Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 1063

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 7
Chunk 1063
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July 31, 2020, we entered into four separate Exclusive License Agreements (the “Initial Brown License Agreements”) with Elkurt,
Inc.(“Elkurt”), a licensee of Brown University. On March 21, 2021, we and Elkurt amended each of the Initial Brown License
Agreements. Elkurt is a company formed by our scientific co-founders and members of our Board, Jack A. Elias, M.D., former Dean of Medicine
and current Special Advisor for Health Affairs to Brown University, and Jonathan Kurtis, M.D., PhD, Chair of the Department of Pathology
and Laboratory Medicine at Brown University. Under the Initial Brown License Agreements, Elkurt grants us exclusive, royalty-bearing
licenses to patent rights and nonexclusive, royalty-bearing licenses to know-how, solely to make, have made, market, offer for sale,
use, and sell licensed products for use in certain fields. On August 31, 2021, the Initial Brown License Agreements were amended to extend
the date after which Elkurt can terminate the license agreements if we have not raised at least $10 million in equity financing by April
1, 2022. On March 25, 2022, the Initial Brown License Agreements were amended to extend those termination dates to May 1, 2022. On July
1, 2022, we amended the Initial Brown License Agreements to extend the termination dates to November 1, 2022 and acknowledge the accounts
payable due and terms of payment.

145

On
July 2, 2022, we amended the Initial Brown License Agreements to extend the termination dates of the commercialization plan of the license
agreements to an additional two years. On August 25, 2022, we amended the four Initial Brown License Agreements to extend the termination
dates to November 1, 2023 and to extend the termination dates of the commercialization plan of the license agreements from an additional
two years to three years. For each of the Initial Brown License Agreements, as amended, we are required to pay Elkurt a maintenance fee
of $67,000 increased by interest at the rate of 1% per month from October 15, 2021 until paid. In addition, beginning on January 1, 2022
and each year thereafter until January 1, 2027, we are required to pay an annual license maintenance fee of $3,000.