Document:

Separation Agreement and General Release

 Exhibit 10.42 
 SEPARATION AGREEMENT AND GENERAL RELEASE OF CLAIMS 
 This Separation Agreement and General Release of
Claims (“Agreement”) is entered into by and between John R. Reaves, Jr. (“Former Employee”) and Natural Alternatives International, Inc., a Delaware corporation (“Company”). 
 RECITALS 
 A. Former Employee, by
letter dated November 19, 2007, resigned from employment with the Company as of the Effective Date of this Agreement. 
 B. Former
Employee and Company desire to settle and compromise all possible claims between them arising out of their relationship to date, including Former Employee’s employment with the Company, and to provide for a general release of all claims
relating to Former Employee’s employment. 
 NOW, THEREFORE, incorporating the above recitals, and for good and valuable consideration,
the receipt and sufficiency of which is acknowledged, the parties agree as follows: 
 AGREEMENT 
 1. Separation Payment by Company. In consideration of the mutual covenants set forth in this Agreement, the releases given by Former Employee and
the return of materials by Former Employee, the parties agree as follows: 
 a. Company will, within ten days following the Effective Date of
this Agreement, pay to Former Employee the sum, less usual deductions, representing separation pay of one-half the amount payable for Former Employee’s salary through June 30, 2008. The balance of separation pay shall be paid on a
bi-weekly basis through the remaining severance period ending June 30, 2008. Former Employee acknowledges and agrees he has received payment for all unused accrued vacation pay as well as all salary to which he was entitled through the
Effective Date of this Agreement, less usual deductions. 
 b. Former Employee shall be entitled to receive continuing group health insurance
coverage pursuant to COBRA and Company will pay the next twelve (12) months premiums for such continuation coverage in the amount of Four Hundred Seventy Four Dollars and 61/100 ($474.61) per month. In the event Former Employee finds employment
following the Effective Date of this Agreement after which Former Employee no longer requires COBRA continuation coverage, Company agrees to pay the balance of any such unused continuation coverage to Former Employee as additional separation pay.

 c. Former Employee shall be entitled to receive up to twelve (12) months of outplacement services commencing from the Effective Date
at a cash value not 

 
to exceed Fifteen Thousand Dollars ($15,000.00) to be paid by Company. Former Employee may elect to waive outplacement services and receive payment in the
amount of Fifteen Thousand Dollars ($15,000.00), less usual deductions, as additional separation pay in lieu of outplacement services. This election must be made on or before the Effective Date of this Agreement. 
 d. Former Employee shall be entitled, subject to prior approval of the Board of Directors, to a net exercise of all Company stock options held by Former
Employee. 
 2. Release. 
 a. Former Employee unconditionally, irrevocably and absolutely releases and discharges the Company, its directors, officers, employees, volunteers, agents, attorneys, stockholders, insurers, successors and/or assigns and any related, parent
or subsidiary entity, from any and all losses, liabilities, claims, demands, causes of action, or suits of any type, whether in law and/or in equity, related directly or indirectly or in any way in connection with any transaction, affairs or
occurrences between them to date, including, but not limited to, Former Employee’s employment with the Company. Former Employee agrees and understands this Agreement applies, without limitation, to all wage claims, tort and/or contract claims,
claims for wrongful termination, and claims arising under Title VII of the Civil Rights Act of 1991, the Americans with Disabilities Act, the Age Discrimination in Employment Act, the Equal Pay Act, the California Fair Employment and Housing Act,
the Fair Labor Standards Act, the Family and Medical Leave Act, the California Labor Code, any and all federal or state statutes or provisions governing discrimination in employment, and the California Business and Professions Code. 
 b. Former Employee irrevocably and absolutely agrees Former Employee will not prosecute nor allow to be prosecuted on Former Employee’s behalf in
any administrative agency, whether federal or state, or in any court, whether federal or state, any claim or demand of any type related to the matters released above, it being an intention of the parties that with the execution by Former Employee of
this Agreement, the Company, its officers, directors, employees, volunteers, agents, attorneys, stockholders, successors and/or assigns and all related, parent or subsidiary entities will be absolutely, unconditionally and forever discharged of and
from all obligations to or on behalf of Former Employee related in any way to the matters discharged herein. 
 3. Civil Code
Section 1542 Waiver. 
 a. Former Employee expressly accepts and assumes the risk that if facts with respect to matters covered by
this Agreement are found hereafter to be other than or different from the facts now believed or assumed to be true, this Agreement shall nevertheless remain effective. It is understood and agreed this Agreement shall constitute a general release and
shall be effective as a full and final accord and satisfaction and as a bar to all actions, causes of action, costs, expenses, attorneys’ fees, damages, claims and 

 
liabilities whatsoever, whether or not now known, suspected, claimed or concealed pertaining to the released claims. Former Employee acknowledges Former
Employee is familiar with California Civil Code §1542, which provides and reads as follows: 
 “A general release does not extend
to claims which the creditor does not know of or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.” 
 Former Employee expressly waives and relinquishes any and all rights or benefits which Former Employee may have under, or which may be conferred upon Former Employee by
the provisions of California Civil Code §1542, as well as any other similar state or federal statute or common law principle, to the fullest extent Former Employee may lawfully waive such rights or benefits pertaining to the released claims.

 4. Confidentiality. 
 a. Former Employee agrees all matters relative to this Agreement shall remain confidential. Accordingly, Former Employee agrees Former Employee shall not discuss, disclose or reveal to any other persons, entities or organizations, whether
within or outside of the Company, with the exception of Former Employee’s legal counsel, financial, tax and business advisors, and such other persons as may be reasonably necessary for the management of the Former Employee’s affairs, the
terms, amounts and conditions of settlement and of this Agreement. Notwithstanding the above, Former Employee acknowledges Company is required to disclose certain terms, aspects or conditions of this Agreement and/or Former Employee’s
employment in the Company’s public filings made with the United States Securities and Exchange Commission and Former Employee expressly consents to any such required disclosures. 
 b. Former Employee shall not make, issue, disseminate, publish, print or announce any news release, public statement or announcement with respect to
these matters, or any aspect thereof, the reasons therefore and the terms or amounts of this Agreement. 
 5. Return of Documents and
Equipment. Former Employee represents Former Employee has returned to Company all Company Property and Confidential Information (as such terms are defined in that certain Confidential Information and Invention Assignment Agreement, Covenant of
Exclusivity and Covenant Not To Compete dated effective January 30, 2004, between Former Employee and Company). In the event Former Employee has not returned all Company Property and Confidential Information, Former Employee agrees to reimburse
the Company for any reasonable expenses it incurs in an effort to have such property returned. These reasonable expenses include attorney’s fees and costs. 

 6. Confidential Information. Former Employee acknowledges and affirms the continued applicability
of the Confidential Information and Invention Assignment Agreement, Covenant of Exclusivity and Covenant Not To Compete dated effective January 30, 2004, between Former Employee and Company. Specifically, but without limitation, Former Employee
recognizes the obligation to not disclose any Company Confidential Information under any circumstances. 
 7. Covenant Not to Sue. The
parties agree each will not make, assert or maintain against any other party released in this Agreement any claim, demand, action, suit or proceeding arising out of or in connection with the matters respectively released herein. This Agreement may
be pleaded as a full and complete defense to and may be used as a basis for an injunction against any action, suit or other proceeding that may be prosecuted, instituted or attempted by or on behalf of any party in breach of this Agreement. The
parties each agree to defend, indemnify and hold one another harmless against any claim, demand, right, damage, debt, liability, account, action, cause of action, cost or expense, including attorneys’ fees actually paid or incurred, arising out
of any such claim, demand, action, suit or proceeding asserted in connection with this Agreement or the matters respectively released. 
 8.
Attorney’s Fees. In the event any party commences litigation for judicial interpretation, enforcement, termination, cancellation or rescission of this Agreement, or for damages for the breach thereof, the prevailing party shall be
entitled to recover its reasonable attorney’s fees and costs incurred in connection with any such action. 
 9. OWBPA Provisions.
Former Employee is forty (40) years old or older, in accordance with the Older Workers’ Benefit Protection Act of 1990, Former Employee is aware of and acknowledges the following: (i) Former Employee has the right to consult with an
attorney before signing this Agreement and has done so to the extent desired; (ii) Former Employee has twenty-one (21) days to review and consider this Agreement, and Former Employee may use as much of this twenty-one (21) day period
as Former Employee wishes before signing; (iii) Former Employee shall, upon signing, deliver the executed original of the Agreement to NAI; (iv) for a period of seven (7) days following execution of this Agreement, Former Employee may
revoke this Agreement by delivering a writing addressed to Jo Phillippe, Natural Alternatives International, Inc., 1185 Linda Vista Drive, San Marcos, California 92078 and received by Company not later than midnight on the seventh day following
execution of this Agreement by Former Employee; (v) this Agreement shall become effective eight (8) days after it is signed by Former Employee and the Company, and in the event the parties do not sign on the same date, this Agreement shall
become effective at 12:01 a.m. on the eighth day after it is signed by Former Employee (“Effective Date”). 
 10. Entire
Agreement. The parties declare and represent, with the exception of the Confidential Information and Invention Assignment Agreement, Covenant of Exclusivity and Covenant Not To Compete dated effective January 30, 2004, between Former
Employee and Company referenced in Paragraphs 5 and 6, above, no promise, inducement or agreement not herein expressed has been made to them and that this 

 
Agreement contains the entire agreement between and among the parties with respect to the subject matter and that the terms of this Agreement are contractual
and not a mere recital. This Agreement supersedes any and all other agreements either oral or in writing between the parties with respect to the subject matter. 
 11. Applicable Law. This Agreement is entered into in the State of California. The validity, interpretation, and performance of this Agreement shall be construed and interpreted according to the laws of the
State of California. 
 12. Agreement as Defense. This Agreement may be pleaded as a full and complete defense and may be used as the
basis for an injunction against any action, suit or proceeding which may be prosecuted, instituted or attempted by either party in breach. 
 13. Severability. If any provision or part of any provision of this Agreement is held invalid, void or voidable as against public policy or otherwise, the invalidity shall not affect other provisions or parts of any provision which
may be given effect without the invalid provision or part. To this extent, the provisions, and parts of any provisions of this Agreement are declared to be severable. 
 14. No Admission of Liability. It is understood this Agreement is not an admission of any liability by any person, firm, association or corporation. 
 15. Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original copy of this Agreement and all of
which, when taken together, will be deemed to constitute one and the same agreement. The exchange of copies of this Agreement and of signature pages by facsimile transmission shall constitute effective execution and delivery of this Agreement as to
the parties and may be used in lieu of the original Agreement for all purposes. Signatures of the parties transmitted by facsimile shall be deemed to be their original signatures for all purposes. 
 16. Representation of No Assignment. The parties represent and warrant they have not assigned, transferred, subrogated or purported to assign,
transfer or subrogate any claim released in this Agreement to any person or entity. 
 17. Cooperation. The parties agree, for their
respective selves, heirs, executors and assigns, they will abide by this Agreement, the terms of which are meant to be contractual, and further agree they will do such acts and prepare, execute and deliver such documents as may reasonably be
required in order to carry out the objectives of this Agreement. 
 18. Arbitration. Any dispute arising out of or relating to this
Agreement shall be resolved pursuant to that certain Mutual Agreement to Mediate and Arbitrate Claims dated effective January 30, 2004, between Former Employee and Company. 
 19. Legal Representation; Independent Counsel. The law firm of Fisher Thurber LLP has prepared this Agreement on behalf of the Company
based on the 

 
Company’s instructions. Fisher Thurber LLP does not represent any other party to this Agreement. In executing this Agreement, Former Employee represents
Former Employee has neither requested nor been given legal advice or counsel by Fisher Thurber LLP or any of its attorneys. Former Employee is aware of Former Employee’s right to obtain separate legal counsel with respect to the negotiation and
execution of this Agreement and acknowledges Fisher Thurber LLP has recommended Former Employee retain Former Employee’s own counsel for such purpose. Former Employee further acknowledges Former Employee (i) has read and understands this
Agreement; (ii) has had the opportunity to retain separate counsel in connection with the negotiation and execution of this Agreement; and (iii) has relied on the advice of separate counsel with respect to this Agreement or made the
conscious decision not to retain counsel in connection with the negotiation and execution of this Agreement. 
 20. Further
Acknowledgements. Each party represents and acknowledges it is not being influenced by any statement made by or on behalf of the other party to this Agreement. Former Employee and the Company have relied and are relying solely upon his, her or
its own judgment, belief and knowledge of the nature, extent, effect and consequences relating to this Agreement and/or upon the advice of their own legal counsel concerning the consequences of this Agreement. 
 The undersigned have executed this Agreement on the date(s) shown below. 
  

					
	Dated: 11/19/07	 	FORMER EMPLOYEE
		
		 	 /s/ John R. Reaves Jr.

		 	John R. Reaves, Jr.
		
	Dated: Nov. 19, 2007	 	COMPANY
		 	Natural Alternatives International, Inc.,
		 	a Delaware corporation
			
		 	By:	 	 /s/ Randy Weaver

		 		 	Randell Weaver, PresidentRevolving Credit Loan and Security Agreement

 Exhibit 10.1 
 REVOLVING CREDIT 
 LOAN AND SECURITY AGREEMENT 
 THIS REVOLVING CREDIT LOAN AND SECURITY AGREEMENT (the “Loan Agreement”) is made as of this      day of February,
2008, effective as of February 8, 2008, among FIFTH THIRD BANK, a Michigan 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 (“Borrower”). 
 RECITALS: 
 Borrower has applied to
Bank for a revolving line of credit not to exceed FIVE MILLION DOLLARS ($5,000,000.00) (the “Loan”) to be evidenced by a revolving credit note (the “Note”) and secured by inventory consisting of all gold and silver coins
recovered from the S.S. Republic shipwreck. 
 NOW, THEREFORE, in consideration of the premises and covenants hereinafter contained, the
parties hereto agree as follows: 
 SECTION I. RECITALS; DEFINITIONS 
 1.1 Recitals. The foregoing recitals are true and correct and incorporated herein by reference. 
 1.2 Defined Terms. As used in this Loan Agreement, the following terms shall have the following meanings: 
 “Advance” shall mean the amount advanced by the Bank to Borrower under the terms of this Loan Agreement and the Note. 
 “Affiliate” shall mean any person, corporation, association or other business entity which directly or indirectly controls, or is controlled
by, or is under common control with Borrower. 
 “Borrowing Base” shall mean, an amount equal to thirty percent (30.0%) 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 form attached hereto as Exhibit
“A.” 

 “Coins” shall mean all of the all gold and silver coins recovered from the S.S. Republic
shipwreck held primarily by the Custodian under the Custodial Agreement. 
 “Collateral” shall have the meaning provided for such
term in Section 2.1(h) hereof. 
 “Control Agreement” shall mean the Collateral Control Agreement entered into by Borrower,
the Bank and the Custodian. 
 “Custodial Agreement” shall mean the letter agreement between Borrower and the Custodian dated
December 3, 2003, for the grading, conservation and imaging of the Inventory. 
 “Custodian” shall mean Numismatic Guaranty
Corporation of America. 
 “Default Rate” shall mean five percent (5%) per annum above the contract rate as set forth in the
Note, but not exceeding 18% per annum. 
 “Eligible Inventory” shall mean, all Coins Inventory and proceeds therefrom, owned
by Borrower and held primarily by the Custodian, valued on the rolling 12 month wholesale average value of the Coins, excluding all (a) Inventory used for display or demonstration purposes and (c) Inventory on consignment with vendors of
the Borrower. The eligibility of Inventory shall be determined by the Bank in its reasonable commercial discretion. 
 “Events of
Default” shall have the meaning ascribed to such term in Section 7 hereof. 
 “Generally Accepted Accounting Principles”
shall mean generally accepted accounting principles, in effect from time to time, applied on a consistent basis. 
 “Inventory”
shall mean all of the gold and silver coins recovered by Borrower from the shipwreck known as the S.S. Republic currently held in inventory (within the meaning of the Uniform Commercial Code, as from time to time in effect in the States of Nevada
and Florida), primarily by the Custodian estimated to currently number approximately 33,000 Coins now or hereafter owned or acquired, including, without limitation, all Inventory held for sale, all accessions, additions, substitutions and
replacements thereto and therefore. 
 “Maturity Date” shall mean, unless sooner demanded by Bank after the occurrence of an Event
of Default hereunder, 24 months from the date hereof. 
 “Permitted Liens” means: (a) Liens consisting of deposits or pledges
made in the ordinary course of business in connection with, or to secure payment of 

  

 2 

 
utility payments, bids, tenders, contracts (other than contracts for payment of money), obligations under workers’ compensation, unemployment insurance
or similar legislation or under surety or performance bonds, in each case arising in the ordinary course of business; (b) Liens arising out of or resulting from any judgment or award, the time for the appeal or petition for rehearing of which
shall not have expired, or in respect of which Borrower is fully protected by insurance or in respect of which Borrower shall at any time in good faith be prosecuting an appeal or proceeding for a review and in respect of which a stay of execution
pending such appeal or proceeding for review shall have been secured, and as to which appropriate reserves have been established on the books of Borrower; (c) liens for taxes, assessments and similar charges which are not delinquent or are
being contested in good faith, and as to which Borrower shall have set aside on its books adequate reserves; (d) non consensual liens imposed by law, such as landlord’s, mechanic’s, carrier’s, warehousemen’s,
materialmen’s and vendor’s liens, incurred in good faith in the ordinary course of business; (e) any such permitted encumbrances existing as of the date hereof; and (f) the lease by Borrower of equipment under operating and
capital lease for which total payments shall not, in the aggregate, exceed $250,000.00 per year. 
 SECTION 2. THE LOAN 
 2.1 Revolving Loan. 
 (a)
Advances. Subject to the Borrowing Base limitations and subject to Bank’s receipt of a completed Borrowing Base Certificate, Bank agrees to make Advances to Borrower in accordance with the terms and conditions of this Loan
Agreement, at any time and from time to time, on or after the date hereof until the Maturity Date, or until the occurrence of an event which with the giving of notice or the passage of time, or both, shall constitute an Event of Default. Such
Advances may be borrowed, re-paid and re-borrowed, provided, however, the aggregate outstanding principal amount of all Advances shall not exceed $5,000,000.00. On or after the date hereof until the Maturity Date, or until the occurrence of an event
which with the giving of notice or the passage of time, or both, shall constitute an Event of Default, Borrower shall be entitled to borrow, repay or prepay and reborrow, by delivering to the Bank a request for Advance in accordance with
Section 2.1(d) hereof. 
 (b) Interest. The Bank shall make appropriate debits and credits to the loan account of Borrower
corresponding to each Advance to reflect the Advances to, prepayments, payments by and other disbursements for the account of Borrower. Each such entry shall be prima facie evidence of the principal amount of Advances hereunder at any time
outstanding. Each Advance shall bear interest from the date such Advance is made on the aggregate unpaid principal amount thereof until such principal amount is paid or shall become due and payable (whether at the stated maturity or by acceleration)
pursuant to the terms of and at a rate per annum as set in the Note. 
  

 3 

 (c) Calculation. Interest on principal outstanding from time to time shall be paid monthly,
and shall be calculated on the basis of a 360-day year for the actual days elapsed as provided in the Note. 
 (d) Requests for
Advances. Borrower shall request Advances under the Loan by delivering to the Bank a notice in writing, in form and substance reasonably satisfactory to the Bank, together with any supporting information it may reasonably request, at the
above address. Advances may also be automatically initiated by overdrafts under the daily sweep provisions of Borrower’s primary depository account as required hereunder. 
 (e) Commitment. The giving of notice as aforesaid shall irrevocably commit Borrower to accept the requested Advances under the Loan.

 (f) Unused Line Fee. Commencing at the end of 12 months from the date hereof, on the 15th day following the end of each
calendar quarter, Borrower shall pay to the Bank an unused line fee equal to 50 basis points (0.50%) per annum times the difference between: (i) $5 million, and (ii) the average daily balance of the Loan outstanding during the immediately
preceding calendar quarter. 
 (g) Limitation. In no event shall any interest charge, collected or reserved hereunder exceed
the maximum rate then permitted by applicable law. 
 (h) Collateral. From the date hereof as security for the payment and the
performance of the Loan, Borrower extends, sells, assigns, conveys, mortgages, pledges, transfers, grants, and re-grants to the Bank a continuing, first priority security interest in and to all of its respective rights, title and interest in, to and
under all (A) Coins Inventory; (B) books and records regarding the Collateral; (C) all interest of Borrower under the Custodial Agreement; and (D) all other property and money of Borrower now or hereafter in the possession,
custody or control of the Bank excluding investment accounts; and as to each of the foregoing, the products and proceeds thereof, replacements and accessions thereto; all of which shall constitute the “Collateral.” 
 (i) Loan Subordinations. Any related party notes payable by Borrower to related parties, now existing or hereafter made are and shall be
subordinated to the lien of the Loan granted herein. Borrower confirms that all related party debts are fully disclosed on the financial statements provided to the Bank and in the event the Bank so requires, such related parties shall enter into
subordination agreements to evidence the requirements of this Section 2.1(i). 

 SECTION 3. REPRESENTATIONS AND WARRANTIES 
 Borrower represents and warrants to the Bank as follows: 
 3.1 Organization, Standing, Corporate Powers 
 (a) Duly Organized. Borrower
(i) is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Nevada and is authorized to do business in the State of Florida; (ii) has all requisite power and authority, corporate or
otherwise, to conduct its business as now being conducted and to own its properties and assets; and (iii) is duly qualified to do business in every jurisdiction wherein the failure to so qualify would have a material adverse effect. 

(b) Powers. Borrower has all requisite power and authority, corporate or otherwise, to execute, deliver, and to perform all of its
obligations under this Loan Agreement and under other documents or agreements relating to the transactions contemplated herein to which it is a party. 
 (c) Binding Obligation. This Loan Agreement and all corporate notes, guarantees, assignments, security agreements and all other loan and security agreements executed in connection therewith are legal,
valid and binding obligations of Borrower and enforceable in accordance with their respective terms, subject to the enforcement of remedies to bankruptcy, insolvency and other laws affecting creditors’ rights generally and to moratorium laws,
from time to time in effect, and to general equitable principles which may limit the right to obtain the remedy of specific performance. 
 3.2 Authorization of Borrowing. The execution, delivery and performance of this Loan Agreement and the borrowings hereunder: (a) have been duly authorized by all requisite corporate action; (b) will not violate any
provision of applicable law, any governmental rule or regulation, any order of any court or other agency of government to which Borrower is subject or the articles of incorporation or by-laws of Borrower; or (c) do not violate any provision of
any indenture, agreement or other instrument to which Borrower is a party or by which Borrower or its properties or assets are bound and which is material to the conduct or operation of Borrower’s business and financial affairs, or conflict
with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any provision of such indenture, agreement or other instruments, or result in the creation or imposition of any lien, charge or encumbrance of any
nature whatsoever upon the property or assets of Borrower, other than as provided herein. 
 3.3 Financial Statements. Borrower
has heretofore furnished to the Bank financial statements which fairly present the financial condition and the results of operations of Borrower as of the date and for the period indicated, show all known material liabilities, direct or contingent,
as of the respective dates thereof, and were prepared in accordance with Generally Accepted Accounting Principles applied on a consistent basis. 
  

 5 

 3.4 Adverse Change, etc. There has been no material adverse change in the business,
properties or condition (financial or otherwise) of Borrower since the date of the most recent of the financial statements delivered to the Bank. 
 3.5 Litigation. Except as described in the reports (the “SEC Reports”) filed by Borrower with the Securities and Exchange Commission (the “SEC”), there are no actions, suits or proceedings pending or, to
the knowledge of Borrower, overtly threatened against or affecting any of them, at law or in equity, or before or by any Federal, state, municipal or other governmental court, tribunal, department, commission, board, bureau, agency or
instrumentality, domestic or foreign, which involve any of the transactions herein contemplated or the possibility of any judgment or liability which would result in any material adverse change in the business, operations, properties or assets or in
the financial condition of any of them, or materially and adversely affect the ability of any of them to perform hereunder. Borrower is not in default with respect to (a) any judgment, order, writ, injunction or decree; or (b) any rule or
regulation of any court or Federal, state, municipal or other governmental court, tribunal, department, commission, board, bureau, agency or instrumentality, domestic or foreign which would have a material adverse effect on its business, properties
or condition (financial or otherwise). 
 3.6 Payments of Taxes. Borrower has filed or caused to be filed all Federal, state
and local tax returns that are required to be filed and has paid or caused to be paid all taxes as shown on such returns or on any assessment received by it, to the extent that such taxes have become due, except taxes the validity of which is being
contested in good faith by appropriate proceedings and for which, in the exercise of reasonable business judgment, there have been set aside adequate reserves with respect to any such tax or assessment so contested the tax or assessment so contested
shall not materially affect its ability to perform hereunder. 
 3.7 Priority of Security Interest. Subject (a) to filing
and recordation of the appropriate instruments in the appropriate offices of the proper jurisdiction or possession by the Bank or its agent where perfection is based upon possession; (b) to the enforcement of remedies to bankruptcy, insolvency,
and other laws affecting creditors’ rights generally and to moratorium laws, from time to time in effect; and (c) to general equitable principles which may limit the right to obtain the remedy of specific performance, each of the security
interests granted to the Bank as identified under Section 2 of this Loan Agreement constitutes a valid first priority security interest or lien in and to the Collateral, granting all rights and remedies to a secured party under the Uniform
Commercial Code, as in effect in the States of Nevada and Florida, as the same may be modified or amended from time to time, except as otherwise permitted hereunder. 
 3.8 Eligible Inventory. All Eligible Inventory included in the Borrowing Base meets the criteria for Eligible Inventory. 
  

 6 

 3.9 Location of Collateral. All of the Collateral is used or held for use by Borrower at
the following locations: (a) the Custodian: 5501 Communication Parkway, Sarasota, Florida 34240; (b) the Borrower: 5215 West Laurel Street, Tampa, Florida 33607; and (c) the Bank of Tampa, 4600 West Cypress Street, # 100, Tampa,
Florida 33607. 
 SECTION 4. CONDITIONS OF LENDING 
 The obligation of the Bank to extend credit hereunder is subject to the following conditions: 
 4.1
Representations and Warranties. At the date of each Advance, the representations and warranties set forth in Section 3 hereof shall be true and correct on and as of such date, with the same effect as though such representations
and warranties had been made on and as of such date, except to the extent that such representations and warranties relate solely to an earlier date. 
 4.2 Certificates. On or before the date hereof, the Bank shall have received from Borrower (a) a copy of its certificate of corporate status and Articles of Incorporation with all amendments,
certified by the Secretary of State of Nevada and certificate of registration to do business from the Secretary of State of Florida, dated as of a recent date; (b) the certificate of its secretary or assistant secretary, dated the date hereof
and certifying that attached thereto is a true and complete copy of its Bylaws prior to the adoption of the resolutions by its Board of Directors authorizing the execution, delivery and performance of this Loan Agreement; and certification that its
articles of incorporation have not been amended since the date of the last amendment thereof, if any, indicated on the certificate of the Secretary of State of Nevada; and (c) such other documents as the Bank may reasonably request. 

4.3 No Default. At the date of each Advance no Event of Default, or event which with the giving of notice or of the passage of time, or
both, would constitute an Event of Default, shall have occurred and be continuing, and the representations and warranties of Borrower contained herein shall remain true and correct as of such date, except to the extent that such representations and
warranties relate to an earlier date. Each request for an Advance shall constitute the confirmation by Borrower that at the date thereof the conditions contained in this Section 4.3 shall have been satisfied. 
 SECTION 5. AFFIRMATIVE COVENANTS 
 From the date hereof and so long as the Loan shall be unpaid or unperformed, Borrower will: 
 5.1 Existence and
Properties. To the extent that the same are necessary for the proper and advantageous conduct of its business, do or cause to be done all things necessary to preserve, renew and keep in full force and effect its corporate existence, rights,
licenses and permits and comply with all laws and regulations applicable to it and conduct and operate its business in substantially the manner in which it is presently conducted and operated. 
  

 7 

 5.2 Insurance. Have and maintain with financially sound and reputable insurers, insurance
satisfactory in all respects to the Bank covering the Collateral against risk of fire, theft, and such other risks as the Bank may reasonably require, including standard extended coverage in an amount at least equal to the value of the Collateral.
Policies evidencing any such property insurance shall contain a standard loss payee provision providing for payment of any loss to Bank and shall provide for a minimum of thirty (30) days prior written notice to the Bank of any cancellation. At
any time after the occurrence of an Event of Default or the occurrence of an event which with the giving of notice or the passage of time, or both, shall constitute an Event of Default, the Bank may act as attorney-in-fact for Borrower in obtaining,
adjusting, settling, and canceling such insurance and endorsing any drafts representing payments of claims under such policies. Borrower hereby assigns to the Bank all rights to receive proceeds of such insurance and directs any insurer to pay all
proceeds directly to the Bank, for application in the Bank’s sole discretion to the payment of the Secured Obligations or to the restoration or repair of the Collateral. If Borrower at any time fails to maintain the insurance required
hereunder, the Bank may purchase the same and charge Borrower for such amount, which amount shall be payable upon demand, and if unpaid, shall constitute a secured obligation hereunder. Borrower shall furnish the Bank with certificates or other
evidence of compliance with these insurance provisions. 
 5.3 Obligations, Taxes and Laws. Pay or cause to be paid all
indebtedness and obligations promptly and in accordance with their respective terms, including, without limitation, sales, use and personal property taxes as the same may be imposed upon Borrower from time to time, and pay and discharge or cause to
be paid and discharged promptly all taxes, assessments, and governmental charges or levies imposed upon it or in respect of its property before the same shall become in default, as well as all lawful claims for labor, materials, and supplies or
otherwise which, if unpaid, might become a lien or charge upon such property or any part thereof, and timely comply with all applicable laws and governmental rules and regulations; provided, however, that Borrower shall not be required to pay or
discharge or cause to be paid or discharged any such tax, assessment, charge, lien or claim, or timely comply with the laws and governmental rules so long as the validity thereof shall be contested by appropriate legal proceedings timely initiated
and conducted in good faith, and (a) in the case of an unpaid tax, assessment, governmental charge or levy, lien, encumbrance, charge or claim, such proceedings shall be effective to suspend the collection thereof from the Borrower and its
property; (b) neither such property nor any part thereof, nor any interest therein would be in any danger of being sold, forfeited or lost; (c) in the case of a law and governmental rule or regulation, neither the Borrower nor the Bank
would be in any danger of criminal liability for failure to comply therewith; (d) there shall have been established such reserve or other appropriate provision, if any, with respect thereto on the books of the entity involved, as shall be
required by Generally Accepted Accounting Principles with respect to any such tax, assessment, charge, lien, claim, encumbrance, law, rule or regulation, so contested. 
  

 8 

 5.4 Financial Statements and Reports. Borrower shall maintain systems of accounting
established and administered in accordance with Generally Accepted Accounting Principles. The Borrower will furnish to the Bank: 
 (a) Within
120 days after the end of each fiscal year, the Borrower shall deliver to the Bank audited financial statements and, upon filing with the SEC, a copy of its Annual Report on Form 10-K for such fiscal year. 
 (b) Within 60 days of the end of each of the first three quarters in each fiscal year, Borrower shall deliver to the Bank a copy of its Quarterly Report
on Form 10-Q for such quarter. 
 (c) Within 30 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. 
 (d) Concurrently with the statements furnished pursuant to
paragraphs (a) of this Section 5.4, a certificate of an authorized officer of the Borrower certifying that to the best of his knowledge, no Event of Default hereunder, nor any event which with notice or lapse of time, or both, would
constitute such an Event of Default, has occurred or, if such Event of Default or event has occurred, specifying the nature and extent thereof. 
 (e) Promptly, from time to time, such other information regarding the operation, business, affairs and financial condition of Borrower as the Bank may reasonably request. 
 For the purposes of this Section 5.4, the Bank agrees that any report or other document filed by Borrower with the SEC through the EDGAR system
shall be deemed to have been concurrently delivered or provided to the Bank. 
 5.5 Litigation Notice. Give the Bank prompt
written notice of any action, suit or proceeding at law or in equity or by or before any governmental instrumentality or other agency, the outcome of which might materially adversely affect the operations or financial condition of the Borrower. The
Bank has been given notice by Borrower of the currently pending litigation described in the SEC Reports. 
 5.6 Notice of
Default. Borrower shall give the Bank prompt written notice of any Event of Default hereunder, or any event which, with the passage of time or the giving of notice or both, would become such an Event of Default hereunder. 
 5.7 Access to Premises and Inspections. At all reasonable times and as often as the Bank may reasonably request, permit or arrange for any
authorized 

  

 9 

 
representative designed by the Bank to visit and inspect the principal office and operations of the Borrower, any of the other offices or properties of the
Borrower, including, without limitation, visitation to the location of the Collateral, and its books, and to make extracts from such books and to discuss the affairs, finances and accounts of the Borrower with its chief financial officer or such
other person as may be designated by the chief executive or chief operating officer of the Borrower. Borrower shall fully cooperate and provide whatever assistance may reasonably be required to the Bank to expedite access for the Bank’s
inspection of the Collateral wherever located. 
 5.8 Continued Assistance. Promptly, from time to time as the Bank may
reasonably request, Borrower shall perform such acts and execute, acknowledge, deliver, file, register, deposit or record any and all further instruments, agreements and documents whether to continue, preserve, renew, record or perfect the
Bank’s interests in the Collateral, as well as the priority thereof. 
 5.9 Title to Collateral. The Borrower shall own
all of the property constituting the security for the Loan. All such property shall be and remain free and clear of all mortgages, pledges, liens, charges and other encumbrances of any nature whatsoever, except as granted to the Bank hereby,
Permitted Liens, or otherwise permitted herein. 
 5.10 Operating Accounts. During the term of the Loan, Borrower shall
maintain its operating accounts with the Bank, with the primary operating account having an optional daily sweep function tied to funding into and out of the Loan. 
 5.11 Interest Reserve Account. At closing, Borrower shall have deposited into or otherwise credited to an interest bearing account at the Bank the sum of $500,000.00 for the payment of interest on the
Loan for the first one year period (the “Interest Reserve Account”). On the one year anniversary of the Loan, Borrower shall deposit into or otherwise credit to the Interest Reserve Account an amount sufficient to ensure there is
$500,000.00 in the Interest Reserve Account for interest payments for the second year of the Loan. Borrower hereby pledges and assigns the Interest Reserve Account to the Bank as additional collateral for the Loan. The Bank is hereby authorized by
Borrower to deduct interest payments on the Note from the Interest Reserve Account as they become due. The Interest Reserve Account will not be available to Borrower for any other purpose. Upon repayment of all amounts due to the Bank under the
terms of the Note and this Agreement, any funds remaining in the Interest Reserve Account shall be returned to the Borrower. 
 SECTION 6.
NEGATIVE COVENANTS 
 From the date hereof and so long as any of the Obligations shall be unpaid, the Borrower will not: 
 6.1 Negative Pledge. Either directly or indirectly, incur, create, assume or permit to exist any Liens with respect to any property securing
the Loan or be bound by or subject to any assessments and other similar governmental charges or claims except as provided in Section 5.3 of this Loan Agreement or Permitted Liens. 
  

 10 

 6.2 Sale or Disposition of Collateral. Sell, discount or otherwise dispose of any of the
Collateral securing the Loan or any part thereof except in the ordinary course of business, or incur additional material borrowings or enter into material leases without the prior written consent of the Bank upon terms and conditions reasonably
satisfactory to the Bank. 
 6.3 Organic Changes. Either directly or indirectly, (a) merge or consolidate Borrower, with
or into any other corporation or entity, except that Borrower may merge or consolidate with any of its affiliates, but only if Borrower is the surviving corporation; or (b) sell (in bulk), lease or otherwise dispose of all or substantially all
of the property of Borrower, unless the transferee or the lessee shall be acceptable to the Bank, which acceptance must in writing and issued by the Bank prior to any such sale, lease or other disposition, and such transferee shall have assumed the
Loan. 
 6.4 Changes in Management. Suffer to exist or cause to occur any circumstance or event whereby during any period of
two consecutive years, individuals who at the beginning of such period constituted the Board of Directors of Borrower (together with any new directors whose election by such Board of Directors or whose nomination for election by the shareholders of
Borrower was approved by a vote of a majority of the directors of Borrower then still in office who were either directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason
to constitute a majority of the Board of Directors of Borrower then in office. 
 6.5 Settlements. Enter into any transaction
that materially and adversely affects the Collateral or the Borrower’s ability to repay the Loan other than in the normal course of business. 
 SECTION 7. EVENTS OF DEFAULT 
 7.1 Events of Default. The occurrence of any of the following events shall
constitute an event of default (an “Event of Default”) hereunder: 
 (a) Any representation or warranty made in this Loan Agreement
or in any report, certificate, financial statement or other instrument furnished in connection herewith at any time shall prove to be false or misleading in any material respect as of the time when made; 
 (b) In the event any payment of principal, interest or other monetary obligation is not made within ten (10) days after the date when due under the
Loan; 
 (c) Default with respect to any material obligation for borrowed money or otherwise of the Borrower if the effect of such default is
to accelerate the maturity of 

  

 11 

 
such indebtedness or to permit the holder or obligee thereof (or a trustee on behalf of such holder or obligee) to cause such indebtedness to become due
prior to its stated maturity, or such material indebtedness shall not be paid as and when due and payable (in each case, giving effect to any applicable grace periods); 
 (d) Default in the due observance or performance of any covenant, condition or agreement contained in Sections 6 and 7 of this Loan Agreement; and such default shall not be cured within 15 days after the earlier of
knowledge thereof by an officer of the Borrower, or after written notice of the default is delivered by the Bank, but if the default is subject to cure and the cure is being diligently pursued by appropriate means at the end of such 15 days, then
Borrower shall have an additional 15 days thereafter to complete the cure; 
 (e) Default in the due observance or performance of any
covenant, condition or agreement to be observed or performed pursuant to the terms of this Loan Agreement, and such default shall not be cured within 15 days after the earlier of knowledge there of by an officer of the Borrower, or after written
notice of the default is delivered by the Bank, but if the default is subject to cure and the cure is being diligently pursued by appropriate means at the end of such 15 days, then Borrower shall have an additional 15 days thereafter to complete the
cure; 
 (f) The Borrower shall (1) make an assignment for the benefit of creditors, file a petition in bankruptcy, petition or apply to
any tribunal for the appointment of a custodian, receiver or any trustee or shall commence any proceeding under any bankruptcy, reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction, whether
now or hereafter in effect; or if there shall have been filed any such petition or application, or any such proceeding shall have been commenced against it in which an order for relief is entered or which remains undismissed for a period sixty
(60) days or more; the Borrower, by any act or omission, shall indicate consent to, approval of or fail to timely object to, any such petition, application or proceeding or order for relief or for the appointment of a custodian, receiver or any
trustee or shall suffer any such custodianship, receivership or trusteeship to continue undischarged for a period of sixty (60) days or more; (2) generally not pay its debts as such debts become due or admit in writing its inability to pay
its debts as they mature; or (3) have concealed, removed, or permitted to be concealed or removed, any part of its properties or assets, with intent to hinder, delay or defraud its creditors or any of them, or made or suffered a transfer of any
of its property which may be fraudulent under any bankruptcy, fraudulent conveyance or similar law, or shall have made any transfer of its property to or for the benefit of a creditor at a time when other creditors similarly situated have not been
paid; or shall have suffered or permitted, while solvent, any creditor to obtain a lien upon any Collateral, through legal proceedings or distraint, which is not vacated or “bonded off” within ten (10) days from the date thereof; or
(4) be “insolvent” as such term is defined in the Bankruptcy Code, 11 U.S.C. §101(31). 
  

 12 

 7.2 Default Rate. From and after the occurrence of an Event of Default, the Loan shall
accrue interest at the Default Rate. 
 SECTION 8. REMEDIES 
 From and after the occurrence of an Event of Default: 
 8.1 Termination of Advances and Acceleration. Bank may, at its sole option cease making Advances under this Loan Agreement and/or declare the principal of and interest on the Loan and all other
obligations due by Borrower hereunder to be immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived, anything in this Loan Agreement to the contrary notwithstanding, and all
amounts hereunder shall then be immediately due and payable. 
 8.2 Collateral. With respect to the Collateral, Bank may:

 (a) Sell the Collateral at either a public or private sale, or both, by way of one or more contracts or transactions, for cash or on terms,
in such manner and at such places (including Borrower’s premises) as Bank determines is commercially reasonable. It is not necessary that the Collateral be present at any such sale. Bank shall give notice of the disposition of the Collateral as
follows: 
 (1) Bank shall give Borrower notice in writing of the time and place of public sale, or, if the sale is a private sale or some
other disposition other than a public sale is to be made of the Collateral, the time on or after which the private sale or other disposition is to be made; and 
 (2) The notice shall be personally delivered or mailed, postage prepaid, to Borrower as provided in Section 9 below, at least ten (10) days before the earliest time of disposition set forth in the notice; no
notice needs to be given prior to the disposition of any portion of the Collateral that is perishable or threatens to decline speedily in value or that is of a type customarily sold on a recognized market; provided, however, that Bank
may credit bid and purchase the Collateral at any public sale. 
 (b) Bank may seek the appointment of a receiver or keeper to take
possession and operate, as applicable all or any portion of the Collateral, and to the maximum extent permitted by law, may seek the appointment of such a receiver without the requirement of prior notice or a hearing; 
 (c) Bank shall have all other rights and remedies available to it at law or in equity pursuant to any other loan documents execution in connection
herewith. The rights and remedies of Bank hereunder shall be cumulative, and not exclusive. The exercise of one or more such remedies shall not preclude or prevent Bank from, at the same time, or at any other time, resorting to or exercising the
same or other rights, powers, privileges or remedies herein granted to it or to which it might otherwise legally resort. 
  

 13 

 8.3 Application of Proceeds Upon Disposition of Collateral. Apply, at Bank’s option,
the proceeds of any sale of the Collateral as well as all sums received or collected by Bank from or on account of such Collateral and/or additional or substitute collateral to (a) the payment of reasonable expenses incurred or paid by Bank in
connection with any sale, transfer or delivery of the Collateral and/or such additional or substitute collateral, and (b) the payment of the obligations or any part thereof, all in such order or manner as Bank in its sole discretion may
determine, irrespective of the date of maturity. All acts done or to be done by Bank in conformity with the powers herein granted are hereby ratified and confirmed by Borrower. Borrower agrees to pay to Bank any deficiency in the event the proceeds
of any foreclosure sale of the Collateral are insufficient to satisfy the Loan obligations in full and Bank shall have the right to sue Borrower for such deficiency. 
 8.4 Right to Income. Unless such Event of Default is waived in writing by Bank, Bank may, at its sole discretion, collect, receive and receipt for all income, interest, earnings or profits (including any
dividends) now or hereafter payable upon or on account of the Collateral without any responsibility however for its failure to do so. The sums or property so collected or received by Bank on account of the Collateral, and pursuant to this
Section 8.4, shall be held and retained by Bank as further security for the Obligations and shall be deemed automatically to be Collateral under this Loan Agreement. 
 8.6 Right to Setoff. In addition to any rights now or hereafter granted under applicable law and not by way of limitation of any such rights, Bank is hereby authorized by Borrower at any time or from
time to time, after the occurrence of an Event of Default, without notice to Borrower, or to any other person, any such notice being hereby expressly waived, to set off and to appropriate and to apply any and all deposits (general or special, time
or demand, including, but not limited to, indebtedness evidenced by certificates of deposit, in each case whether matured or unmatured) and any other indebtedness at any time held or owing by Bank, its branches, subsidiaries or affiliates, for the
credit or the account of Borrower against and on account of the obligations and liabilities of Borrower to Bank under this Loan Agreement and any other loan document, including, but not limited to, all claims of any nature or description arising out
of or connected with this Loan Agreement or any other loan document, irrespective of whether or not: (a) Bank shall have made any demand hereunder; or (b) Bank shall have declared the principal of and interest on the Loan and the Loan
Agreement and other amounts due hereunder to be due and payable. 
 8.7 Bank’s Liability for Collateral. Borrower hereby
agrees that so long as Bank complies with its obligations, if any, under the Uniform Commercial Code as in effect from time to time in the State of Nevada and State of Florida, Bank shall not in any way or manner be liable or responsible for:
(a) the safekeeping of the Collateral, (b) any loss or damage thereto occurring or arising in any manner or fashion from any 

  

 14 

 
cause, (c) any diminution in the value thereof, (d) any act or default of any carrier, warehouseman, bailee, forwarding agency, or other persons,
and all risk of loss, damage, or destruction of the Collateral shall be borne by Borrower. 
 SECTION 9. NOTICES 
 All notices, requests, demands or other communications to or from the parties hereto shall be in writing and deemed to have been duly given and made:
(a) in the case of a letter sent other than by mail, when the letter is delivered to the party to whom it is addressed; (b) in the case of a telegram or facsimile document, when the telegram or facsimile is sent and confirmation of
transmission is obtained; (c) in the case of a letter sent by mail, three (3) days from the day on which the letter is deposited in a United States post office, certified mail, return receipt requested, and addressed as follows:

  

			
	If to the Borrower:	  	 ODYSSEY MARINE EXPLORATION, INC.
 Attention: Michael
Holmes, Chief Financial Officer
 5215 West Laurel Street
 Tampa,
Florida 33607

		
	with a copy, which shall not constitute notice, to:	  	 FOWLER WHITE BOGGS BANKER P.A.
 Attention: David M.
Doney, Esq.
 501 East Kennedy Boulevard, Suite 1700
 Tampa,
Florida 33602

		
	If to the Bank:	  	 FIFTH THIRD BANK
 Attention: Chad Loar, Vice President

 201 East Kennedy Blvd., Suite 1800
 Tampa, Florida
33602

		
	with a copy to:	  	 FISHER & SAULS, P.A.
 Attention: Kenneth E. Thornton

 100 Second Avenue South, Suite 701
 St. Petersburg, Florida
33701

 SECTION 10. MISCELLANEOUS 
 10.1 Costs. The Borrower hereby agrees to pay to the Bank all costs and expenses of every kind and description incurred by the Bank in
connection with the enforcement and protection in any legal or equitable proceeding of the rights of the Bank in connection with this Loan Agreement, and in connection with any action or claim under this Loan Agreement, or in any wise related
thereto, including, without 

  

 15 

 
limitation, the reasonable fees and disbursements of counsel to the Bank. In the event of litigation arising out of or related to this agreement, the
prevailing party shall be entitled to reasonable fees and costs of its counsel. 
 10.2 Severability. The provisions of this
Loan Agreement are severable, and if any provision hereof shall be held by any court of competent jurisdiction to be unenforceable, such holding shall not affect or impair any other provision hereof. 
 10.3 GOVERNING LAW. THIS LOAN AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF FLORIDA
WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICT OF LAWS. 
 10.4 Indemnity. Borrower agrees to indemnify and hold harmless Bank
and each of its affiliates, employees, representatives, officers, directors, agents and attorneys (any of the foregoing shall be an “Indemnitee”) from and against any and all claims, liabilities, losses, damages, actions,
investigations, proceedings, attorneys’ fees and expenses (as such fees and expenses are incurred and irrespective of whether suit is brought) and demands by any party, including the costs of investigating and defending such claims, actions,
investigations or proceedings, and the costs of answering any discovery served in connection therewith, whether or not Borrower or the person seeking indemnification is the prevailing party and whether or not the person seeking indemnification is a
party to any such action or proceeding (a) resulting from any breach or alleged breach by Borrower of any representations or warranties made hereunder, or (b) arising out of (1) the Loan or otherwise under this Loan Agreement,
including the use of the proceeds of the Loan hereunder in any fashion by Borrower or the performance of its obligations under the loan documents by Borrower or (2) allegations of any participation by Bank in the affairs of Borrower, or
allegations that Bank has any joint liability with Borrower for any reason, or (c) in connection with taxes (other than taxes imposed on the overall net income of the Bank), fees, and other charges payable in connection with the Loan, or the
execution, delivery, and enforcement of this Loan Agreement, the other loan documents, and any subsequent amendments thereto or waivers of any of the provisions thereof, unless the person seeking indemnification under clause (a), (b) or
(c) of this Section, is determined in such case to have acted or failed to act with gross negligence or willful misconduct by a non-appealable judicial order. 
 10.5 Interpretation. To the extent not otherwise provided for hereby, the course of dealing by and between the Bank and the Borrower shall control in the determination and interpretation of the rights of
the parties hereto. Further, to the extent not otherwise provided for hereby nor by or inconsistent with the course of dealing by and between the parties hereto, the usage of trade in transactions substantially similar to the transactions
contemplated herein shall control in the determination and interpretation of the rights of the parties hereto. 
  

 16 

 10.6 Revival and Reinstatement of Obligations. If the incurrence or payment of the
obligations by Borrower or the transfer to Bank of any property should for any reason subsequently be declared to be void or voidable under any state or federal law relating to creditors’ rights, including provisions of the bankruptcy code
relating to fraudulent conveyances, preferences, or other voidable or recoverable payments of money or transfers of property (collectively a “Voidable Transfer”), and if Bank is required to repay or restore, in whole or in part, any
such Voidable Transfer, or elects to do so upon the reasonable advice of its counsel, then, as to any such Voidable Transfer, or the amount thereof that Bank is required or elects to repay or restore, and as to all costs, expenses, and reasonable
attorneys fees of Bank related thereto, the liability of Borrower automatically shall be revived, reinstated, and restored and shall exist as though such Voidable Transfer had never been made. 
 10.7 Attorney-in-fact. The Borrower hereby constitute any officer of the Bank as attorney-in-fact, with power to receive and open all mail
addressed to them; to endorse their name on any notes, acceptances, checks, drafts, money orders or other evidences of payment for Collateral that may come into the Bank’s possession; provided, however, the Bank agrees that it shall not
exercise the powers conferred upon in this Section until the occurrence of an Event of Default, or an event which, with the giving of notice or the passage of time, or both, would constitute an Event of Default. All acts of said attorney or designee
are hereby ratified and approved by the Borrower, and said attorney or designee shall not be liable for any acts of commission or omission nor for any error of judgment or mistake of fact or law, unless said attorney or designee is determined in
such case to have acted or failed to act with gross negligence or willful misconduct by an non-appealable judicial order. This power, being coupled with an interest, is irrevocable so long as any obligations, monetary or otherwise, remain, due to
the Bank from the Borrower. 
 10.8 Headings. The name of this Loan Agreement, as well as Section headings used herein, are for
conveniences of reference only and are not to affect the construction of, or be taken into consideration in interpreting this Loan Agreement. 
 10.9 Terms. Any term used herein shall be equally applicable to both the singular and plural forms. 
 10.10
JURY TRIAL. BORROWER AND THE BANK HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY, AND IRREVOCABLY WAIVE THE RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY LITIGATION, WHETHER IN CONTRACT OR TORT, AT LAW OR IN EQUITY,
BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS LOAN AGREEMENT AND ANY OTHER DOCUMENT OR INSTRUMENT CONTEMPLATED TO BE EXECUTED IN CONJUNCTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR
WRITTEN) OR ACTIONS OF ANY PARTY HERETO. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE BANK ENTERING INTO THIS LOAN AGREEMENT. FURTHER, BORROWER HEREBY CERTIFIES THAT NO REPRESENTATIVE OR 

  

 17 

 
AGENT OF THE BANK, NOR THE BANK’S COUNSEL, HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE BANK WOULD NOT, IN THE EVENT OF SUCH LITIGATION, SEEK TO
ENFORCE THIS WAIVER OF RIGHT TO JURY TRIAL PROVISION. NO REPRESENTATIVE OR AGENT OF THE BANK, NOR BANK’S COUNSEL HAS THE AUTHORITY TO WAIVE, CONDITION, OR MODIFY THIS PROVISION. 
 IN WITNESS WHEREOF, the parties hereto have caused this Loan Agreement to be executed and delivered as of the day and year first above written.

  

					
	WITNESSES:	  	“BORROWER”
		
		  	ODYSSEY MARINE EXPLORATION, INC.,
a Nevada corporation
			
	  
	  	By:	 	  

	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	  		 	
		
		  	“BANK”
		
		  	FIFTH THIRD BANK,
a Michigan banking corporation
			
	  
	  	By:	 	  

	Signature of Witness	  		 	Chad Loar, as its Vice President
	  
	  		 	
	Print or type Name of Witness	  		 	
	  
	  		 	 (CORPORATE SEAL)

	Signature of Witness	  		 	
	  
	  		 	
	Print or type Name of Witness	  		 	

  

 18 

 STATE OF FLORIDA 
 COUNTY OF
PINELLAS 
 The foregoing instrument was acknowledged before me this      day of February, 2008, 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 February,
2008, by Chad Loar, as Vice President of FIFTH THIRD BANK, a Michigan 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)

 ATTACHMENTS: 
 Exhibit “A” - Borrowing Base Certificate 
  

 19 

 EXHIBIT “A” 
 BORROWING BASE CERTIFICATE 
 FIFTH THIRD BANK 
 201 East Kennedy Blvd., Suite 1800 
 Tampa, Florida 33602 
 Pursuant to the Loan and Security Agreement, 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)
	  	30% 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. 
  

 20 

 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:             , 200    	  	Date:             , 200    

  

 21

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}]]