Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 1206

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 5
Chunk 1206
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2024, the Company completed the sale of an aggregate of $1,050,000 of Senior Notes, and Warrants
to purchase an aggregate of 262,500 shares of the Company’s common stock, to a group of Investors led by Eagle Vision, an affiliate
of John Dalfonsi, a director of the Company and its Chief Financial Officer. The sales were effected pursuant to a Subscription Agreement,
dated January 10, 2024, between the Company and the investors in the Senior Notes, as amended by an amendment (“First Amendment”)
to the Subscription Agreement dated as of April 16, 2024 (as so amended, the “Subscription Agreement”).

The
Senior Notes mature on the earlier of December 31, 2025, or the occurrence of a Qualified Subsequent Financing or Change of Control (as
such terms are defined in the Subscription Agreement) and bear interest at a rate of 15% per annum. In addition, the Senior Notes are
subject to covenants, events of defaults and other terms and conditions set forth in the Subscription Agreement. The Company’s
obligations under the Notes are secured by liens on substantially all of the Company’s assets pursuant to the terms of the Security
Agreement entered into by the Company on January 10, 2024 in favor of holders of the Senior Notes (the “Security Agreement”).
Each Warrant is exercisable for a 10ten-year period at an exercise price of $1.00 per share.

On
April 16, 2024, the Company completed the sale of $225,000 of Senior Notes, and Warrants to purchase an aggregate of 56,250 shares of
the Company’s common stock, to a group of seven Investors, pursuant to a First Amendment to the Subscription Agreement between
the Company and the Investors dated as of April 16, 2024. The First Amendment incorporates and amends certain provisions of the Subscription
Agreement, dated January 10, 2024, previously entered into by the Company and investors that purchased Notes and Warrants from the Company
on January 10, 2024 (the “January Investors”). On July 30, 2024, the Company repaid an aggregate total of $115,000 of principal
to three of the seven Investors in settlement of their promissory notes.

The
First Amendment also (i) increased the aggregate principal amount of the Senior Notes available to be sold from time to time under the