Current Report No. 30/2016 dated 25 November 2016
Conclusion of a settlement agreement regarding the changes of the dates of the Earn-out 1 and Earn-out 2 payment reffering to the Share Purchase Agreement concluded on the 3rd June 2015
Legal basis: Article 17 sec. 1 of the Regulations on Market Abuse – confidential information
Content of Report:
The Management Board of Wirtualna Polska Holding S.A. (“Company”), in relation to current report 17/2015 dated 3rd of June 2015 hereby announces that on 25 November 2016 the Company has agreed the terms and conditions of a transaction and concluded with NextWeb Holdings S.a.r.l. with its registered seat in Luxembourg (the “Seller”) and Jakub Zieliński (the Company, NextWeb Media S.a.r.l. and the Seller hereinafter jointly as the “Parties”) a settlement agreement regarding an earlier settlement of Earn-out 1 and Earn-out 2 stemming from the Share Purchase Agreement concluded on 3rd of June (“SPA”).
The terms of the settlement of the Earn-outs were described in the current report 17/2015 from 3rd June 2015.
The aim of the settlement agreement is to settle the Ear-outs earlier as a result of the final settlement of the purchase
price of the shares stemming from the SPA.
An additional cost for the Company resulting from an earlier settlement, added to the amounts reserved for that purpose in the books, is PLN 0,5 mln.
Thereby as of the conclusion of the Settlement Agreement the Parties have mutually waived any claims regarding the realization of the SPA and have agreed that in the moment of settlement of the amount mentioned above the provisions of the
SPA regarding the settlement shall be rendered void.
Legal basis: Article 17 sec. 1 of the Regulations on Market Abuse – disclosure of a confidential information.
Signatures of the individuals representing the Company:
Jacek Świderski – President of the Management Board/Chief Executive Officer
Elżbieta Bujniewicz – Belka – Member of the Management Board/Chief Financial Officer