Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 2350

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 1A
Chunk 2350
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14A for information regarding compensation of our executive officers.

Related
Party Transactions of the Company

Indemnification
Agreements

In
connection with the Business Combination, we entered into new agreements to indemnify our directors and officers. These agreements require
us to indemnify these individuals for certain expenses (including attorneys’ fees), judgments, fines and settlement amounts reasonably
incurred by such person in any action or proceeding, including any action by or in our right, on account of any services undertaken by
such person on behalf of the Company or that person’s status as a member of our Board or as an officer of the Company to the maximum
extent allowed under Delaware law.

Non-Competition
Agreement

Simultaneously
with the Closing, Chirinjeev Kathuria entered into non-competition agreement pursuant to which he agreed not to compete with the Company,
Legacy Ocean and all subsidiaries of the companies, subject to certain requirements and customary conditions.

Related
Party Transaction Policy

Effective
as of February 14, 2023, the Board adopted a written related party transactions policy setting forth the policies and procedures for
the identification, review, consideration and approval or ratification of related person transactions. More information on our related
party transaction policy can be found under the caption “CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS” in our Proxy Statement for our 2024 Annual Meeting of Shareholders on Schedule
14A.

Director
Independence

Nasdaq’s
rules generally require that a majority of a listed company’s board of directors be comprised of independent directors. In addition,
such rules require that all members of a listed company’s audit, compensation and nominating and corporate governance committees
be independent. Audit committee members must also satisfy the independence criteria set forth in Rule 10A-3 under the Exchange Act.

In
order to be considered independent for purposes of Rule 10A-3, a member of an audit committee of a listed company may not, other than
in his or her capacity as a member of the audit committee, the board of directors, or any other board committee, accept, directly or
indirectly, any consulting, advisory or other compensatory fee from the listed company or any of its subsidiaries or otherwise be an
affiliated person of the listed company or any of its subsidiaries.

Poseidon
Bio, LLC owns a majority of our outstanding common stock. As a result, we are a “controlled company” within the meaning of
the