Company: PMVC
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003340
Chunk: 256

Company: PMV Consumer Acquisition Corp.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1C
Chunk 256
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 officers are appointed by the board of directors
and serve at the discretion of the board of directors, rather than for specific terms of office. Our board of directors is authorized
to appoint such officers as it deems appropriate pursuant to our amended and restated certificate of incorporation.

27

Director Independence

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. We have determined that Susan V. Watson and Daniel E. Zucchi are independent
directors. Our independent directors hold regularly scheduled meetings at which only independent directors are present.

Any affiliated transactions will be on terms no
less favorable to us than could be obtained from independent parties. Our board of directors will review and approve all affiliated transactions
with any interested director abstaining from such review and approval.

Committees of the Board of Directors

We have three standing committees: an audit committee,
a nominating committee, and a compensation committee. Each such committee is composed of solely independent directors.

In addition, our board of directors approved the
formation of an advisory committee to be comprised of individuals who will assist management and the board in all aspects of our operations,
including activities aimed at identifying a potential business opportunity and effecting a transaction.

Audit Committee

Effective September 21, 2020, we established an
audit committee of the board of directors, which presently consists of Susan V. Watson and Daniel E. Zucchi, each of whom is an independent
director. The audit committee’s duties, which are specified in our Audit Committee Charter, include, but are not limited to:

    ●
    reviewing and discussing with management and the independent auditor the annual audited financial statements, and recommending to the board whether the audited financial statements should be included in our Form 10-K;

    ●
    discussing with management and the independent auditor significant financial reporting issues and judgments made in connection with the preparation of our financial statements;

    ●
    discussing with management major risk assessment and risk management policies;

    ●
    monitoring the independence of the independent auditor;

    ●
    verifying the rotation of the lead (or coordinating) audit partner having primary responsibility for the audit and the audit partner responsible for reviewing the audit as required by law;

    ●
    reviewing and approving all related-party transactions