Company: MNTR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001620
Chunk: 138

Company: Mentor Capital, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 138
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 the Board by telephone or email at the Company’s corporate offices with any questions or concerns they
wish to have addressed. The Chairman will discuss any material shareholder questions, concerns, or other information with the other directors,
as necessary.

34

Board
Leadership and Role in Risk Oversight

Chet
Billingsley acts as Mentor’s Chief Executive Officer and Chairman of the Board. Robert Meyer acted as the Company’s
Secretary and lead independent director through late December 2024. Mentor has determined that its leadership structure is
appropriate as Mentor is a small company, and Mr. Billingsley is the most familiar with the various industries and their related
risks and benefits. The Board has direct discussions with the CEO and suggests operating approaches to mitigate identified risks on a regular
basis. Because all independent directors are major shareholders, direct discussions reinforce the priority of reducing shareholder
risk and increasing shareholder return on all corporate actions.

Familial
Relationships Amongst Directors and Executives

There
are no family relationships between any of our directors or executive officers and any other directors or executive officers.

Meetings
of the Board of Directors

The
Board of Directors of Mentor conducts business through meetings of the Board or by unanimous written consent of the Board. Actions
taken by written consent of all directors, are, according to Delaware corporate law and our bylaws, valid and effective as if they
had been passed at a meeting of the directors duly called and held. With the exception of Mr. Billingsley, all directors are
independent directors under the adopted definition of independence from the OTC Markets OTCQB Rules. The directors are all
shareholders of the Company.

Mentor
held five meetings of the Board of Directors in 2024 and five meetings of the Board of Directors in 2023. All directors attended
each of the meetings.

Code
of Ethics

On
March 21, 2019, the Company adopted a Code of Ethics in compliance with Section 406 of Regulation S-K, which is applicable to all officers,
directors, and employees of the Company. The Code of Ethics is available at the Company’s website at https://ir.mentorcapital.com/governance-docs
without charge. Interested persons may also request a copy of such Code of Ethics without charge by contacting the Company at the address
or telephone number included on the cover page of this Annual Report on Form 10-K.

Our
Code of Ethics emphasizes that “The men and women of business are the