Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 1937

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 7A
Chunk 1937
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 Second Sponsor Loan is extended
to May 22, 2023 (the “Maturity Date”); (ii) the extension will take effect concurrently with, and not until, the Sponsor
transfers 1,050,000 shares of the Company’s common stock (the “Initial SPAC Shares”) to the Second Extension Lender;
(iii) effective as of the date of the Modification Agreement, the Second Sponsor Loan shall accrue fifteen percent (15%) interest per
annum, compounded monthly; (iv) the maturity date of the $1.1 million Second SPAC Loan is extended to May 19, 2023; (v) the proceeds
of any Capital Raise of at least $15.0 million by the Company shall be first used by the Company to promptly repay the Second SPAC Loan
and then Sponsor shall promptly repay the Second Sponsor Loan and all accrued interest; (vi) in exchange for the extension of the Maturity
Date, the Company shall issue 50,000 shares of common stock to Second Extension Lender on the date of the Modification Agreement and
shall issue an additional 50,000 shares of common stock thereafter on each 30-day anniversary of the Maturity Date to the Second Extension
Lender until the Second Sponsor Loan is repaid in full; (vii) in the event Sponsor defaults on its obligations to repay the Second Sponsor
Loan by the Maturity Date, the Sponsor shall transfer to the Second Extension Lender 250,000 shares of Company common stock owned by
the Sponsor and shall transfer an additional 250,000 such shares each month thereafter until the default is cured; (viii) the Company
is obligated to file a registration statement with the SEC registering the shares to be issued to Second Extension Lender within 30 days
of the transfer, including the Initial SPAC Shares; and (ix) in the event that the Company defaults on its obligations to the Second
Extension Lender set forth in (v), (vi) and (viii), the Company shall issue to Second Extension Lender 250,000 shares of common stock
and shall transfer an additional 250,000 shares of common stock each month thereafter until the default is cured. The Side Letter provides
that, in the event the Company fails to repay the Second SPAC Loan by May 19, 2023, the Company shall issue to Sponsor 250,000 shares
of common stock and shall issue an additional 250,000 such shares to Sponsor