Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 415

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 3
Chunk 415
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,” vested profits interests are forfeited. The profits interests are fully vested.

Advisor
Agreement with Dr. Jack Elias

On
February 22, 2021, Legacy Ocean entered into an Advisor Agreement with Dr. Jack Elias, a member of Legacy Ocean’s board of directors.
The Advisor Agreement provides for Dr. Elias to work with and advise Legacy Ocean from time to time on matters relating to Legacy Ocean’s
actual or potential business, technology and products in exchange for an annual payment of $0.3 million, beginning on the start date
of January 1, 2020, which is payable only upon Legacy Ocean’s first cumulative capital raise equal to at least $50 million, subject
to his continued service relationship with Legacy Ocean through such payment date. In addition, in connection with this advising arrangement,
Poseidon granted Dr. Elias 1,326,000 profits interests. The profits interests are subject to the terms and conditions of Poseidon’s
Amended and Restated Operating Agreement and a profits interest agreement. Upon his termination of services for Legacy Ocean, other than
by Legacy Ocean for “cause”, Poseidon has the right to purchase any vested profit interests at fair market value as determined
by its board. If the termination is by Legacy Ocean for “cause”, vested profits interests are forfeited. The profits interests
are fully vested.

Consulting
Agreement with Chief Accounting Officer

The
Company’s Chief Accounting Officer previously provided consulting services to Legacy Ocean with RJS Consulting, LLC, his wholly
owned limited liability company, through June 15, 2021, before becoming the Company’s Chief Accounting Officer. As of December
31, 2024 and 2023, the Company owed RJS Consulting, LLC $0.2 million.

166

Executive
Officer Compensation

See
the section entitled “Executive Compensation” in our Proxy Statement for our 2024 Annual Meeting of Shareholders on Schedule
14A for information regarding compensation of our executive officers.

Related
Party Transactions of the Company

Indemnification
Agreements

In
connection with the Business Combination, we entered into new agreements to indemnify our directors and officers. These agreements require
us to indemnify these individuals for certain expenses (including attorneys’ fees), judgments, fines and settlement amounts reasonably
incurred by such person in any action or proceeding, including any action by or in our right, on account of any services undertaken by
such person on behalf of the Company or that person’s status as a