Document:

Waiver and Consent

 Exhibit 10.3 

Execution Version 
 WAIVER
AND CONSENT 
 This WAIVER AND CONSENT (this “Waiver”), is made and entered into as of March 18, 2016, by and
among Odyssey Marine Exploration, Inc., a Nevada corporation (the “Company”), Odyssey Marine Enterprises, Ltd., a Bahamas company and wholly-owned subsidiary of the Company (“OME”), Penelope Mining LLC, a Delaware
limited liability company (“Penelope”), and Minera del Norte S.A. de C.V., a Mexican societe anonime (“Minosa” and together with Penelope, the “Minosa Entities”). Reference is hereby made to that
certain Stock Purchase Agreement dated as of March 11, 2015, as amended April 10, 2015 (the “SPA”), by and among the Company and the Minosa Entities. Capitalized terms used but not defined herein shall have the meanings ascribed to
them in the SPA. 
 WHEREAS, the Company proposes to enter into a Note Purchase Agreement of even date herewith (the
“Purchase Agreement”) by and among the Company, Epsilon Acquisitions LLC, a Delaware limited liability company (“Epsilon”) and OME, pursuant to which Epsilon will lend to the Company an aggregate amount of
approximately $3,000,000 (the “Transaction”); 
 WHEREAS, in exchange for the loan, the Company will issue to
Epsilon a secured convertible promissory note of even date herewith (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 SPA and certain related Transaction Documents; 
 WHEREAS, the Company and Monaco Financial, LLC
have entered into a letter of intent, dated March 2, 2016 (the “Monaco Letter of Intent”), a copy of which has been provided to the Minosa Entities; 

WHEREAS, the Company’s consummation of the transactions contemplated by the Monaco Letter of Intent (the “Anticipated
Monaco Transaction”) would breach or violate certain representations, warranties, and covenants of the Company set forth in the Promissory Note; and 

WHEREAS, the Minosa Entities are willing to consent to the Company’s execution and delivery of the Purchase Agreement and the
consummation of the Transaction upon the terms and subject to the conditions set forth in this Waiver. 
 NOW, THEREFORE, in
consideration of the premises, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 

1. Waiver and Consent. In consideration of the representations, warranties, covenants and agreements set forth herein,
Minosa and Investor hereby (a) consent to the Transaction and (b) agree that they will consent to the consummation of the transactions contemplated by the Monaco Letter of Intent, so long as the definitive documents with respect to

 
the Anticipated Monaco Transaction are in form and substance reasonably satisfactory to the Minosa Entities, and, except as set forth in the Monaco Letter of Intent, do not contain terms and
conditions that are material and adverse to the Minosa Entities (for the avoidance of doubt, the reduction in the exercise price of the Monaco option to $1 per quota does not increase the number of quotas subject to such option over 3,174,603
quotas) (an “Approved Monaco Transaction”) and waive any breach of any representation or warranty and violation of any covenant in the SPA arising out of the Company’s execution and delivery of the Purchase Agreement and any
documents relating to the Approved Monaco Transaction and the consummation of the Transaction and the Approved Monaco Transaction. 

2. Pledge. Concurrent with the execution of this Waiver, the Company is delivering to the Minosa Entities, a pledge of all
amounts due and payable to the Company and its Subsidiaries from Oceanica and its Subsidiaries and all direct and indirect equity interests in OME. 

3. Waiver of Termination Rights. The Company waives, and agrees not to exercise, on or prior to the one year anniversary
from the date hereof, its right to terminate the SPA pursuant to Section 8.1(c)(ii) thereto. 
 4. Reduction of
Commitment. To the extent that all or any portion of the Convertible Promissory Note is converted into Common Stock, Investor may elect to reduce its obligation to purchase Common Stock on the next subsequent date set forth in Annex C to
the SPA by the dollar amount so converted. 
 5. [Removed and Reserved] 

6. Release of Claims. In consideration of, among other things, the Minosa Entities’ execution and delivery of this
Waiver, each of the Company and OME, on behalf of itself, its equityholders and residual claimants and the respective successors and assigns of each (collectively, the “Releasors”), hereby forever agrees and covenants not to sue or
prosecute against the Releasees (defined below) and hereby forever waives, releases and discharges each Releasee from, any and all claims (including, without limitation, cross-claims, counterclaims, rights of set-off and recoupment), actions, causes
of action, suits, debts, accounts, interests, liens, promises, warranties, damages and consequential and punitive damages, demands, agreements, bonds, bills, specialties, covenants, controversies, torts, variances, trespasses, judgments, executions,
costs, expenses or claims whatsoever (collectively, “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 Penelope or
Minosa in any capacity and the shareholders and “controlling persons” (within the meaning of the federal securities laws) of each, and their respective successors and assigns and each and all of the officers, directors, employees, agents,
attorneys, advisors, auditors, affiliates, consultants and other representatives of each of the foregoing (collectively, the “Releasees”), based in whole or in part on facts whether or not now known, existing on or before the date
hereof. The provisions of this Section 6 shall survive the expiration or termination of this Waiver. 
 7. Fees and
Expenses. The Company agrees to pay all reasonable fees, costs and expenses of the Minosa Entities in an amount not to exceed $50,000 in connection with the preparation, negotiation, execution and delivery of this Waiver and in connection with
the Transaction as provided for in Amendment No. 4 to the Promissory Note. 

  
 - 2 - 

 8. Representation and Warranties. Each of the Company and OME hereby
represents and warrants to the Minosa Entities that this Amendment (a) has been duly authorized each of the Company and OME, including by the board of directors, or similar governing body, of the Company and OME, including by the approval of a
majority of the directors of the Company that are not affiliated with the Minosa Entities, (b) was duly executed by the Company and OME, and (c) constitutes a legal, valid and binding obligation of the Company and OME enforceable in accordance with
its terms. 
 9. No Further Waiver. Except as expressly set forth in Section 1 of this Waiver, the SPA is in all
respects ratified and confirmed and all the terms, conditions, and provisions thereof shall remain in full force and effect. This Waiver is limited to the matters expressly set forth herein and shall not be deemed to be a waiver of any other
term or condition of the SPA. Nothing contained herein shall constitute a waiver, amendment or modification of the Promissory Note or the Pledge Agreement. 

10. Miscellaneous 
 (a)
Governing Law, Jurisdiction. This Waiver and the legal relations between the parties hereto shall be governed by and construed in accordance with the substantive Laws of the State of Delaware, without regard to conflict of law principles
thereof or of any other jurisdiction that would cause the application of laws of any jurisdiction other than those of the State of Delaware. 

(b) Execution in Counterparts. This Waiver may be executed in any number of counterparts, each of which when so executed shall be
deemed to be an original and all of which when taken together shall constitute one and the same certification. Delivery of a copy of a manually executed counterpart of a signature page to this Waiver by email shall be effective as delivery of
an original, manually executed counterpart of this Waiver. 
 (c) Incorporation of Article XII. Article XII
of the SPA is incorporated herein by reference. 
 [Remainder of page intentionally left blank.] 

  
 - 3 - 

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

					
	COMPANY:
	
	ODYSSEY MARINE EXPLORATION, INC.
		
	By:	 	 /s/ Mark D. Gordon

		 	Name:	 	Mark D. Gordon
		 	Title:	 	President and Chief Executive Officer
	
	OME:
	
	ODYSSEY MARINE EXPLORATION LTD.
		
	By:	 	 /s/ Mark D. Gordon

		 	Name:	 	Mark D. Gordon
		 	Title:	 	Vice President & Director
	
	INVESTOR:
	
	PENELOPE MINING LLC
		
	By:	 	 /s/ Andres Gonzalez Saravia

		 	Name:	 	Andres Gonzalez Saravia
		 	Title:	 	Attorney in Fact
	
	MINOSA:
	
	MINERA DEL NORTE S.A. DE C.V.
		
	By:	 	 /s/ Andres Gonzalez Saravia

		 	Name:	 	Andres Gonzalez Saravia
		 	Title:	 	Authorized Person

  
 - 4 -Amendment No 3 to Promissory Note

 Exhibit 10.4 

Execution Version 

AMENDMENT NO. 3 TO PROMISSORY NOTE 

This Amendment No. 3 to Promissory Note (this “Amendment”), dated as of December 15, 2015, 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, and Amendment No. 2 thereto dated as of October 1, 2015, and in effect as of the date hereof, the “Promissory Note”); 

WHEREAS, the Lender remains the Holder of 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. Section 2(a). 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; (iv) March 30, 2016; or (v) if and only if the Investor shall have terminated the Stock
Purchase Agreement pursuant to Section 8.1(d)(iii) thereof, March 30, 2016 (the date of such demand being the “Maturity Date”).” 

2. 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, 

 Execution Version 

 

 
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 December 14, 2015, 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 December 15, 2015. The provisions of this Section 5 shall survive the repayment of the Promissory Note. 

3. Representation and Warranties. The Company represents and warrants that 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. 

4. 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. 

5. 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. 
 6. 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. 

 Execution Version 

 

 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:	 	
	
	ODYSSEY MARINE EXPLORATION, INC.
		
	By:	 	 /s/ Mark D. Gordon

	Name:	 	Mark D. Gordon
	Title:	 	President & CEO
		
	Address:	 	

  

			
	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:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}]]