Company: OCEA
Filing Date: 2025-02-26
Form Type: DEF 14A
Source: 0001493152-25-008279
Chunk: 59

Company: Ocean Biomedical, Inc.
Filing Date: 2025-02-26
Form: DEF 14A
Chunk 59
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 Plan shall constitute incentive stock options within the meaning of Section 422 of the Code (the “ Incentive Options”) while certain other options granted pursuant to the Plan shall be nonqualified stock options (the “ Nonqualified Options”). Incentive Options and Nonqualified Options are hereinafter referred to collectively as “ Options.”

The Company intends that the Plan meet the requirements of Rule 16b-3 (“ Rule 16b-3”) promulgated under the Securities Exchange Act of 1934, as amended (the “ Exchange Act”), and that transactions of the type specified in subparagraphs (c) to (f) inclusive of Rule 16b-3 by officers and directors of the Company pursuant to the Plan will be exempt from the operation of Section 16(b) of the Exchange Act. Further, the Plan is intended to satisfy the performance-based compensation exception to the limitation on the Company’s tax deductions imposed by Section 162(m) of the Code with respect to those Options for which qualification for such exception is intended. In all cases, the terms, provisions, conditions and limitations of the Plan shall be construed and interpreted consistent with the Company’s intent as stated in this Section 1.

2. Administration of the Plan. The Board of Directors of the Company (the “ Board”) shall appoint and maintain as administrator of the Plan a Committee (the “ Committee”) consisting of two or more directors who are (i) “Independent Directors” (as such term is defined under the rules of The Nasdaq Stock Market), (ii) “Non-Employee Directors” (as such term is defined in Rule 16b-3) and (iii) “Outside Directors” (as such term is defined in Section 162(m) of the Code), which shall serve at the pleasure of the Board. The Committee, subject to Sections 3, 5 and 6 hereof, shall have full power and authority to designate recipients of Options, restricted stock (“ Restricted Stock”), preferred stock which may or may not be convertible (“ Preferred Stock”), restricted share units (“ RSUs”), and warrants which may qualify as Incentive Warrants or Non-Qualified Warrants (as such terms are defined herein, collectively, “ Warrants”), and to determine the terms and conditions of the respective agreements (which need not be identical) and to interpret the provisions and supervise the administration of the Plan. The Committee shall have the authority, without limitation, to designate which Options granted under the Plan shall be Incentive Options and which shall be