Company: OCEA
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-011080
Chunk: 89

Company: Ocean Biomedical, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 89
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 value of the Company’s common stock as of March 31, 2024 and
the exercise price of the stock options. As of March 31, 2024, the total unrecognized compensation related to unvested stock option awards
granted was $1.4 million, which the Company expects to recognize over a weighted-average period of approximately 1.9 years. No stock options
were exercised during the period.

    (in thousands) 
    Stock Options  
    Weighted Average Exercise Price  
    Weighted Average Remaining Contractual Life (in years)  
    Aggregate Intrinsic Value (in thousands) 
  
    Outstanding at January 1, 2025 
     600,000  
    $10.00  
     1.2  
     — 
  
    Options granted 
     —  
     —  
     —  
     — 
  
    Options cancelled or forfeited 
     —  
     —  
     —  
     — 
  
    Outstanding at March 31, 2025 
     600,000  
    $10.00  
     0.9  
     — 

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 March 31, 2025 and
the exercise price of the stock options. As of March 31, 2025, the total unrecognized compensation related to unvested stock option awards
granted was $0.7 million, which the Company expects to recognize over a weighted-average period of approximately 0.9 years. No stock options
were exercised during the period.

    25

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