<SEC-DOCUMENT>0001193125-16-517029.txt : 20160324
<SEC-HEADER>0001193125-16-517029.hdr.sgml : 20160324
<ACCEPTANCE-DATETIME>20160324170934
ACCESSION NUMBER:		0001193125-16-517029
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20160318
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:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160324
DATE AS OF CHANGE:		20160324

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:		161527898

	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>d163897d8k.htm
<DESCRIPTION>8-K
<TEXT>
<HTML><HEAD>
<TITLE>8-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C.&nbsp;20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section 13 or 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): March&nbsp;18, 2016 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>O<SMALL>DYSSEY</SMALL> M<SMALL>ARINE</SMALL> E<SMALL>XPLORATION</SMALL>, I<SMALL>NC</SMALL>. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Nevada</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>001-31895</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>84-1018684</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of Incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>5215 West Laurel Street </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Tampa, Florida&nbsp;33607 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of Principal Executive Offices and Zip Code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: (813) 876-1776 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not Applicable </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former
Name or Former Address, if Changed Since Last Report) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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): </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;1.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B></B><B><I>Entry Into a Material Definitive Agreement.</I></B><B> </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The disclosure set
forth below under Item 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 1.01. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;2.03</B></TD>
<TD ALIGN="left" VALIGN="top"><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></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On March 18, 2016, Odyssey Marine Exploration, Inc. (&#147;Odyssey&#148;) and Odyssey Marine Enterprises, Ltd., an indirect, wholly owned
subsidiary of Odyssey (&#147;OME&#148;), entered into a Note Purchase Agreement (the &#147;Note Purchase Agreement&#148;) with Epsilon Acquisitions LLC (&#147;Epsilon&#148;). Epsilon is an investment vehicle controlled by Mr. Alonso Ancira. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the Note Purchase Agreement, Epsilon agreed to lend an aggregate of $3.0 million to OME. Subject to the satisfaction or waiver of
the conditions set forth in the Note Purchase Agreement, Epsilon will lend $1.5 million to OME on March 31, 2016, and an additional $1.5 million on April&nbsp;30, 2016. The indebtedness is evidenced by a secured convertible promissory note (the
&#147;Note&#148;) and bears interest at a rate equal to 10.0% per annum. Unless otherwise converted as described below, the entire outstanding principal balance under the Note and all accrued interest and fees are due and payable on March&nbsp;18,
2017. Odyssey unconditionally and irrevocably guaranteed all of OME&#146;s obligations under the Note Purchase Agreement and the Note. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At
any time and from time to after Epsilon has advanced the full $3.0 million to OME, Epsilon has the right to convert all amounts outstanding under the Note into shares of Odyssey common stock upon 75 days&#146; notice to OME or upon a merger,
consolidation, third party tender offer, or similar transaction relating to Odyssey at the conversion price of $5.00 per share, which represents the five-day volume-weighted average price of Odyssey&#146;s common stock for the five trading day
period ending on March&nbsp;17, 2016. Upon the occurrence and during the continuance of an event of default, the conversion price will be reduced to $2.50 per share. Pursuant to a Waiver and Consent (the &#147;Waiver&#148;) to the Stock Purchase
Agreement, dated as of March&nbsp;11, 2015 (as amended, the &#147;Stock Purchase Agreement&#148;), among Odyssey, Penelope Mining LLC (&#147;Penelope&#148;), and Minera del Norte, S.A. de C.V. (&#147;Minosa&#148;) executed in connection with the
Note Purchase Agreement, following any conversion of the indebtedness evidenced by the Note, Penelope may elect to reduce its commitment to purchase preferred stock of Odyssey under the Stock Purchase Agreement by the amount of indebtedness
converted by Epsilon. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the Waiver, Odyssey agreed to waive its rights to terminate the Stock Purchase Agreement in accordance
with the terms thereof until March 18, 2017. Pursuant to an Amendment No. 4 to Promissory Note (&#147;Amendment&nbsp;No. 4&#148;), among OME, Odyssey and Minosa, executed in connection with the Note Purchase Agreement, Minosa agreed to extend, until
March 18, 2017, the maturity date of the $14.75 million loan extended by Minosa to OME as evidenced by that certain Promissory Note, dated as of March&nbsp;11, 2015 (as amended), among OME, Odyssey and Minosa. The obligations under the Note may be
accelerated upon the occurrence of specified events of default including (a)&nbsp;OME&#146;s failure to pay any amount payable under the Note on the date due and payable; (b)&nbsp;OME&#146;s or Odyssey&#146;s failure to perform or observe any term,
covenant, or agreement in the Note or the related documents, subject to a five-day cure period;&nbsp;(c)&nbsp;the occurrence and expiration of all applicable grace periods, if any, of an event of default or material breach by OME, Odyssey or any of
their affiliates under any of the other loan documents; (d)&nbsp;the termination of the Stock Purchase Agreement; (e)&nbsp;commencement of certain specified dissolution, liquidation, insolvency, bankruptcy, reorganization, or similar cases or
actions by or against OME or any of its subsidiaries, in specified circumstances unless dismissed or stayed within 60 days; (f)&nbsp;the entry of a judgment or award against OME or any of its subsidiaries in excess of $100,000; and (g)&nbsp;the
occurrence of a change in control (as defined in the Note). </P>

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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to pledge agreements (the &#147;Pledge Agreements&#148;) entered into by Odyssey, OME,
and Marine Exploration Holdings, LLC (collectively, the &#147;Odyssey Pledgors&#148;) in favor of Epsilon, the Odyssey Pledgors pledged and granted security interests to Epsilon in (a)&nbsp;the 54 million quotas (a unit of ownership under Panamanian
law) of Oceanica Resources S. de R.L. (&#147;Oceanica&#148;) held by OME, (b)&nbsp;all notes and other receivables from Oceanica and its subsidiary owed to the Odyssey Pledgors, and (c)&nbsp;all of the outstanding equity in OME. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the execution and delivery of the Note Purchase Agreement, Odyssey and Epsilon entered into a registration rights agreement
(the &#147;Registration Rights Agreement&#148;) pursuant to which Odyssey agreed to register the offer and sale of the shares (the &#147;Conversion Shares&#148;) of Odyssey common stock issuable upon the conversion of the indebtedness evidenced by
the Note. Subject to specified limitations set forth in the Registration Rights Agreement, including that Odyssey is eligible to use Form S-3, the holder of the Note can require Odyssey to register the offer and sale of the Conversion Shares if the
aggregate offering price thereof (before any underwriting discounts and commissions) is not less than $3.0 million. In addition, Odyssey agreed to file a registration statement relating to the offer and sale of the Conversion Shares on a continuous
basis promptly (but in no event later than 60 days after) after the conversion of the Note into the Conversion Shares and to thereafter use its reasonable best efforts to have such registration statement declared effective by the Securities and
Exchange Commission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Note Purchase Agreement, the Note, the Pledge Agreements, and the Registration Rights Agreement include
representations and warranties and other covenants, conditions, and other provisions customary for comparable transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing
descriptions of the Note Purchase Agreement, the Note, and Amendment No.&nbsp;4 are summaries and do not purport to be complete descriptions of all of the terms of such documents and are qualified in their entirety by reference to such documents,
which are attached hereto as Exhibits 10.1, 10.2, 10.3, and 10.5, respectively. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;8.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B></B><B><I>Other Events.</I></B><B> </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On March&nbsp;22, 2016, Odyssey issued a press
release announcing the matters described in Item&nbsp;2.03 above and other information. A copy of the press release is attached as Exhibit 99.1 to this report and is incorporated herein by reference. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B></B><B><I>Financial Statements and Exhibits.</I></B><B> </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"><I>Financial Statements of Businesses Acquired.</I> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Not applicable. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"><I>Pro Forma Financial Information.</I> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Not applicable. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"><I>Shell Company Transactions.</I> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Not applicable. </P>

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


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"><I>Exhibits.</I> </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="85%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="94%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Note Purchase Agreement, dated March 18, 2016, among Epsilon Acquisitions LLC, Odyssey Marine Enterprises, Ltd., and Odyssey Marine Exploration, Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Convertible Promissory Note, dated March 18, 2016, by Odyssey Marine Enterprises, Ltd., in favor of Epsilon Acquisitions LLC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Waiver and Consent, dated March 18, 2016, among Odyssey Marine Exploration, Inc., Odyssey Marine Enterprises, Ltd., Penelope Mining LLC, and Minera del Norte S.A. de C.V.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Amendment No. 3 to Promissory Note, dated as of December 15, 2015, among Odyssey Marine Enterprises, Ltd., Odyssey Marine Exploration, Inc., and Minera del Norte, S.A. de C.V.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Amendment No. 4, Waiver and Consent to Promissory Note, dated as of March 18, 2016, among Odyssey Marine Enterprises, Ltd., Odyssey Marine Exploration, Inc., and Minera del Norte, S.A. de C.V.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press release issued by Odyssey Marine Exploration, Inc. on March&nbsp;22, 2016.</TD></TR>
</TABLE>

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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>O<SMALL>DYSSEY</SMALL> M<SMALL>ARINE</SMALL> E<SMALL>XPLORATION</SMALL>, I<SMALL>NC</SMALL>.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Dated: March 24, 2016</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Philip S. Devine</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Philip S. Devine</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Chief Financial Officer</I></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d163897dex101.htm
<DESCRIPTION>NOTE PURCHASE AGREEMENT
<TEXT>
<HTML><HEAD>
<TITLE>Note Purchase Agreement</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Execution Version </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTE
PURCHASE AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BY AND AMONG </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EPSILON ACQUISITIONS LLC, </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ODYSSEY MARINE ENTERPRISES, LTD. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AND </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ODYSSEY MARINE
EXPLORATION, INC. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DATED AS OF MARCH 18, 2016 </B></P>

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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5" ALIGN="center">ARTICLE I.</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5" ALIGN="center">ISSUANCE AND SALE OF NOTE; CLOSING</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 1.1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loans</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">1</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 1.2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Initial Closing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">1</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 1.3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deliveries at the Initial Closing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">1</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 1.4.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Second Loan Closing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">2</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 1.5.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deliveries at the Second Closing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">3</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center">ARTICLE II.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center">REPRESENTATIONS AND WARRANTIES OF THE PARENT AND THE COMPANY</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 2.1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Organization, Existence and Good Standing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">3</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 2.2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Authorization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">4</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 2.3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">No Conflict or Violation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">4</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 2.4.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Governmental Consents and Approvals</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">5</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 2.5.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Capitalization and Voting Rights</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">5</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 2.6.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Subsidiaries</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">6</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 2.7.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Oceanica</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">7</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 2.8.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Parent Reports; Financial Statements; Undisclosed Liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">8</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 2.9.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Orders and Proceedings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">10</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 2.10.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Compliance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">10</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 2.11.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Receivables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">10</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 2.12.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Anti-Corruption; Anti-Money Laundering</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">10</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 2.13.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Brokers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">11</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 2.14.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Offering</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">11</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 2.15.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Anti-Takeover Provisions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">11</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center">ARTICLE III.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center">REPRESENTATIONS AND WARRANTIES OF THE LENDER</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 3.1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Organization, Existence and Good Standing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">12</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 3.2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Authorization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">12</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 3.3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Receipt of Information</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">12</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 3.4.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Investment Experience</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">12</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 3.5.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Qualifications of Lender</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">13</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 3.6.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Restricted Securities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">13</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center">ARTICLE IV.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center">MISCELLANEOUS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 4.1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Rules of Construction</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">13</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 4.2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Entire Agreement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">14</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 4.3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Notices</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">15</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 4.4.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fees, Costs and Expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">16</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 4.5.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Publicity and Reports</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">16</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 4.6.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amendments; Waiver</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">16</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">( i ) </P>


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


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 4.7.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Binding Effect; Assignment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">16</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 4.8.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">No Third-Party Beneficiaries</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">17</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 4.9.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">No Recourse Against Nonparty Affiliates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">17</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 4.10.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Governing Law</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">17</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 4.11.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exclusive Forum in Designated Courts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">17</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 4.12.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Consent to Service of Process</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">18</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 4.13.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Waiver of Jury Trial</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">18</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 4.14.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Specific Performance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">18</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 4.15.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Remedies Cumulative</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">18</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 4.16.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Counterparts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">18</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 4.17.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Signatures/E-delivery; Reproduction of Documents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">19</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 4.18.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Severability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">19</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 4.19.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Adjustments for Share Splits, etc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">19</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 4.20.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Release</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">20</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">( ii ) </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ADDENDA </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ANNEXES </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="90%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Annex&nbsp;A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Definitions</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Annex&nbsp;B</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Cross Reference Sheet of Terms Defined Herein</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EXHIBITS &#150; FORMS OF </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="90%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit&nbsp;A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Note</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit B</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">OME Pledge Agreement</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit C</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">MEH-Parent Pledge Agreement</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit D</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Registration Rights Agreement</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">( iii ) </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTE PURCHASE AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>THIS NOTE PURCHASE AGREEMENT</B> (this &#147;<I>Agreement</I>&#148;) is made and entered into as of March&nbsp;18, 2016, by and among
Odyssey Marine Exploration Inc., a Nevada corporation (the &#147;<I>Parent</I>&#148;), Odyssey Marine Enterprises, Ltd., a Bahamas company and wholly owned subsidiary of the Parent (the &#147;<I>Company</I>&#148;), and Epsilon Acquisitions LLC, a
Delaware limited liability company (the &#147;<I>Lender</I>&#148;). Capitalized terms used but not defined herein shall have the meanings ascribed to them in Annex A hereto. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RECITALS: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, on the terms and subject to the conditions set forth herein, the Lender is willing to extend loans from time to time to the
Company which will be evidenced by a secured convertible promissory note in the principal amount of $3,000,000 (the &#147;<I>Note</I>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE</B>,<B></B> in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE I. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ISSUANCE AND SALE OF NOTE; CLOSING </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section 1.1. Loans.</B> On the terms and subject to the conditions set forth in this Agreement, Lender commits to loan to the Parent and
its Affiliates, in one or more transactions (each such transaction, a &#147;<I>Loan</I>&#148;), up to $3,000,000. The Parent has irrevocably instructed Lender that any Loan shall be made directly to the Company. The Company&#146;s obligation to
repay the Loan will be evidenced by the Note in the form attached hereto as <U>Exhibit A</U>. The Note will be guaranteed by the Parent pursuant to Section&nbsp;8 of the Note. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section 1.2. Initial Closing. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Lender shall extend an initial loan in the amount of $1.5 million (the <I>I</I><I>nitial Loan</I>&#148;) on
March&nbsp;31, 2016, which shall be delivered in the form of wire transfer of immediately available funds to an account designated in writing by the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The closing of the Initial Loan (the &#147;<I>Initial Closing</I>&#148;) shall be held March&nbsp;31, 2016 at the offices
of Willkie Farr&nbsp;&amp; Gallagher LLP, 787 Seventh Avenue, New&nbsp;York, New&nbsp;York at 10:00 a.m. Eastern Time; provided, that the Initial Closing may occur on such other date or at such other time and place as the Parent and the Lender may
mutually agree in writing in their sole discretion. The date on which the Initial Closing actually occurs is referred to as the &#147;<I>Initial Closing Date</I>.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section 1.3. Deliveries at the Initial Closing. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) At the Initial Closing, the Parent shall, or shall cause the Company to, deliver to Lender: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the Note; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) a pledge agreement from the Company, pledging 54,000,000 shares of Oceanica
stock (the &#147;<I>Pledged Oceanica Shares</I>&#148;) and any receivables due from Oceanica and its Subsidiaries, to secure repayment of the Note, in the form of <U>Exhibit B</U> hereto (the &#147;<I>OME Pledge Agreement</I>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) a pledge agreement from (A)&nbsp;Marine Exploration Holdings, LLC, a Nevada limited liability company
(&#147;<I>MEH</I>&#148;, and together with the Company, the &#147;<I>I</I><I>ntermediate Holdcos</I>&#148;), pledging all of the outstanding equity in the Company, and any receivables due from Oceanica and its Subsidiaries and (B)&nbsp;Parent,
pledging all of the outstanding equity in MEH and any receivables due from Oceanica and its Subsidiaries, to secure repayment of the Note, in the form of <U>Exhibit C</U> hereto (the &#147;<I>MEH-Parent Pledge Agreement</I>&#148;, and together with
the OME Pledge Agreement, the &#147;<I>Pledge Agreements</I>&#148;); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) a Registration Rights Agreement in the form of
<U>Exhibit D</U> hereto; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) customary secretary&#146;s certificates attaching authorizing resolutions, charter documents
and incumbency information relating to the Company, in form and substance reasonably satisfactory to the Lender; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi)
all other instruments and certificates that the Parent or the Company is required to deliver pursuant to the terms of this Agreement or the other Transaction Documents. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) At the Initial Closing, the Lender shall deliver all instruments and certificates that the Lender is required to deliver
pursuant to the terms of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section 1.4. Second Loan Closing. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Lender shall extend a second loan in the amount of $1.5 million on April&nbsp;30, 2016 (the &#147;<I>Second
Loan</I>&#148;), subject to the satisfaction of the following conditions: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) No &#147;Event of Default&#148; shall have
occurred with respect to the Promissory Note, dated as of March&nbsp;11, 2015 (as amended from time to time), by and among the Parent, the Company and Minera del Norte, S.A. de C.V. (the &#147;<I>Existing Loan</I>&#148;); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the Pledged Oceanica Shares being owned by the Company free and clear of all Liens other than: (i)&nbsp;the Monaco Option
and the Monaco Pledge, to the extent enforceable, (ii)&nbsp;the Oceanica Call, and (iii)&nbsp;a pledge securing the Existing Loan; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) the representations and warranties set forth in <U>Article II</U> shall be true and correct in all material respects at,
and as of, the Second Closing, and there shall be no breach of, or default under, any Transaction Document by the Company or any of its Affiliates; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) trading in the Common Stock shall not have been suspended by NASDAQ; and
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) the registration of the Existing Pledge in the Panamanian Public Registry shall be in effect and continuing and there
shall be no prior pledge registered. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The closing of the Second Loan (the &#147;<I>Second Closing</I>&#148;) shall be
held at the offices of Willkie Farr&nbsp;&amp; Gallagher LLP, 787 Seventh Avenue, New&nbsp;York, New&nbsp;York at 10:00 a.m. Eastern Time on the later of: (i)&nbsp;April&nbsp;30, 2016, and (ii)&nbsp;two Business Days after the satisfaction of the
conditions set forth in <U>Section&nbsp;1.4(a)</U>; provided, that the Second Closing may occur on such other date or at such other time and place as the Parent and the Lender may mutually agree in writing in their sole discretion. The date on which
the Second Closing actually occurs is referred to as the &#147;S<I>econd Closing Date</I>.<I>&#148;</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section 1.5. Deliveries at the
Second Closing.</B> <B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) At the Second Closing, the Parent shall, or shall cause the Company to, deliver to the
Lender such documents as the Lender shall reasonably request. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) At the Second Loan Closing, the Lender shall deliver:
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the Second Loan, which shall be delivered in the form of wire transfer of immediately available funds to an account
designated in writing by the Company; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) all other instruments and certificates that the Lender is required to
deliver pursuant to the terms of this Agreement. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE II. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REPRESENTATIONS AND WARRANTIES OF THE PARENT AND THE COMPANY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Parent and the Company each hereby represent and warrant to the Lender the following: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section 2.1. Organization, Existence and Good Standing. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Each of the Parent and the Company is duly organized and is validly existing and in good standing under the Laws pursuant
to which it was formed, and has all requisite corporate or other entity power authority to carry on its businesses as now conducted and as presently proposed to be conducted. Each of the Parent and the Company is duly licensed or qualified to
transact business as a foreign corporation or other equivalent entity and is in good standing in each jurisdiction in which the nature of the business transacted by it or the character of the properties owned or leased by it requires such licensing
or qualification, except where the failure to be so licensed or qualified would not reasonably be expected to have a material adverse effect upon the Parent or the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Neither the Parent nor the Company is, or has been within the past five (5)&nbsp;years, an &#147;investment company&#148;
within the meaning of the Investment Company Act of 1940. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section 2.2. Authorization. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Each of the Parent, the Company and each of their respective Subsidiaries, as applicable, has all requisite power and
authority to execute and deliver this Agreement and the other Transaction Documents to which it is a party, and to carry out the provisions of this Agreement and the other Transaction Documents to which it is a party, including with respect to the
Parent, the power and authority to issue the Common Stock issuable upon conversion of the Note. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) All action on the part
of the Parent, the Company and each of their Subsidiaries, as applicable, their respective officers, directors and stockholders necessary for the authorization, execution and delivery of this Agreement and the other Transaction Documents to which
the Parent, the Company and each of their Subsidiaries, as applicable, is a party, and the performance of all obligations of the Parent, the Company and their Subsidiaries hereunder and thereunder, and the authorization, issuance (or reservation for
issuance) and delivery of the Common Stock issuable upon conversion of the Note has been taken. This Agreement has been duly and validly executed and delivered by the Parent and the Company, and the other Transaction Documents to which the Parent,
the Company or any Subsidiary is a party, when executed and delivered, will constitute, assuming this Agreement and the other Transaction Documents have been duly authorized, executed and delivered by Lender, and are, valid and legally binding
obligations of the Parent and the Company, enforceable in accordance with their respective terms except: (i)&nbsp;as limited by applicable bankruptcy, insolvency, reorganization, moratorium and other Laws of general application affecting enforcement
of creditors&#146; rights generally; and (ii)&nbsp;as limited by Laws relating to the availability of specific performance, injunctive relief or other equitable remedies (the &#147;<I>Enforceability Exceptions</I>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Board of Directors of the Parent (the &#147;<I>Board of Directors</I>&#148;), by resolutions unanimously adopted at a
meeting duly called and held, has (i)&nbsp;determined and declared that this Agreement and the Contemplated Transactions are advisable and fair to, and in the best interests of, the Parent and its stockholders and (ii)&nbsp;authorized and approved
the execution, delivery and performance of this Agreement and the Transaction Documents. Such resolutions have not been rescinded, modified or withdrawn in any way as of the date of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.3. No Conflict or Violation.</B> The execution, delivery and performance by the Parent, the Company and their Subsidiaries
of this Agreement and the other Transaction Documents to which they are a party and the consummation by the Parent, the Company and their Subsidiaries of the Contemplated Transactions in accordance with the terms hereof or thereof will not (with
notice or lapse of time, or both) (a)&nbsp;conflict with or violate any provision of (i)&nbsp;the articles of incorporation or bylaws of the Parent, (ii)&nbsp;the articles of incorporation or bylaws of the Company or (iii)&nbsp;any equivalent
organizational or governing document of any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Subsidiary of the Parent or the Company, (b)&nbsp;require any consent or approval under, violate, conflict with or result in any breach of or any loss of any benefit under, or constitute a
default under, or result in termination or give to others any right of termination, vesting, amendment, acceleration or cancellation of, or result in the creation of a Lien upon any of the respective properties, rights or assets of the Parent, the
Company or any of their Subsidiaries, (c)&nbsp;conflict with or violate any Order binding upon the Parent, the Company or any of their Subsidiaries, or (d)&nbsp;conflict with or violate any Law applicable to the Parent or any of its Subsidiaries,
except in the case of each of the foregoing clauses (a)(iii), (b), (c)&nbsp;and (d), for such violations, conflicts, breaches, defaults, impairments or revocations that would not reasonably be expected to be material. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section 2.4. Governmental Consents and Approvals.</B> The execution, delivery and performance by the Parent, the Company and their
Subsidiaries of this Agreement and the other Transaction Documents to which they are a party and the consummation by the Parent, the Company and their Subsidiaries of the Contemplated Transactions in accordance with the terms hereof or thereof will
not (with notice or lapse of time, or both) require any Permit or filing or registration with or notification to any Governmental Agency with respect to the Parent, the Company and their Subsidiaries except&nbsp;for filings necessary or appropriate
to perfect Lender&#146;s security interests in collateral securing the Loans and except where the failure to obtain such Permits, or to make such filings, registrations or notifications would not reasonably be expected to be material. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section 2.5. Capitalization and Voting Rights. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) As of the date hereof, the equity capitalization of the Parent consists of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) 75,000,000 authorized shares of Common Stock, of which 7,541,111 shares are issued and outstanding and 466,893 will be
issuable upon the exercise of outstanding options or settlement of restricted stock units; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) 25,000,000 shares of
Preferred Stock, 20,167 of which are designated as &#147;Series D Preferred Stock&#148; and 0 of which are issued and outstanding. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The outstanding Common Stock has been duly authorized and validly issued, is fully paid and non-assessable, and was issued
in accordance with the registration or distribution provisions of the applicable securities Laws or pursuant to valid exemptions therefrom. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) As of the date hereof, except as set forth on <U>Schedule 2.5(c)</U> and except pursuant to the Stock Purchase Agreement,
by and among the Parent, Penelope Mining LLC, and Minera Del Norte S.A. de C.V., dated as of March&nbsp;11, 2015 (the &#147;<I>Stock Purchase Agreement</I>&#148;) there is no: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) outstanding option, warrant, right (contingent or other, including conversion, exchange, participation, right of first
refusal, co-sale or pre-emptive rights or rights regarding phantom stock or stock appreciation rights) or agreement for the purchase or acquisition from the Parent or the Company of any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">
Common Stock, Preferred Stock or any other shares or securities of the Parent or the Company, or any options, warrants or rights convertible into or exchangeable for any thereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) commitment by the Parent or the Company to issue shares, subscriptions, warrants, options, convertible or exchangeable
securities or other such rights or to distribute to holders of its equity securities any evidence of indebtedness or assets; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) bond, debenture, note or other indebtedness of the Parent or the Company that entitles the holder thereof to vote (or is
convertible into, or exchangeable or exercisable for, securities having the right to vote) with the Stockholders on any matter; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) outstanding contractual obligations, commitments or arrangements of any character (contingent or otherwise) that are
binding on the Parent or the Company or any of their Subsidiaries to repurchase, redeem or otherwise acquire any shares of capital stock of, or other equity or voting interests in, the Parent or the Company; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) obligation, contingent or otherwise, by reason of any agreement to register the offer and sale or resale of any of the
Parent&#146;s or the Company&#146;s capital stock or other equity or voting securities under the Securities Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)
Neither the Parent nor or the Company has or intends to accelerate any rights or waive any conditions existing under any outstanding option, warrant, right or agreement (contingent or otherwise, including exercise, vesting, payment, conversion,
exchange, participation, right of first refusal, co-sale or pre-emptive rights or rights regarding phantom stock or stock appreciation rights) for the purchase or acquisition from the Parent or the Company of any Common Stock, Preferred Stock or any
other shares or securities of the Parent or the Company, or any options, warrants or rights convertible into or exchangeable for any thereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Neither the Parent nor or the Company is an &#147;Issuing Corporation&#148; as such term is defined in Section&nbsp;78.3788
of the Nevada Revised Statutes by virtue of the fact that either it has less than 200 holders of record and/or it has less than 100 holders of record who have addresses in the State of Nevada, in either case, appearing on the stock ledger of the
Parent or the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section 2.6. Subsidiaries.</B> The Parent owns all of the issued and outstanding membership interests in MEH,
free and clear of all Liens other than the Liens pursuant to the MEH-Parent Pledge Agreement, and MEH owns 500,000,000 shares of the Company representing all of the issued and outstanding shares of Company free and clear of all Liens other than the
Liens pursuant to the OME Pledge Agreement. Each of MEH, the Company and each Subsidiary of the Company: (a)&nbsp;is validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation, (b)&nbsp;has all
requisite corporate power and authority and all authorizations, licenses and permits necessary to own, lease and operate its properties and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
assets and to carry on its businesses as now conducted and (c)&nbsp;is duly qualified or licensed to do business in every jurisdiction in which its ownership, leasing or operation of property or
assets or the conduct of businesses as now conducted requires it to be qualified or licensed, other than in the case of the Intermediate Holdcos, except as would not, individually or in the aggregate, reasonably be expected to have a material
adverse effect on the business, prospects, condition (financial or otherwise), affairs, properties, assets or Liabilities of the Parent and its Subsidiaries, taken as a whole (a &#147;<I>Material Adverse Effect</I>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section 2.7. Oceanica.</B> As of the date hereof and as of the Second Closing Date: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Company owns 54,000,000 shares of Oceanica, free and clear of all Liens except as set forth on <U>Schedule 2.7(a)</U>.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The outstanding equity capitalization of Oceanica is as set forth on <U>Schedule 2.7(b)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) As of the date hereof, except as set forth on <U>Schedule 2.7(c)</U> and except as contemplated pursuant to an Approved
Monaco Transaction, there is no: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) outstanding option, warrant, right (contingent or other, including conversion,
exchange, participation, right of first refusal, co-sale or pre-emptive rights or rights regarding phantom stock or stock appreciation rights) or agreement for the purchase or acquisition from any of the Intermediate Holdcos or Oceanica of any
equity, or any options, warrants or rights convertible into or exchangeable for any such equity; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) commitment by the
Intermediate Holdcos or Oceanica to issue shares, subscriptions, warrants, options, convertible or exchangeable securities or other such rights or to distribute to holders of its equity securities any evidence of indebtedness or assets; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) bond, debenture, note or other indebtedness of the Intermediate Holdcos or Oceanica that entitles the holder thereof to
vote (or is convertible into, or exchangeable or exercisable for, securities having the right to vote) with the holders of equity in the Intermediate Holdcos or Oceanica on any matter; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) outstanding contractual obligation, commitment or arrangement of any character (contingent or otherwise) that are binding
on the Intermediate Holdcos or Oceanica to repurchase, redeem or otherwise acquire any shares of capital stock of, or other equity or voting interests in the Intermediate Holdcos or Oceanica; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) obligation, contingent or otherwise, by reason of any agreement to register the offer and sale or resale of any of the
capital stock of the Intermediate Holdcos or Oceanica under the Securities Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Set forth on <U>Schedule 2.7(d)</U> is
a true and complete list of each Permit Oceanica has obtained, or made filings to obtain, in connection with the construction, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
development and operation of the Don Diego Project (each, a &#147;<I>Project Permit</I>&#148;).&nbsp;True and complete copies of all such Permits and filings and all material written
correspondence with any Governmental Agency regarding any Project Permit has been furnished to Lender.&nbsp;No Governmental Agency has provided the Parent, Oceanica or any of their Subsidiaries, or to the knowledge of the Parent any other Person,
written notice that such Governmental Agency does not intend to issue any Project Permit or any other Permit that is reasonably necessary for the construction, development and operation of the Don Diego Project.&nbsp;There is no Proceeding pending
or threatened (in writing or otherwise) (i)&nbsp;with respect to any alleged error or omission contained in any filing related to any Project Permit, or (ii)&nbsp;following the issuance of any Project Permit, with respect to any alleged failure to
be in compliance with the terms thereof, or which is likely to result in the revocation or termination of such Project Permit. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Oceanica or a Subsidiary thereof has the exclusive ownership of the mineral rights related to the Don Diego Project
covering not less than 300,000 hectares, each of which are listed on <U>Schedule 2.7(e)</U> (the &#147;<I>Project Mineral Rights</I>&#148;), free and clear of any Liens other than Permitted Liens. The Project Mineral Rights are sufficient to conduct
the Don Diego Project in a manner consistent with the business plans of the Parent. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) The Parent is not aware of any
facts or circumstances that would cause the Technical Report: Revised Assessment of the Don Diego West Phosphorite Deposit, Mexican Exclusive Economic Zone (EEZ), dated June&nbsp;30, 2014, to not be true and correct in all material respects. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.8. Parent Reports; Financial Statements; Undisclosed Liabilities. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The filings, including all material forms, registration, proxy and information statements, prospectuses, reports,
agreements (oral or written) and all documents, exhibits, amendments and supplements appertaining thereto, filed or furnished by the Parent since January&nbsp;1, 2015 under the Securities Act or the Exchange Act (the &#147;<I>Parent
Reports</I>&#148;), have been timely filed or furnished (as applicable) with the SEC and complied, as of their respective filing dates, in all material respects with all applicable requirements of the statutes and the rules and regulations
thereunder, in each case as in effect on the dates so filed, including any amendments of such Parent Reports filed with the SEC. None of the Parent Reports contained, at the time such Parent Report was filed, or if amended or restated, at such time
when finally amended, restated or subsequently mailed to securityholders, any untrue statement of any material fact or omitted to state any material fact required to be stated therein or necessary in order to make the statements made therein, in the
light of the circumstances under which they were made, not misleading. All such Parent Reports complied in all material respects with the applicable requirements of the Securities Act or the Exchange Act, as the case may be. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) As of the date hereof, there are no outstanding or unresolved comments in comment letters from the SEC staff with respect
to the Parent Reports, and to the Knowledge of the Parent, neither the Parent nor any Parent Report is the subject of an ongoing SEC review or outstanding SEC investigation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Each of the consolidated financial statements, consolidated balance sheets,
consolidated statements of operations and consolidated statements of cash flows (including, in each case, any related notes and schedules thereto) of the Parent included in or incorporated by reference into the Parent Reports: (i)&nbsp;complied, as
of the respective filing dates thereof, in all material respects with the applicable rules and regulations of the SEC with respect thereto as in effect on the respective filing dates thereof, (ii)&nbsp;were prepared in accordance with U.S. generally
accepted accounting principles consistently applied during the periods involved (&#147;<I>GAAP</I>&#148;), except as may be footnoted therein, (iii)&nbsp;fairly presented, in all material respects, the consolidated financial position of the Parent,
as of the respective dates thereof, and the consolidated results of operations, retained earnings (accumulated deficit) and cash flows, as the case may be, of the Parent for the respective periods then ended (subject, in the case of unaudited
financial statements, to normal year-end adjustments). Neither the Parent nor any of its Subsidiaries has received, in writing, any material complaint, allegation, assertion or claim regarding the accounting or auditing practices, procedures,
methodologies or methods of the Parent or any of its Subsidiaries or their respective internal accounting controls. To the Knowledge of the Parent, no attorney representing the Parent or its Subsidiaries has reported evidence of a material violation
of securities laws, breach of fiduciary duty or similar violation by the Parent or any of its Subsidiaries or any of their respective officers, directors, employees or agents to the Board of Directors or any committee thereof pursuant to the rules
of the SEC adopted under Section&nbsp;307 of the Sarbanes-Oxley Act of 2002. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The Parent has (A)&nbsp;implemented and
maintains (x)&nbsp;disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act) designed to ensure that material information relating to the Parent and its Subsidiaries is made known on a timely basis to the management of
the Parent and (y)&nbsp;a system of internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) designed to provide reasonable assurances regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with GAAP and (B)&nbsp;disclosed to the Parent&#146;s outside auditors and the audit committee of the Board of Directors (x)&nbsp;all significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Parent&#146;s and its Subsidiaries&#146; ability to record, process, summarize and report financial data and (y)&nbsp;any fraud,
whether or not material, that involves management or other employees who have a significant role in the Parent&#146;s internal control over financial reporting. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) There are no Liabilities of the Parent or its Subsidiaries of a nature (whether accrued, absolute, contingent or otherwise)
other than: (i)&nbsp;Liabilities set forth in the consolidated balance sheet, including the notes thereto, of the Parent included in the most recent Parent Reports; (ii)&nbsp;Liabilities or obligations incurred in the ordinary course of business
consistent with past practices since the date of such balance sheet; (iii)&nbsp;Liabilities under Contracts, none of which arise out of any breach, default or non-performance by the Parent or its Subsidiaries; and (iv)&nbsp;Liabilities disclosed on
the Disclosure Schedules to this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.9. Orders and Proceedings.</B> There are no outstanding Orders to which the
Parent or any of its Subsidiaries or any of their respective properties or assets is subject or bound that would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and there are no Proceedings pending or, to
the Knowledge of the Parent, threatened against the Parent or any of its Subsidiaries or to which any of their respective properties or assets is subject or bound that, if adversely determined, would reasonably be expected to have, individually or
in the aggregate, a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.10. Compliance. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Parent and its Subsidiaries are, and for the past three years have been, in material compliance with all material Laws
applicable to them; and during the past three years, neither the Parent nor any of its Subsidiaries has received written notice from any Governmental Agency or any other Person regarding any actual, alleged, possible, or potential violation of, or
failure to materially comply with, any material Law, except for such non-compliance as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Parent and its Subsidiaries are not in breach or default under any of their contracts with Monaco and its Affiliates.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.11. Receivables.</B> As of the date hereof, the amount due and owing from Oceanica and its Subsidiaries to the Parent
and its Subsidiaries is as set forth on <U>Schedule 2.11</U>, which schedule sets forth the debtor, the creditor and that amount due. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.12. Anti-Corruption; Anti-Money Laundering. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Neither the Parent nor the Company or any of their respective Subsidiaries, nor any director or officer of any of the
Parent, the Company or their respective Subsidiaries, nor, to the Knowledge of the Parent, the Company, any stockholder, employee, vendor, sub-contractor or representative acting on behalf of any of the Parent, the Company and their Subsidiaries,
has taken any action, directly or indirectly, that would result in a material violation of any Anti-Corruption Law, Anti-Money Laundering Law, or OFAC Law, whether within the United States of America or elsewhere. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Parent and the Company have established and maintains procedures and controls that are reasonably designed to ensure
that the Parent, the Company and their respective Subsidiaries are in compliance in all material respects with any applicable Anti-Corruption Laws, Anti-Money Laundering Laws or OFAC Laws. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) None of the Parent, the Company and their respective Subsidiaries has found material violations of any Anti-Corruption Law,
Anti-Money Laundering Law or OFAC Law in an internal investigation, made a voluntary or other disclosure to a Governmental Agency related to any Anti-Corruption Law, Anti-Money Laundering Law </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
or OFAC Law or received any written official notice, citation, complaint or report related to alleged violations of any Anti-Corruption Law, Anti-Money Laundering Law or OFAC Law and either filed
with a court, tribunal, or other Governmental Agency or transmitted by a Governmental Agency. Neither the Parent nor the Company has any Knowledge that it or any of its respective Subsidiaries is under investigation by any Governmental Agency for
possible violations of any Anti-Corruption Law, Anti-Money Laundering Law or OFAC Law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) None of the Parent, the Company
and their respective Subsidiaries, nor any director or officer of the Parent, the Company or any of their respective Subsidiaries and, to the Knowledge of the Parent, no employee or agent of any of the Parent or any of its Subsidiaries is (i)&nbsp;a
blocked person or denied party under any Anti-Money Laundering Law or (ii)&nbsp;a Person with whom dealing or engaging in transactions is prohibited or sanctioned under any Laws of the United States of America or any other applicable jurisdiction.
Neither the Parent, the Company nor any of their respective Subsidiaries is a party to any Contract or other agreement or has engaged in any transaction or other business dealing with any country that, at the time of the relevant transaction, was
subject to comprehensive (as opposed to list-based) OFAC Laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.13. Brokers.</B> No person, firm or corporation has or,
as a result of any action taken by the Parent, the Company, their respective Subsidiaries or any of their authorized representatives, will have, in the context of the transactions contemplated by this Agreement, any right, interest or valid claim
against or upon the Parent, the Company, their respective Subsidiaries or the Lender for any commission, fee or other compensation as a finder or broker or in any similar capacity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.14. Offering.</B> Assuming the accuracy of the Lender&#146;s representations and warranties set forth in this Agreement, the
issuance of Common Stock issuable upon conversion of the Note is exempt from the registration and prospectus requirements of the Securities Act, and any other applicable securities Law, and will be issued in compliance with all applicable federal
and state securities and blue sky Laws. Neither the Parent, the Company nor any Person acting on their behalf will take any action hereafter that would cause the loss of such exemption. The issuance of the Common Stock issuable upon conversion of
the Note to the Lender will not be integrated with any other issuance of the Parent&#146;s securities (past, current or future) for purposes of any stockholder approval provisions applicable to the Parent or its securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.15. Anti-Takeover Provisions.</B> The Parent has taken all actions necessary to render inapplicable to this Agreement and
the Contemplated Transactions, and inapplicable to Lender and the Common Stock issuable upon conversion of the Note in connection with this Agreement and the Contemplated Transactions, any and all &#147;fair price,&#148; &#147;moratorium,&#148;
&#147;control share acquisition,&#148; &#147;business combination&#148; and other similar statutes or regulations of any state or jurisdiction (collectively, &#147;<I>Takeover Laws</I>&#148;); and without limiting the foregoing, the Board of
Directors has taken all actions necessary so that the restrictions on business combinations contained in Sections 78.378-78.3793 and 78.411-78.444 of the Nevada Revised Statutes, and, accordingly, any other section or any other Nevada Takeover Law
or similar statute or regulation will not apply with respect to, or as a result of, the execution of this Agreement, the other Transaction Documents or the consummation of the Contemplated Transactions, without any further action on the part of the
Stockholders or of the Board of Directors. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE III. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REPRESENTATIONS AND WARRANTIES OF THE LENDER </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Lender hereby represents and warrants to the Parent as of the date hereof that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;3.1. Organization, Existence and Good Standing.</B> Lender is duly organized and is validly existing and in good standing
under the Laws pursuant to which it was formed, and has all requisite corporate power and corporate authority to carry on its businesses as now conducted and as presently proposed to be conducted. Lender is duly licensed or qualified to transact
business as a foreign corporation or other equivalent entity and is in good standing in each jurisdiction in which the nature of the business transacted by it or the character of the properties owned or leased by it requires such licensing or
qualification, except for those jurisdictions where the failure to be so licensed, qualified or in good standing would not reasonably be expected to have an Lender Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;3.2. Authorization.</B> Lender has full power and authority to execute and deliver this Agreement and the other Transaction
Documents to which it is a party, and to carry out the provisions of this Agreement and the other Transaction Documents to which it is a party. Any and all corporate or partnership action on the part of Lender necessary for the authorization,
execution and delivery of this Agreement and the performance of all obligations of Lender hereunder at each Closing has been, or will by each Closing have been, taken. This Agreement has been duly and validly executed and delivered and constitutes,
and the Transaction Documents to which Lender is a party when executed and delivered will constitute, assuming due execution and delivery by the other parties thereto of this Agreement and the Transaction Documents, valid and legally binding
obligations of Lender, enforceable against Lender in accordance with their respective terms, subject to the Enforceability Exceptions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;3.3. Receipt of Information.</B> Lender believes it has received all the information the Lender considers necessary or
appropriate for deciding whether to purchase the Note. Lender further represents that Lender has had an opportunity to ask questions and receive answers from the Parent regarding the terms and conditions of the offering of the Note and the business,
properties, prospects and financial condition of the Parent and to obtain additional information (to the extent the Parent possessed such information or could acquire it without unreasonable effort or expense) necessary to verify the accuracy of any
information furnished to Lender or to which Lender had access. The foregoing, however, does not limit or modify the representations and warranties of the Parent and the Company in <U>ARTICLE II</U> of this Agreement or the right of Lender to rely
thereon. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;3.4. Investment Experience.</B> Lender confirms that it has such knowledge and experience in financial and
business matters that Lender is capable of evaluating the merits and risks of an investment in the Note and of making an informed investment decision and understands that: this investment is suitable only for an investor which is able to bear the
economic consequences of losing its entire investment; the purchase of the Note by the Lender hereunder is a speculative investment which involves a high degree of risk of loss of the entire </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
investment; there are substantial restrictions on the transferability of, and there will be no public market for, the Note, and accordingly, it may not be possible for the Lender to liquidate its
investment in case of emergency; and this Agreement and the other Transaction Documents create a complex set of rights and obligations of the Lender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;3.5. Qualifications of Lender.</B> Lender is an &#147;Accredited Lender&#148; as such term is defined in Rule 501(a) under the
Securities Act (without reliance on Rule 501(a)(4) thereof). The Lender will provide reasonable information requested by the Parent in connection with any filing required to be made with applicable securities regulators in connection with any
issuance of Common Stock issuable upon conversion of the Note. Lender is not a &#147;Bad Actor&#148; within the meaning of Rule 506 of the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section 3.6. Restricted Securities.</B> Lender understands that no securities of the Parent may be sold, transferred, or otherwise disposed
of without registration under the Securities Act or an exemption therefrom, and that in the absence of either an effective registration statement covering the Note or the Common Stock into which it may have been converted, as applicable, compliance
with such distribution requirements or an available exemption from registration under the Securities Act, the Note or the Common Stock into which it may have been converted, as applicable, must be held indefinitely. Lender understands that the Note
and the Common Stock into which it may have been converted will carry legends required by Law. In particular, the Lender is aware that the Note may not be sold pursuant to Rule 144 promulgated under the Securities Act unless all of the conditions of
that rule are met. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IV. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MISCELLANEOUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.1. Rules of Construction. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) When a reference is made in this Agreement to an Article, a Section, an Exhibit or a Schedule, such reference shall be to
an Article of, a Section of, or an Exhibit or a Disclosure Schedule to this Agreement unless otherwise indicated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)
Whenever the words &#147;include,&#148; &#147;includes&#148; or &#147;including&#148; are used in this Agreement or any other Transaction Document, they shall be deemed to be followed by the words &#147;without limitation.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Whenever the word &#147;<I>or</I>&#148; is used in this Agreement, it shall not be deemed exclusive. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) All terms defined in this Agreement shall have the defined meanings when used in any other Transaction Document or in any
certificate or other document made or delivered pursuant hereto or thereto unless otherwise defined therein. The definitions contained in this Agreement and any other Transaction Document are applicable to the singular as well as to the plural forms
of such terms and to the masculine as well as to the feminine and neuter genders of such terms. Whenever the context requires, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Except as expressly stated in this Agreement, all references to any Law are
to such Law as amended, modified, supplemented or replaced from time to time, and all references to any section of any Law include any successor to such section. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Except as expressly stated in this Agreement, all references to any agreement are to such agreement and include any
exhibits, annexes and schedules attached to such agreement, in each case, as the same is in effect as of the date of this Agreement and in the case of any such agreement to which the parties are other than all of the parties to this Agreement,
without giving effect to any subsequent amendment or modification. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) All references to &#147;$&#148; or
&#147;dollars&#148; mean the lawful currency of the United States of America. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) Unless otherwise specified herein, all
accounting terms used herein shall be interpreted, all determinations with respect to accounting matters hereunder shall be made, and all financial statements and certificates and reports as to financial matters required to be furnished hereunder
shall be prepared in accordance with United States generally accepted accounting principles, as consistently applied by the Parent and the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) No specific provision, representation or warranty shall limit the applicability of a more general provision, representation
or warranty. It is the intent of the parties that each representation, warranty, covenant, condition and agreement contained in this Agreement shall be given full, separate, and independent effect and that such provisions are cumulative. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) The parties hereto have participated jointly in the negotiation and drafting of this Agreement and the other Transaction
Documents with the assistance of counsel and other advisors and, in the event an ambiguity or question of intent or interpretation arises, this Agreement and the other Transaction Documents shall be construed as jointly drafted by the parties hereto
and thereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement or any other Transaction Document. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) The table of contents and the headings contained in this Agreement and the other Transaction Documents are for reference
purposes only and shall not affect in any way the meaning or interpretation of this Agreement or the other Transaction Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.2. Entire Agreement. </B>This Agreement, the other Transaction Documents, the Disclosure Schedules hereto and thereto, and
the other agreements included as exhibits hereto and thereto constitute the entire agreement among the parties with respect to the subject matter hereof and supersede all prior agreements and, understandings, among the parties with respect to the
subject matter hereof and thereof. In the event of a conflict between the terms of this Agreement and the other Transaction Documents, the terms of this Agreement shall govern. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.3. Notices.</B> All notices and other communications hereunder shall be in
writing and shall be deemed duly given (a)&nbsp;on the date of delivery if delivered personally, (b)&nbsp;on the date sent by facsimile (with confirmation of transmission) or electronic mail if sent during normal business hours of the recipient
during a Business Day, and otherwise on the next Business Day, if sent after normal business hours of the recipient, provided that in the case of electronic mail, each notice or other communication shall be confirmed within one Business Day by
dispatch of a copy of such notice pursuant to one of the other methods described herein, (c)&nbsp;if dispatched via a nationally recognized overnight courier service (delivery receipt requested) with charges paid by the dispatching party, on the
later of (i)&nbsp;the first Business Day following the date of dispatch, or (ii)&nbsp;the scheduled date of delivery by such service, or (d)&nbsp;on the fifth Business Day following the date of mailing, if mailed by registered or certified mail,
return receipt requested, postage prepaid to the party to receive such notice, at the following addresses, or such other address as a party may designate from time to time by notice in accordance with this Section. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">If to the Parent or Company, to: </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Odyssey Marine Exploration, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">5215 W. Laurel Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Suite 210
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Tampa, Fl 33607 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Attention:
Chief Executive Officer </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">with a copy to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Akerman LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">401 E. Jackson
Street, Suite 1700 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Tampa, FL 33602 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Attention: David M. Doney </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Facsimile: (813)&nbsp;218-5404 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">(b) If to the Lender, to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Epsilon Acquisitions LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">c/o:
Altos Hornos de Mexico S.A.B. de C.V. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Campos Eliseos No.&nbsp;29 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Col. Rincon del Bosque </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">11580
Mexico D.F. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Mexico </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Attention: General Counsel </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Facsimile: 52 866 633-8050 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">with
a copy to: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Willkie Farr&nbsp;&amp; Gallagher LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">787 Seventh Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">New York, NY
10019 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Attention: Maurice M. Lefkort </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Facsimile: (212)&nbsp;728-8111 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.4. Fees, Costs and Expenses. </B>The Parent shall reimburse Lender for its and
its Affiliates&#146; reasonable, out-of-pocket fees, costs and expenses in an amount not to exceed $50,000 incurred in connection with the Contemplated Transaction through the increase in the principal amount of the Note by the amount of such fees,
costs and expenses. All fees, costs and expenses incurred by the Parent in connection with this Agreement and the other Transaction Documents and the Contemplated Transactions shall be borne by Parent whether or not the Contemplated Transactions are
consummated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.5. Publicity and Reports. </B>Each party agrees that, except as otherwise required by Law, it will not
issue any reports, statements or releases, in each case relating to the Contemplated Transactions, without the prior written consent of the other parties hereto, which consent shall not unreasonably be withheld or delayed. To the extent disclosure
is required by Law, the non-disclosing party shall have the right to review any report, statement or release as promptly as possible prior to its publication and to reasonably consult with the disclosing party with respect to the content thereof.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.6. Amendments; Waiver. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) This Agreement may be amended, superseded, canceled, renewed or extended only by a written instrument signed by each of the
parties hereto. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) A party may by written instrument signed on behalf of such party: (i)&nbsp;extend the time for the
performance of any of the obligations or other acts of another party due to it, (ii)&nbsp;waive any inaccuracies in the representations and warranties made to it contained in this Agreement or any Transaction Document, or (iii)&nbsp;waive compliance
with any covenants, obligations, or conditions in its favor contained in this Agreement or in any Transaction Document. No claim or right arising out of this Agreement or any Transaction Document can be waived by a party, in whole or in part, unless
made in a writing signed by such party. Neither any course of conduct or dealing nor failure or delay by any party in exercising any right, power, or privilege under this Agreement or any of the Transaction Documents will operate as a waiver of such
right, power, or privilege, and no single or partial exercise of any such right, power, or privilege will preclude any other or further exercise of such right, power, or privilege or the exercise of any other right, power, or privilege. A waiver
given by a party will be applicable only to the specific instance for which it is given. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.7. Binding Effect; Assignment.
</B>This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. Neither this Agreement, nor any right, duty or obligation of any party hereunder, may be assigned or
delegated by the Parent without the prior written consent of Lender. Lender may assign its rights and delegate its obligations hereunder; provided that no such assignment or delegation shall relieve Lender of its obligations hereunder. Any purported
assignment of rights or delegation of obligations in violation of this Section will be void. References to a party in this Agreement and in any Transaction Document also refer to such party&#146;s successors and permitted assigns. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.8. No Third-Party Beneficiaries. </B>Except for the Persons expressly
referenced in <U>Section&nbsp;4.9</U>, nothing in this Agreement is intended or shall be construed to give any person, other than the parties hereto, their successors and permitted assigns, any legal or equitable right, remedy or claim under, or in
respect of, this Agreement the Transaction Documents or any provision contained herein or therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.9. No Recourse
Against Nonparty Affiliates.</B> All claims, obligations, liabilities, or causes of action (whether in contract, common or statutory law, equity or otherwise) that arise out of or relate to this Agreement or any other Transaction Document, or the
negotiation, execution, or performance of this Agreement or any other Transaction Document (including any representation or warranty made in, in connection with or as an inducement to this Agreement or any other Transaction Document), may be made
only against the parties that are signatories to this Agreement or such other Transaction Document, as the case may be (&#147;<I>Contracting Parties</I>&#148;).&nbsp;No Person who is not a Contracting Party, including any officer, employee, member,
partner or manager signing this Agreement, the Transaction Documents or any certificate delivered in connection herewith or therewith on behalf of any Contracting Party (&#147;<I>Nonparty Affiliates</I>&#148;) shall have any liability (whether in
contract, tort, common or statutory law, equity or otherwise) for any claims, obligations, liabilities or causes of action arising out of, or relating in any manner to, this Agreement or any other Transaction Document or based on, in respect of, or
by reason of this Agreement or any other Transaction Document or the negotiation, execution, performance, or breach of the Agreement or any other Transaction Document; and, to the maximum extent permitted by Law, each Contracting Party hereby waives
and releases all such liabilities, claims, causes of action, and obligations against any such Nonparty Affiliates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.10.
Governing Law.</B> This Agreement, the other Transaction Documents, and any dispute, controversy or proceeding arising out of or relating to this Agreement, the other Transaction Documents, or the Contemplated Transactions or the subject matter
hereof or thereof or the relationship among the parties hereto or thereto in connection herewith or therewith (in each case whether in contract, tort, common or statutory law, equity or otherwise) shall be governed by the substantive Laws of the
State of Delaware without regard to conflict of law principles thereof or of any other jurisdiction that would cause the application of laws of any jurisdiction other than those of the State of Delaware. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.11. Exclusive Forum in Designated Courts.</B> Any dispute, controversy, proceeding or claim arising out of or relating
to:&nbsp;(i)&nbsp;this Agreement or any other Transaction Document, or any of the Contemplated Transactions or the subject matter hereof or thereof, (ii)&nbsp;the breach, termination, enforcement, interpretation or validity of this Agreement, or any
other Transaction Document, including the determination of the scope or applicability of this agreement to arbitrate, or (iii)&nbsp;the relationship among the parties hereto or thereto, in each case, whether in contract, tort, common or statutory
law, equity or otherwise, shall be brought exclusively in either (x)&nbsp;the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware, (y)&nbsp;if such court lacks subject matter jurisdiction, the United
States District Court for the District of Delaware, to the extent that such court has subject matter jurisdiction or (z)&nbsp;if such court lacks subject matter jurisdiction, the courts of the State of
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Delaware (the &#147;<I>Designated Court</I>&#148;).&nbsp;Each of the parties hereto hereby irrevocably submits with regard to any such action or proceeding for itself and in respect of its
property, generally and unconditionally, to the personal jurisdiction of the Designated Court and agrees that it will not bring any action whether in tort, contract, common or statutory law, equity or otherwise arising out of or relating to this
Agreement or any other Transaction Document or any of the Contemplated Transactions or the subject matter hereof or thereof in any court other than the Designated Court.&nbsp;Each of the parties hereto hereby irrevocably waives, and agrees not to
assert as a defense, counterclaim or otherwise, in any action or proceeding with respect to this Agreement or any other Transaction Document, (a)&nbsp;any claim that it is not personally subject to the jurisdiction of the Designated Court,
(b)&nbsp;any claim that it or its property is exempt or immune from jurisdiction of the Designated Court or from any legal process commenced in such Designated Court (whether through service of notice, attachment prior to judgment, attachment in aid
of execution of judgment, execution of judgment or otherwise), and (c)&nbsp;to the fullest extent permitted by applicable Law, any claim that (i)&nbsp;the suit, action or proceeding in such Designated Court is brought in an inconvenient forum,
(ii)&nbsp;the venue of such suit, action or proceeding is improper, or (iii)&nbsp;this Agreement, any other Transaction Document, or the subject matter hereof or thereof, may not be enforced in or by such Designated Court. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.12. Consent to Service of Process. </B>Each of the parties hereto hereby irrevocably and unconditionally consents to service
of process in the manner provided for notices in <U>Section&nbsp;4.3</U> and agrees that nothing in this Agreement or any other Transaction Document will affect the right of any party hereto to serve process in any other manner permitted by
applicable Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.13. Waiver of Jury Trial. </B>EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY DISPUTE IS LIKELY TO INVOLVE
COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT KNOWINGLY, VOLUNTARILY, INTENTIONALLY, IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY DISPUTE. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.14. Specific Performance. </B>The parties agree that irreparable damage would occur in the event that any of the provisions
of this Agreement were not performed in accordance with their specific terms and that monetary damages, even if available, would not be an adequate remedy therefor. It is accordingly agreed that the parties shall be entitled to specific performance
of the terms hereof, this being in addition to any other remedy to which they are entitled at law or in equity. The parties acknowledge that the awarding of equitable remedies is within the discretion of the applicable court. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.15. Remedies Cumulative. </B>The rights and remedies of the parties are cumulative and not alternative. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.16. Counterparts. </B>This Agreement may be executed in one or more counterparts, each of which will be deemed to be an
original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.17. Signatures/E-delivery; Reproduction of Documents. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) A manually signed copy of this Agreement or any other Transaction Documents delivered by facsimile, email or other means of
electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement. No legally binding obligation shall be created with respect to a party until such party has delivered or caused to be
delivered a manually signed copy of this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) This Agreement, the other Transaction Documents, and all
certificates and documents relating hereto and thereto, including, without limitation, (i)&nbsp;consents, waivers and modifications that may hereafter be executed, (ii)&nbsp;documents received by each party pursuant hereto, and (iii)&nbsp;financial
statements and other information previously or hereafter furnished to each party, may be reproduced by each party by electronic digital storage, computer tapes, photographic, photostatic, optical character recognition, microfilm, microcard,
miniature photographic or other similar process, and each party may destroy any original document so reproduced. All parties hereto agree and stipulate that any such reproduction shall be admissible in evidence as would the original itself in any
judicial, arbitration or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made by each party in the regular course of business) and that any enlargement, facsimile or further
reproduction of such reproduction shall likewise be admissible in evidence. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.18. Severability. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) If any provision of this Agreement or any other Transaction Document is determined to be invalid, illegal or unenforceable,
the remaining provisions of this Agreement and the other Transaction Documents shall remain in full force, if the essential terms and conditions of this Agreement and the other Transaction Documents for each party remain valid, binding and
enforceable. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as
may be possible and be valid and enforceable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Any provision of this Agreement or any other Transaction Document held
to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining
provisions hereof or thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.19. Adjustments for Share Splits, etc.</B> Wherever in this Agreement there is a reference to a specific number of shares of
the Parent of any Class&nbsp;or series, or a price per share, or consideration received in respect of such shares, then, upon the occurrence of any subdivision or consolidation of the shares of such Class&nbsp;or series, the specific number of
shares or the price so referenced in this Agreement shall automatically be proportionally adjusted to reflect the effect on the outstanding shares of such Class&nbsp;or series of shares by such subdivision or consolidation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.20. Release.</B> In consideration of, among other things, Lender&#146;s
execution and delivery of this Agreement, each of the Parent, the Company, any party claiming on behalf of the Parent or the Company, the Parent or the Company&#146;s equityholders and residual claimants and the respective successors and assigns of
each (collectively, the &#147;<I>Releasors</I>&#148;), hereby forever agrees and covenants not to sue or prosecute against the Releasees (as defined in this <U>Section&nbsp;4.20</U>) and hereby forever waives, releases and discharges each Releasee
from, any and all claims (including, without limitation, cross-claims, counterclaims, rights of set-off and recoupment), actions, causes of action, suits, debts, accounts, interests, Liens, promises, warranties, damages and consequential and
punitive damages, demands, agreements, bonds, bills, specialties, covenants, controversies, torts, variances, trespasses, judgments, executions, costs, expenses or claims whatsoever (collectively, the &#147;<I>Claims</I>&#148;), that such Releasor
now has or hereafter may have, of whatsoever nature and kind, whether known or unknown, whether arising at law or in equity, against Lender in any capacity and its shareholders and &#147;controlling persons&#148; (within the meaning of the federal
securities laws), and their respective successors and assigns and each and all of the officers, directors, employees, agents, attorneys, advisors, auditors, consultants, Affiliates and other representatives of each of the foregoing (collectively,
the &#147;<I>Releasees</I>&#148;), based in whole or in part on facts whether or not now known, existing on or before the date hereof, that relate to, arise out of or otherwise are in connection with this Agreement or any of the Transaction
Documents or any transactions contemplated thereby or any acts or omissions in connection therewith or the negotiation thereof, provided, however, that the foregoing shall not release Lender from its express obligations under this Agreement or any
of the Transaction Documents.&nbsp;The provisions of this <U>Section&nbsp;4.20</U> shall survive the expiration and termination of this Agreement and any of the Transaction Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.] </I></B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, the parties have executed this Agreement as of the date first above
written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><B><U>PARENT</U></B>:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><B>ODYSSEY MARINE EXPLORATION, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Mark D. Gordon</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Mark D. Gordon</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">President &amp; Chief Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5" ROWSPAN="2"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>COMPANY</U></B>:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>ODYSSEY MARINE ENTERPRISES, LTD.</B></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt"></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Mark D. Gordon</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Mark D. Gordon</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Vice Pres. &amp; Director</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Note Purchase Agreement] </P>

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

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><B><U>LENDER</U></B>:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><B>EPSILON ACQUISITIONS LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Alonso Ancira</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Alonso Ancira</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Member</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Note Purchase Agreement] </P>

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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ANNEX A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DEFINITIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;<I>Affiliate</I>&#148; has the meaning set forth in Rule 12b-2 of the rules and regulations promulgated under the Exchange Act;
provided, however, that for purposes of this Agreement, Lender and its Affiliates, on the one hand, and the Parent and its Affiliates, on the other, shall not be deemed to be &#147;Affiliates&#148; of one another. <I> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;<I>Anti-Corruption Laws</I>&#148; means Laws or Orders relating to anti-bribery and anti-corruption (governmental or commercial)
that apply to the business and dealings of the Parent or any of its Subsidiaries, including, without limitation, Laws that prohibit the payment, offer, promise or authorization of the payment or transfer of anything of value (including gifts or
entertainment), directly or indirectly, to any foreign government official, foreign government employee or commercial entity to obtain a business advantage. <I> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;<I>Anti-Money Laundering Laws</I>&#148; means any Laws or Orders relating to anti-money laundering or terrorism financing that
apply to the business and dealings of the Parent or any of its Subsidiaries.<I> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;<I>Approved Monaco Transaction</I>&#148;
has the meaning ascribed to such term in the Waiver and Consent, dated March&nbsp;18, 2016, by and among the Parent, the Company, Penelope Mining LLC, and Minera del Norte S.A. de C.V.<I> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Business Day</I>&#148; means any day except (a)&nbsp;a Saturday or Sunday or (b)&nbsp;a day on which the New York Stock Exchange or
the NASDAQ Stock Market is closed for trading. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;<I>Class</I>&#148; means any class of capital stock of the Parent designated
as such in any of the articles of incorporation of the Parent.<I> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Closing</I>&#148; means the Initial Closing and the Second
Closing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Closing Date</I>&#148; means the Initial Closing Date and the Second Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Common Stock</I>&#148; means the common stock par value $.0001 per share of Parent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;<I>Contemplated Transactions</I>&#148; means the transactions contemplated by this Agreement and each of the Transaction
Documents, including the issuance of the Common Stock upon conversion of the Note. <I> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;<I>Contract</I>&#148; means any
contract, lease, deed, mortgage, license, instrument, note, commitment, undertaking, indenture, joint venture or any other agreement, commitment or legally binding arrangement, whether written or oral.<I> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Disclosure Schedule</I>&#148; means the disclosure schedule attached hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;<I>Don Diego Project</I>&#148; means the Don Diego West offshore phosphate project, located in the Pacific Ocean approximately 50
km southwest off the coast of Baja California Sur, Mexico.<I> </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A - 1 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Exchange Act</I>&#148; means the Securities Exchange Act of 1934, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;<I>Existing Pledge</I>&#148; means that certain Pledge Agreement, dated as of March&nbsp;11, 2015, by and among Minera del Norte
S.A. de C.V., the Company and Oceanica. <I> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;<I>Governmental Agency</I>&#148; means any: (x)&nbsp;multinational, federal,
state, regional, municipal, local or other government, governmental or public department, central bank, court, tribunal, arbitral body, commission, board, bureau or agency, domestic or foreign; (y)&nbsp;subdivision, agent, commission, board or
authority of any of the foregoing; or (z)&nbsp;quasi-governmental or private body exercising any regulatory, expropriation or taxing authority under or for the account of any of the foregoing.<I> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;<I>Lender Material Adverse Effect</I>&#148; means a material adverse effect on the ability of Lender to perform its obligations
under the Transaction Documents.<I> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;<I>Knowledge</I>&#148; means that a matter is, as of the applicable date, actually
known to, or based on their position and responsibilities would reasonably be expected to be known by, an executive officer of the Parent.<I> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;<I>Law</I>&#148; means: (1)&nbsp;laws (including common law), statutes, by-laws, rules, regulations, orders, ordinances, codes,
treaties, decrees, judgments, awards or requirements, in each case of any Governmental Agency, and terms and conditions of any grant of approval, permission, authority or license of any Governmental Agency; and (2)&nbsp;all policies, notices,
guidelines, protocols or directions of any Governmental Agency which are binding on the Person referred to in the context in which it is used. <I> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;<I>Liabilities</I>&#148; means liabilities, obligations or commitments of any nature whatsoever, asserted or unasserted, known or
unknown, absolute or contingent, accrued or unaccrued, matured or unmatured or otherwise.<I> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;<I>Lien&#148;</I> means any
charge, claim, community property interest, condition, equitable interest, lien, option, pledge, security interest, right of first refusal, or restriction of any kind, including any restriction on use, voting, transfer, receipt of income, or
exercise of any other attribute of ownership.<I> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;<I>Monaco</I>&#148; means Monaco Financial, LLC.<I> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Monaco Option</I>&#148; means, to the extent enforceable under applicable Law, the purported right of Monaco to purchase, on or
before the date that is the maturity date of any outstanding note under the Loan Agreement dated as of August&nbsp;14, 2014, by and between the Parent and Monaco, up to 3,174,603 quotas in Oceanica owned by the Company for a price equal to the
lesser of $3.15 per quota or the price per quota obtained in certain public offerings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Monaco Pledge</I>&#148; means, to the
extent enforceable under applicable Law, the purported Lien granted to Monaco by the Company on 10,000,000 quotas in Oceanica, as a security for $10.0 million of indebtedness owed by the Parent to Monaco, pursuant to the Loan Agreement, dated as of
August&nbsp;14, 2014 by and between Monaco and Parent. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A - 2 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;<I>Oceanica</I>&#148; means Oceanica Resources S. de R.L., a Panamanian limitada.<I>
</I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;<I>Oceanica Call</I>&#148; means that certain Call Option Agreement, dated as of March&nbsp;11, 2015, as amended
April&nbsp;10, 2015, by and between the Company and Minera del Norte S.A. de C.V.<I> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;<I>OFAC Laws</I>&#148; means any
statutory and regulatory requirements of the laws administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury.<I> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;<I>Order</I>&#148; means any judgment, writ, decree, injunction, order, compliance agreement or settlement agreement of or with
any Governmental Agency. <I> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;<I>Permit&#148;</I> means any permit, approval, consent, authorization, license, variance,
or permission required by a Governmental Agency under any Law.<I> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Permitted Liens&#148;</I> means, with respect to any
asset, (i)&nbsp;covenants, conditions, restrictions, encroachments, encumbrances, easements, rights of way, licenses, grants, building or use restrictions, exceptions, reservations, limitations or other imperfections of title (other than a Lien
securing any indebtedness) with respect to such asset which, individually or in the aggregate, does not materially detract from the value of, or materially interfere with the present occupancy or use of, such asset and the continuation of the
present occupancy or use of such asset; (ii)&nbsp;unfiled mechanic&#146;s, materialmen&#146;s and similar Liens with respect to amounts not yet due and payable or which are being contested in good faith through appropriate proceedings and, for which
adequate reserves in accordance with GAAP are reflected on the consolidated balance sheet of the Parent included in the Parent Reports; (iii)&nbsp;Liens for Taxes not yet delinquent or which are being contested in good faith through appropriate
proceedings and, for which adequate reserves in accordance with GAAP are reflected on the consolidated balance sheet of the Parent included in the Parent Reports; and (iv)&nbsp;Liens securing rental payments under capital lease arrangements, which
capital lease arrangements are reflected in accordance with GAAP on the consolidated balance sheet of the Parent included in the Parent Reports.<I> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;<I>Person</I>&#148; means an individual, partnership, corporation, limited liability Parent, business trust, joint stock Parent,
trust, unincorporated association, joint venture or any other entity or organization.<I> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;<I>Preferred Stock</I>&#148;
means the preferred stock par value $.0001 per share of Parent. <I> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;<I>Proceedings</I>&#148; means any action, suit,
litigation, arbitration, legal administrative or other civil or criminal proceeding, at law or in equity, or, to the extent within the Knowledge of the Parent or the knowledge of the Lender, as applicable, any investigation by or before any
Governmental Agency.<I> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;<I>Registration Rights Agreement</I>&#148; means that certain Registration Rights Agreement,
dated as of the date hereof, by and between the Parent and the Lender. <I> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;<I>SEC</I>&#148; means the Securities and
Exchange Commission or any other federal agency at the time administering the Securities Act.<I> </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A - 3 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;<I>Securities Act</I>&#148; means the Securities Act of 1933, as amended, or any
similar successor federal statute and the rules and regulations thereunder, all as the same shall be in effect from time to time.<I> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;<I>Stockholders</I>&#148; means the stockholders of the Parent. <I> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;<I>Subsidiary</I>&#148; means, with respect to a Person other than a natural person: (a)&nbsp;any body corporate of which more
than 50% of the outstanding shares ordinarily entitled to elect a majority of the board of directors thereof (whether or not shares of any other class or classes shall or might be entitled to vote upon the happening of a certain event or
contingency) are at the time owned directly or indirectly by such specified body corporate, (b)&nbsp;any body corporate, partnership, joint venture or other entity over which the Person in question exercises direction or control or which is in a
like relation to a subsidiary described in clause (a); and (c)&nbsp;any &#147;subsidiary&#148; as defined in Rule 405 promulgated under the Securities Act.<I> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;<I>Taxes&#148;</I> means all federal, state, local, foreign and other taxes, assessments and water and sewer charges and rents,
including without limitation, income, gross receipts, excise, employment, sales, use, transfer, license, payroll, franchise, severance, stamp, withholding, Social Security, unemployment, real property, personal property, property gains,
registration, capital stock, value added, single business, occupation, workers&#146; compensation, alternative or add-on minimum, estimated, or other tax, including without limitation, any interest, penalties or additions thereto.<I> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;<I>Transaction Documents</I>&#148; means this Agreement, the Note, the Pledge Agreements, the Registration Rights Agreement and
any and all certificates, agreements, documents or other instruments to be executed and delivered by any Person in connection with such documents, any exhibits, attachments or schedules to any of the foregoing and any other written agreement that is
expressly identified as a Transaction Document, as any of the foregoing may be amended, supplemented or otherwise modified from time to time.<I> </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A - 4 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ANNEX B </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CROSS REFERENCE SHEET OF TERMS DEFINED HEREIN </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:20.40pt; font-size:8pt; font-family:Times New Roman">Terms</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="border-bottom:1.00pt solid #000000; width:23.95pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">Section</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Agreement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Preamble</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Board of Directors</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Section 2.2(c)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Claims</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Section 4.20</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Company</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Preamble</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Contracting Parties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Section 4.9</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Designated Court</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Section 4.11</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Enforceability Exceptions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Section 2.2(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Existing Loan</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Section 1.4(a)(i)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">GAAP</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Section 2.8(d)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Initial Loan</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Section 1.2(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Initial Closing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Section 1.2(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Initial Closing Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Section 1.2(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Intermediate Holdcos</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Section 1.3(a)(iii)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lender</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Preamble</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Loan</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Section 1.1</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Material Adverse Effect</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Section 2.6</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">MEH</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Section 1.3(a)(iii)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">MEH-Parent Pledge Agreement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Section 1.3(a)(iii)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Nonparty Affiliates</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Section 4.9</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Note</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Recitals</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">OME Pledge Agreement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Section 1.3(a)(ii)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Parent</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Preamble</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Parent Reports</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Section 2.8(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Pledge Agreements</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Section 1.3(a)(iii)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Pledged Oceanica Shares</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Section 1.3(a)(ii)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Project Mineral Rights</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Section 2.7(e)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Project Permit</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Section 2.7(d)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Releasors</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Section 4.20</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Releasees</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Section 4.20</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Second Loan</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Section 1.4(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Second Closing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Section 1.4(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Second Closing Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Section 1.4(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Second Loan</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Section 1.4(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Stock Purchase Agreement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Section2.5(d)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Takeover Laws</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Section 2.15</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B - 1 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTE </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Ex. A - 1 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT B </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OME PLEDGE AGREEMENT </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Ex. B - 1 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT C </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MEH-PARENT PLEDGE AGREEMENT </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Ex. C - 1 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT D </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REGISTRATION RIGHTS AGREEMENT </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Ex. D - 1 </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>d163897dex102.htm
<DESCRIPTION>CONVERTIBLE PROMISSORY NOTE
<TEXT>
<HTML><HEAD>
<TITLE>Convertible Promissory Note</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.2 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Execution Version </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ODYSSEY MARINE ENTERPRISES, LTD. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONVERTIBLE PROMISSORY NOTE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>March 18, 2016 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject
to the terms and conditions of this Convertible Promissory Note (this &#147;<U>Note</U>&#148;), for good and valuable consideration received, Odyssey Marine Enterprises, Ltd., a Bahamas company (the &#147;<U>Company</U>&#148;), whose address is
Lyford Financial Centre, Lyford Cay, P.O. Box N-7776, Nassau, Bahamas, promises to pay to Epsilon Acquisitions LLC (the &#147;<U>Lender</U>&#148;),<B> </B>the principal amount of three million dollars ($3,000,000), or so much thereof as shall have
been advanced to the Company by the Lender and be outstanding hereunder, together with interest accrued on the unpaid principal amount outstanding under this Note from time to time from the date hereof until paid in full at the rate of ten percent
(10%) per annum (the &#147;<U>Interest Rate</U>&#148;), payable on the terms set forth in <U>Section 2</U> herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The obligations of the
Company under this Note are secured by (a) that certain Pledge Agreement, dated as of the date hereof, between the Company and Lender (as amended or restated from time to time, the &#147;<U>OME Pledge Agreement</U>&#148;), and (b) that certain
Pledge Agreement, dated as of the date hereof, between Marine Exploration Holdings, LLC, a Nevada limited liability company (&#147;<U>MEH</U>&#148;), Guarantor (as defined below) and Lender (as amended or restated from time to time, the
&#147;<U>MEH-Parent Pledge Agreement</U>&#148;, and together with the OME Pledge Agreement, the &#147;<U>Pledge Agreements</U>&#148;). Odyssey Marine Exploration, Inc., a Nevada corporation (the &#147;<U>Guarantor</U>&#148;) shall be a party to this
Note for the purposes of <U>Section 8</U> hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following is a statement of the rights of the Holder and the terms and conditions
to which this Note is subject, and to which the Holder, by the acceptance of this Note agrees: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Certain Definitions</U>.&nbsp;Unless
the context otherwise requires, as used in this Note, the following terms will have the following meanings: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) &#147;<U>Adjusted
Principal Balance</U>&#148; means the entire outstanding principal balance under this Note at the time in question plus accrued interest and fees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) &#147;<U>Anticipated Monaco Debt</U>&#148; means Debt which is expressly contemplated by, and constitutes a part of, the Approved Monaco
Transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) &#147;<U>Approved Monaco Transaction</U>&#148; shall have the meaning ascribed to such term in the Waiver and Consent,
dated March&nbsp;18, 2016, by and among the Guarantor, the Company, Penelope Mining LLC, and Minera del Norte S.A. de C.V. (&#147;<U>Minosa</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) &#147;<U>Bankruptcy Code</U>&#148; means the United States Federal Bankruptcy Code of 1978, as amended or supplemented (as now or
hereafter in effect). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) &#147;<U>Business Day</U>&#148; means any day except (a) a Saturday or Sunday or (b) a day on which the New
York Stock Exchange or the NASDAQ Stock Market is closed for trading. </P>

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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) &#147;<U>Change in Control</U>&#148; means the earlier of the entry into a definitive
agreement providing for, or the effective date of: (i) a sale, lease, transfer or other disposition in one or a series of related transactions of any of the Company&#146;s equity interests in Oceanica, (ii) MEH ceasing to own beneficially and of
record 100% of the equity interests in the Company, (iii) Guarantor ceasing to own beneficially and of record 100% of the equity interests in MEH, or (iv) any Person or group (other than Lender, Minosa and their respective affiliates, including the
Lender) becoming the holder of in excess of 20% of the voting stock or outstanding equity interests of Guarantor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g)
&#147;<U>Debt</U>&#148; means as to any person, without duplication (a) all indebtedness of such person for borrowed money or for the deferred purchase price of property or services as of such date (other than operating leases, trade liabilities and
other liabilities incurred in the ordinary course of business and payable in accordance with customary practices) or which is evidenced by a note, bond, debenture or similar instrument, (b) the principal component of all obligations of such person
under capitalized leases, (c) all obligations of such person in respect of letters of credit, acceptances or similar obligations issued or created for the account of such person, (d) all liabilities secured by any lien on any property owned by such
person even though such person has not assumed or otherwise become liable for the payment thereof, (e) all guarantee obligations of such person, (f) all obligation of such person under conditional sale or other title retention agreements relating to
property or assets purchased by such person and (g) interest rate swap transaction, basis swap transaction, forward rate swap transaction, commodity swap transaction, equity transaction, equity index transaction, foreign exchange transaction, cap
transaction, floor transaction (including any option with respect to any of these transactions and any combination of any of the foregoing) entered into by such person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) &#147;<U>Debtor Relief Laws</U>&#148; means the Bankruptcy Code and all other applicable liquidation, conservatorship, bankruptcy,
moratorium, rearrangement, receivership, insolvency, reorganization, fraudulent transfer or conveyance, suspension of payments, or similar laws from time to time in effect affecting the rights of creditors generally. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) &#147;<U>Encumbrance</U>&#148; means any charge, claim, community property interest, condition, equitable interest, lien, option, pledge,
security interest, right of first refusal, or restriction of any kind, including any restriction on use, voting, transfer, receipt of income, or exercise of any other attribute of ownership. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) &#147;<U>Event of Default</U>&#148; shall have the meaning set forth in <U>Section&nbsp;5</U> hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) &#147;<U>Existing Loan</U>&#148; means that certain loan made to the Company by Minosa in separate advances in the aggregate amount of
$14,750,000, as evidenced by a Promissory Note dated as of March 11, 2015, by and among the Company, Minosa and the Guarantor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l)
&#147;<U>Financing</U>&#148; means a transaction or series of transactions pursuant to which the Company, Guarantor or any of the Subsidiaries of either, as applicable, issues or sells any (i) debt securities or other debt instruments of the
Company, Guarantor or any of the Subsidiaries of either; (ii) equity securities of the Company, Guarantor or any of the Subsidiaries of either; (iii) debt instruments which have the right to convert into any class of capital stock of the Company,
Guarantor or any of the Subsidiaries of either; or (iv) other convertible securities that have the right to convert into any class of capital stock of the Company, Guarantor or any of the Subsidiaries of either. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-2- </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(m) &#147;<U>GAAP</U>&#148; means, collectively the (a) generally accepted accounting principles
in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board, that are
applicable and (b) such other accounting methods consistently applied and maintained throughout the period indicated and consistent with the prior financial practices of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(n) &#147;<U>Governmental Agency</U>&#148; means any:&nbsp;(x) multinational, United States, non-United States, federal, state, regional,
municipal, local or other government, governmental or public department, central bank, court, tribunal, arbitral body, commission, board, bureau or agency, domestic or foreign; (y) subdivision, agent, commission, board or authority of any of the
foregoing; or (z) quasi-governmental or private body exercising any regulatory, expropriation or taxing authority under or for the account of any of the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(o) &#147;<U>Holder</U>&#148; when the context refers to a holder of this Note, will mean any person who at the time in question is the
registered holder of this Note. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(p) &#147;<U>Law</U>&#148; means: (i) laws (including common law), statutes, by-laws, rules, regulations,
orders, ordinances, codes, treaties, decrees, judgments, awards or requirements, in each case of any Governmental Agency, and terms and conditions of any grant of approval, permission, authority or license of any Governmental Agency; and (ii) all
policies, notices, guidelines, protocols or directions of any Governmental Agency which are binding on the Person referred to in the context in which it is used. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(q) &#147;<U>Loan Documents</U>&#148; means this Note, the Pledge Agreements, the Purchase Agreement, and all other documents, agreements and
instruments delivered in connection therewith. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(r) &#147;<U>Loans</U>&#148; means, collectively, the Initial Loan and the Subsequent Loan
made pursuant to this Note. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(s) &#147;<U>Material Adverse Effect</U>&#148; means a material adverse effect on (a)&nbsp;the business,
prospects, condition (financial or otherwise), affairs, properties, assets or liabilities of (i) the Company alone or (ii) the Company and its Subsidiaries, taken as a whole, (b)&nbsp;the ability of the Company to perform its obligations under this
Note or any of the other Loan Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(t) &#147;<U>Maturity Date</U>&#148; shall have the meaning set forth in <U>Section 2(a)</U>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(u) &#147;<U>Obligations</U>&#148; means, collectively, (a) all present and future liabilities and other obligations of the Company to
Lender under the Loan Documents, whether those obligations are direct, indirect, fixed, contingent, liquidated, unliquidated, joint, several, or joint and several, due or to become due, created directly or acquired by assignment or otherwise, and
(b) all present and future costs, attorneys&#146; fees, and expenses reasonably incurred by Lender and relating to the Company&#146;s payment of any of the Obligations, including, without limitation (to the extent lawful), all present and future
amounts that would become due but for the operation of &#167;&#167;502 or 506 or any other provision of Title 11 of the United States Code and all present and future accrued and unpaid interest, including, without limitation, all post-maturity
interest and any post-petition interest in any proceeding under Debtor Relief Laws to which the Company becomes subject. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-3- </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) &#147;<U>Oceanica</U>&#148; means Oceanica Resources S. de R.L., a Panamanian limitada. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(w) &#147;<U>Order</U>&#148; means any judgment, writ, decree, injunction, order, compliance agreement or settlement agreement of or with any
Governmental Agency. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(x) &#147;<U>Permitted Encumbrance</U>&#148; means (a) any Encumbrance securing the Existing Loan, (b) any
Encumbrance arising under this Note or the other Loan Documents; and (iii) liens for Taxes not yet delinquent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(y)
&#147;<U>Person</U>&#148; means any natural person, corporation, limited liability company, partnership, joint venture, trust or other organization, whether or not a legal entity, and any Governmental Agency. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(z) &#147;<U>Purchase Agreement</U>&#148; means the Note Purchase Agreement, dated as of the date hereof, by and among the Lender, the Company
and the Guarantor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(aa) &#147;<U>Securities Act</U>&#148; means the Securities Act of 1933, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(bb) &#147;<U>Stock Purchase Agreement</U>&#148; means that certain Stock Purchase Agreement, dated as of March 11, 2015, by and among
Guarantor, Lender and Minosa, as amended from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(cc) &#147;<U>Subsidiaries</U>&#148; means, with respect to any Person (the
&#147;<U>parent</U>&#148;), at any date, any other Person the accounts of which would be consolidated with those of the parent in the parent&#146;s consolidated financial statements if such statements were prepared in accordance with GAAP and
including, without limitation, each Person as to which the parent owns more than 50% of the equity interests or otherwise controls. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.
<U>Maturity, Payment of Interest and Prepayment</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Unless otherwise converted as provided herein, the Adjusted Principal Balance
will be due and payable in full on March 18, 2017 (the &#147;<U>Maturity Date</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) If the Stock Purchase Agreement is
terminated for any reason, then from and after the date of such termination each of the Company and Guarantor, as applicable, shall, and shall cause their respective Subsidiaries to, use any and all proceeds from a Financing to repay the outstanding
Adjusted Principal Balance of this Note. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The unpaid principal balance of this Note at any time shall be the aggregate amount of all
Loans made by Lender to the Company from time to time less the total amount of principal payments made hereon by the Company. The date and amount of each such Loan and each payment on account of principal thereof may be endorsed by Lender on the
grid attached to and made a part of this Note, and when so endorsed shall represent evidence thereof binding upon the Company in the absence of manifest error. Any failure by Lender to so endorse shall in no way mitigate or discharge the obligation
of the Company to repay any Loans actually made. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-4- </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) The outstanding principal balance of this Note shall bear interest (computed on the basis of
a 365/366 day year) at the Interest Rate stated above from the date hereof until the payment in full of the Adjusted Principal Balance.&nbsp;From and after the earlier of the Maturity Date and the occurrence of an Event of Default, all obligations
due and payable hereunder (whether interest, principal or otherwise) shall bear interest at a rate per annum equal to the Interest Rate plus 2% per annum, payable on demand and compounding monthly. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Interest shall be payable in arrears to the Lender on the Maturity Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) The Company may prepay this Note in whole or in part at any time so long as the Company provides written notice to the Lender of such
prepayment at least 10 days prior to the proposed prepayment date. For the avoidance of doubt, Holder may exercise its right to voluntarily convert this Note pursuant to Section&nbsp;3 subsequent to the receipt of the notice of prepayment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Voluntary Conversion</U>. Following such time as $3 million has been advanced to the Company pursuant to this Note, this Note and any
amounts due hereunder shall be convertible at the election of the Holder: (a) upon a merger consolidation, third party tender offer or similar transaction relating to the Guarantor or (b) at any time or from time to time, upon seventy-five (75)
days&#146; notice to the Company, in each case, into shares of common stock of the Guarantor (the &#147;<U>Guarantor Common Stock</U>&#148;) at a conversion price equal to $5.00 per share (the &#147;<U>Conversion Price</U>&#148;), provided, however,
that upon the occurrence of any subdivision or consolidation of the Guarantor Common Stock, the Conversion Price shall automatically be proportionally adjusted to reflect the effect on the Guarantor Common Stock by such subdivision or
consolidation.&nbsp;In addition to the foregoing, upon the occurrence and during the continuance of an Event of Default, this Note and any amounts due hereunder shall be convertible at the election of the Holder, into shares of Guarantor Common
Stock at a conversion price equal to one-half of the Conversion Price. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>Mechanics and Effect of Conversion</U>.&nbsp;No fractional
shares of the Guarantor Common Stock will be issued upon conversion of this Note.&nbsp;In lieu of any fractional share to which the Holder would otherwise be entitled, the Company will pay to the Holder in cash the amount of the unconverted
principal and interest balance of this Note that would otherwise be converted into such fractional share.&nbsp;Upon conversion of this Note pursuant to <U>Section</U><U>&nbsp;</U><U>3</U>, the Holder shall surrender this Note, duly endorsed, at the
principal offices of the Company or any transfer agent of the Company.&nbsp;At its expense, the Company will, as soon as practicable thereafter, issue and deliver to such Holder, at such principal office, a notice of issuance for the number of
shares to which such Holder is entitled upon such conversion, together with any other securities and property to which the Holder is entitled upon such conversion under the terms of this Note, including a check payable to the Holder for any cash
amounts payable as described herein.&nbsp;Upon conversion of this Note, the Company will be forever released from all of its obligations and liabilities under this Note with regard to that portion of the principal amount and accrued interest being
converted, including, without limitation, the obligation to pay such portion of the principal amount and accrued interest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <U>Events
of Default</U>.&nbsp;If there shall be any Event of Default (as defined below), this Note shall accelerate and the Adjusted Principal Balance, (x) in the case of clauses (d), (f), (g), (h), (k) and (m), shall become immediately due and payable, and
(y) in all other cases, upon written notice from Holder shall become immediately due and payable.&nbsp;It shall be an &#147;<U>Event of Default</U>&#148; under this Note if: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) the Company fails to pay any amount payable hereunder on the date due and payable; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-5- </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) the Company or Guarantor shall fail to perform or observe any term, covenant or agreement
herein contained, or shall fail to perform or observe any other covenant contained herein or in any other Loan Document and such failure shall not be remedied within five (5) Business Days after written notice is sent to the Company; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) an event of default or material breach by the Company, Guarantor or any of their affiliates under any of the other Loan Documents shall
have occurred and all grace periods, if any, applicable thereto shall have expired; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) the Stock Purchase Agreement shall have been
terminated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) any representation, warranty, statement, certificate, schedule or report made herein or in any other Loan Document by or
on behalf of the Company or any of its Subsidiaries or furnished by or on behalf of the Company or any of its Subsidiaries hereunder or thereunder shall prove to have been false or misleading in any material respect as of the time made or deemed to
have been made or furnished and if capable of being remedied, the same shall not be remedied within five (5) Business Days after written notice is sent to the Company, or, if earlier, the date an officer of the Company obtains actual knowledge
thereof; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) there shall have occurred the dissolution, termination of existence of, or the insolvency of, or the making of an assignment
or trust mortgage for the benefit of creditors by, the Company or any of its Subsidiaries; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) the Company or any of its Subsidiaries
shall (i) apply for or consent to the appointment of, or the taking of possession by, a receiver, custodian, trustee, liquidator or similar official of itself or of all or a substantial part of its property, (ii) make a general assignment for the
benefit of its creditors, (iii)&nbsp;commence a voluntary case under the Bankruptcy Code, (iv) take any action or commence any case or proceeding under any Debtor Relief Law, (v)&nbsp;fail to contest in a timely or appropriate manner, or acquiesce
in writing to, any petition filed against it in an involuntary case under the Bankruptcy Code or other Debtor Relief Law, (vi) take any action under the laws of its jurisdiction of incorporation or organization similar to any of the foregoing, or
(vii)&nbsp;take any corporate action for the purpose of effecting any of the foregoing; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) a proceeding or case shall be commenced,
without the application or consent of the Company or any of its Subsidiaries, in any court of competent jurisdiction, seeking (i)&nbsp;the liquidation, reorganization, dissolution, winding up, or composition or readjustment of its debts, (ii) the
appointment of a trustee, receiver, custodian, liquidator or the like of it or of all or any substantial part of its assets, or (iii) similar relief in respect of it, under any Debtor Relief Law, and such proceeding or case shall continue
undismissed, or unstayed and in effect, for a period of sixty (60) days; or an order for relief shall be entered in an involuntary case under such Debtor Relief Law, against the Company or any of its Subsidiaries or action under the laws of the
jurisdiction of incorporation or organization of the Company or any of its Subsidiaries, similar to any of the foregoing shall be taken with respect to the Company or any of its Subsidiaries; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-6- </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) an entry of judgment or award against the Company or any of its Subsidiaries shall be made
(i) which exceeds $100,000 in the aggregate outstanding at any time, (ii)&nbsp;which has been in force more than sixty (60) days (or, if the applicable appeal period is shorter, for such shorter period) or on which execution has been levied, (iii)
in respect of which the Company or such Subsidiary shall not at the time in good faith be prosecuting an appeal or proceedings for review and in respect of which no stay of execution shall have been obtained pending such appeal or review, and (iv)
the judgment or award shall have arisen out of liabilities not fully covered by insurance unless the insurer shall have acknowledged in writing that full coverage (subject to any deductibles applicable thereto) exists with respect to such judgment
or award; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) the Company or any of its Subsidiaries is enjoined, restrained, or in any way prevented from conducting all or any material
part of its business affairs; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) a Change in Control shall occur; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l) there shall be instituted in any court criminal proceedings against the Company, any of its Subsidiaries or any officer, director, manager
or principal thereof, or the Company, any of its Subsidiaries or any officer, director, manager or principal thereof shall be indicted for any crime, in either case for which a forfeiture of a material portion of the Company&#146;s or any
Subsidiary&#146;s property is a potential penalty or if adversely determined would reasonably be expected to have a Material Adverse Effect; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(m) (i) there shall exist an event of default under any other agreement relating to Debt of the Company or any of its Subsidiaries where the
outstanding principal amount of such Debt is greater than $100,000, and all grace periods, if any, applicable thereto shall have expired; (ii) the maturity of any such Debt shall have been accelerated; (iii) without the prior, written approval of
Holder, the Company shall have made any payment with respect to any such Debt (other than the Existing Loan) more than five (5) Business Days in advance of its scheduled payment date; or (iv) any &#147;Event of Default&#148; shall have occurred and
be continuing under the Existing Loan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <U>Representations and Warranties of the Company</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company hereby represents and warrants to the Lender as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Organization and Standing</U>.&nbsp;The Company is duly organized and existing under the laws of the Bahamas and is in good standing
under such laws.&nbsp;The Company has the requisite power and authority to own and operate its properties and assets, and to carry on its business as presently conducted and as proposed to be conducted.&nbsp;The Company is duly qualified to do
business as a foreign corporation in each jurisdiction in which the conduct of its business requires such qualification, except where the failure to so qualify would not have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Corporate Power</U>.&nbsp;Each of the Company and the Guarantor have all requisite corporate power to execute and deliver the Loan
Documents and to carry out and perform their obligations under the terms of the Loan Documents.&nbsp;The Company has all requisite corporate power to sell and issue this Note.&nbsp;Each of the Loan Documents constitutes a valid and legally binding
obligation of the Company and the Guarantor, enforceable in accordance with its terms, subject, as to enforcement of remedies, to applicable bankruptcy, insolvency, moratorium, reorganization and similar laws affecting creditors&#146; rights
generally and to general equitable principles of law. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-7- </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>No Conflicts</U>. Neither the Company, the Guarantor nor any of their Subsidiaries is in
violation of or default on any term of its certificate of incorporation or bylaws, or other charter documents, as each is in effect as of the date hereof (collectively, the &#147;<U>Charter Documents</U>&#148;), or any provision of any material
mortgage, indenture, contract, agreement, instrument, judgment, decree, order, rule or regulation or other restriction to which the Company, the Guarantor or such Subsidiary is a party or by which it is bound or of any material provision of any Law
applicable to the Company, the Guarantor or any such Subsidiary. Each of (A) the execution, delivery and performance by the Company and the Guarantor of the Loan Documents, (B) the compliance herewith and therewith, (C) the issuance by the Company
of this Note, and (D) the consummation of the transactions contemplated hereby, in the case of each of the foregoing clauses (A) through (D), will not result in any violation of or result in a breach of any of the terms of, or constitute a default
under, (i) any provision of any material Law applicable to the Company, the Guarantor or any of its Subsidiaries, (ii) the Charter Documents, or (iii) any provision of any material mortgage, indenture, contract, agreement, instrument, or other
restriction to which the Company, the Guarantor or any of their Subsidiaries is a party or by which they are bound. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)
<U>Litigation</U>.&nbsp;There are no actions, suits, investigations or proceedings pending or actually known to be threatened in writing against or to the knowledge of the Company affecting the Company or any of its Subsidiaries, or any properties
or rights of the Company or any of its Subsidiaries, by or before any Governmental Agency which if adversely determined would reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>Compliance With Laws</U>.&nbsp;The Company and each of its Subsidiaries has conducted and continues to conduct its business in all
material respects in accordance with all Laws and Orders applicable to the Company and each of its Subsidiaries or any of their respective properties or assets, and neither the Company nor any of its Subsidiaries is in violation of any such Law or
Order in any material respect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) <U>Conduct of Business; Absence of Undisclosed Liabilities</U>. The Company and its Subsidiaries
(excluding Oceanica and its Subsidiaries):&nbsp;(x) conduct no business other than holding equity interests in Oceanica, and (y) have no liabilities or obligations, contingent or otherwise, other than (i)&nbsp;liabilities set forth on <U>Schedule
7(a)</U>, (ii)&nbsp;obligations under contracts and commitments incurred in the ordinary course of business, not required by GAAP to be set forth on a consolidated Balance Sheet, (iii) immaterial fees, costs, and expenses associated with the
maintenance of the existence of such Persons, and (iv)&nbsp;liabilities under the Loan Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) <U>No Encumbrances</U>.&nbsp;The
Company and each of its Subsidiaries (other than Oceanica and its Subsidiaries) have good and valid title to its properties and assets, free and clear of any Encumbrance, except for Permitted Encumbrances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) <U>Tax Returns and Taxes</U>. All federal, state and other taxes, assessments and other governmental charges upon the Company, any of its
Subsidiaries or any of their respective properties which are due and payable or claimed to be due have been paid to federal, state or local taxing authorities (including, without limitation, taxes on properties, franchises, licenses, sales and
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-8- </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
payrolls), other than any such tax, assessment or charge that is subject to an ongoing bona fide dispute.&nbsp;All charges, accruals and reserves for taxes reflected in the Balance Sheet are
adequate to cover the tax liabilities of the Company and its Subsidiaries as of the date(s) thereof.&nbsp;There are no tax liens upon any of the properties of the Company or any of its Subsidiaries.&nbsp;There are no pending tax examinations nor
have any tax claims been asserted by any taxing authority against the Company or any of its Subsidiaries, nor is there any basis for any such claim. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) <U>Compliance with OFAC Rules and Regulations</U>. Neither the Company nor any of its Subsidiaries is (i) an &#147;enemy&#148; or an
&#147;ally of the enemy&#148; within the meaning of Section 2 of the Trading with the Enemy Act, (ii) in violation of the U.S. Department of the Treasury, Office of Foreign Assets Control (&#147;<U>OFAC</U>&#148;) regulations, or (iii) a
&#147;Sanctioned Person&#148; or a &#147;Sanctioned Entity&#148; as defined in applicable OFAC regulations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) <U>Use of Proceeds;
Solvency</U>. The Company hereby agrees that the money loaned to the Company hereunder shall be used in compliance with applicable Law. After giving effect to the loan provided for in this Note and the intended use of proceeds, the Company will be
&#147;solvent&#148; within the meaning of the Bankruptcy Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <U>Additional Covenants</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Debt</U>.&nbsp;Neither the Company nor any of its Subsidiaries shall incur, assume or suffer to exist any Debt other than (i) Debt
existing on the date hereof and set forth on <U>Schedule 7(a)</U>, (ii) the Anticipated Monaco Debt, and (iii) Debt under this Note.&nbsp;Except for the Anticipated Monaco Debt, any Debt hereafter issued by the Company or any of its Subsidiaries
shall be subordinate to the Debt under this Note. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Transactions Outside of the Ordinary Course of Business</U>.&nbsp;Except for the
Approved Monaco Transaction, neither the Company nor any of its Subsidiaries shall (i) permit or suffer any merger, reorganization, change in senior management or other similar transaction, (ii) make or agree to make any asset sale or disposition,
(iii) acquire all or any portion of the equity interests or Debt of any Person, (iv) make any advance or loan to any Person (other than an advance to Guarantor), (v) acquire any portion of the assets of any Person, and (vi) in the case of the
Company and its Subsidiaries (other than Oceanica and its Subsidiaries) conduct any business other than holding equity interests in Oceanica and performing their obligations under the contracts listed on <U>Schedule 7(a)</U> and under the Loan
Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Encumbrances</U>.&nbsp;Except for Encumbrances created in accordance with the Approved Monaco Transaction, neither the
Company nor any of its Subsidiaries shall permit or suffer to exist any Encumbrance on any of its properties other than Permitted Encumbrances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Restricted Payments</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) The Company shall not declare or pay any distribution or make any other payment on account of its equity interests,
purchase, redeem, or otherwise acquire or retire for value any of its equity interests; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) neither the Company nor
any of its Subsidiaries shall make any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-9- </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">
value (including, without limitation, in connection with any merger or consolidation involving the Company or any of its Subsidiaries) any other Debt, other than scheduled payments of principal
and interest on the Anticipated Monaco Debt and the Debt listed on <U>Schedule 7(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>Notice Requirements</U>.&nbsp;The Company
shall notify the Lender in writing, promptly after any officer of the Company obtains actual knowledge thereof and with full details, of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) any contingent liability(ies) involving liability in excess of $100,000 with respect to the Company (a &#147;<U>Material
Amount</U>&#148;), which is not covered by insurance; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) any litigation or arbitration or other proceeding pending or
commenced before any Governmental Agency relating to the Company, Oceanica or any of their respective Subsidiaries; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)
the acceleration of the maturity of any Debt of the Company or any of its Subsidiaries (whether or not disputed); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) the
occurrence of a default under any agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) any Encumbrance asserted, and any attachment, levy, execution or other legal process levied against the Collateral or any
other material property of the Company or any of its Subsidiaries; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) any change in (i) the legal name of the
Company or any of its Subsidiaries, (ii) the address of the chief executive office of the Company or any of its Subsidiaries, (iii) the jurisdiction of formation of the Company or any of its Subsidiaries, or (iv) the location of any Collateral or
the records of the Company or any of its Subsidiaries with respect to accounts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) <U>Payment of Taxes and Claims.</U>&nbsp;The Company
and each of its Subsidiaries shall pay each tax or other assessment or governmental charge or levy imposed upon the Company or any of its Subsidiaries or their respective property prior to the time when any material penalties or interest (except
interest during extensions of time for filing of tax returns) accrue with respect thereto, as well as any lawful claim for labor, materials or supplies which if unpaid might become a lien or charge upon the properties of the Company or any of its
Subsidiaries or any part thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) <U>Compliance With Law.</U>&nbsp;The Company and each of its Subsidiaries shall comply in all
material respects with the requirements of all present and future applicable Laws </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) <U>Access to Records</U>. The Lender shall, upon
reasonable notice to the Company and at reasonable times, be provided with access to all tax, financial and other books and records of, and senior officers of, the Company and each of its Subsidiaries. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-10- </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <U>Guaranty</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) For value received, the Guarantor hereby unconditionally and irrevocably guarantees to the Lender all Obligations. The Lender may bring a
separate action against the Guarantor for any accrued but unpaid Obligations without making any demand upon the Company, and without separately proceeding against the Company, and without pursuing any other remedy. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Lender shall have the right, without notice to the Guarantor, to: (i) renew, extend, accelerate, waive, compromise, release,
restructure and otherwise modify, or refuse to modify, the Obligations, the liability of any Person therefor as principal, guarantor, surety or otherwise, and/or any security therefor; and (ii) pursue or not pursue, or make elections among, the
Lender&#146;s remedies against any such Persons, even if any rights that the Guarantor may have, including subrogation, reimbursement, indemnity, contribution and/or participation in security, are impaired or extinguished. The Guarantor waives any
right or defense that might arise by reason of the Lender&#146;s exercise of any such rights. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The Guarantor&#146;s liability shall
not be affected by any circumstance constituting legal or equitable discharge of a guarantor or surety other than payment in full of the Obligations. The Guarantor hereby waives, and agrees not to exercise, any rights it may have arising from or
based on: (i) any right to require the Lender to proceed against the Company or any other guarantor or other person, or to pursue any other remedy whatsoever; (ii) any defense based upon any legal disability of, any discharge or limitation of the
liability of, any restraint or stay applicable to actions against, or the lack of authority or termination of existence of, the Company or any guarantor or other Person; (iii) any right of setoff, recoupment or counterclaim; (iv) presentment,
protest, notice of acceptance, notice of protest, notice of dishonor and notice of any action or inaction; (v) any defense based upon negligence of the Lender, including any failure to file a claim in any bankruptcy; (vi) all rights of subrogation,
reimbursement, indemnity and/or contribution, and all rights to enforce any remedy that the Lender may have against the Company or another Person; and (vii) any defense related to any change in the Person(s) primarily liable for the Obligations,
whether by reason of a change in the structure of the Company, assumption of the Obligations by another Person, or otherwise. The Guarantor will not institute, and will cause its affiliates not to institute, any Proceedings asserting that the
guaranty contained in this <U>Section 8</U> or any term or condition set forth herein is illegal, invalid or unenforceable in accordance with its terms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) The Guarantor&#146;s liability shall continue in effect notwithstanding payment or performance by the Company such that, if any such
payment or performance is avoided or recovered from or returned by the Lender in connection with the bankruptcy, insolvency or reorganization of the Company or otherwise, the Guarantor shall remain liable as though such payment or performance had
not occurred. The Lender may elect in its sole discretion whether to contest a demand or claim that payment or performance should be avoided, recovered or returned. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) The Guarantor&#146;s obligations under this <U>Section 8</U> shall not be altered, limited, stayed or affected by any proceeding,
voluntary or involuntary, involving the bankruptcy, insolvency, receivership, reorganization, liquidation, or arrangement of the Company, or by any defense the Company may have to the Obligations by reason of any order, decree, or decision of any
court or administrative body resulting from any such proceeding. Any stay of enforcement or stay of acceleration of the time for payment of any of the Obligations as against the Company or any other Person, in bankruptcy or otherwise, shall not
affect the Guarantor&#146;s liability under this Note or the time for performance by the Guarantor hereunder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-11- </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. <U>Assignment</U>.&nbsp;The rights and obligations of the Company and the Holder of this Note
will be binding upon and inure to the benefit of the successors, assigns, heirs, administrators and transferees of the parties.&nbsp;Notwithstanding the foregoing, the Company may not assign, pledge or otherwise transfer this Note without the prior
written consent of the Holder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. <U>Waivers</U>.&nbsp;Other than as set forth herein, the Company hereby irrevocably waives notice of
intent to demand, presentment for payment, notice of nonpayment, protest, notice of set off, notice of protest, notice of dishonor, notice of intent to accelerate, notice of acceleration, and all other notices in connection with the delivery,
acceptance, collection and/or enforcement of this Note. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. <U>Waiver and Amendment</U>.&nbsp;No provision of this outstanding Note shall
be waived or modified without the written consent of the Company and the Holder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. <U>Exculpation</U>. Notwithstanding anything to the
contrary contained in this Note, neither Lender nor any present or future shareholder, director, officer or partner of Lender or of any entity which is now or hereafter a shareholder, director, officer or partner of Lender, shall have any personal
liability, directly or indirectly, under or in connection with this Note or any agreement made or entered into under or in connection with the provisions of this Note, or any amendment or amendments to any of the foregoing made at any time or times,
heretofore or hereafter, and the Company hereby forever and irrevocably waives and releases any and all such personal liability.&nbsp;The limitation of liability provided in this paragraph is in addition to, and not in limitation of, any limitation
on liability applicable to Lender provided by law or by any other contract, agreement or instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13. <U>Lost Documents</U>.&nbsp;Upon
receipt by the Company of evidence and indemnity satisfactory to it of the loss, theft, destruction or mutilation of, and upon surrender and cancellation of this Note, if mutilated, the Company will make and deliver in lieu of this Note a new note
of the same series and of like tenor and unpaid principal amount and dated as of the date to which interest, if any, has been paid on the unpaid principal amount of this Note. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14. <U>Severability</U>.&nbsp;If any provision of this Note becomes or is declared by a court of competent jurisdiction to be illegal,
unenforceable or void, portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Note, and such court will replace such illegal, void or unenforceable provision of this Note with a valid and
enforceable provision that will achieve, to the extent possible, the same economic, business and other purposes of the illegal, void or unenforceable provision.&nbsp;The balance of this Note shall be enforceable in accordance with its terms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15. <U>Counterparts</U>.&nbsp;This Note may be executed in any number of counterparts, each of which shall be enforceable against the parties
actually executing such counterparts, and all of which together shall constitute one instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16. <U>Costs</U>. If, and as often as,
this Note is referred to an attorney for the collection of any sum payable hereunder, or to defend or enforce any of Lender&#146;s rights hereunder, or to commence an action, cross-claim, third-party claim or counterclaim by Lender against the
Company relating to this Note, the Company agrees to pay to Lender all reasonable out-of-pocket third-party costs incurred in connection therewith including reasonable and documented attorneys&#146; fees (including such fees
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-12- </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
incurred in appellate, bankruptcy or insolvency proceedings), with or without the institution of any action or proceeding, and in addition all documented costs, disbursements and allowances
provided by law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17. <U>Sole and Absolute Discretion</U>. Any option, consent, approval, discretion or similar right of Lender set forth
in this Note may be exercised by Lender in its sole discretion, unless the provisions of this Note or the other Loan Documents specifically require such option, consent, approval, discretion or similar right to be exercised in Lender&#146;s
reasonable discretion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18. <U>Loan Documents</U>.&nbsp;The parties hereto are entitled to all of the benefits, and subject to all of the
limitations, provided in the Loan Documents, which are hereby incorporated herein by reference as though set forth herein in their entirety. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">19. <U>Marshaling</U>. Lender shall not be required to marshal any present or future security for the Obligations, or to resort to such
security or guarantees in any particular order.&nbsp;To the extent that it lawfully may, the Company hereby agrees that it will not invoke any law that might cause delay in or impede the enforcement of the rights of Lender under this Note or under
any other instrument evidencing any of the Obligations or pursuant to which any of the Obligations were issued or by which any of the Obligations are secured or guaranteed, and to the fullest extent it lawfully may, the Company irrevocably waives
the benefits of all such laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">20. <U>Governing Law; Submission to Jurisdiction; Waiver of Jury Trial, Etc.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Governing Law. This Note, and all claims arising out of or relating to it, shall be governed by and construed in accordance with the laws
of the State of New York, excluding that body of law relating to conflict of laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <B><U>SUBMISSION TO JURISDICTION/SERVICE OF
PROCESS</U></B><B>.</B><B>&nbsp;</B><B>THE COMPANY HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED IN NEW YORK, NEW YORK, FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF OR
BASED UPON THIS NOTE, THE SUBJECT MATTER HEREOF, ANY OTHER LOAN DOCUMENT AND THE SUBJECT MATTER THEREOF. </B><B>THE COMPANY TO THE EXTENT PERMITTED BY APPLICABLE LAW (A) HEREBY WAIVES, AND AGREES NOT TO ASSERT, BY WAY OF MOTION, AS A DEFENSE, OR
OTHERWISE, IN ANY SUCH SUIT, ACTION OR OTHER PROCEEDING BROUGHT IN THE ABOVE-NAMED COURTS ANY CLAIM THAT IT IS NOT SUBJECT PERSONALLY TO THE JURISDICTION OF SUCH COURTS, THAT ITS PROPERTY IS EXEMPT OR IMMUNE FROM ATTACHMENT OR EXECUTION, THAT THE
SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM, THAT THE VENUE OF THE SUIT, ACTION OR PROCEEDING IS IMPROPER OR THAT THIS NOTE, THE SUBJECT MATTER HEREOF, THE OTHER LOAN DOCUMENTS OR THE SUBJECT MATTER THEREOF (AS APPLICABLE) MAY NOT
BE ENFORCED IN OR BY SUCH COURT, (B) HEREBY WAIVES THE RIGHT TO REMOVE ANY SUCH ACTION, SUIT OR PROCEEDING INSTITUTED BY A LENDER IN STATE COURT TO FEDERAL COURT, OR TO REMAND AN ACTION INSTITUTED IN FEDERAL COURT TO STATE COURT AND (C) HEREBY
WAIVES THE RIGHT TO ASSERT IN ANY SUCH ACTION, SUIT OR </B> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-13- </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
<B>PROCEEDING ANY OFFSETS OR COUNTERCLAIMS EXCEPT COUNTERCLAIMS THAT ARE COMPULSORY OR OTHERWISE ARISE FROM THE SAME SUBJECT MATTER.&nbsp;THE COMPANY AGREES THAT ITS SUBMISSION TO JURISDICTION IS
MADE FOR THE EXPRESS BENEFIT OF LENDER.&nbsp;FINAL JUDGMENT AGAINST THE COMPANY IN ANY SUCH ACTION, SUIT OR PROCEEDING SHALL BE CONCLUSIVE, AND MAY BE ENFORCED IN ANY OTHER JURISDICTION (X) BY SUIT, ACTION OR PROCEEDING ON THE JUDGMENT, A CERTIFIED
OR TRUE COPY OF WHICH SHALL BE CONCLUSIVE EVIDENCE OF THE FACT AND OF THE AMOUNT OF INDEBTEDNESS OR LIABILITY OF THE COMPANY THEREIN DESCRIBED, OR (Y) IN ANY OTHER MANNER PROVIDED BY OR PURSUANT TO THE LAWS OF SUCH OTHER JURISDICTION.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>WAIVER WITH RESPECT TO DAMAGES</U>.&nbsp;THE COMPANY ACKNOWLEDGES THAT LENDER DOES NOT HAVE ANY FIDUCIARY RELATIONSHIP WITH, OR
FIDUCIARY DUTY TO, THE COMPANY ARISING OUT OF OR IN CONNECTION WITH THIS NOTE OR THE OTHER LOAN DOCUMENTS.&nbsp;TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE COMPANY SHALL NOT ASSERT, AND THE COMPANY HEREBY WAIVES, ANY CLAIMS AGAINST LENDER, ON ANY
THEORY OF LIABILITY, FOR SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES (AS OPPOSED TO DIRECT OR ACTUAL DAMAGES) ARISING OUT OF, IN CONNECTION WITH, OR AS A RESULT OF, THIS NOTE, ANY OTHER LOAN DOCUMENT, ANY AGREEMENT OR INSTRUMENT
CONTEMPLATED HEREBY OR THEREBY, OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>WAIVER OF JURY TRIAL</U>.&nbsp;THE COMPANY
HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT THAT THE COMPANY MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION ARISING IN ANY WAY IN CONNECTION WITH THIS NOTE OR ANY OF THE OTHER LOAN DOCUMENTS, OR ANY OTHER STATEMENTS OR ACTIONS OF
THE LENDER. THE COMPANY ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT FOR THE LENDER TO DISBURSE THE MONEY EVIDENCED BY THIS NOTE AND TO ENTER INTO THE OTHER LOAN DOCUMENTS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">21. <U>Release</U>. In consideration of, among other things, Lender&#146;s execution and delivery of this Note, concurrently with the
advancement of any Loan by Lender, the Company, the Company&#146;s equityholders and residual claimants and the Guarantor, on behalf of itself and the respective successors and assigns of each (collectively, the &#147;<U>Releasors</U>&#148;), hereby
forever agrees and covenants not to sue or prosecute against the Releasees (defined below) and hereby forever waives, releases and discharges each Releasee from, any and all claims (including, without limitation, cross-claims, counterclaims, rights
of set-off and recoupment), actions, causes of action, suits, debts, accounts, interests, liens, promises, warranties, damages and consequential and punitive damages, demands, agreements, bonds, bills, specialties, covenants, controversies, torts,
variances, trespasses, judgments, executions, costs, expenses or claims whatsoever (collectively, the &#147;<U>Claims</U>&#148;), that such Releasor now has or hereafter may have, of whatsoever nature and kind, whether known or unknown, whether
arising at law or in equity, against Lender in any capacity and its shareholders and &#147;controlling persons&#148; (within the meaning of the federal securities laws), and their respective successors and assigns and each and all of the officers,
directors, employees, agents, attorneys, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-14- </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
advisors, auditors, affiliates, consultants and other representatives of each of the foregoing (collectively, the &#147;<U>Releasees</U>&#148;), based in whole or in part on facts whether or not
now known, existing on or before the date of the most recent advance of Loans hereunder, that relate to, arise out of or otherwise are in connection with this Note or any transactions contemplated hereby or any acts or omissions in connection
therewith or the negotiation thereof, provided, however, that the foregoing shall not release Lender from the express obligations under this Note.&nbsp;The provisions of this <U>Section 21</U> shall survive the repayment of this Note. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Remainder of Page Intentionally Blank] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-15- </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, the Company has caused this Note to be issued as of the day and year
as first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ODYSSEY MARINE ENTERPRISES, LTD.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Mark D. Gordon</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Mark D. Gordon</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Vice Pres. &amp; Director</TD></TR></TABLE></DIV> <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="81%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>Address:</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">c/o&nbsp;Odyssey&nbsp;Marine&nbsp;Exploration,&nbsp;Inc.</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">5215 W. Laurel St., Suite 210</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Tampa, FL 33607</TD></TR></TABLE></DIV> <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ODYSSEY MARINE EXPLORATION, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Mark D. Gordon</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Mark D. Gordon</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">President and Chief Executive Officer</TD></TR></TABLE></DIV> <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="81%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>Address:</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">5215 W. Laurel St.</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Suite 210</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Tampa, FL 33607</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ACCEPTED&nbsp;AND&nbsp;AGREED TO:</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>EPSILON ACQUISITIONS LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Alonso Ancira</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Alonso Ancira</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Member</TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="17%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="80%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>Address:</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>

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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">LOANS AND PAYMENTS OF PRINCIPAL </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:15.10pt; font-size:8pt; font-family:Times New Roman">Date</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Loan<BR>No.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Amount&nbsp;of<BR>Loan</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Amount&nbsp;of<BR>Principal<BR>Paid</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Unpaid<BR>Principal<BR>Balance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Notation<BR>Made&nbsp;By</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>

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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Schedule 7(a) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Existing Debt </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">Promissory Note, dated as of March 11, 2015, by and among Minera del Norte S.A de C.V., Odyssey Marine Enterprises, Ltd. and Odyssey Marine Exploration, Inc. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">Pledge Agreement, dated as of March 11, 2015, by and among Minera del Norte S.A de C.V., Odyssey Marine Enterprises, Ltd. and Oceanica Resources S. de R.L. </TD></TR></TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>d163897dex103.htm
<DESCRIPTION>WAIVER AND CONSENT
<TEXT>
<HTML><HEAD>
<TITLE>Waiver and Consent</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.3 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Execution Version </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WAIVER
AND CONSENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This <B>WAIVER AND CONSENT</B> (this &#147;<U>Waiver</U>&#148;), is made and entered into as of March 18, 2016, by and
among Odyssey Marine Exploration, Inc., a Nevada corporation (the &#147;<U>Company</U>&#148;), Odyssey Marine Enterprises, Ltd., a Bahamas company and wholly-owned subsidiary of the Company (&#147;<U>OME</U>&#148;), Penelope Mining LLC, a Delaware
limited liability company (&#147;<U>Penelope</U>&#148;), and Minera del Norte S.A. de C.V., a Mexican societe anonime (&#147;<U>Minosa</U>&#148; and together with Penelope, the &#147;<U>Minosa Entities</U>&#148;). Reference is hereby made to that
certain Stock Purchase Agreement dated as of March 11, 2015, as amended April 10, 2015 (the &#147;<U>SPA</U>&#148;), by and among the Company and the Minosa Entities. Capitalized terms used but not defined herein shall have the meanings ascribed to
them in the SPA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Company proposes to enter into a Note Purchase Agreement of even date herewith (the
&#147;<U>Purchase Agreement</U>&#148;) by and among the Company, Epsilon Acquisitions LLC, a Delaware limited liability company (&#147;<U>Epsilon</U>&#148;) and OME, pursuant to which Epsilon will lend to the Company an aggregate amount of
approximately $3,000,000 (the &#147;<U>Transaction</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, in exchange for the loan, the Company will issue to
Epsilon a secured convertible promissory note of even date herewith (the &#147;<U>Convertible Promissory Note</U>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>,<B> </B>the Company&#146;s consummation of the Transaction would breach or violate certain representations, warranties, and
covenants of the Company set forth in the SPA and certain related Transaction Documents; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company and Monaco Financial, LLC
have entered into a letter of intent, dated March&nbsp;2, 2016 (the &#147;<U>Monaco Letter of Intent</U>&#148;), a copy of which has been provided to the Minosa Entities; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Company&#146;s consummation of the transactions contemplated by the Monaco Letter of Intent (the &#147;<U>Anticipated
Monaco Transaction</U>&#148;) would breach or violate certain representations, warranties, and covenants of the Company set forth in the Promissory Note; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Minosa Entities are willing to consent to the Company&#146;s execution and delivery of the Purchase Agreement and the
consummation of the Transaction upon the terms and subject to the conditions set forth in this Waiver. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE</B>, in
consideration of the premises, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.</B> <B>Waiver and Consent</B>.&nbsp;In consideration of the representations, warranties, covenants and agreements set forth herein,
Minosa and Investor hereby (a) consent to the Transaction and (b) agree that they will consent to the consummation of the transactions contemplated by the Monaco Letter of Intent, so long as the definitive documents with respect to
</P>

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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
the Anticipated Monaco Transaction are in form and substance reasonably satisfactory to the Minosa Entities, and, except as set forth in the Monaco Letter of Intent, do not contain terms and
conditions that are material and adverse to the Minosa Entities (for the avoidance of doubt, the reduction in the exercise price of the Monaco option to $1 per quota does not increase the number of quotas subject to such option over 3,174,603
quotas) (an &#147;<U>Approved Monaco Transaction</U>&#148;) and waive any breach of any representation or warranty and violation of any covenant in the SPA arising out of the Company&#146;s execution and delivery of the Purchase Agreement and any
documents relating to the Approved Monaco Transaction and the consummation of the Transaction and the Approved Monaco Transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2.</B> <B>Pledge</B>.&nbsp;Concurrent with the execution of this Waiver, the Company is delivering to the Minosa Entities, a pledge of all
amounts due and payable to the Company and its Subsidiaries from Oceanica and its Subsidiaries and all direct and indirect equity interests in OME. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.</B> <B>Waiver of Termination Rights</B>.&nbsp;The Company waives, and agrees not to exercise, on or prior to the one year anniversary
from the date hereof, its right to terminate the SPA pursuant to Section 8.1(c)(ii) thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.</B> <B>Reduction of
Commitment</B>.&nbsp;To the extent that all or any portion of the Convertible Promissory Note is converted into Common Stock, Investor may elect to reduce its obligation to purchase Common Stock on the next subsequent date set forth in Annex C to
the SPA by the dollar amount so converted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>5.</B> [Removed and Reserved] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>6.</B> <B>Release of Claims</B>.&nbsp;In consideration of, among other things, the Minosa Entities&#146; execution and delivery of this
Waiver, each of the Company and OME, on behalf of itself, its equityholders and residual claimants and the respective successors and assigns of each (collectively, the &#147;<U>Releasors</U>&#148;), hereby forever agrees and covenants not to sue or
prosecute against the Releasees (defined below) and hereby forever waives, releases and discharges each Releasee from, any and all claims (including, without limitation, cross-claims, counterclaims, rights of set-off and recoupment), actions, causes
of action, suits, debts, accounts, interests, liens, promises, warranties, damages and consequential and punitive damages, demands, agreements, bonds, bills, specialties, covenants, controversies, torts, variances, trespasses, judgments, executions,
costs, expenses or claims whatsoever (collectively, &#147;<U>Claims</U>&#148;), that such Releasor now has or hereafter may have, of whatsoever nature and kind, whether known or unknown, whether arising at law or in equity, against Penelope or
Minosa in any capacity and the shareholders and &#147;controlling persons&#148; (within the meaning of the federal securities laws) of each, and their respective successors and assigns and each and all of the officers, directors, employees, agents,
attorneys, advisors, auditors, affiliates, consultants and other representatives of each of the foregoing (collectively, the &#147;<U>Releasees</U>&#148;), based in whole or in part on facts whether or not now known, existing on or before the date
hereof.&nbsp;The provisions of this <U>Section 6</U> shall survive the expiration or termination of this Waiver. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>7.</B> <B>Fees and
Expenses.</B> The Company agrees to pay all reasonable fees, costs and expenses of the Minosa Entities in an amount not to exceed $50,000 in connection with the preparation, negotiation, execution and delivery of this Waiver and in connection with
the Transaction as provided for in Amendment No. 4 to the Promissory Note. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 2 - </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>8.</B> <B>Representation and Warranties</B>.&nbsp;Each of the Company and OME hereby
represents and warrants to the Minosa Entities that this Amendment (a) has been duly authorized each of the Company and OME, including by the board of directors, or similar governing body, of the Company and OME, including by the approval of a
majority of the directors of the Company that are not affiliated with the Minosa Entities, (b) was duly executed by the Company and OME, and (c) constitutes a legal, valid and binding obligation of the Company and OME enforceable in accordance with
its terms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>9.</B> <B>No Further Waiver</B>.&nbsp;Except as expressly set forth in <U>Section 1</U> of this Waiver, the SPA is in all
respects ratified and confirmed and all the terms, conditions, and provisions thereof shall remain in full force and effect.&nbsp;This Waiver is limited to the matters expressly set forth herein and shall not be deemed to be a waiver of any other
term or condition of the SPA.&nbsp;Nothing contained herein shall constitute a waiver, amendment or modification of the Promissory Note or the Pledge Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>10. Miscellaneous </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)
<U>Governing Law, Jurisdiction</U>.&nbsp;This Waiver and the legal relations between the parties hereto shall be governed by and construed in accordance with the substantive Laws of the State of Delaware, without regard to conflict of law principles
thereof or of any other jurisdiction that would cause the application of laws of any jurisdiction other than those of the State of Delaware. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Execution in Counterparts</U>.&nbsp;This Waiver may be executed in any number of counterparts, each of which when so executed shall be
deemed to be an original and all of which when taken together shall constitute one and the same certification.&nbsp;Delivery of a copy of a manually executed counterpart of a signature page to this Waiver by email shall be effective as delivery of
an original, manually executed counterpart of this Waiver. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Incorporation</U> <U>of</U> <U>Article</U> <U>XII</U>.&nbsp;Article XII
of the SPA is incorporated herein by reference. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Remainder of page intentionally left blank.</I>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 3 - </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, the parties have executed this Waiver as of the date first above
written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><B><U>COMPANY</U></B>:<B></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><B>ODYSSEY MARINE EXPLORATION, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Mark D. Gordon</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Mark D. Gordon</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">President and Chief Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><B><U>OME</U></B>:<B></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><B>ODYSSEY MARINE EXPLORATION LTD.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Mark D. Gordon</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Mark D. Gordon</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Vice President &amp; Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><B><U>INVESTOR</U></B>:<B></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><B>PENELOPE MINING LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Andres Gonzalez Saravia</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Andres Gonzalez Saravia</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Attorney in Fact</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><B><U>MINOSA</U></B>:<B></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><B>MINERA DEL NORTE S.A. DE C.V.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Andres Gonzalez Saravia</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Andres Gonzalez Saravia</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Authorized Person</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 4 - </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>d163897dex104.htm
<DESCRIPTION>AMENDMENT NO 3 TO PROMISSORY NOTE
<TEXT>
<HTML><HEAD>
<TITLE>Amendment No 3 to Promissory Note</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.4 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Execution Version </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDMENT NO. 3 TO PROMISSORY NOTE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">This Amendment No. 3 to Promissory Note (this &#147;<U>Amendment</U>&#148;), dated as of December 15, 2015, is entered into by and among
Odyssey Marine Enterprises, Ltd., a Bahamas company (the &#147;<U>Company</U>&#148;), whose address is Lyford Financial Centre, Lyford Cay, P.O. Box N-7776, Nassau, Bahamas, Odyssey Marine Exploration, Inc., a Nevada corporation (the
&#147;<U>Guarantor</U>&#148;), and Minera del Norte, S.A. de C.V. (the &#147;<U>Lender</U>&#148;). Capitalized terms used in this Amendment but not otherwise defined herein shall have the respective meanings ascribed to them in the Promissory Note
(as defined below). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>R E C I T A L S: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company, the Guarantor and the Lender entered into that certain Promissory Note, dated as of March 11, 2015 (as amended by
Amendment No. 1 thereto dated as of April 10, 2015, and Amendment No. 2 thereto dated as of October&nbsp;1, 2015, and in effect as of the date hereof, the &#147;<U>Promissory Note</U>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Lender remains the Holder of the Promissory Note; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company, Guarantor and the Lender desire to amend the Promissory Note as provided herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">NOW THEREFORE, in consideration of the foregoing and the mutual covenants, and agreements hereinafter set forth, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. <U>Section 2(a)</U>. Section 2(a) of the Promissory Note is hereby amended by deleting it in its entirety and inserting the following in lieu thereof: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;(a) Unless otherwise converted as provided herein, the Adjusted Principal Balance shall be due and payable in full upon
written demand by the Lender; provided that the Lender agrees that it shall not demand payment of the Adjusted Principal Balance earlier than the first to occur of: (i) 30 days after the date on which (x) SEMARNAT makes a determination with respect
to the current application for the Manifestacion de Impacto Ambiental relating to the Don Diego Project, which determination is other than an approval or (y) the Company or any of its affiliates withdraws such application without the Lender&#146;s
prior written consent; (ii) termination by Odyssey Marine Exploration, Inc. of the Stock Purchase Agreement; (iii) the occurrence of an Event of Default; (iv) March 30, 2016; or (v)&nbsp;if and only if the Investor shall have terminated the Stock
Purchase Agreement pursuant to Section&nbsp;8.1(d)(iii) thereof, March&nbsp;30, 2016 (the date of such demand being the &#147;<U>Maturity Date</U>&#148;).&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. <U>Release</U>. In consideration of, among other things, Lender&#146;s execution and delivery of this Amendment, each of the Releasors hereby forever
agrees and covenants not to sue or prosecute against the Releasees and hereby forever waives, releases and discharges each Releasee from, </P>

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


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Execution Version </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
any and all Claims that such Releasor now has or hereafter may have, of whatsoever nature and kind, whether known or unknown, whether arising at law or in equity, against the Releasees, based in
whole or in part on facts whether or not now known, existing on or before December&nbsp;14, 2015, that relate to, arise out of or otherwise are in connection with this Amendment, the Promissory Note, the Stock Purchase Agreement or any transactions
contemplated hereby, thereby or any acts or omissions in connection therewith or the negotiation thereof, provided, however, that the foregoing shall not release the &#147;Investor&#148; and &#147;Guarantor&#148; (as such terms are defined in the
Stock Purchase Agreement) from the express obligations of either under the Stock Purchase Agreement arising on or after December&nbsp;15, 2015.&nbsp;The provisions of this <U>Section 5</U> shall survive the repayment of the Promissory Note. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. <U>Representation and Warranties</U>.&nbsp;The Company represents and warrants that the representations and warranties set forth in Section 4 of the
Promissory Note are true and correct as of the date hereof, as if made as of the date hereof, except to the extent such representations and warranties expressly relate to an earlier date, in which case as of such earlier date.&nbsp;The Company and
the Guarantor hereby represent and warrant to the Lender that this Amendment (a) has been duly authorized by the board of directors, or similar governing body, of the Company and the Guarantor, including by the approval of a majority of the
directors of the Guarantor that are not affiliated with the Lender, (b) was duly executed by the Company and the Guarantor, and (c) constitutes a legal, valid and binding obligation of the Company and the Guarantor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. <U>Full Force and Effect</U>. Except as expressly modified by this Amendment, all of the terms, covenants, agreements, conditions and other provisions of
the Promissory Note shall remain in full force and effect in accordance with their respective terms. This Amendment shall not constitute an amendment or waiver of any provision of the Promissory Note except as expressly set forth herein. Upon the
execution and delivery hereof, the Promissory Note shall thereupon be deemed to be amended and supplemented as hereinabove set forth as fully and with the same effect as if the amendments and supplements made hereby were originally set forth in the
Promissory Note, and this Amendment and the Promissory Note shall henceforth be read, taken and construed as one and the same instrument, but such amendments and supplements shall not operate so as to render invalid or improper any action heretofore
taken under the Promissory Note. As used in the Promissory Note, the terms &#147;this Note,&#148; &#147;herein,&#148; &#147;hereinafter,&#148; &#147;hereto,&#148; and words of similar import shall mean and refer to, from and after the date of this
Amendment, unless the context requires otherwise, the Promissory Note as amended by this Amendment. For the avoidance of doubt, references to the phrases &#147;the date of this Note&#148; or &#147;the date hereof&#148;, wherever used in the
Promissory Note, as amended by this Amendment, shall mean March 11, 2015. In the event of any inconsistency between this Amendment and the Promissory Note with respect to the matters set forth herein, this Amendment shall take precedence. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. <U>Governing Law</U>.&nbsp;This Amendment, and all claims arising out of or relating to it, shall be governed by and construed in accordance with the laws
of the State of New York, excluding that body of law relating to conflict of laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6. <U>Counterparts</U>.&nbsp;This Amendment may be executed in any
number of counterparts, each of which shall be enforceable against the parties actually executing such counterparts, and all of which together shall constitute one instrument. </P>

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


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Execution Version </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, the Company, the Guarantor and the Lender have caused this
Amendment to be executed as of the day and year as first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="83%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ODYSSEY MARINE ENTERPRISES, LTD.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Mark D. Gordon</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Mark D. Gordon</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Vice President &amp; Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>Address:</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ODYSSEY MARINE EXPLORATION, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Mark D. Gordon</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Mark D. Gordon</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">President &amp; CEO</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>Address:</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ACCEPTED AND AGREED TO:</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>MINERA DEL NORTE, S.A. DE C.V.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">/s/ Andres Gonzalez Saravia</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Andres Gonzalez Saravia</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Authorized Person</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>Address:</U></P></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>6
<FILENAME>d163897dex105.htm
<DESCRIPTION>AMENDMENT NO 4, WAIVER AND CONSENT TO PROMISSORY NOTE
<TEXT>
<HTML><HEAD>
<TITLE>Amendment No 4, Waiver and Consent to Promissory Note</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.5 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Execution Version </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDMENT NO. 4, WAIVER AND CONSENT TO PROMISSORY NOTE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">This Amendment No. 4, Waiver and Consent to Promissory Note (this &#147;<U>Amendment</U>&#148;), dated as of March 18, 2016, is entered into
by and among Odyssey Marine Enterprises, Ltd., a Bahamas company (the &#147;<U>Company</U>&#148;), whose address is Lyford Financial Centre, Lyford Cay, P.O. Box N-7776, Nassau, Bahamas, Odyssey Marine Exploration, Inc., a Nevada corporation (the
&#147;<U>Guarantor</U>&#148;), and Minera del Norte, S.A. de C.V. (the &#147;<U>Lender</U>&#148;). Capitalized terms used in this Amendment but not otherwise defined herein shall have the respective meanings ascribed to them in the Promissory Note
(as defined below). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>R E C I T A L S: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company, the Guarantor and the Lender entered into that certain Promissory Note, dated as of March 11, 2015 (as amended by
Amendment No. 1 thereto dated as of April 10, 2015, Amendment No. 2 thereto dated as of October&nbsp;1, 2015, and Amendment&nbsp;No. 3 thereto dated as of December&nbsp;15, 2015, and in effect as of the date hereof, the &#147;<U>Promissory
Note</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Lender remains the Holder of the Promissory Note; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company proposes to enter into a loan transaction with Epsilon Acquisitions LLC (the &#147;<U>Transaction</U>&#148;), pursuant to
which, among other things, the Company will issue a secured convertible promissory note in the aggregate principal amount of up to $3,000,0000 plus the amount of expenses that the Company is required to reimburse Epsilon (the &#147;<U>Convertible
Promissory Note</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company&#146;s consummation of the Transaction would breach or violate certain representations,
warranties, and covenants of the Company set forth in the Promissory Note; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company&#146;s consummation of the transactions
contemplated by that certain Letter of Intent, dated as of March 2, 2016, by and between Monaco Financial LLC and the Guarantor, would breach or violate certain representations, warranties, and covenants of the Company set forth in the Promissory
Note; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company, Guarantor and the Lender desire to amend the Promissory Note as provided herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">NOW THEREFORE, in consideration of the foregoing and the mutual covenants, and agreements hereinafter set forth, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. <U>Amendment to Promissory Note</U>. Section 2(a) of the Promissory Note is hereby amended by deleting it in its entirety and inserting the following in
lieu thereof: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;(a) Unless otherwise converted as provided herein, the Adjusted Principal Balance shall be due and
payable in full upon written demand by the Lender; provided that the Lender agrees that it shall not demand payment of the Adjusted Principal Balance earlier than the first to occur of: (i) 30 days after the date on which (x) SEMARNAT makes a
determination with respect to the current application for the Manifestacion de Impacto Ambiental relating to the Don Diego Project, which determination is other than an approval or (y) the Company or any of its affiliates withdraws such application
without the Lender&#146;s prior written consent; (ii) termination by Odyssey Marine Exploration, Inc. of the Stock Purchase Agreement; (iii) the occurrence of an Event of Default; or (iv) March 18, 2017 (the date of such demand being the
&#147;<U>Maturity Date</U>&#148;).&#148; </P>

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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. <U>Waiver and Consent</U>.&nbsp;The Lender hereby consents to the issuance of the Convertible Promissory Note,
the Transaction and an Approved Monaco Transaction (as such term is defined in the Waiver and Consent, dated March 18, 2016, by and among the Guarantor, the Company, Penelope Mining LLC, and the Lender) and waives any breach of any representation or
warranty and violation of any covenant in the Promissory Note arising out of the Company&#146;s execution and delivery of the Convertible Promissory Note and any documents relating to an Approved Monaco Transaction and the consummation of the
Transaction and an Approved Monaco Transaction. Such waiver does not include any Event of Default arising pursuant to Section 3(m) of the Promissory Note arising out of a default by the Company or its affiliates with respect to the Convertible
Promissory Note. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. <U>Release</U>. In consideration of, among other things, Lender&#146;s execution and delivery of this Amendment, each of the
Releasors hereby forever agrees and covenants not to sue or prosecute against the Releasees and hereby forever waives, releases and discharges each Releasee from, any and all Claims that such Releasor now has or hereafter may have, of whatsoever
nature and kind, whether known or unknown, whether arising at law or in equity, against the Releasees, based in whole or in part on facts whether or not now known, existing on or before the date hereof that relate to, arise out of or otherwise are
in connection with this Amendment, the Promissory Note, the Stock Purchase Agreement or any transactions contemplated hereby, thereby or any acts or omissions in connection therewith or the negotiation thereof, provided, however, that the foregoing
shall not release the &#147;Investor&#148; and &#147;Guarantor&#148; (as such terms are defined in the Stock Purchase Agreement) from the express obligations of either under the Stock Purchase Agreement arising on or after the date hereof.&nbsp;The
provisions of this <U>Section 3</U> shall survive the repayment of the Promissory Note. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. <U>Representation and Warranties</U>.&nbsp;The Company
represents and warrants that, after giving effect to this Amendment, the representations and warranties set forth in Section 4 of the Promissory Note are true and correct as of the date hereof, as if made as of the date hereof, except to the extent
such representations and warranties expressly relate to an earlier date, in which case as of such earlier date.&nbsp;The Company and the Guarantor hereby represent and warrant to the Lender that this Amendment (a) has been duly authorized by the
board of directors, or similar governing body, of the Company and the Guarantor, including by the approval of a majority of the directors of the Guarantor that are not affiliated with the Lender, (b) was duly executed by the Company and the
Guarantor, and (c) constitutes a legal, valid and binding obligation of the Company and the Guarantor. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 2 - </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. <U>Full Force and Effect</U>. Except as expressly modified by this Amendment, all of the terms, covenants,
agreements, conditions and other provisions of the Promissory Note shall remain in full force and effect in accordance with their respective terms. This Amendment shall not constitute an amendment or waiver of any provision of the Promissory Note
except as expressly set forth herein. Upon the execution and delivery hereof, the Promissory Note shall thereupon be deemed to be amended and supplemented as hereinabove set forth as fully and with the same effect as if the amendments and
supplements made hereby were originally set forth in the Promissory Note, and this Amendment and the Promissory Note shall henceforth be read, taken and construed as one and the same instrument, but such amendments and supplements shall not operate
so as to render invalid or improper any action heretofore taken under the Promissory Note. As used in the Promissory Note, the terms &#147;this Note,&#148; &#147;herein,&#148; &#147;hereinafter,&#148; &#147;hereto,&#148; and words of similar import
shall mean and refer to, from and after the date of this Amendment, unless the context requires otherwise, the Promissory Note as amended by this Amendment. For the avoidance of doubt, references to the phrases &#147;the date of this Note&#148; or
&#147;the date hereof&#148;, wherever used in the Promissory Note, as amended by this Amendment, shall mean March 11, 2015. In the event of any inconsistency between this Amendment and the Promissory Note with respect to the matters set forth
herein, this Amendment shall take precedence. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6. <U>Fees, Costs and Expenses</U>. The Company shall reimburse Lender for its and its Affiliates&#146;
reasonable, out-of-pocket fees, costs and expenses in an amount not to exceed $50,000.00&nbsp;incurred in connection with the Transaction, including those related to this Amendment and the Waiver and Consent related to the Stock Purchase Agreement,
through the increase in the principal amount of the Promissory Note. The Company shall execute an allonge or similar document evidencing such increase in principal amount. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7. <U>Governing Law</U>.&nbsp;This Amendment, and all claims arising out of or relating to it, shall be governed by and construed in accordance with the laws
of the State of New York, excluding that body of law relating to conflict of laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8. <U>Counterparts</U>.&nbsp;This Amendment may be executed in any
number of counterparts, each of which shall be enforceable against the parties actually executing such counterparts, and all of which together shall constitute one instrument. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 3 - </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, the Company, the Guarantor and the Lender have caused this Amendment
to be executed as of the day and year as first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="83%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ODYSSEY MARINE ENTERPRISES, LTD.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Mark D. Gordon</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Mark D. Gordon</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Vice President &amp; Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>Address:</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">c/o Odyssey Marine Exploration, Inc.</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">5215 W. Laurel St., Suite 210</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Tampa, FL&nbsp;33607</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ODYSSEY MARINE EXPLORATION, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Mark D. Gordon</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Mark D. Gordon</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">President &amp; CEO</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>Address:</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">5215 W. Laurel St.</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Suite 210</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Tampa, FL&nbsp;33607</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ACCEPTED AND AGREED TO:</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>MINERA DEL NORTE, S.A. DE C.V.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">/s/ Andres Gonzalez Saravia</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Andres Gonzalez Saravia</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Authorized Person</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>Address:</U></P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 4 - </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>7
<FILENAME>d163897dex991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML><HEAD>
<TITLE>Press release</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ROWSPAN="6">


<IMG SRC="g163897ex99_1logo.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">PRESS RELEASE</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">CONTACT:</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Liz Shows</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Odyssey Marine Exploration, Inc.</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">(813) 876-1776 x 2335</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><U>lshows@odysseymarine.com</U></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Odyssey Marine Exploration Executes Funding Transaction </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>Existing MINOSA Loan Term Extended and NASDAQ Compliance Regained </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>TAMPA</B>, Fla., March 22, 2016 <B>&#150;</B> Odyssey Marine Exploration, Inc. (NASDAQ:OMEX), a pioneer in the field of deep-ocean exploration, has entered
into an agreement with Epsilon Acquisitions LLC (Epsilon), under which it will receive a $3 million loan from Epsilon. The loan has been structured as a one-year interest-bearing note, which is convertible at $5.00 per share, which is the
volume-weighted average price of Odyssey&#146;s common stock for the five trading day period ending on March&nbsp;17, 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In related agreements, the
Maturity Date of the existing note from Minera del Norte S.A. de C.V. (MINOSA) was extended until March 18, 2017, and Odyssey has agreed not to exercise its right to terminate the Stock Purchase Agreement (SPA) with Penelope Mining LLC, which is a
subsidiary of MINOSA, until March 18, 2017. The stand-alone call option held by MINOSA for Odyssey&#146;s equity in Oceanica expired on March 11, 2016 and will not be renewed or extended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;The Odyssey management team has been working closely with the MINOSA team throughout the past year,&#148; said Mark Gordon, Odyssey&#146;s chief
executive officer. &#147;Although the initial closing of the SPA has taken longer than originally contemplated due to the extended environmental approval process for the Oceanica project, the continued assistance provided by MINOSA and this recent
agreement with Epsilon reinforces our belief that MINOSA is the right partner for Odyssey&#146;s offshore mineral exploration business.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the
terms of the SPA, which was announced March 13, 2015 and was approved by Odyssey stockholders, subject to the satisfaction of certain specified conditions, Penelope Mining agreed to invest up to $101 million over three years in convertible preferred
stock of Odyssey at a split-adjusted price of $12 per share. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Epsilon is an investment vehicle controlled by Mr. Alonso Ancira.&nbsp;Mr. Ancira is also
the executive chairman of Altos Hornos de Mexico S.A.B. de C.V. which is the owner of MINOSA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In an unrelated action, Odyssey received notification from
NASDAQ on March 7, 2016 that the company was in compliance with minimum stock price requirements and on March 21, 2016 that the company had regained the minimum market value necessary for continued listing. Odyssey is now in full compliance with all
NASDAQ continued listing requirements. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Odyssey Marine Exploration </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Odyssey Marine Exploration, Inc. (Nasdaq:OMEX) is engaged in deep-ocean exploration using innovative methods and state of-the-art technology for mineral
exploration and shipwreck projects. For additional details on Odyssey Marine Exploration, please visit www.odysseymarine.com. </P>

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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward Looking Information</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Odyssey Marine Exploration believes the information set forth in this Press Release may include &#147;forward looking statements&#148; within the meaning of
the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Certain factors that could cause results to differ materially from those projected in the forward-looking
statements are set forth in &#147;Risk Factors&#148; in Part I, Item 1A of the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2014, which was filed with the Securities and Exchange Commission on March 16, 2015. The
financial and operating projections are based solely on the assumptions developed by Odyssey that it believes are reasonable based upon information available to Odyssey as of the date of this release. All projections and estimates are subject to
material uncertainties, and should not be viewed as a prediction or an assurance of actual future performance. The validity and accuracy of Odyssey&#146;s projections will depend upon unpredictable future events, many of which are beyond
Odyssey&#146;s control and, accordingly, no assurance can be given that Odyssey&#146;s assumptions will prove true or that its projected results will be achieved. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 2 - </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>g163897ex99_1logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g163897ex99_1logo.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ 3P%$ P$1  (1 0,1 ?_$ )L   $$ @,! 0
M      H " D+ 0<"!08$ P$!                     !    8" 0("!0<$
M"PP$#P   0(#! 4&!P@1  DA$C$3%!8*05$B%1=7EV%Q,C>!D:$C5=4G=QE9
M&O"QX2361[?7&#AX.<%V9X?1\6(S0S2T)94F-J8H6)D1 0
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M'U<D5RX+,DPL,87R.Z];H,Q[2/M$!;(%PW?LU YY0<% ># 8 !M/]L#[PO\
M"VMGX(E\/_NKH):>R=\4-MUM9W ,5ZR[N/<0%QIG%K,46FS5(H04R0A,MN$
M?T<K]^,U()N8VR.&2L2"1BE'VMZ@8#> E,!M^V^R5(U#UESELUD1<B%2PICB
MRWJ12.?U9I1U$L5!AH!L( )A?6*<.W8(  ")EG!0#H*S!Y\8-W?57;M9H^UM
M:-%G+A9HS'"_M(LVRJQSMV@N3V=,[@6J0@3UAB@8_EY'Q'H/F_M@?>%_A;6S
M\$"_-_UK^?H)\>S7WWMXMAJGGW=;N49<P!A7M[:Z1@5*1L\;BXM;LF5,ZV)J
M@_K^.:"NE,RDE.R<%""+UXQCVR[Q55XR2 OJU%CI R'>;XT;+DW.3%3[?F!*
MS0ZDU<+M8_+>?&ZMLNLTBFHHFG*1N.X>195FL)N$P*<B;UY+'X$/.4@\DZ"#
M.T?$M=ZRSRR\J7=NS5P%Q,;ZLJ^.,/QD2CYS";RH-%:$\,0I>> ^F/ =!NK#
M'Q6_>0Q-(-%K#FVC9PB4543/(7+6)Z>N5^D00]8F,O26=,G&AU"\AYDG !SX
MB4?1T!;?:,^*GQ#W ,P8ZU8SQ@BS80V(R;(F@*+*T)P]R#B>YSJ3-W(JLU!4
M;M[713_5[!9;S.TGS%,B9A4=D .1 GC.V?<-ZRXKMV;,]Y$K6+<64:/-(V:Y
M6M^1A%L4A$$V[9$.#N9"5?KF*DU9MDU73I8Q4TDSG,!1 $???XT.R#-35*[=
M."8=O7VBKEDTSEL$V>/I*9!-7R$DZUBJ&D(]")9+)AYD32K]980X%1JF/).@
M@%NGQ,O>KN,RO,)[H351*L=0X1-+QIB.'AD?6& P$09N:-(*%(GQP7E01 /3
MST&QL0_%2=YO%D@U<R^PU6S$P252,ZALL8FH4DUD$4SB8Z"KZJ1%0FFOK0'@
M3-W*1^ #Q^<"G^U=\6[CC;[*V+M9MK-?IS$69,KVN"Q_1KUB \E?,:6:XV-\
MTB86.EZPZ(:Z4SZSD792@LF>8:(\^=91!(IC@&D/B$/B!.X+VV.X$;6_6M]A
MQOC8N$\;WP$[QC;WKG!G[0ZLR4J8909R.X:"2*1]6EY!\GCXCST$&_\ ; ^\
M+_"VMGX(E^;_ *U#\O0+^V!]X3^%M;/P1+_E5T"_M@?>$_A;6S\$0_RKZ#F7
MXP'O"FY_][ZU!P >G"0!\OCQ_P#-7B/'0</[8%WA0'CZVUK'CD!_D1+_ -%K
M^?H,E^,#[P@& 1E=;# !BB)?L1 /,4! 1)R%JY#S ''/I#GH+)GM\[=U3>_3
M77[:VHBV2:Y=Q]$S,]$ME2JA6[PQ!2'O=84 ISF3/ VV/=MB@;@QDB$-Z#!T
M B7?J^)>VHTDWMF=4](GV)%J]A^FP$?F":O-+"\.WN6I\BE@?0D<L$M&)QK6
MJUMY'H+IAZPPOE5RG$/5@ !"E_; ^\+_  MK9^"!?\JN@WAK=\3[WTMKL[8J
MUTPVEKA8,DYAN</2:K'DP>(HI/)1P!',K(JDLY_986"8%5>OES )6[1!10W@
M7H+)WZARQ]C7NY[^P/VV_9Q]4?:5[J)^[?VG>[_LOOA[E^T>J^H/>?\ QKZN
M]=S[-^]>?GZ70>>V;V/Q1J/@+*NR6;+"2M8PQ#49*W6F2 @+/%D69 38PT.T
M$Q32$_8915%A'MBB!G#QPFF AYN0"G8[E?<XSEW;=M29.S;;%*9B\]J;UK$F
M,W$LX]P\(8[D9=%H"QD4RBU<SJC 0=SDN*1G#M8IN/*BF@BF%H_M#VZM/.Z/
MVW:7JXA:JE<,:0>/::VU]SGC>2AK27']KI52:5^JW6J2L6Z69/FIF2?J))B*
MQ2/62ZB*GE.)3D"IR[@G;LV<[:N>9K NRE(=0L@BJ\>4B^QK=XXQ]E:JI.10
M:VVA6!=N@C)L%2@4'#8WD>1ZQA2<I)G  $&*= @$0'D/ 0Z"8;LW=WO-W:<V
M,C+M6I&4M6OUYEHN-V!PFL\5&%MM:]<FW5M5>:G/[)$9(JS4QE8Y\4I17*46
MJXF04'RA8]=\C+V/<_\ 8"VUS9B>QL;=C;*6 *#>*59(\Y3MI:OV#(6/W[!?
M@#"9!R1)7R+HFX407(=,X 8H@ 4__0+H%T"Z#M86:EZ_+Q<[ RTE!3<*^:R<
M/-0[YS%RT1),5B.64C&23%1%XQ?,W"95$E4CE4(<H"40$ 'H)R\R9SL'>(U2
M5MN2>+!W&]#<:.I.=O2;9,+!MYI975O73TK8_5 0\KFC69S('E'CGRBI+U%T
M\=' RL<J8X00" AQR'I\0Z#T=.MMAH-MK%YJ,JY@[73+!"VJLS3,YDGD1/UZ
M2;2T/)-5"_2(X92#1-0@AZ!+T!L7Q"_>GCMP>U3V]\=XREVS.:V\K269MD(>
M-=(J+P+O#[XM0>49^5LH!VK5]F!H_>D24 !4;Q3<_ E. B /0B(^GH-[ZQ:Y
M90VXS]B?6O#,$>P9,S'<XBF59F83),FBTBMYI"=FG0%,6/KE:B4EY&2=&#R-
M6+554WT2#T#M>XWL7!6JV5;3_ TZ_P#]C/2E2>Q5@^,(";)KDBVM9%5#+>S=
MI8M>$)"\9VNC=S)IJK>92-@181J8E3;#Y@C2\1'YQ'H.^@:M9[2Z68UBN3MC
M>MT#.5VD#$2$PZ0;$_3<+-XYNX530+\IS !0^?H.J=,WC%RLR>M7+-XV.9)P
MT=(*-W*"A?TDUD%BD524+\I3  AT!LWP7^DGV@;(YXWKMD4"M?U_JJ>(,6NG
M"8"B?*63VIE[;*,%#)B NZMCIL9HIY1 0)8RC^<(_/B;NZW=MY=V;YKG2[.Z
M:ZKZFW*;QS4ZS'/E?JB^93K+AS!Y!RE-H)"#>2<ISB;J+AA/YR-8QMZQ+RJ.
MU_, R@B(^D1'CT<^/0=Q!URPV9^2*K<%,6&442573C8.->R\@=%$ %98K*/1
M<.122 >3&\O!?EZ#Y)",DHEZO&RL>]C)%J;R.6$BU79/6Y^ 'R+-7)$ETC\#
MSP8H#QT!:_P?.D)L^=P"U;66F',[H.FU)4E8-=RV,=BZS3E%M)U6EH$4.)45
M%H&J(SLEX>8R#E)H<0+YBB(:[^,,\.[X?_A>PIX_(/\ CUY\0Z 5[H,\#QSQ
MX<\<_EZ#'03!]B75_%6Z7<@Q?JUFF-&1QYFG'&P%1ECH>J"3A9 ^$+Y(URU0
M2JH"5&?J5C8-))F;T>O:E W)!,'0,FW7U$RIHEL]F#57,\<+2]8EM3F$/(HM
MG#>*ME>7(F_JMWKPN0*=>OV^O.6[]J;Q$I%O(?A0AR@#50\! ?F'H#:/A>>\
M%6]0]8=_,"9CFD35_"N)KUN7A.-D7P)A*2E?B&\1?<<Q**ODX<V&9&$=-DDS
M\F45=GXY$>0#?R_E2YYPRED;,61)9:<O>5+Q9\A7"674444?6*VS#R;E%0,J
M8YRH@Z>F*F3GA-, *'@4.@UP7Q$/#GT^'['06.?P@7:E'%V+YKN:9FK8)7S,
MD9(TW6F.DT/\8K6)@<"VM61T$EDRF;OLC2;063%0OT@AVASE$4WW0'!^4.>>
M/[N./1Z/1T &GQK&YTW7Z?J[H=5I9=DQOQY78;+C-LOY E(6MR"U2Q;#ORE#
MS*L%+ G,OSI&'RBXCVRG')"CT B_9Y[?+#N<[VXTU/GK18*34K57,BV>X7&K
M-F#R:K,/4:=*R;21:-)5%6/< :R>P(*)J^4%4U3$*<AS%. $1)_#*]]_2&]2
M;O0;;J >5==X==A/XJS_ 'K7V;E4?.=-%>VT25*UKA7Q4?*)R$DI-,HCP10>
M 'H.EVM[9OQ8^Q&"W^'MDT(_9W&'M;:5"JV#(&HEWMT5)1!B.&<U5[3.$8WV
M$F3^H!(5HJ42=N$E#I*^9-10H@)#GS6[/>KE[>XRV*P]D;"M^8^<RM8R/596
MKR#EN0_JQD(L9%LBVFHI13P3=LU%VRG/)#F#QZ#2/0+H"^^WAN=-92^&P[N>
MF-PF59!_K/7*+?,9HNESN'#;&65\KU8\O"-A5,84XZOWN+<."  \%^M_*4
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MLQ$R+53@Z#Q@_;*)*%^0Q>@\ST$O/9,[9=H[I&\-!PH9G(-L*TU=KD?8RV-
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M7B7O.&X:ZI#-PL]KME")NF+)%N]+ZU)W7XJU-;K$HQPF-R5)B[10(7Z)2D
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M?&WC4UN2=V,](/KQEW"%HQ2#MS89->TA69JI5J9@W"A+,J[!T5%RH*3H#D,
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H=WJ9;V2Z1+BVQ9$H7V=D9\N+E5LW5$IP( $(AZ/[O[N>@ST"Z#__V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
