Document:

Amendment No 4, Waiver and Consent to Promissory Note

 Exhibit 10.5 

Execution Version 

AMENDMENT NO. 4, WAIVER AND CONSENT TO PROMISSORY NOTE 

This Amendment No. 4, Waiver and Consent to Promissory Note (this “Amendment”), dated as of March 18, 2016, is entered into
by and among Odyssey Marine Enterprises, Ltd., a Bahamas company (the “Company”), whose address is Lyford Financial Centre, Lyford Cay, P.O. Box N-7776, Nassau, Bahamas, Odyssey Marine Exploration, Inc., a Nevada corporation (the
“Guarantor”), and Minera del Norte, S.A. de C.V. (the “Lender”). Capitalized terms used in this Amendment but not otherwise defined herein shall have the respective meanings ascribed to them in the Promissory Note
(as defined below). 
 R E C I T A L S: 

WHEREAS, the Company, the Guarantor and the Lender entered into that certain Promissory Note, dated as of March 11, 2015 (as amended by
Amendment No. 1 thereto dated as of April 10, 2015, Amendment No. 2 thereto dated as of October 1, 2015, and Amendment No. 3 thereto dated as of December 15, 2015, and in effect as of the date hereof, the “Promissory
Note”); 
 WHEREAS, the Lender remains the Holder of the Promissory Note; 

WHEREAS, the Company proposes to enter into a loan transaction with Epsilon Acquisitions LLC (the “Transaction”), pursuant to
which, among other things, the Company will issue a secured convertible promissory note in the aggregate principal amount of up to $3,000,0000 plus the amount of expenses that the Company is required to reimburse Epsilon (the “Convertible
Promissory Note”); 
 WHEREAS, the Company’s consummation of the Transaction would breach or violate certain representations,
warranties, and covenants of the Company set forth in the Promissory Note; 
 WHEREAS, the Company’s consummation of the transactions
contemplated by that certain Letter of Intent, dated as of March 2, 2016, by and between Monaco Financial LLC and the Guarantor, would breach or violate certain representations, warranties, and covenants of the Company set forth in the Promissory
Note; and 
 WHEREAS, the Company, Guarantor and the Lender desire to amend the Promissory Note as provided herein. 

NOW THEREFORE, in consideration of the foregoing and the mutual covenants, and agreements hereinafter set forth, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

1. Amendment to Promissory Note. Section 2(a) of the Promissory Note is hereby amended by deleting it in its entirety and inserting the following in
lieu thereof: 
 “(a) Unless otherwise converted as provided herein, the Adjusted Principal Balance shall be due and
payable in full upon written demand by the Lender; provided that the Lender agrees that it shall not demand payment of the Adjusted Principal Balance earlier than the first to occur of: (i) 30 days after the date on which (x) SEMARNAT makes a
determination with respect to the current application for the Manifestacion de Impacto Ambiental relating to the Don Diego Project, which determination is other than an approval or (y) the Company or any of its affiliates withdraws such application
without the Lender’s prior written consent; (ii) termination by Odyssey Marine Exploration, Inc. of the Stock Purchase Agreement; (iii) the occurrence of an Event of Default; or (iv) March 18, 2017 (the date of such demand being the
“Maturity Date”).” 

 2. Waiver and Consent. The Lender hereby consents to the issuance of the Convertible Promissory Note,
the Transaction and an Approved Monaco Transaction (as such term is defined in the Waiver and Consent, dated March 18, 2016, by and among the Guarantor, the Company, Penelope Mining LLC, and the Lender) and waives any breach of any representation or
warranty and violation of any covenant in the Promissory Note arising out of the Company’s execution and delivery of the Convertible Promissory Note and any documents relating to an Approved Monaco Transaction and the consummation of the
Transaction and an Approved Monaco Transaction. Such waiver does not include any Event of Default arising pursuant to Section 3(m) of the Promissory Note arising out of a default by the Company or its affiliates with respect to the Convertible
Promissory Note. 
 3. Release. In consideration of, among other things, Lender’s execution and delivery of this Amendment, each of the
Releasors hereby forever agrees and covenants not to sue or prosecute against the Releasees and hereby forever waives, releases and discharges each Releasee from, any and all Claims that such Releasor now has or hereafter may have, of whatsoever
nature and kind, whether known or unknown, whether arising at law or in equity, against the Releasees, based in whole or in part on facts whether or not now known, existing on or before the date hereof that relate to, arise out of or otherwise are
in connection with this Amendment, the Promissory Note, the Stock Purchase Agreement or any transactions contemplated hereby, thereby or any acts or omissions in connection therewith or the negotiation thereof, provided, however, that the foregoing
shall not release the “Investor” and “Guarantor” (as such terms are defined in the Stock Purchase Agreement) from the express obligations of either under the Stock Purchase Agreement arising on or after the date hereof. The
provisions of this Section 3 shall survive the repayment of the Promissory Note. 
 4. Representation and Warranties. The Company
represents and warrants that, after giving effect to this Amendment, the representations and warranties set forth in Section 4 of the Promissory Note are true and correct as of the date hereof, as if made as of the date hereof, except to the extent
such representations and warranties expressly relate to an earlier date, in which case as of such earlier date. The Company and the Guarantor hereby represent and warrant to the Lender that this Amendment (a) has been duly authorized by the
board of directors, or similar governing body, of the Company and the Guarantor, including by the approval of a majority of the directors of the Guarantor that are not affiliated with the Lender, (b) was duly executed by the Company and the
Guarantor, and (c) constitutes a legal, valid and binding obligation of the Company and the Guarantor. 

  
 - 2 - 

 5. Full Force and Effect. Except as expressly modified by this Amendment, all of the terms, covenants,
agreements, conditions and other provisions of the Promissory Note shall remain in full force and effect in accordance with their respective terms. This Amendment shall not constitute an amendment or waiver of any provision of the Promissory Note
except as expressly set forth herein. Upon the execution and delivery hereof, the Promissory Note shall thereupon be deemed to be amended and supplemented as hereinabove set forth as fully and with the same effect as if the amendments and
supplements made hereby were originally set forth in the Promissory Note, and this Amendment and the Promissory Note shall henceforth be read, taken and construed as one and the same instrument, but such amendments and supplements shall not operate
so as to render invalid or improper any action heretofore taken under the Promissory Note. As used in the Promissory Note, the terms “this Note,” “herein,” “hereinafter,” “hereto,” and words of similar import
shall mean and refer to, from and after the date of this Amendment, unless the context requires otherwise, the Promissory Note as amended by this Amendment. For the avoidance of doubt, references to the phrases “the date of this Note” or
“the date hereof”, wherever used in the Promissory Note, as amended by this Amendment, shall mean March 11, 2015. In the event of any inconsistency between this Amendment and the Promissory Note with respect to the matters set forth
herein, this Amendment shall take precedence. 
 6. Fees, Costs and Expenses. The Company shall reimburse Lender for its and its Affiliates’
reasonable, out-of-pocket fees, costs and expenses in an amount not to exceed $50,000.00 incurred in connection with the Transaction, including those related to this Amendment and the Waiver and Consent related to the Stock Purchase Agreement,
through the increase in the principal amount of the Promissory Note. The Company shall execute an allonge or similar document evidencing such increase in principal amount. 

7. Governing Law. This Amendment, and all claims arising out of or relating to it, shall be governed by and construed in accordance with the laws
of the State of New York, excluding that body of law relating to conflict of laws. 
 8. Counterparts. This Amendment may be executed in any
number of counterparts, each of which shall be enforceable against the parties actually executing such counterparts, and all of which together shall constitute one instrument. 

  
 - 3 - 

 IN WITNESS WHEREOF, the Company, the Guarantor and the Lender have caused this Amendment
to be executed as of the day and year as first written above. 
  

			
	ODYSSEY MARINE ENTERPRISES, LTD.
		
	By:	 	 /s/ Mark D. Gordon

	Name:	 	Mark D. Gordon
	Title:	 	Vice President & Director
		
	Address:	 	c/o Odyssey Marine Exploration, Inc.
		 	5215 W. Laurel St., Suite 210
		 	Tampa, FL 33607
	
	ODYSSEY MARINE EXPLORATION, INC.
		
	By:	 	 /s/ Mark D. Gordon

	Name:	 	Mark D. Gordon
	Title:	 	President & CEO
		
	Address:	 	5215 W. Laurel St.
		 	Suite 210
		 	Tampa, FL 33607

  

			
	ACCEPTED AND AGREED TO:
	MINERA DEL NORTE, S.A. DE C.V.
		
	 By:
	 	 /s/ Andres Gonzalez Saravia

	 Name:
	 	 Andres Gonzalez Saravia

	 Title:
	 	 Authorized Person

	
	 Address:

  
 - 4 -EXHIBIT 10.1

 

HARVARD APPARATUS REGENERATIVE TECHNOLOGY,
INC.

AMENDMENT TO EMPLOYMENT AGREEMENT

 

WHEREAS, Harvard Apparatus Regenerative
Technology, Inc., a Delaware corporation, entered into an Employment Agreement (“Agreement”) with Saverio LaFrancesca,
M.D. on April 8, 2014; and

 

WHEREAS, the parties desire to amend
such Agreement; and

 

NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree to the following, effective immediately:

 

1.                 
Amendment - Section 8(d)(i). Section 8(d)(i) of the Agreement is hereby amended and restated as follows:

 

“(i) the Company
shall pay Employee an amount equal to the sum of (A) Employee’s Average Base Salary and (B) Employee’s Average Incentive
Compensation (the “Severance Amount”). The Severance Amount shall be paid in cash in a single lump sum payment. For
purposes of this Agreement, “Average Base Salary” shall mean the greater of (X) the average of the annual Base Salary
received by Employee during the three (3) immediately preceding complete fiscal years or such fewer number of complete fiscal
years as Employee may have been employed by the Company or (Y) the amount of Base Salary for the immediately prior fiscal year. For
purposes of this Agreement, “Average Incentive Compensation” shall mean the average of the annual cash incentive compensation
under Subparagraph 3(a) received by Employee for the three (3) immediately preceding fiscal years or such fewer number of
complete fiscal years as Employee may have been employed by the Company or the amount of cash incentive compensation for the prior
fiscal year, whichever is higher. In no event shall “Average Incentive Compensation” include any sign-on bonus,
retention bonus or any other special bonus. Notwithstanding the foregoing, if the Employee breaches any of the provisions
contained in Paragraphs 4 and 5 of this Agreement, all payments of the Severance Amount shall immediately cease and the entire
Severance Amount shall be forfeited and become repayable to the Company to the extent paid. Furthermore, in the event Employee
terminates his employment for Good Reason as provided in Subparagraph 7(e), he shall be entitled to the Severance Amount only if
he provides the Notice of Termination provided for in Subparagraph 7(f) within thirty (30) days after he has complied with
the Good Reason Process; and”

 

2.                 
Amendment - Section 9(a)(i). Section 9(a)(i) of the Agreement is hereby amended and restated as follows:

 

“(i) In lieu of
any amounts otherwise payable pursuant to Subparagraph 8(d)(i), the Company shall pay Employee a single lump sum in cash equal
to the sum of (A) Employee’s current or most recent annual Base Salary plus (B) Employee’s most recent annual
cash incentive compensation under Subparagraph 3(a) for the most recent fiscal year, excluding any sign-on bonus, retention bonus
or any other special bonus;”

 

3.                 
 Counterparts. This agreement may be executed in several counterparts, each of which shall be deemed to
be an original but all of which together will constitute one and the same instrument.

 

[signatures on following
page]

 

     

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Amendment effective as of this 24th day of March, 2016.

 

	HARVARD APPARATUS REGENERATIVE TECHNOLOGY, INC.	 
	 	 	 
	By: 	/s/ James McGorry	 
	Name: James McGorry	 
	Title: Chief Executive Officer	 
	 	 	 
	EXECUTIVE	 
	 	 	 
	/s/ Saverio LaFrancesca	 
	Saverio LaFrancesca, M.D., individually

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