Company: BIAF
Filing Date: 2025-04-15
Form Type: PRE 14A
Source: 0001641172-25-004857
Chunk: 60

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-04-15
Form: PRE 14A
Chunk 60
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 Target % |    |   |     | Max. Payout of Base Salary |    |   |
|:-------------------|:----|:------------|--------:|---:|:----|:---------|---:|:--|:----|:---------------------------|---:|:--|
| Maria Zannes       |     | $           | 300,000 | -1 |     |          | 20 | % |     |                            | 30 | % |
| J. Michael Edwards |     | $           |  50,000 | -2 |     |          | 20 | % |     |                            | 30 | % |
| Steven Girgenti    |     | $           | 120,000 |    |     |          | 20 | % |     |                            | 30 | % |

(1) Bonus metric for Ms. Zannes was updated to be based on amended salary.

(2) Pro-rated for his time employed.

| 32 |

On January 10, 2025, the Compensation Committee met to determine and certify the extent to which the fiscal 2024 performance measures under the Bonus Plan were achieved. For 2024, the Compensation Committee determined that each of the performance measures were achieved at the target level. Accordingly, based on the formula previously adopted, the Compensation Committee approved bonuses for each of Maria Zannes. Xavier Reveles and Steven Girgenti for calendar year 2024 of $60,000, $35,000 and $24,000, respectively to be paid 50% in cash and 50% in shares of restricted stock. The cash bonuses have not been paid out as the date of the filing. The number of shares of restricted stock issued were determined by dividing the cash value of 50% of each executive’s bonus by the closing price of the Company’s common stock on January 10, 2025. The restricted stock awards granted on January 10, 2025, are not included in the Summary Compensation Table for 2024 and will appear in the Summary Compensation Table for 2025.

Retirement Plans

The Company established a defined contribution plan for all employees aged 21 and older who have completed one month of service for payrolls after April 1, 2022. The Company does not currently make a matching contribution.

Employee Benefits

The Company’s NEOs are eligible to participate in employee benefit plans and programs, including medical and dental benefit plans.

Employment Agreements

The