Company: BIAF
Filing Date: 2025-04-11
Form Type: S-1
Source: 0001641172-25-003892
Chunk: 155

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-04-11
Form: S-1
Chunk 155
---
 performance, and experience. For 2024, the annual base salaries of the Company’s NEOs were:

| ● | For                                                                                                                                  
 Ms. Zannes: $260,000 through October 31, 2024 and $300,000 commencing November 1, 2024 (which amounts do not include $25,000 in fees 
 paid to Ms. Zannes for her service as a director in 2024);                                                                           |
| ● | For                                                                                                                                  
 Mr. Edwards: $300,000(1); and                                                                                                        |
| ● | For                                                                                                                                  
 Mr. Girgenti: $120,000 (which amount does not include $35,000 in fees paid to Mr. Girgenti for his service as a director in 2024).   |

| (1) | Mr.                                                                                                                                   
 Edwards’ employment agreement provides that he will receive an annual base salary of $300,000. Mr. Edwards was employed pursuant      
 to such agreement as of November 5, 2024, accordingly, he received a pro-rated portion of such salary in 2024. In addition, he served 
 as a consultant to Company from September 16, 2024 through October 31, 2024 for which he was paid consulting fees of $31,438.         |

Bonuses

On January 26, 2024, the Compensation Committee adopted the bioAffinity Technologies, Inc. Management Incentive Bonus Plan. The purpose of the Bonus Plan is to align officers’ and other employees’ efforts with the strategic goals of the Company through competitive annual incentive opportunities. The Bonus Plan is administered by the Compensation Committee. The Compensation Committee has the power to grant awards under the Bonus Plan, determine the amount of cash and/or equity to be paid pursuant to each award and the terms and conditions of each award. Awards may provide for payment in installments, or upon the satisfaction of qualitative performance standards or quantitative performance standards, on an individual, divisional, or company-wide basis, as determined by the Compensation Committee. Equity awards will be issued in accordance with, and pursuant to, any equity-related incentive plan maintained by the Company.

Each participant in the Bonus Plan will be entitled to receive payment of the award for a plan year only after certification by the Compensation Committee that the targets associated with such award have been satisfied. Final payments with respect to awards will vary based on the level of achievement measured against the pre-determined performance measures. Except as may be approved by the Compensation Committee, each participant must