Company: MNTR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001620
Chunk: 265

Company: Mentor Capital, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 265
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 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) $110,731 gross, before payroll taxes, in officer auto benefits. With the exception of severance,
vacation, and sick pay that continues to routinely accrue, all deferred and accrued amounts were paid in full to Mr. Billingsley in 2023.
Mr. Billingsley’s benefit package was approved by the court in the 1998 Chapter 11 bankruptcy order, as approved by the Company’s
shareholders, to incentivize Mr. Billingsley to remain with the Company.

36

(2)
In 2024, Mr. Billingsley received $15,000 in compensation for his service as a member of Mentor’s Board of Directors. Mr. Billingsley
was paid $2,500 per meeting for his attendance at the four regular quarterly Board meetings and $2,500 for his attendance at one special
Board and Audit Committee meeting. He was paid $1,250 per consent for two unanimous written consents.

In
2023, Mr. Billingsley received $8,625 in compensation for his service as a member of Mentor’s Board of Directors. Mr. Billingsley
was paid $1,000 for his attendance at three regular quarterly Board meetings. On October 14, 2023, regular board meeting fees were increased
to $2,500, and minor action fees were increased to $1,250. Mr. Billingsley was paid $2,500 for his attendance at one regular quarterly
Board meeting and one special meeting. He was paid $125 for his attendance at the Company’s annual Audit Committee meeting held
in 2023, paid $250 for one unanimous written