Company: OSRH
Filing Date: 2025-04-22
Form Type: 10-K
Source: 0001213900-25-034116
Chunk: 1845

Company: OSR Holdings, Inc.
Filing Date: 2025-04-22
Form: 10-K
Item: Item 9
Chunk 1845
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 connection
with the extension of the date by which the Company must consummate a business combination from March 14, 2024 to April 15, 2024.

The Pan Promissory Note is not interest bearing and is payable
in full on the earlier of: (i) August 8, 2024 or (ii) the date on which the Company consummates an initial business combination.
In the event that the Company does not consummate a business combination on or prior to the time provided in the Company’s Amended
and Restated Certificate of Incorporation (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 Maturity Date and (ii) the commencement of a
voluntary or involuntary bankruptcy action.  The foregoing description of the Pan Promissory Note is qualified in its entirety by
reference to the full text of the Note, a copy of which is filed as Exhibit 10.1 to Company’s March 13, 2024 Form 8-K and incorporated
herein by reference.

As previously reported by the Company on its Current Report Form 8-K
filed on April 8, 2024, on that date the Company issued an unsecured promissory note in the principal amount of $1,200,000 to Bellevue
Global Life Sciences Investors, LLC (“BGLSI”), the sponsor of the Company. On April 9, 2024, $60,000 was deposited
in the trust account in connection with the extension of the date by which the Company must consummate a business combination from April
15, 2024 to May 14, 2024.

The BGLSI Promissory 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.
In the event that the Company does not consummate a business combination on or prior to the time provided in the Company’s Amended
and Restated Certificate of Incorporation (as subject to extension), BGLSI agrees to forgive the principal balance of the Promissory Note,
except to the extent of any