Document:

EX-4.6

 Exhibit 4.6 
  

 
 WMG ACQUISITION CORP., 

as the Issuer, 
 the
Guarantors party hereto 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Trustee 
  

 
 TENTH
SUPPLEMENTAL INDENTURE 
 Dated as of June 26, 2020 

TO 
 INDENTURE 

Dated as of November 1, 2012 

as supplemented by the fifth supplemental indenture dated as of July 27, 2016 

 
  

5.000% Senior Secured Notes due 2023 
  

 

 TENTH SUPPLEMENTAL INDENTURE (this “Tenth Supplemental Indenture”), dated as of
June 26, 2020, among WMG Acquisition Corp., a Delaware corporation (the “Company”) as issuer, the guarantors listed on the signature pages hereto (the “Guarantors”) and Wells Fargo Bank, National Association, a national
banking association, as trustee under the Indenture referred to below (the “Trustee”). 
 WITNESSETH 

WHEREAS, the Company and the Trustee entered into an Indenture, dated as of November 1, 2012 (the “Base Indenture”), by and
among the Company, the guarantors party thereto, the Trustee and Credit Suisse AG, as notes authorized agent and as collateral agent, as supplemented by the fifth supplemental indenture, dated as of July 27, 2016 (the “Fifth Supplemental
Indenture” and, together with the Base Indenture, the “Indenture”), by and among the Company, the guarantors party thereto and the Trustee, for the benefit of each other and for the equal and ratable benefit of the Holders of the
5.000% Senior Secured Notes due 2023 (the “5.000% Notes”). Capitalized terms used herein without definition have the meanings ascribed to such terms in the Indenture; 

WHEREAS, Section 9.02 of the Indenture provides that, subject to certain exceptions inapplicable hereto, the Company, the Guarantors and
the Trustee may amend or supplement the Indenture and the 5.000% Notes with the consent of the Holders of at least a majority in principal amount of the 5.000% Notes then outstanding (the “Requisite Consents”); 

WHEREAS, the Company has distributed an Offer to Purchase and Consent Solicitation Statement, dated June 16, 2020 (the
“Statement”), and accompanying Consent and Letter of Transmittal, dated June 16, 2020 (the “Letter of Transmittal”), to the Holders of the 5.000% Notes in connection with its solicitation of consents (the “Consent
Solicitation”) to the proposed amendments, as further described in the Statement (the “Proposed Amendments”), that provide for the elimination or amendment of certain covenants and related provisions in the Indenture, such consents to
be obtained in connection with a tender offer for the 5.000% Notes (the “Tender Offer”); 
 WHEREAS, the Holders of a majority of
the aggregate principal amount of the 5.000% Notes outstanding, not owned by the Company or any of its affiliates, have consented to the Proposed Amendments; 

WHEREAS, the Company and the Guarantors desire to amend the Indenture, as set forth in Article I hereof; 

WHEREAS, the Trustee has been directed by the Holders of the requisite principal amount of 5.000% Notes to execute and deliver this Tenth
Supplemental Indenture in its capacity as Trustee; and 

 WHEREAS, the execution and delivery of this Tenth Supplemental Indenture have been duly
authorized by the Company and each Guarantor and all conditions and requirements necessary to make this instrument a valid and binding agreement have been duly performed and complied with. 

NOW, THEREFORE, in consideration of the above premises, and for the purpose of memorializing the amendments to the Indenture consented to by
the Holders, each party agrees, for the benefit of the others and for the equal and ratable benefit of the Holders of the 5.000% Notes, as follows: 

ARTICLE 1 
 AMENDMENT OF
INDENTURE 
 Section 1.1 Amendment. 

(a) Section 4.06 (Compliance Certificate; Notice of Default) of the Indenture is amended and restated in its entirety to read as follows: 

“[Intentionally omitted.]” 

(b) Section 4.08 (Waiver of Stay, Extension or Usury Laws) of the Indenture is amended and restated in its entirety to read as follows: 

“[Intentionally omitted.]” 

(c) Section 4.09 (Change of Control) of the Indenture is amended and restated in its entirety to read as follows: 

“[Intentionally omitted.]” 

(d) Section 4.10 (Incurrence of Indebtedness and Issuance of Preferred Stock) of the Indenture is amended and restated in its entirety to read
as follows: 
 “[Intentionally omitted.]” 

(e) Section 4.11 (Restricted Payments) of the Indenture is amended and restated in its entirety to read as follows: 

“[Intentionally omitted.]” 

(f) Section 4.12 (Liens) of the Indenture is amended and restated in its entirety to read as follows: 

“[Intentionally omitted.]” 

  
 2 

 (g) Section 4.13 (Asset Sales) of the Indenture is amended and restated in its entirety to
read as follows: 
 “[Intentionally omitted.]” 

(h) Section 4.14 (Transactions with Affiliates) of the Indenture is amended and restated in its entirety to read as follows: 

“[Intentionally omitted.]” 

(i) Section 4.15 (Dividend and other Payment Restrictions Affecting Subsidiaries) of the Indenture is amended and restated in its entirety to
read as follows: 
 “[Intentionally omitted.]” 

(j) Section 4.16 (Additional Subsidiary Guarantees) of the Indenture is amended and restated in its entirety to read as follows: 

“[Intentionally omitted.]” 

(k) Section 4.17 (Reports to Holders) of the Indenture is amended and restated in its entirety to read as follows: 

“[Intentionally omitted.]” 

(l) Section 4.20 (Payments for Consent) of the Indenture is amended and restated in its entirety to read as follows: 

“[Intentionally omitted.]” 

(m) Section 4.21 (Changes in Covenants When Notes Rated Investment Grade) of the Indenture is amended and restated in its entirety to read as
follows: 
 “[Intentionally omitted.]” 

(n) Section 5.01 (Merger, Consolidation, or Sale of Assets) of the Indenture is amended and restated in its entirety to read as follows: 

“(a) The Issuer may not (1) consolidate or merge with or into another Person (whether or not the Issuer is the
surviving Person); or (2) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Issuer and its Subsidiaries taken as a whole, in one or more related transactions, to another Person;
unless: 

  
 3 

 (1) either: (a) the Issuer is the surviving Person; or (b) the
Person formed by or surviving any such consolidation or merger (if other than the Issuer) or to which such sale, assignment, transfer, conveyance or other disposition has been made is a Person organized or existing under the laws of the United
States, any state of the United States, the District of Columbia or any territory thereof (the Issuer or such Person, as the case may be, being herein called the “Successor Company”); and 

(2) the Successor Company (if other than the Issuer) assumes all the obligations of the Issuer under the 5.000% Notes, this
Indenture, and the Registration Rights Agreement pursuant to agreements in form reasonably satisfactory to the Trustee.” 
 (o) Section
6.01 (Events of Default) of the Indenture is amended and restated in its entirety to read as follows: 
 “Each of the following is an
“Event of Default”: 
 (1) the Issuer defaults in payment when due and payable, upon redemption,
acceleration or otherwise, of principal of, or premium, if any, on the 5.000% Notes; or 
 (2) the Issuer defaults in the
payment when due of interest, if any, on or with respect to the 5.000% Notes and such default continues for a period of 30 days.” 

(p) Any definitions used exclusively in the provisions of the Indenture that are deleted pursuant to paragraphs (a) – (p) of this Article
I, and any definitions used exclusively within such definition, are hereby deleted in their entirety from the Indenture. 
 ARTICLE 2

 MISCELLANEOUS PROVISIONS 

Section 2.1 Effect of Tenth Supplemental Indenture. 

From and after the Amendment Operative Time (as defined below), the Indenture shall be amended and supplemented in accordance herewith. Each
reference in the Indenture to “this Indenture,” “hereunder,” “hereof,” or “herein” shall mean and be a reference to the Indenture as amended and supplemented by this Tenth Supplemental Indenture unless the
context otherwise requires. The Indenture as amended and supplemented by this Tenth Supplemental Indenture shall be read, taken and construed as one and the same instrument, and every Holder of the 5.000% Notes heretofore or hereafter authenticated
and delivered under the Indenture as supplemented by this Tenth Supplemental Indenture shall be bound thereby. 

  
 4 

 Section 2.2 Effectiveness. 

This Tenth Supplemental Indenture shall become effective and binding on the Company, the Guarantors, the Trustee and every Holder of the
5.000% Notes heretofore or hereafter authenticated and delivered under the Indenture, upon the date on which the Trustee receives an Officers’ Certificate certifying that the Holders of the requisite principal amount of 5.000% Notes have
consented (and not theretofore revoked such consent) to the Proposed Amendments; provided, however, that the Proposed Amendments shall become operative only upon the acceptance for purchase by the Company (the “Amendment Operative
Time”) of the 5.000% Notes validly tendered (and not validly withdrawn) pursuant to the Tender Offer prior to 5:00 p.m. New York City time on June 29, 2020. 

Section 2.3 Indenture Remains in Full Force and Effect. 

Except as supplemented and amended hereby, all provisions in the Indenture shall remain in full force and effect. 

Section 2.4 Confirmation of Indenture. 

The Indenture, as supplemented and amended by this Tenth Supplemental Indenture, is in all respects confirmed and ratified. 

Section 2.5 Conflict with Trust Indenture Act. 

If any provision of this Tenth Supplemental Indenture limits, qualifies or conflicts with another provision hereof or of the Indenture which
is required or deemed to be included in this Tenth Supplemental Indenture or the Indenture by any of the provisions of the Trust Indenture Act of 1939, such required provision shall control. 

Section 2.6 Severability. 

In case any one or more of the provisions in this Tenth Supplemental Indenture shall be held invalid, illegal or unenforceable, in any respect
for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions shall not in any way be affected or impaired thereby, it being intended that all of the provisions hereof shall be
enforceable to the full extent permitted by law. 

  
 5 

 Section 2.7 Successors. 

All agreements of the Company and the Guarantors in this Tenth Supplemental Indenture shall bind their successors. All agreements of the
Trustee in this Tenth Supplemental Indenture shall bind its successor. 
 Section 2.8 Certain Duties and Responsibilities of the
Trustee. 
 In entering into this Tenth Supplemental Indenture, the Trustee shall be entitled to the benefit of every provision of the
Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee, whether or not elsewhere herein so provided. The Trustee, for itself and its successor or successors, accepts the terms of the Indenture as
amended by this Tenth Supplemental Indenture, and agrees to perform the same, but only upon the terms and provisions defining and limiting the liabilities and responsibilities of the Trustee, which terms and provisions shall in like manner define
and limit its liabilities and responsibilities in the performance of the trust created by the Indenture. The Trustee makes no representations as to the validity or sufficiency of this Tenth Supplemental Indenture other than as to the validity of its
execution and delivery by the Trustee. 
 Section 2.9 Governing Law. 

This Tenth Supplemental Indenture will be governed by and construed in accordance with the laws of the State of New York. 

Section 2.10 Duplicate Originals. 

All parties may sign any number of copies of this Tenth Supplemental Indenture. Each signed copy or counterpart shall be an original, but all
of them together shall represent the same agreement. The words “execution,” “signed,” “signature,” and words of like import in the Indenture shall include images of manually executed signatures transmitted by facsimile,
email or other electronic format (including, without limitation, “pdf,” “tif” or “jpg”) and other electronic signatures (including without limitation, DocuSign and AdobeSign or any other similar platform identified by
the Company and reasonably available at no undue burden or expense to the Trustee). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated,
received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the
Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act
or the Uniform Commercial Code. The Trustee shall have no duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall be entitled to conclusively rely on any such electronic signature without any
liability with respect thereto. 

  
 6 

 Section 2.11 Effect of Headings. 

The Section headings herein are for convenience only and shall not affect the construction hereof. 

[Signature Page Follows] 

  
 7 

 IN WITNESS WHEREOF, the parties hereto have caused this Tenth Supplemental Indenture to be
duly executed, all as of the date first written. 
  

			
	WMG ACQUISITION CORP.
		
	By:	 	 /s/ Paul M. Robinson

	Name:	 	Paul M. Robinson
	Title:	 	Executive Vice President, General Counsel and Secretary
	
	Guarantors:
	
	 A.P. SCHMIDT CO.
 ARTS MUSIC
INC.
 ATLANTIC RECORDING CORPORATION
 ATLANTIC/MR VENTURES
INC.
 AUDIO PROPERTIES/BURBANK, INC.
 BIG BEAT RECORDS INC.

CAFÉ AMERICANA INC.
 CHAPPELL MUSIC COMPANY, INC.

COTA MUSIC, INC.
 COTILLION MUSIC, INC.

CRK MUSIC INC.
 E/A MUSIC, INC.

ELEKSYLUM MUSIC, INC.
 ELEKTRA ENTERTAINMENT GROUP INC.

ELEKTRA GROUP VENTURES INC.
 ELEKTRA MUSIC GROUP INC.

ELEKTRA/CHAMELEON VENTURES INC.
 FHK, INC.

FIDDLEBACK MUSIC PUBLISHING COMPANY, INC.
 FOSTER FREES MUSIC,
INC.
 GENE AUTRY’S WESTERN MUSIC PUBLISHING CO.

  
 [SIGNATURE
PAGE TO TENTH SUPPLEMENTAL INDENTURE] 

			
	
	Guarantors (cont’d):
	
	 GOLDEN WEST MELODIES, INC.
 INSOUND
ACQUISITION INC.
 INTERSONG U.S.A., INC.
 J. RUBY PRODUCTIONS,
INC.
 JADAR MUSIC CORP.
 LEM AMERICA, INC.

LONDON-SIRE RECORDS INC.
 MAVERICK PARTNER INC.

MCGUFFIN MUSIC INC.
 MELODY RANCH MUSIC CO., INC.

MIXED BAG MUSIC, INC.
 NONESUCH RECORDS INC.

NON-STOP MUSIC HOLDINGS, INC.

OCTA MUSIC, INC.
 PEPAMAR MUSIC CORP.

REP SALES, INC.
 REVELATION MUSIC PUBLISHING CORPORATION

RHINO ENTERTAINMENT COMPANY
 RICK’S MUSIC INC.

RIDGEWAY MUSIC CO., INC.
 RIGHTSONG MUSIC INC.

ROADRUNNER RECORDS, INC.
 RYKO CORPORATION

RYKODISC, INC.
 RYKOMUSIC, INC.

SEA CHIME MUSIC, INC.

SIX-FIFTEEN MUSIC PRODUCTIONS, INC.

SR/MDM VENTURE INC.
 SUMMY-BIRCHARD, INC.

SUPER HYPE PUBLISHING, INC.
 THE ALL BLACKS U.S.A., INC.

TOMMY VALANDO PUBLISHING GROUP, INC.
 UNICHAPPELL MUSIC INC.

W.C.M. MUSIC CORP.
 WALDEN MUSIC INC.

WARNER ALLIANCE MUSIC INC.
 WARNER BRETHREN INC.

WARNER MUSIC PUBLISHING INTERNATIONAL INC.
 WARNER RECORDS
INC.
 WARNER CUSTOM MUSIC CORP.
 WARNER DOMAIN MUSIC INC.

WARNER MUSIC DISCOVERY INC.

  
 [SIGNATURE
PAGE TO TENTH SUPPLEMENTAL INDENTURE] 

			
	
	Guarantors (cont’d):
	
	 WARNER MUSIC LATINA INC.
 WARNER
MUSIC SP INC.
 WARNER SOJOURNER MUSIC INC.
 WARNER SPECIAL
PRODUCTS INC.
 WARNER STRATEGIC MARKETING INC.
 WARNER CHAPPELL
MUSIC SERVICES, INC.
 WARNER CHAPPELL MUSIC, INC.
 WARNER
CHAPPELL PRODUCTION MUSIC, INC.
 WARNER-ELEKTRA-ATLANTIC CORPORATION

WARNERSONGS, INC.
 WARNER-TAMERLANE PUBLISHING CORP.

WARPRISE MUSIC INC.
 WC GOLD MUSIC CORP.

W CHAPPELL MUSIC CORP.
 WCM/HOUSE OF GOLD MUSIC, INC.

WARNER RECORDS/QRI VENTURE, INC.
 WARNER RECORDS/RUFFNATION
VENTURES, INC.
 WEA EUROPE INC.
 WEA INC.

WEA INTERNATIONAL INC.
 WIDE MUSIC, INC.

WMG RHINO HOLDINGS INC.
 ARTIST ARENA LLC

ASYLUM LLC
 ASYLUM RECORDS LLC

ASYLUM WORLDWIDE LLC
 ATLANTIC MOBILE LLC

ATLANTIC PIX LLC
 ATLANTIC PRODUCTIONS LLC

ATLANTIC RECORDING LLC
 ATLANTIC SCREAM LLC

ATLANTIC/143 L.L.C.
 BB INVESTMENTS LLC

BULLDOG ISLAND EVENTS LLC
 BUTE SOUND LLC

CORDLESS RECORDINGS LLC
 EAST WEST RECORDS LLC

ELEKTRA MUSIC LLC
 ELEKTRA RECORDS LLC

FERRET MUSIC HOLDINGS LLC
 FERRET MUSIC LLC

FERRET MUSIC MANAGEMENT LLC
 FERRET MUSIC TOURING
LLC

  
 [SIGNATURE
PAGE TO TENTH SUPPLEMENTAL INDENTURE] 

			
	
	Guarantors (cont’d):
	
	 FOZ MAN MUSIC LLC
 FUELED BY RAMEN
LLC
 LAVA RECORDS LLC
 MM INVESTMENT LLC

P & C PUBLISHING LLC
 RHINO NAME & LIKENESS
HOLDINGS, LLC
 RHINO ENTERTAINMENT LLC
 RHINO FOCUS HOLDINGS
LLC
 RHINO/FSE HOLDINGS, LLC
 SODATONE USA LLC

T-BOY MUSIC, L.L.C.
 T-GIRL MUSIC, L.L.C.
 THE BIZ LLC

UPPED.COM LLC
 UPROXX LLC

WARNER MUSIC DISTRIBUTION LLC
 WARNER MUSIC NASHVILLE LLC

WARNER RECORDS/SIRE VENTURES LLC
 WARNER RECORDS LLC

WMG COE, LLC
 WMG PRODUCTIONS LLC

WRONG MAN DEVELOPMENT LIMITED LIABILITY COMPANY

		
	By:	 	 /s/ Paul M. Robinson

	Name:	 	Paul M. Robinson
	Title:	 	Vice President & Secretary of each of the above named entities listed under the heading Guarantors and signing this agreement in such capacity on behalf of each such entity
	
	WARNER MUSIC INC.
		
	By:	 	 /s/ Paul M. Robinson

	Name:	 	Paul M. Robinson
	Title:	 	Executive Vice President, General Counsel & Secretary

  
 [SIGNATURE
PAGE TO TENTH SUPPLEMENTAL INDENTURE] 

			
	
	Guarantors (cont’d):
	
	615 MUSIC LIBRARY, LLC
	
	By: Six-Fifteen Music Productions, Inc., its Sole Member
		
	By:	 	 /s/ Paul M. Robinson

	Name:	 	Paul M. Robinson
	Title:	 	Vice President & Secretary
	
	ARTIST ARENA INTERNATIONAL, LLC
		
	By:	 	Artist Arena LLC, its Sole Member
	By:	 	Warner Music Inc., its Sole Member
		
	By:	 	 /s/ Paul M. Robinson

	Name:	 	Paul M. Robinson
	Title:	 	Executive Vice President, General Counsel & Secretary
	
	ALTERNATIVE DISTRIBUTION ALLIANCE
	
	By: Warner Music Distribution LLC, its Managing Partner
	By: Rep Sales, Inc., its Sole Member and Manager
		
	By:	 	 /s/ Paul M. Robinson

	Name:	 	Paul M. Robinson
	Title:	 	Vice President & Secretary
	
	MAVERICK RECORDING COMPANY
	
	By: SR/MDM Venture Inc., its Managing Partner
		
	By:	 	 /s/ Paul M. Robinson

	Name:	 	Paul M. Robinson
	Title:	 	Vice President & Secretary

  
 [SIGNATURE
PAGE TO TENTH SUPPLEMENTAL INDENTURE] 

			
	
	Guarantors (cont’d):
	
	NON-STOP CATACLYSMIC MUSIC, LLC
	NON-STOP INTERNATIONAL PUBLISHING, LLC
	NON-STOP OUTRAGEOUS PUBLISHING, LLC
	
	By: Non-Stop Music Publishing, LLC, their Sole Member
	By: Non-Stop Music Holdings, Inc., its Sole Member
		
	By:	 	 /s/ Paul M. Robinson

	Name:	 	Paul M. Robinson
	Title:	 	Vice President & Secretary
	
	NON-STOP MUSIC LIBRARY, L.C.
	NON-STOP MUSIC PUBLISHING, LLC
	NON-STOP PRODUCTIONS, LLC
	
	By: Non-Stop Music Holdings, Inc., their Sole Member
		
	By:	 	 /s/ Paul M. Robinson

	Name:	 	Paul M. Robinson
	Title:	 	Vice President & Secretary

  
 [SIGNATURE
PAGE TO TENTH SUPPLEMENTAL INDENTURE] 

 
					
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
			
		 	By:	 	 /s/ Stefan Victory

		 	Name:	 	Stefan Victory
		 	Title:	 	Vice President

  
 [SIGNATURE
PAGE TO TENTH SUPPLEMENTAL INDENTURE]EX-10.1

 Exhibit 10.1 
  

			
	SBA Loan #7355347406	  	Application #3300234058

 LOAN AUTHORIZATION AND AGREEMENT (LA&A) 

A PROPERLY SIGNED DOCUMENT IS 

REQUIRED PRIOR TO ANY 

DISBURSEMENT 
 CAREFULLY READ
THE LA&A: 
 This document describes the terms and conditions of your loan. It is your responsibility to comply with ALL the terms and
conditions of your loan. 
 SIGNING THE LA&A: 

All borrowers must sign the LA&A. 
  

	 	•	 	 Sign your name exactly as it appears on the LA&A. If typed incorrectly, you should sign
with the correct spelling. 

  

	 	•	 	 If your middle initial appears on the signature line, sign with your middle initial. 

 

	 	•	 	 If a suffix appears on the signature line, such as Sr. or Jr., sign with your suffix. 

 

	 	•	 	 Corporate Signatories: Authorized representatives should sign the signature page. 

Your signature represents your agreement to comply 

with the terms and conditions of the loan. 

  
 Ref 50 30 

			
	SBA Loan #7355347406	  	Application #3300234058

  

 U.S. Small Business Administration 

Economic Injury Disaster Loan 
 LOAN
AUTHORIZATION AND AGREEMENT 
 Date: 05.16.2020 (Effective Date) 

On the above date, this Administration (SBA) authorized (under Section 7(b) of the Small Business Act, as amended) a Loan (SBA Loan #7355347406) to
Odyssey Marine Exploration, Inc. (Borrower) of 205 S HOOVER BLVD STE 210 TAMPA Florida 33609 in the amount of one hundred and fifty thousand and 00/100 Dollars ($150,000.00), upon the following conditions: 

PAYMENT 
  

	 	•	 	 Installment payments, including principal and interest, of $731.00 Monthly, will begin Twelve
(12) months from the date of the promissory Note. The balance of principal and interest will be payable Thirty (30) years from the date of the promissory Note. 

INTEREST 
  

	 	•	 	 Interest will accrue at the rate of 3.75% per annum and will accrue only on funds actually advanced from
the date(s) of each advance. 

 PAYMENT TERMS 
  

	 	•	 	 Each payment will be applied first to interest accrued to the date of receipt of each payment, and the balance,
if any, will be applied to principal. 

  

	 	•	 	 Each payment will be made when due even if at that time the full amount of the Loan has not yet been advanced or
the authorized amount of the Loan has been reduced. 

 COLLATERAL 

 

	 	•	 	 For loan amounts of greater than $25,000, Borrower hereby grants to SBA, the secured party hereunder, a
continuing security interest in and to any and all “Collateral” as described herein to secure payment and performance of all debts, liabilities and obligations of Borrower to SBA hereunder without limitation, including but not limited to
all interest, other fees and expenses (all hereinafter called “Obligations”). The Collateral includes the following property that Borrower now owns or shall acquire or create immediately upon the acquisition or creation thereof: all
tangible and intangible personal property, including, but not limited to: (a) inventory, (b) equipment, (c) instruments, including promissory notes (d) chattel paper, including tangible chattel paper and electronic chattel paper,
(e) documents, (f) letter of credit rights, (g) accounts, including health-care insurance receivables and credit card receivables, (h) deposit accounts, (i) commercial tort claims, (j) general intangibles, including payment
intangibles and software and (k) as-extracted collateral as such terms may from time to time be defined in the Uniform Commercial Code. The security interest Borrower grants includes all accessions,
attachments, accessories, parts, supplies and replacements for the Collateral, all products, proceeds and collections thereof and all records and data relating thereto. 

 

	 	•	 	 For loan amounts of $25,000 or less, SBA is not taking a security interest in any collateral.

  

			
	Page 2 of 11
	SBA Form 1391 (5-00)	  	Ref 50 30

			
	SBA Loan #7355347406	  	Application #3300234058

  

 REQUIREMENTS RELATIVE TO COLLATERAL 

 

	 	•	 	 Borrower will not sell or transfer any collateral (except normal inventory turnover in the ordinary course of
business) described in the “Collateral” paragraph hereof without the prior written consent of SBA. 

  

	 	•	 	 Borrower will neither seek nor accept future advances under any superior liens on the collateral securing this
Loan without the prior written consent of SBA. 

 USE OF LOAN PROCEEDS 

 

	 	•	 	 Borrower will use all the proceeds of this Loan solely as working capital to alleviate economic injury caused by
disaster occurring in the month of January 31, 2020 and continuing thereafter and to pay Uniform Commercial Code (UCC) lien filing fees and a third-party UCC handling charge of $100 which will be deducted from the Loan amount stated above.

 REQUIREMENTS FOR USE OF LOAN PROCEEDS AND RECEIPTS 
  

	 	•	 	 Borrower will obtain and itemize receipts (paid receipts, paid invoices or cancelled checks) and contracts for
all Loan funds spent and retain these receipts for 3 years from the date of the final disbursement. Prior to each subsequent disbursement (if any) and whenever requested by SBA, Borrower will submit to SBA such itemization together with copies of
the receipts. 

  

	 	•	 	 Borrower will not use, directly or indirectly, any portion of the proceeds of this Loan to relocate without the
prior written permission of SBA. The law prohibits the use of any portion of the proceeds of this Loan for voluntary relocation from the business area in which the disaster occurred. To request SBA’s prior written permission to relocate,
Borrower will present to SBA the reasons therefore and a description or address of the relocation site. Determinations of (1) whether a relocation is voluntary or otherwise, and (2) whether any site other than the disaster-affected
location is within the business area in which the disaster occurred, will be made solely by SBA. 

  

	 	•	 	 Borrower will, to the extent feasible, purchase only American-made equipment and products with the proceeds of
this Loan. 

  

	 	•	 	 Borrower will make any request for a loan increase for additional disaster-related damages as soon as possible
after the need for a loan increase is discovered. The SBA will not consider a request for a loan increase received more than two (2) years from the date of loan approval unless, in the sole discretion of the SBA, there are extraordinary
and unforeseeable circumstances beyond the control of the borrower. 

 DEADLINE FOR RETURN OF LOAN CLOSING DOCUMENTS 

 

	 	•	 	 Borrower will sign and return the loan closing documents to SBA within 2 months of the date of this Loan
Authorization and Agreement. By notifying the Borrower in writing, SBA may cancel this Loan if the Borrower fails to meet this requirement. The Borrower may submit and the SBA may, in its sole discretion, accept documents after 2 months of the
date of this Loan Authorization and Agreement. 

 COMPENSATION FROM OTHER SOURCES 

 

	 	•	 	 Eligibility for this disaster Loan is limited to disaster losses that are not compensated by other sources. Other
sources include but are not limited to: (1) proceeds of policies of insurance or other indemnifications, (2) grants or other reimbursement (including loans) from government agencies or private organizations, (3) claims for civil
liability against other individuals, organizations or governmental entities, and (4) salvage (including any sale or re-use) of items of damaged property. 

  

			
	Page 3 of 11
	SBA Form 1391 (5-00)	  	Ref 50 30

			
	SBA Loan #7355347406	  	Application #3300234058

  

	 	•	 	 Borrower will promptly notify SBA of the existence and status of any claim or application for such other
compensation, and of the receipt of any such compensation, and Borrower will promptly submit the proceeds of same (not exceeding the outstanding balance of this Loan) to SBA. 

 

	 	•	 	 Borrower hereby assigns to SBA the proceeds of any such compensation from other sources and authorizes the payor
of same to deliver said proceeds to SBA at such time and place as SBA shall designate. 

  

	 	•	 	 SBA will in its sole discretion determine whether any such compensation from other sources is a duplication of
benefits. SBA will use the proceeds of any such duplication to reduce the outstanding balance of this Loan, and Borrower agrees that such proceeds will not be applied in lieu of scheduled payments. 

DUTY TO MAINTAIN HAZARD INSURANCE 
  

	 	•	 	 Within 12 months from the date of this Loan Authorization and Agreement the Borrower will provide proof of an
active and in effect hazard insurance policy including fire, lightning, and extended coverage on all items used to secure this loan to at least 80% of the insurable value. Borrower will not cancel such coverage and will maintain such coverage
throughout the entire term of this Loan. BORROWER MAY NOT BE ELIGIBLE FOR EITHER ANY FUTURE DISASTER ASSISTANCE OR SBA FINANCIAL ASSISTANCE IF THIS INSURANCE IS NOT MAINTAINED AS STIPULATED HEREIN THROUGHOUT THE ENTIRE TERM OF THIS LOAN.
Please submit proof of insurance to: U.S. Small Business Administration, Office of Disaster Assistance, 14925 Kingsport Rd, Fort Worth, TX. 76155. 

BOOKS AND RECORDS 
  

	 	•	 	 Borrower will maintain current and proper books of account in a manner satisfactory to SBA for the most recent 5
years until 3 years after the date of maturity, including extensions, or the date this Loan is paid in full, whichever occurs first. Such books will include Borrower’s financial and operating statements, insurance policies, tax returns and
related filings, records of earnings distributed and dividends paid and records of compensation to officers, directors, holders of 10% or more of Borrower’s capital stock, members, partners and proprietors. 

 

	 	•	 	 Borrower authorizes SBA to make or cause to be made, at Borrower’s expense and in such a manner and at such
times as SBA may require: (1) inspections and audits of any books, records and paper in the custody or control of Borrower or others relating to Borrower’s financial or business conditions, including the making of copies thereof and
extracts therefrom, and (2) inspections and appraisals of any of Borrower’s assets. 

  

	 	•	 	 Borrower will furnish to SBA, not later than 3 months following the expiration of Borrower’s fiscal year and
in such form as SBA may require, Borrower’s financial statements. 

  

	 	•	 	 Upon written request of SBA, Borrower will accompany such statements with an ‘Accountant’s Review
Report’ prepared by an independent public accountant at Borrower’s expense. 

  

	 	•	 	 Borrower authorizes all Federal, State and municipal authorities to furnish reports of examination, records and
other information relating to the conditions and affairs of Borrower and any desired information from such reports, returns, files, and records of such authorities upon request of SBA. 

  

			
	Page 4 of 11
	SBA Form 1391 (5-00)	  	Ref 50 30

			
	SBA Loan #7355347406	  	Application #3300234058

  

 LIMITS ON DISTRIBUTION OF ASSETS 

 

	 	•	 	 Borrower will not, without the prior written consent of SBA, make any distribution of Borrower’s assets, or
give any preferential treatment, make any advance, directly or indirectly, by way of loan, gift, bonus, or otherwise, to any owner or partner or any of its employees, or to any company directly or indirectly controlling or affiliated with or
controlled by Borrower, or any other company. 

 EQUAL OPPORTUNITY REQUIREMENT 

 

	 	•	 	 If Borrower has or intends to have employees, Borrower will post SBA Form 722, Equal Opportunity Poster (copy
attached), in Borrower’s place of business where it will be clearly visible to employees, applicants for employment, and the general public. 

DISCLOSURE OF LOBBYING ACTIVITIES 
  

	 	•	 	 Borrower agrees to the attached Certification Regarding Lobbying Activities 

BORROWER’S CERTIFICATIONS 
 Borrower certifies that:

  

	 	•	 	 There has been no substantial adverse change in Borrower’s financial condition (and organization, in case of
a business borrower) since the date of the application for this Loan. (Adverse changes include, but are not limited to: judgment liens, tax liens, mechanic’s liens, bankruptcy, financial reverses, arrest or conviction of felony, etc.)

  

	 	•	 	 No fees have been paid, directly or indirectly, to any representative (attorney, accountant, etc.) for services
provided or to be provided in connection with applying for or closing this Loan, other than those reported on SBA Form 5 Business Disaster Loan Application’; SBA Form 3501 COVID-19 Economic Injury
Disaster Loan Application; or SBA Form 159, ‘Compensation Agreement’. All fees not approved by SBA are prohibited. 

  

	 	•	 	 All representations in the Borrower’s Loan application (including all supplementary submissions) are true,
correct and complete and are offered to induce SBA to make this Loan. 

  

	 	•	 	 No claim or application for any other compensation for disaster losses has been submitted to or requested of any
source, and no such other compensation has been received, other than that which Borrower has fully disclosed to SBA. 

  

	 	•	 	 Neither the Borrower nor, if the Borrower is a business, any principal who owns at least 50% of the Borrower, is
delinquent more than 60 days under the terms of any: (a) administrative order; (b) court order; or (c) repayment agreement that requires payment of child support. 

 

	 	•	 	 Borrower certifies that no fees have been paid, directly or indirectly, to any representative (attorney,
accountant, etc.) for services provided or to be provided in connection with applying for or closing this Loan, other than those reported on the Loan Application. All fees not approved by SBA are prohibited. If an Applicant chooses to employ an
Agent, the compensation an Agent charges to and that is paid by the Applicant must bear a necessary and reasonable relationship to the services actually performed and must be comparable to those charged by other Agents in the geographical area.
Compensation cannot be contingent on loan approval. In addition, compensation must not include any expenses which are deemed by SBA to be unreasonable for services actually performed or expenses actually incurred. Compensation must not include

  

			
	Page 5 of 11
	SBA Form 1391 (5-00)	  	Ref 50 30

			
	SBA Loan #7355347406	  	Application #3300234058

  

	 	 
charges prohibited in 13 CFR 103 or SOP 50-30, Appendix 1. If the compensation exceeds $500 for a disaster home loan or $2,500 for a disaster business
loan, Borrower must fill out the Compensation Agreement Form 159D which will be provided for Borrower upon request or can be found on the SBA website. 

  

	 	•	 	 Borrower certifies, to the best of its, his or her knowledge and belief, that the certifications and
representations in the attached Certification Regarding Lobbying are true, correct and complete and are offered to induce SBA to make this Loan. 

CIVIL AND CRIMINAL PENALTIES 
  

	 	•	 	 Whoever wrongfully misapplies the proceeds of an SBA disaster loan shall be civilly liable to the Administrator
in an amount equal to one-and-one half times the original principal amount of the loan under 15 U.S.C. 636(b). In addition, any false statement or misrepresentation to
SBA may result in criminal, civil or administrative sanctions including, but not limited to: 1) fines, imprisonment or both, under 15 U.S.C. 645, 18 U.S.C. 1001, 18 U.S.C. 1014, 18 U.S.C. 1040, 18 U.S.C. 3571, and any other applicable
laws; 2) treble damages and civil penalties under the False Claims Act, 31 U.S.C. 3729; 3) double damages and civil penalties under the Program Fraud Civil Remedies Act, 31 U.S.C. 3802; and 4) suspension and/or debarment from all Federal
procurement and non-procurement transactions. Statutory fines may increase if amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. 

RESULT OF VIOLATION OF THIS LOAN AUTHORIZATION AND AGREEMENT 
  

	 	•	 	 If Borrower violates any of the terms or conditions of this Loan Authorization and Agreement, the Loan will be in
default and SBA may declare all or any part of the indebtedness immediately due and payable. SBA’s failure to exercise its rights under this paragraph will not constitute a waiver. 

 

	 	•	 	 A default (or any violation of any of the terms and conditions) of any SBA Loan(s) to Borrower and/or its
affiliates will be considered a default of all such Loan(s). 

 DISBURSEMENT OF THE LOAN 

 

	 	•	 	 Disbursements will be made by and at the discretion of SBA Counsel, in accordance with this Loan Authorization
and Agreement and the general requirements of SBA. 

  

	 	•	 	 Disbursements may be made in increments as needed. 

 

	 	•	 	 Other conditions may be imposed by SBA pursuant to general requirements of SBA. 

 

	 	•	 	 Disbursement may be withheld if, in SBA’s sole discretion, there has been an adverse change in
Borrower’s financial condition or in any other material fact represented in the Loan application, or if Borrower fails to meet any of the terms or conditions of this Loan Authorization and Agreement. 

 

	 	•	 	 NO DISBURSEMENT WILL BE MADE LATER THAN 6 MONTHS FROM THE DATE OF THIS LOAN AUTHORIZATION AND AGREEMENT UNLESS
SBA, IN ITS SOLE DISCRETION, EXTENDS THIS DISBURSEMENT PERIOD. 

  

			
	Page 6 of 11
	SBA Form 1391 (5-00)	  	Ref 50 30

			
	SBA Loan #7355347406	  	Application #3300234058

  

 PARTIES AFFECTED 
  

	 	•	 	 This Loan Authorization and Agreement will be binding upon Borrower and Borrower’s successors and assigns
and will inure to the benefit of SBA and its successors and assigns. 

 RESOLUTION OF BOARD OF DIRECTORS 

 

	 	•	 	 Borrower shall, within 180 days of receiving any disbursement of this Loan, submit the appropriate SBA
Certificate and/or Resolution to the U.S. Small Business Administration, Office of Disaster Assistance, 14925 Kingsport Rd, Fort Worth, TX. 76155. 

ENFORCEABILITY 
  

	 	•	 	 This Loan Authorization and Agreement is legally binding, enforceable and approved upon Borrower’s
signature, the SBA’s approval and the Loan Proceeds being issued to Borrower by a government issued check or by electronic debit of the Loan Proceeds to Borrower’ banking account provided by Borrower in application for this Loan.

  

	
	 /s/ James E. Rivera

	James E. Rivera
	Associate Administrator
	U.S. Small Business Administration

 The undersigned agree(s) to be bound by the terms and conditions herein during the term of this Loan, and further
agree(s) that no provision stated herein will be waived without prior written consent of SBA. Under penalty of perjury of the United States of America, I hereby certify that I am authorized to apply for and obtain a disaster loan on behalf of
Borrower, in connection with the effects of the COVID-19 emergency. 
  

							
	Odyssey Marine Exploration, Inc.
				
	 /s/ Jay Nudi
	 		 	Date:	 	 05.16.2020

	Jay Nudi, Owner/Officer	 		 		 	

 Note: Corporate Borrowers must execute Loan Authorization and Agreement in corporate name, by a duly authorized
officer. Partnership Borrowers must execute in firm name, together with signature of a general partner. Limited Liability entities must execute in the entity name by the signature of the authorized managing person. 

  

			
	Page 7 of 11
	SBA Form 1391 (5-00)	  	Ref 50 30

			
	SBA Loan #7355347406	  	Application #3300234058

  

 CERTIFICATION REGARDING LOBBYING 

For loans over $150,000, Congress requires recipients to agree to the following: 
  

	 	1.	 Appropriated funds may NOT be used for lobbying. 

 

	 	2.	 Payment of non-federal funds for lobbying must be reported on Form SF-LLL. 

  

	 	3.	 Language of this certification must be incorporated into all contracts and subcontracts exceeding $100,000.

  

	 	4.	 All contractors and subcontractors with contracts exceeding $100,000 are required to certify and disclose
accordingly. 

  

			
	Page 8 of 11
	SBA Form 1391 (5-00)	  	

			
	SBA Loan #7355347406	  	Application #3300234058

  

 CERTIFICATION REGARDING 

LOBBYING 
 Certification
for Contracts, Grants, Loans, and Cooperative 
 Agreements 

Borrower and all Guarantors (if any) certify, to the best of its, his or her knowledge and belief, that: 

(1) No Federal appropriated funds have been paid or will be paid, by or on behalf of the undersigned, to any person for influencing or attempting to influence
an officer or employee of any agency, a Member of Congress, an officer or employee of Congress, or an employee of a Member of Congress in connection with awarding of any Federal contract, the making of any Federal grant, the making of any Federal
loan, the entering into of any cooperative agreement, and the extension, continuation, renewal, or modification of any Federal contract, grant, loan, or cooperative agreement. 

(2) If any funds other than Federal appropriated funds have been paid or will be paid to any person for influencing or attempting to influence an officer or
employee of any agency, a Member of Congress, an officer or employee of Congress, or an employee of a Member of Congress in connection with this Federal loan, the undersigned shall complete and submit Standard Form LLL, “Disclosure Form to
Report Lobbying,” in accordance with its instructions. 
 (3) The undersigned shall require that the language of this certification be included in the
award documents for all sub-awards at all tiers (including subcontracts, sub-grants, and contracts under grants, loans, and
co-operative agreements) and that all sub-recipients shall certify and disclose accordingly. 

This certification is a material representation of fact upon which reliance was placed when this transaction was made or entered into. Submission of this
certification is a prerequisite for making or entering into this transaction imposed by Section 1352, Title 31, U.S. Code. Any person who fails to file the required certification shall be subject to a civil penalty of not less than $10,000.00
and not more than $100,000.00 for each such failure. 

  

			
	Page 9 of 11
	SBA Form 1391 (5-00)	  	

					
	

	  	 This Statement of Policy is Posted
  

In Accordance with Regulations of the
  

Small Business Administration
  

This Organization Practices
	  	

 Equal Employment Opportunity 

We do not discriminate on the ground of race, color, religion, sex, age, disability or national origin in the hiring, retention, or promotion of employees;
nor in determining their rank, or the compensation or fringe benefits paid them. 
 This Organization Practices 

Equal Treatment of Clients 
 We do not
discriminate on the basis of race, color, religion, sex, marital status, disability, age or national origin in services or accommodations offered or provided to our employees, clients or guests. 

These policies and this notice comply with regulations of the United States Government. 

Please report violations of this policy to: 

Administrator 

Small Business Administration 

Washington, D.C. 20416 

In order for the public and your employees to know their rights under 13 C.F.R Parts 112, 113, and 117, Small Business Administration
Regulations, and to conform with the directions of the Administrator of SBA, this poster must be displayed where it is clearly visible to employees, applicants for employment, and the public. 

Failure to display the poster as required in accordance with SBA Regulations may be considered evidence of noncompliance and subject you to
the penalties contained in those Regulations. 

  

					
	Page 10 of 11
	SBA FORM 722 (10-02) REF: SOP 9030	 	PREVIOUS EDITIONS ARE OBSOLETE	  	U.S. GOVERNMENT PRINTING OFFICE: 1994 0- 153-346

					
	

	  	 Esta Declaración De Principios Se Publica

 
 De Acuerdo Con Los Reglamentos De La

 
 Agencia Federal Para el Desarrollo de la Pequeña
Empresa
  
 Esta Organización
Practica
	  	

 Igual Oportunidad De Empleo 

No discriminamos por razón de raza, color, religión, sexo, edad, discapacidad o nacionalidad en el empleo, retención o ascenso de
personal ni en la determinación de sus posiciones, salarios o beneficios marginales. 
 Esta Organización Practica

 Igualdad En El Trato A Su Clientela 

No discriminamos por razón de raza, color, religión, sexo, estado civil, edad, discapacidad o nacionalidad en los servicios o facilidades
provistos para nuestros empleados, clientes o visitantes. 
 Estos principios y este aviso cumplen con los reglamentos del Gobierno de
los Estados Unidos de América. 
 Favor de informar violaciones a lo aquí indicado a: 

Administrador 

Agencia Federal Para el Desarrollo de la 

Pequeña Empresa 

Washington, D.C. 20416 

A fin de que el público y sus empleados conozcan sus derechos según lo expresado en las Secciones 112, 113 y 117 del
Código de Regulaciaones Federales No. 13, de los Reglamentos de la Agencja Federal Para el Desarrollo de la Pequeña Empresa y de acuerdo con las instrucciones del Administrador de dicha agencia, esta notificación debe
fijarse en un lugar claramente visible para los empleados, solicitantes de empleo y público en general. No fijar esta notificación según lo requerido por los reglamentos de la Agencia Federal Para el Desarrollo de la
Pequeña Empresa, puede ser interpretado como evidencia de falta de cumplimiento de los mismos y conllevará la ejecución de los castigos impuestos en estos reglamentos. 

  

					
	Page 11 of 11
	SBA FORM 722 (10-02) REF: SOP 9030	 	PREVIOUS EDITIONS ARE OBSOLETE	  	U.S. GOVERNMENT PRINTING OFFICE: 1994 0- 153-346

			
	SBA Loan #7355347406	  	Application #3300234058

  

 NOTE 

A PROPERLY SIGNED NOTE IS 

REQUIRED PRIOR TO ANY 

DISBURSEMENT 
 CAREFULLY READ
THE NOTE: It is your promise to repay the loan. 
  

	 	•	 	 The Note is pre-dated. DO NOT CHANGE THE DATE OF THE NOTE.

  

	 	•	 	 LOAN PAYMENTS will be due as stated in the Note. 

 

	 	•	 	 ANY CORRECTIONS OR UNAUTHORIZED MARKS MAY VOID THIS DOCUMENT. 

SIGNING THE NOTE: All borrowers must sign the Note. 
  

	 	•	 	 Sign your name exactly as it appears on the Note. If typed incorrectly, you should sign with
the correct spelling. 

  

	 	•	 	 If your middle initial appears on the signature line, sign with your middle initial. 

 

	 	•	 	 If a suffix appears on the signature line, such as Sr. or Jr., sign with your suffix. 

 

	 	•	 	 Corporate Signatories: Authorized representatives should sign the signature page. 

			
	SBA Loan #7355347406	  	Application #3300234058

  

					
	

	  	 U.S. Small Business Administration
  

NOTE
  

(SECURED DISASTER LOANS)
	  	 Date: 05.16.2020
  

Loan Amount: $150,000.00
  

Annual Interest Rate: 3.75%

  

			
	SBA Loan # 7355347406	  	Application #3300234058

  

	 	1.	 PROMISE TO PAY: In return for a loan, Borrower promises to pay to the order of SBA the amount of one
hundred and fifty thousand and 00/100 Dollars ($150,000.00), interest on the unpaid principal balance, and all other amounts required by this Note. 

 

	 	2.	 DEFINITIONS: A) “Collateral” means any property taken as security for payment of this
Note or any guarantee of this Note. B) “Guarantor” means each person or entity that signs a guarantee of payment of this Note. C) “Loan Documents” means the documents related to this loan signed by Borrower, any
Guarantor, or anyone who pledges collateral. 

  

	 	3.	 PAYMENT TERMS: Borrower must make all payments at the place SBA designates. Borrower may prepay this
Note in part or in full at any time, without notice or penalty. Borrower must pay principal and interest payments of $731.00 every month beginning Twelve (12) months from the date
of the Note. SBA will apply each installment payment first to pay interest accrued to the day SBA receives the payment and will then apply any remaining balance to reduce principal. All remaining principal and accrued interest is due and payable
Thirty (30) years from the date of the Note. 

  

	 	4.	 DEFAULT: Borrower is in default under this Note if Borrower does not make a payment when due under this
Note, or if Borrower: A) Fails to comply with any provision of this Note, the Loan Authorization and Agreement, or other Loan Documents; B) Defaults on any other SBA loan; C) Sells or otherwise transfers, or does not preserve or
account to SBA’s satisfaction for, any of the Collateral or its proceeds; D) Does not disclose, or anyone acting on their behalf does not disclose, any material fact to SBA; E) Makes, or anyone acting on their behalf makes, a
materially false or misleading representation to SBA; F) Defaults on any loan or agreement with another creditor, if SBA believes the default may materially affect Borrower’s ability to pay this Note; G) Fails to pay any taxes
when due; H) Becomes the subject of a proceeding under any bankruptcy or insolvency law; I) Has a receiver or liquidator appointed for any part of their business or property; J) Makes an assignment for the benefit of creditors;
K) Has any adverse change in financial condition or business operation that SBA believes may materially affect Borrower’s ability to pay this Note; L) Dies; M) Reorganizes, merges, consolidates, or otherwise changes
ownership or business structure without SBA’s prior written consent; or, N) Becomes the subject of a civil or criminal action that SBA believes may materially affect Borrower’s ability to pay this Note. 

 

	 	5.	 SBA’S RIGHTS IF THERE IS A DEFAULT: Without notice or demand and without giving up any of its
rights, SBA may: A) Require immediate payment of all amounts owing under this Note; B) Have recourse to collect all amounts owing from any Borrower or Guarantor (if any); C) File suit and obtain judgment; D) Take
possession of any Collateral; or E) Sell, lease, or otherwise dispose of, any Collateral at public or private sale, with or without advertisement. 

  

	 	6.	 SBA’S GENERAL POWERS: Without notice and without Borrower’s consent, SBA may: A) Bid on
or buy the Collateral at its sale or the sale of another lienholder, at any price it chooses; B) Collect amounts due under this Note, enforce the terms of this Note or any other Loan Document, and preserve or dispose of the Collateral. Among
other things, the expenses may include payments for property taxes, prior liens, insurance, appraisals, environmental remediation costs, and reasonable attorney’s fees and costs. If SBA incurs such expenses, it may demand immediate
reimbursement from Borrower or add the expenses to the principal balance; C) Release anyone obligated to pay this Note; D) Compromise, release, renew, extend or substitute any of the Collateral; and E) Take any action necessary
to protect the Collateral or collect amounts owing on this Note. 

  

			
	Page 2 of 3
	SBA FORM 147 B (5-00)	  	

			
	SBA Loan #7355347406	  	Application #3300234058

  

	 	7.	 FEDERAL LAW APPLIES: When SBA is the holder, this Note will be interpreted and enforced under federal
law, including SBA regulations. SBA may use state or local procedures for filing papers, recording documents, giving notice, foreclosing liens, and other purposes. By using such procedures, SBA does not waive any federal immunity from state or local
control, penalty, tax, or liability. As to this Note, Borrower may not claim or assert against SBA any local or state law to deny any obligation, defeat any claim of SBA, or preempt federal law. 

 

	 	8.	 GENERAL PROVISIONS: A) All individuals and entities signing this Note are jointly and severally
liable. B) Borrower waives all suretyship defenses. C) Borrower must sign all documents required at any time to comply with the Loan Documents and to enable SBA to acquire, perfect, or maintain SBA’s liens on Collateral. D)
SBA may exercise any of its rights separately or together, as many times and in any order it chooses. SBA may delay or forgo enforcing any of its rights without giving up any of them. E) Borrower may not use an oral statement of SBA to
contradict or alter the written terms of this Note. F) If any part of this Note is unenforceable, all other parts remain in effect. G) To the extent allowed by law, Borrower waives all demands and notices in connection with this Note,
including presentment, demand, protest, and notice of dishonor. Borrower also waives any defenses based upon any claim that SBA did not obtain any guarantee; did not obtain, perfect, or maintain a lien upon Collateral; impaired Collateral; or did
not obtain the fair market value of Collateral at a sale. H) SBA may sell or otherwise transfer this Note. 

  

	 	9.	 MISUSE OF LOAN FUNDS: Anyone who wrongfully misapplies any proceeds of the loan will be civilly liable
to SBA for one and one- half times the proceeds disbursed, in addition to other remedies allowed by law. 

  

	 	10.	 BORROWER’S NAME(S) AND SIGNATURE(S): By signing below, each individual or entity acknowledges and
accepts personal obligation and full liability under the Note as Borrower. 

  

	
	Odyssey Marine Exploration, Inc.
	
	 /s/ Jay Nudi

	Jay Nudi, Owner/Officer

  

			
	Page 3 of 3
	SBA FORM 147 B (5-00)	  	

			
	SBA Loan #7355347406	  	Application #3300234058

  

 SECURITY AGREEMENT 

Read this document carefully. It grants the SBA a security interest (lien) in all the property described in paragraph 4. 

This document is predated. DO NOT CHANGE THE DATE ON THIS DOCUMENT. 

			
	SBA Loan #7355347406	  	Application #3300234058

  

  

			
	 

	  	 U.S. Small Business Administration

SECURITY AGREEMENT

  
  

							
		
	SBA Loan #:	  	7355347406
		
	Borrower:	  	Odyssey Marine Exploration, Inc.
		
	Secured Party:	  	The Small Business Administration, an Agency of the U.S. Government
		
	Date:	  	05.16.2020
		
	Note Amount:	  	$150,000.00

  

	1.	 DEFINITIONS. 

Unless otherwise specified, all terms used in this Agreement will have the meanings ascribed to them under the Official Text of the Uniform
Commercial Code, as it may be amended from time to time, (“UCC”). “SBA” means the Small Business Administration, an Agency of the U.S. Government. 
  

	2.	 GRANT OF SECURITY INTEREST. 

For value received, the Borrower grants to the Secured Party a security interest in the property described below in paragraph 4 (the
“Collateral”). 
  

	3.	 OBLIGATIONS SECURED. 

This Agreement secures the payment and performance of: (a) all obligations under a Note dated 05.16.2020, made by Odyssey Marine
Exploration, Inc. , made payable to Secured Lender, in the amount of $150,000.00 (“Note”), including all costs and expenses (including reasonable attorney’s fees), incurred by Secured Party in the disbursement, administration and
collection of the loan evidenced by the Note; (b) all costs and expenses (including reasonable attorney’s fees), incurred by Secured Party in the protection, maintenance and enforcement of the security interest hereby granted; (c) all
obligations of the Borrower in any other agreement relating to the Note; and (d) any modifications, renewals, refinancings, or extensions of the foregoing obligations. 
  

	4.	 COLLATERAL DESCRIPTION. 

The Collateral in which this security interest is granted includes the following property that Borrower now owns or shall acquire or create
immediately upon the acquisition or creation thereof: all tangible 

  

			
	Page 2 of 5
	SBA Form 1059 (09-19) Previous Editions are obsolete.	  	

			
	SBA Loan #7355347406	  	Application #3300234058

  

 
and intangible personal property, including, but not limited to: (a) inventory, (b) equipment, (c) instruments, including promissory notes (d) chattel paper, including tangible
chattel paper and electronic chattel paper, (e) documents, (f) letter of credit rights, (g) accounts, including health-care insurance receivables and credit card receivables, (h) deposit accounts, (i) commercial tort claims,
(j) general intangibles, including payment intangibles and software and (k) as-extracted collateral as such terms may from time to time be defined in the Uniform Commercial Code. The security
interest Borrower grants includes all accessions, attachments, accessories, parts, supplies and replacements for the Collateral, all products, proceeds and collections thereof and all records and data relating thereto. 

 

	5.	 RESTRICTIONS ON COLLATERAL TRANSFER. 

Borrower will not sell, lease, license or otherwise transfer (including by granting security interests, liens, or other encumbrances in) all or
any part of the Collateral or Borrower’s interest in the Collateral without Secured Party’s written or electronically communicated approval, except that Borrower may sell inventory in the ordinary course of business on customary terms.
Borrower may collect and use amounts due on accounts and other rights to payment arising or created in the ordinary course of business, until notified otherwise by Secured Party in writing or by electronic communication. 

 

	6.	 MAINTENANCE AND LOCATION OF COLLATERAL; INSPECTION; INSURANCE. 

Borrower must promptly notify Secured Party by written or electronic communication of any change in location of the Collateral, specifying the
new location. Borrower hereby grants to Secured Party the right to inspect the Collateral at all reasonable times and upon reasonable notice. Borrower must: (a) maintain the Collateral in good condition; (b) pay promptly all taxes,
judgments, or charges of any kind levied or assessed thereon; (c) keep current all rent or mortgage payments due, if any, on premises where the Collateral is located; and (d) maintain hazard insurance on the Collateral, with an insurance
company and in an amount approved by Secured Party (but in no event less than the replacement cost of that Collateral), and including such terms as Secured Party may require including a Lender’s Loss Payable Clause in favor of Secured Party.
Borrower hereby assigns to Secured Party any proceeds of such policies and all unearned premiums thereon and authorizes and empowers Secured Party to collect such sums and to execute and endorse in Borrower’s name all proofs of loss, drafts,
checks and any other documents necessary for Secured Party to obtain such payments. 
  

	7.	 CHANGES TO BORROWER’S LEGAL STRUCTURE, PLACE OF BUSINESS, JURISDICTION OF ORGANIZATION, OR NAME.

 Borrower must notify Secured Party by written or electronic communication not less than 30 days before taking any of the
following actions: (a) changing or reorganizing the type of organization or form under which it does business; (b) moving, changing its place of business or adding a place of business; (c) changing its jurisdiction of organization; or
(d) changing its name. Borrower will pay for the preparation and filing of all documents Secured Party deems necessary to maintain, perfect and continue the perfection of Secured Party’s security interest in the event of any such change.

  

	8.	 PERFECTION OF SECURITY INTEREST. 

Borrower consents, without further notice, to Secured Party’s filing or recording of any documents necessary to perfect, continue, amend
or terminate its security interest. Upon request of Secured Party, Borrower must sign or otherwise authenticate all documents that Secured Party deems necessary at any time to allow Secured Party to acquire, perfect, continue or amend its security
interest in the Collateral. Borrower will pay the filing and recording costs of any documents relating to Secured Party’s security interest. Borrower ratifies all previous filings and recordings, including financing statements and

  

			
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notations on certificates of title. Borrower will cooperate with Secured Party in obtaining a Control Agreement satisfactory to Secured Party with respect to any Deposit Accounts or Investment
Property, or in otherwise obtaining control or possession of that or any other Collateral. 
  

	9.	 DEFAULT. 

Borrower is in default under this Agreement if: (a) Borrower fails to pay, perform or otherwise comply with any provision of this
Agreement; (b) Borrower makes any materially false representation, warranty or certification in, or in connection with, this Agreement, the Note, or any other agreement related to the Note or this Agreement; (c) another secured party or
judgment creditor exercises its rights against the Collateral; or (d) an event defined as a “default” under the Obligations occurs. In the event of default and if Secured Party requests, Borrower must assemble and make available all
Collateral at a place and time designated by Secured Party. Upon default and at any time thereafter, Secured Party may declare all Obligations secured hereby immediately due and payable, and, in its sole discretion, may proceed to enforce payment of
same and exercise any of the rights and remedies available to a secured party by law including those available to it under Article 9 of the UCC that is in effect in the jurisdiction where Borrower or the Collateral is located. Unless otherwise
required under applicable law, Secured Party has no obligation to clean or otherwise prepare the Collateral for sale or other disposition and Borrower waives any right it may have to require Secured Party to enforce the security interest or payment
or performance of the Obligations against any other person. 
  

	10.	 FEDERAL RIGHTS. 

When SBA is the holder of the Note, this Agreement will be construed and enforced under federal law, including SBA regulations. Secured Party
or SBA may use state or local procedures for filing papers, recording documents, giving notice, enforcing security interests or liens, and for any other purposes. By using such procedures, SBA does not waive any federal immunity from state or local
control, penalty, tax or liability. As to this Agreement, Borrower may not claim or assert any local or state law against SBA to deny any obligation, defeat any claim of SBA, or preempt federal law. 

 

	11.	 GOVERNING LAW. 

Unless SBA is the holder of the Note, in which case federal law will govern, Borrower and Secured Party agree that this Agreement will be
governed by the laws of the jurisdiction where the Borrower is located, including the UCC as in effect in such jurisdiction and without reference to its conflicts of laws principles. 

 

	12.	 SECURED PARTY RIGHTS. 

All rights conferred in this Agreement on Secured Party are in addition to those granted to it by law, and all rights are cumulative and may be
exercised simultaneously. Failure of Secured Party to enforce any rights or remedies will not constitute an estoppel or waiver of Secured Party’s ability to exercise such rights or remedies. Unless otherwise required under applicable law,
Secured Party is not liable for any loss or damage to Collateral in its possession or under its control, nor will such loss or damage reduce or discharge the Obligations that are due, even if Secured Party’s actions or inactions caused or in
any way contributed to such loss or damage. 
  

	13.	 SEVERABILITY. 

If any provision of this Agreement is unenforceable, all other provisions remain in effect. 

  

			
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	SBA Loan #7355347406	  	Application #3300234058

  

	14.	 BORROWER CERTIFICATIONS. 

Borrower certifies that: (a) its Name (or Names) as stated above is correct; (b) all Collateral is owned or titled in the
Borrower’s name and not in the name of any other organization or individual; (c) Borrower has the legal authority to grant the security interest in the Collateral; (d) Borrower’s ownership in or title to the Collateral is free of
all adverse claims, liens, or security interests (unless expressly permitted by Secured Party); (e) none of the Obligations are or will be primarily for personal, family or household purposes; (f) none of the Collateral is or will be used, or
has been or will be bought primarily for personal, family or household purposes; (g) Borrower has read and understands the meaning and effect of all terms of this Agreement. 

 

	15.	 BORROWER NAME(S) AND SIGNATURE(S). 

By signing or otherwise authenticating below, each individual and each organization becomes jointly and severally obligated as a Borrower under
this Agreement. 
  

									
	Odyssey Marine Exploration, Inc.	 		 		 	
				
	 /s/ Jay Nudi
	 		 	Date:	 	 05.16.2020

	Jay Nudi, Owner/Officer	 		 		 	

  

			
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