Document:

EX-10.3

Exhibit 10.3

NEITHER THIS NOTE NOR THE COMMON STOCK INTO WHICH IT MAY BE CONVERTED HAS BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND NEITHER MAY BE SOLD,
TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS SO REGISTERED OR UNLESS SOLD PURSUANT TO AN EXEMPTION
THEREFROM.

FORM OF CONVERTIBLE NOTE

			
	 	 	 
	$6,000,000
	 	May 6, 2009

     FOR VALUE RECEIVED, the undersigned, Premier Exhibitions, Inc. (the “Company”), a
corporation organized and existing under the laws of the State of Florida, hereby promises to pay
to Sellers Capital Master Fund, Ltd., an exempted company organized under the laws of the Cayman
Islands, or its permitted assigns (the “Holder”), the principal sum of Six Million Dollars
($6,000,000), in accordance with the terms and conditions hereinafter set forth. Capitalized terms
appearing herein but not defined herein have the meanings ascribed to such terms in the Note
Purchase Agreement (defined below).

     By its acceptance hereof, the Holder covenants and agrees that this Note is subject to the
following terms and conditions:

     1. Definitions. As used in this Agreement, the following terms have the meanings set
forth below:

     “Annual Meeting” shall mean the Company’s annual meeting of shareholders required to
be called and held by it pursuant to the Note Purchase Agreement.

     “Applicable Market” shall mean the NASDAQ Global Market or, if the Company’s Common
Stock is not listed for trading on the NASDAQ Global Market at the applicable time, the
Over-The-Counter Bulletin Board, if the trading of the Company’s Common Stock is qualified for
quotation thereon at the applicable time.

     “Approval” shall mean the approval of the Company’s shareholders (a) by the
affirmative vote of the holders of more than 50% of the Company’s outstanding shares of Common
Stock present and cast on the applicable proposal at the Annual Meeting or other meeting of the
Company’s shareholders, in any such case at which a quorum is present, or such higher percentage as
may be required by applicable law or the listing rules of the NASDAQ Global Market as of the date
of such meeting, or (b) by the affirmative vote of the holders of more than 50% of the Company’s
outstanding shares of Common Stock pursuant to written consents obtained in accordance with
applicable law, or such higher percentage as may be required by applicable law or the listing rules
of the NASDAQ Global Market as of the date of such consents.

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     “Business Day” shall mean any day other than a Saturday, Sunday or other day on which
commercial banks in New York, New York are authorized or required by law or executive order to
close.

     “Company” shall have the meaning set forth in the preamble.

     “Conversion Date” shall have the meaning set forth in Section 5(e).

     “Conversion Price” shall have the meaning set forth in Section 5(d).

     “Event of Default” shall have the meaning set forth in Section 8.

     “Holder” shall have the meaning set forth in the preamble.

     “Interest Payment Date” shall have the meaning set forth in Section 2(b).

     “Interest Rate” shall have the meaning set forth in Section 2(a).

     “Maturity Date” shall have the meaning set forth in Section 3.

     “Note Purchase Agreement” shall mean the Note Purchase Agreement, dated May 6, 2009,
by and between the Company and the Holder, pursuant to which the Company has issued this Note to
the Holder.

     “Notice of Conversion” shall have the meaning set forth in Section 5(e).

     “Penalty Rate” shall have the meaning set forth in Section 2(a).

     “Person” shall mean any individual, corporation, partnership, firm, limited liability
company, joint venture, trust, association, unincorporated organization, group, joint-stock company
or other entity.

     “Post-Annual Meeting Prepayment Period” shall have the meaning set forth in Section
4(a).

     “Pre-Annual Meeting Prepayment Period” shall have the meaning set forth in Section
4(a).

     “Prepayment Date” shall have the meaning set forth in Section 4(a).

     “Prepayment Notice” shall have the meaning set forth in Section 4(a).

     “Proposals” shall mean the following proposals: (i) the issuance to the Holder of the
shares of Common Stock of the Company issuable upon conversion of this Note, pursuant to all
applicable rules under the NASDAQ Global Market’s listing rules, and (ii) an amendment to the
Company’s certificate of incorporation increasing the number of the Company’s authorized

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shares of Common Stock to an amount not less than necessary to enable the full issuance of the
number of the Company’s shares of Common Stock that may be issuable upon conversion of this Note.

     “Reorganization” shall have the meaning set forth in Section 6(b).

     “Security Interest” shall have the meaning set forth in Section 7.

     “Shareholder Approval” shall mean the Approval by the Company’s shareholders of the
Proposals.

     “Subsequent Financing” shall have the meaning set forth in Section 7.

     “Transaction Documents” shall mean this Note, the Note Purchase Agreement and the
schedules and exhibits thereto, the Warrant, the Registration Rights Agreement and any certificate
or other document delivered by or on behalf of the Company or the Holder in connection with the
Closing, and, commencing at the effectiveness of any agreement or other document that is executed
by the Company and the Holder in accordance with Section 7 (excluding agreements or documents
executed in connection with a Subsequent Financing), shall, for the limited purposes of Sections
8(a), 9, 14 and 15, include any such agreement or other document.

     “Warrant” shall have the meaning set forth in Section 4(b).

     2. Payments of Principal and Interest.

          (a) Interest Rate. Interest shall accrue on the outstanding principal amount of this
Note (computed on the basis of a 365-day year and actual days elapsed) at the rate of 6.0% per
annum (the “Interest Rate”). If the Shareholder Approval is not obtained at the Annual
Meeting and either (i) the Holder shall have voted, or caused to be voted, not less than that
number of shares of the Company’s Common Stock over which the Holder had, immediately prior to the
execution of the Note Purchase Agreement, direct or indirect voting power, in favor of the
Proposals or (ii) the Shareholder Approval would not have been obtained at the Annual Meeting
regardless of whether Holder had taken the actions set forth in clause (i) above, the Interest Rate
shall be increased to 18.0% (the “Penalty Rate”), retroactive to the date of issuance of
this Note, with any interest corresponding to prior periods becoming due and payable on the date
that is five (5) Business Days after the date of the Annual Meeting. In the event that the
Shareholder Approval is obtained at any time within 180 days after the Annual Meeting, the Penalty
Rate shall revert to the Interest Rate beginning on the date immediately following the date that
such Shareholder Approval is obtained.

          (b) Payments. Payments of principal of and interest on this Note shall be made in
lawful money of the United States of America by wire transfer of immediately available funds to the
bank account specified by the Holder or such other place as the Holder shall have designated by
written notice to the Company. Interest shall be payable monthly in arrears on the first Business
Day immediately following the end of each calendar month after the issuance of

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this Note (each such date, an “Interest Payment Date”). In the event of a conversion of
this Note prior to the Maturity Date (as hereinafter defined) pursuant to the terms set forth
below, all accrued and unpaid interest shall be added to the principal amount being converted as of
the date of conversion to determine the amount of securities into which this Note shall be
converted.

     3. Maturity Date. The full amount of principal then-outstanding and all accrued but
unpaid interest hereunder shall be due and payable on May 6, 2012 (the “Maturity Date”).
If the Shareholder Approval is not obtained at the Annual Meeting, or within 180 days after the
Annual Meeting, and either (i) the Holder shall have voted, or caused to be voted, not less than
that number of shares of the Company’s Common Stock over which the Holder had, immediately prior to
the execution of the Note Purchase Agreement, direct or indirect voting power, in favor of the
Proposals or (ii) the Shareholder Approval would not have been obtained during such period
regardless of whether Holder had taken the actions set forth in clause (i) above, then the Maturity
Date shall be the 180th day after the date of the Annual Meeting.

     4. Prepayment.

          (a) Prepayment Periods. The Company may only elect to prepay all or any part of the
principal amount of this Note then outstanding and any accrued but unpaid interest at any time or
from time to time either (i) on or prior to the fifth (5th) Business Day prior to the date of the
Annual Meeting (the “Pre-Annual Meeting Prepayment Period”), subject to Section 4(b), or
(ii) on or after the first Business Day after the Annual Meeting (the “Post-Annual Meeting
Prepayment Period”), subject to Section 5(b). If the Company elects to prepay all or any part
of this Note, it shall provide written notice of such election (a “Prepayment Notice”) to
the Holder fixing a date for prepayment of such amounts (the “Prepayment Date”), which date
shall not be earlier than the fifth (5th) Business Day after the date of the Prepayment Notice
(provided that the Company shall have confirmed the Holder’s receipt of the Prepayment Notice on or
prior to such date).

          (b) Prepayment Fee. Any prepayment by the Company of all or any portion of this Note
within the Pre-Annual Meeting Prepayment Period shall trigger the effectiveness of the warrant, in
the form attached hereto as Exhibit A (the “Warrant”), delivered to the Holder as
of the date hereof, for the purchase of that number of shares of Common Stock of the Company equal
to seven percent (7%) of the total number of shares of Common Stock of the Company into which this
Note is, on the Prepayment Date, convertible. The Warrant shall have a per share exercise price
equal to the closing bid price of the Company’s Common Stock on the Applicable Market immediately
preceding the execution of the Note Purchase Agreement and shall expire five (5) years from the
date on which the Warrant is effective.

     5. Conversion.

          (a) Optional Conversions. The Holder may elect to convert all or any portion of the
principal amount of this Note then outstanding (plus accrued but unpaid interest thereon) into
shares of Common Stock of the Company at any time on or prior to the Maturity Date and on or after
the fifth (5th) Business Day after the Annual Meeting, but only if the Shareholder Approval shall
have been obtained at the Annual Meeting or thereafter.

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          (b) Conversion Upon Prepayment. If the Company elects to prepay all or any part of
this Note at any time during the Post-Annual Meeting Prepayment Period and at the time of such
election the Shareholder Approval has been obtained, the Holder may convert the principal amount of
this Note then outstanding (plus accrued but unpaid interest thereon) at any time before the close
of business on the last Business Day prior to the Prepayment Date.

          (c) Mandatory Conversion. At any time after the Annual Meeting and on or prior to the
Maturity Date, the Company may elect to cause the Holder to convert the principal amount then
outstanding under this Note (plus accrued but unpaid interest thereon) if (i) the Shareholder
Approval has been obtained and (ii) the closing per share sale price of the Company’s Common Stock
has exceeded $1.00 for a period of five (5) successive trading days, as reported on the Applicable
Market.

          (d) Conversion Price. In the event of any conversion under this Section 5, the price
at which the principal amount of this Note shall be converted into shares of Common Stock of the
Company is $0.75 per share, subject to adjustment as set forth herein (the “Conversion
Price”). This Note shall be convertible into the number of fully paid and non-assessable
shares of Common Stock equal to the quotient of (x) the principal amount of this Note being
converted plus all accrued and unpaid interest with respect to such principal, divided by (y) the
Conversion Price. No fractional shares of Common Stock shall be issued upon conversion of the
Convertible Note. If the conversion would result in the issuance of any fractional share, the
Company shall, in lieu of issuing any fractional share, either, at its option, pay the Holder cash
equal to the product of such fraction multiplied by the closing price of the Company’s Common Stock
on the Applicable Market on the Business Day immediately prior to the Conversion Date or round such
fraction of a share up to the nearest whole share.

          (e) Conversion Mechanics. In connection with any conversion by the Holder under
Section 5(a) or 5(b), the Holder shall (i) complete and sign the notice of conversion in the form
attached hereto as Exhibit B setting forth the portion of the outstanding principal amount
of this Note being converted (“Notice of Conversion”), (ii) surrender this Note to the
Company, and (iii) pay any transfer or similar tax if required. The Company shall, promptly after
receipt of the Notice of Conversion and surrender of this Note, issue to the Holder, or its
designees, a certificate or certificates evidencing the number of shares of Common Stock of the
Company to which it shall be entitled and, in the event that only a portion of this Note is being
converted, a new Note in the remaining principal amount. Such conversion shall be deemed to have
been made immediately prior to the close of business on the date of receipt of the Notice of
Conversion and surrender of this Note to be converted (the “Conversion Date”), and the
Person or Persons entitled to receive the shares of Common Stock of the Company issuable upon such
conversion shall be treated for all purposes as the record holder or holders of such shares of
Common Stock as of such time and shall, with respect to such shares, have only those rights of a
holder of shares of Common Stock of the Company.

     6. Adjustments; Reorganizations.

          (a) Adjustment for Stock Splits and Combinations. If the outstanding shares of Common
Stock of the Company shall be subdivided into a greater number of shares, or a dividend in Common
Stock or other securities of the Company convertible into or exchangeable

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for Common Stock (in which latter event the number of shares of Common Stock issuable upon the
conversion or exchange of such securities shall be deemed to have been distributed) shall be paid
in respect to the Common Stock of the Company, the Conversion Price in effect immediately prior to
such subdivision or at the record date of such dividend shall, simultaneously with the
effectiveness of such subdivision or immediately after the record date of such dividend, be
proportionately reduced, and conversely, if outstanding shares of the Common Stock of the Company
shall be combined into a smaller number of shares, the Conversion Price in effect immediately prior
to such combination shall simultaneously with the effectiveness of such combination, be
proportionately increased. Any adjustment to the Conversion Price under this Section 6(a) shall
become effective at the close of business on the date the subdivision or combination referred to
herein becomes effective.

          (b) Reorganizations, Mergers, Consolidations or Reclassifications. In the event of any
capital reorganization, any reclassification of the Common Stock of the Company (other than a
change in par value), or the consolidation or merger of the Company with or into another Person
(each a “Reorganization”), the Holder shall thereafter be entitled to receive, and
provision shall be made therefor in any agreement relating to a Reorganization, upon conversion of
this Note (or deemed conversion of this Note in the event that the Reorganization is consummated at
such time as this Note is not otherwise convertible under the terms hereof),
the kind and number of shares of Common Stock or other securities or property (including cash) of
the Company, or other corporation resulting from or surviving such Reorganization, to which a
holder of the number of shares of the Common Stock of the Company which this Note entitled the
holder thereof to convert into immediately prior to such Reorganization would have been entitled to
receive with respect to such Reorganization; and in any such case appropriate adjustment shall be
made in the application of the provisions herein set forth with respect to the rights and interests
thereafter of the Holder of this Note, to the end that the provisions set forth herein (including
the specified changes and other adjustments to the Conversion Price) shall thereafter be
applicable, as nearly as reasonably may be, in relation to any shares, other securities or property
thereafter receivable upon conversion of this Note. In the event of a Reorganization in which the
equity securities of the Company into which this Note is then convertible are exchangeable for or
convertible into securities of another issuer, the shares of common stock of which are securities
registered under or subject to Section 12 or 15(d) of the Securities Exchange Act of 1934, as
amended, any agreement relating to such Reorganization shall provide for the assumption of this
Note by such issuer, to the extent not previously converted or redeemed, which Note shall
thereafter be convertible into the shares of common stock of such issuer on the basis set forth in
this Section 6(b). The provisions of this Section 6(b) shall similarly apply to successive
Reorganizations.

          (c) Reservation of Stock Issuable Upon Conversion. The Company shall, at all times
after the Shareholder Approval has been obtained, reserve and keep available out of its authorized
but unissued shares of Common Stock, solely for the purpose of effecting the conversion of this
Note, such number of shares of Common Stock as shall from time to time be sufficient to effect a
full conversion of this Note, and if at any time the number of authorized but unissued shares of
Common Stock shall not be sufficient to effect the conversion of all then outstanding Note, the
Company shall promptly take such corporate action as may, in the opinion

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of its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such
number of shares as shall be sufficient for such purpose.

          (d) No Impairment. The Company shall not participate in any reorganization, transfer
of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary
action for the purpose of avoiding or seeking to avoid the observance or performance of any of the
terms to be observed or performed hereunder by the Company, but shall at all times in good faith
use its best efforts in carrying out all such action as may be reasonably necessary or appropriate
in order to protect the conversion rights of the Holder against dilution or other impairment.

     7. Security Interest. If the Shareholder Approval is not obtained at the Annual
Meeting and either (i) the Holder shall have voted, or caused to be voted, not less than that
number of shares of the Company’s Common Stock over which the Holder had, immediately prior to the
execution of the Note Purchase Agreement, direct or indirect voting power, in favor of the
Proposals or (ii) the Shareholder Approval would not have been obtained at the Annual Meeting
regardless of whether Holder had taken the actions set forth in clause (i) above:

     The principal amount of this Note then outstanding, all accrued but unpaid interest and all
other obligations owing by the Company pursuant to this Note and the other Transaction Documents,
shall immediately be secured by a first priority security interest in all assets of the Company and
the stock of all of its subsidiaries, in all cases, to the extent permitted by any applicable court
order, contract, mortgage, credit agreement or other agreement binding upon or applicable to the
Company, its subsidiaries or their respective assets (a “Security Interest”). In the event
that the Shareholder Approval is obtained at any time within 180 days after the Annual Meeting, any
such Security Interest shall terminate on the date immediately following the date that such
Shareholder Approval is obtained, and the Holder shall take all actions necessary to cause the
termination of any such Security Interest. The Company and the Holder shall promptly enter into
customary collateral agreements, which are consistent with the term sheet attached hereto as
Exhibit C and otherwise reasonably acceptable to the Company and the Holder, granting such
Security Interest and providing for the perfection thereof, within 45 days after the date hereof;
provided, however, that such agreements shall not become effective unless and until the Company
fails to obtain the Shareholder Approval at the Annual Meeting. Notwithstanding the foregoing, if
the Holder has not purchased $12 million of notes pursuant to the Note Purchase Agreement, the
Company will, after execution of inter-creditor agreements described below, be permitted to grant a
Security Interest to investors in subsequent financings (each a “Subsequent Financing”) for
a principal amount not to exceed, in the aggregate for all such investors, the difference between
$12 million and the funds invested by the Holder pursuant to the Note Purchase Agreement. If a
Security Interest is granted to the investors in a Subsequent Financing, then the Security Interest
granted with respect to this Note shall be pari passu with any such other Security Interest, and
the Holder agrees to execute a customary inter-creditor agreement and other documents reasonably
required to effect such parity, which in all cases must be on terms reasonably acceptable to the
Holder and consistent with the terms of any collateral agreements described above. The Company
shall notify the Holder at least five Business Days in advance of any potential Subsequent
Financing. The Holder may elect to purchase additional notes (in the form of this Note) in a
principal amount equal to such Subsequent Financing and

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the Company will not consummate such Subsequent Financing. Subject only to the Security
Interests described above, the Company will not grant any security interest or otherwise encumber
any assets of the Company or its subsidiaries, including the stock of any such subsidiaries,
without the Holder’s prior written consent, which consent may not be unreasonably withheld. If
this Note is secured by the Security Interest (whether or not on a pari passu basis), the Company
may incur additional unsecured debt without any consent of the Holder.

     8. (a) Events of Default. The occurrence of any of the following shall constitute an
“Event of Default” under this Note:

     (i) Failure to Pay. The Company shall fail to make when due any
principal or interest payment or any other payment obligation hereunder and such amount
shall remain unpaid for ten (10) Business Days after such date; or

     (ii) Voluntary Bankruptcy or Insolvency Proceedings. The Company
shall (A) apply for or consent to the appointment of a receiver, trustee, liquidator or
custodian for itself or all or substantially all of its property, (B) be unable, or admit in
writing its inability, to pay its debts generally as they mature, (C) make a general
assignment for the benefit of its creditors, (D) be dissolved or liquidated, (E) commence a
voluntary case or other proceeding seeking liquidation, reorganization or other relief with
respect to itself or its debts under any bankruptcy, insolvency or other similar law now or
hereafter in effect, or (F) take any action for the purpose of effecting any of the
foregoing; or

     (iii)  Involuntary Bankruptcy or Insolvency Proceedings.
Proceedings for the appointment of a receiver, trustee, liquidator or custodian for the
Company or all or substantially all of its property, or an involuntary case or other
proceeding seeking liquidation, reorganization or other relief with respect to the Company
or the debts thereof under any bankruptcy, insolvency or other similar law now or hereafter
in effect, shall be commenced and an order for relief entered or such proceeding shall not
have been dismissed or discharged within thirty (30) days of commencement; or

     (iv) Security Documents. Any material provision of any agreement or document
that is executed in accordance with Section 7 shall for any reason cease to be valid and
binding on or enforceable against the Company, or the Company shall so state in writing or
bring an action to limit its obligations or liabilities thereunder; or such agreement or
document shall for any reason (other than pursuant to the terms thereof) cease to create a
valid security interest in the collateral (as defined in such agreement or document)
purported to be covered thereby or such security interest shall for any reason (other than
pursuant to the terms thereof or the failure of the Holder to take any action within its
control) cease to be a perfected security interest; or

     (v) Breach of Transaction Documents. The Company breaches in any material
respect any material representation, warranty, covenant or other term or condition of the
Note Purchase Agreement, this Note or any other Transaction Document, except, in the case of
a breach which is curable, only if such breach continues for a period of at least thirty
(30) consecutive calendar days after notice thereof.

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          (b) Rights of the Holder upon an Event of Default. Upon the occurrence or existence
of an Event of Default set forth in Section 8(a), unless such Event of Default is waived by the
Holder, immediately and without notice (except such notice as set forth in Section 8(a)(v)), all
outstanding obligations owing from the Company hereunder, including, without limitation, all
principal and accrued interest hereunder, shall automatically become immediately due and payable,
without presentment, demand, protest or any other notice of any kind, all of which are hereby
expressly waived. In addition to the foregoing remedies, upon the occurrence or existence of any
Event of Default, the Holder may exercise any other right, power or remedy granted to it by this
Note or otherwise permitted to it under applicable law, either by suit in equity or by action at
law, or both.

     9. Remedies, Characterizations, Other Obligations, Breaches and Injunctive Relief. The
remedies provided in this Note shall be cumulative and in addition to all other remedies available
under this Note, the Note Purchase Agreement and the other Transaction Documents, at law or in
equity (including a decree of specific performance and/or other injunctive relief), and nothing
herein shall limit the Holder’s right to pursue damages for any failure by the Company to comply
with the terms of this Note. The Company acknowledges that a breach by it of its obligations
hereunder will cause irreparable harm to the Holder and that the remedy at law for any such breach
may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened
breach, the Holder shall be entitled, in addition to all other available remedies, to an injunction
restraining any breach, without the necessity of showing economic loss and without any bond or
other security being required.

     10. Failure or Indulgence Not Waiver. No failure or delay on the part of the Holder in
the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise of any such power, right or privilege preclude other or
further exercise thereof or of any other right, power or privilege.

     11. Waivers; Amendments; Assignments. None of the provisions of this Note may be
waived, amended, supplemented or otherwise modified without the written consent of the Company and
the Holder. An assignment of this Note by the Holder may be effectuated only upon surrender of the
original Note to the Company followed by either reissuance of this Note to the new Holder or the
issuance of a new instrument to such new Holder by the Company. The Company shall not be obligated
to recognize any Person other than the registered Holder as having an interest in this Note,
despite any notice to the contrary, unless the provisions of this Section 11 have been complied
with.

     12. Fees and Expenses. Except as otherwise expressly provided herein or in any other
Transaction Document, the Company and the Holder shall bear their own fees and expenses (including
without limitation reasonable attorneys’, consultants’ and accountants’ fees and expenses) incurred
in connection with this Note. Notwithstanding the foregoing, in the event that (a) the Company
elects to prepay all or any portion of this Note within the Pre-Annual Meeting Prepayment Period or
(b) the Shareholder Approval is not obtained at the Annual Meeting, the Company shall reimburse the
Holder for all reasonable and documented out of pocket expenses incurred by the Holder related to
the transactions contemplated by the Note Purchase Agreement and this Note. In addition, if the
Holder brings an action to enforce any part of this Note or to declare a breach of this Note and in
either case is substantially the

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prevailing party, then the Holder shall be entitled to recover from the Company, in addition to any
amounts awarded, its reasonable attorneys’ fees and other reasonable costs actually incurred in
connection with any such action.

     13. Notices. All notices, demands and other communications provided for or permitted
hereunder shall be provided, and shall be deemed to have been duly given, as provided for in
Section 8.02 of the Note Purchase Agreement.

     14. Governing Law; Submission to Jurisdiction. This Note shall be construed and
enforced in accordance with, and the rights of the parties shall be governed by, the laws of the
State of New York, notwithstanding any conflict of law provision to the contrary. THE COMPANY
HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN NEW YORK COUNTY, CITY OF NEW
YORK, NEW YORK, SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES
BETWEEN THE COMPANY AND THE HOLDER PERTAINING TO THIS NOTE OR ANY OF THE OTHER TRANSACTION
DOCUMENTS OR TO ANY MATTER ARISING OUT OF OR RELATING TO THIS NOTE OR ANY OF THE OTHER TRANSACTION
DOCUMENTS, PROVIDED, THAT THE HOLDER AND THE COMPANY ACKNOWLEDGE THAT ANY APPEALS FROM THOSE COURTS
MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF NEW YORK COUNTY, AND, PROVIDED, FURTHER,
NOTHING IN THIS NOTE SHALL BE DEEMED OR OPERATE TO PRECLUDE THE HOLDER FROM BRINGING SUIT OR TAKING
OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR
THE OBLIGATIONS HEREUNDER, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE HOLDER.
THE COMPANY EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT
COMMENCED IN ANY SUCH COURT, AND THE COMPANY HEREBY WAIVES ANY OBJECTION WHICH IT MAY HAVE BASED
UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS AND HEREBY CONSENTS TO
THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. THE COMPANY
HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH
ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINTS AND OTHER PROCESS MAY BE MADE BY
REGISTERED OR CERTIFIED MAIL ADDRESSED TO THE COMPANY AT THE ADDRESS SET FORTH IN SECTION 8.02 OF
THE NOTE PURCHASE AGREEMENT AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF
ACTUAL RECEIPT THEREOF OR THREE (3) DAYS AFTER DEPOSIT IN THE U.S. MAILS, PROPER POSTAGE
PREPAID.

     15. WAIVER OF JURY TRIAL. BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX
FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT
PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION
RULES), THE PARTIES DESIRE THAT DISPUTES ARISING HEREUNDER OR RELATING HERETO BE RESOLVED BY A
JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST

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COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, THE PARTIES HERETO
WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE,
WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE, BETWEEN THE HOLDER AND THE COMPANY ARISING OUT
OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED IN CONNECTION WITH,
THIS NOTE OR ANY OF THE OTHER TRANSACTION DOCUMENTS OR THE TRANSACTIONS RELATED HERETO OR THERETO.

[Signatures follow on the next page]

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     IN WITNESS WHEREOF, the Company has caused this Note to be executed by its duly authorized
officer as of the date set forth above.

PREMIER EXHIBITIONS, INC.

	 	 	 	 	 
	By:
	 	 	 	 
	Name:

	 	 

	 	 
	 

	 	 	 	 
	Title:
	 	 	 	 
	 

	 	 	 	 

12EX-10.4

Exhibit 10.4

NEITHER THIS WARRANT NOR THE UNDERLYING SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN
REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN
RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A
TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS.

FORM OF WARRANT TO PURCHASE COMMON STOCK

OF

PREMIER EXHIBITIONS, INC.

			
	 	 	 
	Warrant No. W-
	 	May ___, 2009

     THIS CERTIFIES THAT, for value received, Sellers Capital Master Fund, Ltd., an exempted
company organized under the laws of the Cayman Islands, having an address at 311 S. Wacker Drive,
Suite 925, Chicago, Illinois (the “Investor”), is entitled to subscribe for and purchase
from Premier Exhibitions, Inc., a Florida corporation, or any successor (the “Company”), in
whole or in part, at the Warrant Purchase Price (as herein defined), at any time during the period
commencing on the Initial Exercise Date (as herein defined) and ending at 5:00 p.m., Eastern time,
on the date that is five (5) years after the Effectiveness Date (as herein defined) (the
“Expiration Date”), up to that number of shares of the fully paid and non-assessable Common
Stock (as herein defined) determined by multiplying (i) seven percent (7%) by (ii) the total number
of shares of Common Stock into which the outstanding principal amount of the Convertible Note (as
herein defined) is, on the Effectiveness Date, convertible, in accordance with the terms thereof
(as such number may be adjusted as provided herein, the “Warrant Shares”), subject to the
provisions and upon the terms and conditions hereinafter set forth in this Warrant and all Warrants
issued in exchange, transfer or replacement thereof (“Warrant”).

     1. Definitions. As used in this Warrant, the following terms have the meanings set
forth below:

     “Aggregate Number” shall mean, at any time to be determined, the number of Warrant
Shares for which this Warrant may be exercised at such time.

     “Annual Meeting” shall mean the annual meeting of shareholders required to be called
pursuant to the Note Purchase Agreement.

 

 

     “Business Day” shall mean any day other than a Saturday, Sunday or other day on which
commercial banks in New York, New York are authorized or required by law or executive order to
close.

     “Cashless Exercise” shall have the meaning set forth in Section 2(b).

     “Common Stock” shall mean the common stock, par value $0.0001 per share, of the
Company (and any other securities into which or for which the Common Stock may be converted or
exchanged pursuant to a dividend, stock split, plan of recapitalization, reorganization, merger,
sale of assets or otherwise) into which this Warrant will be exercisable.

     “Company” shall have the meaning set forth in the introductory paragraph hereto.

     “Convertible Note” shall mean that certain convertible note issued by the Company to
Investor in the principal amount set forth on Schedule A to the Note Purchase Agreement.

     “Effectiveness Date” shall have the meaning set forth in Section 10.

     “Expiration Date” shall have the meaning set forth in the introductory paragraph
hereto.

     “Fair Market Value” shall mean, with respect to a share of Common Stock on any date:
(i) the fair market value of the outstanding Common Stock over the ten (10) trading days
immediately prior to the date of calculation based upon the closing price per share of Common Stock
on each such day, as officially reported on the principal national securities exchange on which the
Common Stock is then listed or admitted to trading; or (ii) if subsection (i) is not applicable, a
market price per share determined in good faith by the Board of Directors of the Company, which
shall be deemed to be “Fair Market Value.”

     “Holder” shall mean any holder of an interest in the Warrant or the outstanding
Warrant Shares who becomes a holder in compliance with Section 3 hereof.

     “Initial Exercise Date” shall mean the first Business Day following the Annual
Meeting.

     “Investor” shall have the meaning set forth in the introductory paragraph hereto.

     “Note Purchase Agreement” shall mean that certain Convertible Note Purchase Agreement,
dated May 6, 2009, by and between the Company and Investor, pursuant to which Investor will
purchase the Convertible Note.

     “Person” shall mean any individual, corporation, partnership, firm, limited liability
company, joint venture, trust, association, unincorporated organization, university, group,
joint-stock company or other entity.

     “Securities Act” shall mean the Securities Act of 1933, as amended, or any similar
federal statute, and the rules and regulations promulgated thereunder as the same shall be in
effect at the time.

     “Stock Combination” shall have the meaning set forth in Section 5(a)(i).

2

 

     “Stock Dividend” shall have the meaning set forth in Section 5(a)(i).

     “Stock Subdivision” shall have the meaning set forth in Section 5(a)(i).

     “Transaction” shall have the meaning set forth in Section 5(b).

     “Warrant Purchase Price” shall mean $0.70 per share, as adjusted as provided herein.

     “Warrant Register” shall have the meaning set forth in Section 7.

     “Warrant Shares” shall have the meaning set forth in the preamble.

     2. Exercise of Warrant.

          (a) If (and only if) the Effectiveness Date has occurred, beginning on the Initial Exercise
Date, the rights represented by this Warrant may be exercised by the Holder hereof, in whole or in
part (but not as to a fractional share of Common Stock), by (A) the delivery of this Warrant,
together with a properly completed Notice of Exercise in the form attached hereto, to the principal
office of the Company at 3340 Peachtree Road, N. E., Suite 2250, Atlanta, Georgia 30326 (or to such
other address as the Company may designate by notice in writing to the Holder) and (B) payment to
the Company of the Warrant Purchase Price for the Warrant Shares being purchased (i) by cash or by
certified check or bank draft, (ii) as provided in Section 2(b), or (iii) any combination
thereof. In the case of payment of all or a portion of the Warrant Purchase Price pursuant to
Section 2(b), the direction of the Holder to make a Cashless Exercise shall serve as
accompanying payment for that portion of the Warrant Purchase Price. The Company agrees that the
shares so purchased shall be deemed to be issued to the Holder as the record owner of such shares
as of the close of business on the date on which this Warrant shall have been delivered to the
Company and payment made for such shares as aforesaid. Certificates for the shares so purchased
shall be delivered to the Holder within ten (10) Business Days after the rights represented by this
Warrant shall have been so exercised, and, unless this Warrant has expired, a new Warrant
representing, and with an Aggregate Number equal to, the number of Warrant Shares, if any, with
respect to which this Warrant shall not then have been exercised, in all other respects identical
with this Warrant, shall also be issued and delivered to the Holder within such time, or, at the
request of such Holder, appropriate notation may be made on this Warrant and signed by the Company
and the same returned to such Holder. The Holder shall not be required to deliver the original
Warrant in order to effect an exercise hereunder. Execution and delivery of the Exercise Notice
shall have the same effect as cancellation of the original Warrant and issuance of a new Warrant
evidencing the right to purchase the remaining number of Warrant Shares. The Company shall, upon
request of the Holder, use its reasonable best efforts to deliver Warrant Shares hereunder
electronically through The Depository Trust Company or another established clearing corporation
performing similar functions.

          (b) Cashless Exercise. If the resale of the Warrant Shares is not covered by an
effective registration statement under the Securities Act, the Holder shall have the right to pay
all or a portion of the Warrant Purchase Price by making a “Cashless Exercise” pursuant to
this 

Section 2(b), in which case (i) shares of the Company’s Common Stock other than the
Warrant Shares or (ii) the Warrant Shares to be acquired upon the exercise of this Warrant may be
applied

3

 

to pay the Warrant Purchase Price in connection with the exercise of this Warrant in whole or
in part. Any shares of Common Stock or Warrant Shares transferred to the Company as payment of the
Warrant Purchase Price under this Warrant shall be valued at the Fair Market Value of such shares
of Common Stock or Warrant Shares. For purposes of Rule 144 promulgated under the Securities Act,
it is intended, understood and acknowledged that the Warrant Shares issued in a cashless exercise
transaction shall be deemed to have been acquired by the Holder, and the holding period for the
Warrant Shares shall be deemed to have commenced, on the date this Warrant was originally issued.

          (c) Transfer Restriction Legend. Each certificate for Warrant Shares issued upon
exercise of this Warrant, unless at the time of exercise the offer and sale of such Warrant Shares
are registered under the Securities Act, shall bear the following legend (and any additional legend
required by applicable law or rule) on the face thereof:

THE OFFER AND SALE OF THE SHARES OF STOCK REPRESENTED HEREBY HAVE NOT BEEN
REGISTERED PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE
SECURITIES LAW. NEITHER THESE SHARES, NOR ANY PORTION THEREOF OR INTEREST THEREIN,
MAY BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS THE SAME ARE REGISTERED AND
QUALIFIED IN ACCORDANCE WITH SAID ACT AND ANY APPLICABLE STATE SECURITIES LAW, OR,
IN THE OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY, SUCH REGISTRATION
AND QUALIFICATION ARE NOT REQUIRED.

The provisions of Section 3 shall be binding upon all holders of certificates for Warrant
Shares bearing the above legend and shall also be applicable to all holders of this Warrant. The
legend endorsed on the certificates for Warrant Shares shall be removed and the Company shall issue
a certificate without such legend to the holder thereof at such time as the securities evidenced
thereby cease to be restricted securities upon the earliest to occur of (i) a registration
statement with respect to the resale of such securities shall have become effective under the
Securities Act and such securities shall have been disposed of in accordance with such registration
statement, or (ii) the securities shall have been resold to the public pursuant to Rule 144 (or any
successor provision) under the Securities Act.

          (d) Expenses and Taxes on Exercise. The Company shall pay all expenses, taxes and
other charges payable in connection with the preparation, execution and delivery of any stock
certificates and substitute Warrants pursuant to this Section 2, except that, in case such
stock certificates or Warrants shall be registered in a name or names other than the name of the
Holder of this Warrant, funds sufficient to pay all stock transfer taxes which shall be payable
upon the execution and delivery of such stock certificates or Warrants shall be paid by the Holder
to the Company at the time the Company delivers such stock certificates or Warrants to the Company
for exercise. The Holder shall be responsible for all other tax liability that may arise as a
result of holding or transferring this Warrant or receiving Warrant Shares upon exercise hereof.

          (e) Company Obligations. The Company’s obligations to issue and deliver Warrant
Shares in accordance with the terms hereof are absolute and unconditional, irrespective

4

 

of any action or inaction by the Holder to enforce the same, any waiver or consent with
respect to any provision hereof, the recovery of any judgment against any Person or any action to
enforce the same, or any setoff, counterclaim, recoupment, limitation or termination, or any breach
or alleged breach by the Holder or any other Person of any obligation to the Company or any
violation or alleged violation of law by the Holder or any other Person, and irrespective of any
other circumstance which might otherwise limit such obligation of the Company to the Holder in
connection with the issuance of Warrant Shares. Nothing herein shall limit a Holder’s right to
pursue any other remedies available to it hereunder, at law or in equity including, without
limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s
failure to deliver certificates representing shares of Common Stock upon exercise of this Warrant
as required pursuant to the terms hereof.

          (f) Automatic Exercise. If (and only if) the Effectiveness Date has occurred, if the
Fair Market Value of the Common Stock immediately prior to (but not including) the Expiration Date
exceeds the Warrant Purchase Price on the Expiration Date, then this Warrant shall be deemed to
have been exercised in full (to the extent previously unexercised) on a “cashless exercise” basis
pursuant to Section 2(b) at 5:00 p.m. on the Expiration Date.

     3. Warrants and Warrant Shares Not Registered; Transferee Restrictions.

          (a) Each Holder, by acceptance thereof, represents and acknowledges that the offer and sale of
this Warrant and the Warrant Shares which may be purchased upon exercise of this Warrant are not
being registered under the Securities Act, that the issuance of this Warrant and the offering and
sale of such Warrant Shares are being made in reliance on the exemption from registration under
Section 4(2) of the Securities Act as not involving any public offering and that the Company’s
reliance on such exemption is predicated in part on the representations made by the initial Holder
of this Warrant to the Company that such Holder (i) is acquiring this Warrant for investment
purposes for its own account, with no present intention of reselling or otherwise distributing the
same in violation of the Securities Act, subject, nevertheless, to any requirement of law that the
disposition of its property shall at all times be within its control, (ii) is an “accredited
investor” as defined in Regulation D under the Securities Act, and (iii) has such knowledge and
experience in financial and business matters that it is capable of evaluating the merits and risks
of the investments made or to be made in connection with the acquisition and exercise of this
Warrant. Neither this Warrant nor the related Warrant Shares may be transferred except pursuant to
an effective registration statement under the Securities Act or upon the conditions specified in
Section 3(b).

          (b) Notice of Transfer, Opinion of Counsel. Each Holder, by acceptance hereof, agrees
that prior to the disposition of this Warrant or of any Warrant Shares, other than pursuant to an
effective registration under the Securities Act, such Holder will give written notice to the
Company expressing such Holder’s intention to effect such disposition and describing briefly such
Holder’s intention as to the manner in which this Warrant or the Warrant Shares theretofore issued
or thereafter issuable upon exercise hereof, are to be disposed together with an opinion of counsel
as may be designated by such Holder and reasonably satisfactory to the Company as to the necessity
or non-necessity of registration under the Securities Act. If in the opinion of such counsel, the
proposed disposition does not require registration under the Securities Act of the disposition of
this Warrant and/or the Warrant Shares issuable or issued upon the exercise of this Warrant, such
Holder shall be entitled to dispose of this Warrant and/or

5

 

the Warrant Shares theretofore issued upon the exercise hereof, all in accordance with the
terms of the notice delivered by such Holder to the Company. The Company is entitled to rely on
the most recent written notice from the Holder with respect to the ownership of the Warrant.

     4. Representations, Warranties and Covenants of the Company.

          (a) The Company hereby represents and warrants that (i) it has full corporate power and
authority to execute and deliver this Warrant, (ii) the execution and delivery of this Warrant and
the consummation by the Company of the transactions contemplated hereby have been duly and validly
approved by all necessary corporate action on the part of the Company and (iii) this Warrant has
been duly executed and delivered by the Company and constitutes the legal, valid and binding
obligation of the Company, enforceable in accordance with its terms.

          (b) The Company covenants and agrees that (i) during the period within which the rights
represented by this Warrant may be exercised, the Company will have at all times authorized, and
reserved for the purpose of issue or transfer upon exercise of the rights evidenced by this
Warrant, a sufficient number of shares of Common Stock to provide therefore, (ii) the Warrant
Shares issued pursuant to the exercise of this Warrant will, upon issuance, be duly and validly
issued, fully paid and non-assessable and (iii) the Company shall use its commercially reasonable
efforts to procure at its sole expense the listing of all Warrant Shares then registered for public
sale (subject to issuance or notice of issuance) on all stock exchanges on which the shares of
Common Stock are then listed.

     5. Adjustments of Aggregate Number.

          (a) Adjustments. The Aggregate Number, after taking into consideration any prior
adjustments pursuant to this Section 5, shall be subject to adjustment from time to time as
follows and, thereafter, as adjusted, shall be deemed to be the Aggregate Number hereunder. No
adjustments shall be made under this Section 5 as a result of the issuance by the Company
of the Warrant Shares upon exercise of this Warrant.

               (i) Stock Dividends; Subdivisions and Combinations. In case at any time or from time
to time the Company shall:

                    (A) issue to the holders of the Common Stock a dividend payable in, or other distribution of,
Common Stock (a “Stock Dividend”),

                    (B) subdivide its outstanding shares of Common Stock into a larger number of shares of Common
Stock, including, without limitation, by means of a stock split (a “Stock Subdivision”), or

                    (C) combine its outstanding shares of Common Stock into a smaller number of shares of Common
Stock (a “Stock Combination”),

then the Aggregate Number in effect immediately prior thereto shall be (1) proportionately
increased in the case of a Stock Dividend or a Stock Subdivision and (2) proportionately decreased
in the case of a Stock Combination. In the event the Company shall declare or pay, without
consideration, any dividend on the Common Stock payable in any right to acquire Common Stock for no
consideration, then the Company shall be deemed to have made a Stock

6

 

Dividend in an amount of shares equal to the maximum number of shares issuable upon exercise of
such rights to acquire Common Stock.

               (ii) Miscellaneous. The following provisions shall be applicable to the making of
adjustments of the Aggregate Number provided above in this Section 5(a):

                    (A) Whenever the Aggregate Number is adjusted pursuant to this Section 5(a), the
Warrant Purchase Price per Warrant Share payable upon exercise of this Warrant shall be adjusted by
multiplying the Warrant Purchase Price immediately prior to such adjustment by a fraction, the
numerator of which shall be the Aggregate Number prior to such adjustment, and the denominator of
which shall be the Aggregate Number following such adjustment.

                    (B) If the Company shall take a record of the holders of the Common Stock for the purpose of
entitling them to receive a dividend or distribution or subscription or purchase rights and shall,
thereafter and before the distribution to shareholders thereof, legally abandon its plan to pay or
deliver such dividend, distribution, subscription or purchase rights, then no adjustment shall be
required by reason of the taking of such record and any such adjustment previously made in respect
thereof shall be rescinded and annulled.

          (b) Changes in Common Stock. In case at any time the Company shall initiate any
transaction or be a party to any transaction (including, without limitation, a merger,
consolidation, share exchange, sale, lease or other disposition of all or substantially all of the
Company’s assets, liquidation, recapitalization or reclassification of the Common Stock or other
transaction) in connection with which the previous outstanding Common Stock shall be changed into
or exchanged for different securities of the Company or securities of another corporation or
interests in a non-corporate entity or other property (including cash) or any combination of the
foregoing (each such transaction being herein called a “Transaction”), then, as a condition
of the consummation of the Transaction and without duplication of any adjustment made pursuant to
Section 5(a)(i), lawful, enforceable and adequate provision shall be made so that the
Holder shall be entitled to receive upon exercise of this Warrant at any time on or after the
consummation of the Transaction, in lieu of the Warrant Shares issuable upon such exercise prior to
such consummation, the securities or other property (including cash) to which such Holder would
have been entitled upon consummation of the Transaction if such Holder had exercised this Warrant
immediately prior thereto (subject to adjustments from and after the consummation date as nearly
equivalent as possible to the adjustments provided for in this Section 5). The foregoing
provisions of this Section 5(b) shall similarly apply to successive Transactions. If
holders of Common Stock are given any choice as to the securities, cash or property to be received
in a Transaction, then the Holder shall be given the same choice as to the consideration it
receives upon any exercise of this Warrant following such Transaction. At the Holder’s request,
any successor to the Company or surviving entity in such Transaction shall issue to the Holder a
new warrant consistent with the foregoing provisions.

          (c) Notices.

          (i) Notice of Proposed Actions. In case the Company shall propose (A) to pay any
dividend payable in stock of any class to the holders of the Common Stock or to make any other
distribution to the holders of the Common Stock, (B) to effect any reclassification of

7

 

the Common Stock, (C) to effect any recapitalization, stock subdivision, stock combination or
other capital reorganization, (D) to effect any consolidation or merger, share exchange, or sale,
lease or other disposition of all or substantially all of its property, assets or business, (E) to
effect the liquidation, dissolution or winding up of the Company, or (F) to effect any other action
which would require an adjustment under this Section 5, then in each such case the Company
shall give to the Holder written notice of such proposed action, which shall specify the date on
which a record is to be taken for the purposes of such stock dividend, stock subdivision, stock
combination, or distribution, or the date on which such reclassification, recapitalization,
reorganization, consolidation, merger, share exchange, sale, lease, transfer, disposition,
liquidation, dissolution, winding up or other transaction is to take place and the date of
participation therein by the holders of Common Stock, if any such date is to be fixed, or the date
on which the transfer of Common Stock is to occur, and shall also set forth such facts with respect
thereto as shall be reasonably necessary to indicate the effect of such action on the Common Stock
and on the Aggregate Number after giving effect to any adjustment which will be required as a
result of such action. Such notice shall be so given in the case of any action covered by clause
(A) or (B) above at least ten (10) days prior to the record date for determining holders of the
Common Stock for purposes of such action and, in the case of any other such action, at least ten
(10) days prior to the earlier of the date of the taking of such proposed action or the date of
participation therein by the holders of Common Stock.

          (ii) Adjustment Notice. Whenever the Aggregate Number is to be adjusted pursuant to
this Section 5, unless otherwise agreed by the Holder, the Company shall promptly (and in
any event within twenty (20) Business Days after the event requiring the adjustment) prepare a
certificate signed by the principal executive officer or the principal financial officer of the
Company, setting forth, in reasonable detail, the event requiring the adjustment and the method by
which such adjustment is to be calculated. The Company shall keep at its principal office copies
of all such certificates and cause the same to be available for inspection at said office during
normal business hours by the Holder or any prospective purchaser of the Warrant (in whole or in
part) if so designated by the Holder.

     6. Exchange, Replacement and Assignability. This Warrant is exchangeable, upon the
surrender hereof by the Holder at the office or agency of the Company described in Section
2, for new Warrants of like tenor and date representing in the aggregate the right to purchase
the number of Warrant Shares which may be purchased hereunder, each of such new Warrants to
represent the right to purchase such number of Warrant Shares as shall be designated by such Holder
at the time of such surrender. Upon receipt of evidence satisfactory to the Company of the loss,
theft, destruction or mutilation of Warrants and, in the case of any such loss, theft or
destruction, of an indemnity letter (reasonably satisfactory to the Company) of an institutional
holder of such Warrants, or in other cases, of a bond of indemnity or other security satisfactory
to the Company, or, in the case of any such mutilation, upon surrender or cancellation of Warrants,
the Company will issue to the Holder a new Warrant of like tenor and date, in lieu of this Warrant
or such new Warrants, representing the right to purchase the number of Warrant Shares which may be
purchased hereunder. Subject to compliance with Section 3, this Warrant and all rights
hereunder are transferable in whole or in part upon the books of the Company by the registered
Holder hereof in person or by duly authorized attorney, and new Warrants shall be made and
delivered by the Company, of the same tenor and date as this Warrant but registered in the name of
the transferees, upon surrender of this Warrant, duly endorsed, to the appropriate office or agency
of the Company. All expenses, taxes (other than

8

 

stock
transfer taxes) and other charges payable in connection with the preparation, execution and delivery of Warrants
pursuant to this Section 6 shall be paid by the Company.

     7. Registration of Warrant. The Company shall register this Warrant, upon records to
be maintained by the Company for that purpose (the “Warrant Register”), in the name of the
record Holder hereof from time to time. The Company may deem and treat the registered Holder of
record of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any
distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

     8. Warrant Agent. The Company shall serve as warrant agent under this Warrant. Upon
30 days’ notice to the Holder, the Company may appoint a new warrant agent. Any corporation into
which the Company or any new warrant agent may be merged or any corporation resulting from any
consolidation to which the Company or any new warrant agent shall be a party or any corporation to
which the Company or any new warrant agent transfers substantially all of its corporate trust or
stockholder services business shall be a successor warrant agent under this Warrant without any
further act. Any such successor warrant agent shall promptly cause notice of its succession as
warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s
last address as shown on the Warrant Register.

     9. Transfer Books, No Rights as Shareholder, Survival of Rights. The Company will at
no time close its transfer books against the transfer of this Warrant or any Warrant Shares in any
manner which interferes with the timely exercise of this Warrant. This Warrant shall not entitle
the Holder to any voting rights or any rights as a shareholder of the Company. The rights and
obligations of the Company, of the Holder of this Warrant and of any Holder of Warrant Shares
issued upon exercise of this Warrant pursuant to the terms of this Warrant shall survive the
exercise of this Warrant.

     10. Effectiveness of this Warrant. This Warrant shall become effective, and shall be
deemed to be delivered to the Holder on the date hereof, if, and only if, the Company prepays all
or any portion of the Convertible Note within the Pre-Annual Meeting Prepayment Period (the date of
any such prepayment being the “Effectiveness Date”).

     11. No Inconsistent Agreements. The Company shall not hereafter enter into any
agreement with respect to its securities which is inconsistent with or violates the rights granted
to the Holders in this Warrant.

     12. Amendment and Waiver.

          (a) It is agreed that any waiver, permit, consent or approval of any kind or character on the
Holder’s part of any breach or default under this Warrant, or any waiver on the Holder’s part of
any provisions or conditions of this Warrant must be in writing.

          (b) Any amendment, supplement or modification of or to any provision of this Warrant, any
waiver of any provision of this Warrant and any consent to any departure by any party from the
terms of any provision of this Warrant shall be effective only if it is made or given in writing
and signed by the Company and the Holder.

9

 

          (c) Any amendment or waiver consented to as provided in this Section 10 is binding
upon each future Holder of this Warrant and upon the Company without regard to whether this Warrant
has been marked to indicate such amendment or waiver.

     13. Rights of Transferees. Subject to compliance with Section 3, the rights
granted to the Holder hereunder of this Warrant shall pass to and inure to the benefit of all
subsequent transferees of all or any portion of the Warrant (provided that the Holder and any
transferee shall hold such rights in proportion to their respective ownership of the Warrant and
Warrant Shares) until extinguished pursuant to the terms hereof.

     14. Headings. The headings in this Warrant are for convenience of reference only and
shall not constitute a part of this Warrant, nor shall they affect their meaning, construction or
effect.

     15. Notices. All notices, demands and other communications provided for or permitted
hereunder shall be provided, and shall be deemed to have been duly given, as provided for in
Section 8.02 of the Note Purchase Agreement.

     16. Successors and Assigns. This Warrant shall be binding upon and inure to the
benefit of the parties hereto and their respective successors or heirs and personal representatives
and permitted assigns; provided, that the Company shall have no right to assign its rights,
or to delegate its obligations, hereunder without the prior written consent of the Holder.

     17. Governing Law. This Agreement and (unless otherwise provided) all amendments
hereof and waivers and consents hereunder shall be governed by the laws of the State of New York,
notwithstanding any conflict of law provision to the contrary. THE COMPANY HEREBY CONSENTS AND
AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN NEW YORK COUNTY, CITY OF NEW YORK, NEW YORK,
SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THE COMPANY
AND THE HOLDER PERTAINING TO THIS WARRANT OR ANY OF THE OTHER TRANSACTION DOCUMENTS OR TO ANY
MATTER ARISING OUT OF OR RELATING TO THIS WARRANT OR ANY OF THE OTHER TRANSACTION DOCUMENTS,
PROVIDED, THAT THE HOLDER AND THE COMPANY ACKNOWLEDGE THAT ANY APPEALS FROM THOSE COURTS MAY HAVE
TO BE HEARD BY A COURT LOCATED OUTSIDE OF NEW YORK COUNTY, AND, PROVIDED, FURTHER, NOTHING IN THIS
WARRANT SHALL BE DEEMED OR OPERATE TO PRECLUDE THE HOLDER FROM BRINGING SUIT OR TAKING OTHER LEGAL
ACTION IN ANY OTHER JURISDICTION TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE
OBLIGATIONS, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE HOLDER. THE COMPANY
EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN
ANY SUCH COURT, AND THE COMPANY HEREBY WAIVES ANY OBJECTION WHICH IT MAY HAVE BASED UPON LACK OF
PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS AND HEREBY CONSENTS TO THE GRANTING
OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. THE COMPANY HEREBY
WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR
SUIT AND AGREES THAT SERVICE OF SUCH 

10

 

SUMMONS, COMPLAINTS AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL
ADDRESSED TO SUCH PERSON AT THE ADDRESS SET FORTH IN SECTION 8.02 OF THE NOTE PURCHASE AGREEMENT
AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF ACTUAL RECEIPT THEREOF OR
THREE (3) DAYS AFTER DEPOSIT IN THE U.S. MAILS, PROPER POSTAGE PREPAID.

     18. Severability. If any one or more of the provisions contained herein, or the
application thereof in any circumstance, is held invalid, illegal or unenforceable in any respect
for any reason, the validity, legality and enforceability of any such provision in every other
respect and of the remaining provisions hereof shall not be in any way impaired, unless the
provisions held invalid, illegal or unenforceable shall substantially impair the benefits of the
remaining provisions hereof. The parties hereto further agree to replace such invalid, illegal or
unenforceable provision of this Warrant with a valid, legal and enforceable provision that will
achieve, to the extent possible, the economic, business and other purposes of such invalid, illegal
or unenforceable provision.

     19. WAIVER OF JURY TRIAL. BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX
FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT
PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION
RULES), THE PARTIES DESIRE THAT DISPUTES ARISING HEREUNDER OR RELATING HERETO BE RESOLVED BY A
JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF
THE JUDICIAL SYSTEM AND OF ARBITRATION, THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY
ACTION, SUIT OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR
OTHERWISE, AMONG THE COMPANY AND HOLDER ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL
TO THE RELATIONSHIP ESTABLISHED IN CONNECTION WITH, THIS WARRANT OR ANY OF THE OTHER TRANSACTION
DOCUMENTS OR THE TRANSACTIONS RELATED HERETO OR THERETO.

     20. Entire Agreement. This Warrant contains the entire agreement among the parties
with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements
or understandings with respect thereto.

[signature page follows]

11

 

     IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by its duly authorized
officer, duly attested by its authorized officer, as of the date first set forth above.

	 	 	 	 	 
	 	PREMIER EXHIBITIONS, INC.

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 	 	 
	ATTEST:.	 	 	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 	 	 

[Signature Page]

 

 

NOTICE OF EXERCISE

			
	To:	 	Premier Exhibitions, Inc.

3340 Peachtree Road, N. E., Suite 2250

Atlanta, Georgia 30326

Attention: Chief Executive Officer

Facsimile: 404.842.2626

     1. The undersigned, pursuant to the provisions of the attached Warrant, hereby elects to
exercise this Warrant with respect to                      shares of Common Stock (the “Exercise
Amount”). Capitalized terms used but not otherwise defined herein have the meanings ascribed
thereto in the attached Warrant.

     2. The undersigned herewith tenders payment for such shares in the following manner (please
check type, or types, of payment and indicate the portion of the Exercise Price to be paid by each
type of payment):

                                   Exercise for Cash

                                   Cashless Exercise

     3. Please issue a certificate or certificates representing the shares issuable in respect
hereof under the terms of the attached Warrant, as follows:

(Name of Record Holder/Transferee)

          and deliver such certificate or certificates to the following address:

(Address of Record Holder/Transferee)

     4. If the Exercise Amount is less than all of the shares of Common Stock purchasable
hereunder, please issue a new warrant representing the remaining balance of such shares, as
follows:

(Name of Record Holder/Transferee)

          and deliver such warrant to the following address:

(Address of Record Holder/Transferee)

	 	 	 	 	 	 	 	 	 
	Date:	 	Name of Record Holder	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:
	 	 

	 	 
	 

	 	 	 	 	 	 	 	 

[Notice of Exercise]

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