Stock Purchase Agreement The description of the Stock Purchase Agreement in Item 3 is incorporated herein by reference. Pursuant to the Stock Purchase Agreement, the Issuer has agreed to file a registration statement with the Securities and Exchange Commission (the "SEC") within 60 days following any request by AFD for purposes of registering the resale of the shares of Class A Common Stock acquired in the Transaction (the "Registration Statement"), to use commercially reasonable efforts to have such Registration Statement declared effective as promptly as practicable after the filing, and to keep the Registration Statement effective until the earlier of the date that all registrable securities covered by the Registration Statement (i) have been sold thereunder or pursuant to Rule 144 of the Securities Act ("Rule 144") or (ii) may be sold without restriction under Rule 144 (including the volume and manner of sale limitations set forth in Rule 144). Promissory Note The Promissory Note bears interest at a rate of 5% per annum, with interest payable semi-annually on the last business day of each June and December. The Promissory Note matures on the fifth anniversary of the Closing Date. The Promissory Note is secured by a first priority security interest in 33.33 million shares of Class A common stock held by AFD. AFD may prepay all or any portion of the principal at any time without premium or penalty, subject to one business day's notice and a minimum prepayment amount of $1.0 million. Any material amendment, modification or waiver of the Promissory Note requires the approval of a majority of the disinterested directors on the Issuer's Board of Directors (the "Board"). Director Appointment Agreement On May 11, 2026, the Issuer, AFD and Jonah Peretti, LLC entered into a Director Appointment Agreement (as amended by that certain Amendment No. 1, dated May 22, 2026, the "Director Appointment Agreement"), pursuant to which, effective as of the Closing Date, the Board will be expanded from four to nine directors. Pursuant to the Director Appointment Agreement, (A) AFD has the right (i) as of the Closing Date to appoint five directors and (ii) following the 2026 annual meeting of the Issuer's shareholders (the "2026 Annual Meeting") (x) to appoint one additional director (at such time Gregory Coleman shall resign), (y) to appoint two-thirds of the Board provided AFD beneficially owns 40% or more of the Issuer's then-outstanding Class A common stock and (z) to appoint a majority of the directors provided AFD beneficially owns less than 40% but equal to or more than 20% of the Issuer's then-outstanding Class A common stock and (B) Jonah Peretti, LLC has the right to appoint one director, who initially will be Mr. Peretti. Following the expiration of Mr. Peretti's current term as a Class I director of the Board and if the Issuer is required to have a majority of independent directors pursuant to applicable listing rules, Mr. Peretti's appointee will be independent. In addition, each of AFD and Jonah Peretti, LLC has agreed pursuant to the Director Appointment Agreement to vote all shares of the Issuer's Class A common stock beneficially owned by such party in favor of the other party's director nominees. The Director Appointment Agreement terminates (A) with respect to Jonah Peretti, LLC's director appointment rights, on the earlier of (i) such time as Mr. Peretti is no longer serving as an officer or director of the Issuer or any subsidiary of the Issuer due to his removal or termination for cause or voluntary resignation, (ii) such time as Mr. Peretti beneficially owns less than 60% of the Class A common stock beneficially owned by Mr. Peretti as of the Closing Date and (iii) such time as Mr. Peretti beneficially owns less than 0.2% of the total shares of the outstanding Class A common stock and (B) with respect to AFD's director appointment rights, at such time as AFD owns less than 5% of the then-outstanding Class A common stock. On the Closing Date, Mr. Folks was appointed as Chief Executive Officer of the Issuer, a Class I director and Chairman of the Board. In addition, the Board appointed Chris Malone, Eric Gould, Sydnie Karras and Terence Hill to serve as directors in accordance with the terms of the Director Appointment Agreement. The foregoing description of the Stock Purchase Agreement, the Promissory Note and the Director Appointment Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of such agreements, copies of which are filed as exhibits to this Schedule 13D and are incorporated herein by reference. General The Reporting Persons acquired the securities described in this Schedule 13D in connection with the Transaction, and they intend to review their investments in the Issuer on a continuing basis. Any actions the Reporting Persons might undertake will be dependent upon the Reporting Persons' review of numerous factors, including, but not limited to: an ongoing evaluation of the Issuer's business, financial condition, operations and prospects; price levels of the Issuer's securities; general market, industry and economic conditions; the relative attractiveness of alternative business and investment opportunities; and other future developments. The Reporting Persons may acquire additional securities of the Issuer, or retain or sell all or a portion of the securities then held, in the open market or in privately negotiated transactions. In addition, the Reporting Persons may engage in discussions with management, the Issuer's Board, and other securityholders of the Issuer and other relevant parties or encourage, cause or seek to cause the Issuer or such persons to consider or explore extraordinary corporate transactions, such as: a merger, reorganization or take-private transaction that could result in the de-listing or de-registration of the Class A Common Stock; security offerings and/or stock repurchases by the Issuer; sales or acquisitions of assets or businesses; changes to the capitalization or dividend policy of the Issuer; or other material changes to the Issuer's business or corporate structure, including changes in management or the composition of the Board. To facilitate their consideration of such matters, the Reporting Persons may retain consultants and advisors and may enter into discussions with potential sources of capital and other third parties. The Reporting Persons may exchange information with any such persons pursuant to appropriate confidentiality or similar agreements. The Reporting Persons will likely take some or all of the foregoing steps at preliminary stages in their consideration of various possible courses of action before forming any intention to pursue any particular plan or direction. Other than as described above, the Reporting Persons do not currently have any plans or proposals that relate to, or would result in, any of the matters listed in Items 4(a)-(j) of Schedule 13D, although the Reporting Persons may change their purpose or formulate different plans or proposals with respect thereto at any time.