Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 198

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 198
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/or the Company unless and until the entire SGD 5,000,000 has been disbursed to the Borrower by the Holder under the
Facility Agreement; and that the Holder will have no claims for penalties, damages and legal remedies of any kind against either the
Company or the Borrower for non-performance of any obligations under the OCBC Warrant. The Amendment also provides that, among other
things, until the full amount of SGD5,000,000 is disbursed by OCBC to the Borrower pursuant to the Facility Agreement, (i) the Warrant
shall not be capable of exercise of any kind, and shall remain un-exercisable; and (ii) the Holder will have no rights to Piggyback Registration
(as defined in the OCBCWarrant). Under the Amendment, the Company will have six months from the date the full amount of SGD5,000,000
is disbursed to file a registration statement for the public resale of all of the Warrant Shares (as defined in the OCBC Warrant).

Escrow Provisions

Shares Escrow Agreement

On December 18, 2024, in
connection with GCL Global’s acquisition of 20% of Nekcom’s equity interests, GCL Global issued to Nekcom an aggregate of
524,650 GCL Global’s fully paid and non-assessable ordinary shares that were exchanged for an aggregate of 2,126,729 PubCo’s
ordinary shares (the “Nekcom Consideration Shares) in connection with the Business Combination, all of which were issued at Closing
but held in escrow until Full Recoupment Date (as defined in the Publishing Agreement). The date on which these shares will be released
to either Nekcom or the Company for cancellation will depend on the value of Nekcom Consideration Shares (the “Consideration Shares
VWAP”) based on the volume weighted average price of the Nekcom Consideration Shares over thirty (30) trading days immediately
preceding the Full Recoupment Date. At Closing on February 13, 2025, the Company and Continental Stock entered into a Shares Escrow Agreement
pursuant to which all of the 2,126,729 Nekcom Consideration Shares were held in escrow by Continental Stock as the escrow agent.

Bonus Shares Escrow Agreement

Pursuant to certain convertible
note purchase agreements dated between September 30 and December 30, 2024 (the “Note