Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 904

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 2
Chunk 904
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 to the Company.

The
Convertible Note matures on the earlier of (i) December 31, 2025, (ii) the sale by the Company of $5,000,000 of equity or debt securities
in a single transaction or series of related transactions (excluding certain specified transactions), or (iii) the closing of a change
of control transaction as provided in the Convertible Note. Loans outstanding under the Convertible Note bear interest at an initial
rate of 12% per annum, and together with accrued principal are convertible into common stock.

The
Company’s obligations under the Convertible Note are secured by a lien granted to Kaufman Kapital on substantially all of the Company’s
assets pursuant to a Security Agreement entered between the Company and Kaufman Kapital (the “Security Agreement”). In addition,
the Convertible Note includes affirmative and negative covenants, events of defaults and other terms and conditions, customary in transactions
of this nature.

Notes
Payable

On
August 30, 2024, the Company borrowed $1,200,000 from Kaufman Kapital pursuant to a Senior Secured Promissory Note in the principal amount
of $1,200,000 (the “Note”) issued by the Company to Kaufman Kapital. The Note matures on June 30, 2025, as amended. 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.

Transactions
with Eagle Vision

In
connection with the sale of the Purchased Securities to Kaufman Kapital LLC under the SPA, the Company entered into an Omnibus Amendment
to Note Documents with substantially all of the holders (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