Southport Acquisition issues up to $1M promissory note to sponsor; repayment tied to business combination deadline

Angel Studios, Inc.

Non-convertible unsecured promissory note up to $1,000,000 issued to sponsor Southport Acquisition Sponsor LLC on Oct 3, 2024.
Note bears no interest; repayment due on earlier of Dec 14, 2024 (extendable to Sep 30, 2025 if stockholders approve) or business combination consummation.
If no business combination, note is forgiven unless funds exist outside trust account; payee waives claims against trust account.

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