Company: BANFP
Filing Date: 2025-04-03
Form Type: DEF 14A
Source: 0000950170-25-050087
Chunk: 38

Company: BANCFIRST CORP /OK/
Filing Date: 2025-04-03
Form: DEF 14A
Chunk 38
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 long-term incentive award information for the Company’s named executive officers during fiscal year 2024 is included in “Executive Compensation—Grants of Plan-Based Awards” and additional information on the option awards is shown in “Executive Compensation—Outstanding Equity Awards at Fiscal Year-End.”

Restricted Stock Unit Grants

On May 25, 2023, the shareholders of the Company adopted the BancFirst Corporation 2023 Restricted Stock Unit Plan (the "RSU Plan"). The RSU Plan was effective as of June 1, 2023 and for a period of ten years thereafter. The RSU Plan will continue in effect after such ten-year period until all matters relating to the payment of awards and administration of the RSU Plan have been settled. The restricted stock units ("RSUs") vest beginning two years from the date of grant at the rate of 20% per year for five years. The RSUs are settled and distributed as of each vesting date. The fair value of each RSU granted is equal to the market price of the Company’s stock at the date of grant.

Stock Option Grants

Previously, executive officers have received equity compensation awards in the form of nonqualified incentive stock options under the BancFirst Corporation Stock Option Plan (the "Employee Plan"). The stock options were designed to align the interests of the executive officers with the shareholders’ long-term interests by providing them with equity awards that generally were exercisable beginning four years from the date of grant at the rate of 25% per year for four years. The Employee Plan was replaced by the RSU Plan, and terminated on June 1, 2023. Stock options outstanding under the Employee Plan will remain outstanding under their existing terms, until they are exercised or expire.

All stock options granted under the Employee Plan were made at the market price at the time of the award. The Company has not granted stock options with an exercise price that was less than the closing price of the Company’s common stock as reported by NASDAQ on

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the grant date, nor has it granted stock options which were priced on a date other than the grant date. The Employee Plan provided that repricing of stock option was only done through cancellation and re-grant, with a limit of 300,000 shares in a 12 month period. No stock options granted under the Employee Plan were repriced during the previous 12 months.

Supplemental Executive Retirement Agreements

In 2007, the Company entered into supplemental retirement agreements with a number