Is additional stock received as consideration to convert a loan to stock reportable on Form 1099-MISC, box 3

I've got a new non-public client that issues common stock (restricted as to transferability) as a "bonus" for an unrelated non-corporate lender to convert the loan to common stock, either under the terms of the loan, or as an amendment to the loan. Sometimes the "bonus" stock is issued to induce a potential lender to make the initial loan. The value of this "bonus" is usually stated in the Note Payable document. Is that reportable on Form 1099-MISC, Box 3 (Other income) if the amount is over $600? I'm guessing that it is, and Section 83(b) is not applicable, because this is not for services as a contractor or employee.