Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 2343

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 1A
Chunk 2343
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 the date of the IPO and ending upon consummation of the Business Combination, we agreed to pay our Sponsor $10,000 per month for office
space and administrative and support services pursuant to an administrative support agreement entered into with our Sponsor. A total
of $155,000 had been paid as of December 31, 2023.

Sponsor
IPO Loan

Prior
to the closing of the IPO, our Sponsor agreed to loan us up to $0.3 million to be used for a portion of the expenses of the IPO. These
loans were non-interest bearing, unsecured and were due at the earlier of June 30, 2022 or the closing of the IPO. Prior to the closing
of the IPO, the Company had borrowed $0.2 million from the Sponsor, which amount was repaid from proceeds from the IPO. The loan was
repaid upon the closing of the IPO out of the offering proceeds that were allocated to the payment of offering expenses (other than underwriting
commissions).

Indemnification
Agreements

We
had previously entered into agreements with Aesther’s officers and directors to provide contractual indemnification in addition
to the indemnification provided for in Aesther’s amended and restated certificate of incorporation. Aesther’s bylaws also
permitted us to secure insurance on behalf of any officer, director or employee for any liability arising out of his or her actions,
regardless of whether Delaware law would permit such indemnification.

Sponsor
Extension Loans

On
September 15, 2022, we entered into a Loan and Transfer Agreement (the “First Extension Loan Agreement”) with the Sponsor
and certain individuals (the “First Extension Lenders”), pursuant to which the First Extension Lenders loaned $1.1 million
to the Sponsor (the “First Sponsor Loan”) and the Sponsor loaned $1.1 million to us (the “First SPAC Loan”).
Amounts loaned from the First Extension Lenders to the Sponsor accrue interest at 8% per annum and amounts loaned from the Sponsor to
us do not accrue interest. The Sponsor Extension Loan was paid down at Closing of the Business Combination to $0.5 million. The outstanding
balance of the Sponsor Extension Loan was paid in full from the proceeds of the initial draw under the Ayrton Convertible Note Financing.

163

On
December 13, 2022, we entered into a Loan and Transfer Agreement (the