# EDGAR Filing Document

**Accession Number:** 0001163768
**File Stem:** 0001493152-23-005367
**Filing Date:** 2023-2
**Character Count:** 21800
**Document Hash:** bd9bfa8d0ccf760de476d2ff04606344
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-23-005367.hdr.sgml**: 20230216

**ACCESSION NUMBER**: 0001493152-23-005367

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20230214

**FILED AS OF DATE**: 20230216

**DATE AS OF CHANGE**: 20230216

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** KATHURIA CHIRINJEEV
- **CENTRAL INDEX KEY:** 0001163768

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40793
- **FILM NUMBER:** 23640165

**MAIL ADDRESS:**
- **STREET 1:** C/O UPHEALTH HOLDINGS, INC.
- **STREET 2:** 14000 S. MILITARY TRAIL #203
- **CITY:** DELRAY BEACH
- **STATE:** FL
- **ZIP:** 33484
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Poseidon Bio, LLC
- **CENTRAL INDEX KEY:** 0001874219
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40793
- **FILM NUMBER:** 23640164

**BUSINESS ADDRESS:**
- **STREET 1:** OCEAN BIOMEDICAL, INC.
- **STREET 2:** 55 CLAVERICK ST., ROOM 325
- **CITY:** PROVIDENCE
- **STATE:** RI
- **ZIP:** 02903
- **BUSINESS PHONE:** 401-444-7375

**MAIL ADDRESS:**
- **STREET 1:** OCEAN BIOMEDICAL, INC.
- **STREET 2:** 55 CLAVERICK ST., ROOM 325
- **CITY:** PROVIDENCE
- **STATE:** RI
- **ZIP:** 02903
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ocean Biomedical, Inc.
- **CENTRAL INDEX KEY:** 0001869974
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **IRS NUMBER:** 871309280
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 515 MADISON AVE SUITE 8078
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** (646) 908-2658

**MAIL ADDRESS:**
- **STREET 1:** 515 MADISON AVE SUITE 8078
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ocean Biomedical, Inc./DE
- **DATE OF NAME CHANGE:** 20230214

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Aesther Healthcare Acquisition Corp.
- **DATE OF NAME CHANGE:** 20210628

## Exhibit 24.1

**Exhibit 24.1**

**POWER OF ATTORNEY**

Know all by these presents, that the undersigned hereby constitutes and appoints each of Kate L. Bechen, Thomas S. Vaughn, Joseph R. DeHondt, Timothy B. Caprez, Robin K. Lehninger, Julie A. D'Angelo, Katherine E. Spiser, or Hallie D. Heath, or any of them acting singly and with full power of substitution, as the undersigned's true and lawful attorney-in-fact to:

(1) prepare
 and execute for and on behalf of the undersigned Forms 3, 4, and 5 and Schedules 13D and 13G in accordance with Sections 13 and 16(a)
 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the rules promulgated thereunder, as applicable,
 and any other forms or reports the undersigned may be required to file in connection with the undersigned's ownership, acquisition,
 or disposition of securities of Ocean Biomedical, Inc. (the "Company");

(2) do
 and perform any and all acts for and on behalf of the undersigned that may be necessary or desirable to complete and execute any
 such Form 3, 4, or 5, Schedule 13D or 13G, or other form or report, and to timely file such form or report with the United States
 Securities and Exchange Commission and any stock exchange or similar authority; and

(3) take
 any other action of any type whatsoever in connection with the foregoing, which, in the opinion of such attorney-in-fact, may be
 of benefit to, in the best interest of, or legally required by the undersigned, it being understood that the documents executed by
 such attorney-in-fact on behalf of the undersigned pursuant to this Power of Attorney shall be in such form and shall contain such
 terms and conditions as such attorney-in-fact may approve in such attorney-in-fact's discretion.

The undersigned hereby grants to each such attorney-in-fact full power and authority to do and perform any and every act and thing whatsoever requisite, necessary, or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that such attorney-in-fact, or such attorney-in-fact's substitute or substitutes, shall lawfully do or cause to be done by virtue of this power of attorney and the rights and powers herein granted. The undersigned acknowledges that the foregoing attorney-in-fact, in serving in such capacity at the request of the undersigned, is not assuming, nor is the Company assuming, any of the undersigned's responsibilities to comply with Section 13 or Section 16 of the Exchange Act.

This Power of Attorney shall remain in full force and effect until the undersigned is no longer required to file Forms 3, 4, or 5 or Schedules 13D or 13G with respect to the undersigned's holdings of and transactions in securities issued by the Company, unless earlier revoked by the undersigned in a signed writing delivered to the foregoing attorneys-in-fact.

 

*IN WITNESS WHEREOF*, the undersigned has caused this Power of Attorney to be executed as of January 30, 2023.

---

| |
|:---|
| */s/ Chirinjeev Kathuria* |
| Chirinjeev Kathuria |

---

[*Signature Page to Power of Attorney*]

## Exhibit 24.2

**Exhibit 24.2**

**POWER OF ATTORNEY**

Know all by these presents, that the undersigned hereby constitutes and appoints each of Kate L. Bechen, Thomas S. Vaughn, Joseph R. DeHondt, Timothy B. Caprez, Robin L. Lehninger, Julie A. D'Angelo, Katherine E. Spiser, or Hallie D. Heath, or any of them acting singly and with full power of substitution, as the undersigned's true and lawful attorney-in-fact to:

(1) prepare
 and execute for and on behalf of the undersigned Forms 3, 4, and 5 and Schedules 13D and 13G in accordance
 with Sections 13 and 16(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"),
 and the rules promulgated thereunder, as applicable, and any other forms or reports the undersigned
 may be required to file in connection with the undersigned's ownership, acquisition, or disposition
 of securities of Ocean Biomedical, Inc. (the "Company");

(2) do and perform
 any and all acts for and on behalf of the undersigned that may be necessary or desirable to complete and execute any such
 Form 3, 4, or 5, Schedule 13D or 13G, or other form or report, and to timely file such form or report with the United States
 Securities and Exchange Commission and any stock exchange or similar authority; and

(3) take any other
 action of any type whatsoever in connection with the foregoing, which, in the opinion of such attorney-in-fact, may be of
 benefit to, in the best interest of, or legally required by the undersigned, it being understood that the documents executed
 by such attorney-in-fact on behalf of the undersigned pursuant to this Power of Attorney shall be in such form and shall
 contain such terms and conditions as such attorney-in-fact may approve in such attorney-in-fact's discretion.

The undersigned hereby grants to each such attorney-in-fact full power and authority to do and perform any and every act and thing whatsoever requisite, necessary, or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that such attorney-in-fact, or such attorney-in-fact's substitute or substitutes, shall lawfully do or cause to be done by virtue of this power of attorney and the rights and powers herein granted. The undersigned acknowledges that the foregoing attorney-in-fact, in serving in such capacity at the request of the undersigned, is not assuming, nor is the Company assuming, any of the undersigned's responsibilities to comply with Section 13 or Section 16 of the Exchange Act.

This Power of Attorney shall remain in full force and effect until the undersigned is no longer required to file Forms 3, 4, or 5 or Schedules 13D or 13G with respect to the undersigned's holdings of and transactions in securities issued by the Company, unless earlier revoked by the undersigned in a signed writing delivered to the foregoing attorneys-in-fact.

 

*IN WITNESS WHEREOF*, the undersigned has caused this Power of Attorney to be executed as of January 30, 2023.

---

| | |
|:---|:---|
| POSEIDON BIO, LLC | POSEIDON BIO, LLC |
| By: | */s/ Chirinjeev Kathuria* |
|  | Dr. Chirinjeev Kathuria |
|  | Managing Director |

---

[*Signature Page to Power of Attorney*]

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>KATHURIA CHIRINJEEV<br><sub>(Last) (First) (Middle)</sub><br>19W060 AVENUE LATOUR<br><sub>(Street)</sub><br>OAKBROOK, IL 60523<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-02-14 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Ocean Biomedical, Inc. [ OCEA ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Poseidon Bio, LLC<br><sub>(Last) (First) (Middle)</sub><br>ATTN: DR. CHIRINJEEV KATHURIA, M.D.<br>19W060 AVENUE LATOUR<br><sub>(Street)</sub><br>OAKBROOK, IL 60523<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-02-14 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Ocean Biomedical, Inc. [ OCEA ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Class A Common Stock, par value $0.0001 | 2023-02-14 |  | A<sup>(1)</sup> |  | 456852<sup>(2)</sup> | A | $10 | 456852 | D<sup>(3)</sup> |  |
| Class A Common Stock, par value $0.0001 | 2023-02-14 |  | A<sup>(1)</sup> |  | 22842756<sup>(4)</sup> | A | $10 | 22842756 | I | By Poseidon Bio, LLC<sup>(5)</sup> |
| Class A Common Stock, par value $0.0001 | 2023-02-14 |  | J<sup>(9)</sup> | V | 456852 | D | <sup>(9)</sup> | 0 | D<sup>(3)</sup> |  |
| Common Stock, par value $0.0001 | 2023-02-14 |  | J<sup>(9)</sup> | V | 456852 | A | <sup>(9)</sup> | 456852 | D<sup>(3)</sup> |  |
| Class A Common Stock, par value $0.0001 | 2023-02-14 |  | J<sup>(9)</sup> | V | 22842756 | D | <sup>(9)</sup> | 0 | I | By Poseidon Bio, LLC<sup>(5)</sup> |
| Common Stock, par value $0.0001 | 2023-02-14 |  | J<sup>(9)</sup> | V | 22842756 | A | <sup>(9)</sup> | 22842756 | I | By Poseidon Bio, LLC<sup>(5)</sup> |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Earnout Rights<sup>(6)</sup> | <sup>(7)</sup> | 2023-02-14 |  | J<sup>(7)</sup> |  | 371656 |  | <sup>(7)</sup> | 2026-02-14 | Class A Common Stock | 371656 | <sup>(7)</sup> | 371656 | D<sup>(3)</sup> |  |
| Earnout Rights<sup>(6)</sup> | <sup>(8)</sup> | 2023-02-14 |  | J<sup>(8)</sup> |  | 18582930 |  | <sup>(8)</sup> | 2026-02-14 | Class A Common Stock | 18582930 | <sup>(8)</sup> | 18582930 | I | By Poseidon Bio, LLC<sup>(5)</sup> |
| Earnout Rights | <sup>(10)</sup> | 2023-02-14 |  | J<sup>(10)</sup> | V |  | 371656 | <sup>(10)</sup> | 2026-02-14 | Class A Common Stock | 371656 | <sup>(10)</sup> | 0 | D<sup>(3)</sup> |  |
| Earnout Rights | <sup>(10)</sup> | 2023-02-14 |  | J<sup>(10)</sup> | V | 371656 |  | <sup>(10)</sup> | 2026-02-14 | Common Stock | 371656 | <sup>(10)</sup> | 371656 | D<sup>(3)</sup> |  |
| Earnout Rights | <sup>(10)</sup> | 2023-02-14 |  | J<sup>(10)</sup> | V |  | 18582930 | <sup>(10)</sup> | 2026-02-14 | Class A Common Stock | 18582930 | <sup>(10)</sup> | 0 | I | By Poseidon Bio, LLC<sup>(5)</sup> |
| Earnout Rights | <sup>(10)</sup> | 2023-02-14 |  | J<sup>(10)</sup> | V | 18582930 |  | <sup>(10)</sup> | 2026-02-14 | Common Stock | 18582930 | <sup>(10)</sup> | 18582930 | I | By Poseidon Bio, LLC<sup>(5)</sup> |

---

### Footnotes:

(1) An Agreement and Plan of Merger was entered into on August 31, 2022 and amended on December 5, 2022 (as amended, the "Business Combination Agreement"; such transactions contemplated thereby, collectively, the "Business Combination") between Ocean Biomedical Holdings, Inc., formerly known as Ocean Biomedical, Inc. ("Legacy Ocean"), Aesther Healthcare Acquisition Corp. ("AHAC"), AHAC Merger Sub, Inc. ("Merger Sub"), and certain other parties thereto. In accordance with the Business Combination Agreement, on February 14, 2023 (the "Closing Date"), (i) Merger Sub merged with and into Legacy Ocean (such transaction, the "Merger"), (ii) Legacy Ocean continued as the surviving entity of the Merger and a wholly-owned subsidiary of AHAC, and (iii) AHAC changed its name to Ocean Biomedical, Inc. (such post-Business Combination entity, the "Issuer"). Capitalized terms that are used but not defined in this Form 4 have the meanings given to them in the Business Combination Agreement.

(2) Represents shares of the Issuer's Class A Common Stock, par value $0.0001 per share ("Issuer Class A Common Shares"), acquired by Dr. Chirinjeev Kathuria ("Dr. Kathuria"), the Founder, Executive Chairman, and a director of the Issuer, as consideration for Dr. Kathuria's shares of Legacy Ocean common stock, which AHAC acquired in the Merger on the Closing Date.

(3) These securities are owned directly by Dr. Kathuria.

(4) Represents Issuer Class A Common Shares acquired by Poseidon Bio, LLC ("Poseidon"), as consideration for Poseidon's shares of Legacy Ocean common stock, which AHAC acquired in the Merger on the Closing Date.

(5) These securities are owned directly by Poseidon, a 10% owner of the Issuer, and indirectly by Dr. Kathuria, as a Managing Director of Poseidon. Dr. Kathuria disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

(6) As additional Merger consideration, the former Legacy Ocean stockholders (the "Pre-Merger Stockholders") have the contingent right (the "Earnout Right") to receive up to an aggregate maximum of 19,000,000 shares of the Issuer's common stock (the "Earnout Shares"), issued in three Earnout Share Payments, if, for 20 out of any 30 consecutive trading days during the period from the Closing Date until the 36-month anniversary thereof (the "Earnout Period"), the Issuer's VWAP equals or exceeds: (i) $15.00 per share, in which case each Pre-Merger Stockholder will be issued its Pro Rata Share of 5,000,000 Earnout Shares (the "First Earnout Share Payment"); (ii) $17.50 per share, in which case each Pre-Merger Stockholder will be issued its Pro Rata Share of 7,000,000 Earnout Shares (the "Second Earnout Share Payment"); and (iii) $20.00 per share, in which case each Pre-Merger Stockholder will be issued its Pro Rata Share of 7,000,000 Earnout Shares (the "Third Earnout Share Payment").

(7) On the Closing Date of the Merger, Dr. Kathuria received the Earnout Right to acquire his Pro Rata Share of the aggregate maximum of 19,000,000 Earnout Shares issuable on a contingent basis to the Pre-Merger Stockholders under the Business Combination Agreement, which entitles Dr. Kathuria to receive up to 371,656 Earnout Shares, (i) 97,804 of which will be issued in connection with the First Earnout Share Payment, (ii) 136,926 of which will be issued in connection with the Second Earnout Share Payment, and (iii) 136,926 of which will be issued in connection with the Third Earnout Share Payment, with each Earnout Share Payment contingent on the Issuer's VWAP equaling or exceeding the required Share Price Target for 20 out of any 30 consecutive trading days during the Earnout Period. Dr. Kathuria's right to receive Earnout Shares pursuant to the Earnout Right granted in the Business Combination Agreement became fixed and irrevocable on the Closing Date of the Merger.

(8) On the Closing Date of the Merger, Poseidon received the Earnout Right to acquire its Pro Rata Share of the aggregate maximum of 19,000,000 Earnout Shares issuable on a contingent basis to the Pre-Merger Stockholders under the Business Combination Agreement, which entitles Poseidon to receive up to 18,582,930 Earnout Shares, (i) 4,890,245 of which will be issued in connection with the First Earnout Share Payment, (ii) 6,846,343 of which will be issued in connection with the Second Earnout Share Payment, and (iii) 6,846,343 of which will be issued in connection with the Third Earnout Share Payment, with each Earnout Share Payment contingent on the Issuer's VWAP equaling or exceeding the required Share Price Target for 20 out of any 30 consecutive trading days during the Earnout Period. Poseidon's right to receive Earnout Shares pursuant to the Earnout Right granted in the Business Combination Agreement became fixed and irrevocable on the Closing Date of the Merger.

(9) Pursuant to the Issuer's Third Amended and Restated Certificate of Incorporation filed in connection with the Closing of the Business Combination, the Issuer completed a reclassification exempt under Rule 16b-7 (the "Reclassification"). In accordance with the Reclassification, each Issuer Class A Common Share was reclassified on a one-for-one basis into a share of the Issuer's common stock, par value $0.0001.

(10) Pursuant to the Reclassification that was effected in connection with the Closing of the Business Combination, each Issuer Class A Common Share underlying the Earnout Rights of Dr. Kathuria and Poseidon were reclassified on a one-for-one basis into a share of the Issuer's common stock, par value $0.0001.

**Remarks:**
Exhibit 24.1: Power of Attorney (Chirinjeev Kathuria) Exhibit 24.2: Power of Attorney (Poseidon Bio, LLC)

**Signature:** /s/ Katherine E. Spiser, as attorney-in-fact for Chirinjeev Kathuria  
**Date:** 2023-02-16

**Signature:** /s/ Katherine E. Spiser, as attorney-in-fact for Chirinjeev Kathuria, as Managing Director of Poseidon Bio, LLC  
**Date:** 2023-02-16

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**