Company: BIAF
Filing Date: 2025-06-02
Form Type: DEF 14A
Source: 0001641172-25-013280
Chunk: 11

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-06-02
Form: DEF 14A
Chunk 11
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 Common Stock is listed
on the Nasdaq Capital Market (“Nasdaq”). The Nasdaq Stock Market LLC Rules (the “Nasdaq Rules”)
require that a majority of the Board be “independent directors,” as defined in Nasdaq Rule 5605(a)(2). The Nasdaq listing
standards subject members of the Company’s Audit Committee and Compensation Committee to additional independence requirements.
The Board has affirmatively determined that each of the Company’s non-employee directors, which include Messrs. Robert Anderson,
Stuart Diamond, Peter Knight, and Gary Rubin, and Ms. Jamie Platt are independent directors under the Nasdaq Rules and
listing standards, including with respect to each director’s committee service. Stuart Diamond has advised us that he will not
stand for re-election at the Annual Meeting but will continue as a director until the expiration of his current term at the Annual Meeting.
Therefore, Mr. Diamond’s term will expire at the Annual Meeting. Upon the recommendation of the Nominating and Corporate Governance
Committee, our Board has reduced the size of the Board to seven directors at the Annual Meeting.

Leadership Structure

Maria Zannes has served as the Company’s President
and Chief Executive Officer (“CEO”) since the Company’s inception in March 2014. Steven Girgenti has served
as the Company’s Executive Chairman since November 2014. In addition to the roles of the President, CEO, and Executive Chairman,
the Company’s By-laws require the Board to elect or appoint a Chief Financial Officer, a Treasurer, and a Secretary, who collectively
serve as the officers of the Company. Any two or more offices may be held by the same person.

The Board does not have a policy regarding whether
the roles of the Executive Chairman and CEO should be separate or combined. The Board believes that it should retain flexibility in deciding
from time-to-time which leadership structure is in the best interests of the Company and its stockholders. At this time, the Board believes
that separating the Executive Chairman and CEO roles best serves the needs of the Company’s business, enabling the Company to benefit
from Mr. Girgenti’s extensive experience in healthcare marketing strategies, financing, and business diversification through merger
and acquisition opportunities along with his skill in building emerging growth companies into multi-national corporations, while leveraging
Ms. Zannes’ legal and regulatory background, experience in project management and team leadership, long-standing relationships with
the team of award-winning scientists and business leaders that she has built to advance the