Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 2754

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 1
Chunk 2754
---
 financial statements and the notes thereto in Amendment No. 2 to our Current Report
on Form 8-K, initially filed on February 15, 2023, which is incorporated herein by reference.

Consulting
Agreement with Jonathan Kurtis

On
February 22, 2021, Legacy Ocean entered into a Consulting Agreement with Jonathan Kurtis, a member of its board of directors, that was
amended effective August 2, 2021 and further amended effective December 31, 2021. The Consulting Agreement provides for Mr. Kurtis to
provide consulting services as requested by Legacy Ocean in exchange for an annual payment of $0.2 million which is payable only upon
Legacy Ocean’s first cumulative capital raise equal to at least $50 million, subject to his continued service relationship with
Legacy Ocean through such payment date. In addition, in connection with this consulting arrangement, Poseidon granted Mr. Kurtis 969,000
profits interests. The profits interests are subject to the terms and conditions of Poseidon’s Amended and Restated Operating Agreement
and a profits interest agreement. Upon his termination of services for Legacy Ocean, other than by Legacy Ocean for “cause”,
Poseidon has the right to purchase any vested profit interests at fair market value as determined by its board. If the termination is
by Legacy Ocean for “cause,” vested profits interests are forfeited. The profits interests are fully vested.

Advisor
Agreement with Dr. Jack Elias

On
February 22, 2021, Legacy Ocean entered into an Advisor Agreement with Dr. Jack Elias, a member of Legacy Ocean’s board of directors.
The Advisor Agreement provides for Dr. Elias to work with and advise Legacy Ocean from time to time on matters relating to Legacy Ocean’s
actual or potential business, technology and products in exchange for an annual payment of $0.3 million, beginning on the start date
of January 1, 2020, which is payable only upon Legacy Ocean’s first cumulative capital raise equal to at least $50 million, subject
to his continued service relationship with Legacy Ocean through such payment date. In addition, in connection with this advising arrangement,
Poseidon granted Dr. Elias 1,326,000 profits interests. The profits interests are subject to the terms and conditions of Poseidon’s
Amended and Restated Operating Agreement and a profits interest agreement. Upon his termination of services for Legacy Ocean, other than
by Legacy Ocean for “cause”, Poseidon has the right to