Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 2022

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 9C
Chunk 2022
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 be permissible in connection with
a merger or other corporate transaction if it would not violate Section 409A of the Code. The maximum term of any option is ten years
from the date of grant (or five years, for ISOs granted to a 10% or more stockholder).

Unless otherwise provided
in an option award agreement, all of a participant’s outstanding options (whether or not vested) will immediately terminate and
cease to be exercisable if an executive engages in a “detrimental activity” under the Plan. For purposes of the Plan, “detrimental
activity” means any conduct or act determined to be materially injurious, detrimental or prejudicial to the reputation or financial
position of the Company or any of its affiliates, as determined by the Administrator.

Restricted
Stock. A restricted stock award can be issued as a restricted stock award or restricted stock
unit. A restricted stock award and a restricted stock unit is a grant of shares subject to restrictions specified by the Administrator
that generally lapse upon vesting.

Restricted
Stock Awards. Unless otherwise provided in the award agreement, a participant of a restricted
stock award has stockholder rights, such as voting and dividend rights, provided that 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