Company: BANFP
Filing Date: 2025-04-03
Form Type: DEF 14A
Source: 0000950170-25-050087
Chunk: 31

Company: BANCFIRST CORP /OK/
Filing Date: 2025-04-03
Form: DEF 14A
Chunk 31
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”), are established annually by the Chairman and submitted to the Compensation Committee for evaluation and recommendation to the full Board for approval. The Compensation Committee’s evaluation of the CEOs’ base salaries was based on the factors above, including the current financial performance of BancFirst as measured by earnings, asset growth and overall financial soundness. Base salary for the other executive officers is established by the CEOs and is submitted for review by the Compensation Committee. In setting base salaries, the CEOs consider the seniority and level of responsibility of each executive officer, taking into account competitive market compensation paid by other companies as described above. Salaries for executive officers are reviewed on an annual basis as well as at the time of a promotion or other change in level of responsibilities. Increases in base salary are based on the evaluation of factors such as the individual’s level of responsibility, performance and level of compensation. The salaries paid during fiscal year 2024 to our named executive officers are shown in the Summary Compensation Table.

Annual Performance-Based Incentive Pay

We believe that the payment of performance-based incentive compensation based on business and personal goals is important to focus our executive officers on the achievement of short-term corporate goals. Accordingly, all of our executive officers are eligible to receive an annual cash amount based on our performance-based incentive program. The performance-based incentive program is designed to reward our executive officers for the attainment of short-term business and/or personal performance goals that are established at the beginning of each fiscal year, and can be in amounts ranging from 10% to 25% of the executive officer’s base salary. Performance-based incentive compensation for the CEOs is recommended by our Chairman, subject to review and approval by the Compensation Committee. Performance-based incentive compensation for our other executive officers is established by the CEOs, subject to review and approval by the Compensation Committee. The CEOs and the Compensation Committee use judgment and discretion taking into account the business and economic environment, our overall performance, budgetary considerations, each executive officer’s performance in relation to the goals set for him or her, competitive factors within the industry and retention of key executives.

Annual incentive payments under the program for a particular year with respect to executive officers who are in bank senior management are based on a combination of financial and individual performance criteria established before the beginning of the year. Such performance criteria generally will vary depending on the executive officer’s authority. Thus, for example, for those executive officers having authority or responsibility over the entire company, the performance criteria includes attainment, on a Company-wide basis, of budgeted net income, classified assets to capital,