Company: IMG
Filing Date: 2025-07-21
Form Type: 10-K
Source: 0001641172-25-020300
Chunk: 1038

Company: CIMG Inc.
Filing Date: 2025-07-21
Form: 10-K
Item: Item 10
Chunk 1038
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 Nasdaq following consummation of the Business Combination, CIMG adheres to
the rules of Nasdaq in determining whether a director is independent. The Board has consulted with its counsel to ensure that the
Board’s determinations are consistent with those rules and all relevant securities and other laws and regulations regarding
the independence of directors. The Nasdaq listing standards generally define an “independent director” as a person who
is not an executive officer or employee, or who does not have a relationship which, in the opinion of the company’s board of
directors, would interfere with the exercise of independent judgment in carrying out his or her responsibilities as a director. The
parties have determined that Jinmei Guo Hellstroem, Yanli Hou, Changzheng Ye, and Zongmei Huang are considered independent directors
of CIMG. CIMG’s independent directors will have regularly scheduled meetings at which only independent directors are
present.

Committees
of the Board of Directors

CIMG
has an audit committee, a compensation committee, and a nominating and corporate governance committee. In addition, from time to time,
special committees may be established under the direction of the Board when necessary to address specific issues. Copies of each board
committee’s charter are posted on CIMG’s website. CIMG’s website and the information contained on, or that can be accessed
through, such website is not deemed to be incorporated by reference in, and are not considered part of, this Annual Report. The composition
and responsibilities of each of the committees of the Board are described below. Members serve on these committees until their resignation
or until otherwise determined by the CIMG Board.

60

Audit
Committee

CIMG’s
audit committee consists of Changzheng Ye, Yanli Hou and Jinmei Guo Hellstroem. The parties have determined that each member of the audit
committee satisfies the independence requirements under the Nasdaq Listing Rules and Rule 10A-3(b)(1) of the Exchange Act. The chair
of the audit committee is Changzheng Ye. The parties have determined that Yanli Hou is an “audit committee financial expert”
within the meaning of SEC regulations. Each member of the audit committee can read and understand fundamental financial statements in
accordance with applicable listing standards. In arriving at these determinations, the parties have examined each audit committee member’s
scope of experience and the nature of his or her employment. The primary purpose of the audit committee is to discharge the