Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 409

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1A
Chunk 409
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In addition to these
performance measures, two triggers relating to asset quality and regulatory standing are required to be met prior to payment of the bonuses.

In 2024, based on their
performance, Mr. McMullan received an annual bonus equal to 26% of his base salary, Mr. Webster received an annual bonus equal to 31%
of his base salary, and Mr. Tees received an annual bonus equal to 31% of his base salary.  The bonuses were paid in the first quarter
of 2025.

2017
Equity Incentive Plan

The Bancorp 34, Inc.
2017 Equity Incentive Plan, which we refer to as the “2017 Equity Plan,” was adopted by the Bancorp 34 board of directors
and approved by our stockholders on November 17, 2017. The 2017 Equity Plan was terminated in connection with the adoption of the 2024
Equity Incentive Plan, described below.

130

2022
Equity Incentive Plan

The Bancorp 34, Inc.
2022 Equity Incentive Plan, which we refer to as the “2022 Equity Plan,” was adopted by the Bancorp 34 board of directors
and approved by our stockholders on May 25, 2022. The 2022 Equity Plan was terminated in connection with the adoption of the 2024 Equity
Incentive Plan, described below.

2024
Equity Incentive Plan

The Bancorp 34, Inc.
2024 Equity Incentive Plan, which we refer to as the “2024 Equity Plan,” was adopted by the Bancorp 34 board of directors
and approved by our stockholders on November 14, 2024. The 2024 Equity Plan remains effective as long as any awards are existing under
the plan, provided that no awards may be granted under the plan after the ten-year anniversary date of the of plan. The Equity Plan was
designed to enable us to attract, retain and reward individuals who contribute to the further success and to further align the participant’s
interest with those of the company’s stockholders.

Shares
Subject to the Equity Plan. The shares issuable under the 2024 Equity Plan are 525,000 shares
of Bancorp 34 common stock that are authorized but unissued or reacquired common stock. The board of directors of Bancorp 34 acting as
Administrator (as defined in the plan) must