Mountain Resortsp. z o.o.

Manner of representation

1. The following are authorised to represent the company externally, make declarations for the company and sign on behalf of the company: 1) in the case of a one-person management board – the member of the management board independently. 2) In the case of a multi-member management board, the following are authorised to represent the company externally, make declarations and sign on behalf of the company: a) with respect to acts creating an obligation on the part of the company or concerning the disposal of assets not exceeding PLN 20,000 (twenty thousand zlotys) – each member of the management board independently and the commercial proxy independently; b) with respect to acts creating an obligation on the part of the company or concerning the disposal of assets exceeding PLN 20,000 (twenty thousand zlotys) and not exceeding PLN 200,000 (two hundred thousand zlotys) – the joint action of two members of the management board or one member of the management board jointly with a commercial proxy is required; c) with respect to acts creating an obligation on the part of the company or concerning the disposal of assets exceeding PLN 200,000 (two hundred thousand zlotys) – the joint action of all members of the management board or two members of the management board jointly with a commercial proxy is required. 2. In the case of fixed-term agreements (e.g. lease or tenancy), the amount of the obligation/disposal for the entire term of the agreement is considered to be the amount of the obligation/disposal, and where the agreement is indefinite, the amount of the obligation/disposal for a period of 36 months, subject to section 3 below. 3. In the case of the company entering into the following types of agreements: a) contract of mandate; b) employment contract; c) cooperation agreement (B2B), under which the contractor, employee or associate, respectively, will receive remuneration not exceeding PLN 120,000.00 gross per year (one hundred twenty thousand zlotys and 00/100), the company may be represented by each member of the management board or a commercial proxy independently; above these amounts, in accordance with the rules specified above in section 1 point 2).