Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 803

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 2
Chunk 803
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 2022 Equity Incentive Plan on or after January 7, 2032 (or, the expiration date), but the 2022
Equity Incentive Plan will continue thereafter in effect with respect to previously granted options, SARs or other awards that remain
outstanding.

Eligibility.
Persons eligible to receive options, SARs or other awards under the 2022 Equity Incentive Plan are those employees, officers,
directors, consultants, advisors and other individual service providers of ours who, in the opinion of the Compensation Committee, are
in a position to contribute to our success, or any person who is determined by the Compensation Committee to be a prospective employee,
officer, director, consultant, advisor or other individual service provider of the Company or any subsidiary.

Shares
Subject to the 2022 Equity Incentive Plan. The aggregate number of shares of common stock initially available for issuance in
connection with options and other awards granted under the 2022 Equity Incentive Plan was 600,000. The number of shares of common stock
available for issuance under the 2022 Equity Incentive Plan automatically increases on the first day of each fiscal year of the Company
commencing with fiscal year 2023, and the first day of each fiscal year thereafter until the expiration date, in an amount equal to 5%
percent of the total number of 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