Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 900

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 6
Chunk 900
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injeev 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 the Conversion Amount in effect at such time as the holder delivers an event of default redemption notice multiplied
by (Y) the product of (1) 115% multiplied by (2) the greatest closing sale price of our Common Stock on any trading day during the period
commencing on the date immediately preceding such event of default and ending on the date we make the entire payment required to be made.

We
are subject to certain customary affirmative and negative covenants regarding the rank of the Notes, the incurrence of indebtedness,
the existence of liens, the repayment of indebtedness and the making of investments, the payment of cash in respect of dividends, distributions
or redemptions, the transfer of assets, the maturity of other indebtedness, and transactions with affiliates, among other customary matters.
We also will be subject to financial covenants requiring that (i) the amount of our available cash equal or exceed $3.0 million at the
time of each Additional Closing; (ii) the ratio of (a) the outstanding principal amount of the Notes, accrued and unpaid interest thereon
and accrued and unpaid late charges to (b) our average market capitalization over the prior ten trading days, not exceed 35%; and (iii)
at any time any Notes remain outstanding, with respect to any given calendar month (each, a “Current Calendar Month”) (x)
the available cash on the last calendar day in such Current Calendar Month shall be greater than or equal to the available cash on the
last calendar day of the month prior to such Current Calendar Month less $1.5 million.

148

On
May 25, 2023, we entered into Amendment No. 1 to Securities Purchase Agreement (the “SPA Amendment”). The SPA Amendment changed
two provisions in the SPA and amended and restated the Disclosure Schedules attached to the SPA.

The
SPA Amendment added the definition of “all the Registrable Securities” to Section 1(b)(ii)(3) of the SPA. “All