Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 181

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 181
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 and approving or making recommendations to our board of directors regarding our incentive compensation and equity-based 
 plans and arrangements; and                                                                                                       |

| ● | appointing and overseeing any compensation consultants. |

Our board of directors has
adopted a written charter for the compensation committee which is available on our website at https://www.gclglobalholdings.com/.

Code of Ethics

We have a code of ethics
that applies to all of its executive officers, directors and employees, including its principal executive officer, principal financial
officer, principal accounting officer or controller or persons performing similar functions. The code of ethics is available on our website
at https://www.gclglobalholdings.com/. We intend to make any legally required disclosures regarding amendments to, or waivers of, provisions
of its code of ethics on our website rather than by filing a Current Report on Form 6-K.

<div align='center'>101

CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS</div>

Related Party Transactions

For more information about related party transactions involving Mr.
Jacky Choo See Wee, see “Management — Directors and Executive Officers — Compensation.”

Lock-up Agreements

In connection with the Business
Combination, certain holders of the Company have agreed not to (i) sell, offer to sell, contract or agree to sell, assign, lend, offer,
encumber, donate, hypothecate, pledge, grant any option, right or warrant to purchase or otherwise transfer, dispose of or agree to transfer
or dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent
position within the meaning of Section 16 of the Exchange Act, and the rules and regulations of the Securities and Exchange Commission
promulgated thereunder, (a) any ordinary shares of the PubCo, or (b) any securities convertible into or exercisable or exchangeable for
ordinary shares of PubCo, in each case, held by him immediately after the Closing Date (the “Lock-up Shares”), (ii) enter
into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any
of the Lock-up Shares, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise or (iii) publicly
announce any intention to effect any transaction specified in clause (i) or (ii) (the actions specified in clauses (i)-(iii), collectively,
“Transfer”) until the