Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 924

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 6
Chunk 924
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 closing of the IPO or during any extension
period. The private placement warrants are identical to the warrants sold in the IPO except that the private placement warrants, so long
as they are held by our Sponsor, the underwriters or their permitted transferees, (i) may not (including the shares of Class A common
stock issuable upon exercise of these warrants), subject to certain limited exceptions, be transferred, assigned or sold by the holders
until 30 days after the completion of our initial business combination, and (ii) will be entitled to registration rights. The private
placement warrants (including the shares of Class A common stock issuable upon exercise thereof) may not, subject to certain limited
exceptions, be transferred, assigned or sold by the holder.

Office
Space and Related Support Services

Commencing
on the date of the IPO and ending upon consummation of the Business Combination, we agreed to pay our Sponsor $10,000 per month for office
space and administrative and support services pursuant to an administrative support agreement entered into with our Sponsor. A total
of $155,000 had been paid as of December 31, 2023.

Sponsor
IPO Loan

Prior
to the closing of the IPO, our Sponsor agreed to loan us up to $0.3 million to be used for a portion of the expenses of the IPO. These
loans were non-interest bearing, unsecured and were due at the earlier of June 30, 2022 or the closing of the IPO. Prior to the closing
of the IPO, the Company had borrowed $0.2 million from the Sponsor, which amount was repaid from proceeds from the IPO. The loan was
repaid upon the closing of the IPO out of the offering proceeds that were allocated to the payment of offering expenses (other than underwriting
commissions).

Indemnification
Agreements

We
had previously entered into agreements with Aesther’s officers and directors to provide contractual indemnification in addition
to the indemnification provided for in Aesther’s amended and restated certificate of incorporation. Aesther’s bylaws also
permitted us to secure insurance on behalf of any officer, director or employee for any liability arising out of his or her actions,
regardless of whether Delaware law would permit such indemnification.

Sponsor
Extension Loans

On
September 15, 2022, we entered into a Loan and Transfer Agreement (the “First Extension Loan Agreement”) with the Sponsor
and