Document:

Exhibit 10.1

TREMOR VIDEO, INC.

53 West 23rd Street

New York, New York 10010

 

March 25, 2015

 

Todd Sloan

Tremor Video, Inc.

53 W. 23rd Street

New York, NY 10010

 

Dear Todd:

 

This letter (the “Agreement”) confirms the agreement between you and Tremor Video, Inc. (the “Company”) regarding your continued employment with the Company.

 

1.                                      Transition Period.  Subject to your compliance with the terms of this Agreement and section 10 below, your employment with the Company will terminate on July 1, 2015 (your date of termination, the “Separation Date”).  You agree to cooperate fully with the Company in all matters relating to the transition of your work and responsibilities.  During the period beginning on the date of this Agreement and ending on May 31, 2015 (the “First Transition Period”), in addition to working with the Company to ensure the smooth transition of your responsibilities, you shall continue to serve as the Company’s Chief Financial Officer and perform all duties normally associated with such position.  During the First Transition Period, you will work at the Company’s offices during normal business hours unless otherwise directed by the Company.  During the period beginning on June 1, 2015 and ending on the Separation Date (the “Second Transition Period”), you agree to provide advisory services to the Company by making yourself reasonably available during regular business hours to provide, from time to time, the benefit of your experience and insight regarding various Company-related matters.  During the Second Transition Period, you may work remotely but will be available at the Company’s offices during normal business hours as reasonably required to provide such advisory services and subject to reasonable notice by the Company.  During the period beginning on July 2, 2015 and ending on August 15, 2015 (the “Third Transition Period”), you agree to provide advisory services to the Company by making yourself reasonably available during regular business hours to provide, from time to time, the benefit of your experience and insight regarding various Company-related matters through informal telephone and email communications; provided, however, that if you are employed by or otherwise rendering services to another business during this period then such services may be provided to the Company at such times that do not interfere with your other business obligations or commitment.  You and the Company agree that effective as of the date you sign this Agreement, you have resigned as a director from all of the Company’s subsidiaries for which you serve as a director.  Further, you agree that on the Separation Date or earlier if so requested by the Company you will return to the Company any and all Company property in your possession, including, but not limited, to documents in hard copy or electronically stored.

 

 

Notwithstanding the foregoing, or anything herein to the contrary, the parties agree that you may terminate your employment during the period between June 15, 2015 and July 1, 2015.  In such event, (i) the term the “Separation Date” shall thereafter mean the date on which your employment terminates, (ii) your obligations to the Company during the remainder of the Second Transition Period shall be the same as your obligations to the Company during the Third Transition Period, and (iii) you will continue to be entitled to the payments and benefits set forth in paragraphs 3, 4, 5, 7, and 8 of this Agreement in accordance with the terms thereof.

 

2.                                      Salary Through Separation Date.  Subject to your continued employment through the Separation Date, the Company will continue to pay you, in accordance with the Company’s standard payroll procedures, your base salary through and including the Separation Date (less all applicable withholding taxes and other deductions) and you shall remain eligible to participate in the Company’s benefit plans.

 

3.                                      Transition Bonus.  Although you otherwise would not have been entitled to receive a transition bonus, if you comply with the terms of this Agreement through the Separation Date, including, without limitation, performing all services contemplated under the First Transition Period and Second Transition Period, the Company will make a one-time transition payment to you of $157,500.00, less all applicable withholding taxes and other deductions (the “Transition Bonus”).  The Transition Bonus, if earned, shall be paid within three (3) business days after the date on which Release 2 (defined below) becomes effective.

 

4.                                      Severance Payments.  Subject to your compliance with the terms of this Agreement, the Company will also provide you with severance in the form of the continuation of payments at your base salary rate, less all applicable taxes and other deductions, from the Separation Date through and including the date that is six months from the Separation Date (the “Severance Period”).  The severance payments described herein will be paid in accordance with the Company’s standard payroll procedures and will commence with the Company’s first regularly scheduled payroll following the 30th day after the Separation Date (or, if such day is not a business day, on the first business day thereafter) and once they commence will be retroactive to the Separation Date.

 

5.                                      Bonus. Subject to your compliance with the terms of this Agreement, the Company will also pay to you a bonus equal to $63,000 (the “2015 Bonus”).  The 2015 Bonus will be paid within three (3) business days after the date on which Release 2 becomes effective.  Except as described above, you will not be eligible to receive a bonus in connection with 2015 performance.

 

6.                                      Release.  In consideration for the Company’s agreements set forth herein, and in order to receive the benefits hereunder, including, but not limited to, continued salary, the severance payments, the 2015 Bonus, the Transition Bonus, the equity and COBRA benefits set forth below in sections 7 and 8, you agree that you will execute and allow to become effective the Releases of claims attached hereto as follows: Release 1, a copy of which is attached hereto as Exhibit A, within twenty-one (21) days of your receipt of this Agreement, and Release 2, a

 

2

 

copy of which is attached hereto as Exhibit B within twenty one (21) days of the Separation Date.

 

7.                                      Equity Awards.  You have been granted three options to purchase an aggregate 420,704 shares of the Company’s common stock (the “Options”).  The first Option dated as of July 26, 2012 for 333,333 shares (the “First Option”) will be 43/48ths vested as of July 1, 2015. The second Option dated as February 24, 2014 for 66,371 shares (the “Second Option”) will be 16/48ths vested as of July 1, 2015.  The third Option dated as of February 23, 2015 for 21,000 shares (the “Third Option”) will not have vested as of July 1, 2015.  Except for Options vested as of the Separation Date, all remaining Options shall terminate effective as of the Separation Date.

 

The vested portion of your Options shall be exercisable for five (5) years from the Separation Date with respect to the vested options from the First Option and one (1) year from the Separation Date with respect to vested options from the Second Option.  You acknowledge and agree that as a result of the extension of exercisability described in the preceding sentence, certain vested options will cease to qualify as incentive stock options.

 

You have also received two grants of restricted stock units (the “RSU Awards”) covering an aggregate of 45,465 shares of the Company’s common stock.  The first RSU Award dated as of February 24, 2014 for 34,965 shares (the “First RSU Award”) will be 25% vested as of the Separation Date.  The second RSU Award dated as of February 23, 2015 for 10,500 shares (the “Second RSU Award”) will not be vested as of the Separation Date.

 

Subject to your compliance with the terms of this Agreement, including providing the Releases, the Company’s board of directors shall: (i) amend the terms of the First RSU Award such that an additional 25% shall become vested as of the Separation Date; and (ii) amend the terms of the Second RSU Award such that 25% shall become vested as of the Separation Date.  Except for RSUs vested as of the Separation Date, all remaining RSUs shall terminate effective as of the Separation Date.

 

8.                                      Benefit Plans.  Your participation in the Company’s health insurance plans will cease as of the last day of the month in which the Separation Date occurs (such date shall be referred to herein as the “Health Insurance Plan Termination Date”).  Thereafter, if you timely elect continued group health coverage through COBRA, the Company will pay to you, on the first day of each month, a fully taxable cash payment equal to the applicable COBRA premiums for that month, subject to applicable tax withholdings (such amount, the “Special Cash Payment”), until the earlier of: (i) the date on which you and your eligible dependents are no longer enrolled in such COBRA coverage, and (ii) the date that is twelve (12) months from the Health Insurance Plan Termination Date.  In the event you become (i) covered under another employer’s group health plan, (ii) otherwise cease to be eligible for COBRA during the period provided in this section, or (iii) eligible to be covered under another employer’s group health plan after January 1, 2016, you must notify the Company of such event and the Company shall cease payment of the Special Cash Payments.

 

3

 

9.                                      Expenses.  Within five days from the Separation Date, you agree to submit a final expense reimbursement statement and required documentation reflecting all business expenses incurred through the Separation Date, if any, for which you seek reimbursement.  The Company will reimburse you for expenses pursuant to its regular business practice and policies.

 

10.                               Employment Relationship.  Notwithstanding anything to the contrary contained herein, if your employment is terminated by the Company for “Cause”, your employment will immediately terminate and you will not be entitled to receive any of the benefits set forth in this Agreement. “Cause” shall mean “Cause” as defined in your offer letter dated November 14, 2011.

 

11.                               Communications.  You agree that you will refrain from making statements, written or verbal, which disparage the goodwill or reputation of the Company, its officers, board of directors and/or its products, services or business practices.  Similarly, provided that you perform your obligations under this Agreement, the Company agrees that its executive officers and board of directors who hold such positions as of the date of this Agreement will refrain from making statements, written or verbal, that disparage you or your business reputation.  Notwithstanding the foregoing, either party may respond accurately and fully to any question, inquiry or request for information when required by legal process.  Upon execution of this Agreement, the parties will work together to develop a mutually agreeable communication plan and message regarding your departure from the Company and such plan will indicate that your departure was “by mutual agreement” (or similar words to that effect).  You agree and acknowledge that the foregoing shall not operate to impede disclosure obligations the Company may have with respect to your departure from the Company.

 

12.                               Withholding Taxes.  All forms of compensation referred to in this Agreement are subject to applicable withholding and payroll taxes.

 

13.                               Other Agreements.  Except as otherwise required by the terms of Paragraph 6 above, and as set forth below, this Agreement renders null and void all prior agreements between you and the Company relating to the subject matter of this Agreement and constitutes the entire agreement between you and the Company regarding the subject matter of this Agreement.  This Agreement may be modified only in a written document signed by you and a duly authorized officer of the Company.  For the avoidance of doubt, you shall continue to be bound by and comply with the Confidential Information and Assignment Agreement (the “CIAA”) executed by you and such compliance is a condition precedent to your receipt of any and all benefits provided to you under this Agreement.

 

14.                               Confidentiality of Agreement.  You agree that you will not disclose to others the non-public terms of this Agreement, except that you may disclose such information to your family members, attorney or tax adviser if such individuals agree that they will not disclose to others the terms of this Agreement.

 

4

 

15.                               Severability.  If any term of this Agreement is held to be invalid, void or unenforceable, the remainder of this Agreement will remain in full force and effect and will in no way be affected, and the parties will use their best efforts to find an alternate way to achieve the same result.

 

16.                               Choice of Law.  This Agreement will be construed and interpreted in accordance with the laws of the State of New York (other than its choice-of-law provisions).  Any action arising out of this Agreement shall be brought in the state or federal courts located in the City of New York and both parties submit to the exclusive jurisdiction of any such court.

 

17.                               Execution.  This Agreement may be executed in counterparts, each of which will be considered an original, but all of which together will constitute one agreement.  Execution of a facsimile copy will have the same force and effect as execution of an original, and a facsimile signature will be deemed an original and valid signature.

 

Please indicate your agreement with the above terms by signing below.

 

	
 
    	
Very   truly yours,
    
	
 
    	
 
    
	
 
    	
TREMOR   VIDEO, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Adam Lichstein
    
	
 
    	
 
    	
Name:   Adam Lichstein
    
	
 
    	
 
    	
Title:   COO & General Counsel
    

 

I have read, understand and accept the terms of this Agreement.

 

 

	
/s/   Todd Sloan
    	
 
    	
 
    
	
Todd   Sloan
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Dated:  
    	
March 25,   2015
    	
 
    	
 
    
				

 

5

 

EXHIBIT A

 

RELEASE 1

 

FORM OF GENERAL RELEASE

 

1.                                      Consideration.  I understand that my position with Tremor Video, Inc. (the “Company”) will terminate effective July 1, 2015 unless terminated earlier pursuant to section 1 (the final date of termination the “Separation Date”).  The Company has agreed that if I choose to sign this General Release Agreement (“Release”), the Company will pay me certain severance benefits and provide other consideration pursuant to the terms of the agreement dated March 25, 2015 between myself and the Company (the “Agreement”), and any agreements incorporated therein by reference.  I understand that I am not entitled to such benefits or considerations unless I sign this Release, return it and do not revoke it as described herein.

 

2.                                      General Release.  In consideration for the Company’s agreement set forth in Section 4 above, to the fullest extent permitted by law, you waive, release and promise never to assert any claims or causes of action, whether or not now known, against the Company, as co-employer, or their respective predecessors, successors or past or present subsidiaries, stockholders, directors, officers, employees, consultants, attorneys, agents, assigns and employee benefit plans with respect to any matter, including (without limitation) any matter related to your employment with the Company or the termination of that employment, including (without limitation) claims to attorneys’ fees or costs, claims of wrongful discharge, constructive discharge, emotional distress, defamation, invasion of privacy, fraud, breach of contract or breach of the covenant of good faith and fair dealing and any claims of discrimination or harassment based on sex, age, race, national origin, disability or any other basis under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act of 1967, the Americans with Disabilities Act, the New York State Human Rights Law, the New York Executive Law, the New York Civil Practice Law and Rules, the New York Judiciary Law, the New York Labor Law, the New York Civil Rights Law, the New York Administrative Code, the New York City Human Rights Law, and all other laws and regulations relating to employment.  The Company waives and releases any claims against you, if any, known to the Company as of the date of this release.  However, this release covers only those claims that arose prior to the execution of this Agreement.  Execution of this Agreement does not bar any claim that arises hereafter, including (without limitation) a claim for breach of this Agreement.

 

3.                                      Exceptions.  I understand that I am not releasing any claim that cannot be waived under applicable state or federal law, nor am I releasing any rights I may have as an owner and/or holder of the Company’s common stock and stock options.  I am not releasing any rights that I have to be indemnified (including any right to reimbursement of expenses) arising under applicable law, the certificate of incorporation or by-laws (or similar constituent documents of the Company), any indemnification agreement between me and the Company, or any directors’ and officers’ liability insurance policy of the Company.  Nothing in this Release shall prevent me from filing, cooperating with, or participating in any proceeding before the Equal Employment Opportunity Commission or the Department of Labor, except that I hereby acknowledge and agree that I shall not recover any monetary benefits in connection with any such proceeding with

 

 

regard to any claim released in this Agreement.  Nothing in this Release shall prevent me from challenging the validity of the release in a legal or administrative proceeding.

 

4.                                      ADEA Waiver.  I acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have under the ADEA (“ADEA Waiver”).  I also acknowledge that the consideration given for the ADEA Waiver is in addition to anything of value to which I was already entitled.  I further acknowledge that I have been advised by this writing, as required by the ADEA, that:  (a) my ADEA Waiver does not apply to any rights or claims that arise after the date I sign this Release; (b) I should consult with an attorney prior to signing this Release; (c) I have twenty-one (21) days to consider this Release (although I may choose to voluntarily sign it sooner); (d) I have seven (7) days following the date I sign this Release to revoke the ADEA Waiver; and (e) the ADEA Waiver will not be effective until the date upon which the revocation period has expired unexercised, which will be the eighth day after I sign this Release (“Effective Date”).  Nevertheless, my general release of claims, except for the ADEA Waiver, is effective immediately, and not revocable.

 

5.                                      Representations.  I hereby represent that I have been paid all compensation owed and for all hours worked, have received all the leave and leave benefits and protections for which I am eligible, pursuant to the Family and Medical Leave Act or otherwise, and have not suffered any on-the-job injury for which I have not already filed a claim.

 

Agreed:

 

	
TREMOR   VIDEO, INC.
    	
TODD   SLOAN
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    
				

 

	
Date:
    	
Date:
    

 

7

 

EXHIBIT B

 

RELEASE 2: To Be Signed No Earlier Than The Separation Date

 

FORM OF GENERAL RELEASE

 

1.                                      Consideration.  I understand that my position with Tremor Video, Inc. (the “Company”) terminated effective                 , 2015 (the “Separation Date”).  The Company has agreed that if I choose to sign this General Release Agreement (“Release”), the Company will pay me certain severance benefits and provide other consideration pursuant to the terms of the agreement dated March     , 2015 between myself and the Company (the “Agreement”), and any agreements incorporated therein by reference.  I understand that I am not entitled to such benefits or considerations unless I sign this Release, return it and do not revoke it as described herein.

 

2.                                      General Release.  In consideration for the Company’s agreement set forth in Section 4 above, to the fullest extent permitted by law, you waive, release and promise never to assert any claims or causes of action, whether or not now known, against the Company, as co-employer, or their respective predecessors, successors or past or present subsidiaries, stockholders, directors, officers, employees, consultants, attorneys, agents, assigns and employee benefit plans with respect to any matter, including (without limitation) any matter related to your employment with the Company or the termination of that employment, including (without limitation) claims to attorneys’ fees or costs, claims of wrongful discharge, constructive discharge, emotional distress, defamation, invasion of privacy, fraud, breach of contract or breach of the covenant of good faith and fair dealing and any claims of discrimination or harassment based on sex, age, race, national origin, disability or any other basis under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act of 1967, the Americans with Disabilities Act, the New York State Human Rights Law, the New York Executive Law, the New York Civil Practice Law and Rules, the New York Judiciary Law, the New York Labor Law, the New York Civil Rights Law, the New York Administrative Code, the New York City Human Rights Law, and all other laws and regulations relating to employment.  The Company waives and releases any claims against you, if any, known to the Company as of the date of this release.  However, this release covers only those claims that arose prior to the execution of this Agreement.  Execution of this Agreement does not bar any claim that arises hereafter, including (without limitation) a claim for breach of this Agreement.

 

3.                                      Exceptions.  I understand that I am not releasing any claim that cannot be waived under applicable state or federal law, nor am I releasing any rights I may have as an owner and/or holder of the Company’s common stock and stock options.  I am not releasing any rights that I have to be indemnified (including any right to reimbursement of expenses) arising under applicable law, the certificate of incorporation or by-laws (or similar constituent documents of the Company), any indemnification agreement between me and the Company, or any directors’ and officers’ liability insurance policy of the Company.  Nothing in this Release shall prevent me from filing, cooperating with, or participating in any proceeding before the Equal Employment Opportunity Commission or the Department of Labor, except that I hereby acknowledge and agree that I shall not recover any monetary benefits in connection with any such proceeding with

 

8

 

regard to any claim released in this Agreement.  Nothing in this Release shall prevent me from challenging the validity of the release in a legal or administrative proceeding.

 

4.                                      ADEA Waiver.  I acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have under the ADEA (“ADEA Waiver”).  I also acknowledge that the consideration given for the ADEA Waiver is in addition to anything of value to which I was already entitled.  I further acknowledge that I have been advised by this writing, as required by the ADEA, that:  (a) my ADEA Waiver does not apply to any rights or claims that arise after the date I sign this Release; (b) I should consult with an attorney prior to signing this Release; (c) I have twenty-one (21) days to consider this Release (although I may choose to voluntarily sign it sooner); (d) I have seven (7) days following the date I sign this Release to revoke the ADEA Waiver; and (e) the ADEA Waiver will not be effective until the date upon which the revocation period has expired unexercised, which will be the eighth day after I sign this Release (“Effective Date”).  Nevertheless, my general release of claims, except for the ADEA Waiver, is effective immediately, and not revocable.

 

5.                                      Representations.  I hereby represent that I have been paid all compensation owed and for all hours worked, have received all the leave and leave benefits and protections for which I am eligible, pursuant to the Family and Medical Leave Act or otherwise, and have not suffered any on-the-job injury for which I have not already filed a claim.

 

Agreed:

 

	
TREMOR   VIDEO, INC.
    	
TODD   SLOAN
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    
				

 

	
Date:
    	
Date:
    

 

9Fifth Third amendment May 7, 2015

 Exhibit 10.1 

FIRST AMENDMENT TO LOAN AGREEMENT, 

NON-REVOLVING LINE OF CREDIT PROMISSORY NOTE, 

ASSIGNMENT AND SECURITY AGREEMENT AND PLEDGE OF DEPOSIT 

ACCOUNT, SALVAGE PROCEEDS ACCOUNT, AND 

ASSIGNMENT AND SECURITY AGREEMENT AND PLEDGE OF DEPOSIT 

ACCOUNT, INTEREST RESERVE ACCOUNT 

THIS First Amendment To Loan Agreement, Non-Revolving Line Of Credit Promissory Note, Assignment And Security Agreement And Pledge Of
Deposit Account, Salvage Proceeds Account, And Assignment And Security Agreement And Pledge Of Deposit Account, Interest Reserve Account (“Amendment”) is made and entered into as of the 7th day of May, 2015, by and between
ODYSSEY MARINE EXPLORATION, INC., a Nevada corporation (“Borrower”), and FIFTH THIRD BANK, an Ohio banking corporation, (“Lender”). 

RECITALS 
 A. Borrower
requested, and Lender made available to Borrower, a loan (the “Loan”) in the amount of $10,000,000.00, as evidenced by that certain Non-Revolving Line of Credit Promissory Note made by Borrower in favor of Lender dated May 7,
2014, in the original principal amount of Ten Million and 00/100 Dollars ($10,000,000.00) (the “Note”). The Loan is evidenced and secured by, among other things, (i) that certain Loan Agreement made by Borrower and Lender,
dated May 7, 2014 (the “Loan Agreement”), (ii) that certain Collateral Assignment of Rights to Proceeds from Borrower to Lender, dated May 7, 2014 (the “Proceeds Assignment”) encumbering
Borrower’s rights to proceeds from that certain Master Services Agreement dated March 7, 2014 (the “Master Services Agreement”) between Borrower and Ira O. Kane as Receiver for Recovery Limited Partnership and Columbus
Exploration, LLC (the “Receiver”) for recovery of gold coins and gold bars from the wreck of the SS Central America, certain property as more particularly described therein (the “Collateral”), (iii) that
certain Assignment and Security Agreement and Pledge of Deposit Account, Salvage Proceeds Account, from Borrower to Lender, dated May 7, 2014 (the “Salvage Account Assignment”) encumbering Borrower’s Deposit Account #[***]
(which replaced Account #[***]) established with Lender, (iv) that certain Assignment and Security Agreement and Pledge of Deposit Account, Interest Reserve Account, from Borrower to Lender, dated May 7, 2014 (the “Reserve Account
Assignment”) encumbering Borrower’s Deposit Account #[***] (which replaced Account #[***]) established with Lender, and (v) that certain UCC Financing Statement filed May 23, 2014, with the Nevada Secretary of State, initial
filing number 2014012912-8 (the “Financing Statement”). The Note, Loan Agreement, Proceeds Assignment, Salvage Account Assignment, Reserve Account Assignment, Financing Statement, and all other documents evidencing, securing,
executed or delivered in connection with the Loan are referred to hereinafter as the “Loan Documents.” 
 B. Borrower is
also the borrower from Lender under (i) that certain Renewal Commercial Term Promissory Note dated July 11, 2013, in the original principal amount of Five Million and 00/100 Dollars ($5,000,000.00), and (ii) that certain Renewal
Commercial Promissory Note dated July 11, 2013, in the original principal amount of One Million Three Hundred Two Thousand and 00/100 Dollars ($1,302,000.00) secured, among other things, by a mortgage on certain real property owned by Borrower
(the “Additional Loans”). 

  
 1 

 C. Borrower has requested Lender to extend the Maturity Date of the Note, and Lender is willing
to extend Maturity Date of the Note on the terms and conditions hereinafter set forth. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements hereinafter set forth, the parties hereto do
hereby agree as follows: 
 1. Recitals. The Recitals hereinabove contained are true and correct and are made a part
hereof. 
 2. Definitions. Capitalized terms used but not defined herein shall have the meaning ascribed thereto
in the Loan Documents.  
 3. Loan Extension. So long as no Event of Default (as hereafter defined) occurs hereunder
and subject to the conditions set forth in this Amendment, Lender agrees to extend the Maturity Date of the Note through December 17, 2015 (the “Extended Maturity Date”). 

4. Payments to Lender. In addition to the terms of payment set forth in the Note and other Loan Documents, Borrower shall
make the following payments to Lender: 
 (a) Borrower shall simultaneously with the execution of this Amendment pay to Lender the
interest due under the Loan as of May 7, 2015 in the amount of $33,165.72. 
 (b) On or before August 31, 2015, Borrower shall
make a principal payment under the Note of not less than One Million Four Hundred Thousand and 00/100 Dollars ($1,400,000.00). Thereafter, the principal balance of the Note shall not be permitted by Borrower to exceed the amount reasonably
determined from time to time by Lender to be the amount of Compensation remaining to be paid by the Receiver to Borrower under Article 8 of the Master Services Agreement. Borrower shall pay from time to time to Lender within five (5) business
days from notice the amount of principal necessary to maintain compliance with the preceding sentence. 
 (c) If Borrower receives in excess
of One Million and 00/100 Dollars ($1,000,000.00) in the aggregate outside of the normal course of its business operations, including without limitation in the form of equity investment or loan repayment, then Borrower shall pay to Lender within two
(2) business days after demand the amount of such excess required by Lender against the principal due on the Loan or any of the Additional Loans, as determined by Lender in its sole and absolute discretion. “Normal course of business
operations” shall mean marine archeological exploration, shipwreck salvage services, deep-ocean mineral exploration, and the provision to government and companies of deep-ocean expertise, equipment and vessel charter. Notwithstanding the
foregoing, there shall not be included in the foregoing excess payment requirement (i) amounts received by Borrower pursuant to that certain Purchase Agreement dated March 11, 2015 (as amended through April 29, 2015, the
“Purchase Agreement”), among the Borrower, Minera del Norte, S.A. de C.V. (“MINOSA”), and Penelope Mining LLC, upon the issuance of up to 31,300,297 shares of the Borrower’s Class AA Preferred Stock and the issuance
of up to 31,300,297 shares of the 

  
 2 

 
Borrower’s common stock issuable upon conversion of the Class AA Preferred Stock, in each case calculated after giving effect to the one-for-six reverse stock split contemplated by Proposal
3(b) of the Borrower’s Proxy Statement for its annual meeting of shareholders to be held June 9, 2015 (the “Proxy Statement”), (ii) any remaining loan amounts that may be received on the $14.75 million aggregate loan
from MINOSA described in the Purchase Agreement, or (ii) any financing received for a specific project and dedicated exclusively for that project. 

(d) Borrower shall pay simultaneously with execution of this Amendment funds in the aggregate amount of (i) all costs and expenses
incurred in connection with the negotiating and preparation of this Amendment and the transactions contemplated hereby, including without limitation Lender’s attorneys’ fees and costs, and (ii) the credit extension fee in the amount
of $20,000.00. 
 (e) Borrower shall continue to pay accrued interest monthly on the
7th day of each month until the Extended Maturity Date, at which time all principal and accrued interest shall be immediately due and payable. 

(f) If Borrower’s shareholders fail, on or before June 9, 2015, to adopt and approve the Purchase Agreement, the Loan shall be in
default and all principal and accrued interest under the Note shall be immediately due and payable. 
 5. Amendments to Account
Assignments. The Salvage Account Assignment is amended to replace Deposit Account #[***] with Deposit Account #[***]. The Reserve Account Assignment is amended to replace Deposit Account #[***] with Deposit Account #[***]. 

6. Closing Requirements. As a condition precedent to Lender’s execution and delivery of this Agreement: 

(a) Lender shall have received the following documents, duly authorized and executed by Borrower, each in form and substance satisfactory to
Lender in Lender’s sole and absolute discretion: 
  

	 	(i)	an original of this Agreement (or counterparts hereto), duly authorized and executed by Borrower; 

  

	 	(ii)	Borrower’s Certificate; 

  

	 	(iii)	Assurance Agreement; 

  

	 	(iv)	Allonge to the Note; 

  

	 	(v)	Closing Statement; 

  

	 	(vi)	Such other documents or instruments deemed to be necessary or proper by Lender to effectuate the terms of this Agreement; and 

  
 3 

	 	(vii)	Receiver’s acknowledgement and consent to the assignment by Borrower to Lender of Borrower’s rights to proceeds under the Master Services Agreement, in accordance with the Collateral Assignment of Rights to
Proceeds from Borrower in favor of Lender; 

 (b) Lender shall have received from Borrower such financial information as
contained in the sworn Borrower’s Affidavit, which has been executed at the same time as this Agreement. 
 (c) Borrower shall be in
compliance with all of the other terms of the Loan and the Additional Loans. 
 7. Covenants. Borrower agrees as
follows:  
 (a) Borrower shall not obtain or enter into any additional financing or indebtedness other than pursuant to the Purchase
Agreement, or otherwise encumber or allow any lien against any assets of Borrower, without the prior written consent of Lender, which may be withheld by Lender in Lender’s sole and absolute discretion. 

(b) No later than the tenth (10th) day of each month starting June 2015, Borrower
shall submit to Lender a written report, in form and content acceptable to Lender, concerning the progress of monetization of the recovered cargo from the SS Central America and the legal proceedings relating to the salvage, custody and the proceeds
from monetization of the recovered cargo. 
 (c) Borrower shall continue to comply with all applicable covenants, obligations, terms and
conditions of the Loan Documents, the Additional Loans and this Amendment. 
 (d) Borrower acknowledges and agrees that any default under
any indebtedness existing from time to time of Borrower to Lender of any kind or nature, including without limitation the Loan and/or the Additional Loans, is a default under all indebtedness of Borrower to Lender, whether or not so specified in the
provisions of any particular loan. In addition, Borrower acknowledges and agrees that Lender shall have the benefit of all collateral given by Borrower to or for the benefit of Lender with respect to all indebtedness of Borrower to Lender, with the
result that all indebtedness of Borrower to Lender is cross-defaulted and cross-collateralized, whether or not so specified in the provisions of any particular loan. 

8. Confirmation of the Loan and the Amounts Due. Borrower, in consideration of the matters described in this Agreement,
and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged, hereby covenants and agrees for the benefit of Lender and its respective successors, transferees, participants and assigns as follows: 

(a) As of May 7, 2015, the aggregate outstanding balances on the Note, prior to payments under Section 4 above, are: 

 

					
	 Principal
		$	7,684,514.25	  
	 Interest
		$	33,165.72	  
		  	  
	  
	 
	 TOTAL
		$	7,717,679.97	  

  
 4 

 Borrower acknowledges that such amount excludes attorneys’ fees and expenses incurred by
Lender in connection with this Amendment. 
 (b) The Loan Documents and all documents given in connection with the Additional Loans are
valid and enforceable according to their terms. 
 9. Events of Default. In addition to events of default set forth in
the Loan Documents and the Additional Loans, Lender shall be entitled to exercise all rights and remedies available under the Loan Documents, the Additional Loans and applicable law upon the occurrence of the following events (each, an
“Event of Default”): 
 (a) if any of the representations, warranties or covenants made by Borrower either set forth
in this Amendment or in any of the Loan Documents or in any documents relating to the Additional Loans or in any other document delivered in connection with this Amendment are determined at any time to have been known to Borrower to be false or
misleading in any material respect when made and adversely affect the interests of Lender; or 
 (b) if Borrower fails to duly and promptly
observe, perform and discharge any covenant, term, condition or agreement contained in this Amendment or in any of the Loan Documents or any documents relating to the Additional Loans (without the application of any applicable notice or cure period
set forth therein). 
 10. Remedies. Upon the occurrence of an Event of Default under this Amendment, in addition to
all of the rights and remedies available to Lender under the Loan Documents and applicable law, interest shall be calculated retroactively from May 7, 2015, at the Default Interest Rate, such that all accrued and accruing default interest shall
become immediately due and payable. Borrower acknowledges and confirms that all grace or cure periods provided in any of the Loan Documents are hereby deleted and of no force or effect, and, upon the occurrence of an Event of Default, Lender shall
be entitled to immediately exercise all rights and remedies available under this Amendment, the Loan Documents, the Additional Loans and applicable law against Borrower, including the right to declare the unpaid principal balance and accrued but
unpaid interest on the Note and the Additional Loans, and all other amounts due under the Note, the Loan Documents and the Additional Loans, at once due and payable. 

11. Representations and Warranties and Agreements. Borrower represents and warrants, covenants and agrees, as applicable,
as follows: 
 (a) Borrower hereby affirms and warrants that all of the warranties made in the Loan Documents, and any other
documents or instruments recited herein or executed with respect thereto directly or indirectly, are true and correct as of the date hereof and that Borrower is not in default of any of the foregoing nor aware of any default with respect thereto,
and that Borrower has no defenses or rights of offset with respect to any indebtedness 

  
 5 

 
to the Bank. Borrower hereby releases the Bank from any cause of action against it existing as of the date of execution hereof. The rights and defenses being waived and released hereunder include
without limitation any claim or defense based on the Bank having charged or collected interest at a rate greater than that allowed to be contracted for by applicable law as changed from time to time, provided, however, in no event shall such waiver
and release be deemed to change or modify the terms of the Loan Documents which provide that sums paid or received in excess of the maximum rate of interest allowed to be contracted for by applicable law, as changed from time to time, reduce the
principal sum due, said provision to be in full force and effect. 
 (b) this Agreement is a valid, binding and enforceable obligation of
Borrower and does not violate any law, rule, regulation, contract or agreement otherwise enforceable by or against the Borrower; 
 (c) all
financial statements delivered by Borrower to Lender prior to the date of this Agreement present fairly, in all material respects, the financial condition and results of operations of the Company on a consolidated basis as of the dates and for the
periods stated therein; 
 (d) Borrower has engaged an attorney or attorneys in connection with the preparation and review of this
Agreement, has specifically discussed with its attorneys the meaning and effect of this Agreement, and has carefully read and understood the scope of each provision contained herein, and has not relied upon any representation or statement made by
Lender or by any representative of Lender with regard to the subject matter, basis or effect of this Agreement; 
 (e) Borrower has entered
into this Agreement voluntarily and has not been coerced by Lender or any other party in any manner and have received actual and adequate consideration to enter into this Agreement; 

(f) Borrower shall comply with all applicable terms and conditions of the Loan Documents as amended by this Amendment; 

(g) Borrower has the power and authority to execute, deliver and perform all terms under this Agreement and all related documents to which it
is a party and has taken all necessary action to authorize such execution, delivery and performance. Borrower’s execution of this Agreement and its performance of its obligations hereunder are not subject to any further approval, vote or
contingency from any person or committee; 
 (h) Borrower has disclosed all pending or threatened litigation, administrative ruling or
investigation by any federal or state agency having jurisdiction over Borrower which, if determined adversely to Borrower, would have a material adverse effect on such Borrower’s execution, delivery, or enforceability of this Agreement; 

(i) The execution and delivery of this Agreement and the performance by Borrower of its obligations hereunder will not conflict with or be a
breach of any provision of any law, regulation, judgment, order, decree, writ, injunction, contract, agreement or instrument 

  
 6 

 
to which Borrower is subject; and Borrower has obtained any consent, approval, authorization or order of any court or governmental agency or body required for the execution, delivery and
performance by Borrower thereof; and 
 (j) Borrower believes, and has no cause or reason to not believe, that Borrower can perform each and
every covenant contained in this Agreement. 
 (k) This Amendment shall be deemed a Florida contract and shall be construed according to the
laws of the State of Florida, regardless of whether this Amendment is executed by certain of the parties hereto in other states. 
 (l)
Borrower confirms and ratifies that all Loan Documents, as amended by this Amendment, and all other documents given by Borrower to Lender in connection with the Loan are and remain valid, binding and enforceable. 

12. Bankruptcy. Borrower hereby agrees that, in consideration of the recitals and mutual covenants contained herein, and
for other good and valuable consideration, including the forbearance of Lender from exercising the rights and remedies otherwise available to it under the Loan Documents, the receipt and sufficiency of which are hereby acknowledged, in the event
Borrower shall (i) file with any bankruptcy court of competent jurisdiction or be the subject of any petition (which Borrower fails to discharge within sixty (60) days of the filing of such petition) under Title 11 of the U.S. Code, as
amended; (ii) be the subject of any order for relief issued under such Title 11 of the U.S. Code, as amended; (iii) file or be the subject of any petition (which Borrower fails to discharge within sixty (60) days of the filing of such
petition) seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any present or future federal or state act or law relating to bankruptcy, insolvency, or other relief for debtors;
(iv) seek or consent to or acquiesce in the appointment of any trustee, receiver, conservator, or liquidator; or (v) be the subject of any order, judgment or decree entered by any court of competent jurisdiction approving a petition filed
against such party for any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any present or future federal or state act or law relating to bankruptcy, insolvency, or relief for debtors, Lender
shall thereupon be entitled to relief from any automatic stay imposed by Section 362 of Title 11 of the U.S. Code, as amended, or otherwise, on or against the exercise of the rights and remedies otherwise available to Lender as provided in Loan
Documents, and as otherwise provided by law. Borrower further represents and warrants that Borrower has not entered into this Amendment or the transactions contemplated herein to provide preferential treatment to Lender or any other creditor of
Borrower in anticipation of seeking relief under the Bankruptcy Code, nor has Borrower entered into this Amendment or the transactions contemplated herein with the actual intent to hinder, delay or defraud any creditors of Borrower. 

13. No Novation. It is the intent of the parties hereto that this Amendment shall not in any way adversely affect the
lien rights or any other rights or obligations of the parties under the Loan Documents. To the extent this Amendment or any provision hereof shall be construed by a court of competent jurisdiction as operating to subordinate the lien priority of the
Loan Documents to any claim which would otherwise be subordinate thereto (and provided that ruling is not appealed or appealable), such provision or provisions shall be void and of no force and 

  
 7 

 
effect; except that this Amendment shall constitute, as to any provision so construed, a lien upon the collateral subordinate to such third person’s claims, incorporating by reference the
terms of the Loan. The Loan Documents shall then be enforced pursuant to the terms therein contained, independent of any such provisions. 

14. Sale of Loan Documents. Lender, to the extent already provided in the Loan Documents, may from time to time, without
prior notice to Borrower, as the context so requires, sell or assign, in whole or in part, or grant participations in, the Note and/or the obligations evidenced thereby. In all events, the holder of any such sale, assignment or participation,
if the applicable agreement between Lender and such holder so provides, shall be: (a) entitled to all the rights, obligations and benefits of Lender; and (b) deemed to hold and may exercise the rights of setoff or banker’s lien with
respect to any and all obligations of such holder to Borrower in each case as fully as though Borrower were directly indebted to such holder. Lender may in its discretion give notice to Borrower of such sale, assignment or participation;
however, the failure to give such notice shall not affect any of Lender’s or such holder’s rights. 
 15.
Miscellaneous. 
 (a) Lender is under no obligation to grant or to make any further or additional loans to Borrower or
to extend, amend or modify the Loan Documents or any other document executed in connection therewith. 
 (b) This Amendment shall be
construed, interpreted, enforced and governed by and in accordance with the laws of the State of Florida, excluding the principles thereof governing conflicts of law. 

(c) This Amendment shall be binding upon, and shall inure to the benefit of, the respective successors and assigns of the parties hereto. 

(d) Time is of the essence of each provision of this Amendment. 

(e) Borrower shall pay all documentary stamp taxes, if any, intangible taxes, if any, recording and filing costs and fees, Lender’s
attorney’s fees and all other costs and fees whatsoever incurred with respect to, growing from or arising out of this Amendment and any other document or instrument executed in connection with this Amendment. Borrower hereby agrees to
indemnify, defend and hold Lender harmless therefrom. If any such sums are advanced by Lender, they shall be due and payable on demand and shall bear interest at the Default Rate until paid. 

(f) This Amendment, the Loan Documents and the Additional Loans constitute the entire agreement (including all representations and promises
made) between the parties with respect to the subject matter hereof and no modification or waiver shall be effective unless in writing and signed by the party to be charged. 

(g) The parties may execute this Amendment and any other agreement executed pursuant to it in counterparts. Each executed counterpart will be
deemed to be an original, and all of them, together, will constitute the same agreement. This Amendment will become effective as of its stated date of execution, when each party has signed a counterpart and all the executed counterparts have been
delivered to Lender. 

  
 8 

 (h) The Loan Documents and all of the documents executed in connection with the foregoing and any
and all prior modifications and extensions to any and all of the foregoing, including without limitation that certain Agreement Waiving Right to Jury dated May 7, 2014, are hereby ratified, confirmed and approved in all respects except as
specifically amended by this Amendment. 
 (i) In the event the conditions to the effectiveness of this Amendment are not satisfied on or
prior to 5 p.m. on May 7, 2015, this Amendment shall be automatically null and void and of no further force or effect. 
 VENUE AND
ORAL STATEMENT 
 ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AMENDMENT OR ANY OTHER LOAN
DOCUMENT, SHALL BE BROUGHT AND MAINTAINED EXCLUSIVELY IN THE COURTS OF THE STATE OF FLORIDA OR IN THE UNITED STATES DISTRICT COURT FOR THE MIDDLE DISTRICT OF FLORIDA. BORROWER HEREBY EXPRESSLY AND IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE
COURTS OF THE STATE OF FLORIDA AND OF THE UNITED STATES DISTRICT COURT FOR THE MIDDLE DISTRICT OF FLORIDA FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE. BORROWER FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED MAIL,
POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF FLORIDA. BORROWER HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY
SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

BORROWER AND LENDER AGREE THAT THEY WAIVE ALL RIGHTS TO RELY ON OR ENFORCE ANY ORAL STATEMENTS MADE PRIOR TO OR SUBSEQUENT TO THE SIGNING OF
THIS DOCUMENT. 
 WAIVER OF JURY TRIAL 

BORROWER AND LENDER HEREBY AGREE AS FOLLOWS: (A) EACH OF THEM KNOWINGLY, VOLUNTARILY, INTENTIONALLY, AND IRREVOCABLY WAIVES ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN ANY LAWSUIT, PROCEEDING, COUNTERCLAIM, OR OTHER LITIGATION (AN “ACTION”) BASED UPON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY RELATED DOCUMENTS, INSTRUMENTS, OR AGREEMENTS
(WHETHER ORAL OR WRITTEN AND WHETHER EXPRESS OR IMPLIED AS A RESULT OF A COURSE OF DEALING, A COURSE OF CONDUCT, A STATEMENT, OR OTHER ACTION OF EITHER PARTY); (B) NONE OF THEM MAY SEEK A TRIAL BY JURY IN

  
 9 

 
ANY SUCH ACTION; (C) NONE OF THEM WILL SEEK TO CONSOLIDATE ANY SUCH ACTION (IN WHICH A JURY TRIAL HAS BEEN WAIVED) WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN
WAIVED; AND (D) NONE OF THEM HAS IN ANY WAY AGREED WITH OR REPRESENTED TO THE OTHER OF THEM THAT THE PROVISIONS OF THIS SECTION WILL NOT BE FULLY ENFORCED IN ALL INSTANCES. 

[Remainder of Page Intentionally Left Blank] 

  
 10 

 [Signature page to Amendment] 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the day and year first above written. 

 

									
	WITNESSES:				BORROWER:
					
			 /s/ Teresa Jimenez
						 ODYSSEY MARINE EXPLORATION, INC.,

a Nevada corporation

	Print Name:		Teresa Jimenez						
					
			 /s/ Melisa Rivera Zambrana
				By:		 /s/ Philip Devine

	Print Name:		 Melisa Rivera Zambrana
				Name:		 Philip Devine

							Title:		 CFO

  

					
	STATE OF Florida				)
					) SS:
	COUNTY OF Hillsborough				)

 The foregoing instrument was acknowledged before me this 8th day of May, 2015, by Philip Devine, as the CFO of
ODYSSEY MARINE EXPLORATION, INC., a Nevada corporation, on behalf of the banking corporation, who produced his driver’s license as identification. 

 

	
	             /s/ Teresa Jimenez

	NOTARY PUBLIC, State of Florida
	
	             Teresa Jimenez

	Print Name
	
	Commission No. 085112
	
	My Commission Expires:1/27/2018

  
 11 

 [Signature page to Amendment] 

 

									
	WITNESSES:				LENDER:
			
	  
				FIFTH THIRD BANK, an Ohio banking corporation
	Print Name:		  
				
				
					By:		  

	Print Name:		  
				Name:		  

							Title:		  

  

					
	STATE OF FLORIDA				)
					) SS:
	COUNTY OF COLLIER				)

 The foregoing instrument was acknowledged before me this 8th day of May, 2015, by
                                        , as the
                                         of FIFTH
THIRD BANK, an Ohio banking corporation, successor by merger with Fifth Third Bank, a Michigan banking corporation, on behalf of the banking corporation, who q is personally known to me or q produced his driver’s license as identification. 
  

			
	  

	NOTARY PUBLIC, State of Florida
	
	  

	Print Name		
		
	Commission No.		  

 
			
		
	My Commission Expires:		  

  
 12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00244-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00244-of-00352.parquet"}]]