Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 762

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1C
Chunk 762
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 2024 under the
2022 Equity Plan.

Common
Stock Issued for Services for the Year Ended December 31, 2023

On
November 1, 2023, the Company issued 24,478 shares under the 2022 Equity Plan to its securities counsel for services performed. The aggregate
fair value of the shares was $40,389, based on the closing traded price of the common stock on
the date of grant.

On
October 26, 2023, the Company issued 12,500 shares under the 2022 Equity Plan to a consultant, who later became a Company director, for
services performed. The aggregate fair value of the shares was $19,000, based on the closing traded
price of the common stock on the date of grant.

    F-24

BRANCHOUT
                                            FOOD INC.

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

On
August 17, 2023, the Company issued 44,334 shares under the 2022 Equity Plan, to its securities counsel for services performed. The aggregate
fair value of the shares was $99,751, based on the closing traded price of the common stock on
the date of grant.

Debt
Conversions

In
connection with the IPO in June 2023, a total of $6,029,204 of convertible debt, consisting of $5,526,691 of principal and $502,513 of
interest, was converted into 1,572,171 shares of common stock, inclusive of $179,687, consisting of $165,000 of principal and $14,687
of interest, that converted into 43,562 shares of common stock issued upon the conversion of debts held by related parties. The notes
were converted in accordance with the conversion terms; therefore, no gain or loss had been recognized.

Note
19 – Common Stock Options

Stock
Incentive Plan

Our
board of directors and shareholders adopted our 2022 Omnibus Equity Incentive Plan on January 1, 2022 (the “2022 Plan”).
Our 2022 Plan allows for the grant of a variety of equity vehicles to provide flexibility in implementing equity awards, including nonqualified
stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance
units, incentive bonus awards, other cash-based awards and other stock-based awards. The number of shares reserved for issuance under