# EDGAR Filing Document

**Accession Number:** 0000002186
**File Stem:** 0001437749-25-022664
**Filing Date:** 2025-7
**Character Count:** 73957
**Document Hash:** 3ade45a03a211eaa8c65b4f3c62a9939
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-022664.hdr.sgml**: 20250714

**ACCESSION NUMBER**: 0001437749-25-022664

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20250710

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250714

**DATE AS OF CHANGE**: 20250714

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BK Technologies Corp
- **CENTRAL INDEX KEY:** 0000002186
- **STANDARD INDUSTRIAL CLASSIFICATION:** RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 593486297
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32644
- **FILM NUMBER:** 251121874

**BUSINESS ADDRESS:**
- **STREET 1:** 7100 TECHNOLOGY DRIVE
- **CITY:** WEST MELBOURNE
- **STATE:** FL
- **ZIP:** 32904
- **BUSINESS PHONE:** 321-984-1414

**MAIL ADDRESS:**
- **STREET 1:** 7100 TECHNOLOGY DRIVE
- **CITY:** WEST MELBOURNE
- **STATE:** FL
- **ZIP:** 32904

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BK Technologies, Inc.
- **DATE OF NAME CHANGE:** 20180604

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RELM WIRELESS CORP
- **DATE OF NAME CHANGE:** 19980129

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ADAGE INC
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? bkti20250714_8k.htm

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

Date of Report (Date of earliest event reported): **July 10, 2025**

---

| |
|:---|
| **BK Technologies Corporation** |
| &nbsp;&nbsp;&nbsp;&nbsp; (Exact name of registrant as specified in its charter) |

---

---

| | | |
|:---|:---|:---|
| **Nevada**  | **001-32644**  | **83-4064262**  |
| (State or other jurisdiction of | (Commission | (IRS Employer |
| incorporation or organization) | File No.) | Identification Number) |

---

---

| | |
|:---|:---|
| **7100 Technology Drive, West Melbourne, FL**  | **32904**  |
| (Address of principal executive offices) | (Zip Code) |

---

**<u>(321) 984-1414</u>**

(Registrant's telephone number including area code)

**<u>N/A</u>**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol(s)** | **Name of Each Exchange on Which Registered** |
| Common Stock, par value $0.60 per share | BKTI | NYSE American |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

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| | |
|:---|:---|
| **Item 5.02**  | **Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.** |

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*Performance Stock Option Awards to CEO and CFO*

On July 10, 2025, the Compensation Committee (the "Committee") of the Board of Directors of BK Technologies Corporation (the "Company") approved the grant, effective on the date of approval, of performance-based stock option awards (the "Performance Stock Options") to the Company's Chief Executive Officer, John M. Suzuki, and to the Company's Chief Financial Officer, Scott A. Malmanger, under the BK Technologies Corporation 2025 Incentive Compensation Plan (the "2025 Plan").

The Performance Stock Options represent front-loaded, performance-based long-term incentive awards which the Committee intends will fully cover any and all long-term incentive award opportunities to be granted to Messrs. Suzuki and Malmanger for the five-year period consisting of the Company's fiscal years 2025 through 2029. Accordingly, following the grant of the Performance Stock Options, the Committee does not intend to grant any further long-term incentive awards to either Mr. Suzuki or Mr. Malmanger at any time prior to the end of the Company's 2029 fiscal year.

After considering market compensation data and recommendations provided by the Committee's independent compensation consultant, Compensation Advisory Partners LLC, regarding the appropriate value of the long-term incentive award opportunities for Messrs. Suzuki and Malmanger for the five fiscal year period of 2025 through 2029, the Committee approved the grant of Performance Stock Options to Messrs. Suzuki and Malmanger on July 10, 2025 with the cash value set forth in the table below, which was converted into a number of Performance Stock Options as set forth in the table below by dividing the cash value of the award by the grant date fair value per share of the Company's common stock subject to the Performance Stock Options as determined for financial accounting purposes (using a Monte Carlo valuation method).

---

| | | |
|:---|:---|:---|
| **Executive** | **Cash Value of Award** | **Number of Performance Stock Options** |
| John M. Suzuki | $2800000 | 112391 |
| Scott A. Malmanger | $1250000 | 50175 |

---

The Performance Stock Options have an exercise price of $42.81 per share (the Company's closing stock price on the date of grant), and a 10-year term.

In order to incentivize Messrs. Suzuki and Malmanger to help drive significant future long-term value creation for the Company and its shareholders, up to 100% of the options generally will vest and become exercisable (if at all) on July 10, 2030 (the fifth anniversary of the grant date), but only to the extent that the Company achieves one or more specified share price targets during that five-year performance period and the executive remains in the continuous employment or other service of the Company through the fifth anniversary of the grant date. Achieving a stock price target generally requires the Company to maintain an average volume weighted average stock price for a period of 20 consecutive trading that is at least equal to the applicable share price target. The share price targets applicable to the Performance Stock Options and the percentage of option shares earned for achieving each of those share price targets is set forth in the table below. To the extent that a share price target is not achieved during the five-year performance period, the portion of the stock option award attributable to that share price target will be automatically forfeited.

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| | |
|:---|:---|
| **Share Price Target** | **Percentage of Performance Stock Option Award Earned** |
| $70.00 per share | 10% |
| $100.00 per share | 15% |
| $130.00 per share | 20% |
| $160.00 per share | 25% |
| $190.00 per share | 30% |

---

------

Pursuant to the Performance Stock Option Agreements between the Company and each of Mr. Suzuki and Mr. Malmanger (the "CEO Performance Stock Option Agreement" and the "CFO Performance Stock Option Agreement", respectively), any Performance Stock Options that were previously earned based on the achievement of one or more share price targets will become immediately vested and exercisable in the event that the executive's employment or other service with the Company is terminated due to death, disability or "retirement" (defined as the executive's voluntary termination that occurs at least three years after the grant date and after the executive has attained age 72). Further, if a "change in control" of the Company (as defined in the 2025 Plan) occurs during the five-year performance period and during the executive's continuous employment or other service to the Company, the Performance Stock Options will vest and become exercisable on a "double-trigger" basis, but only to the extent that the share price targets were achieved on or prior to the change in control, and for that purpose, the level of achievement of share price targets upon the change in control will be based on the higher of the Company's closing stock price on the last trading prior to the change in control or the value of the per-share consideration payable or distributable to the Company and its shareholders in the change in control transaction. The treatment of the Performance Stock Options in the event of a change in control will be governed by the terms and conditions of the applicable stock option agreement; accordingly, as described below, the Company's employment agreements with Messrs. Suzuki and Malmanger were amended in connection with the grant of the Performance Stock Options to ensure that the stock option agreements will control with respect to the Performance Stock Options, notwithstanding any provisions of the executive's employment agreement to the contrary.

The summary of the Performance Stock Options contained herein does not purport to be complete and is subject to, and qualified in its entirety by reference to, the full text of the CEO Performance Stock Option Agreement and the CFO Performance Stock Option Agreement, copies of which are filed as [Exhibit 10.1](ex_838463.htm) and [Exhibit 10.2](ex_838464.htm) to this Current Report on Form 8-K and are incorporated herein by reference.

*Amendments to CEO and CFO Employment Agreements*

The employment agreement between the Company and Mr. Suzuki dated effective July 19, 2021, as amended by that certain First Amendment dated as of June 23, 2022 (the "CEO Employment Agreement"), and the employment agreement between the Company and Mr. Malmanger dated as of November 7, 2022 (the "CFO Employment Agreement") each provides certain terms (including acceleration of vesting) that are generally applicable to the executive's outstanding equity awards in the event of a change in control of the Company, notwithstanding any contrary provisions of the applicable equity plan or award agreement. As described above, the stock option agreements for the Performance Stock Options granted to Messrs. Suzuki and Malmanger include specific terms applicable in the event of a change in control of the Company (including double-trigger vesting for any Performance Stock Options earned based on the achievement of applicable share price targets). Accordingly, on July 10, 2025 and in connection with the grant of the Performance Stock Options, the Committee approved a Second Amendment to the CEO Employment Agreement and a First Amendment to the CFO Employment Agreement, in order to ensure the treatment of the Performance Stock Options in the event of a change in control will be governed by the terms and conditions of the applicable stock option agreement, notwithstanding any provisions of the executive's employment agreement to the contrary.

The summary of the amendments to the employment agreements with Messrs. Suzuki and Malmanger does not purport to be complete and is subject to, and qualified in its entirety by reference to, the full text of the Second Amendment to CEO Employment Agreement and the First Amendment to CFO Employment Agreement, copies of which are filed as [Exhibit 10.3](ex_838465.htm) and [Exhibit 10.4](ex_838466.htm) to this Current Report on Form 8-K and is incorporated herein by reference.

**Item 9.01** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Financial Statements and Exhibits.** 

**(d) Exhibits** 

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 10.1\* | [CEO Performance Stock Option Agreement.](ex_838463.htm) |
| 10.2\* | [CFO Performance Stock Option Agreement.](ex_838464.htm) |
| 10.3\* | [Second Amendment to CEO Employment Agreement.](ex_838465.htm) |
| 10.4\* | [First Amendment to CFO Employment Agreement.](ex_838466.htm) |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document). |

---

\* Management contract or compensatory plan or arrangement.

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **BK TECHNOLOGIES CORPORATION**  | **BK TECHNOLOGIES CORPORATION**  |
| Date: July 14, 2025 | By: | */s/ Scott A. Malmanger* |
|  |  | Scott A. Malmanger |
|  |  | Chief Financial Officer |

---

## Exhibit 10.1

**Exhibit 10.1**

**BK Technologies Corporation**

**2025 Incentive Compensation Plan**

**Performance Stock Option Agreement**

All capitalized terms used in this Performance Stock Option Agreement, but not otherwise defined herein, shall have the meanings ascribed to them in the BK Technologies Corporation 2025 Incentive Compensation Plan (the "*Plan*").

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **NOTICE OF STOCK OPTION GRANT** 

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| | |
|:---|:---|
| **Optionholder Name:** | John M. Suzuki |
| **Address:** |  |

---

The Optionholder (as designated above) has been granted an Option to purchase Shares of the Company, subject to the terms and conditions of the Plan and this Option Agreement, as follows:

---

| | |
|:---|:---|
| **Date of Grant:** | July 10, 2025 |
| **Exercise Price per Share:** | $42.81 |
| **Total Number of Shares Granted:** | 112391 |
| **Type of Option:** | Nonqualified Stock Option |
| **Expiration Date:** | The day before the tenth (10th) anniversary of the Date of Grant |
| **Performance Period:** | The period beginning on the Date of Grant and ending on the fifth (5<sup>th</sup>) anniversary of the Date of Grant |
| **Vesting Date:** | The last day of the Performance Period |
| **Vesting Schedule:** | As set forth on <u>Exhibit A</u> |

---

&nbsp;&nbsp;&nbsp;&nbsp;**II.** **STOCK OPTION AGREEMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Grant of Option.</u> 

(a) The Company hereby grants to the Optionholder named in the Notice of Stock Option Grant (the "*Optionholder*"), an option (the "*Option*") to purchase the number of Shares set forth in the Notice of Stock Option Grant, at the exercise price per Share set forth in the Notice of Stock Option Grant (the "*Exercise Price*"), and subject to the terms and conditions of the Plan, which is incorporated herein by reference. Subject to Section 22(d) of the Plan, in the event of a conflict between the terms and conditions of the Plan and this Performance Stock Option Agreement (the "*Option Agreement*"), the terms and conditions of the Plan shall prevail. The Option is intended to be treated, and shall in all cases be treated, as a Nonqualified Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Exercise of Option</u>.

(a) <u>Right to Exercise</u>. This Option, to the extent vested and exercisable pursuant to the Vesting Schedule, shall be exercisable during its term in accordance with the applicable provisions of the Plan and this Option Agreement (including the Vesting Schedule). Notwithstanding the Vesting Schedule, the Committee may, in its sole discretion, provide for the full or partial acceleration of vesting and exercisability of this Option in connection with the termination of the Optionholder's Continuous Service for any reason prior to the Vesting Date.

------

(b) <u>Method of Exercise</u>. This Option shall be exercisable by delivery of an exercise notice in the form attached as <u>Exhibit</u><u> </u><u>B</u> (the "*Exercise Notice*") which shall state the election to exercise the Option, the number of Shares with respect to which the Option is being exercised, and such other representations and agreements as may be required by the Company.

The Option shall be deemed exercised when the Company receives (i) written or electronic notice of exercise (in accordance with this Option Agreement) from the Optionholder (or other person entitled to exercise the Option); (ii) full payment for the Shares with respect to which the Option is exercised; (iii) payment of any required tax withholding; and (iv) any other documents required by this Option Agreement or the Exercise Notice. Full payment may consist of any consideration and method of payment permitted by this Option Agreement. Shares issued upon exercise of an Option shall be issued in the name of the Optionholder or, if requested by the Optionholder and permitted under applicable law, in the name of the Optionholder and his or her spouse. Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the Shares, notwithstanding the exercise of the Option. The Company shall issue (or cause to be issued) such Shares promptly after the Option is exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 16 of the Plan.

Exercise of this Option in any manner shall result in a decrease in the number of Shares thereafter available for sale under the Option, by the number of Shares as to which the Option is exercised.

(c) <u>Legal Compliance</u>. No Shares shall be issued pursuant to the exercise of this Option unless such issuance and such exercise complies with applicable laws and the requirements of any governmental or regulatory agency or stock exchange. Assuming such compliance, for income tax purposes the Shares shall be considered transferred to the Optionholder on the date on which the Option is exercised with respect to such Shares.

3. <u>Term</u>. Optionholder may not exercise the Option before the commencement of its term or after its term expires. During the term of the Option, Optionholder may only exercise the Option to the extent vested. The term of the Option commences on the Date of Grant and, except as otherwise provided pursuant to Section 21 of the Plan in connection with a Change in Control, expires upon the ***earliest*** of the following:

(a) With respect to the unvested portion of the Option, immediately upon termination of Optionholder's Continuous Service at any time and for any reason;

(b) With respect to both the unvested portion and any vested portion of the Option, immediately upon termination of Optionholder's Continuous Service by the Company for Cause;

(c) With respect to the vested portion of the Option, ninety (90) days after the termination of Optionholder's Continuous Service for any reason other than (i) termination by the Company for Cause, (ii) Optionholder's death or Disability, or (ii) Optionholder's Qualified Termination in connection with a Change in Control;

(d) With respect to the vested portion of the Option, twelve (12) months after the termination of Optionholder's Continuous Service by reason of Optionholder's death or Disability;

------

(e) With respect to the vested portion of the Option and in the event of the Optionholder's Qualified Termination in connection with a Change in Control, on the Expiration Date; or

(f) The Expiration Date.

4. <u>Method of Payment</u>. Payment of the aggregate Exercise Price shall be, to the extent permitted by applicable law, any combination of:

(a) cash or check;

(b) subject to the Company's approval at the time of exercise, consideration received by the Company under a formal cashless exercise program adopted by the Company in connection with the Plan; or

(c) surrender to the Company of other Shares which, (i) in the case of Shares acquired from the Company, either directly or indirectly, have been owned by the Optionholder for such period of time on the date of surrender such that will avoid an expense for financial accounting purposes, and (ii) have a Fair Market Value on the date of surrender equal to the aggregate Exercise Price of Shares being acquired pursuant to exercise of this Option. Shares from the portion of this Option to be exercised may be used to pay the exercise price to the extent that such use will not increase the compensation expense related to this Option for financial accounting purposes.

5. <u>Non-Transferability of Option</u>. This Option is transferable by will or by the laws of descent and distribution. In addition, Optionholder may, by delivering written notice to the Company, in a form provided by or otherwise satisfactory to the Company, designate a third party who, in the event of the death of the Optionholder, shall thereafter be entitled to exercise the Option. Further, but only if and to the extent that this Option constitutes a Nonqualified Stock Option, the Option also may be transferable to Optionholder's "family member" upon written consent of the Company if the transfer is not for value and at the time of transfer, a Form S-8 registration statement under the Securities Act of 1933, as amended (the "*Securities Act*") is available for the exercise of the Option and the subsequent resale of the underlying Shares after such transfer. For purposes hereof, the term "family member" shall have the meaning assigned to it in the general instructions of a Form S-8 registration statement (or any successor form adopted under the Securities Act).

6. <u>Tax Obligations</u>.

(a) <u>Tax Consequences</u>. Optionholder has reviewed with Optionholder's own tax advisors the federal, state, local and foreign tax consequences of this Option. Optionholder is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. Optionholder understands that Optionholder (and not the Company) shall be responsible for any tax liability that may arise as a result of the transactions contemplated by this Option Agreement and the Plan.

(b) <u>Withholding Taxes</u>. Optionholder may satisfy any federal, state or local tax withholding obligation relating to the exercise or acquisition of Shares under this Option by any of the following means (in addition to the Company's right to withhold from any compensation paid to the Optionholder by the Company) or by a combination of such means: (i) tendering a cash payment; (ii) authorizing the Company to withhold Shares from the Shares otherwise issuable to Optionholder as a result of the exercise or acquisition of stock under this Option; provided, however, that no Shares are withheld with a value exceeding the amount of tax required to be withheld by law based on the maximum statutory tax rates in the applicable taxing jurisdictions; or (iii) delivering to the Company owned and unencumbered Shares. Optionholder agrees to make appropriate arrangements with the Company for the satisfaction of all federal, state, local and foreign income and employment tax withholding requirements applicable to the Option exercise. Optionholder acknowledges and agrees that the Company may refuse to honor the exercise and refuse to deliver Shares if such withholding amounts are not delivered at the time of exercise.

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7. <u>Entire Agreement; Governing Law</u>. The Plan and this Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Optionholder with respect to the subject matter hereof, and may not be modified adversely to the Optionholder's interest except by means of a writing signed by the Company and Optionholder. Without limiting the foregoing, Optionholder and the Company specifically acknowledge and agree that Section 4.5 of Optionholder's employment agreement dated July 19, 2021, as amended as of June 23, 2022, as subsequently amended (the "*Employment Agreement*"), shall have no effect upon the vesting and exercisability of the Option in connection with the occurrence of a Change in Control, and that the treatment of the Option in the event of a Change in Control instead shall be governed by the terms and conditions of this Option Agreement (including the Vesting Schedule). This Option Agreement shall be construed and enforced under the laws of the State of Nevada, without regard to choice of law provisions thereof.

8. <u>No Guarantee of Continued Service</u>. Optionholder acknowledges and agrees that nothing in this Option Agreement or the Plan confer upon Optionholder any right to continued employment or other service with the Company or any Subsidiary or affiliate.

9. <u>Adjustments</u>. The number and kind of Shares subject to the Option, the Exercise Price per Share, and the applicable Share Price Targets are subject to adjustment as provided in Section 16 of the Plan.

10. <u>Clawback Policy</u>. The Option and any Shares delivered pursuant to this Option Agreement are subject to forfeiture or repayment as may be provided pursuant to the Company's Clawback Policy (or any successor compensation recovery or "clawback" policy), as in effect from time to time.

11. <u>Data Privacy</u>. In order to administer the Plan, the Company may process personal data about the Optionholder. Such data includes, but is not limited to the information provided in this Option Agreement and any changes thereto, other appropriate personal and financial data about the Optionholder such as home address and business addresses and other contact information and any other information that might be deemed appropriate by the Company to facilitate the administration of the Plan. By signing this Option Agreement, the Optionholder gives explicit consent to the Company to process any such personal data. The Optionholder also gives explicit consent to the Company to transfer any such personal data outside the country in which the Optionholder works or is employed, including, if the Optionholder is not a U.S. resident, to the United States, to transferees that shall include the Company and other persons who are designated by the Company to administer the Plan.

12. <u>Plan and Prospectus Delivery</u>. By signing this Option Agreement, the Optionholder acknowledges that a copy of the Plan, the Plan Summary and Prospectus, and the Company's most recent Annual Report and Proxy Statement (the "*Prospectus Information*") either have been received by or provided to the Optionholder, and the Optionholder consents to receiving the Prospectus Information electronically, or, in the alternative, agrees to contact the Chief Financial Officer of the Company to request a paper copy of the Prospectus Information at no charge. The Optionholder also represents that he or she is familiar with the terms and provisions of the Prospectus Information and hereby accepts the Option on the terms and subject to the conditions set forth herein and in the Plan. The Optionholder hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Plan or this Option. The Optionholder further agrees to notify the Company upon any change in the residence address indicated below.

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IN WITNESS WHEREOF, the parties hereto have executed this Option Agreement as of the Date of Grant.

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| | |
|:---|:---|
| **BK TECHNOLOGIES CORPORATION** | **BK TECHNOLOGIES CORPORATION** |
| By:  | /s/ R. Joseph Jackson  |
| Name: | R. Joseph Jackson |
| Title: | Compensation Committee Chairman |
| **OPTIONHOLDER**  | **OPTIONHOLDER**  |
| By: | /s/ John M. Suzuki |
| Name: | John M. Suzuki |
| Address: | \*\*\* |
|  | \*\*\* |

---

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**<u>EXHIBIT A</u>**

**BK Technologies Corporation**

**Performance Stock Option Agreement**

**VESTING SCHEDULE**

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Performance Period</u>. The period beginning on the Date of Grant and ending on the fifth (5<sup>th</sup>) anniversary of the Date of Grant (the "*Performance Period* ").

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Vesting Date</u>. The last day of the Performance Period (the "*Vesting Date* ").

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Vesting Schedule</u>. If, at any time during the Performance Period, an Attainment Date occurs, a portion of the Option equal to the applicable Vesting Percentage (as set forth in Section 3 below and subject to such rounding conventions as utilized by the Company from time to time) will vest and become exercisable on the Vesting Date, subject to the Optionholder's Continuous Service from the Date of Grant through the Vesting Date (except as otherwise provided below). Notwithstanding the foregoing: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a. <u>Death or Disability</u>. In the event of the termination of the Optionholder's Continuous Service as a result of the Optionholder's death or Disability (as defined below) prior to the Vesting Date, any portion of the Option for which an Attainment Date has previously occurred shall become vested and exercisable upon such termination of the Optionholder's Continuous Service. For purposes of this Vesting Schedule and the Option Agreement, "Disability" means the Optionholder's permanent and total disability (within the meaning of Section 22(e) of the Code), as determined by a medical doctor satisfactory to the Committee. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b. <u>Retirement</u>. In the event of the Optionholder's Retirement (as defined below) on or after the third (3<sup>rd</sup>) anniversary of the Date of Grant and prior to the Vesting Date, any portion of the Option for which an Attainment Date has previously occurred shall become vested and exercisable upon such Retirement. For purposes of this Vesting Schedule and the Option Agreement, "*Retirement*" means the Participant's voluntary termination of his Continuous Service after attaining age 72, provided that no circumstances exist that would constitute Cause for the Company to have terminate the Optionholder's Continuous Service. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c. <u>Change in Control</u>. In the event of a Change in Control in which either (i) the Option is not assumed, converted or replaced by the resulting entity, or (ii) the Option is assumed, converted or replaced by the resulting entity, and the Optionholder incurs a Qualified Termination, then, notwithstanding any provision of the Optionholder's Employment Agreement or the Plan to the contrary, any portion of the Option for which an Attainment Date has occurred on or prior to such Change in Control shall become vested and exercisable upon such Change in Control or such Qualified Termination, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Performance Vesting Conditions</u>. The vesting of the Option is contingent upon the achievement of one or more of the Share Price Targets set forth in the table below (each a "*Share Price Target*" and collectively, the "*Share Price Targets*") upon an Attainment Date that occurs during the Performance Period, and the Optionholder's Continuous Service as provided in this Vesting Schedule. For purposes of the foregoing, an "*Attainment Date*" shall occur on the first date during the Performance Period when the average of the volume weighted average price ()"*VWAP*") per Share for each trading day on the NYSE American (or such other principal exchange on which Shares are then trading) in the period of twenty (20) consecutive trading days ending upon and including such date (the "*Attainment Period*") equals or exceeds the applicable Share Price Target set forth in the table below. For purposes of this Option Agreement, the VWAP for any trading day shall be determined as the VWAP reported for such trading day by Bloomberg L.P. (or such other reputable pricing data provider as may be designated by the Committee in its sole discretion). Notwithstanding the foregoing, in the event of a Change in Control during the Performance Period and while the Optionholder remains in Continuous Service, the achievement of the Share Price Target for any portion of the Option for which an Attainment Date has not previously occurred will be determined based solely upon the higher of (a) the closing price per Share on the NYSE American (or such other principal exchange on which Shares are then trading) on the last trading day prior to the Change in Control, and (b) the total value per Share of the consideration payable or distributable to the Company's stockholders in the Change in Control transaction, and in the event that any Share Price Target is thereby achieved, the "*Attainment Date*" shall be the date of such Change in Control.

------

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| | |
|:---|:---|
| **Vesting Percentage** | **Share Price Target** |
| 10% of the Total Number of Shares Granted | $70.00 per Share |
| 15% of the Total Number of Shares Granted | $100.00 per Share |
| 20% of the Total Number of Shares Granted | $130.00 per Share |
| 25% of the Total Number of Shares Granted | $160.00 per Share |
| 30% of the Total Number of Shares Granted | $190.00 per Share |

---

Each Share Price Target set forth in the table above is a binary threshold; accordingly, the Vesting Percentage corresponding to a Share Price Target for which an Attainment Date is reached shall not be interpolated for Share prices between Share Price Target levels. Each Share Price Target and its corresponding Vesting Percentage may be achieved only once. For the avoidance of doubt, the maximum percentage of the Option that may become vested and exercisable will not exceed 100% of the Total Number of Shares Granted.

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Forfeiture of the Option</u>. To the extent that a Share Price Target with respect to a Vesting Percentage of the Option is not achieved upon an Attainment Date that occurs during the Performance Period, the portion of the Option for which such Share Price Target was not attained shall be forfeited and cancelled, automatically and without further action or notice, at the end of the Performance Period. For avoidance of doubt, if the lowest Share Price Target set forth in the table above is not achieved upon an Attainment Date that occurs during the Performance Period, the Option will be forfeited and cancelled in its entirety, automatically and without further action or notice, at the end of the Performance Period. Further, except to the extent otherwise provided pursuant to Section 3 of this Vesting Schedule or Section 2(a) of the Option Agreement, this Option will be forfeited and cancelled, automatically and without further action or notice, upon the termination of the Participant's Continuous Service for any reason prior to the Vesting Date.

------

**<u>EXHIBIT B</u>**

**BK Technologies Corporation**

**2025 INCENTIVE COMPENSATION PLAN**

**EXERCISE NOTICE**

BK Technologies Corporation

7100 Technology Drive

West Melbourne, Florida 32904

Attention: Chief Financial Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Exercise of Option</u>. Effective as of today, _____________, 20__, the undersigned ("*Optionholder*") hereby elects to exercise Optionholder's option to purchase _________ shares of the Common Stock (the "*Shares*") of BK Technologies Corporation (the "*Company*") under and pursuant to the Company's 2025 Incentive Compensation Plan (the "*Plan*") and the Performance Stock Option Agreement dated ____________, 20__ (the "*Option Agreement*").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Delivery of Payment and Required Documents</u>. Optionholder herewith delivers to the Company the full purchase price of the Shares, as set forth in the Notice of Stock Option Grant in Part I of the Option Agreement, and any and all withholding taxes due in connection with the exercise of the Option. In addition, Optionholder herewith delivers any other documents required by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Representations of Optionholder</u>. Optionholder acknowledges that Optionholder has received, read and understood the Plan and the Option Agreement and agrees to abide by and be bound by their terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Rights as Stockholder</u>. Until the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the Shares, notwithstanding the exercise of the Option. The Shares shall be issued to the Optionholder as soon as practicable after the Option is exercised in accordance with the Option Agreement. No adjustment shall be made for a dividend or other right for which the record date is prior to the date of issuance except as provided in Section 16 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Tax Consultation</u>. Optionholder understands that Optionholder may suffer adverse tax consequences as a result of Optionholder's purchase or disposition of the Shares. Optionholder represents that Optionholder has consulted with any tax consultants Optionholder deems advisable in connection with the purchase or disposition of the Shares and that Optionholder is not relying on the Company for any tax advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Successors and Assigns</u>. The Company may assign any of its rights under this Exercise Notice to single or multiple assignees, and this Exercise Notice shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth in the Option Agreement, this Exercise Notice shall be binding upon Optionholder and his or her heirs, executors, administrators, successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Interpretation</u>. Any dispute regarding the interpretation of this Exercise Notice shall be submitted by Optionholder or by the Company forthwith to the Committee which shall review such dispute at its next regular meeting. The resolution of such a dispute by the Committee shall be final and binding on all parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Governing Law</u>. This Exercise Notice shall be construed and enforced under the laws of the State of Nevada, without regard to choice of law provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Entire Agreement</u>. The Plan and Option Agreement are incorporated herein by reference. All capitalized terms used herein but not otherwise defined herein shall have the meanings ascribed to them in the Option Agreement. This Exercise Notice, the Plan and the Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Optionholder with respect to the subject matter hereof, and may not be modified adversely to the Optionholder's interest except by means of a writing signed by the Company and Optionholder.

------

IN WITNESS WHEREOF, the parties hereto have executed this Exercise Notice as of the Date of Grant.

---

| |
|:---|
| **BK TECHNOLOGIES CORPORATION** |
| By:  |
| Name: |
| Title: |
| **OPTIONHOLDER**  |
| By: |
| Name: |
| Address: |

---

## Exhibit 10.2

**Exhibit 10.2**

**BK Technologies Corporation**

**2025 Incentive Compensation Plan**

**Performance Stock Option Agreement**

All capitalized terms used in this Performance Stock Option Agreement, but not otherwise defined herein, shall have the meanings ascribed to them in the BK Technologies Corporation 2025 Incentive Compensation Plan (the "*Plan*").

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **NOTICE OF STOCK OPTION GRANT** 

---

| | |
|:---|:---|
| **Optionholder Name:** | Scott A. Malmanger |
| **Address:** |  |

---

The Optionholder (as designated above) has been granted an Option to purchase Shares of the Company, subject to the terms and conditions of the Plan and this Option Agreement, as follows:

---

| | |
|:---|:---|
| **Date of Grant:** | July 10, 2025 |
| **Exercise Price per Share:** | $42.81 |
| **Total Number of Shares Granted:** | 50175 |
| **Type of Option:** | Nonqualified Stock Option |
| **Expiration Date:** | The day before the tenth (10th) anniversary of the Date of Grant |
| **Performance Period:** | The period beginning on the Date of Grant and ending on the fifth (5<sup>th</sup>) anniversary of the Date of Grant |
| **Vesting Date:** | The last day of the Performance Period |
| **Vesting Schedule:** | As set forth on <u>Exhibit A</u> |

---

&nbsp;&nbsp;&nbsp;&nbsp;**II.** **STOCK OPTION AGREEMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Grant of Option.</u> 

(a) The Company hereby grants to the Optionholder named in the Notice of Stock Option Grant (the "*Optionholder*"), an option (the "*Option*") to purchase the number of Shares set forth in the Notice of Stock Option Grant, at the exercise price per Share set forth in the Notice of Stock Option Grant (the "*Exercise Price*"), and subject to the terms and conditions of the Plan, which is incorporated herein by reference. Subject to Section 22(d) of the Plan, in the event of a conflict between the terms and conditions of the Plan and this Performance Stock Option Agreement (the "*Option Agreement*"), the terms and conditions of the Plan shall prevail. The Option is intended to be treated, and shall in all cases be treated, as a Nonqualified Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Exercise of Option</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Right to Exercise</u>. This Option, to the extent vested and exercisable pursuant to the Vesting Schedule, shall be exercisable during its term in accordance with the applicable provisions of the Plan and this Option Agreement (including the Vesting Schedule). Notwithstanding the Vesting Schedule, the Committee may, in its sole discretion, provide for the full or partial acceleration of vesting and exercisability of this Option in connection with the termination of the Optionholder's Continuous Service for any reason prior to the Vesting Date.

------

(b) <u>Method of Exercise</u>. This Option shall be exercisable by delivery of an exercise notice in the form attached as <u>Exhibit</u><u> </u><u>B</u> (the "*Exercise Notice*") which shall state the election to exercise the Option, the number of Shares with respect to which the Option is being exercised, and such other representations and agreements as may be required by the Company.

The Option shall be deemed exercised when the Company receives (i) written or electronic notice of exercise (in accordance with this Option Agreement) from the Optionholder (or other person entitled to exercise the Option); (ii) full payment for the Shares with respect to which the Option is exercised; (iii) payment of any required tax withholding; and (iv) any other documents required by this Option Agreement or the Exercise Notice. Full payment may consist of any consideration and method of payment permitted by this Option Agreement. Shares issued upon exercise of an Option shall be issued in the name of the Optionholder or, if requested by the Optionholder and permitted under applicable law, in the name of the Optionholder and his or her spouse. Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the Shares, notwithstanding the exercise of the Option. The Company shall issue (or cause to be issued) such Shares promptly after the Option is exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 16 of the Plan.

Exercise of this Option in any manner shall result in a decrease in the number of Shares thereafter available for sale under the Option, by the number of Shares as to which the Option is exercised.

(c) <u>Legal Compliance</u>. No Shares shall be issued pursuant to the exercise of this Option unless such issuance and such exercise complies with applicable laws and the requirements of any governmental or regulatory agency or stock exchange. Assuming such compliance, for income tax purposes the Shares shall be considered transferred to the Optionholder on the date on which the Option is exercised with respect to such Shares.

3. <u>Term</u>. Optionholder may not exercise the Option before the commencement of its term or after its term expires. During the term of the Option, Optionholder may only exercise the Option to the extent vested. The term of the Option commences on the Date of Grant and, except as otherwise provided pursuant to Section 21 of the Plan in connection with a Change in Control, expires upon the ***earliest*** of the following:

(a) With respect to the unvested portion of the Option, immediately upon termination of Optionholder's Continuous Service at any time and for any reason;

(b) With respect to both the unvested portion and any vested portion of the Option, immediately upon termination of Optionholder's Continuous Service by the Company for Cause;

(c) With respect to the vested portion of the Option, ninety (90) days after the termination of Optionholder's Continuous Service for any reason other than (i) termination by the Company for Cause, (ii) Optionholder's death or Disability, or (ii) Optionholder's Qualified Termination in connection with a Change in Control;

(d) With respect to the vested portion of the Option, twelve (12) months after the termination of Optionholder's Continuous Service by reason of Optionholder's death or Disability;

------

(e) With respect to the vested portion of the Option and in the event of the Optionholder's Qualified Termination in connection with a Change in Control, on the Expiration Date; or

(f) The Expiration Date.

4. <u>Method of Payment</u>. Payment of the aggregate Exercise Price shall be, to the extent permitted by applicable law, any combination of:

(a) cash or check;

(b) subject to the Company's approval at the time of exercise, consideration received by the Company under a formal cashless exercise program adopted by the Company in connection with the Plan; or

(c) surrender to the Company of other Shares which, (i) in the case of Shares acquired from the Company, either directly or indirectly, have been owned by the Optionholder for such period of time on the date of surrender such that will avoid an expense for financial accounting purposes, and (ii) have a Fair Market Value on the date of surrender equal to the aggregate Exercise Price of Shares being acquired pursuant to exercise of this Option. Shares from the portion of this Option to be exercised may be used to pay the exercise price to the extent that such use will not increase the compensation expense related to this Option for financial accounting purposes.

5. <u>Non-Transferability of Option</u>. This Option is transferable by will or by the laws of descent and distribution. In addition, Optionholder may, by delivering written notice to the Company, in a form provided by or otherwise satisfactory to the Company, designate a third party who, in the event of the death of the Optionholder, shall thereafter be entitled to exercise the Option. Further, but only if and to the extent that this Option constitutes a Nonqualified Stock Option, the Option also may be transferable to Optionholder's "family member" upon written consent of the Company if the transfer is not for value and at the time of transfer, a Form S-8 registration statement under the Securities Act of 1933, as amended (the "*Securities Act*") is available for the exercise of the Option and the subsequent resale of the underlying Shares after such transfer. For purposes hereof, the term "family member" shall have the meaning assigned to it in the general instructions of a Form S-8 registration statement (or any successor form adopted under the Securities Act).

6. <u>Tax Obligations</u>.

(a) <u>Tax Consequences</u>. Optionholder has reviewed with Optionholder's own tax advisors the federal, state, local and foreign tax consequences of this Option. Optionholder is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. Optionholder understands that Optionholder (and not the Company) shall be responsible for any tax liability that may arise as a result of the transactions contemplated by this Option Agreement and the Plan.

(b) <u>Withholding Taxes</u>. Optionholder may satisfy any federal, state or local tax withholding obligation relating to the exercise or acquisition of Shares under this Option by any of the following means (in addition to the Company's right to withhold from any compensation paid to the Optionholder by the Company) or by a combination of such means: (i) tendering a cash payment; (ii) authorizing the Company to withhold Shares from the Shares otherwise issuable to Optionholder as a result of the exercise or acquisition of stock under this Option; provided, however, that no Shares are withheld with a value exceeding the amount of tax required to be withheld by law based on the maximum statutory tax rates in the applicable taxing jurisdictions; or (iii) delivering to the Company owned and unencumbered Shares. Optionholder agrees to make appropriate arrangements with the Company for the satisfaction of all federal, state, local and foreign income and employment tax withholding requirements applicable to the Option exercise. Optionholder acknowledges and agrees that the Company may refuse to honor the exercise and refuse to deliver Shares if such withholding amounts are not delivered at the time of exercise.

------

7. <u>Entire Agreement; Governing Law</u>. The Plan and this Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Optionholder with respect to the subject matter hereof, and may not be modified adversely to the Optionholder's interest except by means of a writing signed by the Company and Optionholder. Without limiting the foregoing, Optionholder and the Company specifically acknowledge and agree that Section 4.5 of Optionholder's employment agreement dated November 7, 2022, as subsequently amended (the "*Employment Agreement*"), shall have no effect upon the vesting and exercisability of the Option in connection with the occurrence of a Change in Control, and that the treatment of the Option in the event of a Change in Control instead shall be governed by the terms and conditions of this Option Agreement (including the Vesting Schedule). This Option Agreement shall be construed and enforced under the laws of the State of Nevada, without regard to choice of law provisions thereof.

8. <u>No Guarantee of Continued Service</u>. Optionholder acknowledges and agrees that nothing in this Option Agreement or the Plan confer upon Optionholder any right to continued employment or other service with the Company or any Subsidiary or affiliate.

9. <u>Adjustments</u>. The number and kind of Shares subject to the Option, the Exercise Price per Share, and the applicable Share Price Targets are subject to adjustment as provided in Section 16 of the Plan.

10. <u>Clawback Policy</u>. The Option and any Shares delivered pursuant to this Option Agreement are subject to forfeiture or repayment as may be provided pursuant to the Company's Clawback Policy (or any successor compensation recovery or "clawback" policy), as in effect from time to time.

11. <u>Data Privacy</u>. In order to administer the Plan, the Company may process personal data about the Optionholder. Such data includes, but is not limited to the information provided in this Option Agreement and any changes thereto, other appropriate personal and financial data about the Optionholder such as home address and business addresses and other contact information and any other information that might be deemed appropriate by the Company to facilitate the administration of the Plan. By signing this Option Agreement, the Optionholder gives explicit consent to the Company to process any such personal data. The Optionholder also gives explicit consent to the Company to transfer any such personal data outside the country in which the Optionholder works or is employed, including, if the Optionholder is not a U.S. resident, to the United States, to transferees that shall include the Company and other persons who are designated by the Company to administer the Plan.

12. <u>Plan and Prospectus Delivery</u>. By signing this Option Agreement, the Optionholder acknowledges that a copy of the Plan, the Plan Summary and Prospectus, and the Company's most recent Annual Report and Proxy Statement (the "*Prospectus Information*") either have been received by or provided to the Optionholder, and the Optionholder consents to receiving the Prospectus Information electronically, or, in the alternative, agrees to contact the Chief Financial Officer of the Company to request a paper copy of the Prospectus Information at no charge. The Optionholder also represents that he or she is familiar with the terms and provisions of the Prospectus Information and hereby accepts the Option on the terms and subject to the conditions set forth herein and in the Plan. The Optionholder hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Plan or this Option. The Optionholder further agrees to notify the Company upon any change in the residence address indicated below.

------

IN WITNESS WHEREOF, the parties hereto have executed this Option Agreement as of the Date of Grant.

---

| | |
|:---|:---|
| **BK TECHNOLOGIES CORPORATION** | **BK TECHNOLOGIES CORPORATION** |
| By:  | /s/ R. Joseph Jackson  |
| Name: | R. Joseph Jackson |
| Title: | Compensation Committee Chairman |
| **OPTIONHOLDER**  | **OPTIONHOLDER**  |
| By: | /s/ Scott A. Malmanger |
| Name: | Scott A. Malmanger |
| Address: | \*\*\* |
|  | \*\*\* |

---

------

**<u>EXHIBIT A</u>**

**BK Technologies Corporation**

**Performance Stock Option Agreement**

**VESTING SCHEDULE**

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Performance Period</u>. The period beginning on the Date of Grant and ending on the fifth (5<sup>th</sup>) anniversary of the Date of Grant (the "*Performance Period* ").

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Vesting Date</u>. The last day of the Performance Period (the "*Vesting Date* ").

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Vesting Schedule</u>. If, at any time during the Performance Period, an Attainment Date occurs, a portion of the Option equal to the applicable Vesting Percentage (as set forth in Section 3 below and subject to such rounding conventions as utilized by the Company from time to time) will vest and become exercisable on the Vesting Date, subject to the Optionholder's Continuous Service from the Date of Grant through the Vesting Date (except as otherwise provided below). Notwithstanding the foregoing: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a. <u>Death or Disability</u>. In the event of the termination of the Optionholder's Continuous Service as a result of the Optionholder's death or Disability (as defined below) prior to the Vesting Date, any portion of the Option for which an Attainment Date has previously occurred shall become vested and exercisable upon such termination of the Optionholder's Continuous Service. For purposes of this Vesting Schedule and the Option Agreement, "Disability" means the Optionholder's permanent and total disability (within the meaning of Section 22(e) of the Code), as determined by a medical doctor satisfactory to the Committee. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b. <u>Retirement</u>. In the event of the Optionholder's Retirement (as defined below) on or after the third (3<sup>rd</sup>) anniversary of the Date of Grant and prior to the Vesting Date, any portion of the Option for which an Attainment Date has previously occurred shall become vested and exercisable upon such Retirement. For purposes of this Vesting Schedule and the Option Agreement, "*Retirement*" means the Participant's voluntary termination of his Continuous Service after attaining age 72, provided that no circumstances exist that would constitute Cause for the Company to have terminate the Optionholder's Continuous Service. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c. <u>Change in Control</u>. In the event of a Change in Control in which either (i) the Option is not assumed, converted or replaced by the resulting entity, or (ii) the Option is assumed, converted or replaced by the resulting entity, and the Optionholder incurs a Qualified Termination, then, notwithstanding any provision of the Optionholder's Employment Agreement or the Plan to the contrary, any portion of the Option for which an Attainment Date has occurred on or prior to such Change in Control shall become vested and exercisable upon such Change in Control or such Qualified Termination, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Performance Vesting Conditions</u>. The vesting of the Option is contingent upon the achievement of one or more of the Share Price Targets set forth in the table below (each a "*Share Price Target*" and collectively, the "*Share Price Targets*") upon an Attainment Date that occurs during the Performance Period, and the Optionholder's Continuous Service as provided in this Vesting Schedule. For purposes of the foregoing, an "*Attainment Date*" shall occur on the first date during the Performance Period when the average of the volume weighted average price ()"*VWAP*") per Share for each trading day on the NYSE American (or such other principal exchange on which Shares are then trading) in the period of twenty (20) consecutive trading days ending upon and including such date (the "*Attainment Period*") equals or exceeds the applicable Share Price Target set forth in the table below. For purposes of this Option Agreement, the VWAP for any trading day shall be determined as the VWAP reported for such trading day by Bloomberg L.P. (or such other reputable pricing data provider as may be designated by the Committee in its sole discretion). Notwithstanding the foregoing, in the event of a Change in Control during the Performance Period and while the Optionholder remains in Continuous Service, the achievement of the Share Price Target for any portion of the Option for which an Attainment Date has not previously occurred will be determined based solely upon the higher of (a) the closing price per Share on the NYSE American (or such other principal exchange on which Shares are then trading) on the last trading day prior to the Change in Control, and (b) the total value per Share of the consideration payable or distributable to the Company's stockholders in the Change in Control transaction, and in the event that any Share Price Target is thereby achieved, the "*Attainment Date*" shall be the date of such Change in Control.

------

---

| | |
|:---|:---|
| **Vesting Percentage** | **Share Price Target** |
| 10% of the Total Number of Shares Granted | $70.00 per Share |
| 15% of the Total Number of Shares Granted | $100.00 per Share |
| 20% of the Total Number of Shares Granted | $130.00 per Share |
| 25% of the Total Number of Shares Granted | $160.00 per Share |
| 30% of the Total Number of Shares Granted | $190.00 per Share |

---

Each Share Price Target set forth in the table above is a binary threshold; accordingly, the Vesting Percentage corresponding to a Share Price Target for which an Attainment Date is reached shall not be interpolated for Share prices between Share Price Target levels. Each Share Price Target and its corresponding Vesting Percentage may be achieved only once. For the avoidance of doubt, the maximum percentage of the Option that may become vested and exercisable will not exceed 100% of the Total Number of Shares Granted.

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Forfeiture of the Option</u>. To the extent that a Share Price Target with respect to a Vesting Percentage of the Option is not achieved upon an Attainment Date that occurs during the Performance Period, the portion of the Option for which such Share Price Target was not attained shall be forfeited and cancelled, automatically and without further action or notice, at the end of the Performance Period. For avoidance of doubt, if the lowest Share Price Target set forth in the table above is not achieved upon an Attainment Date that occurs during the Performance Period, the Option will be forfeited and cancelled in its entirety, automatically and without further action or notice, at the end of the Performance Period. Further, except to the extent otherwise provided pursuant to Section 3 of this Vesting Schedule or Section 2(a) of the Option Agreement, this Option will be forfeited and cancelled, automatically and without further action or notice, upon the termination of the Participant's Continuous Service for any reason prior to the Vesting Date.

------

**<u>EXHIBIT B</u>**

**BK Technologies Corporation**

**2025 INCENTIVE COMPENSATION PLAN**

**EXERCISE NOTICE**

BK Technologies Corporation

7100 Technology Drive

West Melbourne, Florida 32904

Attention: Chief Financial Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Exercise of Option</u>. Effective as of today, _____________, 20__, the undersigned ("*Optionholder*") hereby elects to exercise Optionholder's option to purchase _________ shares of the Common Stock (the "*Shares*") of BK Technologies Corporation (the "*Company*") under and pursuant to the Company's 2025 Incentive Compensation Plan (the "*Plan*") and the Performance Stock Option Agreement dated ____________, 20__ (the "*Option Agreement*").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Delivery of Payment and Required Documents</u>. Optionholder herewith delivers to the Company the full purchase price of the Shares, as set forth in the Notice of Stock Option Grant in Part I of the Option Agreement, and any and all withholding taxes due in connection with the exercise of the Option. In addition, Optionholder herewith delivers any other documents required by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Representations of Optionholder</u>. Optionholder acknowledges that Optionholder has received, read and understood the Plan and the Option Agreement and agrees to abide by and be bound by their terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Rights as Stockholder</u>. Until the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the Shares, notwithstanding the exercise of the Option. The Shares shall be issued to the Optionholder as soon as practicable after the Option is exercised in accordance with the Option Agreement. No adjustment shall be made for a dividend or other right for which the record date is prior to the date of issuance except as provided in Section 16 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Tax Consultation</u>. Optionholder understands that Optionholder may suffer adverse tax consequences as a result of Optionholder's purchase or disposition of the Shares. Optionholder represents that Optionholder has consulted with any tax consultants Optionholder deems advisable in connection with the purchase or disposition of the Shares and that Optionholder is not relying on the Company for any tax advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Successors and Assigns</u>. The Company may assign any of its rights under this Exercise Notice to single or multiple assignees, and this Exercise Notice shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth in the Option Agreement, this Exercise Notice shall be binding upon Optionholder and his or her heirs, executors, administrators, successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Interpretation</u>. Any dispute regarding the interpretation of this Exercise Notice shall be submitted by Optionholder or by the Company forthwith to the Committee which shall review such dispute at its next regular meeting. The resolution of such a dispute by the Committee shall be final and binding on all parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Governing Law</u>. This Exercise Notice shall be construed and enforced under the laws of the State of Nevada, without regard to choice of law provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Entire Agreement</u>. The Plan and Option Agreement are incorporated herein by reference. All capitalized terms used herein but not otherwise defined herein shall have the meanings ascribed to them in the Option Agreement. This Exercise Notice, the Plan and the Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Optionholder with respect to the subject matter hereof, and may not be modified adversely to the Optionholder's interest except by means of a writing signed by the Company and Optionholder.

------

IN WITNESS WHEREOF, the parties hereto have executed this Exercise Notice as of the Date of Grant.

---

| |
|:---|
| **BK TECHNOLOGIES CORPORATION** |
| By:  |
| Name: |
| Title: |
| **OPTIONHOLDER**  |
| By: |
| Name: |
| Address: |

---

## Exhibit 10.3

**Exhibit 10.3**

**SECOND AMENDMENT**

**TO**

**EMPLOYMENT AGREEMENT**

This Second Amendment to Employment Agreement (this "Second Amendment") is made and entered into as of July 10, 2025 by and between BK Technologies Corporation, a Nevada corporation formerly known as BK Technologies, Inc. (the "Company"), and John M. Suzuki (the "Executive").

**RECITALS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Company and the Executive are parties to that certain Employment Agreement dated effective July 19, 2021, as amended by that certain First Amendment dated as of June 23, 2022 (the "Employment Agreement"). All capitalized terms not otherwise defined in this Second Amendment shall have the meanings given to them in the Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Company and the Executive each desire to further amend the Employment Agreement as set forth herein.

**AGREEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Section 4.5 of the Employment Agreement is hereby amended to read in its entirety as follows:

"<u>Acceleration of Vesting</u>. Notwithstanding the terms of the Company equity plan or plans under which the Executive's equity awards are granted or any applicable award agreements, except as otherwise provided herein with respect to that certain award of performance stock options granted to the Executive on July 10, 2025 (the "<u>Performance Stock Option Award</u>"), upon the occurrence of a Change in Control (as defined in the 2017 Plan), all of the Executive's outstanding unvested time-based equity awards shall become fully vested and any restrictions thereon shall lapse and, in the case of stock options and stock appreciation rights, shall remain exercisable for the remainder of their full term, and all of the Executive's outstanding unvested equity awards with performance-based vesting shall be deemed achieved at target levels with respect to performance goals or other vesting criteria. Notwithstanding the foregoing, the treatment of the Performance Stock Option Award in the event of a "Change in Control" (as defined for purposes of this sentence in the BK Technologies Corporation 2025 Incentive Compensation) shall be governed by the terms and conditions of the award agreement for the Performance Stock Option Award."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except as expressly amended above, the terms of the Employment Agreement remain in full force and effect and are hereby reaffirmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. This Second Amendment may be executed in two or more counterparts, each of which will take effect as an original and all of which will evidence one and the same agreement.

**[SIGNATURE PAGE FOLLOWS]**

------

**IN WITNESS WHEREOF,** this Second Amendment has been executed as of the date first above written.

**COMPANY:** 

**BK TECHNOLOGIES CORPORATION**

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| | |
|:---|:---|
| By: | /s/ R. Joseph Jackson |
| Name: | R. Joseph Jackson |
| Title: | Compensation Committee Chairman |

---

**EXECUTIVE:** 

---

| |
|:---|
| /s/ John M. Suzuki |
| John M. Suzuki |

---

## Exhibit 10.4

**Exhibit 10.4**

**FIRST AMENDMENT**

**TO**

**EMPLOYMENT AGREEMENT**

This First Amendment to Employment Agreement (this "<u>First Amendment</u>") is made and entered into as of July 10, 2025 by and between BK Technologies Corporation, a Nevada corporation (the "<u>Company</u>"), and Scott A. Malmanger, (the "<u>Executive</u>").

**RECITALS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Company and the Executive that certain Employment Agreement dated as of November 7, 2022 (the "<u>Employment Agreement</u>"). All capitalized terms not otherwise defined in this First Amendment shall have the meanings given to them in the Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Company and the Executive each desire to amend the Employment Agreement as set forth herein.

**AGREEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Section 4.5 of the Employment Agreement is hereby amended to read in its entirety as follows:

"<u>Acceleration of Vesting</u>. Notwithstanding the terms of the Company equity plan or plans under which the Executive's equity awards are granted or any applicable award agreements, except as otherwise provided herein with respect to that certain award of performance stock options granted to the Executive on July 10, 2025 (the "<u>Performance Stock Option Award</u>"), upon the occurrence of a Change in Control (as defined in the 2017 Plan), all of the Executive's outstanding unvested time-based equity awards shall become fully vested and any restrictions thereon shall lapse and, in the case of stock options and stock appreciation rights, shall remain exercisable for the remainder of their full term, and all of the Executive's outstanding unvested equity awards with performance-based vesting shall be deemed achieved at target levels with respect to performance goals or other vesting criteria. Notwithstanding the foregoing, the treatment of the Performance Stock Option Award in the event of a "Change in Control" (as defined for purposes of this sentence in the BK Technologies Corporation 2025 Incentive Compensation) shall be governed by the terms and conditions of the award agreement for the Performance Stock Option Award."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except as expressly amended above, the terms of the Employment Agreement remain in full force and effect and are hereby reaffirmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. This First Amendment may be executed in two or more counterparts, each of which will take effect as an original and all of which will evidence one and the same agreement.

[SIGNATURE PAGE FOLLOWS]

------

**IN WITNESS WHEREOF**, this First Amendment has been executed as of the date first above written.

**COMPANY:** 

**BK TECHNOLOGIES CORPORATION**

---

| | |
|:---|:---|
| By: | /s/ R. Joseph Jackson |
| Name: | R. Joseph Jackson |
| Title: | Compensation Committee Chairman |

---

**EXECUTIVE:** 

---

| |
|:---|
| /s/ Scott A. Malmanger |
| Scott A. Malmanger |

---