Company: OSRH
Filing Date: 2025-04-22
Form Type: 10-K
Source: 0001213900-25-034116
Chunk: 912

Company: OSR Holdings, Inc.
Filing Date: 2025-04-22
Form: 10-K
Item: Item 2
Chunk 912
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 Combination on or prior
to the time provided in the Company’s Charter (as subject to extension), the Sponsor agrees to forgive the principal balance of
the May Sponsor Note, except to the extent of any funds remaining outside of the Company’s Trust Account, if any. The following
shall constitute an event of default: (i) a failure to pay the principal within five business days of the May Sponsor Note Maturity Date
and (ii) the commencement of a voluntary or involuntary bankruptcy action. As of December 31, 2024, the outstanding balance of this note
was $140,000.

On July 11, 2024,
the Company issued an unsecured promissory note in the principal amount of $300,000 to the Sponsor and on January 9, 2025 amended
the terms of the agreement (the note, as amended, the “May Sponsor Note”). The July Promissory Note is not interest bearing
and is payable in full on the earlier of (i) December 31, 2024 or (ii) the date on which the Company consummates an initial business combination
(the “July Promissory Note Maturity Date”). In the event that the Company does not consummate a business combination on or
prior to the time provided in the Company’s Charter (as subject to extension), Sponsor agrees to forgive the principal balance of
the July Promissory Note, except to the extent of any funds remaining outside of the Company’s trust account, if any. The following
shall constitute an event of default: (i) a failure to pay the principal within five business days of the July Promissory Note Maturity
Date the commencement of a voluntary or involuntary bankruptcy action. As of December 31, 2024, the outstanding balance of this note was $280,000.

On October 10, 2024,
the Company issued an unsecured promissory note to Jun Chul Whang, a member of the Company’s Board (the “Second JCW Promissory
Note”) in the principal amount of $40,000 to Mr. Whang for its receipt of $40,000 to fund working capital and other expenses of
the Company. The Second JCW Promissory Note is non-interest bearing and is payable in full on the earlier of (i) November 9, 2024, (ii)
at such time the Company raises additional working capital funds, or (iii) the date on which the Company