SALEM INVESTMENT PARTNERS V, LIMITED PARTNERSHIP → Guerrilla RF, Inc. GUER

The information set forth in Item 3 of this Schedule 13D is hereby incorporated by reference into this Item 4. On August 11, 2022, the Issuer entered into a loan agreement (the "Loan Agreement") with Salem, providing for a loan facility in the aggregate amount of up to $8.0 million (the "Loan Facility"). In connection with the Loan Facility, the Issuer issued 150,000 shares of Common Stock (25,000 after a 1-for-6 reverse stock split) to Salem on August 11, 2022. Upon additional advances, Salem received an additional 12,500 shares of Common Stock. On August 14, 2023, the Issuer drew down an additional $1.5 million under the Loan Facility. In connection with the additional draw, the Issuer entered into Amendment No. 3 to Loan Agreement (the "Third Amendment") by and between itself and Salem. In connection with the Third Amendment, the Issuer agreed to issue an additional 400,000 shares of Common Stock. On September 5, 2023, the Issuer entered into an amended and restated loan agreement (the "Amended and Restated Loan Agreement") with Salem, providing for additional advances of up to $4.0 million under the existing Loan Facility. In connection with the Amended and Restated Loan Agreement, the Issuer agreed to issue 660,000 shares of Common Stock as partial consideration for extending a multi-draw loan facility to Issuer. On September 6, 2023, the Issuer issued 1,060,000 shares of Common Stock to Salem in furtherance of the Third Amendment and the Amended and Restated Loan Agreement. On March 28, 2024, in conjunction with the Private Placement, the Issuer issued 261,723 shares of Common Stock and 261,723 Warrants to Salem in connection with the conversion of outstanding deferred interest. The purpose of the Private Placement was to raise additional capital to fund the ongoing operations of the Issuer. On November 4, 2026, Salem transferred 759,377 of the 1,060,000 shares of Common Stock issued on September 6, 2023, to the parties (Badger, AMB Investments LLC, Steven Seiz and the Pratt Heirs) that previously held a pecuniary interest in such shares under the loan participation agreements. Of these shares, a total of 200,000 shares of Common Stock were transferred to Badger. On November 4, 2026, Salem also transferred (i) 113,757 of the 261,723 shares of Common Stock and (ii) 113,757 of the 261,723 Warrants issued on March 28, 2024, to the parties (Badger, AMB Investments LLC, Steven Seiz and the Pratt Heirs) that previously held a pecuniary interest in those shares of Common Stock and Warrants under the loan participation agreements. Of these shares and Warrants, a total of 29,954 shares of Common Stock and 29,954 Warrants were transferred to Badger. As a result, as of November 4, 2026, (i) Salem owns 582,244 shares of Common Stock and 196,044 Warrants, (ii) Badger owns 229,954 shares of Common Stock and 29,954 Warrants, and (iii) together, the Reporting Persons own 812,198 shares of Common Stock and 225,998 Warrants. Accordingly, the Reporting Persons are deemed to beneficially own approximately 9.32% of the Issuer's outstanding shares of Common Stock based on 10,915,344 shares of Common Stock outstanding plus the 225,998 shares issuable upon exercise of the Reporting Persons' Warrants. The shares of Common Stock beneficially owned by the Reporting Persons have been acquired for investment purposes. The Reporting Persons may make further acquisitions of shares of Common Stock from time to time and, subject to certain restrictions, may dispose of any or all of the shares of Common Stock held by the Reporting Persons at any time depending on an ongoing evaluation of the investment in such securities, prevailing market conditions, other investment opportunities, and other factors. Except as set forth in this Item 4, the Reporting Persons have no present plans or proposals which relate to or would result in any of the transactions specified in clauses (a) through (j) of Item 4 of this Statement.