Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 207

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 11
Chunk 207
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 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 2018 Plan, “equity restructuring” means a nonreciprocal transaction between us and our stockholders, such
as a stock dividend, stock split, spin-off, rights offering or recapitalization through a large, nonrecurring cash dividend, that affects
the number or kind of shares (or other securities) or the share price of our Common Stock (or other securities) and causes a change in
the per share value of the common stock underlying outstanding stock-based awards granted under the 2018 Plan. In the event of a stock
split in connection with an offering, the administrator will proportionately adjust (i) the number of shares subject to any outstanding
award under the 2018 Plan, (ii) the exercise or grant price of any such awards, if applicable, and (iii) the aggregate number of shares
subject to the 2018 Plan.

Amendment
and Termination. Our board of directors or the compensation committee (with board approval) may terminate, amend or modify the 2018
Plan at any time and from time to time. However, we must generally obtain stockholder approval:

●
to increase the number of shares available under the 2018 Plan (other than in connection with certain corporate events, as described
above);

●
reduce the price per share of any outstanding option or SAR granted under the 2018 Plan;

●
cancel any option or SAR in