Company: GCTS
Filing Date: 2025-08-04
Form Type: DEF 14A
Source: 0000950170-25-102009
Chunk: 35

Company: GCT Semiconductor Holding, Inc.
Filing Date: 2025-08-04
Form: DEF 14A
Chunk 35
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2023, at which stockholders approved a proposal to further extend the date by which the Company must consummate a business combination from November 8, 2023 to August 8, 2024 (the “Second Extension”). In exchange for the foregoing commitments not to redeem such shares, Concord III agreed to allocate to such investors an aggregate of 781,961 shares of Concord III Class A common stock, and the Sponsor agreed to surrender and forfeit to Concord III for no consideration an equal number of Founder Shares, upon closing of an initial business combination.

Other than the foregoing, no compensation or fees of any kind will be paid to the Sponsor, members of Concord III’s management team or their respective affiliates, for services rendered prior to or in connection with the consummation of the initial merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). Additionally, Mr. Tuder joined the Company’s Board upon consummation of the Business Combination and will be compensated in line with the Board’s compensation policies.

Sponsor Support Agreement

Concurrently with the execution and delivery of the Business Combination Agreement, Concord III entered into the Sponsor Support Agreement with GCT, the Sponsor, and CA2. Pursuant to the Sponsor Support Agreement, the Sponsor and CA2 have, among other things, agreed to vote all of their shares of Concord III’s common stock in favor of the approval of the Business Combination, including the merger of Gibraltar Merger Sub Inc., a wholly-owned subsidiary of Concord III, with and into GCT Semiconductor, Inc., with GCT surviving as a wholly-owned subsidiary of Concord III (the “Merger”), not to redeem any of their shares of Concord III’s common stock, and to waive their anti-dilution protections with respect to their Founder Shares.

Lock-up Agreements

On March 26, 2024, and in connection with the Closing, the Company and certain stockholders of GCT, including its directors, officers, affiliates and holders of more than 5% of outstanding shares of GCT common stock as of the Closing, entered into the Lock-Up Agreement, pursuant to which such stockholders agreed to not affect any sale or other transfer of common stock, subject to certain customary exceptions set forth in the lock-up agreement (the “Lock-Up Agreement”), during the period commencing at the Closing and ending on the earlier of (i) one year following the Closing, (ii) such date as the Company completes a