Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 919

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 3
Chunk 919
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 of Section 422 of the Code. The Compensation Committee will determine the exercise price
of options granted under the 2022 Equity Incentive Plan. The exercise price of stock options may not be less than the fair market value
per share of our common stock on the date of grant (or 110% of fair market value in the case of ISOs granted to a ten-percent stockholder).

If
on the date of grant the common stock is listed on a stock exchange or is quoted on the automated quotation system of the Nasdaq Stock
Market, the fair market value will generally be the closing sale price on the date of grant (or the last trading day before the date
of grant if no trades occurred on the date of grant). If no such prices are available, the fair market value will be determined in good
faith by the Compensation Committee based on the reasonable application of a reasonable valuation method.

No
option may be exercisable for more than ten years (five years in the case of an ISO granted to a ten-percent stockholder) from the date
of grant. Options granted under the 2022 Equity Incentive Plan will be exercisable at such time or times as the Compensation Committee
prescribes at the time of grant. No employee may receive ISOs that first become exercisable in any calendar year in an amount exceeding
$100,000. The Compensation Committee may, in its discretion, permit a holder of an option to exercise the option before it has otherwise
become exercisable, in which case the shares of our common stock issued to the recipient will continue to be subject to the vesting requirements
that applied to the option before exercise.

Generally,
the option price may be paid in cash, by certified check, or by bank draft. The Compensation Committee may permit other methods of payment,
including through delivery of shares of our common stock having a fair market value equal to the purchase price. The Compensation Committee
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