# EDGAR Filing Document

**Accession Number:** 0001867834
**File Stem:** 0001104659-26-066323
**Filing Date:** 2026-5
**Character Count:** 220822
**Document Hash:** 0e3f9f88a893935542aaa088ab20ec7b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-066323.hdr.sgml**: 20260526

**ACCESSION NUMBER**: 0001104659-26-066323

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20260519

**FILED AS OF DATE**: 20260526

**DATE AS OF CHANGE**: 20260526

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bragg Gaming Group Inc.
- **CENTRAL INDEX KEY:** 0001867834
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER RENTAL & LEASING [7377]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40759
- **FILM NUMBER:** 261020714

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 130 KING STREET WEST
- **STREET 2:** SUITE 1955
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5X 1C9
- **BUSINESS PHONE:** 647-800-2282

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 130 KING STREET WEST
- **STREET 2:** SUITE 1955
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5X 1C9

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE <br> SECURITIES EXCHANGE ACT OF 1934**

**For the month of May, 2026**

**Commission File Number: 001-40759**

**Bragg Gaming Group Inc.**

*(Translation of registrant's name into English)*

**130 King Street West, Suite 1955**

**Toronto, Ontario M5X 1E3**

**Canada**

(*Address of principal executive offices*)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ◻ Form 40-F ⌧

**DOCUMENTS FILED AS PART OF THIS FORM 6-K**

---

| | |
|:---|:---|
| **<u>Exhibit</u>** | **<u>Description</u>** |
| [99.1](tm2614911d1_ex99-1.htm) | [Notice of Annual General Meeting of Shareholders and Management Information Circular](tm2614911d1_ex99-1.htm) |
| [99.2](tm2614911d1_ex99-2.htm) | [Form of Proxy](tm2614911d1_ex99-2.htm) |
| [99.3](tm2614911d1_ex99-3.htm) | [Term Sheet, dated May 14, 2026](tm2614911d1_ex99-3.htm) |
| [99.4](tm2614911d1_ex99-4.htm) | [Material Change Report, dated May 25, 2026](tm2614911d1_ex99-4.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **BRAGG GAMING GROUP INC.** | **BRAGG GAMING GROUP INC.** |
| Date: May 26, 2026 |  |  |
|  | By: | /s/ Robert Bressler |
|  | Name: | Robert Bressler |
|  | Title: | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm2614911d1_ex99-1img005.jpg)

**BRAGG GAMING GROUP INC.**

**NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS**

**NOTICE IS HEREBY GIVEN** that the annual general meeting (the "**Meeting**") of the shareholders ("**Shareholders**") of Bragg Gaming Group Inc. (the "**Corporation**") will be held at the offices of Blake, Cassels & Graydon LLP, 199 Bay Street, Suite 4000, Toronto, Ontario, M5L 1A9 at 10:00 a.m. (Toronto time), on June 18, 2026 for the following purposes, the particulars of which are set forth in the management information circular of the Corporation dated May 15, 2026 (the "**Circular**"):

**1.** to
 receive the audited annual financial statements of the Corporation for the year ended December 31,
 2025, together with the report of the auditor thereon;

**2.** to
 elect the directors of the Corporation to hold office until the close of the next annual
 meeting of the Shareholders of the Corporation or until their successors shall be appointed
 or elected;

**3.** to
 re-appoint auditors and to authorize the directors to fix the auditors' remuneration;
 and

**4.** to
 transact such other business as may properly be brought before the Meeting or any adjournment
 thereof.

A copy of the audited annual financial statements of the Corporation for the year ended December 31, 2025, together with the report of the auditor thereon, also accompany this notice of the Meeting. The directors of the Corporation have fixed the close of business on May 6, 2026 as the record date (the "**Record Date**") for the determination of Shareholders of the Corporation entitled to receive notice of, and to vote at, the Meeting. Only Shareholders whose names have been entered in the Corporation's register of Shareholders as of the close of business on the Record Date will be entitled to receive notice of, and to vote at, the Meeting.

**Registered Shareholders may attend the Meeting in person or may be represented by proxy**. If you are a registered Shareholder and are unable to attend the Meeting in person, please exercise your right to vote by dating, signing and returning the accompanying form of proxy to Computershare Investor Services Inc., the transfer agent of the Corporation. To be valid, completed proxy forms must be dated, completed, signed and deposited with the Corporation's transfer agent, Computershare Investor Services: (i) by mail using the enclosed return envelope or one addressed to Computershare Investor Services Inc., Proxy Department, 14<sup>th</sup> Floor, 320 Bay Street, Toronto, Ontario, M5H 4A6; (ii) by hand delivery to Computershare Investor Services Inc., 14<sup>th</sup> Floor, 320 Bay Street, Toronto, Ontario, M5H 4A6; (iii) by facsimile to 1-866-249-7775 (within Canada & the United States) and 416-263-9524 (internationally); or (iv) by telephone at 1-866-732-8683 (within Canada & the United States) and 312-588-4290 (internationally). You may also vote through the internet and if you do vote through the internet, you may also appoint another person to be your proxyholder. Please go to <u>www.investorvote.com</u> and follow the instructions. You will require your 15-digit control number found on your proxy form. Your proxy or voting instructions must be received in each case no later than 10:00 a.m. (Toronto time) on the second to last business day preceding the day of the Meeting or any adjournment thereof. If you are unable to attend the Meeting, we encourage you to complete the enclosed form of proxy as soon as possible. If a Shareholder received more than one form of proxy because such Shareholder owns Common Shares registered in different names or addresses, each form of proxy should be completed and returned. The chair of the Meeting shall have the discretion to waive or extend the proxy deadline without notice.

**If you are not a registered Shareholder** and receive materials through your broker or through another intermediary, please complete and return the form of proxy in accordance with the instructions provided to you by your broker or by the other intermediary. For information with respect to Shareholders who own their Common Shares through an intermediary, see "*General Proxy Information – Non-Registered Shareholders*" in the Circular.

The Circular, this Notice, a form of proxy, the audited annual financial statements of the Corporation for the year ended December 31, 2025, together with the report of the auditor thereon and the management discussion and analysis related to such financial statements are available on the Corporation's SEDAR+ profile at <u>www.sedarplus.ca</u> and EDGAR profile at <u>www.sec.gov/search-filings</u>.

**DATED** at Toronto, Ontario as of the 15<sup>th</sup> day of May, 2026.

---

| |
|:---|
| **By Order of the Board of Directors** |
| *(signed) "Holly Gagnon"* |
| Holly Gagnon<br> Chair of the Board of Directors |

---

**BRAGG GAMING GROUP INC.**

**MANAGEMENT INFORMATION CIRCULAR**

May 15, 2026

**INDEX**

---

| | |
|:---|:---|
| **Page** |  |
| GENERAL PROXY INFORMATION | 4 |
| VOTING SECURITIES AND PRINCIPAL HOLDERS THEREOF | 6 |
| CURRENCY | 8 |
| BUSINESS OF THE MEETING | 8 |
| OTHER BUSINESS | 13 |
| INTEREST OF CERTAIN PERSONS IN MATTERS TO BE ACTED UPON | 13 |
| EXECUTIVE COMPENSATION | 13 |
| EQUITY COMPENSATION PLAN INFORMATION | 27 |
| MANAGEMENT CONTRACTS | 27 |
| INDEBTEDNESS OF DIRECTORS, EXECUTIVE OFFICERS AND SENIOR OFFICERS | 27 |
| CORPORATE GOVERNANCE | 27 |
| INTEREST OF INFORMED PERSONS IN MATERIAL TRANSACTIONS | 34 |
| ADDITIONAL INFORMATION | 34 |
| APPROVAL | 34 |
| SCHEDULE "A" BOARD CHARTER | A-1 |

---

**BRAGG GAMING GROUP INC.<br> MANAGEMENT INFORMATION CIRCULAR**

May 15, 2026

**GENERAL PROXY INFORMATION**

**Solicitation of Proxies**

This management information circular ("**Circular**") is furnished in connection with the solicitation of proxies by the management and the directors of Bragg Gaming Group Inc. (the "**Corporation**" or "**Bragg**") for use at the annual general meeting (the "**Meeting**") of the shareholders of the Corporation ("**Shareholders**") to be held at the offices of Blake, Cassels & Graydon LLP, 199 Bay Street, Suite 4000, Toronto, Ontario, M5L 1A9 at 10:00 a.m. (Toronto time), on June 18, 2026 and at all adjournments thereof for the purposes set forth in the accompanying notice of the Meeting (the "**Notice of Meeting**"). The solicitation of proxies will be made primarily by mail, and may be supplemented by telephone or other personal contact by the directors, officers and employees of the Corporation. Directors, officers and employees of the Corporation will not receive any extra compensation for such activities. The Corporation may also retain, and pay a fee to, one or more professional proxy solicitation firms to solicit proxies from the Shareholders of the Corporation in favour of the matters set forth in the Notice of Meeting. The Corporation may pay brokers or other persons holding common shares of the Corporation ("**Common Shares**") in their own names, or in the names of nominees, for their reasonable expenses for sending forms of proxy and this Circular to beneficial owners of Common Shares and obtaining proxies therefrom. The cost of any such solicitation will be borne by the Corporation.

No person is authorized to give any information or to make any representation other than those contained herein and, if given or made, such information or representation should not be relied upon as having been authorized by the Corporation. The delivery of this Circular shall not, under any circumstances, create an implication that there has not been any change in the information set forth herein since the date hereof.

A registered Shareholder of the Corporation may vote in person at the Meeting or may appoint another person to represent such Shareholder as proxy and to vote the Common Shares of such Shareholder at the Meeting. Only registered Shareholders of the Corporation, or the persons they appoint as their proxies, are entitled to attend and vote at the Meeting. For information with respect to Shareholders who own their Common Shares beneficially through an intermediary, see "*Non-Registered Shareholders*" below.

**Appointment and Revocation of Proxies**

Enclosed herewith is a form of proxy for use at the Meeting. The persons named in the form of proxy are directors and/or officers of the Corporation. **A Shareholder submitting a proxy has the right to appoint a nominee (who need not be a Shareholder) to represent such Shareholder at the Meeting, other than the persons designated in the enclosed form of proxy, by inserting the name of the chosen nominee in the space provided for that purpose on the form of proxy and by striking out the printed names**.

A form of proxy will not be valid for the Meeting or any adjournment or postponement thereof unless it is signed by the Shareholder or by the Shareholder's attorney authorized in writing or, if the Shareholder is a corporation, it must be executed by a duly authorized officer or attorney thereof. The proxy, to be acted upon, must be dated, completed, signed and deposited with the Corporation's transfer agent, Computershare Investor Services Inc**.:** (i) by mail using the enclosed return envelope or one addressed to Computershare Investor Services Inc., Proxy Department, 14<sup>th</sup> Floor, 320 Bay Street, Toronto, Ontario, M5H 4A6; (ii) by hand delivery to Computershare Investor Services Inc., 14<sup>th</sup> Floor, 320 Bay Street, Toronto, Ontario, M5H 4A6; (iii) by facsimile to 1-866-249-7775 (within Canada & the United States) and 416-263-9524 (internationally); or (iv) by telephone at 1-866-732-8683 (within Canada & the United States) and 312-588-4290 (internationally), by no later than 10:00 a.m. (Toronto time) on the second to last business day preceding the day of the Meeting or any adjournment thereof.

A registered Shareholder of the Corporation who has given a proxy may revoke the proxy at any time prior to its use by: (a) depositing an instrument in writing, including another completed form of proxy, executed by such registered Shareholder or by his or her attorney authorized in writing or by electronic signature or, if the registered Shareholder is a corporation or other similar entity, by an authorized officer or attorney thereof (i) at the registered office of the Corporation, located at 130 King Street West, Suite 1955, Toronto, Ontario, M5X 1E3, at any time prior to 10:00 a.m. (Toronto Time) on the second to last business day preceding the day of the Meeting or any adjournment thereof, (ii) with Computershare Investor Services Inc. Attn: Proxy Department, 14<sup>th</sup> Floor, 320 Bay Street, Toronto, Ontario, M5H 4A6, at any time prior to 10:00 a.m. (Toronto Time) on the second to last business day preceding the day of the Meeting or any adjournment thereof, or (iii) with the chair of the Meeting on the day of the Meeting or any adjournment thereof; (b) transmitting, by telephonic or electronic means, a revocation that complies with clauses (i), (ii) or (iii) above and that is signed by electronic signature, provided that the means of electronic signature permits a reliable determination that the document was created or communicated by or on behalf of such registered Shareholder or by or on behalf of his or her attorney, as the case may be; or (c) in any other manner permitted by law including attending the Meeting in person.

**Exercise of Discretion by Proxies**

The Common Shares represented by an appropriate form of proxy will be voted on any ballot that may be conducted at the Meeting, or at any adjournment thereof, in accordance with the instructions contained on the form of proxy. In the absence of instructions, such Common Shares will be voted in favour of each of the matters referred to in the Notice of Meeting.

The enclosed form of proxy, when properly completed and signed, confers discretionary authority upon the persons named therein to vote on any amendments to or variations of the matters identified in the Notice of Meeting and on other matters, if any, which may properly be brought before the Meeting or any adjournment thereof. At the date hereof, management of the Corporation knows of no such amendments or variations or other matters to be brought before the Meeting. However, if any other matters which are not now known to management of the Corporation should properly be brought before the Meeting, or any adjournment thereof, the Common Shares represented by such proxy will be voted on such matters in accordance with the judgment of the person named as proxy thereon.

**Signing of Proxy**

The form of proxy must be signed by the Shareholder or the duly appointed attorney thereof authorized in writing or, if the Shareholder is a corporation or other similar entity, by an authorized officer of such entity. A form of proxy signed by the person acting as attorney of the Shareholder or in some other representative capacity, including an officer of a corporation which is a Shareholder, should indicate the capacity in which such person is signing and the form of proxy should be accompanied by the appropriate instrument evidencing the qualification and authority to act of such person, unless such instrument has previously been filed with the Corporation. A Shareholder or his or her attorney may sign the form of proxy or a power of attorney authorizing the creation of a proxy by electronic signature provided that the means of electronic signature permits a reliable determination that the document was created or communicated by or on behalf of such Shareholder or by or on behalf of his or her attorney, as the case may be.

**Non-Registered Shareholders**

Only registered Shareholders of the Corporation, or the persons they appoint as their proxies, are entitled to attend and vote at the Meeting. The Common Shares of a non-registered shareholder (a "**Non-Registered Shareholder**") who beneficially owns Common Shares will generally be registered in the name of either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 intermediary (an "**Intermediary**") with whom the Non-Registered Shareholder
 deals in respect of the Common Shares (including, among others, banks, trust companies, securities
 dealers or brokers, trustees or administrators of a self-administered registered retirement
 savings plan, registered retirement income fund, registered education savings plan and similar
 plans); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 clearing agency (such as The Canadian Depository for Securities Limited in Canada or The
 Depository Trust Company in the United States) or its nominee of which the Intermediary is
 a participant.

In accordance with the requirements of National Instrument 54-101 – *Communication with Beneficial Owners of Securities of a Reporting Issuer* published by the Canadian Securities Administrators, the Corporation has distributed copies of the Notice of Meeting, this Circular, the form of proxy and the applicable financial statements (collectively, the "**Meeting Materials**") directly to Non-Registered Shareholders. Intermediaries often use service companies to forward the Meeting Materials to Non-Registered Shareholders. Generally, Non-Registered Shareholders who have not waived the right to receive Meeting Materials will either receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Voting Instruction Form**: a voting instruction form which is **not signed by the Intermediary** and which, when properly completed and signed by the Non-Registered Shareholder and **returned to the Intermediary or its service company**, will constitute voting instructions which
 the Intermediary must follow. Typically, the voting instruction form will consist of a one
 page pre-printed form. Sometimes, instead of the one page preprinted form, the
 voting instruction form will consist of a regular printed proxy form accompanied by a page of
 instructions which contains a removable label with a barcode and other information. In order
 for the form of proxy to validly constitute a voting instruction form, the Non-Registered
 Shareholder must remove the label from the instructions and affix it to the form of proxy,
 properly complete and sign the form of proxy and submit it to the Intermediary or its service
 company in accordance with the instructions of the Intermediary or its service company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Form of Proxy**: a form of proxy which has **already been signed by the Intermediary** (typically
 by a facsimile, stamped signature), which is restricted as to the number of Common Shares
 beneficially owned by the Non-Registered Shareholder but which is otherwise not completed
 by the Intermediary. Because the Intermediary has already signed the form of proxy, this
 form of proxy is not required to be signed by the Non-Registered Shareholder when submitting
 the proxy. In this case, the Non-Registered Shareholder who wishes to submit a proxy should
 properly complete the form of proxy and deposit it with Computershare Investor Services Inc.
 Attn: Proxy Department, 320 Bay Street, 14<sup>th</sup> Floor, Toronto, Ontario M5J 2Y1.

**In either case, the purpose of these procedures is to permit Non-Registered Shareholders to direct the voting of the Common Shares they beneficially own. Should a Non-Registered Shareholder who receives either a voting instruction form or a form of proxy wish to attend the Meeting and vote in person (or have another person attend and vote on behalf of the Non-Registered Shareholder), the Non-Registered Shareholder should strike out the names of the persons named in the form of proxy and insert the Non-Registered Shareholder's (or such other person's) name in the blank space provided or, in the case of a voting instruction form, follow the directions indicated on the form. Non-Registered Shareholders should carefully follow the instructions of their Intermediaries and their service companies, including those instructions regarding when and where the voting instruction form or the form of proxy is to be delivered.**

A Non-Registered Shareholder who has submitted a proxy may revoke it by contacting the Intermediary through which the Common Shares of such Non-Registered Shareholder are held and following the instructions of the Intermediary respecting the revocation of proxies.

**Quorum**

The quorum for the transaction of business at any meeting of Shareholders is two persons present and holding or representing at least 10% of the outstanding Common Shares. In the event that a quorum is not present within such reasonable time after the time fixed for the holding of the Meeting as the persons present and entitled to vote at the Meeting may determine, such persons may adjourn the Meeting to a fixed time and place.

**VOTING SECURITIES AND PRINCIPAL HOLDERS THEREOF**

**Description of Share Capital**

The Corporation is authorized to issue an unlimited number of Common Shares of which 25,574,284 Common Shares were outstanding as of the close of business on May 6, 2026.

The holders of the Common Shares are entitled to one vote for each Common Share held on all ballots taken at all meetings of Shareholders, except meetings at which only holders of another specified class or series of shares of the Corporation are entitled to vote. Except as otherwise noted in this Circular, a simple majority of the votes cast at the Meeting, whether in person, by proxy or otherwise, will constitute approval of any matter submitted to a vote.

**Record Date**

The directors of the Corporation have fixed May 6, 2026 (the "**Record Date**") as the record date for the determination of the Shareholders entitled to receive notice of the Meeting. Holders of record of Common Shares at the close of business on the Record Date will be entitled to vote at the Meeting and at all adjournments thereof.

**Ownership of Securities of the Corporation**

As at the Record Date, and to the knowledge of the directors and officers of the Corporation, no person, firm or corporation beneficially owned, directly or indirectly, or exercised control or direction over, voting securities of the Corporation carrying more than 10% of the voting rights attaching to any class of voting securities of the Corporation, except for the following:

---

| | | |
|:---|:---|:---|
| **Shareholder Name** | **Number of Common Shares<br> Beneficially Owned or Over<br> which Control is Exercised<sup>(1)</sup>** | **Percentage of Class<br> on a Non-diluted Basis<sup>(2)</sup>** |
| &nbsp;&nbsp;Matevž Mazij | 3395000<sup>(3)</sup> | 13.28% |

---

**Notes:**

&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 information about Common Shares over which control or direction is exercised, not being within
 the knowledge of the Corporation is based on publicly available information on the System
 for Electronic Disclosure by Insiders (SEDI) as of the Record Date.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Based
 on 25,574,284 Common Shares issued and outstanding as of the Record Date.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Comprised
 of 3,395,000 Common Shares held by K.A.V.O. Holdings Limited, a company beneficially owned
 or controlled by Mr. Mazij.

**Investor Rights Agreement**

On January 18, 2021, the Corporation entered into an investor rights agreement (the "**Investor Rights Agreement**") with K.A.V.O. Holdings Limited ("**KAVO**"). The Investor Rights Agreement governs the rights of KAVO (the "**Investor**") to receive registration rights from the Corporation, to receive certain information from the Corporation and to exercise certain control and governance rights.

Pursuant to the Investor Rights Agreement, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Subject
 to certain conditions, including KAVO holding at least 20% of the issued and outstanding
 Common Shares (calculated on a non-diluted basis), KAVO shall have the right to nominate
 two directors to the Board, one of whom shall be Matevž Mazij.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) KAVO
 shall have the right to require the Corporation to file one or more prospectuses with applicable
 securities regulatory authorities, all or a portion of the Common Shares held by KAVO for
 distribution to the public (a "**Demand Distribution** "), provided that the
 Corporation is not obliged to effect: (i) more than two Demand Distributions; or (ii) any
 Demand Distribution where the value of the Common Shares offered under such demand registration
 is less than $5 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Subject
 to certain exemptions, KAVO shall have the right to require the Corporation to include Common
 Shares beneficially owned by KAVO in any future public offerings undertaken by the Corporation
 by way of prospectus that it may file with applicable securities regulatory authorities solely
 for cash.

**CURRENCY**

All dollar amounts in this Circular are expressed in Canadian dollars unless otherwise indicated.

**BUSINESS OF THE MEETING**

**Financial Statements**

The audited financial statements of the Corporation for the year ended December 31, 2025 together with the report of the auditor thereon have been mailed to the Shareholders who requested to receive them. The financial statements are also available on the Corporation's SEDAR+ profile at <u>www.sedarplus.ca</u>. The financial statements of the Corporation for the year ended December 31, 2025 and the report of the auditor thereon will be placed before the Shareholders at the Meeting.

**Election of Directors**

At the Meeting, it is proposed that the directors whose names are set forth below be elected to the Board. Each director elected will hold office until the close of the first annual meeting of the Shareholders following their election, unless their office is earlier vacated in accordance with the by-laws of the Corporation. In accordance with the articles of incorporation of the Corporation (the "**Articles**"), by-laws of the Corporation, and the policies of the Toronto Stock Exchange (the "**TSX**"), the board of directors of the Corporation (the "**Board**"), must be comprised of a minimum of three directors and a maximum of 15 directors.

The Corporation previously adopted a majority voting policy (the "**Majority Voting Policy**") for its Board nominees in compliance with the TSX rules. The Majority Voting Policy provides that a nominee for election as a director who does not receive a greater number of votes "for" than votes "withheld" with respect to the election of directors by Shareholders will be expected to offer to tender their resignation to the Chair of the Board promptly following the meeting of Shareholders at which the director was elected. The Governance and Nomination Committee will consider such offer and make a recommendation to the Board whether to accept it or not. The Board will promptly accept the resignation unless it determines, in consultation with the Governance and Nomination Committee, that there are exceptional circumstances that should delay the acceptance of the resignation or justify rejecting it. The Board will make its decision and announce it in a press release within 90 days following the meeting of Shareholders. A director who tenders a resignation pursuant to the Majority Voting Policy will not participate in any meeting of the Board or the Governance and Nomination Committee at which the resignation is considered.

Following adoption of the Majority Voting Policy, amendments to the *Canada Business Corporations Act* (the "**CBCA**") came into effect introducing statutory voting requirements for uncontested director elections. Under the CBCA: (i) shareholders will be asked to vote "for" or "against" each nominated director; (ii) only nominees receiving a majority of the votes cast in their favour will be elected, subject to limited and defined circumstances; and (iii) if a nominated director does not receive a majority of the votes cast in his or her favour by the shareholders, such nominated director, if he or she is an incumbent director, may continue in office until the earlier of the 90th day after the election or the day on which his or her successor is appointed or elected. In accordance with the CBCA, the Board may reappoint an incumbent director even if he or she does not receive majority support in the following limited and defined circumstances: (i) to satisfy Canadian residency requirements; or (ii) to satisfy the requirement that at least two directors are not also officers or employees of the company or its affiliates. The Corporation intends to adhere to the procedures outlined in its Majority Voting Policy as an overlay to these CBCA majority voting rules in the event any nominated director does not receive a majority of the votes cast for his or her election, except to the extent inconsistent with the provisions of the CBCA.

The Corporation's by-laws also include certain advance notice provisions with respect to the election of directors (the "**Advance Notice Provisions**"). The Advance Notice Provisions are intended to facilitate orderly and efficient annual meetings or, where the need arises, special meetings; ensure that all shareholders receive adequate notice of Board nominations and sufficient information with respect to all director nominees; and allow shareholders to register an informed vote. Only persons who are nominated by shareholders in accordance with the Advance Notice Provisions will be eligible for election as directors at any annual meeting of shareholders, or at any special meeting of shareholders if one of the purposes for which the special meeting was called was the election of directors.

Under the Advance Notice Provisions, a shareholder wishing to nominate a director would be required to provide the Corporation with notice, in the prescribed form, within the prescribed time periods. The Advance Notice Provisions provide requirements for proper written form of notice, which notice shall include information relating to: (i) the person whom a shareholder proposes to nominate for election as a director (the "**proposed nominee**"), which such information includes, among others, the number of securities beneficially owned, or controlled or directed, directly or indirectly, by the proposed nominee and the relationship between the Nominating Shareholder and the person nominated as a director; and (ii) the shareholder who is providing the notice and each beneficial owner, if any, on whose behalf the nomination is made (the "**Nominating Shareholder**"), which such information includes, among others, the number of securities beneficially owned, or controlled or directed, directly or indirectly, by the Nominating Shareholder and its joint actors, if any; any interests in, or rights or obligations associated with any agreement which alters the person's economic interest in a security of the Corporation or economic exposure to the Corporation; representation as to whether such person intends to deliver a proxy circular and/or form of proxy, and in each case, any other information that may be required by applicable laws. The prescribed time periods under the Advance Notice Provisions include: (i) in the case of an annual meeting of shareholders (including annual and special meetings), not less than 30 days prior to the date of the annual meeting of shareholders; provided, that if the first public announcement of the date of the annual meeting of shareholders (the "**Notice Date**") is less than 50 days before the meeting date, not later than the close of business on the 10th day following the Notice Date; and (ii) in the case of a special meeting (which is not also an annual meeting) of shareholders called for any purpose, which includes electing directors, not later than the close of business on the 15th day following the Notice Date; and (ii) if notice-and-access (as defined in National Instrument 54-101—*Communication with Beneficial Owners of Securities of a Reporting Issuer*) is used for delivery of proxy related materials in respect of a meeting described above, not less than 40 days prior to the date of the meeting (and, in any event, not prior to Notice Date); provided that in the event that the meeting is to be held on a date that is less than 50 days after Notice Date, (a) in the case of an annual meeting of shareholders, notice by the Nominating Shareholder shall be made not later than the close of business on the 10th day following the Notice Date, and (ii) in the case of a special meeting of shareholders, notice by the Nominating Shareholder shall be made not later than the close of business on the 15th day following the Notice Date.

The following table sets forth certain information regarding the Corporation's Board nominees, their position with the Corporation, the dates upon which the nominees became directors of the Corporation and the number of Common Shares beneficially owned by them, directly or indirectly, or over which control or direction is exercised by them as at the Record Date.

---

| | | | |
|:---|:---|:---|:---|
| **Name and <br> Residence** | **Office** | **Date Became <br> Director** | **Number of <br> Common Shares<br> Beneficially <br> Owned or Over <br> which Control is Exercised**<sup>1</sup>** |
| Matevž Mazij <br>*Zagreb, Croatia* | Chief Executive Officer <br>Member of Governance and<br> Nomination Committee | January 20, 2021 | 3395000 <sup>(1)</sup> |
| Holly Gagnon <br>*Massachusetts, United States* | Chair of the Board <br>Member of Audit Committee <br>Interim Chair of<br> Compensation Committee <br>Member of Governance and<br> Nomination Committee <br>Interim Chair of Technology<br> Committee | May 11, 2021 | 13888 |
| Mark Clayton <br>*Nevada, United States* | Director <br>Chair of Governance and <br> Nomination Committee <br>Chair of Compliance <br> Committee <br>Member of Audit Committee <br>Member of Compensation<br> Committee | July 25, 2022 | 42500 |
| Donald Robertson <br>*Ontario, Canada* | Director <br>Chair of Audit Committee <br>Member of Compensation <br> Committee <br>Member of Governance and<br> Nomination Committee <br>Member of Technology<br> Committee | June 22, 2023 | 46800 |
| Aaron Baryoseph <br>*Ontario, Canada* | Director <br>Member of Governance and<br> Nomination Committee <br>Member of Compliance <br> Committee | June 22, 2023 | Nil |
| Thomas Winter <br>*Texas, United States* | Director <br>Member of Audit Committee <br>Member of Compensation<br> Committee | March 15, 2026 | 251071 |

---

**Notes:**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Comprised
 of 3,395,000 Common Shares held by K.A.V.O. Holdings Limited, a company beneficially owned
 or controlled by Mr. Mazij.

The directors of the Corporation have five standing committees being the audit committee (the "**Audit Committee**"), the compensation committee (the "**Compensation Committee**"), the governance and nomination committee (the "**Governance and Nomination Committee**"), the compliance committee (the "**Compliance Committee**") and the technology Committee (the "**Technology Committee**"). Upon completion of the Meeting, the newly elected directors will convene to select directors to serve on each of the committees of the Board. See "*Corporate Governance*".

***Background of Directors***

*Matevž Mazij – Chief Executive Officer*

Mr. Mazij founded Oryx Gaming Limited ("**Oryx Gaming**") in Slovenia in 2010, building the company into a full turnkey iGaming technology provider which was acquired by Bragg Gaming Group in 2018. Mr. Mazij continued to serve as Chief Executive Officer of Oryx Gaming throughout the post-acquisition integration period until 2021, when he moved on to join Bragg's Board. He was appointed Chief Executive Officer in August 2023 and served as Chair of the Board from June 2023 until April 2025.

*Holly Gagnon – Chair of the Board*

Ms. Gagnon is a casino industry veteran with 34 years of gaming experience at the executive level. She is currently the president of HGC Hospitality Gaming Consulting. From 2017 to 2020, Ms. Gagnon served as Chief Executive Officer of Seneca Gaming Corporation, which manages the gaming operations of the Seneca Nation of Indians. Prior to this, she served as Chief Executive Officer for Chumash Enterprises for the Santa Ynez Band of Chumash Indians from 2015 to 2017. Before joining Chumash Enterprises, Ms. Gagnon served as the President and Chief Executive Officer of Pearl River Resort from 2012 to 2015 and, prior to that, in a number of key financial and operational roles with Caesars Entertainment Corporation, MGM Resorts International and Harrah's Entertainment Inc. In addition, she is a founding board member of Global Gaming Women where she currently serves on the advisory committee and is a Trustee for the Conference Board and the Committee for Economic Development where she co-chaired the Women in Leadership Committee. She is a Distinguished Fellow for the International Gaming Institute at the University of Nevada, Las Vegas. She lectures at the University of Massachusetts Isenberg School of Management on leadership and hospitality/gaming. Ms. Gagnon holds a B.S. in Accounting from Bentley University in Massachusetts and an MBA from Chaminade University of Honolulu and is a Certified Public Accountant.

*Mark Clayton – Director*

Mr. Clayton is an internationally recognized gaming attorney whose experience includes serving as a Member of the Nevada Gaming Control Board, as Chief of the Nevada Gaming Control Board's Corporate Securities Division, as General Counsel and Company Secretary for several United States listed gaming companies, and as a gaming and corporate attorney for a number of gaming companies. From 2014 to 2022, he served as Chair of Greenberg Traurig L.P.'s global gaming practice where he oversaw the firm's international gaming practice for clients including Genting Berhad, Caesars Entertainment, Las Vegas Sands, 888 Holdings, DraftKings, Flutter and Entain, as well as various investment banks and lenders to the industry. He was a member of the Nevada State Gaming Control Board from 2005-2008. Mr. Clayton currently serves as an independent member of several gaming compliance committees and during his career he also served on the compliance committees at Caesars Entertainment, The Cosmopolitan of Las Vegas, and Silicon Gaming. Mr. Clayton holds a J.D., with honors, from the Pepperdine University School of Law and a B.S. in Business Administration, Accounting and Finance from Washington University in St. Louis. He is a Member of the State Bar of Nevada and has served as Vice Chair for its Gaming Law Section.

*Donald Robertson – Director*

Donald Robertson has over 30 years of corporate finance, risk management and governance experience. He recently retired from his role as Managing Director and Head of Global Mergers & Acquisitions at Scotiabank. Mr. Robertson was previously Vice-Chair of the Board of Directors at Orillia Power Generation Corporation and is currently on the Board of Directors of Kraken Robotics Inc.. Prior to joining Scotiabank, Mr. Robertson served as Chief Executive Officer, Canada and Head of Corporate Finance, Americas at Standard Chartered Bank. Donald has also held senior investment banking roles at Credit Suisse and RBC Capital Markets. He holds an Honors Bachelor of Commerce from Laurentian University, an MBA from the Schulich School of Business (York University), and a Juris Doctor from Osgoode Hall Law School (York University). He was called to the Bar of Ontario in 1998.

*Aaron (Ron) Baryoseph – Director*

Aaron Baryoseph has over 30 years of experience in the North American regulated land based and online gaming sectors. He is president of RBY Gaming and has provided distribution, sales and consulting services to companies including Cammegh, Playtech, Inspired Gaming, Suzo Happ, Softweave, e Connect, Tangiamo, Apt Pay Armour Cyber and Rafflebox technologies. He previously served as SVP of Amaya Gaming during which time Amaya acquired The Stars Group as well as Cadillac Jack which was subsequently sold to AGS. He has also held senior positions with Aristocrat Technologies, IGT and TCS John Huxley.

*Thomas Winter – Director*

Thomas Winter has deep experience in the iGaming and wagering industry, with a career spanning nearly two decades. He is currently a Board Member of Rush Street Interactive, whose brands include BetRivers, PlaySugarHouse and RushBet, and which was an early entrant into several regulated jurisdictions. In 2013, Mr. Winter founded Golden Nugget Online Gaming, where he served as President. Under his leadership, the business became a leading online gaming operator in New Jersey, achieved significant market share and industry recognition, went public, and was later sold to DraftKings for over $1.5 billion. Following that transaction, he joined DraftKings, where he developed its multi-brand online casino strategy and led its online casino business until September 2023. Prior to founding Golden Nugget Online Gaming, Mr. Winter served as Chief Executive Officer and director of Betclic and Expekt, both within the Betclic Group, having previously held the role of Chief Operating Officer at both businesses before his appointment as Chief Executive Officer.

***Shareholder Nominees***

Pursuant to Section 93 of the Corporation's By-Law No. 1, nominations by Shareholders for the election of directors at the Meeting (other than nominations by Shareholders pursuant to a Shareholder proposal or a requisitioned meeting), are to be received by the Corporation by 5:00 p.m. (Toronto time) on May 19, 2026.

***Corporate Cease Trade Orders***

None of the nominees for election as a director of the Corporation is, or was within the 10 years prior to the date hereof, a director, chief executive officer or chief financial officer of any company that was subject to a cease trade order, an order similar to cease trade order or an order that denied such company access to any exemption under securities legislation that was, in each case, in effect for a period of more than 30 consecutive days and that was issued while that person was acting in such capacity or that was issued after that person ceased to act in such capacity and which resulted from an event that occurred while that person was acting in such capacity.

***Personal Bankruptcies***

None of the nominees for election as a director of the Corporation is, or was within the 10 years prior to the date hereof, a director or executive officer of any company that, while that person was acting in such capacity, or within a year of that person ceasing to act in such capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets.

None of the nominees for election as a director of the Corporation has within the 10 years prior to the date hereof become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold his assets.

***Penalties or Sanctions***

None of the nominees for election as a director of the Corporation has been subject to: (i) any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority; or (ii) any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable securityholder in deciding whether to vote for a proposed director.

**The persons named in the form of proxy accompanying this Circular intend to vote FOR the election of the nominees whose names are set forth above, unless the Shareholder who has given such proxy has directed that the Common Shares represented by such proxy be withheld from voting in respect of the election of directors of the Corporation.**

Management of the Corporation does not contemplate that any of the nominees will be unable to serve as a director of the Corporation for the ensuing year; however, if that should occur for any reason prior to the Meeting or any adjournment thereof, the persons named in the form of proxy accompanying this Circular have the right to vote for the election of the remaining nominees and may vote for the election of a substitute nominee at their discretion.

**Re-Appointment of Auditor**

At the Meeting, it is proposed that MNP LLP of Toronto, Ontario ("**MNP**") be re-appointed as the Corporation's auditor. Management recommends the re-appointment of MNP, as auditor of the Corporation to hold office until the close of the next annual meeting of the Shareholders of the Corporation, or until their successor is otherwise appointed. MNP was first appointed auditor of the Corporation on November 1, 2012.

**The persons named in the form of proxy accompanying this Circular intend to vote FOR the reappointment of MNP as the auditor of the Corporation until the close of the next annual meeting of the Shareholders of the Corporation or until its successor is appointed and the authorization of the directors of the Corporation to fix the remuneration of MNP, unless the Shareholder who has given such proxy has directed that the Common Shares represented by such proxy be withheld from voting in respect of the appointment of the auditor of the Corporation.**

**OTHER BUSINESS**

Management is not aware of any matters to come before the Meeting other than those set forth in the Notice of Meeting. If any other matter properly comes before the Meeting, it is the intention of the persons named in the form of proxy accompanying this Circular to vote the shares represented thereby in accordance with their best judgment on such matter.

**INTEREST OF CERTAIN PERSONS IN MATTERS TO BE ACTED UPON**

Other than the election of directors and as otherwise set forth herein, management of the Corporation is not aware of any material interest, direct or indirect, by way of beneficial ownership of securities or otherwise, of any person who has been a director or executive officer of the Corporation at any time since the beginning of the Corporation's last financial year, or of any associate or affiliate of any such persons, in any matter to be acted upon at the Meeting.

**EXECUTIVE COMPENSATION**

The purpose of this compensation discussion and analysis is to provide information about the Corporation's philosophy, objectives and processes regarding executive compensation. This disclosure is intended to communicate the compensation provided to each of the CEO, the CFO, and the next most highly compensated executive officers of the Corporation for the year ended December 31, 2025 (collectively, the "**Named Executive Officers**" or "**NEOs**"). For the year ending December 31, 2025 the Named Executive Officers of the Corporation were Matevž Mazij, Robert Bressler, Peter Lavrič, Tommaso Di Chio and Neill Whyte.

The responsibility for determining the principles for compensation of NEOs (other than the CEO) and other key employees of the Corporation rests with the CEO. Subject to final approval of the Board, the Compensation Committee is responsible for reviewing and recommending to the Board the CEO's compensation recommendations.

The Compensation Committee considers implications of the risks associated with the Corporation's compensation policies and practices as part of its responsibilities to review and recommend the compensation policies and practices of the Corporation.

The executive compensation program is designed to encourage, compensate and reward employees on the basis of individual and corporate performance, both in the short-, medium-, and long-term, thereby enabling the Corporation to retain executives important to the Corporations success. While the Corporation has no specific formal objectives, formula, or criteria for determining total compensation, the Corporation's executive compensation framework is based on the objectives of motivating its executive officers to achieve its business and financial objectives; align the interests of its executive officers with those of its Shareholders by tying a meaningful portion of compensation directly to the long-term value and growth of its business; and provide incentives that encourage growth balanced with appropriate levels of risk-taking and a strong pay-for-performance relationship. In setting Compensation within this framework the Compensation Committee and CEO with input from the Compensation Consultant (as defined below), as applicable, may consider the following factors, among others: an individual's performance, tenure and experience, the performance of the Corporation overall, any retention concerns and the individual's historical compensation, including in comparison to peers in comparable positions using non-specific peer company benchmark data as provided by the Compensation Consultant, ensuring consideration of prevailing market practices to ensure competitiveness and alignment with industry standards. The Compensation Committee and CEO, as applicable, does not weigh any of these factors more heavily than others and does not use any formula to assess these factors, but rather considers each factor in its judgment and at its discretion provided that in certain circumstances the Corporation has implemented certain compensation programs designed specifically to encourage leadership continuity.

The Board and the Compensation Committee believe that the Corporation's compensation policies and practices are appropriate for its industry and stage of business and that such policies and practices do not have associated with them any risks that are reasonably likely to have a material adverse effect on the Corporation or which would encourage a NEO to take any inappropriate or excessive risks. The Compensation Committee will continue to review the Corporation's compensation policies, including its compensation related risk profile, as necessary, to ensure its compensation policies and practices are not reasonably likely to have a material adverse effect on the Corporation or encourage a NEO to take any inappropriate or excessive risks, and may consider adopting a formal policy in this regard in the future, if necessary.

The Corporation's executive compensation program has three components: (i) base salary; (ii) short-term incentives in the form of bonus compensation; and (iii) long-term compensation to align the executives with the interests of Shareholders. In special circumstances the Corporation may offer additional compensation and benefits to executives. These components may be summarized as follows:

**Base Salary**

The base salaries of the NEOs and other key employees are based on competitive salaries for positions of similar responsibilities from the industry knowledge of the Board and management, along with past performance, expertise, and scarcity of the executive or employee's skills. The Corporation does not designate a specific peer group with respect to compensation, but the level of base salary for each NEO is determined by the Corporation.

**Bonus Compensation**

NEOs and key employees are eligible for annual awards in the form of cash bonuses. Annual bonuses are meant to reward both individual accomplishments and contributions to corporate performance. Bonuses encourage and reward individual accomplishments and contributions over the financial year toward achievement of corporate goals and objectives.

**Long-Term Incentive**

The Corporation's omnibus equity incentive plan, as amended (the "**Incentive Plan**") was adopted by the Board to attract, retain, motivate and compensate persons who are integral to the growth and success of the Corporation as it aligns management's interests with those of Shareholders by tying compensation to share price performance and to aid in retention through vesting schedules. When granting Awards (as defined herein), the Compensation Committee and the Board considers an individual's performance; level of responsibility and contribution as well as the aggregate number of Awards that would be held by such individual after the Award under consideration is made.

**Performance Graph**

The following chart shows the Shareholder return on the Common Shares for the period from December 31, 2020 to December 31, 2025, together with the cumulative return for the S&P/TSX Composite Index for the same period, based on the closing price on the last trading day of each fiscal year. The chart assumes an initial investment of $100.

![](tm2614911d1_ex99-1img002.jpg)

The compensation of the Corporation's NEOs during this period was not directly tied to the price of the Common Shares in relation to any index.

**Compensation Governance**

The Compensation Committee reviews the adequacy of remuneration for the executive officers by evaluating their performance in light of the Corporation's goals and objectives, the bonus opportunities contained in their employment agreements, and by comparing the performance of the Corporation with other reporting issuers of similar size in the same industry. The Compensation Committee is currently comprised of Ms. Gagnon (Interim Chair), Mr. Clayton, Mr. Robertson and Mr. Winter. A majority of the members of the Compensation Committee are independent members of the Board.

The terms of any proposed compensation for the directors of the Corporation who are not also officers of the Corporation (including any share-based Awards to be granted) will be determined by the Compensation Committee.

The Corporation relies on its Compensation Committee to determine the compensation of the Corporation's executive officers. The Compensation Committee is responsible for determining all forms of compensation, including long-term incentives in the form of share-based compensation, to be granted to NEOs and directors, and for reviewing the recommendations respecting compensation of other officers of the Corporation from time to time, to ensure such arrangements reflect the responsibilities and risks associated with each position. When determining compensation, the Compensation Committee considers: (i) recruiting and retaining executives critical to the Corporation's success and the enhancement of Shareholder value; (ii) providing fair and competitive compensation; (iii) balancing the interests of management and Shareholders; and (iv) rewarding performance, both on an individual basis and with respect to the Corporation's operations in general. As part of its review, the Compensation Committee may engage an independent compensation consultant to evaluate the Corporation's executive compensation program against market practice.

Compensation Consultant

Since February 2024, the Corporation has engaged Aon Solutions UK Limited (the "**Compensation Consultant**"), an independent consulting firm, to provide services to the Corporation in connection with compensation matters for fiscal 2024, including, among other things, the following:

&nbsp;&nbsp;&nbsp;&nbsp;(i) assistance
 in reviewing the competitiveness of the Corporation's current compensation program
 for executive officers, including design of long term incentive documentation; and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) benchmarking
 its compensation policies and plans.

*Compensation-Related Fees*

The Corporation paid no fees to the Compensation Consultant in respect of fiscal 2025, as no services were rendered during that year. Fees paid to the Compensation Consultant in fiscal 2025 related solely to services rendered by the Compensation Consultant in fiscal 2024. In respect of fiscal 2024 services, the Corporation paid to the Compensation Consultant (i) £74,482.50 in fees for services rendered by the Compensation Consultant relating to the determination of executive compensation and the design of long-term incentive documentation, and (ii) £25,000 in fees for services rendered by the Compensation Consultant relating to benchmarks for employee pay, benefits, and total compensation data.

**Executive Compensation**

***Summary Compensation Table***

The following table sets forth the compensation paid to the Corporation's NEOs for the three most recently completed financial years.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Non-equity incentive<br> plan compensation <br> ($)** | **Non-equity incentive<br> plan compensation <br> ($)** | | |
| <br>**Name and <br> Position** | <br>**Year** | <br>**Salary <br> ($)** | <br>**Share-<br> Based <br> Awards <br> ($)<sup>(1)</sup>** | <br>**Option-<br> Based <br> Awards<sup>(2)</sup>** | **Annual <br> Incentive<br> Plan** | **Long-<br> Term <br> Incentive <br> Plan (C$)** | <br>**All Other<br> Compensation<br> ($)** | <br>**Total<br> Compensation<br> ($)** |
| Matevž Mazij*<br> Chief Executive Officer* | 2025 | Nil | Nil | 195250 | Nil | Nil | 703022<sup>(3)</sup> | 898272 |
|  | 2024 | Nil | 3043 | Nil | 863854 | Nil | 343437<sup>(3)</sup> | 1210334 |
|  | 2023 | 1 | Nil | Nil | 445633 | Nil | 240766<sup>(3)</sup> | 686400 |
| Robert Bressler <br> *Chief Financial Officer* | 2025 | 418000 | Nil | 112452 | Nil | Nil | 179474 | 709926 |
|  | 2024 | 209000 | Nil | Nil | 61455 | Nil | 44798 | 315252 |
| Peter Lavrič<br> *Chief Technology Officer* | 2025 | 614717 | 679081 | 125911 | Nil | Nil | 36645 | 1456354 |
|  | 2024 | 616816 816 | 196816 | Nil | 308046 | Nil | 25999 | 1147679 |
|  | 2023 | 407767 | Nil | Nil | 263395 | Nil | 83529 | 754691 |
| Tommaso Di Chio *<br> Chief Legal and Compliance Officer* | 2025 | 332078 | Nil | 90707 | Nil | Nil | 127090 | 549875 |
|  | 2024 | 146239 | Nil | Nil | 44441 | Nil | 30294 | 220974 |
| Neill Whyte <br> *Chief Commercial Officer* | 2025 | 505034 | Nil | 120943 | Nil | Nil | 193715 | 819692 |
|  | 2024 | 341384 | Nil | Nil | 202289 | Nil | 59743 | 603416 |

---

**Notes:**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Share-based
 awards are valued by using the closing share price of the Common Shares on the TSX on the
 date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Reflects
 stock appreciation rights. The fair value of SARs is determined using the Black-Scholes option
 pricing model.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Reflects
 fees received pursuant to the Mazij Consulting Agreement. See "*– Employment, Consulting and Management Agreements with Named Executive Officers – Consulting Agreement of Mr. Mazij* ".

***Outstanding Share-Based Awards and Option-Based Awards***

The following table sets out, for each NEO, information concerning all option-based and share-based awards outstanding as of December 31, 2025.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Option-based Awards** | **Option-based Awards** | **Option-based Awards** | **Option-based Awards** | **Share-Based Awards** | **Share-Based Awards** | **Share-Based Awards** |
| <br>**Name** | **Number of<br> securities<br> underlying<br> unexercised<br> Options <br> or SARS<br> (#)** | **Option<br> Exercise <br> Price ($)** | **Option <br> Expiration <br> Date** | **Value of<br> Unexercised <br> in-the money<br> ($)<sup>(1)</sup>** | **Number <br> of shares<br> or units of<br> shares that<br> have not <br> vested (#)** | **Market or<br> payout <br> value of<br> share-<br> based <br> awards<br> that have<br> not vested <br> ($)<sup>(2)</sup>** | **Market or<br> payout <br> value of <br> vested<br> share-<br> based<br> awards not<br> paid out or<br> distributed<br> <sup>(2)</sup><br> ($)** |
| Matevž Mazij | 25000<br> 283476<br><sup>(1)</sup> <br> <sup>(3)</sup>  | 12.00<br> Nil | 08 Nov 2031<br> Nil | Nil<br> Nil | Nil | Nil | Nil |
| Robert Bressler | 163265<sup>(3)</sup> | Nil | Nil | Nil | Nil | Nil | Nil |
| Peter Lavrič | 100000<br> 182806<br><sup>(1)</sup> <br> <sup>(3)</sup>  | 15.00<br> Nil | 01 Jul 2031<br> Nil | Nil<br> Nil | 20000 | Nil | 57,000<br> Nil |
| Tommaso Di Chio | 131694<sup>(3)</sup> | Nil | Nil | Nil | Nil | Nil | Nil |
| Neill Whyte | 175592<sup>(3)</sup> | Nil | Nil | Nil | Nil | Nil | Nil |

---

**Notes:**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Reflects
 options. Value of unexercised in-the-money options-based award has been determined by taking
 the difference between the closing price of the Common Shares on the TSX on December 31,
 2025 of $2.88 and the exercise price of the applicable option.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Market
 or payout value per share-based award has been determined as the closing price of the Common
 Shares on the TSX on December 31, 2025 of $2.88.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Reflects
 stock appreciation rights. The fair value of SARs is determined using the Black-Scholes option
 pricing model..

***Incentive Plan Awards - Value Vested or Earned During the Year***

The following table provides the aggregate dollar value of outstanding option-based awards, share based awards and non-equity incentive plan compensation for NEOs as at December 31, 2025, which would have been realized had options that vested in the fiscal year ended December 31, 2025 been exercised on the vesting dates thereof.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Option-based Awards – Value<br> vested during the year<br> ($)<sup>(1)</sup>** | **Share-based Awards – <br> Value <br> vested during the year ($)** | **Non-equity incentive <br> plan <br> compensation – <br> Value earned <br> during the year** |
| Matevž Mazij | 195250 | Nil | Nil |
| Robert Bressler | 112452 | Nil | Nil |
| Peter Lavrič | 125911 | 679081 | Nil |
| Tommaso Di Chio | 90707 | Nil | Nil |
| Neill Whyte | 120943 | Nil | Nil |

---

**Notes:**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Reflects
 stock appreciation rights. The fair value of SARs is determined using the Black-Scholes option
 pricing model..

**Employment, Consulting and Management Agreements with Named Executive Officers**

***Consulting Agreement of Mr. Mazij***

Effective April 25, 2025, the Corporation entered into a consulting agreement with Matevž Mazij and Vela consulting d.o.o. (the "**Mazij Consulting Agreement**"), effective unless terminated by the Corporation or Mr. Mazij. Under the terms of the Mazij Consulting Agreement, Mr. Mazij is entitled to receive an annual payment of €485,000for his services. Mr. Mazij may receive an additional performance based fee with a target of up to 150% of the annual fee, subject to the discretion of the Compensation Committee and the approval of the Board.

If the Corporation terminates Mr. Mazij's employment without cause, it is obligated to pay Mr. Mazij an amount equal to 12 months of fees, calculated with reference to the annual payment of €485,000 and the performance based fee. Any Awards held by Mr. Mazij will be treated in accordance with the Incentive Plan. If the foregoing termination would have occurred on December 31, 2025, were the Mazij Consulting Agreement in place, Mr. Mazij would have been entitled to a payment equal to an estimated €485,000 plus an amount equal to the average of the performance fee paid in the prior two years.

In the event of a Change of Control (as defined in the Mazij Consulting Agreement), Mr. Mazij will be entitled to an amount equal to 12 months of fees, calculated with reference to the annual payment of €485,000 and the performance based fee. Any Awards held by Mr. Mazij will be treated in accordance with the terms and conditions of the Incentive Plan that apply in the event of the Change of Control. If the foregoing termination would have occurred on December 31, 2025, were the Mazij Consulting Agreement in place, Mr. Mazij would have been entitled to a payment equal to an estimated €485,000 plus an amount equal to the average of the performance fee paid in the prior two years.

Mr. Mazij holds 25,000 Options (as defined herein) and 283,476 SARs (as defined herein) with an estimated combined "in-the-money" value of nil as of December 31, 2025.

Mr. Mazij is subject to (i) a non-competition covenant for a period of 24 months following Mr. Mazij's last day of employment and (ii) non-solicitation covenants during Mr. Mazij's employment and for a period of 12 months following his last day of employment.

***Employment Agreements of Mr. Bressler***

On May 27, 2024, the Corporation entered into an employment agreement with Robert Bressler (the "**CFO Agreement**") to act as CFO effective July 1, 2024 for an indefinite term, unless terminated by (a) the Corporation without notice, where Mr. Bressler will be provided (I) accrued entitlements and any other minimum entitlements under applicable employment standards legislation if the Corporation terminates for any reason that permits termination without notice under applicable employment standards legislation, or (II) accrued entitlements, the minimum amount of working notice or pay in lieu of working notice, or a combination thereof, statutory severance pay, if any, and any other minimum entitlements under applicable employment standards legislation, if the Corporation terminates for common law just cause that does not constitute cause described in clause (I); (b) the Corporation with notice, where Mr. Bressler will be provided the greater of (i) the minimum entitlement under applicable employment standards legislation and (ii) 6 months' base salary and benefits in lieu, plus a severance payment equivalent to 6 months' base salary and benefits, along with a pro-rata payment in lieu of bonus, any applicable Incentive Plan awards, accrued entitlements, and any other minimum entitlements under applicable employment standards legislation; and (c) by Mr. Bressler, with not less than 6 months' notice. Under the terms of the CFO Agreement, Mr. Bressler is entitled to receive an annual base salary of $400,000 for his services, pro-rated for any partial year of employment. Mr. Bressler may receive an additional discretionary bonus of up to 50% of his base salary, subject to the approval of the Board. If Mr. Bresser were terminated without just cause on December 31, 2025, he would have been entitled to a payment equal to an estimated $479.455. Any Awards held by Mr. Bressler will be treated in accordance with the Incentive Plan.

In the event that Mr. Bressler, within 12 months of a Change of Control (as defined in the Incentive Plan), is terminated with notice or resigns with Good Reason (as defined in the CFO Agreement), he will be entitled to a payment equal to 12 months of base salary, benefits (calculated at $1,500 per month), a pro-rata payment in lieu of bonus, any applicable Incentive Plan awards, accrued entitlements, and any other minimum entitlements under applicable employment standards legislation. Any Awards held by Mr. Bressler will be treated in accordance with the terms and conditions of the Incentive Plan that apply in the event of the Change of Control. If the foregoing termination would have occurred on December 31, 2025, Mr. Bressler would have been entitled to a payment equal to an estimated $479.455.

Mr. Bressler holds 163,265 SARs with an estimated combined "in-the-money" value of $nil as of December 31, 2025.

Mr. Bressler is subject to non-competition and non-solicitation covenants, in each case, during Mr. Bressler's employment and for a period of 12 months following the date of the termination of his employment, for any reason.

On October 31, 2024, the Corporation entered into a retention bonus agreement with Robert Bressler (the "**CFO Retention Bonus Agreement**"). As consideration for continuing services during the Strategic Review, the Corporation agreed to pay Mr. Bressler $133,320, less applicable statutory deductions required by law, on the earlier of (i) 12 months after the date of the CFO Retention Bonus Agreement and (ii) the completion of a Change of Control (as defined in the Incentive Plan). The conditions set out in the CFO Retention Bonus Agreement were satisfied, and the payment to Robert Bressler was processed on March 31, 2026.

***Employment Agreements of Mr. Lavrič***

On June 7, 2021, with effect as of July 1, 2022, the Corporation entered into an employment agreement with Peter Lavrič (the "**CTO Agreement**", as amended) to act as CTO for an indefinite term, unless terminated by the Corporation in accordance with Slovenia's *Employment Relationships Act*, or by Mr. Lavrič with not less than 6 months' notice. Any Awards held by Mr. Lavrič will be treated in accordance with the Incentive Plan. If the foregoing termination would have occurred on December 31, 2025, Mr. Lavrič would have been entitled to a payment equal to an estimated €175,000.

On May 1, 2025, the CTO Agreement was amended such that Mr. Lavrič is entitled to receive €308,999.04 per annum for his services. In accordance with Slovenia's *Employment Relationships Act*, he also receives an additional 8.5% seniority allowance on his gross salary per annum for his services. Additionally, Mr. Lavrič is entitled to a bonus payment amounting up to 100% of his base salary for each year of service.

Mr. Lavrič holds 100,000 Options, 10,000 RSUs (as defined herein), 20,000 DSUs (as defined herein) and 182,806 SARs with an estimated combined "in-the-money" value of $nil as of December 31, 2025.

Mr. Lavrič is subject to non-competition and non-solicitation covenants, in each case, for a period of 12 months following the date of the termination of his employment, for any reason. If the Corporation enforces the non-competition covenant, Mr. Lavrič is entitled to receive 50% of the average of his last 3 months' annual salary for each month that the Corporation enforces the non-competition covenant, if Mr. Lavrič can establish that this prevented him from obtaining comparable earnings. If (i) the Corporation enforced the non-competition covenant for the full 12 months and (ii) Mr. Lavrič established that this prevented him from obtaining comparable earnings, Mr. Lavrič would have been entitled to a payment equal to an estimated €150,000. If Mr. Lavrič violates the non-competition covenant, he would have been obligated to pay the Corporation an amount equal to an estimated €300,000.

On October 31, 2024, the Corporation entered into a retention bonus agreement with Peter Lavrič (the "**CTO Retention Bonus Agreement**"). As consideration for continuing services during the Strategic Review, the Corporation agreed to pay Mr. Lavrič €90,990, less applicable statutory deductions required by law, on the earlier of (i) 12 months after the date of the CTO Retention Bonus Agreement and (ii) the completion of a Change of Control (as defined in the Incentive Plan). The conditions set out in the CTO Retention Bonus Agreement were satisfied, and the payment to Peter Lavric was processed on April 15, 2026.

***Employment Agreements of Tommaso Di Chio***

On April 19, 2024, the Corporation entered into an employment agreement with Tommaso Di Chio (the "**CLCO Agreement**") to serve as Chief Legal and Compliance Officer as of July 29, 2024 for an indefinite term, unless terminated by (a) the Corporation on 6 months' written notice, where Mr. Di Chio will receive payment in lieu of a pro-rated discretionary bonus and any Incentive Plan awards; (b) the Corporation without notice, where Mr. Di Chio will receive payment in lieu of notice; and (c) Mr. Di Chio on 6 months' written notice. Under the terms of the CLCO Agreement, Mr. Di Chio is entitled to receive an annual base salary of £180,000 for his services. Mr. Di Chio may receive an additional discretionary bonus of up to 50% of his base salary, subject to the approval of the Board.

If Mr. Di Chio was terminated without notice effective on December 31, 2025, Mr. Di Chio would have been entitled to a payment equal to an estimated £135,500.

Any Awards held by Mr. Di Chio will be treated in accordance with the applicable terms and conditions of the Incentive Plans.

Mr. Di Chio holds 131,694 SARs with an estimated combined "in-the-money" value of nil as of December 31, 2025.

Mr. Di Chio is subject to a non-competition covenant for a period of 6 months following the date of termination of his employment, for any reason and a non-solicitation covenant for a period of 12 months following the date of the termination of his employment, for any reason.

On October 31, 2024, the Corporation entered into a retention bonus agreement with Tommaso Di Chio (the "**CLCO Retention Bonus Agreement**"). As consideration for continuing services during the Strategic Review, the Corporation agreed to pay Mr. Di Chio £59,994, less applicable statutory deductions required by law, on the earlier of (i) 12 months after the date of the CLCO Retention Bonus Agreement and (ii) the completion of a Change of Control (as defined in the Incentive Plan). The conditions set out in the CLCO Retention Bonus Agreement were satisfied, and the payment to Tommaso Di Chio was processed on March 26, 2026.

***Employment Agreement of Neill Whyte***

On April 17, 2024, Bragg Isle of Man Limited, a subsidiary of the Corporation, entered into an employment agreement with Neill Whyte (the "**CCO Agreement**") to serve as Chief Commercial Officer of the Corporation effective May 1, 2024 for an indefinite term, unless terminated by (a) the Corporation for cause (in which case such termination will be without notice, pay in lieu of notice, severance pay, or any other compensation, except for salary and vacation pay accrued and owing); (b) the Corporation without cause (in which case such termination will be on 6 months' notice or payment of base salary in lieu of notice (or a combination thereof), together with benefit plan contributions for the notice period, a pro-rated discretionary bonus, accrued wages, outstanding expenses, outstanding holiday pay and any other minimum statutory entitlement owed under the Isle of Man Employment Act 2006 (as amended)); and (c) by Mr. Whyte on not less than 6 months' written notice. Under the terms of the CCO Agreement, Mr. Whyte is entitled to receive an annual base salary of £250,000 for his services. Mr. Whyte may receive an additional discretionary bonus of up to 100% of his base salary, subject to the approval of the Board.

If Mr. Whyte were terminated without cause effective on December 31, 2025, Mr. Whyte would have been entitled to a payment equal to an estimated £136,875.

Mr. Whyte holds no Options, RSUs, DSUs, or PSUs and 175,592 SARs as of December 31, 2025.

Mr. Whyte is subject to a non-competition covenant for a period of 3 months following his last day of active employment and non-solicitation covenants (with respect to customers, prospective customers, suppliers and employees) for a period of 3 months following his last day of active employment, in each case applicable in Canada, India, the Isle of Man, Malta, Slovenia, the United Kingdom, the United States and any other country in which Bragg or its subsidiaries and affiliates are operating at the time of cessation of employment.

On October 31, 2024, the Corporation entered into a retention bonus agreement with Neill Whyte (the "**CCO Retention Bonus Agreement**"). As consideration for continuing services during the Strategic Review, the Corporation agreed to pay Mr. Whyte £79,992, less applicable statutory deductions required by law, on the earlier of (i) 12 months after the date of the CCO Retention Bonus Agreement and (ii) the completion of a Change of Control (as defined in the Incentive Plan). The conditions set out in the CCO Retention Bonus Agreement were satisfied, and the payment to Neill Whyte was processed on March 25, 2026.

**Director Compensation**

The Compensation Committee and the Board approved a director compensation package (for non-executive directors of the Corporation) for fiscal 2025. The chart below sets out the cash compensation paid to directors in fiscal 2025:

---

| | |
|:---|:---|
| **Fee Description** | **2025 Amount** |
| Annual Board Chair Retainer | $150000 |
| Annual Board Member Retainer | $85000 |
| Committee Chair Retainer | $20000 |
| Committee Member Retainer | $5000 |
| Meeting Fee | $687<sup>(1)</sup> |

---

**Notes:**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Directors
 will receive an additional meeting fee for each additional (i) Board meeting in excess
 of the scheduled twelve annual Board meetings and (ii) committee meeting in excess of
 the scheduled six annual Committee meetings.

The following table sets forth all amounts of compensation paid or earned by non-executive directors of the Corporation in year ended December 31, 2025.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name<sup>(1)</sup>** | **Fees<br> earned<br> ($)** | **Share-<br> based <br> awards<br> ($)** | **Option-<br> based<br> awards<sup>(2)</sup><br> ($)** | **Non-equity<br> incentive plan<br> compensation <sup></sup> ($)** | **Pension <br> value ($)** | **All other<br> compensation** <br> **($)** | **Total <br> ($)** |
| Holly Gagnon | $210907 | Nil | Nil | Nil | Nil | Nil | $210907 |
| Mark Clayton | $173998 | Nil | $3363 | Nil | Nil | Nil | $177361 |
| Kent Young <sup>(3)</sup> | $171180 | Nil | $21152 | Nil | Nil | Nil | $192332 |
| Donald Robertson | $140604 | Nil | $21152 | Nil | Nil | Nil | $161756 |
| Aaron Baryoseph | $126544 | Nil | $21152 | Nil | Nil | Nil | $147696 |
| Thomas Winter<sup>(4)</sup> | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

---

(1) Compensation
 disclosure for Mr. Mazij provided under the heading "*Executive Compensation – Summary Compensation Table* ".

(2) Reflects
 options. The value of Option-based awards are determined by calculating their fair value
 as of the grant date using the Black-Scholes option valuation model and weighted average
 assumptions, which are consistent with IFRS 2, "Share-Based Payment". Option-pricing
 models require the use of highly subjective estimates and assumptions, including the expected
 share price volatility. Changes in the underlying assumptions can materially affect the fair
 value estimates and therefore, in management's opinion, existing models do not necessarily
 provide a reliable measure of the fair value of share- and option-based awards. The Corporation
 employed the Black-Scholes option valuation model to calculate the grant date fair value
 as it is a widely used and relatively objective methodology. The Black-Scholes option valuation
 model takes into account an option's exercise price, its expected life, a risk-free
 interest rate and the expected volatility.

(3) Kent
 Young resigned from the Board effective March 15, 2026.

(4) Thomas
 Winter was appointed to the Board effective March 15, 2026, subsequent to the end of
 fiscal year 2025.

Effective January 1, 2026, the Board approved a change to the form of non-executive director compensation such that all compensation payable to non-executive directors is paid in the form of DSUs issued under the Incentive Plan, rather than in cash.

***Outstanding Option-Based and Share-Based Awards***

The following table sets forth all option-based and share-based awards outstanding as of December 31, 2025 for all non-executive directors of the Corporation.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Option-based Awards** | **Option-based Awards** | **Option-based Awards** | **Option-based Awards** | **Share-based Awards** | **Share-based Awards** | **Share-based Awards** |
| <br>**Name** | **Number of<br> securities<br> underlying<br> unexercised<br> options<br> (#)** | **Option<br> exercise<br> price<br> ($)** | **Option<br> expiration<br> date** | **Value of<br> unexercised<br> in-the-money<br> options<sup></sup> ($)<sup>(1)</sup>** | **Number<br> of shares<br> or units<br> of shares<br> that have<br> not<br> vested <br> (#)** | **Market or<br> payout value<br> of share-<br> based awards<br> that have not<br> vested <br> ($)<sup>(2)</sup>** | **Market or<br> payout value of<br> vested share-<br> based awards<br> not paid out or<br> distributed<sup>(2)</sup><br> ($)** |
| Holly Gagnon | 25000 | 15.00 | May 10, 2031 | Nil | Nil | Nil | Nil |
| Mark Clayton | 25000 | 8.08 | August 14, 2032 | Nil | Nil | Nil | Nil |
| Kent Young<sup>(3)</sup> | 25000 | 7.38 | August 14, 2033 | Nil | Nil | Nil | Nil |
| Donald Robertson | 25000 | 7.38 | August 14, 2033 | Nil | Nil | Nil | Nil |
| Aaron Baryoseph | 25000 | 7.38 | August 14, 2033 | Nil | Nil | Nil | Nil |
| Thomas Winter<sup>(4)</sup> | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

---

**Notes:**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Reflects
 options. Value of unexercised in-the-money options-based award has been determined by taking
 the difference between the closing price of the Common Shares on the TSX on December 31,
 2025 of $2.88 and the exercise price of the applicable option.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Market
 or payout value per share-based award has been determined as the closing price of the Common
 Shares on the TSX on December 31, 2025 of $2.88.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Kent
 Young resigned from the Board effective March 15, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Thomas
 Winter was appointed to the Board effective March 15, 2026, subsequent to the end of
 fiscal year 2025.

***Incentive Plan Awards - Value Vested or Earned During the Year***

The following table provides the aggregate dollar value of outstanding option-based awards, share based awards and non-equity incentive plan compensation for non-executive directors as at December 31, 2025, which would have been realized had options that vested in the fiscal year ended December 31, 2025 been exercised on the vesting dates thereof.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Option-based Awards – Value<br> vested during the year<br> ($)<sup>(1)</sup>** | **Share-based Awards – <br> Value <br> vested during the year ($)** | **Non-equity incentive<br> plan <br> compensation – <br> Value earned <br> during the year** |
| Holly Gagnon | Nil | Nil | Nil |
| Mark Clayton | 3363 | Nil | Nil |
| Kent Young<sup>(2)</sup> | 21152 | Nil | Nil |
| Donald Robertson | 21152 | Nil | Nil |
| Aaron Baryoseph | 21152 | Nil | Nil |
| Thomas Winter<sup>(3)</sup> | N/A | N/A | N/A |

---

**Notes:**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Reflects
 options. The value of Option-based awards are determined by calculating their fair value
 as of the grant date using the Black-Scholes option valuation model and weighted average
 assumptions, which are consistent with IFRS 2, "Share-Based Payment". Option-pricing
 models require the use of highly subjective estimates and assumptions, including the expected
 share price volatility. Changes in the underlying assumptions can materially affect the fair
 value estimates and therefore, in management's opinion, existing models do not necessarily
 provide a reliable measure of the fair value of share- and option-based awards. The Corporation
 employed the Black-Scholes option valuation model to calculate the grant date fair value
 as it is a widely used and relatively objective methodology. The Black-Scholes option valuation
 model takes into account an option's exercise price, its expected life, a risk-free interest
 rate and the expected volatility.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Kent
 Young resigned from the Board effective March 15, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Thomas
 Winter was appointed to the Board effective March 15, 2026, subsequent to the end of
 fiscal year 2025.

**Equity Incentive Plans**

***Incentive Plan***

The following is a summary of certain key provisions of the Incentive Plan. The full text of the Incentive Plan is attached as Schedule "A" to the Corporation's management information circular dated as of March 26, 2021, which is filed on the Corporation's SEDAR+ profile at <u>www.sedarplus.ca</u> and EDGAR profile at <u>www.sec.gov/search-filings</u>. This summary is subject to, and qualified by, the specific provisions of the Incentive Plan. Capitalized terms used in the summary below and defined in the Incentive Plan have the meanings given to them in the Incentive Plan.

**Purpose**

The Board adopted the Incentive Plan to improve the equity incentives available to the Corporation and attract and retain qualified persons to serve on the Board and to service the Corporation. Receiving a portion of their compensation for serving as a director or officer of the Corporation in the form of securities of the Corporation also encourages ownership of the Common Shares by such persons. In addition to streamlining the administration of equity incentives, the purpose of the Incentive Plan is to advance the interests of the Corporation and its affiliates by: (a) attracting, rewarding and retaining highly competent persons as directors, officers, employees and consultants of the Corporation; (b) providing additional incentives to such persons by aligning their interests with those of the Shareholders; and (c) promoting the success of the Corporation's business.

As at December 31, 2025, the number of Common Shares issuable under the Incentive Plan shall not exceed 3,965,000 less the number of Common Shares issuable on exercise of any Award outstanding under the Corporation's previous share compensation arrangements, which represented approximately 13.28% of the Corporation's issued and outstanding Common Shares as at the end of the fiscal year.

**Administration of the Incentive Plan**

The Incentive Plan will be administered by the Board, which may delegate its authority to the Compensation Committee or any other duly authorized committee of the Board and may revoke or amend such delegation. The Incentive Plan shall remain in effect until terminated by the Board.

**Eligible Participants**

The Incentive Plan authorizes the Board (or a committee of the Board if so authorized by the Board) to grant Awards to "**Eligible Participants**". Eligible Participants are directors, officers, employees, and consultants of or to the Corporation, or a subsidiary, providing ongoing services to the Corporation and/or its subsidiaries. The aggregate number of Common Shares issued to insiders within any 12-month period, or issuable to insiders at any time, under the Incentive Plan and any other security based compensation arrangement of the Corporation, may not exceed 10% of the total number of issued and outstanding Common Shares during such period of time.

**Description of Awards**

The Incentive Plan provides for the grant of stock options ("**Options**"), deferred share units ("**DSUs**"), restricted share units ("**RSUs**"), performance share units ("**PSUs**"), stock appreciation rights ("**SARs**") and other share-based awards (each an "**Award**" and collectively, the "**Awards**"). All Awards are granted by an agreement or other instrument or document evidencing the Award granted under the Incentive Plan (an "**Award Agreement**"). The date of grant, the number of Common Shares, the vesting period and any other terms and conditions of Awards granted pursuant to the Incentive Plan are to be determined by the Board, subject to the express provisions of the Incentive Plan and the applicable Award Agreement.

*Options*

An Option is a right to purchase a Common Share for a fixed exercise price. Options shall be for a fixed term and exercisable from time to time as determined in the discretion of the Board, provided that no Option shall have a term exceeding 10 years. If an Option expires during a blackout period, its term will be extended to the date which is 10 business days following the end of such period. Under no circumstances will the Corporation issue Options at less than fair market value. Fair market value is defined as the greater of: (a) the volume weighted average trading price of the Common Shares on the TSX for the five most recent trading days immediately preceding the grant date; and (b) the closing price of the Common Shares on the TSX on the trading day immediately prior to the grant date. If the Eligible Participant is terminated for reasons other than Cause, death or disability, they may exercise the vested portion of their Option, but only within the period of time ending on the earlier of (i) 90 days following the Termination Date or (ii) the Expiration Date. If the Eligible Participant is terminated for Cause, the Option is immediately terminated and ceases to be exercisable. If the Eligible Participant's employment or service is terminated as a result of disability, they may exercise the vested portion of their Option, but only within the period of time ending on the earlier of (i) 12 months following the Termination Date or (ii) the Expiration Date. If the Eligible Participant's employment or service is terminated as a result of death, their estate, or such person who acquired the right to exercise the Option, may exercise the vested portion of the Option, but only within the period of time ending on the earlier of (i) 12 months following the Termination Date or (ii) the Expiration Date.

*Deferred Share Units*

A DSU is an Award denominated in units that provides the holder thereof with a right to receive Common Shares (or cash in lieu) upon settlement of the Award, subject to any such restrictions that the Board or its delegate may impose. Each Award Agreement will provide the extent to which the Eligible Participant will have the right to retain DSUs if they cease to be an Eligible Participant. Such provisions will be determined in the sole discretion of the Board or its delegate, and need not be uniform among all DSUs issued pursuant to the Incentive Plan.

*Restricted Share Units*

A RSU is a right to receive a Common Share (or cash in lieu) issued from treasury or, at the option of the Corporation, purchased in the market. The RSU does not vest until after a specified period of time, or satisfaction of other vesting conditions as determined by the Board or its delegate, and which may be forfeited if conditions to vesting are not met. If the holder of RSUs ceases to be an Eligible Participant for any reason, other than death, disability or retirement, any RSUs held by the participant that have vested before the termination date will be paid to the participant, provided that all unvested RSUs held at the termination date shall be immediately cancelled and forfeited on the termination date. Unless otherwise approved by the Board, unvested RSUs previously credited to the participant's account will vest immediately upon the holder's death and will continue to vest in the event that the recipient retires or is disabled, subject to certain adjustments. RSUs that have vested at the termination date will be paid to the participant, or the participant's estate, as applicable.

*Performance Share Units*

PSUs are awarded based on the attainment of certain target levels of, or a specified increase or decrease (as applicable) in one or more performance goals, which may include performance relative to the Corporation's peers or affiliates. Performance goals may also be based upon the individual recipient as determined by the Board, in its sole discretion.

Unless otherwise determined by the Board or its delegate, unvested PSUs previously credited to the participant's account will be immediately cancelled and forfeited to the Corporation on the termination date in the event that the holder is terminated for any reason other than death, disability or retirement. Unvested PSUs previously credited to the participant's account will vest immediately in the event that the holder dies and will continue to vest if the holder retires or is disabled, subject to certain adjustments. PSUs that have vested at the termination date will be paid to the participant, or the participant's estate, as applicable.

*Stock Appreciation Rights*

A SAR is stock appreciate right representing the right to receive, subject to restrictions and conditions at the time of grant, a cash payment or Common Shares in lieu of cash having an aggregate value equal to the product of (i) the excess of (A) the Market Value (as such term is defined in the Incentive Plan) on the exercise date of one Common Share divided by (B) the base price per Common Share specified in the applicable Award Agreement, multiplied by (ii) the number of Common Shares specified by the SAR, or the portion thereof, that is exercised. The base price per Common Share specified in the applicable Award Agreement shall not be less than the market value on the date of grant.

*Other Share-Based Awards*

The Board or its delegate is authorized, subject to limitations under applicable law, to grant to Eligible Participants such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, shares or factors that may influence the value of the Common Shares.

**Change in Control**

In the event of a Change of Control, unless otherwise provided in an Award Agreement, all unvested Awards will, as applicable, be substituted or replaced with awards of the surviving corporation (or any Affiliate thereof) or the potential successor (or any Affiliate thereof) on the same terms and conditions as the original Awards, subject to adjustments that do not materially diminish their original value.

In the event of a potential Change of Control, the vesting terms of Awards shall be subject to the Eligible Participant's Award Agreement. Notwithstanding the foregoing, despite anything else to the contrary in the Incentive Plan, in the event of a potential Change of Control, the Compensation Committee will have the power, in its sole discretion, to modify the terms of the Incentive Plan and/or the Awards to assist the Eligible Participants in tendering to a take-over bid or other transaction leading to a Change of Control. For greater certainty, in the event of a take-over bid or other transaction leading to a Change of Control, the Compensation Committee has the power, in its sole discretion, to accelerate the vesting of Awards and to permit Eligible Participants to conditionally exercise their Awards, such conditional exercise to be conditional upon the take-up by such offeror of the Common Shares or other securities tendered to such take-over bid in accordance with the terms of the take-over bid (or the effectiveness of such other transaction leading to a Change of Control).

**Assignability**

Except as may be permitted by the Board, as specifically provided in an Award Agreement or as otherwise specifically provided by law, no Award or other benefit payable under the Incentive Plan shall be transferred, sold, assigned, pledged or otherwise disposed in any manner other than by will or the law of descent.

**Amendment**

The Incentive Plan contains a formal amendment procedure. The Board may amend certain terms of the Incentive Plan without requiring the approval of the Shareholders, unless specifically required by the TSX. Amendments not requiring Shareholder approval include, without limitation:

● making any amendments to the general vesting provisions of any Award, including accelerating the expiry date of an Award;

● making any amendments to the general term of any Award, provided that no Award held by an insider may be extended beyond its original expiry date;

● making any amendments to add covenants or obligations of the Corporation for the protection of participants;

● amending provisions relating to the administration of the Incentive Plan;

● making "housekeeping" amendments, such as those necessary to cure errors or ambiguities contained in the Incentive Plan;

● effecting amendments necessary to comply with the provisions of applicable laws; or

● making such changes or corrections which are required for the purpose of curing or correcting any ambiguity or defect or inconsistent provision or clerical omission or mistake or manifest error.

Shareholder approval is, however, required to make the following amendments:

● increasing the number of Common Shares issuable under the Incentive Plan;

● An increase to the limit on the number of Common Shares issued or issuable under the Incentive Plan to insiders of the Corporation;

● extending the term of any Award beyond the expiry of the original term of the Award (other than as otherwise permitted hereunder in relation to a blackout period or otherwise);

● reducing the exercise price of an Option awarded to an insider or cancelling and replacing Options awarded to an insider with Options with a lower exercise price;

● amending the class of Eligible Participants which would have the potential of broadening or increasing participation in the Incentive Plan by insiders;

● amending the formal amendment procedures of the Incentive Plan; and

● making any amendments to the Incentive Plan required to be approved by the Shareholders under applicable law.

***Legacy Option Plan***

On September 9, 2013, the Shareholders approved and adopted the Corporation's previous stock option plan ("**Legacy Option Plan**") for directors, officers, employees and consultants, pursuant to which 20% of the then issued and outstanding Common Shares as of the date of approval were available for purchase upon the exercise of Options awarded by the Corporation, including Options previously awarded and outstanding under the former stock option plans. The Legacy Option Plan was terminated by the Board on October 29, 2020, and the Corporation no longer issues Options under the Legacy Option Plan, but such termination will not alter the terms or conditions of any Options awarded prior to the date of such termination. Any Options outstanding when the Legacy Option Plan was terminated will remain in effect until they are exercised or expire or are otherwise terminated in accordance with the provisions of the Legacy Option Plan. If Options expire or otherwise terminate for any reason without having been exercised, the number of Common Shares in respect of the expired or terminated Options will again be available for the purposes of the Incentive Plan.

As at May 6, 2026, the number of Common Shares issuable under the Legacy Option Plan was 837,176.

For a full description of the terms of the Legacy Option Plan, please see the section entitled "*Information Concerning the Corporation – Description of Capital Structure – BKD Option Plan*" in the Corporation's management information circular dated as of September 24, 2018, which is filed on the Corporation's SEDAR+ profile at <u>www.sedarplus.ca</u>.

**EQUITY COMPENSATION PLAN INFORMATION**

The following table sets forth, for the year ended December 31, 2025, information concerning securities authorized for issue under equity compensation plans of the Corporation:

---

| | | | |
|:---|:---|:---|:---|
| **Plan Category** | **Number of Common <br> Shares to be Issued upon<br> Exercise or Settlement of<br> Outstanding Securities** | **Weighted –<br> Average Exercise Price of<br> Outstanding Options <br> ($)** | **Number of Securities Remaining<br> Available for Future Issuance<br> Under all Equity Compensation<br> Plans<sup>(1)</sup>** |
| Equity Compensation Plans Approved by Securityholders |  |  |  |
| &nbsp;&nbsp;&nbsp;*Options* | 877176 | 9.71 |  |
| &nbsp;&nbsp;&nbsp;*DSUs* | 26666 |  | 1049042 |
| &nbsp;&nbsp;&nbsp;*RSUs* | 100000 |  |  |
| &nbsp;&nbsp;&nbsp;*PSUs* | 0 | - |  |
| **Total** | **1003842** | **9.71** | **1049042** |

---

***Overhang, Dilution and Burn Rates***

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2023** | **2023** | **2023** | **2023** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** | **2025** |
|  | **Options** | **DSUs** | **PSUs/<br> RSUs** | **SARS** | **Options** | **DSUs** | **PSUs/<br> RSUs** | **SARs** | **Options** | **DSUs** | **PSUs/<br> RSUs** | **SARs** |
| Overhang<sup>(1)</sup> | 10.44% | N/A | N/A | N/A | 8.04% | 1.51% | N/A | N/A | 7.26% | 0.78% | N/A | N/A |
| Dilution<sup>(2)</sup> | 7.42% | 2.52% | 0.50% | N/A | 6.40% | 1.22% | N/A | N/A | 3.43% | 0.50% | N/A | N/A |
| Burn Rate<sup>(3)</sup> | 0.35% | 0.98% | N/A | N/A | 0.56% | 0.80% | N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A | N/A | N/A | N/A | N/A |

---

(1) The
 total number of Common Shares reserved for issuance under the Corporation's security-based
 compensation arrangements as at December 31<sup>st</sup> of each year, expressed as
 a percentage of the total number of Common Shares outstanding as at December 31<sup>st</sup>
 of each year on a diluted basis.

(2) The
 total number of Awards outstanding, expressed as a percentage of the total number of Common
 Shares outstanding as at December 31<sup>st</sup> of each year on a diluted basis.

(3) The
 number of Awards granted annually, expressed as a percentage of the weighted average number
 of Common Shares outstanding for each financial year.

**MANAGEMENT CONTRACTS**

Except as disclosed herein, no management functions of the Corporation or any of its subsidiaries are performed to any substantial degree by a person other than the directors or executive officers of the Corporation.

**INDEBTEDNESS OF DIRECTORS, EXECUTIVE OFFICERS AND SENIOR OFFICERS**

As of the date hereof, there is not, nor at any time since the beginning of the most recently completed financial year of the Corporation has there been, any indebtedness of any person who has been a director or executive officer of the Corporation at any time since the beginning of the Corporation's last financial year, or of any associate of such persons, to or guaranteed or supported by the Corporation or its subsidiaries either pursuant to an employee stock purchase program of the Corporation or otherwise.

**CORPORATE GOVERNANCE**

***Statement of Corporate Governance Practices***

The Corporation's corporate governance disclosure obligations are set out in the Canadian Securities Administrators' NI 52-110 – *Audit Committees* ("**NI 52-110**"), NI 58-101 – *Disclosure of Corporate Governance Practices* ("**NI 58-101**") and NP 58-201 – *Effective Corporate Governance* ("**NP 58-201**"). These instruments and policies set out a series of guidelines and requirements for effective corporate governance (collectively, the "**Guidelines**"). The Guidelines address matters such as the constitution and independence of corporate boards, the functions to be performed by boards and their committees and the effectiveness and education of board members. NI 58-101 requires the disclosure by each listed issuer of its approach to corporate governance with reference to the Guidelines.

The Corporation recognizes that good corporate governance plays an important role in the Corporation's success and in enhancing Shareholder value and, accordingly, the Corporation has adopted certain corporate governance policies and practices. The Board will continue to monitor such practices on an ongoing basis and, when necessary, implement such policies and practices as it deems appropriate. Set out below is a description of the Corporation's current approach to corporate governance.

***Board of Directors***

NP 58-201 suggests that the Board of every listed company should be constituted with a majority of individuals who qualify as "independent" directors, within the meaning set out under NI 52-110, which provides that a director is independent if he or she has no direct or indirect "material relationship" with the company. "Material relationship" is defined as a relationship which could, in the view of the company's Board, be reasonably expected to interfere with the exercise of a director's independent judgment.

Of the nominated directors, Matevž Mazij is not considered to be "independent". Mr. Mazij is the Chief Executive Officer of the Corporation. The remaining directors standing for election or re-election at the Meeting, being Holly Gagnon, Mark Clayton, Donald Robertson, Aaron Baryoseph and Thomas Winter are considered to be independent directors. Generally independence of a director means that the individual is not an employee or member of management of the company or any subsidiary, receives no compensation from the company or a subsidiary, except compensation for serving as a director on the board of directors, and generally the individual has no conflicts of interest or other ties to management, the company or a subsidiary that would lead to a determination that the individual is unable to exercise judgement independent of management. These same considerations extend to immediate family members of the individual.

Directors on the Board with an interest in a material transaction or agreement are required to declare their interest and abstain from voting on the transaction or agreement at issue. The Board also forms special committees as needed, comprised of only independent directors, to evaluate certain transactions and ensure that independent judgement is used to evaluate the transaction, free of any potential or actual conflict of interest.

The Common Shares are dual-listed in Canada and the U.S. The Nasdaq Stock Market LLC ("Nasdaq") and U.S. securities laws set out different requirements for determining director independence than TSX requirements and securities laws in Canada. Under U.S. securities laws, the Corporation is a "foreign private issuer" as defined under Rule 3b-4 under U.S. Exchange Act of 1934, as amended (the "Exchange Act"). Nasdaq Rule 5615(a)(3) permits foreign private issuers to follow home country requirements in lieu of certain corporate governance standards of Nasdaq, including director independence, but this does not apply to the director independence requirement of the Audit Committee.

***Board Meetings***

The independent directors of the Board did not hold any formal meetings during the most recently completed financial year provided that they held *in camera* sessions at each meeting of the full Board. Though there were no formal meetings of the independent directors held, the Board believes that it functions independently of management because the independent directors communicated with each other on an informal basis throughout the year. Additionally, the independent directors are encouraged by the non-independent members of the Board to communicate and obtain advice from such advisors and legal counsel as they may deem necessary in order to reach a conclusion with respect to issues brought before the Board. In the event of a conflict of interest at a meeting of the Board, the conflicted director will in accordance with corporate law and in accordance with their fiduciary obligations as a director of the Corporation, disclose the nature and extent of their interest to the meeting and abstain from voting on or against the approval of such participation.

The attendance for the current or nominated directors of the Corporation for meetings held from January 1, 2025 to December 31, 2025 is:

---

| | |
|:---|:---|
| **Name** | **Meetings attended / held** |
| Matevž Mazij | 14/14 |
| Holly Gagnon | 14/14 |
| Mark Clayton | 14/14 |
| Kent Young<sup>(1)</sup> | 14/14 |
| Donald Robertson | 14/14 |
| Aaron Baryoseph | 14/14 |
| Thomas Winter<sup>(1)</sup> | N/A |

---

**Notes:**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Kent
 Young resigned from the Board effective March 15, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Thomas
 Winter was appointed to the Board effective March 15, 2026, subsequent to the end of
 fiscal year 2025.

*Other Directorships*

Thomas Winter is currently a director of Rush Street Interactive. No other current or nominated directors are presently a director of any other issuer that is a reporting issuer (or the equivalent) in a jurisdiction or a foreign jurisdiction.

*Board Mandate*

The Board has adopted and operates under a written mandate set out at Schedule "A" hereto, pursuant to which it provides governance and stewardship to the Corporation and its business. The Board mandate also describes the Board's responsibility for, among other things, (i) participating in the development of and adopting a strategic plan for the Corporation; (ii) supervising the activities and managing the affairs of the Corporation; (iii) defining the roles and responsibilities of management and delegating management authority to the Chief Executive Officer; (iv) reviewing and approving the business and investment objectives to be met by management; (v) assessing the performance of and overseeing management; (vi) identifying and managing risk exposure; (vii) ensuring the integrity and adequacy of the Corporation's internal controls and management information systems; (viii) succession planning; (ix) establishing committees of the Board, where required or prudent, and defining their mandate; (x) ensuring effective and adequate communication with Shareholders, other stakeholders and the public; and (xi) monitoring the social responsibility, integrity and ethics of the Corporation.

*Position Descriptions*

The Board has adopted a written position description for the Chair of the Board, which sets out the Chair's key responsibilities, including providing leadership, leading the activities and meetings of the Board, chairing Board and Shareholder meetings, supporting orientation of new and continued education of directors and representing the Corporation to Shareholders and external stakeholders.

The Board has also adopted a written position description for the Lead Director. As long as the Chair of the Board is not an independent director, there will be a Lead Director. The Lead Director's key responsibilities are to provide leadership to ensure the Board works in an independent, cohesive fashion and to chair meetings of independent directors without management present.

The Board has also adopted a position description for the Chief Executive Officer which sets out the key responsibilities of the Chief Executive Officer in leading the business and affairs and supervising the day-to-day management of the Corporation. The Board has determined that the Chief Executive Officer is responsible for (i) the development of and delivery against the long-term strategy and vision for the Corporation that leads to the enhancement of Shareholder value as well as (ii) supervising the day-to-day management of the Corporation.

*Disclosure Policy*

The Board has adopted a disclosure policy (the "**Disclosure Policy**") to manage the timely, accurate and appropriate dissemination of all material information regarding the Corporation. The Disclosure Policy establishes consistent guidance for determining what information is material and how it is to be disclosed to avoid selective disclosure and to ensure wide dissemination in accordance with applicable legal and regulatory requirements. The Board, directly and through its committees, reviews and approves the contents of major disclosure documents, including annual and interim condensed consolidated financial statements, prospectuses, the annual information form, management's discussion and analysis and the management information circular. The Audit Committee is responsible for reviewing disclosure relating to the Corporation's financial reporting.

*Clawback Policy*

The Board has adopted an incentive compensation recovery policy (the "**Clawback Policy**") relating to incentive compensation awarded or granted to current or former executive officers of the Corporation serving in senior officer or policy-making roles (the "**Covered Executives**"), to comply with U.S. securities laws, including the Exchange Act, and the listing standards of the Nasdaq. The Clawback Policy provides that the Board will recover excess incentive compensation received by a Covered Executive in the event of an accounting restatement of the Corporation's financial statements due to material noncompliance with financial reporting requirements under the federal securities laws, and may also recover incentive compensation from a Covered Executive or key employee who has engaged in detrimental conduct, including fraud, dishonesty, or gross misconduct.

*Insider Trading Policy*

The Board has adopted an insider trading policy (the "**Insider Trading Policy**"). All of the Corporation's officers, including the NEOs, directors, and employees are subject to the Insider Trading Policy, which prohibits trading in the Corporation's securities while in possession of material undisclosed information about the Corporation. Under the Insider Trading Policy, such individuals are prohibited from entering into certain types of hedging transactions involving the securities of the Corporation without the approval of the Board, such as short sales, "puts" and "calls". In addition to the imposition of black-out periods, in order to avoid any trade in securities of the Corporation that may contravene or be perceived to contravene applicable securities laws outside of such black-out periods, the directors, officers and certain employees of the Corporation are required to provide notice of and obtain written pre-clearance for any proposed trade of securities of the Corporation before effecting the trade.

*Diversity*

The Corporation is committed to fostering an open and inclusive workplace culture. The Corporation believes that diversity is important to ensure that members of the Board and senior management provide the necessary range of perspectives, experience and expertise required to achieve the Corporation's objectives and deliver for its stakeholders. To demonstrate the Corporation's commitment to diversity, the Board has adopted a written diversity policy. The Corporation defines diversity as any dimension that can be used to differentiate groups and people from one another and includes gender identity and sexual orientation, age, persons with disabilities, race, nationality, culture, language and other ethnic distinctions, education, regional and industry experience, and expertise.

The Corporation also (i) implemented policies which address impediments to gender diversity in the workplace and reviews their availability and utilization, (ii) proactively identifies high-potential women for leadership training programs and encourages them to apply for more senior roles, (iii) develops flexible scheduling programs and other family friendly policies for mid-career women to assist with recruitment and retention, (iv) regularly reviews the proportion of persons at all levels of the Corporation who are women, (v) monitors the effectiveness of, and continues to expand on, existing initiatives designed to identify, support and develop talented women with senior management potential, and (vi) continues to identify new ways to entrench diversity as a cultural priority across the Corporation.

On an annual basis, the Governance and Nomination Committee assesses the effectiveness of the Board and executive management team appointment process at achieving the Corporation's diversity objectives and consider and, if determined advisable, recommend to the Board for adoption, measurable objectives for achieving diversity amongst directors and executive management roles.

While the Corporation currently does not intend to establish targets for the representation of women on the Board or in executive officer positions, the selection process for Board appointees, nominees for election by the Corporation and in executive management roles involves ensuring that appropriate efforts are made to include women in the list of candidates being considered for Board and executive management positions. The Corporation believes that the most effective way to achieve its goal of increasing the representation of women in leadership roles at all levels of the organization is to identify high-potential women within the Corporation and work with them to ensure they develop the skills, acquire the experience and have the opportunities necessary to become effective leaders.

The Board currently has one female director, representing 17% of the six directors comprising the Board. No director currently serving on the Board has self-identified as an Indigenous person, person with a disability or member of a visible minority.

*Director Term Limits/Mandatory Retirement*

The Board has not adopted director term limits or other automatic mechanisms of Board renewal. Rather than adopting formal term limits, mandatory age-related retirement policies and other mechanisms of board renewal, the Governance and Nomination Committee seeks to maintain the composition of the Board in a way that provides, in the judgment of the Board, the best mix of skills and experience to provide for the Corporation's overall stewardship. The Governance and Nomination Committee also conducts an annual process for the assessment of the Board, each Board committee and each director regarding their or its effectiveness and performance, and reports evaluation results to the Board. See also "*Corporate Governance – Committees of the Board".*

*Orientation and Continuing Education*

The Governance and Nomination Committee has put in place an orientation program for new directors, pursuant to which each new director meets with the Chair of the Board and members of the executive management team of the Corporation. Each new director is provided with comprehensive orientation and education as to the nature and operation of the Corporation and its business, the role of the Board and its committees, and the contribution that an individual director is expected to make. The Governance and Nomination Committee is responsible for coordinating the continuing education program for directors in order to maintain or enhance their skills and abilities as directors, as well as ensuring that their knowledge and understanding of the Corporation and its business remains current.

*Assessments*

The Governance and Nomination Committee oversees the periodic evaluation of the Board and committees of the Board. The Governance and Nomination Committee also monitors director performance throughout the year (noting particularly any directors who have had a change in their primary job responsibilities or who have assumed additional directorships since their last assessment).

*Ethical Business Conduct and Compliance*

The Board has adopted a Code of Conduct (the "**Code**") applicable to each director, officer, employee and representative of the Corporation and its subsidiaries. The Code provides a set of ethical standards for conducting the business and affairs of the Corporation with honesty, integrity and in accordance with high ethical and legal standards. The Code is available on the Corporation's profile on SEDAR+ at <u>www.sedarplus.ca</u>.

As part of the Code, a member of the Board who has a material interest in a matter before the Board or any committee of the Board on which he or she serves is required to disclose such interest as soon as the member of the Board becomes aware of it. In situations where a member of the Board has a material interest in a matter to be considered by the Board or a committee of the Board, such member of the Board shall disclose such interest to the Board and may be required to absent himself or herself from the meeting while discussions and voting with respect to the matter are taking place.

The Governance and Nomination Committee is responsible for reviewing and evaluating the Code from time to time and making recommendations for any necessary or appropriate changes to the Board. The Governance and Nomination Committee assists the Board with the monitoring of compliance with the Code, and the Board is responsible for considering any waivers of the Code. Each person to which the Code applies is required to certify his or her acknowledgement and acceptance of it upon, and periodically during, his or her employment or engagement.

*Committees of the Board*

The Board has established five committees: the Audit Committee, which is required by Canadian securities laws for all reporting issuers, the Governance and Nomination Committee, the Compensation Committee, the Compliance Committee and the Technology Committee. The Board delegates to the applicable committee those duties and responsibilities set out in each committee's charter.

The Board has adopted a written position description for the Chair of each of the Audit Committee, Governance and Nomination Committee, Compensation Committee, Compliance Committee and Technology Committee which set out each of the committee Chair's key responsibilities, including, among others, duties relating to preparing committee meeting agendas, chairing committee meetings and providing leadership to foster the effectiveness of each committee in carrying out the duties and responsibilities described in each committee's charter.

*<u>Audit Committee</u>*

As of the date hereof, the Audit Committee is comprised of Donald Robertson (Chair), Holly Gagnon, Mark Clayton and Thomas Winter, each of whom is considered both "financially literate" and "independent" within the meaning of NI 52-110 and are independent based on the criteria for independence prescribed by Rule 10A-3 of the Exchange Act and Nasdaq Rule 5605(a)(2). The Audit Committee also meets the composition requirements set forth by Nasdaq Rule 5605(c)(2). The Board has determined that Holly Gagnon qualifies as a financial expert (as defined in Item 407(d)(5)(ii) of Regulation S-K under the Exchange Act) and Nasdaq Rule 5605(c)(2)(A). For the education and experience relevant to the performance by each such person of the responsibilities as a member of the Audit Committee, see "B*usiness of the Meeting – Election of Directors*". In 2025 the Audit Committee held 5 meetings. Donald Robertson, Holly Gagnon and Mark Clayton attended all Audit Committee meetings**.**

The Audit Committee operates under the Audit Committee Charter, pursuant to which the committee assists the Board in fulfilling its oversight responsibilities with respect to: (i) financial reporting and disclosure; (ii) ensuring that an effective risk management and financial control framework has been designed, implemented and tested by management of the Corporation; (iii) external audit processes; (iv) helping directors meet their responsibilities; (v) providing better communication between directors and external auditors; and (vi) ensuring the independence of the external auditors by facilitating in-depth discussions among directors, management and the external auditors regarding significant issues involving judgment and impacting quality controls and reporting.

In accordance with NI 52-110, Shareholders may obtain further information concerning the Corporation's Audit Committee in the Corporation's most recent annual information form, which is available on the Corporation's profile on SEDAR+ at <u>www.sedarplus.ca</u>.

*<u>Governance and Nomination Committee</u>*

The Governance and Nomination Committee consists of Mark Clayton (Chair), Matevž Mazij, Donald Robertson, Holly Gagnon and Aaron Baryoseph, a majority of whom are considered independent. In 2025 the Governance and Nomination Committee held three meetings. Mark Clayton, Matevž Mazij, Donald Robertson, Holly Gagnon and Aaron Baryoseph attended all meetings of the Governance and Nomination Committee. For the education and experience relevant to the performance by each such person of the responsibilities as a member of the Governance and Nomination Committee, see "*Business of the Meeting – Election of Directors".*

*Governance and Nomination Committee Charter*

The Board has adopted a written charter for the Governance and Nomination Committee setting out its responsibilities for: (i) determining, recommending and reviewing the Corporation's executive compensation; (ii) reviewing employee compensation and benefit programs; (iii) developing and recommending to the Board a set of corporate governance guidelines applicable to the Corporation and to periodically review the guidelines; (iv) overseeing the Board's annual evaluation of its performance and the performance of the other Board committees; (v) advising the Board regarding membership and operations of the Board; and (vi) overseeing the Corporation's director nominating process.

*<u>Compensation Committee</u>*

The Compensation Committee consists of Holly Gagnon (Interim Chair), Mark Clayton**,** Donald Robertson and Thomas Winter, a majority of whom are considered independent. The Board has adopted a written charter for the Compensation Committee setting out its responsibilities, including: (i) advising the Board on its compensation practices; (ii) reviewing the Corporation's goals and objectives applicable to the compensation of the Corporation's Chief Executive Officer; (iii) reviewing the Chief Executive Officer's recommendations regarding executive and senior management compensation and advising the Board; (iv) reviewing Board compensation; (v) advising the board on incentive compensation plans and equity-based plans and overseeing their administration; and (vi) reviewing the potential risks associated with the Corporation's compensation policies and practices and considering mitigating practices.

*<u>Compliance Committee</u>*

The Compliance Committee consists of Mark Clayton (Chair) and Aaron Baryoseph, a majority of whom are considered independent. In 2025 the Compliance Committee held three meetings. Mark Clayton, Kent Young and Aaron Baryoseph attended all meetings of the Compliance Committee. For the education and experience relevant to the performance by each such person of the responsibilities as a member of the Compliance Committee, see "*Business of the Meeting – Election of Directors".*

*Compliance Committee Charter*

The Board has adopted a written charter for the Compliance Committee setting out its responsibilities for: (i) determining, recommending and reviewing the Corporation's actions, policies and procedures for complying with laws and regulations; (ii) monitoring the Corporation's efforts to implement compliance programs; (iii) reviewing significant non-financial risk areas identified by management and the steps taken by management to monitor, control and report such compliance risk areas; (iv) periodically discussing with management the adequacy and effectiveness of compliance programs and recommending changes to the Board as needed; (v) reviewing the Corporation's procedures for the receipt, retention and treatment of complaints received by the Corporation regarding non-financial compliance matters and for the confidential, anonymous submission by employees of the Corporation of concerns regarding questionable non-financial compliance matters; (vi) overseeing noncompliance investigations; (vii) reporting to the Board annually on the Compliance Committee's activities, findings and recommendations; (viii) reviewing the Compensation Committee's charter and recommending any proposed changes; and (ix) performing any other duties or responsibilities expressly delegated to the Compliance Committee by the Board.

*<u>Technology Committee</u>*

The Technology Committee was established by the Board effective December 10, 2025. The Technology Committee consists of Holly Gagnon (Interim Chair) and Donald Robertson, a majority of whom are considered independent. In 2025 the Technology Committee held one meeting. Donald Robertson and Holly Gagnon attended all meetings of the Technology Committee. For the education and experience relevant to the performance by each such person of the responsibilities as a member of the Technology Committee, see "*Business of the Meeting – Election of Directors".*

*Technology Committee Charter*

The Board has adopted a written charter for the Technology Committee setting out its responsibilities for: (i) assisting the Board in fulfilling its oversight responsibilities with respect to significant technological aspects of the Corporation's business and operations; (ii) providing advice and oversight regarding the Corporation's use of internally and externally utilized technology and systems; (iii) reviewing technology-related matters of strategy and risk, including new product development and research; (iv) evaluating technology-related acquisition opportunities and innovations; (v) monitoring the Corporation's technological competitiveness within the iGaming industry; (vi) reviewing and updating the Technology Committee charter annually; and (vii) performing any other duties or responsibilities expressly delegated to the Technology Committee by the Board.

**INTEREST OF INFORMED PERSONS IN MATERIAL TRANSACTIONS**

No informed person (as that term is defined in NI 51-102) or any nominee for election as a director, or any associate or affiliate of any of them, has or has had any material interest, direct or indirect, in any transaction within the three most recently completed financial years or during the current financial year of the Corporation that has materially affected or is reasonably expected to materially affect the Corporation.

**ADDITIONAL INFORMATION**

Additional information relating to the Corporation can be found on the Corporation's SEDAR+ profile at <u>www.sedarplus.ca</u> and EDGAR profile at <u>www.sec.gov/search-filings</u>. Financial information is provided in the audited consolidated financial statements and the management's discussion and analysis of the Corporation for the year ended December 31, 2025. Shareholders may also obtain these documents, without charge, upon request to the Corporation at its offices located at 130 King Street West, Suite 1955, Toronto, Ontario, M5X 1E3.

**APPROVAL**

The contents of this Circular and the sending thereof to the Shareholders of the Corporation have been approved by the directors of the Corporation.

**DATED** at Toronto, Ontario as of this 15<sup>th</sup> day of May, 2026.

---

| |
|:---|
| **By Order of the Board of Directors** |
| *(signed) "Holly Gagnon"* |
| Holly Gagnon<br> Chair of the Board of Directors |

---

**SCHEDULE "A"<br> BOARD CHARTER**

**BRAGG GAMING GROUP INC.**

![](tm2614911d1_ex99-1img006.jpg)

**BOARD CHARTER**

Effective as of May 9, 2025

![](tm2614911d1_ex99-1img007.jpg)

**BRAGG GAMING GROUP INC.<br> BOARD CHARTER**

**1.** **PURPOSE AND GOAL OF THE BOARD** 

The board of directors (the "**Board**") of Bragg Gaming Group Inc. (the "**Company**") directly, and through its committees, oversees the management of, and provides stewardship over, the Company's affairs. The Board's primary goal is to act in the best interests of the Company while considering the interests of the Company's various stakeholders, including shareholders, employees, customers, suppliers and the community. The Board is obligated to act honestly and in good faith with a view to the best interests of the Company. The Board is also committed to the principles of good corporate governance and practices set out in National Policy 58-201 – *Corporate Governance Guidelines* ("**NP 58-201**"). The Board, directly and through its Board committees (each a "**Committee**", and collectively, the "**Committees**") and the chair of the Board (the "**Chair**") and the lead director of the Board (the "**Lead Director**") (if applicable), shall provide direction to senior management reporting directly to the Chief Executive Officer ("**CEO**") and all other officers appointed by the Board (collectively, "**Senior Management**"), generally through the CEO, to pursue the best interests of the Company.

**2.** **RESPONSIBILITIES AND AUTHORITY** 

The organization of the Board and its authority are subject to any restrictions, limitations or requirements set out in the Company's constating documents, including its articles and by-laws, as well as any restrictions and limitations or requirements set out under applicable laws, including the Canada Business Corporations Act (the "**Act**"), Canadian securities laws as well as the standards, policies and guidelines of the Toronto Stock Exchange or any exchange upon which securities of the Company are listed, or any governmental or regulatory body exercising authority over the Company, as are in effect from time to time (collectively, the "**Applicable Requirements**").

The Board retains authority over the administration of its own affairs, including:

(a) selecting
 the Chair;

(b) forming
 Committees;

(c) delegating
 powers to each Committee, subject to the Applicable Requirements; and

(d) developing
 position descriptions for the Chair and the chair of each Committee (each, a "**Committee Chair** ").

The Board will develop and maintain the Company's corporate governance approach, including developing a set of corporate governance principles specific to the Company (the "**Governance Principles**") to guide the Board, its Committees, the Company's officers, management and employees in completing their duties, responsibilities and obligations in relation to the Company. The Governance Principles will comply with the Act and include the best practices contained in NP 58-201 and any other practices approved by the Board.

![](tm2614911d1_ex99-1img007.jpg)

The Board shall have the specific functions and responsibilities outlined in this Board Charter, including approving the Company's significant operating policies and procedures, including reviewing and approving material changes to existing policies. The Board is also responsible for monitoring Company compliance, including Board compliance with these policies. In addition to these responsibilities, the Board shall perform the functions and responsibilities required of a Board by the Applicable Requirements or as the Board otherwise deems necessary or appropriate.

**3.** **ORGANIZATION** 

The Company's shareholders elect directors annually to the Company's Board. Elections are conducted in accordance with the Act and the Company's constating documents, including its articles and by-laws. Subject to compliance with the Applicable Requirements, the Company's constating documents and any agreements or other arrangements concerning the size of the Board, the number of directors comprising the Board is determined from time to time by the Company's shareholders or by the Board itself. At least 25% of the directors of the Board must be resident Canadians.

A majority of the directors on the Board must be "independent" in accordance with the Applicable Requirements. Under the Applicable Requirements, in order to be considered "independent", directors shall have no direct or indirect material relationship with the Company. The Board shall establish and maintain procedures and policies to ascertain director independence and address conflict of interest issues.

At each annual meeting of the Company's shareholders, the Board must permit shareholders to vote on the election of all members of the Board. Each member of the Board shall serve until the member resigns, ceases to be qualified for service as a member of the Board or is removed in compliance with the Applicable Requirements.

In accordance with Section 2(a), subject to compliance with any agreements or other arrangements concerning such matter, the directors of the Board shall designate a Chair by majority vote of the full Board directorship, following consideration of the recommendation of the Nomination and Governance Committee. The Chair shall be an independent director of the Board, unless the Board determines that it is in the best interests of the Company to not require the Chair to be independent, in which case the independent directors shall select from among their number, following consideration of the recommendation of the Nomination and Governance Committee, a further director who will act as Lead Director.

**4.** **COMMITTEES** 

In accordance with Section 2(c) and Section 2(d), the Board will establish and delegate some of its responsibilities and powers, permitted under Applicable Requirements, to its Committees. At a minimum, the Board will establish an Audit Committee, a Compensation Committee, and a Nomination and Governance Committee. Subject to the Applicable Requirements, the Board may form other Committees at its discretion or merge or dissolve any Committee at any time.

(a) Every
 Committee must be comprised of a majority of independent directors, with the exception of
 the Audit Committee, which must be comprised entirely of independent directors. The members
 of the Committee shall be appointed by the Board promptly following completion of each meeting
 of shareholders at which members of the Board are elected.

(b) Every
 Committee must create and maintain a charter (the "**Committee Charter** ")
 outlining its responsibilities, including those responsibilities set out in NP 58-201, to
 be approved by the Board. The Board shall periodically review the recommendations of the
 Nomination and Governance Committee concerning changes to the Committee Charter for each
 Committee and if advisable, approve, with or without modifications, the adoption of any such
 changes.

![](tm2614911d1_ex99-1img007.jpg)

(c) Every
 Committee Charter must be disclosed in accordance with National Instrument 58-101 – *Disclosure of Corporate Governance Practices*, as may be amended from time to time
 ()"**NI 58-101** "), and made publicly available on the Company's website.

The Board shall annually evaluate the performance, and review the work, of its Committees. The Board shall annually, or as otherwise required or deemed advisable, review the recommendations of the Nomination and Governance Committee concerning the individual directors to serve on (or to depart from) the Committees and, after considering (i) the qualifications for membership on each Committee, (ii) the extent to which there should be a policy of periodic rotation of directors among the Committees, (iii) the results of the committee and director effectiveness evaluation process, (iv) any agreements or other arrangements concerning the size, qualifications or composition of the Board, and (v) the number of boards and other Committees on which the directors serve, approve the appointment of such directors to (or departure from) the Committees as the Board deems advisable.

The Board shall appoint a Committee Chair for each Committee from the respective Committee members. If a Committee Chair is not appointed by the Board, the members of the respective Committee shall designate a Committee Chair by majority vote of the full Committee membership, provided that if the designation of the Chair is not made, then the director who was then serving as Committee Chair shall continue as Committee Chair until their successor is appointed. Notwithstanding any of the foregoing, each Committee Chair must be a member of that respective Committee.

**5.** **FINANCIAL-RELATED MATTERS** 

(a) **Approval of Annual Financial Reports** 

The Board shall review the annual audited financial statements of the Company, the auditors' report thereon and the related management's discussion and analysis of the Company's financial condition and financial performance ("**MD&A**"), as well as the Audit Committee's recommendations in respect of the approval thereof. After completing its review, if advisable, the Board shall approve the annual financial statements and the related MD&A.

(b) **Approval of Interim Financial Reports** 

The Board shall review the interim financial statements of the Company, the auditors' review report thereon, if any, and the related MD&A, as well as the Audit Committee's recommendations in respect of the approval thereof. After completing its review, if advisable, the Board shall approve the interim financial statements and the related MD&A.

(c) **Nomination and Compensation** 

The Board shall review the recommendations of the Audit Committee concerning the nomination and compensation of the external auditors and, if advisable, approve such nomination and compensation.

(d) **Policies for Pre-Approval of Non-Audit Services** 

The Board shall review the recommendations of the Audit Committee concerning the policies and procedures for the retainer of the Company's external auditors to perform any non-audit service for the Company or its subsidiary entities and, if advisable, approve, with or without modifications, such policies and procedures.

![](tm2614911d1_ex99-1img007.jpg)

**6.** **HUMAN RESOURCE MANAGEMENT MATTERS** 

(a) **Chief Executive Officer** 

The Board shall review the recommendations of the Compensation Committee concerning the organizational goals and objectives relevant to Chief Executive Officer compensation and, if advisable, approve, with or without modifications, such goals and objectives.

The Board shall review the recommendations of the Compensation Committee concerning (i) the appointment and other terms of employment (including any severance arrangements or plans and any benefits to be provided in connection with a change in control) for the Chief Executive Officer, including the adoption, amendment and termination of such agreements, arrangements or plans and, if advisable, approve, with or without modifications, such appointment and other terms of employment and (ii) the Chief Executive Officer's compensation level and, if advisable, approve, with or without modifications, such compensation.

(b) **Senior Management** 

The Board shall review the recommendations of the Compensation Committee concerning the appointment of Senior Management and, if advisable, after consideration of the objectives of the Diversity, Equity, and Inclusion Policy of the Company, approve any such appointment.

The Board shall review the recommendations of the Compensation Committee respecting the compensation and other terms of employment (including any severance arrangements or plans and any benefits to be provided in connection with a change in control) of members of Senior Management to ensure that they are competitive within the industry and the form of compensation aligns the interests of each such individual with that of the Company and, if advisable, approve, with or without modifications, such compensation and other terms of any employment agreements and any severance arrangements or plans.

(c) **Succession Review** 

At least annually, the Board shall review the succession plans of the Company for the Chair and, if applicable, the Lead Director. The Board shall also periodically review the recommendations of the Compensation Committee with respect to succession planning matters concerning Senior Management and the Chief Executive Officer, as well as general executive development programs, and, after consideration of the objectives of the Diversity, Equity, and Inclusion Policy of the Company, develop the succession plans of the Company.

(d) **Director Remuneration** 

The Board is responsible for reviewing the recommendations of the Compensation Committee concerning the remuneration (fees and/or retainer) to be paid to, and the benefits provided, to members of the Board to ensure that the compensation realistically reflects the responsibilities and risks involved in being an effective director and, if advisable, approve, with or without modifications, such remuneration.

(e) **Integrity of Senior Management** 

The Board shall, to the extent feasible, satisfy itself as to the integrity of the Chief Executive Officer and other members of Senior Management and that the Chief Executive Officer and other members of Senior Management strive to create a culture of integrity throughout the Company.

![](tm2614911d1_ex99-1img007.jpg)

(f) **Equity-Based Compensation Plans** 

The Board shall review the recommendations of the Compensation Committee concerning the adoption or amendment of equity-based compensation plans of the Company and, if advisable, approve, with or without modifications, the adoption or amendment of such plans, subject to any approvals (including securityholder approval) required under the Applicable Requirements or such plans.

(g) **Other Responsibilities** 

The Board shall review the recommendations of the Compensation Committee with respect to the Company's human capital management practices and strategies, including as a result of the Committee's: (i) review of reports from management to monitor the Company's culture and employee engagement; (ii) oversight of policies and programs in place to support and promote the health, safety and well-being of the Company's employees; and (iii) consideration of other environmental, social and governance ("**ESG**") practices related to the Compensation Committee's Committee Charter.

**7.** **NOMINATION MATTERS** 

(a) **General** 

The Board shall periodically review reports of the Nomination and Governance Committee concerning nomination matters.

(b) **Nominee Identification** 

The Board shall review the recommendations of the Nomination and Governance Committee concerning the potential nominees for election or appointment to the Board and, after considering, (i) the results of the Board and director effectiveness evaluation process, (ii) the competencies, skills and other qualities that the Nomination and Governance Committee considers to be necessary for the Board as a whole to possess, the competencies, skills and other qualities that the Nomination and Governance Committee considers each existing director to possess, and the competencies, skills and other qualities each new nominee would bring to the boardroom, (iii) the amount of time and resources that nominees have available to fulfill their duties as Board members, (iv) the objectives of the Diversity, Equity, and Inclusion Policy of the Company, (v) any agreements or other arrangements concerning the size, qualifications or composition of the Board, and (vi) any applicable independence, residency or other requirements under the Applicable Requirements, approve, if advisable, with or without modifications, the individual nominees for consideration by, and presentation to, the shareholders at the Company's next annual meeting of shareholders or appointment to the Board between such meetings.

(c) **Director Independence** 

The Board shall periodically review the Board's and Committees' abilities to act independently from management in fulfilling their responsibilities and in doing so the Board shall (i) review the application and evaluation by the Nomination and Governance Committee of the director independence standards applicable to members of the Board and (ii) review the recommendations of the Nomination and Governance Committee concerning a reduction or increase in the number of independent directors and, if advisable, approve, such reduction or increase. A majority of the members of the Board shall be independent within the meaning of the provisions NI 58-101.

![](tm2614911d1_ex99-1img007.jpg)

(d) **Board and Committee Size** 

The Board shall review the recommendations of the Nomination and Governance Committee concerning a reduction or increase to the size of the Board or any Committee and if advisable, approve, such a reduction or increase.

(e) **Board Renewal** 

The Board shall review the recommendations of the Nomination and Governance Committee concerning mechanisms of Board renewal (e.g., a retirement age or term limits for directors), and if advisable, approve, with or without modifications, the adoption of any such mechanisms.

(f) **Diversity, Equity and Inclusion Policy** 

The Board has adopted a Diversity, Equity, and Inclusion Policy and shall review any recommendations of the Nomination and Governance Committee concerning the adoption of measurable objectives for achieving diversity on the Board.

(g) **Majority Voting** 

The Board has adopted a Majority Voting Policy and shall review the recommendations of the Nomination and Governance Committee concerning resignations of directors pursuant to the Company's Majority Voting Policy in respect of the election of directors and if advisable, accept or reject any such resignation, in accordance with the terms of the Company's Majority Voting Policy.

**8.** **CORPORATE GOVERNANCE MATTERS** 

(a) **General** 

The Board shall periodically review reports of the Nomination and Governance Committee concerning corporate governance matters.

(b) **Position Descriptions** 

The Board will approve position descriptions for the Chair, the Lead Director (if any), the Chief Executive Officer, and the Committee Chairs. The Board shall periodically review the recommendations of the Nomination and Governance Committee concerning changes to such position descriptions and if advisable, approve, with or without modifications, the adoption of any such changes.

(c) **Governance Policies** 

The Board has adopted the Company's Disability Accommodation Policy, Anti-Discrimination Policy, Selecting a New Supplier Policy, Diversity, Equity, and Inclusion Policy, Environmental, Social & Governance (ESG) Policy, Whistleblower Policy, Disclosure Policy, Insider Trading Policy, Majority Voting Policy, and similar or other governance policies of the Company. The Board shall periodically review the recommendations of the Nomination and Governance Committee concerning changes to such policies or the adoption of such further governance policies and if advisable, approve, with or without modifications, the adoption of any such changes or new governance policies.

(d) **Shareholder Proposals** 

The Board shall consider the appropriate action recommended by the Nomination and Governance Committee concerning shareholder proposals submitted to the Company in connection with meetings of shareholders (including any proposal relating to the nomination of a director of the Board) and the timeliness of the submission thereof.

![](tm2614911d1_ex99-1img007.jpg)

**9.** **ESG MATTERS** 

In addition to the specific governance matters covered by this Board Charter, the Board shall: (i) periodically review recommendations from the Nomination and Governance Committee concerning the Company's general strategy, policies and initiatives relating to material environmental (including, but not limited to, climate policy and sustainability) and social matters (including, but not limited to, diversity); and (ii) periodically review reports of the Audit Committee concerning the establishment and maintenance by management of a system of processes and controls to ensure the integrity, accuracy and reliability of material sustainability disclosures.

**10.** **RISK MANAGEMENT** 

The Board is responsible for the identification of the principal risks of the Company's business and ensuring the implementation of appropriate systems to manage these risks.

The Board's responsibility to oversee risk management includes reviewing reports from management and Committees on the principal risks associated with the Company's business and operations (including, but not limited to, risks related to information security, ESG matters, and artificial intelligence), status of risk management activities, reviewing the implementation by management of appropriate systems to identify, assess, manage and mitigate these risks, reviewing reports by management relating to the operation of, and any material deficiencies in, these systems, reviewing reports on spending in relation to approved budgets and overseeing the financial reporting process of the Company.

The Board shall verify that appropriate internal, financial, non-financial and business control and management information systems have been established, and are being maintained, by management. The Board should review the effectiveness of the Company's system of internal controls, at minimum, on an annual basis.

To ensure clear delineation of roles and responsibilities, the Board will develop management authority guidelines to distinguish between areas of Board authority, including Committee authority, and those delegated to the CEO and other management personnel. These guidelines must set out matters that must be presented to the Board for review. Matters to be presented to the Board for review include any significant acquisitions and capital expenditures, major contracts and marketing initiatives, and significant finance-related issues.

The Board will approve the Company's annual budget and will receive reports from management in respect of the Company's actual results and a comparison of the actual results to the Company's annual budget.

**11.** **STRATEGIC PLANNING** 

The Board has primary responsibility for the development and adoption of the strategic direction of the Company. The Board is responsible for adopting the Company's strategic planning process (the "**Planning Process**"). Using the Planning Process, the Board will participate with management in creating the Company's strategic plan (the "**Plan**"). The Board must approve the Plan before its implementation. The Board shall review the Plan in light of management's assessment of emerging trends, the competitive environment, the capital markets, the significant business practices and products, the opportunities and risks for the businesses of the Company, and industry practices. The Board will not approve the Plan if the Plan does not:

(a) recognize,
 and capitalize or mitigate (as applicable) the opportunities and risks of the Company's
 business; or

![](tm2614911d1_ex99-1img007.jpg)

(b) does
 not describe how the Company will implement the Plan to achieve the Company's long-term
 goals.

The Board will seek regular status reports from the Company's management in relation to the Company's performance, as compared to the Plan. The Board reviews with management from time to time the strategic planning environment, the emergence of new opportunities, trends and risks and the implications of these developments for the strategic direction of the Company, and if advisable, approve any material amendments to, or variances from, the Plan.

The Board shall periodically review and, if advisable, approve the policies and processes generated by management relating to the authorization of major investments and significant allocations of capital and, at least annually, review and, if advisable, approve the Company's annual business and capital plans.

**12.** **CODE OF BUSINESS CONDUCT AND ETHICS** 

The Board must adopt a written Code of Business Conduct and Ethics (the "**Code**") as part of its efforts to promote a culture of integrity and honesty throughout the Company. The Code will apply to the Board itself and the Company's management and employees.

The Board shall periodically review the recommendations of the Nomination and Governance Committee concerning changes to the Code and if advisable, approve, with or without modifications, the adoption of any such changes.

Only the Board may grant any waivers to the Code. If the Board grants a waiver to the Code, the Board will determine if disclosure of the waiver is necessary in accordance with the Applicable Requirements. Contents of such disclosure will be in compliance with NP 58-201 and NI 58-101.

On occasion, the Board must review and analyze the conduct of Senior Management to satisfy itself that these individuals are complying with the Code and are creating a culture of integrity throughout the Company. The Board shall periodically review the reports of the Nomination and Governance Committee relating to compliance with, material departures from, and investigations and any resolutions of complaints received under, the Code. The Board shall also review the recommendations of the Nomination and Governance Committee concerning changes to the Code and if advisable, approve, with or without modifications, the adoption of any such changes.

**13.** **CONFLICTS OF INTEREST** 

With respect to potential or actual conflicts of interests, in particular, directors shall comply with the Code and the Applicable Requirements and, to the extent required by the Code or the Applicable Requirements, abstain from voting on matters in which they have an interest and recuse themselves from any discussion on the matter.

From time to time on an *ad hoc* basis, if and when required or otherwise viewed by the Board as being prudent in the circumstances, the Board shall form a special Committee of disinterested directors to review and evaluate any material related party or other significant conflict of interest transactions involving the Company (except for material transactions solely involving the Company and one or more wholly-owned subsidiaries of the Company).

![](tm2614911d1_ex99-1img007.jpg)

**14.** **MANAGEMENT OVERSIGHT** 

The Board will oversee Company's management, including:

(a) appointing
 and monitoring Senior Management;

(b) developing
 the CEO's position description in accordance with Section 8(b);

(c) developing
 or approving the corporate goals and objectives of the CEO and of other Senior Management;
 and

(d) in
 conjunction with the Compensation Committee, assessing the performance of the CEO and other
 Senior Management, taking into consideration:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such
 person's position description;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such
 person's goals and objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Governance Principles, including the individual's adherence to the Governance Principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 efforts made by such person to promote a culture of integrity at the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 Plan.

All management incentive plans tied to the Company's performance must first be approved by the Board.

**15.** **COMMUNICATIONS AND DISCLOSURE** 

The Board will adopt a Disclosure Policy to promote consistent disclosure practices by the Company in connection with the disclosure of material information about the Company and the Company's communications with external parties, including shareholders, the media and members of the investment community.

Representatives from the Board will be present at all shareholders' meetings to respond to shareholder questions relating to the Board's activities, duties and obligations.

The Board will appoint an independent, non-executive director to be available to shareholders with concerns should shareholder communications with the Chair, the CEO, or other executive officers fail to resolve the issue or such contact is inappropriate. In addition, the Company shall maintain on its website a contact email address that will permit shareholders to provide feedback directly to the Chair or, in the event the Board has determined that it is in the best interests of the Company to not require the Chair to be independent, the Lead Director.

The Board will ensure the Company's progress and financial performance is reported to shareholders, other security holders and regulators through annual financial reporting materials, annual information form, quarterly interim reports and periodic press releases on a timely and regular basis in accordance with the Applicable Requirements, and that reasonable steps are taken to ensure timely reporting of events, in accordance with the Applicable Requirements, having a significant and material impact on the Company.

![](tm2614911d1_ex99-1img007.jpg)

**16.** **MEETINGS** 

The Board shall meet as often as the Board considers appropriate to fulfill its responsibilities. Meetings of the Board will be called, scheduled and held in accordance with the Company's constating documents, including its articles and by-laws, as well as under the Applicable Requirements.

No business may be transacted by the Board at a meeting unless a quorum of the Board is present, as provided in the by-laws of the Company. All directors are expected to attend and be prepared to participate, including reviewing all meeting materials before every Board meeting. The Chair shall chair these meetings, unless the Chair is not an independent director, in which case the Lead Director shall chair these meetings, and in the absence of both the Chair and Lead Director, the directors of the Board present may appoint a chair from their number for such meeting.

The Board will provide at least seven days' notice of a meeting, unless all members of the Board consent to another time period or waive notice.

The Chair will seek input from the directors and Company's management, when setting each Board meeting's agenda.

Any written material to be provided to directors for a Board meeting must be distributed in advance of the meeting to give directors time to review and understand the information. All material provided to directors will be relevant and concise. The Board shall have free and unrestricted access at all times, either directly or through its duly appointed representatives, to the Company's management and employees and the books and records of the Company.

The Board may invite to a meeting the CEO, any other member of Senior Management or employees of the Company, legal counsel, advisors and other persons whose attendance it considers necessary or desirable to attend, give presentations relating to their responsibilities and otherwise participate at Board meetings in order to carry out its responsibilities.

The Company's secretary, or if there is no Company secretary, any Board member attendee nominated by the Chair of the Board, will be the secretary of the meeting. The Company's secretary will circulate minutes of all Board meetings, which shall be recorded and maintained in sufficient detail to convey the substance of all discussions held, to the Board on a timely basis and will ensure that all minutes of meetings, or written resolutions in lieu of a meeting, are filed in the Company's minute book.

As part of each meeting of the Board, the independent directors shall hold an *in-camera* session, without non-independent members, and members of management in attendance, and the agenda for each such Board meeting will afford an opportunity for such a session. The independent directors may also hold other meetings that are not attended by management and non-independent directors at such times and with such frequency as the independent directors consider necessary.

![](tm2614911d1_ex99-1img007.jpg)

**17.** **DIRECTOR EDUCATION AND TRAINING** 

The Board will provide newly elected directors with an orientation program to educate them on the Company, their roles and responsibilities on the Board or Committees, as well as the Company's internal controls, financial reporting and accounting practices. The Board shall periodically review the recommendations of the Nomination and Governance Committee concerning proposed changes to the Company's initial orientation program and continuing director education programs and if advisable, approve, with or without modifications, the adoption of any such changes. In addition, directors will, from time to time, as required, receive:

(a) training
 to increase their skills and abilities, as it relates to their duties and their responsibilities
 on the Board; and

(b) continuing
 education about the Company to maintain a current understanding of the Company's business,
 including its operations, internal controls, financial reporting and accounting practices.

**18.** **ASSESSMENTS** 

The Board, the Committees and each director will perform an annual self-assessment on its, his or her contribution and effectiveness. The Board and any Committee will consider this Board Charter, and any director will consider his or her position description, when performing a self-assessment.

**19.** **ACCESS TO MANAGEMENT AND OUTSIDE ADVISORS** 

To fulfill its roles, duties and responsibilities effectively, the Board may contact and have discussions with the Company's external auditors and the Company's officers and employees and request Company information and documentation from these persons.

The Board may, in its sole discretion, retain and terminate, from a source independent of management, independent outside counsel, consultants or other advisors as it deems necessary to assist it in fulfilling its duties and responsibilities under this Board Charter. The Board may set and pay the respective reasonable compensation and oversee the work of these advisors, without consulting or obtaining the approval of any officer of the Company. The Company shall provide appropriate funding, as determined by the Board, for the services of these advisors.

**20.** **ACCOUNTABILITIES OF INDIVIDUAL DIRECTORS** 

The accountabilities set out below are meant to serve as a framework to guide individual directors in their participation on the Board, with a view to enabling the Board to meet its duties and responsibilities.

Principal accountabilities include:

(a) assuming
 a stewardship role, overseeing the management of the business and affairs of the Company;

(b) maintaining
 a clear understanding of the Company, including its strategic and financial plans and objectives,
 emerging trends and issues, significant strategic initiatives and capital allocations and
 expenditures, financial position and performance, risks and management of those risks, internal
 systems, processes and controls, compliance with applicable laws and regulations, governance,
 audit and accounting principles and practices;

(c) preparing
 for and actively participating in each Board and Committee meeting by reviewing materials
 that have been provided in a timely manner and requesting, where appropriate, information
 that will allow the director to properly participate in the Board's deliberations,
 make informed business judgments, and exercise oversight;

![](tm2614911d1_ex99-1img007.jpg)

(d) absent
 a compelling reason, attending every meeting of the Board and each Committee of which such
 director is a member, and actively participating in deliberations and decisions. When attendance
 is not possible a director should become familiar with the matters to be covered at the meeting;

(e) voting
 on all decisions of the Board or any Committees of which such director is a member, except
 when a conflict of interest may exist;

(f) preventing
 personal interests from conflicting with, or appearing to conflict with, the interests of
 the Company and disclosing details of such conflicting interests should they arise;

(g) ensuring
 there is sufficient time to carry out their duties and not assuming responsibilities that
 would materially interfere with, or be incompatible with, Board directorship. Directors who
 experience a significant change in their personal circumstances, including a change in their
 principal occupation, are expected to advise the Committee Chair of the Nomination and Governance
 Committee;

(h) ensuring
 serving on the boards of other public issuers does not materially interfere and is compatible
 with the director's ability to fulfill their duties as a director of the Board. Directors
 must advise the Chair in advance of accepting an invitation to serve on the board of another
 public issuer; and

(i) acting
 in the highest ethical manner and with integrity in all professional dealings.

**21.** **NO RIGHTS CREATED** 

This Board Charter is a broad policy statement and is intended to be part of the Board's flexible governance framework. While this Board Charter should comply with all the Applicable Requirements and the Company's constating documents, including articles and by-laws, this Board Charter does not create any legally binding obligations on the Board, any Committee, any director, or the Company.

**22.** **CHARTER REVIEW** 

The Board shall periodically review the recommendations of the Nomination and Governance Committee concerning changes to this Board Charter and if advisable, approve, with or without modifications, the adoption of any such changes.

## Exhibit 99.2

**Exhibit 99.2

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| &nbsp;&nbsp;![GRAPHIC](tm2614911d1_ex99-2img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 Bay Street, 14th Floor Toronto, ON M5H 4A6 www.computershare.com Security Class Holder Account Number Form of Proxy - Annual General Meeting to be held on Thursday, June 18, 2026 This Form of Proxy is solicited by and on behalf of Management. Notes to proxy 1. Every holder has the right to appoint some other person or company of their choice, who need not be a holder, to attend and act on their behalf at the meeting or any adjournment or postponement thereof. If you wish to appoint a person or company other than the Management Nominees whose names are printed herein, please insert the name of your chosen proxyholder in the space provided (see reverse). 2. If the securities are registered in the name of more than one owner (for example, joint ownership, trustees, executors, etc.), then all those registered should sign this proxy. If you are voting on behalf of a corporation or another individual you may be required to provide documentation evidencing your power to sign this proxy with signing capacity stated. If you are voting on behalf of a corporation you are required to provide your name and designation of office, e.g., ABC Inc. per John Smith, President. 3. This proxy should be signed in the exact manner as the name(s) appear(s) on the proxy. 4. If a date is not inserted in the space provided on the reverse of this proxy, it will be deemed to bear the date on which it was mailed to the holder by Management. 5. The securities represented by this proxy will be voted as directed by the holder, however, if such a direction is not made in respect of any matter, and the proxy appoints the Management Nominees listed on the reverse, this proxy will be voted as recommended by Management. 6. The securities represented by this proxy will be voted in favour, or withheld from voting, or voted against each of the matters described herein, as applicable, in accordance with the instructions of the holder, on any ballot that may be called for. If you have specified a choice with respect to any matter to be acted on, the securities will be voted accordingly. 7. This proxy confers discretionary authority in respect of amendments or variations to matters identified in the Notice of Meeting and Management Information Circular or other matters that may properly come before the meeting or any adjournment or postponement thereof, unless prohibited by law. 8. This proxy should be read in conjunction with the accompanying documentation provided by Management. Proxies submitted must be received by 10:00 am, Eastern Time on Tuesday, June 16, 2026. VOTE USING THE TELEPHONE OR INTERNET 24 HOURS A DAY 7 DAYS A WEEK! To Vote Using the Telephone • Call the number listed BELOW from a touch tone telephone. 1-866-732-VOTE (8683) Toll Free To Vote Using the Internet • Go to the following web site: www.investorvote.com • Smartphone? Scan the QR code to vote now. If you vote by telephone or the Internet, DO NOT mail back this proxy. Voting by mail may be the only method for securities held in the name of a corporation or securities being voted on behalf of another individual. Voting by mail or by Internet are the only methods by which a holder may appoint a person as proxyholder other than the Management Nominees named on the reverse of this proxy. Instead of mailing this proxy, you may choose one of the two voting methods outlined above to vote this proxy. To vote by telephone or the Internet, you will need to provide your CONTROL NUMBER listed below. CONTROL NUMBER ------- Fold ------- Fold |

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| &nbsp;&nbsp;![GRAPHIC](tm2614911d1_ex99-2img002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;------- Fold ------- Fold Appointment of Proxyholder I/We being holder(s) of securities of Bragg Gaming Group Inc. (the "Corporation") hereby appoint: Matevz Mazij, Chief Executive Officer, or failing this person, Robert Bressler, Chief Financial Officer (the "Management Nominees") OR Print the name of the person you are appointing if this person is someone other than the Management Nominees listed herein. as my/our proxyholder with full power of substitution and to attend, act and to vote for and on behalf of the holder in accordance with the following direction (or if no directions have been given, as the proxyholder sees fit) and on all other matters that may properly come before the Annual General Meeting of shareholders of the Corporation to be held at the offices of Blake, Cassels & Graydon LLP, 199 Bay Street, Suite 4000, Toronto, Ontario M5L 1A9 at 10:00 am (Toronto Time), on Thursday, June 18, 2026 and at any adjournment or postponement thereof. VOTING RECOMMENDATIONS ARE INDICATED BY HIGHLIGHTED TEXT OVER THE BOXES. 1. Election of Directors 01. Matevz Mazij For Against 02. Holly Gagnon For Against 03. Mark Clayton For Against 04. Thomas Winter 05. Donald Robertson 06. Aaron Baryoseph 2. Appointment of Auditors To re-appoint MNP LLP of Toronto, Ontario as auditors for the ensuing year and to authorize the directors of the Corporation to fix their remuneration. For Withhold Signature of Proxyholder I/We authorize you to act in accordance with my/our instructions set out above. I/We hereby revoke any proxy previously given with respect to the Meeting. If no voting instructions are indicated above, and the proxy appoints the Management Nominees, this Proxy will be voted as recommended by Management. If you are voting on behalf of a corporation you are required to provide your name and designation of office, e.g., ABC Inc. per John Smith, President. Signature(s) Date Signing Capacity Interim Financial Statements - Mark this box if you would like to receive Interim Financial Statements and accompanying Management's Discussion and Analysis by mail. Annual Financial Statements - Mark this box if you would NOT like to receive the Annual Financial Statements and accompanying Management's Discussion and Analysis by mail. If you are not mailing back your proxy, you may register online to receive the above financial report(s) by mail at www.computershare.com/mailinglist. R O F Q 3 8 5 8 4 2 A R 2 |

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**

## Exhibit 99.3

**Exhibit 99.3**

**PROJECT JOBS**

**BINDING TERM SHEET**

*Proposed Acquisition of Drayton International by Bragg Gaming Group Inc.*

&nbsp;&nbsp;&nbsp;&nbsp;**Buyer** Bragg Gaming Group Inc. (NASDAQ / TSX: BRAG)<br>**Target** Drayton International<br>**Consideration** 4,500,000 of newly issued Bragg Common Shares<br>**Date** May 14, 2026<br>

**1. INTRODUCTION AND STATUS**

This binding term sheet (this "Term Sheet") sets out the principal proposed terms on which Bragg Gaming Group Inc. ("Bragg" or the "Buyer"), proposes to acquire 100% of the issued and outstanding equity interests of Drayton International ("Drayton" or the "Target") from its shareholders (the "Sellers"). The parties agree that this Term Sheet constitutes a binding agreement between the parties with respect to the matters addressed herein, subject to the entering into a definitive share purchase agreement and related transaction documents (the "Definitive Documents") and satisfaction of any conditions precedent contained herein and therein. In the event that the parties fail to enter into Definitive Documents, this Term Sheet shall prevail and serve as the basis for governing the Transaction.

The parties agree until the earlier of the execution of the Definitive Documents or termination of this Term Sheet:

&nbsp;&nbsp;&nbsp;&nbsp;a. Each
 of the parties will negotiate the Definitive Documents in good faith and use commercially
 reasonable efforts to prepare, execute and deliver all documents, take all actions and do
 all things necessary, proper, or advisable in order to consummate and make effective the
 transactions contemplated by this Term Sheet as soon as practicable, including the satisfaction,
 but not waiver, of all of the closing conditions set forth herein or in the Definitive Documents,
 as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;b. Each
 of the parties will, and will cause each of its subsidiaries or affiliates to, give any required
 notices to, make any filings with, and use its commercially reasonable efforts to obtain
 any authorizations, consents, and approvals of any third party or governmental authorities
 in applicable jurisdictions ("Governmental Authorities") in connection with the
 matters referred to herein.

&nbsp;&nbsp;&nbsp;&nbsp;c. The
 filing party in each instance will respond to the comments of the any applicable Governmental
 Authorities on any filings and will make any further filings, including amendments and supplements,
 in connection therewith that may be necessary, proper, or advisable. The Parties will provide
 one another, with whatever information and assistance in connection with the foregoing filings
 the filing party may request.

&nbsp;&nbsp;&nbsp;&nbsp;d. Each
 party will give prompt written notice to the other party of any material adverse development
 causing a breach of any of its own representations and warranties in this Term Sheet.

The parties hereby acknowledge that this Term Sheet form the basis for which the parties shall negotiate the terms and conditions of the Definitive Documents and complete the Transaction.

The Definitive Documents will be prepared by Bragg and its legal counsel, in consultation with the other parties and their respective legal counsel, and will reflect the terms and conditions described in the Term Sheet with representations, warranties, covenants, conditions of closing and other agreements normally included in connection with a transaction of this nature.

**2. TRANSACTION TERMS**

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|:---|:---|
| **A. PARTIES** | **A. PARTIES** |
| &nbsp;&nbsp;**Buyer** | &nbsp;&nbsp;Bragg Gaming Group Inc., a corporation incorporated under the laws of Canada and listed on the NASDAQ Global Select Market and the Toronto Stock Exchange (ticker: BRAG). |
| &nbsp;&nbsp;**Target** | &nbsp;&nbsp;Drayton International, a company incorporated under the laws of the Cayman Islands, comprised of three platform assets (Arc Gaming, Vision Plai, and 3 Shores) together with equity interests in five game development studios (Boomerang Studios, Dream Streak Gaming, Rise Gaming, Hit Squad, and Neotopia) (collectively, the "Drayton Portfolio"). |
| &nbsp;&nbsp;**Sellers** | &nbsp;&nbsp;The registered holders of 100% of the issued and outstanding equity interests in <br> Drayton International as at the date of closing (the "Sellers"), including Matthew Davey and Scott Smith (each holding approximately 26% of Drayton's issued equity), together with all remaining minority holders. The Sellers shall provide a complete and certified capitalisation table of Drayton as part of the due diligence process. For the purposes of the Transaction, the Sellers shall appoint a representative (expected to be Davey or such person designed by Davey) to act as the authorised representative of all Sellers ("Seller Representative") in respect of post-closing matters, including indemnification claims. The scope of authority of the Seller Representative, and the process for replacing the Seller Representative, shall be set out in the Definitive Documents. |

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|:---|:---|
| &nbsp;&nbsp;**B. TRANSACTION STRUCTURE AND CONSIDERATION** | &nbsp;&nbsp;**B. TRANSACTION STRUCTURE AND CONSIDERATION** |
| &nbsp;&nbsp;**Transaction** | &nbsp;&nbsp;100% acquisition by Bragg of all issued and outstanding equity interests in Drayton International (the "Transaction"), expected to be effected by way of a share purchase or share exchange agreement pursuant to which Bragg would acquire the Drayton Portfolio in its entirety. |
| &nbsp;&nbsp;**Consideration** | &nbsp;&nbsp;An aggregate of 4,500,000 newly issued common shares ("Bragg Common Shares") of Bragg (the "Consideration Shares"). No cash consideration shall be payable by Bragg at closing. The Consideration Shares shall be issued pursuant to prospectus exemptions under applicable securities laws and be subject to hold periods under such securities laws and the Lock-Up. Bragg shall ensure that the Consideration Shares are listed on both NASDAQ and the TSX at closing. |
| &nbsp;&nbsp;**Voting Agreements** | &nbsp;&nbsp;Davey shall enter into (i) a voting agreement with Bragg providing for rights with respect to the composition of the Board of Directors and (ii) a standstill agreement, subject to customary conditions and exceptions, to not acquire more than 19.9% of the outstanding equity of Bragg, in each case, until the later of: (i) June 30, 2027 and (ii) 12 months following the date of closing. |
| &nbsp;&nbsp;**C. LOCK-UP** | &nbsp;&nbsp;**C. LOCK-UP** |
| &nbsp;&nbsp;**Seller Lock-Up** | &nbsp;&nbsp;Each Seller shall, as a condition of receiving Consideration Shares, enter into a lock up deed (or equivalent undertaking) pursuant to which they shall not, directly or indirectly, sell, transfer, dispose of, or otherwise deal in their Consideration Shares, for up to 24 months, subject to the following staggered release schedule: (a) 25% of the Consideration Shares shall be released at 12 months following the closing date; (b) a further 25% at 15 months; (c) a further 25% at 18 months; and (d) the final 25% at 24 months (the period during which any Consideration Shares remain subject to lock-up, the "Lock-Up Period") subject to exceptions noted in "Permitted Transfers".<br>Bragg shall maintain the listing of the Bragg Common Shares on both the NASDAQ and TSX for so long as any Consideration Shares remain subject to the Lock-Up (provided that this shall not restrict or prevent Bragg from engaging in or completing any transaction which would result in Bragg ceasing to be listed on the Nasdaq and the TSX so long as the holders of Consideration Shares receive cash or securities of an entity which is listed on a stock exchange in the United States or Canada or such other exchange as may be agreed upon by Bragg and the Sellers, or the holders of the Common Shares have approved the transaction).<br>|
| &nbsp;&nbsp;**Permitted Transfers** | &nbsp;&nbsp;Lock-up restrictions shall not apply to: (i) transfers to affiliates or related entities of a Seller (provided the transferee assumes the lock-up obligations); (ii) transfers between any entities within the Tekkorp group (including Tekkorp Consolidated Holdings LP, Tekkorp Kapital, Tekkorp Holdings, and any fund managed by a Tekkorp entity), without restriction or consent requirement; (iii) transfers required by operation of law; (iv) transfer for tax planning purposes; (v) transfers in connection with a bona fide pledge to a lender; (vi) transfers pursuant to a takeover bid, arrangement, or similar transaction approved by the board of Bragg; or (vii) such other transfers as Bragg may consent to in writing, which consent shall not be unreasonably withheld, delayed or conditioned. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**D. ROFO / ROFR OVER PORTFOLIO STUDIOS** | &nbsp;&nbsp;**D. ROFO / ROFR OVER PORTFOLIO STUDIOS** |
| &nbsp;&nbsp;**Studio Rights** | &nbsp;&nbsp;Drayton holds certain Rights of First Offer ("ROFO") over the equity interests in its non-wholly owned five portfolio studios (Boomerang Studios, Dream Streak Gaming, Rise Gaming, Hit Squad, and Neotopia). Such ROFO rights shall be indirectly assumed by Bragg as a consequence of the Transaction, pursuant to which Drayton will become a wholly-owned subsidiary of Bragg on closing. |
| &nbsp;&nbsp;**E. CONDITIONS TO CLOSING** | &nbsp;&nbsp;**E. CONDITIONS TO CLOSING** |
| &nbsp;&nbsp;**Buyer Conditions (in favour of Bragg)** | &nbsp;&nbsp;The obligation of Bragg to complete the Transaction will be conditional upon satisfaction (or waiver by Bragg in its sole discretion) of each of the following: (i) Board Approval — approval of the board of directors of Bragg; (ii) No MAC — there being no material adverse change ("MAC") in the business, assets, liabilities, financial condition or operations of the Drayton Portfolio between signing of the Definitive Documents and closing excluding any change arising from (a) general economic, political, or market conditions, (b) changes affecting the gaming industry generally, (c) changes in applicable law, regulation of general application, accounting standards or tax requirements, (d) terrorism, sabotage, hostilities, war, epidemics, pandemics, disease outbreaks, natural disasters, acts of God; (e) any action taken with Bragg's prior written consent; (f) the announcement or pendency of the Transaction, (provided that the underlying cause of such failure may be considered); (iii) Regulatory Approvals — receipt of all required gaming regulatory approvals, including approvals from relevant gaming authorities in all jurisdictions in which Bragg and/or Drayton hold or require licences; (iv) Lender Consent — receipt of consent from Bragg's lenders, including confirmation of continued compliance with all applicable debt covenants on a pro forma basis following closing; (v) Due Diligence — satisfactory completion of legal, financial, tax, regulatory, and technical due diligence to Bragg's satisfaction, acting reasonably, provided that all due diligence shall be completed prior to execution of the Definitive Documents, and thereafter satisfactory due diligence shall no longer remain a closing condition; (vi) Representations True — all representations and warranties of the Sellers being true and correct in all material respects as at the closing date; (vii) No Injunction — no court order, injunction, or regulatory action preventing or restricting the Transaction; (viii) Material Contracts — no material contracts of Drayton having been terminated, materially and adversely amended, or otherwise materially and adversely affected between signing and closing (other than by reason of announcement of the Transaction), except as Bragg has consented to in writing; (ix) Key Person Retention — entry into employment or service agreements (in form and substance acceptable to Bragg, acting reasonably, the form of which is to be negotiated and approved prior to entering into the Definitive Agreements) with key management and development personnel of Drayton, as Bragg shall identify in the Definitive Documents; (x) execution of such consents and agreements as may be reasonably necessary from the Drayton Portfolio in order to implement the agreements contemplated by the Definitive Documents. |
| &nbsp;&nbsp;**Cash Adequacy** — **Platform Assets** | &nbsp;&nbsp;As a condition to closing in favour of Bragg, Drayton shall have received aggregate additional financing by way of cash contribution in the amount of US$1,370,000, being an amount expected to be sufficient to fund its operations for a period of not less than 12 months following closing, based on the financial projections and business plan disclosed to Bragg during the due diligence process and agreed between the parties prior to signing of the Definitive Documents. For the avoidance of doubt, this condition shall be assessed by reference to the relevant projections and business plan and not by reference to any subsequent change in market conditions. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Seller Conditions (in favour of Sellers)** | &nbsp;&nbsp;The obligation of the Sellers to complete the Transaction is conditional upon: (i) Bragg Board Approval; (ii) delivery of the Consideration Shares at closing, duly issued as fully paid and non-assessable, and listed (or approved for listing) on both NASDAQ and the TSX; (iii) Representations True — all representations and warranties of Bragg being true and correct in all material respects as at the closing date; (iv) Bragg having complied in all material respects with its covenants and obligations under the Definitive Documents; (v) no material adverse change in the business, assets, liabilities financial condition, or operations of Bragg between signing and closing; (vi) Regulatory Approvals — receipt of all required gaming regulatory approvals, including approvals from relevant gaming authorities in all jurisdictions in which Bragg and/or Drayton hold or require licences; (vii) No Injunction — no court order, injunction, or regulatory action preventing or restricting the Transaction; and (viii) NED Appointment - execution of Davey's letter of appointment as Non-Executive Chairman (in agreed form) prior to or at closing. |
| &nbsp;&nbsp;**Shareholder Approval** | &nbsp;&nbsp;The parties do not currently anticipate that the Transaction will require approval of Bragg's shareholders under applicable TSX or NASDAQ rules, based on the size of the Transaction relative to Bragg's market capitalisation. Should shareholder approval be required, it shall be added as a mutual condition to closing. |
| &nbsp;&nbsp;**F. CONDUCT OF BUSINESS / PRE-CLOSING COVENANTS** | &nbsp;&nbsp;**F. CONDUCT OF BUSINESS / PRE-CLOSING COVENANTS** |
| &nbsp;&nbsp;**Ordinary Course Covenant** | &nbsp;&nbsp;From the date of signing of the Definitive Documents until closing, except as set out in the Disclosure Letter or the Definitive Document, the Sellers shall procure that each entity within the Drayton Portfolio is operated in the ordinary course of business, consistent with past practice, and that none of the following is undertaken without prior written consent of Bragg, which consent shall not be unreasonably withheld, conditioned or delayed: (i) any material change to the business or assets of the Drayton Portfolio; (ii) entry into, termination of, or amendment of any material contract; (iii) any single capital expenditure or commitment in excess of US$20,000 that is not in the ordinary course of business or in connection with the Transaction; (iv) any change to the compensation, equity, or other incentive arrangements of key personnel (other than increases in salary or benefits in the ordinary course consistent with past practice); (v) any acquisition, disposal, or encumbrance of material assets; (vi) any issuance, allotment, or grant of equity interests, options, or other securities. For the avoidance of doubt, capital expenditure pursuant to contracts in place as at the date of signing of the Definitive Documents and disclosed to Bragg shall not require Bragg's consent. |
| &nbsp;&nbsp;**No Dividends / Distributions** | &nbsp;&nbsp;From the date of this Term Sheet to closing, no dividends, distributions, or other payments shall be made by any entity in the Drayton Portfolio to the Sellers or any related party, except with Bragg's prior written consent. |
| &nbsp;&nbsp;**G. REPRESENTATIONS AND WARRANTIES** | &nbsp;&nbsp;**G. REPRESENTATIONS AND WARRANTIES** |
| &nbsp;&nbsp;**Seller R&Ws** | &nbsp;&nbsp;The Sellers shall provide customary and comprehensive representations and warranties in the Definitive Documents as at both signing and closing, including (without limitation): (i) title, ownership, and capacity; (ii) incorporation, authority, and enforceability; (iii) accuracy of financial statements and management accounts; (iv) compliance with applicable laws, gaming regulations, and licence conditions; (v) absence of undisclosed liabilities; (vi) intellectual property ownership, including ownership of all proprietary game mathematics, code, and content; (vii) material contracts and their status; (viii) litigation, disputes, and regulatory investigations; (ix) employment and contractor arrangements; (x) data protection and cybersecurity; (xi) tax compliance; and (xii) insurance being maintained on commercially reasonable terms. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Bragg R&Ws** | &nbsp;&nbsp;Bragg shall provide customary representations and warranties in respect of: (i) incorporation, authority, and enforceability; (ii) the valid issuance of Consideration Shares, as fully paid and non-assessable; (iii), its compliance with applicable securities laws; (iv) the accuracy of its public filings and financial statements; (v) the absence of any undisclosed material liabilities; (vi) no material litigation or regulatory proceedings pending or threatened against Bragg; (vii) no material adverse change in the business, financial condition, or operations of Bragg since the date of its most recently filed financial statements; (viii) the Bragg Common Shares being duly listed for trading on both NASDAQ and the TSX as at closing; (ix) Bragg's capitalisation and the absence of any anti-dilution or pre-emptive rights that would be triggered by the issuance of the Consideration Shares; (x) the absence of any undisclosed material agreements or arrangements with any shareholder, activist, or third party that could adversely affect the governance or strategic direction of Bragg; (xi) compliance with applicable laws, gaming regulations, and licence conditions; (xii) intellectual property ownership, including ownership of all proprietary game mathematics, code, and content; (xiii) material contracts and their status; (xiv) litigation, disputes, and regulatory investigations; (xv) data protection and cybersecurity; and (xvi) tax compliance. |
| &nbsp;&nbsp;**Bring-Down** | &nbsp;&nbsp;All Seller representations and warranties shall be required to be true and correct in all material respects (with appropriate materiality qualifiers and MAC carve-outs) as at the closing date, as a condition to Bragg's obligation to close. All Bragg representations and warranties shall be required to be true and correct in all material respects (with appropriate materiality qualifiers) as at the closing date, as a condition to the Sellers' obligation to close. |
| &nbsp;&nbsp;**H. INDEMNIFICATION** | &nbsp;&nbsp;**H. INDEMNIFICATION** |
| &nbsp;&nbsp;**General Indemnity** – **Sellers** | &nbsp;&nbsp;The Sellers shall indemnify, defend, and hold harmless Bragg and its affiliates, officers, directors, and employees from and against all losses, liabilities, damages, costs, and expenses (including legal fees) arising from: (i) any breach of any representation, warranty, or covenant by the Sellers; (ii) any undisclosed liability of the Drayton Portfolio; and (iii) any pre-closing tax liability. For the avoidance of doubt, Bragg shall not be entitled to recover in respect of any individual loss or item more than once (no double recovery). |
| &nbsp;&nbsp;**Cap** — **General R&W** | &nbsp;&nbsp;The aggregate liability of the Sellers in respect of breaches of general representations and warranties shall not exceed 10% of the value of the Consideration Shares. |
| &nbsp;&nbsp;**Cap** — **Fundamental Warranties** | &nbsp;&nbsp;The aggregate liability of the Sellers in respect of breaches of fundamental representations and warranties (being title to shares, ownership, authority, capacity, and anti-bribery/anti-corruption) shall not exceed 50% of the value of the Consideration Shares. |
| &nbsp;&nbsp;**Cap** — **Tax Warranties and Tax Indemnity** | &nbsp;&nbsp;The aggregate liability of the Sellers in respect of tax warranties and any specific tax indemnity shall not exceed 100% of the value of the Consideration Shares, and shall survive until the expiry of the applicable statutory limitation period in each relevant jurisdiction. |
| &nbsp;&nbsp;**Fraud** | &nbsp;&nbsp;No cap shall apply to any claim arising from or in connection with fraud by any Seller. Claims for fraud shall survive indefinitely, but only as against the Seller(s) who personally participated in or had actual knowledge of such fraud. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Basket / De Minimis** | &nbsp;&nbsp;Claims shall only be brought where the aggregate amount of all indemnifiable losses exceeds US$150,000 (the "Basket"), at which point the Sellers shall be liable for the amount of the indemnifiable losses in excess of the Basket. Individual claims below US$25,000 shall be disregarded for the purposes of determining whether the Basket has been exceeded and shall not be recoverable. |
| &nbsp;&nbsp;**Survival** | &nbsp;&nbsp;General representations and warranties shall survive closing for a period of 18 months. Fundamental representations and warranties (title, authority, capacity) shall survive for a period of 36 months. Tax representations and warranties shall survive until the expiry of the applicable statutory limitation period. Fraud-related claims shall survive indefinitely. |
| &nbsp;&nbsp;**General Indemnity** – **Bragg** | &nbsp;&nbsp;Bragg shall indemnify, defend, and hold harmless the Sellers and their respective affiliates, officers, directors, and employees from and against all losses, liabilities, damages, costs, and expenses (including legal fees) arising from any breach of any representation, warranty, or covenant by Bragg. The aggregate liability of Bragg in respect of breaches of general representations and warranties shall not exceed 10% of the value of the Consideration Shares, save in respect of fraud, wilful misrepresentation, or wilful concealment, to which no cap shall apply. |
| &nbsp;&nbsp;**Indemnity Limitations** | &nbsp;&nbsp;No party shall be entitled to indemnification or any other remedy for any loss arising from or relating to any inaccuracy in, or breach of, any representation, warranty, or covenant in the Definitive Documents if the party seeking indemnification or such remedy had knowledge of such inaccuracy or breach prior to the closing.<br>Materiality, material adverse change and similar qualifiers contained in the representations and warranties shall not be disregarded for purposes of determining either the existence of a breach or the amount of losses.<br>|
| &nbsp;&nbsp;**I. NON-SOLICIT** | &nbsp;&nbsp;**I. NON-SOLICIT** |
| &nbsp;&nbsp;**Non-Solicit** | &nbsp;&nbsp;Each Seller shall not, for a period of 12 months following closing, solicit or recruit any employee, contractor, or key person of Bragg or the Drayton Portfolio. This restriction shall not apply to general advertisements or recruitment campaigns not specifically targeted at such persons. |
| &nbsp;&nbsp;**J. TERMINATION** | &nbsp;&nbsp;**J. TERMINATION** |
| &nbsp;&nbsp;**Long-Stop Date** | &nbsp;&nbsp;If the Transaction has not closed by the date that is 120 days following the date of execution of the Definitive Documents (the "Long-Stop Date"), either party shall have the right to terminate the Definitive Documents on written notice to the other party, save where the failure to close is attributable to the terminating party's breach. |
| &nbsp;&nbsp;**Termination by Buyer** | &nbsp;&nbsp;Bragg shall have the right to terminate the Definitive Documents (without liability) if: (i) a MAC occurs (subject to the agreed carve-outs); (ii) the Sellers are in material breach of their representations, warranties, or covenants and such breach has not been cured within 15 Business Days of written notice thereof (to the extent such breach is able to be cured in that timeframe); or (iii) a condition to closing in favour of Bragg cannot be satisfied by the Long-Stop Date. |
| &nbsp;&nbsp;**Termination by Sellers** | &nbsp;&nbsp;The Sellers shall have the right to terminate the Definitive Documents if: (i) Bragg is in material breach of its representations, warranties, or covenants (including its obligation to issue Consideration Shares) and such breach has not been cured within 15 Business Days of written notice thereof (to the extent such breach is able to be cured in that timeframe); (ii) a condition to closing in favour of the Sellers cannot be satisfied by the Long-Stop Date; (iii) Bragg fails to obtain required board, lender, or regulatory approvals by the Long-Stop Date; (iv) a material adverse change occurs in respect of Bragg, or (v) Davey is not appointed to Bragg's board of directors by the Long-Stop Date. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**K. DAVEY APPOINTMENT** | &nbsp;&nbsp;**K. DAVEY APPOINTMENT** |
| &nbsp;&nbsp;**Non-Executive Director** | &nbsp;&nbsp;Concurrently with closing, Bragg shall increase the size of its board by one and Davey shall be appointed as Non-Executive Chairman of the Bragg Gaming Group Inc.'s board of directors, subject to any required regulatory approvals and applicable gaming regulatory suitability processes, provided that it is understood and agreed that Davey's appointment to the board is a condition of closing in favour of the Sellers. |
| &nbsp;&nbsp;**Terms of Appointment** | &nbsp;&nbsp;The terms of Davey's appointment as Non-Executive Chairman will be consistent with Bragg's arrangements with its current directors (including remuneration, service obligations, and director indemnification). |
| &nbsp;&nbsp;**Regulatory Suitability** | &nbsp;&nbsp;Davey's appointment is subject to his satisfying all applicable gaming regulatory suitability requirements in jurisdictions where Bragg holds licences. Davey shall cooperate fully with all required regulatory applications and filings and Bragg shall use commercially reasonable efforts to submit all required applications and filings and obtain all required approvals as soon as reasonably practicable to enable Davey's appointment upon closing. |
| &nbsp;&nbsp;**L. DUE DILIGENCE** | &nbsp;&nbsp;**L. DUE DILIGENCE** |
| &nbsp;&nbsp;**Access** | &nbsp;&nbsp;The Sellers shall grant Bragg and its advisers full access to a virtual data room containing all material information relating to the Drayton Portfolio, including (without limitation): constitutional documents; audited or management financial statements for the last 3 financial years; material contracts; IP ownership documentation; gaming licence documentation; employment and contractor agreements; and regulatory correspondence. |
| &nbsp;&nbsp;**Scope** | &nbsp;&nbsp;Due diligence shall cover legal, financial, tax, regulatory, technical, and intellectual property matters. Bragg reserves the right to extend or modify the scope of due diligence at its discretion, acting reasonably.<br>The Sellers shall have the right to conduct limited confirmatory due diligence on Bragg, including review of Bragg's most recent audited financial statements, material contracts, outstanding litigation, and any matters material to the value of the Consideration Shares. Bragg shall provide the Sellers and their advisors with reasonable access to such information promptly upon request. The Sellers reserve the right to extend or modify the scope of due diligence at their discretion, acting reasonably.<br>|
| &nbsp;&nbsp;**Timeline** | &nbsp;&nbsp;The parties shall target completion of due diligence by May 31 2026 |
| &nbsp;&nbsp;**Disclosure Letter** | &nbsp;&nbsp;The Sellers shall prepare a disclosure letter ("Disclosure Letter") to be delivered at signing of the Definitive Documents, setting out all qualifications and exceptions to the Sellers' representations and warranties. Fair disclosure of a matter in the Disclosure Letter shall qualify the relevant representations and warranties, and any matter fairly disclosed in one part of the Disclosure Letter shall be deemed disclosed against all representations and warranties to which it is reasonably relevant (whether or not specific cross-reference is made). |

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|:---|:---|
| &nbsp;&nbsp;**M. REGULATORY APPROVALS** | &nbsp;&nbsp;**M. REGULATORY APPROVALS** |
| &nbsp;&nbsp;**Gaming Regulatory Approvals** | &nbsp;&nbsp;The Transaction is subject to receipt of all required approvals from gaming regulatory authorities in jurisdictions where Bragg and/or Drayton hold gaming licences. Each party shall use its commercially reasonable efforts to obtain all required approvals as promptly as practicable following signing of the Definitive Documents. |
| &nbsp;&nbsp;**Lender Consent** | &nbsp;&nbsp;Bragg shall use its reasonable best endeavours to obtain consent from its lenders to the Transaction, including provision of pro forma financial information demonstrating continued compliance with all applicable debt covenants following closing. The Sellers acknowledge that lender consent is a condition to closing in favour of Bragg. |
| &nbsp;&nbsp;**Other Regulatory** | &nbsp;&nbsp;The parties do not currently anticipate that any merger control filings will be required, having regard to the size of the Transaction. This shall be confirmed with legal counsel. |

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**3. ADDITIONAL PROVISIONS**

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|:---|:---|
| &nbsp;&nbsp;**N. EXCLUSIVITY** | &nbsp;&nbsp;**N. EXCLUSIVITY** |
| &nbsp;&nbsp;**Exclusivity Period** | &nbsp;&nbsp;In consideration of Bragg's commitment to progress the Transaction, with effect from the date on which both parties have countersigned this Term Sheet (the "Exclusivity Commencement Date"), the Sellers shall not, and shall procure that Drayton and its directors, officers, employees, and advisers do not, directly or indirectly: (i) solicit, initiate, encourage, or facilitate any inquiry, proposal, or offer from any third party in respect of the acquisition of or investment in all or any part of the Drayton Portfolio; (ii) enter into, continue, or participate in any discussions, negotiations, or arrangements with any third party in respect of any such transaction; or (iii) provide any confidential information to any third party in relation to any such transaction. The Sellers shall promptly notify Bragg in writing if they receive any unsolicited approach from a third party in respect of any such transaction. |
| &nbsp;&nbsp;**Exclusivity Period Duration** | &nbsp;&nbsp;120 calendar days from the Exclusivity Commencement Date, subject to extension by mutual written agreement. The Sellers' obligations under this exclusivity provision are conditional upon Bragg pursuing the Transaction diligently and in good faith. If Bragg fails to progress due diligence or the negotiation of Definitive Documents in a timely manner, the Sellers may terminate exclusivity on 10 Business Days' written notice. |
| &nbsp;&nbsp;**Consequence of Breach** | &nbsp;&nbsp;Any material breach of the exclusivity provisions shall entitle Bragg to terminate its obligations under this Term Sheet on written notice to the Sellers. |
| &nbsp;&nbsp;**O. CONFIDENTIALITY** | &nbsp;&nbsp;**O. CONFIDENTIALITY** |
| &nbsp;&nbsp;**Confidentiality** | &nbsp;&nbsp;Each party shall keep the existence and terms of this Term Sheet, and all information exchanged in connection with the Transaction, strictly confidential and shall not disclose the same to any third party without the prior written consent of the other party, except: (i) to its professional advisers on a need-to-know basis, subject to equivalent confidentiality obligations; (ii) as required by applicable law, regulation, or stock exchange rules (including NASDAQ and TSX disclosure obligations); or (iii) in connection with any required regulatory application or filing. |
| &nbsp;&nbsp;**Public Announcements** | &nbsp;&nbsp;No announcement or disclosure regarding the Transaction shall be made by any party without the prior written approval of the other party (such approval not to be unreasonably withheld, conditioned or delayed). Where disclosure is required by law, regulation or stock exchange rules, the disclosing party shall provide the other party with reasonable advance notice and an opportunity to comment on form and content of the disclosure. Notwithstanding the foregoing, Bragg shall be permitted to issue a press release announcing the execution of this Term Sheet and file this Term Sheet in accordance with applicable securities laws; provided, that, Drayton shall be provided with any draft news releases with reasonable notice prior to dissemination and Bragg shall incorporate any reasonable edits or redactions proposed by Drayton |

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| | |
|:---|:---|
| &nbsp;&nbsp;**P. COSTS** | &nbsp;&nbsp;**P. COSTS** |
| &nbsp;&nbsp;**Each Party Bears Own Costs** | &nbsp;&nbsp;Save as otherwise agreed in writing, each party shall bear its own legal, financial advisory, and other costs and expenses in connection with the negotiation, preparation, and execution of the Definitive Documents and the completion of the Transaction, whether or not the Transaction proceeds to closing. |
| &nbsp;&nbsp;**Q. GOVERNING LAW AND JURISDICTION** | &nbsp;&nbsp;**Q. GOVERNING LAW AND JURISDICTION** |
| &nbsp;&nbsp;**Governing Law** | &nbsp;&nbsp;This Term Sheet and the binding provisions hereof shall be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein. |
| &nbsp;&nbsp;**Jurisdiction** | &nbsp;&nbsp;The parties irrevocably submit to the non-exclusive jurisdiction of the courts of the Province of Ontario for the resolution of any dispute arising under or in connection with the binding provisions of this Term Sheet. |

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**4. INDICATIVE TRANSACTION TIMELINE**

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| | | |
|:---|:---|:---|
| **Step** | &nbsp;&nbsp;**Milestone** | &nbsp;&nbsp;**Target Date** |
| **1.** | &nbsp;&nbsp;Bragg reviews Drayton financials and equity interest financials | &nbsp;&nbsp;24 April 2026 |
| **2.** | &nbsp;&nbsp;Agree deal structure and valuation; execute Term Sheet / LOI | &nbsp;&nbsp;5 May 2026 |
| **3.** | &nbsp;&nbsp;Bragg Board approval of Transaction | &nbsp;&nbsp;12 May 2026 |
| **4.** | &nbsp;&nbsp;Completion of formal due diligence; drafting of SPA and Definitive Documents | &nbsp;&nbsp;31 May 2026 |
| **5.** | &nbsp;&nbsp;Execution of SPA; public announcement of Transaction | &nbsp;&nbsp;15 June 2026 |
| **6.** | &nbsp;&nbsp;Closing (satisfaction of all conditions; issuance of Consideration Shares) | &nbsp;&nbsp;30 June 2026 |

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**5. EXECUTION**

To indicate acknowledgement of the terms set out in this Term Sheet, each party is requested to countersign below and return a copy to Bragg's advisers.

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| | |
|:---|:---|
| **FOR AND ON BEHALF OF** | **FOR AND ON BEHALF OF** |
| **BRAGG GAMING GROUP INC.** | **THE SELLERS** |
| (signed) "*Matevz Mazij*" | (signed) "*Matt Davey*" |
| *Authorised Signatory* | *Authorised Signatory / Seller Representative* |
| Name: Matevz Mazij | Name: Matt Davey |
| Title: CEO | Title: Manager |
| Date: 13/05/2026 | Date:5/13/2026 |

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## Exhibit 99.4

**Exhibit 99.4**

**FORM 51-102F3**

**MATERIAL CHANGE REPORT**

**Item 1.** **Name and Address of Company**

Bragg Gaming Group Inc. (the "**Company**")

130 King Street West, Suite 1955

Toronto, Ontario M5X 1E3

**Item 2.** **Date of Material Change**

May 14, 2026

**Item 3.** **News Release**

A news release dated May 14, 2026 was issued by the Company through the facilities of Business Wire and was subsequently filed on the System for Electronic Data Analysis and Retrieval (SEDAR+) at www.sedarplus.ca under the Company's profile.

**Item 4.** **Summary of Material Change**

On May 14, 2026, the Company announced that it had entered into a binding term sheet ("**Term Sheet**") to acquire Drayton International ("**Drayton**"), a diversified gaming technology and content platform, pursuant to which and subject to entering into a definitive acquisition agreement and the satisfaction of customary closing conditions, the Company will acquire 100% of the equity interests of Drayton for 4.5 million newly issued common shares of the Company (the "**Consideration Shares**") priced at US$2.00 per share (the "**Transaction**").

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| | |
|:---|:---|
| **Item 5.1** | **Full Description of Material Change** |

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The Company and Drayton entered into the Term Sheet, and subject to entering into a definitive acquisition agreement and the satisfaction of customary closing conditions, the Company will acquire 100% of the equity interests of Drayton for the Consideration Shares.

Drayton is a multi-asset platform combining varying equity interests in five (5) game development studios with three (3) 100% owned technology and distribution platforms.

In connection with the closing of the Transaction, Matt Davey will be appointed Non-Executive Chairman of the Company, succeeding the Company's current Chair, Holly Gagnon, who will remain on the Company's board of directors as an independent director.

The Transaction is subject to applicable gaming regulatory approvals, approval of the listing of the Consideration Shares on the Toronto Stock Exchange and the Nasdaq Stock Market LLC, and the satisfaction of certain other closing conditions customary for a transaction of this nature. Subject to the satisfaction of such conditions, the Company expects the Transaction to close in Q3-2026.

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| | |
|:---|:---|
| **Item 5.2** | **Disclosure for Restructuring Transaction** |

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Not applicable.

**Item 6.** **Reliance on subsection 7.1(2) of National Instrument 51-102**

Not applicable.

**Item 7.** **Omitted Information**

Not applicable.

**Item 8.** **Executive Officer**

For further information, please contact Robert Bressler, Chief Financial Officer of the Company, by telephone at 416-938-9899 or email at robbie.bressler@bragg.group.

**Item 9.** **Date of Report**

May 25, 2026

***Cautionary Statement Regarding Forward-Looking Statements***

This material change report contains forward-looking statements or "forward-looking information" within the meaning of applicable Canadian securities laws ("**forward-looking statements**"), including, without limitation, statements with respect to the Company's planned acquisition of Drayton; the expectation that a definitive acquisition agreement will be entered into and that the Transaction will close on the terms and timeline anticipated (including the approval of the listing of the Consideration Shares on the Toronto Stock Exchange and the Nasdaq); and the expected appointment of Matt Davey as Non-Executive Chairman of the board of directors of the Company and the reconstitution of the Company's board of directors.

Forward-looking statements are provided for the purpose of presenting information about management's current expectations and plans relating to the future and allowing readers to get a better understanding of the Company's anticipated financial position, results of operations, and operating environment. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

All forward-looking statements contained in this material change report reflect the Company's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Company's forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions listed below. Although the Company believes that these assumptions are reasonable, this list is not exhaustive of factors that may affect any of the forward-looking statements. The key assumptions that have been made in connection with the forward-looking statements include the Company's financial resources and liquidity; the regulatory regime governing the business of the Company; the operations of the Company; the products and services of the Company; the Company's customers; the growth of the Company's business; meeting minimum listing requirements of the stock exchanges on which the Company's shares trade; the integration of technology; the anticipated size and/or revenue associated with the gaming market globally; the assumption that a definitive acquisition agreement with respect to the Transaction will be entered into on terms consistent with the Term Sheet; the assumption that all customary closing conditions to the acquisition will be satisfied (including the approval of the listing of the Consideration Shares on the Toronto Stock Exchange and the Nasdaq); the assumption that any required gaming regulatory approvals will be obtained in applicable jurisdictions; the assumption that key Drayton personnel, including leadership and development teams, will remain post-closing;; and the assumption that third-party partners, will continue to perform in a manner consistent with their historical results, notwithstanding that past performance of third parties is not indicative of future results.

Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the following: risks related to the Company's business and financial position; the risk that the Company and Drayton may not enter into a definitive acquisition agreement or that the Transaction may not close on the anticipated timeline or at all (including the approval of the listing of the Consideration Shares on the Toronto Stock Exchange and the Nasdaq); risks related to the dilution to existing shareholders from the issuance of the Consideration Shares; risks associated with gaming regulatory approvals, licensing requirements and compliance in multiple jurisdictions; risks related to the integration of Drayton's assets, technology and personnel; risks related to reliance on third-party platforms; and the risk that such platforms may not perform as expected or may not be available on anticipated terms; risks associated with general economic conditions; risks related to the Company's management; adverse industry events; future legislative and regulatory developments, including changes to gaming regulations in the United States, Canada, Brazil and other jurisdictions; the inability to access sufficient capital from internal and external sources; the inability to access sufficient capital on favorable terms; realization of growth estimates, income tax and regulatory matters; the ability of the Company to implement its business strategies; competition; economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices; changes in customer demand; disruptions to the Company's technology network, including computer systems and software; natural events such as severe weather, fires, floods and earthquakes; and risks related to health pandemics and the outbreak of communicable diseases. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise, except in accordance with applicable securities laws. The forward-looking statements contained in this material change report are expressly qualified in their entirety by this cautionary statement.