Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 926

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 8
Chunk 926
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 committee may, in its sole discretion, retain or obtain the advice of a compensation consultant,
legal counsel or other adviser and will be directly responsible for the appointment, compensation and oversight of the work of any such
adviser. However, before engaging or receiving advice from a compensation consultant, external legal counsel or any other adviser, the
compensation committee will consider the independence of each such adviser, including the factors required by the NASDAQ and the SEC.

Nominating
Committee

The
members of our Nominating Committee are Ms. Cui, Mr. Liu and Mr. He. Mr. Liu serves as chairman of the Nomination committee.
In accordance with Rule 5605 of the NASDAQ rules, all such directors are independent. We have adopted a nominating committee charter
which details the principal functions of the nominating committee, including:

    ●
    recruiting, reviewing
    and nominating candidates for election to the Board or to fill vacancies on the Board;

    ●
    developing the
    criteria and qualifications for membership on the Board;

    ●
    reviewing candidates
    proposed by shareholders, and conducting appropriate inquiries into the background and qualifications of any such candidates; and

    ●
    monitoring and
    making recommendations regarding committee functions, contributions, and composition.

Code
of Ethics and Committee Charters

We
have adopted a Code of Ethics applicable to our directors, officers and employees in accordance with applicable federal securities
laws. We have filed a copy of our Code of Ethics, our Audit Committee Charter, our Compensation Committee Charter and our Nominating
Committee Charter as exhibits to our registration statement for our IPO. You may review these documents by accessing our public
filings at the SEC’s web site at www.sec.gov. We intend to disclose any amendments to or waivers of certain provisions of our Code
of Ethics in a Current Report on Form 8-K.

82

Item 11. EXECUTIVE COMPENSATION.

No executive officer has received any cash compensation for services rendered to us during the year ended December 31, 2024.

No compensation or fees of any kind, including finder’s, consulting fees and other similar fees, will be paid to our founders, members of our management team or their respective affiliates, for services rendered prior to, or in order to effectuate the consummation of, our initial business combination (regardless of the type of transaction that it is). Directors, officers and founders will receive reimbursement for