Company: SCAG
Filing Date: 2025-07-03
Form Type: 20-F
Source: 0001213900-25-061408
Chunk: 48

Company: Scage Future
Filing Date: 2025-07-03
Form: 20-F
Item: Item 1
Chunk 48
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Peng and Mr. Chao Gao serve as members of the audit committee. Each of Mr. Kevin Chen of Mr. Qiuliang Peng is “independent”
in accordance with applicable law, including the rules of Nasdaq and the more rigorous SEC independence requirements for audit committee
members set forth in Rule 10A-3 under the Exchange Act, as determined by the Board after consideration of all factors determined
to be relevant rules and regulations of Nasdaq and the SEC. Each member of the audit committee can read and understand fundamental
financial statements in accordance with Nasdaq audit committee requirements.

Mr. Qiuliang Peng serves
as chairman of the audit committee. Each member of the audit committee meets the financial literacy requirements of Nasdaq listing standards,
and our board of directors has determined that Mr. Kevin Chen qualifies as an “audit committee financial expert” as defined
in applicable SEC rules.

The purpose of the audit
committee will be to assist our board of directors in overseeing and monitoring:

  the quality and integrity of our financial statements;  

  internal control over financial reporting and  

  our compliance with legal and regulatory requirements;  

  our independent registered public accounting  

  the performance of our internal audit function;  

  the performance of our independent registered  

Compensation Committee

Upon the effectiveness of
the consummation of Business Combination, we have established a compensation committee of the board of directors. Mr. Kevin Chen,
Mr. Qiuliang Peng and Mr. Chao Gao serve as members of our compensation committee. Each of Mr. Kevin Chen and Mr. Qiuliang
Peng is independent. Mr. Chao Gao serves as chair of the compensation committee.

The purpose of the compensation
committee is to assist our board of directors in discharging its responsibilities relating to:

  reviewing and approving our compensation program           

  monitoring our incentive and equity-based compensation  

  preparing the compensation committee report under  

  reviewing and evaluating on an annual basis the  

  recommending such changes as deemed necessary  
  with the Board.                                
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The composition and function
of compensation committee comply with all applicable requirements of the Sarbanes-Oxley Act, SEC rules and regulations and Nasdaq’s
listing rules, and also future requirements to the extent they become applicable to PubCo.

Nomination and Corporate Governance Committee

Upon the effectiveness of
the consummation of Business Combination, we have established a nominating and corporate governance committee of the board of directors.
Mr. Kevin