Company: LDWY
Filing Date: 2025-09-26
Form Type: PRE 14A
Source: 0001104659-25-093874
Chunk: 5

Company: LENDWAY, INC.
Filing Date: 2025-09-26
Form: PRE 14A
Chunk 5
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 a discussion of how Interested Shares should be voted. Who pays for the cost of proxy preparation and solicitation? All expenses in connection with solicitation of proxies will be borne by the Company. The Company will pay brokers, nominees, fiduciaries, or other custodians their reasonable expenses for sending proxy material to, and obtaining instructions from, persons for whom they hold stock of the Company. The Company expects to solicit proxies by mail, but directors and officers of the Company may also solicit in person, by telephone or by mail.

3

PRELIMINARY PROXY STATEMENT – SUBJECT TO COMPLETION

CORPORATE GOVERNANCE AND BOARD MATTERS The business and affairs of the Company are conducted under the direction of the Board in accordance with the Company’s Certificate of Incorporation and Bylaws, the Delaware Business Corporations Act, federal securities laws and regulations, applicable rules of The Nasdaq Stock Market LLC (“Nasdaq”), Board committee charters and the Company’s Code of Ethics. Members of the Board are informed of the Company’s business through discussions with management, by reviewing Board meeting materials provided to them and by participating in meetings of the Board and its committees, among other activities. Our corporate governance practices are summarized below. Election to the Board of Directors All of the Company’s directors are elected annually. Our Bylaws provide that the Board shall consist of between two and no more than nine members, as designated by resolution of the Board from time to time. Pursuant to the recommendation of its Governance, Compensation and Nominating Committee (the “GCN Committee”), the Board has set the size of the Board to be elected at the Annual Meeting at six. Majority Independent Board The Nasdaq rules require that a majority of our Board be “independent directors” as that term is defined in the Nasdaq rules. Our Board has determined that each of our non-employee directors, namely Mary Herfurth, Chad Johnson, Matthew Kelly, and Nicholas Swenson are “independent directors.” The Governance, Compensation and Nominating Committee and the Board considered Mr. Swenson’s inclusion in the Shareholder Group in reaching the conclusion that he is an independent director. Meetings of the Board of Directors and Director Attendance The Board held one meeting during the six-month period starting January 1, 2025 and ending June 30, 2025 (the “Transition Period Ended 2025”). Each director attended more than 75% of all meetings of the Board and committees of the Board on which he or she served. Although