Document:

Exhibit 10.1

 

FIRST
AMENDMENT TO STOCK PURCHASE AGREEMENT

 

THIS
FIRST AMENDMENT TO STOCK PURCHASE AGREEMENT (this “Amendment”) is made and entered into as of June 24, 2021, by
and among BLUE STAR FOODS CORP., a Delaware corporation (the “Purchaser”), TASTE OF BC AQUAFARMS INC., a corporation
formed pursuant to the laws of the Province of British Columbia, Canada (the “Company”), and STEVE ATKINSON and JANET
ATKINSON (each, a “Seller” and, together, the “Sellers”). Each of the Purchaser, the Company and
the Sellers may be referred to herein collectively as the “Parties” and individually as a “Party.”

 

W
I T N E S S E T H:

 

WHEREAS,
the Purchaser, the Company and the Sellers are parties to a certain Stock Purchase Agreement, dated as of April 27, 2021 (as at any
time amended, restated, supplemented or otherwise modified, the “Purchase Agreement”), pursuant to which Purchaser
has agreed to acquire from the Sellers, and the Sellers have agreed to sell to the Purchaser, all of the issued and outstanding capital
stock of the Company, on the terms and conditions set forth in the Purchase Agreement; and

 

WHEREAS,
the Parties desire to amend the Purchase Agreement on the terms and subject to the conditions as hereinafter set forth.

 

NOW,
THEREFORE, for TEN DOLLARS ($10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby severally
acknowledged, the Parties hereto, intending to be legally bound hereby, agree as follows:

 

1.
Capitalized Terms. All capitalized terms used in this Amendment, unless otherwise defined herein, shall have the meanings
ascribed to such terms in the Purchase Agreement.

 

2.
Amendment to Purchase Agreement. The Purchase Agreement is hereby amended as follows:

 

(a)
Section 2.2 of the Purchase Agreement is amended by deleting such Section and substituting the following in lieu thereof:

 

“Section
2.2 Purchase Price. Subject to the adjustments described in Section 2.6 hereof, the purchase price for the TOBC Shares (the “Purchase
Price”) shall be an aggregate of up to CAD$5,000,000, payable by the Purchaser to the Sellers, as follows:

 

(a)
At the Closing (as defined below), an aggregate of CAD$1,000,000 of the Purchase Price shall be paid in cash by the Purchaser to the
Sellers’ solicitors, in trust for the Sellers (the “Cash Amount”), by bank wire transfer of immediately available
funds to an account, or accounts, specified by the Sellers’ solicitors, with each Seller to receive a pro rata portion of the Cash
Amount based upon the total number of TOBC Shares held by such Seller;

 

    	 

     

    

 

(b)
At the Closing (as defined below), an aggregate of CAD$200,000 of the Purchase Price shall be paid by the Purchaser’s issuance
and delivery to each of the Sellers of a promissory note, without interest, with a maturity date of November 30, 2021, in form and substance
to be approved by the Sellers, such approval not to be unreasonably withheld (each, a “Note” and collectively, the
“Notes”), with the principal amount of each Seller’s Note to be determined based upon such Seller’s pro
rata portion of the TOBC Shares, and be secured by way of a Guarantee given by the Company (the “Guarantee”) and a
General Security Agreement creating a security interest over certain of the assets of the Company (the “GSA”), to
be registered with the British Columbia Personal Property Security Register, each in form and substance to be approved by the Sellers,
such approval not to be unreasonably withheld; and

 

(c)
At the Closing (as defined below), an aggregate of CAD$2,800,000 of the Purchase Price shall be paid by the Purchaser’s issuance
and delivery to the Sellers of such number of shares (the “Initial Blue Star Shares”) of the Purchaser’s common
stock, par value $0.0001 per share (“Common Stock”), as is calculated based on the volume weighted average price of
a share of the Purchaser’s Common Stock on the OTC Markets for the period commencing on April 28, 2020, the date the Purchaser’s
Common Stock started trading on the OTC Markets, and continuing through the Closing Date (as defined below), with each Seller receiving
a pro rata portion of the Initial Blue Star Shares based upon the total number of TOBC Shares held by such Seller; provided, however,
that the price used to determine the number of Initial Blue Star Shares to be issued to the Sellers shall not be less than USD$2.00 or
more than USD$2.30.

 

(d)
If within twenty-four (24) months of the Closing (as defined below), the Company has cumulative revenue of at least CAD$1,300,000, the
Sellers shall receive an aggregate of CAD$1,000,000 of additional shares (the “Additional Blue Star Shares” and together
with the Initial Blue Star Shares, the “Blue Star Shares”) of the Purchaser’s Common Stock, calculated based
on a price of USD$2.30 per share, with each Seller receiving a pro rata portion of the Additional Blue Star Shares based upon the total
number of TOBC Shares held by such Seller at the time of the Closing. If, at the twenty-four (24) month anniversary of the Closing Date
(as defined below), the Company’s cumulative revenue has not reached CAD$1,300,000, the Sellers shall receive a prorated number
of Additional Blue Star Shares, based on the actual cumulative revenue of the Company as of such date. The full CAD$1,000,000 of Additional
Blue Star Shares will be held in escrow from the Closing Date through the twenty-four (24) month anniversary of the Closing Date, at
which time the appropriate number of Additional Blue Star Shares will be released to the Sellers, with the remainder, if any, being returned
to the Purchaser’s number of authorized but unissued shares.”

 

    	2 

     

    

 

(b)
Section 3.1 of the Purchase Agreement is amended by deleting such Section and substituting the following in lieu thereof:

 

“Section
3.1 Blue Star Shares. The aggregate number of Initial Blue Star Shares to be issued to the Sellers by the Purchaser shall be calculated
based on the volume weighted average price of a share of the Purchaser’s Common Stock on the OTC Markets for the period commencing
on April 28, 2020, the date the Purchaser’s Common Stock started trading on the OTC Markets, and continuing through the Closing
Date, with each Seller receiving a pro rata portion of the Initial Blue Star Shares based upon the total number of TOBC Shares held by
such Seller; provided, however, that the price used to determine the number of Initial Blue Star Shares to be issued to the Sellers
shall not be less than USD$2.00 or more than USD$2.30. The Initial Blue Star Shares issued upon the Closing shall be deemed to have been
issued in full satisfaction of all rights of each of the respective security holders of the Company pertaining to their rights in and
to their respective TOBC Shares. The holders of certificates formerly representing shares TOBC Shares shall cease to have any rights
as shareholders of the Company.

 

(c)
Section 4.4 of the Purchase Agreement is amended by deleting such Section and substituting the following in lieu thereof:

 

“Section
4.4 Blue Star Shares. As of the Closing, all of the Initial Blue Star Shares shall be duly authorized, validly issued, fully paid
and nonassessable, and not issued in violation of any preemptive or similar rights. Upon delivery to the Sellers of the certificates
representing the Initial Blue Star Shares, the Sellers will acquire good and valid title to such Initial Blue Star Shares, free and clear
of any Encumbrances, other than restrictions under applicable securities laws. As of the twenty-four (24) month anniversary of the Closing
Date, all of the Additional Blue Star Shares to be issued, if any, shall be duly authorized, validly issued, fully paid and nonassessable,
and not issued in violation of any preemptive or similar rights. Upon delivery to the Sellers of the certificates representing any Additional
Blue Star Shares, the Sellers will acquire good and valid title to such Additional Blue Star Shares, free and clear of any Encumbrances,
other than restrictions under applicable securities laws.

 

(d)
Section 7.14 is added to the Purchase Agreement, as follows:

 

“Section
7.14 Additional Blue Star Shares. Within ten (10) days of the Closing Date, the Additional Blue Star Shares shall be placed in
escrow with The Crone Law Group, P.C., as escrow agent, to be held until the twenty-four (24) month anniversary of the Closing Date,
at which time they will be released from escrow as anticipated by Section 2.2(d) hereof.”

 

3.
Ratification and Reaffirmation. Except as otherwise expressly provided in this Amendment, the Purchase Agreement shall
remain in full force and effect and is hereby ratified and reaffirmed in all respects.

 

4.
Reference to Purchase Agreement. Upon the effectiveness of this Amendment, each reference in the Purchase Agreement to
“this Agreement,” “hereunder,” or words of like import shall mean and be a reference to the Purchase Agreement,
as amended by this Amendment.

 

    	3 

     

    

 

5.
Further Assurances. Each Party agrees to take such further actions as the other Parties shall reasonably request from time
to time in connection herewith to evidence or give effect to the amendments set forth herein or any of the transactions contemplated
hereby.

 

6.
Counterparts; Facsimile Signatures. This Amendment may be executed in any number of counterparts and by different Parties
to this Amendment on separate counterparts, each of which, when so executed, shall be deemed an original, but all such counterparts shall
constitute one and the same agreement. Any signature delivered by a Party by facsimile or other electronic transmission shall be deemed
to be an original signature hereto.

 

7.
Headings. The section headings herein are for convenience only and shall not affect the construction hereof.

 

8.
Governing Law. This Amendment shall be governed by, and construed in accordance with, the laws of the Province of British
Columbia, Canada, without regard to the principles of conflicts of laws. Any disputes arising from this Amendment shall be resolved pursuant
to the provisions of the Purchase Agreement.

 

9.
Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the Parties hereto and their respective
successors and assigns.

 

[REMAINDER
OF PAGE LEFT BLANK INTENTIONALLY]

 

    	4 

     

    

 

IN
WITNESS WHEREOF, the Parties hereto have caused this First Amendment to Stock Purchase Agreement to be duly executed as of the day
and year first above written.

 

	 	BLUE
    STAR FOOD CORP.
	 	 	 
	 	By:	/s/
    John Keeler
	 	Name:	John
    Keeler
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	TASTE
    OF BC AQUAFARMS INC.
	 	 	 
	 	By:	/s/
    Steve Atkinson
	 	Name:	Steve
    Atkinson
	 	Title:	Director
	 	 	 
	 	SELLERS:
	 	 	 
	 	/s/
Steve Atkinson
	 	Steve
Atkinson
	 	 	 
	 	/s/
Janet Atkinson
	 	Janet
Atkinson

 

    	5Exhibit
10.2

 

CONFIDENTIALITY,
NON-COMPETITION AND NON-SOLICITATION AGREEMENT

 

This
Confidentiality, Non-Competition and Non-Solicitation Agreement (the “Agreement”), dated as of June 24, 2021, between
BLUE STAR FOODS CORP., a Delaware corporation, (the “Company”), and _______________, an individual, with an address
at ______________________________ (“Atkinson”).

 

W
I T N E S S E T H

 

WHEREAS,
the Company, Taste of BC Aquafarms Inc., a corporation formed under the laws of the Province of British Columbia, Canada (“TOBC”),
Janet Atkinson and Steve Atkinson (constituting all of the shareholders of TOBC) are entering into a stock purchase agreement of even
dated herewith (the “Purchase Agreement”); capitalized terms used herein but not otherwise defined herein shall have the
meanings ascribed to them in the Purchase Agreement.

 

WHEREAS,
Atkinson is the _______________ and holds _____% of the issued and outstanding shares of capital stock of TOBC;

 

WHEREAS,
Atkinson has access to confidential information about TOBC and its customers, distributers, suppliers, employees, and other information
about TOBC’s business;

 

WHEREAS,
as a condition to and as further consideration for the Company entering into the Purchase Agreement, Atkinson agrees to enter into this
Agreement to protect the assets TOBC has developed and that the Company is acquiring pursuant to the Purchase Agreement, including TOBC’s
confidential information, and its business relationships;

 

NOW,
THEREFORE, in consideration of the mutual promises, representations and warranties set forth herein, and for other good and valuable
consideration, it is hereby agreed as follows:

 

1.
Confidentiality.

 

(i)
Atkinson acknowledges that TOBC has devoted substantial time and effort and resources to developing its business and clients, and that
Atkinson is acquainted with confidential information relating to the customers or potential customers of TOBC, and TOBC’s trade
secrets, processes, methods of operation and other proprietary information relating to TOBC’s business, which TOBC regards as confidential
(collectively, “Confidential Information”). Atkinson acknowledges and agrees that the Confidential Information is
of incalculable value to the Company and TOBC and that the Company and TOBC would suffer damage if any of the Confidential Information
was improperly disclosed.

 

(ii)
Atkinson recognizes that because of his access to TOBC’s Confidential Information, he would be in a unique position to divert business
from TOBC and the Company and to commit irreparable damage to the Company and TOBC were Atkinson to be allowed to divulge any of the
Confidential Information.

 

    	 

     

    

 

(iii)
Atkinson covenants and agrees that he will not, at any time, directly or indirectly, individually or through another entity or affiliate,
reveal, divulge, or make known to any person or entity, any Confidential Information made known to him or of which he has become aware,
regardless of whether developed, prepared, devised or otherwise created in whole or in part by his efforts. Atkinson further covenants
and agrees that he will retain all Confidential Information in trust for the sole benefit of TOBC and the Company, and will not, directly
or indirectly, individually or through another entity or affiliate, divulge or deliver or show any Confidential Information to any unauthorized
person and will not, directly or indirectly, individually or through another entity or affiliate, make use of any Confidential Information;
provided, however, that Atkinson has no obligation, to refrain from using or disclosing to others any such information which:

 

	 	(a)	was
    already in the public domain at the time of the Agreement or becomes in the public domain without any breach of the Agreement by
    Atkinson;
	 	 	 
	 	(b)	is
    of a general nature with respect to the business of salmon farming;
	 	 	 
	 	(c)	is
    required to be disclosed pursuant to requirement of a government or regulatory agency or of a law through no voluntary action or
    inaction by Atkinson;
	 	 	 
	 	(d)	is
    required to be disclosed in any arbitration, administrative or legal proceeding through no voluntary action or inaction by Atkinson;
    or
	 	 	 
	 	(e)	has
    been authorized for release (without confidentiality restrictions) by written authorization of the Company.

 

(iv)
Atkinson represents and warrants to the Company that as of the date hereof, Atkinson is no longer employed by or provides services to,
TOBC or the Company, he will return to the Company all papers, documents and other property of TOBC or the Company in Atkinson’s
custody or obtained by Atkinson, individually or through another entity or affiliate, which relate to Confidential Information, and Atkinson
will not retain copies of any such papers, documents or other property for any purpose whatsoever.

 

2.
Non-Competition. TOBC operates a land-based salmon farming business and distributes and sells salmon products (the “Business”).

 

Atkinson
acknowledges that he is familiar with trade secrets and other information relating to the TOBC and its business. Atkinson agrees that
so long as he is employed by or provides consulting or other services to TOBC or the Company and for a period of four years thereafter
(the “Non-Compete Period”), not to, directly or indirectly, individually or through another entity, own, manage, control,
participate in, consult with, render services for, or in any other manner engage in any business, or as an investor in or lender to any
business (in each case including, without limitation, on Atkinson’s own behalf or on behalf of another person or entity) which
competes either directly or indirectly with the Company, TOBC or its affiliates in the Business (or any line of business now conducted
or to be conducted in the future) conducted by the Company, TOBC or its affiliates, in any market in which the Company, TOBC or its affiliates
is operating, or is considering operating at any time during the Non-Compete Period or as of the end of the Non-Compete Period. Nothing
in this Section 2 will be deemed to prohibit Atkinson from being a passive owner of less than 5% of the outstanding stock of a corporation
engaged in a competing business as described above of any class which is publicly traded, so long as Atkinson has no direct or indirect
participation in the business of such corporation.

 

    	-2-

     

    

 

3.
Non-Solicitation of Business. Atkinson will not during the Non-Compete Period, solicit or assist any other person or entity to
solicit, whether directly or indirectly, individually or through another entity or affiliate, any business (other than for the Company
or TOBC) from any entity, engage in any business with, or provide advice or services to, any person or entity which directly or indirectly
competes with the Business of the Company, TOBC or its affiliates or any other line of business of the Company, TOBC or its affiliates.

 

4.
Non-Solicitation and Independent Contractors. Atkinson will not, during the Non-Compete Period, directly or indirectly, individually
or through another entity or affiliate, (i) induce or attempt to induce any employee, consultant or independent contractor of the Company,
TOBC or its affiliates to leave the employ or consulting or contracting relationship with, or in any way interfere with the relationship
between the Company, TOBC or its affiliates and any employee, consultant or independent contractor thereof, (ii) solicit for employment
or as a consultant or an independent contractor any person who was an employee, consultant or independent contractor of the Company,
TOBC or its affiliates at any time during the Non-Compete Period, or (iii) induce or attempt to induce any customer, supplier, distributor
or other business relation of the Company, TOBC or its affiliates to cease doing business with the Company, TOBC or its affiliates or
in any way interfere with the relationship between any such customer, supplier, distributor or other business relation and the Company,
TOBC and its affiliates.

 

5.
Work Product. Atkinson agrees that all innovations, inventions, improvements, developments, methods, designs, analyses, drawings,
reports, and all similar or related information which relate to the Business, or any business which TOBC or its affiliates have taken
action to pursue, and which were conceived, developed or made by Atkinson, individually or through another entity or affiliate, during
the course of Atkinson’s ownership or other involvement with TOBC (any of the foregoing, hereinafter “Work Product”),
belong to TOBC. Atkinson will promptly disclose all such Work Product to the Company and perform all actions reasonably requested by
the Board of Directors of the Company to establish and confirm such ownership (including, without limitation, assignments, consents,
powers of attorney and other instruments).

 

6.
No Conflict. Atkinson represents and warrants to the Company that he is not a party to or bound by agreement, understanding or
arrangement with any other person or entity or any other agreement which would prevent or limit his ability to enter into this Agreement
or perform his obligations hereunder.

 

7.
Non-Disparagement. Atkinson agrees that he will not at any time disparage the Company, TOBC, or any of their respective directors,
officers, employees, or agents or affiliates.

  

    	-3-

     

    

 

8.
Enforcement.

 

(i)
Atkinson acknowledges that the Company and TOBC will suffer substantial and irreparable damages not readily ascertainable or compensable
in the event of the breach of any of Atkinson’s obligations under Sections 1 through 4 hereof. Atkinson therefore agrees that the
provisions of Sections 1 through 4 shall be construed as an agreement independent of the other provisions of this Agreement and any other
agreement and that the Company, in addition to any other remedies (including damages) provided by law, shall have the right and remedy
to have such provisions specifically enforced by any court having equity jurisdiction thereof. Accordingly, in addition to all of the
Company’s rights and remedies under this Agreement, including but not limited to, the right to the recovery of monetary damages
from Atkinson, the Company shall be entitled, and Atkinson hereby consents, to the issuance by any court of competent jurisdiction of
temporary, preliminary and permanent injunctions, without bond, enjoining any such breach or threatened breach by Atkinson.

 

The
rights and remedies set forth in this Section 8 shall be in addition to, and not in lieu of, any other rights and remedies available
to the Company under law or equity.

 

If
at any time any of the provisions of this Agreement shall be determined to be invalid or unenforceable, by reason of being vague or unreasonable
as to area, duration or scope of activity, the provisions hereof shall be considered divisible and shall become and be immediately amended
to only such area, duration and scope of activity as shall be determined to be reasonable and enforceable by the court or other body
having jurisdiction over the matter, and Atkinson agrees that such provisions, as so amended, shall be valid and binding as though any
invalid or unenforceable provision had not been included herein.

 

9.
Severability. Should any provision of this Agreement be held, by a court of competent jurisdiction, to be invalid or unenforceable,
such invalidity or unenforceability shall not render the entire Agreement invalid or unenforceable, and this Agreement and each other
provision hereof shall be enforceable and valid to the fullest extent permitted by law.

 

10.
Successors and Assigns.

 

(a)
This Agreement is personal in nature and the parties hereto shall not, without the consent of the other, assign or transfer this Agreement
or any rights or obligations hereunder.

 

(b)
This Agreement shall be binding upon, and inure to the benefit of, the respective heirs, legal representatives, successors and assigns
of the parties hereto.

 

11.
Governing Law. This Agreement shall be construed in accordance with and governed by the laws of the Province of British Columbia
without regard to the conflicts of laws rules thereof.

 

    	-4-

     

    

 

12.
Exclusive Jurisdiction. All actions and proceedings arising out of, or relating to, this Agreement shall be heard and determined
in a court of competent jurisdiction in British Columbia. Each of the Company and Atkinson, by execution and delivery of this Agreement
(i) expressly and irrevocably consent and submit to the personal jurisdiction of any of such courts in any such action or proceeding,
(ii) consent to the service of any process relating to any such action or proceeding by delivery thereof to such party by hand or by
certified mail without return receipt requested, delivered or addressed as set forth in Section 15 of this Agreement, and (iii) waive
any claim or defense in any action or proceeding based on any alleged lack of personal jurisdiction, improper venue or forum non-conveniens
or any similar basis.

 

13.
Notices. All notices, requests and demands given to or made upon the respective parties hereto shall be deemed to have been given
or made three business days after the date of mailing when mailed by registered or certified mail, postage prepaid, or on the date of
delivery if delivered by hand, or one business day after the date of delivery by Federal Express or other reputable overnight delivery
service, addressed to the parties at their addresses first set forth above, or to such other addresses furnished by notice given in accordance
with this Section 13.

 

14.
Entire Agreement. Except as provided in the Purchase Agreement, this Agreement supersedes any prior contracts, understandings,
discussions and agreements and constitutes the complete understanding between the parties with respect to the subject matter hereof.
No statement, representation, warranty or covenant has been made by either party with respect to the subject matter hereof except as
expressly set forth herein.

 

15.
Modification; Waiver.

 

(a)
This Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and signed, in the case of an amendment,
by the Company and Atkinson or in the case of a waiver, by the party against whom the waiver is to be effective. Any such waiver shall
be effective only to the extent specifically set forth in such writing.

 

(b)
No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any
single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege.

 

17.
Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect
as if the signatures thereto and hereto were upon the same instrument.

 

18.
No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the
event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties
hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the
provisions of this Agreement.

 

[THE
REMAINDER OF THIS PAGE IS LEFT BLANK INTENTIONALLY]

 

    	-5-

     

    

 

IN
WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first above written.

 

	 	BLUE
STAR FOODS CORP.

	 	 
	 	By:	
	 	Name:	John
    Keeler  
	 	Title:	Chief
    Executive Officer

 

    	-6-

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