Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 178

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 178
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 from the Company, in addition to his executive compensation as the Chief Executive Officer
of Epicsoft Asia and 4Divinitiy, approximately $112,000 in director’s fees, and an aggregate of approximately $170,300 of rent,
representing 50% of the rent payments for a property in Singapore which served as Mr. Choo’s office as well as residence. In addition,
the Company leased a company car for Mr. Choo, and paid an aggregate of approximately $50,000 in lease payments for such vehicle during
the fiscal year of 2025.

Our full-time employees
of the Company are entitled to the government mandated defined contribution plan. The Company is required to accrue and pay for these
benefits based on certain percentages of the employees’ respective salaries, subject to certain ceilings, in accordance with the
relevant government regulations, and make cash contributions to the government mandated defined contribution plan.

Board Practices

We are a foreign private
issuer within the meaning of the rules under the Exchange Act and, as such, we are permitted to follow the corporate governance practices
of its home country, the Cayman Islands, in lieu of the corporate governance standards of Nasdaq applicable to U.S. domestic companies.
For example, we are not required to have a majority of the board consisting of independent directors nor have a compensation committee
or a nominating and corporate governance committee consisting entirely of independent directors. We may elect to follow home country’s
corporate governance practices as long as we remain a foreign private issuer. As a result, our shareholders may not have the same protection
afforded to shareholders of U.S. domestic companies that are subject to Nasdaq corporate governance requirements. As a foreign private
issuer, we are also subject to reduced disclosure requirements and are exempt from certain provisions of the U.S. securities rules and
regulations applicable to U.S. domestic issuers such as the rules regulating solicitation of proxies and certain insider reporting and
short-swing profit rules. For instance, we are exempt from the requirement to obtain shareholder approval for certain dilutive events,
including a transaction other than a public offering involving the sale of 20% or more of the issuer’s ordinary shares outstanding
prior to the transaction for less than the greater of book or market value of the shares, or the issuance of ordinary shares issuable
upon conversion of the convertible notes.

We are a “controlled
company” as defined under the Nasdaq rules, because Mr. Jacky Choo See Wee, our