Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 856

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1C
Chunk 856
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 days.
  
    (3)
    Includes
    13 shares underlying stock options exercisable within 60 days.
  
    (4)
    Includes
    13 shares underlying stock options which are exercisable within 60 days.
  
    (5)
    Includes
    250 shares underlying stock options which are exercisable within 60 days.

54

Change-in-Control
Agreements

The
Company does not have any change-in-control agreements with any of its executive officers.

ITEM
13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

The
following is a description of transactions since January 1, 2024 to which we have been a party, in which the amount involved exceeded
or will exceed $120,000, and in which any of our directors, executive officers or holders of more than 5% of our capital stock, or an
affiliate or immediate family member thereof, had or will have a direct or indirect material interest.

From
January 2006 through May 2017, Keeler & Co issued an aggregate of $2,910,000, 6% demand promissory notes to John Keeler, our
Chief Executive Officer, Executive Chairman and a director. We may prepay the notes at any time first against interest due
thereunder. If an event of default occurs under the notes, interest will accrue at 18% per annum and if not paid within 10 days of
payment becoming due, the holder of the note is entitled to a late fee of 5% of the amount of payment not timely received. On
December 30, 2020, we entered into a debt repayment agreement with Mr. Keeler pursuant to which we issued 796,650 shares of common
stock to a third party designated by Mr. Keeler as repayment for an aggregate principal amount of $1,593,300 due under four such
notes. All interest due on the notes had previously been paid on a monthly basis. On December 31, 2023, the Company issued an
aggregate of 3,958,333 shares of common stock to John Keeler’s designee in lieu of payment of $570,000 of the principal
outstanding promissory notes held by Mr. Keeler. As of December 31, 2024, the Company no longer remained indebted to Mr. Keeler as
the promissory note was paid-off.

John
Keeler, our Chief