Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 1032

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 4
Chunk 1032
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 shares of our common stock outstanding on the last day of the immediately preceding fiscal year of the
Company, unless the board of directors takes action prior thereto to provide that there will not be an increase in the share reserve
for such year or that the increase in the share reserve for such year will be of a lesser number of shares of common stock than would
otherwise occur. As of December 31, 2024, the annual increases to the plan resulted in 1,009,000 shares being able to be issued
under the plan.

 23 

“Incentive
stock options”, or ISOs, that are intended to meet the requirements of Section 422 of the Internal Revenue Code of 1986, as amended
(the “Code”) may be granted under the 2022 Equity Incentive Plan with respect 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