Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 544

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 4
Chunk 544
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 Trigger Event” is an event that occurs
if the VWAP price is below $2.50 per share for any 20 trading days during a 30 consecutive trading day-period thereafter and (ii) the
“Reset Price” is defined as $8.00. The Side Letter did not amend any terms of the Backstop Agreement as it relates to the
other Backstop Parties.

The
“Seller VWAP Trigger Event” for Polar occurred in October 2023 and the other Backstop Parties in November 2023. The Company
received written notice from Polar on November 6, 2023 acknowledging its right to designate any date as the Maturity Date from the date
of the notice to, and including, the third anniversary of the Business Combination. As of the date of this filing, one of the Backstop
Parties, Polar has not designated a Maturity Date. Refer to Note 3, Business Combination and Backstop Agreement, for further detail
around the purported Maturity Date for Vellar.

Sponsor
Promissory Notes

On
December 13, 2022, AHAC entered into a Loan and Transfer Agreement between AHAC, the Sponsor, and NPIC Limited (the “NPIC Lender”),
pursuant to which the Lender loaned $1.1 million to the Sponsor and the Sponsor loaned $1.1 million to AHAC (the “NPIC Sponsor
Extension Loan”). Amounts loaned from the NPIC Lender to the Sponsor accrue interest at 8% per annum and amounts loaned from the
Sponsor to AHAC do not accrue interest until the Closing of the Business Combination, after which time, we have agreed to pay the interest
due to the NPIC Lender. The total amounts advanced by NPIC Lender to the Sponsor in connection with the $1.1 million loan (the “NPIC
Funded Amounts”) were required to be repaid, together with all accrued and unpaid interest thereon, within five days of the closing
of the initial Business Combination, at the option of the NPIC Lender, in either (a) cash; or (b) shares of Class A common stock held
by the Sponsor which are deemed to have a value of $10 per share for such repayment right. As additional consideration for the NPIC Lender
making the loan available to Sponsor, Sponsor agreed to transfer 10 Shares of Class B common stock to NPIC Lender for each