Document:

Exhibit 10.1

 

 

June 28, 2017

 

Joseph W. Vazzano, CPA

38 Hillcrest Avenue

Morristown,
NJ 07960

 

VIA E-MAIL

 

Dear Joseph:

 

I am pleased to offer
you a position with Avenue Therapeutics, Inc. (the "Company"), as Vice President of Finance and Corporate Controller,
reporting to Avenue's Chief Executive Officer in our New York City office, provided that you may work from your home office one
agreed upon day per week. If you decide to join us, you will receive an annual salary of One Hundred Seventy Thousand Dollars ($170,000),
which will be paid in semimonthly installments in accordance with the Company's normal payroll procedures.

 

Once you have been
an employee of the Company for one (1) full month and provided that you start working for the Company no later than July 24, 2017,
you will be eligible for a one-time bonus in the gross amount of thirty thousand dollars ($30,000) which will be paid as a lump
sum, less applicable taxes and withholdings, in accordance with the Company's normal payroll procedures on the next regular payroll
processing date following your one (1) month anniversary. In the event your employment with the Company ends for any reason prior
to the completion of the one (1) month period, you will not be entitled to receive, and the Company will not be obligated to pay
any portion of, the foregoing bonus. If you resign or are terminated for Cause (as defined below) within one year of your start
date, you will be required to reimburse the Company for the entire amount of the bonus paid to you. Any such reimbursement will
be due and payable not later than the tenth (10th) day following such termination. You should note that the Company may change
your compensation and benefits from time to time in its reasonable business discretion.

 

In your work for the
Company you will be eligible for a discretionary annual bonus of up to twenty-five percent (25%) of your base salary, based upon
corporate and your individual performance on behalf of the Company during the calendar year, as determined by the Company's Board
of Directors (the "Board") in consultation with your supervisor during the first quarter of the following calendar year.
Whether to award a bonus for any calendar year, and if so, in what amount, shall be determined by the Company and/or the Board
in their reasonable business discretion based upon factors including employee and Company performance. You must remain employed
by the Company through the bonus payment date in order to earn or receive any discretionary annual bonus. No pro rata bonus
will be available for partial years of employment, with the exception that you will be eligible for a pro rata bonus for
the year 2017 (subject to the Board's discretion and provided that you remain employed through the bonus payment date).

 

In addition, subject
to Board of Directors approval, you will be granted 30,000 restricted stock units. One fourth (1/4) of the RSUs will vest on each
of the first, second, third and fourth anniversaries of the grant date of the RSUs subject to your continuing employment and eligibility
on each vesting date. Your award of equity will be subject to your entry into a grant agreement, in form acceptable to the Company,
setting forth such vesting requirements and other terms.

 

     
Avenue Therapeutics, Inc.
2 Gansevoort Street, Th Floor, New York, NY 10014
www.avenuetx.com
 

     

    

 

As an employee, you
are also eligible to receive certain employee benefits including vacation pursuant to Company policy. Rules regarding the accrual,
use and expiration of accumulated vacation time are set forth in the Company's vacation policies and procedures. You will be eligible
to participate in medical insurance program and other benefit plans offered by the Company, subject to the terms and conditions
of those plans.

 

The Company will reimburse you for all reasonable,
usual, and necessary expenses incurred by you in furtherance of the business and affairs of the Company, upon timely receipt by
the Company of appropriate receipts or other proof of your expenditures and otherwise in accordance with any expense reimbursement
policy as may from time to time be adopted by the Company.

 

The Company is excited
about you joining and looks forward to a beneficial and fruitful relationship. Nevertheless, you should be aware that your employment
with the Company is for no specified period and is at will. As a result, you are free to resign at any time, with or without cause,
for any reason or for no reason. Similarly, the Company is free to terminate the employment relationship with you at any time,
with or without cause, for any reason or for no reason, and with or without notice.

 

Notwithstanding your
at-will status, you will be entitled to severance pay in the form of continued payment of your Base Salary for a period of six
(6) months if your employment is terminated by the Company without Cause (as defined below). Should your primary place of work
(the Company's New York City office) relocate to a different location that is greater than 40 miles from your current home in Morristown,
NJ without your consent, then you may resign from the Company upon 30 days' advance written notice within 90 days after such change
and be entitled to collect severance as described in this paragraph. Your eligibility for severance benefits will be conditioned
upon your execution after the termination date of a general release of claims against the Company, in form and substance satisfactory
to the Company. Any payment of severance as described in this letter is intended to comply with, or be exempt from, Section 409A
of the Internal Revenue Code. Your severance benefits, if any, will not commence unless and until you incur a "separation
from service" (as such term is defined in Treasury Regulation Section 1.409A-1(h)), unless the Company determines that payments
can be made without causing you to incur the additional tax imposed by Section 409A. You and the Company also agree that each installment
of the severance payments described in this paragraph is a separate "payment" for purposes of Treasury Regulation Section
1.409A-2(b)(2)(i).

 

As used in this letter,
"Cause" means (i) your fraud, embezzlement or misappropriation with respect to the Company or its affiliates, (ii) your
material breach of any agreement between you and the Company, (iii) your willful or negligent misconduct that has or may reasonably
be expected to have a material adverse effect on the property, business, or reputation of the Company or its affiliates, (iv) your
willful failure or refusal to perform your material duties as an employee of the Company or your failure to follow any specific
lawful instructions of the Chief Executive Officer of the Company, (v) your conviction or plea of nolo contendere in respect of
a felony or of a misdemeanor involving moral turpitude, (vi) your alcohol or substance abuse which has a material adverse effect
on your ability to perform your duties to the Company or the property, business, or reputation of the Company or its affiliates,
or (vii) your failure to comply with the Company's workplace rules, policies, or procedures.

 

It is Company policy
to conduct background investigations and reference checks on all of its potential employees. Your job offer is therefore contingent
upon a clearance of a background investigation and reference check. Accordingly, attached please find a Consent and Disclosure
Form for your completion.

 

We also ask that, if
you have not already done so, you disclose to the Company any and all agreements relating to your prior employment that may affect
your eligibility to be employed by the Company or limit the manner in which you may be employed. It is the Company's understanding
that there are no such agreements preventing you from accepting employment with the Company or performing the duties of your position
and you represent and warrant that such is the case. Moreover, you agree that, during the term of your employment with the Company,
you will not engage in any other employment, occupation, consulting or other business activity directly related to the business
in which the Company is now involved or becomes involved during the term of your employment, nor will you engage in any other activities
that conflict with your obligations to the Company.

 

     
Avenue Therapeutics, Inc.
2 Gansevoort Street, Th Floor, New York, NY 10014
www.avenuetx.com
 

     

    

 

In your work for the
Company, you will be expected not to use or disclose any confidential information, including trade secrets, of any former employer
or other person to whom you have an obligation of confidentiality. Rather, you will be expected to use only that information which
is generally known and used by persons with training and experience comparable to your own, which is common knowledge in the industry
or otherwise legally in the public domain, or which is otherwise provided or developed by the Company. You agree that you will
not bring onto Company premises or use in your work for the Company any unpublished documents or property belonging to any former
employer or third party that you are not authorized to use and disclose.

 

As a Company employee,
you will be expected to abide by all Company rules, policies, and standards included in the Company Employee Handbook. You will
be required to sign an acknowledgment stating that you have read the Handbook, that you understand its contents, and that you agree
to comply with the policies contained therein.

 

As a condition of your
employment, you will be required to sign and comply with the Company's standard form of Proprietary Information and Inventions
Agreement, which requires, among other things, the assignment of patent rights to any invention made during your employment at
the Company, and non-disclosure of proprietary information.

 

To
indicate your acceptance of the Company's offer, please sign and date this letter in the space provided below. A duplicate original
is enclosed for your records. If you accept our offer, your first day of employment will be July 24, 2017. This letter, along
with the Background Release, forms the complete and exclusive statement of your employment with the Company, and supersedes any
other promises, representations, or agreements made to you by anyone, whether written or oral, including, but not limited to,
any representations made during your interviews. This letter, including, but not limited to, its at-will employment provision,
may not be modified or amended except by a written agreement signed by the Company's Chief Executive Officer and you. This offer
of employment will terminate if it is not accepted, signed and returned by July 5, 2017 along with the completed Background Release
Form to Jaclyn Jaffe via e-mail at jjaffe@fortressbiotech.com.

 

We look forward to your favorable reply and to working
with you at Avenue Therapeutics, Inc.

 

	 	 	 	Sincerely,	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	/s/ Lucy Lu, MD	 
	 	 	 	Signed by	 
	 	 	 	Lucy Lu, MD	 
	 	 	 	President & Chief Executive Officer	 
	Agreed to and accepted:
	 	 	 	 	 
	Signature: 	/s/ Joseph Vazzano	 	 	 
	 	 	 	 	 
	Printer Name:  	Joseph Vazzano	 	 	 
	 	 	 	 	 
	Date: 	6/28/2017	 	 	 

 

 

     
Avenue Therapeutics, Inc.
2 Gansevoort Street, Th Floor, New York, NY 10014
www.avenuetx.comEX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 NOTE
PURCHASE AGREEMENT 
 BY AND AMONG 

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

ODYSSEY MARINE ENTERPRISES, LTD. 

AND 
 ODYSSEY MARINE
EXPLORATION, INC. 
 DATED AS OF AUGUST 10, 2017 

 TABLE OF CONTENTS 

 

					
	ARTICLE I.
	ISSUANCE AND SALE OF NOTE; CLOSING
			
	 Section 1.1.
	  	Loans	  	1
	 Section 1.2.
	  	Procedures for Borrowing	  	2
	 Section 1.3.
	  	Repayment of Loans	  	2
	 Section 1.4.
	  	Deliveries Upon Execution	  	2
	 Section 1.5.
	  	Loan Closings	  	3
	 Section 1.6.
	  	Deliveries at the Closings	  	4
	
	ARTICLE II.
	REPRESENTATIONS AND WARRANTIES OF THE PARENT AND THE COMPANY
			
	 Section 2.1.
	  	Organization, Existence and Good Standing	  	4
	 Section 2.2.
	  	Authorization	  	5
	 Section 2.3.
	  	No Conflict or Violation	  	6
	 Section 2.4.
	  	Governmental Consents and Approvals	  	6
	 Section 2.5.
	  	Capitalization and Voting Rights	  	6
	 Section 2.6.
	  	Subsidiaries	  	7
	 Section 2.7.
	  	Oceanica	  	8
	 Section 2.8.
	  	Parent Reports; Financial Statements; Undisclosed Liabilities	  	9
	 Section 2.9.
	  	Orders and Proceedings	  	11
	 Section 2.10.
	  	Compliance	  	11
	 Section 2.11.
	  	Receivables	  	11
	 Section 2.12.
	  	Anti-Corruption; Anti-Money Laundering	  	11
	 Section 2.13.
	  	Brokers	  	12
	 Section 2.14.
	  	Offering	  	12
	 Section 2.15.
	  	Anti-Takeover Provisions	  	12
	
	ARTICLE III.
	REPRESENTATIONS AND WARRANTIES OF THE LENDER
			
	 Section 3.1.
	  	Organization, Existence and Good Standing	  	13
	 Section 3.2.
	  	Authorization	  	13
	 Section 3.3.
	  	Receipt of Information	  	13
	 Section 3.4.
	  	Investment Experience	  	14
	 Section 3.5.
	  	Qualifications of Lender	  	14
	 Section 3.6.
	  	Restricted Securities	  	14
	
	ARTICLE IV.
	MISCELLANEOUS
			
	 Section 4.1.
	  	Rules of Construction	  	14
	 Section 4.2.
	  	Entire Agreement	  	16
	 Section 4.3.
	  	Notices	  	16
	 Section 4.4.
	  	Fees, Costs and Expenses	  	17
	 Section 4.5.
	  	Publicity and Reports	  	17

  
 (i) 

					
	 Section 4.6.
	  	Amendments; Waiver	  	17
	 Section 4.7.
	  	Binding Effect; Assignment	  	18
	 Section 4.8.
	  	No Third-Party Beneficiaries	  	18
	 Section 4.9.
	  	No Recourse Against Nonparty Affiliates	  	18
	 Section 4.10.
	  	Governing Law	  	18
	 Section 4.11.
	  	Exclusive Forum in Designated Courts	  	18
	 Section 4.12.
	  	Consent to Service of Process	  	19
	 Section 4.13.
	  	Waiver of Jury Trial	  	19
	 Section 4.14.
	  	Specific Performance	  	19
	 Section 4.15.
	  	Remedies Cumulative	  	19
	 Section 4.16.
	  	Counterparts	  	20
	 Section 4.17.
	  	Signatures/E-delivery; Reproduction of Documents	  	20
	 Section 4.18.
	  	Severability	  	20
	 Section 4.19.
	  	Adjustments for Share Splits, etc	  	21
	 Section 4.20.
	  	Release	  	21

  
 (ii) 

 ADDENDA 

ANNEXES 
  

			
	Annex A	  	Definitions
		
	Annex B	  	Cross Reference Sheet of Terms Defined Herein

 EXHIBITS – FORMS OF 
  

			
	Exhibit A	  	Note
		
	Exhibit B	  	Second A&R OME Pledge Agreement
		
	Exhibit C	  	Second A&R MEH-Parent Pledge Agreement
		
	Exhibit D	  	Second A&R Registration Rights Agreement
		
	Exhibit E	  	Amendment to the Second Amended and Restated Bylaws of Parent
		
	Exhibit F	  	Board Resolutions of Parent

  

  
 (iii) 

 NOTE PURCHASE AGREEMENT 

THIS NOTE PURCHASE AGREEMENT (this “Agreement”) is made and entered into as of August 10, 2017, by
and among Odyssey Marine Exploration Inc., a Nevada corporation (the “Parent”), Odyssey Marine Enterprises, Ltd., a Bahamas company and wholly owned subsidiary of the Parent (the
“Company”), and Minera del Norte S.A. de C.V., a Mexican societe anonime (the “Lender”). Capitalized terms used but not defined herein shall have the meanings
ascribed to them in Annex A hereto.  
 RECITALS: 

WHEREAS, pursuant to that certain Amended and Restated Note Purchase Agreement, dated as of March 18, 2016 and amended and
restated as of October 1, 2016 (the “A&R Note Purchase Agreement”), by and among the Parent, the Company and Epsilon Acquisitions LLC (“Epsilon”), the Company issued and sold its secured convertible
promissory note, in the aggregate principal amount of $6,000,000 (the “A&R Note”); 
 WHEREAS, pursuant to
certain Partial Assignment and Assumption Agreements, dated as of November 10, 2016 and as of December 15, 2016, respectively (together, the “Assignment Agreements”), by and between Epsilon and the Lender, the Lender
funded $2,000,000 (the “Minosa Assignment Amount”) to Epsilon for the purposed of Epsilon funding loans to the Company and Epsilon assigned its rights under the A&R Note and related Loan Documents with respect to the Minosa
Assignment Amount to the Lender; 
 WHEREAS, on the terms and subject to the conditions set forth herein, the Lender is willing to
extend an additional loan in the amount of $750,000 and to consider the possibility of extending additional loans in an amount up to $2,250,000 from time to time to the Company which will be evidenced by a secured convertible promissory note in the
aggregate principal amount of $5,000,000 (the “Note”).  
 NOW, THEREFORE, in consideration of
the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

ARTICLE I. 
 ISSUANCE AND
SALE OF NOTE; CLOSING 
 Section 1.1. Initial Loan. On the terms and subject to the conditions set forth in this Agreement,
Lender is extending a loan to Parent on the date hereof in the amount of $750,000 (the “Initial Loan”). The Parent has irrevocably instructed Lender that any Loan shall be made directly to the Company. The
Company’s obligation to repay the Loan and the A&R Note to the extent assigned to the Lender will be evidenced by the Note in the form attached hereto as Exhibit A. The Note will be guaranteed by the Parent pursuant to Section 8
of the Note. 

  
 1 

 Section 1.2. Subsequent Loans.  

(a) Lender understands that Parent is seeking financing for three additional loans of $750,000 for an aggregate of $2,250,000
in an additional Loans (each a “Subsequent Loan” and together with the Initial Loan, the “Loans”). 

(b) Parent may, from time to time, request Subsequent Loans by delivering a written request therefor to the Lender. It is
anticipated that (i) each Subsequent Loan shall be in an amount equal to $750,000 and (ii) no more than one Subsequent Loan shall be funded in any month. 

(c) The Lender may in its sole discretion determine whether or not to extend a Subsequent Loan, and shall have no liability in
the event that it determines not to extend a Subsequent Loan (for any reason or for no reason) or to only extend a Subsequent Loan on terms and conditions different from those set forth herein. 

(d) The terms of any Subsequent Loan agreed to by Lender shall be set forth in a Borrowing Notice. 

Section 1.3. Repayment of Loans. The Company hereby unconditionally promises to pay to the Lender in full in cash, to the extent
not previously paid, the then-unpaid principal amount of all Loans on the Maturity Date. 
 Section 1.4. Deliveries Upon Execution.

 (a) Simultaneously with the execution and delivery of this amended and restated Agreement by the parties hereto,
deliver to Lender: 
 (i) the Note; 

(ii) a second amended and restated pledge agreement from the Company, pledging 54,000,000 shares of Oceanica stock (the
“Pledged Oceanica Shares”) and any receivables due from Oceanica and its Subsidiaries, to secure repayment of the Note, in the form of Exhibit B hereto (the “Second A&R OME Pledge Agreement”); 

(iii) a second amended and restated pledge agreement from (A) Marine Exploration Holdings, LLC, a Nevada limited liability
company (“MEH”, and together with the Company, the “Intermediate Holdcos”), pledging all of the outstanding equity in the Company, and any receivables due from Oceanica and its Subsidiaries and (B) Parent,
pledging all of the outstanding equity in MEH and any receivables due from Oceanica and its Subsidiaries, to secure repayment of the Note, in the form of Exhibit C hereto (the “Second A&R MEH-Parent Pledge Agreement”, and
together with the Second A&R OME Pledge Agreement, the “Pledge Agreements”); 
 (iv) a Second A&R
Registration Rights Agreement in the form of Exhibit D hereto; 

  
 2 

 (v) customary secretary’s certificates attaching authorizing resolutions,
including resolutions in the form of Exhibit F hereto, charter documents, including an amendment to the Bylaws of the Parent in the form of Exhibit E hereto, and incumbency information relating to the Company, in form and substance
reasonably satisfactory to the Lender; and 
 (vi) all other instruments and certificates that the Parent or the Company is
required to deliver pursuant to the terms of this Agreement or the other Transaction Documents. 
 (b) Simultaneously with
the execution and delivery of this Agreement by the parties hereto, the Lender shall deliver all instruments and certificates that the Lender is required to deliver pursuant to the terms of this Agreement. 

Section 1.5. Loan Closings. 

(a) The Lender shall extend each Loan by wire transfer of immediately available funds to an account designated in writing by
the Company, subject to the satisfaction of the following conditions: 
 (i) No “Event of Default” shall have
occurred with respect to the Promissory Note, dated as of March 11, 2015 (as amended from time to time), by and among the Parent, the Company and the Lender (the “Existing Loan”) or under the Notes; 

(ii) the Pledged Oceanica Shares being owned by the Company free and clear of all Liens other than a pledge securing the
Existing Loan; 
 (iii) the representations and warranties set forth in Article II shall be true and correct in all
material respects at, and as of, the Closing, and there shall be no breach of, or default under, any Transaction Document by the Company or any of its Affiliates; 

(iv) the Common Stock shall not have been delisted from trading on NASDAQ; 

(v) the registration of the Existing Pledge in the Panamanian Public Registry shall be in effect and continuing and there shall
be no prior pledge registered; 
 (vi) the Lender shall, in its sole discretion, be satisfied that the Company is actively
pursuing the Permits necessary to complete the Don Diego Project; and 
 (vii) the Board of Directors of the Parent (the
“Board of Directors”), by resolutions unanimously adopted at a meeting duly called and held, has (x) determined and declared that the Loan is necessary and appropriate based upon the Parent’s working capital requirements,
as such requirements are mutually agreed by the Parent and the Lender, and (y) authorized and approved each Loan. 

  
 3 

 (b) The closing of any Loan (a “Closing”) shall be held at the
offices of Willkie Farr & Gallagher LLP, 787 Seventh Avenue, New York, New York at 10:00 a.m. Eastern Time on the date set forth in the Borrowing Notice with respect to such Loan; provided, that each Closing may occur on such
other date or at such other time and place as the Parent and the Lender may mutually agree in writing in their sole discretion. The date on which each Closing actually occurs is referred to as a “Closing Date.” 

Section 1.6. Deliveries at the Closings.  

(a) At each Closing, the Parent shall, or shall cause the Company to, deliver to the Lender 

(i) a release in the form of Section 4.20 hereof as of the date of such Closing; and 

(ii) such other documents as the Lender shall reasonably request. 

(b) At each Loan Closing, the Lender shall deliver: 

(i) the Loan, which shall be delivered in the form of wire transfer of immediately available funds to an account designated in
writing by the Company; and 
 (ii) all other instruments and certificates that the Lender is required to deliver pursuant to
the terms of this Agreement. 
 ARTICLE II. 

REPRESENTATIONS AND WARRANTIES OF THE PARENT AND THE COMPANY 

The Parent and the Company each hereby represent and warrant to the Lender the following: 

Section 2.1. Organization, Existence and Good Standing. 

(a) Each of the Parent and the Company is duly organized and is validly existing and in good standing under the Laws pursuant
to which it was formed, and has all requisite corporate or other entity power authority to carry on its businesses as now conducted and as presently proposed to be conducted. Each of the Parent and the Company is duly licensed or qualified to
transact business as a foreign corporation or other equivalent entity and is in good standing in each jurisdiction in which the nature of the business transacted by it or the character of the properties owned or leased by it requires such licensing
or qualification, except where the failure to be so licensed or qualified would not reasonably be expected to have a material adverse effect upon the Parent or the Company. 

  
 4 

 (b) Neither the Parent nor the Company is, or has been within the past five
(5) years, an “investment company” within the meaning of the Investment Company Act of 1940. 
 Section 2.2.
Authorization. 
 (a) Each of the Parent, the Company and each of their respective Subsidiaries, as applicable, has all
requisite power and authority to execute and deliver this Agreement and the other Transaction Documents to which it is a party, and to carry out the provisions of this Agreement and the other Transaction Documents to which it is a party, including
with respect to the Parent, the power and authority to issue the Common Stock issuable upon conversion of the Note. 
 (b)
All action on the part of the Parent, the Company and each of their Subsidiaries, as applicable, their respective officers, directors and stockholders necessary for the authorization, execution and delivery of this Agreement and the other
Transaction Documents to which the Parent, the Company and each of their Subsidiaries, as applicable, is a party, and the performance of all obligations of the Parent, the Company and their Subsidiaries hereunder and thereunder, and the
authorization, issuance (or reservation for issuance) and delivery of the Common Stock issuable upon conversion of the Note has been taken. This Agreement has been duly and validly executed and delivered by the Parent and the Company, and the other
Transaction Documents to which the Parent, the Company or any Subsidiary is a party, when executed and delivered, will constitute, assuming this Agreement and the other Transaction Documents have been duly authorized, executed and delivered by
Lender, and are, valid and legally binding obligations of the Parent and the Company, enforceable in accordance with their respective terms except: (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium and other Laws
of general application affecting enforcement of creditors’ rights generally; and (ii) as limited by Laws relating to the availability of specific performance, injunctive relief or other equitable remedies (the “Enforceability
Exceptions”). 
 (c) The Board of Directors, by resolutions unanimously adopted at a meeting duly called and held,
has (i) determined and declared that this Agreement and the Contemplated Transactions are advisable and fair to, and in the best interests of, the Parent and its stockholders and (ii) authorized and approved the execution, delivery and
performance of this Agreement and the Transaction Documents. Such resolutions have not been rescinded, modified or withdrawn in any way as of the date of this Agreement. 

(d) Prior to the date hereof, the bylaws of the Parent in the form attached hereto as Exhibit E were amended to render
the restrictions set forth in NRS 78.378 through 78.3793, inclusive, inapplicable to the Lender, Epsilon and their respective affiliates. 

  
 5 

 Section 2.3. No Conflict or Violation. The execution, delivery and performance by the
Parent, the Company and their Subsidiaries of this Agreement and the other Transaction Documents to which they are a party and the consummation by the Parent, the Company and their Subsidiaries of the Contemplated Transactions in accordance with the
terms hereof or thereof will not (with notice or lapse of time, or both) (a) conflict with or violate any provision of (i) the articles of incorporation or bylaws of the Parent, (ii) the articles of incorporation or bylaws of the
Company or (iii) any equivalent organizational or governing document of any Subsidiary of the Parent or the Company, (b) require any consent or approval under, violate, conflict with or result in any breach of or any loss of any benefit
under, or constitute a default under, or result in termination or give to others any right of termination, vesting, amendment, acceleration or cancellation of, or result in the creation of a Lien upon any of the respective properties, rights or
assets of the Parent, the Company or any of their Subsidiaries, (c) conflict with or violate any Order binding upon the Parent, the Company or any of their Subsidiaries, or (d) conflict with or violate any Law applicable to the Parent or
any of its Subsidiaries, except in the case of each of the foregoing clauses (a)(iii), (b), (c) and (d), for such violations, conflicts, breaches, defaults, impairments or revocations that would not reasonably be expected to be material. 

Section 2.4. Governmental Consents and Approvals. The execution, delivery and performance by the Parent, the Company and their
Subsidiaries of this Agreement and the other Transaction Documents to which they are a party and the consummation by the Parent, the Company and their Subsidiaries of the Contemplated Transactions in accordance with the terms hereof or thereof will
not (with notice or lapse of time, or both) require any Permit or filing or registration with or notification to any Governmental Agency with respect to the Parent, the Company and their Subsidiaries except for filings necessary or appropriate
to perfect Lender’s security interests in collateral securing the Loans and except where the failure to obtain such Permits, or to make such filings, registrations or notifications would not reasonably be expected to be material. 

Section 2.5. Capitalization and Voting Rights. 

(a) As of the date hereof, the equity capitalization of the Parent consists of: 

(i) 75,000,000 authorized shares of Common Stock, of which 8,388,821 shares are issued and outstanding and 569,669 will be
issuable upon the exercise of outstanding options or settlement of restricted stock units; and 
 (ii) 25,000,000 shares of
Preferred Stock, none of which are designated, issued, or outstanding. 
 (b) The outstanding Common Stock has been duly
authorized and validly issued, is fully paid and non-assessable, and was issued in accordance with the registration or distribution provisions of the applicable securities Laws or pursuant to valid exemptions therefrom. 

  
 6 

 (c) As of the date hereof, except as set forth on Schedule 2.5(c) and
except pursuant to the Stock Purchase Agreement, by and among the Parent, Penelope Mining LLC, and the Lender, dated as of March 11, 2015 (the “Stock Purchase Agreement”) there is no: 

(i) outstanding option, warrant, right (contingent or other, including conversion, exchange, participation, right of first
refusal, co-sale or pre-emptive rights or rights regarding phantom stock or stock appreciation rights) or agreement for the purchase or acquisition from the Parent or the Company of any Common Stock, Preferred Stock or any other shares or securities
of the Parent or the Company, or any options, warrants or rights convertible into or exchangeable for any thereof; 
 (ii)
commitment by the Parent or the Company to issue shares, subscriptions, warrants, options, convertible or exchangeable securities or other such rights or to distribute to holders of its equity securities any evidence of indebtedness or assets; 

(iii) bond, debenture, note or other indebtedness of the Parent or the Company that entitles the holder thereof to vote (or is
convertible into, or exchangeable or exercisable for, securities having the right to vote) with the Stockholders on any matter; 

(iv) outstanding contractual obligations, commitments or arrangements of any character (contingent or otherwise) that are
binding on the Parent or the Company or any of their Subsidiaries to repurchase, redeem or otherwise acquire any shares of capital stock of, or other equity or voting interests in, the Parent or the Company; or 

(v) obligation, contingent or otherwise, by reason of any agreement to register the offer and sale or resale of any of the
Parent’s or the Company’s capital stock or other equity or voting securities under the Securities Act. 
 (d)
Neither the Parent nor or the Company has or intends to accelerate any rights or waive any conditions existing under any outstanding option, warrant, right or agreement (contingent or otherwise, including exercise, vesting, payment, conversion,
exchange, participation, right of first refusal, co-sale or pre-emptive rights or rights regarding phantom stock or stock appreciation rights) for the purchase or acquisition from the Parent or the Company of any Common Stock, Preferred Stock or any
other shares or securities of the Parent or the Company, or any options, warrants or rights convertible into or exchangeable for any thereof. 

(e) Neither the Parent nor or the Company is an “Issuing Corporation” as such term is defined in Section 78.3788
of the Nevada Revised Statutes by virtue of the fact that either it has less than 200 holders of record and/or it has less than 100 holders of record who have addresses in the State of Nevada, in either case, appearing on the stock ledger of the
Parent or the Company. 
 Section 2.6. Subsidiaries. The Parent owns all of the issued and outstanding membership interests in
MEH, free and clear of all Liens other than the Liens pursuant to the A&R MEH-Parent Pledge Agreement, and MEH owns 500,000,000 shares of the Company representing all of the issued and outstanding shares of Company free and clear of all Liens
other 

  
 7 

 
than the Liens pursuant to the A&R OME Pledge Agreement. Each of MEH, the Company and each Subsidiary of the Company: (a) is validly existing and in good standing under the laws of the
jurisdiction of its incorporation or formation, (b) has all requisite corporate power and authority and all authorizations, licenses and permits necessary to own, lease and operate its properties and assets and to carry on its businesses as now
conducted and (c) is duly qualified or licensed to do business in every jurisdiction in which its ownership, leasing or operation of property or assets or the conduct of businesses as now conducted requires it to be qualified or licensed, other
than in the case of the Intermediate Holdcos, except as would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the business, prospects, condition (financial or otherwise), affairs, properties, assets
or Liabilities of the Parent and its Subsidiaries, taken as a whole (a “Material Adverse Effect”). 
 Section 2.7.
Oceanica. As of the date hereof and as of each Closing Date: 
 (a) The Company owns 54,000,000 shares of Oceanica, free
and clear of all Liens except as set forth on Schedule 2.7(a). 
 (b) The outstanding equity capitalization of
Oceanica is as set forth on Schedule 2.7(b). 
 (c) As of the date hereof, except as set forth on Schedule
2.7(c) and except as contemplated pursuant to the Approved Monaco Transaction, there is no: 
 (i) outstanding option,
warrant, right (contingent or other, including conversion, exchange, participation, right of first refusal, co-sale or pre-emptive rights or rights regarding phantom stock or stock appreciation rights) or agreement for the purchase or acquisition
from any of the Intermediate Holdcos or Oceanica of any equity, or any options, warrants or rights convertible into or exchangeable for any such equity; 

(ii) commitment by the Intermediate Holdcos or Oceanica to issue shares, subscriptions, warrants, options, convertible or
exchangeable securities or other such rights or to distribute to holders of its equity securities any evidence of indebtedness or assets; 

(iii) bond, debenture, note or other indebtedness of the Intermediate Holdcos or Oceanica that entitles the holder thereof to
vote (or is convertible into, or exchangeable or exercisable for, securities having the right to vote) with the holders of equity in the Intermediate Holdcos or Oceanica on any matter; 

(iv) outstanding contractual obligation, commitment or arrangement of any character (contingent or otherwise) that are binding
on the Intermediate Holdcos or Oceanica to repurchase, redeem or otherwise acquire any shares of capital stock of, or other equity or voting interests in the Intermediate Holdcos or Oceanica; and 

  
 8 

 (v) obligation, contingent or otherwise, by reason of any agreement to register
the offer and sale or resale of any of the capital stock of the Intermediate Holdcos or Oceanica under the Securities Act. 

(d) Set forth on Schedule 2.7(d) is a true and complete list of each Permit Oceanica has obtained, or made filings to
obtain, in connection with the construction, development and operation of the Don Diego Project (each, a “Project Permit”). True and complete copies of all such Permits and filings and all material written correspondence with
any Governmental Agency regarding any Project Permit has been furnished to Lender. Except as disclosed in the Parent Reports, no Governmental Agency has provided the Parent, Oceanica or any of their Subsidiaries, or to the knowledge of the
Parent any other Person, written notice that such Governmental Agency does not intend to issue any Project Permit or any other Permit that is reasonably necessary for the construction, development and operation of the Don Diego Project. There
is no Proceeding pending or threatened (in writing or otherwise) (i) with respect to any alleged error or omission contained in any filing related to any Project Permit, or (ii) following the issuance of any Project Permit, with respect to
any alleged failure to be in compliance with the terms thereof, or which is likely to result in the revocation or termination of such Project Permit. 

(e) Oceanica or a Subsidiary thereof has the exclusive ownership of the mineral rights related to the Don Diego Project
covering not less than 300,000 hectares, each of which are listed on Schedule 2.7(e) (the “Project Mineral Rights”), free and clear of any Liens other than Permitted Liens. The Project Mineral Rights are sufficient to conduct
the Don Diego Project in a manner consistent with the business plans of the Parent. 
 (f) The Parent is not aware of any
facts or circumstances that would cause the Technical Report: Revised Assessment of the Don Diego West Phosphorite Deposit, Mexican Exclusive Economic Zone (EEZ), dated June 30, 2014, to not be true and correct in all material respects. 

Section 2.8. Parent Reports; Financial Statements; Undisclosed Liabilities. 

(a) The filings, including all material forms, registration, proxy and information statements, prospectuses, reports,
agreements (oral or written) and all documents, exhibits, amendments and supplements appertaining thereto, filed or furnished by the Parent since January 1, 2015 under the Securities Act or the Exchange Act (the “Parent
Reports”), have been timely filed or furnished (as applicable) with the SEC and complied, as of their respective filing dates, in all material respects with all applicable requirements of the statutes and the rules and regulations
thereunder, in each case as in effect on the dates so filed, including any amendments of such Parent Reports filed with the SEC. None of the Parent Reports contained, at the time such Parent Report was filed, or if amended or restated, at such time
when finally amended, restated or subsequently mailed to securityholders, any untrue statement of any material fact or omitted to state any material fact required to be stated therein or necessary in order to make the statements made therein, in the
light of the circumstances under which they were made, not misleading. All such Parent Reports complied in all material respects with the applicable requirements of the Securities Act or the Exchange Act, as the case may be. 

  
 9 

 (b) As of the date hereof, there are no outstanding or unresolved comments in
comment letters from the SEC staff with respect to the Parent Reports, and to the Knowledge of the Parent, neither the Parent nor any Parent Report is the subject of an ongoing SEC review or outstanding SEC investigation. 

(c) Each of the consolidated financial statements, consolidated balance sheets, consolidated statements of operations and
consolidated statements of cash flows (including, in each case, any related notes and schedules thereto) of the Parent included in or incorporated by reference into the Parent Reports: (i) complied, as of the respective filing dates thereof, in
all material respects with the applicable rules and regulations of the SEC with respect thereto as in effect on the respective filing dates thereof, (ii) were prepared in accordance with U.S. generally accepted accounting principles
consistently applied during the periods involved (“GAAP”), except as may be footnoted therein, (iii) fairly presented, in all material respects, the consolidated financial position of the Parent, as of the respective dates
thereof, and the consolidated results of operations, retained earnings (accumulated deficit) and cash flows, as the case may be, of the Parent for the respective periods then ended (subject, in the case of unaudited financial statements, to normal
year-end adjustments). Neither the Parent nor any of its Subsidiaries has received, in writing, any material complaint, allegation, assertion or claim regarding the accounting or auditing practices, procedures, methodologies or methods of the Parent
or any of its Subsidiaries or their respective internal accounting controls. To the Knowledge of the Parent, no attorney representing the Parent or its Subsidiaries has reported evidence of a material violation of securities laws, breach of
fiduciary duty or similar violation by the Parent or any of its Subsidiaries or any of their respective officers, directors, employees or agents to the Board of Directors or any committee thereof pursuant to the rules of the SEC adopted under
Section 307 of the Sarbanes-Oxley Act of 2002. 
 (d) The Parent has (A) implemented and maintains
(x) disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act) designed to ensure that material information relating to the Parent and its Subsidiaries is made known on a timely basis to the management of the Parent
and (y) a system of internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) designed to provide reasonable assurances regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with GAAP and (B) disclosed to the Parent’s outside auditors and the audit committee of the Board of Directors (x) all significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably likely to adversely affect the Parent’s and its Subsidiaries’ ability to record, process, summarize and report financial data and (y) any fraud, whether or
not material, that involves management or other employees who have a significant role in the Parent’s internal control over financial reporting. 

  
 10 

 (e) There are no Liabilities of the Parent or its Subsidiaries of a nature
(whether accrued, absolute, contingent or otherwise) other than: (i) Liabilities set forth in the consolidated balance sheet, including the notes thereto, of the Parent included in the most recent Parent Reports; (ii) Liabilities or
obligations incurred in the ordinary course of business consistent with past practices since the date of such balance sheet; (iii) Liabilities under Contracts, none of which arise out of any breach, default or non-performance by the Parent or
its Subsidiaries; and (iv) Liabilities disclosed on the Disclosure Schedules to this Agreement. 
 Section 2.9. Orders and
Proceedings. There are no outstanding Orders to which the Parent or any of its Subsidiaries or any of their respective properties or assets is subject or bound that would reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect and there are no Proceedings pending or, to the Knowledge of the Parent, threatened against the Parent or any of its Subsidiaries or to which any of their respective properties or assets is subject or bound that, if adversely
determined, would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 
 Section 2.10.
Compliance. 
 (a) The Parent and its Subsidiaries are, and for the past three years have been, in material compliance
with all material Laws applicable to them; and during the past three years, neither the Parent nor any of its Subsidiaries has received written notice from any Governmental Agency or any other Person regarding any actual, alleged, possible, or
potential violation of, or failure to materially comply with, any material Law, except for such non-compliance as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

(b) The Parent and its Subsidiaries are not in breach or default under any of their contracts with Monaco and its Affiliates.

 Section 2.11. Receivables. As of the date hereof, the amount due and owing from Oceanica and its Subsidiaries to the Parent
and its Subsidiaries is as set forth on Schedule 2.11, which schedule sets forth the debtor, the creditor and that amount due. 

Section 2.12. Anti-Corruption; Anti-Money Laundering. 

(a) Neither the Parent nor the Company or any of their respective Subsidiaries, nor any director or officer of any of the
Parent, the Company or their respective Subsidiaries, nor, to the Knowledge of the Parent, the Company, any stockholder, employee, vendor, sub-contractor or representative acting on behalf of any of the Parent, the Company and their Subsidiaries,
has taken any action, directly or indirectly, that would result in a material violation of any Anti-Corruption Law, Anti-Money Laundering Law, or OFAC Law, whether within the United States of America or elsewhere. 

(b) The Parent and the Company have established and maintains procedures and controls that are reasonably designed to ensure
that the Parent, the Company and their respective Subsidiaries are in compliance in all material respects with any applicable Anti-Corruption Laws, Anti-Money Laundering Laws or OFAC Laws. 

  
 11 

 (c) None of the Parent, the Company and their respective Subsidiaries has found
material violations of any Anti-Corruption Law, Anti-Money Laundering Law or OFAC Law in an internal investigation, made a voluntary or other disclosure to a Governmental Agency related to any Anti-Corruption Law, Anti-Money Laundering Law or OFAC
Law or received any written official notice, citation, complaint or report related to alleged violations of any Anti-Corruption Law, Anti-Money Laundering Law or OFAC Law and either filed with a court, tribunal, or other Governmental Agency or
transmitted by a Governmental Agency. Neither the Parent nor the Company has any Knowledge that it or any of its respective Subsidiaries is under investigation by any Governmental Agency for possible violations of any Anti-Corruption Law, Anti-Money
Laundering Law or OFAC Law. 
 (d) None of the Parent, the Company and their respective Subsidiaries, nor any director or
officer of the Parent, the Company or any of their respective Subsidiaries and, to the Knowledge of the Parent, no employee or agent of any of the Parent or any of its Subsidiaries is (i) a blocked person or denied party under any Anti-Money
Laundering Law or (ii) a Person with whom dealing or engaging in transactions is prohibited or sanctioned under any Laws of the United States of America or any other applicable jurisdiction. Neither the Parent, the Company nor any of their
respective Subsidiaries is a party to any Contract or other agreement or has engaged in any transaction or other business dealing with any country that, at the time of the relevant transaction, was subject to comprehensive (as opposed to list-based)
OFAC Laws. 
 Section 2.13. Brokers. No person, firm or corporation has or, as a result of any action taken by the Parent, the
Company, their respective Subsidiaries or any of their authorized representatives, will have, in the context of the transactions contemplated by this Agreement, any right, interest or valid claim against or upon the Parent, the Company, their
respective Subsidiaries or the Lender for any commission, fee or other compensation as a finder or broker or in any similar capacity. 

Section 2.14. Offering. Assuming the accuracy of the Lender’s representations and warranties set forth in this Agreement, the
issuance of Common Stock issuable upon conversion of the Note is exempt from the registration and prospectus requirements of the Securities Act, and any other applicable securities Law, and will be issued in compliance with all applicable federal
and state securities and blue sky Laws. Neither the Parent, the Company nor any Person acting on their behalf will take any action hereafter that would cause the loss of such exemption. The issuance of the Common Stock issuable upon conversion of
the Note to the Lender will not be integrated with any other issuance of the Parent’s securities (past, current or future) for purposes of any stockholder approval provisions applicable to the Parent or its securities. 

Section 2.15. Anti-Takeover Provisions. The Parent has taken all actions necessary to render inapplicable to this Agreement and
the Contemplated Transactions, and inapplicable to Lender and the Common Stock issuable upon conversion of the Note in connection with this Agreement and the Contemplated Transactions, any and all “fair price,” “moratorium,”
“control 

  
 12 

 
share acquisition,” “business combination” and other similar statutes or regulations of any state or jurisdiction (collectively, “Takeover Laws”); and without
limiting the foregoing, the Board of Directors has taken all actions necessary so that the restrictions on business combinations contained in Sections 78.378-78.3793 and 78.411-78.444 of the Nevada Revised Statutes, and, accordingly, any other
section or any other Nevada Takeover Law or similar statute or regulation will not apply with respect to, or as a result of, the execution of this Agreement, the other Transaction Documents or the consummation of the Contemplated Transactions,
without any further action on the part of the Stockholders or of the Board of Directors of the Parent, including adopting the resolutions attached hereto as Exhibit E and amending the bylaws of the Parent in the form attached hereto as
Exhibit F, each of which is still in effect.  
 ARTICLE III. 

REPRESENTATIONS AND WARRANTIES OF THE LENDER 

The Lender hereby represents and warrants to the Parent as of the date hereof that: 

Section 3.1. Organization, Existence and Good Standing. Lender is duly organized and is validly existing and in good standing
under the Laws pursuant to which it was formed, and has all requisite corporate power and corporate authority to carry on its businesses as now conducted and as presently proposed to be conducted. Lender is duly licensed or qualified to transact
business as a foreign corporation or other equivalent entity and is in good standing in each jurisdiction in which the nature of the business transacted by it or the character of the properties owned or leased by it requires such licensing or
qualification, except for those jurisdictions where the failure to be so licensed, qualified or in good standing would not reasonably be expected to have an Lender Material Adverse Effect. 

Section 3.2. Authorization. Lender has full power and authority to execute and deliver this Agreement and the other Transaction
Documents to which it is a party, and to carry out the provisions of this Agreement and the other Transaction Documents to which it is a party. Any and all corporate or partnership action on the part of Lender necessary for the authorization,
execution and delivery of this Agreement and the performance of all obligations of Lender hereunder at each Closing has been, or will by each Closing have been, taken. This Agreement has been duly and validly executed and delivered and constitutes,
and the Transaction Documents to which Lender is a party when executed and delivered will constitute, assuming due execution and delivery by the other parties thereto of this Agreement and the Transaction Documents, valid and legally binding
obligations of Lender, enforceable against Lender in accordance with their respective terms, subject to the Enforceability Exceptions. 

Section 3.3. Receipt of Information. Lender believes it has received all the information the Lender considers necessary or
appropriate for deciding whether to purchase the Note. Lender further represents that Lender has had an opportunity to ask questions and receive answers from the Parent regarding the terms and conditions of the offering of the Note and the business,
properties, prospects and financial condition of the Parent and to obtain additional information (to the extent the Parent possessed such information or could acquire it without unreasonable effort or expense) necessary to verify the accuracy of any
information furnished to Lender or to which Lender had access. The foregoing, however, does not limit or modify the representations and warranties of the Parent and the Company in ARTICLE II of this Agreement or the right of Lender to rely
thereon. 

  
 13 

 Section 3.4. Investment Experience. Lender confirms that it has such knowledge and
experience in financial and business matters that Lender is capable of evaluating the merits and risks of an investment in the Note and of making an informed investment decision and understands that: this investment is suitable only for an investor
which is able to bear the economic consequences of losing its entire investment; the purchase of the Note by the Lender hereunder is a speculative investment which involves a high degree of risk of loss of the entire investment; there are
substantial restrictions on the transferability of, and there will be no public market for, the Note, and accordingly, it may not be possible for the Lender to liquidate its investment in case of emergency; and this Agreement and the other
Transaction Documents create a complex set of rights and obligations of the Lender. 
 Section 3.5. Qualifications of Lender.
Lender is an “Accredited Lender” as such term is defined in Rule 501(a) under the Securities Act (without reliance on Rule 501(a)(4) thereof). The Lender will provide reasonable information requested by the Parent in connection with any
filing required to be made with applicable securities regulators in connection with any issuance of Common Stock issuable upon conversion of the Note. Lender is not a “Bad Actor” within the meaning of Rule 506 of the Securities Act. 

Section 3.6. Restricted Securities. Lender understands that no securities of the Parent may be sold, transferred, or otherwise
disposed of without registration under the Securities Act or an exemption therefrom, and that in the absence of either an effective registration statement covering the Note or the Common Stock into which it may have been converted, as applicable,
compliance with such distribution requirements or an available exemption from registration under the Securities Act, the Note or the Common Stock into which it may have been converted, as applicable, must be held indefinitely. Lender understands
that the Note and the Common Stock into which it may have been converted will carry legends required by Law. In particular, the Lender is aware that the Note may not be sold pursuant to Rule 144 promulgated under the Securities Act unless all of the
conditions of that rule are met. 
 ARTICLE IV. 

MISCELLANEOUS 

Section 4.1. Rules of Construction. 

(a) When a reference is made in this Agreement to an Article, a Section, an Exhibit or a Schedule, such reference shall be to
an Article of, a Section of, or an Exhibit or a Disclosure Schedule to this Agreement unless otherwise indicated. 
 (b)
Whenever the words “include,” “includes” or “including” are used in this Agreement or any other Transaction Document, they shall be deemed to be followed by the words “without limitation.” 

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

  
 14 

 (d) All terms defined in this Agreement shall have the defined meanings when used
in any other Transaction Document or in any certificate or other document made or delivered pursuant hereto or thereto unless otherwise defined therein. The definitions contained in this Agreement and any other Transaction Document are applicable to
the singular as well as to the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. Whenever the context requires, any pronouns used herein shall include the corresponding masculine, feminine
or neuter forms. 
 (e) Except as expressly stated in this Agreement, all references to any Law are to such Law as amended,
modified, supplemented or replaced from time to time, and all references to any section of any Law include any successor to such section. 

(f) Except as expressly stated in this Agreement, all references to any agreement are to such agreement and include any
exhibits, annexes and schedules attached to such agreement, in each case, as the same is in effect as of the date of this Agreement and in the case of any such agreement to which the parties are other than all of the parties to this Agreement,
without giving effect to any subsequent amendment or modification. 
 (g) All references to “$” or
“dollars” mean the lawful currency of the United States of America. 
 (h) Unless otherwise specified herein, all
accounting terms used herein shall be interpreted, all determinations with respect to accounting matters hereunder shall be made, and all financial statements and certificates and reports as to financial matters required to be furnished hereunder
shall be prepared in accordance with United States generally accepted accounting principles, as consistently applied by the Parent and the Company. 

(i) No specific provision, representation or warranty shall limit the applicability of a more general provision, representation
or warranty. It is the intent of the parties that each representation, warranty, covenant, condition and agreement contained in this Agreement shall be given full, separate, and independent effect and that such provisions are cumulative. 

(j) The parties hereto have participated jointly in the negotiation and drafting of this Agreement and the other Transaction
Documents with the assistance of counsel and other advisors and, in the event an ambiguity or question of intent or interpretation arises, this Agreement and the other Transaction Documents shall be construed as jointly drafted by the parties hereto
and thereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement or any other Transaction Document. 

(k) The table of contents and the headings contained in this Agreement and the other Transaction Documents are for reference
purposes only and shall not affect in any way the meaning or interpretation of this Agreement or the other Transaction Documents. 

  
 15 

 Section 4.2. Entire Agreement. This Agreement, the other Transaction Documents, the
Disclosure Schedules hereto and thereto, and the other agreements included as exhibits hereto and thereto constitute the entire agreement among the parties with respect to the subject matter hereof and supersede all prior agreements and,
understandings, among the parties with respect to the subject matter hereof and thereof. In the event of a conflict between the terms of this Agreement and the other Transaction Documents, the terms of this Agreement shall govern. 

Section 4.3. Notices. All notices and other communications hereunder shall be in writing and shall be deemed duly given
(a) on the date of delivery if delivered personally, (b) on the date sent by facsimile (with confirmation of transmission) or electronic mail if sent during normal business hours of the recipient during a Business Day, and otherwise on the
next Business Day, if sent after normal business hours of the recipient, provided that in the case of electronic mail, each notice or other communication shall be confirmed within one Business Day by dispatch of a copy of such notice pursuant to one
of the other methods described herein, (c) if dispatched via a nationally recognized overnight courier service (delivery receipt requested) with charges paid by the dispatching party, on the later of (i) the first Business Day following
the date of dispatch, or (ii) the scheduled date of delivery by such service, or (d) on the fifth Business Day following the date of mailing, if mailed by registered or certified mail, return receipt requested, postage prepaid to the party
to receive such notice, at the following addresses, or such other address as a party may designate from time to time by notice in accordance with this Section. 

(a) If to the Parent or Company, to: 

Odyssey Marine Exploration, Inc. 

5215 W. Laurel Street 
 Suite 210

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

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

Attention: David M. Doney 

Facsimile: (813) 218-5404 

(b) If to the Lender, to: 
 Minera
del Norte S.A. de C.V. 
 c/o: Altos Hornos de Mexico S.A.B. de C.V. 

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

Mexico 
 Attention: General
Counsel 
 Facsimile: 52 866 633-8050 

  
 16 

 with a copy to: 

Willkie Farr & Gallagher LLP 

787 Seventh Avenue 

New York, NY 10019 

Attention: Maurice M. Lefkort 

Facsimile: (212) 728-8111 

Section 4.4. Fees, Costs and Expenses. The Parent shall reimburse Lender for its and its Affiliates’ reasonable,
out-of-pocket fees, costs and expenses in an amount not to exceed $50,000 incurred in connection with the Contemplated Transaction through the increase in the principal amount of the Note by the amount of such fees, costs and expenses. All fees,
costs and expenses incurred by the Parent in connection with this Agreement and the other Transaction Documents and the Contemplated Transactions shall be borne by Parent whether or not the Contemplated Transactions are consummated. 

Section 4.5. Publicity and Reports. Each party agrees that, except as otherwise required by Law, it will not issue any reports,
statements or releases, in each case relating to the Contemplated Transactions, without the prior written consent of the other parties hereto, which consent shall not unreasonably be withheld or delayed. To the extent disclosure is required by Law,
the non-disclosing party shall have the right to review any report, statement or release as promptly as possible prior to its publication and to reasonably consult with the disclosing party with respect to the content thereof. 

Section 4.6. Amendments; Waiver. 

(a) This Agreement may be amended, superseded, canceled, renewed or extended only by a written instrument signed by each of the
parties hereto. 
 (b) A party may by written instrument signed on behalf of such party: (i) extend the time for the
performance of any of the obligations or other acts of another party due to it, (ii) waive any inaccuracies in the representations and warranties made to it contained in this Agreement or any Transaction Document, or (iii) waive compliance
with any covenants, obligations, or conditions in its favor contained in this Agreement or in any Transaction Document. No claim or right arising out of this Agreement or any Transaction Document can be waived by a party, in whole or in part, unless
made in a writing signed by such party. Neither any course of conduct or dealing nor failure or delay by any party in exercising any right, power, or privilege under this Agreement or any of the Transaction Documents will operate as a waiver of such
right, power, or privilege, and no single or partial exercise of any such right, power, or privilege will preclude any other or further exercise of such right, power, or privilege or the exercise of any other right, power, or privilege. A waiver
given by a party will be applicable only to the specific instance for which it is given. 

  
 17 

 Section 4.7. Binding Effect; Assignment. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and permitted assigns. Neither this Agreement, nor any right, duty or obligation of any party hereunder, may be assigned or delegated by the Parent without the prior written
consent of Lender. Lender may assign its rights and delegate its obligations hereunder; provided that no such assignment or delegation shall relieve Lender of its obligations hereunder. Any purported assignment of rights or delegation of obligations
in violation of this Section will be void. References to a party in this Agreement and in any Transaction Document also refer to such party’s successors and permitted assigns. 

Section 4.8. No Third-Party Beneficiaries. Except for the Persons expressly referenced in Section 4.9, nothing in this
Agreement is intended or shall be construed to give any person, other than the parties hereto, their successors and permitted assigns, any legal or equitable right, remedy or claim under, or in respect of, this Agreement the Transaction Documents or
any provision contained herein or therein. 
 Section 4.9. No Recourse Against Nonparty Affiliates. All claims, obligations,
liabilities, or causes of action (whether in contract, common or statutory law, equity or otherwise) that arise out of or relate to this Agreement or any other Transaction Document, or the negotiation, execution, or performance of this Agreement or
any other Transaction Document (including any representation or warranty made in, in connection with or as an inducement to this Agreement or any other Transaction Document), may be made only against the parties that are signatories to this
Agreement or such other Transaction Document, as the case may be (“Contracting Parties”). No Person who is not a Contracting Party, including any officer, employee, member, partner or manager signing this Agreement, the
Transaction Documents or any certificate delivered in connection herewith or therewith on behalf of any Contracting Party (“Nonparty Affiliates”) shall have any liability (whether in contract, tort, common or statutory law, equity
or otherwise) for any claims, obligations, liabilities or causes of action arising out of, or relating in any manner to, this Agreement or any other Transaction Document or based on, in respect of, or by reason of this Agreement or any other
Transaction Document or the negotiation, execution, performance, or breach of the Agreement or any other Transaction Document; and, to the maximum extent permitted by Law, each Contracting Party hereby waives and releases all such liabilities,
claims, causes of action, and obligations against any such Nonparty Affiliates. 
 Section 4.10. Governing Law. This Agreement,
the other Transaction Documents, and any dispute, controversy or proceeding arising out of or relating to this Agreement, the other Transaction Documents, or the Contemplated Transactions or the subject matter hereof or thereof or the relationship
among the parties hereto or thereto in connection herewith or therewith (in each case whether in contract, tort, common or statutory law, equity or otherwise) shall be governed by the substantive Laws of the State of Delaware without regard to
conflict of law principles thereof or of any other jurisdiction that would cause the application of laws of any jurisdiction other than those of the State of Delaware. 

Section 4.11. Exclusive Forum in Designated Courts. Any dispute, controversy, proceeding or claim arising out of or relating
to: (i) this Agreement or any other Transaction Document, or any of the Contemplated Transactions or the subject matter hereof or thereof, (ii) the breach, termination, enforcement, interpretation or validity of this Agreement, or any
other 

  
 18 

 
Transaction Document, including the determination of the scope or applicability of this agreement to arbitrate, or (iii) the relationship among the parties hereto or thereto, in each case,
whether in contract, tort, common or statutory law, equity or otherwise, shall be brought exclusively in either (x) the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware, (y) if such court
lacks subject matter jurisdiction, the United States District Court for the District of Delaware, to the extent that such court has subject matter jurisdiction or (z) if such court lacks subject matter jurisdiction, the courts of the State of
Delaware (the “Designated Court”). Each of the parties hereto hereby irrevocably submits with regard to any such action or proceeding for itself and in respect of its property, generally and unconditionally, to the personal
jurisdiction of the Designated Court and agrees that it will not bring any action whether in tort, contract, common or statutory law, equity or otherwise arising out of or relating to this Agreement or any other Transaction Document or any of the
Contemplated Transactions or the subject matter hereof or thereof in any court other than the Designated Court. Each of the parties hereto hereby irrevocably waives, and agrees not to assert as a defense, counterclaim or otherwise, in any
action or proceeding with respect to this Agreement or any other Transaction Document, (a) any claim that it is not personally subject to the jurisdiction of the Designated Court, (b) any claim that it or its property is exempt or immune
from jurisdiction of the Designated Court or from any legal process commenced in such Designated Court (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise),
and (c) to the fullest extent permitted by applicable Law, any claim that (i) the suit, action or proceeding in such Designated Court is brought in an inconvenient forum, (ii) the venue of such suit, action or proceeding is improper,
or (iii) this Agreement, any other Transaction Document, or the subject matter hereof or thereof, may not be enforced in or by such Designated Court. 

Section 4.12. Consent to Service of Process. Each of the parties hereto hereby irrevocably and unconditionally consents to service
of process in the manner provided for notices in Section 4.3 and agrees that nothing in this Agreement or any other Transaction Document will affect the right of any party hereto to serve process in any other manner permitted by
applicable Law. 
 Section 4.13. Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY DISPUTE IS LIKELY TO INVOLVE
COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT KNOWINGLY, VOLUNTARILY, INTENTIONALLY, IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY DISPUTE. 

Section 4.14. Specific Performance. The parties agree that irreparable damage would occur in the event that any of the provisions
of this Agreement were not performed in accordance with their specific terms and that monetary damages, even if available, would not be an adequate remedy therefor. It is accordingly agreed that the parties shall be entitled to specific performance
of the terms hereof, this being in addition to any other remedy to which they are entitled at law or in equity. The parties acknowledge that the awarding of equitable remedies is within the discretion of the applicable court. 

Section 4.15. Remedies Cumulative. The rights and remedies of the parties are cumulative and not alternative. 

  
 19 

 Section 4.16. Counterparts. This Agreement may be executed in one or more
counterparts, each of which will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement. 

Section 4.17. Signatures/E-delivery; Reproduction of Documents. 

(a) A manually signed copy of this Agreement or any other Transaction Documents delivered by facsimile, email or other means of
electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement. No legally binding obligation shall be created with respect to a party until such party has delivered or caused to be
delivered a manually signed copy of this Agreement. 
 (b) This Agreement, the other Transaction Documents, and all
certificates and documents relating hereto and thereto, including, without limitation, (i) consents, waivers and modifications that may hereafter be executed, (ii) documents received by each party pursuant hereto, and (iii) financial
statements and other information previously or hereafter furnished to each party, may be reproduced by each party by electronic digital storage, computer tapes, photographic, photostatic, optical character recognition, microfilm, microcard,
miniature photographic or other similar process, and each party may destroy any original document so reproduced. All parties hereto agree and stipulate that any such reproduction shall be admissible in evidence as would the original itself in any
judicial, arbitration or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made by each party in the regular course of business) and that any enlargement, facsimile or further
reproduction of such reproduction shall likewise be admissible in evidence. 
 Section 4.18. Severability. 

(a) If any provision of this Agreement or any other Transaction Document is determined to be invalid, illegal or unenforceable,
the remaining provisions of this Agreement and the other Transaction Documents shall remain in full force, if the essential terms and conditions of this Agreement and the other Transaction Documents for each party remain valid, binding and
enforceable. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as
may be possible and be valid and enforceable. 
 (b) Any provision of this Agreement or any other Transaction Document held
to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining
provisions hereof or thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

  
 20 

 Section 4.19. Adjustments for Share Splits, etc. Wherever in this Agreement there is
a reference to a specific number of shares of the Parent of any Class or series, or a price per share, or consideration received in respect of such shares, then, upon the occurrence of any subdivision or consolidation of the shares of such
Class or series, the specific number of shares or the price so referenced in this Agreement shall automatically be proportionally adjusted to reflect the effect on the outstanding shares of such Class or series of shares by such
subdivision or consolidation. 
 Section 4.20. Release. In consideration of, among other things, Lender’s execution and
delivery of this Agreement, each of the Parent, the Company, any party claiming on behalf of the Parent or the Company, the Parent or the Company’s equityholders and residual claimants and the respective successors and assigns of each
(collectively, the “Releasors”), hereby forever agrees and covenants not to sue or prosecute against the Releasees (as defined in this Section 4.20) and hereby forever waives, releases and discharges each Releasee from,
any and all claims (including, without limitation, cross-claims, counterclaims, rights of set-off and recoupment), actions, causes of action, suits, debts, accounts, interests, Liens, promises, warranties, damages and consequential and punitive
damages, demands, agreements, bonds, bills, specialties, covenants, controversies, torts, variances, trespasses, judgments, executions, costs, expenses or claims whatsoever (collectively, the “Claims”), that such Releasor now has or
hereafter may have, of whatsoever nature and kind, whether known or unknown, whether arising at law or in equity, against Lender in any capacity and its shareholders and “controlling persons” (within the meaning of the federal securities
laws), and their respective successors and assigns and each and all of the officers, directors, employees, agents, attorneys, advisors, auditors, consultants, Affiliates and other representatives of each of the foregoing (collectively, the
“Releasees”), based in whole or in part on facts whether or not now known, existing on or before the date hereof, that relate to, arise out of or otherwise are in connection with this Agreement or any of the Transaction Documents or
any transactions contemplated thereby or any acts or omissions in connection therewith or the negotiation thereof, provided, however, that the foregoing shall not release Lender from its express obligations under this Agreement or any of the
Transaction Documents. The provisions of this Section 4.20 shall survive the expiration and termination of this Agreement and any of the Transaction Documents. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.] 

  
 21 

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

			
	PARENT:
	
	ODYSSEY MARINE EXPLORATION, INC.
		
	By:	 	/s/ Mark D. Gordon
		 	Name: Mark D. Gordon
		 	Title: President and Chief Executive Officer
	
	COMPANY:
	
	ODYSSEY MARINE ENTERPRISES, LTD.
		
	By:	 	/s/ Mark D. Gordon
		 	Name: Mark D. Gordon
		 	Title: Vice President and Director

 [Signature Page to MINOSA Note Purchase Agreement] 

 
			
	LENDER:
	
	MINERA DEL NORTE S.A. DE C.V.
		
	By:	 	/s/ Andres Gonzalez Saravia
		 	Name: Andres Gonzalez Saravia
		 	Title: Authorized Person

 [Signature Page to MINOSA Note Purchase Agreement] 

 ANNEX A 

DEFINITIONS 

“Affiliate” has the meaning set forth in Rule 12b-2 of the rules and regulations promulgated under the Exchange Act;
provided, however, that for purposes of this Agreement, Lender and its Affiliates, on the one hand, and the Parent and its Affiliates, on the other, shall not be deemed to be “Affiliates” of one another.  

“Anti-Corruption Laws” means Laws or Orders relating to anti-bribery and anti-corruption (governmental or commercial)
that apply to the business and dealings of the Parent or any of its Subsidiaries, including, without limitation, Laws that prohibit the payment, offer, promise or authorization of the payment or transfer of anything of value (including gifts or
entertainment), directly or indirectly, to any foreign government official, foreign government employee or commercial entity to obtain a business advantage.  

“Anti-Money Laundering Laws” means any Laws or Orders relating to anti-money laundering or terrorism financing that
apply to the business and dealings of the Parent or any of its Subsidiaries. 
 “Approved Monaco Transaction”
has the meaning ascribed to such term in the Waiver and Consent, dated March 18, 2016, by and among the Parent, the Company, Penelope Mining LLC, and the Lender. 

“Borrowing Notice” with respect to any request for a borrowing of a Subsequent Loan hereunder, means a notice from the
Borrower that sets forth the amount, Closing Date and other terms for such Subsequent Loan, and that is expressly agreed to in writing by the Lender. 

“Business Day” means any day except (a) a Saturday or Sunday or (b) a day on which the New York Stock Exchange or
the NASDAQ Stock Market is closed for trading. 
 “Class” means any class of capital stock of the Parent designated
as such in any of the articles of incorporation of the Parent. 
 “Common Stock” means the common stock, par
value $0.0001 per share of Parent.  
 “Contemplated Transactions” means the transactions contemplated by
this Agreement and each of the Transaction Documents, including the issuance of the Common Stock upon conversion of the Note.  

“Contract” means any contract, lease, deed, mortgage, license, instrument, note, commitment, undertaking, indenture,
joint venture or any other agreement, commitment or legally binding arrangement, whether written or oral. 

“Disclosure Schedule” means the disclosure schedule attached hereto.  

“Don Diego Project” means the Don Diego West offshore phosphate project, located in the Pacific Ocean approximately 50
km southwest off the coast of Baja California Sur, Mexico. 

  
 A - 1 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 “Existing Pledge” means that certain Pledge Agreement, dated as of March 11, 2015, by and among the
Lender, the Company and Oceanica.  
 “Governmental Agency” means any: (x) multinational, federal,
state, regional, municipal, local or other government, governmental or public department, central bank, court, tribunal, arbitral body, commission, board, bureau or agency, domestic or foreign; (y) subdivision, agent, commission, board or
authority of any of the foregoing; or (z) quasi-governmental or private body exercising any regulatory, expropriation or taxing authority under or for the account of any of the foregoing. 

“Lender Material Adverse Effect” means a material adverse effect on the ability of Lender to perform its obligations
under the Transaction Documents. 
 “Knowledge” means that a matter is, as of the applicable date, actually
known to, or based on their position and responsibilities would reasonably be expected to be known by, an executive officer of the Parent. 

“Law” means: (1) laws (including common law), statutes, by-laws, rules, regulations, orders, ordinances, codes,
treaties, decrees, judgments, awards or requirements, in each case of any Governmental Agency, and terms and conditions of any grant of approval, permission, authority or license of any Governmental Agency; and (2) all policies, notices,
guidelines, protocols or directions of any Governmental Agency which are binding on the Person referred to in the context in which it is used.  

“Liabilities” means liabilities, obligations or commitments of any nature whatsoever, asserted or unasserted, known or
unknown, absolute or contingent, accrued or unaccrued, matured or unmatured or otherwise. 
 “Lien” means any
charge, claim, community property interest, condition, equitable interest, lien, option, pledge, security interest, right of first refusal, or restriction of any kind, including any restriction on use, voting, transfer, receipt of income, or
exercise of any other attribute of ownership. 
 “Maturity Date” means December 31, 2017. 

“Monaco” means Monaco Financial, LLC. 

“Note Purchase Agreements” means this Agreement and the A&R Note Purchase Agreement. 

“Notes” means the Note and the Second A&R Note. 

“Oceanica” means Oceanica Resources S. de R.L., a Panamanian limitada. 

“OFAC Laws” means any statutory and regulatory requirements of the laws administered by the Office of Foreign Assets
Control of the U.S. Department of the Treasury. 

  
 A - 2 

 “Order” means any judgment, writ, decree, injunction, order, compliance
agreement or settlement agreement of or with any Governmental Agency.  
 “Permit” means any permit,
approval, consent, authorization, license, variance, or permission required by a Governmental Agency under any Law. 

“Permitted Liens” means, with respect to any asset, (i) covenants, conditions, restrictions, encroachments,
encumbrances, easements, rights of way, licenses, grants, building or use restrictions, exceptions, reservations, limitations or other imperfections of title (other than a Lien securing any indebtedness) with respect to such asset which,
individually or in the aggregate, does not materially detract from the value of, or materially interfere with the present occupancy or use of, such asset and the continuation of the present occupancy or use of such asset; (ii) unfiled
mechanic’s, materialmen’s and similar Liens with respect to amounts not yet due and payable or which are being contested in good faith through appropriate proceedings and, for which adequate reserves in accordance with GAAP are reflected
on the consolidated balance sheet of the Parent included in the Parent Reports; (iii) Liens for Taxes not yet delinquent or which are being contested in good faith through appropriate proceedings and, for which adequate reserves in accordance
with GAAP are reflected on the consolidated balance sheet of the Parent included in the Parent Reports; and (iv) Liens securing rental payments under capital lease arrangements, which capital lease arrangements are reflected in accordance with
GAAP on the consolidated balance sheet of the Parent included in the Parent Reports. 
 “Person” means an
individual, partnership, corporation, limited liability Parent, business trust, joint stock Parent, trust, unincorporated association, joint venture or any other entity or organization. 

“Preferred Stock” means the preferred stock par value $0.0001 per share of Parent.  

“Proceedings” means any action, suit, litigation, arbitration, legal administrative or other civil or criminal
proceeding, at law or in equity, or, to the extent within the Knowledge of the Parent or the knowledge of the Lender, as applicable, any investigation by or before any Governmental Agency. 

“SEC” means the Securities and Exchange Commission or any other federal agency at the time administering the
Securities Act. 
 “Second A&R Note” means that certain Second Amended and Restated Convertible
Promissory Note, dated as of March 18, 2016, as amended and restated as of October 1, 2016 and as further amended and restated as of the date hereof, by and among the Company, Epsilon and the Guarantor. 

“Second A&R Registration Rights Agreement” means that certain Registration Rights Agreement, dated as of
March 18, 2016, as amended and restated as of October 1, 2016 and further amended and restated as of the date hereof, by and among the Parent, Epsilon and Minosa.  

  
 A - 3 

 “Securities Act” means the Securities Act of 1933, as amended, or any
similar successor federal statute and the rules and regulations thereunder, all as the same shall be in effect from time to time. 

“Stockholders” means the stockholders of the Parent.  

“Subsidiary” means, with respect to a Person other than a natural person: (a) any body corporate of which more than 50% of the
outstanding shares ordinarily entitled to elect a majority of the board of directors thereof (whether or not shares of any other class or classes shall or might be entitled to vote upon the happening of a certain event or contingency) are at the
time owned directly or indirectly by such specified body corporate, (b) any body corporate, partnership, joint venture or other entity over which the Person in question exercises direction or control or which is in a like relation to a
subsidiary described in clause (a); and (c) any “subsidiary” as defined in Rule 405 promulgated under the Securities Act. 

“Taxes” means all federal, state, local, foreign and other taxes, assessments and water and sewer charges and rents,
including without limitation, income, gross receipts, excise, employment, sales, use, transfer, license, payroll, franchise, severance, stamp, withholding, Social Security, unemployment, real property, personal property, property gains,
registration, capital stock, value added, single business, occupation, workers’ compensation, alternative or add-on minimum, estimated, or other tax, including without limitation, any interest, penalties or additions thereto. 

“Transaction Documents” means the Note Purchase Agreements, the Notes, the Pledge Agreements, the Second A&R
Registration Rights Agreement and any and all certificates, agreements, documents or other instruments to be executed and delivered by any Person in connection with such documents, any exhibits, attachments or schedules to any of the foregoing and
any other written agreement that is expressly identified as a Transaction Document, as any of the foregoing may be amended, supplemented or otherwise modified from time to time. 

  
 A - 4 

 ANNEX B 

CROSS REFERENCE SHEET OF TERMS DEFINED HEREIN 
  

			
	 Terms
	  	 Section

	 A&R Note
	  	Recitals
	 A&R Note Purchase Agreement
	  	Recitals
	 Agreement
	  	Preamble
	 Assignment Agreements
	  	Recitals
	 Board of Directors
	  	Section 2.2(c)
	 Claims
	  	Section 4.20
	 Company
	  	Preamble
	 Contracting Parties
	  	Section 4.9
	 Designated Court
	  	Section 4.11
	 Enforceability Exceptions
	  	Section 2.2(b)
	 Epsilon
	  	Recitals
	 Existing Loan
	  	Section 1.5(a)(i)
	 GAAP
	  	Section 2.8(d)
	 Initial Loan
	  	Section 1.1
	 Intermediate Holdcos
	  	Section 1.4(a)(iii)
	 Lender
	  	Preamble
	 Loan
	  	Section 1.2(a)
	 Material Adverse Effect
	  	Section 2.6
	 MEH
	  	Section 1.4(a)(iii)
	 Nonparty Affiliates
	  	Section 4.9
	 Note
	  	Recitals
	 Original Note
	  	Recitals
	 Original Note Purchase Agreement
	  	Recitals
	 Parent
	  	Preamble
	 Parent Reports
	  	Section 2.8(a)
	 Pledge Agreements
	  	Section 1.4(a)(iii)
	 Pledged Oceanica Shares
	  	Section 1.4(a)(ii)
	 Project Mineral Rights
	  	Section 2.7(e)
	 Project Permit
	  	Section 2.7(d)
	 Releasors
	  	Section 4.20
	 Releasees
	  	Section 4.20
	 Second A&R MEH-Parent Pledge Agreement
	  	Section 1.4(a)(iii)
	 Second A&R OME Pledge Agreement
	  	Section 1.4(a)(ii)
	 Stock Purchase Agreement
	  	Section2.5(d)
	 Takeover Laws
	  	Section 2.15

  
 B - 1

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