Company: MNTR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001620
Chunk: 372

Company: Mentor Capital, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 372
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 and all of its shareholders;

●
An inquisitive and objective perspective, strength of character, and the mature judgment essential to effective decision-making;

●
Expertise that is useful to the Company and complementary to the background and experience of other Board members; and

●
Sufficient time to devote to Board activities and to enhance their knowledge of our business, operations, and industry.

The
Board believes that our current directors meet these criteria. The directors bring a strong and diversified background and set of essential
skills to the Board, as described above in the director descriptions.

Term
of Office

All
directors hold office until the next annual meeting of shareholders and until their respective successors are elected. Directors may
also be elected at any special meeting of shareholders held for that purpose. Nominees for the board of directors are presented by management.
Except for a vacancy created by the removal of a director, all vacancies in the Board of Directors, whether caused by resignation, death
or otherwise, may be filled by a majority of the remaining directors, though less than a quorum, or by a sole remaining director, and
each director so elected shall hold office until his successor is elected at an annual, regular or special meeting of the shareholders.
Vacancies created by the removal of a director may be filled only by approval of the shareholders. The shareholders may elect a director
at any time to fill any vacancy not filled by the directors.

Certain
Legal Proceedings

No
director, nominee for director, or executive officer of the Company has appeared as a party in any legal proceeding material to an evaluation
of his or her ability or integrity during the past ten years.

Audit
Committee

On
May 6, 2017, a resolution was unanimously adopted by the Board to create an audit committee. On March 19, 2022, the Board approved the
Company’s Audit Committee Charter and appointed David Carlile to serve as the Company’s sole Audit Committee Member to be
effective as of the filing date of Mentor’s 2021 Form 10-K, that was filed with the Securities and Exchange Commission on March
24, 2022. On April 24, 2024, upon the Board’s request, Mr. Carlile resigned and, accounting professional, Lori Stansfield, CPA,
was appointed to the Audit Committee as the Company’s Audit Committee Chair. Our Audit Committee Charter may be found on Mentor’s
website at https://ir.mentorcapital.com/corporate-governance.