Company: BIAF
Filing Date: 2025-06-02
Form Type: DEF 14A
Source: 0001641172-25-013280
Chunk: 67

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-06-02
Form: DEF 14A
Chunk 67
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 of the Company.

The annual bonus awards for fiscal 2024 under the Bonus Plan for all of our named executive officers were based on the following performance measures: (i) securing adequate financing with a performance weighting of 25%, (ii) generating sales and profit from Precision Pathology Laboratory Services with a performance weighting of 45%, (iii) advancing a collaborative relationship with the Department of Defense with a performance weighting of 25%; and (iv) timely SEC filings with a performance weighting of 5%.

For 2024, our Compensation Committee set award levels for each of named executive officers as percentages of their base salaries as shown in the following table:

| Participant        |     | Base Salary |         |    |     | 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.

| 35 |

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