Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 134

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 9C
Chunk 134
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 vesting conditions based on continued employment or service or on performance criteria established by
the administrator. Like restricted stock, restricted stock units may not be sold, or otherwise transferred or hypothecated, until vesting
conditions are removed or expire. Unlike restricted stock, stock underlying restricted stock units will not be issued until the restricted
stock units have vested, and recipients of restricted stock units generally will have no voting or dividend rights prior to the time
when vesting conditions are satisfied.

Deferred
Stock Awards. Deferred stock awards represent the right to receive shares of common stock on a future date. Deferred stock may not
be sold or otherwise hypothecated or transferred until issued. Deferred stock will not be issued until the deferred stock award has vested,
and recipients of deferred stock generally will have no voting or dividend rights prior to the time when the vesting conditions are satisfied
and the shares are issued. Deferred stock awards generally will be forfeited, and the underlying shares of deferred stock will not be
issued, if the applicable vesting conditions and other restrictions are not met.

Deferred
Stock Units. Deferred stock units are denominated in unit equivalent of shares of common stock and vest pursuant to a vesting schedule
or performance criteria set by the administrator. The common stock underlying deferred stock units will not be issued until the deferred
stock units have vested, and recipients of deferred stock units generally will have no voting rights prior to the time when vesting conditions
are satisfied.

Stock
Appreciation Rights (“SARs”). SARs may be granted in connection with stock options or other awards, or separately. SARs
granted in connection with stock options or other awards typically will provide for payments to the holder based upon increases in the
price of our Common Stock over a set exercise price. The exercise price of any SAR granted under the 2018 Plan must be at least 100%
of the fair market value of a share of our Common Stock on the date of grant. Except as required by Section 162(m) of the Code with respect
to a SAR intended to qualify as performance-based compensation as described in Section 162(m) of the Code, there are no restrictions
specified in the 2018 Plan on the exercise of SARs or the amount of gain realizable therefrom, although restrictions may be imposed by
the administrator in the SAR agreements. SARs under the 2018 Plan will be settled in cash or shares of common stock, or in a combination
of both, at the election of the administrator