Company: BOKF
Filing Date: 2025-06-16
Form Type: 11-K
Source: 0000875357-25-000036
Chunk: 6

Company: BOK FINANCIAL CORP
Filing Date: 2025-06-16
Form: 11-K
Chunk 6
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 account balance or $50,000, reduced by the excess of the participant's highest outstanding loan balance during the previous 12-month period ending on the date of the loan over the participant's current outstanding participant loan balance on the date of the loan. Loans bear interest based on the current banking prime rate when the loan is requested and may not exceed a five-year term, unless the proceeds are used to acquire the primary residence of the participant, in which case the maximum term is 25 years. Repayment is made by payroll withholdings, and the maximum number of loans a participant may have outstanding at one time is two. The loans are secured by the balance in the participant's account. Interest rates ranged from 3.25% to 8.50% at December 31, 2024. If a participant terminates employment with the Company, the outstanding loan balance is due and payable immediately. If the loan is not repaid in full upon termination, the balance will be treated as a distribution to the participant.

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Payment of benefits

A participant, who terminates employment with a vested account balance of less than $1,000, including rollover contributions, will receive a lump-sum payment. If the participant's vested balance exceeds $1,000, but is less than $7,000 (including rollover contributions), and the participant has not elected to receive a lump-sum payment directly, transfer to another eligible retirement plan or a direct rollover, the Plan will place the distribution into an individual retirement account designated by the Plan Administrator. Balances over $7,000 are not distributed without the participant's consent.

Forfeitures

The Plan had no unallocated forfeitures at December 31, 2024 and $13,621 at December 31, 2023. Such amounts are invested in the Cavanal Hill Cash Management Fund. Forfeitures are first used to pay for administrative expenses and any remaining amounts are used to reduce future Employer matching contributions. Forfeitures in the amount of $334,973 were used to reduce Employer matching contributions and $67,712 were used to fund Qualified Non-Elective Contributions in 2024. Forfeitures of $1,751 were used to reduce payments of administrative expenses. The Employer paid all remaining eligible administrative expenses in 2024.

Plan termination

Although it has not expressed any intent to do so, the Employer reserves the right to discontinue or to amend the Plan, in whole or in part, from time-to-time, subject to the provisions of ER