Company: SLMT
Filing Date: 2025-05-28
Form Type: 20-F/A
Source: 0001213900-25-048029
Chunk: 62

Company: Brera Holdings PLC
Filing Date: 2025-05-28
Form: 20-F/A
Chunk 62
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 occurred since
the due diligence process, which involves legal, financial and management review, has not been completed yet, and it must be completed
for the fourth and final step to take place. At the time of the fourth step, the amounts of the final Class B Ordinary Share issuance
and cash payment will be determined. Upon completion of these steps, Brera will be the Club’s majority shareholder, and a Shareholder
Agreement with the other shareholder, XX Settembre Holding S.r.l. (“XX Settembre”), through its owner, Andrea Langella, will
further enable integration into our multi-club framework.

The Company has also agreed on certain earn out
consideration to be paid to XX Settembre on a contingent basis. Upon and subject to completion of the final closing, in addition to the
purchase price, the Company shall pay to the XX Settembre an amount of:

| ● | EUR500,000                                                                                                                                   
 by means of Class B Ordinary Shares in the event the Club qualifies in the play-offs for the promotion to Serie A at the end of the football 
 season 2024/2025 (the “Play-Off Earn Out”), it being understood that, for the sake of clarity, in the event that the play-offs               
 are not played according to the applicable law and regulations, the Play-Off Earn Out shall not be due; and                                  |

| ● | EUR5,000,000                                                                                                                          
 by means of Class B Ordinary Shares in the event of promotion of the Club to Serie A at the end of the football season 2024/2025 (the 
 “Serie A Earn Out” and, together with the Play-Off Earn Out, the “Earn-Outs”), it being understood that the price                     
 of the Class B Ordinary Shares for the payment of the Earn-Outs shall be based on the VWAP of the Class B Ordinary Shares, calculated 
 over the 15 trading days immediately preceding the payment of the relevant Earn-Out.                                                  |

The Earn-Outs are only a possible and subordinate
consideration and, therefore, the Company will be required to pay each Earn-Out only if the corresponding indicated condition occurs.

We determined that this transaction is a business
combination achieved in stages, or a step acquisition as discussed in paragraph 41 of IFRS 3. In a step acquisition, IFRS 3 defines the
acquisition date as the date the acquirer obtains control of the acquiree. In a combination effected by a