Document:

Exhibit
10.37

 

EIGHTH
AMENDMENT TO LOAN AND SECURITY AGREEMENT AND

RESERVATION
OF RIGHTS

 

THIS
EIGHTH AMENDMENT TO LOAN AND SECURITY AGREEMENT AND RESERVATION OF RIGHTS (this “Amendment”) is made
and entered into as of May 7, 2020, by and among ACF FINCO I LP, a Delaware limited partnership (“Lender”),
JOHN KEELER & CO. INC., a Florida corporation doing business as Blue Star Foods (“Blue Star”)
and COASTAL PRIDE SEAFOOD, LLC, a Florida limited liability company (“Coastal”; Blue Star and
Coastal, each a “Borrower” and collectively, “Borrowers”).

 

Recitals:

 

WHEREAS,
Lender and Borrowers are parties to a certain Loan and Security Agreement dated as of August 31, 2016 (as at any time amended,
restated, supplemented or otherwise modified, the “Loan Agreement”);

 

WHEREAS,
Events of Default have occurred and are continuing under the Loan Agreement;

 

WHEREAS,
Borrowers have advised Lender that Blue Star has applied for a Small Business Administration Payroll Protection Program loan;

 

WHEREAS,
the incurrence of such loan would constitute Indebtedness that is not permitted under the Loan Agreement; and

 

WHEREAS,
notwithstanding the existence of certain Events of Default, Borrowers have requested that Lender amend the Loan Agreement to permit
such Indebtedness; and

 

WHEREAS,
Lender is willing to amend the Loan Agreement on the terms and subject to the conditions set forth below.

 

NOW,
THEREFORE, for TEN DOLLARS ($10.00) in hand paid 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.
Definitions. All capitalized terms used in this Amendment, unless otherwise defined herein, shall have the meanings
ascribed to such terms in the Loan Agreement.

 

2. Amendments
to Loan Agreement. The Loan Agreement is hereby amended as follows:

 

(a)
by adding the following new ARTICLE 12 to the Loan Agreement immediately following the end of ARTICLE 11:

 

ARTICLE
12. SBA PPP LOAN PROVISIONS.

 

12.1
Defined Terms. The following terms shall have the meanings set forth below:

 

“CARES
Act” means the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, and applicable rules and regulations,
as amended from time to time.

 

    	 

     

    

 

“CARES
Forgivable Uses” means uses of proceeds of a SBA PPP Loan that are eligible for forgiveness under Section 1106 of the
CARES Act.

 

“CARES
Payroll Costs” means “payroll costs” as defined in 15 U.S.C. 636(a)(36)(A)(viii) (as added to the Small
Business Act by Section 1102 of the CARES Act).

 

“Small
Business Act” means the Small Business Act (15 U.S. Code Chapter 14A – Aid to Small Business).

 

“SBA”
means the U.S. Small Business Administration.

 

“SBA
PPP Loan” means a loan incurred by Borrower under 15 U.S.C. 636(a)(36) (as added to the Small Business Act by Section
1102 of the CARES Act).

 

“SBA
PPP Loan Lender” means U.S. Century Bank, or such other SBA PPP Loan lender acceptable to Lender in its sole discretion.

 

“SBA
PPP Loan Date” means the date on which Borrower receives the proceeds of the SBA PPP Loan.

 

12.2
Incurrence of SBA PPP Loan. Notwithstanding anything contained in this Agreement, including any restrictions on the
ability of Borrower to incur Indebtedness, Borrower may incur Indebtedness in the form of the SBA PPP Loan from the SBA PPP
Loan Lender in an amount not to exceed $344,763.26 in the aggregate.

 

12.3
Mandatory Prepayment. Notwithstanding anything contained in this Agreement, the incurrence by Borrower of a SBA PPP Loan
shall not trigger a mandatory prepayment or constitute a prepayment event under this Agreement.

 

12.4
Representations and Warranties. Borrower hereby represents and warrants that (a) Borrower is an eligible “small
business” for a SBA PPP Loan under the CARES Act, (b) Borrower intends to use the proceeds of the SBA PPP Loan for
CARES Payroll Costs and other CARES Forgivable Uses, (c) Borrower agrees to comply with the rules and regulations of the SBA,
the Small Business Act, and the CARES Act in all material respects, and (d) all disclosures and representations made by
Borrower on its SBA PPP Loan application form (SBA Form 2483) are true and correct in all respects.

 

12.5
Affirmative Covenants.

 

(a)
The SBA PPP Loan will be an unsecured obligation of Borrower.

 

(b)
Borrower shall, within two (2) Banking Days after the SBA PPP Loan Date, deliver to Lender duly executed copies of all
material loan documents evidencing the SBA PPP Loan.

 

(c)
Borrower shall use all of the proceeds of the SBA PPP Loan exclusively for CARES Forgivable Uses in the manner required under
the CARES Act to obtain forgiveness of the SBA PPP Loan, which as of the SBA PPP Loan Date, requires that Borrower use not
less than 75% of the SBA PPP Loan proceeds for CARES Payroll Costs. Without limiting the foregoing, in no event shall the SBA
PPP Loan proceeds be applied to repay any portion of the Obligations (other than any such amounts consisting of
interest).

 

    	-2-

     

    

 

(d)
Notwithstanding anything contained in this Agreement, from and after the SBA PPP Loan Date and until determination of the
forgiveness of the SBA PPP Loan by the SBA, SBA PPP Loan Lender, or such other agency or entity that will determine the
forgiveness of the SBA PPP Loans, Borrower shall maintain the proceeds of the SBA PPP Loan in) a separate deposit account
that contains no other funds other than the proceeds of the SBA PPP Loan (such separate deposit account, the “SBA
PPP Loan Account”), which is not subject to (x) a deposit account control agreement (except in favor of Lender),
(y) a sweep mechanism on favor of any Person, or (z) set-off in favor of the SBA PPP Loan Lender. Borrower shall provide
Lender read-only access to the SBA PPP Loan Account and all account statements related thereto. No later than thirty (30)
days after the earlier of (1) the date of determination by the SBA, SBA PPP Loan Lender, or such other agency or entity that
will determine the forgiveness of the SBA PPP Loans and (2) the 121st day after the SBA PPP Loan Date, Borrower
shall deliver a deposit account control agreement in favor of Lender over the SBA PPP Loan Account, in form and substance
acceptable to Lender, or evidence reasonably acceptable to Lender that the SBA PPP Loan Account has been closed.

 

(e)
Borrower shall deliver to Lender a weekly disbursements journal, from the SBA PPP Loan Account, with sufficient detail for
Lender to identify the recipients of the proceeds of the SBA PPP Loan and otherwise in form and substance acceptable to
Lender.

 

(f)
Borrower shall (i) maintain all records required to be submitted in connection with the forgiveness of the SBA PPP Loan, (ii)
apply for forgiveness of the SBA PPP Loan in accordance with regulations implementing Section 1106 of the CARES Act within 30
days after the last day of the eight week period immediately following the SBA PPP Loan Date, (iii) provide Lender with a
copy of its application for forgiveness and all supporting documentation required by the SBA or the SBA PPP Loan Lender in
connection with the forgiveness of the SBA PPP Loan, and (iv) notify Lender, no later than two (2) Banking Days after
Borrower’s receipt of any determination made with respect to such application for forgiveness under the CARES
Act.

 

12.6
Treatment of SBA PPP Loan in Loan Covenants. Notwithstanding anything contained in this Agreement, the SBA PPP Loan
(other than interest thereon, to the extent not eligible for forgiveness) shall be disregarded for purposes of calculating
financial covenants (or any component definition) in this Agreement, except that if any portion of the SBA PPP Loan is not
forgiven, for purposes of calculating financial covenants in this Agreement, the unforgiven portion (a) will not be
disregarded and (b) will be deemed to have been incurred as of the date of determination by the SBA or the SBA PPP Loan
Lender that such portion is not forgiven. Without limiting the foregoing, (i) any forgiven portion of the SBA PPP Loan shall
be disregarded in the calculation of EBITDA (whether through inclusion in net income or otherwise) and (ii) the balance in
the SBA PPP Loan Account shall be excluded from any liquidity calculations.

 

12.7
Prohibition on the Prepayment of the SBA PPP Loan. Borrower may not prepay the SBA PPP Loan in whole or in part, without
the prior written consent of Lender.

 

    	-3-

     

    

 

12.8
Event of Default. Notwithstanding anything to the contrary contained in this Agreement, it shall be an immediate an
incurable Event of Default hereunder if Borrower fails to comply with any provision set forth in this ARTICLE
12.

 

(b)
by amending the Definitions Schedule to the Loan Agreement by deleting clause (b) of the definition of “Borrowing
Base” contained therein and substituting the following in lieu thereof:

 

(b)
the least of (i) $10,000,000, (ii) seventy percent (70%) of the Value of Eligible Inventory at such time, and (iii) eighty-five
percent (85%) of the NOLV of Eligible Inventory, less

 

3. Reservation
of Rights. Lender previously notified Borrowers of the existence of certain Events of Default under Section 9.1(c) of
the Loan Agreement due to Borrowers’ failure to: (a) deliver to Lender, within 30 days after calendar month end,
Borrowers’ monthly financial statements for the month ending December 31, 2019, as required by Section 6.5 of the Loan
Agreement, and (b) maintain EBITDA of (i) not less than ($50,000) for the one month period ending November 30, 2019, (ii) not
less than ($50,000) for the one month period ending December 31, 2019, (iii) not less than ($25,000) for the four month
period ending January 31, 2020, and (b) not less than $18,000 for the five month period ending February 29, 2020, in each
case, as required by Section 8.22 of the Loan Agreement (collectively, the “Previously Noticed Specified
Defaults”). In addition, Lender hereby notifies Borrowers of the existence of additional Events of Default
under (a) Section 9.1(c) of the Loan Agreement as a result of Borrowers’ failure to deliver to Lender, on or before
December 31, 2019, its financial projections for the 2020 Fiscal Year and each succeeding Fiscal Year ending on or prior to
the Revolving Credit Termination Date, as required under Section 6.7 of the Loan Agreement and (b) Section 9.1(e) of the Loan
Agreement as a result of Borrowers’ failure to deliver to Lender the original Perfect Crab Note (as defined in that
certain Joinder and Seventh Amendment to Loan and Security Agreement dated as of November 26, 2019, among Borrowers and
Lender (the “Seventh Amendment”)), as required under Section 12 of the Seventh Amendment (the
“Additional Specified Defaults”, and together with the Previously Noticed Specified Defaults, the
“Specified Defaults”). As a result of the Specified Defaults, Lender is legally entitled to, among
other things: (a) declare all of the Obligations immediately due, payable and performable and to enforce collection of the
Obligations by repossessing and disposing of any interest in the Collateral, and to proceed against any and all of Borrowers
and Guarantors for any deficiency, and (b) pursue and enforce any and all of its remedies against Borrowers, Guarantors, and
any Collateral as are more specifically set forth in the Loan Documents or as is otherwise permitted under applicable
law.

 

Lender
reserves all of its rights and remedies under the Loan Agreement, the other Loan Documents and applicable law. Without limiting
the foregoing, Lender previously elected to charge (and continues to charge) the Default Rate effective as of April 1, 2020, and
interest shall continue to accrue at such rate during the continuance of the Specified Default or any other Event of Default.
By signing this Amendment, Borrowers acknowledge Lender’s election.

 

Lender
has not agreed to (and has no obligation whatsoever to discuss, negotiate or agree to any restructuring, modification, amendment,
waiver or forbearance with respect to the Obligations or any of the terms of the Loan Documents. The execution and delivery of
this Amendment has not established any course of dealing between the parties or created any obligation or agreement of Lender
with respect to any future restructuring, modification, amendment, waiver or forbearance with respect to the Obligations or any
of the terms of the Loan Documents.

 

    	-4-

     

    

 

Lender’s
honoring of any future request for one or more Loans or other Advances under the Loan Agreement will not operate as a waiver of
any Specified Default or other Event of Default or any right or remedy under the Loan Agreement or any of the other Loan Documents
and will not be deemed to establish a course of dealing or course of conduct so as to justify any expectation by Borrowers that
Lender will make future advances during the continuance of any Event of Default (including, but not limited to, the Specified
Defaults).

 

4. Ratification
and Reaffirmation. Each Borrower hereby ratifies and reaffirms the Obligations, each of the Loan Documents and all of
such Borrower’s covenants, duties, indebtedness and liabilities under the Loan Documents.

 

5. Acknowledgments
and Stipulations. Each Borrower acknowledges and stipulates that the Loan Agreement and the other Loan Documents
executed by such Borrower are legal, valid and binding obligations of such Borrower that are enforceable against such
Borrower in accordance with the terms thereof; all of the Obligations are owing and payable without defense, offset or
counterclaim (and to the extent there exists any such defense, offset or counterclaim on the date hereof, the same is hereby
waived by such Borrower); the security interests and liens granted by such Borrower in favor of Lender are duly perfected,
first priority security interests and liens; and the unpaid principal amount of the Loans on and as of the opening of
business on May 7, 2020, totaled $4,063,512.84.

 

6. Representations
and Warranties. Each Borrower represents and warrants to Lender, to induce Lender to enter into this Amendment, that
no Default or Event of Default exists on the date hereof other than the Specified Defaults; the execution, delivery and
performance of this Amendment have been duly authorized by all requisite corporate action on the part of such Borrower and
this Amendment has been duly executed and delivered by such Borrower; and all of the representations and warranties made by
such Borrower in the Loan Agreement are true and correct on and as of the date hereof.

 

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

 

8. Breach
of Amendment. This Amendment shall be part of the Loan Agreement and a breach of any representation, warranty or
covenant herein shall constitute an Event of Default.

 

9. Conditions
Precedent. The effectiveness of the amendments contained in Section 2 hereof are subject to the satisfaction
of each of the following conditions precedent, in form and substance satisfactory to Lender, unless satisfaction thereof is
specifically waived in writing by Lender:

 

(a)
Lender shall have received each of the following:

 

(i)
a counterpart of this Amendment duly executed by Borrowers and acknowledged by Guarantors;

 

(ii)
such other documents, instruments and agreements as Lender may require; and

 

(b)
No Default or Event of Default shall exist other than the Specified Defaults.

 

9. Expenses
of Lender. Borrowers agree to pay, on demand, all costs and expenses incurred by Lender in connection with the
preparation, negotiation and execution of this Amendment and any other Loan Documents executed pursuant hereto and any and
all amendments, modifications, and supplements thereto, including, without limitation, the costs and fees of Lender’s
legal counsel and any taxes or expenses associated with or incurred in connection with any instrument or agreement referred
to herein or contemplated hereby.

 

    	-5-

     

    

 

10. Governing
Law. This Amendment shall be governed by and construed in accordance with the internal laws of the State of New
York.

 

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

 

12. No
Novation, etc. Except as otherwise expressly provided in this Amendment, nothing herein shall be deemed to amend or
modify any provision of the Loan Agreement or any of the other Loan Documents, each of which shall remain in full force and
effect. This Amendment is not intended to be, nor shall it be construed to create, a novation or accord and satisfaction, and
the Loan Agreement as herein modified shall continue in full force and effect.

 

13. 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.

 

14. Further
Assurances. Each Borrower agrees to take such further actions as Lender 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.

 

15. Section
Titles. Section titles and references used in this Amendment shall be without substantive meaning or content of any
kind whatsoever and are not a part of the agreements among the parties hereto.

 

16. Release
of Claims. To induce Lender to enter into this Amendment, each Borrower hereby releases, acquits and forever discharges
Lender, and all officers, directors, agents, employees, successors and assigns of Lender, from any and all liabilities,
claims, demands, actions or causes of action of any kind or nature (if there be any), whether absolute or contingent,
disputed or undisputed, at law or in equity, or known or unknown, that any Borrower now has or ever had against Lender
arising under or in connection with any of the Loan Documents or otherwise. Each Borrower represents and warrants to Lender
that no Borrower has transferred or assigned to any Person any claim that any Borrower ever had or claimed to have against
Lender.

 

17. Waiver
of Jury Trial. To the fullest extent permitted by applicable law, the parties hereto each hereby waives the right to
trial by jury in any action, suit, counterclaim or proceeding arising out of or related to this Amendment.

 

[Signature
pages follow]

 

    	-6-

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective duly authorized
officers as of the date first written above.

 

	LENDER:	 
	 	 
	ACF
    FINCO I LP	 
	 	 	 
	By:	/s/
    John Nooney	 
	Name:	John
    Nooney	 
	Its:	Managing
    Director	 

 

	BORROWERS:	 
	 	 
	JOHN
    KEELER & CO. INC.	 
	 	 	 
	By:	/s/
    John Keeler	 
	Name:	John
    Keeler	 
	Its:	CEO	 

 

	COASTAL
    PRIDE SEAFOOD, LLC	 
	 	 	 
	By:	/s/
    John Keeler	 
	Name:	John
    Keeler	 
	Its:	CEO	 

 

[Eighth Amendment
to Loan and Security Agreement and Reservation of Rights] 

 

    	 

     

    

 

CONSENT
AND REAFFIRMATION

 

Each
of the undersigned guarantors of the Obligations of Borrowers at any time owing to Lender hereby (i) acknowledges receipt of a
copy of the foregoing Eighth Amendment to Loan and Security Agreement and Reservation of Rights (the “Amendment”);
(ii) consents to Borrowers’ execution and delivery thereof; (iii) agrees to be bound thereby; (iv) affirms that nothing
contained therein shall modify in any respect whatsoever its guaranty of the Obligations and reaffirms that such guaranty is and
shall remain in full force and effect; and (v) hereby releases, acquits and forever discharges Lender, and all officers, directors,
agents, employees, successors and assigns of Lender, from any and all liabilities, claims, demands, actions or causes of action
of any kind or nature (if there be any), whether absolute or contingent, disputed or undisputed, at law or in equity, or known
or unknown, that such Guarantor now has or ever had against Lender arising under or in connection with such guaranty, any of the
Loan Documents or otherwise.

 

IN
WITNESS WHEREOF, the undersigned have executed this Consent and Reaffirmation as of the date of the Amendment.

 

	 	/s/
    John Keeler
	 	JOHN
    R. KEELER

 

	 	BLUE
    STAR FOODS CORP.
	 	 	 
	 	By:	/s/
    John Keeler
	 	Name:
    	John
    Keeler
	 	Its:
    	CEOExhibit
10.38

 

SEPARATION
AND MUTUAL RELEASE AGREEMENT

 

This
Separation and Mutual Release Agreement (“Agreement”) is made as of February 25, 2020, by and between Blue
Star Foods Corp., a Delaware corporation (the “Company”), and Christopher Constable, a resident of the State
of Florida (“Constable”).

 

BACKGROUND

 

WHEREAS,
Constable has served as the Company’s Chief Financial Officer, Secretary and Treasurer, and as a member of the Company’s
board of directors since November 8, 2018; and

 

WHEREAS,
Constable and the Company wish to set forth their mutual agreement with respect to Constable’s resignation from his
positions as an officer and director of the Company; and

 

WHEREAS,
the parties hereto desire to set forth their respective rights and obligations with respect to Constable’s transition
from the Company to pursue new opportunities.

 

NOW,
THEREFORE, in consideration of the covenants and conditions set forth herein and intending to be legally bound hereby, the
undersigned parties to this Agreement hereby agree as follows:

 

1.
Resignation. Constable hereby confirms his resignation as the Company’s Chief Financial Officer, Secretary and Treasurer,
and as a member of the Company’s board of directors, effective as of February 7, 2020 (the “Resignation Date”),
and the Company hereby accepts such resignation. Constable’s services as the Company’s Chief Financial Officer, Secretary
and Treasurer, and as a member of the Company’s board of directors, shall be deemed to have been terminated as of the Resignation
Date. Constable hereby acknowledges that his resignation was for personal reasons and not as a result of a disagreement with the
Company on any matter relating to its operations, policies, or practices.

 

2.
Consideration. The Company and Constable agree that, in consideration for the general release set forth in Section 5 below,
and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company hereby agrees
that Constable shall:

 

(a)
be paid the semi-monthly compensation that he would have been paid had he been employed through February 29, 2020.

 

(b)
notwithstanding anything to the contrary, including in the stock option agreement evidencing such option grant, have the continued
right to exercise his vested stock option to purchase 3,120,000 shares of common stock of the Company at an exercise price of
$2.00 per share through its termination date of November 8, 2028, and such stock option shall not terminate 90 days after his
resignation and termination of services as an officer and director for the Company (the “Exercise Right”).

 

Other
than the items listed above in Section 2(a) and 2(b), Constable shall not be entitled to any additional compensation in connection
with his prior services as the Company’s Chief Financial Officer, Secretary and Treasurer, or as a member of the Company’s
board of directors.

 

    	1

     

    

 

3.
Confidential Information. Constable shall continue to maintain the confidentiality of all confidential and proprietary
information of the Company for two (2) years following execution of this Agreement, or until such information otherwise comes
into the general public domain without breach of this Agreement and through no fault, error or omission by Constable.

 

4.
Payments. Each of the Company and Constable acknowledge and represent that, except as listed in Section 2(a) and (b) above,
there are no sums which are, were, or may in the future be, owing by either party to the other party by way of compensation, loans,
benefits or any other claim of any nature whatsoever pursuant to any law, contract, policy, plan, regulation, decree, or practice
whatsoever.

 

5.
Release of Claims by Constable. Constable agrees that the Exercise Right to be granted pursuant to this Agreement represents
settlement in full of all outstanding obligations owed to Constable by the Company. Constable, after consultation with counsel,
does hereby for himself and for his respective past, present and future administrators, affiliates, agents, assigns, attorneys,
directors, employees, executors, heirs, insurers, parents, partners, predecessors, representatives, servants, successors, transferees,
and all persons acting by, through, under or in concert with any of them (the “Constable Parties”) hereby absolutely
and irrevocably releases, waives, relinquishes, renounces and discharges forever the Company and its past, present and future
administrators, affiliates, agents, assigns, attorneys, directors, employees, employers, executors, heirs, insurers, officers,
managers, parents, partners, predecessors, representatives, servants, shareholders, subsidiaries, successors, transferees, underwriters,
clients, customers, and each of them, and all persons acting by, through, under or in concert with any of them (the “Company
Parties”), from any claims, obligations, amounts actions, suits, arbitrations, proceedings, controversies, disputes,
causes of action, rights, demands, agreements, covenants, promises, responsibilities, liabilities, indemnifications, contributions,
damages, costs, expenses and fees, of whatever kind and nature, whether contractual, extra-contractual, tort or otherwise, which
Constable or any of the Constable Parties may now have, ever had, or will ever have against the Company, or any of the Company
Parties, whether known or unknown, matured or unmatured, foreseeable or unforeseeable, fixed, contingent, class, individual, derivative
or otherwise, arising from any omissions, acts or facts that have occurred up until and including the Resignation Date including,
without limitation:

 

(a)
any and all claims relating to or arising from Constable’s services as the Company’s Chief Financial Officer, Secretary
and Treasurer, or as a member of the Company’s board of directors;

 

(b)
other than with respect to the Exercise Right, any and all claims relating to, or arising from, Constable’s right to purchase,
or actual purchase of shares of stock of the Company, including, without limitation, any claims for breach of contract, fraud,
or misrepresentation;

 

(c)
any and all claims for wrongful discharge as an officer or director of the Company; termination in violation of public policy;
discrimination; breach of contract, both express and implied; breach of a covenant of good faith and fair dealing, both express
and implied; promissory estoppel; negligent or intentional infliction of emotional distress; negligent or intentional misrepresentation;
negligent or intentional interference with contract or prospective economic advantage, unfair business practices, defamation,
libel, slander, negligence, invasion of privacy, and conversion;

 

    	2

     

    

 

(d)
any and all claims for violation of any federal or state law; and

 

(e)
other than with respect to the Exercise Right, any and all claims for compensation, contractual or extra-contractual damages,
or any other claim of any nature whatsoever pursuant to any law, contract, policy, plan, regulation, decree, or practice whatsoever.

 

Constable
agrees that the release set forth in this section shall be and remain in effect in all respects as a complete general release
as to the matters released. This release shall expressly exclude all obligations incurred under this Agreement.

 

6.
Release of Claims by the Company. In consideration of Constable’s release of the Company and the Company Parties,
his resignation the Company’s Chief Financial Officer, Secretary and Treasurer, or as a member of the Company’s board
of directors, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, consistent
with state and federal law, the Company, after consultation with counsel, does hereby for itself and for the Company Parties,
hereby absolutely and irrevocably releases, waives, relinquishes, renounces and discharges forever Constable and the Constable
Parties, from any claims, obligations or amounts due to the Company arising from any omissions, acts or facts that have occurred
up until and including the Resignation Date including, without limitation,

 

(a)
any and all claims relating to or arising from Constable’s employment relationship with the Company;

 

(b)
any and all claims for breach of contract, both express and implied; breach of a covenant of good faith and fair dealing, both
express and implied; promissory estoppel; negligent or intentional infliction of emotional distress; negligent or intentional
misrepresentation; negligent or intentional interference with contract or prospective economic advantage, unfair business practices,
defamation, libel, slander, negligence, invasion of privacy, and conversion;

 

(c)
any and all claims for violations of any federal or state law;

 

(d)
any and all claims arising out of any other laws and regulations relating to employment; and

 

(e)
any and all claims arising out of Constable’s performance and as an officer or director of the Company.

 

The
Company agrees that the release set forth in this section shall be and remain in effect in all respects as a complete general
release as to the matters released. This release shall expressly exclude all obligations incurred under this Agreement.

 

7.
No Pending or Future Lawsuits; Final Disposition. Each of the Company and Constable represents that neither party has any
lawsuits, claims, or actions pending in such party’s name, or on behalf of any other person or entity, against the other
party or any other person or entity referred to herein. The Company and Constable each also represents that neither party presently
intends to bring any claims on such party’s own behalf or on behalf of any other person or entity against the other party
or any other person or entity referred to herein except as may be necessary to enforce the terms of this Agreement. This Agreement
is acknowledged to be a final and binding disposition of any and all claims by the parties arising from or in any way related
to the matters released. Neither the negotiations preliminary to the signing of this Agreement, nor its acceptance, shall be considered
as an admission of wrongdoing or liability by either party hereto.

 

    	3

     

    

 

8.
To the fullest extent provided by Delaware law and in accordance with the Company’s Certificate of Incorporation and Bylaws,
the Company shall indemnify and hold Constable harmless from any and all liabilities and/or losses, costs, damages or expenses,
(including reasonable attorneys’ fees) actually and reasonably incurred by Constable in the course and scope of Constable’s
duties up until the time of his resignation, as an employee, officer and/or director of the Company.. The Company shall continue
to fully insure Constable under its director’s and officer’s insurance policy and shall present evidence of such insurance
coverage reasonably satisfactory to Constable within thirty (30) days of the execution of this Agreement and from time to time
thereafter as may be reasonably requested by Constable.

 

9.
No Cooperation. Constable agrees he will not act in any manner that might damage the business of the Company. Constable
agrees that he will not counsel or assist any attorneys or their clients in the presentation or prosecution of any disputes, differences,
grievances, claims, charges, or complaints by any third party against the Company and/or any officer, director, employee, agent,
representative, shareholder or attorney of the Company, unless under a subpoena or other court order to do so.

 

10.
Non-Disparagement. Each party agrees to refrain from any defamation, libel or slander of the other, or tortious interference
with the contracts and relationships of the other.

 

11.
Costs. The parties shall each bear their own costs, expert fees, attorneys’ fees and other fees incurred in connection
with this Agreement.

 

12.
No Representations. Each party represents that it has had the opportunity to consult with an attorney and has carefully
read and understands the scope and effect of the provisions of this Agreement. Neither party has relied upon any representations
or statements made by the other party hereto which are not specifically set forth in this Agreement.

 

13.
Further Assurances. The parties shall do and perform or cause to be done and performed all such further acts and things
and shall execute and deliver all such other agreements, certificates, instruments and documents as any party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

14.
Severability. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be
illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision.

 

15.
Entire Agreement; Due Authorization. This Agreement represents the entire agreement and understanding between the Company
and Constable concerning Constable’s separation from the Company and supersedes and replaces any and all prior agreements
and understandings concerning Constable’s relationship with the Company and his compensation by the Company. The execution,
delivery and performance of this Agreement and releases it contains have been duly authorized by all necessary actions of the
parties hereto. This Agreement and releases it contains constitute a valid and binding agreement of the parties enforceable against
them in accordance with its terms. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their
respective heirs, successors and legal representatives.

 

    	4

     

    

 

16.
Amendments and Waivers. This Agreement may not be modified or amended except by an instrument or instruments in writing
signed by the party against whom enforcement of any such modification or amendment is sought. Any party may, by an instrument
in writing, waive performance or compliance by any other party with respect to any term or provision of this Agreement on the
part of such other party to be performed or complied with. The waiver by any party of a breach of any term or provision of this
Agreement shall not be construed as a waiver of any subsequent breach.

 

17.
Assignment. Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof
shall be assignable by either party without the prior written consent of the other party.

 

18.
Governing Law.

 

(a)
This Agreement shall be governed by the laws of the State of Florida and be subject to the jurisdiction of the Florida Courts
governing the transactions and the Florida courts shall be the sole forum for any dispute, without giving effect to any choice
or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction).

 

(b)
ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THEREBY MAY BE INSTITUTED IN THE FEDERAL COURTS
OF THE UNITED STATES OF AMERICA OR THE COURTS OF THE STATE OF FLORIDA, AND EACH PARTY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION
OF SUCH COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING. THE PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY OBJECTION TO THE
LAYING OF VENUE OF ANY SUIT, ACTION OR ANY PROCEEDING IN SUCH COURTS AND IRREVOCABLY WAIVE AND AGREE NOT TO PLEAD OR CLAIM IN
ANY SUCH COURT THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

19.
Section and Other Headings. The section and other headings contained in this Agreement are for reference purposes only
and shall not be deemed to be a part of this Agreement or to affect the meaning or interpretation of this Agreement.

 

20.
Counterparts. This Agreement may be executed in counterparts, and each counterpart shall have the same force and effect
as an original and shall constitute an effective, binding agreement on the part of each of the undersigned.

 

21.
Voluntary Execution of Agreement. This Agreement is executed voluntarily and without any duress or undue influence on the
part or behalf of the parties hereto, with the full intent of releasing all claims. The parties acknowledge that:

 

(a)
they have read this Agreement;

 

    	5

     

    

 

(b)
they have been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of their own choice
or that they have voluntarily declined to seek such counsel;

 

(c)
they understand the terms and consequences of this Agreement and of the releases it contains; and

 

(d)
they are fully aware of the legal and binding effect of this Agreement.

 

22.
Electronic Signatures. This Agreement and any documents relating to it may be executed and transmitted to any other
party electronically, which electronic version shall be deemed to be, and utilized in all respects as, an original, wet-inked
document.

 

Remainder
of Page Intentionally Left Blank

 

Signature
Page Follows

 

    	6

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date set forth above.

 

	 	BLUE
    STAR FOODS CORP.
	 	 
	 	By:	 /s/
    John Keeler 
	 	Name:	John
    Keeler
	 	Title:	Executive
Chairman and Chief Executive Officer

 

	 	By:	 /s/
Christopher Constable 
	 	 	Christopher
    Constable, an individual

 

    	7

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