Company: NOEMW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004368
Chunk: 1090

Company: CO2 Energy Transition Corp.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7
Chunk 1090
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 whether
positive or negative, for the purpose of affecting the value of executive compensation.

77 

Compensation Recovery and Clawback Policies

The Company Board of Directors
adopted a clawback policy on November 20, 2024 (the “Clawback Policy”), with an effective date of November 20, 2024,
in order to comply with the final clawback rules adopted by the SEC under Section 10D and Rule 10D-1 of the Exchange Act (“Rule
10D-1”), and the listing standards, as set forth in the Nasdaq Listing Rule 5608 (the “Final Clawback Rules”).

The Clawback Policy provides
for the mandatory recovery of erroneously awarded incentive-based compensation from current and former executive officers as defined
in Rule 10D-1 (“Covered Officers”) of the Company in the event that the Company is required to prepare an accounting
restatement, in accordance with the Final Clawback Rules. The recovery of such compensation applies regardless of whether a Covered Officer
engaged in misconduct or otherwise caused or contributed to the requirement of an accounting restatement. Under the Clawback Policy,
the Board of Directors may recoup from the Covered Officers erroneously awarded incentive compensation received within a lookback period
of the three completed fiscal years preceding the date on which the Company is required to prepare an accounting restatement.

Delinquent Section 16(a) Reports

Section 16(a) of the Exchange
Act requires our executive officers and directors and persons who beneficially own more than 10% of our common stock to file reports
of their ownership of, and transactions in, our common stock with the SEC and to furnish us with copies of the reports they file. Based
solely upon our review of the Section 16(a) filings that have been furnished to us, we believe that all required Section 16(a) were timely
filed during fiscal 2024, except that Mark Mathews, our General Counsel, failed to timely file his Form 3 initial statement of beneficial
ownership of securities.

ITEM 11. EXECUTIVE COMPENSATION

Executive Officer and Director Compensation

None of our officers has
received any cash compensation for services rendered to us. Commencing on the date of the IPO, we agreed to pay CO2 Energy Transition,
LLC, a Delaware limited liability company, our sponsor, a total of $10,000 per month for office space, utilities and secretarial and
administrative support. Upon completion of