Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 1010

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 6
Chunk 1010
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 2024.

    F-28

Stock
Options

2022
Stock Option and Incentive Plan

The
Company’s Board of Directors (“the Board”) approved and adopted the 2022 Stock Option and Incentive Plan and Form of
Non-Qualified Stock Option Agreement for Non-Employee Directors (the “Incentive Plan”) prior to the Closing of the Business
Combination.

The
maximum number of shares of common stock that may be initially issued or transferred pursuant to awards under the Incentive Plan equals
4,360,000 shares (the “Share Limit”). The Share Limit will automatically increase on the first trading day in January of
each calendar year during the term of the Incentive Plan, with the first such increase to occur in January 2024, by an amount equal to
the lesser of (i) three percent (3%) of the total number of shares of common stock issued and outstanding on December 31 of the immediately
preceding calendar year or (ii) such number of shares of common stock as may be established by the Board.

The
Incentive Plan authorizes stock options, stock appreciation rights, and other forms of awards granted or denominated in the Company’s
common stock or units of the Company’s common stock, as well as cash bonus awards. The Incentive Plan retains flexibility to offer
competitive incentives and to tailor benefits to specific needs and circumstances. Any award may be structured to be paid or settled
in cash. Any awards under the Incentive Plan (including awards of stock options and stock appreciation rights) may be fully-vested at
grant or may be subject to time- and/or performance-based vesting requirements.

The
Incentive Plan does not limit the authority of the Board or any committee to grant awards or authorize any other compensation, with or
without reference to the Company’s common stock, under any other plan or authority. The Board may amend or terminate the Incentive
Plan at any time and in any manner. Stockholder approval for an amendment will be required only to the extent then required by applicable
law or deemed necessary or advisable by the Board. Unless terminated earlier by the Board and subject to any extension that may be approved
by stockholders, the authority to grant new awards under the Incentive Plan will terminate on the tenth anniversary of its establishment.

Stock
Options to Non-Employee Directors

Under
the Non-employee Director Compensation Policy, upon initial election or appointment to the Board