Company: GAME
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004869
Chunk: 525

Company: GameSquare Holdings, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 3
Chunk 525
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 the SEPA. Sales of the shares of Common Stock to Yorkville under the SEPA,
and the timing of any such sales, are at the Company’s option, and the Company is under no obligation to sell any shares of Common
Stock to Yorkville under the SEPA except in connection with notices that may be submitted by Yorkville, in certain circumstances as described
below.

Each
advance (each, an “Advance”) the Company requests in writing to Yorkville under the SEPA (notice of such request, an “Advance
Notice”) may be for a number of shares of Common Stock up to the greater of (i) 500,000 shares or (ii) such amount as is equal
to 100% of the average daily volume traded of the Common Stock during the five trading days immediately prior to the date the Company
requests each Advance; The shares of Common Stock purchased pursuant to an Advance delivered by the Company will be purchased at a price
equal to 97% of the lowest daily VWAP of the shares of Common Stock during the three consecutive trading days commencing on the date
of the delivery of the Advance Notice, other than the daily VWAP on a day in which the daily VWAP is less than a minimum acceptable price
as stated by the Company in the Advance Notice or there is no VWAP on the subject trading day. The Company may establish a minimum acceptable
price in each Advance Notice below which the Company will not be obligated to make any sales to Yorkville. “VWAP” 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