Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 1576

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 11
Chunk 1576
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GARP Small Molecules License Agreement, Elkurt grants to Legacy Ocean exclusive, royalty-bearing licenses to
patent rights and nonexclusive, royalty-bearing licenses to know-how, solely to make, have made, market, offer for sale, use, and sell
licensed products for use in certain fields.

165

On
January 25, 2021, Legacy Ocean entered into an Exclusive License Agreement (the “Rhode Island License Agreement”) with Elkurt,
a licensee of Rhode Island Hospital. Legacy Ocean amended the Rhode Island License Agreement on April 1, 2021, September 10, 2021, March
25, 2022, July 1, 2022, August 26, 2022 and July 18, 2024. Under the Rhode Island License Agreement, Elkurt, grants to Legacy Ocean an
exclusive, royalty-bearing license to patent rights and a nonexclusive, royalty-bearing license to know-how, solely to make, have made,
market, offer for sale, use, and sell licensed products for use in a certain field.

For
more information regarding the Initial Brown License Agreements and the Rhode Island License Agreement please see Item 1 of the Annual
Report on Form 10-K.

Equity
Sales

In
March and April 2021, Legacy Ocean issued 41,828 shares of common stock to certain persons who were accredited investors (consisting
of friends and family of Legacy Ocean’s employees), at an aggregate offering price of $1.0 million. These shares were exchanged
for our common stock in connection with the Business Combination. These transactions were effected without registration under the Securities
Act in reliance on the exemption from registration provided under Section 4(2) promulgated thereunder.

For
more information please see Legacy Ocean’s financial statements and the notes thereto in Amendment No. 2 to our Current Report
on Form 8-K, initially filed on February 15, 2023, which is incorporated herein by reference.

Consulting
Agreement with Jonathan Kurtis

On
February 22, 2021, Legacy Ocean entered into a Consulting Agreement with Jonathan Kurtis, a member of its board of directors, that was
amended effective August 2, 2021 and further amended effective December 31, 2021. The Consulting Agreement provides for Mr. Kurtis to
provide consulting services as requested by Legacy Ocean in exchange for an annual payment of $0.2 million which is payable only upon