Company: BSFC
Filing Date: 2025-02-10
Form Type: POS AM
Source: 0001493152-25-005479
Chunk: 153

Company: Blue Star Foods Corp.
Filing Date: 2025-02-10
Form: POS AM
Chunk 153
---
 7,500annual stock grant, respectively. As additional consideration for such Board service, on April 20, 2022, each director was granted a five-year option to purchase 25shares of the Company’s common stock at an exercise price of $ 2,000.00per share, which shares will vest in equal quarterly installments of 1.25shares during the term of the option. The agreement also includes customary confidentiality provisions and one-year non-competition and non-solicitation provisions.

On September 16, 2022, the Company granted an employee a three-year option to purchase 28shares of common stock at an exercise price of $ 860.00which vests in equal monthly installments during the term of the option.

On November 22, 2022, the Company granted an employee a three-year option to purchase 6shares of common stock at an exercise price of $ 790.00which vests in equal monthly installments during the term of the option.

Under the Black-Scholes option pricing model, the fair value of the 175options, 28options and 6options granted during the year ended December 31, 2022 is estimated at $ 84,334, $ 8,409, and $ 1,615, respectively, on the date of grant using the following assumptions: stock price of $ 31.40, $ 17.20and $15.80at the grant date, exercise price of the option, option term, volatility rate of 39.23%, 46.72% and 46.72% and risk-free interest rate of 2.87%, 3.81% and 4.27%, respectively. The unrecognized portion of the expense remaining at December 31, 2022 is $ 72,620, $ 7,600, and $ 1,558, respectively, which is expected to be recognized to expense over a period of three years.

| F-23 |

For the year ended December 31, 2022, the Company determined that the five-year option to purchase176shares of common stock at an exercise price of $ 2,300granted to an employee of TOBC in 2021 does not meet the vesting requirements pursuant to the terms of the option grant and accordingly, reversed the expense recorded of approximately $ 76,400and $ 79,023for the years ended December 31, 2022 and 2021, respectively.

On August