Company: OSRH
Filing Date: 2025-04-22
Form Type: 10-K
Source: 0001213900-25-034116
Chunk: 2067

Company: OSR Holdings, Inc.
Filing Date: 2025-04-22
Form: 10-K
Item: Item 9B
Chunk 2067
---
 Units, at a price of $10.00 per unit at the option of the lender, upon consummation of our initial business combination.
The Units issuable upon conversion of the working capital loans would be identical to the placement units. Loans made by Chardan or any
of its related persons, if any, will not be convertible into any of our securities and Chardan and its related persons will have no recourse
with respect to their ability to convert their loans into any of our securities.

Our audit committee has reviewed all payments that were made to our
Sponsor, officers, directors, advisors or our or their affiliates.

Some officers and directors of the Company, including Kuk Hyoun Hwang,
have interests in the business combination with OSR as individuals that are in addition to, and that may be different from, the interests
of Company stockholders. Mr. Hwang is the Chief Executive Officer and a member of the Board of Directors of the Company and Chairman
of the Board of OSR. The Board of Directors of the Company formed a separate committee (the “M&A Committee”), consisting
of independent directors, to review and consider these interests during the negotiation of the Business Combination Agreement, the A&R
BCA, and the First Amendment to the A&R BCA and in evaluating and unanimously approving, as members of the Company Board, the Business
Combination Agreement, the A&R BCA and the First Amendment to the A&R BCA.

Director Independence 

Nasdaq listing standards require that a majority of our board of directors
be independent. An “independent director” is defined generally as a person other than an officer or employee of the company
or its subsidiaries or any other individual having a relationship which in the opinion of the company’s board of directors, would
interfere with the director’s exercise of independent judgment in carrying out the responsibilities of a director. Our board of
directors has determined that each of Drs. Reed, Roberts and Chung and Mr. Park is an “independent director” as defined
in the Nasdaq listing standards and applicable SEC rules. Our board of directors also determined that Mr. Euh, who resigned from
the Board effective June 21, 2023, was independent. Our independent directors will have regularly scheduled meetings at which only
independent directors are present.

Item 14.	Principal Accountant Fees and Services

The following is a summary of fees paid or to be paid to WithumSmith+