Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 993

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 3
Chunk 993
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, 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. The aggregate estimated value using the
plain vanilla Black-Scholes Pricing Model, based on a volatility rate of 41%
and a call option value of $1.1407, and an expected term of 5.5 years,
was $90,306.

On
October 24, 2023, the Company granted options to purchase an aggregate 42,500
shares of the Company’s common stock, having an exercise price of $1.60
per share, exercisable over a 10-year
term, to a total of four employees. The options will vest one-year from the date of grant. The estimated value using the plain
vanilla Black-Scholes Pricing Model, based on a volatility rate of 93%
and a call option value of $0.7118,
and an expected term of 5.5 years, was $30,253.
The options were expensed over the vesting period, resulting in $24,581
and $5,672
of stock-based compensation expense during the years ended December 31, 2024 and 2023, respectively.

On
August 8, 2023, the Company granted options to purchase an aggregate 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 chairman of the audit committee. The options will vest monthly over a one-year period. The estimated value using the
plain vanilla Black-Scholes Pricing Model, based on a volatility rate of 39%
and a call option value of $0.1644, and an expected term of 3 years,
was $4,932.
The options were expensed over the vesting period, resulting in $2,980
and $1,952
of stock-based compensation expense during the years ended December 31, 2024 and 2023, respectively.

On
August 8, 2023, the Company granted options to purchase an aggregate 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