Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 462

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1A
Chunk 462
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is authorized to establish a cashless exercise program and to permit the exercise price (and/or tax withholding obligations) to be satisfied
by reducing from the shares otherwise issuable upon exercise a number of shares having a fair market value equal to the exercise price.

No
option may be transferred other than by will or by the laws of descent and distribution, and during a recipient’s lifetime an option
may be exercised only by the recipient. However, the Compensation Committee may permit the holder of an option, SAR or other award to
transfer the option, right or other award to immediate family members or a family trust for estate planning purposes. The Compensation
Committee will determine the extent to which a holder of a stock option may exercise the option following termination of service with
us.

Stock
Appreciation Rights. The Compensation Committee may grant SARs under the 2022 Equity Incentive Plan. The Compensation Committee
will determine the other terms applicable to SARs. The exercise price per share of a SAR will not be less than 100% of the fair market
value of a share of our common stock on the date of grant, as determined by the Compensation Committee. The maximum term of any SAR granted
under the 2022 Equity Incentive Plan is ten years from the date of grant. Generally, each SAR will entitle a participant upon exercise
to an amount equal to:

    ●
    the excess of the fair market value on the
    exercise date of one share of our common stock over the exercise price, multiplied by

    ●
    the number of shares of common stock covered
    by the SAR.

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Payment
may be made in shares of our common stock, in cash, or partly in common stock and partly in cash, all as determined by the Compensation
Committee.

Restricted
Stock and Restricted Stock Units. The Compensation Committee may award restricted common stock and/or restricted stock units
under the 2022 Equity Incentive Plan. Restricted stock awards consist of shares of stock that are transferred to a participant subject
to restrictions that may result in forfeiture if specified conditions are not satisfied. Restricted stock units confer the right to receive
shares of our common stock, cash, or a combination of shares and cash, at a future date upon or following the attainment of certain conditions
specified by the Compensation Committee. The restrictions and conditions applicable to each award of restricted stock or restricted stock
units may include performance-based conditions. Dividends with respect to restricted stock may be paid to