# EDGAR Filing Document

**Accession Number:** 0001437925
**File Stem:** 0001477932-26-002676
**Filing Date:** 2026-4
**Character Count:** 215671
**Document Hash:** 64b733255cfb30e764947fd45318cc05
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001477932-26-002676.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001477932-26-002676

**CONFORMED SUBMISSION TYPE**: 10-K/A

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Meridian Holdings Inc./NV
- **CENTRAL INDEX KEY:** 0001437925
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 461814729
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41326
- **FILM NUMBER:** 26925611

**BUSINESS ADDRESS:**
- **STREET 1:** 3651 LINDELL ROAD
- **STREET 2:** SUITE D555
- **CITY:** LAS VEGAS
- **STATE:** NV
- **BUSINESS PHONE:** 702-318-7548

**MAIL ADDRESS:**
- **STREET 1:** 3651 LINDELL ROAD
- **STREET 2:** SUITE D555
- **CITY:** LAS VEGAS
- **STATE:** NV

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Golden Matrix Group, Inc.
- **DATE OF NAME CHANGE:** 20160411

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Source Gold Corp.
- **DATE OF NAME CHANGE:** 20091016

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ibex Resources Corp.
- **DATE OF NAME CHANGE:** 20080618

?xml version='1.0' encoding='ASCII'? meridian_10ka.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

____________________________

**FORM 10-K/A**

**(Amendment No. 1)**

____________________________

(Mark One)

**☒** **ANNUAL REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the fiscal year ended **<u>December 31, 2025</u>**

**☐** **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

Commission File Number: **001-41326**

![meridian_10kaimg1.jpg](meridian_10kaimg1.jpg)

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| |
|:---|
| **Meridian Holdings Inc.**<br>**(Formerly Known as Golden Matrix Group, Inc.)** |
| (Exact name of registrant as specified in its charter) |

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|:---|:---|
| **Nevada** | **46-1814729** |
| (State or other jurisdiction of <br>incorporation or organization) | (I.R.S. Employer <br>Identification No.) |

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|:---|:---|
| **3651 Lindell Road, Suite D555, Las Vegas, NV** | **89103** |
| (Address of principal offices) | (Zip Code)  |

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Registrant's telephone number, including area code: **(702) 318-7548**

**Securities registered pursuant to section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, $0.00001 Par Value Per Share | MRDN | The NASDAQ Stock Market LLC<br>(The NASDAQ Capital Market) |

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**Securities registered pursuant to section 12(g) of the Act:**

<u>None.</u>

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☐ Yes ☒ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act: ☐ Yes ☒ No

Indicate by check mark whether the registrant (1) has filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes&nbsp;&nbsp;&nbsp;&nbsp; ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "<u>large accelerated filer,</u>" "<u>accelerated filer,</u>" "<u>smaller reporting company,</u>" and "<u>emerging growth company</u>" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
|  |  | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐ Yes ☒ No

On June 30, 2025, the last day of the registrant's most recently completed second quarter, the aggregate market value of the Common Stock held by non-affiliates of the registrant was approximately $36,067,350, based upon the closing price of the registrant's Common Stock on the Nasdaq Capital Market of $20.40 on June 30, 2025, the last trading day prior to June 30, 2025. For purposes of calculating the aggregate market value of shares held by non-affiliates, we have assumed that all outstanding shares are held by non-affiliates, except for shares held by each of our executive officers, directors and 5% or greater stockholders. In the case of 5% or greater stockholders, we have not deemed such stockholders to be affiliates unless there are facts and circumstances which would indicate that such stockholders exercise any control over our company, or unless they hold 10% or more of our outstanding common stock. These assumptions should not be deemed to constitute an admission that all executive officers, directors and 5% or greater stockholders are, in fact, affiliates of our company, or that there are not other persons who may be deemed to be affiliates of our company. Further information concerning shareholdings of our officers, directors and principal stockholders is included or incorporated by reference in Part III, Item 12 of this Annual Report on Form 10-K.

As of April 30, 2026, the registrant had 12,669,479 shares of its common stock, $0.00001 par value, outstanding, after giving effect to the Reverse Stock Split (discussed below). This amount includes shares of common stock issued upon the settlement of restricted stock units that vested upon the filing of the Company's Form 10-K.

**DOCUMENTS INCORPORATED BY REFERENCE**

None.

**Explanatory Note**

On March 31, 2026, Meridian Holdings Inc. filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the "<u>Original Form 10-K</u>") with the U.S. Securities and Exchange Commission (the "<u>SEC</u>"). The Original Form 10-K omitted certain disclosures under Part III, Items 10, 11, 12, 13 and 14 of Form 10-K in reliance on General Instruction G(3) to Form 10-K, which provides that such information may be either incorporated by reference from the registrant's definitive proxy statement or included in an amendment to Form 10-K, in either case filed with the SEC not later than 120 days after the end of the fiscal year.

We currently do not expect to file our definitive proxy statement for the 2026 annual meeting of our stockholders within 120 days of December 31, 2025. Accordingly, we are filing this Amendment No. 1 to the Original Form 10-K (this "<u>Amendment No. 1</u>" or this "<u>Report</u>") solely to:

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| amend Part III, Items 10 (*Directors, Executive Officers and Corporate Governance*), 11 (*Executive Compensation*), 12 (*Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters*), 13 (*Certain Relationships and Related Transactions, and Director Independence*) and 14 (*Principal Accountant Fees and Services*) of the Original Form 10-K to include the information required to be disclosed under such Items; |
| delete the reference on the cover of the Original Form 10-K regarding the incorporation by reference into Part III of the Original Form 10-K of portions of our definitive proxy statement to be delivered to stockholders and filed with the SEC in connection with the 2026 annual meeting of our stockholders; and |
| file new certifications of our principal executive officer and principal financial officer as exhibits to this Amendment under Item 15 of Part IV hereof, pursuant to Rule 12b-15 under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"). |

---

This Amendment No. 1 does not otherwise change or update any of the disclosures set forth in the Original Form 10-K, and, except as expressly stated herein, does not reflect events occurring after the filing of the Original Form 10-K. This Amendment No. 1 modifies and amends the Original Form 10-K, and should be read in conjunction with the Original Form 10-K. References to "this Annual Report" contained in this Amendment No. 1 refer to the Original Form 10-K, as modified and amended by this Amendment No. 1. Capitalized terms not otherwise defined in this Amendment No. 1 have the meanings given to them in the Original Form 10-K.

Unless the context requires otherwise, references to the "<u>Company,</u>" "<u>we,</u>" "<u>us,</u>" "<u>our,</u>", and "<u>MRDN</u>" in this Report refer specifically to Meridian Holdings Inc., and its consolidated subsidiaries.

In addition, unless the context otherwise requires and for the purposes of this report only:

· "<u>Exchange Act</u>" refers to the Securities Exchange Act of 1934, as amended;

· "<u>SEC</u>" or the "<u>Commission</u>" refers to the United States Securities and Exchange Commission; and

· "<u>Securities Act</u>" refers to the Securities Act of 1933, as amended.

As used in this Report, "<u>EUR</u>", "<u>€</u>" or "<u>Euros</u>" means the official currency of the member states of the European Union; "<u>GBP</u>", "<u>£</u>" or "<u>Pounds</u>" means the currency of the United Kingdom and its associated territories; "<u>USD</u>", "<u>$</u>" or "<u>dollars</u>" means U.S. dollars; "<u>RSD</u>" or "<u>dinars</u>" means the Serbian Dinar, the official currency of Serbia; "<u>AUD</u>" means Australian dollars, "<u>BRL</u>" or "<u>R$</u>" means the Brazilian Real, the official currency of Brazil, "<u>PEN</u>" means the Peruvian Sol, the official currency of Peru, and "<u>TZS</u>" means the Tanzanian Shilling, the official currency of Tanzania, provided that all dollar amounts in this Report are in U.S. dollars unless otherwise stated.

Certain other capitalized terms used below but not otherwise defined have the meanings give to such terms in the Original Form 10-K, and this Amendment No. 1 should be read together with the Original Form 10-K.

As previously disclosed in the Current Report on Form 8-K filed by the Company with the SEC on April 9, 2024, effective on April 1, 2024, we closed the transactions contemplated by that certain Sale and Purchase Agreement of Share Capital dated January 11, 2023 (as amended and restated from time to time, the "<u>MeridianBet Purchase Agreement</u>") with Aleksandar Milovanović ("<u>Milovanović</u>"), Zoran Milošević ("<u>Milošević</u>") and Snežana Božović ("<u>Božović</u>", and collectively with Milovanović and Milošević<u>,</u> the "<u>Sellers</u>"), the former owners of (a) Meridian Tech Društvo Sa Ograničenom Odgovornošću Beograd, a private limited company formed and registered in and under the laws of the Republic of Serbia ("<u>Meridian Serbia</u>"); (b) Društvo Sa Ograničenom Odgovornošću "<u>Meridianbet</u>" Društvo Za Proizvodnju, Promet Roba I Usluga, Export Import Podgorica, a private limited company formed and registered in and under the laws of Montenegro; (c) Meridian Gaming Holdings Ltd., a company formed and registered in the Republic of Malta; and (d) Meridian Gaming (Cy) Ltd, a company formed and registered in the republic of Cyprus ("<u>Meridian Gaming</u>", and collectively, (a) through (d), "<u>MeridianBet Group</u>"). Pursuant to the Purchase Agreement, on April 9, 2024 (the "<u>Closing Date</u>"), and effective on April 1, 2024, we acquired 100% of MeridianBet Group.

Božović is Chief Operating Officer of Meridian Serbia, Secretary of MeridianBet Group, and a member of the Board of Directors of the Company; Milošević is the Chief Executive Officer of MeridianBet Group and Milovanović is a greater than 5% stockholder of the Company.

On February 26, 2026, the Company filed both (a) a Certificate of Change with the Secretary of State of the State of Nevada (the "<u>Certificate of Change</u>") to effectuate a reverse stock split of the Company's authorized, issued and outstanding shares of common stock, at a ratio of 1-for-12 (the "<u>Reverse Split</u>"), in accordance with Nevada Revised Statutes ("<u>NRS</u>") Section 78.209; and (b) a Certificate of Amendment to the Company's Articles of Incorporation, as amended, to affect a name change of the Company to "<u>Meridian Holdings Inc.</u>" (the "<u>Name Change</u>"). Both the Certificate of Change and Certificate of Amendment were approved solely by the Board of Directors of the Company in accordance with the NRS.

Both the Reverse Split and the Name Change became effective on March 3, 2026 at 12:01 a.m. ET (the "<u>Effective Time</u>").

The effects of the Reverse Split and Name Change have been retroactively affected throughout this Report, unless otherwise stated.

**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| **[PART III](#p3)** | **[PART III](#p3)** |  |
| [ITEM 10.](#i10) | [DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.](#i10) | 3 |
| [ITEM 11.](#i11) | [EXECUTIVE COMPENSATION.](#i11) | 15 |
| [ITEM 12.](#i12) | [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.](#i12) | 25 |
| [ITEM 13.](#i13) | [CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.](#i13) | 31 |
| [ITEM 14.](#i14) | [PRINCIPAL ACCOUNTANT FEES AND SERVICES.](#i14) | 45 |
| **[PART IV](#p4)** | **[PART IV](#p4)** |  |
| [ITEM 15.](#i15) | [EXHIBITS, FINANCIAL STATEMENTS AND SCHEDULES](#i15) | 46 |

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| 2 |
| *[**Table of Contents**](#toc)* |

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**PART III**

**ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.**

*<u>Executive Officers</u>*

The following table sets forth certain information with respect to our and our significant subsidiaries' executive officers:

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|:---|:---|:---|
| **Name** | **Position** | **Age** |
| William Scott | Interim Chief Executive Officer (Principal Executive Officer), President, and Director | 61 |
| Richard Christensen | Chief Financial Officer (Principal Financial/Accounting Officer) and Treasurer | 49 |
| Zoran Milošević | Chief Executive Officer of the MeridianBet Group | 51 |
| Snežana Božović | Chief Operating Officer of Meridian Serbia, Secretary of the MeridianBet Group, and Company Director (Series C Preferred) | 44 |

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Below is information regarding each executive officer's biographical information, including their principal occupations or employment for at least the past five years, and the names of other public companies in which such persons hold or have held directorships during the past five years.

**William Scott — Interim Chief Executive Officer (Principal Executive Officer), President, and Director *—*** Information regarding Mr. Scott is set forth below under "<u>Board of Directors</u>".

**Richard B. Christensen, CPA — Chief Financial Officer (Principal Financial/Accounting Officer) and Treasurer —** Richard B. Christensen is a seasoned finance and accounting executive with over 25 years of comprehensive experience in international publicly-traded companies in the staffing, professional services, software, manufacturing, and construction industries. Mr. Christensen's key expertise includes corporate and business finance, mergers and acquisitions, technical accounting, and SEC reporting. From December 2015 through February 2025, Mr. Christensen served in various roles with TrueBlue Inc., a staffing, software and professional services company, including Senior Vice President (SVP) and Chief Accounting Officer (December 2020 to August 2024), Treasurer (February 2022 to February 2025), and SVP Risk, Treasury and Corporate Development (August 2024 to February 2025). While at TrueBlue, Inc., Mr. Christensen managed all aspects of accounting and SEC reporting, and was involved with several acquisitions. Prior thereto, Mr. Christensen was employed at Itron, Inc., where he held various accounting, finance, operational and business development roles over a period of approximately ten years. Prior thereto, Mr. Christensen served as an Audit Manager at Deloitte & Touche LLP, where he worked for approximately five years. Mr. Christensen received a BBA from Idaho State University in Computer Information Systems and Accounting, and received an MBA with a concentration in Finance from The Wharton School, University of Pennsylvania. Mr. Christensen is licensed as a Certified Public Accountant in the state of Idaho.

**Zoran Milošević — Chief Executive Officer of the MeridianBet Group—** Mr. Milošević has been with the MeridianBet Group since March 2003 (serving as an executive in various MeridianBet Group departments including: Marketing, Risk Management, Online Betting & Software Development) and became the Chief Executive Officer of the MeridianBet Group in 2008, including serving as Chief Executive Officer of certain of their subsidiaries, including Meridian Tech Društvo Sa Ograničenom Odgovornošću Beograd, a private limited company formed and registered in and under the laws of the Republic of Serbia. Mr. Milošević serves on the Board of numerous private companies, including each of the MeridianBet Group, My Best Odds, which is a Belgian entity, and Global Meridian Gaming N.V., which is a Curacao entity. Under his leadership, the MeridianBet Group expanded their brand portfolio and improved their market share in Europe, Africa, and Latin America, supplying services in over 30 different jurisdictions.

Mr. Milošević was a member of the Parliament of the Republic of Serbia from 1997 to 2001, a member of the Belgrade City Parliament from 2004 to 2008 and a Board Member of the Serbia National Lottery in 2012.

Mr. Milošević graduated from the University of Belgrade, in Belgrade Serbia, with a degree in Industrial Engineering.

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| *[**Table of Contents**](#toc)* |

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**Snežana Božović — Chief Operating Officer of Meridian Serbia, Secretary of the MeridianBet Group, and Series C Preferred Company Director *—*** Information regarding Ms. Božović is set forth below under "<u>Board of Directors</u>".

*<u>Board of Directors</u>*

Our current directors are as follows:

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|:---|:---|:---|:---|
| **Name of Director** | **Age** | **Position** | |
| **Name of Director** | **Age** | **Position** | |
| **Name of Director** | **Age** | **Position** | **Date First**<br>**Appointed as**<br>**Director** |
| William Scott | 61 | Chairman (Series C Preferred Director\*) | April 2024 |
| Murray G. Smith | 55 | Director | August 2020 |
| Atul Bali | 54 | Director | December 2025 |
| Snežana Božović | 44 | Chief Operating Officer of Meridian Serbia and Company Director (Series C Preferred Director\*) | January 2025 |

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\* As discussed in greater detail below under "<u>Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters—Series C Preferred Stock</u>", the holders of the Company's Series C Preferred Stock currently only have the right to appoint one (1) member to the Board of Directors because the number of members of the Board of Directors is under five (5), however, the previously appointed Series C Preferred Directors (as defined below), will continue to serve in such roles until the next annual meeting of stockholders of the Company, at which time, assuming the Company has less than five (5) directors, the holders of the Company's Series C Preferred Stock will only have the right to appoint one Series C Preferred Director.

Any vacancy occurring between stockholders' meetings in any of the Board of Directors positions not held by the Series C Preferred Directors, discussed in greater detail under "<u>Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters—Series C Preferred Stock</u>", including vacancies resulting from an increase in the number of Directors may be filled by the Board of Directors. A vacancy in the Series C Preferred Director position(s) may be filled by the affirmative vote of at least a majority of the then outstanding shares of Series C Preferred Stock. A Director elected to fill a vacancy shall hold office until the next annual stockholders' meeting.

There is no arrangement or understanding between our directors and executive officers and any other person pursuant to which any director or officer was or is to be selected as a director or officer, and there is no arrangement, plan or understanding as to whether non-management stockholders will exercise their voting rights to continue to elect the current Board, except in connection with the rights of the holders of the Series C Preferred Stock, discussed in greater detail under "<u>Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters—Series C Preferred Stock</u>".

There are also no arrangements, agreements or understandings to our knowledge between non-management stockholders that may directly or indirectly participate in or influence the management of our affairs.

We have described the skills and experiences below that we believe will allow directors to provide critical insights on the Company's strategic imperatives and make significant contributions to board deliberations. In the matrix that follows, we have highlighted the skills and attributes of each director.

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|:---|:---|:---|:---|:---|
|  | **William Scott** | **Murray G. Smith** | **Atul Bali** | **Snežana Božović** |
| Executive Leadership | ●  | ●  | ●  | ●  |
| Financial Expertise / Investment | ●  | ●  | ●  | ●  |
| Technology | ●  |  | ●  |  |
| Cybersecurity |  |  |  |  |
| Risk and Compliance | ●  | ●  | ●  | ●  |
| Growth/Transformation | ●  |  | ●  | ●  |
| Public Company Board Experience | ●  | ●  | ●  | ●  |
| Legal, Regulatory and Public Policy | ●  | ●  | ●  | ●  |
| Environmental | ●  |  |  |  |
| Social | ●  |  | ●  | ●  |
| Governance | ●  | ●  | ●  | ●  |
| Global Operations | ●  | ●  | ●  | ●  |
| Manufacturing/Supply Chain | ●  | ●  | ●  |  |
| Strategic Planning | ●  |  | ●  | ●  |

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| *[**Table of Contents**](#toc)* |

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Information regarding the members of the Board of Directors is provided below:

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| ![meridian_10kaimg2.jpg](meridian_10kaimg2.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**William Scott (Chairman), *Interim Chief Executive Officer (Principal Executive Officer), President, and Director***:<br>***Series C Preferred Stock Director***<br>On November 26, 2025, the Company appointed Mr. Scott, the Executive Chairman of the Board of Directors of the Company, as Interim Chief Executive Officer and Principal Executive Officer of the Company to take effect upon the resignation of our former Chief Executive Officer, Anthony Brian Goodman, which became effective on December 12, 2025. Mr. Scott has served as President of the Company since February 19, 2026.<br>Mr. Scott has served as a member of the Board of Directors, and as Chairman of the Board, since April 2024. Since June 2013, Mr. Scott has served as a director of Warrenside Limited – London, a gambling consultancy firm where he provides advisory services. From July 2004 to June 2013, Mr. Scott served as Vice President of Corporate Strategy and Vice President – Interactive, of GTECH (now IGT) London, a gaming and lottery technology provider where he served as a Vice President in the interactive division. From July 2002 to April 2004, Mr. Scott served as an advisor to ICW Holdings Limited – London, which is a power systems provider. From June 2000 to April 2002, Mr. Scott served as Finance Director of Coffee Republic plc London. Prior to that he held various finance, managerial and director roles in various industries including over 5 years at Arthur Andersen in South Africa and the United Kingdom. Mr. Scott also currently serves on the Board of Directors of a number of private companies, mainly in the gaming industry, including Ithuba Holdings (RF)(Pty)Ltd, a lottery operator located in South Africa where he serves on both the Board of Directors and the Audit and Risk Committee of, Fincore Limited – London, a technology provider to the gambling industry and government/banks and Bildabet Technology Limited, a technology provider to the gambling industry. Mr. Scott also serves on the Board of Directors of a charity organization, Education Africa, as well as a "know your client"/anti-money laundering organization based in London, England. Mr. Scott also served as a member of the Board of Directors of Playgon Games Inc. (OTCMKTS:PLGNF), a licensor of digital content for the iGaming market, from October 2018 to May 2023. Mr. Scott is a member of the Chartered Accountants of South Africa. Mr. Scott obtained a Bachelor of Commerce degree from the University of Witwatersrand, in Johannesburg, South Africa, with Honors.<br>*<u>Director Qualifications</u>:* The Board has concluded that Mr. Scott's experience in the gaming industry qualifies him for service as a member of the Board of Directors. |

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| *[**Table of Contents**](#toc)* |

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| ![meridian_10kaimg3.jpg](meridian_10kaimg3.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Murray G. Smith:** <br>***Director***<br>Mr. Smith is a licensed Certified Public Accountant in the State of Oregon, with over twenty-eight years' accounting and finance leadership experience. Mr. Smith is also a Certified Fraud Examiner. Mr. Smith has operated his own consulting practice focusing on financial process improvement, client training to perform accounting procedures, Sarbanes-Oxley compliance and internal audit outsourcing, MGS Consulting, LLC, since March 2008. Since June 2020, Mr. Smith has also served as President and Founder of Complete Freedom Beverage, LLC d/b/a Cascadia Can Company, an Aluminum can brokering and mobile canning service company. Mr. Smith served as the Divisional Chief Financial Officer and corporate controller of Craft Canning + Bottling, LLC, a wholly-owned subsidiary of Eastside Distilling, Inc. (NASDAQ:EAST), a Nasdaq company, from October 2016 to September 2020. From February 2018 to March 2019, Mr. Smith served as Chief Financial Officer of Genesis Financial, Inc. (an OTC listed company) in the financial technology space. He also served as the Chief Financial Officer for Jewett-Cameron Trading Company, Ltd. (NASDAQ:JCTCF), a Nasdaq company, from September 2009 to June 2015. Mr. Smith previously served as the Chief Financial Officer for Paulson Capital Corp. (NASDAQ:PLCC), a Nasdaq company, from 2006-2014 where he co-led a reverse merger transaction of the parent company, while navigating the regulatory hurdles of the SEC, Nasdaq & FINRA simultaneously spinning out the Broker-Dealer subsidiary to a new ownership group and creating a $10 Million liquidating trust. Mr. Smith's other previous employers have included positions with Intel Corporation (Accounting Management), Arthur Andersen (CPA and Consulting Services), and Allegheny Teledyne, Inc. (Internal Audit). He is a graduate of the University of Washington, with a Bachelor of Arts degree awarded in 1993 in Business Administration with a concentration in Accounting. Mr. Smith also previously held the following FINRA Licenses: Series 7, 27 and 66.<br>*<u>Director Qualifications</u>*: The Board has concluded that Mr. Smith's accounting and finance leadership background and experience qualifies him for service as a member of the Board of Directors. |

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| ![meridian_10kaimg5.jpg](meridian_10kaimg5.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Atul Bali:** <br>***Director***<br>Mr. Bali has served as the Chairman of Instant Win Gaming, a UK-based developer of customized digital gaming platforms for global lotteries, since November 2014. He has also been the Chairman of The Football Pools Ltd, a UK-based operator of offline and online gaming, since January 2021. Since November 2019, he has served as a board member of Everi Holdings Inc., a Las Vegas-based supplier for the casino and gaming industry, and, since March 2017, as a non-executive director and audit committee chair of Rainbow Rare Earths PLC (LSE:RRE), a UK company focused on the sustainable extraction and recovery of critical rare earth elements. Additionally, since April 2019, Mr. Bali has served as Chairman of Fincore Ltd, a financial software company that provides certain software and services to Everi as well as a Remote Gaming Server platform provider for multiple competing content providers, since November 2017, Mr. Bali has served as Advisory Board Chairman of Ingenuity Gaming Private Ltd, a service company in the online and land based gaming industry, and since April 2021, Mr. Bali has served as a Strategic Advisory to Football 1x2 Ltd., a provider of iGaming solutions. From May 2016 to August 2021, Mr. Bali was chairman of Meridian Tech Holdings, an online sports betting and gaming group, which the Company acquired in April 2024. From May 2014 to April 2021, Mr. Bali served as deputy chairman/advisor of Gaming Reals PLC (LSE:GMR), a UK-based developer, licensor, and distributor of mobile-focused gaming content. From May 2014 to July 2018, Mr. Bali served as a director and advisor of Metric Gaming, a sports betting software provider. From June 2012 to March 2014, Mr. Bali served as President and CEO of Aristocrat Technologies Inc., a US-based subsidiary of the Australian company, Aristocrat Leisure Limited (ASX: ALL), a gaming and entertainment company. From April 2002 to August 2010, Mr. Bali also held various positions with GTECH Corporation, a US-based lottery and gaming systems and services provider, including as President and CEO of its GTECH G2 division between September 2007 and August 2010. Mr. Bali received a bachelor's degree in Law and Economics (with honors) from Keele University, Staffordshire, England.<br>*<u>Director Qualifications</u>*: The Company believes that Mr. Bali's extensive experience in the global gaming and iGaming industries, including online gaming platforms, sports betting, and gaming technology, qualifies him to serve as a member of the Board of Directors and that his prior service as a senior executive and board member of multiple gaming operators and suppliers will provide valuable operational, technological, and regulatory insight to the Board of Directors. |

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| ![meridian_10kaimg4.jpg](meridian_10kaimg4.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Snežana Božović:** <br>***Chief Operating Officer of Meridian Serbia and Company Director (Series C Preferred Director)***<br>Since May 2022, Ms. Božović has served as the Chief Operating Officer of Meridian Serbia, overseeing Meridian Serbia's financial strategy and managing budgets. Prior to that, Ms. Božović held various other roles with Meridian Serbia, including from May 2018 to May 2022, serving as Chief Financial Officer; from March 2008 to May 2018, serving as General Director; from January 2006 to March 2008, serving as Financial Director; and from December 2003 to January 2006, serving as a betting shop manager/croupier. Ms. Božović has also served as a Director of Meridian Tech since May 2022, as a General Director of Meridian Malta since May 2016, and as General Director of Fair Champions Meridian Ltd., a majority owned subsidiary of Meridian Gaming Malta, since December 2015. Ms. Božović received her bachelor's degree from the University Union in Belgrade, Serbia, in Business Management.<br>*<u>Director Qualifications</u>*: We believe Ms. Božović's significant experience in the gaming industry will be beneficial to the Board of Directors. |

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*<u>Qualifications of All Directors of the Board</u>*

The Board believes that each of our directors is highly qualified to serve as a member of the Board. Each of the directors has contributed to the mix of skills, core competencies and qualifications of the Board. When evaluating candidates for election to the Board, the Board seeks candidates with certain qualities that it believes are important, including integrity, an objective perspective, good judgment, and leadership skills. Our directors are highly educated and have diverse backgrounds and talents and extensive track records of success in what we believe are highly relevant positions.

**Corporate Governance**

The Company promotes accountability for adherence to honest and ethical conduct; endeavors to provide full, fair, accurate, timely and understandable disclosure in reports and documents that the Company files with the SEC and in other public communications made by the Company; and strives to be compliant with applicable governmental laws, rules and regulations.

*<u>Board Leadership Structure</u>*

Our Board of Directors has the responsibility for selecting the appropriate leadership structure for the Company. In making leadership structure determinations, the Board of Directors considers many factors, including the specific needs of the business and what is in the best interests of the Company's stockholders.

In making leadership structure determinations, the Board of Directors considers many factors, including the specific needs of the business and what is in the best interests of the Company's shareholders. Our current leadership structure is comprised of a combined Chairman of the Board and Interim Chief Executive Officer ("CEO"), Mr. William Scott. The Board of Directors believes that this leadership structure is the most effective and efficient for the Company at this time. Mr. Scott possesses detailed and in-depth knowledge of the issues, opportunities, and challenges facing the Company, and is thus best positioned to develop agendas that ensure that the Board of Directors' time and attention are focused on the most critical matters. Combining the Chairman of the Board and CEO roles promotes decisive leadership, fosters clear accountability and enhances the Company's ability to communicate its message and strategy clearly and consistently to our shareholders, particularly during periods of turbulent economic and industry conditions. The Board of Directors does not have a policy as to whether the Chairman should be an independent director, an affiliated director, or a member of management.

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The Board believes that its programs for overseeing risk, as described below, would be effective under a variety of leadership frameworks and therefore do not materially affect its choice of structure.

The Board evaluates its structure periodically, as well as when warranted by specific circumstances, in order to assess which structure is in the best interests of the Company and its stockholders based on the evolving needs of the Company. This approach provides the Board appropriate flexibility to determine the leadership structure best suited to support the dynamic demands of our business.

*<u>Risk Oversight</u>*

Effective risk oversight is an important priority of the Board of Directors. Because risks are considered in virtually every business decision, the Board of Directors discusses risk throughout the year generally or in connection with specific proposed actions. The Board of Directors' approach to risk oversight includes understanding the critical risks in the Company's business and strategy, evaluating the Company's risk management processes, allocating responsibilities for risk oversight, and fostering an appropriate culture of integrity and compliance with legal responsibilities.

The Board of Directors exercises direct oversight of strategic risks to the Company. The Audit Committee reviews and assesses the Company's processes to manage business and financial risk and financial reporting risk. It also reviews the Company's policies for risk assessment and assesses steps management has taken to control significant risks. The Compensation Committee oversees risks relating to compensation programs and policies. In each case management periodically reports to our Board or relevant committee, which provides guidance on risk assessment and mitigation. The Nominating and Corporate Governance Committee recommends the slate of director nominees for election to the Company's Board of Directors, identifies and recommends candidates to fill vacancies occurring between annual stockholder meetings, reviews, evaluates and recommends changes to the Company's Corporate Governance Guidelines, and establishes the process for conducting the review of the Chief Executive Officer's performance. (The Company's committees are described in greater detail below).

While the Board and its committees oversee the Company's strategy, management is charged with its day-to-day execution. To monitor performance against the Company's strategy, the Board receives regular updates and actively engages in dialogue with management.

*<u>Family Relationships</u>*

There are no family relationships among our directors, executive officers, or persons nominated or chosen by the Company to become directors or executive officers.

*<u>Other Directorships</u>*

No directors of the Company are also directors of issuers with a class of securities registered under Section 12 of the Exchange Act or which otherwise are required to file periodic reports under the Exchange Act.

*<u>Involvement in Certain Legal Proceedings</u>*

To the best of our knowledge, none of our executive officers or directors have been involved in any of the following events during the past ten years, except as discussed under their biographical information, above: (1) any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time; (2) any conviction in a criminal proceeding or being a named subject to a pending criminal proceeding (excluding traffic violations and minor offenses); (3) being subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his or her involvement in any type of business, securities or banking activities; (4) being found by a court of competent jurisdiction (in a civil action), the SEC or the Commodities Futures Trading Commission to have violated a federal or state securities or commodities law; (5) being the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of (i) any Federal or State securities or commodities law or regulation; (ii) any law or regulation respecting financial institutions or insurance companies, including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order, or (iii) any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or (6) being the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Exchange Act), any registered entity (as defined in Section (1a)(40) of the Commodity Exchange Act), or any equivalent exchange, association, entity, or organization that has disciplinary authority over its members or persons associated with a member.

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*<u>Board of Directors Meetings</u>*

During the year ended December 31, 2025, the Board held thirteen formal meetings of the Board, and took various actions via the unanimous written consents of the Board. All members of the Board of Directors attended at least 75 percent of the aggregate of (i) the total number of meetings of the Board of Directors held during the year ended December 31, 2025; and (ii) the total number of meetings held by all Committees of the Board of Directors on which he or she served during the year ended December 31, 2025. The Company held an annual meeting of stockholders on November 6, 2025, which was attended by each member of the Board of Directors of the Company. Each director of the Company is encouraged to be present at annual meetings of stockholders. Members of the Board of Directors are encouraged, but not required, to be present at annual meetings of stockholders, absent exigent circumstances that prevent their attendance. Where a director is unable to attend an annual meeting in person, but is able to do so by electronic conferencing, the Company will arrange for the director's participation by means where the director can hear, and be heard, by those present at the meeting.

*<u>Board Committee Membership</u>*

Our Board of Directors has three standing committees: an Audit Committee, a Compensation Committee, and a Nominating and Corporate Governance Committee. All three committees are composed solely of independent directors. You can review the charters for our standing committees by accessing our public filings at the SEC's website at *www.sec.gov* (as discussed below) or on our website at *https://meridian-holdings.com/governance-documents*.

The current members of the committees of our Board of Directors are as follows:

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|  | **Independent** |
| William Scott <sup>(1)</sup> |  |
| Atul Bali | ☒<br> M<br> C |
| Murray G. Smith | ☒<br> C<br> M |
| Snežana Božović |  |

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*(1) Chairman of Board of Directors.*

*C - Chairman of Committee.*

*M - Member.*

Each of these committees has the duties described below and operates under a charter that has been approved by our Board of Directors.

***Audit Committee***

Nasdaq listing standards and applicable SEC rules require that the Audit Committee of a listed company be comprised solely of independent directors. We have established an Audit Committee of the Board of Directors, which currently consists of Murray G. Smith and Atul Bali. Each member of the Audit Committee meets the independent director standard under Nasdaq's listing standards and under Rule 10A-3(b)(1) of the Exchange Act. Each member of the Audit Committee is financially literate.

The Audit Committee has been established by the Board to oversee our accounting and financial reporting processes and the audits of our financial statements.

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The Board has selected the members of the Audit Committee based on the Board's determination that the members are financially literate and qualified to monitor the performance of management and the independent auditors and to monitor our disclosures so that our disclosures fairly present our business, financial condition and results of operations.

The Board has also determined that Mr. Smith is an "<u>audit committee financial expert</u>" (as defined in the SEC rules) because he has the following attributes: (i) an understanding of generally accepted accounting principles in the United States of America ("<u>GAAP</u>") and financial statements; (ii) the ability to assess the general application of such principles in connection with accounting for estimates, accruals and reserves; (iii) experience analyzing and evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by our financial statements; (iv) an understanding of internal control over financial reporting; and (v) an understanding of audit committee functions. Mr. Smith has acquired these attributes by means of having held various positions that provided relevant experience, as described in his biographical above.

The Audit Committee has the sole authority, at its discretion and at our expense, to retain, compensate, evaluate and terminate our independent auditors and to review, as it deems appropriate, the scope of our annual audits, our accounting policies and reporting practices, our system of internal controls, our compliance with policies regarding business conduct and other matters. In addition, the Audit Committee has the authority, at its discretion and at our expense, to retain special legal, accounting or other advisors to advise the Audit Committee. The Audit Committee is also tasked with reviewing related party transactions.

The Audit Committee's responsibilities also include (1) reviewing the disclosures made by the Chief Executive Officer and the Chief Financial Officer in connection with their required certifications accompanying the Company's periodic reports to be filed with the SEC, including disclosures to the Committee of (a) significant deficiencies in the design or operation of internal controls, (b) significant changes in internal controls, and (c) any fraud involving management or other employees who have a significant role in the Company's internal controls; (2) reviewing and discussing the Company's quarterly financial results and related press releases, if any, with management and the independent auditors prior to the release of such information to the public; (3) reviewing with the management the proposed scope and plan for conducting internal audits of Company operations and obtaining reports of significant findings and recommendations, together with management's corrective action plans; (4) seeking to ensure the corporate audit function has sufficient authority, support and access to Company personnel, facilities and records to carry out its work without restrictions or limitations; (5) reviewing the corporate audit function of the Company, including its charter, plans, activities, staffing and organizational structure; (6) reviewing progress of the internal audit program, key findings and management's action plans to address findings; (7) periodically reviewing the Company's policies with respect to legal compliance, conflicts of interest and ethical conduct; (8) seeking to ensure the adequacy of procedures for the receipt, retention and treatment of complaints regarding accounting, internal accounting control or auditing matters, including the confidential submission of complaints by employees regarding such matters; and (9) recommending to the Board any changes in ethics or compliance policies that the Committee deems appropriate.

The Audit Committee Charter is filed as Exhibit 99.2 to the Company's Current Report on Form 8-K which the Company filed with the Securities and Exchange Commission on August 27, 2020.

***Compensation Committee***

The Compensation Committee, which is comprised exclusively of independent directors, is responsible (together with the Board) for the administration of our stock compensation plans, approval, review and evaluation of the compensation arrangements for our executive officers and directors, and oversees and advises the Board on the adoption of policies that govern the Company's compensation and benefit programs. In addition, the Compensation Committee has the authority, at its discretion and at our expense, to retain special legal, accounting or other advisors to advise the Compensation Committee.

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Specifically, the principal responsibilities and functions of the Compensation Committee are as follows: (1) review the competitiveness of the Company's executive compensation programs to ensure (a) the attraction and retention of executives, (b) the motivation of executives to achieve the Company's business objectives, and (c) the alignment of the interests of key leadership with the long-term interests of the Company's stockholders. Assist the Board of Directors in establishing CEO annual goals and objectives; (2) review trends in executive compensation, oversee the development of new compensation plans, and, when necessary, approve the revision of existing plans; (3) review and approve the compensation structure for executives; (4) oversee an evaluation of the performance of the Company's executive officers and approve the annual compensation, including salary, bonus, incentive and equity compensation, for the executive officers. Review and approve compensation packages for new executive officers and termination packages for executive officers; (5) review and make recommendations concerning long-term incentive compensation plans, including the use of equity-based plans; (6) periodically review the compensation paid to non-employee directors and make recommendations to the Board for any adjustments. No member of the Committee will act to fix his or her own compensation except for uniform compensation to directors for their services as a director; (7) review periodic reports from management on matters relating to the Company's compensation practices; (8) produce an annual report of the Compensation Committee on executive compensation for the Company's annual Proxy Statement in compliance with and to the extent required by applicable SEC rules and regulations and any relevant listing authority; (9) obtain or perform an annual evaluation of the Committee's performance and make applicable recommendations about, among other things, changes to the charter of the Committee; and (10) take other actions that the Board shall reasonably request.

The Compensation Committee Charter is filed as Exhibit 99.3 to the Company's Current Report on Form 8-K which the Company filed with the Securities and Exchange Commission on August 27, 2020.

***Compensation Committee Interlocks and Insider Participation***

As described above, the current members of the Compensation Committee are independent members of our Board of Directors. No member of the Compensation Committee is an employee or a former employee of the Company. During fiscal 2025, none of our executive officers served on the Compensation Committee (or its equivalent) or Board of Directors of another entity whose executive officer served on our Compensation Committee. Accordingly, the Compensation Committee members have no interlocking relationships required to be disclosed under SEC rules and regulations.

***Nominating and Governance Committee***

The Nominating and Governance Committee, which is comprised exclusively of independent directors, is responsible for identifying prospective qualified candidates to fill vacancies on the Board, recommending director nominees (including chairpersons) for each of our committees, developing and recommending appropriate corporate governance guidelines and overseeing the self-evaluation of the Board.

In considering individual director nominees and Board committee appointments, our Nominating and Governance Committee seeks to achieve a balance of knowledge, experience and capability on the Board and Board committees and to identify individuals who can effectively assist the Company in achieving our short-term and long-term goals, protecting our stockholders' interests and creating and enhancing value for our stockholders. In so doing, the Nominating and Governance Committee considers a person's attributes (e.g., professional experiences, skills, and background) as a whole and does not necessarily attribute any greater weight to one attribute. Moreover, professional experience, skills and background, are just a few of the attributes that the Nominating and Governance Committee takes into account. In evaluating prospective candidates, the Nominating and Governance Committee also considers whether the individual has personal and professional integrity, good business judgment and relevant experience and skills, and whether such individual is willing and able to commit the time necessary for Board and Board committee service.

While there are no specific minimum requirements that the Nominating and Governance Committee believes must be met by a prospective director nominee, the Nominating and Governance Committee does believe that director nominees should possess personal and professional integrity, have good business judgment, have relevant experience and skills, and be willing and able to commit the necessary time for Board and Board committee service. Furthermore, the Nominating and Governance Committee evaluates each individual in the context of the Board as a whole, with the objective of recommending individuals that can best perpetuate the success of our business and represent stockholder interests through the exercise of sound business judgment using their experience in various areas. We believe our current directors possess diverse professional experiences, skills and backgrounds, in addition to (among other characteristics) high standards of personal and professional ethics, proven records of success in their respective fields and valuable knowledge of our business and our industry.

The Nominating and Governance Committee uses a variety of methods for identifying and evaluating director nominees. The Nominating and Governance Committee also regularly assesses the appropriate size of the Board and whether any vacancies on the Board are expected due to retirement or other circumstances. In addition, the Nominating and Governance Committee considers, from time to time, various potential candidates for directorships. Candidates may come to the attention of the Nominating and Governance Committee through current Board members, professional search firms, stockholders or other persons. These candidates may be evaluated at regular or special meetings of the Nominating and Governance Committee and may be considered at any point during the year.

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The Committee evaluates director nominees at regular or special Committee meetings pursuant to the criteria described above and reviews qualified director nominees with the Board. The Committee selects nominees that best suit the Board's current needs and recommends one or more of such individuals for election to the Board.

The Committee will consider candidates recommended by stockholders, provided the names of such persons, accompanied by relevant biographical information, and other information as required by the Company's Bylaws, are properly submitted in writing to the Secretary of the Company in accordance with the Bylaws and applicable law. The Secretary will send properly submitted stockholder recommendations to the Committee. Individuals recommended by stockholders in accordance with these procedures will receive the same consideration received by individuals identified to the Committee through other means. The Committee also may, in its discretion, consider candidates otherwise recommended by stockholders without accompanying biographical information, if submitted in writing to the Secretary.

The Nominating and Governance Committee Charter is filed as Exhibit 99.4 to the Company's Current Report on Form 8-K which the Company filed with the Securities and Exchange Commission on August 27, 2020.

*<u>Controlled Company Status</u>*

Because Aleksandar Milovanović and the other Meridian Sellers control a majority of our outstanding voting power, we are a "<u>controlled company</u>" under Nasdaq Marketplace Rules. Therefore, we are not required to have a majority of our board of directors be independent, nor are we required to have a compensation committee or an independent nominating function. We have nevertheless opted to meet the requirements under the Nasdaq listing rules for smaller reporting companies, such as the Company, which requires a board of directors be comprised of a majority of independent directors and to have a compensation, nominating and governance committee comprised of independent directors, as more fully described herein.

*<u>Website Availability of Documents</u>*

The charters of the Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee and our Code of Business Conduct and Ethics can be found on our website at *https://meridian-holdings.com/governance-documents*. Unless specifically stated herein, documents and information on our website are not incorporated by reference in this Report.

*<u>Stockholder Communications with the Board of Directors</u>*

In connection with all other matters other than the nomination of members of our Board of Directors (as described above), our stockholders and other interested parties may communicate with members of the Board of Directors by submitting such communications in writing to our Secretary, 3651 Lindell Road, Suite D131, Las Vegas, Nevada 89103, who, upon receipt of any communication other than one that is clearly marked "<u>Confidential,</u>" will note the date the communication was received, open the communication, make a copy of it for our files and promptly forward the communication to the director(s) to whom it is addressed. Upon receipt of any communication that is clearly marked "<u>Confidential,</u>" our Secretary will not open the communication, but will note the date the communication was received and promptly forward the communication to the director(s) to whom it is addressed. If the correspondence is not addressed to any particular member of the Board of Directors, the communication will be forwarded to a Board member to bring to the attention of the Board.

*<u>Executive Sessions of the Board of Directors</u>*

The independent members of our Board of Directors meet in executive session (with no management directors or management present) from time to time. The executive sessions include whatever topics the independent directors deem appropriate.

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*<u>Code of Business Conduct and Ethics</u>*

On August 13, 2020, the Company's Board of Directors adopted a Code of Business Conduct and Ethics. The Code of Business Conduct and Ethics applies to all officers, directors and employees and includes compliance and reporting requirements, procedures for conflicts of interest, public disclosures, requirements for the compliance with laws, rules and regulations and requirements relating to employment practices, duties relating to corporate opportunities, confidentiality, fair dealing, and the use of Company assets.

We intend to disclose any amendments or future amendments to our Code of Business Conduct and Ethics and any waivers with respect to our Code of Business Conduct and Ethics granted to our principal executive officer, our principal financial officer, or any of our other employees performing similar functions on our corporate website within four business days after the amendment or waiver. In such case, the disclosure regarding the amendment or waiver will remain available on our website for at least 12 months after the initial disclosure. There have been no waivers granted with respect to our Code of Business Conduct and Ethics to any such officers or employees to date.

*<u>Policy on Equity Ownership</u>*

The Company does not have a policy on equity ownership at this time.

*<u>Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 ("Dodd-Frank")</u>*

Dodd-Frank requires public companies to provide stockholders with an advisory vote on compensation of the most highly compensated executives, which are sometimes referred to as "<u>say on pay,</u>" as well as an advisory vote on how often the company will present say on pay votes to its stockholders. The Company's stockholders voted on say-on-pay matters in 2025 and have previously approved a three year-frequency for future "<u>say on pay</u>" votes, with the next such vote expected to be held at the Company's 2028 annual meeting, unless the Board determines to hold such vote earlier in its sole discretion.

*<u>Compensation Recovery and Clawback Policies</u>*

Under the Sarbanes-Oxley Act of 2002 (the "<u>Sarbanes-Oxley Act</u>"), in the event of misconduct that results in a financial restatement that would have reduced a previously paid incentive amount, we can recoup those improper payments from our Chief Executive Officer and Chief Financial Officer (if any).

On September 22, 2023, the Board of Directors of the Company approved the adoption of a Policy for the Recovery of Erroneously Awarded Incentive Based Compensation (the "<u>Clawback Policy</u>"), with an effective date of October 2, 2023, in order to comply with the final clawback rules adopted by the SEC under Section 10D and Rule 10D-1 of the Securities Exchange Act of 1934, as amended ("<u>Rule 10D-1</u>"), and the listing standards, as set forth in the Nasdaq Listing Rule 5608 (the "<u>Final Clawback Rules</u>").

The Clawback Policy provides for the mandatory recovery of erroneously awarded incentive-based compensation from current and former executive officers as defined in Rule 10D-1 ("<u>Covered Officers</u>") of the Company in the event that the Company is required to prepare an accounting restatement, in accordance with the Final Clawback Rules. The recovery of such compensation applies regardless of whether a Covered Officer engaged in misconduct or otherwise caused or contributed to the requirement of an accounting restatement. Under the Clawback Policy, the Board of Directors may recoup from the Covered Officers erroneously awarded incentive compensation received within a lookback period of the three completed fiscal years preceding the date on which the Company is required to prepare an accounting restatement.

*<u>Insider Trading/Anti-Hedging Policies</u>*

The Company has adopted an insider trading policy governing the purchase, sale and other dispositions of the Company's securities that applies to all Company personnel, including directors, officers, employees, and other covered persons. The Company also plans to follow procedures for the repurchase of any shares of its securities. The Company believes that its insider trading policy and planned repurchase procedures are reasonably designed to promote compliance with insider trading laws, rules and regulations, and listing standards applicable to the Company.

To ensure compliance with the policy and applicable federal and state securities laws, all individuals subject to the policy must refrain from the purchase or sale of our securities except in designated trading windows or pursuant to preapproved 10b5-1 trading plans. The policy also prohibits the unauthorized disclosure of any nonpublic information acquired in the workplace and the misuse of material nonpublic information in securities trading and includes specific anti-hedging provisions.

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Pursuant to the anti-hedging provisions, the Company prohibits executive officers, directors, and employees from engaging in transactions involving derivative securities, such as put and call options, and short sales, that could generate profit from a decline in the Company's stock price. While other hedging transactions are not outright banned, they are strongly discouraged as they may misalign the interests of Company insiders with shareholders and encourage excessive risk-taking.

The above anti-hedging restriction does not however apply to stock options granted by the Company, nor does it apply to using Company securities for option exercises or tax payments in transactions directly with the Company.

The Company also prohibits holding Company securities in a margin account or pledging Company securities as collateral for a loan unless the pledgor has the clear financial capability to repay the loan without resort to the pledged securities.

A copy of the Company's insider trading policy is incorporated by reference as <u>Exhibit 19.1</u> to the Original Form 10-K.

*<u>Rule 10b5-1 Trading Plans</u>*

Our executive officers and directors are encouraged to conduct purchase or sale transactions under a trading plan established pursuant to Rule 10b5-1 under the Exchange Act. Through a Rule 10b5-1 trading plan, the executive officer or director contracts with a broker to buy or sell shares of our common stock on a periodic basis. The broker then executes trades pursuant to parameters established by the executive officer or director when entering into the plan, without further direction from them. The executive officer or director may amend or terminate the plan in specified circumstances.

*<u>Policy on Timing of Award Grants</u>*

The Compensation Committee and the Board have not established policies and practices (whether written or otherwise) regarding the timing of option grants, stock appreciation rights and similar awards, or other awards, in relation to the release of material nonpublic information ("MNPI") and do not take MNPI into account when determining the timing and terms of stock option or other equity awards to executive officers, provided that we do not currently grant stock options to employees or executives. The Company does not time the disclosure of MNPI, whether positive or negative, for the purpose of affecting the value of executive compensation.

*<u>Delinquent Section 16(a) Reports</u>*

Section 16(a) of the Exchange Act requires our directors and officers, and persons who beneficially own more than 10% of a registered class of the Registrant's equity securities, to file reports of beneficial ownership and changes in beneficial ownership of our securities with the SEC on Forms 3, 4 and 5. Officers, directors and greater than 10% stockholders are required by SEC regulation to furnish us with copies of all Section 16(a) forms they file.

Based solely upon our review of the Section 16(a) filings that have been furnished to us and filed publicly, we believe that during the year ended December 31, 2025, that no director, executive officer, or beneficial owner of more than 10% of our common stock failed to file a report on a timely basis, except that Anthony Brian Goodman, our former Chief Executive Officer and director, and current greater than 10% stockholder, failed to timely report seven transactions and as a result four Form 4s were not timely filed, Aleksandar Milovanović inadvertently failed to timely report seventeen transactions and as a result eight Form 4s were not timely filed, Snezana Božović inadvertently failed to timely report three transactions and as a result two Form 4s were not timely filed, and Zoran Milošević inadvertently failed to timely report one transaction and as a result one Form 4 was not timely filed, and Atul Bali, our director, failed to timely file his initial beneficial ownership report on Form 3, which report remains outstanding.

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**ITEM 11. EXECUTIVE COMPENSATION.**

*<u>Summary Executive Compensation Table</u>*

The following table sets forth certain information concerning compensation earned by or paid to certain persons who we refer to as our "<u>Named Executive Officers</u>" for services provided for the year ended December 31, 2025 and the twelve months ended December 31, 2024. Our Named Executive Officers include persons who (i) served as our principal executive officer or acted in a similar capacity for the twelve months ended December 31, 2025 and the twelve months ended December 31, 2024 (including Anthony Brian Goodman, who served as our Chief Executive Officer until his resignation effective as of December 12, 2025, and Mr. William Scott, who assumed the role of Interim Chief Executive Officer effective upon such resignation), (ii) were serving as of December 31, 2025, as our two most highly compensated executive officers, other than the principal executive officer, whose total compensation exceeded $100,000, and (iii) if applicable, up to two additional individuals for whom disclosure would have been provided as a most highly compensated executive officer, but for the fact that the individual was not serving as an executive officer at fiscal year-end.

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and principal position** | **Year** | **Salary**<br>($) | **Bonus**<br>($) | **Stock awards**<br>($)#<br><sup>(5)</sup> | **Option awards**<br>($)# | **Nonequity incentive plan**<br>compensation<br>($)<br><sup>(8)</sup> | **All other**<br>compensation<br>($)<br><sup>(9)</sup> | **Total**<br>($) |
| William Scott<br>Interim CEO, President and Chairman<sup>(1)</sup> | 2025 | 90000 | – | 59100 | – | 15000 |  | 164100 |
| Anthony B. Goodman | 2025 | 386952 | – | 591000<sup>(6)</sup> | – |  | 1043986<sup>(6)</sup> | 2021938 |
| Former CEO, President and Director<sup>(1)</sup> | 2024 | 303600 | – |  | – |  | 34386 | 337986 |
| Weiting 'Cathy' Feng | 2025 | 223200 | – | 147750 | – | 37500 | 26244 | 434694 |
| Former COO, Former CFO, and Former Director <sup>(2)</sup> | 2024 | 186500 | – |  | – |  | 21055 | 207555 |
| Zoran Milošević | 2025 | 174081 | – | 861996<sup>(7)</sup> | – | 150000 |  | 1186077 |
| Chief Executive Officer of MeridianBet Group<sup>(3)</sup> | 2024 | 93129 | – | 715000 | – |  |  | 808129 |
| Rich Christensen<br>Chief Financial Officer <br>(Principal Financial/Accounting Officer), and Treasurer<sup>(4)</sup> | 2025 | 285577 | – | 157500 | – | 56250 |  | 499327 |

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\* Does not include perquisites and other personal benefits, or property, unless the aggregate amount of such compensation is more than $10,000. No executive officer earned any nonqualified deferred compensation during the periods reported above.

# The fair value of stock-based compensation issued for services computed in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718 on the date of grant. Please see "*NOTE 1 – BASIS OF PRESENTATION AND ACCOUNTING POLICIES, Stock-Based Compensation*", to the financial statements included under Item 8. Financial Statements and Supplementary Data of the Original Form 10-K, for a description of the compensation expense. The fair value of options granted computed in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718 on the date of grant. These amounts do not correspond to the actual value that will be recognized by the named individuals from these awards.

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(1) Effective December 12, 2025, Mr. Goodman resigned as President, Chief Executive Officer, Principal Executive Officer, Secretary, Treasurer, and as a member of the Board of Directors of the Company and each of its subsidiaries. On the same date, Mr. Scott was appointed as Interim Chief Executive Officer of the Company and on February 19, 2026, Mr. Scott was appointed as President of the Company.

(2) On, and effective on, September 9, 2024, the Board of Directors appointed Weiting 'Cathy' Feng as Chief Financial Officer (Principal Accounting/Financial Officer) of the Company. Effective on March 25, 2025, Ms. Feng stepped down as Chief Financial Officer and Director and Richard Christensen was appointed as the Chief Financial Officer (Principal Accounting/Financial Officer) of the Company. Effective April 23, 2026, Ms. Feng was terminated as Chief Operating Officer of the Company.

(3) Mr. Milošević serves as the Chief Executive Officer of MeridianBet Group, which the Company acquired effective April 1, 2024.

(4) Mr. Christensen was appointed as Chief Financial Officer of the Company effective March 5, 2025.

(5) The stock awards included 100% of the grant-date fair value of restricted stock units (the "RSUs") granted to executives. The RSUs were granted pursuant to, and subject in all cases to, the terms of the Company's 2023 Equity Incentive Plan. The RSUs vest upon the achievement of specified performance metrics and continued service through the applicable vesting dates, subject to customary accelerated vesting provisions. On January 12, 2025, the Company granted RSUs to executives as follows: 2,500 RSUs to William Scott, 6,250 RSUs to Weiting 'Cathy' Feng, and 25,000 RSUs to Zoran Milošević. On March 7, 2025, the Company granted 6,250 RSUs to Rich Christensen. All of the RSUs were subject to vesting based on the Company meeting certain revenue and Adjusted EBITDA targets for 2025 and were settleable in shares of common stock. On April 14, 2026, the Company issued shares of common stock in settlement of vested RSUs as follows: 1,250 shares to William Scott, 3,125 shares to Weiting 'Cathy' Feng, 12,500 shares to Zoran Milošević, and 4,687 shares to Rich Christensen.

(6) On November 25, 2025, the Company entered into a Severance and Release Agreement with its then-Chief Executive Officer, Anthony Brian Goodman, pursuant to which the Company agreed to pay Mr. Goodman total severance of $998,542, which is included in "All Other Compensation.". In addition, all unvested restricted stock units ("RSUs") previously granted to Mr. Goodman became fully vested as of the termination date of December 12, 2025. The grant-date fair value of such RSUs is included in "Stock Awards." The Company issued 300,000 shares of its common stock in settlement of such RSUs on that date.

(7) Except for the RSUs granted to Mr. Zoran Milošević, pursuant to his employment agreement (as discussed in footnote 5, above), a portion of his salary may be paid in cash or, at the option of the Company's Chief Executive Officer, in shares of the Company's common stock. As of December 31, 2025, $270,996 had been accrued as stock payable – related party, which is expected to be settled in shares of common stock.

(8) Non-equity incentive plan compensation consists of vested cash bonuses granted to executives. Such bonuses vest upon the achievement of specified performance metrics and continued service through the applicable vesting dates, subject to customary accelerated vesting provisions.

(9) All other compensation includes the superannuation amount paid pursuant to Australian law, and severance fees as discussed above in footnote 6. As of December 31, 2025, and 2024, total superannuation payable to Ms. Feng was $7,128 and $5,889, respectively.

*<u>Outstanding Equity Awards at Fiscal Year-End</u>*

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| | **Stock awards** | **Stock awards** |
| <br>**Name** | **Equity incentive plan awards: Number of unearned shares, units or other rights that have not vested (#)** | **Equity incentive plan awards:**<br>**Market or payout value of unearned shares, units or other rights that have not vested ($)** |
| William Scott | 2500<br><sup>(1)(2)</sup> | $24025<br><sup>(3)</sup> |
| Weiting 'Cathy' Feng\* | 6250<br><sup>(1)(2)</sup> | 60063<br><sup>(3)</sup> |
| Zoran Milošević | 25000<br><sup>(1)(2)</sup> | 240250<br><sup>(3)</sup> |
| Rich Christensen | 6250<br><sup>(1)(2)</sup> | 60063<br><sup>(3)</sup> |

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\* Terminated April 28, 2026.

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No executive officer held any option awards as of December 31, 2025.

(1) Represents restricted stock units (RSUs). Each RSU represents the contingent right to receive, at settlement, one share of common stock.

(2) Subject to the terms of the award agreements, the RSUs vest, if at all, at the rate of 1/2 of such RSUs, upon the Company meeting certain (1) revenue and (2) Adjusted EBITDA targets, as of the end of fiscal 2025, and upon the public disclosure of such operating results in the Company's subsequently filed Annual Reports on Form 10-K, subject to the holders continued service through the applicable vesting date. RSUs do not expire; they either vest or are canceled prior to the vesting date. The revenue goal for the twelve months ended December 31, 2025 was met, and as a result, half of the performance-based RSUs for the year ended December 31, 2025, vested subsequent to December 31, 2025, and were settled in shares of common stock on April 14, 2026.

(3) Calculated by multiplying the closing market price of the Company's common stock on December 31, 2025, $9.61, by the number of units set forth in column (i).

*<u>Potential Payments Upon Termination</u>*

Pursuant to the employment agreements of Ms. Feng (now terminated), Zoran Milošević and Snežana Božović, in the event the Company terminates their agreements, other than for cause (defined as gross negligence or willful misconduct which has a material adverse effect on the Company or his/her ability to perform his/her duties under the agreement) or by the executive for good reason (including if the executive terminates the agreement within 30 days following (a) the date the Company has gone into receivership or liquidation; (b) any amount payable by the Company to the executive under the agreement remains unpaid for more than 14 days after the executive has given written notice of default to the Company; (c) without executive's consent, his/her position or duties are modified by the Company to such an extent that his/her duties are no longer consistent with the positions which they were engaged (as applicable) of the Company; (d) there has been a material breach by the Company of a material term of the employment agreement or executive reasonably believes that the Company is violating any law which would have a material adverse effect on the Company's operations and such violation continues uncured following 30 days after notice of such breach has been provided to the Company by the Executive, or (e) executive's compensation is reduced without executive's consent, or the Company fails to pay to executive any compensation due to him/her after 15 days written notice), the executive is due (a) a lump sum cash severance payment equal to the sum of (i) 18 months of Mr. Milošević's or six months of Ms. Feng's or Ms. Božović's, then current annual basic salary plus (ii) an amount equal to his/her targeted bonus for the year of termination (the "<u>Severance Payment</u>"); (b) a lump sum cash bonus payment based on prior service in an amount equal to the sum of (i) any unpaid bonus for the prior year that would have been paid had he/she not been terminated prior to such payment plus (ii) his/her targeted bonus for the year of termination multiplied by the number of days in such year preceding the termination date, divided by 365; additionally and notwithstanding anything to the contrary in any equity award agreement, any unvested stock options or other equity compensation (including, but not limited to restricted stock units (RSUs)) previously granted to the executive will vest immediately upon such termination and in the case of stock options, shall be exercisable by executive until the earlier of (A) one (1) year from the date of termination and (B) the latest date upon which such stock options or equity would have expired by their original terms under any circumstances. Additionally, if any executive is involuntarily terminated, any unvested options held by the applicable executive vest immediately and are exercisable until the earlier of (A) one (1) year from the date of termination and (B) the latest date upon which such stock options or equity would have expired by their original terms under any circumstances.

Except as set forth above, upon the termination of the agreements, Ms. Feng (who has been terminated as of the date of this Report), Mr. Milošević and Ms. Božović are entitled to salary accrued through the termination date and no other benefits other than as required under the terms of employee benefit plans in which he/she was participating as of the termination date. Additionally, any unvested stock options or unvested equity compensation held by Ms. Feng, Mr. Milošević or Ms. Božović upon such terminations, shall immediately terminate and be forfeited (unless otherwise provided in the applicable award agreement) and any previously vested stock options (or if applicable equity compensation) shall be subject to terms and conditions set forth in the applicable equity plan, or award agreement, as such may describe the rights and obligations upon termination of employment.

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In the event that Ms. Feng's (who has been terminated as of the date of this Report), Mr. Milošević's or Ms. Božović's employment is terminated (a) by the Company for any reason other than cause or due to his/her illness or death, or (b) by the executive for good reason, during the twelve month period following a Change of Control (as defined below) or in anticipation of a Change of Control, the Company is required to pay the executive, within 60 days following the later of (i) the date of such Change of Control termination; and (ii) the date of such Change of Control, a cash severance payment in a lump sum in an amount equal to 3.0 times the sum of (a) the current annual base salary of the executive (less any actual payments made in connection with any severance payments already paid); and (b) the amount of the most recent bonus paid to the executive for the last completed fiscal year, if any (less any actual payments made in connection with any other severance payments, the "Change of Control Payment"). If the executive's employment ends due to a Change of Control termination within six months prior to a Change of Control, it will be deemed to be "in anticipation of a Change of Control" for purposes of the agreement. In addition, in the event of a Change of Control, all of the executive's equity-based compensation (including options and equity subject to vesting) shall immediately vest regardless of whether the executive is retained by the Company or successor following the Change of Control. Additionally, in the event of a Change of Control termination, unvested equity benefits and awards (including options, unvested RSU's or unvested equity awards) will vest immediately upon such termination and in the case of stock options, shall be exercisable by the executive until the earlier of (A) one (1) year from the date of termination and (B) the latest date upon which such stock options or equity would have expired by their original terms under any circumstances.

For purposes of the employment agreements, a "Change of Control" is deemed to occur if (a) any person or entity is or becomes the beneficial owner, directly or indirectly, of securities of the Company representing more than 50% of the total voting power represented by the Company's then outstanding voting securities; (b) a merger or consolidation of the Company whether or not approved by the Board of Directors of the Company, other than a merger or consolidation that would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted or into voting securities of the surviving entity) at least 50% of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, or the stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company's assets; or (c) as a result of the election of members to the Board of Directors, a majority of the Board of Directors consists of persons who are not members of the Board of Directors as of the applicable dates set forth in the employment agreements, except in the event that such slate of directors is proposed by the Nominating Committee. Notwithstanding the foregoing, if the definition of "Change of Control" in the Company's Stock Incentive Plans or Equity Compensation Plans (each as amended from time to time) is more favorable to the executive, then such definition shall be controlling for purposes of the agreement.

We have the right to terminate our Employment Agreement with Rich Christensen (as discussed below) at any time, provided that we pay Mr. Christensen a lump sum cash severance payment equal to six months of Mr. Christensen's then current annual salary. Mr. Christensen can also terminate the Christensen Employment Agreement at any time for good reason (as defined in the Christensen Employment Agreement), upon which termination we are required to pay Mr. Christensen the same amount discussed in the preceding sentence. Additionally, all unvested equity awards held by Mr. Christensen will vest upon his termination.

If the Company terminates the Christensen Employment Agreement for cause or Mr. Christensen terminates the agreement without good reason (as discussed in the Christensen Employment Agreement), we are required to pay Mr. Christensen any unpaid fees and/or unpaid and unreimbursed expenses accrued but unpaid prior to the effective termination date. Additionally, any equity awards held by Mr. Christensen which have not then vested, will terminate.

*<u>Employment and Consulting Agreements</u>*

***Employment Agreement with Ms. Weiting 'Cathy' Feng (Terminated)***

Weiting 'Cathy' Feng, the Company's former Chief Financial Officer and former director, and former Chief Operating Officer, was party to an Employment Agreement with the Company, which was originally entered into on October 26, 2020, was amended and restated on September 16, 2022 and was further amended by the entry into a First Amendment to Amended and Restated Employment Agreement on June 18, 2024 and a Second Amendment to Amended and Restated Employment Agreement on March 20, 2025, which was terminated in connection with the termination of her employment with the Company on April 23, 2026. The agreement, as amended and restated to date, is described below:

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The agreement, which provided for Ms. Feng to serve as the Chief Operating Officer of the Company, was effective October 26, 2020, and was to remain in effect until August 20, 2027, unless terminated earlier pursuant to its terms (which termination occurred on April 23, 2026).

Pursuant to the agreement, Ms. Feng received an annual salary discussed below, plus a superannuation (an employee funded pension required by the Government of Australia)(12% of Ms. Feng's salary)(the "<u>Superannuation</u>"), payable every two weeks. Ms. Feng's salary was required to be increased annually in an amount of no less than 10% per annum and could be increased by the Compensation Committee of the Board of Directors annually, or from time to time, in connection with increases in the cost of living, the responsibilities of Ms. Feng and/or her performance. Pursuant to the aforementioned agreement, Ms. Feng's base salary was originally $132,000, and was increased by the contractual minimum increase of 10% to $145,200, effective as of September 1, 2023 and further increased by an amendment to the agreement on June 18, 2024, to $216,000 per year.

The agreement contained standard confidentiality and indemnification requirements. The agreement prohibited Ms. Feng from competing against the Company in connection with the business of marketing of gaming intellectual property, tool bar technology, adware and ad serving products, online raffles, lotteries, tournaments, competitions and sportsbook operations and technology, in the United States and the United Kingdom, for a period of one year from the date of termination of the agreement.

The agreement could be terminated by the Company (a) with not less than 2 weeks' notice to Ms. Feng of her being adjudicated disabled due to illness or accident; or (b) immediately if she (i) commits any act which may detrimentally affect the Company or its related companies, including any act of dishonesty, fraud, willful disobedience, misconduct or breach of duty; (ii) breaches any terms of the non-compete; (iii) materially breaches the Employment Agreement, and fails to cure such breach within 14 days after notice thereof is provided to Ms. Feng; or (iv) is of unsound mind, each as determined in the reasonable discretion of the independent members of the Board of Directors acting in good faith. Ms. Feng could terminate the agreement (a) within thirty days of the Company going into bankruptcy; (b) if the Company does not pay any amount owed to her under the agreement within 14 days after notice of such non-payment is provided to the Company; (c) if without her consent, her position or duties are modified by the Company to such an extent that her duties are no longer consistent with the position of CEO of the Company; (d) if there has been a material breach by the Company of a material term of the agreement or she reasonably believes that the Company is violating any law which would have a material adverse effect on the Company's operations and such violation continues uncured following thirty (30) days after such breach and after notice thereof has been provided to the Company by her, or (e) if her compensation as set forth hereunder is reduced without her consent, or the Company fails to pay to her any compensation due to her under the agreement upon 15 days written notice from her informing the Company of such failure.

In the event the Company terminated the agreement other than for cause (defined as her gross negligence or willful misconduct which has a material adverse effect on the Company or her ability to perform her duties under the agreement) or by Ms. Feng for good reason, Ms. Feng was due (a) a lump sum cash severance payment equal to the sum of (i) 6 months of Ms. Feng's then current annual basic salary plus (ii) an amount equal to her targeted bonus for the year of termination (such total payment referred to herein as the "Severance Payment"); (b) a lump sum cash bonus payment based on prior service in an amount equal to the sum of (i) any unpaid bonus for the prior year that would have been paid had she not been terminated prior to such payment plus (ii) her targeted bonus for the year of termination multiplied by the number of days in such year preceding the termination date, divided by 365.

Except as set forth above, upon the termination of the agreement, Ms. Feng was entitled to salary accrued through the termination date and no other benefits other than as required under the terms of employee benefit plans in which she was participating as of the termination date.

In the event that Ms. Feng's employment is terminated (a) by the Company for any reason other than cause or due to her illness or death, or (b) by Ms. Feng for good reason, during the twelve month period following a Change of Control (as defined below) or in anticipation of a Change of Control, the Company was required to pay Ms. Feng, within 60 days following the later of (i) the date of such Change of Control termination; and (ii) the date of such Change of Control, a cash severance payment in a lump sum in an amount equal to 3.0 times the sum of (a) the current annual base salary of Ms. Feng (less any actual payments made in connection with any severance payments already paid); and (b) the amount of the most recent bonus paid to Ms. Feng for the last completed fiscal year, if any (less any actual payments made in connection with any other severance payments, the "<u>Change of Control Payment</u>"). If Ms. Feng's employment ended due to a Change of Control termination within six months prior to a Change of Control, it will be deemed to be "in anticipation of a Change of Control" for purposes of the agreement. In addition, in the event of a Change of Control, all of Ms. Feng's equity-based compensation (including options and equity subject to vesting) shall immediately vest regardless of whether Ms. Feng is retained by the Company or successor following the Change of Control.

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For purposes of the employment agreement, a "Change of Control" is deemed to occur if (a) any person or entity is or becomes the beneficial owner, directly or indirectly, of securities of the Company representing more than 50% of the total voting power represented by the Company's then outstanding voting securities; (b) a merger or consolidation of the Company whether or not approved by the Board of Directors of the Company, other than a merger or consolidation that would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted or into voting securities of the surviving entity) at least 50% of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, or the stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company's assets; or (c) as a result of the election of members to the Board of Directors, a majority of the Board of Directors consists of persons who are not members of the Board of Directors as of August 20, 2022, except in the event that such slate of directors is proposed by the Nominating Committee. Notwithstanding the foregoing, if the definition of "Change of Control" in the Company's Stock Incentive Plans or Equity Compensation Plans (each as amended from time to time) is more favorable to Ms. Feng n, then such definition shall be controlling for purposes of the agreement.

On, and effective on, April 23, 2026, the Board of Directors of the Company, after determining that the position of Chief Operating Officer was no longer necessary to the Company's forward direction and as part of a planned restructuring of executive leadership, dismissed Weiting "Cathy" Feng, the Company's then Chief Operating Officer. The Company and Ms. Feng are currently in discussions regarding Ms. Feng's post-employment severance and the Company expects to file a Current Report on Form 8-K in the future, once such compensation is finalized and agreed to.

***Employment Agreement with Zoran Milošević***

On June 18, 2024, the Board of Directors of the Company, with the recommendation of the Compensation Committee of the Board of Directors of the Company, approved the Company's entry into an Employment Agreement between Meridian Tech d.o.o. (an indirect wholly-owned subsidiary of the Company)("<u>Meridian Tech</u>") and Zoran Milošević, the Chief Executive Officer of Meridian Tech ("<u>Milošević</u>"), a significant stockholder of the Company and one of the Meridian Sellers (the "<u>Milošević Agreement</u>").

The Milošević Agreement provides for Mr. Milošević to serve as the Chief Executive Officer of Meridian Tech and has a term through August 20, 2026, automatically extending thereafter for successive one year periods, unless either party provides the other notice of their intent not to renew at least three months prior to any renewal date, unless terminated earlier pursuant to its terms.

Pursuant to the agreement, Mr. Milošević is to receive an annual basic salary of $396,000 (the "<u>Basic Salary</u>"), of which $174,240 is to be paid monthly (the "<u>Monthly Salary</u>"); and (b) $221,760 is to be paid quarterly (the "<u>Quarterly Salary</u>"), each pro-rated for partial periods. The Monthly Salary is payable in cash, monthly in arrears. The Quarterly Salary is payable by the fourth day following the end of each calendar quarter, in cash, or at the option of the Chief Executive Officer of the Company, shares of common stock of the Company (the "<u>Quarterly Salary Shares</u>"), based on the average of the closing sales prices of the Company's common stock on the last day of each month during the applicable calendar quarter, rounded to the nearest whole share. The Quarterly Salary Shares must be issued under a stockholder approved equity compensation plan. As of December 31, 2025, and December 31, 2024, the accrued Quarterly Salary was $429,077 and $158,081, respectively, which is expected to be settled in stock. No Quarterly Salary Shares have been issued to date.

Mr. Milošević's salary may be increased every 12 months by the Compensation Committee of the Board of Directors of the Company in connection with increases in the cost of living, the responsibilities of Mr. Milošević and/or his performance, and is required to be increased automatically in an amount of not less than 10% per annum. Increases of salary are not required to be set forth in an amendment to the Employment Agreement. Pursuant to the agreement, the Board of Directors has discretion to establish a cash bonus plan payable to Mr. Milošević and to set forth goals in connection with such plan, provided no plan has been established to date. The Board of Directors (or Compensation Committee of the Board of Directors) of the Company may also grant Mr. Milošević bonuses from time to time in its discretion, in cash, stock or the form of options or other equity awards (including Restricted Stock Units), in amounts determined in the sole discretion of the Board of Directors (or Compensation Committee of the Board of Directors) of the Company. The Board of Directors or Compensation Committee of the Company may also increase Mr. Milošević's salary from time to time in their discretion.

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Pursuant to the agreement, Mr. Milošević is eligible to participate in all benefit programs offered by Meridian Tech to its senior executives. Mr. Milošević is entitled to holidays and annual leave in conformity with Serbian law, along with seven additional days of leave pursuant to the terms of the agreement and up to 14 days per year of sick leave.

The agreement contains standard confidentiality and indemnification requirements. The agreement prohibits Mr. Milošević from competing against Meridian Tech in connection with the business of gaming intellectual property, online raffles, lotteries, tournaments, competitions and sportsbook operations and technology in the U.S.A., the U.K., Malta, Serbia, Montenegro, Cyprus, Tanzania, Kenya, Belgium, Peru, Curacao, South Africa and Bosnia, for a period of one year from the date of termination of the agreement. During the same one-year period, Mr. Milošević is also prohibited from directly or indirectly soliciting customers or suppliers of Meridian Tech.

The agreement may be terminated by Meridian Tech (a) with not less than 2 weeks' notice to Mr. Milošević of him being adjudicated disabled due to illness or accident (i.e., in the event he is incapacitated for six months in any 24 month period); or (b) immediately if he (i) commits any act of dishonesty, fraud, willful disobedience, misconduct or breach of duty; (ii) breaches any terms of the non-compete; (iii) materially breaches the employment agreement, and fails to cure such breach within 14 days after notice thereof is provided to Mr. Milošević; or (iv) is of unsound mind, each as determined in the reasonable discretion of the independent members of the Board of Directors of the Company acting in good faith (without the vote of Mr. Milošević)(each an "<u>Immediate Company Termination</u>"). Mr. Milošević may terminate the agreement immediately, and for 30 days after each of the following events, for good reason, if (a) Meridian Tech has gone into bankruptcy; (b) any amount owed to him under the agreement is not paid within 14 days after notice of such non-payment is provided to Meridian Tech; (c) without Mr. Milošević's consent, his position or duties are modified by Meridian Tech to such an extent that his duties are no longer consistent with the position of CEO of Meridian Tech; (d) there has been a material breach by Meridian Tech of a material term of the agreement or Mr. Milošević reasonably believes that Meridian Tech is violating any law which would have a material adverse effect on Meridian Tech's operations and such violation continues uncured following 30 days after such breach and after notice thereof has been provided to Meridian Tech; or (e) Mr. Milošević's compensation is reduced without his consent, or Meridian Tech fails to pay him any compensation due to him after 15 days written notice of such failure.

If Mr. Milošević's employment agreement is terminated (a) by Meridian Tech without Cause (discussed below), or pursuant to an Immediate Company Termination, except due to his disability, or (b) by Mr. Milošević for good reason (each a "<u>Severance Termination</u>"), Meridian Tech is required to pay Mr. Milošević severance pay in an amount equal to (a) a lump sum cash severance payment equal to the sum of (i) 18 months of his then current annual basic salary plus (ii) an amount equal to his targeted bonus for the year of termination (such total payment referred to herein as the "<u>Severance Payment</u>"); and (b) he is also entitled to a lump sum cash bonus payment based on prior service in an amount equal to the sum of (i) any unpaid bonus for the prior year that would have been paid had he not been terminated prior to such payment plus (ii) his targeted bonus for the year of termination multiplied by the number of days in such year preceding the termination date, divided by 365; additionally and notwithstanding anything to the contrary in any equity award agreement, any unvested stock options or other equity compensation (including, but not limited to restricted stock units (RSUs)) previously granted to Mr. Milošević will vest immediately upon such termination and in the case of stock options, shall be exercisable by Mr. Milošević until the earlier of (A) one year from the date of termination and (B) the latest date upon which such stock options or equity would have expired by their original terms under any circumstances. For purposes of the agreement, the term for "<u>Cause</u>" means because of gross negligence or willful misconduct by Mr. Milošević either in the course of his employment or Mr. Milošević's ability to perform adequately and effectively his duties under the agreement as determined in the reasonable good faith determination of the independent members of the Board of Directors of the Company.

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Separately, in the event that Mr. Milošević's employment is terminated (a) by Meridian Tech for any reason other than Cause or an Immediate Company Termination, (ii) by the death of Mr. Milošević, or (iii) by Meridian Tech without Cause, or (b) by Mr. Milošević for good reason (as applicable, a "<u>Change of Control Termination</u>") during the twelve month period following a Change of Control (discussed below) or in anticipation of a Change of Control, Meridian Tech is required to pay Mr. Milošević, within 60 days following the later of (i) the date of such Change of Control Termination; and (ii) the date of such Change of Control, a cash severance payment in a lump sum in an amount equal to 3.0 times the sum of (a) the current annual base salary of Mr. Milošević (less any actual payments made in connection with any severance payments made in connection with the preceding paragraph); and (b) the amount of the most recent bonus paid to Mr. Milošević for the last completed fiscal year, if any (less any actual payments made in connection with any severance payment made pursuant to the preceding paragraph)((a) and (b), the "<u>Change of Control Payment</u>"). If Mr. Milošević's employment ends due to a Change of Control Termination within six (6) months prior to a Change of Control, it will be deemed to be "<u>in anticipation of a Change of Control</u>". In addition, in the event of a Change of Control, all of Mr. Milošević's equity-based compensation (including options and equity subject to vesting) shall immediately vest regardless of whether Mr. Milošević is retained by Meridian Tech or successor following the Change of Control. Additionally, in the event of a Change of Control Termination, unvested equity benefits and awards (including options, unvested RSU's or unvested equity awards) will vest immediately upon such termination and in the case of stock options, shall be exercisable by Mr. Milošević until the earlier of (A) one (1) year from the date of termination and (B) the latest date upon which such stock options or equity would have expired by their original terms under any circumstances.

"<u>Change of Control</u>" means the happening of any of the following without the prior written approval of Mr. Milošević: (i) any person or entity is or becomes the beneficial owner, directly or indirectly, of securities of Meridian Tech representing more than 50% of the total voting power represented by Meridian Tech's then outstanding voting securities; (ii) a merger or consolidation of Meridian Tech whether or not approved by the Board of Directors of Meridian Tech, other than a merger or consolidation that would result in the voting securities of Meridian Tech outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted or into voting securities of the surviving entity) at least 50% of the total voting power represented by the voting securities of Meridian Tech or such surviving entity outstanding immediately after such merger or consolidation, or the shareholders of Meridian Tech approve a plan of complete liquidation of Meridian Tech or an agreement for the sale or disposition by Meridian Tech of all or substantially all of Meridian Tech's assets; or (iii) as a result of the election of members to the Board of Directors, a majority of the Board of Directors consists of persons who are not members of the Board of Directors as of June 18, 2024 (including Mr. Milošević), except in the event that such slate of directors is proposed by the Board of Directors of Meridian Tech.

Pursuant to the agreement, the Company has the right to clawback amounts paid to Mr. Milošević pursuant to the Company's Policy for the Recovery of Erroneously Awarded Incentive-Based Compensation.

***Employment Agreement with Snežana Božović***

On June 18, 2024, the Board of Directors of the Company, with the recommendation of the Compensation Committee of the Board of Directors of the Company, approved the Company's entry into an Employment Agreement between Meridian Tech and Snežana Božović, an employee of Meridian Tech ("<u>Božović</u>"), one of the Meridian Sellers and a current director of the Company (the "<u>Božović Agreement</u>").

The Božović Agreement has substantially similar terms as the Milošević Agreement, except that it provides for Ms. Božović to serve as an employee of Meridian Tech; provides for a Basic Salary of $216,000, a Monthly Salary of $145,200, and a Quarterly Salary of $70,800; and provides for a six months' Severance Payment.

As of December 31, 2025, and December 31, 2024, the accrued Quarterly Salary was $144,077 and $53,081, respectively, which is expected to be settled in stock. No Quarterly Salary Shares have been issued to date.

***Employment Agreement with Rich Christensen***

On March 7, 2025, and effective on March 1, 2025, the Company entered into an Executive Employment Agreement with Mr. Christensen (the "<u>Christensen Employment Agreement</u>"). Pursuant to the Christensen Employment Agreement, the Company agreed to engage Mr. Christensen as the Chief Financial Officer ("<u>CFO</u>") of the Company effective March 25, 2025. The Christensen Employment Agreement provides for Mr. Christensen to be paid an annual salary of $330,000, and to receive 75,000 restricted stock units (the "<u>RSUs</u>") and a $75,000 contingent cash bonus upon his entry into the Christensen Employment Agreement, which RSUs were granted on March 7, 2025. The contingent cash bonus was comprised of 50% time-based and 50% performance-based components, subject to specified Company performance metrics. The time-based portion has vested, and 50% of the performance-based portion has vested; however, no amounts have been paid to date. The remaining portion of the performance-based bonus has been forfeited.

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The RSUs were granted pursuant to, and subject in all cases to, the terms of the Company's 2023 Equity Incentive Plan.

Additionally, the Board of Directors, with the recommendation of the Compensation Committee, may grant Mr. Christensen bonuses from time to time in its discretion, in cash or equity and/or increase his salary, which increases are not required to be set forth in an amendment to the agreement. The Christensen Employment Agreement includes customary assignment of inventions, confidentiality, indemnification, non-disclosure and proprietary right requirements of Mr. Christensen, and a prohibition on Mr. Christensen competing against us during the term of the agreement.

The Christensen Employment Agreement continues in effect until terminated by either party.

We have the right to terminate the Christensen Employment Agreement at any time, provided that we pay Mr. Christensen a lump sum cash severance payment equal to six months of Mr. Christensen's then current annual salary. Mr. Christensen can also terminate the Christensen Employment Agreement at any time for good reason (as defined in the Christensen Employment Agreement), upon which termination we are required to pay Mr. Christensen the same amounts discussed in the preceding sentence. Additionally, in either case, all unvested equity award held by Mr. Christensen will vest upon his termination.

We are also able to terminate the Christensen Employment Agreement at any time, without notice upon: (a) the death or physical or mental incapacity of Mr. Christensen, if as a result of which Mr. Christensen is unable to perform services for a period in excess of 90 consecutive days or 180 days in any 12-month period; (b) for "<u>cause</u>", which means the occurrence of any of the following events: (i) Mr. Christensen materially breaches any obligation, duty, covenant or agreement under the Christensen Employment Agreement, which breach is not cured or corrected within thirty (30) days of written notice thereof from the Company; or (ii) Mr. Christensen's willful failure or refusal to perform or nonperformance of his duties required by the Christensen Employment Agreement or assigned by the Company, whether through the Board of Directors or the Chief Executive Officer, provided that Mr. Christensen shall have first received written notice from the Company stating with specificity the nature of such failure and refusal and affording Mr. Christensen an opportunity, as soon as practicable, to correct the acts or omissions complained of, and failure of Mr. Christensen to cure such failure or refusal within thirty (30) days after written notice; or (iii) any gross negligence or willful misconduct of Mr. Christensen with regard to the Company or any of its subsidiaries resulting in a material economic loss to the Company or material damage to the Company's reputation or business relationships; or (iv) if Mr. Christensen commits any act of misappropriation of funds or embezzlement; or (v) if Mr. Christensen commits any act of fraud; or (vi) if Mr. Christensen is convicted of, or pleads guilty or nolo contendere with respect to, theft, fraud, a crime involving moral turpitude, or a felony under federal or applicable state law; and, in the case of any of the above offenses, such offense casts reasonable doubt on Mr. Christensen's ability to perform his duties going forward.

If the Company terminates the Christensen Employment Agreement for cause or Mr. Christensen terminates the agreement without good reason (as discussed in the Christensen Employment Agreement), we are required to pay Mr. Christensen any unpaid fees and/or unpaid and unreimbursed expenses accrued but unpaid prior to the effective termination date. Additionally, any equity awards held by Mr. Christensen which have not then vested, will terminate.

Incentive compensation paid pursuant to the terms of the Christensen Employment Agreement is subject to clawback pursuant to the terms of applicable law and our previously adopted clawback policy.

***Employment Agreement with Mr. Anthony Brian Goodman (Terminated); Severance and Release Agreement***

On September 16, 2022, the Company entered into a First Amended and Restated Employment Agreement with Mr. Anthony Brian Goodman, the Company's then Chief Executive Officer and director. The agreement amended and restated, effective as of September 16, 2022, the prior Employment Agreement entered into between the Company and Mr. Goodman dated October 26, 2020. The agreement was further amended by the entry into a First Amendment to Amended and Restated Employment Agreement on June 18, 2024 and a Second Amendment to Amended and Restated Employment Agreement on March 20, 2025. Pursuant to the aforementioned agreement, Mr. Goodman's base salary was originally $158,400, and was increased by the contractual minimum increase of 10% to $174,240, effective as of September 1, 2023 and further increased by an amendment to the agreement on June 18, 2024, to $396,000 per year.

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On November 25, 2025, the Company entered into a Severance and Release Agreement (the "<u>Severance Agreement</u>") with Mr. Goodman, pursuant to which (i) the Company and Mr. Goodman mutually agreed to terminate Mr. Goodman's employment with the Company effective as of December 12, 2025, unless otherwise agreed between the parties (the "<u>Termination Date</u>"), and (ii) the Company agreed to pay Mr. Goodman a $951,750 severance payment (representing eighteen months of Mr. Goodman's base salary ($434,500), plus Mr. Goodman's 2025 targeted bonus ($300,000)) and $46,792 in accrued, unused vacation pay.

Pursuant to the Severance Agreement, the Company agreed to use commercially reasonable efforts to reasonably assist Mr. Goodman in the conversion of his shares of Series B Preferred Stock into shares of Company common stock, which have been fully-converted to date. We also agreed to reimburse Mr. Goodman up to $10,000 in attorney's fees and costs incurred in connection with the Severance Agreement. All unvested restricted stock units (RSUs) previously granted to Mr. Goodman became 100% vested as of the Termination Date.

Effective December 12, 2025, Mr. Goodman resigned as President, Chief Executive Officer, Principal Executive Officer, Secretary, Treasurer, and as a member of the Board of Directors of the Company and each of its subsidiaries. As of that date, the Severance Agreement became irrevocable in accordance with its terms.

The Severance Agreement includes a customary mutual release and additional customary confidentiality and mutual non-disparagement provisions, subject to customary exclusions. Mr. Goodman is also prohibited, for a period of one year from the Termination Date, from (i) soliciting any current senior executive of the Company or any customers of the Company with whom Mr. Goodman has worked or had access to during the twelve months prior to the Termination Date for the purpose of offering directly competing products or services, or (ii) without the Company's consent, accepting a role as President or Chief Executive Officer with a direct competitor of the Company where the primary duties involve the operation of a Business to Consumer or Business to Business online casino, sports book and online raffles that directly competes with the Company (but Mr. Goodman will be able to maintain his roles and titles with Elray Resources Inc, Articulate Pty Ltd, and Luxor Capital LLC).

**DIRECTORS COMPENSATION**

*<u>Summary Director Compensation Table</u>*

We pay our Board members monthly cash compensation and grant our Board members stock-based compensation from time to time, as consideration for their services to the Board. Our executive officers are not paid any consideration for their service to the Board separate from the consideration they are paid as executive officers of the Company, as shown above.

The following table sets forth summary information concerning the compensation we paid to non-executive directors during the year ended December 31, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Fees Earned**<br>**or Paid in**<br>**Cash** <br>**($)** | **Stock Awards**<br>**($) <sup>(1)</sup>** | **Option awards**<br>**($)** | **Non-equity** <br>**incentive plan**<br>**compensation**<br>**($)** | **All other**<br>**Compensation** <br>**($)** | **Total**<br>**($)** |
| Thomas E. McChesney<sup>(2)</sup> | 82500 |  |  |  | 60000 | 142500 |
| Murray G. Smith | 90000 | 59100 | 30138<sup>(4)</sup> | 15000 |  | 194238 |
| Atul Bali<sup>(3)</sup> |  |  |  |  |  |  |

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\* The table above does not include the amount of any expense reimbursements paid to the above directors. No directors received any Option Awards, or Nonqualified Deferred Compensation Earnings during the period presented. Does not include perquisites and other personal benefits, or property, unless the aggregate amount of such compensation is more than $10,000.

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(1) The stock awards included 100% of the grant-date fair value of restricted stock units (the "RSUs") granted to directors. The RSUs were granted pursuant to, and subject in all cases to, the terms of the Company's 2023 Equity Incentive Plan. The RSUs vest upon the achievement of specified performance metrics and continued service through the applicable vesting dates, subject to customary accelerated vesting provisions. On January 12, 2025, the Company granted 2,500 RSUs to Murray G. Smith. On April 14, 2026, the Company issued 1,250 shares of common stock upon settlement of vested RSUs to Mr. Smith.

As of December 31, 2025, the following RSUs were outstanding and held by each of the above non-executive directors Murray G. Smith – 2,500; and Atul Bali – 0. Each RSU represents the contingent right to receive, at settlement, one share of common stock. The following options were outstanding and held by each of the above non-executive directors, Murray G. Smith – 8,333.

(2) Resigned effective December 12, 2025. The Company paid Mr. McChesney $60,000 in cash consideration for past services rendered as a member of the Board and in lieu of 2025 Board incentive compensation which he was eligible to earn, and all unvested restricted stock units (RSUs) previously granted to Mr. McChesney were forfeited.

(3) Appointed effective December 18, 2025.

(4) The Company agreed to extend the exercise period of 8,333 stock options to purchase shares of common stock of the Company held by Mr. Smith, by one year. On June 16, 2025, the Company extended the expiration date of such stock options from August 1, 2025 to August 1, 2026. The exercise price of the stock options remained unchanged at $32.04 per share.

*<u>Board of Director Fees</u>*

Independent Directors received $7,500 per month of compensation through December 31, 2025.

**ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.**

*<u>Security Ownership of Management and Certain Beneficial Owners and Management</u>*

The following table sets forth certain information regarding the beneficial ownership of our common stock and Series C Preferred Stock by (i) each person who is known by the Company to own beneficially more than five percent (5%) of our outstanding voting stock; (ii) each of our directors; (iii) each of our Named Executive Officers (as such term is defined under "<u>Item 11. Executive Compensation" – "Summary Executive Compensation Table</u>"); and (iv) all of our current executive officers and directors as a group, as of April 28, 2026 (the "<u>Date of Determination</u>").

Beneficial ownership is determined in accordance with the rules of the SEC and includes voting and/or investing power with respect to securities. These rules generally provide that shares of common stock subject to options, warrants or other convertible securities that are currently exercisable or convertible, or exercisable or convertible within 60 days of the Date of Determination, are deemed to be outstanding and to be beneficially owned by the person or group holding such options, warrants or other convertible securities for the purpose of computing the percentage ownership of such person or group, but are not treated as outstanding for the purpose of computing the percentage ownership of any other person or group.

Beneficial ownership as set forth below is based on our review of our record stockholders list and public ownership reports filed by certain stockholders of the Company, and may not include certain securities held in brokerage accounts or beneficially owned by the stockholders described below.

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We believe that, except as otherwise noted and subject to applicable community property laws, each person named in the following table has sole investment and voting power with respect to the shares of common stock shown as beneficially owned by such person. Unless otherwise indicated, the address for each of the officers or directors listed in the table below is 3651 Lindell Road Street, Suite D555, Las Vegas, Nevada 89103.

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|:---|:---|:---|:---|:---|:---|:---|
| **Name of**<br>**Beneficial Owner** | **Common Stock Beneficially Owned** | **Percent of Common Stock Beneficially Owned** | **Series C Preferred Stock Beneficially**<br>**Owned <sup>(1)</sup>** | **Percent of Series C Preferred Stock Beneficially**<br>**Owned** | **Total Voting**<br>**Shares <sup>(2)</sup>** | **Percent of Total Voting Shares** |
| ***Named Executive Officers and Directors:*** | ***Named Executive Officers and Directors:*** | ***Named Executive Officers and Directors:*** | | | | |
| William Scott | 90926<br><sup>(3)</sup>  | \* |  |  | 90926 | \* |
| Rich Christensen | 17187 | \* |  |  | 17187 | \* |
| Zoran Milošević | 769193<br><sup>(4)</sup>  | 6.1% | 100 | 10.0% | 831685 | 6.3% |
| Snežana Božović | 382807<br><sup>(5)</sup>  | 3.0% | 50 | 5.0% | 414053 | 3.1% |
| Atul Bali |  |  |  |  |  |  |
| Murray G. Smith | 19999<br><sup>(6)</sup>  | \* |  |  | 11666 | \* |
| Anthony Brian Goodman <sup>(£)</sup> | 1332332<br><sup>(7)</sup>  | 10.5% |  |  | 1332332 | 10.0% |
| Weiting <sup>(£)</sup> 'Cathy' Feng | 237810 | 1.9% |  |  | 237810 | 1.8% |
| **All directors and executive officers as a group (six persons)** | **1280112** | **10.1%** | **150** | **15.0%** | **1365517** | **10.3%** |
| Aleksandar Milovanović <sup>(8)</sup> | 7666918<br><sup>(9)</sup>  | 60.5% | 850 | 85.0% | 8198097 | 61.7% |

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\* Under 1%.

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| (£) | Former Named Executive Officer, no longer serving as an officer or director of the Company. Beneficial ownership is based on either (a) the last beneficial ownership disclosed to the Company from such persons; or (b) the record shareholders list of the Company as of the Date of Determination, and may not reflect the total number of shares of common stock of the Company beneficially owned by the noted individual as of such date. |
| (1) | Each share of Series C Preferred Stock entitles the holder to 625 votes on all matters presented to the Company's stockholders for a vote of stockholders, whether such vote is taken in person at a meeting or via a written consent (625,000 votes in aggregate for all outstanding shares of Series C Preferred Stock), and also has certain director appointment rights discussed below under "<u>Series C Preferred Stock</u>". |
| (2) | Based on 13,294,479 total voting shares, including 12,669,479 shares voted by the common stock, and 625,000 shares voted by the Series C Preferred Stock. |
| (3) | Includes 85,510 shares of common stock held by Deansgate L.L.C.-FZ, which entity is owned and controlled by Mr. Scott. |
| (4) | Ownership includes 769,185 shares of common stock, and 100 shares of Series C Preferred Stock. Also includes 8 shares which may be issuable to Mr. Milošević upon the conversion of the 100 shares of Series C Preferred Stock. |
| (5) | Ownership includes 382,803 shares of common stock, and 50 shares of Series C Preferred Stock. Also includes 4 shares which may be issuable to Ms. Božović upon the conversion of the 50 shares of Series C Preferred Stock. |
| (6) | Includes options to purchase 8,333 shares of the Company's common stock at an exercise price of $32.04 per share, which are vested in full and exercisable within 60 days of the Date of Determination. |
| (7) | Ownership includes 808,673 shares of common stock held individually and 523,659 shares of common stock beneficially owned by Luxor Capital, LLC, which entity, and shares, Mr. Goodman is deemed to beneficially own. All information comes from the Schedule 13D/A filed by Mr. Goodman with the SEC on April 1, 2025, as updated by subsequent Form 4s filed by Mr. Goodman. |
| (8) | Address: Drinicka 2 Belgrade, Serbia. |
| (9) | Ownership includes 7,777,357 shares of outstanding common stock, and 850 shares of Series C Preferred Stock. Also includes 70 shares which may be issuable to Mr. Milovanović upon the conversion of the 850 shares of Series C Preferred Stock.  |

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*<u>Series C Preferred Stock</u>*

On April 4, 2024, in contemplation of the closing of the transactions contemplated by the MeridianBet Purchase Agreement, and pursuant to the power provided to the Company by the Articles of Incorporation of the Company, as amended, the Company's Board of Directors approved the adoption of, and filing of, a Certificate of Designation of Golden Matrix Group, Inc. Establishing the Designation, Preferences, Limitations and Relative Rights of Its Series C Preferred Stock (the "<u>Series C Designation</u>"), which was filed with, and became effective with, the Secretary of State of Nevada on the same date. The Series C Designation designated 1,000 shares of Series C Preferred Stock. The 1,000 shares of Series C Preferred Stock were issued to the Meridian Sellers at the closing of the transactions contemplated by the MeridianBet Purchase Agreement.

The holders of the Series C Preferred Stock, voting as a class, vote together with the holders of the Company's common stock on all shareholder matters. At each vote, each share of Series C Preferred Stock entitles the holder 625 votes on all matters presented to the Company's shareholders for a vote of shareholders, whether such vote is taken in person at a meeting or via a written consent (625,000 votes in aggregate for all outstanding shares of Series C Preferred Stock).

Additionally, for so long as (a) the Company's Board of Directors has at least five members; and (b) the Meridian Sellers collectively beneficially own more than 40% of the Company's outstanding common stock (without taking into account shares voted by, or convertible into pursuant to, the Series C Preferred Stock) and for so long as the Series C Preferred Stock is outstanding, the holders of the Series C Preferred Stock, voting separately, have the right to designate for appointment, and appoint, two members to the Company's Board of Directors (the "<u>Series C Directors</u>"). If (x) the Company's Board of Directors has less than five members, or (y) the Meridian Sellers ever collectively beneficially own 40% or less of the Company's outstanding common stock, the holders of the Series C Preferred Stock, voting separately, will have the right to designate for appointment, and appoint, one member to the Board of Directors. The holders of the Series C Preferred Stock also have the sole right to remove such persons solely appointed by the Series C Preferred Stock and to fill vacancies in such appointees.

See also the following table summarizing the above director appointment rights provided to the holders of the Series C Preferred Stock:

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|:---|:---|:---|
| <br>**Percent Beneficial**<br>**Ownership of**<br>**Common Stock held by the**<br>**Meridian Sellers** | <br>**Total Directors on the**<br>**Board of Directors** | <br>**Total Directors the Holders of the**<br>**Series C Preferred Stock Can Appoint**  |
| Greater than 40% | Five | Two |
|  | Less than five | One |
| 40% or less, but at least 10% | Any number | One |
| Less than 10% | Any number | None (because under that threshold, the Meridian Sellers' Series C Preferred Stock automatically converts into common stock, meaning the Director-appointment right terminates) |

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The holders of the Series C Preferred Stock will have the right to convert each share of the Series C Preferred Stock into one share of the Company's common stock at any time. The Series C Preferred Stock also provides for the automatic conversion of all outstanding shares of Series C Preferred Stock into common stock of the Company, on a 12 for 1 basis, on the date that the aggregate beneficial ownership of the Company's common stock (calculated pursuant to Rule 13d-3 of the Securities Exchange Act of 1934, as amended), calculated without regard to any shares of common stock issuable upon conversion of the Series C Preferred Stock, of the Sellers (collectively), falls below 10% of the Company's common stock then outstanding, without taking into account the shares of common stock issuable upon conversion of the Series C Preferred Stock, or the first business day thereafter that the Company becomes aware of such.

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The Series C Preferred Stock is not transferrable by the holders thereof.

*<u>Nominating and Voting Agreement</u>*

On April 9, 2024, as a required term of, and in connection with, the closing of the MeridianBet Purchase Agreement, the Company entered into a Nominating and Voting Agreement (the "<u>Voting Agreement</u>") between the Company, Anthony Brian Goodman, the Company's former Chief Executive Officer and director, Luxor Capital LLC, which is owned and controlled by Mr. Goodman ("<u>Luxor</u>"), and each of the Meridian Sellers.

Pursuant to the Voting Agreement, the Meridian Sellers and Mr. Goodman agreed for two years following the closing of the MeridianBet Purchase Agreement (i.e., until April 9, 2026) to:

(1) vote their voting shares of the Company "<u>For</u>" appointment of those director nominees, nominated to the Board of Directors from time to time by the independent Nominating and Corporate Governance Committee of the Board of Directors of the Company (the "<u>Committee</u>") which Committee was required to be composed of two members (one appointed by the members of the Board of Directors not appointed by the Meridian Sellers and one appointed by the member(s) of the Board of Directors appointed by the Meridian Sellers); and

(2) not vote their shares to remove any directors nominated by the Committee, subject to certain rights to withhold votes for certain persons disqualified from serving as a member of the Board of Directors as described in the Voting Agreement.

The Voting Agreement also included restrictions on the ability of the Meridian Sellers to transfer shares of the Company which they held, unless such transferees entered into a joinder to the Voting Agreement and included a provision allowing any member of the Board nominated by the Meridian Sellers to share confidential information with the Meridian Sellers, but otherwise prohibiting them from sharing such confidential information with any other person.

The Voting Agreement expired pursuant to its terms on April 9, 2026.

*<u>Change of Control</u>*

The Company is not aware of any arrangements which may at a subsequent date result in a change of control of the Company.

*<u>Equity Compensation Plan Information</u>*

The following table provides information as of December 31, 2025, with respect to securities that may be issued under our equity compensation plans.

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| **Plan Category** | **Number of**<br>**securities to be**<br>**issued upon**<br>**exercise of**<br>**outstanding options,**<br>**warrants and rights** | **Weighted-average exercise**<br>**price of outstanding options,**<br>**warrants and rights** | **Number of securities**<br>**remaining available**<br>**for**<br>**future issuance under**<br>**equity compensation**<br>**plans (excluding**<br>**securities reflected in**<br>**column (a))** |
|  | (a) | (b) | (c) |
| Equity compensation plans approved by security holders<sup>(1)</sup> | 130730 | $24.84 | 2505112 |
| Equity compensation plans not approved by security holders |  |  |  |
| Total | 130730 | $24.84 | 2505112 |

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(1) Represents awards made under, and available for future awards under, the 2018 Equity Incentive Plan, 2022 Equity Incentive Plan, and 2023 Equity Incentive Plan, each discussed below.

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*<u>Description of Equity Plans</u>*

***2018 Equity Incentive Plan***

On January 3, 2018, the Board of Directors of the Company and the stockholders of the Company approved the 2018 Equity Incentive Plan (the "<u>2018 Plan</u>"). The 2018 Plan became effective on January 3, 2018.

The 2018 Plan provides an opportunity for any employee, director or consultant of the Company, subject to limitations provided by federal or state securities laws and the terms of the 2018 Plan, to receive incentive stock options or nonqualified stock options. In making such determinations, the Board may consider the nature of the services rendered by such person, his or her present and potential contribution to the Company's success, and such other factors as the Board in its discretion shall deem relevant.

Subject to adjustment for stock splits and recapitalizations, a total of 2,777,777 shares of Common Stock are eligible to be issued under the 2018 Plan. Shares repurchased by the Company pursuant to any repurchase right will not be available for future grants of awards under the 2018 Plan. If an award granted under the 2018 Plan entitles you to receive or purchase shares of our common stock, then on the date of grant of the award, the number of shares covered by the award (or to which the award relates) will be counted against the total number of shares available for granting awards under the 2018 Plan. As a result, the shares available for granting future awards under the 2018 Plan will be reduced as of the date of grant. However, certain shares that have been counted against the total number of shares authorized under the 2018 Plan in connection with awards previously granted under such 2018 Plan will again be available for awards under the 2018 Plan as follows: if an award should expire or become unexercisable for any reason without having been exercised in full, the unpurchased shares that were subject thereto shall, unless the 2018 Plan shall have been terminated, become available for future grant under the 2018 Plan. In addition, any shares of common stock which are retained by the Company upon exercise of an award in order to satisfy the exercise price for such award or any withholding taxes due with respect to such exercise shall be treated as not issued and shall continue to be available under the 2018 Plan.

As of December 31, 2025 and as of the date of this Report, a total of 1,662,985 and 1,662,985, shares of common stock remained eligible for awards under the 2018 Plan.

***2022 Equity Incentive Plan***

On May 5, 2022, the Board of Directors adopted, subject to the ratification by the majority stockholders of the Company, which ratification occurred on May 5, 2022, the Company's 2022 Equity Incentive Plan (the "<u>2022 Plan</u>").

The 2022 Plan provides an opportunity for any employee, officer, director or consultant of the Company, subject to limitations provided by federal or state securities laws, to receive (i) incentive stock options (to eligible employees only); (ii) nonqualified stock options; (iii) restricted stock; (iv) restricted stock units, (v) stock awards; (vi) shares in performance of services; (vii) other stock-based awards; or (viii) any combination of the foregoing. In making such determinations, the Board of Directors may take into account the nature of the services rendered by such person, his or her present and potential contribution to the Company's success, and such other factors as the Board of Directors in its discretion shall deem relevant.

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Subject to adjustment in connection with the payment of a stock dividend, a stock split or subdivision or combination of the shares of common stock, or a reorganization or reclassification of the Company's common stock, the aggregate number of shares of common stock which may be issued pursuant to awards under the 2022 Plan is the sum of (i) 416,666 shares, and (ii) an annual increase on May 1st of each calendar year, beginning in 2023 and ending in 2032, in each case subject to the approval of the Board of Directors or the compensation committee of the Company (if any) on or prior to the applicable date, equal to the lesser of (A) ten percent (10%) of the total shares of common stock of the Company outstanding on the last day of the immediately preceding fiscal year; (B) 83,333 shares of common stock; and (C) such smaller number of shares as determined by the Board of Directors or compensation committee of the Company (if any)(the "<u>Share Limit</u>"), also known as an "evergreen" provision. Notwithstanding the foregoing, shares added to the Share Limit are available for issuance as incentive stock options only to the extent that making such shares available for issuance as incentive stock options would not cause any incentive stock option to cease to qualify as such. In the event that the Board of Directors or the compensation committee (if any) does not take action to affirmatively approve an increase in the Share Limit on or prior to the applicable date provided for under the plan, the Share Limit remains at its then current level. Notwithstanding the above, no more than 833,333 total awards and 833,333 incentive stock options may be granted pursuant to the terms of the 2022 Plan.

The maximum number of shares subject to awards granted during a single calendar year to any non-employee director, taken together with any cash fees paid during the compensation year to the non-employee director, in respect of the director's service as a member of the Board during such year (including service as a member or chair of any committees of the Board), will not exceed $750,000 in total value (calculating the value of any such awards based on the grant date fair value of such awards for financial reporting purposes). Compensation will count towards this limit for the calendar year in which it was granted or earned, and not later when distributed, in the event it is deferred.

On or after the date of grant of an award under the 2022 Plan, the Board of Directors may (i) accelerate the date on which any such award becomes vested, exercisable or transferable, as the case may be, (ii) extend the term of any such award, including, without limitation, extending the period following a termination of a participant's employment during which any such award may remain outstanding, or (iii) waive any conditions to the vesting, exercisability or transferability, as the case may be, of any such award; provided, that the Administrator shall not have any such authority to the extent that the grant of such authority would cause any tax to become due under Section 409A of the Internal Revenue Code.

No awards are issuable by the Company under the 2022 Plan (a) in connection with services associated with the offer or sale of securities in a capital-raising transaction; or (b) where the services directly or indirectly promote or maintain a market for the Company's securities.

The 2022 Plan will automatically terminate on the 10th anniversary of original approval date of the 2022 Plan (May 5, 2032). However, prior to that date, the Company's Board of Directors may amend or terminate the 2022 Plan as it deems advisable, but it cannot adopt an amendment if it would (1) without a grantee's consent, materially and adversely affect that grantee's award; or (2) without stockholder approval, increase the number of shares of the Company's common stock that can be awarded under the 2022 Plan, except as provided for therein.

As of December 31, 2025, and as of the date of this Report, a total of 98,797 and 98,797, shares of common stock remained eligible for awards under the 2022 Plan.

***2023 Equity Incentive Plan***

On October 20, 2023, the Board of Directors adopted, subject to the ratification by the majority stockholders of the Company, which ratification occurred on March 19, 2024, the Company's 2023 Equity Incentive Plan (the "<u>2023 Plan</u>").

The 2023 Plan provides an opportunity for any employee, officer, director or consultant of the Company, subject to limitations provided by federal or state securities laws, to receive (i) incentive stock options (to eligible employees only); (ii) nonqualified stock options; (iii) restricted stock; (iv) restricted stock units, (v) stock awards; (vi) shares in performance of services; (vii) other stock-based awards; or (viii) any combination of the foregoing. In making such determinations, the Board of Directors may take into account the nature of the services rendered by such person, his or her present and potential contribution to the Company's success, and such other factors as the Board of Directors in its discretion shall deem relevant.

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Subject to adjustment in connection with the payment of a stock dividend, a stock split or subdivision or combination of the shares of common stock, or a reorganization or reclassification of the Company's common stock, the aggregate number of shares of common stock which may be issued pursuant to awards under the 2023 Plan is the sum of (i) 416,666 shares, and (ii) an automatic increase on April 1st of each year for a period of nine years commencing on April 1, 2024 and ending on (and including) April 1, 2033, in an amount equal to the lesser of (A) five percent (5%) of the total shares of common stock of the Company outstanding on the last day of the immediately preceding fiscal year (the "<u>Evergreen Measurement Date</u>"); and (B) 416,666 shares of common stock; provided, however, that the Board may act prior to April 1st of a given year to provide that the increase for such year will be a lesser number of shares of common stock. Notwithstanding the foregoing, no more than a total of 4,166,666 shares of common stock (or awards) may be issued or granted under the 2023 Plan in aggregate, and no more than 4,166,666 shares of common stock may be issued pursuant to the exercise of Incentive Stock Options. On April 1, 2024, the number of shares eligible for issuance under the 2023 Plan increased automatically by 150,678 shares; on April 1, 2025, the number of shares eligible for issuance under the 2023 Plan increased by 302,666 shares (the Board took action prior to April 1, 2025, to limit the automatic increase under the 2023 Plan, which would have increased by 416,666 shares, to 302,666 shares, to take into account a total of 114,000 of awards made under the 2022 Plan, after the adoption of the 2023 Plan), and on April 1, 2026, the number of shares eligible for issuance under the 2023 Plan increased by 416,666 shares.

The maximum number of shares subject to awards granted during a single calendar year to any non-employee director, taken together with any cash fees paid during the compensation year to the non-employee director, in respect of the director's service as a member of the Board during such year (including service as a member or chair of any committees of the Board), will not exceed (i) $750,000 in total value or (ii) in the event such non-employee director is first appointed or elected to the Board during such fiscal year, and/or in the case that the Non-employee director is serving as non-employee Chairperson of the Board, $1,000,000 in total value (calculating the value of any such awards based on the grant date fair value of such awards for financial reporting purposes). Compensation will count towards this limit for the calendar year in which it was granted or earned, and not later when distributed, in the event it is deferred.

On or after the date of grant of an award under the 2023 Plan, the Board of Directors may (i) accelerate the date on which any such award becomes vested, exercisable or transferable, as the case may be, (ii) extend the term of any such award, including, without limitation, extending the period following a termination of a participant's employment during which any such award may remain outstanding, or (iii) waive any conditions to the vesting, exercisability or transferability, as the case may be, of any such award; provided, that the Administrator shall not have any such authority to the extent that the grant of such authority would cause any tax to become due under Section 409A of the Internal Revenue Code.

No awards are issuable by the Company under the 2023 Plan (a) in connection with services associated with the offer or sale of securities in a capital-raising transaction; or (b) where the services directly or indirectly promote or maintain a market for the Company's securities.

The 2023 Plan will automatically terminate on the 10th anniversary of original approval date of the 2022 Plan (October 20, 2033). However, prior to that date, the Company's Board of Directors may amend or terminate the 2023 Plan as it deems advisable, but it cannot adopt an amendment if it would (1) without a grantee's consent, materially and adversely affect that grantee's award; or (2) without stockholder approval, increase the number of shares of the Company's common stock that can be awarded under the 2023 Plan, except as provided for therein.

As of December 31, 2025 and the date of this Report, a total of 743,330 and 1,186,060 shares of common stock remained eligible for awards under the 2023 Plan, respectively.

**ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.**

Except as discussed below or otherwise disclosed above under "Item 11. Executive Compensation", there have been no transactions over the last two fiscal years, and there is not currently any proposed transaction, in which the Company was or is to be a participant, where the amount involved exceeds the lesser of (a) $120,000 or (b) one percent of the Company's total assets at year-end for the last two completed fiscal years, and in which any officer, director, or any stockholder owning greater than five percent (5%) of our outstanding voting shares, nor any member of the above referenced individual's immediate family, had or will have a direct or indirect material interest.

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*<u>Related Party Transactions</u>*

*Aleksandar Milovanović, Zoran Milošević and Snežana Božović*

On April 9, 2024, the Company completed the acquisition of 100% of MeridianBet Group, from the Meridian Sellers, effective for all purposes as of April 1, 2024.

*Accounts Receivable - Related Party*

Accounts receivable from related party are carried at their estimated collectible amounts. Related party accounts receivable are periodically evaluated for collectability based on past credit history with customers and their current financial condition. The Company has accounts receivable from several related parties including Top Level doo Serbia, Network System Development, MG Canary, Ino Network, Articulate Pty Ltd. ("<u>Articulate</u>") and Elray Resources Inc. ("<u>Elray</u>").

The accounts receivable from related party amount to $465,691 and $666,545, as of December 31, 2025 and December 31, 2024, respectively.

All related-party transactions have been recorded at the amount of consideration established and agreed to by the related parties.

*Aleksandar Milovanović, Zoran Milošević and Snežana Božović*

On April 9, 2024, the Company completed the acquisition of 100% of MeridianBet Group, from the Meridian Sellers, effective for all purposes as of April 1, 2024.

*Dividends Paid to the Meridian Sellers*

For the twelve months ended December 31, 2025, and 2024, dividends paid to the former owners are as follows:

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| **Owners** | **Dividends Paid** <br>**Twelve Months** <br>**Ended**<br>**December 31,** <br>**2025** | **Dividends Paid** <br>**Twelve Months** <br>**Ended**<br>**December 31,** <br>**2024** |
| Aleksandar Milovanović | $- | $468694 |
| Zoran Milošević |  | 165562 |
| Snežana Božović |  | 5450 |
| Other dividends paid |  | 129828 |
| **Total dividends paid** | $**-** | $**769534** |

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*Zoran Milošević, Meridian Tech d.o.o.'s Chief Executive Officer*

Mr. Zoran Milošević has been serving as the Chief Executive Officer of the MeridianBet Group since 2008. On June 18, 2024, an Employment Agreement was entered into between Meridian Tech d.o.o. (an indirect wholly-owned subsidiary of the Company) ("<u>Meridian Tech</u>") and Mr. Milošević, the Chief Executive Officer of Meridian Tech, a significant stockholder of the Company and one of the Meridian Sellers, as discussed in greater detail above under "<u>Item 11. Executive Compensation—Employment and Consulting Agreements—Employment Agreement with Zoran Milošević</u>", and is incorporated by reference into this "<u>Item 13. Certain Relationships and Related Transactions, and Director Independence</u>".

On January 12, 2025, the Company granted 25,000 restricted stock units to Mr. Milošević in consideration for future services to be rendered by Mr. Milošević through December 2025. The restricted stock units were subject to vesting, to the extent that certain performance metrics are met by the Company and Mr. Milošević's continued service through the applicable vesting date. Fifty percent of the RSUs vested upon the filing of the Company's Form 10-K.

During the twelve months ended December 31, 2025, and 2024, total salary paid to Mr. Milošević was $174,081 and $97,539, respectively. As of December 31, 2025, and December 31, 2024, the accrued Quarterly Salary was $429,077 and $158,081, respectively, which is expected to be settled in stock.

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*Snežana Božović, Chief Operating Officer of Meridian Serbia, Secretary of MeridianBet Group and Company Director (Series C Preferred Director)*

Ms. Snežana Božović has been serving as the Secretary of the MeridianBet Group since 2008 and as the Chief Operating Officer of Meridian Serbia since May 2022. Since January 2025, she has served as a member of the Board of Directors of the Company.

On June 18, 2024, an Employment Agreement was entered into between Meridian Tech and Snežana Božović, an employee of Meridian Tech, and one of the Meridian Sellers (the "<u>Božović Agreement</u>"), as discussed in greater detail above under "<u>Item 11. Executive Compensation—Employment and Consulting Agreements—Employment Agreement with Snežana Božović</u>", and is incorporated by reference into this "<u>Item 13. Certain Relationships and Related Transactions, and Director Independence</u>".

On January 12, 2025, the Company granted 6,250 restricted stock units to Ms. Božović in consideration for future services to be rendered by Ms. Božović through December 2025. The restricted stock units were subject to vesting, to the extent that certain performance metrics are met by the Company and Ms. Božović's continued service through the applicable vesting date. Fifty percent of the RSUs vested upon the filing of the Company's Form 10-K.

On May 9, 2024, the Company also granted an additional 6,250 restricted stock units to Ms. Božović. The RSUs will vest at the rate of 781 RSUs every six months over the next four years.

During the twelve months ended December 31, 2025, and 2024, total salary paid to Ms. Božović was $144,159 and $97,539, respectively. As of December 31, 2025, and December 31, 2024, the accrued Quarterly Salary was $144,077 and $53,081, respectively, which is expected to be settled in stock.

*William Scott, the Company's Interim Chief Executive Officer, President and Director*

Effective on April 9, 2024, the Company appointed William Scott as a member of the Board of Directors of the Company and as the Chairman of the Board of Directors of the Company.

Compensation for Mr. Scott's service on the Board, payable in arrears, was $5,000 per month. Effective June 1, 2024, the monthly compensation for Mr. Scott's service on the Board increased from $5,000 per month to $7,500 per month.

On November 26, 2025, the Company appointed Mr. Scott, the Executive Chairman of the Board of Directors of the Company, as Interim Chief Executive Officer and Principal Executive Officer of the Company to take effect upon the resignation of Mr. Goodman, which as discussed below, was effective on December 12, 2025.

During the twelve months ended December 31, 2025, and 2024, total consulting fees paid to Mr. Scott were $90,000 and $61,136, respectively.

On December 5, 2025, Deansgate L.L.C.-FZ, a Dubai company, owned and controlled by Mr. Scott ("Deansgate"), entered into an agreement with Zoran Milošević, Meridian Tech d.o.o.'s Chief Executive Officer and Aleksandar Milovanović, the largest stockholder of the Company. Pursuant to the agreement, Mr. Milovanović agreed to pay Deansgate (a) $805,000, payable ratably over 12 months from the date of the agreement; and (b) 85,510 shares of the Company's common stock, payable prior to May 1, 2026, in consideration for prior consulting services rendered by Mr. Scott in connection with the sale of the MeridianBet Group in April 2024. To date, approximately $67,150 has been paid by Mr. Milovanović to Deansgate. All 85,510 shares of common stock were transferred from Mr. Milovanović to Deansgate on April 22, 2026.

*Anthony Brian Goodman, the Company's former Chief Executive Officer and former Director*

Mr. Anthony Brian Goodman served as a Director and Chief Executive Officer of the Company until December 12, 2025.

On June 18, 2024, the Company entered into a First Amendment to First Amended and Restated Employment Agreement ("<u>Goodman Agreement</u>") with Mr. Goodman to increase the annual basic salary payable to Mr. Goodman to $396,000 per year, plus Superannuation as mandated by the Australian Government - Superannuation Guarantee (Administration) Act 1992 (currently 12%).

On November 25, 2025, the Company entered into a Severance and Release Agreement (the "<u>Severance Agreement</u>") with Mr. Goodman, pursuant to which (i) the Company and Mr. Goodman mutually agreed to terminate Mr. Goodman's employment with the Company effective as of December 12, 2025, unless otherwise agreed between the parties (the "<u>Termination Date</u>"), and (ii) the Company agreed to pay Mr. Goodman a $951,750 severance payment (representing eighteen months of Mr. Goodman's base salary ($434,500), plus Mr. Goodman's 2025 targeted bonus ($300,000)) (the "<u>Severance Payment</u>"), and $46,792 in accrued, unused vacation pay (the "<u>Accrued Vacation Pay</u>").

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Effective December 12, 2025, Mr. Goodman resigned as President, Chief Executive Officer, Principal Executive Officer, Secretary, Treasurer, and as a member of the Board of Directors of the Company and each of its subsidiaries. As of that date, the Severance Agreement became irrevocable in accordance with its terms.

On December 12, 2025, Mr. Goodman converted all 1,000 outstanding shares of the Company's Series B Voting Preferred Stock which he held into 83,333 shares of the Company's common stock.

During the twelve months ended December 31, 2025, and 2024, total salary paid to Mr. Goodman was $386,952 and $260,040, respectively. In addition, during the twelve months ended December 31, 2025, the Company paid $998,542 to Mr. Goodman in connection with the Severance Agreement.

*Rich Christensen, the Company's Chief Financial Officer*

On March 5, 2025, the Board of Directors appointed Rich Christensen, to serve as the Chief Financial Officer of the Company, effective the day after the filing of the Company's Annual Report on Form 10-K for the year ended December 31, 2024, which was March 24, 2025.

During the twelve months ended December 31, 2025, and 2024, total salary paid to Mr. Christensen was $285,577 and $0, respectively.

*Weiting 'Cathy' Feng, the Company's Chief Operating Officer*

Ms. Weiting 'Cathy' Feng served as the Chief Operating Officer from April 2021 to April 2026. Ms. Feng previously served as the Company's Chief Financial Officer from February 2016 until April 2021, and from September 2024 until March 2025. Ms. Feng also served as a member of the Board of Directors of the Company from February 2016 until March 2025.

On June 18, 2024, the Company entered into a First Amendment to First Amended and Restated Employment Agreement ("<u>Feng Agreement</u>") with Ms. Feng to increase the annual basic salary payable to Ms. Feng to $216,000 per year, plus Superannuation as mandated by the Australian Government - Superannuation Guarantee (Administration) Act 1992 (currently 12%).

During the twelve months ended December 31, 2025, and 2024, total salary paid to Ms. Feng was $223,200 and $150,200, respectively.

On, and effective on, April 23, 2026, the Board of Directors of the Company, after determining that the position of Chief Operating Officer was no longer necessary to the Company's forward direction and as part of a planned restructuring of executive leadership, dismissed Weiting "Cathy" Feng, the Company's then Chief Operating Officer. The Company and Ms. Feng are currently in discussions regarding Ms. Feng's post-employment severance and the Company expects to file a Current Report on Form 8-K in the future, once such compensation is finalized and agreed to.

*Thomas E. McChesney, a former member of the Board of Directors of the Company*

Mr. Thomas E. McChesney served as a Director of the Company from April 2020 until December 2025.

Effective June 1, 2024, the monthly compensation for Mr. McChesney's service on the Board increased from $5,000 per month to $7,500 per month.

On December 12, 2025 and effective December 12, 2025, Mr. McChesney entered into a Director Separation Agreement (the "<u>McChesney Director Separation Agreement</u>") with the Company pursuant to which (i) Mr. McChesney resigned from all of his Board and committee positions, (ii) the Company paid Mr. McChesney $60,000 in cash consideration for past services rendered as a member of the Board and in lieu of 2025 Board incentive compensation which he was eligible to earn, and (iii) all unvested restricted stock units (RSUs) previously granted to Mr. McChesney were forfeited. The McChesney Director Separation Agreement includes a customary mutual release and additional customary confidentiality and mutual non-disparagement provisions, subject to customary exclusions.

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During the twelve months ended December 31, 2025, and 2024, total consulting fees paid to Mr. McChesney were $90,000 and $62,500, respectively. In addition, during the twelve months ended December 31, 2025, the Company paid $60,000 to Mr. McChesney in connection with the McChesney Director Separation Agreement.

*Murray G. Smith, a member of the Board of Directors of the Company*

Mr. Murray G. Smith has been serving as a Director of the Company since 2020.

Effective June 1, 2024, the monthly compensation for Mr. Smith's service on the Board increased from $5,000 per month to $7,500 per month.

On June 16, 2025, the Company extended the expiration date of 8,333 stock options previously granted to Mr. Murray, which were originally set to expire on August 1, 2025. The expiration date was extended by one year. The options have an exercise price of $32.04 per share.

During the twelve months ended December 31, 2025, and 2024, total consulting fees paid to Mr. Smith were $90,000 and $62,500, respectively.

*Atul Bali, a member of the Board of Directors of the Company*

Effective December 18, 2025, upon the recommendation of the Nominating and Corporate Governance Committee, the Board of Directors appointed Mr. Atul Bali to the Board of Directors. Mr. Bali was also appointed as a member of the Audit Committee and the Nominating and Corporate Governance Committee, and as Chairman of the Compensation Committee, with such appointments effective immediately.

*Brett Goodman, Vice President of Business Development and son of the Company's former Chief Executive Officer*

On September 16, 2022, and effective on September 1, 2022, the Company entered into an Employment Agreement with Mr. Brett Goodman. Pursuant to the employment agreement, Mr. Brett Goodman agreed to serve as the Vice President of Business Development for the Company for a term of three years (through September 1, 2025), subject to automatic one-year extensions of the agreement, if not terminated by either party at least three months prior to the renewal date.

The agreement currently provides for an annual salary of $108,000 per year, plus a Superannuation (currently 12%), subject to annual increases in the discretion of the Audit Committee of the Company. The Board of Directors (or Compensation Committee of the Board of Directors) may also grant Mr. Goodman bonuses from time to time in its discretion, in cash, stock or equity, including in the form of options, in amounts determined in the sole discretion of the Board of Directors (or Compensation Committee of the Board of Directors). The Board of Directors or Compensation Committee may also increase Mr. Goodman's salary from time to time in their discretion. Effective October 1, 2023, Mr. Goodman's salary ($5,000 per month) was increased to $7,000 per month.

The agreement contains standard confidentiality and indemnification obligations of the parties and provides for Mr. Goodman to receive three months of severance pay in the event Mr. Goodman's employment is terminated other than for cause or by Mr. Goodman without cause. Upon such qualifying termination, all options held by Mr. Goodman vest immediately and are exercisable for the later of the original stated expiration date thereof or 24 months after such termination date.

In connection with the entry into the employment agreement, the Company granted Mr. Brett Goodman options to purchase 4,166 shares of the Company's common stock, evidenced by a Notice of Grant of Stock Options and Stock Option Award Agreement (the "<u>Option Agreement</u>"), with an exercise price equal to $47.76 per share, the closing sales price of the Company on the Nasdaq Capital Market on the date the grant was approved by the Board of Directors of the Company. A total of 1/2 of the options vested on August 22, 2023, and the other 1/2 of the options vested on August 22, 2024, as a result of Mr. Brett Goodman's continued service with the Company on such vesting date and such options expired on February 22, 2025. The options were granted under, and subject to the terms and conditions of, the Company's 2018 Equity Incentive Plan.

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On December 8, 2022, the Company granted Mr. Brett Goodman 3,333 RSUs which vested at the rate of 1/2 of such RSUs on December 8, 2023, and 2024. On April 3, 2023, the Company granted Mr. Brett Goodman 416 RSUs which vested at the rate of 1/2 of such RSUs on each of April 3, 2024, and 2025, and were settled in shares of common stock.

Effective August 1, 2024, the Board approved an increase in Mr. Brett Goodman's annual base salary to $108,000, in addition to Superannuation contributions as required by the Australian Government's Superannuation Guarantee (Administration) Act 1992, currently set at 12%. Additionally, the Board has authorized a grant of 833 Restricted Stock Units (RSUs) to Mr. Goodman in recognition of future services. The RSUs vest in two installments: 416 RSUs after six months and the remaining 417 RSUs after twelve months.

During the twelve months ended December 31, 2025, and 2024, total salary paid to Mr. Brett Goodman was $108,000 and $73,000, respectively.

*Articulate Pty Ltd ("Articulate"), 50% owned by Marla Goodman (wife of the Company's former Chief Executive Officer) and 50% owned by Mr. Goodman, the Company's former Chief Executive Officer*

On March 1, 2018, the Company entered into a License Agreement (the "<u>License Agreement</u>") with Articulate. Pursuant to the License Agreement, Articulate received a license from the Company to use the GM2 Asset technology in East Asia to support social gaming activity on mobile and desktop devices. Articulate agreed to pay the Company a usage fee calculated as a certain percentage of the monthly content and software usage within the GM2 Asset system (adjusted for U.S. dollars) in consideration for the use of the GM2 Asset technology. Specifically, the Company is due 0.25% of the monthly fees generated by the GM2 Asset in the event such fees are less than $100,000,000; 0.2% of the monthly fees generated by the GM2 Asset in the event such fees are over $100,000,000 and less than $200,500,000 and 0.15% of the monthly fees generated by the GM2 Asset in the event such fees are over $200,500,001.

Any amount of fees not paid when due accrues interest at the lesser of 3% per annum above LIBOR or the highest rate permitted by law. The License Agreement had an initial term of 12 months and automatically renews thereafter for additional 12-month terms, provided that the License Agreement may be terminated at any time with 30 days prior notice.

During the twelve months ended December 31, 2025, and 2024, revenues from Articulate were $137,286 and $0, respectively. As of December 31, 2025 and 2024, the amount receivable from Articulate was $132,072 and $313,509, respectively.

The License Agreement was mutually terminated, effective January 1, 2025. As of December 31, 2025 and 2024, the amount receivable from Articulate was $132,072 and $313,509, respectively.

*Elray Resources Inc., Mr. Goodman, the Company's former CEO, serves as CEO & Director of Elray, and Ms. Feng, the Company's former COO, serves as Treasurer and Director of Elray.*

Effective on December 7, 2022, the Company entered into a Software License Agreement (the "<u>License Agreement</u>") with Elray Resources Inc. Mr. Anthony Brian Goodman, former Chief Executive Officer, President, Secretary, Treasurer and then Chairman of the Company and Weiting 'Cathy' Feng, a former Chief Operating Officer and then director of the Company, currently serve as Chief Executive Officer, President, Chief Financial Officer, Secretary and Director (Goodman) and Treasurer and Director (Feng), respectively, of Elray.

During the twelve months ended December 31, 2025, and 2024, revenues from Elray were $40,597 and $36,205, respectively. As of December 31, 2025 and 2024, the amount receivable from Elray was $40,508 and $35,911, respectively.

*Omar Jimenez, former Chief Financial Officer/Chief Compliance Officer*

Mr. Omar Jimenez served as the Chief Financial Officer/Chief Compliance Officer of the Company from April 2021 to September 9, 2024.

Effective on September 9, 2024, Mr. Omar Jimenez and the Company agreed to mutually terminate the services of Mr. Jimenez as Chief Financial Officer (Principal Financial/Accounting Officer) and Chief Compliance Officer of the Company, effective the same date, and entered into a Separation and Release Agreement. On September 18, 2024, the Company paid $51,025 to Mr. Omar Jimenez as a severance payment and reimbursement of business expenses pursuant to the severance agreement.

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*Top Level doo Serbia, MG Canary, and Ino Network*

The accounts receivable-related party from Top Level doo Serbia, and Ino Network, amounts to $274,873 and $317,125 as of December 31, 2025, and December 31, 2024, respectively with the largest amount due from Top Level d.o.o. Serbia in the amount of $270,226 and $288,157, separately. MeridianBet Group has no ownership interest or control in Top Level d.o.o. Serbia, but it does have common individual shareholders.

*Elray Resources Inc., Mr. Goodman, the Company's CEO, serves as CEO & Director of Elray, and Ms. Feng, the Company's former COO, serves as Treasurer and Director of Elray.*

Effective on December 7, 2022, the Company entered into a Software License Agreement (the "<u>License Agreement</u>") with Elray Resources Inc. Mr. Anthony Brian Goodman, Chief Executive Officer, President, Secretary, Treasurer and then Chairman of the Company and Weiting 'Cathy' Feng, the then Chief Operating Officer and then director of the Company, currently serve as Chief Executive Officer, President, Chief Financial Officer, Secretary and Director (Goodman) and Treasurer and Director (Feng), respectively, of Elray.

Elray operates, manages, and maintains a blockchain online gaming operation and provides blockchain currency technology to licensed casino operators.

Pursuant to the License Agreement, which was effective as of December 1, 2022, the Company granted Elray a non-exclusive, non-licensable, non-sublicensable, non-assignable and non-transferable license for the use and further distribution of certain of the Company's online games (as such games may be expanded from time to time), subject to certain exceptions, and in certain approved territories where the Company or Elray holds required licenses and/or certifications, which list of approved territories may be updated from time to time. The license provides Elray the right to use the online games solely for the purpose of running an online blockchain casino enterprise.

The License Agreement also includes a right of first refusal for the Company to provide certain branded gaming content to Elray during the term of the agreement.

Pursuant to the License Agreement, we are required to maintain all permits for the use of the licensed games and operate the platform on which the games will be integrated.

The License Agreement had an initial term of 24 months, commencing from the Go-Live Date, which occurred on January 16, 2024, and continues thereafter indefinitely unless or until either party has provided the other at least six months written notice of termination, provided that the agreement can be terminated earlier by a non-breaching party upon the material breach of the agreement by the other party, subject to a 15 day cure right; by one party if the other party enters into bankruptcy proceedings; or in the event Elray loses rights to any required permits or licenses. Additionally, we may immediately terminate the License Agreement if Elray is unable to comply with certain due diligence requirements set forth in the agreement on a timely basis; if there is threatened or instigated enforcement proceedings or actions against the Company in connection with the agreement or a governmental or governing body orders, notifies or recommends that the Company prevent Elray from using the licensed games; or if the continuation of the agreement will have a detrimental impact on the Company.

The License Agreement contains customary representations, warranties and covenants of the parties, including confidentiality obligations; customary limitations of liability (which total liability under the agreement of each party is limited to 100,000 Euros); and restrictions on Elray's ability to distribute and reverse engineer the licensed games. As part of the License Agreement, we and Elray entered into a customary Service Level Agreement to govern the management and maintenance of the licensed games.

In consideration for licensing the online games to Elray, Elray agreed to pay the Company a monthly license fee equal to 125% of the Company's costs of such games. Elray also agreed to pay the Company a 10,000 Euro deposit under the agreement, paid no later than the date of integration of the licensed software. The deposit is refundable upon the termination of the agreement. For participation in the progressive jackpot games, Elray is required to make an advance payment of 5,000 Euros.

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During the twelve months ended December 31, 2025, and 2024, revenues from Elray were $40,597 and $36,205, respectively. As of December 31, 2025 and 2024, the amount receivable from Elray was $40,508 and $35,911, respectively.

The Company's entry into the License Agreement was approved by the Board of Directors of the Company, with Mr. Goodman and Ms. Feng abstaining from such vote, and the Company's Audit Committee, which is made up of independent directors, which committee is tasked with approving related party transactions of the Company.

*<u>Sale and Purchase Agreement of Share Capital and Related Transactions</u>*

Pursuant to the terms of the MeridianBet Purchase Agreement, at the closing of the Meridian Purchase, on April 9, 2024, the Company (A) issued 6,845,154 restricted shares of the Company's common stock to the Meridian Sellers (the "<u>Closing Shares</u>") and 1,000 shares of the Company's Series C Preferred Stock; (B) paid the Meridian Sellers $12 million in cash; and (C) issued the Meridian Sellers $15 million in Promissory Notes (the "<u>Notes</u>"), payable $13,125,000 to Aleksandar Milovanović, $1,250,000 to Zoran Milošević and $625,000 to Snežana Božović.

In addition to amounts paid at the closing, we were required to pay the Meridian Sellers: (1) $18 million in cash by April 26, 2024 (provided that failure to pay such amounts by April 26, 2024 was to result in such unpaid amounts accruing interest at the rate of 3% per annum, from the April 1, 2024 effective date of the Purchase, until paid in full) (the "<u>Deferred Cash Consideration</u>"); (2) the additional sum of (i) $5,000,000 (the "<u>Contingent Cash Consideration</u>") and (ii) 416,666 restricted shares of common stock (the "<u>Contingent Shares</u>", and together with the Contingent Cash Consideration, the "<u>Contingent Post-Closing Consideration</u>") which is due to the Meridian Sellers within five business days following the Determination Date (defined below) if (and only if) the Company has determined that each of the Post-Closing Conditions (defined below) have been satisfied, which Post-Closing Contingent Shares have an agreed aggregate value of $15,000,000. For purposes of the foregoing, the "<u>Determination Date</u>" means the date that is six months after the closing date and the "<u>Post-Closing Conditions</u>" are as follows: the Meridian Sellers and their affiliates are not then in default in any of their material obligations, covenants or representations under the MeridianBet Purchase Agreement, any of the transaction documents, or any other agreement with the Company beyond any applicable cure periods therein, as confirmed by Meridian Sellers in a signed writing delivered to the Company and verified by the Company within five business days thereafter; and (3) the additional sum of $20,000,000 of which $10,000,000 is due 12 months after the closing date (the "<u>12 Month Non-Contingent Post-Closing Cash Consideration</u>") and $10,000,000 is due 18 months after the closing date (the "<u>18 Month Non-Contingent Post-Closing Cash Consideration</u>").

On or around May 17th or May 20, 2024, the Company paid $11 million of the Deferred Cash Consideration to the Meridian Sellers.

Božović is Chief Operating Officer of Meridian Serbia, Secretary of MeridianBet Group, and a member of the Board of Directors of the Company; Milošević is the Chief Executive Officer of MeridianBet Group and Milovanović is a greater than 5% stockholder of the Company.

*<u>Series C Preferred Stock</u>*

On April 4, 2024, in contemplation of the closing of the transactions contemplated by the MeridianBet Purchase Agreement, and pursuant to the power provided to the Company by the Articles of Incorporation of the Company, as amended, the Company's Board of Directors approved the adoption of, and filing of, a Certificate of Designation of Golden Matrix Group, Inc. Establishing the Designation, Preferences, Limitations and Relative Rights of Its Series C Preferred Stock, which was filed with, and became effective with, the Secretary of State of Nevada on the same date. The Series C Designation designated 1,000 shares of Series C Preferred Stock. The Series C Preferred Stock is described in greater detail above under "<u>Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters —Series C Preferred Stock</u>", and is incorporated by reference into this "<u>Item 13 Certain Relationships and Related Transactions, and Director Independence</u>".

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*<u>Nominating and Voting Agreement</u>*

On April 9, 2024, as a required term of, and in connection with, the closing of the MeridianBet Purchase Agreement, the Company entered into a Nominating and Voting Agreement between the Company, Anthony Brian Goodman, the Company's Chief Executive Officer and director, Luxor Capital LLC, which is owned and controlled by Mr. Goodman, and each of the Meridian Sellers, which has been amended and restated to date, and which is discussed in greater detail under above under "<u>Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters —Series C Preferred Stock</u>", and is incorporated by reference into this "<u>Item 13 Certain Relationships and Related Transactions, and Director Independence</u>". The Voting Agreement expired pursuant to its terms on April 9, 2026.

*<u>Day-to-Day Management Agreement</u>*

Also on April 9, 2024, as a required term of, and in connection with, the closing of the MeridianBet Purchase Agreement, the Company and Zoran Milošević (one of the Meridian Sellers) entered into a Day-to-Day Management Agreement ("<u>Management Agreement</u>"), which prohibits the Company or its executives from materially interfering in the operation of the business of, and day-to-day operations of, the MeridianBet Group by its current leadership (i.e., Mr. Milošević, as Chief Executive Officer of the MeridianBet Group), while the Voting Agreement is in place. The purpose of the agreement is to ensure the continued running of the MeridianBet Group in their ordinary course, for a finite period of time, by one or more individuals who (i) have grown such entities to their current, profitable levels, earning them an important level of corporate and business knowledge; and (ii) have the native-language abilities to easily communicate with mid-level and low-level employees, among other material advantages. The violation of that materiality-based restriction would also raise an option for the Meridian Sellers to suspend or terminate (at their discretion) the Voting Agreement. The Management Agreement does not, other than in connection with the day-to-day operations of the MeridianBet Group, restrict the Board of Directors or management's ability to manage the MeridianBet Group or the Company as a whole.

Pursuant to the Management Agreement, Mr. Milošević will serve as the manager of the MeridianBet Group and will supervise and direct the day-to-day operation of the MeridianBet Group as Chief Executive Officer thereof. The initial term of the Management Agreement is two years (i.e., until April 9, 2026), unless otherwise extended with the mutual agreement of the parties. Mr. Milošević has the right to terminate the Management Agreement immediately upon the termination of the Voting Agreement; and Mr. Milošević has the right to terminate the Voting Agreement immediately upon the expiration or termination of the Management Agreement.

In consideration for the services agreed to be provided by Mr. Milošević under the Management Agreement, the Company will pay Mr. Milošević $10 per year.

Pursuant to the Management Agreement, at least once per calendar year, but more frequently at the request of Mr. Milošević and/or the Company's Chief Executive Officer (the "<u>CEO</u>")(but not more frequently than semi-annually), Mr. Milošević shall prepare a budget for the upcoming year (or such shorter period as the parties may in their discretion determine) for the MeridianBet Group (the "<u>Budget</u>"), which is required to be approved by the CEO.

The Management Agreement expired pursuant to its terms on April 9, 2026.

*<u>Fourth Amendment to Amended and Restated Sale and Purchase Agreement of Share Capital and Related Transactions</u>*

On June 17, 2024, and effective on April 9, 2024, the Company and the Meridian Sellers entered into a Fourth Amendment to Amended and Restated Sale and Purchase Agreement of Share Capital (the "<u>Fourth Amendment</u>"), which amended the MeridianBet Purchase Agreement to (a) clarify the previous payment of $11 million of the Deferred Cash Consideration to the Meridian Sellers on or around May 17 or May 20, 2024; (b) provide that $4 million of the Deferred Cash Consideration would be satisfied by the issuance of shares of common stock of the Company pursuant to the June 2024 Debt Conversion Agreement, discussed below; (c) provide that $3 million of the Deferred Cash Consideration would be satisfied by the entry into the Deferred Cash Convertible Promissory Note, discussed below; and (d) waive all interest which accrued on the $18 million of deferred cash consideration pursuant to the terms of the MeridianBet Purchase Agreement.

*<u>June 2024 Debt Conversion Agreement</u>*

Also on June 17, 2024, the Company entered into a Debt Conversion Agreement (the "<u>June 2024 Debt Conversion Agreement</u>") with Aleksandar Milovanović, one of the Meridian Sellers, and the then 58.5% stockholder of the Company. Pursuant to the June 2024 Debt Conversion Agreement, the Company and Milovanović agreed to convert an aggregate of $4,000,000 of the Deferred Cash Consideration into an aggregate of 111,111 shares of restricted common stock of the Company, based on a conversion price of $36.00 per share (the "<u>Debt Conversion Shares</u>").

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Pursuant to the June 2024 Debt Conversion Agreement, which included customary representations and warranties of the parties, Milovanović agreed that the shares of common stock issuable in connection therewith were in full and complete satisfaction of $4 million of the Deferred Cash Consideration including all accrued and unpaid interest thereon.

*<u>Deferred Cash Convertible Promissory Note</u>*

Also on June 17, 2024, the Company entered into a *Deferred Cash Convertible Promissory Note* with Milovanović (the "<u>Deferred Cash Convertible Promissory Note</u>") which had a principal balance of $3 million and did not accrue interest unless an event of default thereunder occurs and upon an event of default accrues interest at 12% per annum. The full amount of the Deferred Cash Convertible Promissory Note is due and payable on December 17, 2025, unless earlier paid. Milovanović has the right, from time to time, to declare the principal amount of the Deferred Cash Convertible Promissory Note to be due and payable, prior to January 1, 2025, upon written notice to the Company, after which the Company has three days to pay such amount(s).

The Deferred Cash Convertible Promissory Note was convertible into shares of common stock of the Company, at any time, from time to time, at the option of Milovanović, with written notice to the Company, based on a conversion price, determined at the option of Milovanović of either (A) (i) the average closing sales price of the Company's common stock on the Nasdaq market over the thirty trading day period ending on the trading day immediately preceding the date of the conversion notice; (ii) minus a discount of 15%; or (B) $36.00, subject to a floor of $24.00 per share.

On July 1, 2024 and July 31, 2024, a total of $97,419 and $96,910 of the Deferred Cash Convertible Promissory Note was repaid by the Company. On September 4, 2024, a total of $2,000,000 owed under the Deferred Cash Convertible Promissory Note was converted into 83,333 shares of common stock of the Company pursuant to the terms of the Deferred Cash Convertible Promissory Note. On September 23, 2024, a total of $100,504 of the Deferred Cash Convertible Promissory Note was repaid. On November 5, 2024, a total of $203,576 of the Deferred Cash Convertible Promissory Note was repaid. As of December 31, 2024, a total of $501,591 remained outstanding under the Deferred Cash Convertible Promissory Note.

On January 13, 2025, Mr. Milovanović converted the $501,591 remaining outstanding under the Deferred Cash Convertible Promissory Note into 20,899 shares of common stock of the Company pursuant to the terms of such Deferred Cash Convertible Promissory Note.

*<u>Promissory Notes</u>*

The Notes in the aggregate amount of $15,000,000 accrue interest at seven percent (7%) per annum (twelve percent (12%) upon the occurrence of an event of default); with monthly interest payments of all accrued interest due on the first day of each calendar month until the maturity date of such Notes; and provide for all outstanding principal and unpaid interest due and payable in full 24 months after the closing date (April 9, 2026). If we fail to make any payment of principal, interest or other amount due under the Notes within three business days of the date due and payable, we agreed to pay the holder of the Note a late charge equal to 8% of the amount of such payment which was not paid.

On April 27, 2026, and effective for all purposes as of April 9, 2026, the Meridian Sellers and the Company entered into a First Amendment to Promissory Notes (the "<u>First Amendment</u>"), which amended each of the promissory notes to extend the due date thereof to November 9, 2026, effective as of April 9, 2026, and pursuant to which each of the Meridian Sellers waived any prior defaults which have occurred under the notes.

*<u>Fifth Amendment to Amended and Restated Sale and Purchase Agreement of Share Capital</u>*

As part of the consideration for the Meridian Purchase, we agreed to pay the Meridian Sellers (i) $5,000,000 and (ii) 416,666 restricted shares of common stock which were due to the Meridian Sellers within five business days following the Determination Date (defined above) if (and only if) the Company determined that each of the Post-Closing Conditions (defined above) were met.

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On October 1, 2024, and effective on October 1, 2024, we and the Meridian Sellers entered into a Fifth Amendment to Amended and Restated Sale and Purchase Agreement of Share Capital (the "<u>Fifth Amendment</u>"), which amended the MeridianBet Purchase Agreement to (a) provide that the Company had the option, in its sole discretion, to accelerate the issuance of the Contingent Shares; and (b) to satisfy the payment of the Contingent Cash Consideration owed to the Meridian Sellers as follows: (A) Milovanović – a total of $2,000,000 of the Contingent Cash Consideration due to Milovanović was agreed to be satisfied in shares of Company common stock, pursuant to the terms of the October 2024 Debt Conversion Agreement, defined below, and the remaining $2,625,000 of Contingent Cash Consideration due to Milovanović, was agreed to be deferred until at least November 9, 2024, and shall thereafter be payable upon written demand by Milovanović to the Company, within two (2) business days; (B) Milošević – a total of $100,000 of the Contingent Cash Consideration due to Milošević was agreed to be satisfied in shares of Company common stock pursuant to the terms of the October 2024 Debt Conversion Agreement, and the Company agreed to pay the remaining $150,000 of Contingent Cash Consideration due to Milošević, at the rate of $50,000 per month, on each of October 1, 2024, November 1, 2024 and December 1, 2024; and (C) Božović – a total of $25,000 of the Contingent Cash Consideration due to Božović was agreed to be satisfied in shares of Company common stock, pursuant to the terms of the October 2024 Debt Conversion Agreement, and the Company agreed to pay the remaining $100,000 of Contingent Cash Consideration due to Božović, at the rate of $50,000 per month, on each of October 1, 2024 and November 1, 2024. The remaining $2,875,000 of Contingent Cash Consideration due to the Meridian Sellers as discussed above after the consummation of the transactions contemplated by the October 2024 Debt Conversion Agreement is defined herein as the "Contingent Cash Payable". No gains or losses were recorded due to the amendment.

*<u>October 2024 Debt Conversion Agreement</u>*

Also on October 1, 2024, the Company entered into a Debt Conversion Agreement (the "<u>October 2024 Debt Conversion Agreement</u>") with each of the Meridian Sellers. Pursuant to the October 2024 Debt Conversion Agreement, the Company and (a) Milovanović agreed to convert an aggregate of $2,000,000 of the Contingent Cash Consideration payable to Milovanović into 83,333 shares of common stock of the Company, based on a conversion price of $24.00 per share; (b) Milošević agreed to convert an aggregate of $100,000 of the Contingent Cash Consideration payable to Milošević into 3,623 shares of common stock of the Company, based on a conversion price of $27.60 per share, the closing sales price of the Company's common stock on October 1, 2024, the date the October 2024 Debt Conversion Agreement became binding on all parties, since the agreement became binding after 4:00 p.m. Eastern Time on such day, which closing sales price was equal to the closing consolidated bid price on such trading day (the "Related Party Conversion Price"); and (c) Božović agreed to convert an aggregate of $25,000 of the Contingent Cash Consideration payable to Božović into 905 shares of common stock of the Company, based on a conversion price equal to the Related Party Conversion Price.

*<u>February 2025 Debt Conversion Agreement</u>*

As of February 23, 2025, a total of $1,165,358 of the $5,000,000 due to the Meridian Sellers as contingent cash consideration, which was due six months following the acquisition of MeridianBet Group remained due to Milovanović (the "<u>Remaining Contingent Cash</u>"). On February 23, 2025, the Company and Milovanović entered into a Debt Conversion Agreement dated February 18, 2025 (the "<u>February 2025 Debt Conversion Agreement</u>"), pursuant to which the Company and Milovanović agreed to convert the Remaining Contingent Cash into 53,951 shares of common stock of the Company, based on a conversion price of $21.60 per share.

*<u>Sixth Amendment to Amended and Restated Sale and Purchase Agreement of Share Capital</u>*

As discussed above, as part of the consideration for the acquisition, we agreed to pay the Meridian Sellers, among other consideration, a total of $10,000,000 of 12 Month Non-Contingent Post-Closing Cash Consideration on April 9, 2025.

On, and effective on, April 9, 2025, we and the Meridian Sellers entered into a Sixth Amendment to Amended and Restated Sale and Purchase Agreement of Share Capital (the "<u>Sixth Amendment</u>"), which amended the MeridianBet Purchase Agreement to (a) confirm that $179,540 of the 12 Month Non-Contingent Post-Closing Cash Consideration had already been paid by the Company subsequent to the Closing Date and prior to April 9, 2025; (b) provide that a total of: (i) $9,445,460 of 12 Month Non-Contingent Post-Closing Cash Consideration owed to Milovanović (i.e., the entire remaining amount of the 12 Month Non-Contingent Post-Closing Cash Consideration owed to Milovanović) would be converted into common stock of the Company, pursuant to a separate Post-Closing Cash Consideration Conversion Agreement entered into between the Company and Milovanović on or around April 9, 2025 (the "<u>First Post-Closing Cash Conversion Agreement</u>"), and (ii) provide that $100,000 owed to Milošević and $25,000 owed to Božović would be converted into common stock of the Company, pursuant to a separate Post-Closing Cash Consideration Conversion Agreement entered into between the Company and Milošević and Božović on or around April 9, 2025 (the "<u>Second Post-Closing Cash Conversion Agreement</u>", and together with the First Post-Closing Cash Conversion Agreement, the "<u>Post-Closing Cash Conversion Agreements</u>"); and (c) provide that the remaining unpaid amount of the 12 Month Non-Contingent Post-Closing Cash Consideration owed to Milošević ($150,000) and Božović ($100,000) would be due and payable by the Company on or before October 9, 2025.

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*<u>April 2025 Post-Closing Cash Consideration Conversion Agreements</u>*

Also on April 9, 2025, the Company entered into the First Post-Closing Cash Conversion Agreement with Milovanović and the Second Post-Closing Cash Conversion Agreement with Milošević and Božović.

Pursuant to the First Post-Closing Cash Conversion Agreement, the Company and Milovanović agreed to convert an aggregate of $9,445,460 of 12 Month Non-Contingent Post-Closing Cash Consideration payable to Milovanović by the Company pursuant to the terms of the MeridianBet Purchase Agreement, into 403,652 shares of common stock of the Company, based on a conversion price of $23.40 per share.

Pursuant to the Second Post-Closing Cash Conversion Agreement (a) Milošević agreed to convert an aggregate of $100,000 of the 12 Month Non-Contingent Post-Closing Cash Consideration payable to Milošević by the Company pursuant to the terms of the MeridianBet Purchase Agreement into 4,166 shares of common stock of the Company, and (b) Božović agreed to convert an aggregate of $25,000 of the 12 Month Non-Contingent Post-Closing Cash Consideration payable to Božović by the Company pursuant to the terms of the MeridianBet Purchase Agreement into 1,041 shares of common stock of the Company, each based on a conversion price of $24.00 per share, which was greater than the consolidated closing bid price of the Company's common stock on the date the agreement became binding on all parties.

*<u>Seventh Amendment to Amended and Restated Sale and Purchase Agreement of Share Capital</u>*

As discussed above, as part of the consideration for the acquisition, we agreed to pay the Meridian Sellers, among other consideration, (a) a total of $10,000,000 of 12 Month Non-Contingent Post-Closing Cash Consideration, 12 months after the Closing Date; and (b) a total of $10,000,000 of 18 Month Non-Contingent Post-Closing Cash Consideration, 18 months after the Closing Date.

On, and effective on, August 21, 2025, we and the Meridian Sellers entered into a Seventh Amendment to Amended and Restated Sale and MeridianBet Purchase Agreement of Share Capital (the "<u>Seventh Amendment</u>"), which amended the MeridianBet Purchase Agreement to (a) confirm that $9,700,000 of the 12 Month Non-Contingent Post-Closing Cash Consideration had already been paid by the Company subsequent to the Closing Date and prior to August 21, 2025; (b) confirm that $100,700 of the 18 Month Non-Contingent Post-Closing Cash Consideration had already been paid by the Company subsequent to the Closing Date and prior to August 21, 2025; (c) provide that a total of: (i) $200,000 of 18 Month Non-Contingent Post-Closing Cash Consideration owed to Milovanović would be converted into common stock of the Company, pursuant to a separate Post-Closing Cash Consideration Conversion Agreement entered into between the Company and the Meridian Sellers on or around August 21, 2025 (the "<u>August 2025 Cash Conversion Agreement</u>"), and (ii) provide that $30,000 owed to Milošević and $30,000 owed to Božović of the 12 Month Non-Contingent Post-Closing Cash Consideration would be converted into common stock of the Company, pursuant to the August 2025 Cash Conversion Agreement; and (c) provide that the remaining unpaid amount of the 12 Month Non-Contingent Post-Closing Cash Consideration and 18 Month Non-Contingent Post-Closing Cash Consideration owed to the Meridian Sellers would be due and payable by the Company on or before October 9, 2025.

*<u>August 2025 Post-Closing Cash Consideration Conversion Agreement</u>*

Also on August 21, 2025, the Company entered into a Post-Closing Cash Conversion Agreement with Milovanović, Milošević and Božović.

Pursuant to the August 2025 Cash Conversion Agreement, the Company and (a) Milovanović agreed to convert an aggregate of $200,000 of 18 Month Non-Contingent Post-Closing Cash Consideration payable to Milovanović by the Company pursuant to the terms of the MeridianBet Purchase Agreement, into 9,586 shares of common stock of the Company, based on a conversion price of $15.48 per share; (b) Milošević agreed to convert an aggregate of $30,000 of the 12 Month Non-Contingent Post-Closing Cash Consideration payable to Milošević by the Company pursuant to the terms of the MeridianBet Purchase Agreement into 1,879 shares of common stock of the Company, and (c) Božović agreed to convert an aggregate of $30,000 of the 12 Month Non-Contingent Post-Closing Cash Consideration payable to Božović by the Company pursuant to the terms of the MeridianBet Purchase Agreement into 1,879 shares of common stock of the Company, each based on a conversion price of $15.96 per share, which was greater than the consolidated closing bid price of the Company's common stock on the date the agreement became binding on all parties.

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*<u>Eighth Amendment to Amended and Restated Sale and Purchase Agreement of Share Capital</u>*

On September 9, 2025, and effective on, August 29, 2025, we and the Meridian Sellers entered into an Eighth Amendment to Amended and Restated Sale and MeridianBet Purchase Agreement of Share Capital (the "<u>Eighth Amendment</u>"), which amended the MeridianBet Purchase Agreement to provide that a total of $500,000 of the 18 Month Non-Contingent Post-Closing Cash Consideration owed by the Company to Milovanović would be converted into shares of the Company's common stock pursuant to a Post-Closing Cash Consideration Conversion Agreement (the "<u>Second August 2025 Conversion Agreement</u>").

*<u>Second August 2025 Conversion Agreement</u>*

On September 9, 2025, Milovanović and the Company entered into the Second August 2025 Conversion Agreement dated August 29, 2025, pursuant to which: (i) on September 9, 2025, and effective on August 29, 2025, $100,000 of 18 Month Non-Contingent Cash Consideration owed by the Company to Milovanović under the MeridianBet Purchase Agreement was converted into 6,775 shares of Company common stock (based on a conversion price of $14.76 per share); (ii) on September 9, 2025, and effective on September 5, 2025, $100,000 of 18 Month Non-Contingent Cash Consideration owed by the Company to Milovanović under the MeridianBet Purchase Agreement was converted into 8,169 shares of the Company's common stock (based on a conversion price of $12.24 per share, the closing sales price of the Company's common stock on September 5, 2025); (iii) on September 12, 2025, $100,000 of 18 Month Non-Contingent Cash Consideration owed by the Company to Milovanović under the MeridianBet Purchase Agreement was converted into 8,250 shares of common stock of the Company (based on a conversion price of $12.12 per share, the closing sales price of the Company's common stock on September 12, 2025); (iv) on September 19, 2025, $100,000 of 18 Month Non-Contingent Cash Consideration owed by the Company to Milovanović under the MeridianBet Purchase Agreement was converted into 8,397 shares of common stock of the Company (based on a conversion price of $11.88 per share, the closing sales price of the Company's common stock on September 19, 2025); and (v) on September 26, 2025, $100,000 of 18 Month Non-Contingent Cash Consideration owed by the Company to Milovanović under the MeridianBet Purchase Agreement was converted into 7,122 shares of common stock of the Company based on a conversion price equal to $14.04, the closing sales price of the Company's common stock on September 26, 2025.

*<u>Ninth Amendment to Amended and Restated Sale and Purchase Agreement of Share Capital</u>*

On November 7, 2025, and effective on, October 9, 2025, we and the Sellers entered into a Ninth Amendment to Amended and Restated Sale and Purchase Agreement of Share Capital dated October 28, 2025 (the "<u>Ninth Amendment</u>"), which amended the Purchase Agreement to provide that a total of $8,000,000 of the 18 Month Non-Contingent Post-Closing Cash Consideration owed by the Company to Milovanović would be converted into shares of the Company's common stock pursuant to a Post-Closing Cash Consideration Conversion Agreement (the "<u>Conversion Agreement</u>").

On November 7, 2025, Milovanović and the Company entered into the Conversion Agreement dated and effective October 28, 2025, pursuant to which a total of $8,000,000 of 18 Month Non-Contingent Post-Closing Cash Consideration due to Milovanović from the Company was converted into 666,666 shares of Company common stock (based on a conversion price of $12.00 per share)(which shares are in the process of being issued)(the "<u>Milovanović Shares</u>").

Additionally, pursuant to the Ninth Amendment, the due date of the remaining 18 Month Non-Contingent Post-Closing Cash Consideration owed to the Sellers ($1,099,672) was extended from October 9, 2025 to October 9, 2026.

*<u>November 2025 Debt Conversion Agreements</u>*

On November 10, 2025, the Company entered into Debt Conversion Agreements dated and effective August 28, 2025, with the minority interest holders of Meridian Gaming Ltd., a company formed and registered in the Republic of Malta, a wholly-owned subsidiary of the Company, pursuant to which a total of $24,000 owed to such minority interest holders was converted into 1,550 shares of common stock of the Company, based on a conversion price of $15.48 per share.

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*<u>Indemnification Agreements</u>*

On or around February 24, 2025, the Company entered into indemnification agreements (the "<u>Indemnification Agreements</u>"), with each director serving on the Company's board of directors, and each current executive officer of the Company (each, an "<u>Indemnitee</u>"). Each Indemnification Agreement provides that the Company shall indemnify each Indemnitee, to the fullest extent permitted by law, if the Indemnitee was or is or becomes a party to or witness or other participant in, or is threatened to be made a party to or witness or other participant in, any threatened, pending or completed action, suit, claim, counterclaim, cross claim, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought by or in the right of the Company or otherwise and whether civil, criminal, administrative, legislative or investigative (formal or informal) (each a "<u>Claim</u>") by reason of (or arising in part out of) any event or occurrence related to the fact that Indemnitee is or was a director, officer, employee, agent or fiduciary of the Company or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise (an "<u>Indemnifiable Event</u>") against any and all expenses (including reasonable attorneys' fees and all other costs, expenses and obligations incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness in or participate in, any such Claim, judgments, fines, penalties and amounts paid in settlement of such Claim (collectively, "<u>Expenses</u>"), subject to certain requirements and determinations relating to an Indemnitee's right to receive indemnification and advancement of Expenses as described in the Indemnification Agreement.

*<u>Review, Approval and Ratification of Related Party Transactions</u>*

The Audit Committee of the board of directors of the Company is tasked with reviewing and approving any issues relating to conflicts of interests and all related party transactions of the Company ("<u>Related Party Transactions</u>"). The Audit Committee, in undertaking such review, will analyze the following factors, in addition to any other factors the Audit Committee deems appropriate, in determining whether to approve a Related Party Transaction: (1) the fairness of the terms for the Company (including fairness from a financial point of view); (2) the materiality of the transaction; (3) bids / terms for such transaction from unrelated parties; (4) the structure of the transaction; (5) the policies, rules and regulations of the U.S. federal and state securities laws; (6) the policies of the Committee; and (7) interests of each related party in the transaction.

The Audit Committee will only approve a Related Party Transaction if the Audit Committee determines that the terms of the Related Party Transaction are beneficial and fair (including fair from a financial point of view) to the Company and are lawful under the laws of the United States. In the event multiple members of the Audit Committee are deemed a related party, the Related Party Transaction will be considered by the disinterested members of the board of directors in place of the Committee.

In addition, our Code of Business Conduct and Ethics (described above under "<u>Item 10. Directors, Executive Officers and Corporate Governance—Corporate Governance—Code of Business Conduct and Ethics</u>"), which is applicable to all our employees, officers and directors, requires that all employees, officers and directors avoid any conflict, or the appearance of a conflict, between an individual's personal interests and our interests.

*<u>Director Independence</u>*

In evaluating the independence of each of our directors and director nominees, the Board considers transactions and relationships between each director or nominee, or any member of his or her immediate family, and the Company and its subsidiaries and affiliates. The Board also examines transactions and relationships between directors and director nominees or their known affiliates and members of the Company's senior management and their known affiliates. The purpose of this review is to determine whether any such relationships or transactions are inconsistent with a determination that the director is independent under applicable laws and regulations and Nasdaq listing standards.

Our common stock is listed on the Nasdaq Capital Market under the symbol "<u>MRDN</u>". Nasdaq requires us to have independent members of our Board of Directors. Our Board of Directors has affirmatively determined that each of Murray G. Smith and Atul Bali is an independent director, defined under the Nasdaq rules governing members of boards of directors and as defined under Rule 10A-3 of the Exchange Act.

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In assessing director independence, the Board considers, among other matters, the nature and extent of any business relationships, including transactions conducted, between the Company and each director and between the Company and any organization for which one of our directors is a director or executive officer or with which one of our directors is otherwise affiliated.

Furthermore, the Board has determined that each of the members of our Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee, is independent within the meaning of Nasdaq director independence standards applicable to members of such committees, as currently in effect.

The Compensation Committee members also qualify as "non-employee directors" within the meaning of Section 16 of the Exchange Act.

**ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES.**

*<u>General</u>*

Our independent public accounting firm is M&K CPAs, PLLC, Houston, Texas, PCAOB Auditor ID 2738 ("<u>M&K</u>").

*<u>Audit Fees</u>*

The following table sets forth the fees billed by our principal independent accountant, M&K CPAS, PLLC, for the twelve months ended December 31, 2025 and December 31, 2024, for the categories of services indicated.

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|:---|:---|:---|
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** |
| Audit Fees | $301959 | $257425 |
| Audit Related Fees | 45875 | 22200 |
| **Total** | $**347834** | $**279625** |

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*Audit fees*. Consists of fees billed for the audit of our annual financial statements and review of our interim financial information and services that are normally provided by the accountant in connection with year-end and quarter-end statutory and regulatory filings or engagements.

*Audit-related fees*. Consists of fees billed for assurance and related services that are reasonably related to the performance of the audit or review of our financial statements and are not reported under "<u>Audit Fees</u>", review of our Forms 8-K filings and services that are normally provided by the accountant in connection with non-year-end statutory and regulatory filings or engagements.

*<u>Pre-Approval Policies</u>*

It is the policy of our board of directors that all services to be provided by our independent registered public accounting firm, including audit services and permitted audit-related and non-audit services, must be pre-approved by our board of directors. Our board of directors pre-approved all services, audit and non-audit, provided to us by M&K CPAS, PLLC, for the twelve months ended December 31, 2025 and December 31, 2024.

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**PART IV**

**ITEM 15. EXHIBITS, FINANCIAL STATEMENTS AND SCHEDULES**

(a) No financial statement or supplemental data are filed with this Amendment No. 1 to Form 10-K. See Index to Financial Statements and Supplemental Data of the Original Form 10-K.

(b) Exhibits

The exhibits required to be filed by Item 15 are set forth in, and filed with or incorporated by reference in, the "Exhibit Index" of the Original Form 10-K. The attached list of exhibits in the "Exhibit Index" sets forth the additional exhibits required to be filed with this Amendment No. 1 and is incorporated herein by reference in response to this item.

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| **Exhibit**<br>**Number**  | **Description** |
| [31.3\*](meridian_ex313.htm) | [Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act](meridian_ex313.htm) |
| [31.4\*](meridian_ex314.htm) | [Certification of Principal Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act](meridian_ex314.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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\* Filed herewith.

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**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) 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.

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| | | |
|:---|:---|:---|
|  | **Meridian Holdings Inc./NV** | **Meridian Holdings Inc./NV** |
| Date: April 30, 2026 | */s/ William Scott* | */s/ William Scott* |
|  | By: | William Scott<br>Interim Chief Executive Officer<br>(Principal Executive Officer) |

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## Exhibit 31.3

**EXHIBIT 31.3**

**Certification of Chief Executive Officer**

I, William Scott, certify that:

1. I have reviewed this Annual Report on Form 10-K/A of Meridian Holdings Inc. (the " <u>registrant</u> "); and

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

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| Date: April 30, 2026 |
| */s/ William Scott* |
| William Scott |
| Interim Chief Executive Officer<br> (Principal Executive Officer) |

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## Exhibit 31.4

**EXHIBIT 31.4**

**Certification of Principal Accounting Officer**

I, Rich Christensen, certify that:

1. I have reviewed this Annual Report on Form 10-K/A of Meridian Holdings Inc. (the " <u>registrant</u> "); and

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

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| Date: April 30, 2026 |
| */s/ Rich Christensen* |
| Rich Christensen |
| Chief Financial Officer<br> (Principal Financial/Accounting Officer) |

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