Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 181

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 10
Chunk 181
---
 general releases, a two-year confidentiality provision and provides for Mr. Constable’s outstanding
stock options to remain in effect until November 8, 2028.

On
December 19, 2022, the Company entered into new one-year director service agreements (which replaced the agreements entered into in April
2022) with each of the current members of the Board. The agreement will automatically renew for successive one-year terms unless either
party notifies the other of its desire not to renew the agreement at least 30 days prior to the end of the then current term, or unless
earlier terminated in accordance with the terms of the agreement. As compensation for serving on the Board, each director will be entitled
to a $60,000 annual stock grant and for serving on a committee of the Board, an additional $20,000 annual stock grant, both based upon
the closing sales price of the Common Stock on the last trading day of the calendar year. Each director who serves as chairman of the
Audit Committee, Compensation Committee and Nominating and Governance Committee will be entitled to an additional $50,000, $40,000 and
$30,000 annual stock grant, respectively.

As of December 31, 2024, the Company had outstanding advances of $72,300 to Sustainable Seafood Philippines, a related
party, in connection with the planned acquisition of Bacolod’s assets, which will be carried out by Sustainable Seafood Philippines.
The Company recorded a full valuation allowance on these advances due to uncertainty regarding collectability.

During the year ended December 31, 2024, the Company
processed payments of $37,500 to Strike the Gold, a related party. These payments were an addition to the existing long-term receivable
of $435,540 with Strike the Gold. The Company determined it appropriate to record an allowance for the full balance due from Strike the Gold. For the
year ended December 31, 2024, the Company also sold inventory to Strike the Gold amounting $210,354 which will be recognized only upon
collection as collectability is not reasonably assured.

55

Director
Independence

We
are not currently subject to listing requirements of any national securities exchange or inter-dealer quotation system that has requirements
that a majority of the board of directors be “independent.” Our board of directors currently has six members, Jeffrey J.
Guzy, Timothy McLellan, Trond Ringstad, John Keeler, Nubar Herian and Silvia