Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 562

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 562
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 exercise of independent judgment in carrying out
the responsibilities of a director. Our board of directors have determined that Dr. Chung, Mr. Johnson and Mr. O’Rourke are “independent
directors” as defined in the Nasdaq listing standards and applicable SEC rules. Our independent directors have regularly scheduled
meetings at which only independent directors are present.

Committees of the Board of Directors

Our board of directors has
three standing committees: an audit committee, a compensation committee and a nominating and corporate governance committee. Each committee
operates under a charter that has been approved by our board and has the composition and responsibilities described below. Our audit committee,
compensation committee and nominating and corporate governance committee is composed solely of independent directors.

52

Audit Committee

The members of our audit committee
are Dr. Chung, Mr. Johnson and Mr. O’Rourke. Dr. Chung serves as chair of the audit committee. Under the Nasdaq listing standards
and applicable SEC rules, we are required to have at least three members on the audit committee. The rules of Nasdaq and Rule 10A-3 of
the Exchange Act require that the audit committee of a listed company be comprised solely of independent directors. Dr. Chung, Mr. Johnson
and Mr. O’Rourke qualify as independent directors under applicable rules. Each member of the audit committee is financially literate
and our board of directors has determined that Dr. Chung qualifies as an “audit committee financial expert” as defined in
applicable SEC rules.

We have adopted an audit committee
charter, which details the principal functions of the audit committee, including:

●the
appointment, compensation, retention, replacement, and oversight of the work of the independent registered accounting firm and any other
independent registered public accounting firm engaged by us;

●pre-approving
all audit and non-audit services to be provided by the independent registered accounting firm or any other registered public accounting
firm engaged by us, and establishing pre-approval policies and procedures;

●reviewing
and discussing with the independent registered accounting firm all relationships the auditors have with us in order to evaluate their
continued independence;

●setting
clear hiring policies for employees or former employees of the independent registered accounting firm;

●setting
clear policies for audit partner rotation in compliance with applicable laws and regulations;

●obtaining
and reviewing a report, at least annually, from the independent registered accounting firm describing (i) the independent registered
accounting firm’s internal quality