Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 1082

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 4
Chunk 1082
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of $1.92 per share, exercisable over a 10-year term, to the Company’s CFO. The options vested immediately.

On
February 22, 2024, the Company also granted options to purchase an aggregate 79,166 shares of the Company’s common stock, having
an exercise price of $1.92 per share, exercisable over a 10-year term, to a total of three of the Company’s directors. The options
vested immediately.

On
August 8, 2023, the Company granted options to purchase 30,000 shares of the Company’s common stock under the 2022 Plan, having
an exercise price of $6.00 per share, exercisable over a 10-year term, to the then chairman of the audit committee and now, Chief Financial
Officer. The options vest monthly over a 1one-year period.

On
August 8, 2023, the Company granted options to purchase 30,000 shares of the Company’s common stock under the 2022 Plan, having
an exercise price of $2.51 per share, exercisable over a 10-year term, to one of its directors. The options vest monthly over a 1one-year
period.

    F-13

BRANCHOUT
                                            FOOD INC.

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

Common
Stock Issued for Services

On
October 26, 2023, the Company issued 12,500 shares, restricted in accordance with Rule 144, 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.

Note
5 – Formation of Subsidiary

On
April 26, 2024, the Company formed BranchOut Food Sucursal Peru, a wholly-owned subsidiary in Peru, in the form of a legal entity
called a branch, for the purpose of operating the 50,000
square-foot Peru Facility. The Company began manufacturing products at the Peru Facility in December of 2024.

Note
6 – Fair Value of Financial Instruments

Under
FASB ASC 820-10-5, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date (an exit price). The standard