11 October 2021
In reference to the current report number 10/2021 dated 21 April 2021, the Management Board of Ten Square Games S.A. (the “Company”) informs that on 11 October 2021 the Supervisory Board of the Company,
1. having reviewed the Company’s monthly report prepared for the Supervisory Board and the current results of the Company;
2. having regard to the current situation in the mobile games market caused by the COVID-19 pandemic, which is new and hitherto unprecedented for the entire industry, causing continuous and difficult to predict changes in the data underlying the assumptions concerning the expected results of the Company’s operations;
3. in order to maintain the high motivation of key people for the Company’s operations;
4. in order to maintain the direction of the Management Board’s current activities and build long-term shareholder value;
resolved to consider it reasonable to revise the amount of the Recurring EBITDA for year 1 of the programme (as defined in the Regulations for the financial year 2021) set by the Resolution, by up to 8% compared to the amount indicated in the Resolution on Recurring EBITDA. As a result, the Recurring EBITDA for year 1 of the programme is set at not less than PLN 228,899,896.
The Supervisory Board adopted the resolution acting on the basis of the authorisation contained in Resolution No. 25 of the Ordinary General Meeting of the Company dated 20 May 2020 regarding the establishment of the Company’s incentive programme for the years 2021-2022, to amend the authorisation of the Company’s Management Board to increase the share capital within the authorised capital with the authorisation of the Management Board to exclude in full the pre-emptive rights of existing shareholders in connection with the issue of ordinary series C bearer shares within the authorised capital and to amend the Company’s Articles of Association (the “Programme Resolution”), to take all actions – specified in the rules of the incentive programme (the “Programme”) established pursuant to the Programme Resolution.