Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 160

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 8
Chunk 160
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 Subscription Agreement dated as of January 10, 2024, as amended, pursuant to which, among other things, (i)
the exercise price of the Warrants issued to the Holders was reduced from $2.00 to $1.00, (ii) the outside maturity date of the Senior
Notes held by the Holders was extended from December 31, 2024 to December 31, 2025 (subject to further extension in the event the maturity
date of the Convertible Note is extended), (iii) the Company’s obligation to make payments of principal under the Senior Notes
held by the Holders beginning July 1, 2024 has been eliminated, and instead all obligations of the Company under such Senior Notes will
be due in one lump sum on the maturity date of the Senior Notes, and (iv) the Company’s obligations under the Convertible Note
and liens granted to the holder thereof, will be pari passu with the Company’s obligations under the Senior Notes held by the Holders
and liens granted to the holders thereof. The amendment warrants resulted in $89,949 of additional interest expense.

On
various dates from January 9, 2024 through May 22, 2024, the Company completed the sale of an aggregate $1,675,000 of Senior Secured
Promissory Notes (“Senior Notes”) and Warrants (“Warrants”) to purchase an aggregate of 518,750 shares of the
Company’s common stock, to a group of Investors (“Investors”) led by Eagle Vision Fund LP (“Eagle Vision”),
an affiliate of John Dalfonsi, CFO of the Company, pursuant to a subscription agreement between the Company and the Investors.

Pursuant
to the subscription agreements, Eagle Vision was paid aggregate cash fees in the amount of $177,500 upon the closing of the transactions
for due diligence fees in consideration of services rendered and to be rendered by Eagle Vision to the Company and the investors, including
conducting due diligence with respect to the Company, monitoring the performance by the Company of its obligations under the senior secured
notes, servicing the interest and principal payments for purchasers, engaging in ongoing discussions with the Company’s management
regarding the Company’s operations and financial condition, acting as collateral agent, and evaluating financial and non-financial
information related to the Company, which services are to be provided by Eagle Vision until the senior secured notes have been paid in
full, and an aggregate $35