DEF 14A of Bank First Corp, Apr 25, 2025

DEF 14A of Bank First Corp

Filed Apr 25, 2025 · FY20240001104659-25-039401

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  1. Directors Whose Terms Expire in 2026

    Directors Whose Terms Expire in 2026

  2. Directors Whose Terms Expire in 2026

    | STEPHEN E. JOHNSON | | Mr. Johnson, retired, formerly served as Market President and Community Reinvestment Act (“CRA”) Officer for Bank First from 2017 through 2018. Before joining Bank First, Mr. Johnson was the Director of Compliance for First National Bank of Waupaca from 2016 to 2017 and served as Chairman of the Board of First National Bank of Waupaca as well as Waupaca Bancorporation, Inc. Preceding his move to the banking industry, Mr. Johnson was employed by Sentry Insurance for over 35 years during which he served in various capacities to include director’s responsibilities in Operations Support and Underwriting Planning, Marketing Operations, Affinity Markets, and Consumer Products Underwriting. Mr. Johnson’s community activities include serving as a member of the Boards of Directors of the Waupaca County Emergency Food and Shelter Program, and the Western Golf Association/Evans Scholars Foundation. He also served on the Boards of the ThedaCare Foundation of Waupaca, the ThedaCare Family of Foundations, the Waupaca Area Community Foundation, and the Board of Education for the School District of Waupaca. Mr. Johnson graduated from the University of Southern California in 1978 with a Bachelor of Arts degree in Psychology. He became a Director of the Company in January 2019 and serves on the Audit Committee, Compensation Committee, Loan Committee and CRA Committee. |

  3. Directors Whose Terms Expire in 2026

    | TIMOTHY J. MCFARLANE | | Mr. McFarlane began his banking career in 1988 as a credit analyst at Valley Bank in Oshkosh, Wisconsin. He joined Bank One in Fond du Lac, Wisconsin, in 1990 where he served as a Credit Analyst, Commercial Loan Officer, and Assistant Vice President of Business Banking. From 1995-2003, Mr. McFarlane served as Community Bank President at Associated Bank and was responsible for its Fond du Lac office, overseeing market growth from $8 million to $100 million. He was recognized as the “Leader in Sales” for the lakeshore region of the bank and took the Fond du Lac branch from the bottom to the top production quartile. In 2003, Mr. McFarlane joined Hometown Bank in Fond du Lac serving as President, CEO, and Chairman of the Board of Directors for the bank and holding company. During his tenure, he led the successful acquisition of Farmers Exchange Bank in 2015 and United Community Bank in 2018, adding six new branch locations and over $240 million in assets. Under his leadership as President of Hometown Bank, the organization grew from $189 million to $654 million in assets. Mr. McFarlane is very active in the local community, having served in numerous organizations throughout his career, including most recently, the Fond du Lac Association of Commerce/Envision Greater Fond du Lac. Mr. McFarlane graduated from the University of Wisconsin — Oshkosh with a Bachelor of Business Administration degree. He joined Bank First as its President in February 2023 as part of the merger of Bank First and Hometown Bank. As President of Bank First, he is responsible for the Bank’s retail and business banking operations, and overseeing the Marketing, Human Resources, Credit Administration, and Deposit and Loan Operations functions. He plays a crucial role in determining the overall strategy of Bank First and ensuring the mission and core values of the organization are upheld while delivering value to the Bank’s employees, customers, shareholders, and communities. |

  4. Directors Whose Terms Expire in 2027

    Directors Whose Terms Expire in 2027

  5. Directors Whose Terms Expire in 2027

    | MARY-KAY H. BOURBULAS | | Ms. Bourbulas served on the Board of Directors of Partnership Community Bancshares, Inc. from 2013 to 2019, which was acquired by Bank First Corporation, effective July 12, 2019. She is a co-owner, founder and manager of Handen Distillery, a grain-to-bottle craft distillery in Cedarburg, Wisconsin. Before opening the distillery in 2017, Ms. Bourbulas provided asset-based workout consulting for secured assets and distressed loans from 2006 to 2015. She also has an extensive background in securities management, having begun her career at Stein Roe & Farnham, a former Chicago-based investment advisory firm, in 1985. She then spent fourteen years at Strong Capital Management, leading the high-yield municipal department and credit team. Ms. Bourbulas holds a bachelor’s degree in economics from Northwestern University. She has been a resident of the city of Cedarburg for over 30 years and is very active in local government. She currently serves on the city’s Finance Committee, Board of Review, and Community Development Authority. She became a Director of the Company in July 2019. She currently serves as the Lead Independent Director, Chair of the Governance and Nominating Committee, and as a member of the Loan Committee. |

  6. Directors Whose Terms Expire in 2027

    | ERIN A. DAVIS | | Ms. Davis is the CEO of Quality Roasting, Inc. Quality Roasting is a Wisconsin-based soybean processing company, manufacturing soybean products for the feed and food industries. She joined the company in 2016 as the Director of Business Operations Manager. In 2020, Ms. Davis founded QR Transport, LLC, a bulk transportation company offering food grade hauling services. Before her roles at Quality Roasting, she worked for Swedish-based company Tetra Pak, where she held various engineering, sales and management roles in their dairy food processing division. Ms. Davis earned her bachelor’s degree in chemical engineering with an emphasis in food processing from the University of Minnesota — Twin Cities. She joined the Company’s Board of Directors in 2024 and serves as a member of the Governance and Nominating Committee. |

  7. Directors Whose Terms Expire in 2027

    | ROBERT D. GREGORSKI | | Mr. Gregorski is the founder and principal of Gregorski Development, LLC, a commercial real estate development company based in Menasha, Wisconsin. Formed in 2002, the company’s portfolio of properties has grown to include single tenant retail buildings, multi-tenant retail buildings, ground-leased properties, vacant commercial land, and multi-family residential properties. As a real estate developer, Mr. Gregorski is involved in all aspects of the sale, purchase, and development of commercial and multi-family residential properties, including site identification and acquisition, entitlement, due diligence, financing, construction, and property management. He has formed strategic alliances in the industry and focuses on maintaining the utmost integrity with every project. Previously, Mr. Gregorski served as a partner at Alpert & Gregorski, LLP, a personal injury law firm based in Manitowoc. Mr. Gregorski received his bachelor’s degree from the University of Wisconsin — Madison in 1984 and his Juris Doctor degree from the University of Wisconsin Law School in 1988. Mr. Gregorski became a Director of the Company in October 2010 and serves on the Compensation Committee and Loan Committee. |

  8. Directors Whose Terms Expire in 2027

    | PHILLIP R. MAPLES | | Mr. Maples is a partner at the law firm of DeWitt, LLP and has been practicing law for over 32 years. He has an active statewide practice with a focus on wealth planning. He also works frequently with large corporate and agribusiness clients on transactional and structural planning, business succession and with their principals on estate, gift, and income tax issues. Mr. Maples formerly served as outside general counsel to the Holstein Association, USA, the world’s largest dairy breed association. Working within his firm’s wealth planning practice group he provides counsel on wealth transfer and related tax issues, along with the development and implementation of complex estate plans. He also works within the probate and trust administration areas and in the resolution of business disputes. As a board member for several private companies, Mr. Maples has extensive experience working with and counseling clients on corporate governance and strategic issues. Mr. Maples spent six years with the management team of a local manufacturer leading their operational and legal departments. He was partner at the law firm of Michael Best from 2016 to 2024 and a shareholder at the law firm of Whyte Hirschboeck Dudek, S.C. in Manitowoc from 1996 to 2009. Mr. Maples has been active in numerous community and statewide organizations throughout the years. He formerly served as President and on the Board of Directors and Executive Committee of the Museum of Wisconsin Art. Mr. Maples received his bachelor’s degree, with distinction, from the University of Wisconsin — Madison in 1988 and his Juris Doctor degree from the University of Wisconsin Law School in 1992, where he has returned to instruct in their practice skills program in the area of wealth planning. Mr. Maples joined the Company’s Board of Directors in 2021 and serves on the Audit Committee and Governance and Nominating Committee. |

  9. Directors Whose Terms Expire in 2027

    | PETER J. VAN SISTINE | | Mr. Van Sistine, a seasoned leader in financial technology and services, currently serves as the Founder and CEO of pvsfintechgroup since 2023. pvsfintechgroup is transforming the next generation of banking and fintech partnerships. With over 40 years of experience in the industry, he has held various executive roles, including Global Enterprise Account Executive Vice President at NCR, a leading provider of self-service banking solutions. In this capacity, he concentrated on maintaining NCR’s leadership position in Customer Experience and Customer Journey offerings as a Service. Prior to NCR, he spent 27 years as Executive Vice President of Sales at FIS, where he spearheaded sales and marketing programs to drive new business and client retention metrics, supporting organic growth goals and strategic acquisitions. Earlier in his career, Mr. Van Sistine held senior roles at Metavante Corporation, gaining expertise in various financial technologies such as CRM, Digital Banking, Data Warehousing, and Executive Information Solutions. He has deep roots in community banking, drawing from his experiences at Valley Bank in Appleton, Wisconsin. Mr. Van Sistine attended both the University of Wisconsin and Northwestern University’s J.L. Kellogg Graduate School of Management. With his wealth of experience and visionary leadership, he brings invaluable expertise to the financial technology sector. He became a Director of the Company in 2018 and serves as the Chairman of the Compensation Committee and advises the Information Technology Committee on matters related to cybersecurity, fraud, and information security risk. |

  10. Directors Whose Terms Expire in 2027

    Retiring Directors The following directors have retired or are retiring from the Board of Directors in 2025.

  11. Directors Whose Terms Expire in 2027

    | JUDY L. HEUN | | Ms. Heun has over 30 years of experience in accounting and finance, currently serving as a Financial Consultant for Kohler Company advising and directing the company’s leadership in topics regarding financial audit, policy/procedure, and planning and investing. Before her current role, she served as Vice President and Controller for Kohler Company’s Kitchen & Bath North America international sector. Prior to that, she served as the Director of Corporate Administrative Accounting for the Kohler Company for over 15 years. She is an accomplished leader with experience in various aspects of finance and operations and a professional skillset in accounting, planning, forecasting, financial reporting, internal controls, and continuous improvement. She is actively involved with the Plymouth community. Ms. Heun currently serves on the finance council for St. John the Baptist church and school and previously served as finance committee chair for the school board. She has also had active involvement in the Plymouth Soccer Club as a board member, treasurer, and team manager. Ms. Heun graduated from the University of Wisconsin-Milwaukee in 1988 with a Bachelor of Business Administration degree in Finance. She earned her master’s degree in business administration from Marquette University in 1997. Ms. Heun became a director of the Company in 2019. She served as the Chair of the Audit Committee from 2022 until her retirement from the Board in February 2025, when she relocated to Arizona. |

  12. Directors Whose Terms Expire in 2027

    | LAURA E. KOHLER | | For more than 30 years, Ms. Kohler has been a business leader at the forefront of driving purposeful change in the workplace. As Chief Sustainable Living Officer of the Kohler Company, Ms. Kohler brings her experience in marketing, communications, human resources and sustainability to lead Kohler’s efforts to help people live a sustainable lifestyle, adopt behaviors and make conscious choices to minimize their impact on the planet. Prior to this role, Ms. Kohler served as the company’s first Chief Sustainability and DEI officer where she expanded Kohler Company’s commitment to environmental sustainability, social impact and DE&I by implementing more aggressive initiatives to achieve their net zero 2035 goals, accelerating innovation to provide a broader range of products that help people reduce their impact on the environment, and increasing advocacy to address water conservation and improved access to safe water and sanitation. Ms. Kohler also led the public reporting transition shift from social impact metrics to a GRI informed ESG report. She spent two decades as the head of human resources where she oversaw the growth and development of 40,000+ global associates and helped formalize and strengthen the culture to allow associates to align with work that was meaningful and allows them to achieve their full potential. Ms. Kohler also serves as the Chair for three Kohler Trusts; Clean Water, Arts & Education, and Preservation. She is also on the boards of Kohler Company, Duke University’s Trinity Board of Visitors, the John Michael Kohler Arts Center, the Kohler Foundation, the African Wildlife Foundation, and the National Housing Endowment. Ms. Kohler joined the Board of the Company in 2022 and served on the Compensation Committee. She will retire from the Board at the Annual Meeting. |

  13. Directors Whose Terms Expire in 2027

    NAMED EXECUTIVE OFFICERS Executive Officers Who Are Not Directors The following is a summary of information with respect to the executive officers of the Company who are not directors, including their names, experience, qualifications, and the details of their respective positions within the Company. There are no arrangements or understandings between any of the executive officers and any other person pursuant to which they were selected as executive officers. No executive officer has any family relationship, as defined in Item 401 of Regulation S-K, with any other director or with any of our executive officers.

  14. Directors Whose Terms Expire in 2027

    | KELLY M. DVORAK | | Ms. Dvorak, 47, joined the Company and the Bank in 2017 as General Counsel and Corporate Secretary. Soon thereafter, she was promoted to Chief Legal Counsel, responsible for advising the Company and Bank on matters related to contracts, securities, mergers and acquisitions, real estate, trusts and estates, and employment law. As Corporate Secretary, she manages all aspects of the Board of Directors’ meetings and committee meetings, ensuring compliance with corporate governance standards, maintaining accurate corporate records and acting as a key point of contact for legal and regulatory matters related to the Board. Ms. Dvorak also manages the Shareholder Services, Compliance/BSA, and Enterprise Risk Management Departments. Ms. Dvorak started her legal career at Whyte Hirschboeck Dudek, S.C. in Madison and Milwaukee, where she worked in the litigation department from 2004 to 2010. From 2011 to 2017, she was the general counsel for DVO, Inc., an environmental engineering firm in Chilton, Wisconsin, where she advised the company on litigation and contract matters. Ms. Dvorak received a bachelor’s degree in political science from the University of Wisconsin — Madison in 2000 and a Juris Doctor degree from the University of Wisconsin Law School in 2004. |

  15. Directors Whose Terms Expire in 2027

    | JASON V. KREPLINE | | Mr. Krepline, 50, joined the Company and Bank in 2005 as Vice President of Business Banking. Soon thereafter, he was promoted to Regional President and Senior Loan Officer, responsible for establishing the Bank’s footprint in Sheboygan while ensuring Bank First’s lending portfolio remained in line with its culture of superior credit quality. Since establishing the Sheboygan office in 2008, Bank First has seen exponential growth in that market under Mr. Krepline’s leadership. Today, Mr. Krepline serves as Bank First’s Chief Lending Officer, where he is responsible for overseeing the Bank’s business banking frontline operations along with providing leadership on Bank credit decisions. He also serves as Chair of the Bank’s Loan Committee. Before his tenure with Bank First, Mr. Krepline served Associated Bank for seven years in the positions of Credit Analyst, Business Banking Officer, and Vice President of Business Banking, where he was responsible for developing new and enhancing existing business banking relationships in the Sheboygan market. Mr. Krepline holds a Master of Business Administration Degree from Concordia University, with an emphasis in finance. He earned his bachelor’s degree in finance and economics from the University of Wisconsin — Eau Claire. |

  16. Directors Whose Terms Expire in 2027

    | KEVIN M. LEMAHIEU | | Mr. LeMahieu, 53, joined the Company and the Bank in August 2014 as Chief Financial Officer. In this role, he oversees the Bank’s finance activities as well as internal and public financial reporting functions. Mr. LeMahieu brings significant financial expertise to the Company, having served his entire professional career in the public accounting and finance fields. During his nine-year tenure with Beene Garter LLP from 1995 to 2004, Mr. LeMahieu was responsible for managing audit and review teams on engagements for clients in various industries. He was also a member of the efficiency task force, a group responsible for analyzing the firm’s audit and review approach and recommending solutions to maximize departmental efficiency. From 2004 to 2014, Mr. LeMahieu served as assurance services senior manager and director with CliftonLarsonAllen LLP, where he was responsible for managing audit and review teams on client engagements, working primarily with financial institutions. He also consulted with clients to provide cost and profit analysis, strategic merger guidance, accounting pronouncement interpretation, and internal control system guidance. Mr. LeMahieu graduated from Calvin University with a Bachelor of Science degree in Accountancy. He is a member of the Wisconsin Bankers Association, American Institute of Certified Public Accountants and Wisconsin Institute of Certified Public Accountants. He earned his Certified Public Accountant designation in 1996 and is licensed in Wisconsin. |

  17. Directors Whose Terms Expire in 2027

    Officers of the Board of Directors (2024) Chairman: Michael B. Molepske Chief Executive Officer: Michael B. Molepske Chief Financial Officer: Kevin M. LeMahieu President: Timothy J. McFarlane Chief Legal Counsel: Kelly M. Dvorak Chief Lending Officer: Jason V. Krepline During the previous ten (10) years, no director, person nominated to become a director, or executive officer of the Company was the subject of any legal proceeding that is material to an evaluation of the ability or integrity of any such person. CORPORATE GOVERNANCE Overview We are committed to sound corporate governance principles, which are essential to running our business efficiently and maintaining our integrity in the marketplace. We understand that corporate governance practices change and evolve, and we seek to adopt and use practices that we believe will be of value to our shareholders and will positively aid in the governance of the Company. We will continue to monitor emerging developments in corporate governance and update our policies and procedures when required or when our Board of Directors determines that it would benefit us and our shareholders. Board Leadership Structure The Company is committed to strong Board leadership. Our governance framework allows the Board to select the appropriate leadership structure for the Company. In making leadership structure determinations, the Board considers many factors, including the specific needs of the business and what is in the best interests of the Company’s shareholders. In accordance with the Company’s Bylaws, our Board of Directors elects our Chairman and CEO, and these positions may be held by the same person or different individuals. Currently, the roles of Chairman of the Board and CEO are both held by Michael B. Molepske. The Board believes that combining these two roles provides more consistent communication and coordination throughout the organization, which results in a more effective and efficient implementation of corporate strategy and is vital in unifying the Company’s strategy behind a single vision. Since one individual serves as our Chairman of the Board and CEO, the Board also nominated Mary-Kay H. Bourbulas as the Company’s Lead Independent Director for 2024. The Chairman of the Board is responsible for chairing Board meetings and meetings of shareholders, setting the agendas for Board meetings in consultation with the Lead Independent Director, and providing information to Board members in advance of meetings and between meetings. The Lead Independent Director is responsible for: • Working with the Chairman of the Board, Board and Corporate Secretary to set the agenda for Board meetings; • Calling regularly scheduled executive sessions of the independent and non-management directors; • Ensuring Board leadership in times of crisis; • Developing the agenda for and chairing executive sessions of the independent directors; • Acting as liaison between the independent directors and the Chairman of the Board on matters raised in such executive sessions; • Chairing Board meetings when the Chairman of the Board is not in attendance; • Attending meetings of the committees of the Board, as necessary or at their discretion, and communicating regularly with the chairs of the principal standing committees of the Board; • Working with the Chairman of the Board to ensure the conduct of Board meetings provides adequate time for serious discussion of appropriate issues and that appropriate information is made available to Board members on a timely basis; • Performing such other duties as may be requested from time to time by the Board, the independent directors, or the Chairman of the Board; and • Being available, upon request, for consultation and direct communication with major shareholders. After careful consideration, the Board has determined that the Company’s current Board structure is the most appropriate leadership structure for the Company and its shareholders. From time to time, the Board leadership structure will be reevaluated to ensure it remains the most effective approach in serving the Company’s goals. Executive Sessions Our Bylaws provide for executive sessions of our non-management and independent directors, giving them a significant voice. Our Board believes this is a crucial governance practice, enabling the Board to discuss matters without management present. Our independent directors meet in regularly scheduled executive sessions at least twice annually and at other times as may be deemed appropriate by the Company’s independent directors. Our Lead Independent Director presides over all executive sessions of the independent and non-management directors and sets the agenda for such sessions. Any independent director may call an executive session of independent directors at any time. The independent directors met twice in an executive session in 2024. Role of Board in the Oversight of Risk The Board has the ultimate authority and responsibility for overseeing our risk management. The Board monitors, reviews, and reacts to material enterprise risks that management identifies. The Board receives specific reports from management on financial, credit, liquidity, interest rate, capital, operational, legal compliance, and reputation risks, as well as the degree of exposure to those risks. The Board helps ensure that management is appropriately focused on risk by, among other things, reviewing and discussing the performance of senior management and business line leaders. Board committees are responsible for risk oversight in specific areas. The Audit Committee manages financial, accounting, and internal control risk management policies and also oversees the risk and compliance programs. The Compensation Committee assesses and monitors risks in our compensation program and determines the compensation for directors and named executive officers. The Governance and Nominating Committee oversees the nomination process and evaluation of the Board and is responsible for reviewing the Company’s policies and procedures. The Enterprise Risk Management Committee is primarily responsible for managing risk across the Company consistent with the Company’s strategic goals and objectives, risk culture, and risk appetite. The Asset and Liability Management Committee monitors our interest rate risk to structure our asset-liability composition to maximize net interest income while minimizing the adverse impact of changes in interest rates on net interest income and capital. As discussed more fully below, the Information Technology Committee assesses, identifies, and manages material risks associated with cybersecurity threats. Cybersecurity Risk Management and Strategy Assessing, identifying, and managing material risks associated with cybersecurity threats is critical for maintaining the security of the Company’s data and information systems. It is integrated into our enterprise risk management systems and processes. The Bank’s cybersecurity risk management and strategy approach is based on the FFIEC Cybersecurity Assessment Tool (“CAT”), which provides a repeatable and measurable process for evaluating cybersecurity preparedness and assessing, identifying, and managing material risks from cybersecurity threats. The CAT incorporates cybersecurity-related principles from the FFIEC Information Technology Examination Handbook and regulatory guidance and concepts from other industry standards, including the National Institute of Standards and Technology Cybersecurity Framework.

  18. Directors Whose Terms Expire in 2027

    The CAT consists of Cybersecurity Inherent Risk Profile and Cybersecurity Maturity. Completing both parts of the CAT allows management and the Board to evaluate whether the Company’s cybersecurity risk and preparedness are aligned. The Cybersecurity Inherent Risk Profile represents the level of risk posed to the Company by various factors, including technologies and connection types, delivery channels, online/mobile products and technology services, organizational characteristics, and external threats. Cybersecurity Maturity is designed to help management measure the Company’s level of risk and corresponding controls under the following five domains: (i) Cyber Risk Management and Oversight; (ii) Threat Intelligence and Collaboration; (iii) Cybersecurity Controls; (iv) External Dependency Management; and (v) Cyber Incident Management and Resilience. The Information Security Officer (“ISO”) and the Company’s Information Technology Committee conduct and review the CAT at least annually to identify changes to the Company’s inherent risk profile; when new threats arise or when considering changes to the business strategy, such as expanding operations, offering new products and services, or entering into new third-party relationships that support critical activities. Consequently, management and the Board can determine whether additional risk management practices or controls are needed to maintain or augment the Company’s cybersecurity maturity. To continually share threat intelligence and increase awareness of cybersecurity trends, the Company has also implemented a Cybersecurity Education and Awareness Program. This program includes the following components: • Mandatory cybersecurity education and training for all new employees upon hire; • Mandatory annual cybersecurity training for all employees; • Additional training specifically targeted to Senior Management and Information Technology staff; • Bimonthly review of emerging security trends by the Information Technology Committee; • Mandatory annual cybersecurity Board training; • Periodic communication to employees highlighting internal control requirements and information about common threats or fraud schemes; and • Periodic communication with the Bank’s customers highlighting emerging threats and best cybersecurity practices. To date, we have not experienced a cybersecurity incident that has materially impacted our business strategy, results of operations, or financial condition. Despite our efforts, there can be no assurance that our cybersecurity risk management processes and measures described will be fully implemented, complied with, or effective in protecting our systems and information. We face risks from certain cybersecurity threats that, if realized, are reasonably likely to materially affect our business strategy, the result of operations or financial condition. The Company’s Board of Directors recognizes the importance of maintaining the trust and confidence of our customers, employees, and shareholders. The Board of Directors’ responsibilities for cybersecurity risk management and strategy include the following: • Engaging management in establishing the Bank’s vision, risk appetite, and overall strategic direction; Approving plans to ensure the use of the CAT; Reviewing management’s analysis of the CAT results, inclusive of any reviews or opinions on the results issued by independent risk management or internal audit functions regarding those results; • Reviewing management’s determination of whether the Bank’s cybersecurity preparedness is aligned with its risks; • Reviewing and approving plans to address any risk management or control weaknesses; and • Reviewing the results of management’s ongoing monitoring of the Bank’s exposure to and preparedness for cyber threats. The Company has appointed an ISO, who reports directly to the Audit Committee and shares a co-sourced relationship with an outside consulting firm. The ISO has been with Bank First for over ten (10) years in various operational and administrative roles. For the past five years, he has served as the Bank’s Enterprise Risk Manager, and as ISO for the past three years. In 2022, he earned the Certified Banking Security Manager certification from SBS Cybersecurity. The ISO works closely with the head of Information Technology to ensure that the Bank’s cybersecurity controls align with established internal culture, Board expectations and risk appetite, and all regulatory requirements. The ISO’s responsibilities include the following: • Developing a plan to conduct and complete the CAT; • Working with the Director of Technology to evaluate the results of the CAT; • Leading employee efforts during the CAT to facilitate timely responses from across the Bank; • Setting the target state of cybersecurity preparedness that best aligns with the Board of Directors’ approved risk appetite; • Reviewing, approving, and supporting plans to address risk management and control weaknesses; • Analyzing and presenting the results of the CAT to the Board of Directors; • Overseeing the performance of ongoing monitoring to remain nimble and agile in addressing evolving areas of cybersecurity risk; and • Overseeing changes to maintain or increase the desired cybersecurity preparedness. Finally, the Company has established an Information Technology Committee to support the ISO in implementing the CAT, document formal action plans to be presented to the Board of Directors, enforce and implement the controls established by the CAT, and ensure employee compliance with internal controls. Board Self-Evaluation The Board conducts an annual evaluation process, utilizing an evaluation platform developed by an independent third party. Each director evaluates their own performance, as well as the performance of their fellow directors. The Governance and Nominating Committee reviews the evaluations, and the aggregated results are shared and discussed by the Board as a whole. The evaluation process improves the overall effectiveness of the Board by identifying its strengths, as well as areas for which additional training may be needed. In 2024, each committee of the Board also engaged in a self-assessment, which evaluated each committee’s performance and identified areas of improvement. Director Independence

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    The Board has evaluated the independence of its directors in accordance with the NASDAQ rules and applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Our corporate governance guidelines and principles and the NASDAQ rules require that a majority of the Board be composed of directors who meet the requirements for independence established by these standards. Based on those standards, the Board has determined that Ms. Bourbulas, Ms. Başaran-Shull, Ms. Davis, Mr. Gregorski, Ms. Heun, Mr. Johnson, Ms. Kohler, Mr. Maples, Mr. McConeghy, Mr. Stayer-Suprick and Mr. Van Sistine do not have relationships that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director, and that each of those directors is independent as that term is defined by the NASDAQ rules and applicable rules and regulations of the SEC. The Board has determined that Mr. McFarlane and Mr. Molepske do have relationships that may give the appearance of interfering with the exercise of independent judgment in carrying out the responsibilities of a director, and that both are not independent as the term is defined by the NASDAQ rules and applicable rules and regulations of the SEC. Mr. McFarlane and Mr. Molepske are not independent because they serve as executive officers of both the Company and the Bank. The Board has further determined that each director who serves on the Audit, Compensation, and Governance and Nominating Committees satisfies the independence requirements for such committees in accordance with the NASDAQ rules and applicable rules and regulations of the SEC. In 2024, the Board consisted of ten (10) independent directors and two (2) non-independent directors. Director Qualifications We believe our directors should have the highest professional and personal ethics and values consistent with our longstanding values and standards. They should have broad experience at the policy-making level in business, government, or civic organizations. They should be committed to enhancing shareholder value. They should have sufficient time to carry out their duties and to provide insight and practical wisdom based on their own unique experience. Each director must represent the interests of all shareholders. When considering potential director candidates, our Board of Directors also evaluates the candidate’s independence, character, judgment, diversity, age, skills, financial literacy, and experience in the context of the Company’s needs and those of the Board of Directors. Our Board of Directors’ priority in selecting board members is identifying individuals who will further the interests of our shareholders through their record of professional and personal experiences and expertise relevant to our growth strategy. The following matrix depicts the diversity of experience of our Board of Directors.

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    | Board Experience Matrix | | | | | | | | | | | | | | | Name | Banking | Real Estate | Finance/ Accounting | IT | Insurance | Marketing | Securities/ Trading | HR | Legal | M&A | Ag | Business/ Operations | Compliance | | Başaran- Shull | | | | | | | | X | X | | | | X | | Bourbulas | X | X | X | | | | X | | | | | X | | | Davis | | | | | | | | X | | | X | X | | | Gregorski | | X | | | | | | | X | | | X | | | Heun | | | X | | | | | | | | | | | | Johnson | X | | | | X | X | | | | | | X | X | | Kohler | | | | | | X | | X | | X | | X | X | | Maples | | X | | | | | | | X | | X | X | | | McConeghy | | | X | X | | | | | | X | | | | | McFarlane | X | | | | | | | | | X | | | | | Molepske | X | X | X | X | | | X | | | X | | X | | | Suprick | | | | | | X | | X | | X | | X | | | Van Sistine | X | | | X | | X | | X | | X | | X | |

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    Board Diversity The Company highly values diversity on its Board of Directors. We aim to ensure that the composition of the Board reflects diversity of race, gender, age, geography, education, and work experience. We believe that a diverse board translates to more effective strategic planning, critical decision making, and creative problem solving, resulting in a better return for our shareholders. We are actively working to increase the diversity of our Board. ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) INITIATIVES Bank First Corporation is committed to operating our business responsibly and believes that our commitment to environmental, social, and governance (“ESG”) best practices benefits our business, shareholders, communities, and employees. Environmental Bank First takes pride in its initiatives to reduce our environmental footprint. We have committed significant resources to reducing our carbon footprint in all our branches by using energy-efficient building practices in our newly constructed branches and by remodeling our existing branches to increase energy efficiency. We consistently use low-E energy efficient windows, LED lighting, high-efficiency HVAC systems, recycled building materials, office furniture made from recycled materials, and low-flow bathroom fixtures to conserve water. Our new branch in Howard features a roof-mounted photovoltaic system, which has provided 36% of the building’s energy demand over the past year. Our new Fond du Lac branch has been constructed to accommodate a similar system. Our facilities are constructed using wood frames, a renewable resource that sequesters carbon. Locally sourced materials, such as Wisconsin limestone, are used to minimize the environmental impact of transportation in the supply chain. Our operations are also largely paperless, reducing our reliance on trees and paper products. We maximize natural daylight in our new buildings, reducing the need to use electric lighting in most spaces. We utilize switches and occupancy sensors to ensure that energy is only used as needed. When possible, we also link our buildings to bike paths and sidewalks, which benefits both our employees and the community. We have a dedicated team of employees committed to creating solutions and implementing environmentally friendly procedures. Through their efforts, we have taken many actions to reduce our footprint, including the following: • Using recycled facility products and donating furniture and other supplies when remodeling or constructing new offices. • Defaulting the printers to print from one-sided to two-sided. • Reducing paper consumption by utilizing iPads for meeting materials. The Bank assisted employees in this initiative by reimbursing individuals 50% of the cost of a new iPad. • Rewarding customers for using e-statements versus paper statements. • Installing water bottle filling units in the branches and providing each employee with a new eco-friendly water bottle to reduce bottled water consumption. • Providing paper-shredding days for our customers. • Continuously evaluating our operational workflows to identify opportunities for digitization. Social “Bank First is a relationship-based bank focused on providing innovative solutions that are value driven to the communities we serve.” This is our promise to our employees, customers, communities, and shareholders. An integral part of this promise is community involvement. Our employees take great pride in serving our communities through volunteering, charitable contributions, education scholarships, and community development initiatives. In 2024, Bank First employees volunteered over 7,200 hours to our surrounding communities. Our culture emphasizes our long-standing commitment to respecting others and having a workforce that is representative of the communities we serve. Diversity and inclusion are fundamental to our culture. We believe in attracting, retaining, and promoting quality talent and recognize that diversity makes us stronger. Our talent acquisition team partners with hiring managers to source and present a diverse slate of qualified candidates to strengthen our organization. As of December 31, 2024, 73% of our employees identified themselves as female, and 7% identified themselves as people of color. One-third (33%) of our Board and 42% of our Senior Management team identified as female. We continue to work on improving the representation of women and people of color across the Company. We believe our employees are our greatest asset and that our future success depends on our ability to attract, retain, and develop employees. Bank First’s mission is to help employees grow both personally and within their roles by creating employee-centric development plans and giving people the autonomy to succeed while holding them accountable to deliver results. Development plans are focused on career growth, personal development, training, mentoring, and community involvement. Employees are encouraged to further enhance their skills and seek additional training if desired. Bank First also promotes leadership training for its staff and provides tuition reimbursement for those looking to further their education. We believe Bank First’s development plan identifies employee strengths and determines where their skills and expertise can be best applied within the organization. Each year, employees are required to complete a thorough self-evaluation where they can address any issues or concerns they may have with their current position. After self-evaluations, a formal review is scheduled between the supervisor and subordinate. Employees are encouraged to continually raise their hand and let their supervisor know if there is a role in which they would be better suited. Employees can address these concerns at any time throughout the year — not just at review time. In addition, we have a strong internal hiring process. The Bank posts open positions internally first to allow employees to take on a new role or develop themselves within a different department of the bank. We help cultivate employees’ talent by providing internal mentoring and paying for further education and training opportunities that are most relevant to their career goals. Our Board of Directors and management team truly believe in celebrating the success of our employees, whether they achieve success within the organization or in a role outside the organization that utilizes their talents and helps them grow. We take pride in our current and former employees’ success and will provide the resources to help people grow, whether their long-term plans are to stay with the organization or leave for a role more appropriate to their goals. As part of our effort to attract and retain employees, we offer a broad range of benefits, including health, dental and vision insurance, life and disability insurance, cell phone and health club reimbursement, employee assistance program, educational tuition reimbursement, annual clothing allowance, employee referral program, 401(k) retirement plan, flex spending cafeteria plan, and generous paid time off. We believe our compensation package and benefits are competitive with others in the industry. Bank First is a 6-time award winner of the “Best Banks to Work For” by American Banker. The Bank is subject to the Community Reinvestment Act (the “CRA”), under which the appropriate federal banking agency periodically assesses the Bank’s record in meeting the credit needs of the communities it serves, including low- and moderate-income neighborhoods. The Bank had a rating of “Outstanding” in its most recent CRA evaluation. The Bank has a designated CRA officer who monitors the Bank’s compliance with this regulation. Governance

  22. Directors Whose Terms Expire in 2027

    We believe that strong corporate governance and decision-making are the foundation of operating responsibly and necessary for creating long-term shareholder value. Our directors are required to complete training on safety and soundness, bank management, and bank regulation on an annual basis and receive regular training on identity theft, cybersecurity, the Bank Secrecy Act, fair lending, unfair and deceptive trade practices, and Regulation O throughout the year from our Compliance team. Our Governance and Nominating Committee also reviews the Bank’s entire portfolio of policies in detail every year to ensure that the policies are accurate and that the Bank complies with policy requirements. Code of Business Conduct and Ethics The Company has adopted a Code of Business Conduct and Ethics, which applies to all directors, officers, and employees. The Code of Business Conduct and Ethics is posted on the Bank’s website at www.bankfirst.com, under the Shareholder Services tab. All directors, officers, and employees are also subject to our Insider Trading Policy, which governs trading of the Company’s securities. This policy can also be found under the Shareholder Services tab on the Bank’s website. COMMITTEES OF THE BOARD OF DIRECTORS The Company has standing Audit, Compensation, and Governance and Nominating Committees of the Board of Directors. Each committee operates under a written charter adopted by the Board of Directors, which is reviewed annually. You may review each of these charters under “Corporate Profile — Governance Documents” on the Shareholder Services section of the Bank’s website at www.bankfirst.com. Meeting Attendance The Board of Directors holds regularly scheduled quarterly meetings for the Company Board and monthly meetings for the Bank Board. Both boards also hold annual organizational meetings and annual shareholder meetings. The Audit Committee meets quarterly. The Compensation Committee meets at least twice yearly, and the Governance and Nominating Committee meets approximately monthly. In 2024, the Company’s Board of Directors held six (6) meetings, and the Board of Directors of the Bank held eleven (11) meetings. All incumbent directors attended at least 75% of the aggregate number of Board meetings and committee meetings on which they served. In addition, all incumbent directors who were serving as directors at such time attended last year’s Annual Meeting of Shareholders, except for those who did not serve a full year in 2024. We expect, but do not require, directors to attend the Annual Meeting. Board Committee Composition

  23. Directors Whose Terms Expire in 2027

    | | | Director Since | | | | | | Name | Age | | Independent | AC | CC | GN | | Ebru Başaran-Shull | 53 | NEW | Yes | | | | | Mary-Kay H. Bourbulas | 61 | 2019 | Yes | | | C | | Erin A. Davis | 37 | 2024 | Yes | | | M | | Robert D. Gregorski | 63 | 2010 | Yes | | M | | | Judy L. Heun(1) | 59 | 2019 | Yes | C | | | | Stephen E. Johnson | 69 | 2020 | Yes | M | M | | | Laura E. Kohler(2) | 63 | 2022 | Yes | | M | | | Phillip R. Maples | 59 | 2021 | Yes | M | | M | | Daniel C. McConeghy | 58 | 2024 | Yes | M | | | | Timothy J. McFarlane | 58 | 2023 | No | | | | | Michael B. Molepske | 64 | 2009 | No | | | | | Michael S. Stayer-Suprick | 58 | 2024 | Yes | M | | M | | Peter J. Van Sistine | 68 | 2018 | Yes | | C | |

  24. Directors Whose Terms Expire in 2027

    AC: Audit Committee CC: Compensation Committee GN: Governance & Nominating Committee C: Chair M: Member (1) Ms. Heun retired from the Board in February, 2025. Upon her retirement, Mr. McConeghy stepped into the role of Audit Committee Chair. (2) Ms. Kohler is not seeking re-election to another term on the Board and plans to step down after the Annual Shareholder Meeting. All voting members of the above-listed committees are independent directors. Kelly M. Dvorak serves as the non-voting Corporate Secretary for each committee. Audit Committee The purpose of the Audit Committee is to assist the Board of Directors in overseeing the quality and integrity of the Company’s financial statements; the Company’s compliance with legal and regulatory requirements; the independent auditor’s qualifications and independence; the performance of the Company’s internal audit function and independent auditors; and other financial matters. Among other things, the Audit Committee has the authority to: • retain, evaluate and, as necessary, terminate the Company’s independent auditors;* • review and approve the scope of the annual internal and external audits; • review and pre-approve the engagement of our independent auditors to perform non-audit services and the related fees;* • meet independently with our internal auditors, independent auditors, and Senior Management; • review the integrity of our financial reporting process; • review our financial statements and disclosures; and • review disclosures from our independent auditors regarding compliance with the independence standards of the American Institute of Certified Public Accountants, SEC, and appropriate banking regulations. * Matters with respect to which the Audit Committee has sole authority to act. The Audit Committee is authorized to obtain advice and assistance and receive appropriate funding from the Company for independent outside legal, accounting, and other professional advisors as the Audit Committee deems appropriate to fulfill its responsibilities. In 2024, our Audit Committee consisted of Judy L. Heun, Stephen E. Johnson, Phillip R. Maples, Daniel C. McConeghy, and Michael S. Stayer-Suprick. Each member of the Audit Committee meets the SEC and NASDAQ’s independence requirements. During 2024, the Audit Committee held five (5) meetings. Judy L. Heun served as the Chair of the Audit Committee in 2024. She was designated as the Committee’s financial expert as defined under the SEC rules and possesses financial sophistication as defined under the NASDAQ rules, based on her extensive experience with financial reporting and analysis. In addition, the Board believes that each member possesses the knowledge and experience of financial and auditing matters to serve on the Audit Committee. Compensation Committee The Compensation Committee is primarily responsible for administering the Company’s compensation program. Consequently, the Compensation Committee approves all elements of the compensation program, including cash compensation, equity compensation, and other benefits. Under the Committee’s charter, its duties include: • overseeing the Company’s compensation philosophy, compensation programs, and retirement programs, including making recommendations and proposals concerning employee benefits; • ensuring that a compensation market analysis is completed for the directors and executive officers by a third-party service provider as the Committee deems necessary, but at least every three (3) years, and making recommendations to the Board based on the analysis; • retaining or obtaining the advice of a compensation consultant, legal counsel, or other advisor, as necessary; • overseeing the Company’s regulatory and legal compliance with respect to compensation plans; • determining, or recommending to the Board for determination, the compensation of non-employee directors; • approving the recommended salaries, bonuses, and long-term incentive compensation for executive officers; and • approving the corporate goals and metrics, retirement plan match, overall salary, and overall bonus compensation for all Company employees annually. The Committee reserves the sole discretion for market-based compensation adjustments and long-term incentive stock grants for employees who are not executive officers and grants this discretion to the CEO. The Committee also has the authority, in its sole discretion, to select, retain and terminate (and obtain the advice of) any compensation adviser, including but not limited to compensation consultants and outside legal counsel, as necessary to assist with the execution of its duties and responsibilities outlined in the committee charter, but only after taking into consideration all factors relevant to the advisor’s independence from management. In 2024, our Compensation Committee consisted of Robert D. Gregorski, Stephen E. Johnson, Laura E. Kohler, and Peter J. Van Sistine. Each member of the Compensation Committee meets the SEC and NASDAQ independence requirements. During 2024, the Compensation Committee held three (3) meetings. Peter J. Van Sistine served as Chair of the Compensation Committee. Compensation Committee Interlocks and Insider Participation No member of our Compensation Committee (i) is or has ever been an officer or employee of the Company or the Bank, (ii) was, during the last completed fiscal year, a participant in any related party transaction requiring disclosure under “Certain Relationships and Related Party Transactions,” except with respect to loans made to such committee members in the ordinary course of business on substantially the same terms as those prevailing at the time for comparable transactions with unrelated parties, or (iii) had, during the last completed fiscal year, any other interlocking relationship requiring disclosure under applicable SEC rules. Governance and Nominating Committee The purpose of the Governance and Nominating Committee is to review candidates for membership on the Board, recommend individuals for nomination to the Board, and prepare and periodically review with the entire Board a list of general criteria for Board nominees. To be considered for nomination to an additional term on the Board, the Committee shall ensure that the individual continues to meet the criteria established for nominees to the Board. The Committee is also charged with overseeing the corporate governance of the Company and the Bank, including reviewing the Company’s Bylaws, reviewing the appropriateness and scope of all Company and Bank policies, and making recommendations concerning policy changes. The primary duties and responsibilities of the Committee include the following, pursuant to its charter: • making recommendations to the Board regarding the size and composition of the Board; • establishing and recommending to the Board criteria for the selection of new directors; • identifying and recruiting Board candidates, consistent with criteria approved by the Board; • recommending to the Board candidates for Board membership; • selecting the director nominee(s) for the next Annual Meeting; • determining the appropriate committee structure of the Board; • reviewing all Company and Bank policies requiring Board approval on an annual basis; • making recommendations to the Board concerning policy changes; • conducting the formal performance evaluation of the CEO of the Company and Bank; • overseeing the evaluation of the Board members; • overseeing the corporate governance of the Company and the Bank; • reviewing the Bylaws of the Company and the Bank as necessary; and • ensuring complete and accurate reporting to the SEC and other regulatory bodies as required by law.

  25. Directors Whose Terms Expire in 2027

    The Governance and Nominating Committee will consider nominees recommended by (i) any current director, (ii) the Company’s executive officers, and (iii) any shareholder, provided that such shareholder’s recommendations are made in accordance with the Bylaws. Shareholder nominees that comply with the Bylaws will receive the same consideration as those from other sources. One or more members of the Governance and Nominating Committee will interview the selected nominees and make recommendations to the Board of Directors. Please see “Submission of Shareholder Proposals and Shareholder Communications” on page 41 for more information. When considering and evaluating nominees, the Committee will consider the following factors: • Professional experience and core competencies • Knowledge of the banking and finance industry • Personal, professional, and financial integrity • Ability and willingness to attend Board and committee meetings and actively participate therein • Other board memberships • Community involvement • Any potential conflicts of interest and/or affiliate relationships • Diversity in race, ethnicity, gender, and age • Diversity in geography, professional experience, and industry In 2024, our Governance and Nominating Committee consisted of Mary-Kay H. Bourbulas, Erin A. Davis, Phillip R. Maples, and Michael S. Stayer-Suprick. Ms. Bourbulas served as the Chair of the Committee. Each member of the Governance and Nominating Committee meets the SEC and NASDAQ independence requirements. During 2024, the Governance and Nominating Committee held twelve (12) meetings. Other Committees: Other committees of the Board are described below. At least one director sits on each of the following committees. Asset/Liability Management (“ALM”) Committee The ALM Committee is charged with prudently managing the interest rate risk and liquidity risk of the Company. The Committee meets quarterly, and its members include the CEO, President, CFO, at least one (1) non-employee director, and members of the Finance, Administration, and Operations Departments, as well as the Senior Management team. In 2024, Mary-Kay Bourbulas represented the Board on the ALM Committee. The Committee’s responsibilities include: (i) developing loan and deposit strategies to manage the Company’s interest rate risk position; (ii) assessing the impact of regulatory changes on loans and deposits; (iii) reviewing loan and deposit pricing benchmark curves; (iv) discussing wholesale funding needs; (v) forecasting liquidity trends in the financial markets; (vi) managing the Company’s liquidity level appropriately; (vii) reviewing peer reports; and (viii) reviewing the ALM Policy and revising as necessary at least annually. Community Reinvestment Act (“CRA”) Committee The purpose of the CRA Committee is to assist the Board in ensuring that the Company manages and executes its responsibilities under the Community Reinvestment Act. This includes reviewing the Bank’s assessment areas to ensure they are reasonable and conform to all CRA requirements; reviewing and monitoring the Bank’s performance in meeting the credit needs of the communities it serves, including low- and moderate-income, small business, small farm, and community development borrowers and customers; reviewing and monitoring the Bank’s community development lending, investment, and service performance, as mandated for large banks under the CRA; reviewing the periodic CRA performance evaluations completed by the Bank’s primary regulator; reviewing and monitoring the Bank’s outreach and marketing efforts and continue to develop products and programs that will support the needs of its assessment areas; and review new and proposed changes to CRA regulations. The CRA Committee meets at least three times per year and its members include at least one (1) non-employee director, the CRA Officer, CEO, President, CFO, Chief Operations Officer, Chief Legal Counsel, Chief Retail Officer, Enterprise Risk Manager, and representatives from the Bank’s various regions and business lines. In 2024, Stephen Johnson represented the Board on the CRA Committee. Enterprise Risk Management (“ERM”) Committee The ERM Committee was created to assist the Board in meeting its risk governance obligations and risk oversight of the Company, to monitor the effectiveness of the Enterprise Risk Program, and to make recommendations for the Board for Program changes and enhancements to ensure it remains aligned with the strategic goals, objectives, risk culture and risk appetite of the Company. The Committee meets quarterly, and its members include at least one (1) non-employee director, the Enterprise Risk Manager, Information Security Officer, CEO, President, CFO, Chief Credit Officer, Compliance/BSA Officer, Chief Legal Counsel, Director of Technology, and representatives from the Human Resources and Operations departments. In 2024, Mary-Kay Bourbulas represented the Board on the ERM Committee. Information Technology (“IT”) Committee The IT Committee’s purpose is to provide oversight and strategic and operational direction to the information technology function of the Company to ensure it meets the needs of the Bank and its customers. The IT Committee’s responsibilities include hardware and software development or acquisition; controlling and maintaining system user access; maintaining, testing and updating the Information Security Program; periodically reporting to the Senior Management team and Board of Directors on matters related to the Bank’s Information Security Program, required regulatory reports, and any cybersecurity event. The Committee meets on a bi-monthly basis and consists of at least one (1) non-employee director and representatives from the IT, ERM, Compliance, Marketing, Finance, Retail and Commercial Banking departments as well as UFS. In 2024, Peter Van Sistine represented the Board on the IT Committee. Loan Committee The Loan Committee is responsible for overseeing the extension of credit to the Bank’s customers and ensuring that credit practices adhere to the Bank’s lending and compliance policies, as well as all applicable laws and regulations. The Loan Committee is comprised of at least three (3) non-employee directors, as well as the CEO, President, Chief Credit Officer, Chief Lending Officer, and Senior Credit Officer. The committee meets quarterly and more often as needed. In 2024, the non-employee directors on the Loan Committee included Mary-Kay Bourbulas, Robert Gregorski, and Stephen Johnson. DIRECTOR COMPENSATION The Board’s philosophy for director compensation is to provide the Company with the best opportunity to compete for, attract, and retain qualified board members, compensate board members fairly and in alignment with the shareholder’s interests, and be fiscally responsible for the long-term success and viability of the Company. The Compensation Committee reviews the compensation paid to non-employee directors and named executive officers. Directors’ compensation includes annual retainer fees, chair fees, and long-term stock grants (equity ownership). Since the Company’s directors represent the shareholders, we feel they should also be shareholders of the Company. Including equity as part of the annual director compensation package helps ensure that the Company’s directors have a vested interest in its success.

  26. Directors Whose Terms Expire in 2027

    All directors, executive officers, and members of Senior Management are subject to a share ownership requirement. Upon initial election to the Board, all directors must own at least 2,000 shares of Company common stock. Between the initial election to the Board and the fifth anniversary thereof, all directors must own a minimum of five times (5x) the director’s annual stock award, or $275,000. The CEO and President must own a minimum of 5,000 shares upon accepting the role of CEO or President and must increase their ownership to at least two and one-half times (2.5x) the CEO or President’s base salary by their fifth anniversary. Members of Senior Management, including executive officers, do not have an initial minimum stock ownership requirement but must own a minimum of one and one-half times (1.5x) their base salary in Bank First Corporation stock within five years. All of our directors, executive officers, and Senior Management members have complied with our stock ownership policy in the 2024 fiscal year. The Compensation Committee evaluates the competitiveness of director compensation on an ongoing basis. It makes pay recommendations to the full Board for approval at least annually, utilizing data from compensation studies, surveys, and proxy disclosures of peer financial institutions, among other information. At least every three years, a compensation analysis is completed by a third-party independent consultant specializing in executive and board compensation. The last compensation study was conducted by Pearl Meyer in 2023. Upon reviewing the study results, it was determined that director compensation be adjusted in 2023 to better reflect the Company’s desired market positioning. As such, the annual cash retainer was increased from $10,000 to $25,000, and chair fees were increased to $15,000 annually. The annual stock compensation was unchanged at $55,000, and the Lead Independent Director and Board Chair fee remained at $25,000 annually. No changes were made to director compensation in 2024. Below, we summarize the 2024 director fees paid to our non-employee directors. Mr. Molepske and Mr. McFarlane do not receive additional compensation for serving as directors. Compensation Structure for Non-Employee Directors (2024)

  27. Directors Whose Terms Expire in 2027

    | Annual Retainer | $25,000 | | Annual Stock Award | $55,000 | | Annual Board Chair Fee (only paid when Chair is independent) | $25,000 | | Annual Audit Committee Chair Fee | $15,000 | | Annual Compensation Committee Chair Fee | $15,000 | | Annual Governance & Nominating Committee Chair Fee | $15,000 | | Annual Lead Independent Director Fee (only paid when Chair is not independent) | $25,000 |

  28. Directors Whose Terms Expire in 2027

    Fiscal Year 2024 Non-Employee Director Compensation

  29. Directors Whose Terms Expire in 2027

    | Director | Fees Earned or Paid in Cash (a)($) | Dividends (b)($) | Stock Awards (c)($) | All Other Compensation ($) | Total Compensation ($) | | Mary-Kay H. Bourbulas | 40,000 | 911 | 55,030 | 0 | 95,941 | | Erin A. Davis | 25,000 | 0 | 0 | 0 | 25,000 | | Robert D. Gregorski | 25,000 | 911 | 55,030 | 0 | 80,941 | | Judy L. Heun | 40,000 | 911 | 55,030 | 0 | 95,941 | | Stephen E. Johnson | 25,000 | 911 | 55,030 | 0 | 80,941 | | Laura E. Kohler | 25,000 | 911 | 55,030 | 0 | 80,941 | | Phillip R. Maples | 25,000 | 911 | 55,030 | 0 | 80,941 | | Daniel C. McConeghy | 25,000 | 0 | 0 | 0 | 25,000 | | Michael S. Stayer-Suprick | 25,000 | 0 | 0 | 0 | 25,000 | | Peter J. Van Sistine | 40,000 | 911 | 55,030 | 0 | 95,941 |

  30. Directors Whose Terms Expire in 2027

    (a) On March 1, 2024, the directors received an annual retainer fee based on their board position and chair roles, if applicable. (b) Reflects dividends paid on unvested stock awards in 2024. (c) On March 1, 2024, the Company granted restricted stock for 2023 board service to its non-employee directors pursuant to the Company’s 2020 Equity Plan (“Equity Plan”). Each director received 641 shares of restricted stock at a fair market value price of $85.85 per share. These restricted shares vest on the one-year anniversary of the grant. Stock award values are computed pursuant to the Equity Plan and based on the target value as determined by the Compensation Committee annually. COMPENSATION DISCUSSION AND ANALYSIS This Compensation Discussion and Analysis is intended to provide information we believe will help you understand our executive compensation program and decisions as they relate to 2024 compensation for our CEO, Chief Financial Officer, and other named executive officers (“NEOs”) as disclosed in the Summary Compensation Table. Executive Compensation Components We compensate our NEOs through a mix of: • base salary; • performance-based annual cash incentives; • performance-based long-term equity incentive compensation (awarded in the form of restricted stock with a three-year ratable vesting period); and • other benefits and perquisites. We believe that the current mix and value of these compensation elements provide our NEOs with total annual compensation that is reasonable and competitive compared to our peers, appropriately reflects the Bank’s performance, and rewards our NEOs for their performance. Executive Compensation Philosophy The Company’s executive compensation philosophy is intended to provide a total compensation package that is competitive with market practices while varying awards to recognize Company and individual performance. Our compensation program is designed to be performance-based, offering the opportunity to earn higher compensation (via our annual cash and long-term incentive plans) if performance warrants. The objective is to provide competitive pay for achieving performance goals consistent with the Company’s business objectives and its performance relative to that of other financial institutions. The Company’s philosophy is that actual compensation should exceed market when superior performance is achieved and be lower than market when performance falls below expectations. Compensation Program Best Practices Below, we summarize our executive compensation program’s best practices.

  31. Directors Whose Terms Expire in 2027

    | What We Do | What We Don’t Do | | Pay for Performance: We only pay incentives between the target and maximum levels when performance expectations are met or exceeded. | No Excessive Perquisites: We do not provide our NEOs with perquisites not offered to other similarly situated employees. | | Multi-Year Vesting: The multi-year vesting of restricted stock awards helps attract and retain key officers creating ownership. | No Short Sales or Hedging: Our insider trading policy prohibits the short sale and hedging of Company stock. | | Independent Compensation Consultant: We retain an independent compensation consultant at least every three years to ensure that our compensation plans are competitive. | No Single-Trigger Change in Control Provisions: Our change in control agreements require both a change in control of the Company and a subsequent termination of the NEO’s employment to qualify for a change in control payment. | | Require Stock Ownership: Our NEOs and directors are required to own Company stock to encourage alignment with shareholder interests. | No Tax Gross-Ups: We do not provide tax gross-ups to our NEOs in our compensation plans. | | Metrics and Triggers: We ensure that credit quality and regulatory standing metrics and triggers are met before any bonuses are paid. | No Discretionary Bonuses: No discretionary bonuses are paid to NEOs outside the approved compensation program and schedule. |

  32. Material Components of our Compensation Program

    | Compensation Program Component | Rationale | | Peer Group /Industry Surveys | A comparator peer group of public banks with similar financial performance is used to assess our executive and board compensation packages. The peer group allows us to compare our executive and board compensation programs to competitive market practices. Additionally, we utilize banking industry-specific survey data to supplement our peer group assessment of executive and board of director pay. | | Base Salary | While the Bank considers other factors in determining total compensation, base salaries, which have a more immediate impact, must be competitive to attract and retain talent. To reward and retain its top talent, the Bank’s philosophy is for salaries to be based on an individual’s experience and competencies in their role. | | Annual Cash Incentive Plan | The Bank’s annual performance-based bonus program is based on the Bank’s and the executive’s performance in the prior year. Bonuses are calculated as a percentage of salary, with payout opportunity levels established at target and maximum percentages. The program requires the NEO to meet or exceed annual performance targets, such as return on assets, assets per full-time equivalent employees (“FTE”), and earnings per share, as determined and approved by the Compensation Committee each year. Established “trigger” criteria focusing on credit quality and regulatory standing must be met before any bonuses are paid. The payout opportunity levels are determined and approved by the Compensation Committee. | | Long-Term Incentive Plan | The purpose of the Long-Term Incentive/Equity Plan is to provide financial incentives for selected employees of the Company, thereby promoting long-term growth and financial success by attracting and retaining employees of outstanding ability, strengthening the Company’s capacity to develop, maintain, and direct a competent management team, provide an effective means for selected employees to acquire and retain ownership of Company stock, motivate employees to achieve long-range performance goals and objectives, and provide incentive compensation opportunities competitive with those of peers. The Company provides long-term incentives in the form of restricted common stock with a three-year ratable vesting schedule to encourage retention and ownership. | | Other Benefits and Perquisites | Generally, our NEOs participate in the same benefit plans designed for all our full-time employees. We provide our NEOs with a limited number of perquisites that are reasonable and consistent with our overall compensation program enabling us to better attract and retain qualified executives. |

  33. 2023 Compensation Analysis

    2023 Compensation Analysis The Company engaged Pearl Meyer in 2023 to conduct a compensation analysis of the Company’s Board of Directors, executive leadership, and senior leadership. Pearl Meyer is a leading advisor to boards of directors and leadership teams in the area of executive compensation consulting and leadership development. The purpose of the Pearl Meyer engagement was to review the competitive positioning of executive and senior leadership compensation compared to the external market, to provide a market-based framework for proactively managing compensation, and to serve as a basis for discussing potential pay decisions and/or changes to the current compensation structure. The analysis included the selection of the Company’s peer group, as outlined in the table below, and an assessment of the Company’s compensation components compared to survey and peer group proxy data. The analysis found that overall, the Company’s executive pay levels were generally within a market-competitive range (defined as +/- 15% of the peer group median) on salaries, cash compensation (salary + bonus), and direct compensation (cash compensation + three-year average of equity grants). The assessment also found that the Company’s award opportunity levels under the short and long-term incentive plans are competitive compared to our peer group and industry practices. The Compensation Committee and executive management utilized this report to assist with compensation decisions during 2023 but did not rely on it exclusively.

  34. Peer Group

    Peer Group The peer group developed by the Company in conjunction with Pearl Meyer consists of the twenty (20) banks listed below. The peer group was selected based on national, publicly traded banks (excluding those on the coasts) and their 2022 year-end asset size. Additionally, we selected financial performance criteria of ROAA greater than or equal to 1.00% as of 2022 year-end, and three-year total return at the time the peer group was compiled of greater than or equal to 10.0%. We also excluded OTC exchange-traded banks. When the peer group was compiled, the peer banks were between $3 billion and $8 billion in asset size. As of December 31, 2023, the Company’s assets were approximately $4.2 billion.

  35. Peer Group

    | Peer Group | | | | Nicolet Bankshares, Inc. (NIC) | Stock Yards Bancorp, Inc. (SYBT) | First Mid Bancshares, Inc. (FMBH) | | Lakeland Financial Corporation (LKFN) | City Holding Company (CHCO) | German American Bancorp, Inc. (GABC) | | Triumph Financial, Inc. (TFIN) | HBT Financial, Inc. (HBT) | Mercantile Bank Corporation (MBWM) | | Bridgewater Bancshares, Inc. (BWB) | Southern Missouri Bancorp, Inc. (SMBC) | South Plains Financial, Inc. (SPFI) | | Alerus Financial Corporation (ALRS) | Peoples Financial Services Corp. (PFIS) | West Bancorporation, Inc. (WTBA) | | Civista Bancshares, Inc. (CIVB) | MVB Financial Corp. (MVBF) | Guaranty Bancshares, Inc. (GNTY) | | Farmers & Merchants Bancorp, Inc. (FMAO) | Red River Bancshares, Inc. (RRBI) | |

  36. Annual Cash Incentive Plan

    Annual Cash Incentive Plan We pay annual cash incentive/bonus awards to our NEOs if performance warrants such awards. Annual incentive awards and bonuses are intended to recognize and reward NEOs who contribute significantly to our performance for the year. The Compensation Committee determines whether such bonuses will be paid for any year, and the amount of any bonus paid is based upon annually established formulas and specific performance measures. In 2024, the Company used a performance-based cash incentive plan designed to align executive pay with performance, drive the Company’s strategic goals, and deliver superior financial results. The Plan is designed to achieve the following goals and objectives: • Recognize and reward the achievement of the Bank’s annual goals which are critical to driving our long-term strategy. • Motivate and reward superior performance. • Attract and retain the talent needed for the Bank’s success. • Be competitive with the market. • Encourage teamwork and collaboration through shared goals. • Ensure incentives support sound risk management practices.

  37. 2024 Annual Cash Incentive Plan — Earning Opportunities

    2024 Annual Cash Incentive Plan — Earning Opportunities Below, we detail the 2024 earning opportunities as a percentage of salary for the NEOs under the performance-based Annual Cash Incentive Plan. As mentioned previously, the 2023 independent compensation consulting assessment found that the Company’s award opportunity levels under both our short and long-term incentive plans were overall competitive compared to our peer group and industry practices.

  38. 2024 Annual Cash Incentive Plan — Earning Opportunities

    | | | 2024 Actual Cash Incentive (as a % of Salary) (a) | 2024 Annual Incentive Plan Earning Opportunity (as a % of Salary) | | | Name | Position | | Target | Maximum | | Michael B. Molepske | Chief Executive Officer | 59.2% | 50% | 75% | | Timothy J. McFarlane | President | 59.2% | 50% | 75% | | Kevin M. LeMahieu | Chief Financial Officer | 47.4% | 40% | 60% | | Jason V. Krepline | Chief Lending Officer | 47.4% | 40% | 60% | | Kelly M. Dvorak | Chief Legal Counsel | 35.5% | 30% | 45% |

  39. 2024 Annual Cash Incentive Plan — Earning Opportunities

    (a) Bank First’s annual compensation cycle begins on March 15 of each year. The 2024 Actual Cash Incentive as a Percentage of Salary is calculated based on actual salaries earned during the year, which include the NEOs’ 2023 salary paid from January 1 to March 15, 2024, and their new 2024 salary, paid from March 16 to December 31, 2024. For purposes of the table above, we illustrate the actual award as a percentage of salary using the award earned in relation to the target and maximum award earning potential as a percentage of salary. Actual amounts paid are reflected in the Non-Equity Incentive column of the Summary Compensation table.

  40. 2024 Annual Cash Incentive Plan — Metric Performance Calculation and Actual Performance Results

    2024 Annual Cash Incentive Plan — Metric Performance Calculation and Actual Performance Results The annual cash incentive plan is based on achieving specific performance measures. The Bank sets target and maximum criteria for each goal and links them to payout levels. The Bank uses a proportional approach to determine incentive payouts when performance goal results fall between target and maximum. If performance is below a threshold level, then no payment is made for the applicable goal. The 2024 annual cash incentive plan was based on achieving the goals as detailed in the tables below. Each goal is assigned a target and a maximum level of achievement with a corresponding payout. The Compensation Committee designed the target levels of achievement to be challenging yet reasonably attainable, with maximum awards set at a challenging level of achievement. Levels of achievement for each goal were assessed using a combination of budget, historical performance, peer group performance, and the Company’s forecasted 2024 performance. Triggers and metrics for the year are determined in the first quarter. Each of the three goals is equal in weight as the Committee believes each goal requires a similar focus and is essential to achieving our performance objectives.

  41. 2024 Annual Cash Incentive Plan — Metric Performance Calculation and Actual Performance Results

    | 2024 Annual Incentive Plan Goal | Goal Weighting | Threshold | Target | Maximum | 2024 Actual Performance | | Assets Per FTE | 33% | $9,900,000 | $10,900,000 | $11,900,000 | $11,480,000 | | Earnings Per Share – Consolidated | 34% | $5.28 | $6.21 | $7.14 | $6.50 | | Return on Assets – Consolidated | 33% | 1.28% | 1.51% | 1.74% | 1.56% |

  42. 2024 Annual Cash Incentive Plan — Metric Performance Calculation and Actual Performance Results

    Assets Per Full-Time Equivalent Employee (“FTE”) measures the Bank’s efficiency. While there are numerous ways to measure efficiency, we focus on Assets Per FTE as it is a simple measure that is easily understood by employees at all levels of the organization. Additionally, it is an objective measure that cannot be easily skewed year-to-year by profitability. We focus on Earnings Per Share (“EPS”) to measure the value of Bank First. We believe the best measure of an organization’s performance and our success in enhancing shareholder value is long-term growth in EPS. Focusing on Return on Assets (“ROA”) ensures that we are good stewards of the assets we are entrusted to oversee by our shareholders. The annual incentive plan goals are calculated from the annual budget approved by the Board in December of each year. The Target goal for each metric is taken directly from the budget. The Threshold and Maximum goals for each metric are calculated based upon a spread in each direction, determined by management in conjunction with the Compensation Committee.

  43. Long-Term Incentive Compensation (“Equity Plan”)

    Long-Term Incentive Compensation (“Equity Plan”) We believe that equity grants are appropriate long-term incentives to link pay and performance. The purpose of granting equity is also to attract and retain key officers and to encourage performance by providing an ownership stake in our Company. We continue to review the practice of granting equity awards annually to ensure that this form of incentive compensation continues to drive our NEOs to achieve our Company’s long-term objectives. In 2024, the Bank continued to utilize its Equity Plan to align executive pay with performance, drive the Company’s strategic goals, and drive superior financial results. The Equity Plan is designed to support the Company’s pay-for-performance philosophy and reward key executives for creating long-term shareholder value. We believe aligning executives with shareholder interests through performance goals and focusing on shareholder value appreciation is essential. Overall, the Equity Plan is designed to meet the objectives as described previously under the “Material Components of Compensation Program” section. The Equity Plan utilizes restricted stock awards with a three-year ratable vesting schedule. The use of restricted stock, or full-value equity grants, remains appropriate as our equity-granting vehicle, as it remains prevalent within the banking industry based on our independent compensation consulting studies and regulatory best practices. The recipients are entitled to receive dividends during their restricted period and have the right to vote shares of restricted stock. Awards are granted and vest on or around March 1 of each year, and the Compensation Committee has the discretion to determine the grant and vesting date.

  44. 2024 Equity Plan — Earning Opportunities

    | | | 2024 Actual Equity Award (as a % of Salary) (a) | 2024 Equity Award Earning Opportunity (as a % of Salary) | | | Name | Position | | Target | Maximum | | Michael B. Molepske | Chief Executive Officer | 58.9% | 50% | 75% | | Timothy J. McFarlane | President | 58.9% | 50% | 75% | | Kevin M. LeMahieu | Chief Financial Officer | 47.1% | 40% | 60% | | Jason V. Krepline | Chief Lending Officer | 47.1% | 40% | 60% | | Kelly M. Dvorak | Chief Legal Counsel | 35.3% | 30% | 45% |

  45. 2024 Equity Plan — Metric Performance Calculation and Actual Performance Results

    2024 Equity Plan — Metric Performance Calculation and Actual Performance Results For 2024, the Equity Plan’s performance goal criteria mirrored the Annual Cash Incentive Plan’s design performance criteria. By linking restricted stock awards and annual cash incentives, we reward NEOs for performance achieved during the prior year while encouraging each individual to have a vested interest in the Company’s future success.

  46. Treatment of Equity Plan Awards Under Termination Events

    Treatment of Equity Plan Awards Under Termination Events The Equity Plan details the treatment of awards under various employment termination events. If a participant terminates their employment or is terminated for cause, they will forfeit their unvested shares. The Compensation Committee has the discretion to accelerate vesting upon the retirement of an NEO. Shares of restricted stock will become immediately vested upon the occurrence of a change of control of the Company. In exchange for shares of restricted stock, all recipients of long-term incentive awards who are employees of the Bank agree to certain restrictive covenants in the event their employment with the Bank is terminated, including non-solicitation of customers, non-solicitation of employees, and confidentiality obligations.

  47. Incentive Plan Payout Triggers

    Incentive Plan Payout Triggers Below, we summarize the annual cash incentive and long-term incentive plan’s triggers, which must be met before any cash or equity incentive/bonus award is paid. If the criteria below are not met, no incentive awards are paid. We believe these criteria reduce the risk to the Company and ensure that awards are paid only if the Company is in good standing.

  48. Incentive Plan Payout Triggers

    | Incentive Plan Payout Triggers | Criteria | | Non-Performing-Assets to Total Assets — Bank | Must be less than or equal to 2.0% | | Net Promoter Score | Must be 55 or better | | Total Liquidity | Must be 25% or higher | | Regulatory Standing | Bank must be in good regulatory and audit standing | | Employment Status | Employee must be in good standing and actively employed at the time of payout/grant |

  49. Clawback Policy

    Clawback Policy The Bank has a clawback policy, which is compliant with Rule 10D-1 and Nasdaq listing requirements and is triggered in the event of an accounting restatement or by violations of the confidentiality or non-solicitation provisions contained in the restricted stock award agreements signed by all recipients of long-term incentive compensation. Any incentive compensation in the form of cash or BFC common stock is subject to clawback under this policy. The Company believes the clawback policy assists with risk mitigation. The Compensation Committee may determine, in its discretion, whether to seek to recover or cancel any overpayment made in the event of a material inaccuracy in the Company’s financial statements or in the event of a violation of a restrictive covenant.

  50. Change-in-Control Agreements with NEOs

    Change-in-Control Agreements with NEOs The Company implemented change-in-control (“CIC”) agreements for the NEOs in 2022 and 2023. Pursuant to the CIC agreement, if the executive is terminated without “cause” or resigns for “good reason”, in each case within one year following a “change in control” (as such terms are defined in the agreement), then the executive will receive: (i) a lump sum severance payment equal to a multiple of his base salary (3x, in the case of Mr. Molepske and Mr. McFarlane, or 2x, in the case of the other NEOs); (ii) a lump sum amount equal to the average bonus received by the executive over the previous three years; and (iii) reimbursement of health insurance coverage premiums for a specified period (three years, in the case of Mr. Molepske and Mr. McFarlane, or two years, in the case of the other NEOs). In addition, each executive’s outstanding unvested stock awards will become fully vested upon a change in control. See the Potential Payments Upon Termination or Change in Control for additional information.

  51. Compensation Committee Report

    | Name & Principal Position | Year | Salary ($) | Cash Incentives ($) | Stock Awards (b)($) | All Other Compensation (c)($) | Total Compensation ($) | | Michael B. Molepske Chief Executive Officer (Director) | 2024 | 783,000 | 421,291 | 421,352 | 73,893 | 1,699,536 | | | 2023 | 662,259 | 350,615 | 350,664 | 71,107 | 1,434,645 | | | 2022 | 581,521 | 340,403 | 340,561 | 68,990 | 1,331,475 | | | 2021 | 565,032 | 332,200 | 332,254 | 70,132 | 1,299,618 | | Timothy J. McFarlane President (Director) (a) | 2024 | 489,000 | 263,105 | 263,216 | 21,673 | 1,036,994 | | | 2023 | 393,208 | — | — | 16,610 | 409,818 | | Kevin M. LeMahieu Chief Financial Officer | 2024 | 507,000 | 218,232 | 218,402 | 33,049 | 976,683 | | | 2023 | 381,180 | 139,050 | 139,255 | 31,785 | 691,270 | | | 2022 | 307,500 | 135,000 | 135,136 | 31,546 | 609,182 | | | 2021 | 278,531 | 121,600 | 121,693 | 36,614 | 558,438 | | Jason V. Krepline Chief Lending Officer | 2024 | 302,000 | 129,992 | 130,063 | 27,110 | 589,165 | | | 2023 | 296,408 | 128,274 | 128,432 | 28,820 | 581,934 | | | 2022 | 283,669 | 124,538 | 124,677 | 29,348 | 562,232 | | | 2021 | 275,625 | 121,600 | 121,693 | 29,729 | 548,647 | | Kelly M. Dvorak Chief Legal Counsel | 2024 | 300,000 | 64,566 | 64,645 | 15,938 | 445,149 |

  52. 2024 Grants of Plan-Based Awards

    2024 Grants of Plan-Based Awards

  53. 2024 Grants of Plan-Based Awards

    | Name | Grant Date | Estimated future payouts under non-equity incentive plan awards | Estimated future payouts under equity incentive plan awards | All other stock awards (#) (1) | All other option awards (#) | Exercise or base price of options awards ($/share) | Grant date fair value of stock and options awards (2) | | Michael B. Molepske | 3/1/2024 | — | — | 4,908 | — | — | $421,352 | | Timothy J. McFarlane | 3/1/2024 | — | — | 3,066 | — | — | $263,216 | | Kevin M. LeMahieu | 3/1/2024 | — | — | 2,544 | — | — | $218,402 | | Jason V. Krepline | 3/1/2024 | — | — | 1,515 | — | — | $130,063 | | Kelly M. Dvorak | 3/1/2024 | — | — | 753 | — | — | $64,645 |

  54. 2024 Grants of Plan-Based Awards

    (1) Represents a restricted stock grant made on March 3, 2024, at a fair value price of $85.85, of which one-third vests on each of the first three anniversaries of the grant. (2) Represents the fair value of the restricted stock on the grant date, calculated in accordance with the Equity Plan and applicable accounting guidance.

  55. Potential Payments Upon Termination or Change-in-Control

    Potential Payments Upon Termination or Change-in-Control The table below includes the estimated compensation payable to each NEO upon a change in control or termination of employment under certain circumstances as of December 31, 2024. Under the Bank First 2020 Equity Plan, employees’ unvested shares shall become fully vested immediately upon a change in control. The following unvested shares would vest upon these qualifying events.

  56. Potential Payments Upon Termination or Change-in-Control

    | NEO | Compensation Salary ($) | Compensation Bonus ($) | Number of Shares (#) | Market Value ($) (a) | | Michael B. Molepske | $2,349,000 | $370,770 | 10,290 | $1,019,636 | | Timothy J. McFarlane | $1,467,000 | $263,105 | 3,066 | $303,810 | | Kevin M. LeMahieu | $1,014,000 | $164,094 | 4,654 | $461,165 | | Jason V. Krepline | $602,000 | $127,601 | 3,436 | $340,473 | | Kelly M. Dvorak | $600,000 | $53,982 | 1,504 | $149,031 |

  57. Potential Payments Upon Termination or Change-in-Control

    (a) The market value of vested stock reflects the number of shares vested multiplied by the December 31, 2024 stock price of $99.09.

  58. CEO Pay Ratio

    CEO Pay Ratio Below, we disclose the Company’s CEO Pay Ratio, as required by Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(u) of SEC Regulation S-K. The SEC rules require that we identify our median employee using a consistently applied compensation measure (“CACM”). We identified the median employee in 2024 by examining gross pay, excluding the CEO. This employee population included all full-time, part-time, and seasonal employees as of December 31, 2024. Once we identified our median employee, we determined the annual total compensation of our median employee for 2024. We then calculated the CEO’s and median employee’s 2024 total compensation in a manner comparable to the CEO compensation provided in the Summary Compensation Table. This information is provided solely for compliance purposes and is not used in other compensation evaluations.

  59. CEO Pay Ratio

    | | Annual Total Compensation | | Mr. Molepske | $1,699,536 | | Median Employee (1) | $57,929 | | CEO Pay Ratio | 31:1 |

  60. CEO Pay Ratio

    | | Annual Total Compensation | | Mr. Molepske | $1,699,536 |

  61. CEO Pay Ratio

    | | Annual Total Compensation | | Median Employee (2) | $63,900 | | CEO Pay Ratio | 27:1 |

  62. CEO Pay Ratio

    (1) Reflects all full-time, part-time, or seasonal employees who were employed by the Bank as of December 31, 2024. (2) Reflects only full-time employees who were employed by the Bank for the entire year in 2024.

  63. Pay Versus Performance

    Pay Versus Performance As required by Section 953(b) of the Dodd-Frank Act and 402(v) of Regulation S-K, we are providing the following information about the relationship between executive compensation actually paid and certain financial performance measures of Bank First Corporation.

  64. Pay Versus Performance

    | Year | Summary Compensation Table for PEO (1) | Compensation Actually Paid to PEO | Avg. Summary Compensation Table Total for Non-PEO NEOs (2) | Avg. Compensation Actually Paid to Non-PEO NEOs | Total Shareholder Return (3) | Peer Group Total Shareholder Return (3) | Net Income (4) | Earnings Per Share | | 2024 | $1,699,536 | $1,764,518 | $761,998 | $788,074 | $152.04 | $133.60 | $65,600,000 | $6.50 | | 2023 | $1,434,645 | $1,516,712 | $587,255 | $596,123 | $130.76 | $121.49 | $74,514,000 | $7.28 | | 2022 | $1,331,475 | $1,593,638 | $582,260 | $701,761 | $138.13 | $105.56 | $45,214,000 | $5.58 | | 2021 | $1,299,618 | $1,392,441 | $597,502 | $622,248 | $106.21 | $134.57 | $45,444,000 | $5.92 |

  65. Pay Versus Performance

    (1) Our Principal Executive Officer (“PEO”) for 2024, 2023, 2022, and 2021 was Michael B. Molepske. (2) In 2024, our non-PEO NEOs were Timothy J. McFarlane, Kevin M. LeMahieu, Jason V. Krepline and Kelly M. Dvorak. In 2023, our non-PEO NEOs were Timothy J. McFarlane, Kevin M. LeMahieu, Jason V. Krepline, and Joan A. Woldt. In 2022 and 2021, our non-PEO NEOs were Michael P. Dempsey, Kevin M. LeMahieu, Jason V. Krepline, and Joan A. Woldt. (3) Total shareholder return assumes a hypothetical investment of $100 in common stock on January 1, 2019, with dividends reinvested, and compares the performance of Bank First Corporation common stock to the cumulative total return of the Russell 2000 Index. (4) Net income of the Company as reported in the Consolidated Statements of Income in Bank First Corporation’s Annual Report on Form 10-K filed with the SEC on February 28, 2025.

  66. Adjustments to Determine Compensation Actually Paid to PEO

    Adjustments to Determine Compensation Actually Paid to PEO

  67. Adjustments to Determine Compensation Actually Paid to PEO

    | | 2024 | 2023 | 2022 | 2021 | | Deduct: Value of Stock Awards included in SCT | $(421,352) | $(350,664) | $(340,561) | $(332,254) | | Add: Year End Fair Value of Outstanding & Unvested Equity Awards Granted in Year | $486,334 | $384,168 | $453,040 | $337,867 | | Change in Year End Fair Value of Outstanding & Unvested Equity Awards Compared to Prior Year | $102,166 | $(68,872) | $115,173 | $63,631 | | Add: Vesting Date Fair Value of Equity Awards Granted and Vested in Year | $0 | $0 | $0 | $0 | | Change in Vesting Date Fair Value of Vested Equity Awards Compared to Prior Year | $94,268 | $117,435 | $34,511 | $23,579 | | Deduct: Prior Year End Fair Value of Forfeited Equity Awards During the Year | — | — | — | — | | Total Adjustments | $64,982 | $82,067 | $262,163 | $92,823 |

  68. Adjustments to Determine Compensation Actually Paid to Non-PEO NEOs

    Adjustments to Determine Compensation Actually Paid to Non-PEO NEOs

  69. Adjustments to Determine Compensation Actually Paid to Non-PEO NEOs

    | | 2024 | 2023 | 2022 | 2021 | | Deduct: Value of Stock Awards included in SCT | $(169,082) | $(138,694) | $(141,203) | $(116,098) | | Add: Year End Fair Value of Outstanding & Unvested Equity Awards Granted in Year | $195,158 | $151,946 | $187,839 | $118,040 | | Change in Year End Fair Value of Outstanding & Unvested Equity Awards Compared to Prior Year | $43,212 | $(35,893) | $69,799 | $13,058 | | Add: Vesting Date Fair Value of Equity Awards Granted and Vested in Year | $0 | $0 | $0 | $0 | | Change in Vesting Date Fair Value of Vested Equity Awards Compared to Prior Year | $25,213 | $31,509 | $3,066 | $9,746 | | Deduct: Prior Year End Fair Value of Forfeited Equity Awards During the Year | — | — | — | — | | Total Adjustments | $26,076 | $8,868 | $119,501 | $24,746 |

  70. Pay Versus Performance: Graphical Description

    Pay Versus Performance: Graphical Description Pursuant to the requirements of Item 402(v), the following graphs reflect the relationships between CAP and the Company’s cumulative Total Shareholder Return, peer group Total Shareholder Return (Russell 2000 Index), and the Company’s net income and earnings per share (diluted). Please refer to the Compensation Discussion and Analysis for further discussion of how the Board and the Compensation Committee review and assess the relationship between executive compensation and Company performance. SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE Section 16(a) of the Exchange Act requires our directors, officers, and persons who beneficially own more than 10% of our common shares to file initial reports of ownership on Form 3 and reports of ownership changes on Forms 4 and 5 with the SEC. These officers, directors, and 10% beneficial owners must also furnish us with copies of all Section 16(a) forms that they file. To our knowledge, based solely on our review of the copies of such forms received by us and written representations from our directors and officers, we believe that all Section 16(a) filing requirements applicable to our officers, directors and 10% beneficial owners have been complied with for the fiscal year ended December 31, 2024. COMMON STOCK OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT The following table sets forth the beneficial ownership of shares of the Company’s common stock as of April 7, 2025, by (i) each director and director nominee of the Company, (ii) each of the named executive officers of the Company, (iii) all directors and named executive officers as a group, and (iv) all shareholders known to us who may be considered a beneficial owner of more than 5% of the outstanding shares of the Company’s common stock. Except as indicated below, the address for each shareholder listed in the table below is: Bank First Corporation, 402 N. 8th Street, PO Box 10, Manitowoc, Wisconsin 54221-0010.

  71. Pay Versus Performance: Graphical Description

    | Beneficial Owner(a) | Number of Shares(b) | Percent of Class(c) | | Directors: | | | | Ebru Başaran-Shull (new director nominee) | 0 | * | | Mary-Kay H. Bourbulas | 7,569(d) | * | | Erin A. Davis | 2,520(e) | * | | Robert D. Gregorski | 38,603(f) | * | | Judy L. Heun | 3,880(g) | * | | Stephen E. Johnson | 30,195(h) | * | | Laura E. Kohler | 5,373(i) | * | | Phillip R. Maples | 5,388(j) | * | | Daniel C. McConeghy | 2,000(k) | * | | Timothy J. McFarlane (Executive Officer) | 65,853(l) | * | | Michael B. Molepske (Executive Officer) | 105,053(m) | 1.05% | | Michael S. Stayer-Suprick | 3,555(n) | * | | Peter J. Van Sistine | 9,020(o) | * | | Named Executive Officers who are not Directors: | | | | Kelly M. Dvorak | 8,630(p) | * | | Jason V. Krepline | 31,017(q) | * | | Kevin M. LeMahieu | 23,126(r) | * | | All Directors and Executive Officers (as a group): | | | | Other Material Shareholders: | | | | Richard S. Molepske | 576,547(s) | 5.78% | | Blackrock, Inc. | 729,421(t) | 7.31% | | Vanguard Group, Inc. | 518,341(u) | 5.19% |

  72. Pay Versus Performance: Graphical Description

    (a) Beneficial ownership is determined in accordance with SEC rules and includes voting or investment power in the securities. Except as disclosed in the footnotes to this table and subject to applicable community property laws, we believe that each beneficial owner identified in the table possesses sole voting and investment power over all our shares of common stock shown as beneficially owned by the beneficial owner. (b) This amount includes shares allocated to participant accounts within the Company’s 401(k) Plan. As of April 7, 2025, the shares allocated to participant accounts within the 401(k) Plan were as follows: Michael B. Molepske: 0; Timothy J. McFarlane: 0; Kevin M. LeMahieu: 8,329; Jason V. Krepline: 24,068; Kelly M. Dvorak: 4,030. (c) Percentage ownership is based on 9,980,470 shares of common stock outstanding as of April 7, 2025. The asterisk (*) represents less than 1% of the total number of shares of common stock outstanding on the Record Date. (d) All shares held directly. (e) All shares held directly. (f) All shares held directly. (g) All shares held directly. (h) 2,912 shares held as custodian; 27,283 shares held directly. (i) All shares held directly. (j) 1,544 shares held in trust; 3,844 shares held directly. (k) All shares held directly. (l) 6,309 shares beneficially owned by spouse; 12,817 shares beneficially owned; 46,272 shares held directly. (m) 1,082 shares held by spouse; 51,043 shares held in trust; 52,928 shares held directly. (n) All shares held directly. (o) All shares held directly. (p) All shares held directly. (q) All shares held directly. (r) All shares held directly. (s) The information contained herein is based on information provided by the respective individual as of April 7, 2025. The address for Richard S. Molepske is P.O. Box 2018, Manitowoc, WI 54221-2018. (t) The information contained herein is based on information disclosed by the Nasdaq Stock Market as of December 31, 2024. The address for Blackrock, Inc. is 50 Hudson Yards, New York, NY 10001. (u) The information contained herein is based on information disclosed by the Nasdaq Stock Market as of December 31, 2024. The address for Vanguard Group, Inc. is 100 Vanguard Blvd., Malvern, PA 19355. CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS Related Party Transactions Transactions by the Company with related parties are subject to a formal written policy and regulatory requirements and restrictions. These requirements and restrictions include Sections 23A and 23B of the Federal Reserve Act and the Federal Reserve’s Regulation W, which governs certain transactions by us with our affiliates, and the Federal Reserve’s Regulation O, which governs certain loans by us to executive officers, directors, and principal shareholders. We have adopted policies to ensure compliance with these regulatory requirements and restrictions. In addition, our board of directors has adopted a written policy governing the approval of related-party transactions that complies with all applicable requirements of the SEC and the Nasdaq Stock Market concerning related-party transactions. The Board of Directors is responsible for reviewing and approving all related party transactions and reviewing the procedures used to identify related parties and any transactions with related parties. Under SEC regulations, the Company is required to disclose any transaction occurring in the last fiscal year or that is currently proposed in an amount that exceeds $120,000, in which the Company was or is a participant, and in which an executive officer or director of the Company, or an immediate family member thereof, had or will have a direct or indirect material interest. All transactions between the Company or the Bank and executive officers, directors, principal shareholders (that we are aware of) and affiliates thereof, will, to the best of our efforts, contain terms no less favorable to the Company or the Bank than could have been obtained by them in arms’ length negotiations with unaffiliated persons and will be reviewed and approved by the Board of Directors. In determining whether to approve a related person transaction, the Board will consider all of the relevant and material facts and circumstances available to it, including (if applicable) but not limited to: the benefits to the Company; the impact on a director’s independence in the event the related person is a director, an immediate family member of a director or an entity in which a director is a partner, shareholder or executive officer; the availability of other sources for comparable products or services; the terms of the transaction; and whether the terms are comparable to the terms available to unrelated third parties or to employees generally. After its review, the Board will only approve or ratify related person transactions that are (i) in, or are not inconsistent with, the best interests of the Company and its shareholders, as the Board determines in good faith, (ii) on terms comparable to those that could be obtained in arm’s length dealings with an unrelated third person, and (iii) approved or ratified by a majority of the disinterested members of the Board. The Bank’s wholly owned subsidiary, TVG Holdings, Inc., owns 40.0% of Ansay & Associates, LLC. Michael G. Ansay, who retired from the Board on January 15, 2024, is the Chairman and CEO of Ansay & Associates. The Company did not engage in any other transactions requiring disclosure under SEC regulations. Loans to Related Persons The Bank has had, and expects to have in the future, loans and other banking transactions in the ordinary course of business with directors (including our independent directors) and executive officers of the Company and its subsidiaries, including members of their families or corporations, partnerships or other organizations in which such officers or directors have a controlling interest. In addition, the Bank is subject to the provisions of Section 23A of the Federal Reserve Act, which places limits on the amount of loans or extensions of credit to, or investments in, or certain other transactions with, affiliates and on the amount of advances to third parties collateralized by the securities or obligations of affiliates. The Bank is also subject to the provisions of Section 23B of the Federal Reserve Act which, among other things, prohibits an institution from engaging in certain transactions with certain affiliates unless the transactions are on terms substantially the same, or at least as favorable to such institution or its subsidiaries, as those prevailing at the time for comparable transactions with nonaffiliated companies. In accordance with the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended, to the best of our knowledge, all loans to executive officers, directors, principal shareholders, and any affiliates thereof, are made in the ordinary course of business, are made on the same terms, including interest rates, loan fees, and collateral as those prevailing at the time for comparable transactions with the general public and do not involve more than the normal risk of repayment or present other unfavorable features. During 2024, no executive officer, director, principal shareholder (that we are aware of), or any affiliate of the Company or the Bank had loans outstanding at preferred interest rates or other terms from the Company or the Bank. PROPOSAL 2 — RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

  73. Pay Versus Performance: Graphical Description

    The Audit Committee has appointed Forvis Mazars, LLP (“Forvis”) as the independent registered public accounting firm to audit the Company’s financial statement for the fiscal year ending December 31, 2025. Although not required to do so, the Board is submitting the selection of Forvis as our independent registered public accounting firm to our shareholders for ratification as a matter of good corporate governance. The Board recommends that our shareholders ratify such an appointment. Even if the shareholders ratify the appointment of Forvis, the Audit Committee, in its discretion, could decide to terminate the engagement of Forvis and engage another audit firm if it determines such action is necessary or desirable. In the event that the required shareholder vote does not ratify the appointment, the vote will be considered in connection with the engagement of an independent auditor for 2026. The Audit Committee will reconsider the appointment and may also decide to maintain the appointment. Representatives of Forvis will attend the Annual Meeting and have the opportunity to make a statement if they so desire. Bank First encourages all shareholders to ask questions of and provide comments to representatives of Forvis in advance of the Meeting by contacting our Shareholder Services team at (920) 652-3360 or ShareholderServices@bankfirst.com. Representatives from Forvis will be available to respond to questions at the Annual Meeting. THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT YOU VOTE “FOR” THE PROPOSAL TO RATIFY THE APPOINTMENT OF FORVIS MAZARS, LLP AS THE COMPANY’S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE FISCAL YEAR ENDING DECEMBER 31, 2025. INFORMATION REGARDING THE COMPANY’S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The Company was notified that Dixon Hughes Goodman LLP, its independent registered public accounting firm, merged with BKD, LLP on June 1, 2022. The combined practice operated under the name FORVIS, LLP. Effective June 1, 2024, FORVIS, LLP merged with Mazars to form Forvis Mazars, LLP. As a result of these mergers, Forvis Mazars, LLP is the Company’s independent registered public accounting firm and has served in such capacity for the years ended December 31, 2024, 2023, and 2022. Fees Billed by the Company’s Independent Registered Public Accounting Firms This table presents fees for professional audit services rendered by the Company’s independent registered public accounting firm for the audit of the Company’s annual financial statements during the years ended December 31, 2024, 2023, and 2022, and fees billed for other services rendered by the firms during those periods.

  74. Pay Versus Performance: Graphical Description

    | Year Ended December 31 | 2024 | 2023 | 2022 | | Audit fees | $500,000 | $439,250 | $347,094 | | Audit-related fees | $0 | $0 | $0 | | Tax fees | $0 | $0 | $0 | | All other fees | $0 | $0 | $0 | | Total | $500,000 | $439,250 | $347,094 |

  75. Pay Versus Performance: Graphical Description

    Audit fees These amounts represent fees of the independent registered public accounting firms for the audit of our annual consolidated financial statements, the audit of internal controls over financial reporting (FDICIA), and the services that an independent auditor would customarily provide in connection with subsidiary audits, statutory requirements, regulatory filings, and similar engagements for the year. Audit fees also include advice about accounting matters that arose in connection with or as a result of the audit or the review of periodic financial statements. Audit-related fees Audit-related fees generally consist of assurance and related services that are reasonably related to the performance of the audit or review of the Company’s consolidated financial statements or internal controls over financial reporting. This category may include fees related to the performance of audits and attest services not required by statute or regulation, due diligence related to mergers, acquisitions, and investments, and accounting consultations on applying generally accepted accounting principles to proposed transactions. These services support the evaluation of the effectiveness of internal controls over revenue recognition, enhancing the independent auditor’s understanding of our products and controls. Tax fees Tax fees, of which there were none, generally fall into two categories: tax compliance and return preparation and tax planning and advice. The tax compliance and return preparation services consist of preparing original and amended tax returns and claims for refunds. All other fees All other fees, of which there were none, consist of permitted services that do not meet the criteria above, including training activities, economic, industry, and accounting subscriptions, as well as surveys. The Audit Committee concluded that the provision of the non-audit services listed above is compatible with maintaining the independence of Forvis Mazars, LLP. Policy on Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services of Independent Registered Public Accounting Firm The Audit Committee has a policy for pre-approval of all audit and permissible non-audit services provided by the independent auditor. Each year, the Audit Committee approves the terms on which the independent auditor is engaged for the ensuing fiscal year. The Audit Committee, as permitted by its pre-approval policy, occasionally delegates the approval of certain permitted services or classes of services to a member of management. All fees paid to Forvis Mazars, LLP for the fiscal years ended December 31, 2024, 2023, and 2022 were pre-approved by the Audit Committee. AUDIT COMMITTEE REPORT The Audit Committee has the responsibilities and powers set forth in its charter, which include the obligation to assist the Board of Directors in its oversight of our accounting and financial reporting principles and policies and internal audit controls and procedures, the integrity of our financial statements, our compliance with legal and regulatory requirements, the independent auditor’s qualifications and independence, and the performance of the independent auditor and our internal audit function. The Audit Committee is also required to prepare this report to be included in our annual proxy statement pursuant to the proxy rules of the SEC. Management is responsible for the preparation, presentation, and integrity of our financial statements and for maintaining appropriate accounting and financial reporting principles and policies and internal controls and procedures to ensure compliance with accounting standards and applicable laws and regulations. The internal auditor is responsible for testing such internal controls and procedures. Our independent registered public accounting firm is responsible for planning and carrying out a proper audit of our annual financial statements, reviews of our quarterly financial statements prior to filing each quarterly report on Form 10-Q, and other procedures. The Audit Committee reviews our financial reporting process. In this context, the Audit Committee: • has reviewed and discussed with management the audited financial statements for the year ended December 31, 2024; • has discussed with Forvis Mazars, LLP, the Company’s independent registered public accounting firm, the matters required to be discussed by Auditing Standard No. 1301, Communications with Audit Committees, as adopted by the Public Company Accounting Oversight Board (“PCAOB”); • has discussed with Forvis Mazars the matters required to be discussed by the applicable requirements of the PCAOB and the SEC; and • has received the written disclosures and the letter from Forvis Mazars, required by PCAOB Rule 3526 (“Independence Discussions with Audit Committees”), as modified or supplemented, and has discussed the independent accountant’s independence with Forvis Mazars. Based on this review and the discussions above, the Audit Committee recommended that our Board of Directors include the audited consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2024, for filing with the SEC. This report is submitted on behalf of the members of the Audit Committee and shall not be deemed “soliciting material” or to be “filed” with the SEC, nor shall it be incorporated by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except to the extent that we specifically incorporate this information by reference and shall not otherwise be deemed filed under these Acts. Respectfully submitted by the Audit Committee of the Board, Judy L. Heun, Chair Stephen E. Johnson Phillip R. Maples Daniel C. McConeghy Michael S. Stayer-Suprick PROPOSAL 3 — ADVISORY VOTE TO APPROVE NAMED EXECUTIVE OFFICER COMPENSATION In accordance with Section 14A of the Exchange Act and related rules of the SEC, we provide our shareholders with a “say-on-pay” vote, an opportunity to vote on an advisory basis on the compensation paid to our named executive officers as disclosed pursuant to Item 402 of Regulation S-K. Accordingly, you may vote on the following resolution: “Resolved, that the shareholders approve, on an advisory basis, the compensation of Bank First Corporation’s named executive officers, including the Compensation Discussion and Analysis, the accompanying compensation tables, and the related narrative disclosure contained in the Proxy Statement.” As discussed in detail in the Compensation Discussion and Analysis section of this Proxy Statement, the Company’s executive compensation philosophy is designed to provide a total compensation package that is competitive with market practices while varying awards to recognize Company and individual performance. Our compensation program is designed to be performance-based, offering the opportunity to earn higher compensation (via our annual cash and long-term incentive plans) if performance warrants. The objective is to provide competitive pay for achieving performance goals consistent with the Company’s business objectives and its performance compared to the performance of other financial institutions. The Company’s philosophy is that actual compensation should exceed the market when superior performance is achieved and be lower than the market when performance falls below expectations. We firmly believe that the information we have provided in this Proxy Statement demonstrates that our executive compensation program was designed appropriately and is working to ensure the alignment of management and shareholder interests. This vote is not intended to address any specific compensation item but rather the overall compensation of our named executive officers. It is also not a vote on director compensation or our compensation policies as they relate to risk management.

  76. Pay Versus Performance: Graphical Description

    Because this is an advisory vote, it will not affect any compensation already paid or awarded. It will not be binding upon or overrule any decisions made by the Compensation Committee or the Board. Nevertheless, the Board and the Compensation Committee value our shareholders’ views and intend to consider the outcome of the vote, along with other relevant factors, when making future-named executive officer compensation decisions. THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE “FOR” THE ADVISORY APPROVAL OF BANK FIRST CORPORATION’S NAMED EXECUTIVE OFFICER COMPENSATION, AS DISCLOSED IN THIS PROXY STATEMENT. SUBMISSION OF SHAREHOLDER PROPOSALS AND SHAREHOLDER COMMUNICATIONS Shareholder Proposals For a shareholder proposal to be considered for inclusion in the Company’s Proxy Statement for the 2026 annual meeting of shareholders, the written proposal must be received by the Corporate Secretary of the Company at the address below. The Corporate Secretary must receive the proposal no later than December 24, 2025. The proposal will also need to comply with the SEC’s regulations under Rule 14a-8 regarding the inclusion of shareholder proposals in company sponsored proxy materials. Proposals should be addressed to: Kelly M. Dvorak Chief Legal Counsel/Corporate Secretary Bank First Corporation 402 N. 8th Street P.O. Box 10 Manitowoc, WI 54221-0010 For a shareholder proposal not intended to be included in the Company’s Proxy Statement for the 2026 annual meeting of shareholders, or if you want to nominate a person for election as a director, you must provide written notice to the Corporate Secretary at the address above. The Secretary must receive this notice no earlier than February 16, 2026, and no later than March 18, 2026. The notice of a proposed item of business must provide information as required in the Bylaws of the Company which, in general, require that the notice include for each matter a brief description of the matter to be brought before the meeting; the reason for bringing the matter before the meeting; your name, address, and number of shares you own beneficially or of record; and any material interest you have in the proposal. The notice of a proposed director nomination must provide information as required in the Bylaws of the Company and the information required by Rule 14a-19 under the Exchange Act, if applicable. In general, our Bylaws require that the notice of a director nomination include your name, address and the number of shares you own beneficially or of record; the name, age, business address, residence address and principal occupation of the nominee; and the number of shares owned beneficially or of record by the nominee. In addition, each nomination shall include a representation that the shareholder is entitled to vote at the annual meeting and intends to appear in person or by proxy at the meeting to make the nomination and provide background information about the nominee. It is the policy of the Governance and Nominating Committee to consider all timely and properly submitted nominations for directors. See the “Governance and Nominating Committee” section for a summary of the Committee’s selection process and criteria. Nominations not made in accordance with the specified requirements will be disregarded. No director nominations were received from shareholders in connection with the 2025 Annual Meeting. Shareholder Communications Shareholders wishing to communicate with the Board, a particular director, or the Corporate Secretary may do so in writing directed to the Corporate Secretary of the Company, Kelly M. Dvorak, 402 N. 8th Street, P.O. Box 10, Manitowoc, WI 54221-0010. The Corporate Secretary is responsible for reviewing all communications addressed to our Board, any committee, or any specific director to determine whether such communications require Board, committee, or personal review, response, or action. Generally, the Corporate Secretary will not forward any communications relating to Company products and services, solicitations, or other improper or irrelevant topics to the Board, any committee, or any specific director. If, however, the Corporate Secretary determines that a communication relates to corporate governance or otherwise requires review, response or action by the Board, any committee or any specific director, then she will promptly send a copy of such communication to each director serving on the Board, the applicable committee or the applicable director. Shareholder Engagement The Company and our Board believe that accountability to our shareholders is key to sound corporate governance principles. As such, regular and transparent communication with our shareholders is essential to our long-term success. Throughout the year, members of our management team meet regularly with some of our shareholders to discuss our corporate strategy, financial performance, long-term objectives, credit risks, capital management, enterprise risk management, corporate governance, ESG-related matters, and executive compensation. By regularly engaging with our shareholders, we provide perspective on our governance policies and executive compensation practices and seek input from these shareholders to ensure that we are addressing their questions and concerns. Our ongoing shareholder engagement program encompasses many initiatives, including: Scheduled in-person and virtual meetings with our larger institutional shareholders; • Responding to institutional and retail shareholder correspondence and inquiries; • Attending and participating at several industry conferences each year; • Regular engagement with analysts who cover the Company to reinforce key themes related to our business strategy and financial performance. This communication helps to ensure that written reports about the Company, including earnings projections, are reasonable and consistent with our stated objectives; and • Scheduled non-deal road shows and virtual meetings. Throughout the year, we contacted, virtually and telephonically, a number of the Company’s larger shareholders. This allowed us to better understand and address shareholder questions and concerns related to key issues, including our financial performance, the interest rate environment, our strategic objectives, and our long-term growth strategy. Feedback and perspectives shared during these engagement meetings were discussed by executive management and the Board and influenced several changes and disclosure enhancements. We look forward to the continued enhancement of our shareholder engagement program in 2025. We are committed to an open dialogue where investor views and priorities may be gathered and discussed, informing and guiding a deliberative decision-making process with a diverse shareholder base in mind. Householding To further reduce printing costs and postage fees, we may adopt a practice approved by the SEC called “householding.” Under this practice, shareholders who have the same address and last name and have elected to receive paper copies of proxy materials will receive only one copy of our proxy materials unless one or more of these shareholders notifies us that they wish to continue receiving individual copies. Upon request, the Company will promptly deliver a separate copy of the Proxy Statement to a shareholder at a shared address to which a single copy of the documents was delivered. Conversely, shareholders sharing an address who are receiving multiple copies of Annual Reports or Proxy Statements may request delivery of a single copy. You can contact the Company by calling (920) 652-3244 or by writing to Corporate Secretary, Bank First Corporation, 402 N. 8th Street, P.O. Box 10, Manitowoc, WI 54221-0010, or by sending an email to kdvorak@bankfirst.com to request a separate copy of the proxy materials and for future meetings or, if you are currently receiving multiple copies, to receive only a single copy in the future.

  77. Pay Versus Performance: Graphical Description

    Shareholders who beneficially own shares of our common stock held in street name may contact their broker, bank or other agent as your nominee to request information about householding. ADDITIONAL INFORMATION Our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC, can be accessed, along with this Proxy Statement, on our corporate website under the Investor Relations tab at www.bankfirst.com. If you wish to receive a copy of any exhibit on our Annual Report on Form 10-K for the year ended December 31, 2024, we will mail these documents to you free of charge. Requests should be sent to: Kelly M. Dvorak Chief Legal Counsel and Corporate Secretary Bank First Corporation 402 N. 8th Street P.O. Box 10 Manitowoc, WI 54221-0010 The Annual Report on Form 10-K for the year ended December 31, 2024, is not, and shall not be, deemed to be a part of our proxy materials. OTHER MATTERS We are not aware of any business that will be presented at the Annual Meeting other than the matters described herein. However, if any other matters should properly come before the Annual Meeting or any adjournments or postponements thereof, it is intended that the proxies solicited hereby will be voted with respect to those other matters in accordance with the judgment of the persons voting the proxies. ENDORSEMENT_LINE SACKPACK 000001 MR A SAMPLE DESIGNATION (IF ANY) ADD 1 ADD 2 ADD 3 MMMMMMMMM ADD 4 ADD 5 ADD 6 Using a black ink pen, mark your votes with an X as shown in this example. Please do not write outside the designated areas. MMMMMMMMMMMM MMMMMMMMMMMMMM C123456789 000000000.000000 ext 000000000.000000 ext 000000000.000000 ext 000000000.000000 ext 000000000.000000 ext 000000000.000000 ext Your vote matters – here’s how to vote! You may vote online or by phone instead of mailing this card. Online Go to www.envisionreports.com/BFC or scan the QR code — login details are located in the shaded bar below. Phone Call toll free 1-800-652-VOTE (8683) within the USA, US territories and Canada Votes submitted electronically must be received by 11:59 p.m. (CT) on June 15, 2025. 2025 Annual Shareholder Meeting Proxy Card 1234 5678 9012 345 IF VOTING BY MAIL, SIGN, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE. Proposals — The Board of Directors recommend a vote FOR all the nominees listed and FOR Proposals 2, 3, and 4. To elect four (4) directors of the Corporation, each for three-year terms and in each case until their successors are elected and qualified; For Withhold For Withhold For Withhold 02 - Daniel C. “Skip” McConeghy 01 - Ebru Basaran-Shull 03 - Michael B. Molepske 04 - Michael S. Stayer-Suprick 2. To ratify the appointment of Forvis Mazars, LLP as the For Against Abstain 3. To approve the compensation of the Company’s named For Against Abstain Corporation’s independent registered public accounting firm for executive officers through an advisory vote; the fiscal year ending December 31, 2025; 4. To transact such other business as may properly come before the Annual Meeting or any adjournments or postponements thereof. As of the date of this Proxy Statement, the Board of Directors is not aware of any other such business. B Authorized Signatures — This section must be completed for your vote to count. Please date and sign below. Please sign exactly as name(s) appears hereon. Joint owners should each sign. When signing as attorney, executor, administrator, corporate officer, trustee, guardian, or custodian, please give full title. Date (mm/dd/yyyy) — Please print date below. Signature 1 — Please keep signature within the box. Signature 2 — Please keep signature within the box. C 1234567890 J N T MMMMMMM 1 U P X 6 4 8 4 9 5 044DGD MR A SAMPLE (THIS AREA IS SET UP TO ACCOMMODATE 140 CHARACTERS) MR A SAMPLE AND MR A SAMPLE AND MR A SAMPLE AND MR A SAMPLE AND MR A SAMPLE AND MR A SAMPLE AND MR A SAMPLE AND MR A SAMPLE AND 2025 Annual Meeting of Bank First Corporation Shareholders June 16, 2025, 4:00pm CDT Franciscan Center 6751 Calumet Avenue, Manitowoc, Wisconsin 54220 Small steps make an impact. Help the environment by consenting to receive electronic delivery, sign up at www.envisionreports.com/BFC IF VOTING BY MAIL, SIGN, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE. Bank First Corporation Notice of 2025 Annual Meeting of Shareholders Proxy Solicited by Board of Directors for Annual Meeting — June 16, 2025 The Chairman of the Board of Directors or the Corporate Secretary of the Corporation or any of them, each with the power of substitution, are hereby authorized to represent and vote the shares of the undersigned, with all the powers which the undersigned would possess if personally present, at the Annual Meeting of Shareholders of Bank First Corporation to be held on Monday, June 16, 2025 or at any postponement or adjournment thereof. If you are a current employee and have shares in the Bank First Retirement Plan on the record date of April 7, 2025, you are directing the Plan trustee how to vote the shares allocated to your account. If your voting instructions are not returned on or before June 9, 2025, you will have given the trustee the authority to vote on your behalf. Shares represented by this proxy will be voted by the shareholder. If no such directions are indicated, the Proxies will have authority to vote FOR the election of the Board of Directors, and FOR items 2, 3 and 4. In their discretion, the Proxies are authorized to vote upon such other business as may properly come before the meeting. (Items to be voted appear on reverse side) C Non-Voting Items Change of Address — Please print new address below. MMMMMMMMMMMM MMMMMMMMM Using a black ink pen, mark your votes with an X as shown in this example. Please do not write outside the designated areas. 2025 Annual Shareholder Meeting Proxy Card IF VOTING BY MAIL, SIGN, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE. A Proposals — The Board of Directors recommend a vote FOR all the nominees listed and FOR Proposals 2, 3, and 4. 1. To elect four (4) directors of the Corporation, each for three-year terms and in each case until their successors are elected and qualified; For Withhold For Withhold For Withhold 02 - Daniel C. “Skip” McConeghy 01 - Ebru Basaran-Shull 03 - Michael B. Molepske 04 - Michael S. Stayer-Suprick 2. To ratify the appointment of Forvis Mazars, LLP as the For Against Abstain 3. To approve the compensation of the Company’s named For Against Abstain Corporation’s independent registered public accounting firm for executive officers through an advisory vote; the fiscal year ending December 31, 2025; 4. To transact such other business as may properly come before the Annual Meeting or any adjournments or postponements thereof. As of the date of this Proxy Statement, the Board of Directors is not aware of any other such business. B Authorized Signatures — This section must be completed for your vote to count. Please date and sign below. Please sign exactly as name(s) appears hereon. Joint owners should each sign. When signing as attorney, executor, administrator, corporate officer, trustee, guardian, or custodian, please give full title. Date (mm/dd/yyyy) — Please print date below. Signature 1 — Please keep signature within the box. Signature 2 — Please keep signature within the box. 1 U P X 6 4 8 4 9 5 044DHD

  78. Pay Versus Performance: Graphical Description

    IF VOTING BY MAIL, SIGN, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE. Bank First Corporation Notice of 2025 Annual Meeting of Shareholders Proxy Solicited by Board of Directors for Annual Meeting — June 16, 2025 The Chairman of the Board of Directors or the Corporate Secretary of the Corporation or any of them, each with the power of substitution, are hereby authorized to represent and vote the shares of the undersigned, with all the powers which the undersigned would possess if personally present, at the Annual Meeting of Shareholders of Bank First Corporation to be held on Monday, June 16, 2025 or at any postponement or adjournment thereof. If you are a current employee and have shares in the Bank First Retirement Plan on the record date of April 7, 2025, you are directing the Plan trustee how to vote the shares allocated to your account. If your voting instructions are not returned on or before June 9, 2025, you will have given the trustee the authority to vote on your behalf. Shares represented by this proxy will be voted by the shareholder. If no such directions are indicated, the Proxies will have authority to vote FOR the election of the Board of Directors, and FOR items 2, 3 and 4. In their discretion, the Proxies are authorized to vote upon such other business as may properly come before the meeting. (Items to be voted appear on reverse side)