Company: OSRH
Filing Date: 2025-04-22
Form Type: 10-K
Source: 0001213900-25-034116
Chunk: 1827

Company: OSR Holdings, Inc.
Filing Date: 2025-04-22
Form: 10-K
Item: Item 9
Chunk 1827
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 the Company on any matter relating to its operations, policies or practices.

97

On June 7, 2024, Radclyffe Roberts also provided notice of his
resignation as member of the Board and as a member of the Board’s Compensation Committee as well as a member and chair of the Board’s
M&A Committee. Mr. Robert’s resignation took immediate effect and was not the result of any dispute or disagreement with
the Company on any matter relating to its operations, policies or practices.

Due to the resignations of Mr. Chung and Mr. Roberts, the
Company notified the Listing Qualifications Department of Nasdaq on June 13, 2024 that the Company is not currently in compliance
with Nasdaq’s majority independent board, compensation committee composition and audit committee composition requirements as described
in Nasdaq Listing Rules 5605(b)(1), 5605(d)(2)(A) and 5605(c)(2)(A), respectively. We further notified Nasdaq at that time that the Company
intends to regain compliance within the cure period provided by Listing Rules 5605(b)(1)(A), 5605(d)(4) and 5605(c)(4)(B).

As previously reported by the Company on Form 8-K dated June 23,
2024, on that date the Company Board appointed Mr. Sang Hyun Kim as a director, effective immediately. Mr. Kim was appointed
as a member of the Company Board’s Audit Committee, filling the vacancy created by the resignation of Inchul Chung, as previously
reported by the Company on Form 8-K filed with the SEC on June 13, 2024 (the “June 13 Form 8-K”). Additionally,
Mr. Kim was appointed as a member of the Compensation Committee of the Company Board (“the Compensation Committee”) and
a member of the M&A Committee, filling vacancies created by the resignation of Mr. Radclyffe Roberts as previously reported on
the June 13 Form 8-K. The Company believes Mr. Kim is well qualified to serve as a director because of his extensive experience
in both legal and investment sectors across various asset classes, demonstrating significant expertise in capital markets. The Company
Board has affirmatively determined that Mr. Kim meets the applicable standards for an independent director under the rules of the
Nasdaq Stock Market LLC. Mr. Kim will not be compensated by the Company