Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 1337

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 9C
Chunk 1337
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 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 the Company’s completion of the Business Combination and rights
to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. The Company will bear the
expenses incurred in connection with the filing of any such registration statements.

Pre-Business
Combination Related Party Transactions of Legacy Ocean

Certain
Relationships and Related Transactions

Transactions
with Poseidon Bio, LLC

In
December 2020, Chirinjeev Kathuria, the then sole shareholder of Legacy Ocean, contributed 100% of his shares to a then-wholly-owned
entity, Poseidon Bio, LLC (“Poseidon”). In February 2021, Poseidon transferred 342,244 shares back to Chirinjeev Kathuria
and Legacy Ocean’s employees and the remaining members of its management team became members of Poseidon. Prior to the Closing,
Poseidon’s sole asset was 17,112,298 shares of Legacy Ocean’s common stock, which were exchanged for Company common stock
pursuant to the Business Combination, and voting and investment authority over those shares is controlled by Poseidon’s five-member
board of managers, which consists of Chirinjeev Kathuria, Elizabeth Ng, Daniel Behr, Dr. Jack Elias and Jonathan Kurtis.

License
Agreements with Elkurt, Inc.

On
July 31, 2020, Legacy Ocean entered into four separate Exclusive License Agreements (the “Initial Brown License Agreements”),
with Elkurt, Inc. (“Elkurt”), a licensee of Brown University. Legacy Ocean amended each