Company: BSAAR
Filing Date: 2025-01-10
Form Type: DRS
Source: 0001213900-25-002596
Chunk: 277

Company: BEST SPAC I Acquisition Corp.
Filing Date: 2025-01-10
Form: DRS
Chunk 277
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 positions with us after the consummation of our initial business combination, although it is possible that some or all of our officers and directors may negotiate employment or consulting arrangements to remain with us after the initial business combination. The existence or terms of any such employment or consulting arrangements to retain their positions with us may influence our management’s motivation in identifying or selecting a target business but we do not believe that the ability of our management to remain with us after the consummation of our initial business combination will be a determining factor in our decision to proceed with any potential business combination. We are not party to any agreements with our officers and directors that provide for benefits upon termination of employment. Committees of the Board of Directors After the effectiveness of the registration statement of which this prospectus is a part, our Board of Directors will have 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 and will have the composition and responsibilities described below. Subject to phase -inrules and a limited exception, NASDAQ rules and Rule 10A -3of 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 After the effectiveness of the registration statement of which this prospectus is a part, we will establish an audit committee of the Board of Directors. The members of our audit committee will be Ms. Prescille Chu Cernosia, Mr. Heyi Chen and Mr. Huachen Zhang. Mr. Huachen Zhang will serve as chairman of the audit committee. Each member of the audit committee is financially literate and our Board of Directors has determined that Mr. Huachen Zhang qualifies as an “audit committee financial expert” as defined in applicable SEC rules. We will adopt an audit committee charter, which will detail 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 -approvingall audit and non -auditservices to be provided by the independent auditors or any other registered public accounting firm engaged by us, and establishing pre -approvalpolicies and procedures; 160 •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