Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 140

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 1B
Chunk 140
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regulatory, and commercial milestones. As the timing of these future milestone payments are not known, the Company has not included these
fees in the consolidated balance sheets as of December 31, 2024 and 2023.

For
further discussion on license fees recorded during the period, refer to Note 13, License and Manufacturing Agreements.

    F-26

Contingent
Compensation and Other Contingent Payments

Under
the management employment agreements, we have salaries and bonuses that are contingently payable upon financing, collectively called
contingent compensation, that are contingently payable based only upon our first cumulative capital raise of at least $50
million. As of December 31, 2024 and 2023, we have contingent compensation and bonuses in the amount of $16.2
million and $12.4 million, respectively, to certain members of senior management.

As
of December 31, 2024 and 2023, we also have $1.0
million of contingent vendor payments, which are also contingently payable based only upon our first cumulative capital raise of at
least $50
million.

These
amounts will not be paid if the contingencies do not occur. Since the payment of obligations under these agreements are contingent upon
these future events, which are not considered probable as such future events are deemed outside of our control, we have not included
these amounts in our consolidated financial statements. During the fiscal year ended December 31, 2023, $0.9 million of contingent compensation
was paid and recorded in general and administrative expenses on the Company’s consolidated statement of operations.

9.
Equity

Common
Stock

The
holders of common stock of the Company are entitled to dividends when and if declared by the board of directors. The holders of common
stock are entitled to one vote per share on all matters to be voted upon by the stockholders. As of December 31, 2024 and 2023, the Company
had 300.0 million authorized shares with a par value of $0.0001 per share.

On
April 1, 2024, Ocean Biomedical, Inc. (the “Company”) filed a Notification of Late Filing on Form 12b-25 with the Securities
Exchange Commission (the “SEC”), indicating that the filing of its Annual Report on Form 10- K for the period ended December
31, 2023 (the “Form 10-K”)