Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 1335

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 9C
Chunk 1335
---
 Amounts, which included the registration
rights previously provided by the Company to the Sponsor. While the SPAC Loans do not have a stated interest rate and do not accrue interest,
the SPAC Loans require the issuance of 1,365,000 shares of Class A common stock, with a fair value of $13.65 million, which well exceeds
the interest at 8% per annum on the underlying Sponsor Loans paid by the Sponsor.

On
March 22, 2023, we entered into a Loan Modification Agreement (the “Modification Agreement”) with the Sponsor and the Second
Extension Lender, which modifies the terms of the Second Extension Loan Agreement, and a Side Letter Agreement with the Sponsor (the
“Side Letter”), which further modifies the Second Extension Loan Agreement. The Modification Agreement modified the Second
Extension Loan Agreement to provide that, among other things, (i) the maturity date of the $1.1 million 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