Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 386

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 386
---
 provided
to the Company. Upon completion of the initial Business Combination or the Company’s liquidation, the Company will cease paying
these monthly fees. For the period ended December 31, 2024 and December 31, 2023, $120,000 and $120,000 had been incurred and unpaid,
respectively.

Related Party Loans and Reimbursements

Other than the payment of
customary fees the Company may elect to make to members of its board of directors for director service, no compensation of any kind, including
finder’s and consulting fees, will be paid by the Company to the Sponsor or the Company’s executive officers and directors,
or any of their respective affiliates, for services rendered prior to or in connection with the completion of a Business Combination.
However, these individuals will be reimbursed for any out-of-pocket expenses incurred in connection with activities on the Company’s
behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. The Company’s
audit committee will review on a quarterly basis all payments that were made to the Sponsor or the Company’s officers, directors
or their affiliates.

In addition, in order to finance
transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s
officers and directors may, but are not obligated to, loan the Company funds as may be required on a non-interest basis (“Working
Capital Loans”). If the Company completes a Business Combination, the Company would repay such loaned amounts. If a Business Combination
does not close, the Company may use a portion of the working capital held outside the trust account to repay such loaned amounts but no
proceeds from its Trust account would be used for such repayment.

Deferred Offering Costs

GCL Global Limited has agreed
to pay (i) any extension fees up to $100,000 per month on or after March 28, 2024, (ii) up to $100,000 for fees associated with the completion
of the Company’s December 31, 2023 Form 10-K and March 31, 2024 Form 10-Q, and (iii) up to an additional $25,000 for the June 30,
2024 Form 10-Q. GCL Global also agreed to pay for up to six (6) months of extension fees starting September 28, 2024 and other third-party
vendor expenses incurred by the Company in connection with the Business Combination, for an aggregate