Company: MNTR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001620
Chunk: 9

Company: Mentor Capital, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 9
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 the exception of Mr. Billingsley, all directors are
independent directors under the adopted definition of independence from the OTC Markets OTCQB Rules. The directors are all
shareholders of the Company.

Mentor
held five meetings of the Board of Directors in 2024 and five meetings of the Board of Directors in 2023. All directors attended
each of the meetings.

Code
of Ethics

On
March 21, 2019, the Company adopted a Code of Ethics in compliance with Section 406 of Regulation S-K, which is applicable to all officers,
directors, and employees of the Company. The Code of Ethics is available at the Company’s website at https://ir.mentorcapital.com/governance-docs
without charge. Interested persons may also request a copy of such Code of Ethics without charge by contacting the Company at the address
or telephone number included on the cover page of this Annual Report on Form 10-K.

Our
Code of Ethics emphasizes that “The men and women of business are the stewards of the assets of society. If we are good and faithful
in our work, the world becomes a better place.” We are to avoid “carelessness” and “waste” and comply with
applicable governmental laws, rules, and regulations at all levels of government in the United States and in any non-U.S. jurisdiction
in which the Company does business. We are to “act in good faith, with due care, and shall engage only in fair and open competition,
by treating ethically competitors, suppliers, customers, and colleagues.”

Environment

Continuing
Operations

Management
continually seeks to improve and make decisions that legitimately and scientifically eliminate negative impacts and promote our
ethical goal of stewardship of society’s assets for first, the greater good of our shareholders, and in a second and
supporting way, our stakeholders, the public, and future generations. In part, we accomplish these goals by ensuring that we engage
in environmentally and socially responsible decisions, including decisions aligned with energy efficiency and waste avoidance. The
principles of respect for others in the form of fair compensation based on merit, and good faith business dealings irrespective of
race, alienage, national origin, religion, or gender have been a management priority for forty years. We will continue our efforts
to treat others with fairness and respect, seek corporate opportunities that benefit shareholders and align with our ethical
stewardship principles, and avoid conflicts of interest to help ensure that