Company: MNTR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001620
Chunk: 487

Company: Mentor Capital, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 487
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     349,039(3) 
     192,556(2) 
     2,356,434 

(1)
In 2024, the Chief Executive Officer’s compensation consisted of $208,000 annual gross base salary, before payroll taxes, plus
$24,000 accrued vacation, $8,000 accrued sick, and $17,328 accrued severance pay. Mr. Billingsley’s net unpaid accrued vacation,
sick pay, and severance are reported as nonqualified deferred compensation. In 2024, Mr. Billingsley was paid $4,000 gross base salary
accrued in 2023 and paid in 2024 plus $462 in deferred vacation pay.

In
2023, the annual base salary for our Chief Executive Officer was $124,000 gross, before payroll taxes. Prior to 2023, the base annual
salary for our Chief Executive Officer had not changed from the amount set by the court in the 1998 Chapter 11 bankruptcy document. On
October 14, 2023, the Board of Directors approved a base salary increase to $208,000 gross, before payroll taxes, per year. Mr. Billingsley’s
unpaid accrued vacation and sick pay is reported as nonqualified deferred compensation. For twenty-eight and a half years, from July
1, 1985 to January 1, 2014, much of Mr. Billingsley’s compensation, comprised of salary and benefits, was voluntarily deferred,
and accrued in lieu of payment and were approved as payable to Mr. Billingsley at any time of his choosing. Mr. Billingsley did not begin
to receive his full base salary until 2014. Following the satisfactory October 4, 2023 sale of our discontinued operation for $6,000,000,
at Mr. Billingsley’s request, the Company paid Mr. Billingsley his deferred executive compensation of $1,497,731 gross, before
payroll taxes. The deferred payment was comprised of (i) $907,731 of accrued and unpaid salary, (ii) $190,000 of accrued and unpaid sick
pay, and (iii) $400,000 of accrued and unpaid vacation pay. Additionally, Mr. Billingsley was paid (i) $82,377 in officer relocation
expenses accrued since 2020 and (ii)