Document:

Exhibit 10.1

 

THIS PLAN SUPPORT AGREEMENT IS NOT AN
OFFER WITH RESPECT TO ANY SECURITIES OR A SOLICITATION OF ACCEPTANCES OF A CHAPTER 11 PLAN WITHIN THE MEANING OF SECTION 1125 OF
THE BANKRUPTCY CODE. ANY SUCH OFFER OR SOLICITATION WILL COMPLY WITH ALL APPLICABLE SECURITIES LAWS AND/OR PROVISIONS OF THE BANKRUPTCY
CODE. NOTHING CONTAINED IN THE PLAN SUPPORT AGREEMENT SHALL BE AN ADMISSION OF FACT OR LIABILITY OR, UNTIL THE OCCURRENCE OF THE
AGREEMENT EFFECTIVE DATE ON THE TERMS DESCRIBED HEREIN, DEEMED BINDING ON ANY OF THE PARTIES HERETO

 

PLAN SUPPORT AGREEMENT

 

This
PLAN SUPPORT AGREEMENT (as amended, supplemented or otherwise modified from time to time in accordance with the terms hereof, this
“Agreement”), dated as of May 18, 2017, is entered into by and among (i) Premier Exhibitions, Inc. (“PRXI”),
RMS Titanic, Inc. (“RMST”), Premier Merchandising, LLC (“MERCH”), Premier Exhibitions Management,
LLC (“PEM”), Arts and Exhibitions International, LLC (“AEI”), Premier Exhibitions NYC, Inc.
(“PENYC”), Premier Exhibitions International, LLC (“PEI”), and Dinosaurs Unearthed Corp.
(“Dinosaurs”) (collectively, the “Company” or the “Debtors”), (ii) The
Official Committee Unsecured Creditors appointed in the Debtors’ chapter 11 cases (the “Creditors’ Committee”),
and (iii) The Official Committee of Equity Security Holders appointed in the Debtors’ chapter 11 cases (the “Equity
Committee”). The Debtors, the Creditors’ Committee, the Equity Committee and any subsequent person or entity that
becomes a party hereto in accordance with the terms hereof are referred to herein as the “Parties” and individually
as a “Party”.

 

RECITALS

 

WHEREAS, the
Debtors are debtors and debtors in possession in chapter 11 cases pending in the United States Bankruptcy Court for the Middle
District of Florida, Jacksonville Division (the “Bankruptcy Court”) captioned in RMS Titanic Inc., et al.,
Case No. 3:16-bk-02230 (PMG) (collectively, the “Chapter 11 Cases”);

 

WHEREAS, as
of the date hereof, the Creditors’ Committee, as appointed by the Office of the United States Trustee for the Middle District
of Florida (the “US Trustee”), consists of (i) TSX Operating Co., LLC, (ii) Dallian Hoffen Biotechnique Co.
Ltd., and (iii) B.E. Capital Management Fund LP;

 

WHEREAS, as
of the date hereof, the Equity Committee, as appointed by the US Trustee, consists of (i) Jonathan Heller; (ii) Lawndale Capital
Management, LLC, (iii) Ian Jacobs, (iv) ACK Investments, LLC and (v) Frank Gerber;

 

WHEREAS, prior
to the date hereof, the Parties engaged in good faith, arm’s length negotiations that have led to an agreement regarding
the material terms of a chapter 11 plan of the Debtors that the Parties now desire to implement in accordance with and subject
to the terms and conditions set forth in this Agreement and the Complete Sale Term Sheet (as defined herein) attached hereto;

 

    

     

    

WHEREAS, the
Complete Sale Transaction will be implemented through the marketing and sale of (a) the common shares in RMST or the entire artifact
collection held by RMST, and (b) the operations of PRXI and its subsidiaries in accordance with, and subject to the terms and conditions
contained in this Agreement, the Complete Sale Term Sheet and a Complete Sale Plan providing for, among other things, the distribution
of the proceeds from the sale of substantially all of the interests in and/or assets of the Debtors and a wind down of the Debtors’
estates (the “Complete Sale Transaction”);

 

WHEREAS, the
Complete Sale Term Sheet and the Marketing Process are the product of good faith, arm’s length negotiations among the Parties
and their respective professionals in an effort to maximize recoveries in the Chapter 11 Cases so that, among other things, sufficient
funds are generated to pay all administrative claims, priority claims, secured claims and general unsecured claims in full and
make a distribution to equity security holders; and

 

WHEREAS, the
Parties desire to express to each other their mutual support and commitment in respect of the Complete Sale Transaction on the
terms and conditions contained in this Agreement and the Complete Sale Term Sheet.

 

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

 

		1.	Complete Sale Term Sheet.

 

The Complete Sale Term
Sheet is expressly incorporated herein by reference and made part of this Agreement as if fully set forth herein. The Complete
Sale Term Sheet sets forth the material terms and conditions of the Complete Sale Transaction; provided, however, the Complete
Sale Term Sheet is supplemented by the terms and conditions of this Agreement. In the event of any inconsistency between the Complete
Sale Term Sheet and this Agreement, the Complete Sale Term Sheet shall govern and in the event of any inconsistency between the
Complete Sale Term Sheet or this Agreement and the Complete Sale Plan (as hereinafter defined), the Complete Sale Plan shall control.

 

		2.	Certain Definitions.

 

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

 

(a)               
“Asset Purchase Agreement” means an asset purchase agreement, if any, to be entered into by and among
the Debtors, as sellers, and a purchaser of the interests in and/or assets of the Debtors, whether at the Auction or otherwise,
subject to Bankruptcy Court Approval. The form of asset purchase agreement initially provided to prospective bidders during the
Marketing Process shall be in the form consented to by the Creditors’ Committee and Equity Committee (with their consent
not to be unreasonably withheld), and the asset purchase agreement (if any) entered into by the Debtors shall only contain such
changes and amendments to such initial form that are proposed by the purchaser and that are in compliance with Section 5(b)(xii)
hereof.

 

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(b)              
“Auction” means the auction to be conducted in connection with the Complete Sale Transaction to determine
the highest and/or best bid for the interests in and/or assets of the Debtors.

 

(c)               
“Bankruptcy Rules” means (i) the Federal Rules of Bankruptcy Procedure and the Official Bankruptcy Forms,
as amended and promulgated under section 2075 of title 28 of the United States Code, (ii) the applicable Local Rules of Bankruptcy
Practice and Procedure for the Bankruptcy Court and (iii) any general or chamber rules, or standing orders governing practice and
procedure issued by the Bankruptcy Court, each as in effect on the Petition Date, and each of the foregoing together with all amendments
and modifications thereto that are subsequently made and as applicable to the Chapter 11 Cases or proceedings therein, as the case
may be.

 

(d)              
“Bid Procedures” means the Debtors’ bidding procedures, which shall be materially consistent with
this Agreement and the Complete Sale Term Sheet (including, without limitation, the Milestones set forth herein and therein) and
otherwise in form and substance reasonably acceptable to the Debtors and the Supporting Committees, to be filed with, and approved
by order of, the Bankruptcy Court.

 

(e)               
“Cash or $” means legal tender of the United States of America or the equivalent thereof, including bank
deposits and checks.

 

(f)               
“Complete Sale Disclosure Statement” means the disclosure statement, including any exhibits, appendices
and related documents, for the Complete Sale Plan, as amended, supplemented or otherwise modified from time to time by the Bankruptcy
Court or otherwise, that describes the Complete Sale Plan and is prepared and distributed in accordance with, among other things,
sections 1125, 1126(b), and 1145 of the Bankruptcy Code, Rule 3018 of the Bankruptcy Rules and other applicable law, and which
shall be materially consistent with this Agreement and the Complete Sale Term Sheet and otherwise in form and substance reasonably
acceptable to the Debtors, the Creditors’ Committee and the Equity Committee.

 

(g)              
“Complete Sale Plan” means the chapter 11 plan of reorganization or liquidation, including any exhibits,
appendices and schedules thereto, and as amended, supplemented or otherwise modified from time to time by the Bankruptcy Court
or otherwise, that is prepared in accordance with, among other things, section 1123 of the Bankruptcy Code, and which shall be
materially consistent with this Agreement and the Complete Sale Term Sheet and otherwise in form and substance reasonably acceptable
to the Debtors, the Creditors’ Committee and the Equity Committee.

 

(h)              
“Complete Sale Term Sheet” means the term sheet attached hereto as Exhibit A, which sets forth
the material terms and conditions for the Complete Sale Plan.

 

(i)                
 “Confirmation Date” means the date of entry of the Confirmation Order.

 

(j)                
“Confirmation Order” means the order of the Bankruptcy Court confirming any Plan pursuant to section
1129 of the Bankruptcy Code, which order (and any exhibits, appendices and related documents) shall be materially consistent with
this Agreement and the Complete Sale Term Sheet, provide for the consummation of a Complete Sale Transaction to one or more Winning
Bidders, and otherwise be in form and substance reasonably acceptable to the Debtors, the Creditors’ Committee and the Equity
Committee.

 

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(k)              
“Consideration” means the Cash consideration to be received by the Debtors as part of any sale transaction
and the value of any assumed liabilities or any other non-cash consideration.

 

(l)                
 “Disclosure Statement Motion” means the motion to be filed by the Debtors in the Chapter 11 Cases seeking
entry of the Disclosure Statement Order, which motion (including any exhibits, appendices or related documents) shall be materially
consistent with this Agreement and the Complete Sale Term Sheet and otherwise in form and substance reasonably acceptable to the
Debtors, the Creditors’ Committee and the Equity Committee.

 

(m)            
“Disclosure Statement Order” means an order of the Bankruptcy Court approving the Disclosure Statement
and the Solicitation, which order (including any exhibits, appendices or related documents) shall be materially consistent with
this Agreement and the Complete Sale Term Sheet and otherwise in form and substance reasonably acceptable to the Debtors, the Creditors’
Committee and the Equity Committee.

 

(n)              
“Effective Date” means the first business day on or after the Confirmation Date on which (i) no stay
of the Confirmation Order is in effect and (ii) the conditions precedent to the effectiveness of the Complete Sale Plan (including,
but not limited to, obtaining an additional order of the United States District Court for the Eastern District of Virginia (the
“Eastern District of Virginia”) in the action styled R.M.S. Titanic, Inc. v. The Wrecked and Abandoned Vessel
(Civil No. 2:93-cv-902) approving the sale to a Winning Bidder of any portion of the artifact collection held by RMST, to the extent
such assets are subject to the jurisdiction of the Eastern District of Virginia) have been satisfied or are expressly waived in
accordance with the terms thereof.

 

(o)              
“Entity” means a person, estate, trust, governmental unit, and the U.S. Trustee, within the meaning of
section 101(15) of the Bankruptcy Code.

 

(p)              
“Final Order” means an order or judgment of the Bankruptcy Court (or any other court of competent jurisdiction)
entered on the docket of such court, the operation and effect of which has not been stayed, reversed, vacated, modified or amended,
and as to which order or judgment (or any revisions, modification, or amendment thereof) the time to appeal, petition for certiorari,
or seek review or rehearing has expired and as to which no appeal, petition for certiorari, or petition for review of rehearing
was filed or, if filed, remains pending; provided, however, that the possibility that a motion may be filed pursuant to
Rules 9023 or 9024 of the Bankruptcy Rules or the Rules 59 or 60(b) of the Federal Rules of Civil Procedure shall not mean that
an order or judgment is not a Final Order.

 

(q)              
“Governmental Authority” means any United States, Florida or other international, national, federal,
state, municipal or local governmental, regulatory or administrative authority, agency or commission, licensing body or any judicial
(including any state or federal court) or arbitral body or other entity exercising executive, legislative, judicial, regulatory,
licensing, or administrative powers or functions of government.

 

    4 

     

    

(r)                
“Marketing Process” means the process of marketing the assets of the Debtors in order to determine the
highest and/or best offer for the purchase of the interests in or assets of the Debtors in connection with the Complete Sale Transaction.
The Marketing Process shall be conducted by the financial advisors to the Debtors, GlassRatner Advisory & Capital LLC and the
financial advisors to the Supporting Committees, Lincoln International LLC, and jointly run by them in a commercially reasonable
manner.

 

(s)               
“Plan Process Documents” means all material agreements, instruments, pleadings, orders or other related
documents utilized to implement the Complete Sale Transaction and to obtain confirmation of a Complete Sale Plan (other than the
Sale Process Documents), including, but not limited to, a Complete Sale Plan, Complete Sale Disclosure Statement, the Disclosure
Statement Motion, the Disclosure Statement Order, the ballots, the motion to approve the form of ballots and solicitation procedures,
the order of the Bankruptcy Court approving the form of ballots and solicitation procedures and the Confirmation Order, each of
which shall contain terms and conditions materially consistent with this Agreement and the Complete Sale Term Sheet.

 

(t)                
“Plan Support Documents” means the Plan Process Documents and the Sale Process Documents.

 

(u)              
“Plan Support Effective Date” means, as to each Party, the date upon which this Agreement becomes effective
and binding on such Party in accordance with the provisions of Section 12 hereof.

 

(v)              
“Plan Support Period” means the period commencing on the Plan Support Effective Date and ending on the
date on which this Agreement is terminated in accordance with Section 6 hereof.

 

(w)            
 “Sale Motion” means the motion filed by the Debtors in the Chapter 11 Cases to, among other things,
establish Bid Procedures and seek authorization for the sale of the interests in and/or assets of the Debtors, which motion shall
be materially consistent with this Agreement and the Complete Sale Term Sheet and otherwise in form and substance reasonably acceptable
to the Debtors, the Creditors’ Committee and the Equity Committee.

 

(x)              
“Sale Procedures Order” means a Final Order of the Bankruptcy Court approving, among other things, the
Bid Procedures (and authorizing the Auction in accordance with the Bid Procedures), which order shall be materially consistent
with this Agreement and the Complete Sale Term Sheet and otherwise in form and substance reasonably acceptable to the Debtors,
the Creditors’ Committee and the Equity Committee.

 

(y)              
“Sale Process Documents” means all material agreements, instruments, pleadings, orders or other related
documents utilized to consummate the Complete Sale Transaction, including, but not limited to, the Bid Procedures, the Sales Motion,
the Sales Procedures Order, the Asset Purchase Agreement, and the Sale Order, each of which shall contain terms and conditions
materially consistent with this Agreement and the Complete Sale Term Sheet (or, in the case of the Asset Purchase Agreement, materially
consistent with the form referenced in the definition thereof) and otherwise reasonably acceptable to the Debtors, the Creditors’
Committee and the Equity Committee, and, as applicable, filed with the Bankruptcy Court.

 

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(z)               
 “Solicitation” means the solicitation of votes in connection with any Plan pursuant to sections 1125
and 1126 of the Bankruptcy Code.

 

(aa)           
“Stalking Horse Bidder” means an interested bidder whose qualified bid is designated by the Debtors,
with the consent of the Supporting Committees (such consent not to be unreasonably withheld), to serve as the minimum bid for certain
of the interests in or assets of the Debtors pursuant to the Bid Procedures, and whose qualified bid the Debtors will agree to
consummate through a sale (pursuant to an Asset Purchase Agreement) in the event no higher or better bids are determined to have
been received by the Company for such interests and/or assets of the Debtors.

 

(bb)          
“Supporting Committees” means, after the Plan Support Effective Date under Section 12 hereof and prior
to the occurrence of a Supporting Committee Termination Event under Section 6(a), hereof, collectively the Creditors’ Committee
and the Equity Committee (and each, a “Supporting Committee”).

 

(cc)           
“Supporting Committees’ Professionals” means any attorneys or advisors of the Supporting Committees
retained by order of the Bankruptcy Court in the Chapter 11 Cases.

 

(dd)         
 “Winning Bidder” means a bidder with the highest and otherwise best offer selected as a winning bidder
by the Debtors (in consultation with the Creditors’ Committee and Equity Committee) at the Auction (as determined in accordance
with the Bid Procedures, this Agreement and the Complete Sale Term Sheet).

 

3.                 
Timeline. The Parties agree to pursue their respective obligations on the following timeline (in each case, a
“Milestone”) subject to the rights of the Company, the Creditors’ Committee and the Equity Committee to
agree, in writing, to extend the dates described below:

 

(a)               
The Debtors and their professionals shall prepare marketing materials for use in connection with the Marketing Process,
which materials shall be subject to the review and approval of the Supporting Committees and their professionals, on or prior to
May 19, 2017;

 

(b)              
Following approval of such materials, the Debtors’ and Supporting Committees’ financial advisors shall commence
the Marketing Process, which process shall establish a deadline of July 21, 2017 for interested parties to submit letters of intent
(each, a “LOI”) to the Debtors (the “LOI Deadline”). On receipt of any LOI, the Debtors shall provide copies
to the Supporting Committees and their professionals;

 

(c)               
On expiration of the LOI Deadline, the Debtors and Supporting Committees shall evaluate any LOIs received, and no later
than seven (7) calendar days from the LOI Deadline, the Debtors and Supporting Committees shall select candidates for management
visits and further negotiations;

 

(d)              
On or prior to the later of September 25 , 2017, or two (2) months following the LOI Deadline(the “Stalking Horse
Designation Deadline”), the Debtors shall, with the consent of the Supporting Committees (such consent not to be unreasonably
withheld), designate one or more Stalking Horse Bidders committed to purchase interests in and/or assets of the Debtors, negotiate
and enter into one or more Asset Purchase Agreements for such interests and/or assets of the Debtors with any designated Stalking
Horse Bidders, and file a Sale Motion.

 

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(e)               
On or prior to the later of October 23, 2017, or four (4) weeks from the filing of the Sale Motion, the Company shall obtain
entry of the Sale Procedures Order;

 

(f)               
In the event that the Auction is to be conducted, such Auction shall occur on or prior to the later November 20, 2017;,
or five (5) weeks from the entry of the Sale Procedures Order;

 

(g)              
On or prior to the later of October 20, 2017, or three (3) weeks from the Stalking Horse Designation Deadline, the Company
will file the Complete Sale Plan and Complete Sale Disclosure Statement (providing, among other things, for the consummation of
the sale of substantially all of the interests in and assets of the Debtors through the Complete Sale Plan);

 

(h)              
On or prior to the later of October 27, 2017, or five (5) business days from the filing of the Complete Sale Plan and Complete
Sale Disclosure Statement, the Company will file a motion for approval of the Complete Sale Disclosure Statement;

 

(i)                
On or prior to the later of December 7, 2017, or six (6) weeks from the filing of the Complete Sale Plan and Complete Sale
Disclosure Statement, the Company shall obtain entry of an order approving the Complete Sale Disclosure Statement;

 

(j)                
On or prior to the later of January 12, 2018, or seven (7) weeks from the hearing on the Complete Sale Disclosure Statement,
the Company shall obtain entry of the Confirmation Order confirming the Complete Sale Plan;

 

(k)              
On or prior to the later of January 26, 2018 or thirteen (13) business days from the entry of the Confirmation Order confirming
the Complete Sale Plan, all conditions precedent to the Effective Date of the Complete Sale Plan (with the exception of an order
of the Eastern District of Virginia approving the sale to a Winning Bidder of any portion of the artifact collection held by RMST
over which the Eastern District of Virginia has jurisdiction) shall have occurred.

 

The Parties further agree
that, commencing on the date hereof and continuing until the expiration of the Plan Support Period, each Party will commit to negotiate
in good faith over the terms, conditions and provisions of an alternative to the Complete Sale Transaction, including an alternative
restructuring, reorganization or liquidation transaction, in the event a Complete Sale Transaction is not effectuated.

 

		4.	Agreements of the Supporting Committees.

 

(a)               
Support of Complete Sale Transaction. Each of the Supporting Committees agrees that, commencing on the date hereof
and continuing until the expiration of the Plan Support Period, unless (x) otherwise expressly permitted or required by this Agreement,
a Complete Sale Plan, or the Complete Sale Term Sheet, or (y) otherwise consented to in writing by the Debtors or (z) this Agreement
does not become effective as provided in Section 12 hereof, the Supporting Committees shall, subject to Sections 6, 12, and 22
hereof, and in accordance with the terms of the Complete Sale Term Sheet, do the following:

 

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(i)                
support, and take all reasonable actions necessary to facilitate the implementation or consummation of, the Complete Sale
Transaction or the approval by the Bankruptcy Court of the Plan Support Documents (including, but not limited to, co-sponsoring
a Complete Sale Plan or soliciting written support for a Complete Sale Plan through a Complete Sale Disclosure Statement, and supporting
a Complete Sale Plan at any related court hearing before the Bankruptcy Court or any other court, tribunal or proceeding);

 

(ii)              
not (A) directly or indirectly seek, solicit for, support or encourage the termination or modification of (and shall support
and consent to any extension of) the Debtors’ exclusive period for the filing of any plan of reorganization, proposal or
offer of dissolution, winding up, liquidation, reorganization, merger, consolidation, business combination, joint venture, partnership,
sale of assets or restructuring of the Debtors, (B) take any other action, including but not limited to, initiating or joining
in any legal proceedings or enforcing rights on behalf of the Supporting Committees, that is inconsistent with the Complete Sale
Term Sheet, a Complete Sale Plan, or the Plan Support Documents, or is reasonably likely to prevent, interfere with, delay or impede
the implementation or consummation of the Complete Sale Transaction (including, but not limited to, the Bankruptcy Court’s
approval of the Plan Support Documents, a Complete Sale Plan, or the Solicitation and confirmation of a Complete Sale Plan), or
(C) encourage any person or entity to take any of the actions described in the preceding clauses (A) and (B) herein; and

 

(iii)            
subject to the conditions of Sections 6, 12 and 22 hereof, not propose, support, assist, engage in negotiations in connection
with or participate in the formulation of, any restructuring, reorganization or liquidation of the Debtors (or any plan or proposal
in respect of the same) other than the Complete Sale Transaction (or such other transactions expressly contemplated in this Agreement).

 

(b)              
Certain Conditions. The obligations of the Supporting Committees set forth in Section 4(a) above are subject to the
following conditions:

 

(i)                
this Agreement shall have become effective in accordance with the provisions of Section 12 hereof;

 

(ii)              
the Complete Sale Term Sheet shall be acceptable in all material respects to the Supporting Committees (it being understood
that signatures hereto of the chairs of the Creditors’ Committee and Equity Committee, respectively, shall satisfy this condition);
and

 

(iii)            
this Agreement shall not have been terminated in accordance with the terms of Section 6 hereof.

 

(c)               
Rights of the Supporting Committees Unaffected. Nothing contained herein shall (i) be construed to prohibit the Creditors’
Committee or Equity Committee from appearing in any matter to be adjudicated in the Chapter 11 Cases, so long as such appearance
and the positions advocated in connection therewith are not materially inconsistent with this Agreement and the Complete Sale Transaction
and are not for the purposes of hindering, delaying or preventing the consummation of the Complete Sale Transaction, or (ii) limit
the ability of either Supporting Committee to assert or raise any objection in the Chapter 11 Cases to the party selected by the
Debtors as a Winning Bidder or the terms of a winning bid; provided, that to the extent any such objection is denied by
the Bankruptcy Court, the Supporting Committees’ obligations under this Agreement and the Complete Sale Term Sheet shall
be unaffected as a result of such denial.

 

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		5.	Agreements of the Debtors.

 

(a)               
Affirmative Covenants. The Debtors agree that, commencing on the date hereof and continuing until the expiration
of the Plan Support Period, unless (x) otherwise expressly permitted or required by this Agreement, a Complete Sale Plan, or the
Complete Sale Term Sheet, or (y) otherwise consented to in writing by the Creditors’ Committee and the Equity Committee or
(z) this Agreement does not become effective as provided in Section 12 hereof , the Debtors shall, in accordance with the terms
of the Complete Sale Term Sheet, do the following:

 

(i)                
conduct the Marketing Process;

 

(ii)              
take commercially reasonably efforts to complete the preparation, as soon as reasonably practicable after the date hereof,
of all Sale Process Documents and all Plan Process Documents which are necessary to consummate the Complete Sale Transaction;

 

(iii)            
provide draft copies of the form of asset purchase agreement to the Creditors’ Committee and the Equity Committee
and their respective Professionals and obtain the consent of each Supporting Committee (consent not to be unreasonably withheld)
in advance of delivering any form of asset purchase agreement to a prospective bidder;

 

(iv)            
timely file a formal objection to any motion filed with the Bankruptcy Court by any party seeking the entry of an order
(A) directing the appointment of an examiner with expanded powers or a trustee, (B) converting the Chapter 11 Cases to cases under
chapter 7 of the Bankruptcy Code or (C) dismissing the Chapter 11 Cases;

 

(v)              
timely file a formal objection to any motion filed with the Bankruptcy Court by any party seeking the entry of an order
modifying or terminating the Debtors’ exclusive right to file and/or solicit acceptances of a plan of reorganization or liquidation;

 

(vi)            
provide to the Supporting Committees and the Supporting Committees’ Professionals, subject to such confidentiality
restrictions as reasonably required by the Debtors, (A) access to the advisors of the Debtors with respect to the Marketing Process,
the Auction and the Complete Sale Transaction, (B) reasonable information with respect to all material Executory Contracts and
Unexpired Leases of the Debtors for the purposes of concluding which Executory Contracts and Unexpired Leases the Debtors intend
to assume, assume and assign or reject in the Chapter 11 Cases, and (C) full access to the electronic virtual data room established
for potential bidders in connection with the Complete Sale Transaction;

 

(vii)          
use commercially reasonable efforts to take all actions (A) contemplated by the Complete Sale Term Sheets and a Complete
Sale Plan, (B) which are necessary to facilitate the implementation or consummation of the Complete Sale Transaction or (C) which
are necessary to obtain the approval by the Bankruptcy Court of the Plan Support Documents; and

 

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(viii)        
use commercially reasonable efforts to obtain any and all governmental, regulatory, licensing or other approvals necessary
to the implementation or consummation of the Complete Sale Transaction or the approval by the Bankruptcy Court of the Plan Support
Documents.

 

(b)              
Negative Covenants. The Debtors agree that, commencing on the date hereof and continuing until the expiration of
the Plan Support Period, unless (x) otherwise expressly permitted or required by the terms and conditions contained in this Agreement,
a Complete Sale Plan, or the Complete Sale Term Sheet, or (y) otherwise consented to in writing by the Creditors’ Committee
and the Equity Committee, or (z) this Agreement does not become effective as provided in Section 12 hereof, the Debtors shall not
do or permit to occur any of the following:

 

(i)                
subject to the conditions of Sections 6, 12 and 22 hereof, propose, support, assist, engage in negotiations in connection
with or participate in the formulation of, any restructuring, reorganization or liquidation of the Debtors (or any plan or proposal
in respect of the same) other than the Complete Sale Transaction (or such other transactions expressly contemplated in this Agreement);

 

(ii)              
suspend or revoke the Marketing Process or the Complete Sale Transaction or publicly announce the Debtors’ intention
not to pursue the Complete Sale Transaction;

 

(iii)            
materially draft, amend or modify any Plan, in whole or in part, in a manner that is not consistent in any material respect
with this Agreement or the Complete Sale Term Sheet;

 

(iv)            
withdraw or revoke a Complete Sale Plan or publicly announce the Debtors’ intention not to pursue a Complete Sale
Plan, without the prior consent of the Supporting Committees;

 

(v)              
take any action in connection with the Complete Sale Transaction that is not consistent in any material respect with this
Agreement or the Complete Sale Term Sheet;

 

(vi)            
amend, withdraw, modify, file or agree to any Sale Process Document or Plan Process Document (including any modifications
or amendments thereof) that, in whole or in part, is not consistent in any material respect with this Agreement, the Complete Sale
Term Sheet or a Complete Plan and is not otherwise reasonably acceptable to the Creditors’ Committee or Equity Committee;

 

(vii)          
move for an order authorizing or directing the assumption or rejection of an Executory Contract or Unexpired Lease other
than in accordance with the Complete Sale Term Sheet or a Complete Sale Plan or as consented to by the Supporting Committees;

 

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(viii)        
other than as required by a Complete Sale Plan, amend or propose to amend its respective certificate or articles of incorporation,
bylaws or comparable organizational documents;

 

(ix)            
other than as required by a Complete Sale Plan, split, combine or reclassify any outstanding shares of its capital stock
or other equity interests, or declare, set aside or pay any dividend or other distribution payable in cash, stock, property or
otherwise with respect to any of its equity interests;

 

(x)              
other than as required by a Complete Sale Plan, redeem, purchase or acquire or offer to acquire any of its equity interests,
including, without limitation, capital stock or limited liability company interests;

 

(xi)            
acquire or divest (by merger, exchange, consolidation, acquisition of stock or assets or otherwise) (A) any corporation,
partnership, limited liability company, joint venture or other business organization or division or (B) assets of the Debtors,
other than in the ordinary course of business; or

 

(xii)          
 (1) change, amend or modify the form of asset purchase agreement consented to by the Creditors’ Committee and Equity
Committee in any manner and/or (2) take any actions (including making any change, amendment, or modification) under the Asset Purchase
Agreement after its execution, without the consent of the Creditors’ Committee and Equity Committee that would have the effect
of (A) reducing the purchase price or changing the form of consideration to be paid under or related thereto, (B) establishing
or creating any escrow or holdback arrangements under or related thereto, (C) imposing any indemnification obligations under or
related thereto, (D) adding additional conditions to closing of the obligations of the purchaser under or related thereto, (E)
imposing any post-closing obligations on the Debtors under or related thereto, or (F) changing or modifying the termination provisions
thereof, terminating (immediately or with the passage of time) the Asset Purchase Agreement or providing a notice that prevents
the occurrence of an automatic extension of the termination date under the Asset Purchase Agreement.

 

(c)               
Automatic Stay. The Debtors acknowledge and agree and shall not dispute that the giving of notice of termination
by any Party pursuant to this Agreement shall not be a violation of the automatic stay of section 362 of the Bankruptcy Code (and
the Debtors hereby waive, to the greatest extent possible, the applicability of the automatic stay to the giving of such notice).

 

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		6.	Termination of Agreement.

 

(a)               
Supporting Committees Termination Events. Either the Creditors’ Committee or the Equity Committee may terminate
this Agreement, in which case (subject to the terms of Section 15 hereof) the terminating Supporting Committee shall no longer
be bound by any provisions of this Agreement or the Complete Sale Term Sheet, upon written notice, delivered in accordance with
Section 20 hereof, at any time after the occurrence of, and during the continuation of, any of the following events (each, a “Supporting
Committee Termination Event”):

 

(i)                
the failure to meet any Milestone;

 

(ii)              
the failure by the Debtors to comply with the provisions of Sections 5(a) or 5(b) of this Agreement; provided, however,
that either Supporting Committee shall provide the Company with notice of such breach and provide the Company with five (5) business
days to cure such breach (only if such breach is susceptible to cure);

 

(iii)            
any representation made by the Debtors in this Agreement proves to have been materially incorrect on the Plan Support Effective
Date (or such other applicable date with respect to a representation expressly made as to a period of time other than the Plan
Support Effective Date);

 

(iv)            
the issuance by any required governmental, regulatory or licensing authority, or court of competent jurisdiction, of any
ruling or order enjoining the consummation of a material portion of the Complete Sale Transaction;

 

(v)              
the Bankruptcy Court grants relief that is materially inconsistent with this Agreement or the Complete Sale Term Sheet in
any material respect;

 

(vi)            
the Bankruptcy Court enters an order modifying or terminating the Debtors’ exclusive right to file and/or solicit
acceptances of a plan of reorganization or liquidation;

 

(vii)          
the Bankruptcy Court grants relief terminating, annulling, or modifying the automatic stay (as set forth in section 362
of the Bankruptcy Code) with regard to any assets of the Debtors having an aggregate fair market value in excess of $1,000,000;

 

(viii)        
the Bankruptcy Court enters an order authorizing or directing the assumption or rejection of a material Executory Contract
or Unexpired Lease other than in accordance with the Complete Sale Term Sheets or any Plan or as otherwise approved in writing
by Supporting Committees;

 

(ix)            
a Complete Sale Plan is amended or otherwise modified so as to be materially inconsistent with this Agreement or the Complete
Sale Term Sheet;

 

(x)              
the Bankruptcy Court enters an order (A) directing the appointment of an examiner with expanded powers or a trustee, (B)
converting the Chapter 11 Cases to cases under chapter 7 of the Bankruptcy Code or (C) dismissing the Chapter 11 Cases;

 

    12 

     

    

(xi)            
the failure to satisfy any of the conditions to effectiveness set forth in a Complete Sale Plan by the deadlines set forth
in such Complete Sale Plan, except as such conditions may be waived by the Parties;

 

(xii)          
the Chapter 11 Cases are involuntarily dismissed; or

 

(xiii)        
as either Supporting Committee determines they are required pursuant to Section 22 hereof.

 

(b)              
Mutual Termination. This Agreement, and the obligations of all Parties hereunder, may be terminated at any time by
mutual agreement in writing among the Creditors’ Committee, the Equity Committee and the Debtors.

 

(c)               
Debtors Termination Events. The Debtors may terminate this Agreement as to all Parties upon written notice to the
other Parties, delivered in accordance with Section 20 hereof, upon the occurrence of any of the following events:

 

(i)                
the breach of any of the representations, warranties or covenants of the Supporting Committees set forth in this Agreement
that would reasonably be expected to have a material adverse impact on the Debtors or the consummation of the Complete Sale Transaction,
that remains uncured for a period of five (5) business days after receipt by such Supporting Committee of notice and description
of such breach; provided, however, that neither an objection filed in the Chapter 11 Cases by either of the Supporting Committees
to a party selected by the Debtors as a Winning Bidder or the terms of a winning bid, nor the resolution of such objection, shall
be a breach of the Supporting Committees’ obligations or covenants under this Agreement or permit the Debtors to terminate
this Agreement and their obligations hereunder;

 

(ii)              
the issuance by any required governmental, regulatory or licensing authority, or court of competent jurisdiction, of any
ruling or order enjoining the consummation of a material portion of the Complete Sale Transaction;

 

(iii)            
except as a result of the action or inaction of the Debtors or as would not otherwise constitute a breach of the Debtors
under this Agreement, Confirmation has not occurred by the dates set forth in Section 3 hereof;

 

(iv)            
except as a result of the action or inaction of the Debtors or as would not otherwise constitute a breach of the Debtors
under this Agreement, the Bankruptcy Court enters an order modifying or terminating the Debtors’ exclusive right to file
and/or solicit acceptances of a plan of reorganization or liquidation;

 

(v)              
except at the request of the Debtors, the Bankruptcy Court enters an order (A) directing the appointment of an examiner
with expanded powers or a trustee, (B) converting the Chapter 11 Cases to cases under chapter 7 of the Bankruptcy Code or (C) dismissing
the Chapter 11 Cases;

 

(vi)            
except at the request of the Debtors, the Chapter 11 Cases are involuntarily dismissed; or

 

    13 

     

    

(vii)          
as the Debtors determine it is required pursuant to Section 22 hereof.

 

(d)              
Effect of Termination. Upon the termination of this Agreement in accordance with this Section 6, and except as provided
in Section 15 herein, this Agreement shall forthwith become void and of no further force or effect and each Party shall, except
as provided otherwise in this Agreement, be immediately released from its liabilities, obligations, commitments, undertakings and
agreements under or related to this Agreement and shall have all the rights and remedies that it would have had and shall be entitled
to take all actions, whether with respect to the Complete Sale Transaction or otherwise, that it would have been entitled to take
had it not entered into this Agreement, including all rights and remedies that would have been available to it under applicable
law; provided, however, that in the event only one (1) of the Supporting Committees terminates this Agreement in accordance
with this Section 6, then this Agreement shall only be null, void and of no further force and effect as to such terminating Supporting
Committee and this Agreement shall survive and remain in full force and effect with the respect to the other Supporting Committee
and the Debtors; provided, further, that in no event shall any such termination relieve a Party hereto from liability for
its breach or non-performance of its obligations hereunder prior to the date of such termination; provided, further, that
except as set forth in Section 13 hereof, the breach of this Agreement by one or more Parties shall not create any rights or remedies
against any non-breaching Party. Any Supporting Committee that terminates this Agreement in accordance with this Section 6 may
revoke its support for a Complete Sale Plan. The Supporting Committees shall have no liability to the Debtors or to each other
in respect of any termination of this Agreement in accordance with the terms of this Section 6.

 

		7.	Good Faith Cooperation; Further Assurances; Acknowledgment; No Solicitation.

 

During the Plan Support
Period, the Parties shall cooperate with each other in good faith and shall coordinate their activities (to the extent practicable
and subject to the terms hereof) in respect of (a) all matters relating to their rights hereunder in respect of the Debtors or
otherwise in connection with their relationship with the Debtors, (b) all matters concerning the implementation of the Complete
Sale Term Sheet, (c) the pursuit and support of the Complete Sale Transaction (including confirmation of the Complete Sale Plan
or consummation of the Complete Sale Transaction), and (d) the negotiation among the Parties of alternative plans of reorganization
or liquidation. Furthermore, subject to the terms hereof, each of the Parties shall take such action as may be reasonably necessary
to carry out the purposes and intent of this Agreement, including making and filing any required governmental, regulatory, or licensing
filings and soliciting support for any Plan, and shall refrain from taking any action that would frustrate the purposes and intent
of this Agreement. This Agreement is not, and shall not be deemed, a solicitation for consents to the Plan.

 

		8.	Plan Process Documents and Sale Process Documents.

 

During the Plan Support
Period each Party hereby covenants and agrees (i) to negotiate in good faith the Plan Process Documents and the Sale Process Documents,
as the case may be, and (ii) to execute (to the extent such Party is a party thereto) and otherwise support the Plan Process Documents
and Sale Process Documents, as the case may be. For the avoidance of doubt, during the Plan Support Period, each Party agrees to
(a) act in good faith and use commercially reasonable efforts to support and complete successfully the implementation of the Complete
Sale Term Sheet, the Plan Support Documents and the Complete Sale Transaction in accordance with the terms of this Agreement, (b)
do all things reasonably necessary and appropriate in furtherance of consummating the Complete Sale Transaction in accordance with,
and within the time frames contemplated by, the Complete Sale Term Sheet and this Agreement and (c) act in good faith and use commercially
reasonable efforts to consummate the Complete Sale Transactions as contemplated by the Complete Sale Term Sheet and this Agreement.

 

    14 

     

    

		9.	Representations and Warranties.

 

Each Party, severally
(and not jointly), represents and warrants to the other Parties that the following statements are true, correct and complete as
of the date hereof:

 

(a)               
(i) in the case of the Debtors, each Debtor is validly existing and in good standing under the laws of the jurisdiction
of incorporation of its organization, and, subject to Sections 6, 12, and 22 hereof, each Debtor has all requisite corporate, limited
liability company or similar authority to (1) enter into this Agreement, (2) carry out the transactions contemplated under this
Agreement and the Complete Sale Term Sheet and (3) perform its obligations contemplated under this Agreement and the Complete Sale
Term Sheet; and (ii) in the case of the Supporting Committees, each Supporting Committee has duly authorized the signatory to this
Agreement to execute this Agreement on its behalf and, subject to Sections 6, 12, and 22 hereof, the Supporting Committees shall
carry out the transactions contemplated by this Agreement and the Complete Sale Term Sheet pursuant to their terms;

 

(b)              
subject to Sections 6, 12, and 22 hereof, in the case of the Debtors, the execution, delivery and performance by such Party
of this Agreement do not and will not (1) violate any provision of law, rule or regulation applicable to it or any of its subsidiaries
or its charter or bylaws (or other similar governing documents) or those of any of its subsidiaries, (2) conflict with, result
in a breach of or constitute (with due notice or lapse of time or both) a default under any material contractual obligation to
which it or any of its subsidiaries is a party or (3) violate any order, writ, injunction, decree, statute, rule or regulation;

 

(c)               
subject to Sections 6, 12 and 22 hereof, in the case of the Debtors, the execution, delivery and performance by such Party
of this Agreement does not and will not require any registration or filing with, consent or approval of, or notice to, or other
action to, with or by, any federal, state or governmental authority or regulatory body, except such filings as may be necessary
and/or required for disclosure by the Securities and Exchange Commission and in connection with the Chapter 11 Cases, a Complete
Sale Plan and a Complete Sale Disclosure Statement; and, subject to Sections 6, 12 and 22 hereof, in the case of the Debtors, this
Agreement is the legally valid and binding obligation of such Party, enforceable in accordance with its terms, except as enforcement
may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or limiting creditors’
rights generally or by equitable principles relating to enforceability or a ruling of the Bankruptcy Court.

 

    15 

     

    

		10.	Publicity.

 

The Debtors shall submit
drafts to the Supporting Committees of any press releases and public documents that constitute disclosure of the existence or terms
of this Agreement or the Complete Sale Term Sheet, or any amendment to the terms of this Agreement or the Complete Sale Term Sheet,
at least three (3) business days prior to making any such disclosure, which such press releases and public documents shall be subject
to the prior approval of Supporting Committees.

 

		11.	Amendments and Waivers.

 

This Agreement, including
any exhibits or schedules hereto, may not be modified, amended or supplemented except in a writing signed by the Debtors, Creditors’
Committee and the Equity Committee; provided, however, that any modification of, or amendment or supplement to, this Section
11 shall require the written consent of all of the Parties. A Supporting Committee Termination Event may not be waived except in
a writing signed by Creditors’ Committee and the Equity Committee.

 

		12.	Effectiveness.

 

This Agreement shall
become effective and binding on the Supporting Committees and the Debtors when the Bankruptcy Court enters an order approving this
Agreement and authorizing and directing the Supporting Committees and Debtors to be bound by the terms hereof.

 

In the event that the
Bankruptcy Court declines to approve this Agreement, this Agreement shall not be effective upon any of the Parties. The Parties
agree that in the event the Bankruptcy Court declines to approve this Agreement, they will negotiate in good faith to make such
changes to this Agreement as may be necessary in order to obtain Bankruptcy Court approval.

 

Upon the applicable
Plan Support Effective Date, the Complete Sale Terms Sheet shall be deemed effective on the Parties for the purposes of this Agreement
and thereafter the terms and conditions therein may only be amended, modified, waived or otherwise supplemented as set forth in
Section 11 above.

 

		13.	GOVERNING LAW; JURISDICTION; WAIVER OF JURY TRIAL.

 

THIS AGREEMENT SHALL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF FLORIDA, WITHOUT REGARD TO ANY CONFLICTS OF LAW
PROVISIONS WHICH WOULD REQUIRE THE APPLICATION OF THE LAW OF ANY OTHER JURISDICTION. BY ITS EXECUTION AND DELIVERY OF THIS AGREEMENT,
EACH OF THE PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ANY LEGAL ACTION, SUIT, DISPUTE OR PROCEEDING ARISING UNDER,
OUT OF OR IN CONNECTION WITH THIS AGREEMENT SHALL BE BROUGHT IN THE BANKRUPTCY COURT (FOR SO LONG AS THE DEBTORS ARE SUBJECT TO
THE JURISDICTION OF THE BANKRUPTCY COURT) AND THE PARTIES HERETO IRREVOCABLY CONSENT TO THE JURISDICTION OF SUCH COURT AND WAIVE
ANY OBJECTIONS AS TO VENUE OR INCONVENIENT FORUM. EACH PARTY HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

    16 

     

    

		14.	Specific Performance.

 

It is understood and
agreed by the Parties that money damages would not be a sufficient remedy for any breach of this Agreement by any Party and each
non-breaching Party shall be entitled to specific performance and injunctive or other equitable relief as a remedy of any such
breach, without the necessity of proving the inadequacy of money damages as a remedy, including an order of the Bankruptcy Court
requiring any Party to comply promptly with any of its obligations hereunder.

 

		15.	Survival.

 

Notwithstanding the
termination of this Agreement pursuant to Section 6 hereof, the agreements and obligations of the Parties in this Section 15 and
in Sections 6(d), 10, 11, 13, 17, 18, and 21 hereof shall survive such termination and shall continue in full force and effect
for the benefit of the Parties in accordance with the terms hereof.

 

		16.	Headings.

 

The headings of the
sections, paragraphs and subsections of this Agreement are inserted for convenience only and shall not affect the interpretation
hereof or, for any purpose, be deemed a part of this Agreement.

 

		17.	Successors and Assigns; Severability; Several Obligations.

 

Unless expressly stated
herein, this Agreement is intended to bind and inure to the benefit of the Parties and their respective successors, assigns, administrators
and representatives, and no other person or entity shall be a third-party beneficiary hereof. If any provision of this Agreement,
or the application of any such provision to any person or circumstance, shall be held invalid or unenforceable in whole or in part,
such invalidity or unenforceability shall attach only to such provision or part thereof and the remaining part of such provision
hereof or the Agreement shall continue in full force and effect so long as the economic or legal substance of the Complete Sale
Transaction contemplated hereby are not affected in any manner materially adverse to any Party. Upon any such determination of
invalidity, the Parties shall negotiate in good faith to modify this Agreement so as to achieve the original intent of the Parties
as closely as possible in an acceptable manner in order that the Complete Sale Transaction contemplated hereby is consummated as
originally contemplated to the greatest extent possible.

 

		18.	Prior Negotiations; Entire Agreement.

 

This Agreement, including
the exhibits and schedules hereto (including the Complete Sale Term Sheet), constitutes the entire agreement of the Parties, and
supersedes all other prior negotiations, with respect to the subject matter hereof, except that the Parties acknowledge that any
confidentiality agreements (if any) heretofore executed between any of the Debtors, and any of the Supporting Committees or their
respective legal and financial advisors shall continue in full force and effect.

 

    17 

     

    

		19.	Counterparts.

 

This Agreement may
be executed in several counterparts, each of which shall be deemed to be an original, and all of which together shall be deemed
to be one and the same agreement. Execution copies of this Agreement may be delivered by facsimile or otherwise, which shall be
deemed to be an original for the purposes of this Section 19.

 

		20.	Notices.

 

All notices hereunder
shall be deemed given if in writing and delivered, if sent by facsimile, courier or by registered or certified mail (return receipt
requested) to the following addresses and facsimile numbers (or at such other addresses or facsimile numbers as shall be specified
by like notice):

 

(a)               
If to the Debtors: RMS Titanic, Inc., in care of Troutman Sanders LLP, 600 Peachtree Street NE, Suite 5200, Atlanta,
GA 30308, attention: Jeffery W. Cavender and Stephen S. Roach, Tel: (404) 885-3000, Fax: (404) 885-3900; with copies to Nelson
Mullins Riley & Scarborough LLP, 50 N. Laura Street, Suite 4100, Jacksonville, FL 32202, attention: Daniel F. Blanks and Lee
D. Wedekind, III, Tel: (904) 665-3656, Fax: (904) 665-3699, and Kaleo Legal, 4456 Corporation Lane, Suite 135, Virginia Beach,
VA 23462, attention: Brian A. Wainger, Tel: (757) 965-6804, Fax: (757) 304-6175.

 

 

(b)              
If to the Creditors’ Committee: Official Committee of Unsecured Creditors of RMS Titanic, Inc. and its debtor
affiliates, in care of Storch Amini & Munves PC, 140 East 45th Street, 25th Floor, New York, NY 10017,
attention: Jeffrey Chubak and Averty Samet, Tel: (212) 497-8247, Fax: (212) 490-4208; with copies to Thames Markey & Heekin,
P.A., 50 N. Laura Street, Suite 1600, Jacksonville, FL 32202, attention: Richard R. Thames and Robert A. Heekin, Jr., Tel: (904)
358-4000, Fax: (904) 358-4001.

 

 

(c)               
If to the Equity Committee: Official Committee of Equity Security Holders of Premier Exhibitions, Inc., in care of
Landau Gottfried & Berger LLP, 1801 Century Park East, Suite 700, Los Angeles, CA 90067, attention: Peter J. Gurfein, Tel:
(310)-691-7374, Fax: (310) 557-0056; with copies to Akerman, LLP, 50 N. Laura Street, Suite 3100, Jacksonville, FL 32202, attention:
Jacob A. Brown and Katherine C. Fackler, Tel: (904) 798-3700, Fax: (904) 798-3730.

 

Any notice given by
delivery, mail or courier shall be effective when received. Any notice given by facsimile shall be effective upon oral or machine
confirmation of transmission.

 

    18 

     

    

		21.	Reservation of Rights; No Admission.

 

In addition, except
as expressly provided in this Agreement and in any amendment among the Parties, nothing herein is intended to, or does, in any
manner waive, limit, impair or restrict the ability of each of the Parties to protect and preserve its rights, remedies and interests,
including without limitation, its claims against any of the other Parties (or their respective affiliates or subsidiaries) or its
full participation in the Chapter 11 Cases. Except as expressly provided in this Agreement and in any amendment among the Parties,
if the Complete Sale Transaction is not consummated, or if this Agreement is terminated for any reason, the Parties fully reserve
any and all of their rights. This Agreement and the Complete Sale Term Sheet are part of a proposed settlement of matters that
could otherwise be the subject of litigation among the parties hereto. Pursuant to Rule 408 of the Federal Rule of Evidence, any
applicable state rules of evidence and any other applicable law, foreign or domestic, this Agreement and all negotiations relating
thereto shall not be admissible into evidence in any proceeding other than a proceeding to enforce its terms. This Agreement shall
in no event be construed as or be deemed to be evidence of an admission or concession on the part of any Party of any claim or
fault or liability or damages whatsoever. Each of the Parties denies any and all wrongdoing or liability of any kind and does not
concede any infirmity in the claims or defenses which it has asserted or could assert.

 

		22.	Fiduciary Duties.

 

Notwithstanding anything
to the contrary herein, nothing in this Agreement shall require (i) the Debtors or any board of directors, board of managers, directors,
managers, officers or any other fiduciary of the Debtors (in such person’s capacity as a director or officer of the Debtors)
or (ii) either Supporting Committee or any of its members, to take any action, or to refrain from taking any action, to the extent
required, in the opinion of counsel, to comply with its or their fiduciary obligations under applicable law, including consideration
of any offer for the interests in and/or assets of the Debtors, or any alternative restructuring transaction, that maximizes a
return for their respective stakeholders in these Chapter 11 Cases for whom each of the Parties serves as a fiduciary.

 

		23.	Representation by Counsel.

 

Each Party acknowledges
that it has been represented by, or provided a reasonable period of time to obtain access to and advice by, counsel with this Agreement
and the Complete Sale Transaction contemplated herein. Accordingly, any rule of law or any legal decision that would provide any
Party with a defense to the enforcement of the terms of this Agreement against such Party based upon lack of legal counsel shall
have no application and is expressly waived.

 

 

 

[THE REMAINDER
OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

 

(SIGNATURE
PAGES FOLLOW)

 

 

    19 

     

    

IN WITNESS WHEREOF,
the Parties hereto have caused this Agreement to be executed and delivered by their respective duly authorized officer or representative,
and solely in such capacity, as of the date first set forth above.

 

 

	 	Premier Exhibitions, Inc.
	 	 
	 	 
	 	By: 	/s/ Daoping Bao 
	 	Name: 	Daoping Bao
	 	Title: 	President and CEO
	 	 	 
	 	 	 
	 	RMS Titanic, Inc.
	 	 	 
	 	 	 
	 	By: 	/s/ Daoping Bao 
	 	Name: 	Daoping Bao
	 	Title: 	President

 

 

	 	Premier Merchandising, LLC
	 	 	 	 
	 	 	By: PREMIER EXHIBITIONS, INC., 

its Sole Member
	 	 	 
	 	 	By: 	/s/ Daoping Bao
	 	 	Name: 	Daoping
Bao
	 	 	Title: 	President
and CEO

 

 

	 	Premier
Exhibitions Management, LLC
	 	 	 	 
	 	 	By: PREMIER EXHIBITIONS, INC., its 

Managing Member
	 	 	 
	 	 	By: 	/s/ Daoping Bao
	 	 	Name: 	Daoping
Bao
	 	 	Title: 	President
and CEO

 

    20 

     

    

	 	ART AND EXHIBITIONS INTERNATIONAL, LLC
	 	 	 	 	 
	 	 	By: PREMIER EXHIBITIONS 

MANAGEMENT, LLC, its Managing 

Member
	 	 	 
	 	 	 	By: PREMIER EXHIBITIONS, INC. 

its Managing Member
	 	 	 	 
	 	 	 	By: 	/s/ Daoping Bao
	 	 	 	Name: 	Daoping
Bao
	 	 	 	Title: 	President
and CEO

 

 

	 	Premier
Exhibitions NYC, Inc.
	 	 
	 	 
	 	By: 	/s/ Daoping Bao 
	 	Name: 	Daoping Bao
	 	Title: 	 President

 

 

	 	Premier
Exhibitions International, LLC
	 	 	 	 
	 	 	By: PREMIER EXHIBITIONS, INC.,

its Sole Member
	 	 	 
	 	 	By: 	/s/ Daoping Bao
	 	 	Name: 	Daoping
Bao
	 	 	Title: 	President
and CEO

 

 

	 	Dinosaurs
Unearthed Corp.
	 	 
	 	 
	 	By: 	/s/ Daoping Bao 
	 	Name: 	Daoping Bao
	 	Title: 	 President

 

 

 

 

    21 

     

    

 

	 	The official committee of unsecured creditors of rms titanic, inc., et al.
	 	 
	 	 
	 	By:  /s/ Thomas Braziel, in his capacity as Chair of the Committee
	 	Name: Thomas Braziel, in his capacity as Chair of the Committee
	 	 
	 	 
	 	 
	 	The official committee of equity security holders of rms titanic, inc., et al.
	 	 
	 	 
	 	By:   /s/ Andrew Shapiro, in his capacity as Chair of the Committee 
	 	Name:  Andrew Shapiro, in his capacity as Chair of the Committee

 

 

    22 

     

    

EXHIBIT A

 

(Complete Sale Term
Sheet)

 

 

 

 

 

     

     

    

PREMIER
EXHIBITIONS, INC. 

 

Complete
Sale Transactions Term Sheet

 

May
18, 2017

 

The following is a
summary (the “Term Sheet”) of certain principal terms and provisions of a proposed chapter 11 plan of reorganization
(the “Plan”) for the Company (as defined below). The transactions contemplated by this Term Sheet are subject
to further terms and conditions to be set forth in the Plan and other related definitive documents. This Term Sheet is in the furtherance
of good faith, arm’s-length discussions between the Company, the Creditors’ Committee (as defined below), and the Equity
Committee (as defined below) to settle and resolve the Company’s obligations to the Company’s creditors, and provide
for a recovery for Equity Holders (as defined below). Unless otherwise authorized by the Creditors’ Committee, the Equity
Committee, and the Company, this Term Sheet is entitled to protection from any use or disclosure to any party or person pursuant
to Federal Rule of Evidence 408 and any other rule of similar import. This Term Sheet and the information contained herein presently
are strictly confidential.

 

This Term Sheet does
not constitute an offer of securities or a solicitation or offer to purchase securities, nor is it an offer or solicitation for
any chapter 11 plan, and is being presented for discussion and settlement purposes only. No party shall have any obligation, express
or implied, to negotiate with respect to the transactions contemplated by this Term Sheet or to negotiate or enter into any definitive
agreement.

 

Parties

 

	Debtors:	Premier Exhibitions, Inc. (“PRXI”), RMS Titanic, Inc. (RMST), Premier Merchandising, LLC (“MERCH”), Premier Exhibitions Management, LLC (“PEM”), Arts and Exhibitions International, LLC (“AEI”), Premier Exhibitions NYC, Inc. (“PENYC”), Premier Exhibitions International, LLC (“PEI”), and Dinosaurs Unearthed Corp. (“Dinosaurs”) (collectively, the “Company” or the “Debtors”).
	Pre-Petition Lenders’ Claims:	The $3,000,000 in the aggregate secured loan made by Jihe Zhang, Haiping Zou and Lange Feng to the Debtors prior to the commencement of the Chapter 11 cases (such obligations, in the aggregate, as of the date of the filing of the Plan, the “Lenders’ Claims”).
	Creditors’ Committee:	The Official Committee of Unsecured Creditors appointed on August 24, 2016 by the United States Trustee for the Middle District of Florida (the “U.S. Trustee”), consisting of (i) TSX Operating Co., LLC; (ii) Dallian Hoffen Biotechnique Co. Ltd., and (iii) B.E. Capital Management Fund LP.  

 

     

     

    

	Equity Committee:	The Official Committee of Equity Security Holders appointed on August 24, 2016 by the US Trustee consisting of: (i) Jonathan Heller; (ii) Lawndale Capital Management, LLC, (iii) Ian Jacobs, (iv) ACK Investments, LLC and (v) Frank Gerber.  
	Supporting Committees	The Creditors Committee and the Equity Committee are hereinafter referred to as the “Supporting Committees.”
	DIP Lender:	To Be Determined
	General Unsecured Claims:	Any unsecured claim against the Company, that is not an administrative claim, priority tax claim, other priority claim,  professional compensation claim, Lender’s Secured Claim, DIP Lender’s Claim or other secured claim and which is not subject to bona fide dispute (collectively, the “General Unsecured Claims”).  
	Equity Holders:	Equity interests held in the Company.
	Restructuring Transaction:	Subject to the terms of this Term Sheet, which terms shall be embodied in the Plan, a chapter 11 plan will be filed with the United States Bankruptcy Court for the Middle District of Florida (the “Bankruptcy Court”).

 

 

Treatment of Claims and Interests

 

	Administrative, Priority Tax, and Other Priority: Claims:	On or as soon as practicable after the effective date of the Plan (which shall be the first date after confirmation of the Plan that all conditions to effectiveness of the Plan shall have been satisfied or waived (the “Effective Date”) or such later date as agreed to by any such holder, each holder of an administrative expense, priority tax1, other priority claim, and professional compensation claim will receive cash equal to the full amount of its allowed claim, or will otherwise be left unimpaired, unless the holder and the Company otherwise agree to a different treatment.  

 

__________________

1 To consider payment over time of 1129(a)(9)(C) claims.

    25

     

    

	Lenders’ Claims:	Except to the extent that a holder of an allowed Lender’s Claim shall have agreed in writing to a less favorable treatment, at the option of the Debtors (with the consent of the Supporting Committees, which consent shall not be unreasonably withheld), in full and final satisfaction of such Lenders’ Claim, on or as soon as practicable after the later of (a) the Effective Date and (b) the date when such Lenders’ Claim becomes allowed (i) such holder’s allowed Lenders’ Claim shall be reinstated and unimpaired in accordance with section 1124(2) of the Bankruptcy Code, notwithstanding any contractual provision or applicable nonbankruptcy law that entitles the holder of an allowed Lenders’ Claim to demand or receive payment of such allowed Lenders’ Claim prior to the stated maturity of such allowed Lenders’ Claim from and after the occurrence of a default, or (ii) such holder of an allowed Lenders’ Claim shall receive Cash in an amount equal to such allowed Lenders’ Claim, including any interest on such allowed Lenders’ Claim required to be paid pursuant to section 506(b) of the Bankruptcy Code.  To the extent any security interest relating to the Lenders’ Claim is avoided or any portion of the Lenders’ Claim is determined to be unsecured (the “Lenders’ Unsecured Claim”), the Lenders’ Unsecured Claim shall be separately classified and treated as a general unsecured claim and receive pro rata cash payments contemporaneous with other General Unsecured Claims until such claim is paid in full with interest at the applicable non-default contract rate.
	Other Secured Claims	Except to the extent that a holder of an allowed Other Secured Claim shall have agreed in writing to a less favorable treatment, at the option of the Debtors (with the consent of the Supporting Committees, which consent shall not be unreasonably withheld), in full and final satisfaction of such Claim, on or as soon as practicable after the later of (a) the Effective Date and (b) the date when such Other Secured Claim becomes allowed (i) such holder’s allowed Other Secured Claim shall be reinstated and unimpaired in accordance with section 1124(2) of the Bankruptcy Code, notwithstanding any contractual provision or applicable nonbankruptcy law that entitles the holder of an allowed Other Secured Claim to demand or receive payment of such allowed Other Secured Claim prior to the stated maturity of such allowed Other Secured Claim from and after the occurrence of a default, (ii) such holder of an allowed Other Secured Claim shall receive Cash in an amount equal to such allowed Other Secured Claim, including any interest on such allowed Other Secured Claim required to be paid pursuant to section 506(b) of the Bankruptcy Code or (iii) such holder of an allowed Other Secured Claim shall receive the collateral securing its allowed Other Secured Claim and any interest on such allowed Other Secured Claim required to be paid pursuant to section 506(b) of the Bankruptcy Code.

 

    26

     

    

	DIP Lender’s Claim	The DIP Lender’s Claim shall be allowed in an amount equal to the sum of all amounts outstanding under the DIP financing agreement as of the Effective Date.  On or as soon as reasonably practicable after the Effective Date, the holder of an allowed DIP Lender’s Claim shall receive payment in full in cash of all debts, claims, liabilities and obligations calculated in accordance with the DIP financing agreement, except to the extent that the holder of DIP  Lender’s Claim agrees to a different treatment.
	General Unsecured Claims:	Holders of allowed General Unsecured Claims will receive pro rata cash payments on account of their allowed claims until such claims are paid in full with interest at the federal judgment rate.
	Equity Holders:	All Equity Holders in the Company with allowed equity interests (as of the Record Date) will have their stock cancelled and will receive pro rata distributions of Liquidation Trust interests in the Liquidation Trust to be formed in connection with the Plan.2  

 

 

Plan Implementation

 

	Means of Implementation:	·	
        The
Debtors with the consent of the Supporting Committees shall conduct a process to market and sell: (i) the common shares in RMST
or the entire artifact collection held by RMST; and (ii) the operations of PRXI and its subsidiaries with continued licensing
rights for existing operations (individually a “Sale Transaction” and collectively the “Complete Sale
Transactions”).
	 	·	The Marketing Process shall be conducted by the financial advisors to the Debtors,
Glass Ratner Advisory & Capital LLC and the financial advisors to the Supporting Committees, Lincoln International LLC, and
jointly run by them in a commercially reasonable manner consistent with the terms of the Plan Support Agreement.
	 	·	Within three (3) weeks from the designation of one or more Stalking Horse Bidders3
committed to purchase interests in and/or assets of the Debtors, the Company will file the Complete Sale Plan and
Complete Sale Disclosure Statement (providing, among other things, for the consummation of the sale of substantially all of the
interests in and assets of the Debtors through the Complete Sale Plan and distributions in accordance with the terms set forth
herein.
	 	·	The Plan will provide for the formation of a Liquidation Trust and all cash or other consideration received from the Complete
Sales Transaction, any other residual assets and any causes of action of the bankruptcy estate not settled or resolved under the
Plan will be transferred to Liquidation Trust for purposes of distributions to creditors and equity holders. Equity holders will
not be entitled to payment on account of their liquidation trust interests until all creditor claims have been paid in full or
fully reserved for in accordance with disputed claims reserve provisions to be provided for under the Plan.
	 	·	The Debtors and the Supporting Committees shall agree on the appointment of a Liquidation Trustee, the form of the Liquidation
Trust Agreement and the composition and role of a Liquidation Trust Advisory Committee.

__________________

2 Equity interests held by AEG in PEM shall be separately classified and entitled to ten percent
of any proceeds received from any sale of PEM after payment in full of all creditor claims and intercompany claims held against
PEM.

3 Capitalized terms not otherwise defined herein shall have the meaning set forth in the Plan
Support Agreement.

 

    27

     

    

	Limited Consolidation:	Solely for purposes of voting on, confirmation of, and distributions to be made to holders of allowed claims and interests under the Plan, it is a condition precedent to confirmation of the Plan that the Confirmation Order provide for the limited consolidation of the estates of the Debtors into a single estate for purposes of the Plan, the confirmation thereof and distributions thereunder.  Creditors holding claims against one or more Debtors based on the same liability shall be entitled to only a single satisfaction under the Plan.
	Intercompany Claims:	
        All of the Company’s intercompany claims will be paid,
        adjusted or discharged to the extent reasonably determined to be appropriate by the Company in consultation with the Supporting
        Committees.

         

	Fees and Expenses	The Company shall be obligated to pay in full in cash all of the  Debtors’, the Creditors Committee’s, the Equity Committee’s and the DIP Lenders’ reasonable fees and expenses incurred after the Petition Date through the Effective Date as approved by the Bankruptcy Court.
	Objections to Claims and Equity Interests:	Prior to the Effective Date, the Debtors shall have the right and authority to file, settle, compromise, withdraw, or litigate to judgment any objections to claims or interests.  From and after the Effective Date, the Liquidation Trustee shall have the right to object to any and all claims and interests and commence any proceedings relating to the allowance of claims and interests.

 

    28

     

    

	Retention of Causes of Action:	In accordance with section 1123(b)(3) of the Bankruptcy Code, all causes of action and litigation rights (the “Litigation Rights”) of the Debtors not otherwise settled or released under the plan shall be transferred to the Liquidation Trust for purposes of resolution or liquidation, and nothing contained in the Plan or the Confirmation Order shall be deemed to be a waiver or relinquishment of any such Litigation Rights. The Liquidation Trustee may (but is not required to) enforce all Litigation Rights and all other similar claims arising under applicable state laws, including fraudulent transfer claims, if any, and all other causes of action of a trustee and debtor-in-possession under the Bankruptcy Code.  
	Supporting Committees Existence	The  Creditors Committee and the Equity Committee will continue in existence until the Effective Date of the Plan.
	Preservation of Insurance	Any discharge or release provisions of the Plan shall not diminish or impair the enforceability of any of the Debtors’ insurance policies, including any that may cover Claims against the Debtors or the Reorganized Debtors, and their current and former officers and directors, or any other person or entity.
	Plan Filing Date	The Plan and accompanying Disclosure Statement shall be filed with the Bankruptcy Court no later than three weeks after the designation of one or more Stalking Horse Bidders in connection with the Complete Sale Transactions.  
	Conditions to Plan Confirmation:	The Plan and related documentation, including related motions and orders, exhibits, and the Disclosure Statement, shall be in form and substance reasonably acceptable to the Debtors and the Supporting Committees, and in conformity with all terms and conditions set forth in this Term Sheet and the Plan Support Agreement.

 

    29

     

    

	Conditions to the Effective Date:	
        The Confirmation Order shall be in form
        and substance reasonably acceptable to the Company and the Supporting Committees and it shall contain provisions, among others:

         

        Exculpating
        the Debtors, DIP Lender, the Supporting Committees and the respective professionals of each pursuant to section 1125(e) of the
        Bankruptcy Code.

         

        The Debtors’
        current officers and directors and the Supporting Committees shall be released from any and all claims in connection with the Company’s
        bankruptcy case in a form to be agreed to by the Debtors and the Supporting Committees.

         

        The DIP
        Lender shall be released from any and all claims in connection with the Company’s bankruptcy case in a form to be agreed
        to by the Debtors, the DIP Lender and the Supporting Committees.

         

        Exculpation
        and releases for directors and officers of the Company in a form to be agreed to by the Debtors and the Supporting Committees,
        and to the extent no agreement is reached by the Plan effective date no release shall be provided.

         

        Appropriate
        plan injunction provisions channeling all claims against and interests in the Debtors to the Liquidation Trust.

         

        Closing
        of a Sales Transaction consistent with the terms of the Plan Support Agreement.

         

        Entry of
        an order of the United States District Court for the Eastern District of Virginia approving any sale of the common shares of RMST
        or the artifact collection of RMST over which the court has jurisdiction.

         

        Confirmation
        Order to rule on tax treatment of sale – tax basis for artifacts and taxable gain on sale to be findings in confirmation
        order to the extent permitted by law.

         

        Confirmation
        Order to contain reservation of jurisdiction for 363 sale post effective date for conclusion of sale process by Liquidation Trustee.

         

 

    30

     

    

	Post-Confirmation Pre-Effective Date Management:	·	The
board of directors and officers of Debtors shall have the same membership or composition that currently exists. The identity of
the officers of each of the Debtors, and their respective titles and roles with the applicable Debtor, will also remain the same.  
	Continuation of Injunctions and Stays:	·	All injunctions or stays provided for in the Chapter 11 Cases
under sections 105 or 362 of the Bankruptcy Code, or otherwise, and in existence on the Confirmation Date, shall remain in full
force and effect until the Effective Date.
	Employee Retention Plan	·	To be discussed
	General Info/Aspects:	·	The Company shall continue to:
	 	 	cooperate with the DIP Lenders and the Supporting Committees to refine the Plan and other documentation;
	 	 	provide financial and business information about itself to the DIP Lenders and the Supporting Committees;
	 	 	respond in a timely manner to inquiries from the DIP Lenders and the Supporting Committees; and
	 	 	cooperate with any diligence requests with potential purchasers.
	 	·	All documents relating to the
transactions described herein shall be reasonably acceptable to the Company and the Supporting Committees.

 

 

 

 

 

31Exhibit 10.2

 

SENIOR SECURED DEBTOR-IN-POSSESSION LOAN
AGREEMENT

 

This SENIOR SECURED
DEBTOR-IN-POSSESSION LOAN AGREEMENT (this “Agreement”) is dated as of May 18, 2017, and is by and among: (i)
RMS Titanic Inc., Premier Exhibitions, Inc., Premier Exhibitions Management, LLC, Arts and Exhibitions International, LLC, Premier
Exhibitions International, LLC, Premier Exhibitions NYC, Inc., Premier Merchandising, LLC, and Dinosaurs Unearthed Corp., debtors-in-possession
under the Bankruptcy Code (“Borrowers”); and (ii) Bay Point Capital Partners LP, as lender (the “DIP
Lender”).

 

W I T N E S S E T H:

 

WHEREAS, on June 14,
2016 (the “Petition Date”), Borrowers filed voluntary petitions for relief under Chapter 11 of Title 11 of the
United States Code (“Bankruptcy Code”) in the United States Bankruptcy Court for the Middle District of Florida
(the “Bankruptcy Court”);

 

WHEREAS, Borrowers
are continuing in the possession of their assets and in the management of their businesses as debtors-in-possession pursuant to
Sections 1107(a) and 1108 of the Bankruptcy Code;

 

WHEREAS, Borrowers
have requested the DIP Lender to provide a multi-draw term loan credit facility (the “DIP Facility”) to Borrowers
in an aggregate principal amount of Five Million Dollars ($5,000,000) for the purposes described herein;

 

WHEREAS, to provide
security for the repayment of the loans made available pursuant hereto and payment of the other obligations of the Borrowers hereunder,
Borrowers have agreed to provide the DIP Lender, in each case, with Liens on the DIP Collateral (as defined below); and

 

WHEREAS, the DIP Lender
is willing to make the requested DIP Facility available only upon the terms and conditions set forth herein.

 

NOW, THEREFORE, in
consideration of the premises and the mutual covenants herein contained, Borrowers and the DIP Lender agree as follows:

 

1.       Definitions.
The terms listed below shall be defined as follows:

 

“$”
“USD” and “dollars” denotes the lawful currency of the United States of America.

 

“Approved
Budget” shall have the meaning set forth in Section 8(a) hereof.

 

“Authorized
Agent” shall mean Jerome S. Henshall, Chief Financial Officer of Premier Exhibitions, Inc., or such other person designated
by the Borrowers upon written notice to the Lender.

 

     

     

    

“Availability
Period” shall mean the period from the Closing Date to, but excluding, the Maturity Date.

 

“Banking Day”
shall mean any day that is not a Saturday, Sunday, or other day on which nationally chartered banks are authorized or required
by Law to remain closed.

 

“Bankruptcy
Code” shall have the meaning set forth in the recitals.

 

“Bankruptcy
Court” shall have the meaning set forth in the recitals.

 

“Borrowers”
shall have the meaning set forth in the recitals. When used herein, Borrowers refers collectively to the Borrowers and individually
to any of the Borrowers identified in the recitals, as appropriate.

 

“Borrowing
Request” shall mean a Borrowing Request in the form attached hereto as Exhibit A, or such other form acceptable
to the DIP Lender.

 

“Budget”
shall mean the Initial Approved Budget and each subsequent Approved Budget.

 

“Carve-Out”
shall mean, exclusive of the Carve-Out Exclusions, an amount equal to the sum of the following: (a) all fees required to be paid
to the Clerk of the Court and to the U.S. Trustee under 28 U.S.C. § 1930(a) plus interest pursuant to 31 U.S.C. § 3717;
(b) fees and disbursements incurred by a chapter 7 trustee (if any) under section 726(b) of the Bankruptcy Code in an amount not
to exceed $150,000; (c) accrued but unpaid fees and expenses of professionals retained by Borrowers or by the official committee
of unsecured creditors (the “Creditors Committee”) or the official committee of equity security holders (the
“Equity Committee”) appointed in the Chapter 11 Cases (collectively, the “Committees”),
incurred prior to an Event of Default (as defined below); (d) after the occurrence and during the continuation of an Event of Default,
allowed and unpaid professional fees and expenses incurred by (i) Borrowers, in an amount not to exceed $150,000, (ii) the Committees
in an amount not to exceed $150,000 in the aggregate to be allocated evenly between the Committees, with $75,000 being allocated
to each of the Committees, provided, however, that any amount hereby allocated to one of the Committees but not utilized by that
committee at the time of final fee applications and final award of fees may be reallocated to the other committee (the amounts
in clauses (i) and (ii) collectively the “Professional Fee Cap”) but in no event shall the total paid
to the Committees under the Professional Fee Cap exceed $150,000 in the aggregate; provided, however, that so long
as no Event of Default shall have occurred and be continuing, the Carve-Out shall not be reduced by the payment of fees and expenses
allowed by the Bankruptcy Court under sections 328, 330, and 331 of the Bankruptcy Code (including, for the avoidance of doubt,
fees and expenses incurred prior to an Event of Default that were allowable when incurred and allowed by the Bankruptcy Court after
the occurrence and continuance of such Event of Default); provided, however, that any payments of the allowed professional
fees incurred after an Event of Default shall reduce the amount of the Carve-Out by the amount of any such payment.

 

    2 

     

    

“Carve Out
Exclusions” shall mean fees or expenses incurred by any party, including Borrowers, Committees, or any professional,
in connection with (1) the investigation, initiation, or prosecution of any claims (including for the avoidance of liens or security
interests) against the DIP Lender under the DIP Facility, or preventing, hindering, or delaying the assertion of enforcement of
any Lien, claim, right or security interest or realization upon any DIP Collateral by the DIP Lender, (2) a request to use cash
collateral (as such term is defined in section 363 of the Bankruptcy Code) without the prior consent of the DIP Lender, (3) a request,
without the prior consent of the DIP Lender, for authorization to obtain debtor-in-possession financing or other financial accommodations
pursuant to section 364(c) or (d) of the Bankruptcy Code that does not indefeasibly repay in full in cash the obligations under
the DIP Facility on terms and conditions acceptable to the DIP Lender, or (4) any act which has the effect of materially or adversely
modifying or compromising the rights and remedies of the DIP Lender as set forth in the DIP Loan Documents (as defined below),
the DIP Financing Orders, or which results in the occurrence of an Event of Default (as defined below), unless otherwise agreed
by the DIP Lender.

 

“Chapter 11
Case” shall mean the main case in which the cases filed under Chapter 11 of the Bankruptcy Code by Borrowers in their
capacity as debtors and debtors-in-possession in the Bankruptcy Court are being jointly administered.

 

“Closing Date”
shall mean the first business day following the satisfaction of Conditions to Effectiveness as set forth in Section 4 hereof and
the advance of funds by DIP Lender.

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended.

 

“Commitment”
shall have the meaning set forth in Section 2(a) hereof.

 

“Commitment
Fee” shall have the meaning set forth in Section 3(c) hereof.

 

“Default”
shall mean any condition or event that, with the giving of notice or the lapse of time or both, would constitute an Event of Default.

 

“Default Rate”
shall mean, for any Loan, a fixed rate per annum equal to 18.0%.

 

“DIP Collateral”
shall mean all property and all other assets, whether now owned by or owing to, or hereafter acquired by or arising in favor of,
any of Borrowers (including under any trade names, styles or derivations thereof), and whether owned or consigned by or to, or
leased from, any of Borrowers, and regardless of where located, including, without limitation: (a) cash and cash equivalents; (b)
all funds in any account of any of the Borrowers; (c) all accounts and other receivables; (d) contract rights; (e) instruments,
documents and chattel paper; (f) securities (whether or not marketable), including but not limited to equity interests in RMS Titanic
Inc.; (g) equipment, inventory, fixtures, and artifacts; (h) real property and interests in real property; (i) leaseholds and interests
in leaseholds; (j) franchise rights; (k) patents, tradenames, trademarks, copyrights, and all other intellectual property; (l)
general intangibles; (m) capital stock; (n) investment property; (o) supporting obligations; (p) letter of credit rights; (q) all
commercial tort claims and all other claims and causes of action; (r) the proceeds of all claims or causes of action; and (s) to
the extent not covered by the foregoing, all other assets or property of any of Borrowers, whether tangible, intangible, real,
personal or mixed, and all proceeds and products of each of the foregoing and all accessions to, substitutions and replacements
for, and rents, profits and products of, each of the foregoing, any and all proceeds of any insurance, indemnity, warranty or guaranty
payable to Borrowers from time to time with respect to any of the foregoing, but excluding the DIP Collateral Exclusions.

 

    3 

     

    

“DIP Collateral
Exclusions” shall mean avoidance actions under Chapter 5 of the Bankruptcy Code and the Titanic Assets (defined below).

 

“DIP Facility”
shall have the meaning set forth in the recitals.

 

“DIP Financing
Orders” shall mean the Interim Order, if any, and the Final Order, as may be applicable.

 

“DIP Lender
Carve-Out” shall mean on any date an amount equal to the aggregate Carve-Out on such date.

 

“DIP Loan
Documents” shall mean this Agreement, the DIP Financing Orders, and any other documents, instruments, or agreements delivered
as security or collateral for, or a guaranty of, the Loans, or in connection with, or as support for, any of the foregoing, whether
by any of the Borrowers or a Third Party, and any updates or renewals thereof.

 

“Event of
Default” shall have the meaning set forth in Section 9 hereof.

 

“Excluded
Taxes” shall mean (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits
Taxes, in each case, imposed by the United States of America or the jurisdiction where the DIP Lender’s applicable lending
office is located, (ii) U.S. Federal withholding Taxes imposed on amounts payable hereunder pursuant to the Law in effect as of
the date of this Agreement, and (iii) U.S. Federal withholding Taxes imposed under FATCA.

 

“Existing Lenders”
shall mean Lange Feng, Jihe Zhang, and Haiping Zou and their predecessors, successors, and assigns.

 

“FATCA”
shall mean Sections 1471 through 1474 of the Code as of the date of this Agreement (or any amended or successor version of such
sections that are substantively comparable and not materially more onerous to comply with), any current or future regulations or
official interpretations thereof, and any agreement entered into pursuant to Section 1471(b)(1) of the Code.

 

“Final Order”
shall mean a final, non-appealable order of the Bankruptcy Court approving the DIP Facility, in form and substance satisfactory
to the DIP Lender in its sole discretion.

 

“Indemnified
Taxes” shall mean (i) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account
of any obligation of Borrowers under this Agreement or any other DIP Loan Document, and (ii) without duplication of any Taxes covered
in subclause (i) of this definition, Other Taxes.

 

    4 

     

    

“Initial Approved
Budget” shall mean the Budget attached hereto as Exhibit B. 

 

“Initial Availability
Period” shall mean the period of time between entry of the Interim Order and the Final Order.

 

“Interim Order”
shall mean an interim order of the Bankruptcy Court approving the DIP Facility and entered in the Chapter 11 Case, in form and
substance satisfactory to the DIP Lender in its sole discretion.

 

“Law”
shall mean any international, foreign, Federal, state or local statute, treaty, rule, guideline, regulation, ordinance, code, or
administrative or judicial precedent or authority, including the interpretation or administration thereof by any governmental authority
charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties,
requests, licenses, authorizations and permits of, and agreements with, any governmental authority, in each case whether or not
having the force of law.

 

“Lien”
shall mean, with respect to any asset, any mortgage, pledge, hypothecation, assignment, deposit arrangement, lien (statutory or
other), or other security interest or preferential arrangement of any kind or nature whatsoever (including any conditional sale
or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing,
and the filing of any financing statement under the UCC or comparable Laws of any jurisdiction).

 

“Loans”
shall have the meaning set forth in Section 2(a) hereof.

 

“Main Office”
shall mean the main office of the DIP Lender, currently located at 3050 Peachtree Rd., Suite 2, Atlanta, GA 30305, or such other
location as the DIP Lender may designate as its main office.

 

“Material
Adverse Effect” shall mean, with respect to any material event, act, condition, or occurrence of whatever nature (including
any adverse determination in any litigation, arbitration, or governmental investigation or proceeding), whether singularly or in
conjunction with any other event or events, act or acts, condition or conditions, occurrence or occurrences, whether or not related,
resulting in a material adverse change in, or a material adverse effect on, (i) the business, results of operations, financial
condition, assets, liabilities or prospects of anyBorrower taken as a whole (other than the commencement of the Chapter 11 Case
and the continuation of the Chapter 11 Case), (ii) the ability of Borrowers to perform any of their respective obligations under
the DIP Loan Documents, (iii) the rights and remedies of the DIP Lender under any of the DIP Loan Documents, (iv) the legality,
validity or enforceability of any of the DIP Loan Documents and the DIP Financing Orders, (v) the value of the DIP Collateral,
or (vi) the perfection or priority of the Liens granted pursuant to the DIP Loan Documents or the DIP Financing Orders.

 

“Maturity
Date” shall mean the earliest of (i) one year from the entry of the Interim Order or, if no Interim Order is entered,
the Final Order, (ii) 35 days after entry of the Interim Order, if any, unless the Final Order has been entered, (iii) the substantial
consummation (as defined in section 1101 of the Bankruptcy Code and which for purposes hereof shall be no later than the “effective
date”) of one or more plans of reorganization filed in the Chapter 11 Case that is confirmed pursuant to an order entered
by the Bankruptcy Court for the Borrowers in the Chapter 11 Cases; (iv) the closing of a sale of all or substantially all of the
assets of Borrowers, and (v) the date of the acceleration of the Loans and/or the termination of the Commitment pursuant to Section
9.

 

    5 

     

    

“Obligations”
shall mean all amounts owing by Borrowers to the DIP Lender pursuant to or in connection with this Agreement or any other DIP Loan
Document including, without limitation, all principal, interest, fees, expenses, indemnification, and reimbursement payments, costs,
and expenses (including all reasonable fees and expenses of counsel to the DIP Lender incurred pursuant to this Agreement or any
other DIP Loan Document), whether direct or indirect, absolute or contingent, liquidated or unliquidated, now existing or hereafter
arising hereunder or thereunder.

 

“Other Taxes”
shall mean, collectively, all present or future stamp, court, or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement, or registration of, from the receipt
of security interests in, or otherwise with respect to this Agreement or any other DIP Loan Document.

 

“Permitted
Variance” shall mean (i) any favorable variance, (ii) an unfavorable variance of not more than 15% with respect to (A)
any disbursement line item or (B) the aggregate cash receipts, and (iii) an unfavorable variance of not more than 10% with respect
to combined aggregate receipts and disbursements; provided, however, that it shall also be a Permitted Variance if there is an
unfavorable variance of any amount with respect to aggregate receipts or combined aggregate receipts and disbursements for a monthly
Testing Period as long as any unfavorable variance is not more than the 15% and 10% variance threshold described above for the
respective cumulative Testing Period.

 

“Requirements
of Law” shall mean, as to Borrowers, the articles or certificate of incorporation and by-laws or other organizational
or governing documents of each of the Borrowers, and each federal, state, local and foreign law, treaty, rule or regulation or
determination of an arbitrator or a court or other governmental authority, in each case applicable to or binding upon Borrowers
or any of their property or to which Borrowers or any of their property is subject.

 

“Superpriority
DIP Claims” shall mean all of the claims of the DIP Lender on account of the Obligations, which claims shall be entitled
to the benefits of Sections 364(c)(1) and 364(d) of the Bankruptcy Code, having a superpriority over any and all administrative
expenses of the kind that are specified in Sections 105, 326, 328, 330, 331, 503(b), 506(c), 507(a), 507(b), 546(c), 726, 1114,
or any other provisions of the Bankruptcy Code, subject to the DIP Lender Carve Out.

 

“Tax”
or “Taxes” shall mean all present or future taxes, levies, imposts, duties, deductions, withholding (including
backup withholding), assessments, fees, value added tax or any other goods, services, use or sales tax, or other charges imposed
by any governmental authority, including, without limitation, any interest, additions to tax, or penalties applicable thereto.

 

“Testing Period”
shall have the meaning set forth in Section 8(i) hereof.

 

    6 

     

    

“Third Party”
shall mean any party liable with respect to, or otherwise granting support for, this Agreement, whether by guaranty, subordination,
grant of security or otherwise.

 

“Titanic Assets”
shall mean (a) the Titanic Collections, as defined in the Revised Covenants and Conditions set forth in the 2010 Opinion of the
United States District Court for the Eastern District of Virginia (the “2010 Opinion”), and related supporting
documentation and intellectual property owned by RMS Titanic, Inc., and (b) the Titanic Reserve Account. The Titanic Assets do
not include proceeds of the Titanic Assets or revenues, contracts, and agreements arising out of the Titanic Assets, all of which
shall constitute DIP Collateral, except with respect to any such proceeds, revenues, contracts, and agreements received or entered
into in violation of any covenants and conditions relating to the Titanic Assets.

 

“Titanic Reserve
Account” means that certain trust reserve account established by RMS Titanic, Inc. pursuant to Article V, Section D of
the Revised Covenants and Conditions set forth in the 2010 Opinion.

 

“UCC”
shall mean the Uniform Commercial Code as in effect from time to time in the State of Georgia; provided that if by reason of mandatory
provisions of Law, the perfection, the effect of perfection or non-perfection or the priority of the security interests of the
DIP Lender in any DIP Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than Georgia,
“UCC” means the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof
relating to such perfection, effect of perfection or non-perfection or priority.

 

“Variance
Report” shall have the meaning set forth in Section 8(a) hereof.

 

Unless otherwise defined
herein or the context otherwise requires, any uncapitalized terms used herein which are defined in the UCC, have the respective
meanings provided in the UCC including, without limitation: (i) as-extracted collateral; (ii) certificated security; (iii) chattel
paper; (iv) documents; (v) electronic chattel paper; (vi) financial assets; (vii) goods, (viii) instruments; (ix) inventory; (x)
investment property; (xi) payment intangibles; (xii) proceeds; (xiii) securities account; (xiv) securities intermediary; (xv) security;
(xvi) security certificate; (xvii) security entitlements; and (xviii) uncertificated security.

 

2. Borrowings, Conversions,
Renewals and Payments.

 

(a)
       Subject to the terms and conditions set forth herein (including the conditions to
borrowing set forth in Sections 4 and 5 hereof), the DIP Lender agrees to make multi-draw term loans
(“Loans”) to Borrowers, from time to time during the Availability Period, in an aggregate principal amount
outstanding of $5,000,000 (the “Commitment”); provided, however, that the aggregate amount
of Loans to Borrowers during the Initial Availability Period shall not exceed $1,000,000. During the Availability Period,
Borrowers shall be entitled to borrow and prepay Loans in accordance with the terms and conditions of this Agreement; provided, however,
that (i) Borrowers may not borrow any amounts hereunder should there exist an Event of Default; and (ii) Borrowers may not
re-borrow Loans that have been repaid or otherwise paid.

 

    7 

     

    

(b)       The
Authorized Agent, on behalf of Borrowers, shall give the DIP Lender irrevocable notice of each borrowing by delivering a Borrowing
Request by 12:00 noon Atlanta, Georgia, time not less than two (2) Banking Days prior to the date of each requested borrowing of
a Loan; provided, however, that (i) no Loan shall be in an amount less than $25,000, (ii) Borrowers shall not be
permitted to deliver a Borrowing Request more frequently than once per calendar week, and (iii) Borrowers shall not be permitted
to request Loans (and DIP Lender shall not be required to fund Loans) in excess of Borrowers’ cash needs for the four (4)
calendar weeks immediately following the date of the Borrowing Request (as set forth in an Approved Budget, subject to any Permitted
Variance).

 

(c)       Borrowers
hereby promise to pay to the order of the DIP Lender at its Main Office the principal amount of all outstanding Loans on the Maturity
Date, plus all accrued interest, fees and other Obligations then outstanding.

 

(d)       Borrowers
shall have the right to make prepayments of principal at any time or from time to time, provided that: (i) Borrowers shall
give the DIP Lender irrevocable notice of each prepayment by 12:00 noon Atlanta, Georgia, time on the date of prepayment of a Loan;
(ii) all prepayments of Loans shall be in a minimum amount equal to the lesser of $25,000 or the unpaid principal amount of this
Agreement; and (iii) in the event that Borrowers should repay the DIP Facility prior to the Maturity Date, Lender will be due all
interest and fees based on amounts actually drawn on the DIP Facility as if the DIP Facility had been repaid on the Maturity Date.

 

(e)       Borrowers
may extend the Maturity Date for a period of one additional year, provided that Borrowers have not committed an Event of
Default. Borrowers shall request the foregoing extension at least thirty (30) days before the Maturity Date by sending a Notice
to the DIP Lender informing the DIP Lender of the exercise of this extension option. Borrowers shall pay an extension fee equal
to 1.5% of the outstanding balance due under the DIP Facility as of the date of the aforementioned Notice.

 

3.       Interest
and Fees.

 

(a)       Borrowers
promise to pay interest on the unpaid balance of the principal amount of each Loan for the period commencing with the date such
Loan was made and ending on the Maturity Date at a fixed rate equal to 13.00% per annum, quarterly, with payments being due on
April 1, July 1, October 1, and January 1 of each respective year. After the occurrence of an Event of Default, all outstanding
principal shall bear interest from and including the date of such Event of Default until paid in full at a rate per annum equal
to the Default Rate, such interest to be payable quarterly with payments being due on April 1, July 1, October 1, and January 1
of each respective year, unless the Loans are declared accelerated and due, as provided for herein. Interest shall be calculated
on the basis of a year of 360 days for the actual number of days elapsed.

 

(b)       All
payments hereunder shall be made in lawful money of the United States and in immediately available funds. Any extension of time
for the payment of the principal of this Agreement resulting from the due date falling on a non-Banking Day shall be included in
the computation of interest. The date, amount, and the interest rate with respect to each Loan evidenced hereby and all payments
of principal thereof shall be recorded by the DIP Lender on its books and, at the discretion of the DIP Lender prior to any transfer
of this Agreement at any other time, may be endorsed by the DIP Lender on a schedule. Any such endorsement shall be conclusive
absent manifest error. Borrowers waive presentment, notice of dishonor, protest, and any other notice or formality with respect
to this Agreement.

 

    8 

     

    

(c)       Borrowers
agree to pay to the DIP Lender a commitment fee (the “Commitment Fee”) in an amount equal to 1% of the Commitment.
The Commitment Fee shall be fully-earned and paid on the Closing Date, in cash.

 

4.       Conditions
to Effectiveness. The obligation of the DIP Lender to make Loans shall not become effective until the date on which each of
the following conditions is satisfied (or waived in sole and absolute discretion of the DIP Lender):

 

(a)       The
DIP Lender (or its counsel) shall have received the following:

 

(i)        a
counterpart of this Agreement signed by each of the Borrowers;

 

(ii)       copies
of duly executed resolutions, in form and substance satisfactory to the DIP Lender in its reasonable discretion, of the board of
directors (or similar governing body) of each of the Borrowers authorizing the execution, delivery, and performance of the DIP
Loan Documents to which it is a party; and

 

(iii)       a
duly executed Borrowing Request with respect to any Loan made on the Closing Date.

 

(b)       All
legal matters incident to this Agreement and the borrowings hereunder shall be satisfactory to the DIP Lender, in its reasonable
discretion.

 

(c)       All
motions and other documents to be filed with and submitted to the Bankruptcy Court related to the DIP Facility and the approval
thereof shall be in form and substance satisfactory to the DIP Lender in its reasonable discretion.

 

(d)       The
Bankruptcy Court shall have entered the Interim Order or the Final Order, in form and substance satisfactory to the DIP Lender
in its sole discretion.

 

(e)       The
DIP Lender shall have a valid and perfected, first priority Lien on and security interest in the DIP Collateral on the basis and
with the priority set forth in the Interim Order or Final Order, and such Lien of the DIP Lender shall be senior to all other Liens
except as otherwise provided in any DIP Financing Order and Section 11 of this Agreement.

 

5.       Conditions
to All Credit Extensions. The obligation of the DIP Lender to make a Loan on the occasion of any borrowing is subject to the
satisfaction of each of the conditions set forth in Section 4 on the date of such Loan (other than those conditions expressly
required to be satisfied on the Closing Date) and the following additional conditions:

 

(a)       Borrowers
shall have delivered to the DIP Lender an appropriate Borrowing Request, duly executed and completed, by the time specified in,
and otherwise as permitted by, this Agreement.

 

    9 

     

    

(b)       The
representations and warranties made by Borrowers herein shall be true and correct in all material respects at and as if made as
of such date (in each case immediately prior to, and after giving effect to, the funding of any Loans) except to the extent they
expressly relate to an earlier date, in which case such representations and warranties shall be true and correct in all respects
on and as of such earlier date.

 

(c)       No
Default or Event of Default shall exist or be continuing either prior to or after giving effect to the making of such Loan.

 

(d)       The
making of such Loan (and the use of the proceeds therefrom) shall not violate any Law and shall not be enjoined, temporarily, preliminarily
or permanently.

 

(e)       No
Material Adverse Effect shall have occurred.

 

(f)       The
making of such Loan complies with the Budget, in all respects, or has otherwise been approved in writing by the DIP Lender.

 

(g)       With
respect to any Loans made after the Closing Date, the DIP Financing Orders shall have been entered approving the DIP Facility,
in form and substance satisfactory to the DIP Lender in its sole discretion, which DIP Financing Orders shall be in full force
and effect and shall not have been reversed, vacated, or stayed, and shall not have been amended, supplemented, or otherwise modified
without the prior written consent of the DIP Lender.

 

(h)       There
shall not exist any Law, ruling, judgment, order, injunction, or other restraint that, in the sole judgment of the DIP Lender,
prohibits, restricts or imposes a materially adverse condition on Borrowers, the DIP Facility, or the exercise by the DIP Lender
of its rights as a secured party with respect to the DIP Collateral. For the avoidance of doubt, the Revised Covenants and Conditions
included in the 2010 Opinion shall not be considered such a restraint.

 

(i)       Any
borrowing hereunder shall be limited to the amount that is required to fund disbursements permitted under the Budget or otherwise
available for use by Borrowers.

 

The delivery of each Borrowing Request
shall constitute a representation and warranty by the Borrower of the correctness of the matters specified in subsections (b) through
(i) above.

 

6.       Indemnified
Taxes. Borrowers agree that all payments made pursuant to or on account of this Agreement or any of the DIP Loan Documents
shall be made by Borrowers free and clear and without deduction or withholding for any Tax, except as required by applicable Law.
If any applicable Law requires the deduction of or withholding of any Tax from any such payment, then Borrowers shall be entitled
to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant governmental authority
in accordance with applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by Borrowers pursuant to or on account
of this Agreement or any DIP Loan Documents shall be increased as necessary so that after such deduction or withholding has been
made (including any such deduction or withholding that may be applicable to additional sums payable under this Section) the DIP
Lender shall receive an amount equal to the amount it would have received had no such deduction or withholding been made. Borrowers
shall provide to the DIP Lender evidence of such payment made to the relevant governmental authority within thirty (30) days thereof
and shall also provide to the DIP Lender any official tax receipt or other documentation issued by the appropriate governmental
authorities with respect to the payment of Indemnified Taxes. Borrowers hereby agree that they shall indemnify and reimburse the
DIP Lender, on demand, for any loss, liability, or expense incurred by the DIP Lender as a result of any failure by Borrowers to
pay Indemnified Taxes as and when due, whether or not such Indemnified Taxes were correctly or legally imposed by the relevant
governmental authority. Borrowers shall timely pay to the relevant governmental authority or, at the option of the DIP Lender,
reimburse it for Other Taxes.

 

    10 

     

    

7.       Representations.
Borrowers represent and warrant that to the best of their knowledge:

 

(a)       Upon
approval of the Bankruptcy Court, the DIP Loan Documents constitute the legal, valid, and binding obligations of Borrowers, enforceable
against Borrowers in accordance with their terms.

 

(b)       Upon
approval of the Bankruptcy Court, the execution, delivery, and performance by Borrowers of the DIP Loan Documents and all other
documents contemplated hereby or thereby, and the use of the proceeds of any of the Loans, do not and will not, except with regard
to the liens of the Existing Lenders: (i) conflict with or constitute a breach of, or default under, or require any consent under,
or result in the creation of any Lien, charge, or encumbrance upon the property or assets of Borrowers pursuant to any other agreement
or instrument (other than any pledge of or security interest granted in any DIP Collateral pursuant to any DIP Loan Document) to
which Borrowers are a party or are bound or by which their properties may be bound or affected; or (ii) violate any provision of
any Law (including, without limitation, Regulation U of the Federal Reserve Board), order, writ, judgment, injunction, decree,
determination, or award presently in effect having applicability to Borrowers.

 

(c)       Upon
entry of the Interim Order (with respect to the interim borrowings), if any, and upon entry of the Final Order, no consent, approval,
or authorization of, or registration, declaration, or filing with, any governmental authority or other person or entity is required
as a condition to or in connection with the due and valid execution, delivery and performance by Borrowers of any DIP Loan Document.
For the avoidance of doubt, DIP Lender acknowledges the consent of the United States District Court for the Eastern District of
Virginia is not required as a condition to or in connection with the foregoing.

 

(d)       Except
for the Chapter 11 Case, and except for any other litigation identified to DIP Lender in writing, there are no actions,
suits, investigations, or proceedings pending or threatened at law, in equity, in arbitration or by or before any other
authority involving or affecting: (i) Borrowers that, if adversely determined, are likely to have a Material Adverse Effect;
(ii) any material part of the assets or properties of Borrowers or any part of the DIP Collateral (if any) under any DIP Loan
Document; or (iii) any of the transactions contemplated in the DIP Loan Documents. There are currently no material judgments
entered against Borrowers, and Borrowers are not in default with respect to any judgment, writ, injunction, order, decree or
consent of any court or other judicial authority, which default is likely to have or has had a Material Adverse Effect.

 

    11 

     

    

(e)       Borrowers
are in compliance with all Requirements of Law, except to the extent that the failure to comply therewith would not, in the aggregate,
be reasonably expected to have a Material Adverse Effect.

 

(f)       This
Agreement, taken together with the Interim Order, if any, and/or the Final Order, is effective to create in favor of the DIP Lender
legal, valid, enforceable, and continuing first priority Liens on, and security interests in, the DIP Collateral pledged hereunder
or thereunder, in each case subject to no Liens other than with respect to Liens permitted under the DIP Financing Orders. Pursuant
to the terms of the DIP Financing Orders, no filing or other action will be necessary to perfect or protect such Liens. Pursuant
to and to the extent provided in the Interim Order , if any,and the Final Order, the Obligations of Borrowers under this Agreement
will constitute allowed administrative expense claims in the Chapter 11 Case under Sections 364(c) and 364(d) of the Bankruptcy
Code, having priority over all administrative expense claims and unsecured claims against Borrowers now existing or hereafter arising,
of any kind whatsoever, including, without limitation, all administrative expense claims of the kind specified in Sections 503(b)
and 507(b) of the Bankruptcy Code and all super-priority administrative expense claims granted to any other Person, subject to
the Carve-Out.

 

(g)       Borrowers
are in compliance with the terms and conditions of the DIP Financing Orders. Each of the Interim Order (to the extent necessary,
with respect to the period prior to the entry of the Final Order) and the Final Order (from after the date the Final Order is entered)
is in full force and effect and has not been vacated, reversed, or rescinded or, without the prior written consent of the DIP Lender,
in its sole discretion, amended or modified and no appeal of such order has been timely filed or, if timely filed, no stay pending
such appeal is currently effective.

 

(h)       The
proceeds from the DIP Facility will be used only to: (a) pay transaction costs, fees, and expenses that are incurred in connection
with the DIP Facility; (b) for working capital and general corporate purposes of Borrowers; and (c) for payment of Chapter 11 administrative
costs including professional fees, in each case in accordance with the then-current Budget.

 

(i)       A
true and complete copy of the Initial Approved Budget, as agreed to with the DIP Lender as of the Closing Date, is attached as
Exhibit B hereto.

 

Each borrowing request
by Borrowers under this Agreement shall constitute a representation and warranty that the statements above are materially true
and correct both on the date of such request and on the date of the borrowing. Each borrowing request shall also constitute a representation
that no Default or Event of Default under this Agreement has occurred and is continuing or would result from such borrowing.

 

8.       Covenants.
Borrowers agree that so long as the DIP Lender has any Commitment hereunder or any Obligation or other amount payable hereunder
or under any DIP Loan Document (in each case other than contingent indemnification obligations) remains unpaid:

 

    12 

     

    

(a)       Borrowers
shall provide to the DIP Lender: (i) monthly combined unaudited financial statements of the Borrowers within twenty-five (25)
days of month-end, certified by the Authorized Agent; (ii) monthly bank statements for each of the Borrowers within ten (10)
days from the end of each respective month; (iii) quarterly combined unaudited financial statements of Borrowers within
forty-five (45) days of fiscal quarter-end, certified by the Authorized Agent; (iv) every six (6) weeks after the Closing
Date, an updated three (3) month cash flow forecast, in each case, in form and substance satisfactory to the DIP Lender in
its reasonable discretion (each such forecast approved by the DIP Lender, in accordance with the provisions hereof, an
“Approved Budget”) for the subsequent three (3) month period, consistent with the form of the Initial
Approved Budget; (v) beginning on the twenty-fifth day of the month following the Closing Date and on the twenty-fifth day of
the month for each month thereafter, a variance report (the “Variance Report”) setting forth actual
cash receipts and disbursements of Borrowers for the prior week and setting forth all the variances, on a line-item and
aggregate basis, from the amount set forth for such month as compared to the Initial Approved Budget or the most recently
Approved Budget delivered prior to such Variance Report (as applicable) on a monthly and cumulative basis, and each such
Variance Report shall include explanations for all material variances and shall be certified by the Authorized Agent of
Borrowers; provided, however, that DIP Lender shall not have the right, as part of its process of approving
each Budget, to modify any line item in the Budget that represents the professional fees of the Committees. The DIP Lender
and the Committees shall have ten (10) days from the date of receipt of the Debtor’s cash-flow forecast to object to
the forecast by providing written notice to Borrowers specifying the objection; if no objection is made within ten (10) days,
then the three (3) month cash flow forecast shall become an Approved Budget without further notice. Borrowers will promptly
provide notice to the DIP Lender of any Material Adverse Effect, and shall have thirty (30) days from the date of such notice
to cure the same. If Borrowers fail to provide notice of a Material Adverse Effect to the DIP Lender, then Borrowers shall
have fifteen (15) days to cure the same after being notified by the DIP Lender.

 

(b)        Borrowers
will provide to the DIP Lender such other reports and information as may be reasonably requested by the DIP Lender. In addition,
Borrowers will use their reasonable efforts to cause their accountants, financial advisors, consultants, and parties providing
management services to Borrowers to cooperate, consult with, and provide to the DIP Lender all such information as may be reasonably
requested with respect to the businesses, results of operations, and financial condition of Borrowers.

 

(c)       Borrowers
will execute any and all further documents, financing statements, agreements, and instruments, and take all such further actions
(including the filing and recording of financing statements, fixture filings, mortgages, deeds of trust and other documents), which
may be required under any applicable Law, or which the DIP Lender may reasonably request, to effectuate the transactions contemplated
by this Agreement and the other DIP Loan Documents or to grant, preserve, protect, or perfect the Liens created by this Agreement,
the DIP Financing Orders, or other DIP Loan Documents or the validity or priority of any such Lien, all at the expense of Borrowers.

 

(d)        Except
for and to the extent permitted under the DIP Financing Orders and except for the Existing Lenders’ Liens, Borrowers will
not, directly or indirectly, incur, create, assume, suffer to exist, or permit any administrative expense claim or Lien that is
pari passu with or senior to the claims or Liens, as the case may be, of the DIP Lender against Borrowers hereunder or under the
DIP Financing Orders, or apply to the Bankruptcy Court for authority to do so.

 

(e)        Borrowers
will not, directly or indirectly (i) seek, support, consent to, or suffer to exist any modification, stay, vacation, or amendment
of the Interim Order, if any, or the Final Order except for any modifications and amendments agreed to in writing by the DIP Lender,
(ii) apply to the Bankruptcy Court for authority to take any action prohibited by this Agreement (except to the extent such application
and the taking of such action is conditioned upon receiving the written consent of the DIP Lender) or (iii) seek authorization
for, or permit the existence of, any claims other than that of the DIP Lender entitled to a superpriority under Sections 364(c)(1)
and 364(d) of the Bankruptcy Code that is senior or pari passu with the DIP Lender’s Sections 364(c)(1) and 364(d) claim,
other than the DIP Lender Carve-Out.

 

    13 

     

    

(f)        Borrowers
shall not make or commit to make payments to critical vendors (other than those critical vendors that are approved in writing by
the DIP Lender) in respect of prepetition amounts in excess of the amount included in the Budget.

 

(g)        Except
as otherwise provided herein or approved by the DIP Lender, Borrowers will not, and will not permit any subsidiary to, directly
or indirectly (i) use any cash or the proceeds of any Loans in a manner or for a purpose other than those consistent with this
Agreement, the DIP Financing Orders, and the Budget, (ii) permit a disbursement that would cause any Budget variance that would
not otherwise constitute a Permitted Variance, without the prior written consent of the DIP Lender or (iii) make any payment (as
adequate protection or otherwise) on account of any claim or debt arising prior to the Petition Date other than payments authorized
by the Bankruptcy Court and in compliance with an Approved Budget.

 

(h)        No
DIP Collateral or proceeds of Loans may be used directly or indirectly by Borrowers, any committee, any trustee, or other estate
representative appointed in the Chapter 11 Case (or any successor case) or any other person or entity (or to pay any professional
fees, disbursements, costs or expenses incurred in connection therewith):

 

(i)       to
seek authorization to obtain Liens that are senior to, or on a parity with, the Liens in favor of the DIP Lender or the Superpriority
DIP Claims (except to the extent expressly set forth in this Agreement); or

 

(ii)       to
prepare, assert, join, commence, support, or prosecute any action for any claim, counter-claim, action, proceeding, application,
motion, objection, defense, or other contested matter seeking any order, judgment, determination, or similar relief against, or
adverse to the interests of the DIP Lender, solely in its capacity as DIP Lender, its controlling persons, affiliates, or successors
or assigns, and each of the respective officers, directors, employees, agents, attorneys, or advisors of each of the foregoing,
with respect to any transaction, occurrence, omission, action or other matter (including formal discovery proceedings in anticipation
thereof), including, without limitation, (A) any claims or causes of action arising under chapter 5 of the Bankruptcy Code, (B)
any so-called “lender liability” claims and causes of action, (C) any action with respect to the validity, enforceability,
priority, and extent of, or asserting any defense, counterclaim, or offset to, the Obligations, the Superpriority DIP Claims, the
DIP Loan Documents, or any Liens in favor of DIP Lender, (D) any action seeking to invalidate, modify, set aside, avoid, or subordinate,
in whole or in part, the Obligations or any Liens in favor of DIP Lender, (E) any action seeking to modify any of the rights, remedies,
priorities, privileges, protections, and benefits granted to the DIP Lender in the DIP Financing Orders or under any of the DIP
Loan Documents (including, without limitation, claims, proceedings, or actions that might prevent, hinder, or delay the DIP Lender’s
assertions, enforcements, realizations, or remedies on or against the DIP Collateral in accordance with the applicable DIP Loan
Documents and the Interim and/or Final Orders), or (F) objecting to, contesting, or interfering with, in any way, the DIP Lender’s
enforcement or realization upon any of the DIP Collateral once an Event of Default has occurred.

 

    14 

     

    

(i)       Borrowers
shall remain in material compliance with the Initial Approved Budget and any subsequent Approved Budget for each Testing Period.
To comply with the Initial Approved Budget or any subsequent Approved Budget, Borrower (i) shall not exceed any disbursement line
item set forth in the Initial Approved Budget or any subsequently Approved Budget, as applicable, for any Testing Period by more
than the Permitted Variance, (ii) shall collect cash receipts (excluding proceeds of the DIP Facility that may be deemed a receipt)
in an amount not less than the aggregate amount of such cash receipts in the Initial Approved Budget or any subsequently Approved
Budget, as applicable, for each Testing Period (subject to the Permitted Variance), and (iii) shall not have combined net receipts
and disbursements less than the combined net amount in the Initial Approved Budget or any subsequently Approved Budget, as applicable,
for any Testing Period (subject to the Permitted Variance). The Permitted Variance with respect to each Testing Period shall be
determined and reported to the DIP Lender not later than the 25th day of the month immediately following each such Testing
Period. Budget compliance shall be tested on a monthly and cumulative basis from the Closing Date (each, a “Testing Period”).

 

(j)       Except
as otherwise provided herein or approved by the DIP Lender, Borrowers will not use any cash or the proceeds of the DIP Facility
in a manner or for a purpose other than those consistent with an Approved Budget and this Agreement.

 

(k)       If
Borrowers obtain any financing other than the DIP Facility for any reason whatsoever, the proceeds of such alternative financing
must be used to first repay all outstanding amounts then due under the DIP Facility.

 

(l)       Borrowers
shall maintain adequate property and liability insurance coverage to protect against property losses and liabilities. Attached
hereto as Schedule 8 is a listing of all insurance carried on Borrowers as of the Closing Date. Borrowers covenant not to make
any material changes to these insurance coverages without the advance written consent of the DIP Lender. Borrowers shall name the
DIP Lender as an additional insured under all insurance policies issued in favor of Borrowers except for any policy marked as an
“Excluded Policy” on Schedule 8.

 

(m)       Borrowers
will preserve their corporate and legal existence and will not make any material changes to the nature or manner of their respective
businesses and business activities. Borrowers shall maintain executive personnel and management at a level of experience and ability
equivalent to the present executive personnel and management.

 

9.       Events
of Default. If any of the following events of default shall occur (each an “Event of Default”):

 

    15 

     

    

(a)       Borrowers
shall fail to pay (i) the principal amount of the Loans as and when due and payable, or (ii) interest on the Loans, or any other
amount payable under this Agreement, as and when due and payable.

 

(b)       Any
representation or warranty made or deemed made by Borrowers in this Agreement or by Borrowers or any Third Party in any DIP Loan
Document to which they are a party, or in any certificate, document, opinion, or financial or other statement furnished under or
in connection with a DIP Loan Document, shall prove to have been incorrect in any material and adverse respect on or after the
date hereof.

 

(c)       Any
of Borrowers or any Third Party shall fail to perform or observe any material term, covenant, or agreement contained in any DIP
Loan Document on its part to be performed or observed, and fails to cure said Event of Default within five (5) days receipt of
written Notice from DIP Lender of a monetary Event of Default and fifteen (15) days after receipt of written Notice from DIP Lender
of a non-monetary Event of Default.

 

(d)       Any
of the Borrowers or any Third Party is involved in a proceeding which would reasonably be expected to result in a forfeiture of
all or a substantial part of any such party’s assets or a material judgment is entered against any of the Borrowers and such
judgment is not stayed from enforcement.

 

(e)       Any
Lien or security interest purported to be created by any DIP Loan Document or DIP Financing Order shall cease to be, or shall be
asserted by Borrowers not to be, a valid, perfected, first-priority (except as otherwise expressly provided in such DIP Loan Document
or any DIP Financing Order) security interest in the assets or properties covered thereby.

 

(f)       Any
of the following shall occur in any Chapter 11 Case:

 

(i)       filing
of a plan of reorganization or liquidation under Chapter 11 of the Bankruptcy Code by any of Borrowers that does not propose to
indefeasibly repay the Obligations in full in cash, unless otherwise consented to by the DIP Lender;

 

(ii)       any
of Borrowers shall file a pleading seeking to vacate or modify any of the DIP Financing Orders without the prior written consent
of the DIP Lender;

 

(iii)       entry
of an order without the prior consent of the DIP Lender amending, supplementing or otherwise modifying any DIP Financing Order;

 

(iv)       reversal,
vacation, or stay of the effectiveness of any DIP Financing Order;

 

(v)       any
violation of the terms of any DIP Financing Order;

 

(vi)       dismissal
of any Chapter 11 Case or conversion of any Chapter 11 Case to a case under Chapter 7 of the Bankruptcy Code;

 

(vii)       appointment
of a Chapter 11 trustee in any Chapter 11 Case;

 

    16 

     

    

(viii)       any
of Borrowers seek to sell any of their assets outside the ordinary course of business, without advance consent of DIP Lender, other
than a sale of assets consistent with a plan support agreement among the Borrowers and the Committees or pursuant to a plan of
reorganization or liquidation under Chapter 11 of the Bankruptcy Code that proposes to indefeasibly repay the Obligations in full
in cash;

 

(ix)       appointment
of a responsible officer or examiner with enlarged powers relating to the operation of the business of Borrowers without the prior
written consent of the DIP Lender (other than a patient care ombudsman appointed under section 333 of the Bankruptcy Code);

 

(x)       granting
of relief from the automatic stay in the Chapter 11 Case to permit foreclosure or enforcement on, or any right or remedy with respect
to, assets of any of Borrowers exceeding $500,000 in value;

 

(xi)       any
of Borrowers’ filing of (or supporting another party in the filing of) a motion seeking entry of, or the entry of an order,
granting any superpriority claim or Lien (except as contemplated herein) which is senior to or pari passu with the DIP Lender’s
claims and Liens under the DIP Facility, other than the DIP Lender Carve-Out;

 

(xii)       payment
of or granting adequate protection with respect to prepetition debt, other than as expressly provided herein, in the DIP Financing
Orders, or as otherwise ordered by the Bankruptcy Court;

 

(xiii)       [Intentionally
Omitted]

 

(xiv)       [Intentionally
Omitted];

 

(xv)       cessation
of the Liens of the DIP Lender to be valid, perfected, and enforceable in all respects in accordance with the DIP Financing Orders;

 

(xvi)       the
entry by the Bankruptcy Court of an order terminating Borrowers’ right to use the cash collateral; or

 

(xvii)       any
of Borrowers’ bankruptcy estates become administratively insolvent, with such determination being made by comparing the value
of Debtors’ assets to the value of Debtors’ liabilities without regard to current cash flows.

 

(g)       Any
of Borrowers shall use cash collateral or Loan proceeds for any item other than those set forth in, and in accordance with, the
Budget and as approved by the Bankruptcy Court or prepays any pre-petition debt except as approved by the Bankruptcy Court and
the DIP Lender.

 

THEN, in the DIP Lender’s
sole discretion, the automatic stay provided by Section 362 of the Bankruptcy Code shall be vacated and modified as set forth herein.
The DIP Lender may deliver written notice to the Bankruptcy Court that the automatic stay provisions of Section 362 of the Bankruptcy
Code have been vacated and modified to the extent necessary to permit the DIP Lender to exercise all rights and remedies provided
for in the DIP Loan Documents, and after ten (10) business days after such notice, to take, subject to the provisions of the DIP
Financing Orders, any or all of the following actions without further order of or application to the Bankruptcy Court (as applicable):

 

    17 

     

    

(a)       declare
the Commitment terminated whereupon the Commitment shall be immediately terminated;

 

(b)        declare
the unpaid principal of and any accrued interest in respect of all Loans and any and all other indebtedness or obligations of any
and every kind owing by Borrowers to the DIP Lender hereunder to be due whereupon the same shall be immediately due and payable
without presentment, demand, protest or other notice of any kind, all of which are hereby waived by Borrowers;

 

(c)       enforce
any and all rights against the DIP Collateral, including, without limitation, disposition of the DIP Collateral reasonably for
application towards the Obligations; and/or

 

(d)       take
any other actions or exercise any other rights or remedies permitted under the DIP Financing Orders, the DIP Loan Documents, or
applicable Law to effectuate the repayment of the Obligations.

 

Borrowers shall cooperate fully with the
DIP Lender in its exercise of rights and remedies, whether against the DIP Collateral or otherwise. Borrowers hereby waive any
right to seek relief under the Bankruptcy Code, including under Section 105 thereof, to the extent such relief would restrict or
impair the rights and remedies of the DIP Lender set forth in the DIP Financing Orders and in the DIP Loan Documents.

 

In case any one or more of the covenants
and/or agreements set forth in this Agreement or any other DIP Loan Document shall have been materially breached by any of Borrowers,
and not cured within any applicable Notice and cure period, then DIP Lender may proceed to protect and enforce the DIP Lender’s
rights either by suit in equity and/or by action at law, including an action for damages as a result of any such breach and/or
an action for specific performance of any such covenant or agreement contained in this Agreement or such other DIP Loan Document.
The DIP Lender acting pursuant to this paragraph shall be indemnified by Borrowers against all liability, loss or damage, together
with all reasonable costs and expenses related thereto (including reasonable legal and accounting fees and expenses), which indemnification
obligations of Borrowers shall be joint and several.

 

10.       Certain
Bankruptcy Matters. 

 

(a)       Except
to the extent provided otherwise in a DIP Financing Order, Borrowers hereby agree that the Obligations shall (i) constitute Superpriority
DIP Claims over all administrative expense claims and unsecured claims against the Borrowers now existing or hereafter arising,
of any kind or nature whatsoever, including, without limitation, all administrative expense claims of the kind specified in Sections
105, 326, 328, 330, 331, 503(b), 506(c), 507(a), 507(b), 546(c), 726, 1114, or any other provisions of the Bankruptcy Code and
all super-priority administrative expense claims granted to any other Person, the establishment of which super-priority shall have
been approved and authorized by the Bankruptcy Court, subject only to the DIP Lender Carve-Out and (ii) be secured pursuant to
Sections 364(c)(2), 364(c)(3), and 364(d) of the Bankruptcy Code and, to the extent provided in any of the DIP Financing Orders,
shall not be subject to any claims against the DIP Collateral pursuant to Section 506(c) of the Bankruptcy Code, subject only to
the DIP Lender Carve-Out, which shall have priority over DIP Lender with regard to the DIP Collateral.

 

    18 

     

    

(b)       In
the event of a conflict between, or inconsistency among, the Interim Order or the Final Order, on the one hand, and any other DIP
Loan Document, on the other hand, the Interim Order or the Final Order, as the case may be, shall control.

 

(c)   
Notwithstanding anything to the contrary contained herein or elsewhere:

 

(i)       The
DIP Lender shall not be required to prepare, file, register, or publish any financing statements, mortgages, hypothecs, account
control agreements, notices of Lien or similar instruments in any jurisdiction or filing or registration office, or to take possession
of any DIP Collateral or to take any other action in order to validate, render enforceable or perfect the Liens on the DIP Collateral
granted by or pursuant to this Agreement, the DIP Financing Orders or any other DIP Loan Document. If the DIP Lender shall, in
its sole discretion, from time to time elect to prepare, file, register, or publish any such financing statements, mortgages, hypothecs,
account control agreements, notices of Lien or similar instruments, take possession of any DIP Collateral, or take any other action
to validate, render enforceable, or perfect all or any portion of the DIP Lender’s Liens on the DIP Collateral, (A) all such
documents and actions shall be deemed to have been filed, registered, published, or recorded or taken at the time and on the date
that the Interim Order is entered or, if no Interim Order is entered, the date the Final Order is entered, and (B) shall not negate
or impair the validity or effectiveness of this Section or of the perfection of any other Liens in favor of the DIP Lender on the
DIP Collateral.

 

(ii)       Except
as otherwise agreed to by the DIP Lender, the Liens, lien priorities, Superpriority DIP Claims, and other rights and remedies granted
to the DIP Lender pursuant to this Agreement, the DIP Financing Orders, or the other DIP Loan Documents (specifically including,
but not limited to, the existence, perfection, enforceability and priority of the Liens provided for herein and therein, and the
Superpriority DIP Claims provided herein and therein) shall not be modified, altered, or impaired in any manner by any other financing
or extension of credit or incurrence of debt by any Borrower (pursuant to Section 364 of the Bankruptcy Code or otherwise), or
by dismissal or conversion of any of the Chapter 11 Case, or by any other act or omission whatsoever.

 

(d)       Without
limiting the generality of the foregoing, notwithstanding any such financing, extension, incurrence, dismissal, conversion, act
or omission:

 

(i)       except
to the extent provided in any of the DIP Financing Orders and subject to the DIP Financing Orders, no costs or expenses of administration
which have been or may be incurred in the Chapter 11 Case or any conversion of the same or in any other proceedings related thereto,
and no priority claims, are or will be prior to or on a parity with any claim of the DIP Lender against Borrower in respect of
any Obligations, but subject to the DIP Lender Carve-Out;

 

    19 

     

    

(ii)       other
than as provided in the DIP Financing Orders or the DIP Loan Documents, the DIP Lender’s Liens on the DIP Collateral shall
constitute valid, enforceable and perfected first priority Liens, and shall be prior to all other Liens, now existing or hereafter
arising, in favor of any other creditor or other Person; and

 

(iii)       the
DIP Lender’s Liens on the DIP Collateral shall continue to be valid, enforceable and perfected without the need for the DIP
Lender to prepare, file, register or publish any financing statements, mortgages, hypothecs, account control agreements, notices
of Lien or similar instruments or to otherwise perfect the DIP Lender’s Liens under applicable non-bankruptcy Law.

 

(iv)       upon
the earlier of (A) the occurrence of an Event of Default or (B) the Maturity Date, the DIP Lender shall be required to advance
funds to the Borrowers’ estates in an amount, which shall not exceed the amount of any remaining availability under the Commitment,
sufficient to pay all accrued but unpaid administrative claims (excluding professional fees except as provided for herein) incurred
in the ordinary course of the Borrowers’ business in accordance with the terms of the Approved Budget (subject to any Permitted
Variance), that were incurred during the time period between the effective date of the DIP Facility through the earlier of (X)
the date of any Event of Default or (Y) the Maturity Date; provided, however, that professional fees incurred after
an Event of Default shall be paid in accordance with the conditions and terms governing the Carve Out.

 

(e)       In
connection with any sale of all or any portion of the DIP Collateral, including pursuant to Sections 9-610 or 9-620 of the UCC,
at any sale thereof conducted under the provisions of the Bankruptcy Code, including Section 363 of the Bankruptcy Code or as part
of restructuring plan subject to confirmation under Section 1129(b)(2)(A)(iii) of the Bankruptcy Code, or at any sale or foreclosure
conducted by the DIP Lender, in accordance with applicable Law, the DIP Lender may “credit bid” the full amount of
all Obligations in order to purchase (either directly or through one or more acquisition vehicles) all or any portion of the DIP
Collateral. In connection with the foregoing, the DIP Lender shall have the right to assign its right to purchase all or any portion
of the Borrower’s assets in connection with any such “credit bid” to a newly-formed acquisition vehicle that
is an affiliate of DIP Lender; provided, however, that any such assignee of the DIP Lender shall not have any shareholder,
member, officer, director, or any Insider (as defined in Bankruptcy Code Section 101(31)) of any of the foregoing in common with
any of the management , member, officer, director or shareholders of Borrowers or any Insider of any of the foregoing.

 

(f)       As
adequate protection for the Existing Lenders’ security interests, the Interim Order and Final Order may permit replacement
liens on all property of Borrowers’ bankruptcy estates of the type in which the Existing Lenders have valid, perfected, enforceable,
non-avoidable, and unsubordinated security interests as of the Petition Date (the “Adequate Protection Liens”).
The Adequate Protection Liens shall be junior in priority to the DIP Lender’s Liens on the DIP Collateral in the same types
of property. No portion of the DIP Facility shall be required to make payments to the Existing Lenders as and for adequate protection
or for payments under 11 U.S.C. § 506(b), unless agreed to in writing by the DIP Lender.

 

    20 

     

    

11.       Grant
of Security.

 

(a)       To
secure the Obligations, effective immediately upon entry of the Interim Order or, if no Interim Order is entered, upon entry of
the Final Order, pursuant to Sections 361, 362, 364(c)(2), 364(c)(3), and 364(d) of the Bankruptcy Code, the DIP Lender is hereby
granted continuing, valid, binding, enforceable, non-avoidable, and automatically and properly perfected post-petition, first-priority
security interests in and Liens on all DIP Collateral, subject to the DIP Lender Carve-Out.

 

(b)       To
the extent permitted by applicable Law, Borrowers hereby irrevocably authorize DIP Lender and its affiliates, counsel, and other
representatives, at any time and from time to time, to file in the name of Borrowers or otherwise and without separate authorization
or authentication of Borrowers appearing thereon, such UCC financing statements or continuation statements as the DIP Lender may
reasonably deem necessary or reasonably appropriate to further perfect or maintain the perfection of the Lien of the DIP Lender
under this Agreement, and such financing statements and amendments may describe the DIP Collateral covered thereby “all of
the debtor's personal property and assets” or words to similar effect, whether now owned or hereafter acquired, notwithstanding
that such description may be broader in scope than the DIP Collateral described in this Agreement. Borrower hereby also authorizes
DIP Lender and its affiliates, counsel and other representatives, at any time and from time to time, to execute and file any and
all agreements, instruments, documents and papers as the DIP Lender may reasonably request to evidence the Lien of the DIP Lender
in any patent, trademark, copyright or other intellectual property, including without limitation the goodwill or accounts and general
intangibles of Borrower relating thereto or represented thereby. Borrowers agree that, except to the extent that any filing office
requires otherwise, a carbon, photographic, photostatic, or other reproduction of this Agreement or of a financing statement is
sufficient as a financing statement. Borrowers shall pay the costs of, or incidental to, any recording or filing of any financing
or continuation statements or other assignment documents concerning the DIP Collateral.

 

(c)       Each
of the Borrowers will promptly deliver each instrument and any other document, and take any other action, that may be reasonably
requested by the DIP Lender in order to perfect the DIP Lender’s Lien in the DIP Collateral, all at the reasonable cost and
expense of the Borrowers.

 

12.       Expenses.
Borrowers agree to reimburse the DIP Lender on a monthly basis for all reasonable costs, expenses, and charges (including,
without limitation, reasonable fees and charges of counsel) in connection with the performance or enforcement of the DIP Loan Documents,
or the defense or prosecution of any rights of the DIP Lender pursuant to any DIP Loan Documents. The total sum of such expense
reimbursement shall not exceed $100,000; provided, however, that such $100,000 limit shall not apply upon the occurrence
of an Event of Default. All reasonable fees and expenses incurred by the DIP Lender prior to the entry of the Interim Order, or,
if no Interim Order is entered, prior to the entry of the Final Order, shall be paid upon entry of the Interim Order or the Final
Order, as applicable, and shall not count against the aforementioned $100,000 limit on expense reimbursement.

 

    21 

     

    

13.       Governing
Law. This Agreement shall be construed, performed, and enforced in accordance with, and governed by, the laws of the State
of New York (without giving effect to the principles of conflicts of laws thereof), except to the extent that the laws of such
State are superseded by the Bankruptcy Code or other applicable federal law. 

 

14.       Waiver
of Jury Trial.

 

EACH PARTY HERETO IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY
OR INDIRECTLY ARISING OUT OF THIS AGREEMENT OR ANY OTHER DIP LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER
BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT, OR ATTORNEY OF ANY
OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE
THE FOREGOING WAIVER, AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT
AND THE OTHER DIP LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

15.       Miscellaneous.

 

(a)        The
provisions of this Agreement are intended to be severable. If for any reason any provisions of this Agreement shall be held invalid
or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the
extent of such invalidity or unenforceability without in any manner affecting the validity or enforceability thereof in any other
jurisdiction or the remaining provisions thereof in any jurisdiction.

 

(b)       No
amendment, modification, supplement, or waiver of any provision of this Agreement nor consent to departure by Borrowers therefrom
shall be effective unless the same shall be in writing and signed by Borrowers and the DIP Lender, and then such waiver or consent
shall be effective only in the specific instance and for the specific purpose for which given.

 

(c)       No
failure on the part of the DIP Lender to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof
or preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative
and not exclusive of any remedies provided by Law.

 

(d)       The
obligations, representations and warranties of Borrowers hereunder shall be joint and several. This Agreement shall be binding
on Borrowers and their respective successors and assigns and shall inure to the benefit of the DIP Lender and its successors and
assigns, except that Borrowers may not delegate any of their obligations hereunder without the prior written consent of the DIP
Lender. With the consent of Borrowers, not to be unreasonably withheld, the DIP Lender may assign all or a portion of its rights
and obligations under this Agreement; provided that such consent shall not be required (i) at any time that an Event of
Default has occurred and is continuing, (ii) in connection with any assignment to an affiliate of the DIP Lender, or (iii) in connection
with any merger or consolidation.

 

    22 

     

    

(e)       Anything
herein to the contrary notwithstanding, the obligations of Borrowers under this Agreement shall be subject to the limitation that
payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of Law applicable
to the DIP Lender limiting rates of interest which may be charged or collected by the DIP Lender.

 

(f)       Unless
otherwise agreed in writing, notices (“Notices”) shall be given to the DIP Lender and Borrowers at their
address set forth in the signature page of this Agreement, or such other address communicated in writing by either such party to
the other. Any Notice required hereunder shall also be provided to the Committees, through their counsel of record at their addresses
set forth in the signature page of this Agreement, or such other address communicated in writing by either such party to the others.
Notices to the DIP Lender shall be effective upon receipt.

 

(g)       The
obligations of Borrowers under Sections 6, 12, 13 and 14 hereof shall survive the repayment of the
Loans.

 

(h)       Each
reference herein to the DIP Lender shall be deemed to include its successors, endorsees, and assigns, in whose favor the provisions
hereof shall inure. Each reference herein to Borrowers shall be deemed to include the respective heirs, executors, administrators,
legal representatives, successors and assigns of Borrowers, all of whom shall be bound by the provisions hereof.

 

 

 

 

    23 

     

    

IN WITNESS WHEREOF,
this Agreement has been executed by the parties hereto as of the date first written above.

 

	 	BORROWERS:
	 	 
	 	RMS Titanic, Inc.
	 	 
	 	By: 	/s/ Daoping Bao 
	 	Name: 	Daoping Bao
	 	Title: 	 President

 

 

	 	Premier Exhibitions, Inc.
	 	 
	 	By: 	/s/ Daoping Bao 
	 	Name: 	Daoping Bao
	 	Title: 	  President and CEO

 

 

	 	Premier Exhibitions Management, LLC, 
	 	 	 	 
	 	 	By: Premier Exhibitions, Inc., its 

Managing
Member
	 	 	 
	 	 	By: 	/s/ Daoping Bao
	 	 	Name: 	Daoping
Bao
	 	 	Title: 	President
and CEO

 

 

	 	Art and Exhibitions International, LLC
	 	 	 	 	 
	 	 	By: Premier Exhibitions Management, 

LLC, its Managing Member
	 	 	 
	 	 	 	By: Premier Exhibitions, Inc. its 

Managing Member 
	 	 	 	 
	 	 	 	By: 	/s/ Daoping Bao
	 	 	 	Name: 	Daoping
Bao
	 	 	 	Title: 	President
and CEO

 

 

     

     

    

	 	Premier Exhibitions International, LLC
	 	 	 	 
	 	 	By: Premier Exhibitions, Inc., its Sole Member
	 	 	 
	 	 	By: 	/s/ Daoping Bao
	 	 	Name: 	Daoping
Bao
	 	 	Title: 	President
and CEO

 

 

	 	Premier Exhibitions NYC, Inc.
	 	 
	 	By: 	/s/ Daoping Bao 
	 	Name: 	Daoping Bao
	 	Title: 	  President and CEO

 

 

	 	Premier Merchandising, LLC
	 	 	 	 
	 	 	By: Premier Exhibitions, Inc., its Sole Member
	 	 	 
	 	 	By: 	/s/ Daoping Bao
	 	 	Name: 	Daoping
Bao
	 	 	Title: 	President
and CEO

 

 

	 	Dinosaurs Unearthed Corp.
	 	 
	 	By: 	/s/ Daoping Bao 
	 	Name: 	Daoping Bao
	 	Title: 	  President

 

 

 

     

     

    

Address for notices to Borrowers:

 

Premier Exhibitions, Inc.

3045 Kingston Court

Suite IPeachtree Corners, GA 30071

Attention: Jerry Henshall

jhenshall@prxi.com

 

With a Copy to:

Jeffery W. Cavender

Troutman Sanders LLP

600 Peachtree Street, Suite 5200

Atlanta, GA 30308-2216

jeffery.cavender@troutmansanders.com

 

 

 

Address for notices to Committees

 

 

Official Committee of Unsecured Creditors

Storch Amini & Munves PC

2 Grand Central Tower

140 East 45th Street, 25th Floor

New York, NY 10017

Att: Jeffrey Chubakjchubak@storchamini.com

 

 

Official Committee of Equity Security Holders

Landau Gottfried & Berger LLP

1801 Century Park East, Ste 700

Los Angeles, CA 90067

Att: Peter J. Gurfein

pgurfein@lgbfirm.com

DIP LENDER:

 

	 	Bay Point Capital Partners L.P.
	 	 	 
	 	By: 	/s/Charles Andros
	 	 	Name: Charles Andros
	 	 	Title: Authorized Signatory

 

 

 

 

 

     

     

    

Address for notices to DIP Lender:

 

Bay Pointe Capital Partners, LP

3050 Peachtree Rd. Suite 2

Atlanta, GA 30305

Attn: Charles Andros

 

With a Copy to:

 

John Isbell Esq.

Thompson Hine LLP

3560 Lenox Road

Suite 1600

Atlanta, Georgia 30326

     

     

    

EXHIBIT A

 

Form of Borrowing Request

 

[Date]

 

 

Bay Point Capital Partners LP

3050 Peachtree Rd. Suite 2

Atlanta, GA 30305

Attn: Charles Andros

 

Ladies and Gentlemen:

 

Reference is made to
that certain SENIOR SECURED DEBTOR-IN-POSSESSION LOAN AGREEMENT (the “Loan Agreement”) among: (i) RMS Titanic
Inc., Premier Exhibitions, Inc., Premier Exhibitions Management, LLC, Arts and Exhibitions International, LLC, Premier Exhibitions
International, LLC, Premier Exhibitions NYC, Inc., Premier Merchandising, LLC, and Dinosaurs Unearthed Corp., as debtors-in-possession
under the Bankruptcy Code (“Borrowers”); and (ii) Bay Point Capital Partners LP, as lender (the “DIP
Lender”). Terms defined in the Loan Agreement are used herein with the same meanings. This notice constitutes a Borrowing
Request, and the Authorized Agent, on behalf of Borrowers, hereby requests a Loan under the Loan Agreement from the DIP Lender,
and in that connection the Authorized Agent specifies the following information with respect to the Loan requested hereby:

 

		(A)	Aggregate principal amount of Loan1:
___________________

 

		(B)	Date of Loan (which is a Business Day): __________________

 

		(C)	Location and number of the applicable Borrowers’ account to which proceeds of the Loan are
to be disbursed: ___________________

 

		(D)	Purpose of the Loan and use of proceeds therefrom: ___________________________

 

 

 

 

 

 

 

 

 

____________________________

1
Not less than $25,000

     

     

    

The Authorized Agent
hereby represents and warrants that the conditions specified in paragraphs (b) through (i) of Section 5 of the
Loan Agreement are satisfied as of the date hereof.

 

	 	Very truly yours,
	 	 
	 	AUTHORIZED AGENT
	 	 	 
	 	By: 	 
	 	 	Name: 
	 	 	Title: 

 

cc:Official Committees

 

 

     

     

    

EXHIBIT B

 

Initial Approved Budget

 

 

 

See Attached.

     

     

    

 

 

	Premier Exhibitions, Inc.

Projected Monthly Budget May - July 2017

 

	 	 	Premier Exhibitions Project Monthly Budget
	 	 	May	 	June	 	July
	Sources	 	 	 	 	 	 
	Premier Cash Receipts	 	$	1,725,695	 	 	$	1,367,930	 	 	$	1,508,348	 
	Dino King/Dino U Cash Receipts	 	 	467,716	 	 	 	380,609	 	 	 	436,133	 
	DIP Funding [1]	 	 	 	 	 	 	2,825,000	 	 	 	 	 
	Total Sources	 	$	2,193,412	 	 	$	4,573,539	 	 	$	1,944,481	 
	Uses	 	 	 	 	 	 	 	 	 	 	 	 
	Premier - Cost of Production	 	$	818,209	 	 	$	1,052,304	 	 	$	683,847	 
	Premier - Marketing Expense	 	 	96,056	 	 	 	108,781	 	 	 	128,051	 
	Premier - Salaries and Wages	 	 	216,413	 	 	 	216,413	 	 	 	216,413	 
	Premier - Insurance	 	 	4,748	 	 	 	131,502	 	 	 	4,748	 
	Premier - Rent	 	 	147,930	 	 	 	149,547	 	 	 	136,347	 
	Premier - G&A	 	 	57,259	 	 	 	44,259	 	 	 	155,259	 
	Dino King/Dino U Cost of Production	 	 	84,533	 	 	 	33,533	 	 	 	107,533	 
	Dino King/Dino U Marketing Expense	 	 	6,277	 	 	 	6,277	 	 	 	6,277	 
	Dino King/Dino U - Salaries and Wages	 	 	56,951	 	 	 	56,951	 	 	 	56,951	 
	Dino King/Dino U - Insurance	 	 	2,291	 	 	 	2,291	 	 	 	2,291	 
	Dino King/Dino U - G&A	 	 	49,819	 	 	 	49,819	 	 	 	49,819	 
	RMS Titanic Fund	 	 	25,000	 	 	 	-	 	 	 	-	 
	Accounts Payable - Old balances	 	 	-	 	 	 	-	 	 	 	-	 
	Condo Loan Payment [2]	 	 	3,310	 	 	 	3,310	 	 	 	3,310	 
	Fixed Asset Purchase [3]	 	 	44,500	 	 	 	(21,500	)	 	 	-	 
	Professional Fee Adjustment (Tax Return Filings)	 	 	-	 	 	 	113,500	 	 	 	-	 
	Interest	 	 	 	 	 	 	 	 	 	 	32,500	 
	Total Uses	 	$	1,613,295	 	 	$	1,946,986	 	 	$	1,583,345	 
	Net Sources and Uses	 	$	580,117	 	 	$	2,626,553	 	 	$	361,136	 
	Beginning Cash Balance Without Chapter 11 Case Costs [4]	 	$	1,880,000	 	 	$	2,460,117	 	 	$	5,086,670	 
	Ending Cash Balance Without Chapter 11 Case Costs	 	$	2,460,117	 	 	$	5,086,670	 	 	$	5,447,806	 
	Chapter 11 Case Costs	 	 	 	 	 	 	 	 	 	 	 	 
	Debtor Chapter 11 Fees	 	$	(956,686	)	 	$	(234,800	)	 	$	(234,800	)
	Creditor Committee Chapter 11 Fees	 	 	(95,714	)	 	 	(30,000	)	 	 	(30,000	)
	Equity Committee Chapter 11 Fees	 	 	(571,699	)	 	 	(96,000	)	 	 	(96,000	)
	Total Chapter 11 Case Costs	 	$	(1,624,099	)	 	$	(360,800	)	 	$	(360,800	)
	Ending Cash Balance With Chapter 11 Case Costs	 	$	836,018	 	 	$	3,101,770	 	 	$	3,102,106	 

 

Footnotes: 

	[1]	Loan proceeds net of origination fee, Thompson Hine legal fees and GlassRatner fee.

	[2]	Represents continued monthly payments for a condo in Vancouver used as lodging for corporate
associates such as customers, the CFO and board members.

	[3]	Represents estimated capital expenditures related to moving the Atlanta Bodies exhibit, the Orlando Exhibit and ANS Bugs

	[4]	Beginning Cash Balance was estimated by the Premier CFO on 4/28/17.

 

     

     

    

	SCHEDULE 8	 
	Insurance Policies	 
	 	 	 	 	 
	Policy Term	Policy Type	Carrier	Policy Number	Excluded
	 	 	 	 	 
	9/15/16-17	Fine Arts	$50M Markel,

$50M xs Lloyds	7002RS444561-0

EE1601060	 
	9/15/16-17	General Liability	Hartford	20 UEN KQ6313	 
	9/15/16-17	Automobile Liability	Hartford	21 UEN KQ6313	 
	9/15/16-17	Umbrella Liability	Hartford	20 RHU KQ5675	 
	9/30/13-16	Special Risk- EXPIRED	AIG	21-476-556	 
	11/5/16-17	Exporters Pkg

(International)	Chubb	PHFD37555526 005	 
	11/1/15-17	Directors & Officers Liability

(2yr Extended Reporting)	AIG/Chartis	24201417	Excluded Policy
	11/1/16-5/1/17	D&O Primary $5M- 6 mo ext	Liberty Insurance

Underwriters	DONYAA7494001	Excluded Policy
	11/1/16-5/1/17	Excess D&O- 6 mo extension	Argonaut	MLX7601647-00	Excluded Policy
	11/1/16-5/1/17	Excess D&O- 6 mo extension	Underwriters at Lloyds	BO146ERUSA1500577	Excluded Policy
	11/1/16-5/1/17	Excess D&O- 6 mo extension	Illinois National Ins Co	22119092	Excluded Policy
	11/1/16-5/1/17	Excess D&O- 6 mo extension	Great American Ins Co	DFX1491056	Excluded Policy
	11/1/16-5/1/17	Fiduciary Liability- 6 month ext	AIG/Chartis	24201422	 
	11/1/16-5/1/17	Employment Practices Liability-

6 month extension	AIG/Chartis	24201420	 
	11/1/16-5/1/17	Crime- 6 month extension	AIG/Chartis	24060111	 
	11/1/16-5/1/16	Cyber Liability	Chubb	82259247	 
	1/27/16-17	NV Surety Bond	Travelers	106051448	Excluded Policy
	5/21/16-17	Worker's Compensation	Hanover	WDY109235-02	Excluded Policy

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00271-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00271-of-00352.parquet"}]]