Material Agreement (Form 8-K)

Item 1.01 Entry into a Material Definitive Agreement.

Amendment to ARK1 License Agreement

On April 6, 2026, Snail, Inc., a Delaware corporation, (the "Company") entered into Amendment No. 3 to the Amended and Restated Exclusive Software License Agreement (the "Amendment") with SDE Inc., a California corporation ("SDE") through the Company's wholly-owned subsidiary, Snail Games USA, Inc. SDE is controlled by Ying Zhou, a director of the Company and the spouse of Hai Shi, the Company's Chief Executive Officer, Chief Strategy Officer, Chairman of the Board and Founder. The Amendment amends that certain Amended and Restated Exclusive Software License Agreement, dated January 1, 2022, which was previously amended on December 13, 2022, March 10, 2023, and October 1, 2023 (as amended, the "ARK1 License Agreement") pursuant to which the Company holds an exclusive worldwide license from SDE to publish and sell ARK: Survival Evolved ("ASE Game") and ARK: Survival Ascended ("ASA Game"). The Amendment is effective as of April 1, 2026.

Prior to the Amendment, the ARK1 License Agreement provided for the Company to pay to SDE (i) licensing fees of $2 million per month, provided that such obligation shall cease upon the public release of the sequel ARK 2; (ii) following the ASA Launch Date (as defined in the ARK1 License Agreement), royalties of 25% of the Company's total revenue related to ASA Game and 60% of the Company's total revenue related to ASE Game; and (iii) a one-time payment of $5 million upon the release of any downloadable content ("DLC") after October 1, 2023.

The Amendment reduces the licensing fees to $1.5 million per month, provided that such obligation shall cease upon the public release of the sequel ARK 2, and replaces the one-time payment set forth above for each DLC with a one-time payment of $5 million upon the release of certain DLCs after October 1, 2023, excluding, among others, DLCs that were originally included in ASA Game.

The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein.

Outsourcing Agreement with Suzhou Snail

On April 6, 2026, the Company entered into a Software Development Outsourcing Agreement (the "Development Agreement") with Suzhou Snail Digital Technology Co., Ltd. ("Suzhou Snail") through the Company's wholly-owned subsidiary, Snail Games USA, Inc. Mr. Shi is the founder and a director of Suzhou Snail, and Ms. Zhou is a vice president and director of Suzhou Snail. The Development Agreement provides for Suzhou Snail to carry out technical development for the Company's Project Aether game, with the Company retaining all copyright, ownership, and other intellectual property for the game. The Company agreed to pay to Suzhou Snail an aggregate of $1.966 million in four quarterly installments of $491,500, beginning in the second quarter of 2026.

The foregoing description of the Development Agreement does not purport to be complete and is qualified in its entirety by reference to the Development Agreement, a copy of which is filed as Exhibit 10.2 to this Current Report on Form 8-K and is incorporated by reference herein.