Company: NKLR
Filing Date: 2025-11-10
Form Type: S-1
Source: 0001213900-25-108246
Chunk: 159

Company: Terra Innovatum Global N.V.
Filing Date: 2025-11-10
Form: S-1
Chunk 159
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is not in compliance with the majority independent board requirement but will resolve the noncompliance through the addition of a new
independent director.

In order to be considered independent for purposes
of Rule 10A-3 under the Exchange Act and under the rules of Nasdaq, a member of an audit committee of a listed company may
not, other than in his or her capacity as a member of the committee, the board of directors, or any other board committee: (a) accept,
directly or indirectly, any consulting, advisory, or other compensatory fee from the listed company or any of its subsidiaries; or (b) be
an affiliated person of the listed company or any of its subsidiaries.

To be considered independent for purposes of Rule 10C-1
under the Exchange Act and under the rules of Nasdaq, the board of directors must affirmatively determine that the member of the
compensation committee is independent, including a consideration of all factors specifically relevant to determining whether the director
has a relationship to the Company which is material to that director’s ability to be independent from management in connection with
the duties of a compensation committee member, including, but not limited to:

| (i) | the source of compensation of such director, including any consulting,       
 advisory or other compensatory fee paid by the Company to such director; and |

| (ii) | whether such director is affiliated with the Company, a subsidiary 
 of the Company or an affiliate of a subsidiary of the Company.     |

The Terra board of directors has undertaken a review of the independence
of each director and considered whether each director of Terra has a material relationship with Terra that could compromise his or her
ability to exercise independent judgment in carrying out his or her responsibilities. Rex Jackson, Katherine Williams, Michael Howard
and Peter Hastings are considered “independent directors” as defined under the listing requirements and rules of Nasdaq and
the applicable rules of the Exchange Act.

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In addition, certain provisions regarding the independency of non-executive
directors apply based on the DCGC. The composition of the non-executive directors is such that the members are able to operate independently
and critically vis-à-vis one another, the executive directors and any particular interests involved. The composition of
the non-executive directors should be such that they are able to operate independently and critically vis-à-vis one another,
the executive directors and any particular interests involved. In order to safeguard the independence of the