Company: SIMA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026255
Chunk: 183

Company: SIM Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 183
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 our listing on Nasdaq. The term of office of the first class of directors, which consists of Mr. Capone, will expire at our
first annual general meeting. The term of office of the second class of directors, which consists of Ms. Grasso and Dr. Cosgrove, will
expire at the second annual general meeting. The term of office of the third class of directors, which consists of Mr. Spangenberg and
Mr. Kutcher, will expire at the third annual general meeting.

Our 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 officers as it deems appropriate pursuant to our Amended and Restated Memorandum.

Committees of the Board of Directors

We have established two standing
committees of our Board of Directors: the Audit Committee and a compensation committee (the “Compensation Committee”). Subject
to phase-in rules, the rules of Nasdaq and Rule 10A-3 of the Exchange Act require that the audit committee of a listed
company be comprised solely of independent directors. Each committee of our Board operates under a charter that has been approved by our
Board and has the composition and responsibilities described below.

Audit Committee

We have established the Audit
Committee. Mr. Capone, Ms. Grasso, and Dr. Cosgrove serve as the members of our Audit Committee. Under the Nasdaq listing standards
and applicable SEC rules, we are required to have three members of the Audit Committee, all of whom must be independent. Mr. Capone,
Ms. Grasso, and Dr. Cosgrove are each independent.

Mr. Capone serves as
the chairman of the Audit Committee. Each member of the Audit Committee is financially literate and our Board of Directors has determined
that Mr. Capone qualifies as an “audit committee financial expert” as defined in applicable SEC rules.

We have adopted a charter
of the Audit Committee, which details the principal functions of the Audit Committee, including:

●assisting with Board oversight of (1) the integrity of our financial statements, (2) our compliance
with legal and regulatory requirements, (3) our independent registered public accounting firm’s qualifications and independence,
and (4) the performance of our internal audit function and independent registered public accounting firm;

●the appointment, compensation, retention, replacement, and