Company: BSFC
Filing Date: 2025-03-05
Form Type: S-1
Source: 0001493152-25-009166
Chunk: 154

Company: Blue Star Foods Corp.
Filing Date: 2025-03-05
Form: S-1
Chunk 154
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 December 31, 2023.                                      |
| 11. | Three-year                                                                                                                                 
 option to purchase 1,030 shares of common stock at an exercise price of $17.50, which vest in equal monthly installments during the        
 term of the option, were issued to an employee during the year ended December 31, 2023.                                                    |

The following table summarizes the assumptions used to estimate the fair value of the stock options granted for the years ended December 31, 2023 and 2022:

Schedule of Fair Value of Stock Options

|                    |     | 2023 |        |   |     | 2022 |        |   |
| Expected           
 Volatility         |     |      | 35%    
 – 45   | % |     |      | 39%    
 – 48   | % |
| Risk               
 Free Interest Rate |     |      | 2.87%  
 – 4.72 | % |     |      | 2.87%  
 – 4.27 | % |
| Expected           
 life of options    |     |      | 3.0    
 – 5.0  |   |     |      | 3.0    
 – 5.0  |   |

On April 20, 2022, the Company’s existing directors and two newly appointed directors each entered into a one-year director service agreement with the Company, which will automatically renew for successive one-year terms unless either party notifies the other of its desire not to renew the agreement at least 30 days prior to the end of the then current term, or unless earlier terminated in accordance with the terms of the agreement. As compensation for serving on the Board of Directors, each director will be entitled to a $ 25,000annual stock grant and for serving on a Committee of the Board, an additional $ 5,000annual stock grant, both based upon the closing sales price of the common stock on the last trading day of the calendar year. Each director who serves as chairman of the Audit Committee, Compensation Committee and Nominating and Governance Committee will be entitled to an additional $ 15,000, $ 10,000and $ 7,500annual stock grant, respectively. As additional consideration for such Board service, on April 20, 2022, each director was granted a five-year option to purchase 25shares of the Company’s common stock at an exercise price of $ 2,000.00per share,