Exhibit 10.1

FIRST AMENDMENT TO REVOLVING CREDIT LOAN

AND SECURITY AGREEMENT

This First Amendment to Revolving Credit Loan and Security Agreement (the “First
Amendment”) is executed on this 23rd day of April, 2010, between FIFTH THIRD
BANK, an Ohio banking corporation, having a mailing address of 201 East Kennedy
Boulevard, Suite 1800, Tampa, Florida 33602 (the “Bank”) and ODYSSEY MARINE
EXPLORATION, INC., a Nevada corporation, authorized to do business in Florida,
having its principal place of business at 5215 West Laurel Street, Tampa,
Florida 33607 (the “Borrower”), and amends and modifies that certain Revolving
Credit Loan and Security Agreement dated February 8, 2008 (the “Loan Agreement”)
as follows:

1.    Terms. All of the capitalized terms in this First Amendment shall have the
meanings as defined in the Loan Agreement.

2.    Loan Renewal, Advance and Consolidation. The Bank has renewed the
revolving credit Loan to Borrower in the amount of $5,000,000.00 (the “Renewal
Loan”), as evidenced by a Renewal Revolving Credit Note of even date herewith
(the “Renewal RLOC Note”).

3.    Loan and Note. The term “Loan” under the Loan Agreement is hereby modified
to reference the revised amount due under the Renewal Loan and the term “Note”
under the Loan Agreement is hereby modified to refer to the terms of the Renewal
RLOC Note.

4.    Borrowing Base and Borrowing Base Certificate. The definitions of the
Borrowing Base and the Borrowing Base Certificate in Section 1.2 of the Loan
agreement are hereby amended and modified to henceforth read as follows:

“Borrowing Base” shall mean, an amount equal to forty percent (40.0%) of
Eligible Inventory. The Bank has bargained for and Borrower agrees and
acknowledges that the value of Inventory not included in the Borrowing Base is a
cushion of collateral value in excess of the Advances.

“Borrowing Base Certificate” shall mean a certificate prepared by Borrower in
substantially the revised form attached hereto as Exhibit “A”.

5.    Financial Statements and Reports. Section 5.4 (c) of the Loan Agreement is
hereby deleted and the following Section 5.4 (c) is substituted in its place and
stead:

“(c) Within 45 days after the end of each month, deliver to the Bank the
following financial information certified by the President or Chief Financial
Officer of Borrower as accurate to the best of his knowledge upon due inquiry
and investigation: (i) the Borrowing Base Certificate; and (ii) an inventory
certification reflecting current value of Inventory; in such form and context as
Bank may reasonably require.”

--------------------------------------------------------------------------------

6.    Warranties. Borrower hereby affirms and warrants that all of the
warranties made in the Loan Documents, and any other documents or instruments
recited herein or executed with respect thereto directly or indirectly, are true
and correct as of the date hereof and that Borrower is not in default of any of
the foregoing nor aware of any default with respect thereto, and that Borrower
has no defenses or rights of offset with respect to any indebtedness to the
Bank. Borrower hereby releases the Bank from any cause of action against it
existing as of the date of execution hereof. The rights and defenses being
waived and released hereunder include without limitation any claim or defense
based on the Bank having charged or collected interest at a rate greater than
that allowed to be contracted for by applicable law as changed from time to
time, provided, however, in no event shall such waiver and release be deemed to
change or modify the terms of the Loan Documents which provide that sums paid or
received in excess of the maximum rate of interest allowed to be contracted for
by applicable law, as changed from time to time, reduce the principal sum due,
said provision to be in full force and effect.

7.    Consent and Waiver. Borrower hereby consents to the foregoing and agree
that the execution of this First Amendment shall in no manner or way whatsoever
impair or otherwise adversely affect Borrower’s liability to the Bank under the
Loan Documents or any other instrument set forth in the Recitals or herein, all
as modified by this First Amendment.

8.    Cross Document Default. Any default under the terms and conditions of this
First Amendment or of any instrument set forth herein or contemplated by this
First Amendment shall be and is a default under every other instrument set forth
herein or contemplated by this First Amendment.

9.    Ratification. Except as modified by this First Amendment, Borrower hereby
ratifies and confirms the continued validity and viability of all terms,
conditions and obligations set forth in the Loan Documents and all other
instruments executed in connection with this First Amendment, all as modified by
this First Amendment.

10.    Severability. Whenever possible, each provision of this First Amendment
shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision hereof shall be prohibited or invalid under
applicable law, such provision shall be ineffective to the extent of such
prohibition or invalidity only, without invalidating the remainder of such
provision or of the remaining provisions of this First Amendment.

11.    Florida Contract. This First Amendment shall be deemed a Florida contract
and shall be construed according to the laws of the State of Florida, regardless
of whether this First Amendment is executed by certain of the parties hereto in
other states.

12.    Time. Time is of the essence of this First Amendment.

13.    Binding Effect and Modification. This First Amendment shall bind the
successors and assigns to the parties hereto and constitutes the entire
understanding of the parties, which may not be modified except in writing,
executed by all parties hereto in the same form as this First Amendment.

 

2

--------------------------------------------------------------------------------

14.    Waiver of Jury Trial. The parties to this First Amendment hereby
irrevocably waive their respective rights to trial by jury in any and all
actions arising out of the terms of this First Amendment.

15.    Conflict. As to any conflict between the terms of the Loan Agreement and
the terms of this First Amendment, the terms of this First Amendment shall
supersede and control over such other terms.

16.    Execution in Counterparts. This First Amendment may be executed in two or
more counterparts, each of which shall be deemed to be an original, but all of
which shall constitute one and the same instrument, and in making proof of this
First Amendment it shall not be necessary to produce or account for more than
one such counterpart.

17.    Other Terms. Except as specifically modified and amended by the terms set
forth in this First Amendment, all of the other terms, covenants, obligations
and conditions of the Loan Agreement shall remain in full force and effect.

Entered into as of the day and year first above written.

 

WITNESSES:    

“BORROWER”

 

ODYSSEY MARINE EXPLORATION, INC.,

a Nevada corporation

 

    By:   /s/ Michael Holmes Signature of Witness       Michael Holmes, as its
Chief Financial Officer

 

      Print or type Name of Witness      

 

      (CORPORATE SEAL) Signature of Witness      

 

      Print or type Name of Witness      

 

3

--------------------------------------------------------------------------------

   

“BANK”

 

FIFTH THIRD BANK,

an Ohio banking corporation

 

    By:   /s/ Julio C. Ramirez, Jr., Signature of Witness      

Signature of Witness Julio C. Ramirez, Jr.,

as its Senior Vice President

 

      Print or type name of Witness      

 

      (CORPORATE SEAL) Signature of Witness      

 

      Print or type name of Witness      

 

STATE OF FLORIDA

COUNTY OF PINELLAS

The foregoing instrument was acknowledged before me this ____ day of April,
2010, by Michael Holmes, as Chief Financial Officer of ODYSSEY MARINE
EXPLORATION, INC., a Nevada corporation, on behalf of the corporation.

 

______

  Personally known    _____________________________________

______

  Florida Driver’s License    Notary Public

______

  Other Identification Produced      _______________   
_____________________________________   _______________    Print or type name of
Notary                               (SEAL)

 

STATE OF FLORIDA

COUNTY OF PINELLAS

The foregoing instrument was acknowledged before me this ___ day of April, 2010,
by Julio C. Ramirez, Jr., as Senior Vice President of FIFTH THIRD BANK, an Ohio
banking corporation, on behalf of the Bank.

 

______

  Personally known    _____________________________________

______

  Florida Driver’s License    Notary Public

______

  Other Identification Produced      _______________   
_____________________________________   _______________    Print or type name of
Notary                               (SEAL)

 

ATTACHMENT: Exhibit “A” – Revised Borrowing Base Certificate

 

4

--------------------------------------------------------------------------------

REVISED EXHIBIT “A”

BORROWING BASE CERTIFICATE

 

FIFTH THIRD BANK

201 East Kennedy Blvd., Suite 1800

Tampa, Florida 33602

Pursuant to the Loan and Security Agreement, as amended, Borrower hereby
certifies, as of the above date, the following:

 

(A)

   Current Value of Inventory based on the rolling 12 month wholesale average
value of the Coins    $ ___________

(B)

   Less: Ineligibles    $ ___________

(C)

   Net Amount of Inventory (A) Less (B)    $ ___________

(D)

   40% of (C) Not To Exceed $5,000,000.00    $ ___________

(E)

   The aggregate unpaid principal Owed to Bank is:    $ ___________

(F)

   Availability (D) Less (E):    $ ___________    Not to exceed the maximum loan
limit of $ 5,000,000.00   

 

The undersigned hereby certifies, represents, and warrants to FIFTH THIRD BANK
(the “Bank”) as follows:

1.     All the representations and warranties contained in the Loan and Security
Agreement or in any other related loan document are true and correct on the date
hereof, except to the extent that such representations and warranties relate
solely to an earlier date.

2.     No event of default has occurred, or would result from the advance made
in connection herewith, that constitutes an Event of Default under the Loan and
Security Agreement or any other related document.

3.     The description of Eligible Inventory and the values assigned thereto are
true and correct in all material respects (see attached inventory declaration).
We are legal owners of the inventory as identified above. We further certify
that the inventory is in good condition and that storage conditions are safe and
satisfactory for this type of inventory.

 

5

--------------------------------------------------------------------------------

4.     The aggregate unpaid principal balance of the Loan does not exceed the
lesser of the $5,000,000.00 Commitment or Borrowing Base.

 

By: __________________________________   By: __________________________________
  Its: _____________________   Its: _____________________   Date:
___________________, 201___   Date: ___________________, 201___  

 

6