Document:

Revolving Credit Note

 Exhibit 10.2 
 REVOLVING CREDIT NOTE 
 (the “Note”) 
  

			
	$5,000,000.00	  	Executed: February 7, 2008
		  	Effective Date: February 8, 2008

  
  
 FOR VALUE RECEIVED, the undersigned borrower, ODYSSEY MARINE EXPLORATION, INC., a Nevada corporation (“Borrower”) promises to pay to the
order of FIFTH THIRD BANK, a Michigan banking corporation (“Lender”), at 201 E. Kennedy Blvd., Suite 1800, Tampa, Florida 33602, or at such other place as Lender may from time to time designate in writing, with payment due as
provided herein and in the Revolving Credit Loan and Security Agreement of even date herewith (the “Credit Agreement”), the principal sum not to exceed $5,000,000.00, or so much thereof as has been disbursed for advances hereunder.

 Interest shall be paid on the principal outstanding from time to time at the Prime Rate plus one-half of one percent (.50%) per annum, as
set by Lender from time to time. The term “Prime Rate” is defined as the rate of interest announced by Lender as its “prime interest rate,” set by the management of Lender in its sole discretion from time to time for the guidance
of its loan officers, whether or not such rate is otherwise published. Borrower hereby acknowledges that the Prime Rate is not a rate of interest intended to be charged to any particular type of borrower. The Prime Rate is utilized by Lender to
serve an administrative function in the setting of interest rates, and does not represent the best or lowest rate of interest available to any borrower or class of borrowers. Interest will be calculated on the basis of a 360-day year for actual
number of days lapsed during the calculation period. 
 Principal and interest shall be due and payable as follows: 
 (a) To the extent accrued, interest only, as stated above, shall be payable monthly commencing March 3, 2008, and continuing on the same day of each
month thereafter on the principal outstanding from time to time until the loan maturity date at which time the outstanding indebtedness, whether principal, accrued interest or otherwise, shall be due and payable in full. 
 (b) The principal amount evidenced hereby may be borrowed (and to the extent any principal amount advanced hereunder is repaid by Borrower, such sum may
be borrowed again) until this Note is terminated. At no time, however, shall the principal balance outstanding hereunder exceed $5,000,000.00. 
 If any payment on this Note becomes due and payable on a Saturday, Sunday or legal holiday under the laws of the State of Florida, the maturity thereof shall be extended to the next succeeding business day and interest thereon shall be
payable at contract rate of interest during such extension. 
 Initials:             

 As provided in the Credit Agreement, the Note is to be utilized by Borrower on a revolving credit basis
for short-term working capital needs. 
 This Loan facility matures two (2) years from the date hereof. Upon the occurrence of any one
or more of the Events of Default specified in the Credit Agreement or in any other document or instrument delivered in connection therewith and following notice and the expiration of all cure periods (if any), all amounts then remaining unpaid on
this Note may be declared to be immediately due and payable. Advances under this Note shall be requested by Borrower and evidenced as a debit to Borrower’s loan account. 
 Borrower may repay all or part of the principal balance at any time without penalty. Such prepayment shall be accompanied by payment of any unpaid
interest accrued to the time of such prepayment. All payments made hereunder shall at Lender’s option first be applied to late charges, then to accrued interest, then to principal. Permitted partial prepayments shall not affect or vary the duty
of Borrower to pay all obligations when due, and they shall not affect or impair the right of Lender to pursue all remedies available to it hereunder, under the security instruments securing this indebtedness, or under any other loan documents or
guaranty executed in connection herewith. 
 In the event that any payment of principal or interest is not made within ten (10) days
after the date when due hereunder, it is hereby agreed that the Lender shall have the option of collecting five percent (5%) of the amount of each such delinquent payment; provided, however, such late fee shall not apply to the lump sum payment
of the principal on the Maturity Date or the lump sum payment of principal upon acceleration. Said late charge and/or interest shall be immediately due and payable in full on demand by the Lender. 
 The “Default Interest Rate” shall be five percent (5%) per annum above the contract interest rate set forth above, but not exceeding
18% per annum. Upon a failure by Borrower to repay principal upon demand by Lender made not less than ten (10) days after the date due hereunder, Lender may declare the entire principal and interest then remaining unpaid to be immediately
due and payable without further notice or demand, and the entire unpaid principal balance shall bear interest at the “Default Interest Rate”. In addition to the rights described in this paragraph, Lender shall have the right to exercise
all other rights or remedies provided by law or at equity and shall specifically have the right to recover all damages resulting from such default including, without limitation, the right to recover the payment of all amounts owing to Lender.
Exercise of any of these options shall be without notice to Borrower, notice of such exercise being hereby expressly waived. 
 The terms and
provisions of this Note are to be governed by and construed under the laws of the State of Florida and of the United States of America, and the rules and regulations promulgated under the authority thereof. It is the intent of this Note that such
laws shall be interpreted in such a manner that after default the maximum rate of 
  
 Initials:              
  

 2 

 
interest charged under this Note not exceed the rate allowed to be charged under applicable law as changed from time to time which is applicable to this Note
(hereinafter called the “Maximum Rate”). 
 In no event shall Lender have the right to charge or collect, nor shall Borrower be
required or obligated to pay, interest or payments in the nature of interest, which would result in interest being charged or collected at a rate in excess of the Maximum Rate. In the event that any payment which is interest or in the nature of
interest is made by Borrower or received by Lender which would result in the rate of interest being charged or collected by the Lender being in excess of the Maximum Rate, then the portion of any such payment which causes the rate of interest being
charged or collected by Lender exceed the Maximum Rate (hereinafter called the “excess sum”) shall be credited as a payment of principal. If Borrower notifies Lender in writing that Borrower elects to have such excess sum returned to
Borrower, such excess sum shall be returned to Borrower. In the event that any such overcharge is discovered after this Note has been paid in full, then the amount of such excess sum shall be returned to Borrower together with interest thereon from
the date such excess sum was paid or collected at the same rate as was due Lender during such period under the terms of this Note. All excess sums credited to principal shall be credited as of the date paid to Lender. 
 Time is of the essence hereunder. In the event that this Note is collected by law or through attorneys at law, or under advice therefrom, Borrower and
any other person liable for payment hereof, to the extent of such liability, hereby agree to pay all costs of collection, including reasonable attorneys’ fees and costs (including charges for paralegals and others working under the direction or
supervision of Lender’s attorneys) and all sales or use taxes thereon, whether or not suit is brought, and whether incurred in connection with collection, trial, appeal, bankruptcy or other creditor’s proceedings or otherwise. 

Borrower authorizes Lender, from time to time, to debit any account that Borrower may have with Lender in the name of Borrower, for any payment of
principal or interest past due hereunder for the amount of such payment of principal or interest. Exercise of this right shall be optional with Lender and the provisions of this paragraph shall not be construed as releasing Borrower from the
obligation to make payments of principal or interest according to the terms hereof. Borrower shall have no right of setoff against the Lender under this Note or any instrument securing this Note. 
 The remedies of Lender as provided herein shall be cumulative and concurrent, and may be pursued singularly, successively, or together, at the sole
discretion of Lender. No act of omission or commission of Lender, including specifically any failure to exercise any right, remedy or recourse, shall be deemed to be a waiver or release of the same, such waiver or release to be effected only through
a written document executed by Lender and then only to the extent specifically recited therein. A waiver or release with reference to any one event shall not be construed as continuing, as a bar to, or as a waiver of release of, any subsequent
right, remedy or recourse as to a subsequent event. 
  
 Initials:
             
  

 3 

 Borrower, for itself and its successors and assigns, hereby: (a) expressly waives any presentment,
demand for payment, notice of dishonor, protest, notice of nonpayment or protest, all other forms of notice whatsoever, and diligence in collection; (b) agrees that Lender, in order to enforce payment of this Note against them shall not be
required first to institute any suit or to exhaust any of its remedies against any Borrower or any other person or party or to attempt to realize on the collateral for this Note. 
 BORROWER AND ANY OTHER PERSON LIABLE FOR PAYMENT HEREOF, BY EXECUTING THIS NOTE OR ANY OTHER DOCUMENT CREATING SUCH LIABILITY, WAIVE THEIR RIGHTS TO A
TRIAL BY JURY IN ANY ACTION WHETHER ARISING IN CONTRACT OR TORT, BY STATUTE OR OTHERWISE, IN ANY WAY RELATED TO THIS NOTE. THIS PROVISION IS A MATERIAL INDUCEMENT FOR LENDER’S EXTENDING CREDIT TO BORROWER AND NO WAIVER OR LIMITATION OF
LENDER’S RIGHTS HEREUNDER SHALL BE EFFECTIVE UNLESS IN WRITING AND MANUALLY SIGNED ON LENDER’S BEHALF. 
 Borrower acknowledges
that the above paragraph has been expressly bargained for by Lender as part of the loan evidenced hereby and that, but for Borrower’s agreement and the agreement of any other person liable for payment hereof, Lender would not have extended the
loan for the term and with the interest rate provided herein. 
 If more than one party shall execute this Note, the term
“Borrower”, as used herein, shall mean all parties signing this Note and each of them, who shall be jointly and severally obligated hereunder. In this Note, whenever the context so requires, the neuter gender includes the feminine and/or
masculine, as the case may be, and the singular number includes the plural. 
 IN WITNESS WHEREOF, Borrower has caused this Note to be
executed in its name on the day and year first above written. 
 THE UNDERSIGNED ACKNOWLEDGES THAT THE LOAN EVIDENCED HEREBY IS FOR
COMMERCIAL PURPOSES ONLY AND NOT FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES. 
  

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

		 	Michael Holmes, as its Chief Financial Officer
		
		 	 (CORPORATE SEAL)

  

 42008 Performance Share Plan

 Exhibit 10.1 
 INFINITY PROPERTY & CASUALTY CORPORATION 
 2008 PERFORMANCE SHARE PLAN (“PLAN”) 
 OBJECTIVES 
  

	 	•	 	 To reward key employees of Infinity proportionately with the degree to which Infinity’s performance objectives are met 

  

	 	•	 	 To attract, motivate and retain achievement-oriented employees by providing a capital accumulation opportunity tied to achievement of Infinity’s long-term
performance objectives 

 GENERAL PLAN FEATURES 
 Participation in the Plan shall be through the award of Performance Share Units. The Compensation Committee shall determine the award of the Performance Share Units to
Infinity’s Named Executive Officers. Awards to all other employees shall be approved by the Compensation Committee, after consultation with the Chief Executive Officer and any other officer of the Company as determined by the Compensation
Committee. In no event shall the aggregate number of shares of common stock distributed through the conversion of Performance Share Units under this Plan exceed one million (1,000,000). 
 General guidelines for the selection of participants will include, but not be limited to, the following: 
  

	 	(a)	Involvement and contribution of the individual in the planning, setting and/or accomplishing of the Company’s performance objectives. 

  

	 	(b)	Demonstrated ability of the individual to establish and/or effectively carry out plans to accomplish the Company’s performance objectives. 

  

	 	(c)	Demonstrated capability of the individual to make decisions and/or perform actions to effectively accomplish the Company’s performance objectives. 

 After the end of the three (3) year life of each Performance Measurement Cycle (defined herein), Performance Share Units shall convert to shares of common stock,
and each conversion shall be based on a pre-established valuation, calculation and payment schedule. The number of shares of common stock issued in exchange for Performance Share Units shall be based on the achievement of “Performance Component
Targets,” which may include but are not limited to, combined ratio, premium growth, including growth within certain specific geographical areas, earnings per share, return on equity, or any other criteria established by the Compensation
Committee during the Performance Measurement Cycle. 

 DEFINITIONS 
 Award Value shall mean, with respect to any participant in the Plan, a number shares to be distributed to the participant following the Termination Date. 
 Change in Control shall mean the occurrence of one (1) or more of the following events: 
 (i) After the Commencement Date, any person or group of persons becomes a Beneficial Owner (as such term is defined in Rule 13d-3 promulgated under the
Securities Exchange Act of 1934 (the “1934 Act”)) directly or indirectly of securities representing 40% or more of the total number of votes that may be cast for the election of directors of the Company, whether by open market purchases,
by tender offer or exchange offer, through issuance of new shares by the Company or by merger or consolidation; 
 (ii) Within two
(2) years after a merger, consolidation, liquidation or sale of assets involving the Company or the issuance of voting securities of the Company, or a contested election of a Company director or directors, or any combination of the foregoing,
the individuals who were directors of the Company immediately prior to the merger, consolidation, liquidation, sale of assets, issuance of securities, or contested election shall cease to constitute a majority of the Board; or 
 (iii) Within two (2) years after a tender offer or exchange offer for voting securities of the Company, the individuals who were directors of the
Company immediately prior to the commencement of the tender offer or exchange offer shall cease to constitute a majority of the Board. 
 Commencement
Date shall mean January 1 of any year in which an award of Performance Share Units is made. 
 Disability shall mean the failure of the
participant to render services to the Company for a continuous period of six (6) months because of the participant’s physical or mental disability or illness. 
 Named Executive Officer shall mean the principal executive officer, the president, the principal financial officer, the principal accounting officer, the principal operating officer and any other executive
officer for whom compensation disclosure was required in the Company’s most recent filing with the Securities and Exchange Commission pursuant to Item 402 of Regulation S-K. 
 Performance Measurement Cycle shall mean any three (3) year period beginning upon a Commencement Date and ending upon the corresponding Termination Date. 
 Plan Year shall mean each calendar year beginning on the Commencement Date and ending on the Termination Date. 

 Retirement shall mean the termination of employment of an employee who is at least 65 years of age, or 55 years of age
with at least ten years of employment with the Company and/or a wholly-owned subsidiary of the Company. 
 Termination Date shall mean
December 31 of the third calendar year from the Commencement Date. 
 COMMENCEMENT DATE, TERM
AND RESULTS COVERED 
 Each three (3) year Performance Measurement
Cycle will commence as of the Commencement Date and terminate on the Termination Date. 
 PLAN
PAYOUTS 
 The amount of stock distributed under the Plan upon conversion of the Performance Share Units
shall be determined under the Performance Compensation Matrix. Interpolation will be used to determine payments for performance results that fall between the points on the Performance Compensation Matrix. 
 ELIGIBILITY FOR PLAN PAYOUTS 
 Except on the occasion of death, Disability, Retirement or certain other limited instances as determined by the Compensation Committee either at the time of or after a
grant, a participant shall only be entitled to distributions under the Plan if he or she is actively employed, full-time, with the Company as of the Termination Date. 
 VESTING & CONVERSIONS 
 Except as otherwise provided
herein, Performance Share Units issued under the Plan shall become vested (available for conversion to shares) as of the Termination Date and thereafter converted to shares as set forth herein. 
 The Award Value of a participant’s Performance Share Units will be calculated within three months following the Termination Date. Award Values will be determined
using calculations of the Performance Component Targets for the period from the Commencement Date to the Termination Date. Within four (4) months of the Termination Date, the Performance Share Units shall convert to shares of common stock and
be distributed by the Company to participants. 
 UNIT AWARDS 
 Each grant of Performance Share Units under this Plan will be evidenced by a written document, executed by the Chief Executive Officer (or by the Secretary in the case of
an grant made to the Chief Executive Officer) and delivered to the participant (each a “Performance Share Agreement”), in the form set forth in Exhibit A, attached hereto, which shall include a copy of the Plan and specify the
effective date of the grant, the number and type of Performance Share Units awarded, and be subject to, and incorporate by reference, the terms and conditions of the Plan (including the Performance Compensation Matrix). 

 TERMINATION OF EMPLOYMENT

 For purposes of this Plan, unless otherwise determined by the Compensation Committee, a participant’s employment will be deemed to have terminated at
such time as such participant is no longer a full-time employee of Infinity or any of its wholly-owned subsidiaries. 
 If a Change in Control occurs or a
participant’s employment is terminated involuntarily without cause, including by reason of such participant’s death, Disability, or Retirement, and if such Change in Control or termination occurs at least one (1) year after the
Commencement Date, the Award Value of a participant’s Performance Share Units shall be (i) calculated based on the performance of the Company as of the Plan Year closest in number of days to the date of termination (“Early Termination
Period”), and (ii) proportional to the Early Termination Period. By way of example, if a participant is involuntarily terminated, without cause, on September 1 of the second Plan Year, and was awarded 30,000 Performance Share Units,
his or her Performance Share Unit Award Value would be a share amount equal to two-thirds of his award (20,000) multiplied by the applicable percentage based on the Company’s achievement of its Performance Component Targets through the end
of the second Plan Year. 
 If a participant’s employment is terminated involuntarily for cause (as hereafter defined), or voluntarily (unless otherwise
determined by the Compensation Committee) before the Termination Date, all rights of such participant under this Plan or in any Performance Share Units will terminate automatically (and without any compensation therefor), and such participant will
forfeit all such rights and all unpaid benefits hereunder. For purposes hereof, “cause” shall have the meaning given in any binding agreement governing the material terms of such participant’s employment with the Company or, in the
absence of any such agreement or provision, shall mean conduct of the participant that is grounds for termination under the Company’s Employee Handbook or other established Company guidelines or policies. 
 FEDERAL INCOME TAX CONSEQUENCES 
 The Plan is established with the intent of having any grant of Performance Share Units taxable to the participant for Federal income tax purposes only upon the
participant’s receipt of payment upon the conversion of such Performance Share Units to stock. However, no IRS ruling will be requested by the Company as to the timing of the inclusion of the value of any Performance Share Units in the
participant’s taxable income or as to any other possible Federal income tax consequences of the arrangement. Consequently, no assurances are or can be given by the Company as to such consequences. In addition, the state or local tax
consequences pertaining to this arrangement may or may not differ from the Federal tax treatment. For this reason, participants are urged to review this arrangement carefully and consult their tax advisers with regard to the Federal, state or local
tax consequences for their individual circumstances. 

 OTHER GENERAL PROVISIONS

 Notwithstanding anything to the contrary herein or grant hereunder, the Compensation Committee shall have final authority to decide all questions and make
all determinations regarding the implementation, operation, and interpretation of the Plan, and the decisions of the Compensation Committee shall be conclusive and binding on the Company, the participants and any person claiming under or through any
of them. 
 The Plan is an unfunded compensation plan for a select group of management or highly compensated employees. The Plan shall be administered,
interpreted and construed to carry out such intention, and any provision of the Plan that cannot be so administered, interpreted and construed shall, to that extent, be disregarded. 
 No provision of the Plan, nor any aspect of its operation or administration, nor any document delivered or executed pursuant to or describing the Plan, shall limit or restrict in any way the right of the Company to
terminate the employment of any employee at any time with or without cause, or shall be construed to impose upon the Company any liability not expressly and specifically assumed by the Company under the Plan, whether for any forfeiture of
Performance Share Units or rights under Performance Share Units, or any loss of eligibility for the future grant of Performance Share Units, or otherwise, that may result if the employment of any employee should be so terminated. 
 No rights under the Plan, contingent or otherwise, shall be assignable, alienable or subject to any encumbrance, pledge or charge of any nature, or be subject to any
lien or to attachment, levy or execution, and no such rights shall be transferable other than by designation of a beneficiary or by will or the laws of descent and distribution. 
 The Company may withhold any taxes that the Company determines are required to be withheld from distributions or amounts payable under the Plan under the applicable laws or other regulations of any governmental
authority, whether Federal, state or local and whether domestic or foreign. 

 EXHIBIT A 
 INFINITY PROPERTY AND CASUALTY CORPORATION 
 PERFORMANCE SHARE AGREEMENT 
 Infinity Property and Casualty Corporation (the “Company”), hereby awards to [INSERT NAME], (the “Employee”) ___________ Performance Share Units
(“Performance Shares”) in accordance with and subject to the terms of the Infinity Property and Casualty Corporation 2008 Performance Share Plan (the “Plan”), a copy of which is attached hereto and made a part hereof, and of this
Performance Share Agreement. All terms and conditions regarding the vesting and conversion of Performance Shares into shares of common stock of the Company are set forth in the Plan and in the Performance Compensation Matrix, attached hereto as
Exhibit 1. 
 Except in the event of Employee’s death, the Performance Shares are non-transferable Furthermore, the Employee shall not have any
of the rights or privileges of a stockholder of the Company in respect of the Performance Shares unless and until such Performance Shares are converted into shares of common stock of the Company, pursuant to the terms and conditions of the Plan and
Exhibit 1. 
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on the ____ day of _____________,20__. 
  

			
	INFINITY PROPERTY AND CASUALTY CORPORATION
		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 

 I hereby accept the award of Performance Shares set forth above in accordance with and subject to the terms
and conditions of this Performance Share Agreement and of the Plan and agree to be bound thereby. 
 ____________________________________ 
 Employee

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