Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 569

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 4
Chunk 569
---

    2024 Convertible Note 
    $11,375  
     7.4% 

    Poseidon Demand Note 
    $650  
     5% 

    Total Short-term loans 
    $16,300  

155

    (4)
    Pursuant
    to the Second Street Loans Amendment, (i) the Company shall pay to Second Street Capital an amount of $0.3 million upon the execution
    of the Second Street Loans Amendment (ii) within five (5) business days of the Company’s receipt of funds in connection with
    the first Additional Closing (as defined in the SPA) under the SPA, the Company shall pay Second Street Capital an amount of $0.5
    million; (iii) the Company shall repay advances made under the loan agreements plus any accrued unpaid interest to Second Street
    Capital in the event of a capital raise of the Company of a minimum amount of $25.0 million; (iv) in exchange for the Second Street
    Loans Amendment, the Company shall issue 25,000 shares of Common Stock of the Company (the “Second Street Extension Shares”)
    to Second Street Capital within five (5) business days of the execution of the Second Street Loans Amendment; and (v) the Company
    shall file a registration statement for the issuance of the Second Street Extension Shares no later than thirty (30) days following
    such issuance of Second Street Extension Shares.

    (5)
    Pursuant
    to the McKra Loan Amendment, (i) the Company shall pay to McKra an amount of $0.2 million upon the execution of the McKra Loan Amendment;
    (ii) within five (5) business days of the Company’s receipt of funds in connection with the first Additional Closing (as defined
    in the SPA) under the SPA, the Company shall pay McKra an amount of $0.5 million; (iii) within five (5) business days of the Company’s
    receipt of funds in connection with the second Additional Closing (as defined in the SPA) under the SPA, the Company shall pay McKra
    an amount of $0.5 million plus any accrued unpaid interest; (iv) the Company shall repay advances made under the McKra Loan Agreement
    plus any accrued unpaid interest to McKra in the event of a capital raise of a minimum amount of $25.0 million; (v) in exchange for
    the McK