Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 320

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 320
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 to all of the shares of common stock authorized
for issuance under the 2022 Equity Incentive Plan.

If
any option or SAR granted under the 2022 Equity Incentive Plan terminates without having been exercised in full or if any award is forfeited,
the number of shares of common stock as to which such option or award was forfeited will be available for future grants under the 2022
Equity Incentive Plan. Awards settled in cash will not count against the number of shares available for issuance under the 2022 Equity
Incentive Plan.

No
non-employee director may receive awards in any calendar year having an accounting value in excess of $250,000 (inclusive of any cash
awards to the non-employee director for such year that are not made pursuant to the 2022 Equity Incentive Plan); provided that, in the
case of a new non-employee director, such amount is increased to $350,000 for the initial year of the non-employee director’s term.

The
number of shares authorized for issuance under the 2022 Equity Incentive Plan and the foregoing share limitations are subject to customary
adjustments for stock splits, stock dividends or similar transactions.

Terms
and Conditions of Options. Options granted under the 2022 Equity Incentive Plan may be either ISOs or “non-statutory stock
options” that do not meet the requirements of Section 422 of the Code. The Compensation Committee will determine the exercise price
of options granted under the 2022 Equity Incentive Plan. The exercise price of stock options may not be less than the fair market value
per share of our common stock on the date of grant (or 110% of fair market value in the case of ISOs granted to a ten-percent stockholder).

If
on the date of grant the common stock is listed on a stock exchange or is quoted on the automated quotation system of the Nasdaq Stock
Market, the fair market value will generally be the closing sale price on the date of grant (or the last trading day before the date
of grant if no trades occurred on the date of grant). If no such prices are available, the fair market value will be determined in good
faith by the Compensation Committee based on the reasonable application of a reasonable valuation method.

No
option may be exercisable for more than ten years (five years in the case of an ISO granted to a ten-percent stockholder) from the date
of grant