Company: BIAF
Filing Date: 2025-04-15
Form Type: PRE 14A
Source: 0001641172-25-004857
Chunk: 12

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-04-15
Form: PRE 14A
Chunk 12
---
, and equipping the Board and executive team with the tools and training
necessary to manage the Company for the long-term benefit of the Company’s stockholders and the Company’s long-term sustainability.
The Board has implemented a number of enhancements to the Company’s corporate governance practices, including adopting a majority
vote standard for director elections.

Director Independence

The Company’s 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, Gary Rubin, and 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