Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 1102

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 9B
Chunk 1102
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We
have adopted a code of ethics requiring us to avoid, wherever possible, all conflicts of interests, except under guidelines or resolutions
approved by our Board of Directors (or the appropriate committee of our board) or as disclosed in our public filings with the SEC. Under
our code of ethics, conflict of interest situations will include any financial transaction, arrangement or relationship (including any
indebtedness or guarantee of indebtedness) involving the company. A form of the code of ethics that we adopted was filed as an exhibit
to the registration statement on Form S-1 initially filed with the SEC on November 12, 2021, as amended.

In
addition, our audit committee, pursuant to its written charter, is responsible for reviewing and approving related party transactions
to the extent that we enter into such transactions. An affirmative vote of a majority of the members of the audit committee present at
a meeting at which a quorum is present will be required in order to approve a related party transaction. A majority of the members of
the entire audit committee will constitute a quorum. Without a meeting, the unanimous written consent of all of the members of the audit
committee will be required to approve a related party transaction. We have filed a copy of our form of the audit committee charter as
an exhibit to our amendment No.6 to registration statement on Form S-1 initially filed with the SEC on November 12, 2021, as amended.
We also require each of our directors and executive officers to complete a directors’ and officers’ questionnaire that elicits
information about related party transactions.

These
procedures are intended to determine whether any such related party transaction impairs the independence of a director or presents a
conflict of interest on the part of a director, employee or officer. 

88

To
further minimize conflicts of interest, we have agreed not to consummate an initial business combination with an entity that is affiliated
with any of our sponsor, officers or directors unless we, or a committee of independent directors, have obtained an opinion from an independent
investment banking firm or another independent firm that commonly renders valuation opinions for the type of company we are seeking to
acquire or an independent accounting firm, that our initial business combination is fair to our company from a financial point of view.
Furthermore, no finder’s fees, reimbursements or cash payments will be made to our sponsor, officers or directors, or our or their
affiliates, for services rendered to us prior to or