Company: OCEA
Filing Date: 2025-01-13
Form Type: 10-Q
Source: 0001493152-25-001880
Chunk: 53

Company: Ocean Biomedical, Inc.
Filing Date: 2025-01-13
Form: 10-Q
Item: Item 1
Chunk 53
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 as discussed below.

The
following table summarizes stock option activity during the nine months ended September 30, 2024:

 Schedule
of Stock Option Activity

    (in thousands) 
    Stock Options  
    Weighted Average Exercise Price  
    Weighted Average Remaining Contractual Life
 (in years)  
    Aggregate Intrinsic Value
 (in thousands) 
  
    Outstanding at January 1, 2024 
     600,000  
    $10.00  
     2.1  
     - 
  
    Options granted 
     -  
     -  
     -  
     - 
  
    Options cancelled or forfeited 
     -  
     -  
     -  
     - 
  
    Outstanding at September 30, 2024 
     600,000  
    $10.00  
     1.4  
     - 

The
aggregate intrinsic value in the above table is calculated as the difference between the fair value of the Company’s common stock
as of September 30, 2024 and the exercise price of the stock options. As of September 30, 2024, the total unrecognized compensation related
to unvested stock option awards granted was $1.1 million, which the Company expects to recognize over a weighted-average period of approximately
1.4 years. No stock options were exercised during the period.

2022
Employee Stock Purchase Plan

The
Board approved and adopted the 2022 Employee Stock Purchase Plan (the “ESPP”) prior to the Closing of the Business Combination.

Subject
to adjustment, 2,180,000 shares of common stock are available for purchase pursuant to the exercise of options under the ESPP. Shares
to be delivered upon exercise of options under the ESPP may be authorized but unissued stock, treasury stock, or stock acquired in an
open-market transaction. Subject to certain requirements and exceptions, all individuals classified as employees on the payroll records
of the Company or its subsidiaries are eligible to participate in any one or more of the offerings under the ESPP.

The
ESPP allows eligible employees to purchase shares of common stock during specified offering periods, with such offering periods not to
exceed 27 months. During each offering period, eligible employees will be granted an option to purchase shares of common stock on the
last business day of the offering period. The purchase price of each