Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 209

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 2
Chunk 209
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 any portion of the Conversion Amount into shares of our Common Stock at an Alternate Conversion Price set forth in the SPA. A noteholder
will not have the right to convert any portion of a Note, to the extent that, after giving effect to such conversion, the noteholder
(together with certain of its affiliates and other related parties) would beneficially own in excess of 9.99% of the shares of our Common
Stock outstanding immediately after giving effect to such conversion.

Upon
a change of control of the Company (the “Change of Control”), noteholders may require us to redeem all, or any portion, of
the Notes at a price equal to the greater of: (i) the product of (w) 115% multiplied by (y) the Conversion Amount being redeemed, (ii)
the product of (x) 115% multiplied by (y) the product of (A) the Conversion Amount being redeemed multiplied by (B) the quotient determined
by dividing (I) the greatest closing sale price of the shares of our Common Stock during the period beginning on the date immediately
preceding the earlier to occur of (1) the consummation of the applicable Change of Control and (2) the public announcement of such Change
of Control and ending on the date the holder delivers the Change of Control redemption notice by (II) the Alternate Conversion Price
then in effect and (iii) the product of (y) 115% multiplied by (z) the product of (A) the Conversion Amount being redeemed multiplied
by (B) the quotient of (I) the aggregate cash consideration and the aggregate cash value of any non-cash consideration per share of our
Common Stock to be paid to our stockholders upon consummation of such Change of Control divided by (II) the Conversion Price then in
effect.

The
Notes provide for certain events of default, including, among other things, any breach of the covenants described below and any failure
of Dr. Chirinjeev Kathuria to be the chairman of our Board of Directors. In connection with an event of default, the noteholders may
require us to redeem all or any portion of the Notes, at a price equal to the greater of (i) the product of (A) the Conversion Amount
to be redeemed multiplied by (B) 115% and (ii) the product of (X) the Conversion Rate (using the Alternate Conversion Price then in effect)
with respect to