Company: GAME
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004869
Chunk: 1021

Company: GameSquare Holdings, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 7
Chunk 1021
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WAP” is defined
as the daily volume weighted average price of the shares of Common Stock for such trading day on the Nasdaq Stock Market (“Nasdaq”)
during regular trading hours as reported by Bloomberg L.P.

The
SEPA will automatically terminate on the earliest to occur of (i) the 36-month anniversary of the date of the SEPA or (ii) the date on
which the Company shall have made full payment of Advances pursuant to the SEPA. We have the right to terminate the SEPA at no cost or
penalty upon five trading days’ prior written notice to Yorkville, provided that there are no outstanding Advance Notices for which
shares of common stock need to be issued and the Company has paid all amounts owed to Yorkville pursuant to the Promissory Note. The
Company and Yorkville may also agree to terminate the SEPA by mutual written consent.

11

Any
purchase under an Advance would be subject to certain limitations, including that Yorkville shall not purchase or acquire any shares
that would result in it and its affiliates beneficially owning more than 4.99% of the then outstanding voting power or number of shares
of Common Stock or any shares that, aggregated with shares issued under all other earlier Advances, would exceed 19.99% of all shares
of Common Stock outstanding on the date of the SEPA (the “Exchange Cap”), unless the Company obtains stockholder approval
to issue shares of Common Stock in excess of the Exchange Cap in accordance with applicable Nasdaq rules.

In
connection with the execution of the SEPA, the Company paid a diligence fee (in cash) to Yorkville in the amount of $25,000. Additionally,
the Company agreed to pay a commitment fee of $200,000 to Yorkville, payable as follows: (i) $100,000 payable within three days of the
date of the SEPA, in the form of the issuance of 80,000 shares of Common Stock, representing $100,000 divided by the closing price as
of the trading day immediately prior to the date of the SEPA, and (ii) $100,000 payable on the three-month anniversary of the date of
the SEPA, payable in either cash or in the form of an Advance.

Additionally,
Yorkville agreed to advance to the Company, in exchange for a convertible promissory note (the “Promissory Note”), an aggregate
principal amount of up to $6.5 million (the “Pre-P