Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 186

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 186
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6 months and the Company directors
resolve that his or her office be vacated; (v) by notice in writing signed by not less than three-fourths of all the Company directors
in number; or (vi) is removed from office pursuant to any other provision of the Company Charter.

The officers of the Company
are appointed by and serve at the discretion of the board of directors, and may be removed by our board of directors.

Shareholder Suits

In principle, the Company
will normally be the proper plaintiff and as a general rule a derivative action may not be brought by a minority shareholder. However,
based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands courts
can be expected to follow and apply the common law principles (namely the rule in Foss v. Harbottle and the exceptions thereto) so that
a non-controlling shareholder may be permitted to commence a class action against or derivative actions in the name of the company to
challenge actions where:

| ● | a company acts or proposes to act 
 illegally or ultra vires;         |

| ● | the act complained of, although                                                             
 not ultra vires, could only be effected duly if authorized by more than the number of votes 
 which have actually been obtained; and                                                      |

| ● | those who control the company are 
 perpetrating a “fraud             
 on the minority.”                 |

A shareholder may have a
direct right of action against us where the individual rights of that shareholder have been infringed or are about to be infringed.

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Warrants

The following summary is
not complete and is subject to, and is qualified in its entirety by reference to, the provisions of the Warrant Agreement, dated as of
March 23, 2022, by and between RFAC and Continental Stock Transfer & Trust Company (the “Existing Warrant Agreement”),
which was filed as Exhibit 4.5 to the registration statement (333-261765).

On February 13, 2025, the
Company, RFAC and Continental Stock Transfer & Trust Company entered into the Assignment, Assumption and Amendment Agreement (the
“Amended Warrant Agreement”), pursuant to which, among other things, effective as of the Effective Time, the Company assumed
the obligations of RFAC under the Existing Warrant Agreement. Pursuant to the Business Combination Agreement and the Amended Warrant
Agreement, each issued