Company: OSRH
Filing Date: 2025-04-22
Form Type: 10-K
Source: 0001213900-25-034116
Chunk: 586

Company: OSR Holdings, Inc.
Filing Date: 2025-04-22
Form: 10-K
Item: Item 1B
Chunk 586
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 occasion.

Additionally, on the Closing Date, the Company entered into Lock-up
Agreements (the “Lock-Up Agreements”) with Bellevue Capital Management LLC (“BCM”), BCM Europe AG
(“BCME”), Sung Jae Yu, and Sung Hoon Chung (together, the “Holders”), pursuant to which the Holders
are contractually restricted from selling or transferring between 70%-100% of their shares of Company Common Stock received in the Share
Exchange (the “Lock-Up Shares”). Such restrictions became applicable commencing from the Closing Date and end (i) with
respect to BCM and BCME, on the 36-month anniversary of the Closing Date; and (ii) with respect to Sung Jae Yu and Sung Hoon Chung, on
January 1, 2026.

Promissory Notes with Related Parties

On June 23, 2023, the Company issued an unsecured promissory note
(the “Note”) in the principal amount of $200,000 to the Sponsor to fund working capital requirements. The Note is non-interest
bearing and is payable in full on the earlier of: (i) December 31, 2024 or (ii) the date on which the Company consummates
a Business Combination. In the event that the Company does not consummate a business combination, the Note will be repaid only from amounts
remaining outside of the Company’s Trust Account, if any. At the Sponsor’s discretion, the principal balance of the Note may
be converted at any time prior to the consummation of a Business Combination into Units identical to the Private Placement Units at a
price of $10.00 per Unit. The Company repaid the promissory note on December 4, 2023.

On November 13, 2023, the Company issued an unsecured promissory
note (the “BCM Note”) in the principal amount of $180,000 to BCM to fund the payment to extend the date to consummate
an initial business combination to February 14, 2023. The BCM Note is non-interest bearing and is payable in full on the earlier
of: (i) December 31, 2024 or (ii) the date on which the Company consummates a Business Combination. In the event that the Company
does not consummate a business combination, the BCM Note will be repaid only from amounts remaining outside of the Company’s Trust
Account, if any