Company: BFRG
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001493152-25-010367
Chunk: 354

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1C
Chunk 354
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565,000 shares of common stock with an exercise price of $2.00 per share exercisable
after six (6) months from the date of issuance for a five-year period from the initial exercise date in a concurrent private placement.
In conjunction with the transactions, the Company paid the placement agent an aggregate cash fee of 8.0% of the gross proceeds from the
sale of securities in the transaction, reimbursed the placement agent for certain out-of-pocket expenses and issued to the placement
agent warrants to purchase an aggregate of 62,600 shares of Common Stock, equal to 4% of the aggregate number of shares of common stock
and pre-funded warrants sold in the registered direct offering. The warrants have an exercise price of $2.00 per share and are exercisable
six (6) months from the date of issuance for a five-year period from the initial exercise date.

     F-12 

Dilutive
securities are excluded from the diluted earnings per share calculation when their effect is anti-dilutive. As of December 31, 2024,
73,449 shares of preferred stock, 6,935,042 warrants and 832,731 options for common shares were excluded from the calculation of net
loss per common share. As of December 31, 2023, 73,449 shares of preferred stock, 3,521,880 warrants and 527,717 options for common shares
were excluded from the calculation of net loss per common share. For the year ended December 31, 2024, 430,108 pre-funded warrants are
included in the calculation of net loss per common share.

2022
Equity Incentive Plan 

In
November 2022, the Company’s Board of Directors adopted, and its shareholders approved the 2022 Equity Incentive Plan (the “Plan”).
The Plan provides for the granting of equity-based awards to employees, directors, and consultants. The Plan provides for equity-based
awards including incentive stock options, non-qualified stock options, stock appreciation rights, performance share awards, cash awards
and other equity-based awards. Awards are limited to a maximum term of 10 years and any exercise prices shall not be less than 100% of
the fair market value of one share of common stock on the grant date. The Plan authorized an initial maximum number of shares underlying
awards of 900,000 with an automatic annual increase to an amount equal to 15% of the