Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 883

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 2
Chunk 883
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 under the Equity Plan, with such restrictions and other
conditions as the board determines.

Administration.
The 2024 Equity Plan is administered by the Company’s board of directors or one of its committees. The board of directors may,
in its discretion, in its capacity as the Administrator, (i) exercise all of the powers granted to it under the under the 2024 Equity
Plan; (ii) determine the fair market value of Bank common stock pursuant to the terms of the 2024 Equity Plan; (iii) select the service
providers to whom awards may be granted under the 2024 Equity Plan; (iv) determine whether and to what extent awards are granted under
the 2024 Equity Plan; (v) determine the number of shares of Bank common stock that pertain to each award; (vi) approve the terms of option
agreements, stock award agreements and SAR agreements; (vii) determine the terms and conditions, not inconsistent with the terms of the
2024 Equity Plan, of any award, including the exercise price and the status of an option (non-statutory stock option or incentive stock
option), the time or times when awards may be exercised, and any restriction or limitation regarding any award or the shares of Company
common stock relating thereto, based in each case on such factors as the Administrator may determine; (viii) determine the method of
payment of the exercise price; (ix) delegate to others responsibilities to assist in administering the 2024 Equity Plan; (x) construe
and interpret the terms of the 2024 Equity Plan, option agreements, stock award agreements, SAR agreements and any other documents related
to awards granted under the 2024 Equity Plan; (xi) interpret and administer the terms of the 2024 Equity Plan to comply with tax law
or any other applicable law and to cause any award that is intended to be exempt from Code Section 409A to continue to be so exempt;
and (xii) adopt, alter and repeal such administrative rules, guidelines and practices governing the operation of the 2024 Equity Plans
it will from time to time deem advisable.

Recapitalization
and Vesting Events. The 2024 Equity Plan provides that in the event of certain corporate events
or changes affecting Bancorp 34’s common stock, the number of shares of common stock that pertain to each outstanding award, and
the exercise price of each option and the maximum number of shares subject to all awards under the