SEC Contract Filing

Filing Date: 2023-05-16

Document Content:
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<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>ex10-4.htm
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
10.4</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-transform: uppercase; text-align: right">EXECUTION
VERSION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> SECURITY AND PLEDGE AGREEMENT</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITY
AND PLEDGE AGREEMENT</B>, dated as of May 16, 2023 (this &ldquo;<B>Agreement</B>&rdquo;), made by Ocean Biomedical, Inc., a company
organized under the laws of Delaware, with offices located at 55 Claverick St., Rm. 325, Providence, RI 02903 (the &ldquo;<B>Company</B>&rdquo;),
and each of the undersigned direct and indirect Subsidiaries (as defined below) of the Company from time to time, if any (each a &ldquo;<B>Grantor</B>&rdquo;
and together with the Company, collectively, the &ldquo;<B>Grantors</B>&rdquo;), in favor of Alto Opportunity Master Fund, SPC &ndash;
Segregated Master Portfolio B, with offices located at c/o Ayrton Capital LLC 55 Post Rd West, 2nd Floor, Westport, CT 06880, in its
capacity as collateral agent (together with its successors and assignees, in such capacity, the &ldquo;<B>Collateral Agent</B>&rdquo;)
for the Noteholders (as defined below) party to the Securities Purchase Agreement (as defined below).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>W
I T N E S S E T H</U>:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Company is party to that certain Securities Purchase Agreement, dated as of May 15, 2023, (as amended, modified, supplemented,
extended, renewed, restated or replaced from time to time in accordance with the terms thereof, the &ldquo;<B>Securities Purchase Agreement</B>&rdquo;)
by and among the Company and each party listed as a &ldquo;Buyer&rdquo; on the Schedule of Buyers attached thereto (each a &ldquo;<B>Buyer</B>&rdquo;
and collectively, the &ldquo;<B>Buyers</B>&rdquo;), pursuant to which the Company shall be required to sell, and the Buyers shall purchase
or have the right to purchase, the &ldquo;Notes&rdquo; issued pursuant thereto (as such Notes may be amended, modified, supplemented,
extended, renewed, restated or replaced from time to time in accordance with the terms thereof, collectively, the &ldquo;<B>Notes</B>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
certain Grantors (other than the Company) from time to time (each a &ldquo;<B>Guarantor</B>&rdquo; and collectively, the &ldquo;<B>Guarantors</B>&rdquo;)
may execute and deliver one or more guarantees (each, a &ldquo;<B>Guaranty</B>&rdquo; and collectively, the &ldquo;<B>Guaranties</B>&rdquo;)
in form and substance acceptable to and in favor of the Collateral Agent, for the ratable benefit of itself and the Noteholders, with
respect to the Company&rsquo;s obligations under the Securities Purchase Agreement, the Notes and the other Transaction Documents (as
defined in the Securities Purchase Agreement);</FONT></P>

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