Document:

First Amendment to Revolving Credit Loan and Security Agreement

 Exhibit 10.1 

FIRST AMENDMENT TO REVOLVING CREDIT LOAN 

AND SECURITY AGREEMENT 

This First Amendment to Revolving Credit Loan and Security Agreement (the “First Amendment”) is executed on this 23rd day of
April, 2010, between FIFTH THIRD BANK, an Ohio banking corporation, having a mailing address of 201 East Kennedy Boulevard, Suite 1800, Tampa, Florida 33602 (the “Bank”) and ODYSSEY MARINE EXPLORATION, INC., a Nevada
corporation, authorized to do business in Florida, having its principal place of business at 5215 West Laurel Street, Tampa, Florida 33607 (the “Borrower”), and amends and modifies that certain Revolving Credit Loan and Security Agreement
dated February 8, 2008 (the “Loan Agreement”) as follows: 
 1.    Terms. All of the capitalized terms
in this First Amendment shall have the meanings as defined in the Loan Agreement. 
 2.    Loan Renewal, Advance and
Consolidation. The Bank has renewed the revolving credit Loan to Borrower in the amount of $5,000,000.00 (the “Renewal Loan”), as evidenced by a Renewal Revolving Credit Note of even date herewith (the “Renewal RLOC Note”).

 3.    Loan and Note. The term “Loan” under the Loan Agreement is hereby modified to reference the
revised amount due under the Renewal Loan and the term “Note” under the Loan Agreement is hereby modified to refer to the terms of the Renewal RLOC Note. 

4.    Borrowing Base and Borrowing Base Certificate. The definitions of the Borrowing Base and the Borrowing Base Certificate
in Section 1.2 of the Loan agreement are hereby amended and modified to henceforth read as follows: 
 “Borrowing
Base” shall mean, an amount equal to forty percent (40.0%) of Eligible Inventory. The Bank has bargained for and Borrower agrees and acknowledges that the value of Inventory not included in the Borrowing Base is a cushion of collateral
value in excess of the Advances. 
 “Borrowing Base Certificate” shall mean a certificate prepared by Borrower in
substantially the revised form attached hereto as Exhibit “A”. 
 5.    Financial Statements and
Reports. Section 5.4 (c) of the Loan Agreement is hereby deleted and the following Section 5.4 (c) is substituted in its place and stead: 

“(c) Within 45 days after the end of each month, deliver to the Bank the following financial information certified by the President
or Chief Financial Officer of Borrower as accurate to the best of his knowledge upon due inquiry and investigation: (i) the Borrowing Base Certificate; and (ii) an inventory certification reflecting current value of Inventory; in such form
and context as Bank may reasonably require.” 

 6.    Warranties. Borrower hereby affirms and warrants that all of the warranties
made in the Loan Documents, and any other documents or instruments recited herein or executed with respect thereto directly or indirectly, are true and correct as of the date hereof and that Borrower is not in default of any of the foregoing nor
aware of any default with respect thereto, and that Borrower has no defenses or rights of offset with respect to any indebtedness to the Bank. Borrower hereby releases the Bank from any cause of action against it existing as of the date of execution
hereof. The rights and defenses being waived and released hereunder include without limitation any claim or defense based on the Bank having charged or collected interest at a rate greater than that allowed to be contracted for by applicable law as
changed from time to time, provided, however, in no event shall such waiver and release be deemed to change or modify the terms of the Loan Documents which provide that sums paid or received in excess of the maximum rate of interest allowed to be
contracted for by applicable law, as changed from time to time, reduce the principal sum due, said provision to be in full force and effect. 

7.    Consent and Waiver. Borrower hereby consents to the foregoing and agree that the execution of this First Amendment shall
in no manner or way whatsoever impair or otherwise adversely affect Borrower’s liability to the Bank under the Loan Documents or any other instrument set forth in the Recitals or herein, all as modified by this First Amendment. 

8.    Cross Document Default. Any default under the terms and conditions of this First Amendment or of any instrument set
forth herein or contemplated by this First Amendment shall be and is a default under every other instrument set forth herein or contemplated by this First Amendment. 

9.    Ratification. Except as modified by this First Amendment, Borrower hereby ratifies and confirms the continued validity
and viability of all terms, conditions and obligations set forth in the Loan Documents and all other instruments executed in connection with this First Amendment, all as modified by this First Amendment. 

10.    Severability. Whenever possible, each provision of this First Amendment shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision hereof shall be prohibited or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity only, without invalidating the remainder
of such provision or of the remaining provisions of this First Amendment. 
 11.    Florida Contract. This First
Amendment shall be deemed a Florida contract and shall be construed according to the laws of the State of Florida, regardless of whether this First Amendment is executed by certain of the parties hereto in other states. 

12.    Time. Time is of the essence of this First Amendment. 

13.    Binding Effect and Modification. This First Amendment shall bind the successors and assigns to the parties hereto and
constitutes the entire understanding of the parties, which may not be modified except in writing, executed by all parties hereto in the same form as this First Amendment. 
  

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 14.    Waiver of Jury Trial. The parties to this First Amendment hereby
irrevocably waive their respective rights to trial by jury in any and all actions arising out of the terms of this First Amendment. 

15.    Conflict. As to any conflict between the terms of the Loan Agreement and the terms of this First Amendment, the terms
of this First Amendment shall supersede and control over such other terms. 
 16.    Execution in Counterparts. This
First Amendment may be executed in two or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same instrument, and in making proof of this First Amendment it shall not be necessary to
produce or account for more than one such counterpart. 
 17.    Other Terms. Except as specifically modified and
amended by the terms set forth in this First Amendment, all of the other terms, covenants, obligations and conditions of the Loan Agreement shall remain in full force and effect. 

Entered into as of the day and year first above written. 

 

									
	WITNESSES:	 		 	 “BORROWER”
  

ODYSSEY MARINE EXPLORATION, INC.,
 a Nevada
corporation

				
	  
	 		 	By:	 	/s/ Michael Holmes
	Signature of Witness	 		 		 	Michael Holmes, as its Chief Financial Officer
				
	  
	 		 		 	
	Print or type Name of Witness	 		 		 	
				
	  
	 		 		 	(CORPORATE SEAL)
	Signature of Witness	 		 		 	
				
	  
	 		 		 	
	Print or type Name of Witness	 		 		 	

  

 3 

									
		 		 	 “BANK”
  

FIFTH THIRD BANK,
 an Ohio banking corporation

				
	  
	 		 	By:	 	/s/ Julio C. Ramirez, Jr.,
	Signature of Witness	 		 		 	 Signature of Witness Julio C. Ramirez, Jr.,

as its Senior Vice President

	  
	 		 		 	
	Print or type name of Witness	 		 		 	
				
	  
	 		 		 	(CORPORATE SEAL)
	Signature of Witness	 		 		 	
				
	  
	 		 		 	
	Print or type name of Witness	 		 		 	

  
 STATE OF FLORIDA 

COUNTY OF PINELLAS 
 The
foregoing instrument was acknowledged before me this ____ day of April, 2010, by Michael Holmes, as Chief Financial Officer of ODYSSEY MARINE EXPLORATION, INC., a Nevada corporation, on behalf of the corporation. 

 

					
	 ______
	 	Personally known	  	_____________________________________
	 ______
	 	Florida Driver’s License	  	Notary Public
	 ______
	 	Other Identification Produced	  	
		 	_______________	  	_____________________________________
		 	_______________	  	Print or type name of Notary
		 		  	
		 		  	                    (SEAL)

 
 STATE OF FLORIDA 

COUNTY OF PINELLAS 
 The
foregoing instrument was acknowledged before me this ___ day of April, 2010, by Julio C. Ramirez, Jr., as Senior Vice President of FIFTH THIRD BANK, an Ohio banking corporation, on behalf of the Bank. 

 

					
	 ______
	 	Personally known	  	_____________________________________
	 ______
	 	Florida Driver’s License	  	Notary Public
	 ______
	 	Other Identification Produced	  	
		 	_______________	  	_____________________________________
		 	_______________	  	Print or type name of Notary
		 		  	
		 		  	                    (SEAL)

 
 ATTACHMENT: Exhibit “A” – Revised Borrowing Base Certificate

  

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 REVISED EXHIBIT “A” 

BORROWING BASE CERTIFICATE 
  

FIFTH THIRD BANK 
 201 East Kennedy Blvd., Suite
1800 
 Tampa, Florida 33602 
 Pursuant
to the Loan and Security Agreement, as amended, Borrower hereby certifies, as of the above date, the following: 
  

						
	 (A)
	  	Current Value of Inventory based on the rolling 12 month wholesale average value of the Coins	  	$	___________
			
	 (B)
	  	Less: Ineligibles	  	$	___________
			
	 (C)
	  	Net Amount of Inventory (A) Less (B)	  	$	___________
			
	 (D)
	  	40% of (C) Not To Exceed $5,000,000.00	  	$	___________
			
	 (E)
	  	The aggregate unpaid principal Owed to Bank is:	  	$	___________
			
	 (F)
	  	Availability (D) Less (E):	  	$	___________
			
		  	Not to exceed the maximum loan limit of $ 5,000,000.00	  		

  
 The undersigned hereby certifies,
represents, and warrants to FIFTH THIRD BANK (the “Bank”) as follows: 
 1.     All the representations and
warranties contained in the Loan and Security Agreement or in any other related loan document are true and correct on the date hereof, except to the extent that such representations and warranties relate solely to an earlier date. 

2.     No event of default has occurred, or would result from the advance made in connection herewith, that constitutes an Event of
Default under the Loan and Security Agreement or any other related document. 
 3.     The description of Eligible Inventory
and the values assigned thereto are true and correct in all material respects (see attached inventory declaration). We are legal owners of the inventory as identified above. We further certify that the inventory is in good condition and that storage
conditions are safe and satisfactory for this type of inventory. 
  

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 4.     The aggregate unpaid principal balance of the Loan does not exceed the lesser of
the $5,000,000.00 Commitment or Borrowing Base. 
  

			
	By: __________________________________	 	By: __________________________________
		 	
	Its: _____________________	 	Its: _____________________
		 	
	Date: ___________________, 201___	 	Date: ___________________, 201___
		 	

  

 6Renewal Revolving Credit Note

 Exhibit 10.2 

RENEWAL REVOLVING CREDIT NOTE 

(the “Note”) 
  

			
	$5,000,000.00	 	Dated: April 23, 2010

  

 
 FOR VALUE RECEIVED, the
undersigned borrower, ODYSSEY MARINE EXPLORATION, INC., a Nevada corporation (“Borrower”) promises to pay to the order of FIFTH THIRD BANK, an Ohio banking corporation (“Lender”), at 201 E. Kennedy Boulevard, Suite
1800, Tampa, Florida 33602, or at such other place as Lender may from time to time designate in writing, with payment due as provided herein and in the Revolving Credit Loan and Security Agreement dated February 8, 2008, as amended of even date
herewith (collectively the “Credit Agreement”), the principal sum not to exceed $5,000,000.00, or so much thereof as has been disbursed for advances hereunder. This Note renews and supersedes its entirety that certain Revolving Credit
Note dated Effective February 8, 2008, as modified by extension of maturity date to May 8, 2010. 
 Interest shall
be paid from the date hereof on the principal outstanding from time to time at the Prime Rate plus one and one-half percent (1.50%) per annum, as set by Lender from time to time. The term “Prime Rate” is defined as the rate of
interest announced by Lender as its “prime interest rate,” set by the management of Lender in its sole discretion from time to time for the guidance of its loan officers, whether or not such rate is otherwise published. Borrower hereby
acknowledges that the Prime Rate is not a rate of interest intended to be charged to any particular type of borrower. The Prime Rate is utilized by Lender to serve an administrative function in the setting of interest rates, and does not represent
the best or lowest rate of interest available to any borrower or class of borrowers. Interest will be calculated on the basis of a 360-day year for actual number of days lapsed during the calculation period. 

Principal and interest shall be due and payable as follows: 

(a) To the extent accrued, interest only, as stated above, shall be payable monthly commencing May 23, 2010, and continuing on the
same day of each month thereafter on the principal outstanding from time to time until the loan maturity date at which time the outstanding indebtedness, whether principal, accrued interest or otherwise, shall be due and payable in full. If any
payment on this Note becomes due and payable on a Saturday, Sunday or legal holiday under the laws of the State of Florida, the maturity thereof shall be extended to the next succeeding business day and interest thereon shall be payable at contract
rate of interest during such extension. 
 (b) The principal amount evidenced hereby may be borrowed (and to the extent any
principal amount advanced hereunder is repaid by Borrower, such sum may be borrowed again) until this Note is terminated. At no time, however, shall the principal balance outstanding hereunder exceed $5,000,000.00. As provided in the Credit
Agreement, the Note is to be utilized by Borrower on a revolving credit basis for short-term working capital needs. 
  

					
	 Initials: ______
	 		 	

 This Loan facility matures one (1) year from the date hereof. Upon the occurrence of
any one or more of the Events of Default specified in the Credit Agreement or in any other document or instrument delivered in connection therewith and following notice and the expiration of all cure periods (if any), all amounts then remaining
unpaid on this Note may be declared to be immediately due and payable. Advances under this Note shall be requested by Borrower and evidenced as a debit to Borrower’s loan account. 

Borrower may repay all or part of the principal balance at any time without penalty. Such prepayment shall be accompanied by payment of
any unpaid interest accrued to the time of such prepayment. All payments made hereunder shall at Lender’s option first be applied to late charges, then to accrued interest, then to principal. Permitted partial prepayments shall not affect or
vary the duty of Borrower to pay all obligations when due, and they shall not affect or impair the right of Lender to pursue all remedies available to it hereunder, under the security instruments securing this indebtedness, or under any other loan
documents or guaranty executed in connection herewith. 
 In the event that any payment of principal or interest is not made
within ten (10) days after the date when due hereunder, it is hereby agreed that the Lender shall have the option of collecting five percent (5%) of the amount of each such delinquent payment; provided, however, such late fee shall not
apply to the lump sum payment of the principal on the Maturity Date or the lump sum payment of principal upon acceleration. Said late charge and/or interest shall be immediately due and payable in full on demand by the Lender. 

The terms and provisions of this Note are to be governed by and construed under the laws of the State of Florida and of the United States
of America, and the rules and regulations promulgated under the authority thereof. It is the intent of this Note that such laws shall be interpreted in such a manner that after default the maximum rate of interest charged under this Note not exceed
the rate allowed to be charged under applicable law as changed from time to time which is applicable to this Note (hereinafter called the “Maximum Rate”). 

In no event shall Lender have the right to charge or collect, nor shall Borrower be required or obligated to pay, interest or payments in
the nature of interest, which would result in interest being charged or collected at a rate in excess of the Maximum Rate. In the event that any payment which is interest or in the nature of interest is made by Borrower or received by Lender which
would result in the rate of interest being charged or collected by the Lender being in excess of the Maximum Rate, then the portion of any such payment which causes the rate of interest being charged or collected by Lender exceed the Maximum Rate
(hereinafter called the “excess sum”) shall be credited as a payment of principal. If Borrower notifies Lender in writing that Borrower elects to have such excess sum returned to Borrower, such excess sum shall be returned to Borrower. In
the event that any such overcharge is discovered after this Note has been paid in full, then the amount of such excess sum shall be returned to Borrower together with interest thereon from the date such excess sum was paid or collected at the same
rate as was due Lender during such period under the terms of this Note. All excess sums credited to principal shall be credited as of the date paid to Lender. 
  

					
	 Initials: ______
	 	2	 	

 The “Default Interest Rate” shall be five percent (5%) per annum above the
contract interest rate set forth above, but not exceeding 18% per annum. Upon a failure by Borrower to repay principal upon demand by Lender made not less than ten (10) days after the date due hereunder, Lender may declare the entire
principal and interest then remaining unpaid to be immediately due and payable without further notice or demand, and the entire unpaid principal balance shall bear interest at the “Default Interest Rate”. In addition to the rights
described in this paragraph, Lender shall have the right to exercise all other rights or remedies provided by law or at equity and shall specifically have the right to recover all damages resulting from such default including, without limitation,
the right to recover the payment of all amounts owing to Lender. Exercise of any of these options shall be without notice to Borrower, notice of such exercise being hereby expressly waived. 

Time is of the essence hereunder. In the event that this Note is collected by law or through attorneys at law, or under advice therefrom,
Borrower and any other person liable for payment hereof, to the extent of such liability, hereby agree to pay all costs of collection, including reasonable attorneys’ fees and costs (including charges for paralegals and others working under the
direction or supervision of Lender’s attorneys) and all sales or use taxes thereon, whether or not suit is brought, and whether incurred in connection with collection, trial, appeal, bankruptcy or other creditor’s proceedings or otherwise.

 Borrower authorizes Lender, from time to time, to debit any account that Borrower may have with Lender in the name of
Borrower, for any payment of principal or interest past due hereunder for the amount of such payment of principal or interest. Exercise of this right shall be optional with Lender and the provisions of this paragraph shall not be construed as
releasing Borrower from the obligation to make payments of principal or interest according to the terms hereof. Borrower shall have no right of setoff against the Lender under this Note or any instrument securing this Note. 

The remedies of Lender as provided herein shall be cumulative and concurrent, and may be pursued singularly, successively, or together,
at the sole discretion of Lender. No act of omission or commission of Lender, including specifically any failure to exercise any right, remedy or recourse, shall be deemed to be a waiver or release of the same, such waiver or release to be effected
only through a written document executed by Lender and then only to the extent specifically recited therein. A waiver or release with reference to any one event shall not be construed as continuing, as a bar to, or as a waiver of release of, any
subsequent right, remedy or recourse as to a subsequent event. 
 Borrower, for itself and its successors and assigns, hereby:
(a) expressly waives any presentment, demand for payment, notice of dishonor, protest, notice of nonpayment or protest, all other forms of notice whatsoever, and diligence in collection; (b) agrees that Lender, in order to enforce payment
of this Note against them shall not be required first to institute any suit or to exhaust any of its remedies against any Borrower or any other person or party or to attempt to realize on the collateral for this Note. 

 

					
	 Initials: ______
	 	3	 	

 BORROWER AND ANY OTHER PERSON LIABLE FOR PAYMENT HEREOF, BY EXECUTING THIS NOTE OR ANY OTHER
DOCUMENT CREATING SUCH LIABILITY, WAIVE THEIR RIGHTS TO A TRIAL BY JURY IN ANY ACTION WHETHER ARISING IN CONTRACT OR TORT, BY STATUTE OR OTHERWISE, IN ANY WAY RELATED TO THIS NOTE. THIS PROVISION IS A MATERIAL INDUCEMENT FOR LENDER’S EXTENDING
CREDIT TO BORROWER AND NO WAIVER OR LIMITATION OF LENDER’S RIGHTS HEREUNDER SHALL BE EFFECTIVE UNLESS IN WRITING AND MANUALLY SIGNED ON LENDER’S BEHALF. 

Borrower acknowledges that the above paragraph has been expressly bargained for by Lender as part of the loan evidenced hereby and that,
but for Borrower’s agreement and the agreement of any other person liable for payment hereof, Lender would not have extended the loan for the term and with the interest rate provided herein. 

If more than one party shall execute this Note, the term “Borrower”, as used herein, shall mean all parties signing this Note
and each of them, who shall be jointly and severally obligated hereunder. In this Note, whenever the context so requires, the neuter gender includes the feminine and/or masculine, as the case may be, and the singular number includes the plural.

 IN WITNESS WHEREOF, Borrower has caused this Note to be executed in its name on the day and year first above written.

 THE UNDERSIGNED ACKNOWLEDGES THAT THE LOAN EVIDENCED HEREBY IS FOR COMMERCIAL PURPOSES ONLY AND NOT FOR PERSONAL, FAMILY OR
HOUSEHOLD PURPOSES. 
  

			
	 “BORROWER”
  

ODYSSEY MARINE EXPLORATION, INC.,
 a Nevada
corporation

		
	By:	 	/s/    Michael Holmes
		 	 Michael Holmes, as its Chief Financial Officer
  

(CORPORATE SEAL)

  

 
 Documentary stamps in the amount required by Florida law for the Note renewed
herein have been paid and stamps have been notate on the Original Note attached hereto. 
  

					
	 Initials: ______
	 	4

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