Company: BANFP
Filing Date: 2025-04-03
Form Type: DEF 14A
Source: 0000950170-25-050087
Chunk: 32

Company: BANCFIRST CORP /OK/
Filing Date: 2025-04-03
Form: DEF 14A
Chunk 32
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 results of our internal operational audits and results of regulatory compliance audits. For executive officers having line authority over a particular group of branches, such as Regional Executives, the performance criteria includes the attainment of these same objectives, but only with respect to the particular branches over which the executive officer has responsibility. For executive officers having responsibility over various corporate administrative functions, annual incentive payments are based primarily on the attainment of individual performance objectives negotiated at the beginning of the year. Attainment of individual performance objectives is based on a subjective evaluation of each individual officer’s performance. An executive officer’s potential cash incentive payment depends upon two factors: (x) the executive’s position, which establishes a maximum cash incentive award as a percent of base salary and (y) the extent to which the performance criteria have been achieved, with the concurrence of the CEOs and the Compensation Committee. Whenever the specified performance criteria are not fully met, the Chairman and the Compensation Committee determine the amount of incentive compensation paid, if any, based on their subjective evaluation of the extent to which the criteria were met and other factors. The Compensation Committee conducts an evaluation of the CEOs’ individual performances and determines the appropriate amount of performance-based incentive pay, considering the recommendations of the Chairman.

The payment of performance-based incentive compensation generally occurs in December of each year in respect of achievements of the fiscal year then ending. For 2024, each of the named executive officers was eligible for performance-based incentive compensation from 10% to 25% of the respective executive’s base salary. As discussed in detail below, each of the named executive officers received the maximum performance-based incentive compensation totaling 25% of his or her base salary.

Deferred Bonus Pool

For the named executive officers bonus, 5% of their base salary out of their total performance-based incentive is contributed to a Deferred Bonus Pool, as determined by the Compensation Committee at the end of such year. The deferred bonus is eligible to be paid at the end

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of the third year subsequent to the year of deferral, and may be paid on the last payday of that year. The payment of each deferred bonus is based upon the following conditions having been met during the three-year deferral period.

• No material financial statement restatements

• No material error or omission in the Company’s required disclosures filed with the SEC

• No gross negligence, misconduct or illegal acts by the respective executive officers in performing their responsibilities

The Compensation Committee shall determine whether the conditions for payment of the bonuses have been met.