Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 1039

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 3
Chunk 1039
---
 payment in an amount equal to the sum of his then current annual base salary plus the average of his last two years’
bonuses, plus any bonus awarded for previous years but which were not yet paid. While we believe the amounts to be paid to Mr. Tees upon
termination are reasonable compensation for services under the applicable provisions of the Internal Revenue Code, if the Bank’s
independent accounting firm or independent tax counsel determine that payments to the executive would constitute “excess parachute
payments,” the payments to the executive will be either delivered in full or reduced such that no portion would be subject to any
additional tax liability applicable to the executive as a result of such payments, whichever results in the greatest amount of benefits
to the executive, as determined by the Bank’s independent accounting firm or independent tax counsel.

Equity
Incentive Plans

Restricted
Stock Units

Each restricted stock
unit award granted to our named executive officers was granted under the 2024 Equity Plan. Under our restricted stock unit award agreements
with our named executive officers, stock is earned upon the achievement of specified tangible book value per share and return on average
assets targets and, once earned, vests in three equal annual installments. Under all awards, if there is a change in control, the grantee
will become 100% vested in those restricted stock units that are still subject to a risk of forfeiture and that are outstanding on the
date of the change in control.

133

Compensation
of Directors for Fiscal Year 2024

We
do not pay our “inside” employee-directors any additional compensation for their service as directors. For 2024, we provided
the following annual compensation to our non-employee directors for their service as directors, which consists of a monthly cash retainer
of $3,000.

The
following table sets forth, for the fiscal year ended December 31, 2024, certain information regarding the compensation of each non-employee director
of Bancorp 34.

    Name 
    Fees Earned or  Paid in Cash ($)  
    Stock
 Awards  ($)  
    Option
 Awards ($)  
    Non-Equity 
Incentive Plan
 Compensation  ($)  
    Nonqualified 
deferred 
compensation
 earnings  ($)  
    All Other  Compensation ($)(1)  
    Nonqualified  Deferred  Compensation  Earnings ($)  
    Total ($) 
  
    Bill Assenmacher (2)