Company: NOEMW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004368
Chunk: 260

Company: CO2 Energy Transition Corp.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 260
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 Furthermore, there
will be no finder’s fees, reimbursements or cash payments made by us to our sponsor, directors or officers, or our or any of their
respective affiliates, for services rendered to us prior to or in connection with the completion of our initial business combination,
other than the following payments, none of which will be made from the proceeds of our IPO and the sale of the private placement units
held in the trust account prior to the completion of our initial business combination:

●repayment of an aggregate of up to $800,000 under the amended
promissory note made to us by our sponsor to cover offering- related and organizational expenses;

●reimbursement for any out-of-pocket expenses related
to identifying, investigating and completing an initial business combination; and

●repayment of loans which may be made by our sponsor or an
affiliate of our sponsor or certain of our directors and officers to fund working capital deficiencies or finance transaction costs in
connection with an intended initial business combination, the terms of which have not been determined nor have any written agreements
been executed with respect thereto. Up to $1,500,000 of such loans may be convertible into units, at a price of $10.00 per unit at the
option of the lender.

The above payments may be funded
using the net proceeds of our IPO and the sale of the private placement units not held in the trust account or, upon completion of the
initial business combination, from any amounts remaining from the proceeds of the trust account released to us in connection therewith.

Indemnification Agreements

We have entered into indemnification
agreements with each of our directors and officers. The indemnification agreements and our amended and restated certificate of incorporation
and bylaws require us to indemnify our directors and officers to the fullest extent permitted by Delaware law.

Director Independence

Nasdaq listing standards require
that a majority of our board of directors be independent. 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. Our board of directors has determined that all of our directors, other than Mr. Rodgers are “independent directors”
as defined in the Nasdaq listing standards and applicable SEC rules. Our independent directors will have regularly scheduled meetings
at which