Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 136

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 9C
Chunk 136
---
 or nonrecurring events
or transactions. Under the 2018 Plan, a change in control is generally defined as:

●
the transfer or exchange in a single transaction or series of related transactions by our stockholders of more than 50% of our voting
stock to a person or group;

●
a change in the composition of our board of directors over a two-year period such that the members of the board of directors who were
approved by at least two-thirds of the directors who were directors at the beginning of the two-year period or whose election or nomination
was so approved cease to constitute a majority of the board of directors;

●
a merger, consolidation, reorganization or business combination in which we are involved, directly or indirectly, other than a merger,
consolidation, reorganization or business combination that results in our outstanding voting securities immediately before the transaction
continuing to represent a majority of the voting power of the acquiring company’s outstanding voting securities and after which
no person or group beneficially owns 50% or more of the outstanding voting securities of the surviving entity immediately after the transaction;
or

●
stockholder approval of our liquidation or dissolution.

Adjustments
of Awards. In the event of any stock dividend, stock split, spin-off, recapitalization, distribution of our assets to stockholders
(other than normal cash dividends) or any other corporate event affecting the number of outstanding shares of our Common Stock or the
share price of our Common Stock other than an “equity restructuring” (as defined below), the administrator may make appropriate,
proportionate adjustments to reflect the event giving rise to the need for such adjustments, with respect to:

●
the aggregate number and type of shares subject to the 2018 Plan;

●
the number and kind of shares subject to outstanding awards and terms and conditions of outstanding awards (including, without limitation,
any applicable performance targets or criteria with respect to such awards); and

●
the grant or exercise price per share of any outstanding awards under the 2018 Plan.

In
the event of one of the adjustments described above or other corporate transactions, in order to prevent dilution or enlargement of the
potential benefits intended to be made available under the 2018 Plan, the administrator has the discretion to make such equitable adjustments
and may also:

●
provide for the termination or replacement of an award in exchange for cash or other property;

●
provide that any outstanding award cannot vest, be exercised or become payable after such event;