Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 212

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1
Chunk 212
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 dividends payable with respect to restricted stock
awards will be subject to the same vesting conditions appliable to the restricted stock award and will be paid when any vesting conditions
lapse.

Restricted
Stock Units. Unless otherwise provided in the award agreement, a participant of a RSU has no
stockholder rights, such as voting or dividend rights, until vesting of the restricted stock.

Performance
Awards. A performance award means an award that vests in whole or in part upon the achievement
of one or more specified performance measures as determined by the Administrator. Performance measures may be based on our performance
as a whole or on any one or more of our subsidiaries, or our or our subsidiary’s business units, may provide that partial achievement
of performance measures may result in the partial payment or vesting of the award or that the achievement of a performance measure may
be measured over more than one period in a fiscal year. The number of performance shares earned by the participant depends on the extent
to which the performance goals are attained as determined by the Administrator.

Stock
Appreciation Rights. SARs are linked to the success of Bancorp 34’s stock during a predetermined
period. The participant can receive proceeds from the stock price increases without having to buy stock. No SAR will have a term in excess
of ten years measured from the date of grant of such SAR.

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Other
Stock-Based Awards. Other stock-based incentives valued in whole or in part by reference to,
or otherwise based on, shares (such as restricted stock units) may be granted under the Equity Plan, with such restrictions and other
conditions as the board determines.

Administration.
The 2024 Equity Plan is administered by the Company’s board of directors or one of its committees. The board of directors may,
in its discretion, in its capacity as the Administrator, (i) exercise all of the powers granted to it under the under the 2024 Equity
Plan; (ii) determine the fair market value of Bank common stock pursuant to the terms of the 2024 Equity Plan; (iii) select the service
providers to whom awards may be granted under the 2024 Equity Plan; (iv) determine whether and to what extent awards are granted under
the 2024 Equity Plan; (v) determine the number of shares of Bank common stock that pertain to each award; (vi) approve the terms of option
agreements, stock award agreements and SAR agreements; (vii) determine the terms and conditions