Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 555

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 3
Chunk 555
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 our board or by a majority of the holders of our founder shares.

Director Independence

The NASDAQ listing standards require that a majority of our Board of Directors be independent. An “independent director” is defined generally as a person who has no material relationship with the listed company (either directly or as a partner, shareholder or officer of an organization that has a relationship with the company). We currently have three “independent directors” as defined in the NASDAQ listing standards and applicable SEC rules prior to completion of our initial public offering. Our board has determined that each of Messrs. Shan Cui, Pai Liu and Wen He are independent directors under applicable SEC and NASDAQ rules. Our independent directors will have regularly scheduled meetings at which only independent directors are present.

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Committees of the Board of Directors

Our
Board of Directors has three standing committees: an audit committee, a compensation committee, and a nominating committee. Each committee
will operate under a charter that has been approved by our board. Subject to phase-in rules and a limited exception, NASDAQ rules and
Rule 10A-3 of the Exchange Act require that the audit committee of a listed company be comprised solely of independent directors,
and NASDAQ rules require that the compensation committee of a listed company be comprised solely of independent directors.

Audit
Committee

The
members of our audit committee are Ms. Cui, Mr. Liu and Mr. He. Ms. Cui serves as chairman of the audit committee. Each member
of the audit committee is financially literate and our Board of Directors has determined that Ms. Cui qualifies as an “audit committee
financial expert” as defined in applicable SEC rules. We have adopted an audit committee charter, which details the principal
functions of the audit committee, including:

    ●
    the appointment,
    compensation, retention, replacement, and oversight of the work of the independent auditors and any other independent registered
    public accounting firm engaged by us;

    ●
    pre-approving all
    audit and non-audit services to be provided by the independent auditors or any other registered public accounting firm engaged by
    us, and establishing pre-approval policies and procedures;

    ●
    reviewing and discussing
    with the independent auditors all relationships the auditors have with us in order to evaluate their continued independence;

    ●
    setting clear hiring
    policies for employees or former employees of the independent auditors;

    ●
    setting clear policies
    for