GameSquare (GAME) amends insider filing to drop 1.05M options

Rhea-AI Filing Summary

GameSquare Holdings, Inc. (GAME) filed an amended Form 4/A updating an equity grant to its Chief Financial Officer. On July 11, 2025, the CFO received 464,863 restricted stock units (RSUs), each representing one share of common stock. The RSUs vest 25% on the grant date, then 37.5% on the first anniversary, and 37.5% on the second anniversary of the grant date as part of the company’s long-term incentive program.

The amendment explains that options to purchase 1,045,712 shares, originally reported with this grant, were later determined by the Board on November 14, 2025 not to have been validly granted because the authorized share count under the company’s certificate of incorporation was insufficient. No option agreements were executed, so the options were never issued, and the amended filing removes them, leaving only the RSUs outstanding from this award.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Munoz Michael Patrick

Role Chief Financial Officer

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Units	129,128	$0.00	--

Holdings After Transaction: Restricted Stock Units — 129,128 shares (Direct)

Footnotes (1)

1. The grant was made pursuant to the Issuer's Amended and Restated Omnibus Equity Incentive Plan ("Omnibus Plan"). Each restricted stock unit represents a contingent right to receive one share of the Issuer's common stock. On July 11, 2025 (the "Grant Date"), the Reporting Person was granted 464,863 restricted stock units ("RSUs"), each representing a contingent right to receive one share of the Issuer's common stock. The grant were made as part of the Issuer's long-term incentive program and vests as follows: 25% on the Grant Date, 37.5% on the first anniversary of the Grant Date, and 37.5% on the second anniversary of the Grant Date. On July 15, 2025, the Reporting Person filed the initial Form 4 (the "Original Form 4") to report the grant, on July 11, 2025, to the Reporting Person of (i) the RSUs described in footnote 3 above, and (ii) options to purchase an aggregate of 1,045,712 shares of the Issuer's common stock (the "Options"). Subsequent to the approval of the Options by the Issuer's Board of Directors (the "Board"), on November 14, 2025, the Board determined that Options could not be validly granted under the Omnibus Plan because the number of shares then authorized for issuance under the Issuer's certificate of incorporation was insufficient. Accordingly, no option agreements were executed, and the Options were never formally issued. This amended Form 4 amends the Original Form 4 to remove the Options from Table II and to reflect that only the RSUs were granted.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Munoz Michael Patrick

(Last) (First) (Middle)

C/O GAMESQUARE HOLDINGS, INC.

6775 COWBOYS WAY, STE. 1335

(Street)

FRISCO TX 75034

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
GameSquare Holdings, Inc. [ GAME ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
11/14/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)
07/15/2025

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units(1)(4)	(2)	07/11/2025		A		129,128		(3)	(3)	Common Stock	129,128	$0(1)	129,128	D

Explanation of Responses:

1. The grant was made pursuant to the Issuer's Amended and Restated Omnibus Equity Incentive Plan ("Omnibus Plan").

2. Each restricted stock unit represents a contingent right to receive one share of the Issuer's common stock.

3. On July 11, 2025 (the "Grant Date"), the Reporting Person was granted 464,863 restricted stock units ("RSUs"), each representing a contingent right to receive one share of the Issuer's common stock. The grant were made as part of the Issuer's long-term incentive program and vests as follows: 25% on the Grant Date, 37.5% on the first anniversary of the Grant Date, and 37.5% on the second anniversary of the Grant Date.

4. On July 15, 2025, the Reporting Person filed the initial Form 4 (the "Original Form 4") to report the grant, on July 11, 2025, to the Reporting Person of (i) the RSUs described in footnote 3 above, and (ii) options to purchase an aggregate of 1,045,712 shares of the Issuer's common stock (the "Options"). Subsequent to the approval of the Options by the Issuer's Board of Directors (the "Board"), on November 14, 2025, the Board determined that Options could not be validly granted under the Omnibus Plan because the number of shares then authorized for issuance under the Issuer's certificate of incorporation was insufficient. Accordingly, no option agreements were executed, and the Options were never formally issued. This amended Form 4 amends the Original Form 4 to remove the Options from Table II and to reflect that only the RSUs were granted.

	/s/ Michael Munoz	11/18/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What did GameSquare Holdings (GAME) disclose in this Form 4/A amendment?

GameSquare Holdings reported that its Chief Financial Officer received 464,863 RSUs on July 11, 2025, and clarified that previously reported stock options for 1,045,712 shares were never validly granted or issued.

How do the RSUs granted to the GameSquare (GAME) CFO vest?

The 464,863 RSUs granted on July 11, 2025 vest 25% on the grant date, 37.5% on the first anniversary of the grant date, and 37.5% on the second anniversary.

What happened to the 1,045,712 stock options originally reported by GameSquare (GAME)?

The Board later determined on November 14, 2025 that options to purchase 1,045,712 shares could not be validly granted because the shares exceeded the number authorized for issuance, so no option agreements were executed and the options were never issued.

Why did GameSquare (GAME) need to amend the original Form 4 filing?

The original Form 4, filed on July 15, 2025, reported both RSUs and stock options. The amendment removes the options from Table II and clarifies that only the 464,863 RSUs were actually granted under the Omnibus Equity Incentive Plan.

Under what plan were the GameSquare (GAME) RSUs granted to the CFO?

The RSU grant to the CFO was made under the company’s Amended and Restated Omnibus Equity Incentive Plan, as part of its long-term incentive program.

What does each GameSquare (GAME) RSU represent in this filing?

Each restricted stock unit reported in the filing represents a contingent right to receive one share of GameSquare Holdings’ common stock.