Document:

Pledge Agreement

 Exhibit 10.3 

EXECUTION VERSION 

PLEDGE AGREEMENT 
 PLEDGE
AGREEMENT, dated as of March 11, 2015 (this “Agreement”), between MINERA DEL NORTE, S.A. DE C.V., a Mexican societe anonime (hereinafter referred to as “PLEDGEE”), ODYSSEY MARINE ENTERPRISES
LTD., a corporation existing under the laws of the Commonwealth of The Bahamas, (hereinafter referred to as “ODYSSEY” or “PLEDGOR”), and OCEANICA RESOURCES, S. DE R.L., a sociedad de responsabilidad
limitada existing under the laws of the Republic of Panama (hereinafter referred to as “OCEANICA”). 
 PLEDGEE, PLEDGOR
and OCEANICA are referred to herein, individually, as a “Party” and collectively as the “Parties”. 
 WITNESSETH:

 WHEREAS, ODYSSEY is the owner of certain participation quotas (the “Pledged Quotas”) described in Schedule I hereto and
issued by OCEANICA as stated in Schedule I; and 
 WHEREAS, pursuant to the Stock Purchase Agreement, dated as of the date hereof
(the “Stock Purchase Agreement”), among Odyssey Marine Exploration, Inc., the guarantor named therein and PLEDGEE, PLEDGEE has agreed to advance to PLEDGOR, in one or more transactions, up to FOURTEEN MILLION SEVEN
HUNDRED FIFTY UNITED STATES DOLLARS (US$14,750,000) on or after the date hereof (each advance received by PLEDGOR from PLEDGEE, an “Advance”) and it is a condition precedent to the making of any Advance by PLEDGEE that
PLEDGOR shall have made the pledge contemplated by this Agreement. 
 WHEREAS, pursuant to the Call Option Agreement, dated as of the
date hereof (the “Call Option Agreement”), by PLEDGOR in favor of PLEDGEE, PLEDGOR has agreed to sell to PLEDGEE certain participation quotas described therein, subject to the purported prior rights, to the
extent enforceable under applicable Law, of (i) Monaco Financial LLC to purchase up to 3,174,603 quotas pursuant to the Monaco Option as described in the Call Option Agreement (the “Monaco Option”) and (ii) Monaco Financial, LLC
to hold a Lien on 10,000,000 quotas in Oceanica granted by Odyssey Marine Exploration, Inc. (“OMEX”) as a security for $10.0 million of indebtedness owed by OMEX to Monaco Financial, LLC, pursuant to the Loan Agreement, dated as of
August 14, 2014, by and between Monaco Financial, LLC and the Odyssey Marine Exploration, Inc (the “Monaco Pledge”). 

 NOW, THEREFORE, in consideration of the premises and in order to induce PLEDGEE to make
any and all Advances and enter into the Call Option Agreement, PLEDGOR hereby agrees as follows: 
 SECTION 1. Pledge. In
order to secure the Obligations, PLEDGOR hereby pledges to PLEDGEE, and grants to PLEDGEE a security interest in the Pledged Quotas and the certificates representing the Pledged Quotas and all instruments and other property
(including cash and cash equivalents received upon the disposition of any of the Pledged Collateral) from time to time received or receivable in exchange for any or all of the Pledged Quotas, including pursuant to the Monaco Option and the Call
Option Agreement (the “Pledged Collateral”). 
 SECTION 2. Security for Obligations. This Agreement secures the payment and
performance of all obligations of PLEDGOR to PLEDGEE now or hereafter existing under the terms of the Stock Purchase Agreement, the Call Option Agreement, the Note (as defined in the Stock Purchase Agreement) or any other agreement
with respect to the Advances or the transactions contemplated by any of the foregoing, whether for principal or interest or fees or otherwise, and all obligations of PLEDGOR now or hereafter existing under this Agreement (all such obligations
of the PLEDGOR being the “Obligations”). 
 SECTION 3. Delivery of Pledged Collateral; Filings. All certificates or
instruments representing or evidencing the Pledged Collateral shall be delivered to and held by PLEDGEE pursuant hereto. Oceanica will (i) on or prior to the date hereof, annotate the Pledge over the Pledged Quotas in the Stock Registry
of the Oceanica and (ii) as soon as practicable after the date hereof, and in any event within five business days, register the Pledge in the Panamanian Public Registry. Any and all Pledged Collateral (including, without limitation, dividends,
interest, other cash distributions, and proceeds of sale pursuant to the Monaco Option or the Call Option Agreement) at any time received or held by PLEDGOR shall be so received or held in trust for PLEDGEE, shall be segregated from
other property of PLEDGOR and shall be forthwith delivered to PLEDGEE in the same form as so received or held, with any necessary indorsements. 

SECTION 4. Representations and Warranties of PLEDGOR. PLEDGOR represents and warrants as follows: 

(a) that it is duly organized, validly existing and in good standing under the laws of the its jurisdiction of formation and its duly
qualified to do business and its in good standing in all jurisdictions in which the nature of the business it conducts make such qualifications necessary. 

(b) the execution, delivery and performance by PLEDGOR of this Agreement has been duly authorized by all necessary corporate action of
PLEDGOR and do not and will not: (i) contravene PLEDGOR’s constitutional documents; (ii) violate in any material respect any provision of any applicable law, rule, regulation, order, writ, judgment, injunction or decree,
presently in effect and binding on PLEDGOR; or (iii) result in a breach of or constitute a default under any indenture or loan or credit agreement or any other agreement, lease or instrument to which PLEDGOR is party or by which
it or its property may be bound or affected; 

  
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 (c) the Pledged Quotas have been duly authorized and validly issued and are fully paid and
non-assessable; 
 (d) PLEDGOR is the sole holder of record of the Pledged Quotas and legal and beneficial owner of the Pledged
Collateral free and clear of any liens, encumbrances, security interest, options, warrants or other charges or rights of third parties whatsoever, except for: (i) the security interest created by this Agreement; (ii) with respect to
10,000,000 quotas, the Monaco Pledge, to the extent enforceable under applicable Law; and (iii) with respect to 3,174,603 quotas, the Monaco Option, to the extent enforceable under applicable Law. 

(e) this Agreement is the legal, valid and binding obligation of PLEDGOR, enforceable against PLEDGOR in accordance with its
terms subject to bankruptcy, insolvency, reorganization or other laws relating to or affecting the enforcement of creditors’ rights generally; 

(f) upon the taking of the following action, the pledge of the Pledged Quotas pursuant to this Agreement creates a valid and perfected
security interest in the Pledged Collateral securing the payment of the Obligations: (i) PLEDGEE having possession of the certificate for the Pledged Quotas, (ii) the Pledge over the Pledged Quotas has been annotated in the Stock
Registry of Oceanica, and (iii) the Pledge being recorded in the Panamanian Public Registry]; the pledge of the Pledged Quotas pursuant to this Agreement creates a valid first priority security interest in the Pledged Collateral securing the
payment of the Obligations, subject only to with respect to 10,000,000 quotas, the Monaco Pledge, to the extent the Monaco Pledge is enforceable under applicable Law; 

(g) No authorization, approval or other action by, and no notice to or filing with, any governmental authority, regulatory body or other
person or entity, other than the members of OCEANICA listed in Schedule II, is required for the Pledge by PLEDGOR of the Pledged Collateral pursuant to this Agreement or for the due execution, delivery or performance of this Agreement
by PLEDGOR, and 
 (h) the exercise by PLEDGEE of any of its rights and remedies hereunder will not contravene any law or
contractual restrictions binding on or affecting PLEDGOR. 
 SECTION 5. Representations and Warranties of OCEANICA.
OCEANICA represents and warrants as follows: 
  

	 	(a)	That it agrees and acknowledges the Pledge made by PLEDGOR to PLEDGEE in the terms agreed upon by the Parties within this Agreement. 

  
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	 	(b)	That all the members of OCEANICA set forth in Schedule II authorize and agree on the following: (i) that they give their express consent for PLEDGOR to pledge the Pledged Quotas, (ii) that any
Event of Default will give PLEDGEE the right to exercise its remedies with respect to the Pledged Collateral as set forth in Section 14 or as otherwise available to it under applicable law, (iii) that they expressly authorize and
consent PLEDGEE to become a member of OCEANICA in case of any Event of Default, and iv) that they waive their preferential right over the Pledge Quotas. 

SECTION 6. Further Assurances. (a) PLEDGOR agrees that at any time and from time to time, at the expense of PLEDGOR,
PLEDGOR will promptly execute and deliver all further instruments and documents, and take all further actions, that may be necessary or desirable or that PLEDGEE may reasonably request, in order to perfect and protect any security
interest granted or purported to be granted hereby or to enable PLEDGEE to exercise and enforce its rights and remedies hereunder with respect to any Pledged Collateral. 

(b) PLEDGOR hereby authorizes PLEDGEE or its designee to file or make any required filing or application necessary or desirable
to perfect and protect any security interest granted or purported to be granted hereby or to enable PLEDGEE to exercise and enforce its rights and remedies hereunder with respect to any Pledged Collateral. 

(c) Upon receipt by PLEDGOR of any material notice, report or other communication from OCEANICA relating to all or any part of
the Pledged Collateral that can reasonably be expected to have an adverse effect on the Collateral, PLEDGOR shall deliver such notice, report or other communication to PLEDGEE as soon as possible, but in no event later than five
(5) days following the receipt thereof by PLEDGOR. 
 SECTION 7. Event of Default The occurrence of any of the following
events shall constitute an event of default under this Agreement (each, an “Event of Default): 
 (a) The occurrence of any “Event
of Default” under and as defined in the Note. 
 (b) Breach by PLEDGOR of any obligation set forth in the Stock Purchase
Agreement, this Agreement or the Call Option Agreement, including, without limitation, any termination or acceleration of this Agreement in accordance with Sections 12 or 13 hereof. 

SECTION 8. Voting Rights. (a) So as long as no Event of Default shall have occurred and be continuing, PLEDGOR shall be
entitled to exercise any and all voting and other consensual rights pertaining to the Pledged Collateral or any part thereof for any purpose not inconsistent with the terms of this Agreement, the Call Option Agreement, the Stock Purchase Agreement
or the Note. 

  
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 (b) Upon the occurrence and during the continuance of an Event of Default, all rights of
PLEDGOR to exercise the voting and other consensual rights that it would otherwise be entitled to exercise pursuant to Section 8(a), shall cease, and all such rights shall thereupon become vested in PLEDGEE, who shall thereupon
have the sole right to exercise such voting or other consensual rights. PLEDGOR shall execute and deliver (or cause to be executed and delivered) to PLEDGEE all such proxies and other instruments as PLEDGEE may reasonably
request for the purpose of enabling PLEDGEE to exercise the voting and other rights which it is entitled to exercise pursuant to the preceding sentence. 

SECTION 9. Transfers and Other Liens; Issue of Substituted Quotas. (a) PLEDGOR agrees that it will not (i) sell
(except pursuant to the terms of the Monaco Option, to the extent enforceable by applicable Law, or the Call Option Agreement) or otherwise dispose of, or grant any option with respect to, any of the Pledged Collateral, or (ii) create or permit
to exist any lien, security interest, or other charge or encumbrance upon or with respect to any of the Pledged Collateral, except for the security interest under this Agreement. 

(b) PLEDGOR agrees that it will, so long as any Obligations remain outstanding pledge to PLEDGEE hereunder, immediately upon
their acquisition thereof, any and all participation quotas issued in substitution for the Pledged Quotas. 
 SECTION 10. PLEDGEE May
Perform. Upon the occurrence and during the continuance of an Event of Default, if PLEDGOR fails to perform any agreement contained herein, PLEDGEE, after giving three (3) Business Day’s notice to PLEDGOR of its
intention to perform, may itself perform, or cause performance of, such agreement, and the expenses of PLEDGEE incurred in connection therewith shall be payable by PLEDGOR under Section 15. 

SECTION 11. Reasonable Care. PLEDGEE shall be deemed to have exercised reasonable care in the custody and preservation of the
Pledged Collateral in PLEDGEE’s possession if the Pledged Collateral is accorded treatment substantially equal to that which PLEDGEE accords its own property, except that PLEDGEE shall not be excused from liability for its
gross negligence or willful misconduct. It is hereby understood that PLEDGEE shall not have any responsibility for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters
relative to any Pledged Collateral, whether or not PLEDGEE has or is deemed to have knowledge of such matters, or (ii) taking any necessary steps to preserve rights against any parties with respect to any Pledged Collateral. 

SECTION 12. Termination. This agreement can be terminated at any time by PLEDGEE constituting sufficient cause for
PLEDGEE to demand full and immediate payment, regardless of the duration of the agreement, for any of the following: 
 (a) Any
delays in the payment of any of the Obligations. 

  
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 (b) If PLEDGEE deems PLEDGOR’s financial condition has deteriorated up to a
point where PLEDGOR is not capable of paying its Obligations to PLEDGEE or any other creditor. 
 (c) The installment of any
bankruptcy proceedings, insolvency, attachments or creditor’s meetings against the PLEDGOR. 
 (e) If PLEDGOR does not
abide by any and all obligations under this contract. 
 SECTION 13. Automatic Acceleration. As stipulated in Section 12 herein,
PLEDGEE’s demand of full and immediate payment will make all amounts owed past due and payable, for which PLEDGOR waives domicile, renounces to all service of process and jurisdiction requirements and the right of exception for
the installment of executive proceedings against PLEDGEE. 
 SECTION 14. Remedies upon Default. If any Event of Default shall
have occurred and be continuing: 
 (a) PLEDGEE may exercise in respect of the Pledged Collateral all rights and remedies provided
for herein or otherwise available to PLEDGEE at that time, and PLEDGEE may also, upon giving at least twenty (20) business days’ notice to PLEDGOR of the time and place of a public sale, sell the Pledged Collateral or
any part thereof in one or more tranches at public sale for cash, and at such price or prices as are commercially reasonable provided such price or prices are no less than the price valuation obtained by PLEDGEE for the Pledged Collateral
from an independent valuer prior to any such sale taking place and a copy of such valuation has been delivered to PLEDGOR five (5) business days prior to the date of any public sale. 

(b) All cash proceeds received by PLEDGEE in respect of any sale of all or any part of the Pledged Collateral shall be applied (after
payment of any amounts payable to PLEDGEE pursuant to Section 14) in whole by PLEDGEE against, all or any part of the Obligations in such order as PLEDGEE shall elect. Any surplus of such cash or cash proceeds held by
PLEDGEE and remaining after payment in full of all the Obligations shall be paid over to PLEDGOR. 
 SECTION 15.
Expenses. PLEDGOR will upon demand pay to PLEDGEE the amount of any and all reasonable expenses, including the reasonable fees and expenses of its counsel and of any experts and agents, which PLEDGEE may incur in
connection with (i) the exercise of or enforcement of any of the rights of PLEDGEE hereunder or (ii) failure by PLEDGOR to perform or observe any of the provisions hereof. 

  
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 SECTION 16. Security Interest Absolute. All rights of PLEDGEE and security
interests hereunder, and all obligations of PLEDGOR hereunder, shall be absolute and unconditional irrespective of: 
 (a) Any lack
of validity or enforceability of the terms of the Obligations or any other agreement or instrument relating thereto, and 
 (b) Any other
circumstance which might otherwise constitute a defense available to, or a discharge of PLEDGOR in respect of the Obligations or in respect of this Agreement. 

SECTION 17. Amendments Etc. No amendment or waiver of any provision of this Agreement nor consent to any departure by PLEDGOR
herefrom, shall in any event be effective unless the same shall be in writing and signed by PLEDGEE and PLEDGOR, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which
given. 
 SECTION 18. Addresses for Notices. All notices and other communications provided for hereunder shall be delivered to the
following persons and in accordance with the communication details stated herein: 
 If to PLEDGEE: 

Minera del Norte, S.A. de C.V. 

Campos Eliseos No. 29 
 Col.
Rincon del Bosque 
 11580 Mexico D.F. 

Mexico 
 Attn: Mr. Andres
Gonzalez Saravia 
 Facsimile: 52 (866) 633-8050 

With a copy to: 
 Willkie
Farr & Gallagher LLP 
 787 Seventh Avenue 

New York, NY 10019 
 Attention:
Maurice M. Lefkort 
 Facsimile: (212) 728-8111 

  
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 If to PLEDGOR: 

Odyssey Marine Exploration, Inc. 

5215 W. Laurel Street 
 Suite 210

 Tampa, Fl 33607 
 Attention:
Chief Executive Officer 
 with copies to: 

Akerman LLP 
 401 E. Jackson
Street, Suite 1700 
 Tampa, FL 33602 

Attention: David M. Doney 

Facsimile: (813) 218-5404 

SECTION 19. Continuing Security Interest. This Agreement shall create a continuing security interest in the Pledged Collateral and
shall (a) remain in full force and effect until payment in full of the Obligations, (b) be binding upon PLEDGOR, its successors and assigns, and (c) inure to the benefit of PLEDGEE and its successors , transferees and
assigns. Upon the payment in full of the Obligations, PLEDGOR shall be entitled to the return, upon their request and their expense, of the Pledged Collateral or such of the Pledged Collateral as shall not have been sold or otherwise applied
pursuant to the terms hereof. 
 SECTION 20. Governing Law Terms. This Agreement shall be governed by and construed in accordance
with the laws of the Republic of Panama. 
 SECTION 21. Exclusive Forum in Designated Courts. Any dispute, controversy, proceeding or
claim arising out of or relating to: (i) this Agreement or the subject matter hereof, (ii) the breach, termination, enforcement, interpretation or validity of this Agreement, or (iii) 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) the United States District Court for the Southern District of New York, to the extent that such court has
subject matter jurisdiction, or (y) the Commercial Division of the Supreme Court of the State of New York in the County of New York (or if such court lacks subject matter jurisdiction, in the courts of the State of New York in the County of New
York) (the “Designated Court”). 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 the subject matter hereof in any court other than the
Designated Court. Each of the parties hereto hereby irrevocably waives, and agrees not to assert as a defense, counterclaim or otherwise, in any 

  
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action or proceeding with respect to this Agreement, (a) any claim that it is not personally subject to the jurisdiction of the Designated Court, (b) 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) to the fullest extent permitted by applicable Law, any claim that (i) the suit, action or proceeding in such Designated Court is brought in an inconvenient forum, (ii) the venue of such suit, action or
proceeding is improper, or (iii) this Agreement or the subject matter hereof may not be enforced in or by such Designated Court. 

SECTION 22. Consent to Service of Process. Each of the parties hereto hereby irrevocably and unconditionally consents to service of
process in the manner provided for notices in Section 18 and agrees that nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by applicable Law. 

SECTION 23. Waiver of Jury Trial. 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. 

SECTION 24. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any
provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any Person or any circumstance, is found to be invalid or unenforceable in any jurisdiction,
(i) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid or enforceable, such provision and (ii) the remainder shall not be affected by such invalidity or unenforceability, nor
shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction. 

SECTION 25. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all
of which shall, taken together, be considered one and the same agreement. The execution of this Agreement by any of the Parties may be evidenced by way of a facsimile transmission of such Party’s signature, or a photocopy of such facsimile
transmission, or by way of an e-mail in a portable document format (PDF), and such facsimile or e-mail signature shall be deemed to constitute the original signature of such Party thereto. 

  
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 SECTION 26. Authorization. The Parties hereby expressly authorize Mario A. Vlieg, to
appear before a Notary Public in the Republic of Panama to notarize, as well as to record this Pledge Agreement before the Panamanian Public Registry. 

[Remainder of page left intentionally blank] 

  
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 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed and delivered by their officers
thereunto duly authorized as of the date first above written. 
  

															
	MINERA DEL NORTE, S.A. DE C.V.				ODYSSEY MARINE ENTERPRISES LTD.				OCEANICA RESOURCES, S. DE R. L.
								
	By:		 /s/ Lilia Aminta de Salcedo
				By:		 /s/ Mark D. Gordon
				By:		 /s/ Greg Stemm

	Name:		Lilia Aminta de Salcedo				Name:		Mark D. Gordon				Name:		Greg Stemm
	Title:		Attorney in Fact				Title:		Director & Vice President				Title:		Secretary
					
	  
				 Melinda J. MacConnel
				 Alice Copeland

	Witness				Witness				Witness

  
 [Signature page to
Pledge Agreement] 

 SCHEDULE I 

PLEDGED QUOTAS BY PLEDGOR 
 Odyssey
Marine Enterprises Ltd. 
  

					
	 Company
	  	 Jurisdiction of Incorporation
	  	 Number of Quotas

	 Oceanica Resources S. de R.L.
	  	Republic of Panama	  	54,000,000

 SCHEDULE II 

OCEANICA’s MEMBERS 
 Pursuant to
Section 5 of this present Pledge Agreement, the signatories to this Schedule II, as listed below, authorize and agree on the following: i) that they give their express consent for PLEDGOR to pledge the Pledged Quotas, ii) that any Event
of Default will give right to the PLEDGEE to execute the Pledge, as well as the Pledge Collateral, iii) that they expressly authorize and consent PLEDGEE to become a member of OCEANICA in case of any Event of Default, and iv)
that they waive their preferential right over the Pledge Quotas. 
  

					
	 Company
	  	 Number of Quotas
	  	 Authorized Signature

	Odyssey Marine Enterprises, Ltd	  	54,000,000	  	
			
	Mako Resources, LLC	  	24,000,000	  	
			
	DNA LTD, Inc	  	18,400,000	  	
			
	Hamdam y Manzanero, SAPI de C.V.	  	1,500,000	  	
			
	DFC Inversiones, SAPI de C.V.	  	1,500,000	  	
			
	Subsea Minerals, Ltd	  	100,000	  	
			
	St. Vincent Bay Exploration Project, Ltd	  	500,000	  	
			
	Monaco Financial LLC	  	100,000Oceanica Call Option Agreement

 Exhibit 10.4 

EXECUTION VERSION 
  

 
  

CALL OPTION AGREEMENT 

BY AND BETWEEN 
 ODYSSEY
MARINE ENTERPRISES, LTD. 
 AND 

MINERA DEL NORTE, S.A. DE C.V. 

DATED AS OF MARCH 11, 2015 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I. DEFINITIONS
	  	 	1	  
			
	 Section 1.1.
	 	Definitions. Unless the context otherwise requires, capitalized terms used herein and not otherwise defined shall have the meanings ascribed to them in the Purchase Agreement, and the following terms, for all purposes of this
Agreement, shall have the meanings specified in this Section 1.1:	  	 	1	  
		
	 ARTICLE II. THE RIGHT
	  	 	2	  
			
	 Section 2.1.
	 	The Right. Subject to Section 6.1 hereof, during the period commencing on the date hereof and ending on the date that is one year from the date hereof (the “Expiration Date”), Purchaser shall have the
right to purchase from Holder, and Holder shall be obligated to sell to Purchaser, the Subject Shares in exchange for the Option Consideration (the “Right”); provided, however, if the Initial Closing (as defined in the Purchase
Agreement) has occurred, then Purchaser may not exercise the Right unless and until any of the conditions to a Subsequent Closing (as defined in the Purchase Agreement) are not satisfied (whether or not the date of determination is a Subsequent
Closing Date). In consideration of the granting of the Right, on the date hereof, Purchaser shall pay to Holder $1.00.	  	 	2	  
			
	 Section 2.2.
	 	Calculation of the Option Consideration. The consideration to be paid by Purchaser to Holder in exchange for the Subject Securities at the Closing (the “Option Consideration”) shall be equal to $40,000,000
less any amounts paid or payable to Holder or any of its Affiliates following the date hereof upon the exercise of the Monaco Option less if Monaco has foreclosed on any of the Subject Securities, $10,000,000.	  	 	2	  
			
	 Section 2.3.
	 	Dividends and Distributions. Upon the exercise of the Right, Purchaser shall be entitled with respect to the Subject Shares purchased, to any proceeds received by Holder in cash, securities or other property as a result of
any dividend or other distribution made by the Company to the Company’s holders of Quotas with respect to such Subject Shares from the date hereof and the Closing Date.	  	 	2	  
		
	ARTICLE III. EXERCISE OF THE RIGHT	  	 	2	  
			
	 Section 3.1.
	 	The Exercise of the Right. Purchaser may exercise the Right by delivering to Holder a notice, pursuant to Section 7.3 and substantially in the form of Exhibit A hereto, executed by a duly authorized officer of
Purchaser (the “Exercise Notice”), specifying a desired date not less than five (5) nor more than twenty (20) Business Days from the date of such Exercise Notice on which Holder desires to consummate the purchase and sale
contemplated by the Right (the “Tentative Closing Date”).	  	 	2	  

  
 i 

							
			
	 Section 3.2.
		Conditions to the Obligation of Purchaser. The obligation of Purchaser to purchase the Subject Shares from Holder upon exercise of the Right shall be subject to the satisfaction (unless waived in writing by Purchaser) of each
of the following conditions on or prior to the Tentative Closing Date:		 	3	  
			
	 Section 3.3.
		The Closing.		 	3	  
		
	 ARTICLE IV. REPRESENTATIONS AND WARRANTIES OF HOLDER
		 	3	  
			
	 Section 4.1.
		Organization. Holder is duly organized, validly existing and in good standing under the laws of its jurisdiction of formation, and has all requisite power and authority to own, lease and operate its assets and properties and
to conduct its business as currently being conducted.		 	3	  
			
	 Section 4.2.
		Authorization, Validity and Enforceability. Holder has full power and authority to execute, deliver and perform its obligations under this Agreement. The execution, delivery and performance by it of this Agreement and the
consummation by it of the transactions contemplated hereby have been duly authorized by its board of directors or other governing body and no other proceedings on its part are necessary to authorize this Agreement or the transactions contemplated
hereby. This Agreement has been duly executed and delivered by Holder, and constitutes the legal, valid and binding obligation of it, enforceable against it in accordance with the terms hereof, except as such enforcement may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting rights of creditors generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).		 	4	  
			
	 Section 4.3.
		No Violation or Breach. The execution, delivery and performance by it of this Agreement and the consummation of the transactions contemplated hereby, including delivery of the Subject Shares upon the Closing, do not and will
not conflict with, result in a violation or breach of, constitute a default (or an event which with the giving of notice or the lapse of time or both would constitute a default) or give rise to any right of termination or acceleration of any right
or obligation of it under, or result in the creation or imposition of any Lien upon the Subject Shares or any of the Company’s assets or properties by reason of the terms of (a) its or the Company’s articles of incorporation, member
agreement by-laws or other charter or organizational document, (b) any contract, agreement, lease, license, mortgage, note, bond, debenture, indenture or other instrument or obligation to which it or the Company is a party or by or to which it or
the Company or any of their respective assets or properties may be bound or subject, (c) any Order applicable to it or the Company or (d) any license, permit, order, consent, approval, registration, authorization or qualification with or under any
Governmental Agency.		 	4	  
			
	 Section 4.4.
		Consents and Approvals. No consent, approval, authorization, license or order of, registration or filing with, or notice to, any Governmental Agency is necessary to be obtained, made or given by it in connection with the
execution, delivery and performance by it of this Agreement or the consummation by it of the transactions contemplated hereby. Holder has obtained all approvals required under the Company’s organizational documents or applicable Law to the
transfer of the Subject Shares to Purchaser upon exercise of the Right.		 	4	  

  
 ii 

							
			
	 Section 4.5.
		Ownership of Subject Shares. Holder is the record and beneficial owner of the Subject Shares as of the date hereof and has (and will have as of the Closing Date) good, valid and transferable title to such Subject Shares as of
the date hereof (and as of the Closing Date), in each case, free and clear of all Liens, other than restrictions on transfer created by applicable securities laws and Liens created by the Monaco Option and, only with respect to the date hereof,
Liens created by the Monaco Pledge.		 	4	  
			
	 Section 4.6.
		Subject Shares Nonassessable. The Subject Shares are, as of the date hereof, validly issued and outstanding, fully paid and nonassessable with no personal liability attaching to the ownership thereof.		 	5	  
		
	 ARTICLE V. COVENANTS
		 	5	  
			
	 Section 5.1.
		Further Assurances. Each of the parties hereto shall use its reasonable best efforts to do such additional things and execute such documents as are reasonably necessary or proper to carry out and effectuate the intent of this
Agreement or any part hereof.		 	5	  
			
	 Section 5.2.
		Governmental Approval. Upon receipt by Holder of an Exercise Notice, Purchaser and Holder shall each promptly: (a) inform the other of any approval of any Governmental Agency necessary or appropriate in connection with the
purchase and sale of the Subject Shares, of which such party has actual knowledge, and (b) use reasonable best efforts to obtain any such approvals.		 	5	  
			
	 Section 5.3.
		Holder Transfer Restrictions. Holder shall not Transfer any of the Subject Shares, except pursuant to the terms of this Agreement or the Monaco Option.		 	5	  
			
	 Section 5.4.
		Voting Restrictions. If any matter is submitted by the Company to the vote of the holders of Quotas, Holder shall vote the Subject Shares (and shall submit written consents with respect to the Subject Shares) as directed by
Purchaser.		 	5	  
			
	 Section 5.5.
		No Impairment. Holder will not, and will cause the Company not to, by amendment of its articles of incorporation or bylaws or through reorganization, consolidation, merger, dissolution, sale of assets or any other voluntary
action, avoid or seek to avoid the observance or performance of any of the terms of this Agreement, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or
appropriate in order to protect the rights of Holder against impairment.		 	5	  
			
	 Section 5.6.
		No Amendment. Holder shall not amend the Monaco Option without Purchaser’s prior written consent.		 	5	  
			
	 Section 5.7.
		Monaco Option; Monaco Pledge. Purchaser acknowledges and agrees that to the extent the Monaco Option is not exercised and remains in full force and effect prior to the Closing, the Quotas acquired upon the exercise of the
Right may be subject to the Monaco Option. The Company will use the Option Consideration received at the Closing to discharge all Liens on the Subject Securities created by the Monaco Pledge, and the Subject Securities delivered to Purchaser at the
Closing shall be free and clear of any Liens created by the Monaco Pledge.		 	5	  

  
 iii 

							
		
	ARTICLE VI. TERMINATION		 	6	  
			
	 Section 6.1.
		Termination of Agreement. This Agreement may be terminated and the transactions contemplated hereby may be abandoned prior to the Closing as follows:		 	6	  
		
	ARTICLE VII. Miscellaneous		 	6	  
			
	 Section 7.1.
		Rules of Construction.		 	6	  
			
	 Section 7.2.
		Entire Agreement. This Agreement constitutes 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.		 	7	  
			
	 Section 7.3.
		Notices. All notices and other communications hereunder shall be in writing and shall be deemed duly given (a) on the date of delivery if delivered personally, (b) 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) if dispatched via a nationally recognized overnight courier service
(delivery receipt requested) with charges paid by the dispatching party, on the later of (i) the first Business Day following the date of dispatch, or (ii) the scheduled date of delivery by such service, or (d) 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.		 	7	  
			
	 Section 7.4.
		Amendments; Waiver.		 	8	  
			
	 Section 7.5.
		Binding Effect; Assignment. 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 Holder without the prior written consent of Purchaser. Purchaser may assign its rights and delegate 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 also refer to such party’s successors and permitted assigns.		 	9	  
			
	 Section 7.6.
		No Third-Party Beneficiaries. 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 or any provision contained herein.		 	9	  
			
	 Section 7.7.
		Governing Law. This Agreement and any dispute, controversy or proceeding arising out of or relating to this Agreement or the subject matter hereof or the relationship among the parties hereto in connection herewith (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 New York 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 New York.		 	9	  

  
 iv 

							
			
	 Section 7.8.
		Exclusive Forum in Designated Courts. Any dispute, controversy, proceeding or claim arising out of or relating to: (i) this Agreement or the subject matter hereof, (ii) the breach, termination, enforcement, interpretation or
validity of this Agreement, or (iii) 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) the United States District
Court for the Southern District of New York, to the extent that such court has subject matter jurisdiction, or (y) the Commercial Division of the Supreme Court of the State of New York in the County of New York (or if such court lacks subject matter
jurisdiction, in the courts of the State of New York in the County of New York) (the “Designated Court”). 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 the subject matter hereof in any court other than the Designated Court. 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, (a) any claim that it is not personally subject to the jurisdiction of the Designated Court, (b) 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) to the fullest extent permitted by applicable Law, any
claim that (i) the suit, action or proceeding in such Designated Court is brought in an inconvenient forum, (ii) the venue of such suit, action or proceeding is improper, or (iii) this Agreement or the subject matter hereof may not be enforced in or
by such Designated Court.		 	9	  
			
	 Section 7.9.
		Consent to Service of Process. Each of the parties hereto hereby irrevocably and unconditionally consents to service of process in the manner provided for notices in Section 7.3 and agrees that nothing in this
Agreement will affect the right of any party hereto to serve process in any other manner permitted by applicable Law.		 	10	  
			
	 Section 7.10.
		Waiver of Jury Trial. 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.		 	10	  

  
 v 

							
			
	 Section 7.11.
		Specific Performance. 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.		 	10	  
			
	 Section 7.12.
		Remedies Cumulative. The rights and remedies of the parties are cumulative and not alternative.		 	10	  
			
	 Section 7.13.
		Counterparts. 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.		 	10	  
			
	 Section 7.14.
		Signatures/E-delivery; Reproduction of Documents.		 	10	  
			
	 Section 7.15.
		Severability.		 	11	  
			
	 Section 7.16.
		Survival. All of the representations, warranties, covenants, and agreements of the parties contained in this Agreement shall survive the Closing and continue in full force and effect forever thereafter.		 	11	  

  
 vi 

 CALL OPTION AGREEMENT 

CALL OPTION AGREEMENT (the “Agreement”) dated as of March 11, 2015 by Odyssey Marine Enterprises, Ltd.
(“Holder”) and Minera del Norte, S.A. de C.V. (“Purchaser”). 
 WHEREAS, pursuant to a stock
purchase agreement, dated as of the date hereof by and among, Odyssey Marine Exploration, Inc., the indirect parent of Holder, Purchaser, and Penelope Mining LLC, a wholly-owned subsidiary of Purchaser (the “Purchase Agreement”),
Purchaser under certain circumstances has agreed to advance loans to Holder (the “Loans”); and  
 WHEREAS,
in connection with the execution of the Purchase Agreement and the delivery of the Loans, Purchaser has required that Holder grant Purchaser an option on the equity of Oceanica Resources S. de R.L., a Panama limitada (the “Company”)
held by Holder. 
 NOW, THEREFORE, 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: 
 ARTICLE I.

 DEFINITIONS 

Section 1.1. Definitions. Unless the context otherwise requires, capitalized terms used herein and not otherwise defined shall
have the meanings ascribed to them in the Purchase Agreement, and the following terms, for all purposes of this Agreement, shall have the meanings specified in this Section 1.1: 

“Lien” 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. 

“Monaco Option” means, to the extent enforceable under applicable Law, the purported right of Monaco Financial, LLC to
purchase, on or before the date that is the maturity date of any note, now or in the future outstanding, under the Loan Agreement dated as of August 14, 2014, by and between the Odyssey Marine Exploration, Inc. and Monaco Financial, LLC, up to
3,174,603 quotas in the Company owned by Holder for a price equal to the lesser of $3.15 per quota or the price per quota obtained in certain public offerings. 

“Monaco Pledge” means, to the extent enforceable under applicable Law, the purported Lien granted to Monaco Financial, LLC by
BahamasCo on 10,000,000 quotas in Oceanica, as a security for $10.0 million of indebtedness owed by the Company to Monaco Financial, LLC, pursuant to the Loan Agreement, dated as of August 14, 2014 by and between Monaco Financial, LLC and the
Company. 
 “Quotas” means units of equity interest in the Company. 

 “Subject Shares” means the 54,000,000 Quotas less any
Quotas delivered to Monaco Financial, LLC following the date hereof upon the exercise of the Monaco Option; Subject Shares shall include any securities, property or other rights into which such Quotas may have been converted or exchanged.

 “Transfer” means any direct or indirect transfer, sale, assignment, gift, pledge, mortgage, hypothecation,
granting of a Lien or other disposition of any interest.  
 ARTICLE II. 

THE RIGHT 

Section 2.1. The Right. Subject to Section 6.1 hereof, during the period commencing on the date hereof
and ending on the date that is one year from the date hereof (the “Expiration Date”), Purchaser shall have the right to purchase from Holder, and Holder shall be obligated to sell to Purchaser, the Subject Shares in exchange for the
Option Consideration (the “Right”); provided, however, if the Initial Closing (as defined in the Purchase Agreement) has occurred, then Purchaser may not exercise the Right unless and until any of the conditions to a Subsequent
Closing (as defined in the Purchase Agreement) are not satisfied (whether or not the date of determination is a Subsequent Closing Date). In consideration of the granting of the Right, on the date hereof, Purchaser shall pay to Holder $1.00.

 Section 2.2. Calculation of the Option Consideration. The consideration to be paid by Purchaser to Holder in exchange for
the Subject Securities at the Closing (the “Option Consideration”) shall be equal to $40,000,000 less any amounts paid or payable to Holder or any of its Affiliates following the date hereof
upon the exercise of the Monaco Option less if Monaco has foreclosed on any of the Subject Securities, $10,000,000. 

Section 2.3. Dividends and Distributions. Upon the exercise of the Right, Purchaser shall be entitled with respect to the Subject
Shares purchased, to any proceeds received by Holder in cash, securities or other property as a result of any dividend or other distribution made by the Company to the Company’s holders of Quotas with respect to such Subject Shares from the
date hereof and the Closing Date. 
 ARTICLE III. 

EXERCISE OF THE RIGHT 

Section 3.1. The Exercise of the Right. Purchaser may exercise the Right by delivering to Holder a notice, pursuant to
Section 7.3 and substantially in the form of Exhibit A hereto, executed by a duly authorized officer of Purchaser (the “Exercise Notice”), specifying a desired date not less than five (5) nor more than twenty
(20) Business Days from the date of such Exercise Notice on which Holder desires to consummate the purchase and sale contemplated by the Right (the “Tentative Closing Date”). 

  
 2 

 Section 3.2. Conditions to the Obligation of Purchaser. The obligation of Purchaser
to purchase the Subject Shares from Holder upon exercise of the Right shall be subject to the satisfaction (unless waived in writing by Purchaser) of each of the following conditions on or prior to the Tentative Closing Date: 

(a) Injunction. There shall not be in effect any Order or other Law enjoining or prohibiting the consummation of the
Closing. 
 (b) Representations and Warranties. The representations and warranties of Holder contained in Article
IV shall be true and correct in all material respects on and as of the Closing Date, with the same force and effect as if made on and as of the Closing Date. 

(c) Compliance with Covenants. The Holder shall have complied in all material respects with its covenants contained in
this Agreement to be complied with prior to the Closing Date. 
 (d) Officer’s Certificate. The Holder shall have
delivered to Purchaser a certificate, signed by an executive officer of Holder, dated as of the Closing Date, certifying the matters set forth in Section 3.2(b) and (c). 

Section 3.3. The Closing. 

(a) The closing of the exercise of the Right (the “Closing”) shall occur at 10:00 a.m. local time on the
Tentative Closing Date, or if the conditions set forth in Section 3.2 have not been satisfied by such date, within three (3) Business Days after such conditions are satisfied or waived (the “Closing Date”). The
Closing shall occur at the offices of Willkie Farr & Gallagher LLP, 787 Seventh Avenue, New York, New York 10019 or at such other location as the parties hereto shall agree. 

(b) On the Closing Date, Holder shall deliver to Purchaser a certificate for the Subject Shares, evidencing good, valid and
transferable title to the Subject Shares, duly endorsed in blank with appropriate transfer powers, free and clear of all Liens, other than (i) the Monaco Option, to the extent not previously exercised, and (ii) restrictions on transfer
created by applicable securities laws. 
 (c) On the Closing Date, Purchaser shall deliver to Holder: (i) the Note,
marked as “canceled”, for which Holder shall receive a credit against Option Consideration in an amount equal to all amount due under the Note; and (ii) an amount in cash equal to the remaining balance of the Option Consideration by
wire transfer of immediately available funds to an account designated by Holder. 
 ARTICLE IV. 

REPRESENTATIONS AND WARRANTIES OF HOLDER 

Holder represents and warrants to Purchaser as follows: 

Section 4.1. Organization. Holder is duly organized, validly existing and in good standing under the laws of its jurisdiction of
formation, and has all requisite power and authority to own, lease and operate its assets and properties and to conduct its business as currently being conducted. 

  
 3 

 Section 4.2. Authorization, Validity and Enforceability. Holder has full power and
authority to execute, deliver and perform its obligations under this Agreement. The execution, delivery and performance by it of this Agreement and the consummation by it of the transactions contemplated hereby have been duly authorized by its board
of directors or other governing body and no other proceedings on its part are necessary to authorize this Agreement or the transactions contemplated hereby. This Agreement has been duly executed and delivered by Holder, and constitutes the legal,
valid and binding obligation of it, enforceable against it in accordance with the terms hereof, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting rights of
creditors generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). 

Section 4.3. No Violation or Breach. The execution, delivery and performance by it of this Agreement and the consummation of the
transactions contemplated hereby, including delivery of the Subject Shares upon the Closing, do not and will not conflict with, result in a violation or breach of, constitute a default (or an event which with the giving of notice or the lapse of
time or both would constitute a default) or give rise to any right of termination or acceleration of any right or obligation of it under, or result in the creation or imposition of any Lien upon the Subject Shares or any of the Company’s assets
or properties by reason of the terms of (a) its or the Company’s articles of incorporation, member agreement by-laws or other charter or organizational document, (b) any contract, agreement, lease, license, mortgage, note, bond,
debenture, indenture or other instrument or obligation to which it or the Company is a party or by or to which it or the Company or any of their respective assets or properties may be bound or subject, (c) any Order applicable to it or the
Company or (d) any license, permit, order, consent, approval, registration, authorization or qualification with or under any Governmental Agency. 

Section 4.4. Consents and Approvals. No consent, approval, authorization, license or order of, registration or filing with, or
notice to, any Governmental Agency is necessary to be obtained, made or given by it in connection with the execution, delivery and performance by it of this Agreement or the consummation by it of the transactions contemplated hereby. Holder has
obtained all approvals required under the Company’s organizational documents or applicable Law to the transfer of the Subject Shares to Purchaser upon exercise of the Right. 

Section 4.5. Ownership of Subject Shares. Holder is the record and beneficial owner of the Subject Shares as of the date hereof
and has (and will have as of the Closing Date) good, valid and transferable title to such Subject Shares as of the date hereof (and as of the Closing Date), in each case, free and clear of all Liens, other than restrictions on transfer created by
applicable securities laws and Liens created by the Monaco Option and, only with respect to the date hereof, Liens created by the Monaco Pledge. 

  
 4 

 Section 4.6. Subject Shares Nonassessable. The Subject Shares are, as of the date
hereof, validly issued and outstanding, fully paid and nonassessable with no personal liability attaching to the ownership thereof. 

ARTICLE V. 
 COVENANTS

 Section 5.1. Further Assurances. Each of the parties hereto shall use its reasonable best efforts to do such additional
things and execute such documents as are reasonably necessary or proper to carry out and effectuate the intent of this Agreement or any part hereof. 

Section 5.2. Governmental Approval. Upon receipt by Holder of an Exercise Notice, Purchaser and Holder shall each promptly:
(a) inform the other of any approval of any Governmental Agency necessary or appropriate in connection with the purchase and sale of the Subject Shares, of which such party has actual knowledge, and (b) use reasonable best efforts to
obtain any such approvals. 
 Section 5.3. Holder Transfer Restrictions. Holder shall not Transfer any of the Subject
Shares, except pursuant to the terms of this Agreement or the Monaco Option. 
 Section 5.4. Voting Restrictions. If any
matter is submitted by the Company to the vote of the holders of Quotas, Holder shall vote the Subject Shares (and shall submit written consents with respect to the Subject Shares) as directed by Purchaser. 

Section 5.5. No Impairment. Holder will not, and will cause the Company not to, by amendment of its articles of incorporation or
bylaws or through reorganization, consolidation, merger, dissolution, sale of assets or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Agreement, but will at all times in good faith
assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of Holder against impairment. 

Section 5.6. No Amendment. Holder shall not amend the Monaco Option without Purchaser’s prior written consent. 

 Section 5.7. Monaco Option; Monaco Pledge. Purchaser acknowledges and agrees that to the extent the Monaco Option is not
exercised and remains in full force and effect prior to the Closing, the Quotas acquired upon the exercise of the Right may be subject to the Monaco Option. The Company will use the Option Consideration received at the Closing to discharge all Liens
on the Subject Securities created by the Monaco Pledge, and the Subject Securities delivered to Purchaser at the Closing shall be free and clear of any Liens created by the Monaco Pledge. 

  
 5 

 ARTICLE VI. 

TERMINATION 

Section 6.1. Termination of Agreement. This Agreement may be terminated and the transactions contemplated hereby may be abandoned
prior to the Closing as follows: 
 (a) at any time, by mutual written consent of Holder and Purchaser; 

(b) by Holder, upon written notice to Purchaser, in the event that Purchaser elects to terminate the Purchase Agreement
pursuant to Section 8.1(d)(iii) thereof; or 
 (c) at the Expiration Date, if an Exercise Note has not been delivered
prior to the Expiration Date. 
 ARTICLE VII. 

MISCELLANEOUS 

Section 7.1. Rules of Construction. 

(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 Schedule to this Agreement unless otherwise indicated. 
 (b) Whenever the
words “include,” “includes” or “including” are used in this Agreement or any other Transaction Document, they shall be deemed to be followed by the words “without limitation.” 

(c) Whenever the word “or” is used in this Agreement, it shall not be deemed exclusive. 

(d) The definitions contained in this Agreement 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. 

(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. 
 (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. 

  
 6 

 (g) All references to “$” or “dollars” mean the lawful
currency of the United States of America. 
 (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 Company. 
 (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. 
 (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. 
 (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. 

Section 7.2. Entire Agreement. This Agreement constitutes 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. 

Section 7.3. Notices. All notices and other communications hereunder shall be in writing and shall be deemed duly given
(a) on the date of delivery if delivered personally, (b) 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) if dispatched via a nationally recognized overnight courier service (delivery receipt requested) with charges paid by the dispatching party, on the later of (i) the first Business Day following
the date of dispatch, or (ii) the scheduled date of delivery by such service, or (d) 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. 

  
 7 

 (a) If to Holder, to: 

c/o Odyssey Marine Exploration, Inc. 

5215 W. Laurel Street 
 Suite 210

 Tampa, Fl 33607 
 Attention:
Chief Executive Officer 
 with a copy to: 

Akerman LLP 
 401 E. Jackson
Street, Suite 1700 
 Tampa, FL 33602 

Attention: David M. Doney 

Facsimile: (813) 218-5404 

(b) If to Purchaser, to: 
 Minera
del Norte S.A. de C.V. 
 Campos Elíseos No. 29 

Col. Chapultepec, Polanco 
 C.P.
11580, Mexico 
 Attention: Andres Gonzalez-Saravia Coss, Esq. 

Facsimile: 52 866 633 8050, confirmed by email to: agonzalez@gan.com.mx 

with a copy to: 
 Willkie
Farr & Gallagher LLP 
 787 Seventh Avenue 

New York, NY 10019 
 Attention:
Maurice M. Lefkort 
 Facsimile: (212) 728-8111 

Section 7.4. Amendments; Waiver. 

(a) This Agreement may be amended, superseded, canceled, renewed or extended only by a written instrument signed by each of the
parties hereto. 
 (b) A party may by written instrument signed on behalf of such party: (i) extend the time for the
performance of any of the obligations or other acts of another party due to it, (ii) waive any inaccuracies in the representations and warranties made to it contained in this Agreement, or (iii) waive compliance with any covenants,
obligations, or conditions in its favor contained in this Agreement. No claim or right arising out of this Agreement 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 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. 

  
 8 

 Section 7.5. Binding Effect; Assignment. 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 Holder without the prior written
consent of Purchaser. Purchaser may assign its rights and delegate 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 also
refer to such party’s successors and permitted assigns. 
 Section 7.6. No Third-Party Beneficiaries. 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 or any provision contained
herein. 
 Section 7.7. Governing Law. This Agreement and any dispute, controversy or proceeding arising out of or
relating to this Agreement or the subject matter hereof or the relationship among the parties hereto in connection herewith (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 New York 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 New York. 

Section 7.8. Exclusive Forum in Designated Courts. Any dispute, controversy, proceeding or claim arising out of or relating to:
(i) this Agreement or the subject matter hereof, (ii) the breach, termination, enforcement, interpretation or validity of this Agreement, or (iii) 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) the United States District Court for the Southern District of New York, to the extent that such court has subject matter jurisdiction, or
(y) the Commercial Division of the Supreme Court of the State of New York in the County of New York (or if such court lacks subject matter jurisdiction, in the courts of the State of New York in the County of New York) (the
“Designated Court”). 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 the subject matter hereof in any court other
than the Designated Court. 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, (a) any claim that it is not
personally subject to the jurisdiction of the Designated Court, (b) 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) to the fullest extent permitted by applicable Law, any claim that (i) the suit, action or proceeding
in such Designated Court is brought in an inconvenient forum, (ii) the venue of such suit, action or proceeding is improper, or (iii) this Agreement or the subject matter hereof may not be enforced in or by such Designated Court. 

  
 9 

 Section 7.9. Consent to Service of Process. Each of the parties hereto hereby
irrevocably and unconditionally consents to service of process in the manner provided for notices in Section 7.3 and agrees that nothing in this Agreement will affect the right of any party hereto to serve process in any other manner
permitted by applicable Law. 
 Section 7.10. Waiver of Jury Trial. 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. 

Section 7.11. Specific Performance. 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. 

Section 7.12. Remedies Cumulative. The rights and remedies of the parties are cumulative and not alternative.  

Section 7.13. Counterparts. 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.  

Section 7.14. Signatures/E-delivery; Reproduction of Documents. 

(a) A manually signed copy of this Agreement 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. 
 (b) This Agreement and all certificates and documents relating hereto and thereto, including, without
limitation, (i) consents, waivers and modifications that may hereafter be executed, (ii) documents received by each party pursuant hereto, and (iii) 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. 

  
 10 

 Section 7.15. Severability.  

(a) If any provision of this Agreement is determined to be invalid, illegal or unenforceable, the remaining provisions of this
Agreement shall remain in full force, if the essential terms and conditions of this Agreement 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. 

(b) Any provision of this Agreement 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. 
 Section 7.16. Survival. All of the
representations, warranties, covenants, and agreements of the parties contained in this Agreement shall survive the Closing and continue in full force and effect forever thereafter. 

  
 11 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above
written. 
  

					
	ODYSSEY MARINE ENTERPRISES, LTD.
		
	By:		 /s/ Mark D. Gordon

			Name:		Mark D. Gordon
			Title:		Vice President
	
	MINERA DEL NORTE, S.A. de C.V.
		
	By:		 /s/ Alonso Ancira Elizondo

			Name:		Alonso Ancira Elizondo
			Title:		Authorized Person

 [Signature Page to Call Option Agreement] 

 EXHIBIT A 

FORM OF EXERCISE NOTICE 

[LETTERHEAD OF PURCHASER] 
 Odyssey Marine
Enterprises, Ltd. 
 The undersigned hereby irrevocably elects to exercise as of this      day of
            ,          the Right contained in that certain Option Agreement, dated as of
[            ], 20[    ] by and between Odyssey Marine Enterprises, Ltd. and Minera del Norte, S.A de C.V. Such Right is exercised with a Tentative Closing Date of
                    , which is not less than five (5) nor more than twenty (20) Business Days from the date of this Exercise Notice. 

 

					
	Minera del Norte, S.A de C.V.
		
	By:		  

			Name:		
			Title:

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