Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 894

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 2
Chunk 894
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 the
principal amount then outstanding plus (ii) accrued and unpaid interest on the principal amount to the prepayment notice date, and (iii)
$750 to reimburse the investor for administrative fees.

If the Company delivers a prepayment notice and fails
to pay the applicable prepayment amount, the Company shall forever forfeit its right to prepay any part of the Private Placement Notes.

The Private Placement Notes have mandatory monthly
payments of $43,200. The initial payments are due on November 9, 2024 and November 12, 2024, respectively.

The Company’s failure to comply with the material
terms of the Private Placement Notes will be considered an event of default and the principal sum of the Private Placement Notes will
become immediately due and payable at an amount equal to the principal amount then outstanding plus accrued interest (including any default
interest) through the date of full repayment multiplied by 135%, as well as all costs, all without demand, presentment or notice, unless
expressly waived by the investor.

The investor may assign its rights to any “accredited
investor” (as defined in Rule 501(a) of the 1933 Act) in a private transaction from Quick Capital or to any of its affiliates without
the consent of the Company.

While the Private Placement Notes remain outstanding,
we shall not, without the investor’s written consent (i) (a) pay, declare or set apart for such payment, any dividend or other distribution
on shares of capital stock other than dividends on shares of common stock solely in the form of additional shares of common stock or (b)
directly or indirectly or through any subsidiary make any other payment or distribution in respect of its capital stock except for distributions
pursuant to any shareholders’ rights plan which is approved by a majority of the Company’s disinterested directors, (ii) redeem,
repurchase or otherwise acquire (whether for cash or in exchange for property or other securities or otherwise) in any one transaction
or series of related transactions any shares of capital stock of the Company or any warrants, rights or options to purchase or acquire
any such shares, or repay any indebtedness of Quick Capital, (iii) advance any loans made in the ordinary course of business in excess
of $100,000, (iv) sell, lease or otherwise dispose of any significant portion of its assets outside the ordinary course of business, and
(v) enter into any transaction or arrangement structured in accordance with, based upon, or related or pursuant