Document:

SELECTED DEALER AGREEMENT

                                                                   July 23, 2004

Sands Brothers International Limited
90 Park Avenue
New York, New York 10016

         Re:    RMS Titanic, Inc.
                -----------------

Ladies and Gentlemen:

                  This Agreement sets forth terms upon which Sands Brothers
International Limited, a registered broker-dealer and a member of the National
Association of Securities Dealers, Inc. (the "Selected Dealer"), shall be
engaged by RMS Titanic, Inc., a Florida corporation (the "Company"), to act as
exclusive Selected Dealer in connection with the private placement (the
"Offering") of "Units", at a price of $60,000 per Unit. Each Unit shall consist
of: (i) such number of shares of common stock, $.0001 par value per share (the
"Common Stock" or "Shares") of the Company, as is determined by dividing $60,000
by 80% of the average closing bid price per share of the Common Stock for each
of the ten trading days prior to each Closing, as reported on the OTC Bulletin
Board ("Common Stock Closing Price"); and (ii) three warrants (each, a "Warrant"
and collectively, the "Warrants") for every ten Shares included in the Units to
purchase Common Stock, exercisable for a period of five years at an exercise
price per share equal to $1.50 per share. The form of Warrant is included as an
annex to the Memorandum (as hereinafter defined). The shares to be issued upon
exercise of the Warrants are hereinafter referred to as the "Warrant Shares."
The Offering will consist of a minimum of 25 Units ($1,500,000) (the "Minimum
Amount") and a maximum of 46 Units ($2,760,000) of Units (the "Maximum Amount").
Based on the current capitalization of the Company, the maximum number of Shares
that the Company has available for issuance to satisfy the Common Stock
component of the Units is 3,456,635 Shares and the maximum number of Shares that
the Company has available to reserve for issuance to satisfy the Warrant
component of the Units is 1,036,991 Shares. Subject to the actual Common Stock
Closing Price and the availability of sufficient shares of Common Stock as
governed by the Company's Articles of Incorporation and applicable law, the
Company and the Selected Dealer have the right to increase the Maximum Amount.

                  Subscriptions for the Units will be accepted by the Company at
a price of per Unit calculated above (the "Offering Price"); provided, however,
that the Selected Dealer shall not tender to the Company subscriptions for any
persons or entities who do not qualify as "accredited investors," as such term
is defined in Rule 501 of Regulation D as promulgated under Section 4(2)
("Regulation D") of the Securities Act of 1933, as amended (the "Act"). The
Units will be offered through September 23, 2004 (the "Initial Offering Period")
commencing on the date of the Memorandum, which period may be extended by the
Company and the Selected Dealer through October 25, 2004 (this additional period
and the Initial Offering Period shall be referred to as the "Offering Period").
The date on which the Offering shall terminate shall be referred to as the
"Termination Date."

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                  With respect to the Offering, the Company shall provide the
Selected Dealer, on terms set forth herein, the right to offer and sell all of
the Units being offered. The Company and the Selected Dealer may, in their joint
discretion, accept or reject in whole or in part any prospective investment in
the Units or allot to any prospective subscriber less than the number of Units
that such subscriber desires to purchase. Purchases of Units may be made by the
Selected Dealer and its officers, directors, employees and affiliates. All such
purchases, together with purchases by officers, directors, employees and
affiliates of the Company, may be used to satisfy the Minimum Amount if the
Minimum Amount has not been subscribed for on or before the end of the Offering
Period.

                  The Offering will be made by the Company solely pursuant to
the Memorandum, which at all times will be in form and substance reasonably
acceptable to the Selected Dealer and its counsel and contain such legends and
other information as the Selected Dealer and its counsel may, from time to time,
deem necessary and desirable to be set forth therein. "Memorandum" as used in
this Agreement means the Company's Confidential Private Placement Memorandum
dated July 23, 2004, inclusive of all annexes, and all amendments, supplements
and appendices thereto.

         1. Appointment of Selected Dealer.

              On the basis of the representations and warranties provided
herein, and subject to the terms and conditions set forth herein, the Selected
Dealer is appointed as the exclusive agent of the Company during the Offering
Period to assist the Company in finding qualified subscribers for the Offering.
On the basis of such representations and warranties and subject to such terms
and conditions, the Selected Dealer hereby accepts such appointment and agrees
to perform its services hereunder in a professional and businesslike manner and
to use its reasonable efforts to assist the Company in finding subscribers of
Units who qualify as "accredited investors," as such term is defined in Rule 501
of Regulation D and to complete the Offering. The Selected Dealer has no
obligation to purchase any of the Units. The Selected Dealer may offer and sell
the Units through dealers selected by the Selected Dealer. Unless sooner
terminated in accordance with this Agreement, the engagement of the Selected
Dealer hereunder shall continue until the later of the Termination Date or the
Final Closing (as defined below).

         2. Representations and Warranties. The representations and warranties
contained in this Section 2 are true and correct as of the date of this
Agreement, except as set forth in the Memorandum or the disclosure schedule
attached hereto as Schedule 1.

                  (a) The Company, and each of its subsidiaries, is a
corporation duly organized, validly existing and in good standing under the laws
of its jurisdiction of incorporation. The Company, and each of its subsidiaries,
is duly qualified to transact business as a foreign corporation and is in good
standing under the laws of each jurisdiction where the location of its

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properties or the conduct of its business makes such qualification necessary,
except where the failure to be so qualified would not have a material adverse
effect on the condition (financial or otherwise), earnings, operations,
property, rights, assets, management, business or prospects of the Company or
any of its subsidiaries, considered as a whole ("Material Adverse Effect").

                  (b) The Company has requisite corporate power and authority to
conduct its business as presently conducted and as proposed to be conducted, to
enter into and perform its obligations under this Agreement and, immediately
prior to the First Closing (as hereinafter defined), the other agreements
contemplated hereby and by the Memorandum (collectively, the "Transaction
Documents"), and immediately prior to the First Closing will have all requisite
power and authority to issue, sell and deliver the Common Stock, the Warrants,
the Warrant Shares, the Selected Dealer Warrant (as hereinafter defined) and the
Selected Dealer Warrant Shares (as hereinafter defined). Upon due execution and
delivery, this Agreement, the Warrants and the Selected Dealer Warrant will
constitute the valid and binding obligations of the Company, enforceable against
the Company in accordance with their respective terms, subject to any applicable
bankruptcy, insolvency or other laws affecting the rights of creditors generally
and to general equitable principles and the availability of specific
performance.

                  (c) None of the execution and delivery of, or performance by
the Company under, this Agreement, the Warrants or the Selected Dealer Warrant
will conflict with or violate, or will result in the creation or imposition of,
any lien, charge or other encumbrance upon any of the assets of the Company
under any agreement or other instrument to which the Company is a party or by
which the Company or its assets may be bound, or any term of the charter or
by-laws of the Company, or any license, permit, judgment, decree, order,
statute, rule or regulation applicable to the Company or any of its assets.

                  (d) None of the Shares, the Warrants, the Warrant Shares, the
Selected Dealer Warrant or the Selected Dealer's Warrant Shares are subject to
preemptive or similar rights of any stockholder or security holder of the
Company or an adjustment under the antidilution or exercise rights of any
holders of any outstanding shares of capital stock, options, warrants or other
rights to acquire any securities of the Company. Immediately prior to the First
Closing, a sufficient number of authorized but unissued shares of Common Stock
will have been reserved to take into account Common Stock issuable upon exercise
of the Warrants and the Selected Dealer's Warrant ("Selected Dealer's Warrant
Shares").

                  (e) No consent, authorization or filing of or with any United
States court or government authority is required in connection with the
consummation of the transactions contemplated herein, except for required
filings with the United States Securities and Exchange Commission (the "SEC")
and applicable "Blue Sky" or state securities commissions relating specifically
to the Offering.

                  (f) The Memorandum does not include any untrue statement of a
material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading.

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                  (g) The Memorandum conforms in all material respects with the
Act and the requirements of all other rules and regulations (the "Regulations")
of the SEC relating to offerings of the type contemplated by the Offering, and
the applicable securities laws and the rules and regulations of those
jurisdictions as approved in the sole discretion of the Company wherein the
Units are to be offered and sold. The Units will be offered and sold pursuant to
the registration exemption provided by Section 4(2) of the Act and Regulation D
promulgated thereunder as a transaction not involving a public offering. The
Company has not taken nor will it take any action which conflicts with the
conditions and requirements of, or which would make unavailable with respect to
the Offering, the exemption(s) from registration available pursuant to Section
4(2) of the Act and Regulation D promulgated thereunder. None of the Company or,
to the Company's knowledge, its affiliates, has been subject to any order,
judgment or decree of any court of competent jurisdiction temporarily,
preliminarily or permanently enjoining such person for failing to comply with
Section 503 of Regulation D.

                  (h) The Company has authorized and outstanding the capital
stock as set forth in the Memorandum as of the date set forth therein. All
outstanding shares of capital stock of the Company are duly authorized, validly
issued and outstanding, fully paid and nonassessable. Except as set forth in the
Memorandum or the SEC Filings: (i) there are no outstanding options, warrants or
other rights permitting or requiring the Company or others to purchase or
acquire any shares of capital stock or other equity securities of the Company or
to pay any dividend or make any other distribution in respect thereof; (ii)
there are no securities issued or outstanding which are convertible into or
exchangeable for shares of capital stock or other equity securities of the
Company and there are no contracts, commitments or understandings to which the
Company is a party, whether or not in writing, to issue or grant any such
option, warrant, right or convertible or exchangeable security; (iii) no shares
of stock or other securities of the Company are reserved for issuance for any
purpose; (iv) there are no voting trusts or other contracts, commitments,
understandings, arrangements or restrictions of any kind to which the Company is
a party with respect to the ownership, voting or transfer of shares of stock or
other securities of the Company, including without limitation, any preemptive
rights, rights of first refusal, proxies or similar rights and (v) no person
holds a right to require the Company to register any securities of the Company
under the Act or to participate in any such registration. The issued and
outstanding shares of capital stock of the Company conform to all statements in
relation thereto contained in the Memorandum and the Memorandum describes all
material terms and conditions thereof. Except as set forth in the Memorandum or
the SEC filings, all issuances by the Company of its securities have been
registered or were exempt from registration under the Act and any applicable
state securities laws.

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                  (i) The financial statements, together with the related notes,
of the  Company  included  in the  Memorandum  present  fairly  in all  material
respects  the  financial  position  of the  Company as of the  respective  dates
specified  and the results of its  operations  and cash flow for the  respective
periods covered thereby.  Except as set forth in such financial statements,  the
Memorandum  or the SEC  Filings,  the  Company  has not  incurred  any  material
liabilities of any kind, whether accrued,  absolute,  contingent or otherwise or
entered into any material transactions subsequent to February 29, 2004 except in
the ordinary course of its business.

                  (j) The conduct of business by the Company as presently
conducted is not subject to continuing oversight, supervision, regulation or
examination by any governmental official or body of the United States or any
other jurisdiction wherein the Company conducts such business, except as
described in the Memorandum and except such regulation as is applicable to
commercial enterprises generally. The Company has obtained all requisite
licenses, permits and other governmental authorizations to conduct its business
as presently conducted, except to the extent the failure to so obtain and
maintain would not have a Material Adverse Effect.

                  (k) Except as set forth in the Memorandum or the SEC Filings,
no default by the Company or, to the knowledge of the Company, any other party
exists in the due performance under any of the agreements referred to in the
Memorandum to which the Company is a party or to which any of its assets are
subject, other than defaults that would not have a Material Adverse Effect.

                  (l) Except as set forth in the Memorandum or the SEC Filings,
there are no actions, suits, claims, hearings, or proceedings pending before any
court or governmental authority or, to the knowledge of the Company, threatened,
against the Company, or involving its assets or any of its officers or directors
(in their capacity as such) which, if determined adversely to the Company or
such officer or director, would have a Material Adverse Effect or adversely
affect the transactions contemplated by this Agreement or the other Transaction
Documents or the enforceability thereof.

                  (m) The Company is not: (i) in violation of its charter or
by-laws; (ii) except as set forth in the Memorandum or the SEC Filings, in
default of any indenture, mortgage, deed of trust, note or other agreement or
instrument to which the Company is a party or by which it is or may be bound or
to which any of its assets may be subject; (iii) except as set forth in the
Memorandum or the SEC Filings, in violation of any statute, rule or regulation
which violation would have a Material Adverse Effect; or (iv) except as set
forth in the Memorandum or the SEC Filings, in violation of any judgment, decree
or order applicable to the Company.

                  (n) Subsequent to the respective dates as of which information
is given in the Memorandum, except as may otherwise be set forth in the
Memorandum, there has been no: (i) Material Adverse Effect; (ii) damage, loss or
destruction, whether or not covered by insurance, with respect to any material
asset or property of the Company; or (iii) agreement to permit any of the
foregoing.

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                  (o) The Company has appropriate casualty and liability
insurance coverage, in scope and amounts reasonable and to the Company's
knowledge, customary for similar businesses.

                  (p) Since January 1, 2002 the Company has filed all reports
required to be filed by it under the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), including pursuant to Section 13(a) or 15(d) thereof (the
foregoing materials being collectively referred to herein as the "SEC Filings").
As of their respective dates, the SEC Filings complied in all material respects
with the requirements of the Act and the Exchange Act and the rules and
regulations of the SEC promulgated thereunder, and none of the SEC Filings, when
filed, did not contain any untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary in order to make the
statements therein, in light of the circumstances under which they were made,
not misleading. All material agreements to which the Company is a party have
been filed as exhibits to the SEC Filings to the extent required. The financial
statements of the Company included in the SEC Filings comply in all material
respects with applicable accounting requirements and the rules and regulations
of the SEC with respect thereto as in effect at the time of filing.

                  (q) Except as disclosed in the Memorandum, as of the date of
this Agreement no director, officer or employee of the Company, nor any
affiliate of any such person is presently, directly or indirectly through his or
her affiliation with any other person or entity, a party to any loan from the
Company or any other transaction (other than as an employee) with the Company
providing for the furnishing of services by, or rental of any personal property
from, or otherwise requiring cash payments to any such person.

                  (r) Except as set forth in the Memorandum, the Company owns
its property and assets free and clear of all mortgages, liens, loans, pledges,
security interests, claims, equitable interests, charges, and encumbrances,
except such encumbrances and liens which arise in the ordinary course of
business and do not materially impair the Company's ownership or use of such
property or assets. Except as set forth in the Memorandum, the Company is in
compliance in all material respects with such leases and, holds a valid
leasehold interest free of any liens, claims, or encumbrances.

                  (s) Since the adoption of the Sarbanes-Oxley Act of 2002 (the
"New Act"), the Company has complied in all material respects with the laws,
rules and regulation under the New Act to the extent applicable to an OTC
Bulletin Board company.

                  (t) The Company has made or filed all federal, state and
foreign income and all other tax returns, reports and declarations required by
any jurisdiction to which it is subject and which are due (unless and only to
the extent that the Company has set aside on its books provisions reasonably
adequate for the payment of all unpaid and unreported taxes or has obtained an
extension of the deadline for such filing) and has paid all taxes and other
governmental assessments and charges that are material in amount, shown or
determined to be due on such returns, reports and declarations, except those

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being contested in good faith and has set aside on its books provisions
reasonably adequate for the payment of all taxes for periods subsequent to the
periods to which such returns, reports or declarations apply. To the Company's
knowledge, there are no unpaid taxes in any material amount claimed to be due by
the taxing authority of any jurisdiction, and the officers of the Company know
of no basis for any such claim. The Company has not executed a waiver with
respect to the statute of limitations relating to the assessment or collection
of any foreign, federal, statue or local tax. To the Company's knowledge, none
of the Company's tax returns is presently being audited by any taxing authority.

                  (u) Neither the sale of the Units nor its use of the proceeds
thereof will violate the Trading with the Enemy Act, as amended, or any of the
foreign assets control regulations of the United States Treasury Department (31
CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive
order relating thereto. Without limiting the foregoing, neither the Company nor
any of its subsidiaries (a) is a person whose property or interests in property
are blocked pursuant to Section 1 of Executive Order 13224 of September 23, 2001
Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten
to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)) or (b) engages in
any dealings or transactions, or be otherwise associated, with any such person.
The Company and its subsidiaries are in compliance with the USA Patriot Act of
2001 (signed into law October 26, 2001).

         3. Selected Dealer Compensation.

                  (a) The Company shall cause to be delivered to the Selected
Dealer copies of the Memorandum and has consented, and hereby consents, to the
use of such copies for the purposes permitted by the Act and applicable
securities laws and in accordance with the terms and conditions of this
Agreement, and hereby authorizes the Selected Dealer and its Selected Dealers,
employees and Selected Dealers to use the Memorandum in connection with the sale
of the Units until the Termination Date, and no person or entity is or will be
authorized to give any information or make any representations other than those
contained in the Memorandum or to use any offering materials other than those
contained in the Memorandum in connection with the sale of the Units.

                  (b) The Company shall make available to the Selected Dealer
and its representatives such information as may be reasonably requested in
making a reasonable investigation of the Company and its affairs and shall
provide access to such employees during normal business hours as shall be
reasonably requested by the Selected Dealer.

                  (c) As compensation for its services under this Agreement, the
Selected Dealer will receive (i) a cash fee (the "Selected Dealer Fee") equal to
8.0% of the aggregate proceeds that the Company receives from the sale of the
Units and (ii) reimbursement of up to $30,000 of non-accountable expenses
incurred in connection with this Offering (the "Expense Allowance").

                  (d) As additional compensation hereunder, at each Closing, the
Company will issue to the Selected Dealer or its designees, for nominal

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consideration, warrants ("Selected Dealer Warrants") to purchase 20% of the
number of shares of Common Stock included in the Units sold at such Closing,
exercisable at the same price per share as the Warrants included in the Units
issued at such closing. The Selected Dealer Warrants shall be afforded the same
terms that contained in the Warrants. The Selected Dealer shall have
registration rights as shall be set forth in the Registration Rights Agreement
annexed to the Memorandum.

                  (e) Payment of the proportional amount of the Selected Dealer
Fee will be made out of the proceeds of subscriptions for the Units sold at each
Closing (as hereinafter defined) and Selected Dealer Warrants will be issued to
the Selected Dealer and its designees at each Closing in proportion to the Units
sold at each Closing. Payment of the Expense Allowance will be made out of the
proceeds of subscriptions for Units at the First Closing.

4.       Subscription and Closing Procedures.

                  (a) The Units sold in the Offering will be sold pursuant to
Subscription Agreements between the Company and the subscribers in the Offering
in the form annexed to the Memorandum.

                  (b) All funds for subscriptions received from the sale of
Units in the Offering will be deposited into the escrow account (the "Escrow
Account") established for such purpose with Signature Bank, New York, New York.
(the "Escrow Agent"). All such funds for subscriptions will be held in the
Escrow Account pursuant to the terms of the Escrow Agreement by and among the
Company, the Selected Dealer and the Escrow Agent. The Company will pay all of
the Escrow Agent's customary fees related to the establishment and maintenance
of the Escrow Account.

                  (c) If subscriptions for at least the Minimum Amount have been
accepted prior to the Termination Date, the funds therefor have been collected
by the Escrow Agent and all of the conditions set forth elsewhere in this
Agreement are fulfilled, a closing shall be held promptly with respect to the
Units sold (the "First Closing"). Thereafter, the remaining Units will continue
to be offered and sold until the Termination Date. Additional closings
("Closings") may from time to time be conducted at times mutually agreeable with
respect to additional Units sold with the final closing ("Final Closing") to
occur within 10 days from the earlier of the Termination Date or the sale of all
Units offered. Delivery of payment for the accepted subscriptions for Units from
the funds held in the Escrow Account will be made at each Closing at the
Company's offices against delivery of the Units by the Company at the address
set forth in Section 14 hereof (or at such other place as may be designated by
the Company). Executed certificates for the Common Stock, Warrants and the
Selected Dealer's Warrants will be in such authorized denominations and, with
respect to investors located by the Selected Dealer, will be registered in such
names as the Selected Dealer may request and will be made available to the
Selected Dealer for checking and packaging at the Selected Dealer's office as
soon as practicable following each closing.

                  (d) If subscriptions for the Minimum Amount have not been
received and accepted by the Company on or before the Termination Date for any

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reason, the Offering will be terminated, no Units will be sold, and the Escrow
Agent will, at the request of the Company and the Selected Dealer, cause all
monies received from subscribers located by the Selected Dealer for the Units to
be promptly returned to such subscribers without interest, penalty, expense or
deduction.

         5. Further Covenants. The Company hereby covenants and agrees that:

                  (a) Except with the prior written notice to the Selected
Dealer, the Company shall not, at any time prior to the Final Closing, knowingly
take any action which would cause any of the representations and warranties made
by it in this Agreement not to be complete and correct in all material respects
on and as of each Closing date with the same force and effect as if such
representations and warranties had been made on and as of each such date.

                  (b) If, at any time prior to the Final Closing, any event
shall occur which materially affects the Company or as a result of which it
becomes necessary to amend or supplement the Memorandum so that the
representations and warranties herein remain true and correct in all material
respects, or in case it shall be necessary to amend or supplement the Memorandum
to comply with Regulation D or any other applicable securities laws or
regulations, the Company will promptly notify the Selected Dealer and shall, at
its sole cost, prepare and furnish to the Selected Dealer copies of appropriate
amendments and/or supplements in such quantities as the Selected Dealer may
reasonably request. The Company will not at any time before the Final Closing,
prepare or use any amendment or supplement to the Memorandum of which the
Selected Dealer will not previously have been advised and furnished with a copy,
or which is not in compliance in all material respects with the Act and other
applicable securities laws. As soon as the Company is advised thereof, the
Company will advise the Selected Dealer and its counsel, and confirm the advice
in writing, of any order preventing or suspending the use of the Memorandum, or
the suspension of the qualification or registration of the Common Stock, Warrant
Shares and/or Selected Dealer Warrant Shares or the suspension of any exemption
for such qualification or registration thereof for offering in any jurisdiction,
or of the institution or threatened institution of any proceedings for any of
such purposes, and the Company will use its best efforts to prevent the issuance
of any such order and, if issued, to obtain as soon as reasonably possible the
lifting thereof.

                  (c) The Company shall comply with the Act, the Exchange Act
and the rules and regulations thereunder, all applicable state securities laws
and the rules and regulations thereunder in the states that the Units are
qualified or registered for sale or exempt from such qualification or
registration, so as to permit the continuance of the sales of the Units, and
will file with the SEC, and shall promptly thereafter forward to the Selected
Dealer, any and all reports on Form D as are required.

                  (d) The Company shall use best commercially reasonable efforts
to qualify the Common Stock, the Warrant Shares and the Selected Dealer's
Warrant Shares for sale under the securities laws of such jurisdictions in the
United States as may be mutually agreed to by the Company and the Selected
Dealer, and the Company will make such applications and furnish information as
may be required for such purposes, provided that the Company will not be

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required to qualify as a foreign corporation in any jurisdiction or execute a
general consent to service of process. The Company will, from time to time,
prepare and file such statements and reports as are or may be required to
continue such qualifications in effect for so long a period as the Selected
Dealer may reasonably request with respect to the Offering.

                  (e) The Company shall place a legend on the certificates
representing the Common Stock, the Warrants, the Warrant Shares, the Selected
Dealer Warrant and the Selected Dealer Warrant Shares that the securities
evidenced thereby have not been registered under the Act or applicable state
securities laws, setting forth or referring to the applicable restrictions on
transferability and sale of such securities under the Act and applicable state
laws.

                  (f)      The  Company  shall  apply  the net  proceeds  from
the sale of the Units in the manner set forth in the Memorandum.

                  (g) During the Offering Period and as set forth in the
Memorandum, the Company shall afford each prospective purchaser of Units the
opportunity to ask questions of and receive answers from an officer of the
Company concerning the terms and conditions of the Offering and the opportunity
to obtain such other additional information necessary to verify the accuracy of
the Memorandum to the extent it possesses such information or can acquire it
without unreasonable expense.

                  (h) The Company will be responsible for all printing costs and
expenses in connection with furnishing Selected Dealer with such quantities of
the Memorandum and other documents and instruments relating to the Offering as
the Selected Dealer may reasonably request. In addition, the Company will pay
all reasonable filing fees, costs and legal fees for all Blue Sky services and
related filings and expenses of counsel of which $6,000 ($2,500 on account of
legal fees and expenses and $3,500 on account of filings fees), shall be paid
prior to the printing of the Memorandum. Any unused filing fees shall be
promptly returned to the Company after the Final Closing. The state Blue Sky
filings shall be prepared by the Selected Dealer's Blue Sky counsel and all Blue
Sky filing fees shall be paid by the Company prior to any filing. The Company's
counsel shall be responsible for the preparation of and the filing of the
federal Form D. Further, as promptly as practicable after the Closing, the
Company shall prepare, at its own expense, velobound "closing binders" relating
to the Offering and will distribute such binders up to a maximum of four (4)
binders to the individuals designated by counsel to the Selected Dealer.

                  (i) Except with the prior written consent of the Selected
Dealer, not to be unreasonably withheld or delayed, and except as contemplated
by the Memorandum, the Company shall not, at any time prior to the Closing,
engage in or commit to engage in any transaction outside the ordinary course of
business or issue, agree to issue or set aside for issuance any securities (debt
or equity) or any rights to acquire any such securities except as contemplated
by the Memorandum or outside of the ordinary course of business incur any
material indebtedness in excess of $200,000 or dispose of any material assets or
make any material acquisition or change in its business or operations.

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                  (j) Until the Termination Date, neither the Company nor any
person or entity acting on its behalf will negotiate with any other Selected
Dealer or underwriter with respect to a private or public offering of the
Company's or any subsidiary's debt or equity securities. Neither the Company nor
anyone acting on its behalf will, until the Termination Date, without the prior
written consent of the Selected Dealer, offer for sale to, or solicit offers to
subscribe for Shares from, or otherwise approach or negotiate in respect thereof
with, any other person.

                  (k) In the event that Selected Dealer introduces the Company
to a party or entity (excluding, however, any third parties in which the Company
can demonstrate a preexisting relationship) ("SBIL Introduced Party") and as a
result of such introduction, a Financing Transaction is consummated within one
year following the final closing of the Offering or the termination of this
Agreement ("Tail Period"), the Company shall pay Selected Dealer upon the
consummation of such Financing Transaction a "tail" fee equal to five percent
(5%) of the gross proceeds raised in such transaction. SBIL shall deliver a list
setting forth the names of all SBIL Introduced Parties within 15 business days
of termination or expiration of this Agreement for purposes of the "tail"
provisions as described in this section. For purposes hereunder the term
"Financing Transaction" means a private placement, public offering, syndication
or other sale of equity or debt securities of the Company or other on-balance or
off-balance sheet corporate finance transaction of the Company.

                  (l) Until the expiration of the Tail Period, the Company shall
not negotiate, enter into or attempt to negotiate or enter into any agreement,
covenant or understanding, written or oral, with any other person or entity,
directly or indirectly, that could undermine any of the rights or interests of
the Selected Dealer, in, under or in respect of this Agreement and will not to
interfere with, circumvent, frustrate or otherwise impede in any manner the
realization by the Selected Dealer of any of the objectives it seeks or benefits
derived, or to be derived, from any of the foregoing.

                  (m) In the event a Closing occurs, for a period of not less
than two (2) years from the date thereof, the Company will, at Selected Dealer's
option and if so requested by Selected Dealer, recommend and use its best
efforts to elect one designee of Selected Dealer, reasonably satisfactory to the
Company, as a member of its Board of Directors; such designee, if elected or
appointed, shall attend meetings of the Board and receive no more or less
compensation than is paid to other non-management directors of the Company and
shall be entitled to receive reimbursement for all reasonable costs incurred in
attending such meetings including, but not limited to, food, lodging and
transportation. To the extent permitted by law, the Company will agree to
indemnify Selected Dealer's designee for the actions of such designee as a
director of the Company. In the event the Company maintains a liability
insurance policy affording coverage for the acts of its officers and directors,
it will agree, to include Selected Dealer's designee as an insured under such
policy. If Selected Dealer does not exercise its option to designate such member
of the Company's Board of Directors, Selected Dealer shall nonetheless have the
right to send a representative (who need not be the same individual from meeting
to meeting) to observe each meeting of the Board of Directors. The Company
agrees to give Selected Dealer notice of each such meeting (or copies of any
consents in lieu of meetings) and to provide Selected Dealer with an agenda and
minutes of the meeting no later than it gives such notice and provides such
items to the directors.

                                       11
<PAGE>

                  (n) The Company will cause Arnie Geller ("Geller") and Gerald
Couture ("Couture") to suspend their respective rights to receive shares of
Common Stock in lieu of salary as per the terms of their respective employment
agreements until the Termination Date. A written agreement evidencing same shall
be provided to the Selected Dealer at the time of execution of this Agreement or
promptly thereafter.

                  (o) The Company will cause Geller and Couture to forfeit an
aggregate of 1,800,000 options to purchase Common Stock in the manner described
in the Memorandum.

         6. Conditions of Selected Dealer's Obligations. The obligations of the
Selected Dealer hereunder are subject to the fulfillment, at or before each
Closing, of the following additional conditions:

                  (a) Each of the representations and warranties of the Company
shall be true and correct in all material respects when made on and as of each
Closing Date as though made on and as of each Closing, except as to
representations and warranties made as of a specific date.

                  (b) The Company shall have performed and complied in all
material respects with all agreements, covenants and conditions related to this
Offering required to be performed and complied with by it at or before each
Closing.

                  (c) No order suspending the use of the Memorandum or enjoining
the Offering or sale of the Units shall have been issued, and no proceedings for
that purpose or a similar purpose shall have been initiated or pending, or, to
the Company's knowledge, be contemplated or threatened by a court or
governmental authority.

                  (d) The Selected Dealer shall have received certificates of
the Chief Executive Officer and Chief Financial Officer of the Company, dated as
of each Closing Date, certifying, as to the fulfillment of the conditions set
forth in subparagraphs (a), (b) and (c) above.

                  (e) The Company shall have delivered to the Selected Dealer:
(i) a currently dated good standing certificate from the secretary of state of
its jurisdiction of incorporation; and (ii) resolutions of the Company's Board
of Directors approving this Agreement and the transactions and agreements
contemplated by this Agreement and the Memorandum, certified by the Secretary of
the Company.

                  (f) At each Closing, the Company shall have paid to the
Selected Dealer, the Selected Dealer Fee and the Expense Allowance as set forth
in Sections 3(c) hereof and shall execute and deliver to the Selected Dealer,
the Selected Dealer Warrant as set forth in Section 3(d).

                                       12
<PAGE>

                  (g) The Company shall deliver to the Selected Dealer a signed
opinion of Harter, Secrest & Emery, LLP, special counsel to the Company
("Company Counsel"), dated as of each Closing Date, which opinion shall cover
due incorporation of the Company, corporate power, foreign qualifications,
capitalization, due authorization, the validly issued, fully paid and
nonassessable nature of the Common Stock underlying the Units, reservation of
shares of Common Stock underlying the Units, the due authorization and
enforceability of the transaction documents, the valid execution and delivery of
the transaction documents, no violation of the Company's organizational
documents, and the Company's compliance with the requirements of Regulation D
under the Act.

                  (h) All proceedings taken at or prior to each Closing in
connection with the authorization, issuance and sale of the Units and the
Selected Dealer Warrant will be reasonably satisfactory in form and substance to
the Selected Dealer and its counsel, and such counsel shall have been furnished
with all such documents, certificates and opinions as they may reasonably
request upon reasonable prior notice in connection with the transactions
contemplated hereby.

                  (i) A Registration Rights Agreement covering the Common Stock,
the Warrant Shares and the Selected Dealer Warrant Shares in the form attached
to the Memorandum shall be executed and delivered by the Company.

                  7. Scope of Responsibility. Neither the Selected Dealer nor
any of its affiliates (nor any of their respective directors, officers, Selected
Dealers and employees, and each person who controls the Selected Dealer within
the meaning of the Act) shall be liable to the Company or to any other person
claiming through the Company for any claim, loss, damage, liability, cost or
expense suffered by the Company or any such other person arising out of or
related to this engagement except for a claim, loss or expense that arises out
of or is based upon an action or failure to act by the Selected Dealer that
constitutes bad faith, willful misconduct or gross negligence on the part of the
Selected Dealer.

                  8. Representation and Warranties of the Selected Dealer.

          (a) The Selected Dealer hereby  represents and warrants to the Company
that it is a registered  broker-dealer pursuant to the Exchange Act, a member in
good standing of the National  Association  of  Securities  Dealers,  Inc.,  and
registered  and qualified to act in each state and  jurisdiction  in which it is
required to be registered as such in order to offer and sell the Units.

          (b) The  Selected  Dealer  shall  not  engage  in any form of  general
solicitation  or general  advertising  that is  prohibited  by  Regulation  D in
connection  with the  Offering,  or take any  action  that might  reasonably  be
expected to jeopardize the  availability  for the Offering of the exemption from
registration  provided by Rule 506 under Regulation D. The Selected Dealer shall
comply with all laws in effect in any  jurisdiction  in which  securities of the
Company  are  offered  by it  and  the  rules,  regulations  and  orders  of any
securities  administrator  existing  or adopted  thereunder,  including  without
limitation,  the Act, the Exchange Act and the rules and regulations thereunder.
Prior to the sale by the  Company  to any  purchaser  of any of the  Units,  the
Selected Dealer will furnish to such purchaser a copy of the Memorandum.

                                       13
<PAGE>

          (c) The Selected  Dealer  represents  and warrants to the Company that
the person who has signed this Agreement on its behalf is duly  authorized to so
sign,  and this  Agreement  is a valid and binding  obligation  of the  Selected
Dealer, enforceable in accordance with its terms.

                  9. Confidentiality. In the course of its services under this
Agreement, the Selected Dealer will have access to Confidential Information (as
defined below) concerning the Company. The Selected Dealer agrees that all
Confidential Information will be treated by the Selected Dealer as confidential
in all respects. The Selected Dealer hereby agrees that it and its dealers,
affiliates and representatives shall: (i) use the Confidential Information
solely for the purposes of its engagement hereunder; and (ii) not disclose any
Confidential Information to any other party except to those Selected Dealer
representatives who need to know such information for the purposes of the
Selected Dealer's engagement hereunder and who have been advised of such
confidentiality restrictions. The term "Confidential Information" shall mean all
information, whether written or oral, which is or has been disclosed by the
Company or its affiliates, Selected Dealers or representatives to the Selected
Dealer or any of its representatives in connection with the Offering and the
transactions contemplated hereby, which is not in the public domain, but shall
not include: (i) information which is publicly disclosed other than by the
Selected Dealer in violation of this Agreement or other obligation of the
Selected Dealer; (ii) information which is obtained by the Selected Dealer from
a third party that (A) the Selected Dealer does not know to have violated, or to
have obtained such information in violation of, any obligation to the Company or
its affiliates with respect to such information, and (B) does not require the
Selected Dealer to refrain from disclosing such information; and (iii)
information which is required to be disclosed by the Selected Dealer or its
outside counsel under compulsion of law (whether by oral question,
interrogatory, subpoena, civil investigative demand or otherwise) or by order of
any court or governmental or regulatory body to whose supervisory authority the
Selected Dealer is subject; provided that, in such circumstance, the Selected
Dealer will give the Company prior written notice of such disclosure and
cooperate with the Company to minimize the scope of any such disclosure. The
Selected Dealer's obligation under this section shall continue after the date of
expiration, termination or completion of this Agreement or the Selected Dealer's
engagement hereunder.

                  10. Indemnification.

                  (a) The Company will: (i) indemnify and hold harmless the
Selected Dealer, its selected dealers and their respective officers, directors,
employees and each person, if any, who controls such persons within the meaning
of the Act (each an "Indemnitee") against, and pay or reimburse each Indemnitee
for, any and all losses, claims, damages, liabilities or out-of-pocket expenses
whatsoever (or actions or proceedings or investigations in respect thereof),
joint or several (which will, for all purposes of this Agreement, include, but
not be limited to, all reasonable costs of defense and investigation and all
reasonable attorneys' fees, including appeals), to which any Indemnitee may
become subject, under the Act or otherwise, in connection with the offer and
sale of the Units, whether such losses, claims, damages, liabilities or expenses
shall result from any claim of any Indemnitee or any third party; and (ii)

                                       14
<PAGE>

reimburse each Indemnitee for any legal or other expenses reasonably incurred in
connection with investigating or defending against any such loss, claim, action,
proceeding or investigation; provided, however, that the Company will not be
liable in any such case to the extent that any such claim, damage or liability
results from (A) an untrue statement or alleged untrue statement of a material
fact made in the Memorandum, or an omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the
statements therein not misleading, in reliance upon and in conformity with
written information furnished to the Company by the Selected Dealer or any such
controlling persons specifically for use in the preparation thereof, (B) any
violations by the Selected Dealer of the Act or state securities laws which does
not result from a violation thereof by the Company or any of its affiliates, or
(C) the gross negligence, willful misconduct, or bad faith of the Selected
Dealer or the party claiming a right to indemnification. In addition to the
foregoing agreement to indemnify and reimburse, the Company will indemnify and
hold harmless each Indemnitee against any and all losses, claims, damages,
liabilities or expenses whatsoever (or actions or proceedings or investigations
in respect thereof), joint or several (which shall for all purposes of this
Agreement, include, but not be limited to, all reasonable costs of defense and
investigation and all reasonable attorneys' fees, including appeals) to which
any Indemnitee may become subject insofar as such costs, expenses, losses,
claims, damages or liabilities arise out of or are based upon the claim of any
person or entity that he or it is entitled to broker's or finder's fees from any
Indemnitee in connection with the Offering. The foregoing indemnity agreements
will be in addition to any liability which the Company may otherwise have.

                  (b) The Selected Dealer will indemnify and hold harmless the
Company, its officers, directors, Selected Dealers, employees and each person,
if any, who controls the Company within the meaning of the Act against, and pay
or reimburse any such person for, any and all losses, claims, damages,
liabilities or expenses whatsoever (or actions, proceedings or investigations in
respect thereof) joint or several (which shall for all purposes of this
Agreement, include, but not be limited to, all reasonable costs of defense and
investigation and all reasonable attorneys' fees, including appeals) to which
the Company or any such person may become subject under the Act or otherwise,
whether such losses, claims, damages, liabilities or expenses shall result from
any claim of the Company, any of its officers, directors, Selected Dealers,
employees, any person who controls the Company within the meaning of the Act or
any third party, insofar as such losses, claims, damages or liabilities are
based upon any untrue statement or alleged untrue statement of any material fact
contained in the Memorandum but only with reference to information contained in
the Memorandum relating to the Selected Dealer furnished in writing to the
Company by the Selected Dealer or any controlling person, specifically for use
in the preparation thereof. The Selected Dealer will reimburse the Company or
any such person for any legal or other expenses reasonably incurred in
connection with investigating or defending against any such loss, claim, damage,
liability or action, proceeding or investigation to which such indemnity
obligation applies. The foregoing indemnity agreements will be in addition to
any liability which the Selected Dealer may otherwise have.

                  (c) Promptly after receipt by an indemnified party under this
Section 10 of notice of the commencement of any action, claim, proceeding or
investigation (the "Action"), such indemnified party, if a claim in respect
thereof is to be made against the indemnified party under this Section 10, will
notify the indemnifying party of the commencement thereof, but the omission to

                                       15
<PAGE>

so notify the indemnifying party will not relieve it from any liability which it
may have to any indemnified party under this Section 10 unless the indemnifying
party has been substantially prejudiced by such omission. The indemnifying party
will have the right, at its option, to assume the defense thereof subject to the
provisions herein stated, with counsel reasonably satisfactory to such
indemnified party, which consent shall not be unreasonably withheld. The
indemnified party will have the right to employ separate counsel in any such
Action and to participate in the defense thereof, but the fees and expenses of
such counsel will not be at the expense of the indemnifying party if the
indemnifying party has assumed the defense of the Action with counsel reasonably
satisfactory to the indemnified party, provided, however, that if the
indemnified party shall be requested by the indemnifying party to participate in
the defense thereof or shall have concluded in good faith and specifically
notified the indemnifying party either that there may be specific defenses
available to it which are different from or additional to those available to the
indemnifying party or that such Action involves or could have a material adverse
effect upon it with respect to matters beyond the scope of the indemnity
agreements contained in this Agreement, then the counsel representing the
indemnified party, to the extent made necessary by such defenses, shall have the
right to direct such defenses of such Action on its behalf and in such case the
reasonable fees and expenses of such counsel in connection with any such
participation or defenses shall be paid by the indemnifying party. No settlement
of any Action against an indemnified party will be made without the consent of
the indemnified party, which consent shall not be unreasonably withheld or
delayed in light of all factors of importance to such party, unless such
settlement includes an unconditional release of such indemnified party from all
liability arising or that may arise out of such Action. No indemnified party
shall settle any Action for which indemnification may be sought by him or it
hereunder without the prior written consent of the indemnifying party.

                  11. Contribution. To provide for just and equitable
contribution, if: (i) an indemnified party makes a claim for indemnification
pursuant to Section 10 hereof and it is finally determined, by a judgment, order
or decree not subject to further appeal that such claims for indemnification may
not be enforced, even though this Agreement expressly provides for
indemnification in such case; or (ii) any indemnified or indemnifying party
seeks contribution under the Act, the Exchange Act, or otherwise, then each
indemnifying party shall contribute to such amount paid or payable by such
indemnified party in such proportion as is appropriate to reflect not only such
relative benefits but also the relative fault of the Company on the one hand and
the Selected Dealer on the other in connection with the statements or omissions
which resulted in such losses, claims, damages, liabilities or expenses (or
actions in respect thereof), as well as any other relevant equitable
considerations. The relative benefits received by the Company on the one hand
and the Selected Dealer on the other shall be deemed to be in the same
proportion as the total net proceeds from the Offering (before deducting
expenses) received by the Company bear to the total compensation received by the
Selected Dealer. The relative fault, in the case of an untrue statement, alleged
untrue statement, omission or alleged omission will be determined by, among
other things, whether such statement, alleged statement, omission or alleged
omission relates to information supplied by the Company or by the Selected
Dealer, and the parties' relative intent, knowledge, access to information and
opportunity to correct or prevent such statement, alleged statement, omission or

                                       16
<PAGE>

alleged omission. The Company and the Selected Dealer agree that it would be
unjust and inequitable if the respective obligations of the Company and the
Selected Dealer for contribution were determined by pro rata allocation of the
aggregate losses, liabilities, claims, damages and expenses or by any other
method or allocation that does not reflect the equitable considerations referred
to in this Section 11. No person guilty of a fraudulent misrepresentation
(within the meaning of Section 10(f) of the Act) will be entitled to
contribution from any person who is not guilty of such fraudulent
misrepresentation. For purposes of this Section 11, each person, if any, who
controls the Selected Dealer within the meaning of the Act will have the same
rights to contribution as the Selected Dealer, and each person, if any, who
controls the Company within the meaning of the Act will have the same rights to
contribution as the Company, subject in each case to the provisions of this
Section 11. Anything in this Section 11 to the contrary notwithstanding, no
party will be liable for contribution with respect to the settlement of any
claim or action effected without its written consent. This Section 11 is
intended to supersede, to the extent permitted by law, any right to contribution
under the Act, the Exchange Act or otherwise available.

                  12. Termination.

                     (a) The engagement of the Selected Dealer may be terminated
by the Selected Dealer at any time prior to the
expiration of the Offering Period (such date of termination of the engagement of
the Selected Dealer or the date of termination of the engagement of the Selected
Dealer under Section 12(b) below, as the case may be, the "Expiration Date") in
the event that: (i) any of the representations or warranties of the Company
contained herein or in the Memorandum shall prove to have been false or
misleading in any material respect when made or deemed made; (ii) the Company
shall have failed to perform any of its material obligations hereunder; (iii)
the Selected Dealer shall determine that it is reasonably likely that any of the
conditions to Closing set forth herein will not or cannot be satisfied; or (iv)
there shall occur any event which materially and adversely affects the
transactions contemplated hereby. In the event of any such termination
occasioned by or arising out of or in connection with any breach or failure
hereunder on the part of the Company described in clauses (i) or (ii) above, the
Selected Dealer shall be entitled to receive, in addition to other rights and
remedies it may have hereunder, at law or otherwise, an amount equal to the sum
of: (A) all unpaid Selected Dealer Fees earned through the Expiration Date based
upon the amount of funds then in escrow, (B) the full amount of the unpaid
Expense Allowance, (C) any amounts as may be due under any indemnity or
contribution obligation provided herein, at law or otherwise and (D) the amounts
that become payable thereafter as a result of purchases of the Company's
securities by SBIL Introduced Parties Investors in accordance with the terms of
Section 5(k) above. In the event of any such termination occasioned by or
arising out of or in connection with any breach or failure hereunder on the part
of the Company described in clauses (iii) or (iv) above, the Selected Dealer
shall be entitled to receive, in addition to other rights and remedies it may
have hereunder, at law or otherwise, an amount equal to the sum of: (A) the full
amount of the unpaid Expense Allowance (B) any amounts as may be due under any
indemnity or contribution obligation provided herein, at law or otherwise and
(C) the amounts that become payable thereafter as a result of purchases of the
Company's securities by SBIL Introduced Parties Investors in accordance with the
terms of Section 5(k) above.

                                       17
<PAGE>

                  (b) The engagement of the Selected Dealer may be terminated by
the Company at any time prior to the Expiration Date in the event: (i) any of
the representations or warranties of the Selected Dealer contained herein shall
prove to have been false or misleading in any material respect when made or
deemed made; (ii) the Selected Dealer shall have failed to perform any of its
material obligations hereunder, (iii) there shall occur any event described in
Section 12(a)(iv) above not occasioned by or arising out of or in connection
with any breach or failure hereunder on the part of the Company or (iv) of the
gross negligence, bad faith, or willful misconduct of the Selected Dealer or its
representatives. In the event of any termination by the Company pursuant to
clause (i), (ii) or (iii) above, the Selected Dealer shall be entitled to retain
the amount of the Expense Allowance accrued through the Expiration Date, but
shall be entitled to no other amounts whatsoever except (A) as may be due under
any indemnity or contribution obligation provided herein, at law or otherwise
and (B) the amounts that become payable thereafter as a result of purchases of
the Company's securities by SBIL Introduced Parties Investors in accordance with
the terms of Section 5(k) above.

                  (c) Upon any such termination, the Escrow Agent will, at the
request of the Selected Dealer, cause all monies received in respect of
subscriptions for Units then in escrow to be promptly returned to such
subscribers without interest, penalty, expense or deduction.

                  13. Survival. The provisions of Sections 5(k), 5(l), 9, 10,
11, 12, 13, 14, 15, 16, 17 and 18 shall survive any termination hereunder.

                  14. Notices. All communications hereunder will be in writing
and, except as otherwise expressly provided herein or after notice by one party
to the other of a change of address, if sent to the Selected Dealer, will be
mailed, delivered or telefaxed and confirmed to Sands Brothers International
Limited, 90 Park Avenue, New York, New York 10016, telefax number (212) 697-8035
with a copy to Littman Krooks LLP, 655 Third Avenue, 20th Floor, New York, NY
10017, Attn: Steven D. Uslaner, Esq., telefax number (212) 490-2990, and if sent
to the Company, will be mailed, delivered or telefaxed and confirmed to RMS
Titanic, Inc., 3340 Peachtree Road NE, Suite 2250, Atlanta, GA 30326, Attn:
Arnie Geller, telefax number (404) 842-2626 with a copy to Harter, Secrest &
Emery LLP, 1600 Bausch & Lomb Place, Rochester, New York 14604, Attn: Daniel R.
Kinel, Esq., telefax number (585) 232-2152.

                  15. Governing Law, Jurisdiction. This Agreement shall be
governed by and construed under the laws of the State of New York as applied to
agreements among New York residents entered into and to be performed entirely
within New York. Each of the parties hereto (1) agree that any legal suit,
action or proceeding arising out of or relating to this Agreement shall be
instituted exclusively in New York State Supreme Court, County of New York, or
in the United States District Court for the Southern District of New York, (2)
waive any objection which the Company may have now or hereafter to the venue of
any such suit, action or proceeding, and (3) irrevocably consent to the
jurisdiction of the New York State Supreme Court, County of New York, and the
United States District Court for the Southern District of New York in any such
suit, action or proceeding. Each of the parties hereto further agrees to accept

                                       18
<PAGE>

and acknowledge service of any and all process which may be served in any such
suit, action or proceeding in the New York State Supreme Court, County of New
York, or in the United States District Court for the Southern District of New
York and agree that service of process upon it mailed by certified mail to its
address shall be deemed in every respect effective service of process upon it,
in any such suit, action or proceeding. THE PARTIES HERETO AGREE TO WAIVE THEIR
RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF THIS AGREEMENT OR ANY DOCUMENT OR AGREEMENT CONTEMPLATED HEREBY.

                  16. Miscellaneous. No provision of this Agreement may be
changed or terminated except by a writing signed by the party or parties to be
charged therewith. Unless expressly so provided, no party to this Agreement will
be liable for the performance of any other party's obligations hereunder. Any
party hereto may waive compliance by the other with any of the terms, provisions
and conditions set forth herein; provided, however, that any such waiver shall
be in writing specifically setting forth those provisions waived thereby. No
such waiver shall be deemed to constitute or imply waiver of any other term,
provision or condition of this Agreement.

                  17. Entire Agreement. This Agreement together with any other
agreement referred to herein supersedes all prior agreements between the parties
with respect to the Offering and the subject matter hereof.

                  18. Counterparts. This Agreement may be executed in multiple
counterparts, each of which may be executed by less than all of the parties and
shall be deemed to be an original instrument which shall be enforceable against
the parties actually executing such counterparts and all of which together shall
constitute one and the same instrument.

                                                                 *****

                                       19
<PAGE>

         If the foregoing is in accordance with your understanding of the
agreement, kindly sign and return this Agreement, whereupon it will become a
binding agreement between the Company and the Selected Dealer in accordance with
its terms.

                              RMS TITANIC, INC.

                              By:     /s/ Arnie Geller
                                      ----------------------------------------
                                      Name:    Arnie Geller
                                      ----------------------------------------
                                      Title:   President and CEO
                                      ----------------------------------------
                                      Date:    July 23, 2004
                                      ----------------------------------------

  Accepted and agreed to this
  23rd day of July, 2004

  SANDS BROTHERS INTERNATIONAL LIMITED

  By:
         -----------------------------------

         Name:
                  --------------------------

         Title:
                  --------------------------

         Date:
                  --------------------------REGISTRATION RIGHTS AGREEMENT

         This Registration Rights Agreement (this "Agreement") is made and
entered into as of August 18, 2004, by and among RMS Titanic, Inc., a Florida
corporation (the "Company"), the purchasers signatory hereto (each such
purchaser, a "Purchaser" and collectively, the "Purchasers"), and Sands Brothers
International Limited (the "Holder Agent").

         WHEREAS, in connection with certain Subscription Agreements among the
Purchasers and the Company (the "Subscription Agreement") which have been
executed in connection with the consummation of the transactions contemplated in
that certain Confidential Private Placement Memorandum dated July 23, 2004 (the
"Memorandum"), the Company has agreed, upon the terms and subject to the
conditions of the Subscription Agreement and the Memorandum to issue and sell to
the Purchasers up to an aggregate of up to $2,760,000 of units (each, a "Unit"
and collectively, the "Units"), each Unit consisting of shares of the Company's
Common Stock, and warrants (each, a "Warrant" and collectively, the "Warrants")
to purchase shares of the Common Stock as described in the Memorandum;

         WHEREAS, to induce the Purchasers to execute and deliver the
Subscription Agreement, the Company has agreed to provide certain registration
rights with respect to the Common Stock and the shares of Common Stock issuable
upon exercise of the Warrants (the "Warrant Shares") and the Company has also
agreed to provide certain registration rights with respect to the shares of
Common Stock issuable upon exercise of the warrants ("Selected Dealer
Warrants"), issued to Holder Agent and its permitted transferees, in its
capacity as Selected Dealer (the "Selected Dealer Warrant Shares") both on the
terms and conditions provided herein;

         NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows:

1. Definitions. Capitalized terms used and not otherwise defined herein that are
defined in the Memorandum shall have the meanings given such terms in the
Memorandum. As used in this Agreement, the following terms shall have the
following meanings:

         "Advice" shall have the meaning set forth in Section 6(d).

         "Commission" means the Securities and Exchange Commission.

         "Common Stock" means the common stock of the Company, $.001 par value
per share.

         "Effectiveness Date" means, with respect to the initial Registration
Statement required to be filed hereunder, the earlier of (a) 120 days of the
Final Closing; provided, however, that to the extent the Commission fails to
issue a comment letter to the Company within 30 days of the Company's initial
filing of its Registration Statement or 15 days following the Company's filing
of an amendment to its Registration Statement, such 120 day period shall be
increased by each day of such Commission's failure in excess of the requisite
periods, as applicable, and (b) the fifth Trading Day following the date on
which the Company is notified by the Commission that the Registration Statement
will not be reviewed or is no longer subject to further review and comments.

                                       1
<PAGE>

         "Effectiveness Period" shall have the meaning set forth in Section
2(a).

         "Event" shall have the meaning set forth in Section 2(b).

         "Exchange Act" means the Securities Exchange Act of 1934, as amended.

         "Filing Date" means, with respect to the Registration Statement
required to be filed hereunder, within 45 days of the Final Closing.

         "Final Closing" means the later of the last closing held pursuant to
the Memorandum or the date that the offering is terminated in accordance with
the Memorandum.

         "Holder" or "Holders" means the holder or holders, as the case may be,
from time to time of Registrable Securities.

         "Holder Agent" means Sands Brothers International Limited, 90 Park
Avenue, 39th Floor, New York, NY 10016, which shall act as the agent of all
Holders for purposes set forth herein.

         "Indemnified Party" shall have the meaning set forth in Section 5(c).

         "Indemnifying Party" shall have the meaning set forth in Section 5(c).

         "Losses" shall have the meaning set forth in Section 5(a).

         "Majority Holders" means Holders who have subscribed for at least
$200,000 worth of Units pursuant to the Subscription Agreement, if any.

         "Proceeding" means an action, claim, suit, investigation or proceeding
(including, without limitation, an investigation or partial proceeding, such as
a deposition), whether commenced or threatened.

         "Prospectus" means the prospectus included in the Registration
Statement (including, without limitation, a prospectus that includes any
information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon Rule 430A promulgated under the
Securities Act), as amended or supplemented by any prospectus supplement, with
respect to the terms of the offering of any portion of the Registrable
Securities covered by the Registration Statement, and all other amendments and
supplements to the Prospectus, including post-effective amendments, and all
material incorporated by reference or deemed to be incorporated by reference in
such Prospectus.

         "Registrable Securities" means all of the Shares, the Warrant Shares
and the Selected Dealer Warrant Shares , together with any shares of Common
Stock issued or issuable upon any stock split, dividend or other distribution,
recapitalization or similar event with respect to the foregoing.

         "Registration Statement" means the registration statements required to
be filed hereunder, including (in each case) the Prospectus, amendments and
supplements to the registration statement or Prospectus, including pre- and
post-effective amendments, all exhibits thereto, and all material incorporated
by reference or deemed to be incorporated by reference in the registration
statement.

                                       2
<PAGE>

         "Rule 144(k)" means Rule 144(k) promulgated by the Commission pursuant
to the Securities Act, as such Rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the Commission having
substantially the same effect as such Rule.

         "Rule 415" means Rule 415 promulgated by the Commission pursuant to the
Securities Act, as such Rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission having substantially the
same effect as such Rule.

         "Rule 424" means Rule 424 promulgated by the Commission pursuant to the
Securities Act, as such Rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission having substantially the
same effect as such Rule.

         "Securities Act" means the Securities Act of 1933, as amended.

         "Shares" means the shares of Common Stock issued pursuant to the
Subscription Agreement and the Memorandum.

         "Trading Day" means a day on which the principal exchange on which the
Common Stock is then listed is open for purposes of trading securities.

2. Registration.

(a) On or prior to the Filing Date, the Company shall prepare and file with the
Commission the Registration Statement covering the resale of all of the
Registrable Securities for an offering to be made on a continuous basis pursuant
to Rule 415. The Registration Statement required hereunder shall be on Form SB-2
(except if the Company is not then eligible to register for resale the
Registrable Securities on Form SB-2, in which case the Registration Statement
shall be on any other appropriate form (including, without limitation, a "long
form" registration statement). The Registration Statement required hereunder
shall contain (except if otherwise requested by the Holder Agent, and agreed to
by the Company, the agreement of which shall not be withheld unreasonably)
substantially the "Plan of Distribution" substantially in the form attached
hereto as Exhibit A. Subject to the terms of this Agreement, the Company shall
use its commercially reasonable efforts to cause the Registration Statement to
be declared effective under the Securities Act as promptly as possible after the
filing thereof, but in any event not later than the Effectiveness Date, and
shall use its commercially reasonable efforts to keep the Registration Statement
continuously effective under the Securities Act until the date when all
Registrable Securities covered by the Registration Statement have been sold or
may be sold without volume restrictions pursuant to Rule 144(k) as determined by
the counsel to the Company pursuant to a written opinion letter to such effect,
addressed and acceptable to the Company's transfer agent and the affected
Holders (the "Effectiveness Period").

(b) If: (i) a Registration Statement is not filed on or prior to the Filing Date
(if the Company files a Registration Statement without affording the Majority
Holders the opportunity to review and comment on the same as required by Section
3(a), the Company shall not be deemed to have satisfied this clause (i)), or
(ii) the Company fails to file with the Commission a request for acceleration in

                                       3
<PAGE>

accordance with Rule 461 promulgated under the Securities Act, within 5 Trading
Days of the date that the Company is notified (orally or in writing, whichever
is earlier) by the Commission that a Registration Statement will not be
"reviewed," or is not subject to further review, or (iii) prior to the date when
such Registration Statement is first declared effective by the Commission, the
Company fails to file a pre-effective amendment and otherwise respond in writing
to comments made by the Commission in respect of such Registration Statement
within 20 Trading Days after the receipt of comments by or notice from the
Commission that such amendment is required in order for a Registration Statement
to be declared effective, or (iv) a Registration Statement filed or required to
be filed hereunder is not declared effective by the Commission on or before the
Effectiveness Date, or (v) after a Registration Statement is first declared
effective by the Commission, it ceases for any reason to remain continuously
effective as to all Registrable Securities for which it is required to be
effective, or the Holders are not permitted to utilize the Prospectus therein to
resell such Registrable Securities, for in any such case 15 consecutive Trading
Days but no more than an aggregate of 25 Trading Days during any 12-month period
(which need not be consecutive Trading Days) (any such failure or breach being
referred to as an "Event," and for purposes of clause (i) or (iv) the date on
which such Event occurs, or for purposes of clause (ii) the date on which such 5
Trading Day period is exceeded, or for purposes of clause (iii) the date which
such 30 Trading Day period is exceeded, or for purposes of clause (v) the date
on which such 15- or 25-day period, as applicable, is exceeded being referred to
as "Event Date"), then in addition to any other rights the Holders may have
hereunder or under applicable law: (x) on each such Event Date the Company shall
pay to each Holder an amount in cash, as liquidated damages and not as a
penalty, equal to 1.0% of the aggregate purchase price paid by such Holder
pursuant to the Subscription Agreement for any Registrable Securities then held
by such Holder; and (y) on each monthly anniversary of each such Event Date (if
the applicable Event shall not have been cured by such date) until the
applicable Event is cured, the Company shall pay to each Holder an amount in
cash, as liquidated damages and not as a penalty, equal to 1.0% of the aggregate
purchase price paid by such Holder pursuant to the Subscription Agreement for
any Registrable Securities then held by such Holder.. If the Company fails to
pay any liquidated damages pursuant to this Section in full within seven Trading
Days after the date payable, the Company will pay interest thereon at a rate of
18% per annum (or such lesser maximum amount that is permitted to be paid by
applicable law) to the Holder, accruing daily from the date such liquidated
damages are due until such amounts, plus all such interest thereon, are paid in
full. The liquidated damages pursuant to the terms hereof shall apply on a daily
pro-rata basis for any portion of a month prior to the cure of an Event.

3. Registration Procedures

         In connection with the Company's registration obligations hereunder,
the Company shall:

(a) Not less than five days prior to the filing of the Registration Statement or
any related Prospectus or any amendment or supplement thereto, the Company
shall, (i) furnish to the Holder Agent and any Majority Holders copies of all
such documents proposed to be filed (including documents incorporated or deemed
incorporated by reference to the extent requested by the Holder Agent or any

                                       4
<PAGE>

such Majority Holders) which documents will be subject to the review of the
Holder Agent and the Majority Holders, if any, and (ii) cause its officers and
directors, counsel and independent certified public accountants to respond to
such inquiries as shall be necessary, in the reasonable opinion of respective
counsel. The Company shall not file the Registration Statement or any such
Prospectus or any amendments or supplements thereto in the event that an
objection, which shall be reasonable and made in good faith, to such filing is
made by either (x) the holders of a majority of Registrable Securities held by
all Majority Holders as a group, or (y) the Holder Agent, provided that the
Company is notified of such objection in writing no later than three Days after
the Holder Agent and any Majority Holders have been so furnished copies of such
documents.

(b) (i) Prepare and file with the Commission such amendments, including
post-effective amendments, to the Registration Statement and the Prospectus used
in connection therewith as may be necessary to keep the Registration Statement
continuously effective as to the applicable Registrable Securities for the
Effectiveness Period and prepare and file with the Commission such additional
Registration Statements in order to register for resale under the Securities Act
all of the Registrable Securities; (ii) cause the related Prospectus to be
amended or supplemented by any required Prospectus supplement, and as so
supplemented or amended to be filed pursuant to Rule 424; (iii) respond as
promptly as reasonably practicable to any comments received from the Commission
with respect to the Registration Statement or any amendment thereto and, as
promptly as reasonably practicable, upon request, provide the Holder Agent true
and complete copies of all correspondence from and to the Commission relating to
the Registration Statement; and (iv) comply in all material respects with the
provisions of the Securities Act and the Exchange Act with respect to the
disposition of all Registrable Securities covered by the Registration Statement
during the applicable period in accordance with the intended methods of
disposition by the Holders thereof set forth in the Registration Statement as so
amended or in such Prospectus as so supplemented.

(c) Notify the Holder Agent and any Majority Holders as promptly as reasonably
practicable and (if requested by the Holder Agent or any such Majority Holder)
confirm such notice in writing promptly following the day (i) when a Prospectus
or any Prospectus supplement or post-effective amendment to the Registration
Statement is proposed to be filed; and (ii) when the Commission notifies the
Company whether there will be a "review" of the Registration Statement and
whenever the Commission comments in writing on the Registration Statement (the
Company shall upon request provide true and complete copies thereof and all
written responses thereto to the Holder Agent.

(d) Notify the Holder Agent and the Holders as promptly as reasonably
practicable and (if requested by the Holder Agent or any such Holder) confirm
such notice in writing promptly following the day (i) with respect to the
Registration Statement or any post-effective amendment, when the same has become
effective; (ii) of any request by the Commission or any other Federal or state
governmental authority during the period of effectiveness of the Registration
Statement for amendments or supplements to the Registration Statement or
Prospectus or for additional information; (iii) of the issuance by the
Commission or any other Federal or state governmental authority of any stop
order suspending the effectiveness of the Registration Statement covering any or
all of the Registrable Securities or the initiation of any Proceedings for that
purpose; (iv) of the receipt by the Company of any notification with respect to
the suspension of the qualification or exemption from qualification of any of

                                       5
<PAGE>

the Registrable Securities for sale in any jurisdiction, or the initiation or
threatening of any Proceeding for such purpose; and (v) of the occurrence of any
event or passage of time that makes the financial statements included in the
Registration Statement ineligible for inclusion therein or any statement made in
the Registration Statement or Prospectus or any document incorporated or deemed
to be incorporated therein by reference untrue in any material respect or that
requires any revisions to the Registration Statement, Prospectus or other
documents so that, in the case of the Registration Statement or the Prospectus,
as the case may be, it will not contain any untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances under which they were
made, not misleading.

(e) Use commercially reasonable efforts to avoid the issuance of, or, if issued,
obtain the withdrawal of (i) any order suspending the effectiveness of the
Registration Statement, or (ii) any suspension of the qualification (or
exemption from qualification) of any of the Registrable Securities for sale in
any jurisdiction, as soon as practicable.

(f) Furnish to each Holder, without charge, at least one conformed copy of the
Registration Statement and each amendment thereto, including financial
statements and schedules, all documents incorporated or deemed to be
incorporated therein by reference to the extent requested by such Holder, and
all exhibits to the extent requested by such Holder (including those previously
furnished or incorporated by reference) promptly after the filing of such
documents with the Commission.

(g) Subject to the terms of Section 4(ii), promptly deliver to each Holder,
without charge, as many copies of the Prospectus or Prospectuses (including each
form of prospectus) and each amendment or supplement thereto as such Holder may
reasonably request in connection with resales by the Holder of Registrable
Securities. Subject to the terms of this Agreement, the Company hereby consents
to the use of such Prospectus and each amendment or supplement thereto by each
of the selling Holders in connection with the offering and sale of the
Registrable Securities covered by such Prospectus and any amendment or
supplement thereto, except after the giving on any applicable notice pursuant to
Section 3(c) and/or 3(d).

(h) Prior to any resale of Registrable Securities by a Holder, use its
commercially reasonable efforts to register or qualify or cooperate with the
selling Holders in connection with the registration or qualification (or
exemption from the registration or qualification) of such Registrable Securities
for the resale by the Holder under the securities or Blue Sky laws of such
jurisdictions within the United States as any Holder reasonably requests in
writing, to keep each registration or qualification (or exemption therefrom)
effective during the Effectiveness Period and to do any and all other acts or
things reasonably necessary to enable the disposition in such jurisdictions of
the Registrable Securities covered by the Registration Statement; provided, that
the Company shall not be required to qualify generally to do business in any
jurisdiction where it is not then so qualified, subject the Company to any
material tax in any such jurisdiction where it is not then so subject or file a
general consent to service of process in any such jurisdiction.

(i) If requested by the Holders, cooperate with the Holders to facilitate the
timely preparation and delivery of certificates representing Registrable
Securities to be delivered to a purchaser pursuant to the Registration

                                       6
<PAGE>

Statement, which certificates shall be free, to the extent permitted by the
Securities Act and the Subscription Agreement, of all restrictive legends, and
to enable such Registrable Securities to be in such denominations and registered
in such names as any such Holders may request.

(j) Upon the occurrence of any event contemplated by Section 3(d)(v), as
promptly as reasonably possible, prepare a supplement or amendment, including a
post-effective amendment, to the Registration Statement or a supplement to the
related Prospectus or any document incorporated or deemed to be incorporated
therein by reference, and file any other required document so that, as
thereafter delivered, neither the Registration Statement nor such Prospectus
will contain an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading. If the
Company notifies the Holder Agent and the Holders in accordance with clauses
(ii) through (v) of Section 3(d) above to suspend the use of any Prospectus
until the requisite changes to such Prospectus have been made, then the Holders
shall immediately suspend use of such Prospectus. The Company will use its
commercially reasonable best efforts to ensure that the use of the Prospectus
may be resumed as promptly as is practicable. The Company shall be entitled to
exercise its right under this Section 3(j) to suspend the availability of a
Registration Statement and Prospectus, subject to the payment of liquidated
damages pursuant to Section 2(b), for a period not to exceed 60 days (which need
not be consecutive days) in any 12-month period.

(k) Comply with all applicable rules and regulations of the Commission.

(l) The Company may require each Holder to furnish to the Company a certified
statement as to the number of shares of Common Stock beneficially owned by such
Holder and, if required by the Commission, the person thereof that has voting
and dispositive control over such Common Stock. During any periods that the
Company is unable to meet its obligations hereunder with respect to the
registration of the Registrable Securities solely because any Holder fails to
furnish such information within three Trading Days of the Company's request, any
liquidated damages that are accruing at such time shall be tolled and any Event
that may otherwise occur solely because of such delay shall be suspended, until
such information is delivered to the Company.

4. Registration Expenses. All fees and expenses incident to the performance of
or compliance with this Agreement by the Company shall be borne by the Company
whether or not any Registrable Securities are sold pursuant to the Registration
Statement. The fees and expenses referred to in the foregoing sentence shall
include, without limitation, (i) all registration and filing fees (including,
without limitation, fees and expenses (A) with respect to filings required to be
made with the Trading Market on which the Common Stock is then listed for
trading, and (B) in compliance with applicable state securities or Blue Sky
laws), (ii) printing expenses (including, without limitation, expenses of
printing certificates for Registrable Securities and of printing Prospectuses if
the printing of Prospectuses is reasonably requested by the Holders of a
majority of the Registrable Securities included in the Registration Statement),
(iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of
counsel for the Company, (v) Securities Act liability insurance, if the Company
so desires such insurance, (vi) fees and disbursements of counsel for the

                                       7
<PAGE>

Holders up to $7,500 and (vii) fees and expenses of all other persons retained
by the Company in connection with the consummation of the transactions
contemplated by this Agreement. In addition, the Company shall be responsible
for all of its internal expenses incurred in connection with the consummation of
the transactions contemplated by this Agreement (including, without limitation,
all salaries and expenses of its officers and employees performing legal or
accounting duties), the expense of any annual audit and the fees and expenses
incurred in connection with the listing of the Registrable Securities on any
securities exchange as required hereunder. In no event shall the Company be
responsible for any broker or similar commissions or, except to the extent
provided for in this Agreement or the Subscription Agreement, any legal fees or
other costs of the Holders in excess of $7,500.

5. Indemnification

(a) Indemnification by the Company. The Company shall, notwithstanding any
termination of this Agreement, indemnify and hold harmless each Holder, the
officers, directors, agents and employees of each of them, each person who
controls any such Holder (within the meaning of Section 15 of the Securities Act
or Section 20 of the Exchange Act) and the officers, directors, agents and
employees of each such controlling person, to the fullest extent permitted by
applicable law, from and against any and all losses, claims, damages,
liabilities, costs (including, without limitation, reasonable attorneys' fees)
and expenses (collectively, "Losses"), as determined by a court of competent
jurisdiction in a final judgment not subject to appeal or review arising out of
or relating to any untrue or alleged untrue statement of a material fact
contained in the Registration Statement, any Prospectus or any form of
prospectus or in any amendment or supplement thereto or in any preliminary
prospectus, or arising out of or relating to any omission or alleged omission of
a material fact required to be stated therein or necessary to make the
statements therein (in the case of any Prospectus or form of Prospectus or
supplement thereto, in light of the circumstances under which they were made)
not misleading, except to the extent, but only to the extent, that (i) such
untrue statements or omissions or alleged untrue statements or omissions are
based upon information regarding such Holder furnished in writing to the Company
by such Holder for use therein, or to the extent that such information relates
to such Holder or such Holder's proposed method of distribution of Registrable
Securities and was reviewed and expressly approved in writing by such Holder for
use in the Registration Statement, such Prospectus or such form of Prospectus or
in any amendment or supplement thereto (it being understood that the Holder has
approved Exhibit A hereto for this purpose) or (ii) in the case of an occurrence
of an event of the type specified in Section 3(d)(ii)-(v), the use by such
Holder of an outdated or defective Prospectus after the Company has notified
such Holder in writing that the Prospectus is outdated or defective and prior to
the receipt by such Holder of the Advice contemplated in Section 6(d). The
Company shall notify the Holders promptly of the institution, threat or
assertion of any Proceeding of which the Company is aware in connection with the
transactions contemplated by this Agreement.

(b) Indemnification by Holders. Each Holder shall, severally and not jointly,
indemnify and hold harmless the Company, its directors, officers, agents and
employees, each person who controls the Company (within the meaning of Section
15 of the Securities Act and Section 20 of the Exchange Act), and the directors,
officers, agents or employees of such controlling persons, to the fullest extent
permitted by applicable law, from and against all Losses, as incurred, to the

                                       8
<PAGE>

extent arising out of or based upon: (x) such Holder's failure to comply with
the Prospectus delivery requirements of the Securities Act or (y) any untrue or
alleged untrue statement of a material fact contained in any Registration
Statement, any Prospectus, or any form of Prospectus, or in any amendment or
supplement thereto or in any preliminary Prospectus, or arising out of or
relating to any omission or alleged omission of a material fact required to be
stated therein or necessary to make the statements therein not misleading (i) to
the extent, but only to the extent, that such untrue statement or omission is
contained in any information so furnished in writing by such Holder to the
Company for inclusion in the Registration Statement or such Prospectus or (ii)
to the extent that (1) such untrue statements or omissions are based upon
information regarding such Holder furnished in writing to the Company by such
Holder for use therein, or to the extent that such information relates to such
Holder or such Holder's proposed method of distribution of Registrable
Securities and was reviewed and approved in writing by such Holder for use in
the Registration Statement (it being understood that the Holder has approved
Exhibit A hereto for this purpose), such Prospectus or such form of Prospectus
or in any amendment or supplement thereto or (2) in the case of an occurrence of
an event of the type specified in Section 3(d)(ii)-(v), the use by such Holder
of an outdated or defective Prospectus after the Company has notified such
Holder in writing that the Prospectus is outdated or defective and prior to the
receipt by such Holder of the Advice contemplated in Section 6(d). In no event
shall the liability of any selling Holder hereunder be greater in amount than
the greater of (i) the dollar amount of the net proceeds received by such Holder
upon the sale of the Registrable Securities giving rise to such indemnification
obligation, or (ii) the dollar amount of the Holder's initial investment in
Units.

(c) Conduct of Indemnification Proceedings. If any Proceeding shall be brought
or asserted against any person entitled to indemnity hereunder (an "Indemnified
Party"), such Indemnified Party shall promptly notify the person from whom
indemnity is sought (the "Indemnifying Party") in writing, and the Indemnifying
Party shall have the right to assume the defense thereof, including the
employment of counsel reasonably satisfactory to the Indemnified Party and the
payment of all fees and expenses incurred in connection with defense thereof;
provided, that the failure of any Indemnified Party to give such notice shall
not relieve the Indemnifying Party of its obligations or liabilities pursuant to
this Agreement, except (and only) to the extent that it shall be finally
determined by a court of competent jurisdiction (which determination is not
subject to appeal or further review) that such failure shall have prejudiced the
Indemnifying Party.

         An Indemnified Party shall have the right to employ separate counsel in
any such Proceeding and to participate in the defense thereof, but the fees and
expenses of such counsel shall be at the expense of such Indemnified Party or
Parties unless: (1) the Indemnifying Party has agreed in writing to pay such
fees and expenses; (2) the Indemnifying Party shall have failed promptly to
assume the defense of such Proceeding and to employ counsel reasonably
satisfactory to such Indemnified Party in any such Proceeding; or (3) the named
parties to any such Proceeding (including any impleaded parties) include both
such Indemnified Party and the Indemnifying Party, and such Indemnified Party
shall have been advised by counsel that a conflict of interest is likely to
exist if the same counsel were to represent such Indemnified Party and the
Indemnifying Party (in which case, if such Indemnified Party notifies the
Indemnifying Party in writing that it elects to employ separate counsel at the
expense of the Indemnifying Party, the Indemnifying Party shall not have the
right to assume the defense thereof and the reasonable fees and expenses of one
separate counsel shall be at the expense of the Indemnifying Party). The
Indemnifying Party shall not be liable for any settlement of any such Proceeding
effected without its written consent, which consent shall not be unreasonably

                                       9
<PAGE>

withheld. No Indemnifying Party shall, without the prior written consent of the
Indemnified Party, effect any settlement of any pending Proceeding in respect of
which any Indemnified Party is a party, unless such settlement includes an
unconditional release of such Indemnified Party from all liability on claims
that are the subject matter of such Proceeding.

         Subject to the terms of this Agreement, all reasonable fees and
expenses of the Indemnified Party (including reasonable fees and expenses to the
extent incurred in connection with investigating or preparing to defend such
Proceeding in a manner not inconsistent with this Section) shall be paid to the
Indemnified Party, as incurred, within ten Trading Days of written notice
thereof to the Indemnifying Party; provided, that the Indemnified Party shall
promptly reimburse the Indemnifying Party for that portion of such fees and
expenses applicable to such actions for which such Indemnified Party is not
entitled to indemnification hereunder, determined based upon the relative faults
of the parties.

(d) Contribution. If a claim for indemnification under Section 5(a) or 5(b) is
unavailable to an Indemnified Party (by reason of public policy or otherwise),
then each Indemnifying Party, in lieu of indemnifying such Indemnified Party,
shall contribute to the amount paid or payable by such Indemnified Party as a
result of such Losses, in such proportion as is appropriate to reflect the
relative fault of the Indemnifying Party and Indemnified Party in connection
with the actions, statements or omissions that resulted in such Losses as well
as any other relevant equitable considerations. The relative fault of such
Indemnifying Party and Indemnified Party shall be determined by reference to,
among other things, whether any action in question, including any untrue or
alleged untrue statement of a material fact or omission or alleged omission of a
material fact, has been taken or made by, or relates to information supplied by,
such Indemnifying Party or Indemnified Party, and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such
action, statement or omission. The amount paid or payable by a party as a result
of any Losses shall be deemed to include, subject to the limitations set forth
in this Agreement, any reasonable attorneys' or other reasonable fees or
expenses incurred by such party in connection with any Proceeding to the extent
such party would have been indemnified for such fees or expenses if the
indemnification provided for in this Section was available to such party in
accordance with its terms.

         The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 5(d) were determined by pro rata
allocation or by any other method of allocation that does not take into account
the equitable considerations referred to in the immediately preceding paragraph.
Notwithstanding the provisions of this Section 5(d), no Holder shall be required
to contribute, in the aggregate, any amount in excess of the amount by which the
proceeds actually received by such Holder from the sale of the Registrable
Securities subject to the Proceeding exceeds the amount of any damages that such
Holder has otherwise been required to pay by reason of such untrue or alleged
untrue statement or omission or alleged omission, except in the case of fraud by
such Holder.

         The indemnity and contribution agreements contained in this Section are
in addition to any liability that the Indemnifying Parties may have to the
Indemnified Parties.

6. Miscellaneous

                                       10
<PAGE>

(a) Remedies. In the event of a breach by the Company or by a Holder, of any of
their obligations under this Agreement, each Holder or the Company, as the case
may be, in addition to being entitled to exercise all rights granted by law and
under this Agreement, including recovery of damages, will be entitled to
specific performance of its rights under this Agreement. The Company and each
Holder agree that monetary damages would not provide adequate compensation for
any losses incurred by reason of a breach by it of any of the provisions of this
Agreement and hereby further agrees that, in the event of any action for
specific performance in respect of such breach, it shall waive the defense that
a remedy at law would be adequate.

(b) No Piggyback on Registrations. Except as set forth on Schedule 6(b) attached
hereto, or as consented to by the Holder Agent, neither the Company nor any of
its security holders (other than the Holders in such capacity pursuant hereto)
may include securities of the Company in a Registration Statement other than the
Registrable Securities. Except as set forth in the reports filed by the Company
with the Commission, no person has any right to cause the Company to effect the
registration under the Securities Act of any securities of the Company. The
Company shall not file any other registration statement other than a
registration statement on Form S-8 until after the Effectiveness Date.

(c) Compliance. Each Holder covenants and agrees that it will comply with the
Prospectus delivery requirements of the Securities Act as applicable to it in
connection with sales of Registrable Securities pursuant to the Registration
Statement.

(d) Discontinued Disposition. Each Holder agrees by its acquisition of such
Registrable Securities that, upon receipt of a notice from the Company of the
occurrence of any event of the kind described in Section 3(c) and/or 3(d), such
Holder will forthwith discontinue disposition of such Registrable Securities
under the Registration Statement until such Holder's receipt of the copies of
the supplemented Prospectus and/or amended Registration Statement or until it is
advised in writing (the "Advice") by the Company that the use of the applicable
Prospectus may be resumed, and, in either case, has received copies of any
additional or supplemental filings that are incorporated or deemed to be
incorporated by reference in such Prospectus or Registration Statement. The
Company may provide appropriate stop orders to enforce the provisions of this
Section 6(d).

(e) Piggy-Back Registrations. If at any time during the Effectiveness Period
there is not an effective Registration Statement covering all of the Registrable
Securities and the Company shall determine to prepare and file with the
Commission a registration statement relating to an offering for its own account
or the account of others under the Securities Act of any of its equity
securities, other than on Form S-4 or Form S-8 (each as promulgated under the
Securities Act) or their then equivalents relating to equity securities to be
issued solely in connection with any acquisition of any entity or business or
equity securities issuable in connection with the stock option or other employee
benefit plans, then the Company shall send to the Holder Agent a written notice
of such determination and, if within 15 days after the date of such notice, any
Holder shall so request in writing delivered to the Company, the Company shall
include in such registration statement all or any part of such Registrable
Securities such Holder requests to be registered, subject to customary
underwriter cutbacks applicable to all holders of registration rights; provided,
that, the Company shall not be required to register any Registrable Securities
pursuant to this Section 6(e) that are eligible for resale pursuant to Rule
144(k) or that are the subject of a then effective Registration Statement

                                       11
<PAGE>

(f) Amendments and Waivers. The provisions of this Agreement, including the
provisions of this sentence, may not be amended, modified or supplemented, and
waivers or consents to departures from the provisions hereof may not be given,
unless the same shall be in writing and signed by the Company and each Holder of
the then outstanding Registrable Securities (or Holder Agent, as applicable).
Notwithstanding the foregoing, a waiver or consent to depart from the provisions
hereof with respect to a matter that relates exclusively to the rights of
certain Holders and that does not directly or indirectly affect the rights of
other Holders may be given by Holders of all of the Registrable Securities to
which such waiver or consent relates.

(g) Notices. Any and all notices or other communications or deliveries required
or permitted to be provided hereunder shall be made in accordance with the
provisions of the Subscription Agreement.

(h) Successors and Assigns. This Agreement and all covenants and agreements
contained in this Agreement by or on behalf of any of the parties hereto shall
bind and inure to the benefit of the respective successors and assigns of the
parties hereto (including without limitation transferees of any Registrable
Securities), whether so expressed or not.

(i) Execution and Counterparts. This Agreement may be executed in any number of
counterparts, each of which when so executed shall be deemed to be an original
and, all of which taken together shall constitute one and the same agreement. In
the event that any signature is delivered by facsimile transmission, such
signature shall create a valid binding obligation of the party executing (or on
whose behalf such signature is executed) the same with the same force and effect
as if such facsimile signature were the original thereof.

(j) Governing Law. This Agreement shall be governed by and construed under the
laws of the State of New York as applied to agreements among New York residents
entered into and to be performed entirely within New York. The Company (1)
agrees that any legal suit, action or proceeding arising out of or relating to
this Agreement shall be instituted exclusively in New York State Supreme Court,
County of New York, or in the United States District Court for the Southern
District of New York, (2) waives any objection which the Company may have now or
hereafter to the venue of any such suit, action or proceeding, and (3)
irrevocably consents to the jurisdiction of the New York State Supreme Court,
County of New York, and the United States District Court for the Southern
District of New York in any such suit, action or proceeding. The Company further
agrees to accept and acknowledge service of any and all process which may be
served in any such suit, action or proceeding in the New York State Supreme
Court, County of New York, or in the United States District Court for the
Southern District of New York and agrees that service of process upon the
Company mailed by certified mail to the Company's address shall be deemed in
every respect effective service of process upon the Company, in any such suit,
action or proceeding. THE PARTIES HERETO AGREE TO WAIVE THEIR RESPECTIVE RIGHTS
TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF
THIS AGREEMENT OR ANY DOCUMENT OR AGREEMENT CONTEMPLATED HEREBY.

                                       12
<PAGE>

(k) Cumulative Remedies. The remedies provided herein are cumulative and not
exclusive of any remedies provided by law.

(l) Severability. If any term, provision, covenant or restriction of this
Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and
restrictions set forth herein shall remain in full force and effect and shall in
no way be affected, impaired or invalidated, and the parties hereto shall use
their commercially reasonable efforts to find and employ an alternative means to
achieve the same or substantially the same result as that contemplated by such
term, provision, covenant or restriction. It is hereby stipulated and declared
to be the intention of the parties that they would have executed the remaining
terms, provisions, covenants and restrictions without including any of such that
may be hereafter declared invalid, illegal, void or unenforceable.

(m) Headings. The headings in this Agreement are for convenience of reference
only and shall not limit or otherwise affect the meaning hereof.

(n) Independent Nature of Purchasers' Obligations and Rights. The obligations of
each Purchaser hereunder are several and not joint with the obligations of any
other Purchaser hereunder, and no Purchaser shall be responsible in any way for
the performance of the obligations of any other Purchaser hereunder. Nothing
contained herein or in any other agreement or document delivered at any closing,
and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed
to constitute the Purchasers as a partnership, an association, a joint venture
or any other kind of entity, or create a presumption that the Purchasers are in
any way acting in concert with respect to such obligations or the transactions
contemplated by this Agreement. Each Purchaser shall be entitled to protect and
enforce its rights, including without limitation the rights arising out of this
Agreement, and it shall not be necessary for any other Purchaser to be joined as
an additional party in any proceeding for such purpose.

                                       13
<PAGE>

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

                                        RMS TITANIC, INC.

                                        By:      /s/ Arnie Geller
                                                 ------------------------
                                        Name:        Arnie Geller
                                        Title:       President and CEO

                     [SIGNATURE PAGE OF PURCHASERS FOLLOWS]

                                       14
<PAGE>

                      [SIGNATURE PAGE OF PURCHASERS TO RRA]

                                      [PURCHASER]

                                      By:
                                          -------------------------
                                          Name:
                                          Title:

                     [SIGNATURE PAGE OF PURCHASERS FOLLOWS]

                                       15
<PAGE>

                      [SIGNATURE PAGE OF PURCHASERS TO RRA]

                                      By:
                                          -------------------------
                                          Name:
                                          Title:

                                       16
<PAGE>

                                    EXHIBIT A

                              Plan of Distribution

     [to be modified to comply with the Commission's "Plain English" rules]

         The Selling Stockholders (the "Selling Stockholders") of the common
stock ("Common Stock") of Company name (the "Company") and any of their
pledgees, assignees and successors-in-interest may, from time to time, sell any
or all of their shares of Common Stock on any stock exchange, market or trading
facility on which the shares are traded or in private transactions. These sales
may be at fixed or negotiated prices. The Selling Stockholders may use any one
or more of the following methods when selling shares:

o         ordinary   brokerage   transactions  and  transactions  in  which  the
          broker-dealer solicits purchasers;

o         block  trades  in which the  broker-dealer  will  attempt  to sell the
          shares as agent but may  position and resell a portion of the block as
          principal to facilitate the transaction;

o         purchases  by  a   broker-dealer   as  principal  and  resale  by  the
          broker-dealer for its account;

o         an  exchange   distribution  in  accordance  with  the  rules  of  the
          applicable exchange;

o         privately negotiated transactions;

o         settlement  of  short  sales  entered  into  after  the  date  of this
          prospectus;

o         broker-dealers  may  agree  with the  Selling  Stockholders  to sell a
          specified number of such shares at a stipulated price per share;

o         a combination of any such methods of sale; and

o         any other method permitted pursuant to applicable law.

         The Selling Stockholders may also sell shares under Rule 144 under the
Securities Act of 1933, as amended (the "Securities Act"), if available, rather
than under this prospectus.

         Broker-dealers engaged by the Selling Stockholders may arrange for
other broker-dealers to participate in sales. Broker-dealers may receive
commissions or discounts from the Selling Stockholders (or, if any broker-dealer
acts as agent for the purchaser of shares, from the purchaser) in amounts to be
negotiated. The Selling Stockholders do not expect these commissions and
discounts to exceed what is customary in the types of transactions involved.

         The Selling Stockholders may from time to time pledge or grant a
security interest in some or all of the shares of Common Stock owned by them

                                    EXHIBIT A
                                  (Page 1 of 2)

<PAGE>

and, if they default in the performance of their secured obligations, the
pledgees or secured parties may offer and sell the shares of Common Stock from
time to time under this prospectus, or under an amendment to this prospectus
under Rule 424(b)(3) or other applicable provision of the Securities Act
amending the list of Selling Stockholders to include the pledgee, transferee or
other successors in interest as Selling Stockholders under this prospectus.

         The Selling Stockholders and any broker-dealers or agents that are
involved in selling the shares may be deemed to be "underwriters" within the
meaning of the Securities Act in connection with such sales. In such event, any
commissions received by such broker-dealers or agents and any profit on the
resale of the shares purchased by them may be deemed to be underwriting
commissions or discounts under the Securities Act. The Selling Stockholders have
informed the Company that it does not have any agreement or understanding,
directly or indirectly, with any person to distribute the Common Stock.

         The Company is required to pay certain fees and expenses incurred by
the Company incident to the registration of the shares. The Company has agreed
to indemnify the Selling Stockholders against certain losses, claims, damages
and liabilities, including liabilities under the Securities Act.

                                    EXHIBIT A
                                  (Page 2 of 2)

<PAGE>

                                  SCHEDULE 6(b)

                                      NONE

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