Company: OSRH
Filing Date: 2025-01-24
Form Type: S-4/A
Source: 0001213900-25-006139
Chunk: 272

Company: OSR Holdings, Inc.
Filing Date: 2025-01-24
Form: S-4/A
Chunk 272
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 days within any 30 trading days during the Earnout Period (24 months following the Closing); and (ii) additional 3,000,000 Final Earnout Shares if the VWAP is greater than or equal to $20.00 per share over 20 trading days within any 30 trading days during the Earnout Period. 
 •   The issuance of Earnout Shares would dilute the value of PubCo common shares outstanding at the time of issuance.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |

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| M&A Committee and Fairness Opinion |     | •   SPAC has appointed a special M&A Committee consisting of independent directors of SPAC that has approved this confidential LOI and will approve the Definitive Agreement.                                                              
 •   The Closing will be conditioned on receipt of a fairness opinion from a third-party investment bank or valuation firm.                                                                                                                 |
| Equity Compensation Plan           |     | •   Prior to executing the Definitive Agreement, the Company will determine the terms of a post-Closing equity compensation plan and employee stock purchase plan. In connection with the Closing, PubCo will adopt such plans.            |
| Post-Closing Board/Governance      |     | •   Sponsor will have the right to designate two directors of the PubCo’s board of directors at the closing of the Transaction and the Company will have the right to designate all other directors and the initial Chairman of the Board. 
 •   The management team of the Combined Company will consist solely of Company’s current management team including the CEO of SPAC who also serves as Company’s CEO.                                                                       |

Because the May 2, 2023, version of the LOI simply contained standard general terms, placeholders and an outline of discussion topics regarding a potential business combination between BLAC and OSR Holdings, the executed version of the LOI deviated from the version initially circulated by K&L Gates to Mr. Hwang on May 2, 2023, because it reflected the foregoing negotiated, specific terms. Additionally, the Business Combination Agreement ultimately varied in certain ways from the July 11, 2023, LOI, as described below under “November 16, 2023” (e.g., the structure of the transaction no longer involved a reverse merger, the concept of earnout shares was removed, certain company shareholders would no longer be subject to lock -up, etc.). The parties’ decisions to deviate from the LOI were the result of arms -lengthnegotiations between the parties that were informed by, among other