Company: TNRSF
Filing Date: 2025-04-07
Form Type: 6-K
Source: 0001171843-25-002038
Chunk: 36

Company: TENARIS SA
Filing Date: 2025-04-07
Form: 6-K
Chunk 36
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 on which the Securities are acquired. For over-the-counter or off-market transactions, the purchase price per ADR to
be paid in cash may not exceed 125% (excluding transaction costs and expenses), nor may it be lower than 75% (excluding transaction costs
and expenses), in each case of the average of the closing prices of the ADRs in the New York Stock Exchange during the five trading days
in which transactions in ADRs were recorded in the New York Stock Exchange preceding (but excluding) the day on which the ADRs are acquired;
and, in the case of acquisition of Securities, other than in the form of ADRs, such maximum and minimum per Security purchase prices shall
be equal to the prices that would have applied in case of an ADR purchase pursuant to the formula above divided by the number of underlying
Shares represented by an ADR at the time of the relevant purchase. Compliance with maximum and minimum purchase price requirements in
any and all acquisitions made pursuant to this authorization (including, without limitation, acquisitions carried out through the use
of derivative financial instruments or option strategies) shall be determined on and as of the date on which the relevant transaction
is entered into, irrespective of the date on which the transaction is to be settled.

4. The above maximum and minimum
purchase prices shall, in the event of a change in the par value of the shares, a capital increase by means of a capitalization of reserves,
a distribution of shares under compensation or similar programs, a stock split or reverse stock split, a distribution of reserves or any
other assets, the redemption of capital, or any other transaction impacting on the Company’s equity be adapted automatically, so
that the impact of any such transaction on the value of the shares shall be reflected.

5. The acquisitions of Securities
may not have the effect of reducing the Company’s net assets below the sum of the Company’s capital stock plus its undistributable
reserves.

6. Only fully paid-up Securities
may be acquired pursuant to this authorization.

7. The acquisitions of Securities
may be carried out for any purpose, as may be permitted under applicable laws and regulations, including without limitation to reduce
the share capital of the Company, to offer such shares to third parties in the context of corporate mergers or acquisitions of other entities
or participating interests therein, for distribution to the Company’s or the Company’s subsidiaries’ directors, officers
or employees or to meet obligations arising from convertible debt instruments.

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