Company: BTBDW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001477932-25-002248
Chunk: 346

Company: BT Brands, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 346
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. Anderson is the chair of the audit committee. Our board of directors has determined that Mr. Anderson qualifies as an “audit committee financial expert” within the meaning of applicable SEC regulations and meets the financial sophistication requirements of the Nasdaq Marketplace Rules. Our independent registered public accounting firm and management periodically met privately with our audit committee four times during 2024.

Our audit committee assists our board of directors in its oversight of our accounting and financial reporting process and the audits of our financial statements. Under its charter, our audit committee is responsible for, among other things:

 ·selecting, retaining, and replacing independent auditors and evaluating their qualifications, independence, and performance; ·reviewing and approving the scope of the annual audit and audit fees; ·discussing with management and independent auditors the results of the annual audit and review of quarterly financial statements; ·reviewing adequacy and effectiveness of internal control policies and procedures; ·approving the retention of independent auditors to perform any proposed permissible non-audit services; ·overseeing internal audit functions and annually reviewing audit committee charter and committee performance; ·Preparing the audit committee report that the SEC requires in our annual proxy statement; and ·reviewing and evaluating the performance of the Audit Committee, including compliance with its charter.

 36Table of Contents

Compensation Committee

Our compensation committee comprises Ms. Tochihara-Dirks, Mr. Croci and Mr. Anderson. Ms. Tochihara-Dirks is the chair of the compensation committee. Our board of directors has determined that Ms. Tochihara-Dirks and Mr. Anderson are independent as defined under the NASDAQ Listing Rules and satisfy NASDAQ’s additional independence standards for compensation committee members. In addition, both Ms. Tochihara-Dirks and Mr. Anderson are non-employee directors within the meaning of Rule 16b-3 under the Exchange Act and outside directors as defined by Section 162(m) of the Internal Revenue Code.

Our compensation committee assists our board of directors in discharging its responsibilities relating to the compensation of our executive officers. Under its charter, our compensation committee is responsible for, among other things:

 ·recommending to our board of directors for approval of compensation and benefit plans; ·reviewing and approving goals and objectives annually to serve as the basis for the CEO’s and COO’s compensation, evaluating performance and determining executive compensation; ·retaining or obtaining the advice of a compensation consultant, outside legal counsel