Document:

Exhibit 10.4

	
             
 	
            RESTRICTED STOCK AWARD AGREEMENT
 

 

 

THIS RESTRICTED STOCK AWARD AGREEMENT (“Agreement”) is made effective as of _____________________, 200__, by and between SYNOVUS FINANCIAL CORP., a Georgia corporation (the “Corporation”), and ______________________________ (“Executive”).

 

WHEREAS, Executive has been awarded _______ fully paid and non-assessable shares of the Common Stock of the Corporation, par value $1.00 per share (“Restricted Shares”), pursuant to the terms and conditions of the Corporation’s 2002 Long-Term Incentive Plan (“Plan”) and this Agreement; and

 

WHEREAS, the Restricted Shares will be held in an account at Mellon Investor Services, LLC (“Mellon”) for Executive until the shares become transferable and non-forfeitable in accordance with the terms and conditions of the Plan and this Agreement.

 

NOW, THEREFORE, in accordance with the provisions of the Plan and this Agreement, Executive hereby agrees to the following terms and conditions: 

 

	
            1.
 	
            Transfer of Shares; Custody of Restricted Shares
 

 

The Corporation hereby transfers the Restricted Shares to Executive subject to the terms and conditions set forth in the Plan and in this Agreement.  Effective upon the date of such transfer, Executive will be the holder of record of the Restricted Shares and will have all rights of a shareholder with respect to such shares (including the right to vote such shares at any meeting at which the holders of the Corporation's Common Stock may vote, the right to receive all dividends declared and paid upon such shares and the right to exercise any rights or warrants issued in respect of any such shares), subject only to the terms and conditions set forth in the Plan and in this Agreement.  The Restricted Shares will be held in an account for Executive at Mellon, who will hold the shares in accordance with the terms and conditions set forth in the Plan and in this Agreement.

 

	
            2.
 	
            Restriction Against Transfer
 

 

Neither the Restricted Shares nor any interest in the Restricted Shares may be sold, assigned, transferred, pledged or hypothecated or otherwise be disposed of or encumbered except at the time(s) and under the circumstances specifically permitted or required by this Agreement including, but not limited to, any pledge of the Restricted Shares.  In the event of any attempt to effect any action in contravention of the next preceding sentence, then, any provision of this Agreement to the contrary notwithstanding, such Restricted Shares shall thereupon be forfeited to the Corporation.

 

	
            3.
 	
            Forfeiture Condition
 

 

Any Restricted Shares which do not vest pursuant to the provisions of Section 4 below will be forfeited to the Corporation unless the Corporation’s Compensation Committee in its sole discretion determines otherwise, as more fully provided in Section 4 below.

 

 

1

 

 

 

	
            4.
 	
            Vesting of Restricted Shares
 

 

(a) Vesting Conditions.  If Executive remains in the continuous employ of the Corporation or a Subsidiary of the Corporation through the date(s) indicated in Column I below, the Restricted Shares will become non-forfeitable (i.e., "vest") to the extent indicated in Column II below:

 

	
             
 	
            (I)  
 	
            (II)
 	
             

	
             
 	
            If employment  
 	
            the % of the Restricted
 
	
             
 	
            continues through  
 	
            then  
 	
            Shares which vests is   
 	
             

									

 

	
             
 	
            ____________, 200__
 	
            100%
 

 

	
             
 	
            [or]
 

 

	
             
 	
            ____________, 200__
 	
            ___%
 

 

	
             
 	
            [or]
 

 

	
             
 	
            ____________, 200__
 	
            ___%
 

 

	
             
 	
            [or]
 

 

	
             
 	
            ____________, 200__
 	
            ___%
 

 

	
             
 	
            [or]
 

 

	
             
 	
            ____________, 200__
 	
            ___%
 

 

	
             
 	
            [or]
 

 

	
             
 	
            ____________, 200__
 	
            ___%
 

 

 

Such vesting will occur (to the extent indicated in Column (II) above) at the close of business on the applicable date(s) indicated in Column (I) above.  Any Restricted Shares which are not vested on the date of Executive’s termination of employment will be forfeited to the Corporation, unless the Compensation Committee in its sole and exclusive discretion determines otherwise.

 

(b) Effect of Voluntary Termination or Termination for Cause or Suicide.  If Executive’s employment with the Corporation and its Subsidiaries is terminated: (i) by Executive voluntarily or (ii) by the Corporation or a Subsidiary for Cause or (iii) by Executive’s death due to suicide before all Restricted Shares vest pursuant to the provisions of paragraph 4(a) above, then any Restricted Shares which are not vested at the time of such termination will be forfeited to the Corporation on the date of such termination, unless the Compensation Committee in its sole and exclusive discretion determines otherwise.

 

 

2

 

 

 

(c) Effect of Death (Other Than by Suicide) or Disability.  If Executive’s employment with the Corporation and its Subsidiaries terminates by reason of Executive’s death (other than by suicide) or Disability, then any Restricted Shares which are not vested at the time of such termination will become vested automatically.

 

(d) Effect of Retirement or Leave of Absence.  If Executive’s employment with the Corporation and its Subsidiaries is terminated by reason of Executive’s Retirement, Executive will receive the Restricted Shares that are vested on the date of Executive’s Retirement.  Any Restricted Shares which are not vested on the date of Executive’s Retirement will be forfeited to the Corporation, unless the Compensation Committee in its sole and exclusive discretion determines otherwise.  A leave of absence which is approved in writing by the Compensation Committee with specific reference to this Agreement will not be considered a termination of Executive’s employment with the Corporation and its subsidiaries for purposes of this Section 4 or any other provision of this Agreement.

 

(e) No Forfeiture of Vested Shares.  Any Restricted Share which vests pursuant to the preceding provisions of this Section 4 will not thereafter be forfeited.  As soon as practicable after any Restricted Shares vest pursuant to the preceding provisions of this Section 4, Mellon will transfer or deliver such shares to Executive free of any restrictions imposed pursuant to the terms and conditions set forth in this Agreement, but not necessarily free of restrictions imposed by applicable securities laws.

 

	
            5.
 	
            Effect of Forfeiture
 

 

Any Restricted Shares which are forfeited to the Corporation pursuant to any provision of this Agreement will be surrendered and such shares will thereupon be canceled.  All of Executive’s rights and interests in and to such shares (including the purchase price, if any, paid for such shares) will terminate upon such forfeiture without any payment of consideration by the Corporation, unless otherwise determined by the Committee.

 

	
            6.
 	
            General Provisions
 

 

(a) Administration, Interpretation and Construction.  The terms and conditions set forth in this Agreement will be administered, interpreted and construed by the Compensation Committee, whose decisions will be final, conclusive and binding on the Corporation, on Executive and on anyone claiming under or through the Corporation or Executive.  Without limiting the generality of the foregoing, any determination as to whether an event has occurred or failed to occur which causes the Restricted Shares to be forfeited pursuant to the terms and conditions set forth in this Agreement, will be made in the good faith but absolute discretion of the Compensation Committee.  By accepting the transfer of Restricted Shares, Executive irrevocably consents and agrees to the terms and conditions set forth in this Agreement and to all actions, decisions and
determinations to be taken or made by the Compensation Committee in good faith pursuant to the terms and conditions set forth in this Agreement.

 

(b) Withholding.  The Corporation will have the right to withhold from any payments to be made to Executive (whether under this Agreement or otherwise) any taxes the Corporation determines it is required to withhold with respect to Executive under the laws and regulations of any governmental authority, whether Federal, state or local and whether domestic or foreign, in 

 

3

 

 

connection with this Agreement, including, without limitation, taxes in connection with the transfer of Restricted Shares or the lapse of restrictions on Restricted Shares.  Failure to submit any such withholding taxes shall be deemed to cause otherwise lapsed restrictions on Restricted Shares not to lapse.

 

(c) Rights Not Assignable or Transferable.  No rights under this Agreement will be assignable or transferable other than by will or the laws of descent and distribution, either voluntarily, or, to the full extent permitted by law, involuntarily, by way of encumbrance, pledge, attachment, levy or charge of any nature except as otherwise provided in this Agreement.  Executive’s rights under this Agreement will be exercisable during Executive’s lifetime only by Executive or by Executive’s guardian or legal representative.

 

(d) Terms and Conditions Binding.  The terms and conditions set forth in the Plan and in this Agreement will be binding upon and inure to the benefit of the Corporation, its successors and assigns, including any assignee of the Corporation and any successor to the Corporation by merger, consolidation or otherwise, and Executive, Executive’s heirs, devisees and legal representatives.  In addition, the terms and conditions set forth in the Plan and in this Agreement will be binding upon and inure to the benefit of Mellon and its successors and assigns.

 

(e) No Employment Rights.  No provision of this Agreement or the Plan will be deemed to confer upon Executive any right to continue in the employ of the Corporation or a Subsidiary or will in any way affect the right of the Corporation or a Subsidiary to dismiss or otherwise terminate Executive’s employment at any time for any reason with or without cause, or will be construed to impose upon the Corporation or a Subsidiary any liability for any forfeiture of Restricted Shares which may result under this Agreement if Executive’s employment is so terminated.

 

(f) No Liability for Good Faith Business Acts or Omissions.  Executive recognizes and agrees that the Compensation Committee, the Board, or the officers, agents or employees of the Corporation and its Subsidiaries, in their oversight or conduct of the business and affairs of the Corporation and its Subsidiaries, may in good faith cause the Corporation or a Subsidiary to act, or to omit to act, in a manner that may, directly or indirectly, prevent the Restricted Shares from vesting. No provision of this Agreement will be interpreted or construed to impose any liability upon the Corporation, a Subsidiary, the Compensation Committee, Board or any officer, agent or employee of the Corporation or a Subsidiary, for any forfeiture of Restricted Shares that may result, directly or indirectly, from any such action or omission.

 

(g) Recapitalization.  In the event that Executive receives, with respect to Restricted Shares, any securities or other property (other than cash dividends) as a result of any stock dividend or split, spin-off, recapitalization, merger, consolidation, combination or exchange of shares or a similar corporate change, any such securities or other property received by Executive will likewise be held by Mellon and be subject to the terms and conditions set forth in this Agreement and will be included in the term "Restricted Shares."

 

(h) Appointment of Agent.  By accepting the transfer of Restricted Shares, Executive irrevocably nominates, constitutes, and appoints Mellon as Executive’s agent for purposes of surrendering or transferring the Restricted Shares to the Corporation upon any forfeiture required or 

 

4

 

 

authorized by this Agreement.  This power is intended as a power coupled with an interest and will survive Executive’s death.  In addition, it is intended as a durable power and will survive Executive’s disability.

 

(i) Legal Representative.  In the event of Executive’s death or a judicial determination of Executive’s incompetence, reference in this Agreement to Executive shall be deemed, where appropriate, to Executive’s heirs or devises.

 

(j) Titles.  The titles to sections or paragraphs of this Agreement are intended solely for convenience and no provision of this Agreement is to be construed by reference to the title of any section or paragraph.

 

(k) Plan Governs.  The Restricted Shares are being transferred to Executive pursuant to and subject to the Plan, a copy of which is available upon request to the Corporate Secretary of the Corporation.  The provisions of the Plan are incorporated herein by this reference, and all capitalized terms in this Agreement shall have the same meanings given to such terms in the Plan.  The terms and conditions set forth in this Agreement will be administered, interpreted and construed in accordance with the Plan, and any such term or condition which cannot be so administered, interpreted or construed will to that extent be disregarded.

 

(l) Complete Agreement.  This instrument contains the entire agreement of the parties relating to the subject matter of this Agreement and supersedes and replaces all prior agreements and understandings with respect to such subject matter.  The parties hereto have made no agreements, representations or warranties relating to the subject matter of this Agreement which are not set forth herein or incorporated by reference.

 

(m) Amendment; Modification; Waiver.  No provision set forth in this Agreement may be amended, modified or waived unless such amendment, modification or waiver shall be authorized by the Compensation Committee and shall be agreed to in writing, signed by Executive and by an officer of the Corporation duly authorized to do so. No waiver by either party hereto of any breach by the other party of any condition or provision set forth in this Agreement to be performed by such other party will be deemed a waiver of a subsequent breach of such condition or provision, or will be deemed a waiver of a similar or dissimilar provision or condition at the same time or at any prior or subsequent time.

 

(n) Governing Law.  The validity, interpretation, performance and enforcement of the terms and conditions set forth in this Agreement will be governed by the laws of the State of Georgia, the state in which the Corporation is incorporated, without giving effect to the principles of conflicts of law of that state.

 

The Corporation has issued the Restricted Shares in accordance with the foregoing terms and conditions and in accordance with the provisions of the Plan.  By signing below, Executive hereby agrees to the foregoing terms and conditions of the Restricted Shares.

 

 

5

 

 

 

IN WITNESS WHEREOF, Executive has set Executive’s hand and seal, effective as of the date and year set forth above.

 

 

	
             
 	
                                                      
                          (L.S.)
 

 

 

 

6EXHIBIT 10.2

                            SECOND AMENDMENT TO LEASE

         THIS SECOND AMENDMENT TO LEASE (this "Amendment") is made as of the
Amendment Date (as hereinafter defined) by and between TOWER PLACE, L.P., a
Georgia limited partnership ("Landlord") and RMS TITANIC, INC., a Florida
corporation ("Tenant").

                                    RECITALS

         Landlord and Tenant have previously entered into that certain Tower
Place Office Lease dated March 27, 2000 as amended by that certain First
Amendment of Lease dated August 8, 2003 (collectively, the "Lease") for the
lease of approximately 4,706 rentable square feet of space, more commonly known
as Suite 2250 Tower Place, 3340 Peachtree Road, NE (the "Existing Premises")
located within Tower Place, Atlanta, Fulton County, Georgia.

         Landlord and Tenant desire to amend the Lease as more particularly set
forth below.

         NOW, THEREFORE, for and in consideration of Ten and No/100 Dollars
($10.00) and other good and valuable consideration in hand paid by each party
hereto to the other, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto do hereby agree as follows:

1.  Definitions.  All capitalized terms used herein but undefined shall have the
meaning as defined in the Lease.  For purposes of the Lease, and this Amendment,
the following term shall mean the following:

         "Landlord Entities" shall mean Landlord, Landlord's investment manager,
  and the trustees, boards of directors, officers, general partners,
  beneficiaries, stockholders, employees and agents of each of them.

2. Expansion Space. Commencing on July 1, 2006 (the "Effective Date"), the
Premises shall be expanded to also include that certain additional space as more
particularly described on Exhibit "A" attached hereto and incorporated herein by
reference (the "Expansion Space") containing approximately 1,380 rentable square
feet. Commencing on the Effective Date, the Premises shall be defined as the
Existing Premises and the Expansion Space and shall consist of an agreed area of
6,086 rentable square feet.

3. Stipulated Square Footage (Building). Commencing on the Amendment Date, the
Stipulated Square Footage of the Building (as defined in Section 1.1(f) of the
Lease) shall be an agreed upon 611,713 rentable square feet.

4. Change in Tenant's Share. Commencing on the Effective Date, Tenant's Share
(as defined in Section 1.1(k) of the Lease) shall be increased to 1.00%.

5. Work. Tenant accepts the Expansion Space in its present "as-is" condition.
Notwithstanding the foregoing, Landlord shall use reasonable speed and diligence
to combine the Existing Premises and the Expansion Space in accordance with
plans and specifications to be mutually agreed upon by the parties (the "Work").
In the event that the actual cost of the Work exceeds Eight Thousand Two Hundred
Eighty and No/100 Dollars ($8,280.00), Tenant shall deliver to Landlord such
excess amount within ten (10) days following receipt of notice from Landlord
specifying the amount of such excess.

<PAGE>

6.       Rent.

         (a) As of the Effective Date, the Base Rental for the Expansion Space
shall be payable according to the following schedule:

<TABLE>

----------------------------------------------------------------------------------------------------------
          Period               Rentable       Annual Base
----------------------------   Square           Rental            Annual Base       Monthly Installment
    from        through        Footage      Per Square Foot         Rental            of Base Rental
----------------------------------------------------------------------------------------------------------
<S>           <C>             <C>             <C>                <C>             <C>
  7/1/2006     8/31/2006        1,380           $24.69               N/A                $2,839.35
----------------------------------------------------------------------------------------------------------
  9/1/2006     8/31/2007        1,380           $25.43            $35,094.36            $2,924.53
----------------------------------------------------------------------------------------------------------
  9/1/2007     8/31/2008        1,380           $26.19            $36,147.24            $3,012.27
----------------------------------------------------------------------------------------------------------
  9/1/2008     2/28/2009        1,380           $26.98               N/A                $3,102.63
----------------------------------------------------------------------------------------------------------
</TABLE>

         (b) All Rent payable by Tenant shall be paid to Landlord at the
following address:

If by U.S. Mail:           Tower Place, L.P.
                           75 Remittance Drive
                           Suite 6706
                           Chicago, IL 60675-6706

If by Overnight Delivery:  LB Overnite:  Tower Place, L.P.
                           350 N. Orleans
                           Receipt & Dispatch, 8th Floor
                           Lockbox #6706
                           Chicago, IL 60654

If By Wire Transfer:       LaSalle Bank, National Association
                           135 South LaSalle Street
                           Chicago, IL  60603
                           ABA No.:  071-000-505
                           For Credit to: Tower Place, L.P. Lockbox Account
                                          a Property of Tower Place, L.P.,
                                          by RREEF Management Company
                                          Account No.:  5800960550

         (c) Notwithstanding anything herein to the contrary, Tenant hereby
acknowledges and agrees that Tenant shall continue to pay Base Rental for the
Existing Premises for the remainder of the Lease Term in accordance with the
terms of Section 6 of the First Amendment of Lease.

7.  Insurance.  Section 4.10 of the Lease is hereby  deleted in its entirety and
the following is hereby substituted therefor:

                                       3
<PAGE>

         (a) Tenant shall keep in force throughout the Term: (a) a Commercial
General Liability insurance policy or policies to protect the Landlord Entities
against any liability to the public or to any invitee of Tenant or a Landlord
Entity incidental to the use of or resulting from any accident occurring in or
upon the Premises with a limit of not less than $1,000,000 per occurrence and
not less than $2,000,000 in the annual aggregate, or such larger amount as
Landlord may prudently require from time to time, covering bodily injury and
property damage liability and $1,000,000 products/completed operations
aggregate; (b) Business Auto Liability covering owned, non-owned and hired
vehicles with a limit of not less than $1,000,000 per accident; (c) insurance
protecting against liability under Worker's Compensation Laws with limits at
least as required by statute with Employers Liability with limits of $500,000
each accident, $500,000 disease policy limit, $500,000 disease--each employee;
(d) All Risk or Special Form coverage protecting Tenant against loss of or
damage to Tenant's alterations, additions, improvements, carpeting, floor
coverings, panelings, decorations, fixtures, inventory and other business
personal property situated in or about the Premises to the full replacement
value of the property so insured; and, (e) Business Interruption Insurance with
limit of liability representing loss of at least approximately six (6) months of
income.

         (b) The aforesaid policies shall (a) be provided at Tenant's expense;
(b) name the Landlord Entities as additional insureds (General Liability) and
loss payee (Property--Special Form); (c) be issued by an insurance company with
a minimum Best's rating of "A:VII" during the Term; and (d) provide that said
insurance shall not be canceled unless thirty (30) days prior written notice
(ten days for non-payment of premium) shall have been given to Landlord; a
certificate of Liability insurance on ACORD Form 25 and a certificate of
Property insurance on ACORD Form 27 shall be delivered to Landlord by Tenant at
least thirty (30) days prior to each renewal of said insurance.

         (c) Whenever Tenant shall undertake any alterations, additions or
improvements in, to or about the Premises ("Work") the aforesaid insurance
protection must extend to and include injuries to persons and damage to property
arising in connection with such Work, without limitation including liability
under any applicable structural work act, and such other insurance as Landlord
shall require; and the policies of or certificates evidencing such insurance
must be delivered to Landlord prior to the commencement of any such Work.

         (d) So long as their respective insurers so permit, Tenant and Landlord
hereby mutually waive their respective rights of recovery against each other for
any loss insured by fire, extended coverage, All Risks or other insurance now or
hereafter existing for the benefit of the respective party but only to the
extent of the net insurance proceeds payable under such policies. Each party
shall obtain any special endorsements required by their insurer to evidence
compliance with the aforementioned waiver.

8.       Assignment and Subletting.

         (a) Notwithstanding any provision of Section 5.1 of the Lease to the
contrary, it shall be considered reasonable for Landlord to withhold its consent
to any assignment of this Lease or sublease of any portion of the Premises if at

                                       4
<PAGE>

the time of either Tenant's notice of the proposed assignment or sublease or the
proposed commencement date thereof, there shall exist any uncured default of
Tenant or matter which will become a default of Tenant with passage of time
unless cured, or if the proposed assignee or sublessee is an entity: (a) with
which Landlord is already in negotiation; (b) is already an occupant of the
Building unless Landlord is unable to provide the amount of space required by
such occupant; (c) is a governmental agency; (d) is incompatible with the
character of occupancy of the Building; (e) with which the payment for the
sublease or assignment is determined in whole or in part based upon its net
income or profits; or (f) would subject the Premises to a use which would: (i)
involve increased personnel or wear upon the Building; (ii) violate any
exclusive right granted to another tenant of the Building; (iii) require any
addition to or modification of the Premises or the Building in order to comply
with building code or other governmental requirements; or, (iv) involve a
violation of Section 4.9 of the Lease. Tenant expressly agrees that for the
purposes of any statutory or other requirement of reasonableness on the part of
Landlord, Landlord's refusal to consent to any assignment or sublease for any of
the reasons described in this Section, shall be conclusively deemed to be
reasonable.

         (b) Section 5.1(a) of the Lease is hereby amended to provide that
Landlord's administrative processing fee in connection with any request by
Tenant for consent to a proposed assignment or sublease is Seven Hundred Fifty
and No/100 Dollars ($750.00).

9. Governmental Regulations. The following is inserted at the end of Section
8.10(b) of the Lease:

"Notwithstanding the foregoing, if Tenant shall be required by any governmental
authority to repair, alter, remove, construct, reconstruct, or improve any part
or all of the Premises or the Building as a result of the specific use being
made by Tenant of the Premises, then such action shall be the sole and exclusive
responsibility of Tenant in all respects; any such action shall be promptly
performed by Tenant at its expense in accordance with the applicable
governmental requirement and otherwise in accordance with the terms of this
Lease."

10. Landlord's Notice Address. Notwithstanding anything to the contrary
contained in the Lease, pursuant to Section 8.1 of the Lease, Landlord's address
for notices shall be:

         To Landlord:

                  Tower Place, L.P.
                  c/o RREEF
                  Five Piedmont Center, Suite 310
                  3525 Piedmont Road
                  Atlanta, Georgia  30305-1509
                  Attn:  Faye Z. Phillips

                                       5
<PAGE>

         and

                  Tower Place, L.P.
                  c/o Regent Partners, LLC
                  3348 Peachtree Road, NE, Suite 1000
                  Atlanta, Georgia 30326-1008
                  Attn:  Debra Cobbs

11. Limitation of Liability. Section 8.20 of the Lease is hereby deleted in its
entirety and the following is hereby substituted therefor:

         8.20 LIMITATION OF LIABILITY. NOTWITHSTANDING ANYTHING TO THE CONTRARY
CONTAINED IN THE LEASE OR THIS AMENDMENT, EXPRESS OR IMPLIED, LANDLORD'S
OBLIGATIONS AND LIABILITY TO TENANT WITH RESPECT TO THIS LEASE SHALL BE LIMITED
SOLELY TO LANDLORD'S INTEREST IN THE BUILDING (SUBJECT TO THE RIGHTS OF ANY
HOLDERS OF SECURITY INTERESTS IN THE BUILDING), AND NEITHER LANDLORD NOR ANY OF
ITS TRUSTEES, BOARD OR DIRECTORS AND OFFICERS, AS THE CASE MAY BE, ITS
INVESTMENT MANAGER, THE GENERAL PARTNERS THEREOF, OR ANY BENEFICIARIES,
STOCKHOLDERS, EMPLOYEES OR AGENTS OF LANDLORD OR THE INVESTMENT MANAGER SHALL
HAVE ANY PERSONAL LIABILITY WHATSOEVER WITH RESPECT TO THE LEASE OR LANDLORD'S
OBLIGATIONS THEREUNDER, AND IN NO CASE SHALL LANDLORD BE LIABLE TO TENANT
HEREUNDER FOR ANY LOST PROFITS, DAMAGE TO BUSINESS, OR ANY FORM OF SPECIAL,
INDIRECT OR CONSEQUENTIAL DAMAGES.

12. Tenant's Authority. If Tenant signs as a corporation each of the persons
executing this Amendment on behalf of Tenant represents and warrants that Tenant
has been and is qualified to do business in the state in which the Building is
located, that the corporation has full right and authority to enter into this
Amendment, and that all persons signing on behalf of the corporation were
authorized to do so by appropriate corporate actions. If Tenant signs as a
partnership, trust or other legal entity, each of the persons executing this
Amendment on behalf of Tenant represents and warrants that Tenant has complied
with all applicable laws, rules and governmental regulations relative to its
right to do business in the state and that such entity on behalf of the Tenant
was authorized to do so by any and all appropriate partnership, trust or other
actions. Tenant agrees to furnish promptly upon request a corporate resolution,
proof of due authorization by partners, or other appropriate documentation
evidencing the due authorization of Tenant to enter into this Amendment.

13.      Miscellaneous.

         (a) Tenant accepts the Existing Premises in their "as-is" condition.

                                       6
<PAGE>

         (b) Tenant represents to Landlord that, as of the date hereof, Landlord
is not in default of the Lease.

         (c) For purposes of this Amendment, the term "Amendment Date" shall
mean the date upon which this Amendment is signed by Landlord or Tenant,
whichever is later.

         (d) Except as amended hereby, the Lease shall be and remain in full
force and effect and unchanged. As amended hereby, the Lease is hereby ratified
and confirmed by Landlord and Tenant. To the extent the terms hereof are
inconsistent with the terms of the Lease, the terms hereof shall control.

         (e) The submission of this Amendment to Tenant for examination or
consideration does not constitute an offer to amend the Lease, and this
Amendment shall become effective only upon the execution and delivery thereof by
Landlord and Tenant.

                            [signatures on next page]

                                       7
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed and sealed as of the Amendment Date.

Date: __________________      LANDLORD:
                              ---------

                              TOWER PLACE, L.P., a Georgia limited partnership

                              By:  RREEF America REIT III Corp. O, a Maryland
                              corporation, general partner

                              By: RREEF Management Company, a Delaware
                              corporation, Authorized Agent

                              By:
                                  ---------------------------------
                                  Faye Phillips
                                  Vice President - District Manager

Date: ______________________  TENANT:
                              -------

                              RMS TITANIC, INC., a Florida corporation

                              By:
                                 ---------------------------------
                              Name:
                                  --------------------------------
                              Title:
                                   -------------------------------

                              Attest:
                                   -------------------------------
                              Name:
                                   -------------------------------
                              Title:
                                   -------------------------------

                                [CORPORATE SEAL]

                                       8
<PAGE>

                         EXHIBIT A -- EXPANSION PREMISES

This Exhibit A is attached to and made a part of the Second  Amendment to Lease,
Reference Date of March 27, 2000, between Tower Place, L.P., as Landlord and RMS
Titanic, Inc., as Tenant.

Exhibit A is intended only to show the general layout of the Expansion Space. It
is not to be scaled; any measurements or distances shown should be taken as
approximate.

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