Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 70

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 8
Chunk 70
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 the IPO, payable in regular installments in accordance with the usual payment practices of the
Company. The employment agreement calls for an annual bonus, as determined by the board of directors and possible additional bonuses
for services and results achieved by Mr. Healy. Furthermore, the employment agreement required the Company to pay a bonus to Mr. Healy
of $100,000 upon the completion of the IPO in 2023.

Pursuant
to Mr. Healy’s employment agreement, in the event he is involuntarily terminated by the Company other than for “Cause”
or if he resigns for “Good Reason,” he is entitled to receive, subject to certain conditions, (x) an amount equal to the
remaining unpaid amounts under the employment term (three years from the date of the agreement), plus an additional 12 months of his
then current base salary, each payable on the date of termination; (y) an amount equal to the target bonus for the year of termination
of employment, payable within five days following the date of termination; and (z) continued medical and dental coverage. “Cause”
and “Good Reason” are each defined in the employment agreement.

Finally,
Mr. Healy agreed to certain non-solicitation, non-disparagement and non-competition provisions for a period of 24 months following termination
and to certain confidentiality obligations. Additional terms and conditions are set forth in the employment agreement.

We
have entered into a consulting agreement with our Chief Financial Officer dated April 12, 2022, as amended on January 10, 2024. Pursuant
to such agreement, Mr. Dalfonsi has agreed to serve as Chief Financial Officer until December 31, 2025 in consideration of monthly payments
of $12,500.

Outstanding
Equity Awards

The
following table sets forth information with respect to unexercised stock options, stock that has not vested, and equity incentive plan
awards held by our Named Executive Officers at December 31, 2024.

    Outstanding
    Option Awards at Fiscal Year-End
  
    Name 
    Number
    of Securities Underlying Unexercised Options (#) Exercisable  
    Number
    of Securities Underlying Unexercised Options (#) Unexercisable  
    Option
    Exercise Price  
    Option Expiration
    Date
  
    Eric Healy, Chief Executive Officer 
     140,000(1) 
             -