Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 443

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1
Chunk 443
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 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;

●
provide that awards may be exercisable, payable or fully vested as to shares of common stock covered thereby; or

●
provide that an award under the 2018 Plan cannot vest, be exercised or become payable after such event.

52

In
the event of an equity restructuring, the administrator will make appropriate, proportionate adjustments to the number and type of securities
subject to each outstanding award and the exercise price or grant price thereof, if applicable. In addition, the administrator will make
equitable adjustments, as the administrator in its discretion may deem appropriate to reflect such equity restructuring, with respect
to the aggregate number and type of shares subject to the 2018 Plan. The adjustments upon an equity restructuring are nondiscretionary
and will be final and binding on the affected holders and the Company.

For
purposes of the