Mark A. Smith - 23 Jan 2024 Form 4 Insider Report for BION ENVIRONMENTAL TECHNOLOGIES INC (BNET)

Footnote F1

On January 23, 2024 Mr. Smith and his spouse elected to exercise 2,827,196 warrants at an exercise price of $.75/warrant with price adjustments ranging from 75% to 90% which will result in the issuance of 2,439,426 shares of common stock. These warrants were exercised using the cashless exercise option. The administrative process involved in these exercises/issuances has been long and extended and none of the shares have been issued and delivered as of the date of filing this report. Details regarding these exercises are set forth in the notes below.

Footnote F2

On January 23, 2024 100,001 warrants registered to Lotaylingkyur, Inc. (controlled by Mr. & Mrs. Smith) were exercised at a price of $.75/warrant (with a 75% price adjustment), and 85,354 shares of common stock were issued (under Bion's S-8 Registration Statement and 2006 Incentive Plan).

Footnote F3

As of December 31, 2023, the balance of the 2020 Convertible Obligation owned by Mr. Smith was $118,731.68 convertible into 237,464 units (each unit consisting of one share and one warrant exercisable at $.75/warrant). Each warrant will include the potential to have a price adjustment of 75%.

Footnote F4

As of December 31, 2023, the balance of deferred compensation owed to Mr. Smith was $70,450 (convertible into 93,934 shares of common stock at $0.75 per share).

Footnote F5

On January 23, 2024, Mr. Smith exercised 300,000 Class CAP2017 warrants were exercised @ $.75/warrant (with a price adjustment of 90%) and 282, 422 shares of restricted stock were issued.

Footnote F6

On January 23, 2024, 1,600,487 Class MAS Various warrants were exercised at $0.75/warrant (with a price adjustment of 75%) and 1,366,042 shares were issued (under Bion's S-8 from the S-8 Registration Statement and 2006 Incentive Plan).

Footnote F7

On January 23, 2024, 106,500 Class MAS Various warrants were exercised at $0.75/warrant (with a price adjustment of 75%) and 90,900 shares of restricted stock were issued.

Footnote F8

On January 23, 2024, 820,209 Class MAS various warrants registered to Mr. Smith's spouse were exercised at $0.75 (with a price adjustment of 75%) and 700,062 shares were issued (under Bion's S-8 Registration Statement and 2006 Incentive Plan).

Footnote F9

These options are comprised of various classes and various exercise of prices with expiration dates ranging from 2024 to 2026 and exercise bonus terms ranging from 75% to 90%.