Company: RAIN
Filing Date: 2025-04-16
Form Type: 10-K
Source: 0001213900-25-032239
Chunk: 1463

Company: Rain Enhancement Technologies Holdco, Inc.
Filing Date: 2025-04-16
Form: 10-K
Item: Item 9B
Chunk 1463
---
 Board meeting. In addition to the full Board,
the Audit Committee plays an important role in the oversight of Holdco’s risk management processes, as well as assessing Holdco’s
and RWT’s major financial risk exposures. The Compensation Committee is charged with reviewing Holdco’s and RWT’s compensation
policies and practices and confirming that they do not encourage risk taking in a manner that would have a material adverse impact on
Holdco. The Nominating and Corporate Governance Committee is responsible for overseeing risks related to Holdco’s and RWT’s
governance processes. Each of the Board’s committees reports its findings to the full Board for consideration.

55

Director Independence

Nasdaq listing rules
generally require that a majority of a listed company’s board of directors be independent within one year of listing. An “independent
director” is defined generally as a person other than an officer or employee of the company or its subsidiaries or any other individual
having a relationship which in the opinion of the company’s board of directors, would interfere with the director’s exercise
of independent judgment in carrying out the responsibilities of a director.  The Board has determined that Alexandra Steele, Lyman
Dickerson, Marcus Peperzak and Bob Reardon are “independent directors” as defined in Nasdaq listing standards and applicable
SEC rules.

Committees of the
Board of Directors

The Board has three standing
committees — an audit committee, a compensation committee and a nominating and corporate governance committee, each
comprised of independent directors.

Audit Committee

The audit committee consists
of Lyman Dickerson, Marcus Peperzak and Bob Reardon. Each of the members of the audit committee must qualify as independent directors
under the Nasdaq corporate governance standards and the independence requirements of Rule 10A-3 under the Exchange Act,
be financially literate, and at least one member of the audit committee must qualify as an “audit committee financial expert”
as defined in applicable SEC rules and must have accounting or related financial management expertise. The Board has determined that each
member of the audit committee is independent under Nasdaq listing rules and Rule 10A-3 of the Exchange Act, is financially literate and
that Lyman Dickerson and Bob Reardon each qualifies as an “audit committee financial expert” as defined by applicable SEC
rules.

The purpose of the audit
committee is to prepare the audit committee report required by the SEC to be included in