Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 213

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1
Chunk 213
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, not inconsistent with the terms of the
2024 Equity Plan, of any award, including the exercise price and the status of an option (non-statutory stock option or incentive stock
option), the time or times when awards may be exercised, and any restriction or limitation regarding any award or the shares of Company
common stock relating thereto, based in each case on such factors as the Administrator may determine; (viii) determine the method of
payment of the exercise price; (ix) delegate to others responsibilities to assist in administering the 2024 Equity Plan; (x) construe
and interpret the terms of the 2024 Equity Plan, option agreements, stock award agreements, SAR agreements and any other documents related
to awards granted under the 2024 Equity Plan; (xi) interpret and administer the terms of the 2024 Equity Plan to comply with tax law
or any other applicable law and to cause any award that is intended to be exempt from Code Section 409A to continue to be so exempt;
and (xii) adopt, alter and repeal such administrative rules, guidelines and practices governing the operation of the 2024 Equity Plans
it will from time to time deem advisable.

Recapitalization
and Vesting Events. The 2024 Equity Plan provides that in the event of certain corporate events
or changes affecting Bancorp 34’s common stock, the number of shares of common stock that pertain to each outstanding award, and
the exercise price of each option and the maximum number of shares subject to all awards under the 2024 Equity Plan will be adjusted
to reflect the event. In the event of: (i) a change in control; or (ii) to the extent determined by the administrator in the applicable
award agreement a participant’s death or disability, a participant’s unvested awards under the 2024 Equity Plan will automatically
vest, become exercisable or be deemed fully earned, as applicable.

Amendment
& Termination. Bancorp 34’s board of directors may amend, suspend, terminate or discontinue
the 2024 Equity Plan at any time, provided that no amendment, alteration, suspension or discontinuation will be made which would impair
the rights of any participant under any grant previously made under the Plan without that participant’s consent. In addition, to
the extent necessary and desirable to comply with Code Section 422 (or other applicable law or regulation), Bancorp 34 will obtain stockholder
approval of any amendment to