Company: SIMA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026255
Chunk: 116

Company: SIM Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 116
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 Exhibit 97 and is incorporated herein by reference.

30

Item
11. Executive Compensation.

None of our executive officers
or directors have received any cash compensation for services rendered to us. We are not prohibited from paying any fees (including advisory
fees), reimbursements or cash payments to our Sponsor, officers or directors, or our or their affiliates, for services rendered to us
prior to or in connection with the completion of our initial Business Combination, including the following payments, all of which, if
made prior to the completion of our initial Business Combination, will be paid from funds held outside the Trust Account:

●repayment of up to an aggregate of $300,000 in loans made to us by our Sponsor to cover offering-related and
organizational expenses pursuant to the IPO Promissory Note;

●payment for office space, utilities and secretarial and administrative support made available to us by
an affiliate of our Sponsor, in an amount equal to $10,000 per month, pursuant to the Administrative Services Agreement;

●payment of consulting, success or finder fees to our independent directors, advisors, or their respective
affiliates in connection with the consummation of our initial Business Combination;

●we may engage our Sponsor or an affiliate of our Sponsor as an advisor or otherwise in connection with
our initial Business Combination and certain other transactions and pay such person or entity a salary or fee in an amount that constitutes
a market standard for comparable transactions;

●reimbursement for any out-of-pocket expenses related to identifying, investigating, negotiating and
completing an initial Business Combination; and

●repayment of Working Capital Loans. Up to $1,500,000 of such Working Capital Loans may be convertible
into warrants of the post-Business Combination entity at a price of $1.00 per warrant at the option of the lender. Such warrants would
be identical to the Private Placement Warrants. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been
determined and no written agreements exist with respect to such Working Capital Loans.

After the completion of our
initial Business Combination, directors or members of our Management Team who remain with us may be paid consulting or management fees
from the combined company. All of these fees will be fully disclosed to shareholders, to the extent then known, in the proxy solicitation
materials or tender offer materials furnished to our shareholders in connection with a proposed initial Business Combination. We have
not established any limit on the amount of