Company: GEDC
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001641172-25-002190
Chunk: 491

Company: CalEthos, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 4
Chunk 491
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 or a party to, any federal or state judicial or administrative order, judgment, decree, or finding, not subsequently
    reversed, suspended or vacated, relating to an alleged violation of (i) any federal or state securities or commodities law or regulation;
    (ii) any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or
    permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease- and-desist order,
    or removal or prohibition order; or (iii) any law or regulation prohibiting mail or wire fraud or fraud in connection with any business
    entity; or being the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory
    organization (as defined in Section 3(a)(26) of the Securities Exchange Act of 1934), any registered entity (as defined in Section
    1(a)(29) of the Commodity Exchange Act), or any equivalent exchange, association, entity or organization that has disciplinary authority
    over its members or persons associated with a member.

17

Director
Independence

Our
board of directors has reviewed the composition of our board of directors and the independence of each director. Based upon information
requested from and provided by each director concerning his background, employment and affiliations, including family relationships,
our board of directors has determined that each of Steven Shum and Sean Fontenot is an “independent director” as defined
under Rule 5605(a)(2) of the Nasdaq Marketplace Rules. In making such determinations, our board of directors considered the relationships
that each such non-employee director has with our company and all other facts and circumstances our board of directors deemed relevant
in determining independence, including the beneficial ownership of our capital stock by each non-employee director.

Board
Committees

We
do not have a standing Audit Committee. We do not believe that the lack of an Audit Committee has had or will have any adverse effect
on our financial statements, based upon current operations; however, our board of directors will consider establishing an Audit Committee
of independent directors as the number of directors increases. Until such time, our board of directors will perform the duties of an
Audit Committee including delegating an auditor firm and interacting with them.

We
do not have a standing Compensation Committee. Presently, the salary and benefits of our executive officers are determined by our entire