Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 1938

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 7A
Chunk 1938
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 each month thereafter until the default is cured. All capitalized
terms used in the foregoing descriptions of the Modification Agreement or Side Letter, and not otherwise defined herein, have the meanings
ascribed to such terms in the Modification Agreement or Side Letter.

On
December 14, 2022, we entered into a Loan and Transfer Agreement with the Sponsor and Michael L. Peterson (“Mr. Peterson”),
pursuant to which Mr. Peterson loaned $50,000 to the Sponsor (the “Third Sponsor Loan”) and the Sponsor loaned $50,000 to
us (the “Third SPAC Loan”). Amounts loaned from Mr. Peterson to the Sponsor accrue interest at 8% per annum and amounts loaned
from the Sponsor to us do not accrue interest. We were only required to repay the Third SPAC Loan upon completion of the Business Combination.
The total amounts advanced by Mr. Peterson to the Sponsor in connection with the $50,000 loan (the “Funded Amounts”) were
required to be repaid, together with all accrued and unpaid interest thereon, within five days of the Closing of the Business Combination,
at the option of Mr. Peterson, in either (a) cash; or (b) shares of Class A common stock held by the Sponsor which were deemed to have
a value of $10 per share for such repayment right. As additional consideration for Mr. Peterson making the loan available to Sponsor,
Sponsor agreed to transfer 1 share of Class B common stock to Mr. Peterson for each $10 multiple of the Funded Amounts, which included
the registration rights previously provided by the Company to the Sponsor. Furthermore, the letter agreement with the Company’s
initial stockholders contains a provision pursuant to which the Sponsor agreed to waive its right to be repaid for such loans out of
the funds held in the Trust Account in the event that the Company did not complete a Business Combination. The Third Sponsor Loan and
the Third SPAC Loan have been paid in full.

164

Registration
Rights Agreement

In
connection with our IPO, we entered into a Registration Rights Agreement with our Sponsor and its members (collectively, the “Holders”).
The Holders are entitled to make up to three demands, excluding short form registration demands, that the Company register the Registerable
Securities (as defined in the Registration Rights Agreement). In addition, the Holders have certain “piggy-back” registration
rights with respect to registration statements filed subsequent to