Document:

EX-10.51

 Exhibit 10.51 

[Cerus B.V. Letterhead] 

INTERNATIONAL BONUS PLAN 

This document sets forth the complete terms and conditions of the International Bonus Plan (the “Plan”) for non-sales employees and
sales employees (“Sales Participants”) of Cerus B.V., (the “Company”) who are working outside of the United States of America and have, in accordance with Section 5, been designated as eligible to participate in the Plan
(together, the “Participants”). This Bonus Plan has effect from January 1, 2013, and will remain in effect until modified or terminated by the Company. 
  

	1.	Purposes of the Plan 

 The purpose of the Plan is to advance the interests of the Company
by providing an incentive to attract and retain employees (“Incentive Bonus”) as well as to reward them for performing services for the Company and to motivate them to perform excellent services (“Individual Performance Bonus”).

  

	2.	Administration of the Plan 

 The Company, or its delegate, shall have complete control
over the administration of the Plan and shall have the authority in its sole discretion to (i) construe, implement and interpret the Plan, (ii) prescribe, amend and rescind rules relating to the Plan, (iii) make all determinations
necessary or advisable in administering the Plan, (iv) amend the Plan to reflect binding changes in applicable law (whether or not the rights of any Participant are adversely affected) and (v) to correct any defect, supply any omission or
reconcile any inconsistency in the Plan and to make all determinations and take all actions with respect to the Plan as the Company or its delegates may deem advisable to the extent not inconsistent with the provisions of the Plan or applicable
local law. 

  
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	3.	Discretionary Nature of Plan 

 The establishment of the Plan as well as all bonus
payments made thereunder are entirely discretionary benefits provided by the Company. The Company may decide not to extend the term of this Plan or to establish a replacement for this Plan at its sole discretion. Participation in this Plan or
receipt of a bonus under this Plan in one year does not create any future legal entitlement to participate in a similar bonus plan or to receive a future bonus from the Company, even if an employee has participated in this Plan or similar bonus
plans or received bonus payments for several consecutive years. This holds true even if the discretionary nature of participation in the Plan or payment under the Plan is not specifically repeated at each notification of eligibility or at each bonus
payment. Nothing contained in the Plan or any modification thereof, or the payment of any bonuses hereunder, shall be construed as giving any employee any rights to continued employment with the Company. 

 

	4.	Coverage 

 The Plan covers the following two bonuses for employees: 

 

	 	•	 	The Incentive Bonus and 

  

	 	•	 	The Individual Performance Bonus (Sales Participants only). 

  

	5.	Eligibility 

 A. General Rule. The only employees who are eligible to receive a
bonus under this Plan are employees who: 
  

	 	•	 	are employed by the Company outside of the United States of America, 

  

	 	•	 	are not subject to United States income taxation, 

  

	 	•	 	are not currently participating in any other bonus program sponsored by the Company or any of its parents, subsidiaries or affiliates, 

 

	 	•	 	have received and accepted an offer to participate in the Incentive Bonus Program and/or Individual Performance Bonus Program 

  
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 Each offer to an eligible employee must be in writing and contained in either the employee’s
employment contract or a subsequent communication from the Company that includes a copy of this Plan and the applicable Bonus Agreement (the “Agreement”). To accept the offer and become a Participant under this Plan an eligible employee
must complete and sign the Agreement accompanying the Plan and return it to the person designated by the Company by the time and date specified in the Agreement. By signing and completing the Agreement, the employee agrees to participate in the
Incentive Bonus Program and/or Individual Performance Bonus Program as applicable and to be bound by the terms and conditions of this Plan. 
  

	 	B.	Additional Restrictions. Eligible employees who work part-time are eligible to be offered a pro-rated Incentive Bonus or Individual Performance Bonus, if applicable, based on the number of hours they are
regularly scheduled to work. Eligible employees who are hired after the Plan Year begins may be eligible to be offered an Incentive Bonus or an Individual Performance Bonus, if applicable, on a pro-rata basis if and after completing at least three
months of employment during the relevant Plan Year (unless otherwise set forth in the terms of their employment agreement). For purposes of clarification, an employee who begins employment on or after October 1st of any calendar year will not be eligible to be offered an Incentive Bonus or and Individual Performance Bonus for the Plan Year then in progress. Further, eligibility will begin on the first day
immediately following the completion of three months of employment (i.e., an employee who starts employment on March 18th will be eligible to participate in the Plan beginning on June 19th. Employees who are otherwise eligible to participate in the Plan and who are on an approved leave of absence for any portion of the Plan Year are eligible to receive a pro-rated Incentive Bonus or
Individual Performance Bonus, as applicable to reflect the portion of the Plan Year worked. As the Incentive Bonus is intended to retain employees, it shall, however, only be paid if the Participants return to active employment with the Company
after their leave of absence. 

  

	 	C.	Eligibility to participate and participation in the Plan ends (i) if the Company terminates the Plan or modifies it in such a way that the employee is no longer eligible to participate in the Plan, or (ii) the
employee’s employment with the Company terminates. 

  
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	6.	Amount and Calculation of Bonuses 

  

	 	A.	Incentive Bonus. 

  

			
	Goals:		At the beginning of the Plan Year (i.e., the twelve month period beginning January 1 and ending December 31), the Company shall set commercial goals and strategic goals for the Incentive Bonus.

  

	 	i.	Commercial Goals: 

  

	 	•	 	Commercial goals will generally be based upon empirical results for the applicable Plan Year, such as revenue, end of year cash balance and profits. 

 

	 	•	 	At the beginning of each Plan Year, The Company, or its delegate, will: 

  

	 	•	 	assign a percentage value that reflects the significance that the commercial goals, as a whole, will be accorded in the determination of bonus payouts at the end of the Plan Year (the “Commercial Goals
Multiplier”) 

  

	 	•	 	assign a value to each commercial goal that reflects the significance that such commercial goal will be accorded in the determination of bonus payouts at the end of the Plan Year (each, a “Commercial Goal Component
Value”). The aggregate value of the Commercial Goal Component Values will equal 100% of the portion of the bonus payout at the end of the Plan Year attributable to achievement of the commercial goals. 

 

	 	•	 	assign a threshold metric, a target metric and a stretch metric for each commercial goal. 

  

	 	•	 	At the end of each Plan Year, The Company, or its delegate, will determine, in its sole discretion, if and the extent to which each commercial goal has met its threshold metric, target metric or stretch metric and
assign a multiplier to each commercial goal that reflects such determination (each, a “Commercial Goal Payout Multiplier”) as follows: 

  

	 	•	 	Achievement of less than the threshold metric: multiplier of 0; 

  

	 	•	 	Achievement of at least the threshold metric, but not the target metric: multiplier of no less than 0.5 and no more than 0.99; 

  

	 	•	 	Achievement of the target metric, but not the stretch metric: multiplier of no less than 1.0 and no more than 1.49; and 

  

	 	•	 	Achievement of the stretch metric or more: multiplier of no more than 1.5. 

  
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 The Commercial Goal Payout Multiplier for each commercial goal is then multiplied by the
Commercial Goal Component Value assigned to such goal to determine the amount of the performance bonus earned for each such commercial goal (each, a “Commercial Goal Component Payout Percentage” and in the aggregate, (the “Earned
Commercial Goals Payout Percentage”).  
  

	 	ii.	Strategic Goals: 

  

	 	•	 	Strategic goals will generally consist of corporate development milestones used to measure how well the Company has executed on its business plan for the Plan Year, such as product development goals, clinical
development goals or corporate partnering effort goals. 

  

	 	•	 	At the beginning of each Plan Year, The Company, or its delegate, will assign a percentage value that reflects the significance that the strategic goals, as a whole, will be accorded in the determination of bonus
payouts at the end of the Plan Year (the “Strategic Goals Multiplier”). 

  

	 	•	 	At the end of the Plan Year, The Company, or its delegate, will determine, if and the extent to which, the strategic goals have been met (the “Earned Strategic Goals Payout Percentage”). 

After the end of each Plan Year, the Company will create a bonus pool based on the achievement of the commercial goals and strategic goals for
the applicable Plan Year as follows: 
  

	 	•	 	Each eligible employee’s current bonus-year base pay is multiplied by the applicable bonus target percentage for that employee (each eligible employee will be notified of their individual target percentage in a
written document signed by a Cerus official), and then aggregated among all eligible employees (collectively, the “Employee Base Pay Component”). 

  

	 	•	 	The product of the Commercial Goals Multiplier and the Earned Commercial Goals Payout will be added to the product of the Strategic Goals Multiplier and the Earned Strategic Goals Payout, the sum of which shall then be
multiplied by the Employee Base Pay Component to determine the total amount available in the bonus pool. 

 Once the bonus pool
is created, the Company, will determine the distribution of the bonuses to the eligible employees based upon individual performance and contribution. Whether eligible employees receive an Incentive Bonus, and the amount of any such Incentive Bonus
is entirely within the discretion of the Company, or its delegate. In particular, the Company has the discretion to reduce or eliminate the Incentive Bonus if payment of such amount would create a hardship for the Company. Any Incentive Bonus will
be paid after mandatory withholdings in the form of cash in the currency that the Participant customarily receives from the Company. 

  
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	 	B.	Individual Performance Bonus. Only Sales Participants are eligible to receive an Individual Performance Bonus. Individual Performance Bonuses shall be based solely on the attainment of one or more performance
goals that are established for each of the Sales Participants and agreed on in the Sales Participants’ individual Agreements. By the beginning of the Plan Year, or if later, the date the Sales Participant is selected by the Company as eligible
to receive an Individual Performance Bonus, the Company shall draft the Agreement setting forth the maximum Individual Performance Bonus that may be earned, the applicable performance period, the performance goals applicable to the Sales
Participants as well as the performance targets that must be achieved for all or a portion of the Individual Performance Bonus to be paid. Any Individual Performance Bonus will be paid after mandatory withholdings in the form of cash in the currency
that the Sales Participant customarily receives from the Company. 

  

	7.	Payment 

 A. Incentive Bonus. If an Incentive Bonus is awarded it shall be paid in
cash no later than the date set forth in the applicable Bonus Agreement (the “Payout Date”), which date shall initially be no later than March 31st following the end of the Plan
Year to which the Incentive Bonus relates provided that the Participant is still employed by the Company. The Company reserves the right to change the Payout Date at its sole discretion. Because the Incentive Bonus is intended to retain Eligible
Employees, no Incentive Bonus is earned until it is required to be paid under this Plan. Therefore, in the event a Participant’s employment is terminated (either by the Company or by a Participant) prior to the Payout Date, then, unless
required and then solely to the extent required by applicable law, the Participant will not have earned any right to an Incentive Bonus, and will not be entitled to any portion of that bonus. 

B. Individual Performance Bonus. An Individual Performance Bonus, if any, shall be paid in cash by the Payout Date, which date shall
initially be no later than March 31st following the end of the Plan Year to which the Individual Performance Bonus relates. The Company reserves the right to change the Payout Date in its
sole discretion. If the employment terminates for any reason during the Plan Year, the affected Sales Participants is eligible to a pro rated payment of the Individual Performance Bonus if and to the extent binding local law requires such pro rated
payments. 

  
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	8.	Bonuses Disputes 

 A Bonus Review Board, consisting of the Company’s Board of
Directors, will be established to review and decide any disputes arising under this Plan. Any employee with an issue related to this Plan shall provide a written request for review to any member of the Company’s Board of Directors who, in turn,
shall convene Bonus Review Board to resolve the issue. All decisions of the Bonus Review Board are final and binding for internal purposes within the Company. 
  

	9.	Legal and Ethical Standards 

  

	 	A.	No employee shall attempt to earn a bonus by engaging in any conduct which violates any anti-trust laws, other laws, or the Company’s ethical standards, policies or practices. 

 

	 	B.	No employee shall pay, offer to pay, assign or give any part of his or her bonus, compensation, or anything else of value to any agent, customer, supplier or representative of any customer or supplier, or to any other
person, as an inducement or reward for direct or indirect assistance in earning a bonus. 

  

	 	C.	Any infraction of this Plan, or of recognized ethical standards, will subject the employee to disciplinary action up to and including termination of employment as permitted by applicable local law. 

 

	10.	Miscellaneous 

  

	 	A.	No Guarantee of Employment. Nothing in this Plan is intended to convey a guarantee of employment for any specified period of time. 

 

	 	B.	Totality of Agreement. This Plan in contribution with the applicable individual Agreement contains the entire agreement between the Company and the individual Participants on this subject, and supersedes all
prior bonus compensation plans or programs of the Company and all other previous oral or written statements regarding any such bonus compensation programs or plans. 

 

	 	C.	 Amendment. The Company reserves the right to modify any of the provisions of this Plan in its sole discretion and in observation of applicable
law at any time with 10 days’ written notice to Participants; provided, however, that this Plan may not be modified or 

  
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amended except in a written document signed by a Company officer and upon approval by the Company’s Compensation Committee. Any modification shall not decrease any bonus amount to which the
Participant is entitled to under the Plan prior to the date of modification. 

  

	 	D.	Discretion. No bonus amounts are guaranteed and all bonuses are determined in accordance with the terms of this Plan and any applicable Agreement. The Company will make all determinations under the Plan within
its sole discretion. 

  

	 	E.	Language. If an Eligible Employee has received a copy of the Plan, an Agreement or any other document related to the Plan translated into a language other than English and if the translated version is different
than the English version, the English version will control unless applicable local law requires the local language to be binding. 

  

	 	F.	Confidentiality. The contents of this Plan and any Agreement entered into thereafter are confidential. 

  

	 	G.	Exclusion and Severability. Each provision of the Plan shall be independent of each other, provisions hereof and if any provision of this Plan proves to be, or is held by any court, tribunal, board or authority
of competent jurisdiction to be void or invalid as to any employee or Participant or group of employees or Participants, such provisions shall be disregarded and shall be deemed to be null and void and no part of this Plan; but such invalidation of
any such provision shall not otherwise impair or affect this Plan or any of the other provisions or terms thereof. 

  

	 	H.	Acquired Rights. By choosing to participate in this Plan, the Participant expressly acknowledges and accepts all terms and conditions in the Plan, and, in particular, the Participant accepts that the Plan and any
payment received under the Plan will in no case become an acquired right under the Eligible Employee’s employment relationship with the Company. 

  
 8Employment Agreement dated August 7, 2014

 Exhibit 10.36 

ODYSSEY MARINE EXPLORATION, INC. 

5215 West Laurel Street 

Tampa, Florida 33607 

(813) 876-1776 
 August 7, 2014 

Mark D. Gordon 
 5215 West Laurel Street 

Tampa, Florida 33607 
 Dear Mark: 

On behalf of Odyssey Marine Exploration, Inc. (“Odyssey”), I am pleased to provide you with confirmation of the following
terms and conditions of your employment with Odyssey and your appointment to the position of Chief Executive Officer. 
 1. Employment
Period. The initial term of your employment under this letter agreement (this “Agreement”) will commence on the date of execution of the Agreement (the “Effective Date”) and end on the third anniversary of the
Effective Date (the “Initial Term”) unless terminated earlier pursuant to Section 3 of this Agreement; provided, however, that as of the expiration date of each of (i) the Initial Term and (ii) if
applicable, any Renewal Period (as defined below), the Employment Period will automatically be extended for a one-year period (each, a “Renewal Period”), unless either party gives at least ninety (90) days written notice (a
“Notice of Non-Renewal”) prior to such expiration date of his or its intention not to renew the Employment Period (the Initial Term and each subsequent Renewal Period shall constitute the “Employment Period”). The
Employment Period shall automatically end upon termination of your employment for any reason. 
 2. Terms of Employment. 

a. Position. During the Employment Period, you shall serve as President and Chief Operating Officer of Odyssey and, effective as of
October 1, 2014 (or such earlier date as the current Chief Executive Officer ceases serving in such position or you elect to assume that position), Chief Executive Officer of Odyssey, with such duties and responsibilities as are commensurate
with such positions and as they are from time to time assigned in good faith by the Board of Directors of Odyssey (the “Board”) consistent with the terms and provisions of this Agreement. In performing your duties hereunder, you
shall report directly to the Board. You shall also serve as a member of the Board during the Employment Period. Without your prior written consent, Odyssey will not relocate your principal place of employment by more than 40 miles away from the
location of your current primary workplace. 
 b. Duties. During the course of your employment with Odyssey, you will dedicate
substantially all of your business time and efforts to the business and affairs of Odyssey and use your reasonable best efforts to fulfill your duties and obligations hereunder; provided that, nothing herein will prevent you from
(i) participating in industry, trade, professional, charitable and community activities, (ii) serving on corporate, civic or charitable boards or committees as mutually agreed by us and you, (iii) delivering lectures, fulfilling
speaking 

 Mark D. Gordon 

August 6, 2014 
  Page
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engagements, or teaching at educational institutions, and (iv) managing your personal investments and affairs, in each case so long as such activities do not materially conflict or interfere
with the performance of your responsibilities to Odyssey hereunder. 
 c. Compensation 

i. Base Salary. During the Employment Period, you shall receive an initial annual base salary of $295,000, which shall be increased to
$350,000 upon your appointment as Chief Executive Officer of Odyssey (less payroll taxes and required withholdings) (the “Base Salary”), paid semi-monthly. The Base Salary will be reviewed by the Board or the Compensation Committee
of the Board (the “Compensation Committee”) at least annually for increase (but not for decrease), with the first review to be conducted with the annual review of the compensation of all executive officers at the end of 2014. The
Base Salary, as then increased, will be the “Base Salary” for all purposes of this Agreement. 
 ii. Annual Bonuses.
During the Employment Period, Odyssey will establish a performance-based bonus plan (the “Plan”) pursuant to which you will be eligible to receive an annual bonus (the “Bonus”) with respect to each fiscal year of
Odyssey (a “Fiscal Year”) ending during the Employment Period (each, a “Bonus Year”). The Board or the Compensation Committee will administer the Plan and, in consultation with you, will establish performance
objectives for each Fiscal Year, which performance objectives shall be reasonably related to Odyssey’s business objectives. In the event that, with respect to the applicable Fiscal Year ending during the Employment Period, Odyssey achieves the
pre-established target performance goals and you achieve the pre-established individual strategic objectives based on actual performance, you will be entitled to receive a Bonus in an amount that shall be no less than 70% of your Base Salary during
such Fiscal Year (“Target Bonus”); provided, however, that the Board and/or Compensation Committee may also provide discretionary bonuses to you under the Plan. Subject to Section 4, you will be entitled to
receive the Bonus only upon Odyssey’s achievement of the specified performance objectives and if you are employed on the last day of the applicable Bonus Year. The Bonus shall be paid no later than March 15 of the year following the end of
the applicable Bonus Year, provided that the Board or Compensation Committee finally determines (x) that Odyssey has achieved the applicable performance objectives and (y) the amount of the bonus that shall be paid to each senior executive
under the Plan for the applicable Bonus Year. If the Board or Compensation Committee has not made such final determination by March 15 of such year, the Bonus (if any) shall instead be paid as soon as practicable thereafter during such year.

 iii. Equity Awards. 

(A) Within 15 business days of the Effective Date, Odyssey will issue to you 100,000 shares of its Common Stock, $0.0001 par value per share
(the “Common Stock”) under Odyssey’s 2005 Stock Incentive Plan (the “2005 Plan”). Such shares will be fully vested and registered for resale with the Securities and Exchange Commission on the date of issuance,
and will not be subject to forfeiture or any rights of repurchase by Odyssey. 

 Mark D. Gordon 

August 6, 2014 
  Page
 3
 
  

 (B) On the earlier to occur of the date you are appointed CEO and October 1, 2014,
Odyssey will grant you 500,000 restricted shares of Common Stock (the “Restricted Shares”) under the 2005 Plan. The Restricted Shares will be issued out of shares of Common Stock reserved for issuance under the 2005 Plan, registered
on Form S-8, and will be granted on terms and subject to conditions of the 2005 Plan and a separate restricted stock award agreement reflecting the provisions of this Agreement. The award of Restricted Shares hereunder has been approved by the
Compensation Committee and the Board, and will vest in accordance with the following stock performance standards: 
  

	 	•	 	125,000 Restricted Shares will vest when the average closing share price of the Common Stock for any 20 consecutive trading days is $3.50 or higher; 

 

	 	•	 	125,000 Restricted Shares will vest when the average closing share price for any 20 consecutive trading days is $4.00 or higher; 

  

	 	•	 	125,000 of the Restricted Shares will vest when the average closing share price for any 20 consecutive trading days is $4.50 or higher; and 

 

	 	•	 	125,000 Restricted Shares will vest when the average closing share price for any 20 consecutive trading days is $5.00 or higher. 

Upon satisfaction of a particular share price vesting target, all lower share price vesting targets will be deemed satisfied and the shares associated
therewith fully vested. Any Restricted Shares that remain unvested on the 5th anniversary of the date of grant will be forfeited as of 12:00 am on the next day. Vesting is subject to your
continuous service with Odyssey. Effective immediately prior to the consummation of a Change of Control (as defined below) in which the consideration payable to shareholders of Odyssey in respect of a share of Common Stock has a value equal to or
greater than $3.50 or if immediately prior to the effectiveness of a Change of Control the closing price per share of Common Stock is equal to or greater than $3.50, all outstanding Restricted Shares shall become fully vested. 

(C) Annual Long Term Incentive Awards. With respect to each fiscal year of Odyssey ending during the Employment Period, you will be
eligible to receive grants of equity compensation pursuant to Odyssey’s Long-Term Incentive Award program with a target value of no less than 125% of your Base Salary (based on the grant date value of any such award). The terms and conditions
applicable to each such award will be determined by the Compensation Committee and will be no less favorable than those that apply to similarly situated senior executives of Odyssey. 

v. Benefits. During the Employment Period, you will be entitled to participate in all incentive, savings and retirement plans,
practices, policies and programs applicable generally to senior executives of Odyssey and its direct and indirect subsidiaries and will be eligible for participation in, and shall receive all benefits under, welfare benefit plans, practices,
policies and programs provided by Odyssey to the extent applicable generally to other senior executives of Odyssey (“Benefit Plans”), in each case on a basis which is no less 

 Mark D. Gordon 

August 6, 2014 
  Page
 4
 
  

 
favorable than is provided to other similarly situated senior executives of Odyssey. Odyssey reserves the right to amend or cancel any Benefit Plans at any time in its sole discretion, subject to
the terms of such Benefit Plan and applicable law. 
 vi. Vacation; Paid Time-off. During the Employment Period, you will be
entitled to paid vacation on a basis that is at least as favorable as that provided to other similarly situated senior executives of Odyssey. You will also receive other paid time-off in accordance with Odyssey’s policies for executive officers
as such policies may exist from time to time. 
 vii. Expenses. During the Employment Period, you will be entitled to receive
reimbursement for all reasonable out-of-pocket business, entertainment, and travel expenses you incur in the performance of your duties hereunder provided that such expenses are incurred in accordance with Odyssey’s applicable expense
reimbursement policies and procedures then in effect. 
 viii. Fringe Benefits and Perquisites. During the Employment Period, you
will be entitled to fringe benefits and perquisites consistent with the practices of Odyssey, and to the extent Odyssey provides similar benefits or perquisites (or both) to similarly situated senior executives of Odyssey. Notwithstanding the
foregoing, each year during the Employment Period, Odyssey shall reimburse you for the amount of your membership dues and related business expenses for the World President Organization or comparable organizations in an amount not to exceed $20,000
in any calendar year. 
 ix. Legal Fees Incurred in Negotiating the Agreement. Odyssey will pay or you will be reimbursed by Odyssey
for the amount of all reasonable legal fees and expenses reasonably incurred by you in connection with the negotiation and preparation of this Agreement, subject to a maximum of $15,000. 

3. Termination of Employment. 

a. Death or Disability. Your employment hereunder will terminate automatically upon your death during the Employment Period. If you
become subject to a Disability during the Employment Period (pursuant to the definition of Disability set forth below), Odyssey may give you written notice in accordance with Sections 3(e) and 9(f) of its intention to terminate your employment. In
such event, your employment with Odyssey will terminate effective on the 30th day after receipt of such notice by you (the “Disability Effective Date”). For purposes of this
Agreement, “Disability” means that you are unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last
for a continuous period of not less than 12 months. Whether you have incurred a “Disability” shall be determined by a physician selected by Odyssey or its insurers, which physician is reasonably acceptable to you (or your legal
representative). If the parties cannot agree on a licensed physician, each party shall select a licensed physician and the two physicians shall select a third who shall be the approved licensed physician for this purpose. 

 Mark D. Gordon 

August 6, 2014 
  Page
 5
 
  

 b. Cause. Your employment may be terminated at any time by Odyssey with or without
Cause. For purposes of this Agreement, “Cause” means dismissal for: (i) willfully engaging in misconduct that is materially injurious to Odyssey; (ii) your willful and repeated failure to discharge your duties hereunder
(other than any such failure resulting from incapacity due to physical or mental illness); (iii) your conviction of or plea of guilty or nolo contendere to a crime that constitutes a felony or a crime that constitutes a misdemeanor
involving moral turpitude; (iv) the performance of an illegal act that is materially injurious to Odyssey while purporting to act in Odyssey’s behalf; (v) embezzlement, misappropriation, or fraud; or (vi) your material breach of
Section 6 or your unauthorized use or disclosure of confidential information or trade secrets in a manner that is materially injurious to Odyssey. A termination will not be for “Cause” pursuant to clauses (i), (ii), (iv) or (vi),
to the extent such conduct is curable, unless Odyssey shall have notified you in writing describing such conduct and prescribing conduct required to cure such conduct and you shall have failed to cure such conduct within ten (10) business days
after your receipt of such written notice. For purposes of this definition of Cause, no act or failure to act on your part will be considered willful if it is done, or omitted to be done, by you in good faith and with a good faith belief that your
act or omission was in the best interests of Odyssey. 
 c. Good Reason. Your employment may be terminated at any time by you for
Good Reason. For purposes of this Agreement, “Good Reason” means voluntary resignation after any of the following actions taken by Odyssey or any of its subsidiaries without your prior written consent: (i) a material diminution
in your Base Salary; (ii) a material diminution in your authority, duties, or responsibilities; (iii) a requirement that you report to a corporate officer or employee instead of reporting directly to the Board; (iv) a material change
in the geographic location of your principal office, or (v) a material breach by Odyssey of other obligations under this Agreement. A termination will not be for “Good Reason” unless you have provided a Notice of Termination to
Odyssey’s general counsel or Board setting forth your intent to resign for Good Reason and specifying with reasonable particularity the grounds constituting “Good Reason” within 90 days of the initial existence of such grounds and
Odyssey shall have failed to cure the event giving rise to Good Reason within 30 days after Odyssey’s receipt of such written notice. 

d. Voluntary Termination. You may voluntarily terminate your employment without Good Reason, and such termination shall not be deemed
to be a breach of this Agreement. 
 e. Notice of Termination. Any termination by Odyssey for Cause or by reason of your Disability,
or by you for Good Reason shall be communicated by Notice of Termination to the other party hereto given in accordance with Section 9(f) of this Agreement. For purposes of this Agreement, a “Notice of Termination” means a
written notice which (i) indicates the specific termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of
your employment under the provision so indicated and (iii) if the Date of Termination (as defined below) is other than the date of receipt of such notice, specifies the termination date. The failure by you or Odyssey to set forth in the Notice
of Termination any fact or circumstance which contributes to a showing of Good Reason or Cause shall not waive any right of yours or Odyssey’s hereunder or preclude you or Odyssey from asserting such fact or circumstance in enforcing yours or
Odyssey’s rights hereunder. 

 Mark D. Gordon 

August 6, 2014 
  Page
 6
 
  

 f. Date of Termination. “Date of Termination” means (i) if your
employment is terminated by Odyssey for Cause, or by you for Good Reason, the date of receipt of the Notice of Termination or any later date specified therein pursuant to Section 3(e), as the case may be, (ii) if your employment is
terminated by Odyssey other than for Cause or Disability, of if you voluntarily resign without Good Reason, the date on which the terminating party notifies the other party of such termination, (iii) if your employment is terminated by Odyssey
due to Disability, the Disability Effective Date, or (iv) if your employment is terminated by reason of death, the date of death. 
 g.
Resignation of All Other Positions. Upon termination of your employment hereunder for any reason, you agree to resign, effective on the Date of Termination from all positions that you hold as an officer or member of the board of directors (or
a committee thereof) of Odyssey or any of its subsidiaries or affiliates 
 4. Obligations of Odyssey upon Termination. 

a. Good Reason; Other Than for Cause; Notice of Non-Renewal. If, during the Employment Period, you terminate your employment for Good
Reason or Odyssey terminates your employment without Cause or delivers a Notice of Non-Renewal, then Odyssey will provide you with the following severance payments and/or benefits: 

(i) On the pay date immediately following the Date of Termination, Odyssey shall pay you in a lump sum, to the extent not previously paid,
(A) the Base Salary through the Date of Termination, (B) the Bonus earned for any Bonus Year ended prior to the year in which the Date of Termination occurs, provided that you were employed on the last day of such Bonus Year, (C) the
value of your unused vacation time accrued through the Date of Termination, calculated on the basis of your Base Salary at such time, and (D) reimbursement for unreimbursed reasonable business expenses (collectively, the “Accrued
Obligations”); 
 (ii) An aggregate amount equal to 200% of the sum of your Base Salary and Target Bonus for the year in which the
Date of Termination occurs (the “Cash Severance”), which shall be paid in equal monthly installments the last of which will be made prior to the second anniversary of the Date of Termination in accordance with Odyssey’s normal
payroll practices; provided that such payments will be accelerated to the extent necessary to comply with or qualify for an exemption from Section 409A of the Internal Revenue Code (the “Code”); 

(iii) Odyssey will pay you a prorated Bonus for the year in which the Date of Termination occurs, based on actual performance for such year,
the amount of which prorated Bonus, if any, shall be determined and paid on or before March 15 of the year immediately following the end of the Fiscal Year to which such Bonus relates and in accordance with the terms of the Plan; 

 Mark D. Gordon 

August 6, 2014 
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 (iv) If you timely and properly elect continuation coverage under COBRA, Odyssey shall
reimburse you for the monthly COBRA premium paid by you for yourself and your dependents sufficient to continue your group health insurance coverage at the same level of coverage received as of the Date of Termination. Such reimbursement shall be
paid to you on the 5th day of the month immediately following the month in which you timely remit the premium payment. You shall be eligible to receive such reimbursement until the earlier of:
(i) the second anniversary of the Date of Termination; and (ii) the date you are no longer eligible to receive COBRA continuation coverage; and 

(v) Notwithstanding the terms of the 2005 Plan, any other equity incentive plan of Odyssey, or any award agreements with you, as applicable
(collectively, the “Equity Documents”): 
 (A) all outstanding unvested stock options granted to you before or during the
Employment Period will become fully vested and exercisable for the remainder of their full term; 
 (B) all outstanding awards of
restricted stock other than the Restricted Shares will become fully vested and any restrictions thereon shall lapse; and 
 (C) 50% of any
outstanding Restricted Shares will become fully vested, and the balance shall remain outstanding and shall vest or be forfeited in accordance with the terms of this Agreement and the award agreement until the 5th anniversary of the date such
Restricted Shares were granted. 
 b. Cause; Other than for Good Reason. If your employment shall be terminated by Odyssey for Cause
or by you without Good Reason during the Employment Period, or if your employment terminates by reason of you providing a Notice of Non-Renewal, then Odyssey shall have no further payment obligations to you other than for payment of the Accrued
Obligations. Thereafter, Odyssey shall have no further obligation to you other than the obligation to indemnify you pursuant to Section 7, provided, however, that Odyssey shall have no obligation to indemnify you for any act resulting in your
termination for Cause. 
 c. Death. If your employment is terminated by reason of your death, then Odyssey shall pay your legal
representatives within 30 days following such termination the Accrued Obligations. 
 d. Disability. If your employment is terminated
by reason of your Disability, then Odyssey will provide you with the severance payments and/or benefits set forth in clauses (i) through (v) of Section 4(a). 

e. General Release. The obligations of Odyssey to make payments under Sections 4(a) and (d) (other than the Accrued Obligations)
are conditioned on you or your legal representative’s (as applicable) executing and delivering a general release of claims against Odyssey, and its subsidiaries and affiliated companies and their respective successors and assigns (and the
officers and directors of such entities) in substantially the form attached hereto 

 Mark D. Gordon 

August 6, 2014 
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as Exhibit A (the “Release”) with such Release becoming effective not more than [90] days after the Date of Termination (the “Release Execution Period”),
provided, however, that if the Release Execution Period begins in one taxable year and ends in the next taxable year, payments of Cash Severance shall not be made until the beginning of the second taxable year; provided, further, that the first
installment payment of Cash Severance shall include all amounts that would otherwise have been paid to you during the period beginning on the Date of Termination and ending on the first payment date if no delay had been imposed. 

5. Change of Control. 

(a) Notwithstanding the terms of any Equity Document, immediately prior to consummation of a Change in Control; 

(i) all outstanding unvested stock options granted to you before or during the Employment Period will become fully vested and exercisable for
the remainder of their full term; and 
 (ii) all outstanding awards of restricted stock, other than the Restricted Shares, granted to you
before or during the Employment Period will become fully vested and any restrictions thereon shall lapse. 
 (b) Notwithstanding any other
provision contained herein, if your employment hereunder is terminated by you for Good Reason or by Odyssey on account of its failure to renew the Agreement in accordance with Section 1, or without Cause (other than on account of your death or
Disability), in each case within twenty-four (24) months following a Change in Control: 
 (i) On the pay date immediately following
such Date of Termination, Odyssey shall pay you in a lump sum, the Accrued Obligations; 
 (ii) Odyssey will pay you a lump sum amount
equal to 250% of the sum of your Base Salary and Target Bonus for the year in which the Date of Termination occurs (or if greater, the year immediately preceding the year in which the Change in Control occurs) within 30 days following the Date of
Termination; 
 (iii) Odyssey will pay you a prorated Bonus for the year in which the Date of Termination occurs, based on actual
performance for such year, the amount of which prorated Bonus, if any, shall be determined and paid on or before March 15 of the year immediately following the end of the Fiscal Year to which such Bonus relates and in accordance with the terms
of the Plan; 
 (iv) If you timely and properly elect continuation coverage under COBRA, Odyssey shall reimburse you for the monthly COBRA
premium paid by you for yourself and your dependents sufficient to continue your group health insurance coverage at the same level of coverage received as of the Date of Termination. Such reimbursement shall be paid to you on the 5th day of the month immediately following the month in which you timely 

 Mark D. Gordon 

August 6, 2014 
  Page
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remit the premium payment. You shall be eligible to receive such reimbursement until the earlier of: (i) the second anniversary of the Date of Termination; and (ii) the date you are no
longer eligible to receive COBRA continuation coverage; and 
 (v) Notwithstanding the terms of any Equity Document: 

(A) all outstanding unvested stock options granted to you before or during the Employment Period will become fully vested and exercisable for
the remainder of their full term; and 
 (B) all outstanding awards of restricted stock granted to you before or during the Employment
Period will become fully vested and any restrictions thereon shall lapse. 
 (c) For purposes of this Agreement, “Change in
Control” shall mean the occurrence of any of the following after the Effective Date: 
 (i) one person (or more than one person
acting as a group) acquires ownership of stock of Odyssey that, together with the stock held by such person or group, constitutes more than 40% of the total fair market value or total voting power of the stock of such corporation; provided that, a
Change in Control shall not occur if any person (or more than one person acting as a group) owns more than 40% of the total fair market value or total voting power of Odyssey’s stock and acquires additional stock; 

(ii) one person (or more than one person acting as a group) acquires (or has acquired during the twelve-month period ending on the date of
the most recent acquisition) ownership of Odyssey’s stock possessing 25% or more of the total voting power of the stock of such corporation; 

(iii) a majority of the members of the Board are replaced during any twelve-month period by directors whose appointment or election is not
endorsed by a majority of the Board before the date of appointment or election; or 
 (iv) the sale of all or substantially all of
Odyssey’s assets. 
 Notwithstanding the foregoing, a Change in Control shall not occur unless such transaction constitutes a change in the ownership
of Odyssey, a change in effective control of Odyssey, or a change in the ownership of a substantial portion of Odyssey’s assets under Section 409A. 

6. Non-Solicitation and Non-Compete. During the period commencing on the Effective Date and ending on the first anniversary of the Date
of Termination (the “Restricted Period”), you will not directly or indirectly, personally or through others (a) solicit, recruit, or attempt to solicit or recruit any employee, agent, licensor, content provider, supplier,
distributor, customer or partner of Odyssey to curtail, cancel or terminate such employment, agency or business relationship that it has with Odyssey or its affiliates; or (b) own, manage, operate, control, participate in, perform services for,
make any investment in, assist, or otherwise carry on, Odyssey’s business (such business, including the business of any subsidiary or controlled 

 Mark D. Gordon 

August 6, 2014 
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affiliate of Odyssey, is referred to herein as the “Company Business”) or any business that directly competes with the Company Business (other than in the course of performing
duties to Odyssey or any of its affiliates as an employee or other service provider). 
 7. Indemnification/Insurance. If you are
made a party or threatened to be made a party to any action, suit, or proceeding, whether civil, criminal, administrative or investigative (a “Proceeding”), other than any Proceeding initiated by you or Odyssey related to any
contest or dispute between you and Odyssey or any of its affiliates with respect to this Agreement or your employment hereunder, by reason of the fact that you are or were a director or officer of Odyssey, or any affiliate of Odyssey, or are or were
serving at the request of Odyssey as a director, officer, member, employee or agent of another corporation or a partnership, joint venture, trust or other enterprise, you shall be indemnified and held harmless by Odyssey to the maximum extent
permitted under the general corporation law of the State of Nevada or other applicable law, from and against any liabilities, costs, claims and expenses, including all costs and expenses incurred in defense of any Proceeding (including
attorneys’ fees). Costs and expenses incurred by you in defense of any such Proceeding (including attorneys’ fees) shall be paid by Odyssey in advance of the final disposition of such litigation upon receipt by Odyssey of: (i) a
written request for payment; (ii) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought; and (iii) an undertaking adequate under applicable law made by you or on
your behalf to repay the amounts so paid if it shall ultimately be determined that you are not entitled to be indemnified by Odyssey under this Agreement. Your rights under this provision, the Articles of Incorporation and Bylaws of Odyssey, and any
other written agreement between you and Odyssey concerning indemnification and advancement of expenses shall survive the termination of your employment hereunder. No amendment, alteration, or repeal of this Agreement or of any provision of it shall
limit or restrict any of your rights under this Agreement in respect of any action taken or omitted by you prior to such amendment, alteration or repeal. To the extent that a change in the laws of the State of Nevada, whether by statute or judicial
decision, permits greater indemnification than would be afforded currently under the laws of the State of Nevada, Odyssey intends that you enjoy by this Agreement the greater benefits afforded by such change. No right or remedy conferred in this
provision is intended to be exclusive or any other right or remedy (including under the Articles of Incorporation and Bylaws of Odyssey) and every other right or remedy shall be cumulative and in addition to every other right and remedy given under
this Agreement or existing before or after the date of this Agreement at law or in equity or otherwise (including under the Articles of Incorporation and Bylaws of Odyssey, and any other written agreement between you and Odyssey concerning
indemnification and advancement of expenses). During the Employment Period and for a period of six (6) years thereafter, Odyssey or any successor to Odyssey will purchase and maintain, at its own expense, directors’ and officers’
liability insurance providing coverage to you on terms that are no less favorable than the coverage provided to other directors and similarly situated senior executives of Odyssey. 

8. Section 280G. 

(a) Notwithstanding any other provision of this Agreement or any other plan, arrangement or agreement to the contrary, if any of the payments
or benefits provided or to be provided by Odyssey or its affiliates to you or for your benefit pursuant to the terms of this 

 Mark D. Gordon 

August 6, 2014 
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Agreement or otherwise (“Covered Payments”) constitute parachute payments (“Parachute Payments”) within the meaning of Section 280G of the Internal Revenue
Code of 1986, as amended (the “Code”) and would, but for this Section 8 be subject to the excise tax imposed under Section 4999 of the Code (or any successor provision thereto) or any similar tax imposed by state or local
law or any interest or penalties with respect to such taxes (collectively, the “Excise Tax”), then the Covered Payments shall be either (i) reduced to the minimum extent necessary to ensure that no portion of the Covered
Payments is subject to the Excise Tax (that amount, the “Reduced Amount”) or (ii) payable in full if your receipt on an after-tax basis of the full amount of payments and benefits (after taking into account the applicable
federal, state, local and foreign income, employment and excise taxes (including the Excise Tax)) would result in you receiving an amount greater than the Reduced Amount. 

(b) The Covered Payments shall be reduced in a manner that maximizes your economic position. In applying this principle, the reduction shall
be made in a manner consistent with the requirements of Section 409A of the Code, and where two economically equivalent amounts are subject to reduction but payable at different times, such amounts shall be reduced on a pro rata basis but not
below zero. 
 (c) Any determination required under this Section 8 shall be made in writing in good faith by an independent accounting
firm selected by Odyssey that is reasonably acceptable to you (the “Accountants”), which shall provide detailed supporting calculations to Odyssey and you as requested by Odyssey or you. Odyssey and you must provide the Accountants
with such information and documents as the Accountants may reasonably request in order to make a determination under this Section 8. For purposes of making the calculations and determinations required by this Section 8, the Accountants may
rely on reasonable, good faith assumptions and approximations concerning the application of Section 280G and Section 4999 of the Code. The Accountants’ determinations shall be final and binding on you and Odyssey. Odyssey will be
responsible for all fees and expenses incurred by the Accountants in connection with the calculations required by this Section 8. 

(d) It is possible that after the determinations and selections made pursuant to this Section 8 you will receive Covered Payments that
are in the aggregate more than the amount provided under this Section 8 (“Overpayment”) or less than the amount provided under this Section 8 (“Underpayment”). 

(i) If: (A) the Accountants determine, based upon the assertion of a deficiency by the Internal Revenue Service against either Odyssey
or you which the Accountants believe has a high probability of success, that an Overpayment has been made or (B) it is established pursuant to a final determination of a court or an Internal Revenue Service proceeding that has been finally and
conclusively resolved that an Overpayment has been made, then you will pay any such Overpayment to Odyssey. 
 (ii) If: (A) the
Accountants, based upon controlling precedent or substantial authority, determine that an Underpayment has occurred or (B) a court of competent jurisdiction determines that an Underpayment has occurred, any such Underpayment will be paid
promptly by Odyssey to you or for your benefit. 

 Mark D. Gordon 

August 6, 2014 
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 9. General Provisions. 

a. Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State of Florida, without giving
effect to any choice of law or conflicting provision or rule (whether of the State of Florida or any other jurisdiction) that would cause the laws of any jurisdiction other than the State of Florida to be applied. In furtherance of the foregoing,
the internal law of the State of Florida will control the interpretation and construction of the Agreement, even if under such jurisdiction’s choice of law or conflict of law analysis, the substantive law of some other jurisdiction would
ordinarily apply. 
 b. Arbitration of Claims. Any dispute, controversy or claim arising out of or relating to this Agreement, or the
breach thereof, shall be submitted to and settled by binding arbitration, conducted before a single panel member sitting in a location selected by you within 50 miles from the location of Odyssey’s executive offices, in accordance with the
rules of the American Arbitration Association then in effect. The decision of the arbitrators in that proceeding shall be binding on Odyssey and you. Judgment may be entered on the award of the arbitrator in any court having jurisdiction. Each party
will be responsible for its own costs and expenses in the arbitration proceeding, and one-half of the costs of the arbitrator. In addition, the arbitrator shall have the right, but not the obligation, to grant to the prevailing party recovery for
all, or any portion of, the costs and expenses associated with such arbitration (including attorney’s fees) if the arbitrator deems it necessary and appropriate to satisfy the merits of the dispute. 

c. Entire Agreement. This Agreement and the Equity Documents constitute the entire agreement, arrangement and understanding between you
and Odyssey with respect to the subject matter hereof and supersede and preempt any prior understandings, agreements, or representations by or between the parties, written or oral, which may have related to the subject matter hereof. Also, by your
execution of this Agreement, you affirm that no one has made any written or oral statement that contradicts the provisions of this Agreement. In the event of any inconsistency between the terms contained in this Agreement and the terms contained in
any Equity Document, the terms contained in this Agreement will control, and the provisions regarding vesting or termination contained in in any Equity Document will be superseded by the provisions of this Agreement to the extent of any conflict.

 d. Successors and Assigns. This Agreement is personal to you and without the prior written consent of Odyssey shall not be
assignable by you otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by your legal representatives. This Agreement shall inure to the benefit of and be binding upon Odyssey
and its successors and assigns. Odyssey will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of Odyssey to assume expressly and agree to
perform this Agreement in the same manner and to the same extent that Odyssey would be required to perform it if no such succession had taken place. As used in this Agreement, “Odyssey” shall mean Odyssey as hereinbefore defined and any
successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or otherwise. 

 Mark D. Gordon 

August 6, 2014 
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 e. Counterparts. This Agreement may be executed in counterparts, each of which
(including any signature transmitted via facsimile or email) shall be deemed to be an original, and all of which together shall constitute one instrument. 

f. Notices. Any notice provided for in this Agreement must be in writing and must be either personally delivered, transmitted via
electronic mail, mailed by first class mail (postage prepaid and return receipt requested) or sent by reputable overnight courier service (charges prepaid) to the recipient at the address below indicated or at such other address or to the attention
of such other person as the recipient party has specified by prior written notice to the sending party. Notices will be deemed to have been given hereunder and received when delivered personally, five days after deposit in the U.S. mail, one day
after deposit with a reputable overnight courier service, and if delivered by email, when the recipient, by an email for the sender set forth below or by a notice delivered by another method in accordance with this Section 9(f), acknowledges
having received that email, with an automatic “read receipt” not constituting acknowledgment of an email for purposes of this Section 9(f). 

If to Odyssey, to: 
  

			
	Odyssey Marine Exploration, Inc.
	5215 West Laurel Street
	Tampa, Florida 33607
	Attention:		 Melinda J. MacConnel, Esq., Executive Vice President,

Secretary, and General Counsel

	Telephone: (813) 789-6575
	Email: mmacconnel@odysseymarine.com

 If to you, to your address set forth above or the following electronic mail address:
mark@odysseymarine.com. 
 g. No Mitigation. In no event shall you be obligated to seek other employment or take any other action by
way of mitigation of the amounts payable to you under any of the provisions of this Agreement and any amounts payable pursuant to Section 4 or 5 shall not be reduced by compensation you earn on account of employment with another employer. 

h. Withholding. Odyssey may withhold from any amounts payable or benefits to be provided to you under this Agreement or otherwise all
Federal, state, city or other taxes and other amounts that Odyssey may reasonably determine are required to be withheld pursuant to any applicable law or regulation. 

i. Amendment and Waiver. The provisions of this Agreement may be amended and waived only with the prior written consent of Odyssey and
you and no course of conduct or failure or delay in enforcing the provisions of this Agreement shall be construed as a waiver of such provisions or affect the validity, binding effect or enforceability of this Agreement or any provision hereof. 

 Mark D. Gordon 

August 6, 2014 
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 j. Survival. Upon the expiration or other termination of this Agreement, the
respective rights and obligations of the parties hereto shall survive such expiration or other termination to the extent necessary to carry out the intentions of the parties under this Agreement. 

k. Section 409A. 

(i) This Agreement is intended to comply with Section 409A or an exemption thereunder and shall be construed and administered in
accordance with Section 409A. Notwithstanding any other provision of this Agreement, payments provided under this Agreement may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any
payments under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For
purposes of Section 409A, each installment payment provided under this Agreement shall be treated as a separate payment. Any payments to be made under this Agreement upon a termination of employment shall only be made upon a “separation
from service” under Section 409A. 
 (ii) Notwithstanding any other provision of this Agreement, if any payment or benefit
provided to the you in connection with your termination of employment is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A and you are determined to be a “specified employee” as
defined in Section 409A(a)(2)(b)(i), then such payment or benefit shall not be paid until the first payroll date to occur following the six-month anniversary of the Date of Termination (the “Specified Employee Payment Date”)
or, if earlier, on your death. The aggregate of any payments that would otherwise have been paid before the Specified Employee Payment Date and interest on such amounts calculated based on the applicable federal rate published by the Internal
Revenue Service for the month in which your separation from service occurs shall be paid to the you in a lump sum on the Specified Employee Payment Date and thereafter, any remaining payments shall be paid without delay in accordance with their
original schedule. 
 (iii) To the extent required by Section 409A, each reimbursement or in-kind benefit provided under this
Agreement shall be provided in accordance with the following: (A) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during each calendar year cannot affect the expenses eligible for reimbursement, or in-kind
benefits to be provided, in any other calendar year; (B) any reimbursement of an eligible expense shall be paid to you on or before the last day of the calendar year following the calendar year in which the expense was incurred; and
(C) any right to reimbursements or in-kind benefits under this Agreement shall not be subject to liquidation or exchange for another benefit. 

 Mark D. Gordon 

August 6, 2014 
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 Please sign where indicated below to signify your acceptance of this offer and your
acknowledgement and agreement with the terms set forth herein. 
  

					
	Sincerely,
	
	ODYSSEY MARINE EXPLORATION, INC
			
			By:		 /s/    Jon
Sawyer        

			
			Name:		 Jon Sawyer

			
			Title:		 Director

 ACKNOWLEDGED AND AGREED: 
  

	
	 /s/ Mark D. Gordon

	Mark D. Gordon

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