Document:

EX-10.12

 Exhibit 10.12 

 
 

 
 February 22, 2021 

Delivered via Email  
 Jonathan Heller, Ph.D. 

Dear Jonathan: 
 On behalf of Ocean Biomedical,
Inc. (the “Company”), I am pleased to offer you employment with the Company. The terms and conditions of your employment are set forth below. 

1. Position. Your initial position with the Company will be Chief Scientific Officer and Head of R&D reporting to the Chief Executive
Officer. This is a full-time position, and you are expected to devote your full business time and best efforts to the Company, and you may not engage in outside business activities without the Company’s prior written consent. 

2. Start Date. Your employment began on January 1, 2020 (the “Start Date”). 

3. Salary. The Company will pay you a salary at the rate of $350,000 (three hundred fifty thousand Dollars) per year, payable in accordance with
the Company’s standard payroll schedule and subject to applicable deductions and withholdings. This salary will be subject to periodic review and adjustments at the Company’s discretion. Payment of any salary deferred since the Start Date
will be upon the successful completion of the IPO (as defined below), subject to your continued employment with the Company through such payment date. 

4. Bonus. In addition to your salary, beginning in calendar year 2021 you may be eligible to receive an annual bonus, targeted at 65% of your
base salary (the “Target Bonus”). The decision to award a bonus for any particular calendar year and the amount thereof are subject to the Company’s discretion, and may depend in part on the Company’s evaluation of your
performance and the Company’s performance. Annual bonuses, if any, will be paid no later than March 15 of the year following the calendar year to which such bonus relates, and you must remain employed by the Company through date of payment
to earn any portion of such bonus. You will also be entitled to a cash bonus equal to $380,000 (three hundred eighty thousand Dollars), which will be paid in a lump sum within thirty (30) days following the completion of the Company’s
first capital raise equal to at least fifty (50) million Dollars (the “First Capital Raise” and such bonus the “First Capital Raise Bonus”). In addition, upon completion of an initial public offering of
the equity securities of the Company or any of its affiliates prior to August 31, 2021 (the “IPO”), you will receive a cash bonus equal to $350,000 (three hundred fifty thousand Dollars) (the “IPO Bonus”) to be
paid in a lump sum immediately upon completion of the IPO, subject to your continued employment with the Company through such payment date. 

 

 
  

 5. Severance. Notwithstanding anything to the contrary, in the event your employment with the
Company is terminated without Cause (as defined in the Company’s 2021 Stock Option and Grant Plan (as amended from time to time, the “Plan”)) or you resign from the Company with Good Reason (as defined in the Plan), you will be
entitled to receive the following severance benefits, subject to your execution and delivery of an irrevocable release of claims in favor of the Company and its affiliates within sixty (60) days of such termination: (a) continuation of
your then-current base salary for twelve (12) months, payable in accordance with the Company’s regular payroll cycle; (b) a pro-rata portion of your then-current Target Bonus, based on the
number of days you were employed by the Company in the year of termination, payable in substantially equal installments in accordance with the Company’s regular payroll cycle over twelve (12) months; (c) full and immediate accelerated
vesting of any and all of your then-outstanding and unvested equity awards in the Company; (d) subject to the completion of the First Capital Raise, the First Capital Raise Bonus, payable in a lump sum within thirty (30) days of the
completion of such First Capital Raise, regardless of your continued employment with the Company through the payment date; (e) subject to the completion of the IPO, the IPO Bonus, payable in a lump sum immediately upon completion of such IPO,
regardless of your continued employment with the Company through the payment date; and (f) extended post-termination exercise periods for your then-outstanding options, to the extent vested and exercisable as of the date of such termination,
for the remainder of their terms. 
 6. Benefits. You will be eligible to participate in the employee benefits and insurance programs
generally made available to its full-time employees. Details of these benefits programs, including any employee contributions, will be made available to you when you start. Beginning in 2021, you will also be eligible for four weeks of paid vacation
per full calendar year (prorated for partial years) in accordance with the Company’s vacation policy. Vacation time shall be subject to Company policy in all respects, including with respect to the accrual and use of vacation time. 

7. Other Offer Letters. This Offer Letter shall be deemed to amend and restate and supersede in its entirety the offer letter dated as of
July 1, 2019 entered into by and between you and the Company (the “Original Letter”). By executing this Offer Letter you hereby release the Company and each of its affiliates from any obligations arising under the Original
Letter. 
 8. Representation Regarding Other Obligations. You also will be required to sign, as a condition of your employment, a
Confidentiality and Proprietary Rights Agreement, a copy of which is enclosed in Exhibit A. This offer is conditioned on your representation that you are not subject to any confidentiality, non-competition or
other agreements that restricts your employment activities or that may affect your ability to devote full time and attention to your work at the Company. If you have entered into any agreement that may restrict your activities on behalf of the
Company, please provide me with a copy of the agreement as soon as possible. You further represent that you have not used and will not use or disclose any trade secret or other proprietary right of any previous employer or any other party. 

 

 
  

 9. Taxes. 
  

	 	A.	 Withholding Taxes. All forms of compensation referred to in this Offer Letter are subject to reduction
to reflect applicable withholding and payroll taxes and other deductions required by law. You hereby acknowledge that the Company does not have a duty to design its compensation policies in a manner that minimizes your tax liabilities, and you will
not make any claim against the Company or its board of directors related to tax liabilities arising from your compensation. 

  

	 	B.	 Section 409A. Notwithstanding anything in this Offer Letter to the contrary, any
compensation or benefits payable under this Offer Letter that constitutes “nonqualified deferred compensation” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and
which is designated under this Offer Letter as payable upon your termination of employment shall be payable only upon your “separation from service” with the Company within the meaning of Section 409A of the Code (a “Separation
from Service”) and, except as otherwise provided under this paragraph, any such compensation or benefits shall not be paid, or, in the case of installments, shall not commence payment, until the sixtieth (60th) day following your Separation
from Service. Any installment payments that would have been made to you during the sixty (60) day period immediately following your Separation from Service but for the preceding sentence shall be paid to you on the sixtieth (60th) day following
your Separation from Service and the remaining payments shall be made as provided in this Offer Letter. Notwithstanding any provision herein to the contrary, if you are deemed by the Company at the time of your Separation from Service to be a
“specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, to the extent delayed commencement of any portion of the benefits to which you are entitled under this Offer Letter is required in order to avoid a prohibited
distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of your benefits shall not be provided to you prior to the earlier of (i) the expiration of the six-month period measured from
the date of your Separation from Service with the Company or (ii) the date of your death. Upon the first business day following the expiration of the applicable Code Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to the
preceding sentence shall be paid in a lump sum to you (or your estate or beneficiaries), and any remaining payments due to you under this Offer Letter shall be paid as otherwise provided herein. To the extent that any reimbursements under this
letter agreement are subject to the provisions of Section 409A of the Code, any such reimbursements payable to you shall be paid to you no later than December 31 of the year following the year in which the expense was incurred, the amount
of 

 

 
  

	 	expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year, and your right to reimbursement under this letter agreement will not be subject to liquidation or exchange
for another benefit. Your right to receive any installment payments under this Offer Letter, including without limitation any continuation salary payments that are payable on Company payroll dates, shall be treated as a right to receive a series of
separate payments and, accordingly, each such installment payment shall at all times be considered a separate and distinct payment as permitted under Treasury Regulation Section l.409A-2(b)(2)(iii).

 10. Interpretation, Amendment and Enforcement. This Offer Letter and the Confidentiality and Proprietary Rights Agreement
constitute the complete agreement between you and the Company, contain all of the terms of your employment with the Company and supersede any prior agreements, representations or understandings (whether written, oral or implied) between you and the
Company, including, without limitation, the Original Letter. The terms of this Offer Letter and the resolution of any disputes as to the meaning, effect, performance or validity of this Offer Letter or arising out of, related to, or in any way
connected with, this Offer Letter, your employment with the Company or any other relationship between you and the Company (the “Disputes”) will be governed by the laws of the State of Delaware, excluding laws relating to conflicts
or choice of law. You and the Company submit to the exclusive personal jurisdiction of the federal and state courts located in the State of Rhode Island in connection with any Dispute or any claim related to any Dispute. 

11. Other Terms. Your employment with the Company will be on an “at will” basis. In other words, you or the Company may terminate your
employment for any reason and at any time, with or without cause. Although your job duties, title, compensation and benefits, as well as the Company’s benefit plans and personnel policies and procedures, may change from time to time, the
“at will” nature of your employment may only be changed in an express written agreement signed by you and a duly authorized officer of the Company (other than yourself). 

As with all employees, our offer to you is contingent on your submission of satisfactory proof of your identity and your legal authorization
to work in the United States. 
 We are excited about the prospect of having you join the Company. We look forward to receiving a response
from you within one week acknowledging, by signing below, that you have accepted this offer of employment. 

 

 
  

 
			
	Very truly yours,
	
	OCEAN BIOMEDICAL, INC.
		
	By:	 	 /s/ Chirinjeev Kathuria

	Name:	 	 Chirinjeev Kathuria

	Title:	 	 Executive Chairman

 I have read and accept this employment offer: 
  

	
	 
	 Signature

	
	 Dated: February 22, 2021

 

 
  

 
			
	Very truly yours,
	
	OCEAN BIOMEDICAL, INC.
		
	By:	 	 
	Name:	 	Chirinjeev Kathuria
	Title:	 	Executive Chairman

 I have read and accept this employment offer: 
  

	
	/s/ Jonathan Heller
	Signature
	
	Dated: February 22, 2021

 

 
  

 Exhibit A 

Confidentiality and Proprietary Rights AgreementEX-10.13

 Exhibit 10.13 

CONSULTING AGREEMENT 
 This
“Agreement” dated February 22, 2021 (the “Effective Date”) is between Jonathan Kurtis (“Consultant”) and Ocean Biomedical, Inc. (the “Company”) (each a “Party” and collectively the
“Parties”). The Company and Consultant hereby agree as follows: 
 1. Services. The Company hereby engages Consultant to provide to the
Company, and Consultant agrees to provide to the Company under the terms and conditions of this Agreement, such services as the Company reasonably requests (the “Services”). 

2. Compensation. As consideration for Consultant’s rendering the Services, the Company shall offer Consultant annualized compensation of $200,000
per year (the “Fee”), payable monthly in installments and in arrears, which (the Company hereby agrees) commenced accruing monthly beginning on January 1, 2020. Notwithstanding the foregoing sentence, the Company will pay any deferred
compensation that it has not yet paid, but which it has agreed to pay Consultant (including without limitation any applicable Fees), on or promptly following the successful completion of the initial public offering the Company’s common stock
prior to August 31, 2021, subject to Consultant’s continued service relationship with the Company through such payment date. 
 3. Independent
Contractor. Consultant is not, nor shall Consultant be deemed to be at any time during the term of this Agreement, an employee of the Company, and therefore Consultant shall not be entitled to any benefits provided by the Company to its
employees (including such items as health and disability benefits). Consultant’s status and relationship with the Company shall be that of an independent contractor and consultant. Consultant shall not state or imply, directly or indirectly,
that Consultant is empowered to bind the Company without the Company’s prior written consent. Nothing herein shall create, expressly or by implication, a partnership, joint venture or other association between the Parties. Consultant shall be
solely responsible for payment of all charges and taxes arising from his or her relationship to the Company as a Consultant. 
 4. Term of Agreement;
Termination. The term of this Agreement and Consultant’s Services hereunder shall commence as of the Effective Date of this Agreement. The term of this Agreement, and the Consultant’s service relationship hereunder, shall end upon the
earliest of (i) December 31, 2021; (ii) 30 days following the receipt by one Party of a written notice of termination from the other Party; (iii) the Consultant’s receipt of written notice from the Company of the
Consultant’s material breach of this Agreement; (iv) the Consultant’s continued failure or refusal to perform services hereunder within 10 days following receipt of written notice from the Company; or (v) the Consultant’s
death. Except as otherwise explicitly provided herein, the Sections of this Agreement that follow this Section shall survive the termination or expiration of this Agreement for any reason. 

5. Warranties of Consultant. Consultant represents to the Company that (i) with respect to any information,
know-how, knowledge or data disclosed by Consultant to the Company in the performance of this Agreement, Consultant has the full and unrestricted right to disclose the same; and (ii) Consultant is free to
undertake the Services required by this Agreement, and there is, and shall be, no conflict of interest between Consultant’s performance of this Agreement and any obligation Consultant may have to other parties. 

6. Certain Covenants of Consultant.  

(a) Consultant agrees that during the term of this Agreement, Consultant shall not, directly or indirectly, engage in business activity that
conflicts or interferes with the Company’s business activity. 

  
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 (b) During the term of this Agreement and for a period of one year thereafter, Consultant
shall not recruit or otherwise solicit, entice, induce or divert, or attempt to solicit, entice, induce or divert, any employees or customers of the Company, or any of its subsidiaries or affiliates, to terminate their employment with, or otherwise
cease or diminish their relationships with (as applicable), the Company or any of its subsidiaries or affiliates. 
 7. Indemnification. Consultant
shall indemnify and hold the Company, its affiliates and their respective directors, officers, agents and employees harmless from and against all claims, demands, losses, damages and judgments, including court costs and attorneys’ fees, arising
out of or based upon any breach or alleged breach by Consultant of any obligation set forth in this Agreement, or Consultant’s gross negligence or willful misconduct. Consultant further agrees to indemnify the Company and hold it harmless to
the extent of any obligation imposed on the Company (i) to pay withholding taxes or any other applicable taxes or (ii) otherwise resulting from Consultant’s being determined not to be an independent contractor. 

8. Confidentiality. At all times, both during Consultant’s service relationship with the Company and at any time during the five (5) years
immediately following the last date of Consultant’s service relationship with the Company, Consultant agrees to hold all Confidential Information (as hereinafter defined) of the Company (or other parties whose Confidential Information the
Company has in its possession under obligations of confidentiality) in trust and strict confidence and, except as may be authorized by the Company in writing, shall not use for any purpose other than the performance of the Services under this
Agreement, nor disclose such Confidential Information to any person, association, company, entity or other organization (whether for profit or not for profit). As used herein, “Confidential Information” shall mean all knowledge and
information which Consultant has acquired or may acquire as a result of, or related to, his or her relationship with the Company that is not publicly available, including but not limited to, information concerning the Company’s business,
finances, operations, strategic planning, research and development activities, products, research developments, improvements, processes, trade secrets, services, cost and pricing policies, formulae, diagrams, schematics, notes, data, memoranda,
methods, know-how, techniques, inventions, and marketing strategies. Confidential Information shall also include information received by the Company from third parties under an obligation of confidentiality.

 9. Ownership of Work Product and Enforcement of Intellectual Property. Consultant shall communicate in writing and disclose to the Company
promptly and fully all concepts, ideas, inventions, formulae, algorithms, software code, trade secrets, know-how, technical or business innovations, writings, discoveries, designs, developments, methods,
modifications, improvements, processes, databases, computer programs, techniques, graphics or images, audio or visual works or other works of authorship and patents or patent rights created, reduced to practice, or conceived by Consultant during the
term of this Agreement or for six (6) months thereafter (whether or not patentable or copyrightable and whether made solely by Consultant or jointly with others), which result from the Services that Consultant performs for the Company or which
result from information derived from the Company or its employees, agents or other consultants (all of the foregoing herein collectively and individually called “Works”). The Works shall be and remain the sole and exclusive property of the
Company or its nominees whether or not patented or copyrighted and without regard to any termination of this Agreement. The Works and all related Intellectual Property Rights (as hereinafter defined) are being created at the instance of the Company
and shall be deemed to be “works made for hire” under the United States copyright laws, and Consultant hereby does assign and transfer, and to the extent any such assignment cannot be made at present, will assign and transfer, to the
Company and its successors and assigns all of Consultant’s right, title and interest in all Works and all related Intellectual Property Rights. If any Works (or any Intellectual Property Right in or related to such Works or that claim or cover
such Works) does not qualify for treatment as “works made for hire”, or if Consultant retains any interest therein for any other 

  
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 reason, Consultant hereby assigns and transfers, and will assign and transfer, to the Company all ownership
and interest in such Works and any and all Intellectual Property Rights in and to such Works or that claim or cover any such Works. Consultant will cooperate fully with the Company, both during and after his or her employment with the Company, with
respect to the procurement, maintenance and enforcement of Intellectual Property Rights related to the Works. As used herein, “Intellectual Property Rights” means, collectively, all rights in, to and under patents, trade secret rights,
copyrights, trademarks, service marks, trade dress, and similar rights of any type under the laws of any governmental authority, including without limitation, all applications and registrations relating to the foregoing. Notwithstanding this
Section 9, the Company agrees that any Works that directly arise from Consultant’s employment with Brown University, and do not substantially arise from Consultant’s service relationship with the Company, are not considered Works
hereunder. 
 10. Company Data. Any data or other materials furnished by the Company for use by Consultant in connection with the Services shall
remain the sole property of the Company and shall be held in trust and confidence by Consultant in accordance with this Agreement. The Company may obtain the return of the Company data or other materials furnished to Consultant upon written notice
to Consultant requesting such return, and in any event Consultant shall promptly return such data or materials upon termination of this Agreement and will not keep or make copies of any such data or materials. 

11. Defend Trade Secrets Act of 2016. Consultant understands that pursuant to the federal Defend Trade Secrets Act of 2016, Consultant shall not
be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or
to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. 

12. Remedies Upon Breach. Consultant understands that the restrictions contained in this Agreement are necessary for the protection of the business and
goodwill of the Company and Consultant considers them to be reasonable for such purpose. Any breach of this Agreement is likely to cause the Company substantial and irrevocable damage and therefore, in the event of such breach, the Company, in
addition to such other remedies which may be available, will be entitled to specific performance and other injunctive relief. 
 13. Miscellaneous.
This Agreement together with all exhibits hereto, contains the entire understanding of the Parties with respect to the matters contained herein, and supersedes all proposals and agreements, written or oral, and all other communications between the
Parties relating to the subject matter of this Agreement. In signing this Agreement, the Consultant is not relying on any promise of representation of the Company except as expressly set forth herein. Neither this Agreement nor any right or
obligation hereunder or interest herein may be assigned or transferred by Consultant without the express written consent of the Company. The Company may assign this Agreement to its affiliates, successors and assigns, and the Consultant expressly
consents to such assignment. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to its conflict of laws rules. Any disputes relating to this Agreement or the Consultant’s
services shall be heard exclusively before Delaware state or federal courts. The Parties expressly agree to such exclusive jurisdiction and fora and hereby waive any right to a trial by jury with respect to any such dispute. This Agreement may not
be modified or amended except in writing signed or executed by Consultant and the Company. In case any provisions (or portions thereof) contained in this Agreement will, for any reason, be held invalid, illegal or unenforceable in any respect, such
invalidity, illegality or unenforceability will not affect the other provisions of this Agreement, and this Agreement will be construed as if such invalid, illegal or unenforceable provision had never been contained herein. If, moreover, any one or
more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration, geographical scope, activity or subject, it will be construed by limiting and reducing it, so as to be enforceable to the
extent compatible with the applicable law as it will then appear. 

  
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 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the
date last below written. 
  

							
	CONSULTANT	 		 	 OCEAN BIOMEDICAL, INC.

				
	 	 		 	By:	 	/s/ Chirinjeev Kathuria
	Name (Print):                                   
                                         
            	 		 	Name (Print): Chirinjeev Kathuria
		 		 	Title: Executive Chairman
	Date: February 22, 2021	 		 	 Date: February 22, 2021

  
 4 

 geographical scope, activity or subject, it will be construed by limiting and reducing it, so as to be
enforceable to the extent compatible with the applicable law as it will then appear. 
 IN WITNESS WHEREOF, the Parties have caused this
Agreement to be duly executed as of the date last below written. 
  

							
	CONSULTANT	 		 	OCEAN BIOMEDICAL, INC.
				
	/s/ Jonathan David Kurtis	 		 	By:	 	 
	Name (Print): Jonathan Kurtis	 		 	Name (Print): Chirinjeev Kathuria
		 		 	Title: Executive Chairman
	Date: February 22, 2021	 		 	 Date: February 22, 2021

  
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 AMENDMENT TO CONSULTING AGREEMENT 

This Amendment (the “Amendment”) to the Consulting Agreement (the “Agreement”) dated February 22, 2021 is between
Jonathan Kurtis (“Consultant”) and Ocean Biomedical, Inc., (the “Company”) (each a “Party” and collectively the “Parties”). This Amendment is effective August 2, 2021. 

Amendment refers to replacement of the second and last sentence of Section 2-Compensation, as
follows: 
 “Notwithstanding the foregoing sentence, the Company will pay any deferred compensation that is has not yet paid, but which it has agreed to
pay Consultant (including without limitation any applicable Fees), on or promptly following the first cumulative equity raise of at least $50 million, subject to Consultant’s continued service relationship with the Company through such
payment date.” 
 In the event of any conflicts or inconsistencies between the provisions of the Amendment and the Agreement and/or any
addenda thereto, the provisions of the Amendment will prevail. Except as set forth in the Amendment, the remainder of the Consulting Agreement will remain in full force and effect, unamended. 

Accepted and agreed to as the effective date first written above: 
  

			
	OCEAN BIOMEDICAL, INC.
		
	By:	 	/s/ Chirinjeev Kathuria
		
	Name:	 	Chirinjeev Kathuria
	Title:	 	Executive Chairman

  

	
	 INDIVIDUAL

	
	 /s/ Jonathan Kurtis MD/PhD

	 Name (Print): Jonathan Kurtis

 AMENDMENT NO. 2 TO CONSULTING AGREEMENT 

This Amendment No. 2 (the “Amendment No. 2”) to the Consulting Agreement (the “Agreement”) dated
February 22, 2021 and Amendment dated August 2, 2021 is between Jonathan Kurtis (“Consultant”) and Ocean Biomedical, Inc., (the “Company”) (each a “Party” and collectively the “Parties”). This
Amendment No. 2 is effective December 31, 2021. 
 Amendment No. 2 refers to the extension of the termination date under Section 4-Term of Agreement; Termination, (i) as follows: 
 Under (i) Replace
December 31, 2021 with December 31, 2023. 
 In the event of any conflicts or inconsistencies between the provisions of the
Amendment and the Agreement and/or any addenda thereto, the provisions of the Amendment will prevail. Except as set forth in the Amendment, the remainder of the Consulting Agreement will remain in full force and effect, unamended. 

Accepted and agreed to as the effective date first written above: 
  

			
	OCEANBIOMEDICAL,INC.
		
	By: 	 	/s/ Chirinjeev Kathuria
		
	Name: 	 	Chirinjeev Kathuria
	Title: 	 	Executive Chairman

  

	
	INDIVIDUAL
	
	/s/ Jonathan Kurtis MD/PhD
	Name (Print): Jonathan Kurtis

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