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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001193125-08-152682.txt : 20080717
<SEC-HEADER>0001193125-08-152682.hdr.sgml : 20080717
<ACCEPTANCE-DATETIME>20080717135542
ACCESSION NUMBER:		0001193125-08-152682
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20080711
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20080717
DATE AS OF CHANGE:		20080717

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ODYSSEY MARINE EXPLORATION INC
		CENTRAL INDEX KEY:			0000798528
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		IRS NUMBER:				841018684
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31895
		FILM NUMBER:		08956672

	BUSINESS ADDRESS:	
		STREET 1:		5215 WEST LAUREL STREET
		CITY:			TAMPA
		STATE:			FL
		ZIP:			33607
		BUSINESS PHONE:		(813) 876-1776

	MAIL ADDRESS:	
		STREET 1:		5215 WEST LAUREL STREET
		CITY:			TAMPA
		STATE:			FL
		ZIP:			33607

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNIVERSAL CAPITAL CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P
STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:3px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="3"><B>WASHINGTON, D.C. 20549 </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P
STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>FORM 8-K </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>CURRENT REPORT </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>Pursuant to Section&nbsp;13 or 15(d) of the </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>Securities Exchange Act of 1934 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Date of Report (Date of earliest event reported): July&nbsp;11, 2008 </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P
STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="6"><B>O<SMALL>DYSSEY</SMALL>
M<SMALL>ARINE</SMALL> E<SMALL>XPLORATION</SMALL>, I<SMALL>NC</SMALL>. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Exact name of registrant as specified in its charter) </B>
</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Nevada</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>001-31895</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>84-1018684</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(State or Other Jurisdiction</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="1"><B>of Incorporation)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Commission File Number)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(IRS Employer</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="1"><B>Identification No.)</B></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>5215 West Laurel Street </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Tampa, Florida 33607 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Address of Principal Executive Offices and Zip Code)
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Registrant&#146;s telephone number, including area code: (813)&nbsp;876-1776 </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Not Applicable </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Former Name or
Former Address, if Changed Since Last Report) </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P
STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><FONT FACE="WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><FONT FACE="WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD></TR></TABLE> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><FONT FACE="WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></TD></TR></TABLE> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><FONT FACE="WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:3px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P
STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>Item&nbsp;1.01.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B></B><B><I>Entry Into a Material Definitive Agreement.</I></B><B> </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">The disclosure set forth below under Item&nbsp;2.03 (Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant) is hereby incorporated by reference into this
Item&nbsp;1.01. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>Item&nbsp;2.03</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B></B><B><I>Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</I></B><B> </B></FONT></TD></TR></TABLE> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On July&nbsp;11, 2008, Odyssey Marine Exploration, Inc. (&#147;Odyssey&#148;) entered into a Loan Agreement (the &#147;Loan Agreement&#148;) with Fifth
Third Bank (the &#147;Bank&#148;). Pursuant to the Loan Agreement, Odyssey borrowed approximately $2.6 million. The loan is evidenced by a Commercial Promissory Note (the &#147;Note&#148;) and bears interest at a variable rate equal to the prime
rate (as published in the <I>Wall Street Journal</I>) plus three-fourths of one percent (0.75%) per annum. The loan matures on July&nbsp;11, 2013, and requires Odyssey to make monthly principal payments in the amount of $10,750 plus accrued
interest. Pursuant to a related Mortgage and Security Agreement (the &#147;Mortgage&#148;), the loan is secured by a first mortgage on Odyssey&#146;s real property located at 5215 West Laurel Street, Tampa, Florida, the location of Odyssey&#146;s
principal executive offices. The Loan Agreement, the Note, and the Mortgage contain customary representations and warranties, affirmative and negative covenants, conditions, and other provisions. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Loan Agreement, the Note, and the Mortgage are attached as exhibits to this Current Report on Form 8-K and are incorporated herein by reference. The
foregoing summaries do not purport to be complete and are qualified in their entirety by reference to such documents. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>Item&nbsp;9.01.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B></B><B><I>Financial Statements and Exhibits.</I></B><B> </B></FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><I>Financial Statements of Businesses Acquired.</I> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Not applicable. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><I>Pro Forma Financial Information.</I> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Not applicable. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><I>Shell Company Transactions.</I> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Not
applicable. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><I>Exhibits.</I> </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" ALIGN="center">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="94%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">10.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Loan Agreement dated as of July&nbsp;11, 2008, between Odyssey Marine Exploration, Inc. and Fifth Third Bank.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">10.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Commercial Promissory Note dated as of July&nbsp;11, 2008, issued by Odyssey Marine Exploration, Inc.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">10.3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Mortgage and Security Agreement dated as of July&nbsp;11, 2008, between Odyssey Marine Exploration, Inc. and Fifth Third Bank.</FONT></TD></TR>
</TABLE>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>SIGNATURES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2"><B>O<SMALL>DYSSEY</SMALL> M<SMALL>ARINE</SMALL> E<SMALL>XPLORATION</SMALL>, I<SMALL>NC</SMALL>.</B></FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Dated: July&nbsp;17, 2008</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Michael J. Holmes</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Michael J. Holmes</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><I>Chief Financial Officer</I></FONT></TD></TR>
</TABLE>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit Index </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:39pt"><FONT FACE="Times New Roman" SIZE="1"><B>Exhibit&nbsp;No.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="1"><B>Description</B></FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">10.1</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Loan Agreement dated as of July 11, 2008, between Odyssey Marine Exploration, Inc. and Fifth Third Bank.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">10.2</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Commercial Promissory Note dated as of July 11, 2008, issued by Odyssey Marine Exploration, Inc.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">10.3</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Mortgage and Security Agreement dated as of July 11, 2008, between Odyssey Marine Exploration, Inc. and Fifth Third Bank.</FONT></TD></TR>
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>dex101.htm
<DESCRIPTION>LOAN AGREEMENT
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 10.1 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B><U>LOAN AGREEMENT </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2"><B>THIS LOAN
AGREEMENT</B> (this &#147;Agreement&#148;) is made as of this 11</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>th</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> day of July, 2008 (the &#147;Closing Date&#148;), by and among <B>ODYSSEY MARINE
EXPLORATION, INC.</B>, a Nevada corporation, whose address is 5215 West Laurel Street, Tampa, Florida 33607 (the &#147;Borrower&#148;), and <B>FIFTH THIRD BANK</B>, a Michigan banking corporation, whose address is: 201 East Kennedy Boulevard, Tampa,
Florida 33602 (the &#147;Lender&#148;). </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>WITNESSETH</U>: </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>WHEREAS</B>, Borrower has requested that Lender make a loan on the date hereof secured by commercial property located at 5215 West Laurel Street,
Tampa, Florida (the &#147;Property&#148;) in the original principal amount of TWO MILLION FIVE HUNDRED EIGHTY THOUSAND AND NO/100 DOLLARS ($2,580,000.00) (the &#147;Loan&#148;); </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>WHEREAS</B>, Lender has agreed to extend the requested financing to Borrower on the terms and conditions set forth herein and in all other documents,
agreements or instruments that Borrower and any other parties have executed and delivered, or may hereafter execute and deliver, to evidence and secure the Loan, or any part thereof, in form and substance satisfactory to Lender, as amended,
restated, renewed, supplemented or otherwise modified from time to time. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>NOW THEREFORE</B>, for good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE I </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>THE LOAN </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;1.1
<U>Disbursement</U>. Upon Borrower&#146;s satisfaction of all conditions precedent to disbursement set forth in this Agreement, Lender agrees to fund the Loan on the Closing Date to pay items approved by Lender as set forth in Lender&#146;s loan
closing and disbursement statement. The Loan shall be fully funded on the Closing Date and, unless otherwise agreed between Lender and Borrower in writing, no provision is being made for disbursements of the Loan after the Closing Date. The Loan
evidenced by this Agreement is a non-revolving loan. Funds repaid may not be re-borrowed. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;1.2 <U>Use of Proceeds</U>. The
proceeds of the Loan shall be used for commercial purposes and for payment of certain Lender-approved closing costs and other expenses incurred by Borrower in connection with the closing of the Loan. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;1.3 <U>Note and Mortgage Security</U>. The obligation of Borrower to repay the Loan and the Obligations shall be evidenced by a promissory
note issued by Borrower in favor of Lender in connection with the Loan (as amended, restated, renewed, supplemented or otherwise modified from time to time, the &#147;Note&#148;) and be </FONT>
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<FONT FACE="Times New Roman" SIZE="2">secured by, among other things, a Mortgage and Security Agreement (as amended, restated, renewed, supplemented or otherwise modified from time to time, the
&#147;Mortgage&#148;). As used herein, &#147;Obligations&#148; shall mean all present and future loans, advances, liabilities, obligations, covenants, duties, and debts owing by Borrower to Lender under this Agreement, the Note and the other Loan
Documents (as defined below), whether arising from an extension of credit, acceptance, loan, guaranty, or otherwise, whether direct or indirect, absolute or contingent, due or to become due, primary or secondary, as principal or guarantor, and
including, without limitation, all interest, charges, expenses, fees, attorneys&#146; fees, filing fees and any other sums chargeable to Borrower hereunder, under another Loan Document, or under any other agreement or instrument with Lender.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;1.4 <U>Assignments</U>. As additional security for the Loan, Borrower shall execute and deliver to Lender, an Assignment of
Rents, Leases, Contracts, Accounts and Deposits and an Assignment and Security Agreement of Deposit Account (collectively the &#147;Assignments&#148;). </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>ARTICLE II </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>CLOSING CONDITIONS </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;2.1 <U>Loan Documents</U>. Prior to the closing of the Loan and disbursement of the Loan, Borrower shall have executed and delivered to
Lender, or caused to be executed and delivered to the Lender all original documents, instruments, reports and other items set forth on Lender&#146;s &#147;closing checklist&#148; including, without limitation, duly executed originals of each of this
Agreement, the Note, the Mortgage, the Assignments, and all other agreements, documents and other instruments required by Lender in connection herewith (collectively, as amended, restated, renewed, supplemented or otherwise modified from time to
time, the &#147;Loan Documents&#148; and each a &#147;Loan Document&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;2.2 <U>Payment of Fees and Costs</U>. Borrower
shall have paid all fees and costs set forth on Lender&#146;s loan closing and disbursement statement, which shall include, without limitation, a loan fee in the amount of $19,350.00, attorney&#146;s fees and third-party fees incurred by Lender in
connection with the making of the Loan. All such fees shall be deemed to be fully earned and non-refundable when paid. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;2.3
<U>Due Diligence</U>. Lender shall have completed its review and due diligence in connection with the making of the Loan. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;2.4
<U>Representations and Warranties</U>. Borrower&#146;s representations and warranties shall be true and correct in all respects. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Section&nbsp;2.5 <U>Material Adverse Change</U>. No material adverse change shall have occurred in the business or financial conditions of Borrower or the Property since review of such parties&#146; last submitted financial statements.
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE III </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>REPRESENTATIONS AND WARRANTIES OF BORROWER </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Borrower hereby makes the following representations and
warranties to Lender: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;3.1 <U>Organization</U>. Borrower is a corporation duly formed, validly existing and in good standing
under the laws of the State of Nevada, and is duly qualified and authorized to do business in the State of Florida, and has the power and authority to carry on its business as now being and hereafter proposed to be conducted, and each other state
where it is required to be qualified or authorized to do business. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;3.2 <U>Power and Authority</U>. Borrower has the legal
right, power and authority to execute, deliver and perform the Loan Documents to which it is a party in accordance with their terms, and each Loan Document is, or when executed and delivered will be, a legal, valid and binding obligation of
Borrower. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;3.3 <U>Conflicts</U>. The execution, delivery and performance of each of the Loan Documents to which Borrower is a
party do not and will not, require any approval or consent of any governmental authority or violate any applicable law relating to Borrower or any of its affiliates, conflict with, result in a breach of or constitute a default under any contract,
mortgage, deed, lease, indenture, agreement or other instrument to which Borrower is a party or by which the Property is bound, or result in or require the creation or imposition of any lien upon or with respect to the Property, other than those
encumbrances that are satisfactory to Lender and reflected on Lender&#146;s mortgagee title insurance policy (the &#147;Permitted Encumbrances&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Section&nbsp;3.4 <U>Validity of Loan Documents</U>. The Loan Documents are in all respects legal, valid, and binding obligations of Borrower, enforceable in accordance with their terms, and grant to Lender a valid and
enforceable first priority lien and security interest in the Property and the personal property located thereon. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;3.5
<U>Violation of Governmental Law, Ordinances or Regulations</U>. Borrower has no knowledge of any violations or notices of violations of any federal or state law or county ordinance or order or requirement of the county in which the Property is
located or any county department or other governmental authority having jurisdiction affecting the Property, which violations in any way relate to or affect the Property. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Section&nbsp;3.6 <U>Use of Proceeds</U>. All proceeds of the Loan shall be used for commercial purposes as set forth herein, and for no other purpose. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;3.7 <U>Financial Statements and Information Provided to Lender</U>. All financial statements and other information furnished to Lender by
Borrower are true, correct and complete and do not fail to state any material fact. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">3 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;3.8 <U>Solvency</U>. After giving effect to the Loan, (a)&nbsp;Borrower&#146;s assets, at a
fair valuation, are in excess of the total amount of its debts (including contingent liabilities), and (b)&nbsp;the present fair saleable value of Borrower&#146;s assets is greater than its probable liability on its existing debts as such debts
become absolute and matured, and (c)&nbsp;Borrower is then able and expects to be able to pay its debts (including contingent debts and other commitments) as they mature, and (d)&nbsp;Borrower has sufficient capital sufficient to carry on its
business as conducted and as proposed to be conducted. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;3.9 <U>Loan Subordinations</U>. Any related party notes payable by
Borrower to any other related parties, now existing or hereafter made are and shall be subordinated to the lien of the Loan granted herein. Borrower confirms that all related party debts are fully disclosed on the financial statements provided to
the Lender and in the event the Lender so requires, such related parties shall enter into subordination agreements to evidence the requirements of this Section. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Section&nbsp;3.10 <U>Defaults</U>. No default or Event of Default will occur as a result of execution of any of the Loan Documents, or the making of the Loan. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE IV </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>AFFIRMATIVE COVENANTS </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Borrower hereby covenants and agrees with Lender as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Section&nbsp;4.1 <U>Performance</U>. Borrower shall duly and punctually perform, observe and comply with all of the terms, provisions, conditions, covenants and agreements on Borrower&#146;s part to be performed,
observed and complied with hereunder and under the Loan Documents. Borrower will promptly give notice in writing to Lender (a)&nbsp;of the occurrence of any material litigation or proceedings affecting Borrower, whether or not Borrower&#146;s
liability, if any, is covered by insurance, and (b)&nbsp;of any dispute between Borrower and any governmental authority or regulatory body or any other party that may materially interfere with Borrower&#146;s business operations or use of the
Property as intended. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;4.2 <U>Leases</U>. Borrower shall comply with the terms of all leases in effect from time to time for
the Property. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;4.3 <U>Permitted Encumbrances</U>. Borrower shall comply with the terms of any documents comprising Permitted
Encumbrances upon the Property, including the timely payment of all assessments implemented pursuant to such Permitted Encumbrances. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Section&nbsp;4.4 <U>Expenses</U>. Borrower shall pay all costs of the Loan contemplated hereunder and all expenses of Lender with respect thereto, including but not limited to attorneys&#146; fees (including reasonable attorneys&#146; fees
incurred by Lender subsequent to the closing of the Loan in connection with the disbursement, administration, collection, restructure, amendment, or transfer of the Loan requested by Borrower), recording </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">expenses, surveys, title insurance premiums, intangible taxes, documentary stamps, surtax and other revenue fees, escrow fees, recording costs, architect or
engineer&#146;s costs and inspection fees, expenses of foreclosure (including reasonable attorneys&#146; fees) and similar items. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Section&nbsp;4.5 <U>Preservation of Existence; Maintenance of Property; Compliance with Laws</U>. Borrower shall preserve its existence as an ongoing limited liability company, operating in the same manner as in effect on the Closing Date,
shall maintain the Property in a first-class manner, and shall comply with all applicable laws of governmental authorities having jurisdiction over the Property. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Section&nbsp;4.6 <U>Financial Statements</U>. Borrower shall deliver to Lender annually, within 120 days of each fiscal year year-end, audited financial statements reported by a certified public accounting firm
reasonably acceptable to Lender (with Lender hereby acknowledging that Ferlita, Walsh&nbsp;&amp; Gonzalez, P.A. is reasonably acceptable), reflecting its operations during such fiscal year, including, without limitation, a consolidated balance
sheet, and consolidated statement of operations, stockholders equity and cash flows, with all footnotes, appropriate supporting schedules and prepared in conformity with generally accepted accounting principles, applied on a basis consistent with
that of the preceding year and taking into account all contingent liabilities, and, upon filing with the SEC, a copy of its Quarterly Report on Form 10-Q within 60 days of each quarter end. Lender acknowledges that Borrower may satisfy its
obligations pursuant to this Section&nbsp;4.6 by electronically filing such financial statements and Quarterly Reports on Form 10-Q with the SEC through the SEC&#146;s EDGAR system (or any comparable successor filing system implemented by the SEC).
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;4.7 <U>Non-Foreign Status</U>. Borrower shall insure that at all times during which the Loan or any part thereof remains
unpaid, all applicable provisions of section 1445 of the Internal Revenue Code, as amended, and the provisions of the regulations promulgated thereunder, are complied with by Borrower. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;4.8 <U>Books and Records</U>. Borrower shall keep and properly maintain accurate books, records and accounts reflecting all items of income
and expense of Borrower in connection with the Property and otherwise; and, upon the request of Lender, to make such books, records, and accounts immediately available to Lender for inspection or independent audit. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;4.9 <U>Operating Accounts</U>. During the term of the Loan, Borrower shall maintain its operating accounts with Lender. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;4.10 <U>Interest Reserve Account</U>. At closing, Borrower shall have deposited into or otherwise credited to an interest bearing account
with Lender the sum of $500,000.00 for the payment of principal and interest on the Loan for the first one year period (the &#147;Interest Reserve Account&#148;). On each one year anniversary of the Loan thereafter, Borrower shall deposit into or
otherwise credit to the Interest Reserve Account an amount sufficient to ensure there is $500,000.00 in the Interest Reserve </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">Account for debt service payments for the succeeding year of the Loan. Borrower hereby pledges and assigns the Interest Reserve Account to Lender as
additional collateral for the Loan. Lender is hereby authorized by Borrower to deduct the debt service payments on the Note from the Interest Reserve Account as they become due. The Interest Reserve Account will not be available to Borrower for any
other purpose. Upon repayment of all amounts due to Lender under the terms of the Note and this Agreement, any funds remaining in the Interest Reserve Account shall be returned to the Borrower. This Interest Reserve Account is separate from and
exclusive of the reserve account required by Lender for its revolving credit loan facility previously advanced to Borrower. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE V
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>NEGATIVE COVENANTS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Borrower hereby covenants and agrees with Lender that, except as consented to by Lender in writing: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;5.1
<U>Indebtedness and Other Liabilities</U>. Borrower shall not create, incur, assume, guarantee or become or remain liable for any obligation or indebtedness, including any financing arrangements or guarantee obligations (whether non-recourse,
secured or unsecured, and whether owed to a third party or to an affiliate) other than (a)&nbsp;the obligations described herein and other obligations owed to Lender, (b)&nbsp;operating expenses reasonably incurred by Borrower to unrelated third
parties in connection with the operation of their businesses, and (c)&nbsp;liabilities incurred in the ordinary course of business. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Section&nbsp;5.2 <U>Fundamental Changes</U>. Borrower shall not permit any fundamental change in the use of the Property or its business thereon, or permit or suffer any merger, asset sale, reorganization, change in management or other
similar transaction. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;5.3 <U>Further Encumbrances</U>. Except for the liens and encumbrances in favor of Lender securing the
Loan, Borrower shall not permit the Property, or any part thereof, to be or become subject to any lien or encumbrance (except the lien for real and personal property taxes not yet due and payable) without the express, prior written consent of
Lender, which consent may be arbitrarily withheld by Lender in its sole and absolute discretion. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;5.4 <U>Title Insurance</U>.
Borrower shall not commit any act or permit any act to be committed that might result in a change in the status of the title to the Property during the period of time between the effective date of the commitment for mortgagee title insurance policy
and the recording of the Mortgage, and Borrower shall indemnify Lender for any loss, cost, damage, liability and expense (including reasonable attorneys&#146; fees at or before the trial level and in any appellate proceeding) suffered by Lender as a
result of a change in the status of the title to the Property during such gap. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE VI </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>DEFAULTS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">An &#147;Event of Default&#148; shall be deemed to have occurred hereunder upon the
occurrence of any one or more of the following and after the expiration of notice or curative periods with respect thereto, if any: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Section&nbsp;6.1 <U>Default Under Note</U>. Failure to make any principal or interest payment required under the Note within 10 calendar days of the date due, or any payments for taxes or insurance specifically provided in the Security Deed
on the due date therefor; or </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;6.2 <U>Default Under Other Loan Documents</U>. Any &#147;default&#148; or &#147;Event of
Default&#148; occurs under any Loan Document that continues beyond any applicable notice or curative period provided for in such Loan Document, without being cured; or </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Section&nbsp;6.3 <U>Breach of Representations and Warranties</U>. Any representations or warranties made or agreed to be made in any of the Loan Documents shall be breached by Borrower or shall prove to be false or
misleading; or </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;6.4 <U>Filing of Liens Against the Property</U>. Any lien for labor, material, taxes, or otherwise shall be
filed against the Property and not be removed 30 days after Borrower&#146;s receipt of notice of such filing or such lesser period of time as may be provided in the Loan Documents; or </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;6.5 <U>Waste</U>. Waste is committed, suffered or permitted on the Property; or </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;6.6 <U>Voluntary Proceedings</U>. The filing by Borrower of a voluntary petition in bankruptcy for adjudication as a bankrupt or insolvent,
or the filing by Borrower of any petition or answer seeking or acquiescing in any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other
statute, law or regulation relating to bankruptcy, insolvency or other relief for debtors, or Borrower&#146;s seeking or consenting to or acquiescence in the appointment of any trustee, receiver or liquidator of Borrower or of all of the rents,
revenues, issues, earnings, profits or income thereof; or </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;6.7 <U>Involuntary Proceedings</U>. The failure to discharge within
60 days of filing a petition filed against Borrower seeking any reorganization, arrangement, composition, readjustment, liquidation or dissolution or similar relief under any present or future federal, state or other statute, law or regulation
relating to bankruptcy, insolvency or other relief for debtors, or the appointment of any trustee, receiver or liquidator of Borrower or of all or any substantial part of the Property or of any or all of the rents, revenues, issues, earnings,
profits or income thereof without the consent or acquiescence of Borrower; or </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">7 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;6.8 <U>Solvency</U>. Borrower shall admit its inability to pay its debts as they become due,
or any of the conditions specified in Section&nbsp;3.8 hereof shall fail to be true; or </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;6.9 <U>Assignment for the Benefit of
Creditors</U>. Borrower shall make a general assignment for the benefit of creditors; or </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;6.10 <U>Appointment of Receiver</U>.
A receiver or trustee shall be appointed to manage or operate the Property or Borrower&#146;s business in connection therewith; or </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Section&nbsp;6.11 <U>Transfer of Property</U>. A sale, transfer, or conveyance of all or any part of Borrower&#146;s interest in the Property or in any of the personal property located thereon or used or intended to be used in connection
therewith, without the prior written consent of the Lender; or </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;6.12 <U>Judgments</U>. If (a)&nbsp;any final judgment, order,
or decree (collectively, a &#147;Judgment&#148;) is entered in any proceeding, judicial or administrative, including any contest permitted by the Mortgage, but excluding any condemnation proceeding to which Borrower is a party, that
(i)&nbsp;materially and adversely affects the value, use, or operation of the Property, or (ii)&nbsp;adversely affects, or reasonably may tend to adversely affect, the validity, enforceability, or priority of the lien or security interest created by
the Mortgage or other Loan Documents; or (b)&nbsp;execution, levy or other process, judicial or administrative, issues with respect to the Property; and (c)&nbsp;in the case of either clause (i)&nbsp;or (ii)&nbsp;above, and within 30 days
thereafter, the same is not stayed, released, satisfied, discharged, or provision made for its discharge in accordance with its terms; or (d)&nbsp;any such stay is vacated, released, or discharged for any reason, including affirmance on appeal, and
such judgment or process is not within 30 days thereafter released satisfied, discharged, or provision made for its discharge in accordance with its terms, in any event with respect to all of the Property; or </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;6.13 <U>Dissolution</U>. The dissolution of Borrower; or </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Section&nbsp;6.14 <U>Material Adverse Change</U>. Borrower or the Property shall suffer any material adverse change which, in the reasonable opinion of Lender, could impair the ability of Borrower to perform all of
its duties and obligations under the Loan Documents. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;6.15 <U>Cross-Default of Borrower Obligations</U>. Any Event of Default
under the terms of the Loan shall constitute and hereby is declared to be an immediate and absolute default under the terms of all loans between Lender and Borrower. Should an event of default occur under the terms of any of said loans, which event
is subject to notice and cure periods, if any, failure to cure such event of default within such curative period shall constitute an immediate default under this Loan and all such other loans (whether such loans are now existing or hereafter entered
into between Lender and Borrower at any time) owed by Borrower to Lender. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">8 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE VII </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>REMEDIES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Upon the occurrence of any Event of Default and after the expiration of any grace periods
applicable thereto, Lender shall be entitled, at its option and in addition to, but not in lieu of, the remedies provided for in any other Loan Document, (a)&nbsp;accelerate the indebtedness evidenced by the Note, (b)&nbsp;foreclose the Mortgage,
(c)&nbsp;access the Deposit Account; (d)&nbsp;file all applicable legal proceedings to enforce Borrower&#146;s obligations under this Agreement and the other Loan Documents, (e)&nbsp;exercise any other remedy provided in any of the Loan Documents,
(f)&nbsp;apply for the appointment of a receiver or place the Property into receivership and (g)&nbsp;cumulatively to exercise all other rights, options, and privileges provided to creditors at law or in equity. All such remedies shall be exercised
consistent with, and not in conflict with, remedies provided in the Mortgage, which shall be exercisable in accordance with Florida law. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>ARTICLE VIII </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>MISCELLANEOUS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Section&nbsp;8.1 <U>Notices</U>. Any notice, report, demand or other instrument authorized or required to be given or furnished to either party hereto or under any of the Loan Documents shall be deemed given or
furnished (a)&nbsp;when addressed to the party intended to receive the same, at the address of such party set forth in the preamble hereto, on the date delivered at such address, or (b)&nbsp;three days after the same is deposited in the United
States mail as first class mail, postage paid, whether or not the same is actually received by such party, or (c)&nbsp;the next business day if sent via overnight delivery or courier service. Either Borrower or Lender may change the address to which
such notice, report, demand or other instrument is to be delivered or mailed, by furnishing notice of such change to the other party, but no such notice of change of the address of Borrower or Lender shall be effective unless and until received by
the other party hereto. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;8.2 <U>No Partnership or Joint Venture</U>. Nothing herein, nor the acts of the parties hereto shall
be construed to create a partnership or joint venture between Borrower and Lender. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;8.3 <U>Indemnity</U>. Borrower agrees to
indemnify and hold harmless Lender and each of its affiliates, employees, representatives, officers, directors, agents and attorneys (any of the foregoing shall be an &#147;Indemnitee&#148;) from and against any and all claims, liabilities, losses,
damages, actions, investigations, proceedings, attorneys&#146; fees and expenses (as such fees and expenses are incurred and irrespective of whether suit is brought) and demands by any party, including the costs of investigating and defending such
claims, actions, investigations or proceedings, and the costs of answering any discovery served in connection therewith, whether or not Borrower or the person seeking indemnification is the prevailing party and whether or not the person seeking
indemnification is a party to any such action or proceeding (a)&nbsp;resulting from any breach or alleged breach by Borrower of any representations or warranties made </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">9 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">hereunder, or (b)&nbsp;arising out of (i)&nbsp;the Loan or otherwise under this Agreement, including the use of the proceeds of the Loan hereunder in any
fashion by Borrower or the performance of its obligations under the Loan Documents by Borrower, (ii)&nbsp;allegations of any participation by Lender in the affairs of Borrower, or allegations that Lender has any joint liability with Borrower for any
reason, or (iii)&nbsp;any claims against Lender by any shareholder or other investor in or Lender to Borrower, by any brokers or finders or investment advisers or investment bankers retained by Borrower or by any other third party, for any reason
whatsoever, or (c)&nbsp;in connection with taxes, fees, and other charges payable in connection with the Loan, or the execution, delivery, and enforcement of this Agreement, the other Loan Documents, and any subsequent amendments thereto or waivers
of any of the provisions thereof, unless the person seeking indemnification hereunder is determined in such case to have acted or failed to act with gross negligence or willful misconduct by a non-appealable judicial order. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;8.4 <U>Amendments</U>. No amendment or waiver of any provision of this Agreement or any other Loan Document, nor consent to any departure by
Borrower therefrom, shall in any event be effective unless the same shall be in writing and signed by Lender, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;8.5 <U>Assignment</U>. This Agreement may not be assigned by Borrower without the prior written consent of Lender. If Lender approves an
assignment, Borrower shall remain primarily liable for payment of all sums advanced hereunder before and after such assignment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Section&nbsp;8.6 <U>Successors and Assigns Included in Parties</U>. Whenever in this Agreement one of the parties hereto is named or referred to, the heirs, legal representatives, successors, and assigns of such parties shall be included,
and all covenants and agreements contained in this Agreement by or on behalf of the Borrower or by or on behalf of Lender shall bind and inure to the benefit of their respective heirs, legal representatives, successors and assigns whether so
expressed or not. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;8.7 <U>Headings</U>. The headings of the sections, paragraphs and subdivisions of this Agreement are for
the convenience of reference only, are not to be considered a part hereof and shall not limit or otherwise affect any of the terms hereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Section&nbsp;8.8 <U>Severability</U>. If any provision of or obligation under this Agreement shall be declared invalid or unenforceable by a court of competent jurisdiction, then the obligation or provision to be fulfilled shall be reduced
to the limit of such validity; and if any clause or provision herein contained operates or would prospectively operate to invalidate this Agreement, in whole or in part, then such clause or provision only shall be stricken as though not herein
contained, and the remainder of this Agreement shall remain operative and in full force and effect. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;8.9
<U>Interpretation</U>. Whenever the singular or plural number, masculine or feminine, or neuter gender is used herein, it shall equally include the other. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">10 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;8.10 <U>Governing Law</U>. This Agreement shall be governed by and construed according to
the laws of the State of Florida, without giving effect to the principles of conflict of law that would cause the application of the laws of another jurisdiction. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Section&nbsp;8.11 <U>VENUE AND WAIVER OF DEMAND FOR JURY TRIAL</U>. BORROWER AND LENDER HEREBY CONSENT AND AGREE THAT, IN ANY ACTIONS PREDICATED UPON THIS AGREEMENT, VENUE IS PROPERLY LAID, AT LENDER&#146;S SOLE
OPTION IN HILLSBOROUGH COUNTY, FLORIDA, AND THAT THE CIRCUIT COURT FOR HILLSBOROUGH COUNTY, FLORIDA, SHALL HAVE FULL JURISDICTION TO DETERMINE ALL ISSUES ARISING OUT OF OR IN CONNECTION WITH THE EXECUTION AND ENFORCEMENT OF THIS AGREEMENT. BORROWER
WAIVES TO THE FULLEST EXTENT PERMITTED UNDER THE LAWS OF THE STATE OF FLORIDA, ANY RIGHT, POWER OR PRIVILEGE TO DEMAND A JURY TRIAL WITH RESPECT TO ANY AND ALL ISSUES ARISING OUT OF OR IN CONNECTION WITH THE EXECUTION AND/OR ENFORCEMENT OF THIS
AGREEMENT. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">IN WITNESS WHEREOF, Borrower and Lender have caused this Agreement to be executed and delivered on the date first above
written. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="45%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">WITNESSES:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2">BORROWER:</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2">ODYSSEY MARINE EXPLORATION, INC.,</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2">a Nevada corporation</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ C. J. Mintrone</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Michael Holmes</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Signature of Witness</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Michael Holmes,</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">as its Chief Financial Officer</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">C. J. Mintrone</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Print or type name of Witness</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Ufemia U. Zimmer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(CORPORATE SEAL)</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Signature of Witness</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">Ufemia U. Zimmer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Print or type name of Witness</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">11 </FONT></P>


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<TR>
<TD WIDTH="45%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2">&#147;LENDER&#148;</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2">FIFTH THIRD BANK,</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2">a Michigan banking corporation</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Ufemia U. Zimmer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Chad Loar</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Signature of Witness</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Chad Loar, as its Vice President</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">Ufemia U. Zimmer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Print or type name of Witness</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ C. J. Mintrone</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(CORPORATE SEAL)</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Signature of Witness</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">C. J. Mintrone</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Print or type name of Witness</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">STATE OF FLORIDA </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">COUNTY OF HILLSBOROUGH </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">The foregoing instrument was acknowledged before me
this 11</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>th</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> day of July, 2008, by Michael Holmes, as Chief Financial Officer of ODYSSEY MARINE EXPLORATION, INC., a Nevada corporation, on behalf of
the corporation. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="41%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="41%"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">X</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Personally known</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Ufemia U. Zimmer</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Florida Driver&#146;s License</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Notary Public</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Other Identification Produced</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">Ufemia U. Zimmer</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Print or type name of Notary</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(SEAL)</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">STATE OF FLORIDA </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">COUNTY OF HILLSBOROUGH </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">The foregoing instrument was acknowledged before me
this 11</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>th</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> day of July, 2008, by Chad Loar, as Vice President of FIFTH THIRD BANK, a Michigan banking corporation, on behalf of the Bank. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="41%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="41%"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">X</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Personally known</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Ufemia U. Zimmer</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Florida Driver&#146;s License</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Notary Public</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Other Identification Produced</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">Ufemia U. Zimmer</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Print or type name of Notary</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(SEAL)</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">12 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT &#147;A&#148; </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>LEGAL DESCRIPTION </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">The North 226.0 feet to the South 260.0
feet of the West 256.0 feet of the Northwest <FONT SIZE="1"><SUP>&nbsp;1</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT FACE="Times New Roman" SIZE="2"> of the Southwest <FONT SIZE="1"><SUP>&nbsp;1</SUP></FONT><FONT
SIZE="2">/</FONT><FONT SIZE="1">4</FONT><FONT FACE="Times New Roman" SIZE="2"> of Section&nbsp;17, Township 29 South, Range 18 East, Hillsborough County, Florida, Less and except the South 34 feet thereof for road purposes. </FONT></FONT></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">13 </FONT></P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>dex102.htm
<DESCRIPTION>COMMERCIAL PROMISSORY NOTE
<TEXT>
<HTML><HEAD>
<TITLE>Commercial Promissory Note</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 10.2 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>COMMERCIAL PROMISSORY NOTE </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>$2,580,000.00</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Dated: July&nbsp;11, 2008</B></FONT></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Borrower&#146;s Promise to Pay </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">For value received,
the undersigned, <B>ODYSSEY MARINE EXPLORATION, INC.</B>, a Nevada corporation, authorized to do business in the State of Florida (the &#147;Borrower&#148;) promises to pay to the order of <B>FIFTH THIRD BANK</B>, a Michigan banking corporation (the
&#147;Lender&#148;), the principal sum of TWO MILLION FIVE HUNDRED EIGHTY THOUSAND DOLLARS ($2,580,000.00), together with interest on the principal balance remaining unpaid from time to time at the rates set forth below. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>1. <U>Term</U>.</B> The term of this Note is from the date of this Note through July&nbsp;11, 2013 (the &#147;Maturity Date&#148;). </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>2. <U>Interest</U>.</B> Interest shall be paid on the principal outstanding from time to time at the Prime Rate plus three-quarters of one percent (.75%) per annum.
The term &#147;Prime Rate&#148; is defined as the rate of interest published in the <U>Wall Street Journal</U> as the current &#147;U.S. Prime Rate&#148;. The rate of interest accruing hereunder shall be adjusted as and when any adjustment in the
Prime Rate occurs. Borrower hereby acknowledges that the Prime Rate is not a rate of interest intended to be charged to any particular type of borrower. The Prime Rate is utilized by Lender to serve an administrative function in the setting of
interest rates, and does not represent the best or lowest rate of interest available to any borrower or class of borrowers. Interest will be calculated on the basis of a 360-day year for actual number of days lapsed during the calculation period.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">In the event the <U>Wall Street Journal</U> ceases or fails to publish a U.S. Prime Rate, regardless of the reason therefor, then the
Lender may utilize the U.S. Prime Rate announced or published by any other nationally reputable financial institution for purposes of determining the interest rate for the remainder of the loan term. In the event that all nationally reputable
financial institutions shall cease or fail to announce or publish a Prime Rate, regardless of the reason therefor, then the Lender may utilize the interest rate established by Lender in its sole discretion for purposes of determining the interest
rate for the remainder of the loan term. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>3. <U>Payments</U>.</B> Principal payments in the amount of $10,750.00 plus accrued interest shall be due and
payable monthly and shall be paid commencing August&nbsp;11, 2008, and on the same day of each succeeding month thereafter through and including the Maturity Date. On the Maturity Date, the entire remaining principal indebtedness, plus all accrued
and unpaid interest shall be due and payable in full. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">All payments shall be made at: 201 E. Kennedy Boulevard, Suite 1800, Tampa, Florida
33602, or at such other place as may be designated in writing by the Lender. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Initials: MJH </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>4. <U>Interest Rate Swap</U>.</B> At the mutual agreement of Borrower and Lender, Borrower may enter into one or more
interest rate hedge agreements, interest rate swap agreements, interest rate caps or collars, or similar agreements with Lender, or an affiliate of Lender, in order to fix the interest payable hereunder.<B> </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>5. <U>Borrower&#146;s Right to Prepay</U>.</B> This Note may be prepaid at any time without penalty. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>6. <U>Interest Limitation</U>.</B> Interest payable under this Note or any other payment which would be considered as interest or other charge for the use or loan of money shall never exceed the highest contract
rate allowed by law applicable to this loan to be charged by Lender. If the interest or other charges collected or to be collected in connection with this loan exceed the permitted limits, then: (A)&nbsp;any such interest or loan charge shall be
reduced by the amount necessary to reduce the charge to the permitted limit; and (B)&nbsp;any sums already collected from Borrower which exceeded permitted limits will be refunded. The Lender may choose to make this refund by reducing the principal
owed under this Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>7. <U>Borrower&#146;s Failure To Pay As Required</U>. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(A) <U>Late Charge for Overdue Payments</U>.</B> If the Lender has
not received the full amount of any monthly payment by the end of ten (10)&nbsp;calendar days after it is due, Borrower will pay a late charge to the Lender equal to 5% of the overdue payment of principal and/ or interest. The payment or collection
of any such late charge shall not constitute a waiver of any other right or remedy available to the Lender. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(B) <U>Default</U>.</B> If
Borrower fails to pay the full amount of each monthly payment by the end of the ten (10)&nbsp;calendar days after it is due, Borrower will be in default, and upon such default by Borrower, Lender may declare the entire principal and interest then
remaining unpaid to be immediately due and payable without further notice or demand, and the entire unpaid principal balance shall bear interest at the &#147;Default Interest Rate&#148;. The &#147;Default Interest Rate&#148; shall be five percent
(5%)&nbsp;per annum above the contract interest rate set forth above, but not exceeding 18%&nbsp;per annum. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(C)
<U>Acceleration</U>.</B> If Borrower is in default after expiration of any applicable cure periods, the Lender may require Borrower to pay immediately the full amount of principal which has not been paid and all the interest that Borrower owes on
that amount without further notice. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(D) <U>No Waiver By Lender</U>.</B> Even if, at a time when Borrower is in default, the Lender does
not require Borrower to pay immediately in full as described above, the Lender will still have the right to do so if Borrower is in default at a later time. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2"><B>(E) <U>Payment of Lender&#146;s Costs and Expenses</U>.</B> If the Lender has required Borrower to pay immediately in full as described above, the Lender will have the right to </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Initials: MJH</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">be paid back by Borrower for all of its costs and expenses in enforcing this Note to the extent not prohibited by applicable law. Those expenses include, for
example, reasonable attorneys&#146; fees whether suit be brought or not, and including such fees and costs in any appellate, bankruptcy or post judgment proceedings. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>8. <U>Attorneys&#146; Fees</U></B>. All parties liable for the payment of this Note agree to pay the Lender reasonable attorneys&#146; fees and costs, whether or not an action is brought, for the services of
counsel employed after maturity or default to collect this Note or any principal or interest due hereunder, or to protect the security, if any, or enforce the performance of any other agreement contained in this Note or in any instrument of security
executed in connection with this loan, including costs and attorneys&#146; fees on any garnishment action, or for any appeal, or in any proceedings under the federal Bankruptcy Code or in any post-judgment proceedings. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>9. <U>Allocation of Payments</U>.</B> Payments shall be applied by Lender first to any late fees or other expenses of Lender hereunder, then to accrued interest and
finally to principal. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>10. <U>Giving of Notice</U>.</B> Unless applicable law requires a different method, any notice that must be given to Borrower
under this Note will be given by mailing it by first class mail or by delivering it to Borrower at 5215 West Laurel Street, Tampa, Florida 33607, or at a different address if Borrower gives the Lender prior written notice of a different address.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Any notice that must be given to the Lender under this Note will be given by mailing it by first class mail to the Lender at the address
stated in Section&nbsp;3 above or at a different address if Borrower is given a notice of that different address. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>11. <U>Set Off</U>.</B> The Borrower
shall have no right of set off against the Lender under this Note or under any instruments securing this Note or executed in connection with the loan evidenced hereby. The Lender, however, shall have the right, immediately and without further action
by it, to set off against this Note all money owed by the Lender in any capacity to Borrower, whether or not due. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>12. <U>Obligations of Persons Under
This Note</U>.</B> If more than one person signs this Note, each person is fully and personally obligated to keep all of the promises made in this Note, including the promise to pay the full amount owed. Any person who is a guarantor, surety, or
endorser of this Note is obligated to do these things. Any person who takes over these obligations, including the obligations of a guarantor, surety, or endorser of this Note, is also obligated to keep all of the promises made in this Note. The
Lender may enforce its rights under this Note against each person individually or against all obligators together. This means that any one of them may be required to pay all of the amounts owed under this Note. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Initials: MJH</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>13. <U>Waivers and Consents</U>. </B>Borrower and any other person who has obligations under this Note waive diligence
presentment, protest and demand and also notice of dishonor and non-payment of this Note. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>14. <U>This Note Secured by Security Instruments</U>.</B> In
addition to the protections given to the Lender under this Note, a Mortgage and Security Agreement of even date herewith protects the Lender from possible losses which might result if Borrower does not keep the promises made in this Note. That
Mortgage describes how and under what conditions Borrower may be required to make immediate payment in full or in part of the amounts owed under this Note. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>15. <U>Litigation</U>.</B> Any litigation between the parties brought in connection with this Note or concerning the subject matter hereof prior to closing of the Loan shall only be brought in Hillsborough County, Florida. In any such
litigation, the prevailing party shall be entitled to an award of its reasonable attorneys&#146; fees and costs. The Borrower and any guarantors further knowingly, voluntarily and intentionally, waive any right to trial by jury in respect of any
litigation arising out of, under, or in connection with this Note, or the loan. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>16. <U>Business Purpose Loan</U>.</B> The Borrower acknowledges that
the proceeds of the loan are to be used for business or commercial purposes only, and not for personal, family or household purposes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>17. <U>WAIVER OF
JURY TRIAL</U>.</B> BORROWER AND LENDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT EITHER MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE AND ANY
AGREEMENT CONTEMPLATED TO BE EXECUTED IN CONJUNCTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE LENDER TO MAKE THIS LOAN AND
EXTENSIONS OF CREDIT TO BORROWER. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2">&#147;BORROWER&#148;</FONT></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">ODYSSEY MARINE EXPLORATION, INC.,</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">a Nevada
corporation</FONT></P></TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Michael J. Holmes</FONT></P></TD></TR>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Michael Holmes,</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">as its Chief Financial Officer</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(CORPORATE SEAL)</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Documentary stamps in the amount required by Florida law have been paid on the Mortgage recorded
contemporaneously herewith. </I></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Initials: MJH</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
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<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>dex103.htm
<DESCRIPTION>MORTGAGE AND SECURITY AGREEMENT
<TEXT>
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<TITLE>Mortgage and Security Agreement</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 10.3 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B><U>MORTGAGE AND SECURITY AGREEMENT </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">THIS
MORTGAGE AND SECURITY AGREEMENT (the &#147;Mortgage&#148;) is executed this 11</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>th</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> day of July, 2008, by <B>ODYSSEY MARINE EXPLORATION, INC.</B>, a
Nevada corporation (the &#147;Mortgagor&#148;), whose address is: 5215 West Laurel Street, Tampa, Florida 33607, in favor of <B>FIFTH THIRD BANK</B>, a Michigan banking corporation (the &#147;Bank&#148;), whose address is: 201 East Kennedy
Boulevard, Tampa, Florida 33602, and is made in reference to the following facts: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(A) Mortgagor is indebted to Bank in the principal sum of
$2,580,000.00 as evidenced by a promissory note (the &#147;Note&#148;) of even date herewith executed by Mortgagor, the terms and conditions of which are incorporated in and made a part hereof. The Note bears interest at the rate(s) stated therein,
provides for payment of principal and interest in the manner stated therein and has a maturity date of July&nbsp;11, 2013. The Note is an adjustable rate note based on the Bank&#146;s prime rate plus a premium. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(B) Bank is desirous of securing the prompt payment of the Note amount and any additional indebtedness accruing to Bank on account of any future
payments, advances, or expenditures made by Bank in connection with the Note or this Mortgage or any other instrument securing the Note as set forth herein. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">NOW, THEREFORE, for and in consideration of Bank making the aforesaid loan to Mortgagor and for other good and valuable consideration, and to secure the payment of the aforesaid indebtedness Mortgagor does hereby
grant, bargain, sell, alien, remise, convey and confirm unto Bank all that certain land of which Mortgagor is now seized and in possession, situate in Hillsborough County, Florida, more particularly described in <B>Exhibit &#147;A&#148;</B> attached
hereto and by this reference incorporated herein. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">TOGETHER WITH all and singular the tenements, hereditaments and appurtenances and all
structures, buildings and improvements of every kind and description now or hereafter on said land, and all heretofore or hereafter vacated lands adjoining or adjacent to said land which have or may revert to Mortgagor, and all riparian and littoral
rights, easements, rights, rents, royalties, mineral, oil and gas rights </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Prepared by and Return to: </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">Kenneth E. Thornton, Esq. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Fisher&nbsp;&amp; Sauls, P.A. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">100 Second Avenue S. #701 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">St. Petersburg, FL 33701 </FONT></P>


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<FONT FACE="Times New Roman" SIZE="2">and profits, water, water rights and water stock appurtenant to the said land, and all fixtures, machinery, equipment, building materials, appliances and
goods of every nature whatsoever now or hereafter located in, or on, or used, or intended to be used in connection with the said land, improvements and appurtenances including, but not limited to, those for the purposes of supplying or distributing
heating, cooking, electricity, gas, water, air and light; and all elevators and related machinery and equipment, plumbing, bathtubs, water heaters, sinks, and other plumbing fixtures, ranges, stoves, refrigerators, dishwasher, disposals, washers,
dryers, awnings, storm windows, storm doors, screens, blinds, shades, curtains, carpet, attached floor covering, furniture, antennae, trees, crops and plants, now or hereafter located in, upon or under said land or any part thereof and used or
usable in connection with any present or future operation of said land, all of which, including replacements and additions thereto, shall be deemed to be and remain a part of the real property covered by this Mortgage. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">FURTHER TOGETHER WITH Mortgagor&#146;s interest as lessor in and to all rents, issues, income, profits and all accounts receivable generated through the
use by Mortgagor or others of the real or personal property encumbered by this Mortgage, including any such rents, issues, income, profits and all accounts receivable of any business activity conducted by Mortgagor on or through the use of such
property; and the proceeds of all of the foregoing. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">All of the above described property and interests encumbered by this Mortgage being
collectively referred to herein as the &#147;Property&#148;. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">TO HAVE AND TO HOLD the Property unto the Bank and its successors and assigns
forever. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Mortgagor does hereby covenant and agree with and promise to the Bank as follows: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1. <U>Covenants and Warranties of Title</U>. Mortgagor hereby covenants and agrees with and warrants to the Bank as follows: (A)&nbsp;that Mortgagor is
the absolute fee simple owner of the Property; (B)&nbsp;that the Property is and will remain free and clear of all encumbrances excepting those encumbrances, covenants, restrictions, easements and reservations set forth in a loan title commitment
delivered to Bank by Mortgagor on the date of delivery of this Mortgage (the &#147;Permitted Title Exceptions&#148;); (C)&nbsp;that Mortgagor has full power and lawful right to mortgage and convey the Property; (D)&nbsp;that no delinquency exists
with respect to the payment of any taxes, assessments, water or sewer charges or other governmental impositions of any kind levied or assessed on the Property; (E)&nbsp;that it shall be lawful for Bank at all times to peacefully enter upon, hold,
occupy and enjoy the Property and every part thereof; (F)&nbsp;that Mortgagor will make such further assurances to protect the fee simple title to the Property or any part thereof in the Bank as may be reasonably required; and (G)&nbsp;that
Mortgagor does hereby fully warrant the title to the Property and will defend the same against the lawful claims of all persons whomsoever. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2. <U>Payment</U>. Mortgagor shall strictly and fully comply with all provisions of this Mortgage and of
the Note secured hereby and with the provisions of any other instrument securing the Note. Mortgagor shall promptly pay Bank all sums of money evidenced by the Note as well as all sums of money required by this Mortgage and in any other instrument
securing the Note, when the same severally become due. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3. <U>Escrow for Taxes and Insurance</U>. After any default not cured within any
applicable notice and curative periods in this Mortgage or any of the other documents that evidence and secure the Note, Bank may require at any time that escrow payments as to taxes, assessments and insurance be paid to it by Mortgagor, during the
term of this Mortgage. In such event, Mortgagor shall pay to Bank, to the extent requested by Bank, on dates upon which interest is payable or as otherwise directed by Bank such amounts as Bank from time to time estimates is necessary to create and
maintain a reserve fund from which to pay, before the same become due, all insurance premiums, taxes and governmental assessments relating to the Property as additional security for the debt secured by this Mortgage. Said payments may be, at the
discretion of Bank, a monthly sum and amount equal to one-twelfth of the estimated annual insurance premiums and taxes and assessments upon the Property. In the event such monthly escrow payments are insufficient to pay for said insurance premiums,
taxes and assessments when due, Bank may demand of Mortgagor that the amount of such payments be increased and/or Bank may demand that the difference be paid to it by Mortgagor, and Mortgagor shall immediately comply with such demands. There shall
be no interest due to Mortgagor on such deposits. Payments from the reserve fund for these purposes may be made by Bank at its discretion even though subsequent owners of the Property described herein may benefit thereby. In the event of any default
under this Mortgage which is not cured within the curative period set forth herein, Bank, at its discretion and option, may apply all or any part of the reserve fund to the indebtedness hereby secured. In refunding any part of the reserve fund, Bank
may deal with whomsoever is represented to be the owner of the Property at that time. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4. <U>Taxes</U>. Mortgagor will pay all the taxes,
assessments, levies and encumbrances of every nature on the Property, and upon this Mortgage and Note, or the money secured or evidenced thereby, before delinquency thereof, and receipts evidencing payment of said taxes, assessments, levies and
encumbrances shall be exhibited to Bank on or before March&nbsp;31 of each succeeding year during the term of this Mortgage. If the same be not promptly paid when due, Bank may (without obligation to do so) pay the same, or become purchaser of any
lawful evidence thereof, or certificate therefor, without waiving or affecting any right under this Mortgage, or the Note contained, and such payments or expenditures so made shall bear interest from the date thereof at the maximum rate of interest
permitted by law, from time to time, to be charged by Bank, or if no specific maximum rate is applicable hereto, at the rate of 18%&nbsp;per annum (such rate hereinafter referred to as the &#147;Default Rate&#148;) until paid, and any of the sums
shall be repaid to Bank forthwith upon its demand and be in addition to the payments provided by the Note. All such sums advanced by Bank shall be secured by the lien of this Mortgage, and Bank shall be the sole judge of any such tax, assessment,
claim, lien or encumbrance and of the amount necessary to be paid in satisfaction thereof. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">3 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5. <U>Insurance</U>. Mortgagor shall keep the buildings and other improvements which are now, or which
hereafter may be erected on the Property, including any personal property and fixtures described above, constantly insured for the benefit of Bank against loss by fire and other losses normally covered by an extended coverage endorsement in an
amount not less than full insurable value so as to preclude any claims on the part of the insurer for co-insurance, and in addition shall keep in full force and effect policies of insurance insuring against such other hazards, casualties, and
contingencies as may be from time to time required by Bank including, but not limited to, flood insurance if required under the National Flood Insurance Act of 1968, as amended, public liability insurance, and insurance against loss of rentals due
to any of the foregoing causes. All insurance required by Bank hereunder shall be subject to the following: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(A) Policies shall be on such
forms, for such periods, and in such amounts as Bank may require with companies acceptable to Bank; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(B) All policies shall be deposited
with Bank with premiums fully prepaid; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(C) All policies which insure against any loss or damage to the Property shall provide for loss
payable to Bank, without contribution by Bank, pursuant to New York Standard or other mortgagee clause acceptable to Bank, which shall include a minimum of 30 days advance notice of cancellation of such policies; </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(D) Mortgagor shall deliver to Bank renewal or replacement policies where necessary in the performance of this covenant, at least 15 days prior to the
expiration of existing policies together with a paid receipt for the premium. In the event Mortgagor shall for any reason fail to comply with and abide by this covenant or any part hereof, Bank may place and pay for such insurance or any part
thereof without waiving or affecting any option, lien, equity or right under or by virtue of this Mortgage, and the full amount of each and every such payment shall be immediately due and payable and shall bear interest from the date thereof until
paid at the Default Rate and together with such interest shall be secured by the lien of this Mortgage; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(E) In the event of loss,
Mortgagor shall give immediate notice by mail to Bank, and in the event Mortgagor shall fail to agree with the insurance companies involved as to the amount and terms of any loss within 60 days of the happening of such loss, then Bank may negotiate
with and settle such loss with such insurance companies and neither Bank nor the insurance companies involved shall, upon such settlement being made, be liable in any manner to Mortgagor; the right to any return or refund premiums on any insurance
policies is hereby assigned to Bank as additional security for the Note; </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">4 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(F) Bank shall have the right, in its sole discretion, to apply any proceeds received from insurance
policies, or any part thereof, to the payment of the Note or other sums secured hereby, provided however, the Bank may apply such amounts toward the repair or restoration of the damaged Property on terms and conditions acceptable to and prescribed
by Bank, if in the Bank&#146;s reasonable discretion it is determined that: (1)&nbsp;there is not an existing event under the Loan Documents which is a default or which, with notice or the passage of time could be a default under the Loan Documents;
(2)&nbsp;the damage from the loss is thirty percent (30%)&nbsp;or less than the structural value of the improvements on the Property; (3)&nbsp;the insurance proceeds together with any other funds available to the Mortgagor are sufficient to allow
complete reconstruction of the damage; (4)&nbsp;the improvements as reconstructed will have equal or greater economic value than the value of improvements prior to the damage; and, (5)&nbsp;the reconstruction can be completed within ninety
(90)&nbsp;days from commencement. The Bank shall permit utilization of the loss proceeds for reconstruction with proceeds and any additional required funds to be held and distributed by the Bank on such terms as Bank in its discretion determines, as
reconstruction progresses. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(G) In the event of a foreclosure of this Mortgage, the purchaser of the Property shall succeed to all the
rights of Mortgagor, including any rights to the proceeds of insurance and to unearned premiums, in and to all policies of insurance assigned and delivered to Bank pursuant to this paragraph. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">6. <U>Condemnation</U>. In the event Mortgagor is served with process or otherwise notified of a condemnation action or any other action which involves a
taking of the Property or any part thereof, Mortgagor shall notify Bank in writing of such within five (5)&nbsp;days from the date of service of process or such other notification. Mortgagor hereby authorizes Bank as attorney-in-fact for Mortgagor
to, at Bank&#146;s option commence, appear in and prosecute, in Bank&#146;s or Mortgagor&#146;s name, any action or proceeding relating to such taking of the Property and to settle or compromise any claim in connection with such condemnation or
taking. All sums paid by the Bank in connection with any condemnation actions or proceedings, including reasonable attorney fees and costs, shall be paid by Mortgagor, and any such fees and costs if not promptly paid with interest thereon at the
Default Rate, shall be secured by the lien of this Mortgage. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property or any part thereof, or for conveyance in lieu
of condemnation, are hereby assigned and shall be paid to Bank. Bank shall not be held responsible for any failure to collect any award or awards, regardless of the cause of such failure. Any such award or awards received by Bank may, at its option,
be used in restoring the Property on terms and conditions acceptable to and prescribed by the Bank or be held as security for the Note. In the event any part of the improvements located on the Property are included in the condemnation, then Bank
may, at its option, expend such portion of the award as may be necessary to protect the improvements remaining after the condemnation from physical damage resulting therefrom. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">7. <U>Alteration and Use of the Property</U>. Unless required by applicable law or unless Bank has
otherwise agreed in writing, Mortgagor shall not allow changes in the nature of the occupancy for which the Property was intended at the time this Mortgage was executed. Mortgagor shall not initiate or acquiesce in a change in the zoning
classification of the Property without Bank&#146;s written consent. Mortgagor shall not make any change in the use of the Property which will create a fire or other hazard not in existence on the date hereof, nor shall Mortgagor in any way increase
any hazard. Without the prior written consent of Bank, no building or improvement may be erected on the Property, nor may Mortgagor structurally remove, demolish or materially alter any building or improvement, in any way that would change the use
of the Property or that would decrease its value, nor shall any fixture or personal property covered by this Mortgage be removed at any time unless simultaneously replaced by an article of equal kind, quality and value owned by Mortgagor, and which
is unencumbered except by the lien of this Mortgage and other instruments of security securing the Note. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">8. <U>Surface Alteration and
Mineral Rights</U>. Mortgagor shall not consent to, permit or indulge in any entry, either by itself or by any others, upon the surface of the Property for the purpose of exploration, drilling, prospecting, mining, excavation or removal of any
earth, sand, dirt, rock, minerals, oil or any other substance without the Bank&#146;s approval and written consent. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">9. <U>Repair, Waste
and Construction Lien</U>. Mortgagor shall keep the Property, and all equipment, appurtenances and accessories constantly in good order and repair; shall comply with all laws, ordinances, and regulations now or hereafter affecting the Property or
any part thereof; and shall not permit, suffer or commit any waste, impairment or deterioration of the Property, or any part thereof. Bank may demand the immediate repair of the improvements, or any appurtenances, or any seawall on or protecting the
Property. Failure of Mortgagor to comply with the demand of Bank for a period of 30 days after receipt of written notice shall constitute a breach of this Mortgage, and at the option of Bank and the Bank may, without notice, institute proceedings to
foreclose this Mortgage and apply for the appointment of a Receiver, as hereinafter provided. In addition, in the event any construction liens are filed against the Property, or any part thereof, Mortgagor shall cause the same to be discharged,
paid, bonded or otherwise satisfied so that it no longer affects the Property within 30 days after receipt of notice by Mortgagor of the filing thereof, or within ten days after a suit for the foreclosure thereof has been filed, whichever date is
earlier. Should Mortgagor fail to comply with this covenant, Bank may, at its option, advance funds to repair and protect the Property, or to remove uncontested construction liens without waiving or affecting any option, lien, equity or right under
or by virtue of this Mortgage, and the full amount of such payment shall be immediately due and payable and shall bear interest from the date thereof until paid at the Default Rate and together with such interest shall be secured by the lien of this
Mortgage. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">10. <U>Assignment of Rents</U>. Mortgagor, as additional security does hereby assign, transfer and set over to Bank all sums due
or to become due for rental of the Property from any occupant or lessees who may now or hereafter occupy or lease the </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">6 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">same, or any part thereof, or due or to become due under any consented to agreement for deed respecting the Property that may be entered into, and Bank is
hereby given the absolute right, at its option, without institution of court proceedings and without benefit of a court appointed receiver, to enter upon the Property and to demand and collect from any occupants or lessees or purchasers under
contract or agreement for deed, all or any portion of the amount or amounts therefrom due, and to apply the same to any indebtedness or sum due or secured under this Mortgage and the Note hereby secured, without waiving or in any way affecting the
option to foreclose or any other right, privilege, option or condition therein contained. Written receipt given by any officer or agent of Bank evidencing such collection shall constitute full acquittance to any of the above for such amounts as if
paid to Mortgagor, his successors or assigns. Mortgagor does hereby appoint Bank its attorney-in-fact to collect said rents, issues, profits, income and accounts receivable with or without suit and apply the same, less expenses of collection, to the
said indebtedness, other secured items and repairs, in such manner as Bank may elect; provided, however, that until there is a default under the terms of this Mortgage (which is not cured within the applicable curative period prescribed herein),
Mortgagor may continue to collect and enjoy said rents, issues, profits, income and accounts receivable. The curing of any default within the period permitted by this Mortgage shall entitle Mortgagor to again collect said rents, issues, profits,
income and accounts receivable. This assignment of rents, issues, profits, income and accounts receivable and power of attorney shall be irrevocable and shall be in addition to the other remedies herein provided for in event of default or provided
in any other document which secures the Note, and may be put into effect independently of or concurrently with any of said remedies, but no liability shall attach to Bank for failure or inability to collect any rents, issues, profits, income and
accounts receivable herein assigned. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">11. <U>Receiver</U>. In addition to the right given in the preceding paragraph, in the event that at
the beginning or at any time pending any suit upon this Mortgage, or to foreclose it, or to reform it and/or to enforce payment of any claims hereunder, Bank shall apply to the court having jurisdiction thereof, for the appointment of a Receiver,
such court shall forthwith appoint a Receiver of the Property, including all and singular the income, profits, issues and revenues from whatever source derived, each and every of which it being expressly understood, is hereby mortgaged as if
specifically set forth and described in the granting clauses hereof, and such Receiver shall have all the broad and effective functions and powers in anywise entrusted by a court to a Receiver, and such appointment shall be made by such court as to
admitted equity and a matter of absolute right to Bank, and without reference to the adequacy or inadequacy of the value of the Property or to the solvency or insolvency of Mortgagor. Such rents, profits, incomes, issues and revenues shall be
applied by the Receiver according to the lien and/or equity of Bank and the practice of such court and such appointment of Receiver shall be without notice to any obligor hereunder. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">12. <U>Costs and Attorneys&#146; Fees</U>. In the event the Property or any part thereof becomes the subject of or involved in any action or court
proceeding (including any bankruptcy case or proceeding), Mortgagor shall promptly pay and reimburse Bank for all costs, charges and expenses, including reasonable attorneys&#146; fees, and further </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">including those on appeal, incurred by Bank in connection with or growing out of such action or proceeding and all such costs, charges, expenses and
attorneys&#146; fees shall be secured by the lien of this Mortgage. Mortgagor will also pay all costs, charges and expenses including reasonable attorneys&#146; fees, costs of abstracts of title, title searches and appraisals, incurred or paid at
any time by Bank because of the failure of Mortgagor to promptly and fully perform the agreements and covenants of this Mortgage or of any other instrument securing the Note. Said costs, charges and expenses shall be immediately due and payable and
shall bear interest from the date thereof at the Default Rate and together with such interest shall be secured by the lien of this Mortgage. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">13. <U>Transfer of Property</U>. Should the Property be transferred under foreclosure sale or should Mortgagor, without Bank&#146;s prior written consent: (A)&nbsp;sell or transfer all or any part of the Property, or any interest therein,
whether by direct transfer, transfer incorporating wraparound financing, by contract for deed, or by transfer under foreclosure sale; or, (B)&nbsp;grant a leasehold interest in all or any part of the Property of ten (10)&nbsp;years or more (or such
longer lease term as Bank may permit by prior written approval); then Bank may at Bank&#146;s option, declare all of the sums secured by this Mortgage immediately due and payable, and Bank may invoke any remedies permitted by this Mortgage.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">14. <U>Further Encumbrance</U>. Mortgagor shall not create, incur, assume or permit to exist any further or additional indebtedness,
whether recourse or non-recourse, superior or junior, resulting from borrowings, loans, advances or guarantees other than the obligations to Bank set forth herein, nor shall Mortgagor pledge, mortgage assign, create or permit to be created, or to
remain, any and all liens or encumbrances upon the Property or any other security Mortgagor has granted to secure the Note, whether consensual, common law, statutory, voluntary, involuntary, or arising by operation of law, except Permitted Title
Exceptions. Notwithstanding the foregoing, Mortgagor may contest the amount, validity, and enforceability of any involuntary or nonconsensual lien, encumbrance, or security interest, including those arising by operation of law, provided:
(A)&nbsp;Mortgagor contests such lien, encumbrance or security interest in good faith, at Mortgagor&#146;s sole expense; (B)&nbsp;such contest shall be prosecuted diligently to final conclusion; (C)&nbsp;Mortgagor shall pay and save Bank harmless
against all losses, judgments, decrees and costs incurred in connection therewith; (D)&nbsp;Mortgagor shall promptly, after final determination of such contest, fully pay and discharge all amounts that shall be levied, assessed, charged, imposed or
otherwise determined to be payable together with all penalties, fines, interest, costs and expenses resulting from such contest. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">15.
<U>Default</U>. The happening of any of the following events shall constitute a default hereunder: (A)&nbsp;a default shall occur under the Note; (B)&nbsp;failure of Mortgagor to perform any agreement in this Mortgage or in any other instrument
securing the Note or in any other instrument executed by Mortgagor in connection herewith; (C)&nbsp;the filing of any petition under the Bankruptcy Code, or any similar federal or state statute, by any Obligor (which term shall mean and include the
Mortgagor, each borrower, endorser, surety, guarantor, and all others who may become liable for all or any part of the </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">8 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">obligations secured hereby, as well as anyone that owns, from time to time, all or any portion of the Property or any interest therein) or by any Obligor
against another Obligor; (D)&nbsp;the filing by anyone other than an Obligor of any petition under the Bankruptcy Code, or any similar federal or state statute, against any Obligor; (E)&nbsp;the filing in any court by any person or entity of an
application for the appointment of a receiver or trustee to take custody of the Property or any part thereof; (F)&nbsp;the filing of any application in any court for the appointment of a receiver for the benefit of one or more creditors, or the
making of a general assignment for the benefit of creditors as to any Obligor; (G)&nbsp;the dissolution, business failure, merger, consolidation, or reorganization of any Obligor; (H)&nbsp;any warranty, representation, certificate or statement of
any Obligor (whether contained in this Mortgage, other instruments of security or other instruments executed in connection with the Note secured hereby) is not true; (I)&nbsp;taking of possession of all or any substantial part of the Property or
other instruments of security securing the Note at the instance of any governmental authority; (J)&nbsp;a default shall occur under or any proceedings are instituted for the foreclosure or collection of any mortgage, judgment or lien prior or
subordinate to the lien of this Mortgage affecting the Property; (K)&nbsp;a default by Mortgagor or other Obligor shall occur under any lease or contract affecting all or any part of the Property; (L)&nbsp;should any license or permit in existence
on the date of this Mortgage or any other license or permit necessary for the operation and use of the Property contemplated herein be revoked or terminated or should any conditions imposed by any governmental authority not be complied with by the
time requested by such authority as a condition to non-revocation or non-termination; (M)&nbsp;should Mortgagor further encumber the Property in violation of the provision herein; (N)&nbsp;should Mortgagor shall fail to provide to the Bank
information sufficient for the Bank to verify the identity of Mortgagor as required under the USA Patriot Act; (O)&nbsp;should Mortgagor file a notice of limitation of future advances under this Mortgage as provided in Florida Statutes 697.04(1)(b),
without the prior written consent of the Bank; or (P)&nbsp;should Mortgagor default in the terms of any loans it may have which are held by Bank. The enumeration of events of default under this paragraph shall not exclude such other events of
default under this Mortgage which are set forth in other paragraphs. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">16. <U>Acceleration</U>. If a monetary default shall occur hereunder
and remain uncured for 10 days or more, or should a non-monetary event of default occur hereunder and remain uncured for 30 days or more after written notice of such non-monetary default to Mortgagor, or such additional reasonable period not
exceeding 90 days if such default is not capable of cure within such 30 day period and Mortgagor has initiated and is diligently pursuing such cure, then, without further notice to Mortgagor, the full amount of the Note together with all accrued
interest shall become immediately due and payable at the option of Bank as fully and completely as if said aggregate sum were originally stipulated to be paid at such time. A monetary default shall be deemed to include failure to make payment of the
Note amount should it be drawn as well as payments of escrow, taxes and governmental assessments and premiums for insurance under this Mortgage and any other agreement securing the Note. That is to say, upon the breach of any of the terms or
covenants herein to be performed by Mortgagor and the failure of Mortgagor to cure such breach within the applicable curative period set </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">9 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">forth in the preceding sentence, Bank shall have the right to accelerate the maturity of this Mortgage as though it were due and payable on the day following
such curative period and to demand payment in full of the Note amount or any unpaid balance thereof, and to exercise all the rights and remedies herein or by law reserved to Bank. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">17. <U>Future Advances</U>. This Mortgage shall also secure future advances made by Bank to Mortgagor, which future advances shall be at the option of
the Bank; however, the maximum principal amount secured by this Mortgage shall not exceed twice the stated principal amount of the Note this Mortgage secures. All such future advances shall be made within the time limit authorized by Florida law for
making valid future advances with interest and all indebtedness created by virtue of such future advances shall be and are secured hereby. All provisions of this Mortgage shall apply to any future advances made pursuant to the provisions of this
paragraph. Nothing herein contained shall limit the amount secured by this Mortgage, if such amount is increased by advances made by Bank as herein elsewhere provided and authorized for the protection of the security of Bank. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">18. <U>Notice</U>. Any written notice, demand or request that is required to be made hereunder or under any other instrument of security for the Note
shall be served in person or by registered or certified mail, return receipt requested, addressed to the party to be served at its address set forth below: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="86%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Mortgagor:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">ODYSSEY MARINE EXPLORATION, INC.</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">5215 West Laurel Street</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Tampa, Florida 33607</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Bank:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">FIFTH THIRD BANK</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">201 East Kennedy Boulevard</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Tampa, Florida 33602</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The above addresses may be changed as to the applicable party by providing the other party with notice of such
address change in the same manner provided above; provided, however, so long as Mortgagor is the owner of all or any part of the Property the address of Mortgagor must be located within the continental United States of America. In the event that
written notice, demand or request is made as provided in this paragraph, then in the event that such notice is returned to the sender by the U.S. Postal System because of insufficient address or because the party has moved or otherwise other than
for insufficient postage, such writing shall be deemed to have been received by the party to whom it was addressed on the date that such writing was initially placed in the U.S. Postal System by the sender. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">19. <U>Uniform Commercial Code</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(A)
When and if Mortgagor and Bank shall respectively become the Debtor and Secured Party in any Uniform Commercial Code Financing Statement affecting property either referred to or described herein, or in any way connected with </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">the use and enjoyment of the Property, this Mortgage shall be deemed the Security Agreement as defined in said Uniform Commercial Code and the remedies for
and violation of the covenants, terms and conditions of the agreements herein contained shall be: (1)&nbsp;as prescribed herein, or (2)&nbsp;by general law, or (3)&nbsp;as to such part of the security which is also reflected in said financing
statement by the specific statutory consequences now or hereafter enacted and specified in the Uniform Commercial Code, all at Bank&#146;s sole election. Mortgagor authorizes the Bank to file such Financing Statements pursuant to the Uniform
Commercial Code. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(B) Mortgagor and Bank agree that the filing of such financing statement in the records normally having to do with
personal property shall never be construed as in anywise derogating from or impairing this declaration and hereby stated intention of the parties that everything used in connection with the production of income from the Property and/or adapted for
use therein and/or which is described or reflected in this Mortgage is, and at all times and for all purposes and in all proceedings both legal or equitable shall be, regarded as part of the real estate irrespective or whether: (1)&nbsp;any such
item is physically attached to the improvements, (2)&nbsp;serial numbers are used for the better identification of certain equipment items capable of being thus identified in a recital contained herein or in any list filed with the Bank, or
(3)&nbsp;any such item is referred to or reflected in any such financing statement so filed at any time. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(C) Similarly, the mention in any
such financing statement of: (1)&nbsp;the rights in or the proceeds of any fire and/or hazard insurance policy, or (2)&nbsp;any award in eminent domain proceedings for a taking or for loss of value, or (3)&nbsp;the debtor&#146;s interest as lessor
in any present or future lease or rights to income growing out of the use and/or occupancy of the Property mortgaged hereby, whether pursuant to lease or otherwise, shall never be construed as in anywise altering any of the rights of Bank as
determined by this instrument or impugning the priority of Bank&#146;s lien granted hereby or by any other recorded documents, but such mention in the financing statement is declared to be for the protection of Bank in the event any court or judge
shall at any time hold with respect to (C)(1), (2)&nbsp;and (3)&nbsp;that notice of Bank&#146;s priority of interest to be effective against a particular class of persons, including but not limited to, the federal government and any subdivisions or
entity of the federal government, must be filed in the Commercial Code Records. Mortgagor shall pay for all costs of filing such statements and renewals and releases thereof and shall pay all reasonable costs and expenses, including reasonable
attorneys&#146; fees and any record searches for financing statements Bank may reasonably require, incident to the preparation and filing of such financing statements. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">20. <U>Releases by Bank</U>. Bank from time to time, without notice to any person and without affecting the liability of Mortgagor hereunder, or of any other person (other than any person expressly released by Bank in
writing) for the payment of the Note and without affecting the priority or extent of the lien and security interest of this Mortgage (except as to property specifically released by Bank in writing) may do any or all of the following:
(A)&nbsp;release in whole or in part, any person liable for payment of any or all of the Note; or (B)&nbsp;extend the time or otherwise alter the terms of payment of the Note, in whole or in part; or (C)&nbsp;accept additional or substitute security
of any kind; or (D)</FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">11 </FONT></P>


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<FONT FACE="Times New Roman" SIZE="2">consent to the creation of any easement, in, on, or over the Property or any covenant restricting the use or occupancy of the Property; or (E)&nbsp;release
or otherwise deal with any property, real or personal, securing the Note. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">21. <U>Environmental Laws</U>. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(A) <U>Warranty; Notice</U>. Mortgagor covenants and agrees to: comply with all applicable federal, state and local environmental laws or regulations,
codes, orders, injunctions, notices relating to pollution or protection of the environment including laws related to emissions, discharges, releases or threatened releases of pollutants, contaminants, chemicals, or industrial, toxic or hazardous
waste into the environment (the &#147;Environmental Laws&#148;); provide to Bank, immediately upon receipt, copies of any correspondence, notice, pleading, citation, order, or other document from any source asserting or alleging a circumstance or
condition which requires or may require a financial contribution by Mortgagor or a cleanup, removal, remedial action, or other response by or on the part of Mortgagor under Environmental Laws or which seeks damages or civil, criminal or punitive
penalties from Mortgagor for an alleged violation of Environmental Laws; and to advise Bank in writing as soon as Mortgagor becomes aware of any condition or circumstance which makes the environmental warranties contained in this Mortgage or in any
other loan document of even date herewith incomplete or inaccurate. In the event of any such circumstance, Mortgagor agrees, at its sole expense and at the request of Bank, to permit an environmental audit solely for the benefit of Bank, to be
conducted by Bank or an independent agent selected by Bank and which may not be relied upon by the Mortgagor for any purpose. This provision shall not relieve Mortgagor from conducting its own environmental audits or taking any other steps necessary
to comply with Environmental Laws. If in the opinion of Bank there exists any uncorrected violation by Mortgagor of an Environmental Law or any condition which requires, or may require, a cleanup, removal or other remedial action by Mortgagor under
any Environmental Laws, and such cleanup, removal or other remedial action is not completed within 90 days from the date of written notice from Bank to Mortgagor, the same shall at the option of Bank constitute a default hereunder. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(B) <U>Indemnification</U>. Mortgagor agrees to indemnify and hold Bank harmless from and against and to reimburse Bank with respect to, any and all
claims, demands, causes of action, loss, damage, liabilities, costs and expenses (including reasonable attorney&#146;s fees and court costs) of any and every kind or character, known or unknown, fixed or contingent asserted against or incurred by
Bank at any time and from time to time by reason of or arising out of any violation of any Environmental Laws and any and all matters arising out of any act, omission, event or circumstance existing or occurring on or prior to the date of this
Mortgage (including without limitation the presence on the Property or release from the Property of hazardous substances or solid waste disposed of or otherwise released prior to the date of this Mortgage), regardless of whether the act, omission,
event or circumstance constituted a violation of any Environmental Law at the time of its existence or occurrence. The terms &#147;hazardous substance&#148; and &#147;release&#148; shall have the meaning specified in the Federal Comprehensive
Environmental Responsibility Cleanup and Liability Act of 1980 </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">12 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">(&#147;CERCLA&#148;), and the terms &#147;solid waste&#148; and &#147;disposed&#148; shall have the meaning specified in the Federal Resource Conservation
and Recovery Act of 1976 (&#147;RCRA&#148;); provided, in the event either CERCLA or RCRA is amended so as to broaden the meaning of any term defined thereby, such broader meaning shall apply subsequent to the effective date of such amendment.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">22. <U>Reappraisal</U>. Notwithstanding any term or provision hereof to the contrary, if at any time and for any reason the Bank in its
sole discretion determines that the value of the Property may have declined or be less than Bank previously anticipated, within 30 days from Bank&#146;s written request to Mortgagor therefor, Mortgagor shall provide to Bank, at Mortgagor&#146;s sole
cost and expense, a current appraisal of the Property to be ordered by the Bank from an appraiser designated by Bank and in form and content as required by Bank. Mortgagor shall cooperate fully with any such appraiser and provide all such documents
and information as such appraiser may request in connection with such appraiser&#146;s performance and preparation of such appraisal. Mortgagor&#146;s failure to promptly and fully comply with Bank&#146;s requirements under this paragraph shall,
without further notice, constitute an event of default under this Mortgage and the other loan documents. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">23. <U>Severability</U>. Wherever
possible, each provision of this Mortgage shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision hereof shall be prohibited or invalid under applicable law, such provision shall be ineffective to
the extent of such prohibition or invalidity only, without invalidating the remainder of such provisions or of the remaining provisions of this Mortgage. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">24. <U>Binding Effect</U>. Whenever the context of this Mortgage so admits or requires, the terms &#147;Mortgagor&#148; and &#147;Bank&#148; shall include the heirs, personal representatives, successors and/or assigns
of the respective parties thereto; the use of the singular number shall include the plural, and the plural the singular; the use of any gender shall include all genders. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">25. <U>Waiver of Exemption; Time of Essence</U>. To the extent permitted by law, Mortgagor hereby waives all right of homestead and exemption granted by the Constitution and laws of Florida. It is specifically agreed
that time is of the essence of this Mortgage. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">26. <U>Headings</U>. The headings of the paragraphs contained in this Mortgage are for
convenience of reference only and do not form a part hereof and in no way modify, interpret or construe the meaning of the parties hereto. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">27. <U>WAIVER OF JURY TRIAL</U>. BANK AND MORTGAGOR HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT EITHER MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH
THIS MORTGAGE, THE NOTE REFERRED TO HEREIN, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF EITHER PARTY, OR ANY OF THEM. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE BANK ENTERING INTO THIS
LENDING TRANSACTION. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">13 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">PROVIDED ALWAYS, HOWEVER, that if the Mortgagor shall pay unto the Bank the moneys provided for in and by
the Note and this Mortgage and shall well and truly keep, observe and perform, comply with and abide by each and every the stipulations, agreements, conditions and covenants thereof as and when required thereby, then this deed and the estate hereby
created shall cease and be null and void, otherwise the same shall remain of binding force and effect. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">IN WITNESS WHEREOF, Mortgagor has
executed this Mortgage or has caused the same to be executed by its duly authorized representatives on the day and year first above written. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="45%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>WITNESSES:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2"><B>MORTGAGOR:</B></FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">ODYSSEY MARINE EXPLORATION, INC.,</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">a
Nevada corporation</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Chad Loar</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Michael Holmes</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Signature of Witness</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Michael Holmes,</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">as its Chief Financial
Officer</FONT></P></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">Chad Loar</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Print or type name of Witness</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ C. J. Mintrone</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(CORPORATE SEAL)</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Signature of Witness</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">C. J. Mintrone</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Print or type name of Witness</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">STATE OF FLORIDA </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">COUNTY OF HILLSBOROUGH </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">The foregoing instrument was acknowledged before me
this 11</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>th</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> day of July, 2008, by Michael Holmes, as Chief Financial Officer of ODYSSEY MARINE EXPLORATION, INC., a Nevada corporation, on behalf of
the corporation. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="40%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="41%"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">X</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Personally known</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Ufemia U. Zimmer</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Florida Driver&#146;s License</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Notary Public</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Other Identification Produced</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">Ufemia U. Zimmer</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Print or type name of Notary</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(SEAL)</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>ATTACHMENT</U>: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">EXHIBIT &#147;A&#148; - Legal Description </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">14 </FONT></P>

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