Company: OSRH
Filing Date: 2025-04-22
Form Type: 10-K
Source: 0001213900-25-034116
Chunk: 1110

Company: OSR Holdings, Inc.
Filing Date: 2025-04-22
Form: 10-K
Item: Item 4
Chunk 1110
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atively determined that Mr. Lee meets the applicable standards for an independent director
under the rules of the Nasdaq Stock Market LLC. Mr. Lee will not be compensated by the Company for his services as a director. In connection
with his appointment, Mr. Lee has entered into a Letter Agreement and an Indemnity Agreement with the Company on the same terms as the
Letter Agreement and Indemnity Agreement entered into by the directors and officers of the Company at the time of the Company’s
initial public offering and in the form previously filed as Exhibits 10.1 and 10.6, respectively, to the Company’s Annual Report
on Form 10-K filed with the SEC on April 17, 2024. Other than the foregoing, Mr. Lee is not a party to any arrangement or understanding
with any person pursuant to which he was appointed as director, nor is he party to any transactions required to be disclosed under Item
404(a) of Regulation S-K involving the Company.

As previously reported by the Company on Form 8-K dated June 13,
2024, on June 7, 2024 Inchul Chung provided notice of his resignation as a member of the Company Board and as a member of the Company
Board’s Audit Committee. Mr. Chung’s resignation took immediate effect and was not the result of any dispute or disagreement
with the Company on any matter relating to its operations, policies or practices.

97

On June 7, 2024, Radclyffe Roberts also provided notice of his
resignation as member of the Board and as a member of the Board’s Compensation Committee as well as a member and chair of the Board’s
M&A Committee. Mr. Robert’s resignation took immediate effect and was not the result of any dispute or disagreement with
the Company on any matter relating to its operations, policies or practices.

Due to the resignations of Mr. Chung and Mr. Roberts, the
Company notified the Listing Qualifications Department of Nasdaq on June 13, 2024 that the Company is not currently in compliance
with Nasdaq’s majority independent board, compensation committee composition and audit committee composition requirements as described
in Nasdaq Listing Rules 5605(b)(1), 5605(d)(2)(A) and 5605(c)(2)(A), respectively. We further notified Nasdaq at that time that the Company
intends to regain compliance within the cure period