Document:

Exhibit 10.1

 

CERTAIN PORTIONS OF THIS EXHIBIT HAVE BEEN REDACTED AND ARE THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST PURSUANT TO RULE 24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934.  REDACTED PORTIONS ARE MARKED WITH [*****] AND HAVE BEEN FILED SEPARATELY WITH THE

SECURITIES AND EXCHANGE COMMISSION.

 

AMENDMENT

TO

AMENDED AND RESTATED GAS GATHERING AGREEMENT

 

This Amendment (the “Amendment”) is effective as of September 1, 2015, between SM Energy Company (“Producer”) and Regency Field Services LLC (“Gatherer”).

 

WHEREAS, Producer and Gatherer (the “Parties”) are parties to that certain Amended and Restated Gas Gathering Agreement dated May 31, 2011 (the “Agreement”); and

 

WHEREAS, the Parties desire to amend the Agreement as set forth below.

 

NOW THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth, the Parties agree as follows:

 

1.              Exhibit “A-1” to the Agreement is hereby deleted and replaced in its entirety by the Exhibit “A-1” attached to this Amendment.

 

2.              Effective as of the In-Service Date (defined below), Exhibit “C, Revision 1” (and any other previous versions of Exhibit C) to the Agreement is hereby deleted and replaced in its entirety by the Exhibit “C, Revision 2” attached to this Amendment.

 

3.              In Article I, Definitions, the definition of Dedicated Area is deleted and replaced in its entirety with the following definition: “Dedicated Area means the lands described and depicted by plat solely within the green shaded area and noted as the “Rich Gas Area” on Exhibit “A-1”, strictly limited to the formations between the surface of such lands and the base of the Eagle Ford Formation underlying such lands and shall include the Lease(s) and Well(s) within the Dedicated Area.”

 

4.              In Article I, Definitions, in the definition of “Maximum Daily Quantity or MDQ” the reference to “600,000 Mcf of Gas per Day” will be deleted and replaced with “980,000 Mcf of Gas per Day” upon the In-Service Date as defined in Article III, System Facilities, Section 10.

 

5.              In Article I, Definitions, the following definition is added: “Prospective Dedicated Area means the lands depicted (by map) in the red shaded area noted as the “Lean Gas Area” on Exhibit “A-1”, strictly limited to the formations between the surface of such lands and the base of the Eagle Ford Formation underlying such lands.”

 

 

6.              In Article II, Dedication and Quantity, a new Section 1(d) is added, as follows:

 

(d)                                 Producer’s Dedicated Gas shall include, without limitation, all Gas produced (i) from wells in the Prospective Dedicated Area containing a Gross Heating Value of at least [*****] Btu per standard cubic foot, and (ii) from all wells drilled in the Prospective Dedicated Area prior to February 1, 2016.  If Producer drills and completes any oil or gas well within the Prospective Dedicated Area on or after February 1, 2016, and the Gas produced therefrom contains a Gross Heating Value of less than [*****] Btu per standard cubic foot, and if Producer elects to have the Gas produced from such well processed, then Gatherer will have the right, but not the obligation, to require all Gas produced from such well to be considered as Producer’s Dedicated Gas for purposes of this Agreement. Producer will promptly deliver Gatherer written notice of its determination to have such Gas processed, and Gatherer will have [*****] Days following receipt of such notice to respond with its election.  If Gatherer fails to respond within the [*****] Day period, Gatherer will be deemed to have failed to exercise its option concerning such well.

 

7.              In Article III, System Facilities, of the Agreement, a new Section 10 is added, as follows:

 

10.                               Gathering Expansion Project.  Gatherer shall design and construct the facilities necessary to expand the capacity of the System from approximately 580 MMcf/d to not less than 980 MMcf/d, as set forth below (collectively, the “Expansion Facilities”).

 

Facilities.  Gatherer shall install approximately 13 miles of predominately 16” gathering line, to (a) loop L15 to the suction side of B1LTE, (b) link South Briscoe from the L11 lateral to the G2LT via west and east extension of the existing 16” LP loop line, and (c) extend L4 to the G3LT crossover.  Gatherer shall also make compressor and battery modifications to allow for 200 psig suction pressure at each of B4LTW, B4LTE, B5LTE and G1LT, and install four CAT 3606 compressor units and associated equipment at B2LTW.  At the Boldt Ranch Delivery Point, Gatherer shall add two 100 MMcf/d dehydration units to increase the capacity of that Delivery Point to 450 MMcf/d.  At or near Latitude 27.9766 and Longitude -99.8460, Gatherer shall construct and install a new Delivery Point (the “South Export Delivery Point”), with the capacity to deliver 450 MMcf/d of Gas, including two phase and three phase inlet separation, dehydration units capable of throughput rates of at least 450 MMcf/d, an MCC building and area lighting.

 

Condensate Facilities.  At the existing Briscoe A-1 Delivery Point, Gatherer shall combine the two 2,000 barrel bullet tanks, and install a back-up flash gas compressor for the tank vapors from the new Briscoe A-2 Condensate Delivery Point.  At the existing Boldt Ranch Delivery Point, Gatherer shall replace the existing VRU, install an emergency flare, and install a back-up flash gas compressor for the tank vapors from the new Boldt Ranch-2 Condensate Delivery Point.  At the South Export Delivery Point, Gatherer shall install two 2,000 barrel bullet tanks for Condensate storage, a flash gas compressor, a truck Condensate loading facility, a positive displacement pump to deliver Condensate into the Condensate Facilities, a 450-barrel gun barrel storage tank, a VRU and an emergency flare.  At or near Latitude 28.1828 and Longitude -99.8911, Gatherer shall construct and install a new Briscoe A-2 Condensate Delivery Point, including a 4-bay truck load out rack, an inlet line heater with rerun option, 25,000 barrels of Condensate storage, a 450-barrel gun barrel storage tank, a redundant VRU, an MCC building, 

 

 

an emergency flare, area lighting, and Gas line and Condensate line extensions from the Briscoe A-1 Delivery Point.  Similarly, at or near Latitude 28.0703 and Longitude -99.6035, Gatherer shall construct and install a new Boldt Ranch-2 Condensate Delivery Point, including a 4-bay truck load out rack, piping and related facilities for the future installation of an inlet line heater with rerun option, 20,000 barrels of Condensate storage, a 450-barrel gun barrel storage tank, a redundant VRU, an emergency flare, area lighting, and Gas line and Condensate line extensions from the old Boldt Ranch Condensate Delivery Point.  Once these facilities are installed, the new Briscoe A-2 and Boldt Ranch-2 Condensate Delivery Points shall be capable of delivering 21,000 and 13,000 barrels per Day of Condensate, respectively.

 

Producer shall cause to be installed the necessary flow control valves and meters at the expanded Boldt Ranch and the new South Export Delivery Points, and the necessary pumps, meters and downstream pipelines at the new Briscoe A-2 and Boldt Ranch-2 Condensate Delivery Points.  The first Day of the first Month following the date all of the Expansion Facilities are completed and ready to be placed in commercial service and are fully operational shall be the “In-Service Date” hereunder; provided, however, such date shall not be dependent upon installation of any necessary flow control valves, pumps, meters or downstream pipelines at any Delivery Point or Condensate Delivery Point.  Subject to Force Majeure, Gatherer shall cause the In-Service Date to occur on or before March 1, 2017.  As of the In-Service Date, both of the existing Briscoe A-1 and Boldt Ranch Condensate Delivery Points shall be deleted as Condensate Delivery Points, and replaced by the new Briscoe A-2 and Boldt Ranch-2 Condensate Delivery Points, respectively.

 

In the event, other than due to Force Majeure, that Gatherer is unable to cause the In-Service Date to occur on or before March 1, 2017, then for each day until the In-Service Date occurs, Producer will be entitled to a credit (the “Delay Credit”) in an amount equal to (A) the volume of Gas (measured in MMBtus) curtailed as a result of the Expansion Facilities not being fully operational and placed in commercial service multiplied by (B) the EV Gathering Fee multiplied by [*****].  The Delay Credit will offset any fees or other costs owed to Gatherer by Producer for the Month(s) in which the Delay Credit occurs.

 

8.              In Article V, Compensation and Disposition, of the Agreement, a new Section 5 is added, as follows:

 

5.                                      Expansion Volume Gathering Fee and Throughput Commitment.

 

Expansion Volume Gathering Fee.  For purposes of this Section 5, “Expansion Volume” shall mean the volume of Gas, if any, delivered to the Delivery Points each Day that is greater than 580,000 Mcf, beginning with the In-Service Date.  With respect to the Expansion Volume each Day, in lieu of the Gathering Fee, Producer shall pay Gatherer a fee equal to the Gathering Fee as of the In-Service Date (such equivalent fee shall be the “Base EV Gathering Fee”) plus $[*****] per Delivery Point MMBtu (the “Expansion Adder” and such sum, the “EV Gathering Fee”).  The Base EV Gathering Fee and the Expansion Adder shall be adjusted in accordance with the formula set forth in Article V, Section 2, above.  Upon the earlier to occur of (x) the total Expansion Volume delivered to the Delivery Points hereunder exceeding [*****] Mcf, or (y) upon the first Day of the first Month following five years from the In-Service Date, (A) the 

 

 

Expansion Adder shall be eliminated from the EV Gathering Fee, such that the EV Gathering Fee shall equal the Base EV Gathering Fee, and (B) the Base EV Gathering Fee shall be reduced by [*****].  For the avoidance of doubt, this Section 5 shall not impact the fees paid to Gatherer on the first 580,000 Mcf of Gas delivered each Day.

 

Expansion Volume Throughput Commitment.  As consideration for construction of the Expansion Facilities, Producer agrees to tender quantities of Expansion Volume each Expansion Year that at least equal the Annual Expansion Throughput Commitment for such Expansion Year set forth below, and to make a payment to Gatherer after each Expansion Year (the “Expansion Annual Shortfall Payment”) as set forth below if the Annual Expansion Throughput Commitment is not met for such Expansion Year.  For purposes of this paragraph, “Expansion Year” shall mean a period of twelve (12) consecutive Months commencing on the later of (A) March 1, 2017 and (B) the In-Service Date, and each subsequent period of twelve (12) consecutive Months up to a maximum of five (5) Expansion Years.

 

	
Expansion Year
    	
 
    	
Annual Expansion Throughput Commitment
    
	
1
    	
 
    	
[*****] MMBtu
    
	
2
    	
 
    	
[*****] MMBtu
    
	
3
    	
 
    	
[*****] MMBtu
    
	
4
    	
 
    	
[*****] MMBtu
    
	
5
    	
 
    	
[*****] MMBtu
    

 

The Expansion Annual Shortfall Payment shall be calculated as follows:

 

[((A – B) – C) – D] x E  =  Expansion Annual Shortfall Payment (in Dollars)

 

Where:

 

A  =  the Annual Expansion Throughput Commitment (in MMBtu); and

 

B  =  the actual quantity (in MMBtu) of Expansion Volume measured at the Delivery Points during the Expansion Year, if such amount was less than the Annual Expansion Throughput Commitment; and

 

C  =  the quantity (in MMBtu) by which the previous Expansion Year’s actual deliveries (including credits) of Expansion Volumes exceeded the Annual Expansion Throughput Commitment applicable to such Expansion Year, if any.  For the avoidance of doubt, any quantities of Expansion Volume delivered and/or credited under this paragraph during an Expansion Year in excess of the Annual Expansion Throughput Commitment for such Expansion Year will be credited against the Annual Expansion Throughput Commitment for the succeeding Expansion Year.

 

D  =  the quantity of credits (in MMBtu) applied to the Annual Expansion Throughput Commitment pursuant to the paragraph of this Section 5 below concerning Gatherer’s failure to receive Gas volumes tendered by Producer; and

 

 

E  =  the sum of the average EV Gathering Fee for the applicable Expansion Year plus the average Compression Fee for the applicable Expansion Year plus the average Dehydration Fee for the applicable Expansion Year, in Dollars per MMBtu.

 

Gatherer shall invoice Producer for any Expansion Annual Shortfall Payment no later than the end of the third full Month after the completion of the Expansion Year to which the Annual Expansion Throughput Commitment applies.  Payment shall be due in accordance with the payment terms hereof.  The Parties agree that Producer’s obligation to tender the Annual Expansion Throughput Commitment or to make any Expansion Annual Shortfall Payment when due will not be excused for any reason, including, but not limited to, Force Majeure affecting any Well(s) or the failure or rescission of any Lease(s).

 

In determining whether any Annual Expansion Throughput Commitment has been met, Producer shall receive a one (1) MMBtu credit against such Annual Expansion Throughput Commitment for each one (1) MMBtu of Expansion Volume Gas which Producer was ready and able to deliver hereunder in accordance with this Agreement during the applicable Expansion Year, but which Gatherer failed to receive for any reason other than Force Majeure; provided, however, such credit shall not exceed, for any Day, a quantity of Gas equal to 400,000 Mcf per Day (in MMBtu), less the quantity of Gas (in MMBtu) which was delivered hereunder during such Day to the applicable Facilities system(s).  For purposes of this paragraph, determination of the quantity of Expansion Volume Gas which Producer was ready and able to deliver hereunder shall be made by reference to the weighted average daily quantity of Expansion Volume Gas (in MMBtu) delivered to the applicable Receipt Point(s) during the five (5) Days immediately preceding Gatherer’s failure to receive such Gas, assuming a weighted average volume allocation of Expansion Volume Gas among all Receipt Points during such five (5) Day period.  Notwithstanding anything to the contrary, the credit under this paragraph shall not apply to Connection Delays, delays in connection of an Offset Well that is not a DA Offset Well, or Gas not taken as a result of an Excess Pressure Event.

 

9.              In Article VI, Receipt and Delivery Pressures and Rate of Flow, of the Agreement, a new Section 4 is added, as follows:

 

4.                                      Tank Battery Suction Pressures.  Gatherer shall maintain a pressure of 200 psig or less on the suction side of the compression facilities at each of the B4LTE, B4LTW, B5LTE, G1LT, G13LT, G12LT, G10LT, G9LT, G8LT, G6LT, G5LT, G4LT, and G2LT Tank Batteries.  If the actual operating pressure at the inlet control valve at such locations exceeds 200 psig (“Excess Suction Pressure”), and Producer gives Gatherer notice of same, then Gatherer shall promptly use reasonable efforts to reduce such pressure at such locations to a pressure at or below 200 psig within forty-eight (48) hours after delivery of such notice.  If there is Excess Suction Pressure at a Tank Battery as averaged over a period of fourteen (14) or more consecutive Days, excluding any Days during such fourteen (14) day period on which an event of Force Majeure caused, in whole or in part, such Excess Suction Pressure, and excluding the first two days of Excess Suction Pressure caused in whole or in part by the completion and connection of a Well upstream of the affected Tank Battery (an “Excess Suction Pressure Event”), then Producer shall provide gatherer with written notice containing the applicable dates of the Excess Suction Pressure 

 

 

Event, and Gatherer shall issue Producer an “Excess Suction Pressure Credit” calculated as follows:

 

(P x Q)  =  Excess Suction Pressure Credit

 

Where:

 

P  =  $[*****] per MMBtu; and

 

Q  =  the quantity of Gas (in MMBtu) delivered to the Tank Battery during all days of the Excess Suction Pressure Event plus the quantity of Gas (in MMBtu) delivered to the Tank Battery during a period immediately following the Excess Suction Pressure Event equal to the number of days of the Excess Suction Pressure Event.

 

The foregoing $[*****] per MMBtu credit rate will be annually adjusted as provided in Article V, Section 2.

 

Except as amended herein, all other terms and conditions of the Agreement shall remain in full force and effect.

 

The Parties have caused this Amendment to be executed by their duly authorized representatives as of the date first set forth above.

 

	
Regency Field Services LLC
    	
 
    	
SM Energy Company
    
	
By: Regency Gas Services LP, its sole member
    	
 
    	
 
    
	
By: Regency OLP GP LLC, its general partner
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By: 
    	
/s/ Brian Beebe
    	
 
    	
By: 
    	
/s/ Dave Whitcomb
    
	
 
    	
 
    	
 
    
	
Name: Brian Beebe
    	
 
    	
Name: Dave Whitcomb
    
	
 
    	
 
    	
 
    
	
Title: Senior Vice President
    	
 
    	
Title: Vice President – Marketing
    
					

 

 

Exhibit A-1

To that certain Amended and Restated Gas Gathering Agreement dated May 31, 2011

between SM Energy Company (“Producer”) and Regency Field Services LLC (“Gatherer”)

 

Dedicated Area Plat

 

On Following Page

 

 

EXHIBIT “C, Revision 2”

To that certain Amended and Restated Gas Gathering Agreement dated May 31, 2011

between SM Energy Company (“Producer”) and Regency Field Services LLC (“Gatherer”)

 

Delivery Point(s)

 

	
Delivery Point
    	
 
    	
Meter Number-
   Counter Party
    	
 
    	
Pressure
   (psig)
    	
 
    	
Maximum
   Daily
   Quantity
   (MMSCFD)
    	
 
    	
Lat. / Long.
    	
 
    	
County /
   State
    
	
Briscoe A-1(1)
    	
 
    	
6045-RFS
    11712-EFG, LLC
    11712B-EFG, LLC
    0969003-10-ETC
    	
 
    	
1200
    	
 
    	
250
    	
 
    	
28.182037
   -99.873273
    	
 
    	
Webb, Texas
    
	
Boldt Ranch(2)
    	
 
    	
11709-EFG,   LLC
    11709B-EFG, LLC
    0969020-10-ETC
    	
 
    	
1200
    	
 
    	
250/450(3)
    	
 
    	
28.064314
   -99.604006
    	
 
    	
Webb, Texas
    
	
Brask CRP
    	
 
    	
6036-RFS
    	
 
    	
450
    	
 
    	
21
    	
 
    	
28.026701
   -99.863584
    	
 
    	
Webb, Texas
    
	
Galvan G-6 Export
    	
 
    	
6048-RFS
    	
 
    	
1200
    	
 
    	
90
    	
 
    	
28.049946
   -99.736603
    	
 
    	
Webb, Texas
    
	
Bella Vista CRP
    	
 
    	
6040-RFS
    	
 
    	
1200
    	
 
    	
36
    	
 
    	
28.138037
   -99.594894
    	
 
    	
Webb, Texas
    
	
South Export Delivery Point
    	
 
    	
TBD
    	
 
    	
1200
    	
 
    	
450
    	
 
    	
27.9766,
   -99.8460
    	
 
    	
Webb, Texas
    

 

(1) Briscoe A-1 Delivery Point(s) shall include interconnects with Eagle Ford Gathering LLC (“EFG, LLC”), Regency Field Services LLC (“RFS”), and ETC Texas Pipeline Ltd. (“ETC”)

(2) Boldt Ranch Delivery Point(s) shall include interconnects with Eagle Ford Gathering LLC and ETC Texas Pipeline Ltd.

(3) The MDQ for the Boldt Ranch Delivery Point shall be increased from the current 250 MMscf/d to 450 MMscf/d upon the In-Service Date

 

As additional delivery point(s) are installed on the Facilities for delivery of Gas from the Facilities, the Parties shall add the same to this Exhibit by amendment.Amendment Agreement

 Exhibit 10.1 

AMENDMENT TO LOAN AGREEMENT, 

NON-REVOLVING LINE OF CREDIT PROMISSORY NOTE, 

AND RELATED LOAN AND SECURITY DOCUMENTS 

AMENDMENT TO REVOLVING CREDIT LOAN AND SECURITY 

AGREEMENT, RENEWAL COMMERCIAL TERM PROMISSORY 

NOTE, AND RELATED LOAN AND SECURITY DOCUMENTS 

AMENDMENT TO MORTGAGE AND NOTE MODIFICATION AND 

RENEWAL AGREEMENT, AND RENEWAL COMMERCIAL 

PROMISSORY NOTE, AND RELATED LOAN AND SECURITY DOCUMENTS 

These amendments (collectively, the “Amendments”) are made and entered into effective as of the 9th day of September,
2015, by and between ODYSSEY MARINE EXPLORATION, INC., a Nevada corporation (“Borrower”), and FIFTH THIRD BANK, an Ohio banking corporation, (“Lender”). 

RECITALS 
 A.
Non-Revolving Loan. Borrower requested, and Lender made available to Borrower, a loan (the “Non-Revolving Loan”) in the amount of $10,000,000.00, as evidenced by that certain Non-Revolving Line of Credit Promissory Note made
by Borrower in favor of Lender dated May 7, 2014, in the original principal amount of Ten Million and 00/100 Dollars ($10,000,000.00) (the “Non-Revolving Note”). The Non-Revolving Loan is evidenced by, among other things, that
certain Loan Agreement made by Borrower and Lender, dated May 7, 2014 (the “Non-Revolving Loan Agreement”), as amended. The foregoing documents described in this Recital A and all other documents evidencing, securing, executed
or delivered in connection with the Non-Revolving Loan are referred to hereinafter as the “Non-Revolving Loan Documents.” 

B. Revolving Loan. Borrower is also the borrower from Lender in the amount of $5,000,000.00 (the “Revolving Loan”), as
evidenced by that certain Renewal Commercial Term Promissory Note made by Borrower in favor of Lender dated July 11, 2013, in the original principal amount of Five Million and 00/100 Dollars ($5,000,000.00) (the “Revolving
Note”). The Revolving Loan is evidenced by, among other things, that certain Revolving Credit Loan and Security Agreement made by Borrower and Lender, dated February 7, 2008, as amended. The foregoing documents described in this
Recital B and all other documents evidencing, securing, executed or delivered in connection with the Revolving Loan are referred to hereinafter as the “Revolving Loan Documents.” 

C. Mortgage Loan. Borrower is also the borrower from Lender in the amount of $1,302,000.00 (the “Mortgage Loan”), as
evidenced by that certain Renewal Commercial Promissory Note dated July 11, 2013, in the original principal amount of One Million Three Hundred Two Thousand and 00/100 Dollars ($1,302,000.00). The Mortgage Loan is evidenced and secured, among
other things, by that certain Mortgage and Note Modification and Renewal Agreement granted by Borrower in favor of Lender dated July 11, 2013 and recorded in O.R. 

  
 1 

 
Book 22033, Page 407 of the Official Records of Hillsborough County, Florida (the “Mortgage”). The foregoing documents described in this Recital C and all other documents
evidencing, securing, executed or delivered in connection with the Mortgage Loan are referred to hereinafter as the “Mortgage Loan Documents.” 

D. Borrower has requested Lender to modify the payment obligations of the Non-Revolving Note and to extend the Maturity Date of the Odyssey
Notes (as defined below), and Lender is willing to do so on the terms and conditions hereinafter set forth. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements hereinafter set forth, the parties hereto do
hereby agree as follows: 
 1. Recitals. The Recitals hereinabove contained are true and correct and are made a part hereof.

 2. Definitions. The Non-Revolving Loan, the Revolving Loan and the Mortgage Loan are collectively referred to as the
“Odyssey Loans.” The Non-Revolving Note, the Revolving Note and the Mortgage Note are collectively referred to as the “Odyssey Notes.” The Non-Revolving Loan Documents, the Revolving Loan Documents and the Mortgage
Loan Documents are collectively referred to as the “Odyssey Loan Documents.” Capitalized terms used but not defined herein shall have the meaning ascribed thereto in the applicable Odyssey Loan Documents. 

3. Odyssey Loan Extensions. So long as no Event of Default (as hereafter defined) occurs hereunder and subject to the
conditions set forth in these Amendments, Lender agrees to extend the Maturity Date of each of the Odyssey Notes through December 17, 2015 (the “Extended Maturity Date”).  

4. Payments to Lender. In addition to the terms of payment set forth in the Odyssey Notes and other Odyssey Loan
Documents, Borrower shall make the following payments to Lender: 
 (a) Borrower shall simultaneously with the execution of these
Amendments pay to Lender (i) a modification fee in the amount of Twenty-Five Thousand Dollars ($25,000.00), and (ii) all costs and expenses incurred in connection with the negotiating and preparation of these Amendments and the
transactions contemplated hereby, including without limitation Lender’s attorneys’ fees and costs. 
 (b) Borrower shall pay into
the Interest Reserve Accounts for the Odyssey Loans that have an Interest Reserve Account, simultaneously with execution of these Amendments, the amount necessary to bring the balances of such accounts up to the amount reasonably estimated by Lender
to prefund the amount of interest to be due and payable by Borrower for the combined Odyssey Loans through the Extended Maturity Date. The prefunding amount for the Non-Revolving Loan is One Hundred Forty-Six Thousand Four Hundred Fourteen and
03/100ths Dollars ($146,414.03). The prefunding amount for the Revolving Loan is Fifty-Five Thousand Four Hundred Nineteen and 81/100ths Dollars ($55,419.81). The prefunding amount for the 

  
 2 

 
Mortgage Loan is Fifty-Seven Thousand Four Hundred Ninety-Five and 29/100ths Dollars ($57,495.29). If Lender reasonably believes that the amount remaining at any time in an Interest Reserve
Account is inadequate to fully fund the interest due for all Odyssey Loans through the Extended Maturity Date, Borrower shall pay the amount of the estimated deficiency into an Interest Reserve Account designated by Lender within ten (10) days
after notice of such deficiency is given by Lender to Borrower. 
 (c) Lender waives the principal payment due under the Non-Revolving Loan
on or before August 31, 2015, of One Million Four Hundred Thousand and 00/100 Dollars ($1,400,000.00) provided for in Paragraph 4(b) of that certain First Amendment To Loan Agreement, Non-Revolving Line Of Credit Promissory Note, Assignment And
Security Agreement And Pledge Of Deposit Account, Salvage Proceeds Account, And Assignment And Security Agreement And Pledge Of Deposit Account, Interest Reserve Account dated May 7, 2015, by Borrower and Lender. All of other provisions of such
Paragraph remain in full force and effect. 
 (d) Borrower shall continue to pay all amounts due each month under the Odyssey Notes until
the Extended Maturity Date, at which time all principal and accrued interest with respect to all Odyssey Loans shall be immediately due and payable. 

5. Closing Requirements. As a condition precedent to Lender’s execution and delivery of these Amendments:

 (a) Lender shall have received the following documents, duly authorized and executed by Borrower, each in form and substance
satisfactory to Lender in Lender’s sole and absolute discretion: 
 (i) Three originals of these Amendments (or counterparts hereto),
duly authorized and executed by Borrower; 
 (ii) Borrower’s Certificate; 

(iii) Assurance Agreement; 

(iv) Allonge to the Non-Revolving Note; 

(v) Allonge to the Revolving Note; 

(vi) Allonge to the Mortgage Note; 

(vii) Amendment to Mortgage; 

(viii) Closing Statement; and 

(ix) Such other documents or instruments deemed to be necessary or proper by Lender to effectuate the terms of this Agreement. 

  
 3 

 (b) Lender shall have received from Borrower such financial information as contained in the sworn
Borrower’s Affidavit, which has been executed at the same time as this Agreement. 
 (c) Borrower shall be in compliance with all of
the other terms of the Loan and the Additional Loans. 
 6. Covenants. Borrower agrees as follows:  

(a) Borrower shall continue to comply with all applicable covenants, obligations, terms and conditions of the Odyssey Loan Documents and these
Amendments. 
 (b) Borrower will give Lender prompt prior written notice of any pending or projected inability of Borrower to pay its
monetary business obligations in full when due, and provide to Lender such detailed information concerning the same as Lender may request. 

(c) Borrower acknowledges and agrees that any default under any indebtedness existing from time to time of Borrower to Lender of any kind or
nature, including without limitation the Odyssey Loans, is a default under all indebtedness of Borrower to Lender, whether or not so specified in the provisions of any particular loan. In addition, Borrower acknowledges and agrees that Lender shall
have the benefit of all collateral given by Borrower to or for the benefit of Lender with respect to all indebtedness of Borrower to Lender, with the result that all indebtedness of Borrower to Lender is cross-defaulted and cross-collateralized,
whether or not so specified in the provisions of any particular loan. 
 7. Confirmation of the Odyssey Loans and the Amounts
Due. Borrower, in consideration of the matters described in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged, hereby covenants and agrees for the benefit of Lender and its
respective successors, transferees, participants and assigns as follows: 
 (a) As of August 28, 2015, the aggregate outstanding
balances on the Non-Revolving Note, prior to payments under Section 4 above, are: 
  

					
	 Principal
	  	$	7,684,514.25	  
	 Interest
	  	$	26,602.59	  
		  	  
	  
	 
	 TOTAL
	  	$	7,711,116.84	  

 (b) As of August 28, 2015, the aggregate outstanding balances on the Revolving Note, prior to payments
under Section 4 above, are: 
  

					
	 Principal
	  	$	3,000,000.00	  
	 Interest
	  	$	8,652.08	  
	 TOTAL
	  	$	3,008,652.08	  

  
 4 

 (c) As of August 28, 2015, the aggregate outstanding balances on the Mortgage Note, prior to
payments under Section 4 above, are: 
  

					
	 Principal
	  	$	1,033,250.00	  
	 Interest
	  	$	2,262.39	  
	 TOTAL
	  	$	1,035,512.39	  

 (d) Borrower acknowledges that such amounts exclude all fees and expenses charged or incurred by Lender in
connection with these Amendments. 
 (e) The Odyssey Loan Documents are valid and enforceable according to their terms. 

8. Events of Default. In addition to events of default set forth in the Odyssey Loan Documents, Lender shall be entitled
to exercise all rights and remedies available under each of the Odyssey Loan Documents and applicable law upon the occurrence of the following events (each, an “Event of Default”): 

(a) if any of the representations, warranties or covenants made by Borrower either set forth in these Amendments or in any of the Odyssey Loan
Documents or in any other document delivered in connection with these Amendments are determined at any time to have been known to Borrower to be false or misleading in any material respect when made and adversely affect the interests of Lender; or

 (b) if Borrower fails to duly and promptly observe, perform and discharge any covenant, term, condition or agreement contained in these
Amendments or in any of the Odyssey Loan Documents (without the application of any applicable notice or cure period set forth therein). 

9. Remedies. Upon the occurrence of an Event of Default, in addition to all of the rights and remedies available to
Lender under the Odyssey Loan Documents and applicable law, interest shall be calculated retroactively from September 1, 2015, at the Default Interest Rate, such that all accrued and accruing default interest shall become immediately due and
payable. Borrower acknowledges and confirms that all grace or cure periods provided in any of the Odyssey Loan Documents are hereby deleted and of no force or effect, and, upon the occurrence of any Event of Default as defined in any of the Odyssey
Loan Documents or these Amendments, Lender shall be entitled to immediately exercise all rights and remedies available under the Odyssey Loan Documents, these Amendments and applicable law against Borrower, including the right to declare the unpaid
principal balance and accrued but unpaid interest on the Odyssey Notes, and all other amounts due under the Odyssey Notes and Odyssey Loan Documents, at once due and payable. 

10. Representations and Warranties and Agreements. Borrower represents and warrants, covenants and agrees, as applicable,
as follows: 
 (a) Borrower hereby affirms and warrants that all of the warranties made in the Odyssey Loan Documents, and any other
documents or instruments recited herein or 

  
 5 

 
executed with respect thereto directly or indirectly, are true and correct as of the date hereof (except to the extent such representations and warranties expressly related only to an earlier
date, in which case as of such earlier date) and that Borrower is not in default of any of the foregoing nor aware of any default with respect thereto, and that Borrower has no defenses or rights of offset with respect to any indebtedness to the
Bank. 
 (b) Release of Lender and Waiver of Defenses. To induce Lender to enter into this Agreement, Borrower, for itself and for
its agents, attorneys, predecessors, successors, and assigns, hereby releases Lender and its predecessors, successors, assigns, officers, managers, directors, shareholders, employees, agents, servicers, special servicers, attorneys (including
Carlton Fields Jorden Burt, P.A. and its employees, representatives, parent corporations, subsidiaries, and affiliates (collectively referred to as the “Lender Affiliates”), jointly and severally from any and all claims, counterclaims,
demands, damages, debts, agreements, covenants, suits, contracts, obligations, liabilities, accounts, offsets, rights, actions, negligence, and causes of action for contribution and indemnity of every kind or description, whether arising at law or
in equity, whether presently possessed or, whether known or unknown, whether liability be direct or indirect, liquidated or unliquidated, whether presently accrued or to be accrued, whether absolute or contingent, foreseen or unforeseen, and whether
or not heretofore asserted, for or because of or as a result of any act, omission, communication, transaction, occurrence, representation, promise, damage, breach of contract, fraud, violation of any statute or law, commission of any tort, or any
other matter whatsoever or thing done, omitted or suffered to be done by Lender and/or the Lender Affiliates, which has occurred in whole or in part, or was initiated at any time from the beginning of time up to and immediately preceding the moment
of the execution of this Agreement. Borrower hereby agrees that all defenses and matters of set-off (except for sums received pursuant to this agreement) in connection with the Loans are hereby waived and released. The rights and defenses being
waived and released hereunder include without limitation any claim or defense based on the Bank having charged or collected interest at a rate greater than that allowed to be contracted for by applicable law as changed from time to time, provided,
however, in no event shall such waiver and release be deemed to change or modify the terms of the Loan Documents which provide that sums paid or received in excess of the maximum rate of interest allowed to be contracted for by applicable law, as
changed from time to time, reduce the principal sum due, said provision to be in full force and effect. 
 (c) this Agreement is a valid,
binding and enforceable obligation of Borrower and does not violate any law, rule, regulation, contract or agreement otherwise enforceable by or against the Borrower; 

(d) all financial statements delivered by Borrower to Lender prior to the date of these Amendments presented fairly, in all material respects,
the financial condition and results of operations of the Borrower on a consolidated basis as of the dates and for the periods stated therein; 

(e) Borrower has engaged an attorney or attorneys in connection with the preparation and review of this Agreement, has specifically discussed
with its attorneys the meaning and effect of this Agreement, and has carefully read and understood the scope of each provision contained herein, and has not relied upon any representation or statement made by Lender or by any representative of
Lender with regard to the subject matter, basis or effect of this Agreement; 

  
 6 

 (f) Borrower has entered into these Amendments voluntarily and has not been coerced by Lender or
any other party in any manner and have received actual and adequate consideration to enter into these Amendments; 
 (g) Borrower shall
comply with all applicable terms and conditions of the Loan Documents as amended by these Amendments; 
 (h) Borrower has the power and
authority to execute, deliver and perform all terms under these Amendments and all related documents to which it is a party and has taken all necessary action to authorize such execution, delivery and performance. Borrower’s execution of these
Amendments and its performance of its obligations hereunder are not subject to any further approval, vote or contingency from any person or committee; 

(i) Borrower has disclosed all pending or overtly threatened litigation, administrative ruling or investigation by any federal or state agency
having jurisdiction over Borrower which, if determined adversely to Borrower, would have a material adverse effect on such Borrower’s execution, delivery, or enforceability of these Amendments; 

(j) The execution and delivery of these Amendments and the performance by Borrower of its obligations hereunder will not conflict with or be a
breach of any provision of any law, regulation, judgment, order, decree, writ, injunction, contract, agreement or instrument to which Borrower is subject; and Borrower has obtained any consent, approval, authorization or order of any court or
governmental agency or body required for the execution, delivery and performance by Borrower thereof; and 
 (k) Borrower believes, and has
no cause or reason to not believe, that Borrower can perform each and every covenant contained in these Amendments. 
 (l) These Amendments
shall be deemed a Florida contract and shall be construed according to the laws of the State of Florida, regardless of whether these Amendments are executed by certain of the parties hereto in other states. 

(m) Borrower confirms and ratifies that all Odyssey Loan Documents, as amended by these Amendments, and all other documents given by Borrower
to Lender in connection with the Odyssey Loans are and remain valid, binding and enforceable. 
 11. Bankruptcy.
Borrower hereby agrees that, in consideration of the recitals and mutual covenants contained herein, and for other good and valuable consideration, including the forbearance of Lender from exercising the rights and remedies otherwise available to it
under the Loan Documents, the receipt and sufficiency of which are hereby acknowledged, in the event Borrower shall (i) file with any bankruptcy court of competent jurisdiction or be the subject of any petition (which Borrower fails to
discharge within sixty (60) days of the filing of such petition) under Title 11 of the U.S. Code, as amended; (ii) be the subject of any order for relief issued under such Title 11 of the U.S. Code, as amended; (iii) file or be the
subject of any petition (which Borrower fails to discharge within sixty (60) days of the filing of such petition)  

  
 7 

 
seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any present or future federal or state act or law relating to bankruptcy,
insolvency, or other relief for debtors; (iv) seek or consent to or acquiesce in the appointment of any trustee, receiver, conservator, or liquidator; or (v) be the subject of any order, judgment or decree entered by any court of competent
jurisdiction approving a petition filed against such party for any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any present or future federal or state act or law relating to bankruptcy,
insolvency, or relief for debtors, Lender shall thereupon be entitled to relief from any automatic stay imposed by Section 362 of Title 11 of the U.S. Code, as amended, or otherwise, on or against the exercise of the rights and remedies
otherwise available to Lender as provided in Loan Documents, and as otherwise provided by law. Borrower further represents and warrants that Borrower has not entered into these Amendments or the transactions contemplated herein to provide
preferential treatment to Lender or any other creditor of Borrower in anticipation of seeking relief under the Bankruptcy Code, nor has Borrower entered into these Amendments or the transactions contemplated herein with the actual intent to hinder,
delay or defraud any creditors of Borrower. 
 12. No Novation. It is the intent of the parties hereto that these
Amendments shall not in any way adversely affect the lien rights or any other rights or obligations of the parties under the Odyssey Loan Documents. To the extent these Amendments or any provision hereof shall be construed by a court of competent
jurisdiction as operating to subordinate the lien priority of the Odyssey Loan Documents to any claim which would otherwise be subordinate thereto (and provided that ruling is not appealed or appealable), such provision or provisions shall be void
and of no force and effect; except that these Amendments shall constitute, as to any provision so construed, a lien upon the collateral subordinate to such third person’s claims, incorporating by reference the terms of the applicable Odyssey
Loan. The Odyssey Loan Documents shall then be enforced pursuant to the terms therein contained, independent of any such provisions. 

13. Sale of Loan Documents. Lender, to the extent already provided in the Odyssey Loan Documents, may from time to time,
without prior notice to Borrower, as the context so requires, sell or assign, in whole or in part, or grant participations in, any or all of the Odyssey Notes and/or the obligations evidenced thereby. In all events, the holder of any such sale,
assignment or participation, if the applicable agreement between Lender and such holder so provides, shall be: (a) entitled to all the rights, obligations and benefits of Lender; and (b) deemed to hold and may exercise the rights of setoff
or banker’s lien with respect to any and all obligations of such holder to Borrower in each case as fully as though Borrower were directly indebted to such holder. Lender may in its discretion give notice to Borrower of such sale,
assignment or participation; however, the failure to give such notice shall not affect any of Lender’s or such holder’s rights. 

  
 8 

 14. Miscellaneous. 

(a) Lender is under no obligation to grant or to make any further or additional loans to Borrower or to extend, amend or modify the Odyssey
Loan Documents or any other document executed in connection therewith. 
 (b) These Amendments shall be construed, interpreted, enforced and
governed by and in accordance with the laws of the State of Florida, excluding the principles thereof governing conflicts of law. 
 (c)
These Amendments shall be binding upon, and shall inure to the benefit of, the respective successors and assigns of the parties hereto. 

(d) Time is of the essence of each provision of these Amendments. 

(e) Borrower shall pay all documentary stamp taxes, if any, intangible taxes, if any, recording and filing costs and fees, Lender’s
attorney’s fees and all other costs and fees whatsoever incurred with respect to, growing from or arising out of these Amendments and any other document or instrument executed in connection with these Amendments. Borrower hereby agrees to
indemnify, defend and hold Lender harmless therefrom. If any such sums are advanced by Lender, they shall be due and payable on demand and shall bear interest at the Default Rate until paid. 

(f) These Amendments and the Odyssey Loan Documents constitute the entire agreement (including all representations and promises made) between
the parties with respect to the subject matter hereof and no modification or waiver shall be effective unless in writing and signed by the party to be charged. 

(g) The parties may execute these Amendments and any other agreement executed pursuant to it in counterparts. Each executed counterpart will
be deemed to be an original, and all of them, together, will constitute the same agreement. These Amendments will become effective as of its stated date of execution, when each party has signed a counterpart and all the executed counterparts have
been delivered to Lender. 
 (h) The Odyssey Loan Documents and all of the documents executed in connection with the foregoing and any and
all prior modifications and extensions to any and all of the foregoing, including without limitation those certain agreement waiving right to jury, are hereby ratified, confirmed and approved in all respects except as specifically amended by these
Amendments. 
 (i) In the event the conditions to the effectiveness of these Amendments are not satisfied on or prior to 5 p.m. on
September 14, 2015, these Amendments shall be automatically null and void and of no further force or effect. 
 VENUE AND ORAL
STATEMENT 
 ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THESE AMENDMENTS OR ANY OTHER ODYSSEY LOAN

  
 9 

 
DOCUMENT, SHALL BE BROUGHT AND MAINTAINED EXCLUSIVELY IN THE COURTS OF THE STATE OF FLORIDA OR IN THE UNITED STATES DISTRICT COURT FOR THE MIDDLE DISTRICT OF FLORIDA. BORROWER HEREBY EXPRESSLY
AND IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE COURTS OF THE STATE OF FLORIDA AND OF THE UNITED STATES DISTRICT COURT FOR THE MIDDLE DISTRICT OF FLORIDA FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE. BORROWER FURTHER IRREVOCABLY
CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF FLORIDA. BORROWER HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT
MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

BORROWER AND LENDER AGREE THAT THEY WAIVE ALL RIGHTS TO RELY ON OR ENFORCE ANY ORAL STATEMENTS MADE PRIOR TO OR SUBSEQUENT TO THE SIGNING OF
THIS DOCUMENT. 
 WAIVER OF JURY TRIAL 

BORROWER AND LENDER HEREBY AGREE AS FOLLOWS: (A) EACH OF THEM KNOWINGLY, VOLUNTARILY, INTENTIONALLY, AND IRREVOCABLY WAIVES ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN ANY LAWSUIT, PROCEEDING, COUNTERCLAIM, OR OTHER LITIGATION (AN “ACTION”) BASED UPON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THESE AMENDMENTS OR ANY RELATED DOCUMENTS, INSTRUMENTS, OR
AGREEMENTS (WHETHER ORAL OR WRITTEN AND WHETHER EXPRESS OR IMPLIED AS A RESULT OF A COURSE OF DEALING, A COURSE OF CONDUCT, A STATEMENT, OR OTHER ACTION OF EITHER PARTY); (B) NONE OF THEM MAY SEEK A TRIAL BY JURY IN ANY SUCH ACTION;
(C) NONE OF THEM WILL SEEK TO CONSOLIDATE ANY SUCH ACTION (IN WHICH A JURY TRIAL HAS BEEN WAIVED) WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED; AND (D) NONE OF THEM HAS IN ANY WAY AGREED WITH OR REPRESENTED
TO THE OTHER OF THEM THAT THE PROVISIONS OF THIS SECTION WILL NOT BE FULLY ENFORCED IN ALL INSTANCES. 
 [Remainder of Page Intentionally
Left Blank] 

  
 10 

 [Signature page to Amendment] 

IN WITNESS WHEREOF, the parties hereto have caused these Amendments to be executed as of the day and year first above written. 

 

							
	 WITNESSES:
	 		 	BORROWER:
	 /s/ Terese Jimenez

Print Name: Terese Jimenez
	 		 	  
 ODYSSEY MARINE EXPLORATION, INC.,

a Nevada corporation

				
	 /s/ Brenda D. Cook 
	 		 	By:	 	 /s/ Philip S. Devine

	 Print Name: Brenda D. Cook
	 		 	 Name: Philip Devine

		 		 	 Title: Chief Financial Officer

  

					
	STATE OF FLORIDA	  	)	  	
		  	) SS:	  	
	COUNTY OF HILLSBOROUGH	  	)	  	

 The foregoing instrument was acknowledged before me this 9th day of September, 2015, by Philip Devine, as the
Chief Financial Officer of ODYSSEY MARINE EXPLORATION, INC., a Nevada corporation, on behalf of the banking corporation, who q is personally known to me or [X] produced his driver’s license
as identification. 
  

					
		 		 	 /s/ Melisa Rivera Zambrana

		 		 	 NOTARY PUBLIC, State of Florida
  

		 		 	 Melisa Rivera Zambrana

		 		 	 Print Name
  

		 		 	Commission No.                     
			
		 		 	My Commission Expires:                     

  
 11 

 [Signature page to Amendment] 

 

							
	WITNESSES:	 		 	 LENDER:
  

	 /s/ Marshall S. Fox

Print Name: Marshall S. Fox
	 		 	 FIFTH THIRD BANK, an Ohio banking

corporation

				
	 /s/ Allen L. Beckes
	 		 	By:	 	 /s/ Thomas J. Carroll

	 Print Name: Allen S. Beckes
	 		 	 Name: Thomas J. Carroll

		 		 	 Title: Vice President

  

					
	STATE OF FLORIDA	  	)	  	
		  	) SS:	  	
	COUNTY OF ORANGE	  	)	  	

 The foregoing instrument was acknowledged before me this 10th day of September, 2015, by Thomas J. Carroll, as
the Vice President of FIFTH THIRD BANK, an Ohio banking corporation, successor by merger with Fifth Third Bank, a Michigan banking corporation, on behalf of the banking corporation, who [X] is personally known to me or q produced his driver’s license as identification. 
  

					
		 		 	 /s/ Gloria S. Gladeau

		 		 	 NOTARY PUBLIC, State of Florida
  

 

		 		 	 Print Name
  

		 		 	 Commission No.
  

		 		 	My Commission Expires:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00249-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00249-of-00352.parquet"}]]