Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 34

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 8
Chunk 34
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 Senior Secured Promissory
Note that, as amended, matures on June 30, 2025. The loan under the Note bears interest at a rate of 15% per annum. The Company’s
obligations under the Note are secured by a lien on substantially all of the Company’s assets pursuant to the Security Agreement.
In addition, the Note includes affirmative and negative covenants, events of defaults and other terms and conditions, customary in transactions
of this nature.

Eagle
Vision Notes

As
discussed in Note 4, in connection with the sale of the Purchased Securities to Kaufman Kapital under the SPA, the Company entered into
an Omnibus Amendment to Note Documents with substantially all of the Holders of the Company’s Senior Notes and Warrants issued
under that certain 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.

During
the period of May 14, 2024 through May 22, 2024, the Company completed the sale of an aggregate of $1,050,000 of Senior Notes, and Warrants
to purchase an aggregate of 262,500 shares of the Company’s common stock, to a group of Investors led by Eagle Vision, an affiliate
of John Dalfonsi, a director of the Company and its Chief Financial Officer. The sales were effected pursuant to a Subscription Agreement,
dated January 10, 2024,