Company: OSRH
Filing Date: 2025-04-22
Form Type: 10-K
Source: 0001213900-25-034116
Chunk: 910

Company: OSR Holdings, Inc.
Filing Date: 2025-04-22
Form: 10-K
Item: Item 2
Chunk 910
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 an event of default: (i) a failure to pay the principal within five business days of the
JCW Maturity Date and (ii) the commencement of a voluntary or involuntary bankruptcy action. As of December 31, 2024, the outstanding
balance of this note was $75,000.

On March 8, 2024,
the Company issued an unsecured promissory note in the principal amount of $60,000 

to Josh Pan, a member of Bellevue Capital
Management LLC and on September 20, 2024 amended the terms of the agreement (the note, as amended, the “JP Promissory Note”).
The JP Promissory Note is not interest bearing and is payable in full on the earlier of (i) March 31, 2025 or (ii) the date on which the
Company consummates an initial business combination (the “JP Maturity Date”). In the event that the Company does not consummate
a business combination on or prior to the time provided in the Company’s Charter (as subject to extension), Mr. Pan agrees to forgive
the principal balance of the Promissory Note, except to the extent of any funds remaining outside of the Company’s Trust Account,
if any. The following shall constitute an event of default: (i) a failure to pay the principal within five business days of the JP Maturity
Date and (ii) the commencement of a voluntary or involuntary bankruptcy action. As of December 31, 2024, the outstanding balance of this
note was $60,000.

F-17

OSR HOLDINGS, INC.

(f/k/a Bellevue Life Sciences Acquisition Corp.) 

NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2024

On April 8, 2024,
the Company issued an unsecured promissory note in the principal amount of $1,200,000 to the Sponsor and on January 9, 2025 amended
the terms of the agreement (the note, as amended, the “April Sponsor Note”) . The April Sponsor Note is not interest bearing
and is payable in full on the earlier of (i) December 31, 2024 or (ii) the date on which the Company consummates an initial Business Combination
(the “April Sponsor Note Maturity Date”). In the event that the Company does not consummate a Business Combination on or prior
to the time provided