Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 201

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 11
Chunk 201
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 as to 50 shares on each of January 15, 2020, January 15, 2021, January 15, 2022, January 15, 2023 and
    January 15, 2024.

2018
Equity Incentive Award Plan

In
connection with the Merger, we adopted the 2018 Equity Incentive Award Plan (the “2018 Plan”), which was effective immediately
prior to the consummation of the Merger. The principal purpose of the 2018 Plan is to attract, retain and motivate selected employees,
consultants and non-employee directors through the granting of stock-based compensation awards and cash-based performance bonus awards.

Under
the 2018 Plan, we are authorized to issue incentive stock options intended to qualify under Section 422 of the Code and non-qualified
stock options. The 2018 Plan is administered by our board of directors. In connection with the Merger, we issued options to purchase
an aggregate of 6,240 shares of common stock to certain executive officers and directors (3,120 of which were subsequently forfeited
unexercised).

Share
Reserve. 7,500,000 shares of common stock are reserved for issuance under the 2018 Plan pursuant to a variety of stock-based compensation
awards, including stock options, stock appreciation rights (“SARs”), restricted stock awards, restricted stock unit awards,
deferred stock awards, dividend equivalent awards, stock payment awards, performance awards and other stock-based awards.

●
to the extent that an award terminates, expires or lapses for any reason or an award is settled in cash without the delivery of shares,
any shares subject to the award at such time will be available for future grants under the 2018 Plan;

49

●
to the extent shares are tendered or withheld to satisfy the grant, exercise price or tax withholding obligation with respect to any
award under the 2018 Plan, such tendered or withheld shares will be available for future grants under the 2018 Plan;

●
to the extent that shares of common stock are repurchased by us prior to vesting so that shares are returned to us, such shares will
be available for future grants under the 2018 Plan;

●
the payment of dividend equivalents in cash in conjunction with any outstanding awards will not be counted against the shares available
for issuance under the 2018 Plan; and

●
to the extent permitted by applicable law