Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 1131

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 4
Chunk 1131
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598 shares that could be converted into common stock on
                                            the accrued interest. Also includes 1,000,000 shares of common stock that may be acquired
                                            by Kaufman Kapital LLC under warrants to purchase 1,000,000 shares of common stock at an
                                            exercise price of $1.00 per share that vested in full with shareholder approval on October
                                            14, 2024, exercisable until December 31, 2025. And, includes 500,000 shares of common stock
                                            that may be acquired by Kaufman Kapital LLC under warrants to purchase 500,000 shares of
                                            common stock at an exercise price of $1.50 per share that vested in full with shareholder
                                            approval on October 14, 2024, exercisable until December 31, 2025. Mr. Kaufman has the sole
                                            voting and dispositive power over these shares.

ITEM
13. Certain Relationships and Related Transactions, and Director Independence

Certain
Relationships and Related Party Transactions

Other
than the transactions described below, there has not been, nor is there currently proposed, any transaction or series of similar transactions
to which we were or will be a party:

    ●
    in
    which the amount involved exceeds the lesser of $120,000 or one percent of the average of our total assets at year-end for the last
    two completed fiscal years; and

    ●
    in
    which any director, executive officer, stockholders who beneficially owns more than 5% of our common stock or any member of their
    immediate family had or will have a direct or indirect material interest.

45

Convertible
Notes Payable

On
July 15, 2024, the Company entered into a Securities Purchase Agreement (as amended, the “SPA”) with Daniel L. Kaufman, pursuant
to which Mr. Kaufman agreed to purchase from the Company, in a private placement (i) a 12% Senior Secured Convertible Promissory Note
in the principal amount of up to $3,400,000 (the “Convertible Note”), convertible into shares of the Company’s common
stock at a fixed price of $0.7582 per share of common stock, a (ii) a warrant to purchase 1,000,000 shares of common stock at an exercise
price of $1.00 per share (the “$1.00 Warrant”), and (iii) a warrant