Company: MNTR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001620
Chunk: 6

Company: Mentor Capital, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 6
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inees 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.

Our
Audit Committee is responsible for, among other things, assisting the Board in fulfilling its general oversight responsibilities with
respect to the Company’s accounting and financial disclosures, audits of the financial statements, internal controls, and audit
functions.

As
part of the financial statement audit, the auditors are required to communicate with the Audit Committee in writing. The Audit Committee
discusses the audited financial statements with management.

33

The
Audit Committee had one special meeting with the Company’s Board of directors in 2024 and one meeting in 2023. All members of the
Audit Committee attended both meetings.

Membership
of the Audit Committee

The
Audit Committee shall be comprised of one to five directors as determined by the Board, of which a majority of the members shall satisfy
the