Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 875

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 2
Chunk 875
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 ten-year vesting period. For further information regarding the aggregate grant date fair value of the restricted stock
awards, see Note 14 our audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K.

(3)The amounts indicated were
the change in control compensation earned by Mr. Webster and Mr. Tees in conjunction with the CBOA Merger completed in March 2024. For
more information on the merger, see Note 2 Business Combinations in this Annual Report on Form 10-K.

(4)The amounts set forth in this
column include the following:

    Mr. McMullan ($)  
    Mr. Webster ($)  
    Mr. Tees ($) 
  
    401k match 
     7,172  
     7,762  
     8,159 
  
    Car Allowance 
     —  
     7,200  
     9,000 
  
    Cell phone 
     —  
     675  
     675 
  
    Total 
     7,172  
     15,637  
     17,834 

Narrative
to Summary Compensation Table

Employment
Agreements with Named Executive Officers

We currently have employment
agreements with each of our named executive officers. We have included below descriptions of the current employment agreements for each
of these officers.

Employment
Agreement with Ciaran McMullan

The Bank has entered
into an employment agreement (the “employment agreement”) with Mr. McMullan. Mr. McMullan has agreed to serve as the Chief
Executive Officer of the Bank and Bancorp 34 for a two-year term, beginning on April 1, 2024, and ending on April 1, 2026, may be extended
for additional one-year periods upon each anniversary of the agreement unless either Mr. McMullan or the Bank gives 30 days’
prior notice of his or its intent not to renew the agreement. Mr. McMullan’s initial base salary will be $350,000. In addition
to his base salary, Mr. McMullan will be entitled to receive cash bonuses equaling up to 40% of his annual base salary if Mr. McMullan
achieves certain performance levels established from time to time by the board of directors or its authorized designee. The employment
agreement also provides for three annual grants of equity incentive awards equal to 110