Company: SNBH
Filing Date: 2025-04-16
Form Type: 10-K
Source: 0001731122-25-000581
Chunk: 384

Company: SENTIENT BRANDS HOLDINGS INC.
Filing Date: 2025-04-16
Form: 10-K
Item: Item 4
Chunk 384
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, 2023, the Company issued 500,000 restricted
shares of its common stock to Dante Jones, the Company’s interim Chief Executive Officer. The Company took a charge of $13,900 for
this stock issuance in the first quarter of 2023 which is included in general and administrative expenses.

On August 9, 2023, the Company agreed to issue 160,000
restricted shares of its common stock to a qualified investor for proceeds of $8,000. The underlying shares were not issued prior to the
end of the quarter but are listed as outstanding by the Company as of September 30, 2023.

On September 28, 2023, the Company agreed to issue
600,000 restricted shares of its common stock to a qualified investor for proceeds of $30,000. The underlying shares were not issued prior
to the end year but are listed as outstanding by the Company as of December 31, 2023.

    F-13

On December 3, 2023, a noteholder exercised 400,000
warrants to purchase common stock at $0.01 per share for a total of $4,000.

On December 27, 2023, a noteholder exercised 400,000
warrants to purchase common stock at $0.01 per share for a total of $4,000.

There were no other issuances of common stock during
the year ended December 31, 2023.

NOTE 8. COMMITMENTS AND CONTINGENCIES

On December 26, 2019, the Company entered into an
Employment Agreement (the “Furlan Agreement”) with George Furlan pursuant to which Mr. Furlan was appointed as the Company’s
Chief Executive Officer. The Furlan Agreement provides for a base salary of $60,000 per year with such base salary being increased to
$120,000 per year beginning on the one (1) year anniversary of the completion of a financing by the Company of no less than $3,000,000.
The Furlan Agreement also contains an annual bonus based on the amount of revenue generated by the Company from the sale of certain products.
The Furlan Agreement has a term of three years from the effective date. Pursuant to the Furlan Agreement, the Company and Mr. Furlan also
entered into a into a Restricted Stock Agreement to purchase 718,403 shares of the Company’s Common Stock.