Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 892

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 2
Chunk 892
---
    Equity compensation plans not approved by security holders 
     N/A  
     N/A  
     N/A 
  
    Total 
     38,800  
    $11.41  
     178,800 

(1)Column (a) consists of shares of our common stock issuable
upon the exercise of 109,700 stock options issued under our 2017 Equity Incentive Plan. Column (c) consists of an aggregate of 178,800
shares reserved for future issuance under our 2024 Equity Incentive Plan, which was approved by our stockholders on November 14, 2024.

Item
13. Certain Relationships and Related Transactions, and Director Independence

The
following section summarizes the material provisions of certain agreements entered into by Bancorp 34 with its related parties. The summaries
of agreements in this section are qualified in their entirety by reference to the forms of such agreements, which have been filed as
exhibits to this Annual Report on Form 10-K. 

Arrangements
with Castle Creek Fund VIII, L.P. and Brush Creek-B 34, LLC

Under
a Securities Purchase Agreement entered into between Bancorp 34 and Castle Creek Capital Fund VIII, L.P. (“Castle Creek”)
and a Securities Purchase Agreement entered into between Bancorp 34 and Brush Creek-B 34, LLC (“Brush Creek,” and collectively
with Castle Creek, the “Funds”), the Funds purchased for aggregate cash consideration of $15.4 million from Castle Creek
and $4.5 million from Brush Creek, in our private placements an aggregate of 702,008 shares of our voting common stock, 701,849
shares of non-voting common stock (in the case of Castle Creek only) and warrants to purchase 140,385 shares of our common stock. As
a result, as of December 31, 2024 the Funds currently beneficially own 11.6% of our voting
common stock (assuming the exercise of all immediately exercisable warrants to voting common stock and immediately convertible non-voting
common stock to voting common stock), and 20.0% of our outstanding common stock (including both voting and non-voting common stock
and assuming the exercise of all immediately exercisable warrants held by them). Pursuant to the Securities Purchase Agreements with
Castle Creek and Brush Creek, unless appropriate regulatory approvals are obtained, the Funds were each limited to purchasing no more