Company: BANFP
Filing Date: 2025-04-03
Form Type: DEF 14A
Source: 0000950170-25-050087
Chunk: 37

Company: BANCFIRST CORP /OK/
Filing Date: 2025-04-03
Form: DEF 14A
Chunk 37
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The budgeted net income goal, classified assets to capital goal and internal audit goal were fully attained. Accordingly, the Chairman recommended that the Compensation Committee determine that he be paid the maximum bonus amount for each goal, which resulted

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in Mr. Rainbolt receiving a total cash incentive bonus for 2024 equal to 20% of his base salary and a 5% deferred bonus that is eligible to be paid in cash at the end of 2027.

Mr. Copeland

For 2024, Mr. Copeland was eligible for a bonus up to 25% of his base salary. The 2024 performance objectives for Mr. Copeland included financial performance, strategic and operational objectives in connection with Mr. Copeland’s role throughout the year as Chief Operations Officer. Mr. Copeland’s performance objectives for 2024 included the following:

Evaluating and appropriately managing organizational structure, systems, workflow and staffing requirements of Information Systems, Digital Delivery, Operational Compliance, Operational Support, Item Processing and Treasury Services Sales and Support;

Overseeing and monitoring our core banking system’s facilities management and operations;

Monitoring actual financial performances as compared to budget for his areas of responsibility;

Planning for and overseeing multiple system conversions and upgrades; and

Negotiating and executing renewal of our core system processing contract.

In reviewing Mr. Copeland’s attainment of those objectives, Mr. Schmidt made a subjective determination that Mr. Copeland was generally successful in achieving the goals and objectives set for him. Accordingly, Mr. Schmidt recommended that the Compensation Committee approve his determination that Mr. Copeland be paid the maximum possible bonus, which resulted in Mr. Copeland receiving a total cash incentive bonus for 2024 equal to 20% of his base salary and a 5% deferred bonus that is eligible to be paid in cash at the end of 2027.

Equity Awards

Historically, the Company has not granted equity awards to the same degree as its peers; typically, awards have been made either as an employment incentive in connection with the Company’s efforts to employ an executive officer, as a retention device or to focus executive officers on the achievement of long-term corporate goals.

The Company does not have stock ownership guidelines for its directors or executive officers. Given the Chairman’s significant existing stock ownership in the Company, he has recommended to the Compensation Committee that he not be granted any additional stock awards. Awards granted to our other executive officers are recommended by our Executive Committee and ratified by the full Board.

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