Company: OSRH
Filing Date: 2025-04-22
Form Type: 10-K
Source: 0001213900-25-034116
Chunk: 1352

Company: OSR Holdings, Inc.
Filing Date: 2025-04-22
Form: 10-K
Item: Item 6
Chunk 1352
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, 2024, the Company issued an unsecured promissory note to Duksung Co., LTD. (“Duksung”) in
the principal amount of $800,000 (the “Duksung Promissory Note”). The Duksung Promissory Note bears interest at a simple
rate of 5% per annum; provided, however, solely for purposes of prepayment pursuant to a redemption of the Duksung Promissory Note, interest
shall be deemed to have accrued at a simple rate of 7% per annum and, unless earlier converted or redeemed, is payable in full on October 15,
2025. In the event of, and simultaneously with the closing of a Qualified PIPE Financing (as defined in the Duksung Promissory Note),
the Duksung Promissory Note automatically converts into Company common stock in an amount equal to the quotient (rounded to the nearest
whole share) obtained by dividing (a) the outstanding principal amount and unpaid accrued interest under the Duksung Promissory Note
by (b) eight dollars and ten cents ($8.10) (the “Conversion”). The Conversion shall constitute satisfaction in
full of the obligations of the Company under the Duksung Promissory Note.

In the event a Qualified PIPE Financing does not occur on or before
March 31, 2025 (the “PIPE Outside Date”), the Company may prepay the Duksung Promissory Note, in whole or in part,
at any time after the PIPE Outside Date. The amount to be paid pursuant to any such prepayment shall include the outstanding principal
amount plus accrued and unpaid interest calculated at a simple rate of 7% from the issuance date. As of March 31, 2025, the Qualified PIPE Financing did not occur.

The foregoing description of the Duksung Promissory Note is qualified
in its entirety by reference to the full text of the Promissory Note, a copy of which is filed as Exhibit 10.1 the October 22, 2025 Form 8-K and
incorporated herein by reference.

PIPE Investment

As previously reported by the Company on Form 8-K dated October 4,
2024, on that date the Company and Toonon Partners Co., Ltd. (“Toonon”) entered into a subscription agreement (the “Subscription
Agreement”), pursuant to which, among other things, the Company agreed to issue and sell to Toonon, and