Document:

Amendment No. 3, dated as of January 25, 2010, to the Credit Agreement

 EXHIBIT 4.1 
 EXECUTION VERSION 
 AMENDMENT NO. 3 
 AMENDMENT NO. 3 (this “Amendment”) dated as of January 25, 2010 among CONSTELLATION BRANDS, INC. (the
“Borrower”), the “Subsidiary Guarantors” referred to on the signature pages hereto, JPMORGAN CHASE BANK, N.A., in its capacity as Administrative Agent (the “Administrative Agent”) pursuant to authority
granted by the Lenders pursuant to Section 10.02 of the Credit Agreement referred to below and in its capacity as issuing lender, BANK OF AMERICA, N.A., in its capacity as Swingline Lender, THE BANK OF NOVA SCOTIA, in its capacity as Issuing
Lender, JPMORGAN SECURITIES INC., in its capacity as joint bookrunner, COBANK, ACB, in its capacity as joint bookrunner, BANC OF AMERICA SECURITIES LLC, in its capacity as joint bookrunner and COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.,
“RABOBANK NEDERLAND”, NEW YORK BRANCH in its capacity as joint bookrunner. 
 The Borrower, the “Subsidiary
Guarantors” party thereto, the Lenders party thereto, the Issuing Lenders party thereto, the Swingline Lender and the Administrative Agent are parties to a Credit Agreement dated as of June 5, 2006 and amended as of February 23, 2007
and November 19, 2007 (as modified and supplemented and in effect from time to time, the “Credit Agreement”). 
 The Borrower, the Subsidiary Guarantors, the Administrative Agent, pursuant to authority granted by, and having obtained the consent of, Lenders party to the Credit Agreement constituting the Required Lenders, and the Extending Revolving
Lenders and Extending Tranche B Term Loan Lenders referred to herein, now wish to amend certain provisions in the Credit Agreement, and accordingly, the parties hereto hereby agree to amend the Credit Agreement as follows: 
 Section 1. Definitions. Except as otherwise defined in this Amendment, terms defined in the Credit Agreement (as amended hereby)
are used herein as defined therein. 
 Section 2. Amendments. Subject to the satisfaction of the conditions
precedent specified in Section 5 below, but effective as of the date hereof, the Credit Agreement shall be amended as follows: 
 (A) References Generally. References in the Credit Agreement (including references to the Credit Agreement as amended hereby) to “this Agreement” (and indirect references such as “hereunder”, “hereby”,
“herein” and “hereof”) shall be deemed to be references to the Credit Agreement as amended hereby. 
 (B)
Definitions. Section 1.01 of the Credit Agreement shall be amended by (i) deleting the definition of “Revolving Commitment Termination Date” and (ii) amending the following definitions to read in their entirety as
follows (to the extent already included in said Section 1.01) and (iii) adding the following definitions in the appropriate alphabetical location (to the extent not already included in said Section 1.01): 
 “2012 Senior Subordinated Notes” means Borrower’s 8 1/8% Senior Subordinated Notes due January 15,
2012 issued in an original principal amount of U.S.$250,000,000. 

 “Amendment No. 3 Effective Date” means January 25, 2010.

 “Applicable Rate” means, for any day, (i) in the case of any Tranche B Term Loan, (x) with
respect to Non-Extending Tranche B Term Loan Lenders with respect to any (A) ABR Borrowing, 0.50% and (B) Eurodollar Borrowing, 1.50% and (y) with respect to Extending Tranche B Term Loan Lenders with respect to any (A) ABR
Borrowing, 1.75% and (B) Eurodollar Borrowing, 2.75% and (ii) (x) in the case of any Revolving Loan made by a Non-Extending Revolving Lender or an Extending Revolving Lender or Tranche A Term Loan, with respect to any ABR
Borrowing (including any Swingline ABR Borrowing) or Eurodollar Borrowing or Swingline FFBR Borrowing, as the case may be, or (y) with respect to the commitment fees payable hereunder, the rate per annum set forth in the schedules below, as
applicable, based upon the Debt Ratio as of the most recent determination date: 
 Tranche A Loans 
  

					
	 Debt Ratio:
	 	 Tranche A
 Term Loan:
 ABR Rate
	 	 Tranche A Term
 Loan:
 Eurodollar Rate

	 Category 1
 < 2.50 to 1
	 	0.00%	 	1.00%
			
	 Category 2
 3 2.50 to 1
	 	0.25%	 	1.25%

 Non-Extending Revolving Lenders 
  

							
	 Debt Ratio:
	 	 Revolving Loan
 and Swingline Loan: ABR
 Rate and Swingline FFBR
 Rate
	 	 Revolving
 Loan:
 Eurodollar
 Rate
	 	 Commitment
 Fee Rate

	 Category 1
 < 2.50 to 1
	 	0.00%	 	1.00%	 	0.375%
				
	 Category 2
 3 2.50 to 1
	 	0.25%	 	1.25%	 	0.50%

 Extending Revolving Lenders 
  

									
	 Debt Ratio:
	 	 Revolving Loan
 and Swingline
 Loan: ABR Rate
 and Swingline
 FFBR Rate
	 	 Revolving
 Loan:
 Eurodollar
 Rate
	 	 Commitment Fee Rate

	 	 	 	 Revolving
 Commitment
 Utilization >
 50%
	 	 Revolving
 Commitment
 Utilization £
 50%

	 Category 1
 < 2.50 to 1
	 	1.25%	 	2.25%	 	0.375%	 	0.625%
					
	 Category 2
 3 2.50 to 1
	 	1.50%	 	2.50%	 	0.50%	 	0.75%

 For purposes of the foregoing, (i) the Debt Ratio shall be determined as of the
end of each fiscal quarter of the Borrower’s fiscal year based upon the Borrower’s consolidated financial statements delivered pursuant to Section 4.04(a)(i) or Section 6.01(a) or (b) and (ii) subject to the foregoing
provisions of this definition, each change in the Applicable Rate resulting from a change in the Debt Ratio shall be effective during the period commencing on and including the date of delivery to the Administrative Agent of such consolidated
financial statements indicating such change and ending on the date immediately preceding the effective date of the next such change; provided that (A) subject to clauses (B) and (C), at all times prior to the first delivery after
the Effective Date of financial statements pursuant to Section 6.01(a) or (b), the Debt Ratio shall be deemed to be as specified in the certificate of the Borrower delivered on the Effective Date pursuant to Section 5.01(a)(vi),
(B) the Debt Ratio shall be deemed to be in Category 2 at any time that an Event of Default has occurred and is continuing and (C) the Debt Ratio shall be deemed to be in Category 2 if the Borrower fails to deliver the consolidated
financial statements required to be delivered by it pursuant to Section 6.01(a) or (b), during the period from the expiration of the time for delivery thereof until such consolidated financial statements are delivered. 
 Notwithstanding the foregoing, the “Applicable Rate” for any Incremental Term Loan of any Series shall be the respective rates
specified in the Incremental Term Loan Agreement for such Series; provided that, if the interest rate for either Type of any Series of Incremental Term Loans shall be greater than 0.25% above the interest rate for the corresponding Type of
Tranche B Term Loans (including any original issue discount (“OID”) in respect of such Incremental Term Loans in calculation of such interest, with such OID being equated to such increased interest rate in a manner determined by the
Administrative Agent and consistent with GAAP based on an assumed four-year life to maturity), the Applicable Rate for such Type of Tranche B Term Loans shall be automatically adjusted upwards on the date upon which the Incremental Term Loan
Commitments of such Series are established pursuant to Section 2.01(e) so that the interest rate for such Type of such Series of Incremental Term Loans is 0.25% above such interest rate for such Type of Tranche B Term Loans. 

 “Extended Revolving Commitment Termination Date” means
June 5, 2013 (provided that if such day is not a Business Day, the Extended Revolving Commitment Termination Date shall be the immediately preceding Business Day). 
 “Extended Tranche B Term Loan Maturity Date” means June 5, 2015 (provided that if such date is
not a Business Day, the Extended Tranche B Term Loan Maturity Date shall be the immediately preceding Business Day). 
 “Extending Revolving Lenders” means (a) each Lender holding Revolving Commitments agreeing to be an “Extending Revolving Lender” hereunder as evidenced by their execution and delivery of a lender addendum in
form and substance acceptable to, and countersigned by, the Borrower and the Administrative Agent and (b) the Swingline Lender. 
 “Extending Tranche B Term Loan Lenders” means each Tranche B Term Loan Lender agreeing to be an “Extending Tranche B Term Loan Lender” hereunder as evidenced by their execution
and delivery of a lender addendum in form and substance acceptable to, and countersigned by, the Borrower and the Administrative Agent. 
 “Initial Revolving Commitment Termination Date” means June 5, 2011 (provided that if such day is not a Business Day, the Initial Revolving Commitment Termination Date shall be
the immediately preceding Business Day). 
 “Incremental Term Loan Availability Date” means the
day one year prior to the Extended Tranche B Term Loan Maturity Date or, if such day is not a Business Day, the next preceding Business Day. 
 “Initial Tranche B Term Loan Maturity Date” means June 5, 2013 (provided that if such date is not a Business Day, the Initial Tranche B Term Loan Maturity Date shall be the
immediately preceding Business Day). 
 “Lenders” means each Lender that has executed a Lender
Addendum, and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption; provided that from and after
the Initial Revolving Commitment Termination Date and the Initial Tranche B Term Loan Maturity Date, upon the Non-Extending Revolving Lenders and the Non-Extending Tranche B Term Loan Lenders being paid all respective amounts owing to them under
this Agreement, the Non-Extending Revolving Lenders and the Non-Extending Tranche B Term Loan Lenders, as applicable, shall no longer be Lenders without prejudice to the matters set forth in Section 10.03(c) and Section 10.05. Unless the
context otherwise requires, the term “Lenders” includes the Swingline Lender. 

 “Non-Extending Revolving Lenders” means the Revolving
Lenders that are not Extending Revolving Lenders. 
 “Non-Extending Tranche B Term Loan Lenders”
means the Tranche B Term Loan Lenders that are not Extending Tranche B Term Loan Lenders. 
 “Revolving
Availability Period” means the period from and including the Effective Date to but excluding (i) in the case of the Non-Extending Revolving Lenders, the earlier of the Initial Revolving Commitment Termination Date and the date of
termination of the Revolving Commitments of the Non-Extending Revolving Lenders and (ii) in the case of the Extending Revolving Lenders, the earlier of the Extended Revolving Commitment Termination Date and the date of termination of the
Revolving Commitments of the Extending Revolving Lenders. 
 “Revolving Commitment Utilization”
means at any time, a percentage, the numerator of which is the Revolving Loans outstanding at such time and the denominator of which is the Revolving Commitments. 
 “Term Loan Maturity Date” means: (a) with respect to the Tranche A Term Loans, June 5, 2011
(provided that if such day is not a Business Day, the Tranche A Term Loan Maturity Date shall be the immediately preceding Business Day), (b) with respect to the Tranche B Term Loans held by the Non-Extending Tranche B Term Loan Lenders,
the Initial Tranche B Term Loan Maturity Date, (c) with respect to the Tranche B Term Loans held by the Extending Tranche B Term Loan Lenders, the Extended Tranche B Term Loan Maturity Date and (d) with respect to the Incremental Term
Loans of any Series, the date specified in the Incremental Term Loan Agreement of such Series as the final date upon which any payment of principal in respect of Incremental Term Loans of such Series is to be made. 
 “Tranche A Term Loan” means a Loan made pursuant to Section 2.01(b), which may be an ABR Loan and/or a
Eurodollar Loan. 
 (C) The Commitments. Section 2.01 of the Credit Agreement is hereby amended as follows:

 (1) Section 2.01(a) is hereby amended and restated to read in its entirety as follows: 
 “(a) Revolving Loans. Subject to the terms and conditions set forth herein, each Revolving Lender agrees to make
Revolving Loans to the Borrower from time to time during the Revolving Availability Period for such Lender in an aggregate principal amount that will not result in (i) such Lender’s Revolving Exposure exceeding such Lender’s Revolving
Commitment and (ii) the sum of the total Revolving Exposures exceeding the total Revolving Commitments; provided that at no time prior to the Initial Revolving Commitment Termination Date may the sum of the aggregate undrawn stated
amount of Letters of Credit that expire

 
after the fifth Business Day prior to the Initial Revolving Credit Termination Date plus the aggregate amount of the Extending Revolving Lenders’ Revolving Loans (including Swingline Loans)
exceed the aggregate amount of the Revolving Commitments of all of the Extending Revolving Lenders. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving
Loans.” 
 (2) clause (i) of Section 2.01(d) shall be amended by replacing “U.S.$500,000,000” with
“U.S.$650,000,000”. 
 (3) clause (iv) of the second paragraph of Section 2.01(e) shall be
amended by inserting the word “Extended” immediately prior to “Tranche B Term Loan Maturity Date”. 
 (D)
Limitations on Lengths of Interest Periods. Section 2.02(d) of the Credit Agreement is hereby amended as follows: 
 (1) clause (i) is hereby amended and restated to read in its entirety as follows: 
 “(i) any
Revolving Borrowing if the Interest Period requested therefor would begin before and end after the Initial Revolving Commitment Termination Date or begin before and end after the Extended Revolving Commitment Termination Date;” 
 (2) clause (ii) is hereby amended by inserting the word “applicable” immediately prior to “Term Loan Maturity
Date”. 
 (E) Swingline Loans. Section 2.04(a) of the Credit Agreement is hereby amended by adding the words
“for the Extending Revolving Lenders” immediately after “Revolving Availability Period”. 
 (F) Letters
of Credit. Section 2.05 of the Credit Agreement is hereby amended as follows: 
 (1) paragraph (e) is hereby
amended by replacing “Revolving Commitment Termination Date” with “Extended Revolving Commitment Termination Date”. 
 (2) the following new paragraph (o) is hereby added immediately after paragraph (n): 
 “(o) Termination and Re-allocation of Letter of Credit Participations on Fifth Business Day prior to Initial Revolving Commitment Termination Date. Notwithstanding anything contained in this
Agreement or any other Loan Document to the contrary, on the fifth Business Day prior to the Initial Revolving Commitment Termination Date, the interests and participations of the

 
Non-Extending Revolving Lenders in the Letters of Credit outstanding as at the fifth Business Day prior to the Initial Revolving Commitment Termination Date shall automatically terminate and
(i) from and after the fifth Business Day prior to the Initial Revolving Commitment Termination Date, the Non-Extending Revolving Lenders shall have no liability arising from, relating to, in connection with or otherwise in respect of, such
interests and participations or any Letters of Credit, and (ii) such interests and participations in outstanding Letters of Credit shall thereupon automatically and without further action be re-allocated to the extent necessary such that the
interests and participations in such Letters of Credit shall be held by the Extending Revolving Lenders in amounts equal to their respective Applicable Percentages (determined after giving effect to the termination of the interests and
participations of the Non-Extending Revolving Lenders on the fifth Business Day prior to the Initial Revolving Commitment Termination Date, with all such terminations of interests and participations being related as reductions in Revolving
Commitments solely for the purposes of this calculation).” 
 (G) Scheduled Termination. Section 2.08 of the
Credit Agreement is hereby amended as follows: 
 (1) paragraph (a)(iii) is hereby amended and restated to read in its entirety
as follows: 
 “(iii) the Revolving Commitments of the Non-Extending Revolving Lenders shall terminate on
the Initial Revolving Commitment Termination Date and the Revolving Commitments of the Extending Revolving Lenders shall terminate on the Extended Revolving Commitment Termination Date.” 
 (2) the second sentence of paragraph (d) is hereby amended by inserting the words “(other than the reduction of Revolving
Commitments which occurs on the Initial Revolving Commitment Termination Date)” immediately after “Class” where it first appears. 
 (H) Repayment. Section 2.09 of the Credit Agreement is hereby amended as follows: 
 (1) paragraph (a) is hereby amended as follows: 
 (a) clause
(i) is hereby amended and restated to read in its entirety as follows: 
 “(i) to the Administrative
Agent for account of (A) the Non-Extending Revolving Lenders the outstanding principal amount of the Revolving Loans held by the Non-Extending Revolving Lenders on the Initial Revolving Commitment Termination Date and (B) the Extending
Revolving Lenders the outstanding principal amount of the Revolving Loans held by the Extending Revolving Lenders on the Extended Revolving Commitment Termination Date;” 

 (b) clause (iii) is hereby amended and restated to read in its entirety
as follows: 
 “(A) prior to the Amendment No. 3 Effective Date, to the Administrative Agent for
account of the Tranche B Term Loan Lenders the outstanding principal amount of the Tranche B Term Loans on each Principal Payment Date set forth below in the aggregate principal amount set forth opposite such Principal Payment Date (subject to
adjustment pursuant to the first sentence of paragraph (b) of this Section): 
  

			
	 Principal Payment Date
	  	Amount (U.S.$)
	 September 1, 2006
	  	4,500,000
	 December 1, 2006
	  	4,500,000
		
	 March 1, 2007
	  	4,500,000
	 June 1, 2007
	  	4,500,000
	 September 1, 2007
	  	4,500,000
	 December 1, 2007
	  	4,500,000
		
	 March 1, 2008
	  	4,500,000
	 June 1, 2008
	  	4,500,000
	 September 1, 2008
	  	4,500,000
	 December 1, 2008
	  	4,500,000
		
	 March 1, 2009
	  	4,500,000
	 June 1, 2009
	  	4,500,000
	 September 1, 2009
	  	4,500,000
	 December 1, 2009
	  	4,500,000

 (B) from and after the Amendment No. 3 Effective Date, to the
Administrative Agent for account of the Non-Extending Tranche B Term Loan Lenders the outstanding principal amount of the Tranche B Term Loans held by the Non-Extending Tranche B Term Loan Lenders on each Principal Payment Date set forth below in
the aggregate principal amount set forth opposite such Principal Payment Date (subject to adjustment pursuant to the first sentence of paragraph (b) of this Section): 
  

			
	 Principal Payment Date
	  	Amount (U.S.$)
	 March 1, 2011
	  	639,040.70
	 June 1, 2011
	  	639,040.70
	 September 1, 2011
	  	639,040.70
	 December 1, 2011
	  	639,040.70
		
	 March 1, 2012
	  	639,040.70
	 June 1, 2012
	  	639,040.70
	 September 1, 2012
	  	231,037,784.20
	 December 1, 2012
	  	231,037,784.20
		
	 March 1, 2013
	  	231,037,784.20
	 June 1, 2013
	  	231,037,784.20

 (C) from and after the Amendment No. 3 Effective Date, to the
Administrative Agent for account of the Extending Tranche B Term Loan Lenders the outstanding principal amount of the Tranche B Term Loans held by the Extending Tranche B Term Loan Lenders on each Principal Payment Date set forth below in the
aggregate principal amount set forth opposite such Principal Payment Date (subject to adjustment pursuant to the first sentence of paragraph (b) of this Section): 
  

			
	 Principal Payment Date
	  	Amount (U.S.$)
	 March 1, 2011
	  	750,000
	 June 1, 2011
	  	750,000
	 September 1, 2011
	  	750,000
	 December 1, 2011
	  	750,000
		
	 March 1, 2012
	  	750,000
	 June 1, 2012
	  	750,000
	 September 1, 2012
	  	750,000
	 December 1, 2012
	  	750,000
		
	 March 1, 2013
	  	750,000
	 June 1, 2013
	  	750,000
	 September 1, 2013
	  	750,000
	 December 1, 2013
	  	750,000
	 March 1, 2014
	  	750,000
	 June 1, 2014
	  	750,000
	 September 1, 2014
	  	72,375,000
	 December 1, 2014
	  	72,375,000
		
	 March 1, 2015
	  	72,375,000
	 June 1, 2015
	  	72,375,000”

 (c) clause (iv)(A) is hereby amended and restated to read in its entirety as
follows: 
 “(A) prior to the Amendment No. 3 Effective Date, the Initial Revolving Commitment
Termination Date and from and after the Amendment No. 3 Effective Date, the Extended Revolving Commitment Termination Date” 
 (2) paragraph (b) is hereby amended by adding the word “applicable” immediately before “Term Loan Maturity Date” in the second sentence thereof. 
 (I) Fees. Section 2.11 of the Credit Agreement is hereby amended as follows: 
 (1) paragraph (a) is hereby amended by amending and restating the first two sentences thereof to read in their entirety as follows:

 “The Borrower agrees to pay to the Administrative Agent for account of each Revolving Lender a commitment
fee, which shall accrue at the Applicable Rate on the daily amount of the unused Revolving Commitments of such Revolving Lender during the period from and including the Effective Date to but excluding the date such Revolving Commitment terminates.
Accrued commitment fees shall be payable on each Quarterly Date, on the Initial Revolving Commitment Termination Date and on the Extended Revolving Commitment Termination Date (or, in each case, on the date the Revolving Commitments terminate if
such date is earlier), commencing on the first such date to occur after the date hereof.” 
 (2) paragraph
(b) is hereby amended by amending and restating the proviso in the second sentence thereof to read in its entirety as follows: 
 “provided that all such fees shall be payable on the Initial Revolving Commitment Termination Date and on the Extended Revolving Commitment Termination Date (or, in each case, on the date on
which the Revolving Commitments terminate if such date is earlier) and any such fees accruing after the date on which the Revolving Commitments terminate shall be payable on demand.” 

 (J) Payment of Interest. Section 2.12(e)(ii) of the Credit Agreement is hereby
amended and restated to read in its entirety as follows: 
 “(ii) in the event of any repayment or
prepayment of any Loan (other than a prepayment of a Revolving ABR Loan prior to the Initial Revolving Commitment Termination Date or the Extended Revolving Commitment Termination Date, as applicable), accrued interest on the principal amount repaid
or prepaid shall be payable on the date of such repayment or prepayment and”. 
 (K) Use of Proceeds. Clause
(iii) of the second sentence of Section 6.08 of the Credit Agreement is hereby amended by adding the words “and the 2012 Senior Subordinated Notes” immediately after “2006 Senior Notes”. 
 (L) Restricted Payments. Clause (y) of the proviso in the first sentence of Section 7.07(a) of the Credit Agreement is
hereby amended and restated to read in its entirety as follows: 
 “(y) an amount equal to 50% of the
consolidated net income of the Borrower and its Consolidated Subsidiaries for the period beginning March 1, 2007 through the then most recently ended fiscal quarter of the Borrower (calculated without giving effect to any non-cash impairment or
restructuring charges and other non-cash charges that are non-recurring that, in each case, would otherwise reduce the amount of such net income) and”. 
 (M) Certain Restrictions. Section 7.09 of the Credit Agreement is hereby amended by adding the words “(other than any ownership interest in any Joint Venture Entity)” immediately
after the word “Property”. 
 (N) Subordinated Indebtedness. The last paragraph of section 7.11 of the Credit
Agreement is hereby amended by (a) deleting the word “and” where it appears at the end of clause (i) thereof and replacing it with “,”, (b) replacing the “(ii)” at the beginning of clause
(ii) thereof with “(iii)” and (c) adding the following new clause immediately after clause (i) thereof: 
 “(ii) the Borrower may make an optional prepayment of the 2012 Senior Subordinated Notes and” 
 Section 3. Representations and Warranties. The Borrower represents and warrants to the Lenders and the Administrative Agent that (i) the representations and warranties made by the Borrower in Article IV of the Credit
Agreement, and by each Obligor in the other Loan Documents to which it is a party (but as to such other Loan Documents, in all material respects), are true and complete on and as of the date hereof with the same force and effect as if made on and as
of such date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date), and as if each reference in said Article IV to “this Agreement” included reference to
this Amendment and (ii) at the time of and immediately after giving effect to this Amendment, no Default has occurred and is continuing. 

 Section 4. Confirmation of Guarantee. Each Subsidiary Guarantor, by its
execution of this Amendment, hereby consents to this Amendment and confirms and ratifies that all of its obligations as a Subsidiary Guarantor under the Credit Agreement, including, without limitation, Article III thereof, shall continue in full
force and effect for the benefit of the Lenders with respect to the Credit Agreement as amended hereby. Each of the Obligors, by its execution of this Amendment, hereby consents to this Amendment, and confirms the security interests granted by it
under each of the Security Documents to which it is a party shall continue in full force and effect in favor of the Administrative Agent for the benefit of the Secured Parties (as defined therein) with respect to the Credit Agreement as amended
hereby. 
 Section 5. Conditions Precedent. The amendments to the Credit Agreement set forth in Section 2 shall
become effective as of the date hereof (the “Amendment No. 3 Effective Date”) upon which each of the following conditions precedent shall be satisfied: 
 (A) Execution. The Administrative Agent shall have received (1) counterparts of this Amendment executed by the
Borrower, the Subsidiary Guarantors, the Swingline Lender, the Issuing Bank(s) and the Administrative Agent, together with authorizations to execute this amendment from the Required Lenders and (2) lender addenda from Extending Revolving
Lenders with Revolving Commitments equal to $650,000,000 (after giving effect to any reduction in the Revolving Commitments contemplated by Section 7 hereof) and Extending Tranche B Term Loan Lenders who hold Tranche B Term Loans equal to
24.43% of the outstanding aggregate principal amount of the Tranche B Term Loans immediately prior to the Amendment No. 3 Effective Date; in each case as provided in Section 6, executed by such Lender, the Borrower and the Administrative
Agent. 
 (B) Fees and Expenses. The Administrative Agent shall have received evidence of the payment by
the Borrower of all fees payable to the Lenders on the Amendment No. 3 Effective Date that the Borrower has agreed to pay in connection with this Amendment. 
 (C) Opinion of Counsel to the Obligors. The Administrative Agent shall have received favorable written opinions of
counsel for the Obligors (which counsel shall be reasonably satisfactory to the Administrative Agent), in form and substance reasonably satisfactory to the Administrative Agent and covering such matters as the Administrative Agent shall reasonably
request. 
 (D) Corporate Matters. The Administrative Agent shall have received such documents and
certificates as the Administrative Agent may reasonably request relating to the organization, existence and good standing of each Obligor, the authorization of the transactions contemplated hereunder and any other legal matters relating to the
Obligors, all in form and substance reasonably satisfactory to the Administrative Agent. 

 Section 6. Extension of Tranche B Term Loan Maturity Date and Revolving Credit
Commitments. Each (a) Tranche B Term Loan Lender who wishes to extend their Tranche B Term Loan Maturity Date and become an Extending Tranche B Term Loan Lender and (b) Revolving Lender with a Revolving Commitment under the Credit
Agreement who wishes to extend their Revolving Commitment and become an Extending Revolving Lender, on the date hereof shall execute and deliver to the Administrative Agent a lender addendum in the form provided by the Administrative Agent.

 Section 7. Commitment Reduction. On the Amendment No. 3 Effective Date, the amount of the outstanding
Revolving Commitments of each Extending Revolving Lender shall automatically and permanently be reduced such that the total amount of the Revolving Commitments of the Extending Revolving Lenders after giving effect to such reduction equals
$650,000,000, such reduction to be applied to the Revolving Commitments of the Extending Revolving Lenders pro rata according to the amounts of their respective Revolving Commitments outstanding on the Amendment No. 3 Effective Date, and the
Borrower shall prepay Revolving Loans to the extent necessary such that the Revolving Credit Exposure shall not exceed the aggregate amount of the Revolving Commitments after giving effect to such reduction. 
 Section 8. Miscellaneous. (a) Except as herein provided, the Credit Agreement shall remain unchanged and in full force and
effect. This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same amendatory instrument and any of the parties hereto may execute this Amendment by signing any such counterpart.
Delivery of an executed counterpart of this Amendment or any lender addendum by facsimile or electronic transmission shall be effective as delivery of a manually executed counterpart hereof or thereof, as applicable. This Amendment shall be governed
by, and construed in accordance with, the law of the State of New York. 
 (b) Without limiting the obligations of the Borrower
under Section 10.03 of the Credit Agreement, the Borrower hereby covenants to pay all expenses of the Administrative Agent in connection with this Amendment (including the legal fees of Milbank, Tweed, Hadley & McCloy LLP) for which
invoices are presented promptly after receipt thereof. 

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

			
	CONSTELLATION BRANDS, INC.
		
	By:	 	 /s/ David E. Klein

	Name:	 	David E. Klein
	Title:	 	Senior Vice President and
Treasurer
	
	SUBSIDIARY GUARANTORS
	
	ALLBERRY, INC.
	CLOUD PEAK CORPORATION
	CONSTELLATION SERVICES LLC
	CONSTELLATION TRADING
COMPANY, INC.
	CONSTELLATION WINES U.S., INC.
	FRANCISCAN VINEYARDS, INC.
	MT. VEEDER CORPORATION
	R.M.E., INC.
	THE ROBERT MONDAVI
CORPORATION
	ROBERT MONDAVI AFFILIATES
	ROBERT MONDAVI INVESTMENTS
	ROBERT MONDAVI PROPERTIES, INC.
	ROBERT MONDAVI WINERY
		
	By:	 	 /s/ David E. Klein

	Name:	 	David E. Klein
	Title:	 	Vice President and
Assistant Treasurer

  

			
	CONSTELLATION BEERS LTD.
	CONSTELLATION BEERS OF
WISCONSIN LTD.
	CONSTELLATION BRANDS OF
GEORGIA INC.
	CONSTELLATION CANADA LTD.
		
	By:	 	 /s/ David E. Klein

	Name:	 	David E. Klein
	Title:	 	Vice President

 Amendment No. 3 
  

			
	
	CONSTELLATION LEASING, LLC
		
	By:	 	 /s/ David E. Klein

	Name:	 	David E. Klein
	Title:	 	 Vice President and
 Assistant Treasurer

	
	VINCOR INTERNATIONAL
PARTNERSHIP
	VINCOR INTERNATIONAL II, LLC
	VINCOR HOLDINGS, INC.
	R.H. PHILLIPS, INC.
	THE HOGUE CELLARS, LTD.
	VINCOR FINANCE, LLC
		
	By:	 	 /s/ David E. Klein

	Name:	 	David E. Klein
	Title:	 	Vice President and
Assistant Treasurer
	
	ALCOFI INC.
	SPIRITS MARQUE ONE LLC
		
	By:	 	 /s/ David E. Klein

	Name:	 	David E. Klein
	Title:	 	Vice President and
Assistant Treasurer

 Amendment No. 3 

			
	ADMINISTRATIVE AGENT AND ISSUING LENDER
	
	 JPMORGAN CHASE BANK, N.A.,
 as Administrative Agent and Issuing Lender

		
	By:	 	 /s/ Barry Bergman

	Name:	 	Barry Bergman
	Title:	 	Managing Director

 Amendment No. 3 

			
	 SWINGLINE LENDER

	
	 BANK OF AMERICA, N.A.,
 as Swingline Lender

		
	 By:
	 	 /s/ Colleen O’Brien

	 Name:
	 	 Colleen O’Brien

	 Title:
	 	 Senior Vice President

 Amendment No. 3 

			
	ISSUING LENDER
	
	 THE BANK OF NOVA SCOTIA, as
 Issuing Lender

		
	By:	 	 /s/ Todd Meller

	Name:	 	Todd Meller
	Title:	 	Managing Director

 Amendment No. 3 

			
	JOINT BOOKRUNNER
	
	JPMORGAN SECURITIES INC., as Joint Bookrunner
		
	By:	 	 /s/ Gerry Murray

	Name:	 	Gerry Murray
	Title:	 	Managing Director

 Amendment No. 3 

			
	JOINT BOOKRUNNER
	
	COBANK, ACB, as Joint Bookrunner
		
	By:	 	 /s/ Jeff Norte

	Name:	 	Jeff Norte
	Title:	 	Vice President

 Amendment No. 3 

			
	JOINT BOOKRUNNER
	
	 BANC OF AMERICA SECURITIES LLC,
 as Joint Bookrunner

		
	By:	 	 /s/ Colleen O’Brien

	Name:	 	Colleen O’Brien
	Title:	 	Senior Vice President

 Amendment No. 3 

			
	JOINT BOOKRUNNER
	
	 COOPERATIEVE CENTRALE
 RAIFFEISEN-BOERENLEENBANK B.A.,
 “RABOBANK NEDERLAND”, NEW
 YORK BRANCH as Joint Bookrunner

		
	By:	 	 /s/ Claire Laury

	Name:	 	Claire Laury
	Title:	 	Executive Director
		
	By:	 	 /s/ Brett Delfino

	Name:	 	Brett Delfino
	Title:	 	Executive Director

  
 Amendment No. 3Form of Warrant to Purchase Common Stock

 Exhibit 4.1 
 WARRANT TO PURCHASE 
 COMMON STOCK 
 OF

 ODYSSEY MARINE EXPLORATION, INC. 
 Warrant No:                      
 Date of Issuance: January [    ], 2010 (“Issuance Date”) 
 THIS WARRANT TO PURCHASE COMMON STOCK CERTIFIES that, for value received,
[                    ] (the “Holder”), is entitled, upon the terms and subject to the limitations on exercise and the
conditions hereinafter set forth, at any time on or after the Issuance Date (the “Initial Exercise Date”), and on or prior to the close of business on
[                    ], 20131 (the “Termination Date”) but not thereafter, to subscribe for and purchase from Odyssey Marine
Exploration, Inc., a Nevada corporation (the “Company”), up to [                    ] shares (the “Warrant
Shares”) of common stock, par value $0.0001 per share, of the Company (the “Common Stock”). The purchase price of one share of Common Stock (the “Exercise Price”) under this Warrant shall be $2.25, subject
to adjustment hereunder. The Exercise Price and the number of Warrant Shares for which the Warrant is exercisable shall be subject to adjustment as provided herein. Capitalized terms used and not otherwise defined in their initial use shall have the
meanings set forth in Section 18 herein. 
 Section 1. Title to Warrant. Prior to the Termination Date
and subject to compliance with applicable laws and Section 7 of this Warrant, this Warrant and all rights hereunder are transferable, in whole or in part, at the office or agency of the Company by the Holder in person or by duly authorized
attorney, upon surrender of this Warrant together with the Assignment Form annexed hereto properly endorsed. If requested by the Company, the transferee shall sign an investment letter in form and substance reasonably satisfactory to the Company.

 Section 2. Authorization of Shares. The Company covenants that all Warrant Shares which may be issued upon
the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges in
respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue). 
 Section 3. Exercise of Warrant. 
 (a) Exercise of the purchase rights represented by this Warrant
may be made at any time or times on or after the Initial Exercise Date and on or before the Termination Date by the delivery of a Notice of Exercise Form annexed hereto duly executed, at the office of the Company (or such other office or agency of
the Company as it may designate by notice in writing to the registered Holder at the address of such Holder appearing on the books of the Company) and upon payment of the Exercise Price of the shares thereby purchased by wire transfer or
cashier’s check drawn on a United States bank or by means of a cashless exercise pursuant to Section 3(d), the Holder shall be entitled to receive a certificate for the number of Warrant Shares so purchased. Certificates for shares
purchased hereunder shall be delivered to the Holder within three (3) Trading Days after the date on which this Warrant shall have been exercised 
  
  

	(1)	 Three years from date of issuance.

 
as aforesaid. This Warrant shall be deemed to have been exercised and such certificate or certificates shall be deemed to have been issued, and the Holder or any other person so designated to be
named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant has been exercised by payment to the Company of the Exercise Price and all taxes required to be paid by the Holder, if any,
pursuant to Section 5 prior to the issuance of such shares, have been paid. 
 (b) If this Warrant shall have been
exercised in part, the Company shall, at the time of delivery of the certificate or certificates representing Warrant Shares, deliver to Holder a new Warrant evidencing the rights of Holder to purchase the unpurchased Warrant Shares called for by
this Warrant, which new Warrant shall in all other respects be identical with this Warrant. 
 (c) The Holder shall not have the
right to exercise any portion of this Warrant, pursuant to Section 3(a) or otherwise, to the extent that after giving effect to such issuance after exercise, the Holder (together with the Holder’s Affiliates), as set forth on the
applicable Notice of Exercise, would beneficially own in excess of 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to such issuance. For purposes of the foregoing sentence, the number of shares of Common
Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which the determination of such sentence is being made, but shall exclude the number
of shares of Common Stock which would be issuable upon (1) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates and (2) exercise or conversion of the unexercised or
nonconverted portion of any other securities of the Company (including, without limitation, any other Warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of
its Affiliates. Except as set forth in the preceding sentence, for purposes of this Section 3(c), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act. For purposes of this Section 3(c), in
determining the number of outstanding shares of Common Stock, the Holder may rely on the number of outstanding shares of Common Stock as reflected in (x) the Company’s most recent Form 10-Q or Form 10-K, as the case may be, (y) a more
recent public announcement by the Company or (z) any other notice by the Company or the Company’s transfer agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of the Holder, the Company
shall within two Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Company Common Stock shall be determined after giving effect to the
conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates since the date as of which such number of outstanding shares of Common Stock was reported. By written notice to the Company, the Holder may
waive the provisions of this Section but any such waiver will not be effective until the 61st day after such notice is delivered to the Company, nor will any such waiver effect any other Holder. 
 (d) If, but only if, at any time after the Initial Exercise Date there is no effective Registration Statement registering the Warrant
Shares, then this Warrant may also be exercised at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a certificate for the number of Warrant Shares equal to the quotient obtained by dividing
[(A-B) x (X)] by (A), where: 
  

					
	(A)	  	=	  	the Closing Price on the Trading Day immediately preceding the date of such election;
			
	(B)	  	=	  	the Exercise Price of this Warrant, as adjusted; and
			
	(X)	  	=	  	the number of Warrant Shares issuable upon exercise of this Warrant in accordance with the terms of this Warrant by means of a cash exercise rather than a cashless
exercise.

  

 2 

 Section 4. No Fractional Shares or Scrip. No fractional shares or scrip
representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share which Holder would otherwise be entitled to purchase upon such exercise, the Company shall pay a cash adjustment in respect of such final
fraction in an amount equal to such fraction multiplied by the Exercise Price. 
 Section 5. Charges, Taxes and
Expenses. Issuance of certificates for Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be
paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event certificates for Warrant Shares are to be issued in a name other
than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder; and the Company may require, as a condition thereto, the payment of a sum sufficient to
reimburse it for any transfer tax incidental thereto. 
 Section 6. Closing of Books. The Company will not
close its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof. 
 Section 7. Transfer, Division and Combination. 
 (a) Subject to compliance with any applicable
securities laws and the conditions set forth in Sections 1 and 7(e) hereof, this Warrant and all rights hereunder are transferable, in whole or in part, so long as the amount of Warrant Shares transferred is equal to at least 50,000 shares (on an
as-exercised basis), upon surrender of this Warrant at the principal office of the Company, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds
sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the
denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. A Warrant, if properly
assigned, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued. 
 (b) This
Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the
Holder or its agent or attorney. Subject to compliance with Section 7(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or
Warrants to be divided or combined in accordance with such notice. 
 (c) The Company shall prepare, issue and deliver at its
own expense (other than transfer taxes) the new Warrant or Warrants under this Section 7. 
 (d) The Company agrees to
maintain, at its aforesaid office, books for the registration and the registration of transfer of the Warrants. 
 (e) If, at
the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer of this Warrant shall not be registered pursuant to an effective registration statement under the Securities Act and under applicable state
securities or blue sky laws, the Company may require, as a condition of allowing such transfer (i) that the Holder or transferee of this Warrant, as the case may be, furnish to the Company a written opinion of counsel (which opinion shall be in
form, substance and scope customary for opinions of counsel in comparable transactions) to the effect that such transfer may

  

 3 

 
be made without registration under the Securities Act and under applicable state securities or blue sky laws, (ii) that the holder or transferee execute and deliver to the Company an
investment letter in form and substance acceptable to the Company and (iii) that the transferee be an “accredited investor” as defined in Rule 501(a) promulgated under the Securities Act. 
 Section 8. No Rights as Shareholder Until Exercise. This Warrant does not entitle the Holder to any voting rights or
other rights as a shareholder of the Company prior to the exercise hereof. Upon the surrender of this Warrant and the payment of the aggregate Exercise Price (or by means of a cashless exercise), the Warrant Shares so purchased shall be and be
deemed to be issued to such Holder as the record owner of such shares as of the close of business on the later of the date of such surrender or payment. 
 Section 9. Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft,
destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it and upon surrender and cancellation of such Warrant
or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate. 
 Section 10. Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the
expiration of any right required or granted herein shall be a Saturday, Sunday or a legal holiday, then such action may be taken or such right may be exercised on the next succeeding day not a Saturday, Sunday or legal holiday. 
 Section 11. Adjustments of Exercise Price and Number of Warrant Shares. The number and kind of securities purchasable
upon the exercise of this Warrant and the Exercise Price shall be subject to adjustment from time to time upon the happening of any of the following. In case the Company shall (i) pay a dividend in shares of Common Stock or make a distribution
in shares of Common Stock to holders of its outstanding Common Stock, (ii) subdivide its outstanding shares of Common Stock into a greater number of shares, (iii) combine its outstanding shares of Common Stock into a smaller number of
shares of Common Stock, or (iv) issue any shares of its capital stock in a reclassification of the Common Stock, then the number of Warrant Shares purchasable upon exercise of this Warrant immediately prior thereto shall be adjusted so that the
Holder shall be entitled to receive the kind and number of Warrant Shares or other securities of the Company which it would have owned or have been entitled to receive had such Warrant been exercised in advance thereof. Upon each such adjustment of
the kind and number of Warrant Shares or other securities of the Company which are purchasable hereunder, the Holder shall thereafter be entitled to purchase the number of Warrant Shares or other securities resulting from such adjustment at an
Exercise Price per Warrant Share or other security obtained by multiplying the Exercise Price in effect immediately prior to such adjustment by the number of Warrant Shares purchasable pursuant hereto immediately prior to such adjustment and
dividing by the number of Warrant Shares or other securities of the Company that are purchasable pursuant hereto immediately after such adjustment. An adjustment made pursuant to this paragraph shall become effective immediately after the effective
date of such event retroactive to the record date, if any, for such event. 
 Section 12. Reorganization,
Reclassification, Merger, etc. 
 (a) In case the Company shall reorganize its capital, reclassify its capital stock,
consolidate or merge with or into another corporation (where the Company is not the surviving corporation or where there is a change in or distribution with respect to the Common Stock of the Company), or sell, transfer or otherwise dispose of all
or substantially all its property, assets or business to another corporation and,

  

 4 

 
pursuant to the terms of such reorganization, reclassification, merger, consolidation or disposition of assets, shares of common stock of the successor or acquiring corporation, or any cash,
shares of stock or other securities or property of any nature whatsoever (including warrants or other subscription or purchase rights) in addition to or in lieu of common stock of the successor or acquiring corporation (“Other
Property”), are to be received by or distributed to the holders of Common Stock of the Company, then the Holder shall have the right thereafter to receive upon exercise of this Warrant, the number of shares of Common Stock of the successor
or acquiring corporation or of the Company, if it is the surviving corporation, and Other Property receivable upon or as a result of such reorganization, reclassification, merger, consolidation or disposition of assets by a Holder of the number of
shares of Common Stock for which this Warrant is exercisable immediately prior to such event. In case of any such reorganization, reclassification, merger, consolidation or disposition of assets, the successor or acquiring corporation (if other than
the Company) shall expressly assume the due and punctual observance and performance of each and every covenant and condition of this Warrant to be performed and observed by the Company and all the obligations and liabilities hereunder, subject to
such modifications as may be deemed appropriate (as determined in good faith by resolution of the Board of Directors of the Company) in order to provide for adjustments of Warrant Shares for which this Warrant is exercisable which shall be as nearly
equivalent as practicable to the adjustments provided for in this Section 12. For purposes of this Section 12, “common stock of the successor or acquiring corporation” shall include stock of such corporation of any class which is
not preferred as to dividends or assets over any other class of stock of such corporation and which is not subject to redemption and shall also include any evidences of indebtedness, shares of stock or other securities which are convertible into or
exchangeable for any such stock, either immediately or upon the arrival of a specified date or the happening of a specified event and any warrants or other rights to subscribe for or purchase any such stock. The foregoing provisions of this
Section 12 shall similarly apply to successive reorganizations, reclassifications, mergers, consolidations or disposition of assets. 
 (b) Notwithstanding anything to the contrary, in the event of a consolidation or merger with or into another corporation (where the Company is not the surviving corporation), or a sale, transfer or
disposition of all or substantially all of the Company’s property, assets, business or capital stock to another corporation that is approved by the Company’s Board of Directors and where the consideration paid to the holders of the Common
Stock consists solely of cash (a “Black-Scholes Takeout Event”), if the consideration per share of Common Stock in any Black-Scholes Takeout Event (the “Takeout Event Price”) is equal to or less than the Exercise
Price then in effect, then, the Company (or the successor entity to this Warrant) shall, within five Business Days after the consummation of the any such Black-Scholes Takeout Event, purchase this Warrant from the Holder by paying to the Holder,
cash in an amount equal to the value of the remaining unexercised portion of this Warrant on the date of such Black-Scholes Takeout Event, which value shall be determined in accordance with the Black-Scholes option pricing model using an expected
volatility equal to the 100 day historical price volatility obtained from the HVT function on Bloomberg L.P. as of the Trading Day immediately prior to the public announcement of the Black-Scholes Takeout Event. 
 Section 13. Notice of Adjustment. Whenever the number of Warrant Shares or number or kind of securities or other property
purchasable upon the exercise of this Warrant or the Exercise Price is adjusted, as herein provided, the Company shall give notice thereof to the Holder, which notice shall state the number of Warrant Shares (and other securities or property)
purchasable upon the exercise of this Warrant and the Exercise Price of such Warrant Shares (and other securities or property) after such adjustment, setting forth a brief statement of the facts requiring such adjustment and setting forth the
computation by which such adjustment was made. 
  

 5 

 Section 14. Notice of Corporate Action. If at any time:

 (a) the Company shall take a record of the holders of its Common Stock for the purpose of entitling them to receive a dividend
or other distribution, or any right to subscribe for or purchase any evidences of its indebtedness, any shares of stock of any class or any other securities or property, or to receive any other right, or 
 (b) there shall be any capital reorganization of the Company, any reclassification or recapitalization of the capital stock of the Company
or any consolidation or merger of the Company with, or any sale, transfer or other disposition of all or substantially all the property, assets or business of the Company to, another corporation or, 
 (c) there shall be a voluntary or involuntary dissolution, liquidation or winding up of the Company; 
 then, in any one or more of such cases, the Company shall give to Holder (i) at least 15 days’ prior written notice of the date on which a record
date shall be selected for such dividend, distribution or right or for determining rights to vote in respect of any such reorganization, reclassification, merger, consolidation, sale, transfer, disposition, liquidation or winding up, and
(ii) in the case of any such reorganization, reclassification, merger, consolidation, sale, transfer, disposition, dissolution, liquidation or winding up, at least 15 days’ prior written notice of the date when the same shall take place.
Such notice in accordance with the foregoing clause also shall specify (A) the date on which any such record is to be taken for the purpose of such dividend, distribution or right, the date on which the holders of Common Stock shall be entitled
to any such dividend, distribution or right, and the amount and character thereof, and (B) the date on which any such reorganization, reclassification, merger, consolidation, sale, transfer, disposition, dissolution, liquidation or winding up
is to take place and the time, if any such time is to be fixed, as of which the holders of Common Stock shall be entitled to exchange their Warrant Shares for securities or other property deliverable upon such disposition, dissolution, liquidation
or winding up. Each such written notice shall be sufficiently given if addressed to Holder at the last address of Holder appearing on the books of the Company and delivered in accordance with Section 17(d). Failure to provide such notice shall
not affect the validity of any action taken in connection with such dividend, distribution, subscription or purchase rights, or proposed reorganization, reclassification, recapitalization, merger, consolidation, sale, transfer, disposition,
conveyance, dissolution, liquidation or winding up. 
 Section 15. Authorized Shares. The Company covenants
that during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this
Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the Warrant
Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or
regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. 
 Except and to the extent
as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all
such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (a) not increase the par value of any Warrant
Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (b) take all such action as may be necessary or

  

 6 

 
appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant, and (c) use commercially reasonable efforts
to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof as may be necessary to enable the Company to perform its obligations under this Warrant. 
 Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof. 
 Section 16. Covenant. From the date hereof until 60 days after the Closing Date, neither the Company nor any Subsidiary
shall issue, enter into any agreement to issue or announce the issuance or proposed issuance of any shares of Common Stock or Common Stock Equivalents at a price per share below $2.25. Notwithstanding the foregoing, this Section 16 shall not
apply in respect of an Exempt Issuance, except that no Variable Rate Transaction shall be an Exempt Issuance. 
 Section 17. Miscellaneous. 
 (a) Jurisdiction. This Warrant shall constitute a
contract under the laws of Florida, without regard to its conflict of law, principles or rules. 
 (b) Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, will have restrictions upon resale imposed by state and federal securities laws. 
 (c) Non-Waiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of
Holder shall operate as a waiver of such right or otherwise prejudice Holder’s rights, powers or remedies, notwithstanding all rights hereunder terminate on the Termination Date. If the Company willfully and knowingly fails to comply with any
provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees,
including those of appellate proceedings, incurred by Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder. 
 (d) Notices. All notices required under this Warrant and shall be deemed to have been given or made for all purposes
(i) upon personal delivery, (ii) upon confirmation receipt that the communication was successfully sent to the applicable number if sent by facsimile; (iii) one day after being sent, when sent by professional overnight courier
service, or (iv) five days after posting when sent by registered or certified mail. Notices to the Company shall be sent to the principal office of the Company (or at such other place as the Company shall notify the Holder in writing). Notices
to the Holder shall be sent to the address of the Holder on the books of the Company (or at such other place as the Holder shall notify the Company hereof in writing). 
 (e) Limitation of Liability. No provision hereof, in the absence of any affirmative action by Holder to exercise this Warrant or purchase Warrant Shares, and no enumeration herein of the
rights or privileges of Holder, shall give rise to any liability of Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company. 

(f) Remedies. Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages,
will be entitled to specific performance of its rights under this Warrant.

  

 7 

 
The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive the
defense in any action for specific performance that a remedy at law would be adequate. 
 (g) Successors and Assigns.
Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors of the Company and the successors and permitted assigns of Holder. The
provisions of this Warrant are intended to be for the benefit of all Holders from time to time of this Warrant and shall be enforceable by any such Holder or holder of Warrant Shares. 
 (h) Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company
and the Holder. 
 (i) Severability. Wherever possible, each provision of this Warrant shall be interpreted in
such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provisions or the remaining provisions of this Warrant. 
 (j) Headings. The
headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant. 
 Section 18. Additional Definitions. 
 (a)
“Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person as such terms are used in and construed under Rule 144. With respect
to a Holder, any investment fund or managed account that is managed on a discretionary basis by the same investment manager as such Holder will be deemed to be an Affiliate of such Holder. 
 (b) “Approved Share Plan” means any employee benefit plan which has been approved by the board of directors of the Company
prior to or subsequent to the date hereof pursuant to which shares of Common Stock and standard options to purchase Common Stock may be issued to any employee, officer or director for services provided to the Company in their capacity as such.

 (c) “Business Day” means any day except Saturday, Sunday and any day which shall be a federal legal holiday
or a day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close. 
 (d) “Closing Price” means on any particular date (a) the last reported closing bid price per share of Common Stock on such date on the Trading Market (as reported by Bloomberg L.P.
at 4:15 PM (New York time) as the last reported closing bid price for regular session trading on such day), or (b) if there is no such price on such date, then the closing bid price on the Trading Market on the date nearest preceding such date
(as reported by Bloomberg L.P. at 4:15 PM (New York time) as the closing bid price for regular session trading on such day), or (c) if the Common Stock is not then listed or quoted on the Trading Market and if prices for the Common Stock are
then reported in the “pink sheets” published by the Pink Sheets LLC (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) if
the shares of Common Stock are not then publicly traded the fair market value of a share of Common Stock as determined in good faith by the Company’s Board of Directors. 
  

 8 

 (e) “Common Stock Equivalents” means any debt, preferred stock, rights,
options, warrants or other instrument that is at any time and under any circumstances convertible into or exchangeable for, or otherwise entitles the holder thereof to receive, capital stock and other securities of the Company (including, without
limitation, any securities of the Company or any Subsidiary which entitle the holder thereof to acquire Common Stock at any time, including without limitation, any debt, preferred stock, rights, options, warrants or other instrument that is at any
time convertible into or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock or other securities that entitle the holder to receive, directly or indirectly, Common Stock. 
 (f) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 (g) “Exempt Issuance” means (i) shares of Common Stock or standard options to purchase Common Stock to directors,
officers or employees of the Company in their capacity as such pursuant to an Approved Share Plan (as defined below), provided that (A) all such issuances (taking into account the shares of Common Stock issuable upon exercise of such options)
after the date hereof pursuant to this clause (1) do not, in the aggregate, exceed more than 10.0% of the Common Stock issued and outstanding immediately prior to the date hereof and (2) such options are not amended to increase the number
of shares issuable thereunder or to lower the exercise price thereof or to otherwise materially change the terms or conditions thereof in any manner that adversely affects any of the Buyers, (ii) shares of Common Stock issued upon the
conversion or exercise of Equivalents issued prior to the date hereof, provided that such Equivalents have not been amended since the date of this Agreement to increase the number of shares issuable thereunder or to lower the exercise or conversion
price thereof or otherwise materially change the terms or conditions thereof in any manner that adversely affects any of the Buyers, and (iii) the Warrant Shares. 
 (h) “Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government
(or an agency or subdivision thereof) or other entity of any kind. 
 (i) “Registration Statement” means a
registration statement filed with the Securities and Exchange Commission. 
 (j) “Rule 144” means Rule 144
promulgated by the Securities and Exchange Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Securities and Exchange Commission having substantially
the same effect as such Rule. 
 (k) “Securities Act” means the Securities Act of 1933, as amended. 

(l) “Subsidiary” means any subsidiary of the Company as set disclosed in the reports filed by the Company with the
Commission under the Exchange Act, excluding SMM Project, LLC, a Minnesota limited liability company. 
 (m) “Trading
Day” means (A) a day on which the Common Stock is traded on a Trading Market (as defined below), or (B) if the Common Stock is not listed on a Trading Market, a day on which the Common Stock is traded on the over the counter
market, as reported by the OTC Bulletin Board, or (C) if the Common Stock is not quoted on the OTC Bulletin Board, a day on which the Common Stock is quoted in the “pink sheets” published by the Pink Sheets LLC (or any similar
organization or agency succeeding to its functions of reporting prices); provided, that in the event that the Common Stock is not listed or quoted as set forth in (A), (B) and (C) hereof, then Trading Day shall mean a Business Day.

  

 9 

 (n) “Trading Market” means the following markets or exchanges on which the
Common Stock is listed or quoted for trading on the date in question: The American Stock Exchange, the New York Stock Exchange, the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market. 
 (o) “Variable Rate Transaction” means a transaction in which the Company or any Subsidiary (i) issues or sells any
Common Stock Equivalents either (A) at a conversion, exercise or exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for the shares of Common Stock at any time after the initial issuance of
such Common Stock Equivalents, or (B) with a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of such Common Stock Equivalents or upon the occurrence of specified or contingent
events directly or indirectly related to the business of the Company or the market for the Common Stock, other than pursuant to a customary “weighted average” anti-dilution provision or (ii) enters into any agreement (including,
without limitation, an equity line of credit) whereby the Company or any Subsidiary may sell securities at a future determined price (other than standard and customary “preemptive” or “participation” rights). 
 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized. 
  

							
	Dated: [            ], 2010	 		 	ODYSSEY MARINE EXPLORATION, INC.
				
		 		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

  

 10 

 NOTICE OF EXERCISE 
  
  
  

	To:	Odyssey Marine Exploration, Inc. 

 (1) The undersigned hereby elects to purchase [                    ] Warrant Shares of Odyssey Marine Exploration, Inc. pursuant to
the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any. 
  

	 	(2)	Payment shall take the form of (check applicable box): 

  

			
	 ̈	  	in lawful money of the United States; or
		
	 ̈	  	the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 3(d), to exercise this Warrant with respect to the
maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 3(d).

 (3) Please issue a certificate or certificates representing said Warrant Shares in
the name of the undersigned or in such other name as is specified below: 
  

					
		 	  
	 	
	
	The Warrant Shares shall be delivered to the following:
			
		 	  
	 	
		 	  
	 	
		 	  
	 	

 (4) The undersigned is an “accredited investor” as defined in Regulation D
promulgated under the Securities Act of 1933, as amended. 
  

			
	[Purchaser]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	Dated:	 	  

 ASSIGNMENT FORM 
 (To assign the foregoing warrant, execute this form 
 and supply the required information. Do not use this 
 form to exercise the
warrant.) 
  
  
  

							
	 FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to
                              ,

							
	whose address is
                                         
                                         
                                         
                                         
                                         
                   
	                                       
                                         
                                         
                                         
                                         
                                         
             
	                                       
                                         
                                         
                                         
                                         
                                         
             

  

									
	Dated:	 	                    	 		  	Holder’s Signature:	 	  

					
		 		 		  	Holder’s Address:	 	  

					
		 		 		  		 	  

					
		 		 		  		 	  

 Signature Guaranteed:
                                         
                    
 NOTE: The signature to
this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in
a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

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