and/or otherwise exploit your final Torch submission on any and all Angel
 platforms ()"**Angel Torch Rights** "), including any reformatted versions thereof
 as well as alternate and/or repeated submissions to differing viewer groupings and/or on
 differing viewing platforms and/or other methods (such as email campaigns) bundled with other
 content and/or featured alone all as determined by Us in our sole discretion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. <u>Other Rights</u>: All other linear rights of every kind and nature whatsoever in and to the
 Picture.

**3.**  **<u>EDITING RIGHTS</u>** : Notwithstanding anything to the contrary in this Agreement, Angel may
 cut or edit the Picture, or cause the Picture to be cut or edited, for (a) standards and
 practices compliance (airline, broadcast, and otherwise), including time compression (and
 editing for time); (b) creating commercial breaks; (c) potential or actual legal claims;
 (d) censorship compliance; (e) ratings compliance; (f) panning and scanning requirements
 (including any re-sizing of the picture to conform to broadcast requirement); (g) closed-captions
 materials, bonus materials and/or Angel's own promotional reel; and (h) subtitling
 and dubbing.

**4.**  **<u>CONSIDERATION:</u>** All consideration set forth in Paragraph 4 of the Deal Terms is conditioned upon the
 Picture being produced in accordance with the requirements of this Agreement and being completely
 delivered on the Delivery Date. Such consideration shall be deemed full consideration
 for all rights granted and services performed by Licensor hereunder. In connection
 with the calculation of the Net Revenue Share set forth in the Deal Terms, "Permitted
 Distribution & Marketing Expenses" shall include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. " <u>Distribution Expenses</u>:" All actual, direct, verifiable, accounted for, out-of-pocket costs
 and expenses incurred in connection with the marketing, promotion, advertising, manufacturing,
 distribution, exhibition or other exploitation of the Picture including, without limitation,
 manufacturing costs, production costs, translation costs, dubbing costs, insurance costs,
 purchase costs, distribution costs, third-party processing fees, payment processing fees,
 costs for providing streams, fees charged by credit card issuers, fees charged by third-party
 e-commerce platforms, applications and services; fees charged by resellers, costs associated
 with returns and warranty claims; costs of required union or guild residuals; and directly
 attributable personnel costs. For the avoidance of doubt, Distribution Expenses shall
 exclude any general overhead charge. No single Distribution Expense item shall be deducted
 and recouped more than once. Distribution Expenses shall be net of any rebates or discounts
 received by Angel in connection with the advertising, publicity, promotion and/or distribution
 of the Picture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. " <u>Marketing Expenses</u>:" All actual, direct, verifiable costs, charges and expenses incurred
 for or in connection with advertising, promoting and publicizing the Picture in any way,
 including, without limitation, all costs incurred directly or charged by third parties in
 connection with trailer production, social media promotion, audience testing, market research
 and directly attributable personnel costs. For the avoidance of doubt, the foregoing Marketing
 Expenses shall exclude any general overhead charge. Marketing Expenses from an affiliated
 entity of Angel or its management shall be disclosed to Licensor and any fees charged by
 such affiliated entity shall be at market rates.

**5.**  **<u>THIRD-PARTY OBLIGATIONS</u>:** Angel is responsible for and shall act as paymaster for any and all
 collective bargaining payments and mandated residuals payable to any party by reason of the
 exercise of the Angel Rights, including, without limitation, the Writers Guild of America,
 Directors Guild of America, Screen Actors Guild, American Federation of Musicians and IATSE.

**6.**  **<u>ACCOUNTINGS/PAYMENTS</u>:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Accountings</u>: 
 Angel and Licensor shall maintain true, accurate, and complete books and records with respect
 to the Picture at its principal place of business during the Term. Angel shall render statements
 to Licensor specifying the amounts collected, expended and to be distributed with respect
 to the Rights granted hereunder showing its Gross Angel Licensing Revenues, Net Licensing Revenues,
 as well as any revenue Angel and/or Licensor derives from the exercise of its Social Media
 Clip Licenses during the Term (the "**Records** "). Angel shall pay Licensor
 and Licensor shall pay Angel (if applicable), all revenues payable to the other, quarterly
 in the amounts payable pursuant to Paragraph 4 of the Deal Terms and deliver with the payment,
 statements of the Records, within forty-five (45) days after the expiration of the applicable
 quarter. The applicable accounting periods shall coincide with the following fiscal
 quarters: January through March, April through June, July through September, and October
 through December. Statements shall be rendered on calendar quarterly basis for the
 first two (2) years, on a semi-annual basis for the next two (2) years and annually thereafter.
 Angel will account to Licensor in customary manner in the Media and Entertainment industry
 of the United States of America - which accounting shall include a summary of distribution
 activities, costs, and revenues. Notwithstanding the foregoing, no accounting shall
 be rendered for any period in which no receipts are received, or no distribution activities
 occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Audit Rights</u>: Licensor may, at Licensor's sole cost and expense, but not more than
 once annually throughout the term of the Agreement, audit those books and records of Angel
 that pertain to the calculation of Licensor's Net Revenue Share for any preceding period.
 Said audit shall be conducted by a certified public accountant selected by Licensor, subject
 to Angel's approval, which approval shall not be unreasonably withheld. The audit shall
 be conducted during Angel's regular business hours, upon thirty (30) days' advance
 notice, in a manner that does not interfere with Angel's normal business activities.
 The auditor shall simultaneously provide a complete written copy of the audit results to
 Angel and Licensor. Licensor If said audit uncovers an underpayment to Licensor, Angel shall
 pay the underpayment within 60 days following receipt by Angel of the audit results if Angel
 agrees that the audit results are correct or, if a disagreement occurs, shall pay the undisputed
 amount and shall pay any remaining amount after the proper amount is determined. If any underpayment
 to Licensor exceeds ten percent (10%) of the total for the applicable reporting period, Angel
 shall reimburse Licensor its reasonable out-of-pocket audit costs at the same time that Angel
 pays the underpayment. Angel is granted identical rights and conditions of inspection
 of Licensor's records, as set forth in this Paragraph 7 with respect to Licensor's
 rights and conditions to inspect Angel's records.

8.  **<u>INSURANCE</u>:** Licensor will procure and maintain, beginning on the Effective Date of the Agreement
 and for a period of not less than 3 years thereafter, at no cost to Angel, an errors and
 omissions insurance policy ()"**E&O Insurance** "), with coverage conforming
 to the criteria set forth in Exhibit B, enumerated Paragraph 1. In addition, such policy
 shall insure Angel, its Affiliates, the sponsors and distributors of the Picture and their
 respective advertising agencies (collectively, the "**Angel Parties** "), against
 any liability resulting from the transmission hereunder of the Picture. Further, the E&O
 Insurance will (a) be issued by a reputable insurance carrier and rated A-/X or better in
 Best's Insurance Guides, (b) name the Angel Parties as additional insureds, (c) be
 primary and not in excess of or contributory to any other insurance policies provided for
 the benefit of, or maintained by, Angel, (d) contain an express waiver of any and all rights
 of subrogation that the insurers may have against Angel, and (e) provide for at least thirty
 (30) days advance written notice to Angel of any cancellation, non-renewal or other material
 change thereto. Upon request, Licensor will furnish Angel with a certificate of media
 liability insurance covering Angel's authorized exhibitions and transmissions of the
 Picture and satisfying, at a minimum, the coverage and term requirements specified above.

9.  **<u>REPRESENTATIONS & WARRANTIES</u>:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Licensor
 and Angel each hereby represent, warrant and covenant to the other as follows: (i) It is
 duly incorporated or organized, validly existing and in good standing under the laws of its
 state or country of incorporation or organization; (ii) it has the full power, authority
 and ability to enter into, execute, deliver and perform all its obligations under this Agreement;
 (iii) this Agreement constitutes a valid and binding obligation of it enforceable in accordance
 with the terms hereof; (iv) the execution, delivery and performance of this Agreement will
 not cause it to be in material breach of a third-party agreement which breach would jeopardize
 its ability to perform its obligations hereunder; (v) neither party shall, nor shall either
 party permit or assist any Affiliate or third-party to, challenge or undermine the intellectual
 property (including without limitation, the Trademarks and Licensor Marks) ownership rights
 of the other party; and (vi) if either party becomes aware or has reason to believe that
 the intellectual property of the other party is being infringed by a third-party, it shall
 promptly notify the other party in writing, and reasonably cooperate in the investigation
 and enforcement of the other party's intellectual property, at the cost and expense
 of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Licensor
 hereby further represents, warrants and covenants to Angel as follows: (i) other than the
 third-party obligations in paragraph 5 of these ST&Cs, the Picture, when delivered to
 Angel, will be free and clear of any liens or encumbrances which would impair or interfere
 with Angel's quiet enjoyment of its rights hereunder throughout the Territory and term
 set forth in the Deal Terms; (ii) Other than historical elements, the Picture is not in the
 public domain and will not violate or infringe any applicable law or regulation (iii) Licensor
 has obtained all rights, permissions, releases and licenses (including all music master and
 synchronization licenses) required to enable Angel to fully exploit and promote the Picture
 in accordance with the terms of this Agreement; (iv) Licensor shall deliver all the Delivery
 Elements by the Delivery Elements Due Date, including, without limitation, the E & O
 Insurance as required in Paragraph 8 above; (v) All third-party participations, deferments,
 royalties, fees and other payments necessary to deliver the Picture free and clear of any
 incumbrances or defects shall be borne solely by Licensor, as further set forth in Paragraph
 5 above; (vi) the Picture has been produced and records kept in accordance with the Child
 Protection Restoration and Penalties Enforcement Act of 1990 and any amendments thereto;
 (viii) Licensor will promptly undertake to secure and diligently preserve throughout the
 Term of this Agreement any and all necessary and proper trademarks, service marks and/or
 copyright registrations and renewals, in the appropriate class or classes, pertaining to
 the Picture; and (ix) the Picture will not violate or infringe any third-party intellectual
 property rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Publicly Traded Insider Information Liability</u>: Licensor hereby acknowledges, understands, and
 agrees that (i) following the consummation of the Agreement, ASI is or will be a publicly-held
 company through a merger with South Port Acquisition Corporation (the "**SPAC** ")
 and (ii) Licensor is aware that applicable securities laws prohibit any person who is aware
 of material, non-public information about a company obtained directly or indirectly from
 that company from purchasing or selling securities of such company or from communicating
 such information to any other person under circumstances in which it is reasonably foreseeable
 that such person is likely to purchase or sell such securities. Licensor hereby further acknowledges
 and agrees that it will not during the period commencing on Effective Date and ending on
 March 31, 2025, directly or indirectly, effect any purchase or sale transaction in any securities
 of ASI or the SPAC, including any transaction that transfers, in whole or in part, any of
 the economic consequences of ownership of any of such securities.

10.  **<u>INDEMNITY</u>:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Angel
 will defend, indemnify, and hold harmless Licensor and its parent, subsidiary, affiliated
 and related companies, and the directors, officers, agents, representatives and employees
 of each of the foregoing from and against any and all third party claims and causes of action,
 losses, costs, expenses, settlements, damages, judgments, fees, harm or liabilities, including
 reasonable attorneys' fees (collectively hereafter, "**Costs**") resulting
 from (a) any breach by Angel Studios of any of its representations, warranties and/or agreements
 hereunder; and/or (b) the development, production, distribution and/or exploitation of the
 Picture by Angel Studios, except to the extent covered by Licensor's indemnification
 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Licensor
 will defend, indemnify, and hold Angel Studios and its parent, subsidiary, affiliated and
 related companies, and the directors, officers, agents, representatives and employees of
 each of the foregoing harmless from and against any and all Costs related to (a) breach by
 Licensor of its representations, warranties and/or agreements hereunder; (b) the license
 by Licensor of the rights in the Underlying Material; (c) Licensor's acts or omissions
 in connection with the development, production, distribution and/or exploitation of the Picture;
 (d) Licensor's distribution of the Picture outside of the Territory (if applicable);
 and/or (e) the development, production, distribution or other exploitation of the Underlying
 Material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Either
 party seeking indemnification under this Agreement (the "**Indemnified Party** ")
 shall give written notice to the party required to provide indemnification hereunder (the
 "**Indemnifying Party**") and the Indemnifying Party shall promptly, at the
 Indemnified Party's request, assume and diligently conduct the entire defense of any
 suit or action, or the making of any claim as to which indemnity may be sought hereunder,
 including settlements and appeals, at the Indemnifying Party's sole cost and expense,
 and the Indemnifying Party shall pay and discharge any and all settlement amounts, judgments
 or decrees which may be rendered. The Indemnifying Party shall not, except with the written
 consent of the Indemnified Party, consent to entry of any judgment or administrative order
 or enter into any settlement that: (i) could affect the intellectual property rights or other
 business interest of the Indemnified Party; (ii) does not include as an unconditional term
 thereof the giving by the claimant or plaintiff to the Indemnified Party of a release from
 all liability with respect to such claim or litigation; or (iii) requires any consideration
 other than the payment of money by the Indemnifying Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Licensor
 shall promptly and timely execute any additional document(s) and take any additional action(s),
 at Licensor's sole cost and expense, that Angel deems necessary or desirable in order
 for Angel to enforce and/or defend its rights under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. IN
 NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER PARTY, NOR SHALL A PARTY HAVE A RIGHT
 AS AGAINST THE OTHER PARTY, FOR CONSEQUENTIAL, SPECIAL, INDIRECT, INCIDENTAL, OR EXEMPLARY
 PUNITIVE DAMAGES, HOWEVER CAUSED AND WHETHER OR NOT A PARTY HAS BEEN ADVISED OF THE POSSIBILITY
 OF SUCH DAMAGE.

11. For
 avoidance of doubt, the party that owns any intellectual property that is infringed by a
 third party, shall be the sole party with the right to enforce its intellectual property
 rights in court or before another decision-making authority against such infringing third-party,
 and the proceeds from any judgment, settlement or award arising from such enforcement action
 shall only inure to the benefit of the party enforcing its intellectual property rights.

12.  **<u>DEFAULT</u>:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Licensor Default</u>: Licensor shall be in default if Licensor breaches any term, covenant, or condition
 of this Agreement. Angel shall give Licensor written notice of any claimed default and if
 the default is capable of cure, then Licensor shall have thirty (30) days after its receipt
 to cure any default. If the default is incapable of cure, or if Licensor fails to cure within
 the time provided, then Angel may terminate this Agreement upon written notice to Licensor.
 Without limiting the foregoing, in the event Licensor is in breach of the representations
 and warranties given in Paragraph 9, Angel shall have the right to terminate this Agreement.
 Any claim arising out of or related to this Agreement or the interpretation, performance,
 or breach hereof, including but not limited to alleged violations of state or federal statutory
 or common law rights or duties shall be resolved solely and exclusively by final and binding
 arbitration in accordance to the JAMS Arbitration Rules and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Angel Default</u>: No failure by Angel to fulfill any of its obligations hereunder shall constitute
 a breach of this Agreement by Angel unless and until the Licensor has provided Angel with
 written notice specifying such failure(s) and Angel has failed to cure such failure within
 thirty (30) days after receipt of a judgment from a competent tribunal (i.e., arbitrator
 or district court) finding Angel has in fact breached the Agreement. Such written notice
 by Licensor to Angel must be delivered to Angel via only the approved means of notification
 identified in Paragraph 15 below and must explicitly contain the following information: (i)
 the exact nature of the claimed failure, (ii) a statement that the writing constitutes a
 "formal notice of default", and (iii) the date in which the failure is alleged
 to have occurred. In the event of any dispute relating to the subject matter of this
 Agreement, the Agreement shall remain in full force and effect and Licensor will be limited
 to its remedies at law for monetary damages, if any, actually sustained by Licensor as determined
 by the relevant tribunal. Licensor hereby waives and disclaims, to the fullest extent permitted
 by law and notwithstanding anything to the contrary herein, any right to seek, accept or
 be awarded any equitable remedy against Angel or its Affiliates, including without limitation,
 any enjoining, revocation, rescission, limitation, impairment or alternation of Angel Rights,
 the Licenses or Angel's rights to distribute, promote or exploit the Picture under
 the express terms of the Agreement.

13.  **<u>ASSIGNABILITY</u>** : 
 The Agreement shall be binding on and shall inure to the benefit of the Parties and their
 Affiliates, successors, and permitted assigns. Angel shall only have the right to assign,
 transfer, delegate, license, sublicense, and/or convey this Agreement, and/or any of its
 rights, licenses, privileges, and/or obligations hereunder, in whole or in part, all or any
 portion of this Agreement or any or all of its rights or obligations hereunder to: (a) an
 entity into which Angel merges or is consolidated; (b) a person or entity which acquires
 all or substantially all of Angel's business and assets; (c) an entity owned or controlled
 by Angel and (d) any third party approved in writing by Licensor; in each such case, that
 is financially responsible and capable of performing Angel's then-current executory
 obligations to Licensor and assumes ass of Distributor's executory obligations under
 this Agreement in writing. Licensor shall not assign its rights and/or delegate its duties
 hereunder without the express written consent of Angel. Notwithstanding the foregoing and
 only in the event the Date of Accepted Delivery has occurred, Licensor may assign the right
 to receive payments as under this Agreement to up to one additional payee upon timely written
 notice to Angel, pursuant to a customary 'direction to pay' letter to be provided
 by Angel and signed by an authorized officer of Licensor.

14.  **<u>LICENSOR MARKS</u>:** The Parties agree that any and all uses of the logos, trademarks or
 service marks (whether or not registered) and tag lines of Licensor (collectively referred
 to hereafter as the "**Licensor Marks** "), and all goodwill generated thereby,
 shall inure to the benefit of, and belong exclusively to, Licensor and Licensor's successors
 and assigns. Angel agrees to provide to Licensor, on request and for no cost, specimens of
 use of the Licensor Marks and sworn statements of use. Licensor shall be solely liable for
 any third-party claims for infringement that may arise from the use of the Licensor Mark
 in domestic and foreign jurisdictions. Angel also agrees that the quality of all goods and
 services provided under the Licensor Marks shall be of the same general quality as those
 provided by Licensor and that Angel will cooperate with Licensor's monitoring of that
 quality.

15.  **<u>NOTICES AND APPROVALS</u>:** Any notice hereunder must be in writing and shall be deemed given
 and received (except for notice of change of address which shall be deemed given and received
 only upon receipt thereof): (a) on the date of personal delivery; (b) on the fifth business
 day following the day of mailing by prepaid certified mail (return receipt requested); (c)
 on the day of transmission by facsimile with written confirmation; (d) in the case of Accounting
 Statements only, by regular mail on the postmarked date or via email; or (e) on the next
 business day following the day of shipment via a nationally recognized overnight courier
 service with signature of confirmation of receipt, as the case may be, to the party to be
 notified at the addresses set forth in Paragraph 7 of the Deal Terms.

16.  **<u>INTELLECTUAL PROPERTY DEFINITION IN BANKRUPTCY</u>** : In the event of a bankruptcy by Licensor, including
 without limitation, a petition or bankruptcy filed in court by or against Licensor, or If
 Licensor shall be judged insolvent by any court or if a trustee or a receiver of any property
 of Licensor shall be appointed in any suit or proceeding by or against Licensor, or if Licensor
 shall make an assignment for the benefit of creditors or shall take the benefit of any bankruptcy
 or insolvency act, or if Licensor shall liquidate its business for any cause whatsoever,
 Licensor acknowledges and agrees that the licensed rights hereunder are fundamentally in
 the nature of "intellectual property" as defined in the Title 11 of the United
 States Code entitled "Bankruptcy", as now or hereafter in effect, or any successor
 statute (the "**Bankruptcy Code** "), and that all licensed rights are fundamental
 to the basic license hereunder; and therefore all licensed rights should be deemed intellectual
 property subject to Section 365(n)(1)(B) of the Bankruptcy Code. Licensor agrees that the
 definition of "intellectual property" in Title 11 of the United States Code shall
 also include trademark and service marks, as trademarks and service marks are inextricably
 linked to other intellectual property rights granted under this Agreement.

17.  **<u>MISCELLANEOUS</u>:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Integration and Amendments</u>: The Agreement constitutes the entire understanding of the Parties and
 revokes and supersedes all prior agreements (whether written or oral, express or implied)
 between the Parties relating to the Picture. This Agreement shall not be modified or
 amended except in writing signed by the Parties and specifically referring to this Agreement. 
 This Agreement may not be amended by course of conduct or oral agreement. This Agreement
 shall take precedence over any other documents that may be in conflict herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Advertising Materials</u>: Licensor hereby grants to Angel a limited, exclusive, non-transferrable,
 royalty-free license to use the Licensor Marks in Angel's marketing materials where
 applicable, and Licensor agrees that Angel may indicate in such materials that the parties
 have entered into a license agreement pertaining to the Picture. Licensor may terminate Angel's
 right to use the Licensor Marks, in whole or in part, by providing written notice to Angel
 if Angel's usage of the Licensor Marks does not adhere to Licensor's then-current
 written policies provided to Angel regarding the use of Licensor Marks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Governing Law/Jurisdiction</u>: Subject to Paragraph 16(f), the interpretation, construction,
 validity, performance, and enforcement of this Agreement shall be governed in accordance
 with the laws of the United States of America and the laws of State of Utah, as if signed
 and performed wholly within Utah. The exclusive jurisdiction and venue of any action regarding
 this Agreement shall be in the state or federal courts located in Provo, Utah, and each of
 the Parties submits itself to the exclusive jurisdiction and venue of those court and shall
 not raise any claim of inconvenience or lack of personal jurisdiction as a defense against
 the jurisdiction of such courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Construction</u>:
 References in this Agreement to "Paragraphs", "Sections" or "Exhibits"
 are to sections and exhibits herein and hereto unless otherwise indicated. The terms "Paragraph"
 and "Section" may be used interchangeably. Except as specified in a particular
 context, the word "or" means each as well as all alternatives. All terms
 defined in the singular form will have comparable meanings when used in the plural form and *vice versa*. This Agreement shall be construed as if the Parties had equal participation
 in drafting it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Sublicensees</u>: Angel shall be responsible for its sublicensees' compliance with the terms and
 conditions of this Agreement as if each sublicensee were the Angel itself, including, without
 limitation, the accounting for and payment of all Compensation applicable to the sublicensee's
 exercise of the license rights granted by this Agreement. Angel shall not grant a sublicense
 to any third-party except pursuant to an enforceable, written sublicense agreement consistent
 with the terms and conditions of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Mediation</u>: 
 In the event of a dispute between the Parties, prior to commencing any litigation, the Parties
 agree to enter into good-faith non-binding mediation with a mediator mutually selected by
 the parties. Such mediation shall take place in either Los Angeles, California or Provo,
 Utah. Each party shall pay its own costs of the mediation and the cost of the mediator shall
 be divided equally between the parties. The mediator shall be a retired judge or an attorney
 with no less than ten (10) years of experience in resolving disputes in the motion picture
 entertainment industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. <u>Force Majeure</u>: Notwithstanding anything herein to the contrary, neither party
 shall be liable to the other in damages or otherwise owing to any failure to perform hereunder,
 except for the payment of any fees or revenue splits, caused by fire; earthquake; flood;
 epidemic; accident; explosion; casualty; strike; lockout; labor action; riot; civil disobedience;
 act of a public enemy; embargo; war; declared disaster; act of God or force majeure; application
 of municipal, state or federal ordinance or law; act of a legally constituted executive authority,
 whether municipal, state of federal; or the issuance of any executive order. In no event,
 however, shall inclement weather be deemed or constitute an event of force majeure for any
 purpose of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. <u>Confidentiality</u>: 
 Each Party, on behalf of itself and, respectively, any entity or individual that is under
 the direct or indirect control of, or exercises control over, such Party through ownership,
 management, or other significant influence (all such entities or individuals referred to
 collectively herein as "**Affiliates** "), agrees not to disclose the terms
 or conditions of this Agreement to any third-party without the prior consent of the other
 party. These confidentiality obligations are subject to the following exception: (i) disclosure
 is permissible if to financial advisors, accountants, and attorneys; and (ii) disclosure
 is permissible if required by the government, court order, or subpoena, if required by law
 or if required to enforce rights under this Agreement; provided the Party required to disclose
 first gives the other Party sufficient prior notice to enable the non-disclosing Party to
 seek a protective order, and reasonable steps are taken to maintain the confidentiality of
 this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>No Publicity</u>: Except in connection with Angel's promotion and marketing of the Picture
 in accordance with this Agreement, which all press releases shall be subject to mutual approval
 by the parties, as a material obligation of this Agreement, neither party will use the other
 party's Trademarks or Licensor Marks, or directly or indirectly reference or identify
 the other party, its products or services, or this Agreement, in any press release, advertising,
 case study or other public announcement, without such other party's prior written consent
 in each instance. Angel agrees that no marketing of the film as "faith-based",
 and no association of the Picture with other film releases by Angel (e.g., "from the
 studio that brought you Sound of Freedom).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. <u>Successors and Assigns</u> **:** This Agreement shall be binding on and shall inure to the benefit
 of the Parties and their Affiliates, successors, and permitted assigns as further described
 in Exhibit A at Paragraph 12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. <u>Waiver</u>: 
 No waiver by either Party of any default hereunder shall be deemed as a waiver of any prior
 or subsequent default of the same or other provisions of this Agreement. A waiver shall only
 be valid if in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. <u>Severability</u>: 
 If any provision of this Agreement, or the application of such provision to any person or
 party, in general or the circumstances, is determined to be invalid, illegal, or unenforceable
 in any respect by a court of competent jurisdiction, that invalidity, illegality, or unenforceability
 will not affect any other provision of this Agreement, and this Agreement will remain in
 full force and effect and be legally effective as if that illegal, invalid, or unenforceable
 provision were not a part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. <u>Relationship of Parties</u>: Nothing in this Agreement shall be construed to create among the Parties
 a partnership, joint venture, or principal and agent relationship, or to impose upon either
 Party any obligation for any loss, debt, or other obligation incurred by the other Party
 except as expressly set forth herein.

**Exhibit B**

**<u>THE PICTURE SPECIFICATIONS AND DELIVERY REQUIREMENTS</u>**

Licensor to conform the Picture to the guidelines located at: **<u>https://angelstudios.notion.site/Angel-Originals-Creator-Production-and-Spec-Sheet-38fa5c85358549a59fa59682a3e94808</u>**

**BASIC LEGAL DELIVERABLES (Angel reserves the right to request additional documentation as needed to effectuate its distribution rights in and to the Picture).** 

1) A copy of the **insurance application, a copy of the full policy** and a copy of the current certificate of occurrence based on Licensor liability (errors and omissions) insurance policy, with an insurance carrier approved by Angel, inclusive of title and music coverage and without any non-standard exclusions with three year coverage, along with a prior acts endorsement (if not already part of the policy), with liability limits of not less than $1,000,000 for each occurrence and $3,000,000 in the aggregate, with a deductible not to exceed $25,000 per occurrence, plus, if requested by Angel, a "Term of Contract Endorsement" (also known as a "Rights Period Endorsement") for the length of the Term. Licensor shall deliver to Angel a certificate of such insurance and endorsement, in a form acceptable to Angel, naming as additional insureds thereunder the additional insureds specified in the Agreement. Licensor shall be responsible for all deductibles and retentions under the policy. The policy shall cover all aspects of the Picture and any and all materials relating thereto (including all underlying material with respect thereto, all behind-the-scene footage, "making of" documentaries, bloopers, EPK's, and DVD bonus materials), all trims and outtakes, as well as the title of the Picture, the music therein, and the distribution/release of the Picture on video cassettes, tapes, discs and future technology) and each endorsement to this effect shall be delivered. The policy shall include a provision that the policy shall be primary and not contributory to any other insurance provided for the benefit of or by any additional insured. The policy shall be on a per-claim basis and shall be issued from a reputable company. The insurance carrier shall agree to name any other person and/or entity as an additional insured, at no additional cost, and provide a certificate of insurance and additional insured endorsement with respect thereto, as requested by Angel throughout the policy term. If the Picture is based on (or inspired by) a true story and/or true event(s), the true-life components shall be covered under the policy and documentation to this effect shall be delivered.

2) Licensor shall submit to Angel complete and accurate copies of all documents comprising the full and complete **chain of title** for the Picture complete and sufficient to grant the rights to Angel hereunder in form and substance satisfactory to Angel, which satisfaction will not be arbitrarily withheld, including, without limitation, receipt by Angel of all necessary releases, assignments, supporting agreements and documentation required by Angel.

3) **Title and copyright reports** – Licensor shall submit to Angel the following reports and opinions: (i) a current (i.e. within sixty (60) days of the delivery date) U.S. copyright report from a reputable service (e.g. Thomsen CompuMark or IP Innovations), and (ii) a current (i.e. within sixty (60) days of the delivery date) title report (from a reputable service (e.g. Thomsen CompuMark or IP Innovations) and opinion of counsel indicating that the title "Sketch" is cleared for use as the title of the Picture.

4) If SAG-AFTRA production – copy of SAG-AFTRA final cast list in the format approved by SAG-AFTRA. If DGA production – copies of DGA form deal memos for all DGA personnel. If WGA production – copies of all writer agreements and the WGA final credit determination letter for the Picture and proof of payment of script publication fee. If IATSE-- copies of IATSE form deal memos for all IATSE personnel.

5) Copyright Registration:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) One
 certificate of United States copyright registration for the screenplay. If the certificate
 has not been returned from the Library of Congress, Licensor shall deliver a copy of the
 filed application and proof of payment of the registration fee. Licensor shall deliver
 one copy of the Certificate of Copyright Registration for the screenplay once registered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) One
 certificate of United States copyright registration for the motion picture. If the
 stamped certificate has not been returned from the Library of Congress, Licensor shall deliver
 a copy of the filed application and proof of payment of the registration fee. Licensor
 shall deliver one copy of the Certificate of Copyright Registration for the motion picture
 once registered.

6) Personnel Documentation (All agreements shall include work-for-hire and/or assignment language unequivocally granting all rights to ("Licensor"), language which prevents equitable relief (including right of termination waiver and waiver of injunctive relief) and no limitation on Licensor's rights of assignment.):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) List
 of main cast and personnel and their contact information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Copies
 of all agreements or other documents relating to the engagement of personnel in connection
 with the Picture not set forth above (including copies of the agreements for the principal
 cast (inclusive of any featured voices and cameo appearances) and all key personnel (e.g.
 director, director of photography, costume designer, production designer, editor, screenwriters
 (inclusive of all agreements for all rewrites), Licensor(s), unit production manager, 1st
 assistant director, 2nd assistant director, composers, music producer (if applicable), for
 all individuals and entities accorded credit in the billing block, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) All
 agreements for all minors appearing in the Content shall be provided. The work permits (if
 applicable in the jurisdiction in which principal production took place), guardian release
 forms (if applicable), parental consent/inducement agreements, production permits (e.g.,
 permit to employ minors as required in the jurisdictions in which principal production took
 place), the trust account documents (if applicable in the jurisdiction in which principal
 production took place (e.g., "Coogan Account" for U.S. productions)), etc. shall
 accompany all agreements for all minors. All documents shall be fully executed. Note: the
 employment of a minor must adhere to state, local and federal guidelines.

## Ex1A-6

**Exhibit 6.3**

**ANGEL STUDIOS 024, INC.**

**Amendment to the Picture Services Agreement**

This AMENDMENT TO THE PICTURE SERVICES AGREEMENT for ***Sketch*** ("**Picture**") by and between **THE WONDER PROJECT, INC.,** (the "**Producer**" or "You"), and **ANGEL STUDIOS 024, INC.**, formerly known as Angel Studios [TBD], Inc. ("**Angel**" or "Us"), dated as of March 18, 2025 (the "**Addendum Effective Date**"). Capitalized terms used but not defined in this Amendment shall have the same meaning given such terms in the Agreement.

**WHEREAS**, the parties entered into that certain Picture Services dated March 7, 2025 (the "**Agreement**");

**WHEREAS**, the entity previously known as Angel Studios [TBD], Inc. has undergone a name change and is now known as Angel Studios 024, Inc.;

**NOW, THEREFORE**, in consideration of the mutual covenants contained herein, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. **Entity Name Change.** All references to "**ANGEL STUDIOS [TBD], INC.**" in the
 Agreement (including all obligations and responsibilities) shall be deemed to refer to "**ANGEL STUDIOS 24, INC.** "

&nbsp;&nbsp;&nbsp;&nbsp;2. **No Other Changes.** Except as expressly amended by this Amendment, all terms and conditions
 of the Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first written above.

---

| | | | |
|:---|:---|:---|:---|
| **THE WONDER PROJECT, INC.** | **THE WONDER PROJECT, INC.** | **ANGEL STUDIOS 024, INC.** | **ANGEL STUDIOS 024, INC.** |
| By: | /s/ Tristen Tuckfield | By: | /s/ Patrick Reilly |
| Name: | Tristen Tuckfield | Name: | Patrick Reilly |
| Title: | Chief Commercial Officer | Title: | Chief Executive Officer |

---

## Ex1A-6

**Exhibit 6.4**

![](tm2520389d1_ex6-3img001.jpg)

**Broker-Dealer - Onboarding Agent Engagement Agreement – Reg A+ Tier 2**

Please note: This agreement will expire within **14 calendar days** of being sent by Rialto, terms may change.

This agreement (together with exhibits and schedules, the "Agreement") is entered into by and between Angel Studios 024 Inc. ("Issuer"), a C-Corp, and Rialto Markets LLC., a Delaware Limited Liability Company ("Rialto") and FINRA registered Broker Dealer in all 50 states and Puerto Rico. Issuer and Rialto agree to be bound by the terms of this Agreement, effective as of May 28, 2025 (the "Effective Date"):

**Whereas,** Rialto is a registered broker-dealer providing services in the equity and debt securities market, including offerings conducted via SEC approved exemptions such as Reg D 506(b), 506(c), Regulation A+, Reg CF and others;

**Whereas,** Issuer is offering securities directly to the public in an offering exempt from registration under Regulation A Tier 2 (the "Offering") for **$5,000,000**; and

**Now, Therefore**, in consideration of the mutual promises and covenants contained herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

1. Appointment, Term, and Termination

Issuer hereby engages and retains Rialto to provide operations and compliance services as listed:

&nbsp;&nbsp;&nbsp;&nbsp;a. Act as the Investor Onboarding Agent/Broker of Record for 1A (SEC) and5110 (FINRA) filings'

b. Review investor information, including KYC (Know Your Customer) details, conduct AML (Anti-Money Laundering)
and other compliance background checks, and provide a recommendation to Issuer whether or not to accept investor as a customer of the
Issuer;

c. Review each investors subscription agreement to confirm such Investors participation in the offering, and provide a determination to Issuer whether or not
to accept the use of the subscription agreement for the Investor participation;

d. Manage exceptions with Investor subscription agreements, personal details or funds;

e. Reconcile Investor subscription agreements and investment funds;

f. Not provide any investment advice nor any investment recommendations to any investor;

g. Coordinate with Legal Counsel/Prep Services, Registered Transfer Agent of the Issuer, Blue Sky filing
and monitoring Service and escrow agent for offering if applicable;

h. Maintain investor details securely and not disclose to any third-party except as required by regulators or in Rialto's execution of services as listed in this
agreement;

i. Review of any marketing material related to the offering.

**May 28, 2025**

The Agreement will commence on the Effective Date and will remain in effect for a period of twelve (12) months and will renew automatically for successive renewal terms of twelve (12) months each unless any party provides notice to the other party of non-renewal at least sixty (60) days prior to the expiration of the current term. If Issuer defaults in performing the obligations under this Agreement, the Agreement may be terminated (i) upon sixty (60) days written notice if Issuer fails to perform or observe any material term, covenant or condition to be performed or observed by it under this Agreement and such failure continues to be unremedied, (ii) upon written notice, if any material representation or warranty made by either Provider or Issuer proves to be incorrect at any time in any material respect, (iii) in order to comply with a Legal Requirement, if compliance cannot be timely achieved using commercially reasonable efforts, after providing as much notice as practicable, or (iv) upon thirty (30) days' written notice if Issuer or Rialto commences a voluntary proceeding seeking liquidation, reorganization or other relief, or is adjudged bankrupt or insolvent or has entered against it a final and unappealable order for relief, under any bankruptcy, insolvency or other similar law, or either party executes and delivers a general assignment for the benefit of its creditors. The description in this section of specific remedies will not exclude the availability of any other remedies. Any delay or failure by Issuer to exercise any right, power, remedy or privilege will not be construed to be a waiver of such right, power, remedy or privilege or to limit the exercise of such right, power, remedy or privilege. No single, partial or other exercise of any such right, power, remedy or privilege will preclude the further exercise thereof or the exercise of any other right, power, remedy or privilege. All terms of the Agreement, which should reasonably survive termination, shall so survive, including, without limitation, limitations of liability and indemnities, and the obligation to pay Fees relating to Services provided prior to termination.

Fees for early termination of the offering by the Issuer post the issuance of the FINRA No Objection Letter will be the greater of $30,000 or the percentage owed to Rialto as agreed within this agreement, not to exceed $30,000.

The Issuer has a right of "termination for cause" which includes the material failure of Rialto Markets to provide the services outlined in this agreement. An Issuer's exercise of its right of "termination for cause" eliminates any obligations with respect to the payment of any termination fee or provision of any right of first refusal.

**2. Services.** Rialto will perform the services listed above in section 1, in connection with the Offering (the "Services"). Unless otherwise agreed to in writing by the parties.

**3. Compensation.** As compensation for the Services, Issuer shall pay to Rialto $5,000, due upon signing of this agreement. The issuer shall pay to Rialto fees equal to 1% for Investor Onboarding - Broker of Record Compliance/Administrative services listed as "a" – "i" in section 1 above on the aggregate amount raised by the Issuer. The Issuer will engage a Blue-Sky service to provide and manage the Blue-Sky Notice Filing, Fee process and ongoing monitoring. The service will be reviewed and approved by Rialto prior to engagement by the Issuer. In addition, Rialto will be provided with oversight and monitoring access to the service to confirm management of the process is being performed and maintained as required.

There are no other expected out-of-pocket expenses.

The maximum expenses for this offering are $6,250 including the FINRA Fee.

Please note when fees/expenses are due, Rialto will not continue with any services unless all outstanding invoices are paid and the fee structure of this agreement will automatically expire if initial fees are not paid within five (5) calendar days of the execution of this Agreement. Except for the success-based commission for investments processed, the other fees/expense should not be expected to be paid out using funds from closed shares in escrow (at disbursements).

4. Regulatory Compliance

Issuer and all its third-party providers shall at all times (i) comply with direct requests of Rialto; (ii) maintain all required registrations and licenses, including foreign qualification, if necessary; (iii) maintain all ongoing reporting requirements to the SEC once qualified; and (iv) pay all related fees and expenses (including the FINRA Corporate Filing Fee), in each case that are necessary or appropriate to perform their respective obligations under this Agreement. Issuer shall comply with and adhere to all Rialto requirements in Schedule C.

FINRA Corporate Filing Fee for this $5,000,000 best-efforts offering is $1,250 and will be a pass-through fee payable to Rialto, from the Issuer, who will then forward it to FINRA as payment for the filing. This fee is due and payable prior to any submission by Rialto to FINRA. The FINRA Fee is .00015 of total offering amount + $500. Rialto will not file the required 5110 filing until the FINRA Corporate Filing Fee is received from the Issuer.

**May 28, 2025**

Issuer and Rialto will have the shared responsibility for the review of all documentation related to the Investor but the ultimate discretion about accepting an Investor will be the sole decision of the Issuer. Each Investor will be considered to be that of the Issuer's and NOT Rialto.

Issuer and Rialto will each be responsible for supervising the activities and training of their respective sales employees, as well as all of their other respective employees in the performance of functions specifically allocated to them pursuant to the terms of this Agreement.

Issuer and Rialto agree to promptly notify the other concerning any material communications from or with any Governmental Authority or Self-Regulatory Organization with respect to this Agreement or the performance of its obligations, unless such notification is expressly prohibited by the applicable Governmental Authority.

**5. Role of Rialto.** Issuer acknowledges and agrees that Issuer will rely on Issuer's own judgment in using Rialto' Services. Rialto (i) makes no representations with respect to the quality of any investment opportunity or of any issuer; (ii) does not guarantee the performance to and of any Investor; (iii) will make commercially reasonable efforts to perform the Services in accordance with its specifications; (iv) does not guarantee the performance of any party or facility which provides connectivity to Rialto; and (v) is not an investment adviser, does not provide investment advice and does not recommend securities transactions and any display of data or other information about an investment opportunity, does not constitute a recommendation as to the appropriateness, suitability, legality, validity or profitability of any transaction. Nothing in this Agreement should be construed to create a partnership, joint venture, or employer-employee relationship of any kind.

Issuer acknowledges and agrees that Rialto was not made aware of any, nor was Rialto part of the production or distribution or use of any "Testing The Waters" materials.

6. Indemnification and Legal

As part of this Agreement, indemnification provisions between the parties are set out in Schedule A and form part of this Agreement.

Each provision of this Agreement is several and is not affected if another provision of this Agreement is found to be invalid or unenforceable or to contravene applicable law or regulations. This Agreement is not intended to and does not confer any rights upon any shareholder of the Issuer or, except as expressly provided herein, any other person. The provisions of this letter agreement shall be binding upon the Issuer and its successors and assigns.

Nothing herein is intended to create or shall be construed as creating a fiduciary relationship between the Issuer and Rialto Markets LLC. No term or provision of this agreement may be amended, discharged or modified in any respect except in writing signed by the parties hereto. This Agreement sets out the entire agreement between us.

This Agreement will be construed in accordance with the laws of the State of New York. Any dispute, controversy or claim directly or indirectly relating to or arising out of this Agreement, or the breach thereof, shall be settled by arbitration administered by the American Arbitration Association under its Commercial Arbitration Rules, and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof.

The costs and expenses (including reasonable attorney's fees of the prevailing party) shall be borne and paid by the party that the arbitrator, or arbitrators, determines is the non-prevailing party. The Issuer agrees and consents to personal jurisdiction, service of process and venue in any federal or state court within the State of New York in connection with any action brought to enforce an award in arbitration and in connection with any action to compel arbitration.

Each of Rialto Markets LLC and the Issuer on its own behalf and, to the extent permitted by applicable law, on behalf of its shareholders waives all right to trial by jury in any action, proceeding or counterclaim (whether based upon contract, tort or otherwise) related to or arising out of the engagement of Rialto Markets LLC pursuant to, or the performance by Rialto Markets LLC of the services contemplated by this agreement.

**May 28, 2025**

Pursuant to the requirements of the USA Patriot Act (the "Act") and other applicable laws, rules and regulations, Rialto Markets LLC is required to obtain, verify and record information that identifies the Issuer, which information includes the name and address of the Issuer and other information that will allow Rialto Markets LLC to identify the Issuer in accordance with the Act and such other laws, rules and regulations.

7. Confidentiality

"Confidential Information" means any information disclosed to a receiving party by the disclosing party, either directly or indirectly in writing, orally or by inspection of tangible objects, including without limitation announced and unannounced products, disclosed and undisclosed business plans and strategies, financial data and analysis, customer names and lists, customer data, funding sources and strategies, and strategies involving strategic business combinations which are conspicuously labeled and/or marked as being confidential or otherwise proprietary to the disclosing party. The receiving party agrees not to disclose any Confidential Information to third parties or to employees of the receiving party, except to its officers, directors, employees, partners, and advisors (including, but not limited to legal counsel, consultants, accountants and financial advisors). Those that receive the Confidential Information, collectively, "Representatives", are required to have the Confidential Information in order to evaluate or engage in discussions concerning the opportunity. The Issuer will only release the Confidential Information to Representatives after first apprising such Representatives of their obligation to treat such disclosed information as Confidential Information of the disclosing party.

The Issuer acknowledges that upon closing of the Financing, Rialto Markets LLC may, at its own expense, place an announcement in such newspapers, periodicals and other media, as it may choose, stating that Rialto Markets LLC has acted as the broker-dealer to the Issuer, and provided the trading platform for the securities issued by the Issuer, in connection with such Financing. Any other text included in such an announcement is subject to the prior written approval of the Issuer.

Should the Issuer wish to proceed, please confirm acceptance of the terms of this Agreement by signing electronically.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Miscellaneous** 

ANY DISPUTE OR CONTROVERSY BETWEEN THE ISSUER AND PROVIDER RELATING TO OR ARISING OUT OF THIS AGREEMENT WILL BE SETTLED BY ARBITRATION BEFORE AND UNDER THE RULES OF THE ARBITRATION COMMITIEE OF FINRA.

This Agreement is non-exclusive and shall not be construed to prevent either party from engaging in any other business activities.

This Agreement will be binding upon all successors, assigns or transferees of Issuer. No assignment of this Agreement by either party will be valid unless the other party consents to such an assignment in writing. Either party may freely assign this Agreement to any person or entity that acquires all or substantially all of its business or assets. Any assignment by either party to any subsidiary that it may create or to a company affiliated with or controlled directly or indirectly by it will be deemed valid and enforceable in the absence of any consent from the other party.

**May 28, 2025**

Neither party will, without prior written approval of the other party, place or agree to place any advertisement in any website, newspaper, publication, periodical or any other media or communicate with the public in any manner whatsoever if such advertisement or communication in any manner makes reference to the other party, to any person or entity that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control, with the other party and to the clearing arrangements and/or any of the Services embodied in this Agreement. Issuer and Rialto will work together to authorize and approve co-branded notifications and Issuer facing communication materials regarding the representations in this

Agreement. Notwithstanding any provisions to the contrary within, Issuer agrees that Rialto may make reference in marketing or other materials to any transactions completed during the term of this Agreement, provided no personal data or Confidential Information is disclosed in such materials.

THE CONSTRUCTION AND EFFECT OF EVERY PROVISION OF THIS AGREEMENT, THE RIGHTS OF THE PARTIES UNDER THIS AGREEMENT AND ANY QUESTIONS ARISING OUT OF THE AGREEMENT, WILL BE SUBJECT TO THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES. The language used in this Agreement shall be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party

If any provision or condition of this Agreement will be held to be invalid or unenforceable by any court, or regulatory or self-regulatory agency or body, the validity of the remaining provisions and conditions will not be affected and this Agreement will be carried out as if any such invalid or unenforceable provision or condition were not included in the Agreement.

This Agreement sets forth the entire agreement between the parties with respect to the subject matter hereof and supersedes any prior agreement relating to the subject matter herein. The Agreement may not be modified or amended except by written agreement.

This Agreement may be executed in multiple counterparts and by facsimile or electronic means, each of which shall be deemed an original but all of which together shall constitute one and the same agreement.

**May 28, 2025**

---

| | | |
|:---|:---|:---|
| IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. | IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. | IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. |
| Issuer: | Angel Studios 024 Inc. | Rialto Markets LLC |
| Signature: | /s/ Ray Willardson | /s/ Shari Noonan |
| Print Name: | Ray Willardson | Shari Noonan |
| Title: | CFO | CEO |
| Date: | 06/02/2025 | 06/02/2025 |

---

**May 28, 2025**

**<u>Schedule A – Indemnification</u>**

In connection with the engagement of Rialto Markets LLC ("Rialto") by ("Issuer") to provide onboarding administrative/compliance services and render to the Issuer whatever services are mutually agreeable, as provided in the agreement to which this Schedule A is attached, such agreement together with this Schedule A being referred to as the "Agreement", and in addition to the fees and expenses which the Issuer has agreed to pay under the Agreement, the Issuer agrees to:

&nbsp;&nbsp;&nbsp;&nbsp;(i) indemnify and hold harmless Rialto, its affiliates (including, without limitation, Rialto Markets LLC)
and the respective members, directors, officers, agents and employees of Rialto and its affiliates (Rialto and each such person being
an "Indemnified Person") from and against any and all losses, claims, demands, damages, costs, charges, expenses or liabilities
(or actions, investigations or other proceedings in respect thereof) (collectively, "Liabilities"); and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) reimburse each Indemnified Person for all fees and expenses (including reasonable legal and other professional
fees) (collectively, "Expenses") upon request as they are incurred in investigating, preparing, pursuing, participating in
(including, without limitation, as a witness) or defending any claim, action, proceeding or investigation, whether or not in connection
with pending or threatened litigation, whether or not any Indemnified Person is a party and whether brought by the Issuer or any third
party (collectively, "Actions") in each case, arising out of or in connection with advice or Services rendered or to be rendered
by any Indemnified Person pursuant to this Agreement, related to or arising out of the transactions contemplated hereby or any Indemnified
Person's actions or failure to act in connection with any such advice, services or transactions; <u>provided</u> that the Issuer
will not be responsible for any Liabilities or Expenses of any Indemnified Person that are determined by a judgment of a court of competent
jurisdiction which is no longer subject to appeal or further review to have resulted from such Indemnified Person's gross negligence
or willful misconduct in connection with any of the advice, actions, inactions or Services referred to above.

Upon receipt by an Indemnified Person of actual notice of an Action against such Indemnified Person with respect to which indemnity may be sought under this Agreement, such Indemnified Person shall notify the Issuer; <u>provided</u> that failure to so notify the Issuer shall not relieve the Issuer from any liability which the Issuer may have on account of this indemnity or otherwise, except to the extent the Issuer shall have been materially prejudiced by such failure. The Issuer shall not be liable for any settlement of any Action effected without its written consent (which consent shall not be unreasonably withheld). In addition, the Issuer will not, without prior written consent of Rialto, settle, compromise or consent to the entry of any judgment in or otherwise seek to terminate any pending or threatened Action in respect of which indemnification or contribution may be sought hereunder if the Indemnified Person is an actual or potential party thereto, unless such settlement, compromise, consent or termination (x) includes an unconditional release of each Indemnified Person from all Liabilities arising out of such Action and (y) does not contain any statement as to or an admission of fault, culpability or a failure to act, by or on behalf of each Indemnified Person.

The Issuer also agrees that no Indemnified Person shall have any liability (whether direct or indirect, in contract or tort or otherwise) to the Issuer, its security holders or creditors, or any person asserting claims on behalf of the Issuer, for or in connection with the engagement of Rialto or advice or Services rendered or to be rendered pursuant to this Agreement, the transactions contemplated hereby or any Indemnified Person's actions or inactions in connection with any such advice, Services or transactions except for Liabilities (and related Expenses) of the Issuer that are determined by a judgment of a court of competent jurisdiction which is no longer subject to appeal or further review to have resulted from such Indemnified Person's gross negligence or willful misconduct in connection with any such advice, actions, inactions or Services. In no event shall an Indemnified Person be liable to the Issuer for any special, consequential, indirect or punitive damages.

**May 28, 2025**

In the event that the foregoing indemnity is judicially determined to be unavailable or insufficient to an Indemnified Person (other than in accordance with the terms hereof), the Issuer shall contribute to the Liabilities and Expenses paid or payable by such Indemnified Person in such proportion as is appropriate to reflect: (i) the relative benefits to the Issuer, its employees and its shareholders/equity holders, on the one hand, and to Rialto, on the other hand, of the Financings then contemplated (whether or not any such Financings are consummated); or (ii) if (and only if) the allocation provided by the immediately preceding clause is not permitted by the applicable law, not only such relative benefits but also the relative fault of the Issuer, on the one hand, and Rialto, on the other hand, in connection with the matters as to which such Liabilities or Expenses relate, as well as any other relevant equitable considerations; <u>provided</u> that in no event shall the Issuer contribute less than the amount necessary to ensure that all Indemnified Persons, in the aggregate, are not liable for any Liabilities and Expenses in excess of the amount of fees actually received by Rialto pursuant to this Agreement. The Issuer agrees that for the purposes of this paragraph the relative benefits to the Issuer and Rialto of the Financings then contemplated shall be deemed to be in the same proportion that the total value paid or issued or contemplated to be paid or issued to the Issuer, any affiliate of the Issuer, their security holders and employees, as the case may be, as a result of or in connection with such Financing bears to the fees paid or to be paid to Rialto under this Agreement.

If any term, provision, covenant or restriction contained in this Schedule A is held by a court of competent jurisdiction or other authority by judgment or order no longer subject to review, to be invalid, void, unenforceable or against its regulatory policy, the remainder of the terms, provisions, covenants and restrictions contained in this Schedule A shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

The reimbursement, indemnity and contribution obligations of the Issuer set forth herein shall apply to any modification of this Agreement and shall remain in full force and effect regardless of any termination of, or the completion of any Indemnified Person's services under or in connection with, this Agreement.

**May 28, 2025**

**<u>Schedule B – Compensation and Fee Chart</u>**

***Offering Amount: $5,000,000***

 

**Fees Due Upon Execution of Agreement\***

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**DESCRIPTION** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**PAYABLE UPON** |
| &nbsp;&nbsp;**FINRA - 5110 Filing fees** | &nbsp;&nbsp; $1,250<br> (FINRA 5110 fee = $500 +<br> .00015 of $ offering) | &nbsp;&nbsp;Prior to Rialto submission of the FINRA 5110 for review |
| &nbsp;&nbsp;**Consulting Fee** | &nbsp;&nbsp;$5000 | &nbsp;&nbsp;Due upon signing of this agreement |

---

**Fees Due Upon Success of Reg A+ Offering**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**DESCRIPTION** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**PAYABLE UPON** |
| &nbsp;&nbsp;**Broker of Record/Compliance & Administrative Services Fees** *(For services provided as listed in a. through i. on page 1 of this agreement). This counts as Compensation.* | &nbsp;&nbsp;1% of funds raised *for $5,000,000* | &nbsp;&nbsp;Completion of offering\*\* |
| &nbsp;&nbsp;**Equity Compensation** |  |  |
| &nbsp;&nbsp;***TOTAL MAXIMUM COMPENSATION: $55,000*** | &nbsp;&nbsp;***TOTAL MAXIMUM COMPENSATION: $55,000*** | &nbsp;&nbsp;***TOTAL MAXIMUM COMPENSATION: $55,000*** |
| &nbsp;&nbsp;***TOTAL MAXIMUM EXPENSES: $6,250*** | &nbsp;&nbsp;***TOTAL MAXIMUM EXPENSES: $6,250*** | &nbsp;&nbsp;***TOTAL MAXIMUM EXPENSES: $6,250*** |

---

***\*Invoices are due upon receipt. Payments made more than 30 days after the original invoice date will be subject to an annual late fee of 15%, calculated based on the number of months late the payment is.***

***\*\*For purposes hereof, Completion of an Offering shall mean acceptance of an offer to purchase any amount AND the successful funding thereof.***

 

**May 28, 2025**

 ****

**<u>Schedule C - Rialto Offering Requirements</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. Assign a point of contact to work with Rialto for review of documents, signatures and to confirm decisions,
etc.

2. Be forthcoming with any known material information that may impact the capital raise such as strategic
direction; strategic partnerships; past, pending, or ongoing litigation or the like.

3. Provide all requested KYC/AML in a timely manner, including the Bad Actor Certifications.

4. Deliver all requested financial due diligence information promptly.

5. Provide all marketing, "Test the Waters" materials used to date, or planned to be used.
Rialto will need to review content to ensure it's in line with FINRA Rule 2110, and any Testing the Waters materials will need to
be submitted to FINRA if applicable.

6. File any required (amendments or other) types of ongoing reporting to EDGAR regarding the offering.

7. Promptly remit all fees due to Rialto at times stated in Schedule B of the Engagement Agreement

**May 28, 2025**

## Ex1A-10

**Exhibit 10.1**

**POWER OF ATTORNEY AND**

**WRITTEN CONSENT**

**OF THE BOARD OF DIRECTORS**

**OF**

**ANGEL STUDIOS 024, INC.**

The undersigned, constituting all of the members of the Board of Directors (the "**Board**") of Angel Studios 024, Inc., a Delaware corporation (the "**Corporation**"), do hereby consent to the following actions and adopt the following resolutions, effective as of July 10, 2025, pursuant to the Delaware General Corporation Law and the Corporation's Bylaws. The undersigned members of the Board, in addition to the undersigned officers of the Corporation, further consent to the power of attorney contained herein.

**Sale of Shares of Series A Preferred Stock**

**WHEREAS**, the Corporation desires to issue and sell up to 5,000,000 shares of the Corporation's Series A Preferred Stock (the "**Preferred Stock**"), for a purchase price of $1.00 per share for five million aggregate ($5,000,000) pursuant to Regulation A and as set forth in the Offering Statement and Offering Circular on Form 1-A (the "**Preferred Stock Financing**").

**NOW, THEREFORE, BE IT RESOLVED**, that the Preferred Stock Financing be, and it hereby is, approved in all respects;

**RESOLVED FURTHER**, that the Offering Statement and Offering Circular on Form 1-A (the "**1-A**"), in substantially the form as Exhibit A attached hereto, be and hereby is, approved, subject to such changes as may be approved by the officers of the Corporation in their sole discretion, such signature on such documents to constitute conclusive evidence of such approval;

**RESOLVED FURTHER**, that the officers of the Corporation be, and each of them hereby is, authorized and directed to offer for sale and to sell and issue 5,000,000 shares of Preferred Stock for the purchase price of $1.00 per share and any other related agreements, and to take all actions necessary and appropriate to deliver such agreements and to perform the Corporation's obligations thereunder;

**RESOLVED FURTHER**, that when the purchase price set forth in the 1-A has been received by the Corporation (or its escrow agent, if any) for the shares of the Preferred Stock that have been offered pursuant to the foregoing resolutions, and the Corporation has determined to accept subscriptions for the purchase of such shares of Preferred Stock, such shares shall be duly and validly issued, fully paid and nonassessable;

**RESOLVED FURTHER**, that the shares of the Preferred Stock shall be offered, sold and issued in accordance with such state blue sky laws as shall be applicable, and in accordance with the exemption from registration provided by Regulation A of the Securities Act of 1933, as amended, and that the appropriate officers of the Corporation or any single member of the Board be, and they hereby are, authorized and directed, for and on behalf of the Corporation, to execute and file with the appropriate state or federal offices such forms or notices as may be applicable pursuant to applicable state blue sky or federal securities laws; and

**RESOLVED FURTHER**, that the Corporation and its officers are authorized to file any and all applications, notices, or other documents, and amendments thereto, with any state or federal agency and to take any action necessary or convenient to comply with applicable federal and state laws to complete the Offering and the transactions contemplated therein.

**General Authorization**

**RESOLVED**, that the officers of the Corporation be, and each of them hereby is, singly or jointly, authorized, empowered and directed, in the name and on behalf of the Corporation, to take or cause to be taken any and all actions and to make all payments as may be necessary, appropriate, convenient, proper or advisable in furtherance of, or to effectuate the transactions contemplated by, the foregoing resolutions, the approval thereof by any such officer conclusively establishing his or her authority therefor from the Corporation; and

**RESOLVED FURTHER**, that all actions previously taken by any director, officer, employee, agent or attorney of the Corporation in furtherance of, or to effectuate the transactions contemplated by, the foregoing resolutions are hereby adopted, ratified, confirmed and approved in all respects as the acts and deeds of the Corporation.

**Power of Attorney**

**RESOLVED**, that we, the undersigned directors and officers of the Corporation hereby severally constitute and appoint Patrick Reilly and Ray Willardson, each with full power of substitution, our true and lawful attorneys-in-fact and agents, to do any and all things in our names in the capacities indicated below which said Patrick Reilly or Ray Willardson may deem necessary or advisable to enable the Corporation to comply with the Securities Act of 1933, as amended, and any rules regulations and requirements of the Securities and Exchange Commission, in connection with the offering statement and circular on Form 1-A, including specifically but not limited to, power and authority to sign for us in our names in the capacities indicated below, this offering circular and any and all amendments thereto; and we hereby ratify and confirm all that said Patrick Reilly and Ray Willardson shall lawfully do or cause to be done by virtue thereof.

[*Signature page follows*]

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Patrick Reilly | Chief Executive Officer and Director | July 10, 2025 |
| Patrick Reilly | (principal executive officer) |  |
| /s/ Ray Willardson | Chief Financial Officer and Secretary | July 10, 2025 |
| Ray Willardson | (Principal Financial Officer and Principal Accounting Officer) |  |
| /s/ David Crapo | Director of Operations | July 10, 2025 |
| David Crapo |  |  |

---

**Exhibit A**

**Form 1-A**

## Ex1A-11

**Exhibit 11.2**

**<u>CONSENT OF INDEPENDENT REGISTERED ACCOUNTING FIRM</u>**

We consent to the use, in the Offering Statement on Form 1-A of Angel Studios 024, Inc., and the Offering Circular constituting a part thereof, of our report dated June 4, 2025, on our audit of the balance sheet of Angel Studios 024, Inc., as of April 30, 2025, and the related statement of operations, stockholders' equity and cash flows for the period from April 8, 2025 (date of inception) through April 30, 2025, and to the reference to our firm under the heading "Experts" in the accompanying Offering Statement.

---

| |
|:---|
| /s/ TANNER LLC |
| Lehi, Utah |
| July 11, 2025 |

---

## Ex1A-12

**Exhibit 12.1**

---

| | |
|:---|:---|
| ![](tm2520389d1_ex12-1img001.jpg) | **Michael Best & Friedrich LLP**<br> **Attorneys at Law**<br>|

---

July 11, 2025

Angel Studios 024, Inc.

295 W Center St.

Provo, Utah 84601

Re: <u>Angel Studios 024, Inc.– Offering Statement on Form 1-A</u>

Ladies and Gentlemen:

We have acted as securities counsel to Angel Studios 024, Inc. (the "Company") in connection with the preparation and filing with the Securities and Exchange Commission of a Regulation A offering statement on Form 1-A, as filed on July 11, 2025 (the "Offering Statement"), relating to the offer by the Company of up to 5,000,000 of the Company's Series A Preferred Stock, par value $0.00001 per share, for a purchase price of $1.00 per share (the "Shares").

This opinion letter is being delivered in accordance with the requirements of Item 17(12) of Form 1-A under the Securities Act of 1933, as amended.

In connection with rendering this opinion, we have examined the originals, or certified, conformed or reproduction copies, of all such records, agreements, instruments and documents as we have deemed relevant or necessary as the basis for the opinion hereinafter expressed. In all such examinations, we have assumed the genuineness of all signatures on original or certified copies and the conformity to original or certified copies of all copies submitted to us as conformed or reproduction copies.

We have reviewed: (a) the Certificate of Incorporation of the Company; (b) the Certificate of Designations of the Company, as amended; (c) the Bylaws of the Company; (d) the offering circular; (e) form of Subscription Agreement; and (f) such other corporate documents, records, papers and certificates as we have deemed necessary for the purposes of the opinions expressed herein.

Based upon and subject to the foregoing and to the other qualifications and limitations set forth herein, we are of the opinion that the Shares, when issued and delivered in the manner and/or the terms described in the Offering Statement as filed (after it is declared qualified), will be validly issued, fully paid and non-assessable.

We express no opinion with regard to the applicability or effect of the law of any jurisdiction other than, as in effect on the date of this letter, (a) the internal laws of the State of Delaware and (b) the federal laws of the United States. We express no opinion as to laws of any other jurisdiction. We assume no obligation to revise or supplement this opinion should the laws be changed after the effective date of the Offering Statement by legislative action, judicial decision or otherwise.

We hereby consent to the filing of this opinion as an exhibit to the Offering Statement and to the reference to our firm under the caption "Legal Matters" in the Offering Statement. In giving this consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Act.

Sincerely yours,

Michael Best & Friedrich, LLP

650 South Main Street, Suite 500, Salt Lake City, UT 84101

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 1-A

### REGULATION A OFFERING STATEMENT
### UNDER THE SECURITIES ACT OF 1933

### Item 1. Issuer Information

**Exact name of issuer:** Angel Studios 024, Inc.

**Jurisdiction of Incorporation/Organization:** DE

**Year of Incorporation:** 2025

**CIK:** 0002070718

**I.R.S. Employer Identification Number:** 33-4462387

**Primary Standard Industrial Classification Code:** 7829

**Total number of full-time employees:** 0

**Total number of part-time employees:** 0

**Address of Principal Executive Offices:** 295 W Center St., —, Provo, UT 84601

**Company Phone:** 760-933-8437

**Person to contact:** Patrick Reilly

### Financial Statements

**Balance Sheet Information**

| Metric                                   | Amount   |
|:---|:---|
| Cash and Cash Equivalents                | $0.00    |
| Investment Securities                    | $0.00    |
| Accounts and Notes Receivable            | $0.00    |
| Property, Plant and Equipment (PP&E)     | $0.00    |
| Total Assets                             | $0.00    |
| Accounts Payable and Accrued Liabilities | $0.00    |
| Long-Term Debt                           | $0.00    |
| Total Liabilities                        | $0.00    |
| Total Stockholders' Equity               | $0.00    |
| Total Liabilities and Equity             | $0.00    |

**Statement of Comprehensive Income Information**

| Metric                                    | Amount   |
|:---|:---|
| Total Revenues                            | $0.00    |
| Costs and Expenses Applicable to Revenues | $0.00    |
| Depreciation and Amortization             | $0.00    |
| Net Income                                | $0.00    |
| Earnings Per Share - Basic                | 0.00     |
| Earnings Per Share - Diluted              | 0.00     |

**Auditor Information**

| Metric          | Amount     |
|:---|:---|
| Name of Auditor | Tanner LLC |

### Outstanding Securities

| Class              |   Outstanding |     CUSIP | Publicly Traded   |
|:---|---:|---:|:---|
| Common Stock       |             0 | 000000000 | None              |
| Series A Preferred |             0 | 000000000 | None              |

### Item 2. Issuer Eligibility
- [x] The issuer certifies that all of the statements in this part are true.

### Item 3. Application of Rule 262
- [x] The issuer certifies that it is not disqualified and has not been involved in any disqualifying event.

### Item 4. Summary Information Regarding the Offering

**Tier:** Tier2

**Financial Statement Status:** Audited

**Type of Securities Offered:** Equity (common or preferred stock)

**Is this a delayed or continuous offering?** Yes

**Was or is the offering to take place within one year after qualification?** No

**Was or is the offering to commence within two days after qualification?** No

**Is this a best efforts offering?** Yes

**Was there any solicitation of interest?** No

**Are there any resale securities by affiliates of the issuer?** No

**Offering Amounts**

| Description                                                     | Amount      |
|:---|:---|
| Number of securities offered                                    | 5000000     |
| Number of securities outstanding                                | 0           |
| Price per security                                              | $1.00       |
| Issuer's aggregate offering price                               | $5000000.00 |
| Aggregate offering price of securities held by security holders | $0.00       |
| Aggregate price of securities offered concurrently              | $0.00       |
| Total aggregate offering price                                  | $5000000.00 |

**Anticipated Fees**

| Service Provider   | Name                         | Fees   |
|:---|:---|:---|
| Auditor            | Tanner LLC                   | $0.00  |
| Legal              | Michael Best & Friedrich LLP | $0.00  |
| Promoters          |  |  |

**Estimated Net Proceeds to the Issuer:** $4875000.00

### Item 5. Jurisdictions in Which Securities are to be Offered

- All States and Territories

### Item 6. Unregistered Securities Issued or Sold Within One Year

**Name of Such Issuer:** Angel Studios 024, Inc.

**Title of Securities Issued:** Common Stock

**Total Amount of Securities Issued:** 100

**Amount of such securities sold by principal security holders:** 0

**Aggregate consideration:** $100.00 at a price of $1.00 per share

**Basis for aggregate consideration:** —

**Securities Act Exemption:** The foregoing issuance was pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, for transactions by an issuer not involving any public offering.