Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 1037

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 3
Chunk 1037
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 be made which would impair
the rights of any participant under any grant previously made under the Plan without that participant’s consent. In addition, to
the extent necessary and desirable to comply with Code Section 422 (or other applicable law or regulation), Bancorp 34 will obtain stockholder
approval of any amendment to the 2024 Equity Plan in such a manner and to such a degree as required. The Administrator may generally
amend, alter, suspend, discontinue or terminate any award and any award agreement; provided that, without the consent of an affected
participant, no such action by the administrator may impair the rights of any participant with respect to the award.

Outstanding
Equity Awards at 2024 Fiscal Year-End 

The following table
provides a summary of equity awards outstanding as of December 31, 2024, for the named executive officers.

    Stock Awards

    Name 
    Grant Date 
    Number of shares or 
units of stock that
 have not vested (#)(1)  
    Market value of shares 
of units of stock that 
have not vested ($000s)  
    Equity incentive plan awards:
 Number of unearned shares, units or 
other rights that have not vested (#) 
  
    Ciaran McMullan 
    12/23/2024 
     82,500  
     974  
     65,000 
  
    Chris Webster 
    12/23/2024 
     30,000  
     354  
     24,000 
  
    Paul Tees 
    12/23/2024 
     15,300  
     181  
     19,800 

(1)Represents
                                            restricted stock unit grants that are earned upon the achievement of specified tangible book
                                            value per share and return on average assets targets and, once earned, vest in three equal
                                            annual installments. 

132

Potential
Payments Upon Termination or Change in Control

Employment
Agreements

Employment
Agreement with Ciaran McMullan

Mr. McMullan’s
employment agreement provides for certain change in control benefits to Mr. McMullan. If, within 12 months following a change in control
the Bank terminates Mr. McMullan without cause or Mr. McMullan terminates his employment for good reason, Mr. McMullan will be entitled
to severance equal to the sum of Mr. McMullan’s current annual