Document:

EX-10.4

 Exhibit 10.4 

SECOND AMENDED AND RESTATED WAIVER AND CONSENT 

AND 
 AMENDMENT NO. 5 TO
PROMISSORY NOTE 
 AND 

AMENDMENT NO. 2 TO STOCK PURCHASE AGREEMENT 

This SECOND AMENDED AND RESTATED WAIVER AND CONSENT AND AMENDMENT NO. 5 TO PROMISSORY NOTE (this “Waiver”), is made
and entered into as of July 21, 2017, by and among Odyssey Marine Exploration, Inc., a Nevada corporation (the “Company”), Odyssey Marine Enterprises, Ltd., a Bahamas company and wholly-owned subsidiary of the Company
(“OME”), Penelope Mining LLC, a Delaware limited liability company (“Penelope”), and Minera del Norte S.A. de C.V., a Mexican societe anonime (“Minosa” and together with Penelope, the
“Minosa Entities”). Reference is hereby made to that certain Stock Purchase Agreement dated as of March 11, 2015, as amended April 10, 2015 (the “SPA”), by and among the Company and the Minosa Entities.
Capitalized terms used but not defined herein shall have the meanings ascribed to them in the SPA. 
 WHEREAS, the Company entered
into that certain Note Purchase Agreement, dated as of March 18, 2016 (the “Original Purchase Agreement”) by and among the Company, Epsilon Acquisitions LLC, a Delaware limited liability company (“Epsilon”) and
OME, pursuant to which Epsilon loaned the Company an aggregate amount of approximately $3,000,000 evidenced by a secured convertible promissory note (the “Original Note”); 

WHEREAS, the Company entered into that certain Amended and Restated Note Purchase Agreement, dated as of October 1, 2016 (the
“A&R Purchase Agreement”), by and among the Company, Epsilon and OME, pursuant to which the Original Note was amended and restated to provide for an additional amount of $3,000,000 (the “A&R Note”); 

WHEREAS, pursuant to certain Partial Assignment and Assumption Agreements, dated as of November 10, 2016 and as of
December 15, 2016, respectively (together, the “Assignment Agreements”), by and between Epsilon and Minosa, Minosa agreed to fund $2,000,000 (the “Minosa Assignment Amount”) to Epsilon for the purposes of
Epsilon funding loans to the Company and Epsilon assigned its rights under the A&R Note and related loan documents with respect to the Minosa Assignment Amount to Minosa (the “Minosa Assignment”); 

WHEREAS, Epsilon converted the indebtedness evidenced by the Original Note into shares of Common Stock in accordance with the terms
thereof; 
 WHEREAS, the Company proposes to enter into a Second Amended and Restated Note of even date herewith (the “Second
A&R Note”) by and among the Company, Epsilon and OME, pursuant to which the A&R Note will be amended and restated to reflect the remaining balance following the Minosa Assignment; 

 WHEREAS, the Company proposes to enter into a Note Purchase Agreement of even date
herewith (the “Purchase Agreement”) by and among the Company, Minosa and OME, pursuant to which Minosa will lend to the Company an additional loan in the amount of $750,000 with the possibility of extending additional loans in an
amount up to $2,250,000 (the “Transaction”); 
 WHEREAS, in exchange for the loan, the Company will issue to Minosa
a secured convertible promissory note of even date herewith (“Minosa Note” and together with the Second A&R Note, the “Notes”); 

WHEREAS, the Company’s consummation of the Transaction would breach or violate certain representations, warranties, and covenants
of the Company set forth in the SPA and certain related Transaction Documents; 
 WHEREAS, OME, the Company, and Minosa entered into
that certain Promissory Note, dated as of March 11, 2015 (as amended by Amendment No. 1 thereto dated as of April 10, 2015, Amendment No. 2 thereto dated as of October 1, 2015, Amendment No. 3 thereto dated as of
December 15, 2015, and Amendment No. 4 thereto dated as of March 18, 2016, and in effect as of the date hereof, the “SPA Note”); and 

WHEREAS, in connection with the consummation of the Transaction, OME, the Company, and Minosa, have agreed to further amend certain
provisions of the SPA Note, as set forth herein. 
 WHEREAS, the Minosa Entities are willing to consent to the Company’s
execution and delivery of the Purchase Agreement and the consummation of the Transaction upon the terms and subject to the conditions set forth in this Waiver. 

NOW, THEREFORE, in consideration of the premises, and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 
 1. Waiver and Consent. In
consideration of the representations, warranties, covenants and agreements set forth herein, Minosa and Penelope hereby consent to the Transaction and waive any breach of any representation or warranty and violation of any covenant in the SPA
arising out of the Company’s execution and delivery of the Purchase Agreement and the consummation of the Transaction. 
 2.
Pledge. Concurrent with the execution of this Waiver, the Company is delivering to the Minosa Entities, a second amended and restated pledge of all amounts due and payable to the Company and its Subsidiaries from Oceanica and its Subsidiaries
and all direct and indirect equity interests in OME. 
 3. Waiver of Termination Rights. The Company waives, and agrees not to
exercise its right to terminate the SPA pursuant to Section 8.1(c)(ii) thereto, both (a) until after the earlier of (i) July 1, 2018, (ii) the date that Minosa fails, refuses, or declines to fund (or

  
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otherwise does not fund) any Subsequent Loan (as defined in the Purchase Agreement) under the Purchase Agreement and (iii) demand is made for repayment of all or any part of the indebtedness
outstanding under the SPA Note or either of the Notes and (b) unless on or prior to such termination, the Notes are paid in full. 

4. Reduction of Commitment. To the extent that all or any portion of the Notes is converted into Common Stock, Penelope may elect to
reduce its obligation to purchase Common Stock on the next subsequent date set forth in Annex C to the SPA by the dollar amount so converted. 

5. Amendment to the SPA Note. Section 2(a) of the SPA Note is hereby amended by deleting it in its entirety and inserting the
following in lieu thereof: 
 “(a) Unless otherwise converted as provided herein, the Adjusted Principal Balance will be
due and payable in full upon written demand by the Lender; provided that the Lender shall not demand payment of the Adjusted Principal Balance earlier than the first to occur of: (i) 30 days after the date on which (x) there is a denial or
dismissal with respect to any appeal made in connection with, or amparo (or other legal proceeding) with respect to, the denial by SEMARNAT of the application for the Manifestacion de Impacto Ambiental relating to the Don Diego Project and any
further rights of appeal or amparo with respect to such matter have been exhausted, (y) the Company or any of its affiliates withdraws any such appeal or amparo without the Lender’s prior written consent, or (z) the date that the
Lender demands repayment of all or any part of the indebtedness outstanding under the Note or either of the Notes (as defined in the Note Purchase Agreement, dated as of August [•], 2017, among the Lender, Odyssey Marine Enterprises, Ltd,
and the Company); (ii) termination by Odyssey Marine Exploration, Inc. of the Stock Purchase Agreement; (iii) the occurrence of an Event of Default, or (iv) a date, which may be no earlier than December 31, 2017 (the
“Maturity Date”) that is at least 60 days subsequent to written notice that Lender intends to demand payment.” 

6. Release of Claims. In consideration of, among other things, the Minosa Entities’ execution and delivery of this Waiver, each of
the Company and OME, on behalf of itself, its equityholders and residual claimants and the respective successors and assigns of each (collectively, the “Releasors”), hereby forever agrees and covenants not to sue or prosecute
against the Releasees (defined below) and hereby forever waives, releases and discharges each Releasee from, any and all claims (including, without limitation, cross-claims, counterclaims, rights of set-off and recoupment), actions, causes of
action, suits, debts, accounts, interests, liens, promises, warranties, damages and consequential and punitive damages, demands, agreements, bonds, bills, specialties, covenants, controversies, torts, variances, trespasses, judgments, executions,
costs, expenses or claims whatsoever (collectively, “Claims”), that such Releasor now has or hereafter may have, of whatsoever nature and kind, whether known or unknown, whether arising at law or in equity, against Penelope or
Minosa in any capacity and the shareholders and “controlling persons” (within the meaning of the federal securities laws) of each, and their respective successors and assigns and each and all of the officers, directors, employees, agents,
attorneys, advisors, auditors, affiliates, consultants and other representatives 

  
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of each of the foregoing (collectively, the “Releasees”), based in whole or in part on facts whether or not now known, existing on or before the date hereof. The provisions
of this Section 6 shall survive the expiration or termination of this Waiver. 
 7. Fees and Expenses. The Company agrees
to pay all reasonable fees, costs and expenses of the Minosa Entities in an amount not to exceed $50,000 in connection with the preparation, negotiation, execution and delivery of this Waiver and in connection with the Transaction as provided for in
Amendment No. 4 to the Promissory Note. 
 8. Representation and Warranties. Each of the Company and OME hereby represents and
warrants to the Minosa Entities that this Amendment (a) has been duly authorized each of the Company and OME, including by the board of directors, or similar governing body, of the Company and OME, including by the approval of a majority of the
directors of the Company that are not affiliated with the Minosa Entities, (b) was duly executed by the Company and OME, and (c) constitutes a legal, valid and binding obligation of the Company and OME enforceable in accordance with its
terms. 
 9. No Further Waiver. Except as expressly set forth in Section 1 of this Waiver, the SPA is in all respects
ratified and confirmed and all the terms, conditions, and provisions thereof shall remain in full force and effect. This Waiver is limited to the matters expressly set forth herein and shall not be deemed to be a waiver of any other term or
condition of the SPA. Nothing contained herein shall constitute a waiver, amendment or modification of the Promissory Note or the Pledge Agreement. 

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

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

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

			
	COMPANY:
	
	ODYSSEY MARINE EXPLORATION, INC.
		
	By:	 	 
		 	Name: Mark D. Gordon
		 	Title: President and Chief Executive Officer

  

			
	OME:
	
	ODYSSEY MARINE ENTERPRISES, LTD.
		
	By:	 	 
		 	Name: Mark D. Gordon
		 	Title: Vice President and Director

  

			
	PENELOPE:
	
	PENELOPE MINING LLC
		
	By:	 	 
		 	Name: Andres Gonzalez Saravia
		 	Title: Attorney in Fact

  

			
	MINOSA:
	
	MINERA DEL NORTE S.A. DE C.V.
		
	By:	 	 
		 	Name: Andres Gonzalez Saravia
		 	Title: Authorized Person

 [Signature Page to Second A&R Waiver]10%
PER ANNUM, JUNIOR SUBORDINATED $310,000 CONVERTIBLE NOTE

 

FOR
VALUE RECEIVED, Propanc Biopharma, Inc., a Delaware corporation (the “Maker” of this note) with at least 3,000,000
common shares issued and outstanding, issues this note and promises to pay to Regal Consulting, a limited liability company organized
under the laws of the state of Delaware, or its Assignees (the “Holder”) the Principal Sum along with the interest
and any other fees according to the terms herein. This note will become effective upon execution by both parties (the “Effective
Date”). The Maker and Holder are parties to that certain Consulting Agreement, dated as of May 16, 2017 (the “Agreement”)
and this note is being issued pursuant to the Agreement. Capitalized terms not defined herein have the meaning given to them in
the Agreement.

 

The
principal sum is $310,000 (Two Hundred and Twenty Thousand Dollars) (the “Principal Sum”). The note shall bear simple
interest of 10% per year accruing from the Effective Date. 

 

The
Holder, for itself and its successors and assigns, agrees that this note, and the payment of amounts due hereunder, are junior
to and subordinate in all respects to the existing debt of the Maker pursuant to that certain 5% Original Issue Discount Senior
Secured Convertible Debenture with an original issue date of October 28, 2015 (the “2015 Debenture”), and the 5% Original
Issue Discount Senior Secured Convertible Debenture with an original issue date of September 13, 2016 (the “2016 Debenture”),
in each case issued by the Maker to Delafield Investments Limited (“Delafield”), as amended, modified, supplemented,
restated, refinanced or replaced from time to time. Notwithstanding anything to contrary in the Consulting Agreement with Holder
or this note, no payment pursuant to this note will occur until such time as the 2015 Debenture and 2016 Debenture have been fully
repaid. Any delay in the payment hereunder as a result of this subordination will not trigger any right to rescind, penalty or
event of default hereunder.

 

MATURITY:

 

The
maturity date is two years from the Effective Date (the “Maturity Date”) and is the date upon which the Principal
Sum of this Note, as well as any unpaid interest and other fees, shall be due and payable.

 

CONVERSION:

 

The
conversion price shall be the lesser of $1.50 or 65% of the three lowest trades in the 10 trading days prior to
the conversion (the “Conversion Price”).

 

    	 	 	 

     

    

 

Unless
otherwise agreed in writing by both parties, at no time will the Holder convert any amount of the Note into common stock that
would result in the Holder owning more than 4.99% of the Maker’s common stock outstanding.

 

The
Maker may not make further payments on this Note prior to the Maturity Date without written approval from the Holder.

 

The
Holder has the right, at any time six months after the Effective Date, at its election, to convert all or part of the outstanding
and unpaid Principal Sum and accrued interest into shares of fully paid and non-assessable shares of common stock of the Maker
as per this conversion formula: Number of shares receivable upon conversion equals the amount of the then outstanding an unpaid
Principal Sum plus accrued and unpaid interest divided by the Conversion Price.

 

Conversion
notices are to be delivered to the Maker and Transfer Agent by method of the Holder’s choice (including but not limited
to email, facsimile, mail, overnight courier, or personal delivery), and all conversions shall be cashless and not require further
payment from the Holder. The Maker shall have been thereafter deemed to have irrevocably confirmed and irrevocably ratified such
notice of conversion and waived any objection thereto.

 

The
Maker shall deliver the shares from any conversion to the Holder (in any name directed by the Holder) within 3 (three) business
days of conversion notice delivery.

 

If
the Maker fails to deliver shares in accordance with the timeframe stated above, the Holder, at any time prior to selling all
of those shares, may rescind any portion, in whole or in part, of that particular conversion attributable to the unsold shares
and have the rescinded conversion amount returned to the Principal Sum with the rescinded conversion shares returned to the Maker
(under the Holder’s and the Maker’s expectations that any returned conversion amounts will tack back to the original
date of the Note). In addition, for each conversion, in the event that shares are not delivered by the fourth business day (inclusive
of the day of conversion), a penalty of $2,000 per day will be assessed for each day after the third business day (inclusive of
the day of the conversion) until share delivery is made; and such penalty will be added to the Principal Sum of the Note (under
the Holder’s and the Maker’s expectations that any penalty amounts will tack back to the original date of the Note).

 

    	 	 	 

     

    

 

LEAKOUT:

 

The
Holder agrees that at any time it holds, whether directly or indirectly, any shares of Common Stock it receives upon conversion
of this note that it will not dispose of or otherwise transfer, directly or indirectly, (including without limitation, any sales,
short sales, swaps or any derivative transactions that would be equivalent to any sales or short positions) on any trading day
shares of Common Stock in an amount more than 10% of the daily trading volume of the Common Stock as reported by Bloomberg, LP.
Upon request by Maker, Holder agrees to provide Maker with all trade confirmation reports it receives from its broker-dealers.

 

RESERVATION
OF SHARES:

 

At
all times during which this Note is convertible, the Maker will reserve from its authorized and unissued Common Stock to provide
for the issuance of Common Stock upon the full conversion of this Note. The Maker will at all times reserve at least 2,000,000
shares of Common Stock for conversion.

 

DEFAULT:

 

The
following are events of default under this Note: (i) the Maker shall fail to pay any principal under the Note when due and payable
(or payable by conversion) thereunder; or (ii) the Maker shall fail to pay any interest or any other amount under the Note when
due and payable (or payable by conversion) thereunder; or (iii) a receiver, trustee or other similar official shall be appointed
over the Maker or a material part of its assets and such appointment shall remain uncontested for twenty (20) days or shall not
be dismissed or discharged within sixty (60) days; or (iv) the Maker shall become insolvent or generally fails to pay, or admits
in writing its inability to pay, its debts as they become due, subject to applicable grace periods, if any; or (v) the Maker shall
make a general assignment for the benefit of creditors; or (vi) the Maker shall file a petition for relief under any bankruptcy,
insolvency or similar law (domestic or foreign); or (vii) an involuntary proceeding with respect to a bankruptcy or similar event
shall be commenced or filed against the Maker.

 

    	 	 	 

     

    

 

REMEDIES:

 

In
the event of any default, the outstanding Principal Sum of this Note, plus accrued but unpaid interest, fees and other amounts
owing, in respect thereof through the date of acceleration, shall become, at the Holder’s election, immediately due and
payable in cash at the Mandatory Default Amount. The Mandatory Default Amount means the outstanding Principal Sum plus all accrued
and unpaid interest, fees and other amounts hereon, divided by the Conversion Price on the date the Mandatory Default Amount is
either demanded or paid in full, whichever has a lower Conversion Price, multiplied by the volume weighted average price (the
“VWAP”) on the date the Mandatory Default Amount is either demanded or paid in full, whichever has a higher VWAP.
Commencing five (5) days after the occurrence of any event of default that results in the eventual acceleration of this Note,
the interest rate on this Note shall accrue at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted
under applicable law. In connection with such acceleration described herein, the Holder need not provide, and the Maker hereby
waives, any presentment, demand, protest or other notice of any kind, and the Holder may immediately and without expiration of
any grace period enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable
law. Such acceleration may be rescinded and annulled by the Holder at any time prior to payment hereunder and the Holder shall
have all rights as a holder of the note until such time, if any, as the Holder receives full payment pursuant hereto. No such
rescission or annulment shall affect any subsequent event of default or impair any right consequent thereon. Nothing herein shall
limit the Holder’s right to pursue any other remedies available to it at law or in equity including, without limitation,
a decree of specific performance and/or injunctive relief with respect to the Maker’s failure to timely deliver certificates
representing shares of Common Stock upon conversion of the Note as required pursuant to the terms hereof.

 

NO
SHORTING: 

 

The
Holder agrees that so long as this Note from the Maker to the Holder remains outstanding, the Holder will not enter into or effect
“short sales” of the Common Stock or hedging transaction which establishes a net short position with respect to the
Common Stock of the Maker. The Maker acknowledges and agrees that upon delivery of a conversion notice by the Holder, the Holder
immediately owns the shares of Common Stock described in the conversion notice and any sale of those shares issuable under such
conversion notice would not be considered short sales.

 

ASSIGNABILITY:

 

The
Maker may not assign this Note. This Note will be binding upon the Maker and its successors and will inure to the benefit of the
Holder and its successors and assigns and may be assigned by the Holder to anyone without the Maker’s approval.

 

    	 	 	 

     

    

 

GOVERNING
LAW.

 

This
Note will be governed by, and construed and enforced in accordance with, the laws of the state of New York, without regard to
the conflict of laws principles thereof. Any action brought by either party against the other concerning the transactions contemplated
by this Agreement shall be brought only in the state of New York. Both parties and the individuals signing this Agreement agree
to submit to the jurisdiction of such courts.

 

DELIVERY
OF PROCESS BY THE MAKER TO THE HOLDER: 

 

In
the event of any action or proceeding by the HOLDER against the MAKER, and only by the HOLDER against the MAKER, service of copies
of summons and/or complaint and/or any other process which may be served in any such action or proceeding may be made by the Holder
via U.S. Mail, overnight delivery service such as FedEx or UPS, email, fax, or process server, or by mailing or otherwise delivering
a copy of such process to the MAKER at its last known attorney as set forth in its most recent SEC filing.

 

ATTORNEY
FEES: 

If
any attorney is employed by either party with regard to any legal or equitable action, arbitration or other proceeding brought
by such party for enforcement of this Note or because of an alleged dispute, breach, default or misrepresentation in connection
with any of the provisions of this Note, the prevailing party will be entitled to recover from the other party reasonable attorneys’
fees and other costs and expenses incurred, in addition to any other relief to which the prevailing party may be entitled.

 

OPINION
OF COUNSEL: 

 

In
the event that an opinion of counsel is needed for any matter related to this Note, the Holder has the right to have any such
opinion provided by Maker’s counsel at the cost of the Maker.

 

NOTICES:

 

Any
notice required or permitted hereunder (including Conversion Notices) must be in writing and either personally served, sent by
facsimile or email transmission, or sent by overnight courier. Notices will be deemed effectively delivered at the time of transmission
if by facsimile or email, and if by overnight courier the business day after such notice is deposited with the courier service
for delivery, all costs prepaid.

 

    	 	 	 

     

    

 

MAKER:

 

	Signature:
    	/s/ James Nathanielsz	 
	 	 	 
	Name:
    	James Nathanielsz	 
	 	 	 
	Date:
    	August 10, 2017	 
	 	 	 
	Company
    & Position: 	Propanc Biopharma, Inc. CEO	 
	 	 	 
	HOLDER:	 	 
	 	 	
	Signature:	/s/ Parker Mitchell	 
	 	 	 
	Name:
    	Parker Mitchell	 
	 	 	 
	Date:
    	August 5, 2017	 
	 	 	 
	Company
    & Position: 	Regal Consulting LLC, Manager	 

 

    	 	 	 

     

    

 

May
16th, 2017

 

	1.	Corporate
    Stock Transfer, Inc.

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