Document:

Loan Agreement

 Exhibit 10.1 
 LOAN AGREEMENT 
 THIS LOAN
AGREEMENT (this “Agreement”) is made as of this 11th day of July, 2008 (the “Closing Date”), by and among ODYSSEY MARINE
EXPLORATION, INC., a Nevada corporation, whose address is 5215 West Laurel Street, Tampa, Florida 33607 (the “Borrower”), and FIFTH THIRD BANK, a Michigan banking corporation, whose address is: 201 East Kennedy Boulevard, Tampa,
Florida 33602 (the “Lender”). 
 WITNESSETH: 
 WHEREAS, Borrower has requested that Lender make a loan on the date hereof secured by commercial property located at 5215 West Laurel Street,
Tampa, Florida (the “Property”) in the original principal amount of TWO MILLION FIVE HUNDRED EIGHTY THOUSAND AND NO/100 DOLLARS ($2,580,000.00) (the “Loan”); 
 WHEREAS, Lender has agreed to extend the requested financing to Borrower on the terms and conditions set forth herein and in all other documents,
agreements or instruments that Borrower and any other parties have executed and delivered, or may hereafter execute and deliver, to evidence and secure the Loan, or any part thereof, in form and substance satisfactory to Lender, as amended,
restated, renewed, supplemented or otherwise modified from time to time. 
 NOW THEREFORE, for good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 
 THE LOAN 
 Section 1.1
Disbursement. Upon Borrower’s satisfaction of all conditions precedent to disbursement set forth in this Agreement, Lender agrees to fund the Loan on the Closing Date to pay items approved by Lender as set forth in Lender’s loan
closing and disbursement statement. The Loan shall be fully funded on the Closing Date and, unless otherwise agreed between Lender and Borrower in writing, no provision is being made for disbursements of the Loan after the Closing Date. The Loan
evidenced by this Agreement is a non-revolving loan. Funds repaid may not be re-borrowed. 
 Section 1.2 Use of Proceeds. The
proceeds of the Loan shall be used for commercial purposes and for payment of certain Lender-approved closing costs and other expenses incurred by Borrower in connection with the closing of the Loan. 
 Section 1.3 Note and Mortgage Security. The obligation of Borrower to repay the Loan and the Obligations shall be evidenced by a promissory
note issued by Borrower in favor of Lender in connection with the Loan (as amended, restated, renewed, supplemented or otherwise modified from time to time, the “Note”) and be 

 
secured by, among other things, a Mortgage and Security Agreement (as amended, restated, renewed, supplemented or otherwise modified from time to time, the
“Mortgage”). As used herein, “Obligations” shall mean all present and future loans, advances, liabilities, obligations, covenants, duties, and debts owing by Borrower to Lender under this Agreement, the Note and the other Loan
Documents (as defined below), whether arising from an extension of credit, acceptance, loan, guaranty, or otherwise, whether direct or indirect, absolute or contingent, due or to become due, primary or secondary, as principal or guarantor, and
including, without limitation, all interest, charges, expenses, fees, attorneys’ fees, filing fees and any other sums chargeable to Borrower hereunder, under another Loan Document, or under any other agreement or instrument with Lender.

 Section 1.4 Assignments. As additional security for the Loan, Borrower shall execute and deliver to Lender, an Assignment of
Rents, Leases, Contracts, Accounts and Deposits and an Assignment and Security Agreement of Deposit Account (collectively the “Assignments”). 
 ARTICLE II 
 CLOSING CONDITIONS 
 Section 2.1 Loan Documents. Prior to the closing of the Loan and disbursement of the Loan, Borrower shall have executed and delivered to
Lender, or caused to be executed and delivered to the Lender all original documents, instruments, reports and other items set forth on Lender’s “closing checklist” including, without limitation, duly executed originals of each of this
Agreement, the Note, the Mortgage, the Assignments, and all other agreements, documents and other instruments required by Lender in connection herewith (collectively, as amended, restated, renewed, supplemented or otherwise modified from time to
time, the “Loan Documents” and each a “Loan Document”). 
 Section 2.2 Payment of Fees and Costs. Borrower
shall have paid all fees and costs set forth on Lender’s loan closing and disbursement statement, which shall include, without limitation, a loan fee in the amount of $19,350.00, attorney’s fees and third-party fees incurred by Lender in
connection with the making of the Loan. All such fees shall be deemed to be fully earned and non-refundable when paid. 
 Section 2.3
Due Diligence. Lender shall have completed its review and due diligence in connection with the making of the Loan. 
 Section 2.4
Representations and Warranties. Borrower’s representations and warranties shall be true and correct in all respects. 
 Section 2.5 Material Adverse Change. No material adverse change shall have occurred in the business or financial conditions of Borrower or the Property since review of such parties’ last submitted financial statements.

  

 2 

 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES OF BORROWER 
 Borrower hereby makes the following representations and
warranties to Lender: 
 Section 3.1 Organization. Borrower is a corporation duly formed, validly existing and in good standing
under the laws of the State of Nevada, and is duly qualified and authorized to do business in the State of Florida, and has the power and authority to carry on its business as now being and hereafter proposed to be conducted, and each other state
where it is required to be qualified or authorized to do business. 
 Section 3.2 Power and Authority. Borrower has the legal
right, power and authority to execute, deliver and perform the Loan Documents to which it is a party in accordance with their terms, and each Loan Document is, or when executed and delivered will be, a legal, valid and binding obligation of
Borrower. 
 Section 3.3 Conflicts. The execution, delivery and performance of each of the Loan Documents to which Borrower is a
party do not and will not, require any approval or consent of any governmental authority or violate any applicable law relating to Borrower or any of its affiliates, conflict with, result in a breach of or constitute a default under any contract,
mortgage, deed, lease, indenture, agreement or other instrument to which Borrower is a party or by which the Property is bound, or result in or require the creation or imposition of any lien upon or with respect to the Property, other than those
encumbrances that are satisfactory to Lender and reflected on Lender’s mortgagee title insurance policy (the “Permitted Encumbrances”). 
 Section 3.4 Validity of Loan Documents. The Loan Documents are in all respects legal, valid, and binding obligations of Borrower, enforceable in accordance with their terms, and grant to Lender a valid and
enforceable first priority lien and security interest in the Property and the personal property located thereon. 
 Section 3.5
Violation of Governmental Law, Ordinances or Regulations. Borrower has no knowledge of any violations or notices of violations of any federal or state law or county ordinance or order or requirement of the county in which the Property is
located or any county department or other governmental authority having jurisdiction affecting the Property, which violations in any way relate to or affect the Property. 
 Section 3.6 Use of Proceeds. All proceeds of the Loan shall be used for commercial purposes as set forth herein, and for no other purpose. 
 Section 3.7 Financial Statements and Information Provided to Lender. All financial statements and other information furnished to Lender by
Borrower are true, correct and complete and do not fail to state any material fact. 
  

 3 

 Section 3.8 Solvency. After giving effect to the Loan, (a) Borrower’s assets, at a
fair valuation, are in excess of the total amount of its debts (including contingent liabilities), and (b) the present fair saleable value of Borrower’s assets is greater than its probable liability on its existing debts as such debts
become absolute and matured, and (c) Borrower is then able and expects to be able to pay its debts (including contingent debts and other commitments) as they mature, and (d) Borrower has sufficient capital sufficient to carry on its
business as conducted and as proposed to be conducted. 
 Section 3.9 Loan Subordinations. Any related party notes payable by
Borrower to any other related parties, now existing or hereafter made are and shall be subordinated to the lien of the Loan granted herein. Borrower confirms that all related party debts are fully disclosed on the financial statements provided to
the Lender and in the event the Lender so requires, such related parties shall enter into subordination agreements to evidence the requirements of this Section. 
 Section 3.10 Defaults. No default or Event of Default will occur as a result of execution of any of the Loan Documents, or the making of the Loan. 
 ARTICLE IV 
 AFFIRMATIVE COVENANTS 
 Borrower hereby covenants and agrees with Lender as follows: 
 Section 4.1 Performance. Borrower shall duly and punctually perform, observe and comply with all of the terms, provisions, conditions, covenants and agreements on Borrower’s part to be performed,
observed and complied with hereunder and under the Loan Documents. Borrower will promptly give notice in writing to Lender (a) of the occurrence of any material litigation or proceedings affecting Borrower, whether or not Borrower’s
liability, if any, is covered by insurance, and (b) of any dispute between Borrower and any governmental authority or regulatory body or any other party that may materially interfere with Borrower’s business operations or use of the
Property as intended. 
 Section 4.2 Leases. Borrower shall comply with the terms of all leases in effect from time to time for
the Property. 
 Section 4.3 Permitted Encumbrances. Borrower shall comply with the terms of any documents comprising Permitted
Encumbrances upon the Property, including the timely payment of all assessments implemented pursuant to such Permitted Encumbrances. 
 Section 4.4 Expenses. Borrower shall pay all costs of the Loan contemplated hereunder and all expenses of Lender with respect thereto, including but not limited to attorneys’ fees (including reasonable attorneys’ fees
incurred by Lender subsequent to the closing of the Loan in connection with the disbursement, administration, collection, restructure, amendment, or transfer of the Loan requested by Borrower), recording 

  

 4 

 
expenses, surveys, title insurance premiums, intangible taxes, documentary stamps, surtax and other revenue fees, escrow fees, recording costs, architect or
engineer’s costs and inspection fees, expenses of foreclosure (including reasonable attorneys’ fees) and similar items. 
 Section 4.5 Preservation of Existence; Maintenance of Property; Compliance with Laws. Borrower shall preserve its existence as an ongoing limited liability company, operating in the same manner as in effect on the Closing Date,
shall maintain the Property in a first-class manner, and shall comply with all applicable laws of governmental authorities having jurisdiction over the Property. 
 Section 4.6 Financial Statements. Borrower shall deliver to Lender annually, within 120 days of each fiscal year year-end, audited financial statements reported by a certified public accounting firm
reasonably acceptable to Lender (with Lender hereby acknowledging that Ferlita, Walsh & Gonzalez, P.A. is reasonably acceptable), reflecting its operations during such fiscal year, including, without limitation, a consolidated balance
sheet, and consolidated statement of operations, stockholders equity and cash flows, with all footnotes, appropriate supporting schedules and prepared in conformity with generally accepted accounting principles, applied on a basis consistent with
that of the preceding year and taking into account all contingent liabilities, and, upon filing with the SEC, a copy of its Quarterly Report on Form 10-Q within 60 days of each quarter end. Lender acknowledges that Borrower may satisfy its
obligations pursuant to this Section 4.6 by electronically filing such financial statements and Quarterly Reports on Form 10-Q with the SEC through the SEC’s EDGAR system (or any comparable successor filing system implemented by the SEC).

 Section 4.7 Non-Foreign Status. Borrower shall insure that at all times during which the Loan or any part thereof remains
unpaid, all applicable provisions of section 1445 of the Internal Revenue Code, as amended, and the provisions of the regulations promulgated thereunder, are complied with by Borrower. 
 Section 4.8 Books and Records. Borrower shall keep and properly maintain accurate books, records and accounts reflecting all items of income
and expense of Borrower in connection with the Property and otherwise; and, upon the request of Lender, to make such books, records, and accounts immediately available to Lender for inspection or independent audit. 
 Section 4.9 Operating Accounts. During the term of the Loan, Borrower shall maintain its operating accounts with Lender. 
 Section 4.10 Interest Reserve Account. At closing, Borrower shall have deposited into or otherwise credited to an interest bearing account
with Lender the sum of $500,000.00 for the payment of principal and interest on the Loan for the first one year period (the “Interest Reserve Account”). On each one year anniversary of the Loan thereafter, Borrower shall deposit into or
otherwise credit to the Interest Reserve Account an amount sufficient to ensure there is $500,000.00 in the Interest Reserve 

  

 5 

 
Account for debt service payments for the succeeding year of the Loan. Borrower hereby pledges and assigns the Interest Reserve Account to Lender as
additional collateral for the Loan. Lender is hereby authorized by Borrower to deduct the debt service payments on the Note from the Interest Reserve Account as they become due. The Interest Reserve Account will not be available to Borrower for any
other purpose. Upon repayment of all amounts due to Lender under the terms of the Note and this Agreement, any funds remaining in the Interest Reserve Account shall be returned to the Borrower. This Interest Reserve Account is separate from and
exclusive of the reserve account required by Lender for its revolving credit loan facility previously advanced to Borrower. 
 ARTICLE V

 NEGATIVE COVENANTS 
 Borrower hereby covenants and agrees with Lender that, except as consented to by Lender in writing: 
 Section 5.1
Indebtedness and Other Liabilities. Borrower shall not create, incur, assume, guarantee or become or remain liable for any obligation or indebtedness, including any financing arrangements or guarantee obligations (whether non-recourse,
secured or unsecured, and whether owed to a third party or to an affiliate) other than (a) the obligations described herein and other obligations owed to Lender, (b) operating expenses reasonably incurred by Borrower to unrelated third
parties in connection with the operation of their businesses, and (c) liabilities incurred in the ordinary course of business. 
 Section 5.2 Fundamental Changes. Borrower shall not permit any fundamental change in the use of the Property or its business thereon, or permit or suffer any merger, asset sale, reorganization, change in management or other
similar transaction. 
 Section 5.3 Further Encumbrances. Except for the liens and encumbrances in favor of Lender securing the
Loan, Borrower shall not permit the Property, or any part thereof, to be or become subject to any lien or encumbrance (except the lien for real and personal property taxes not yet due and payable) without the express, prior written consent of
Lender, which consent may be arbitrarily withheld by Lender in its sole and absolute discretion. 
 Section 5.4 Title Insurance.
Borrower shall not commit any act or permit any act to be committed that might result in a change in the status of the title to the Property during the period of time between the effective date of the commitment for mortgagee title insurance policy
and the recording of the Mortgage, and Borrower shall indemnify Lender for any loss, cost, damage, liability and expense (including reasonable attorneys’ fees at or before the trial level and in any appellate proceeding) suffered by Lender as a
result of a change in the status of the title to the Property during such gap. 
  

 6 

 ARTICLE VI 
 DEFAULTS 
 An “Event of Default” shall be deemed to have occurred hereunder upon the
occurrence of any one or more of the following and after the expiration of notice or curative periods with respect thereto, if any: 
 Section 6.1 Default Under Note. Failure to make any principal or interest payment required under the Note within 10 calendar days of the date due, or any payments for taxes or insurance specifically provided in the Security Deed
on the due date therefor; or 
 Section 6.2 Default Under Other Loan Documents. Any “default” or “Event of
Default” occurs under any Loan Document that continues beyond any applicable notice or curative period provided for in such Loan Document, without being cured; or 
 Section 6.3 Breach of Representations and Warranties. Any representations or warranties made or agreed to be made in any of the Loan Documents shall be breached by Borrower or shall prove to be false or
misleading; or 
 Section 6.4 Filing of Liens Against the Property. Any lien for labor, material, taxes, or otherwise shall be
filed against the Property and not be removed 30 days after Borrower’s receipt of notice of such filing or such lesser period of time as may be provided in the Loan Documents; or 
 Section 6.5 Waste. Waste is committed, suffered or permitted on the Property; or 
 Section 6.6 Voluntary Proceedings. The filing by Borrower of a voluntary petition in bankruptcy for adjudication as a bankrupt or insolvent,
or the filing by Borrower of any petition or answer seeking or acquiescing in any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other
statute, law or regulation relating to bankruptcy, insolvency or other relief for debtors, or Borrower’s seeking or consenting to or acquiescence in the appointment of any trustee, receiver or liquidator of Borrower or of all of the rents,
revenues, issues, earnings, profits or income thereof; or 
 Section 6.7 Involuntary Proceedings. The failure to discharge within
60 days of filing a petition filed against Borrower seeking any reorganization, arrangement, composition, readjustment, liquidation or dissolution or similar relief under any present or future federal, state or other statute, law or regulation
relating to bankruptcy, insolvency or other relief for debtors, or the appointment of any trustee, receiver or liquidator of Borrower or of all or any substantial part of the Property or of any or all of the rents, revenues, issues, earnings,
profits or income thereof without the consent or acquiescence of Borrower; or 
  

 7 

 Section 6.8 Solvency. Borrower shall admit its inability to pay its debts as they become due,
or any of the conditions specified in Section 3.8 hereof shall fail to be true; or 
 Section 6.9 Assignment for the Benefit of
Creditors. Borrower shall make a general assignment for the benefit of creditors; or 
 Section 6.10 Appointment of Receiver.
A receiver or trustee shall be appointed to manage or operate the Property or Borrower’s business in connection therewith; or 
 Section 6.11 Transfer of Property. A sale, transfer, or conveyance of all or any part of Borrower’s interest in the Property or in any of the personal property located thereon or used or intended to be used in connection
therewith, without the prior written consent of the Lender; or 
 Section 6.12 Judgments. If (a) any final judgment, order,
or decree (collectively, a “Judgment”) is entered in any proceeding, judicial or administrative, including any contest permitted by the Mortgage, but excluding any condemnation proceeding to which Borrower is a party, that
(i) materially and adversely affects the value, use, or operation of the Property, or (ii) adversely affects, or reasonably may tend to adversely affect, the validity, enforceability, or priority of the lien or security interest created by
the Mortgage or other Loan Documents; or (b) execution, levy or other process, judicial or administrative, issues with respect to the Property; and (c) in the case of either clause (i) or (ii) above, and within 30 days
thereafter, the same is not stayed, released, satisfied, discharged, or provision made for its discharge in accordance with its terms; or (d) any such stay is vacated, released, or discharged for any reason, including affirmance on appeal, and
such judgment or process is not within 30 days thereafter released satisfied, discharged, or provision made for its discharge in accordance with its terms, in any event with respect to all of the Property; or 
 Section 6.13 Dissolution. The dissolution of Borrower; or 
 Section 6.14 Material Adverse Change. Borrower or the Property shall suffer any material adverse change which, in the reasonable opinion of Lender, could impair the ability of Borrower to perform all of
its duties and obligations under the Loan Documents. 
 Section 6.15 Cross-Default of Borrower Obligations. Any Event of Default
under the terms of the Loan shall constitute and hereby is declared to be an immediate and absolute default under the terms of all loans between Lender and Borrower. Should an event of default occur under the terms of any of said loans, which event
is subject to notice and cure periods, if any, failure to cure such event of default within such curative period shall constitute an immediate default under this Loan and all such other loans (whether such loans are now existing or hereafter entered
into between Lender and Borrower at any time) owed by Borrower to Lender. 
  

 8 

 ARTICLE VII 
 REMEDIES 
 Upon the occurrence of any Event of Default and after the expiration of any grace periods
applicable thereto, Lender shall be entitled, at its option and in addition to, but not in lieu of, the remedies provided for in any other Loan Document, (a) accelerate the indebtedness evidenced by the Note, (b) foreclose the Mortgage,
(c) access the Deposit Account; (d) file all applicable legal proceedings to enforce Borrower’s obligations under this Agreement and the other Loan Documents, (e) exercise any other remedy provided in any of the Loan Documents,
(f) apply for the appointment of a receiver or place the Property into receivership and (g) cumulatively to exercise all other rights, options, and privileges provided to creditors at law or in equity. All such remedies shall be exercised
consistent with, and not in conflict with, remedies provided in the Mortgage, which shall be exercisable in accordance with Florida law. 
 ARTICLE VIII 
 MISCELLANEOUS 
 Section 8.1 Notices. Any notice, report, demand or other instrument authorized or required to be given or furnished to either party hereto or under any of the Loan Documents shall be deemed given or
furnished (a) when addressed to the party intended to receive the same, at the address of such party set forth in the preamble hereto, on the date delivered at such address, or (b) three days after the same is deposited in the United
States mail as first class mail, postage paid, whether or not the same is actually received by such party, or (c) the next business day if sent via overnight delivery or courier service. Either Borrower or Lender may change the address to which
such notice, report, demand or other instrument is to be delivered or mailed, by furnishing notice of such change to the other party, but no such notice of change of the address of Borrower or Lender shall be effective unless and until received by
the other party hereto. 
 Section 8.2 No Partnership or Joint Venture. Nothing herein, nor the acts of the parties hereto shall
be construed to create a partnership or joint venture between Borrower and Lender. 
 Section 8.3 Indemnity. Borrower agrees to
indemnify and hold harmless Lender and each of its affiliates, employees, representatives, officers, directors, agents and attorneys (any of the foregoing shall be an “Indemnitee”) from and against any and all claims, liabilities, losses,
damages, actions, investigations, proceedings, attorneys’ fees and expenses (as such fees and expenses are incurred and irrespective of whether suit is brought) and demands by any party, including the costs of investigating and defending such
claims, actions, investigations or proceedings, and the costs of answering any discovery served in connection therewith, whether or not Borrower or the person seeking indemnification is the prevailing party and whether or not the person seeking
indemnification is a party to any such action or proceeding (a) resulting from any breach or alleged breach by Borrower of any representations or warranties made 

  

 9 

 
hereunder, or (b) arising out of (i) the Loan or otherwise under this Agreement, including the use of the proceeds of the Loan hereunder in any
fashion by Borrower or the performance of its obligations under the Loan Documents by Borrower, (ii) allegations of any participation by Lender in the affairs of Borrower, or allegations that Lender has any joint liability with Borrower for any
reason, or (iii) any claims against Lender by any shareholder or other investor in or Lender to Borrower, by any brokers or finders or investment advisers or investment bankers retained by Borrower or by any other third party, for any reason
whatsoever, or (c) in connection with taxes, fees, and other charges payable in connection with the Loan, or the execution, delivery, and enforcement of this Agreement, the other Loan Documents, and any subsequent amendments thereto or waivers
of any of the provisions thereof, unless the person seeking indemnification hereunder is determined in such case to have acted or failed to act with gross negligence or willful misconduct by a non-appealable judicial order. 
 Section 8.4 Amendments. No amendment or waiver of any provision of this Agreement or any other Loan Document, nor consent to any departure by
Borrower therefrom, shall in any event be effective unless the same shall be in writing and signed by Lender, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 

Section 8.5 Assignment. This Agreement may not be assigned by Borrower without the prior written consent of Lender. If Lender approves an
assignment, Borrower shall remain primarily liable for payment of all sums advanced hereunder before and after such assignment. 
 Section 8.6 Successors and Assigns Included in Parties. Whenever in this Agreement one of the parties hereto is named or referred to, the heirs, legal representatives, successors, and assigns of such parties shall be included,
and all covenants and agreements contained in this Agreement by or on behalf of the Borrower or by or on behalf of Lender shall bind and inure to the benefit of their respective heirs, legal representatives, successors and assigns whether so
expressed or not. 
 Section 8.7 Headings. The headings of the sections, paragraphs and subdivisions of this Agreement are for
the convenience of reference only, are not to be considered a part hereof and shall not limit or otherwise affect any of the terms hereof. 
 Section 8.8 Severability. If any provision of or obligation under this Agreement shall be declared invalid or unenforceable by a court of competent jurisdiction, then the obligation or provision to be fulfilled shall be reduced
to the limit of such validity; and if any clause or provision herein contained operates or would prospectively operate to invalidate this Agreement, in whole or in part, then such clause or provision only shall be stricken as though not herein
contained, and the remainder of this Agreement shall remain operative and in full force and effect. 
 Section 8.9
Interpretation. Whenever the singular or plural number, masculine or feminine, or neuter gender is used herein, it shall equally include the other. 
  

 10 

 Section 8.10 Governing Law. This Agreement shall be governed by and construed according to
the laws of the State of Florida, without giving effect to the principles of conflict of law that would cause the application of the laws of another jurisdiction. 
 Section 8.11 VENUE AND WAIVER OF DEMAND FOR JURY TRIAL. BORROWER AND LENDER HEREBY CONSENT AND AGREE THAT, IN ANY ACTIONS PREDICATED UPON THIS AGREEMENT, VENUE IS PROPERLY LAID, AT LENDER’S SOLE
OPTION IN HILLSBOROUGH COUNTY, FLORIDA, AND THAT THE CIRCUIT COURT FOR HILLSBOROUGH COUNTY, FLORIDA, SHALL HAVE FULL JURISDICTION TO DETERMINE ALL ISSUES ARISING OUT OF OR IN CONNECTION WITH THE EXECUTION AND ENFORCEMENT OF THIS AGREEMENT. BORROWER
WAIVES TO THE FULLEST EXTENT PERMITTED UNDER THE LAWS OF THE STATE OF FLORIDA, ANY RIGHT, POWER OR PRIVILEGE TO DEMAND A JURY TRIAL WITH RESPECT TO ANY AND ALL ISSUES ARISING OUT OF OR IN CONNECTION WITH THE EXECUTION AND/OR ENFORCEMENT OF THIS
AGREEMENT. 
 IN WITNESS WHEREOF, Borrower and Lender have caused this Agreement to be executed and delivered on the date first above
written. 
  

							
	WITNESSES:	 		 	BORROWER:
			
		 		 	ODYSSEY MARINE EXPLORATION, INC.,
		 		 	a Nevada corporation
				
	 /s/ C. J. Mintrone
	 		 	By:	 	 /s/ Michael Holmes

	Signature of Witness	 		 		 	Michael Holmes,
		 		 		 	as its Chief Financial Officer
				
	 C. J. Mintrone
	 		 		 	
	Print or type name of Witness	 		 		 	
				
	 /s/ Ufemia U. Zimmer
	 		 		 	(CORPORATE SEAL)
	Signature of Witness	 		 		 	
				
	 Ufemia U. Zimmer
	 		 		 	
	Print or type name of Witness	 		 		 	

  

 11 

							
		 		 	“LENDER”
			
		 		 	FIFTH THIRD BANK,
		 		 	a Michigan banking corporation
				
	 /s/ Ufemia U. Zimmer
	 		 	By:	 	 /s/ Chad Loar

	Signature of Witness	 		 		 	Chad Loar, as its Vice President
				
	 Ufemia U. Zimmer
	 		 		 	
	Print or type name of Witness	 		 		 	
				
	 /s/ C. J. Mintrone
	 		 		 	(CORPORATE SEAL)
	Signature of Witness	 		 		 	
				
	 C. J. Mintrone
	 		 		 	
	Print or type name of Witness	 		 		 	

 STATE OF FLORIDA 
 COUNTY OF HILLSBOROUGH 
 The foregoing instrument was acknowledged before me
this 11th day of July, 2008, by Michael Holmes, as Chief Financial Officer of ODYSSEY MARINE EXPLORATION, INC., a Nevada corporation, on behalf of
the corporation. 
  

							
	 X
	 	Personally known	 		 	 /s/ Ufemia U. Zimmer

	  
	 	Florida Driver’s License	 		 	Notary Public
	  
	 	Other Identification Produced	 		 	
		 	  
	 		 	 Ufemia U. Zimmer

		 	  
	 		 	Print or type name of Notary
				
		 		 		 	(SEAL)

 STATE OF FLORIDA 
 COUNTY OF HILLSBOROUGH 
 The foregoing instrument was acknowledged before me
this 11th day of July, 2008, by Chad Loar, as Vice President of FIFTH THIRD BANK, a Michigan banking corporation, on behalf of the Bank. 

 

							
	 X
	 	Personally known	 		 	 /s/ Ufemia U. Zimmer

	  
	 	Florida Driver’s License	 		 	Notary Public
	  
	 	Other Identification Produced	 		 	
		 	  
	 		 	 Ufemia U. Zimmer

		 	  
	 		 	Print or type name of Notary
				
		 		 		 	(SEAL)

  

 12 

 EXHIBIT “A” 
 LEGAL DESCRIPTION 
 The North 226.0 feet to the South 260.0
feet of the West 256.0 feet of the Northwest  1/4 of the Southwest  1/4 of Section 17, Township 29 South, Range 18 East, Hillsborough County, Florida, Less and except the South 34 feet thereof for road purposes. 

 

 13Commercial Promissory Note

 Exhibit 10.2 
 COMMERCIAL PROMISSORY NOTE 
  

			
	$2,580,000.00	  	Dated: July 11, 2008

  
  
 Borrower’s Promise to Pay 
 For value received,
the undersigned, ODYSSEY MARINE EXPLORATION, INC., a Nevada corporation, authorized to do business in the State of Florida (the “Borrower”) promises to pay to the order of FIFTH THIRD BANK, a Michigan banking corporation (the
“Lender”), the principal sum of TWO MILLION FIVE HUNDRED EIGHTY THOUSAND DOLLARS ($2,580,000.00), together with interest on the principal balance remaining unpaid from time to time at the rates set forth below. 
 1. Term. The term of this Note is from the date of this Note through July 11, 2013 (the “Maturity Date”). 
 2. Interest. Interest shall be paid on the principal outstanding from time to time at the Prime Rate plus three-quarters of one percent (.75%) per annum.
The term “Prime Rate” is defined as the rate of interest published in the Wall Street Journal as the current “U.S. Prime Rate”. The rate of interest accruing hereunder shall be adjusted as and when any adjustment in the
Prime Rate occurs. Borrower hereby acknowledges that the Prime Rate is not a rate of interest intended to be charged to any particular type of borrower. The Prime Rate is utilized by Lender to serve an administrative function in the setting of
interest rates, and does not represent the best or lowest rate of interest available to any borrower or class of borrowers. Interest will be calculated on the basis of a 360-day year for actual number of days lapsed during the calculation period.

 In the event the Wall Street Journal ceases or fails to publish a U.S. Prime Rate, regardless of the reason therefor, then the
Lender may utilize the U.S. Prime Rate announced or published by any other nationally reputable financial institution for purposes of determining the interest rate for the remainder of the loan term. In the event that all nationally reputable
financial institutions shall cease or fail to announce or publish a Prime Rate, regardless of the reason therefor, then the Lender may utilize the interest rate established by Lender in its sole discretion for purposes of determining the interest
rate for the remainder of the loan term. 
 3. Payments. Principal payments in the amount of $10,750.00 plus accrued interest shall be due and
payable monthly and shall be paid commencing August 11, 2008, and on the same day of each succeeding month thereafter through and including the Maturity Date. On the Maturity Date, the entire remaining principal indebtedness, plus all accrued
and unpaid interest shall be due and payable in full. 
 All payments shall be made at: 201 E. Kennedy Boulevard, Suite 1800, Tampa, Florida
33602, or at such other place as may be designated in writing by the Lender. 
 Initials: MJH 

 4. Interest Rate Swap. At the mutual agreement of Borrower and Lender, Borrower may enter into one or more
interest rate hedge agreements, interest rate swap agreements, interest rate caps or collars, or similar agreements with Lender, or an affiliate of Lender, in order to fix the interest payable hereunder. 
 5. Borrower’s Right to Prepay. This Note may be prepaid at any time without penalty. 
 6. Interest Limitation. Interest payable under this Note or any other payment which would be considered as interest or other charge for the use or loan of money shall never exceed the highest contract
rate allowed by law applicable to this loan to be charged by Lender. If the interest or other charges collected or to be collected in connection with this loan exceed the permitted limits, then: (A) any such interest or loan charge shall be
reduced by the amount necessary to reduce the charge to the permitted limit; and (B) any sums already collected from Borrower which exceeded permitted limits will be refunded. The Lender may choose to make this refund by reducing the principal
owed under this Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment. 
 7. Borrower’s Failure To Pay As Required. 
 (A) Late Charge for Overdue Payments. If the Lender has
not received the full amount of any monthly payment by the end of ten (10) calendar days after it is due, Borrower will pay a late charge to the Lender equal to 5% of the overdue payment of principal and/ or interest. The payment or collection
of any such late charge shall not constitute a waiver of any other right or remedy available to the Lender. 
 (B) Default. If
Borrower fails to pay the full amount of each monthly payment by the end of the ten (10) calendar days after it is due, Borrower will be in default, and upon such default by Borrower, Lender may declare the entire principal and interest then
remaining unpaid to be immediately due and payable without further notice or demand, and the entire unpaid principal balance shall bear interest at the “Default Interest Rate”. The “Default Interest Rate” shall be five percent
(5%) per annum above the contract interest rate set forth above, but not exceeding 18% per annum. 
 (C)
Acceleration. If Borrower is in default after expiration of any applicable cure periods, the Lender may require Borrower to pay immediately the full amount of principal which has not been paid and all the interest that Borrower owes on
that amount without further notice. 
 (D) No Waiver By Lender. Even if, at a time when Borrower is in default, the Lender does
not require Borrower to pay immediately in full as described above, the Lender will still have the right to do so if Borrower is in default at a later time. 
 (E) Payment of Lender’s Costs and Expenses. If the Lender has required Borrower to pay immediately in full as described above, the Lender will have the right to 

  

					
	Initials: MJH	  	2	  	

 
be paid back by Borrower for all of its costs and expenses in enforcing this Note to the extent not prohibited by applicable law. Those expenses include, for
example, reasonable attorneys’ fees whether suit be brought or not, and including such fees and costs in any appellate, bankruptcy or post judgment proceedings. 
 8. Attorneys’ Fees. All parties liable for the payment of this Note agree to pay the Lender reasonable attorneys’ fees and costs, whether or not an action is brought, for the services of
counsel employed after maturity or default to collect this Note or any principal or interest due hereunder, or to protect the security, if any, or enforce the performance of any other agreement contained in this Note or in any instrument of security
executed in connection with this loan, including costs and attorneys’ fees on any garnishment action, or for any appeal, or in any proceedings under the federal Bankruptcy Code or in any post-judgment proceedings. 
 9. Allocation of Payments. Payments shall be applied by Lender first to any late fees or other expenses of Lender hereunder, then to accrued interest and
finally to principal. 
 10. Giving of Notice. Unless applicable law requires a different method, any notice that must be given to Borrower
under this Note will be given by mailing it by first class mail or by delivering it to Borrower at 5215 West Laurel Street, Tampa, Florida 33607, or at a different address if Borrower gives the Lender prior written notice of a different address.

 Any notice that must be given to the Lender under this Note will be given by mailing it by first class mail to the Lender at the address
stated in Section 3 above or at a different address if Borrower is given a notice of that different address. 
 11. Set Off. The Borrower
shall have no right of set off against the Lender under this Note or under any instruments securing this Note or executed in connection with the loan evidenced hereby. The Lender, however, shall have the right, immediately and without further action
by it, to set off against this Note all money owed by the Lender in any capacity to Borrower, whether or not due. 
 12. Obligations of Persons Under
This Note. If more than one person signs this Note, each person is fully and personally obligated to keep all of the promises made in this Note, including the promise to pay the full amount owed. Any person who is a guarantor, surety, or
endorser of this Note is obligated to do these things. Any person who takes over these obligations, including the obligations of a guarantor, surety, or endorser of this Note, is also obligated to keep all of the promises made in this Note. The
Lender may enforce its rights under this Note against each person individually or against all obligators together. This means that any one of them may be required to pay all of the amounts owed under this Note. 
  

					
	Initials: MJH	  	3	  	

 13. Waivers and Consents. Borrower and any other person who has obligations under this Note waive diligence
presentment, protest and demand and also notice of dishonor and non-payment of this Note. 
 14. This Note Secured by Security Instruments. In
addition to the protections given to the Lender under this Note, a Mortgage and Security Agreement of even date herewith protects the Lender from possible losses which might result if Borrower does not keep the promises made in this Note. That
Mortgage describes how and under what conditions Borrower may be required to make immediate payment in full or in part of the amounts owed under this Note. 
 15. Litigation. Any litigation between the parties brought in connection with this Note or concerning the subject matter hereof prior to closing of the Loan shall only be brought in Hillsborough County, Florida. In any such
litigation, the prevailing party shall be entitled to an award of its reasonable attorneys’ fees and costs. The Borrower and any guarantors further knowingly, voluntarily and intentionally, waive any right to trial by jury in respect of any
litigation arising out of, under, or in connection with this Note, or the loan. 
 16. Business Purpose Loan. The Borrower acknowledges that
the proceeds of the loan are to be used for business or commercial purposes only, and not for personal, family or household purposes. 
 17. WAIVER OF
JURY TRIAL. BORROWER AND LENDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT EITHER MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE AND ANY
AGREEMENT CONTEMPLATED TO BE EXECUTED IN CONJUNCTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE LENDER TO MAKE THIS LOAN AND
EXTENSIONS OF CREDIT TO BORROWER. 
  

			
	“BORROWER”
	
	 ODYSSEY MARINE EXPLORATION, INC.,
 a Nevada
corporation

		
	By:	 	 /s/ Michael J. Holmes

		 	Michael Holmes,
		 	as its Chief Financial Officer
		
		 	(CORPORATE SEAL)

 Documentary stamps in the amount required by Florida law have been paid on the Mortgage recorded
contemporaneously herewith. 
  

					
	Initials: MJH	  	4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00144-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00144-of-00352.parquet"}]]