Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 133

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 9C
Chunk 133
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 the award.

Nonstatutory
Stock Options (“NSOs”). NSOs will provide for the right to purchase shares of common stock at a specified price that
may not be less than the fair market value of a share of common stock on the date of grant, and usually will become exercisable (at the
discretion of the administrator) in one or more installments after the grant date, subject to the participant’s continued employment
or service with us and/or subject to the satisfaction of corporate performance targets and individual performance targets established
by the administrator. NSOs may be granted for any term specified by the administrator that does not exceed 10 years.

Incentive
Stock Options (“ISOs”). ISOs will be designed in a manner intended to comply with the provisions of Section 422 of the
Code and will be subject to specified restrictions contained in the Code. Among such restrictions, ISOs must have an exercise price of
not less than the fair market value of a share of our Common Stock on the date of grant, may only be granted to employees, and must not
be exercisable after a period of 10 years measured from the date of grant. In the case of an ISO granted to an individual who owns (or
is deemed to own) at least 10% of the total combined voting power of all classes of our capital stock, the 2018 Plan provides that the
exercise price must be at least 110% of the fair market value of a share of our Common Stock on the date of grant and the ISO must not
be exercisable after a period of five years measured from the date of grant.

50

Restricted
Stock Awards. Restricted stock awards may be granted to any eligible individual and made subject to such restrictions as may be determined
by the administrator. Restricted stock, typically, may be forfeited for no consideration or repurchased by us at the original purchase
price if the conditions or restrictions on vesting are not met. In general, restricted stock may not be sold or otherwise transferred
until restrictions are removed or expire. Purchasers of restricted stock, unlike recipients of options, will have voting rights and will
have the right to receive dividends, if any, prior to the time when the restrictions lapse; however, extraordinary dividends will generally
be placed in escrow, and will not be released until restrictions are removed or expire.

Restricted
Stock Unit Awards (“RSU”). Restricted stock units may be awarded to any eligible individual, typically without payment
of consideration, but subject to