Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 274

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 274
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338,887 shares of Merger Consideration Shares (as defined in the Merger Agreement) at $4.50 per share at the closing of the transactions
(the “Conversion Date”) contemplated by the Merger Agreement (the “Business Combination”). The number of Merger
Consideration Shares is determined based on the Exchange Ratio established in the Merger Agreement. Pursuant to the Note Purchase Agreements,
an additional thirty percentage (30%) of the number of Merger Consideration Shares issued to the Transaction Investors (the “Bonus
Shares”) will be held in an escrow account for three (3) years from the Conversion Date. At the end of each of the first three
anniversary dates of the Conversion Date (each such year, a “Bonus Year”), one-third (1/3) of the Bonus Shares shall be released
from the escrow account to either the Transaction Investors or to the Company for cancellation, based on the number of Merger Consideration
Shares held by the Transaction Investors at the end of Bonus Year. In the event that the lowest volume-weighted average closing price
of the Merger Consideration Shares is less than $4.50 per share for any ten(10) consecutive trading days during the last month prior
to the third anniversary day of the Conversion Date, the Transaction Investors will be entitled to receive certain Top-Up Shares (defined
in the Note Purchase Agreement) and, under certain limited circumstances, a cash payment, based on the number of Merger Consideration
Shares held on the third anniversary date of the Business Combination. The Transaction Investors will be entitled to receive 110% of
the outstanding principal balance of the Note in the event that the Business Combination is not consummated on or before March 28,
2025, or if the per share price used to the calculate the Exchange Ratio for the Business Combination is less than $10.00 per share.
Epic SG has agreed to unconditionally guarantee all of the Company’s obligations and performance under $33,250,000 of the Note,
including but not limited to the Company’s obligation to pay.

<div align='center'>F-41

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

In addition, the issuance
costs in connection with these Notes amounted to $1,590,750 and were expensed in full on the issuance date, as the Company elected to
account for the convertible notes at fair value under