Company: BOF
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021655
Chunk: 94

Company: BranchOut Food Inc.
Filing Date: 2025-11-12
Form: 10-Q
Item: Item 8
Chunk 94
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 Equity Plan allows for the grant of a variety
of equity vehicles to provide flexibility in implementing equity awards, including nonqualified stock options, incentive stock options,
stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units, incentive bonus awards, other
cash-based awards and other stock-based awards. The number of shares reserved for issuance under the 2022 Equity Plan was initially an
aggregate of 600,000 shares, as adjusted on June 15, 2023, in connection with the Company’s reverse stock split, subject to annual
increases under the plan, resulting in 1,633,000 reserved shares as of September 30, 2025. There were 1,333,470 options with a weighted
average exercise price of $2.20 per share, and a weighted average remaining life of approximately 8.76 years, outstanding as of September
30, 2025.

Common
Stock Options Issued for Services Pursuant to the Company’s 2022 Equity Incentive Plan

On
February 13, 2025, the Company granted options to purchase 10,000 shares of the Company’s common stock, having an exercise price
of $2.50 per share, exercisable over a 10-year term, to a new employee. The options will vest quarterly over three years from the date
of grant. The aggregate estimated value using the Black-Scholes Pricing Model, based on a volatility rate of 43% and a call option value
of $1.2384, was $12,384.

On
April 11, 2025, the Company granted options to purchase 30,000 shares of the Company’s common stock, having an exercise price of
$1.93 per share, exercisable over a 10-year term, to one of the Company’s directors. The options vested immediately. The estimated
value using the plain vanilla Black-Scholes Pricing Model, based on a volatility rate of 46% and a call option value of $0.8765, and
an expected term of 5 years, was $26,294.

On
April 14, 2025, the Company granted options to purchase an aggregate 90,000 shares of the Company’s common stock, consisting of
options to purchase 15,000 shares to each of six directors, having an exercise price of $1.94 per share, exercisable over a 10-year term,
including options to purchase 15