Document:

<PAGE>

Exhibit 4.1  Advisory and Consulting Agreement

                         Number of Shares and Options
                         ----------------------------

     4.1(a)  as amended              11,150,000

     4.1(b)                             850,000

                                       6
<PAGE>

                                                                  Exhibit 4.1(a)

                             CONSULTING AGREEMENT

     This Consulting Agreement (the "Consulting Agreement") made as of March 5,
2001 by and between Richard Appel 400 S. Detroit Street, #211, Los Angeles, CA
90036 ("Consultant") and Kaire Holdings Incorporated with offices at 7348
Bellaire Ave, North Hollywood, CA 91605 (the "Company").

                                  WITNESSETH

     WHEREAS, the Company requires and will continue to require consulting
services relating management, strategic planning and marketing in connection
with its business; and

     WHEREAS, Consultant can provide the Company with strategic planning and
marketing consulting services and is desirous of performing such services for
the Company; and

     WHEREAS, the Company wishes to induce Consultant to provide these
consulting services to the Company,

     NOW, THEREFORE, in consideration of the mutual covenants hereinafter
stated, it is agreed as follows:

     1.   APPOINTMENT.
          -----------

     The Company hereby engages Consultant and Consultant agrees to render
services to the Company as a consultant upon the terms and conditions
hereinafter set forth.

     2.   TERM.
          ----

     The term of this Consulting Agreement began as of the date of this
Agreement, and shall terminate on March 1, 2002, unless earlier terminated in
accordance with paragraph 8 herein or extended as agreed to between the parties.

     3.   SERVICES.
          --------

     During the term of this Agreement, Consultant shall provide advice to
undertake for and consult with the Company concerning management, marketing,
consulting, strategic planning, corporate organization and structure, financial
matters in connection with the operation of the businesses of the Company,
expansion of services, acquisitions and business opportunities, and shall review
and advise the Company regarding its overall progress, needs and condition.
Consultant agrees to provide on a timely basis the following enumerated services
plus any additional services contemplated thereby:

          (a)  The implementation of short-range and long-term strategic
          planning to fully develop and enhance the Company's assets, resources,
          products and services;

          (b)  The implementation of a marketing program to enable the Company
          to broaden the markets for its services and promote the image of the
          Company and its products and services;

          (c)  Advise the Company relative to the recruitment and employment of
          key executives consistent with the expansion of operations of the
          Company;
<PAGE>

          (d)  The identification, evaluation, structuring, negotiating and
          closing of joint ventures, strategic alliances, business acquisitions
          and advice with regard to the ongoing managing and operating of such
          acquisitions upon consummation thereof; and

          (e)  Advice and recommendations regarding corporate financing
          including the structure, terms and content of bank loans,
          institutional loans, private debt funding, mezzanine financing, blind
          pool financing and other preferred and common stock equity private or
          public financing. Consultant will not directly or indirectly arrange a
          financing that involves any securities issuance, whether equity or
          debt.

     4.   DUTIES OF THE COMPANY.
          ---------------------

     The Company shall provide Consultant, on a regular and timely basis, with
all approved data and information about it, its subsidiaries, its management,
its products and services and its operations as shall be reasonably requested by
Consultant, and shall advise Consultant of any facts which would affect the
accuracy of any data and information previously supplied pursuant to this
paragraph.  The Company shall promptly supply Consultant with full and complete
copies of all financial reports, all fillings with all federal and state
securities agencies; with full and complete copies of all stockholder reports;
with all data and information supplied by any financial analyst, and with all
brochures or other sales materials relating to its products or services.

          COMPENSATION.
          ------------

     The Company will immediately grant Consultant the option to purchase
6,000,000 shares of the Company's Common Stock with an exercise price at $.0225
per share and 5,150,000 shares with an exercise price at $.01 per share, which
options shall expire on March 1, 2002 at 5:00 P.M. P.S.T.  The number of shares
herein are subject to the anti-dilution provisions of the corresponding warrant
which is being issued in conjunction with this Agreement.  Consultant in
providing the foregoing services, shall not be responsible for any out-of-pocket
costs, including, without limitation, travel, lodging, telephone, postage and
Federal Express charges.

     6.   REPRESENTATION AND INDEMNIFICATION.
          ----------------------------------

     The Company shall be deemed to have been made a continuing representation
of the accuracy of any and all facts, material information and data which it
supplies to Consultant and acknowledges its awareness that Consultant will rely
on such continuing representation in disseminating such information and
otherwise performing its advisory functions.  Consultant in the absence of
notice in writing from the Company, will rely on the continuing accuracy of
material, information and data supplied by the Company.  Consultant represents
that he has knowledge of and is experienced in providing the aforementioned
services.

     7.   MISCELLANEOUS.
          -------------

     Termination:  This Agreement may be terminated by either Party upon written
     -----------
notice to the other Party for any reason which shall be effective five (5)
business days from the date of such notice.  This Agreement shall be terminated
immediately upon written notice for material breach of this Agreement.

     Modification:  This Consulting Agreement sets forth the entire
     ------------
understanding of the Parties with respect to the subject matter hereof.  This
Consulting Agreement may be amended only in  writing signed by both Parties.
<PAGE>

     Notices:  Any notice required or permitted to be given hereunder shall be
     -------
in writing and shall be mailed or otherwise delivered in person or by facsimile
transmission at the address of such Party set forth above or to such other
address or facsimile telephone number as the Party shall have furnished in
writing to the other Party.

     Waiver:  Any waiver by either Party of a breach of any provision of this
     ------
Consulting Agreement shall not operate as or be construed to be a waiver of any
other breach of that provision or of any breach of any other provision of this
Consulting Agreement.  The failure of a Party to insist upon strict adherence to
any term of this Consulting Agreement on one or more occasions will not be
considered a waiver or deprive that Party of the right thereafter to insist upon
adherence to that term of any other term of this Consulting Agreement.

     Assignment:  The Options under this Agreement are assignable at the
     ----------
discretion of the Consultant.

     Severability:  If any provision of this Consulting Agreement is invalid,
     ------------
illegal, or unenforceable, the balance of this Consulting Agreement shall remain
in effect, and if any provision is inapplicable to any person or circumstance,
it shall nevertheless remain applicable to all other persons and circumstances.

     Disagreements:  Any dispute or other disagreement arising from or out of
     -------------
this Consulting Agreement shall be submitted to arbitration under the rules of
the American Arbitration Association and the decision of the arbiter(s) shall be
enforceable in any court having jurisdiction thereof.  Arbitration shall occur
only in Los Angeles, CA.  The interpretation and the enforcement of this
Agreement shall be governed by California Law as applied to residents of the
State of California relating to contracts executed in and to be performed solely
within the State of California.  In the event any dispute is arbitrated, the
prevailing Party (as determined by the arbiter(s)) shall be entitled to recover
that Party's reasonable attorney's fees incurred (as determined by the
arbiter(s)).

     IN WITNESS WHEREOF, this Consulting Agreement has been executed by the
Parties as of the date first above written.

Kaire Holdings Incorporated                            CONSULTANT

/s/ Steven Westlund                                         /s/ Richard Appel
--------------------------------------------------          -----------------
Steven Westlund                                             Richard Appel
Chief Executive Officer
<PAGE>

                                                                 Exhibit 4.1 (b)

                             CONSULTANT AGREEMENT

          This Agreement is made and entered into as of the 14/th/ day of
          December, 2000, between Kaire Holdings, Inc., (the "Company") and
          CEOCAST, Inc. ("Consultant").

               In consideration of and for the mutual promises and covenants
          contained herein, and for other good and valuable consideration, the
          receipt of which is hereby acknowledged, the parties agree as follows:

1.   Purpose.  The Company hereby employs the Consultant during the Term (as
     -------
     defined below) to render consulting advice to the Company and its investors
     in connection with investor relations and similar matters, upon the terms
     and conditions as set forth herein.

2.   Term.  This Agreement shall be effective for a three-month period (the
     ----
     "Term") commencing on the date hereof.

3.   Duties of Consultant.  During the term of this Agreement, the Consultant
     --------------------
     shall provide the Company with the services described on Exhibit A hereto
                                                              ---------
     which is attached hereto and made a part hereof. Notwithstanding the
     foregoing, it is understood and acknowledged by the parties that the
     Consultant: (a) shall perform its analysis and reach its conclusions about
     the Company independently, and that the Company shall have no involvement
     therein; and (b) shall not render advice and/or services to the Company in
     any manner, directly or indirectly, that is in connection with the offer or
     sale of securities in a capital raising transaction or that could result in
     market making.

4.   Expenses.  The Company, upon receipt of appropriate supporting
     --------
     documentation, shall reimburse the Consultant for any and all reasonable
     out-of-pocket expenses incurred by it in connection with services requested
     by the Company, including, but not limited to, all charges for travel,
     printing costs and other expenses spent on the Company's behalf. However,
     the Consultant shall not incur expenses that exceed $500 per month in the
     aggregate without the prior written approval of the Company.

5.   Compensation.  For services to be rendered by the Consultant hereunder, the
     ------------
     Consultant shall receive (a) $7,500 upon signing of this Agreement and (b)
     850,000 full paid and non-assessable shares of the Company's common stock,
     par value $.0001 per share (the "Common Stock").

6.   Further Agreements. Because of the nature of the services being provided by
     ------------------
     Consultant hereunder, Consultant acknowledges that if it may receive access
     to Confidential Information ( as defined in Section 7 hereof ) and that, as
     a consultant to the Company, it will attempt to provide advice that serves
     the best interest of the Company. Because of the uniqueness of this
     relationship, the Consultant covenants and agrees that, with respect to the
     Common Stock that it receives. Consultant shall, at all times that it is
     the beneficial owner of such shares, vote such shares on all matters coming
     before it as a stockholder of the Company in the same manner as the
     majority of the Board of Directors of the Company shall recommend.
<PAGE>

7.   Confidentiality.  Consultant acknowledges that as a consequence of its
     ---------------
     relationship with the Company, it may be given access to confidential
     information which may include the following types of information; financial
     statements and related financial information with respect to the Company
     and its subsidiaries (the "Confidential Financial Information"), trade
     secrets, products, product development, product packaging, future marketing
     materials, business plans, certain methods of operations, procedures,
     improvements, systems, customer lists, supplier lists and specifications,
     and other private and confidential materials concerning the Company's
     business (collectively, "Confidential Information").

               Consultant covenants and agrees to hold such Confidential
     Information strictly confidential and shall only use such information
     solely to perform its duties under this Agreement, and Consultant shall
     refrain from allowing such information to be used in any way for its own
     private or commercial purposes. Consultant shall also refrain from
     disclosing any such Confidential Information to any third parties.
     Consultant further agrees that upon termination or expiration of this
     Agreement, it will return all Confidential Information and copies thereof
     to the Company and will destroy all notes, reports and other material
     prepared by or for it containing Confidential Information. Consultant
     understands and agrees that the Company might be irreparably harmed by
     violation of this Agreement and that monetary damages may be inadequate to
     compensate the Company. Accordingly, the Consultant agrees that, in
     addition to any other remedies available to it at law or in equity, the
     Company shall be entitled to injunctive relief to enforce the terms of this
     Agreement.

               Notwithstanding the foregoing, nothing herein shall be construed
     as prohibiting Consultant from disclosing any Confidential Information (a)
     which at the time of disclosure. Consultant can demonstrate either was in
     the public domain and generally available to the public or thereafter
     becomes a part of the public domain and is generally available to the
     public by publication or otherwise through no act of the Consultant; (b)
     which Consultant can establish was independently developed by a third party
     who developed it without the use of the Confidential Information and who
     did not acquire it directly or indirectly from Consultant under an
     obligation of confidence; (c) which Consultant can show was received by it
     after the termination of this Agreement from a third party who did not
     acquire it directly or indirectly from the Company under an obligation of
     confidence; or (d) to the extent that the Consultant can reasonably
     demonstrate such disclosure is required by law or in any legal proceeding,
     governmental investigation, or other similar proceeding.

               Severability.  If any provision of this Agreement shall be held
               ------------
     or made invalid by a statute, rule, regulation, decision of a tribunal or
     otherwise, the remainder of this Agreement shall not be affected thereby
     and, to this extent, the provisions of this Agreement shall be deemed to be
     severable.

8.   Governing Law; Venue; Jurisdiction.  This Agreement shall be construed and
     ----------------------------------
     enforced in accordance with and governed by the laws of the State of New
     York, without reference to principles of conflicts or choice of law
     thereof. Each of the parties consents to the jurisdiction of the U.S.
     District Court sitting in the Southern District of the State of New York or
     the state courts of the State of New York sitting in Manhattan in
     connection with any dispute arising under this Agreement and hereby waives,
     to the maximum extent permitted by law, any objection, including any
     objection based on forum non conveniens. to the bringing of any such
                        ----- --- ----------
     proceeding in such jurisdictions. Each party hereby agrees that if another
     party to this Agreement obtains a judgment against it in such a proceeding,
     the party which obtained such judgment may enforce same by summary judgment
     in the courts of any country having jurisdiction over the party against
     whom such judgment was obtained, and each party hereby waives any defenses
     available to it under local law and agrees to the enforcement of such a
     judgment. Each party to this Agreement irrevocably consents to the service
     of process in any such proceeding by the mailing of copies thereof by
     registered or certified mail, postage prepaid, to such party at it address
     set forth herein. Nothing herein shall affect the right of
<PAGE>

     any party to serve process in any other manner permitted by law. Each party
     waives its right to a trial by jury.

9.   Miscellaneous.
     -------------

          (a)  Any notice or other communication between parties hereto shall be
               sufficiently given if sent by certified or registered mail,
               postage prepaid, if to the Company, addressed to it at Kaire
               Holdings, Inc., 7348 Bellaire Avenue, North Hollywood, CA 91605
               or if to the Consultant, addressed to it at 55 John Street,
               11/th/ Floor, New York, New York 10038, Attention: Michael Wachs,
               President facsimile number : (212) 732-1131, or to such address
               as may hereafter be designated in writing by one party to the
               other. Any notice or other communication hereunder shall be
               deemed given three days after deposit in the mail if mailed by
               certified mail, return receipt requested, or on the day after
               deposit with an overnight courier service for next day delivery,
               or on the date delivered by hand or by facsimile with accurate
               confirmation generated by the transmitting facsimile machine, at
               the address or number designated above (if delivered on a
               business day during normal business hours where such notice is to
               be received), or the first business day following such delivery
               (if delivered other than on a business day during normal business
               hours where such notice is to be received).

          (b)  This Agreement embodies the entire Agreement and understanding
               between the Company and the Consultant and supersedes any and all
               negotiations, prior discussions and preliminary and prior
               arrangements and understandings related to the central subject
               matter hereof.

          (c)  This Agreement has been duly authorized, executed and delivered
               by and on behalf of the Company and the Consultant.

          (d)  This Agreement and all rights, liabilities and obligations
               hereunder shall be binding upon and inure to the benefit of each
               party's successors but may not be assigned without the prior
               written approval of the other party.

               IN WITNESS WHEREOF, the parties hereto have executed this
               Agreement as of the date hereof.

                                                  KAIRE HOLDINGS, INC.

                                                  By:___________________________

                                                  CEOCAST, INC.

                                   By:________________________
<PAGE>

                                   EXHIBIT A

--------------------------------------------------------------------------------

 .   One interview in audio and text format conducted each month on CEOCast with
     a link to your Company's Web Site. Company featured on the Home Page for
     one week each month in the They Said It Section.
 .   Each interview featured on CEOCast Home Page for all Registrants who
     request information on your Sector/Industry.
 .   Notification: All Registrants who have requested information on Company or
     Industry will receive an e-mail notification of your Company's interview
     and will receive your Company's Press Releases.
 .   Leads: CEOCast provides Company with leads from individuals who have
     requested more information on the Company after listening/reading each
     interview on our Site.
 .   Audio/Text of each Interview is distributed to over 700 financial sites.
 .   Interview and press releases distributed to brokers.
 .   Profile of key products/services maintained on Company Page.
 .   All press releases maintained on Company Page.
 .   Permission to post Interview on Company's own Internet Site.
 .   Preparation and distribution of Company news releases and strategic
     consulting.
 .   Crisis management.
 .   Dedicated Investor Relations line.

--------------------------------------------------------------------------------EXHIBIT 10.5

                        ODYSSEY MARINE EXPLORATION, INC.
                            1997 STOCK OPTION PLAN
                               2,000,000 SHARES

     This Stock Option Plan was adopted this 18th day of August 1997, by
Odyssey Marine Exploration, Inc., a Nevada corporation, upon the following
terms and conditions:

     1.     Definitions.  Except as otherwise expressly provided in this Plan,
the following capitalized terms shall have the respective meanings hereafter
ascribed to them:

          (a)     "Board" shall mean the Board of Directors of the
Corporation;

          (b)     "Code" shall mean the Internal Revenue Code of 1986, as
amended;

          (c)     "Consultant" shall mean a person who provides services to
the Corporation as an independent contractor;

          (d)     "Corporation" means Odyssey Marine Exploration, Inc. and
each and all of any present and future subsidiaries;

          (e)     "Date of Grant" shall mean, for each participant in the
Plan, the date on which the Board approves the specific grant of stock options
to that participant;

          (f)     "Employee" shall be an employee of the Corporation or any
subsidiary of the Corporation;

          (g)     "Grantee" shall mean the recipient of an Incentive Stock
Option or a Non-statutory Option under the Plan;

          (h)     "Incentive Stock Option" shall refer to a stock option which
qualifies under Section 422 of the Code.

          (i)     "Non-statutory Option" shall mean an option which is not an
Incentive Stock Option.

          (j)     "Shares" shall mean the Corporation's common stock, $.0001
par value;

          (k)     "Shareholders" shall mean owners of record of any Shares.

     2.     Purpose.  The purpose of this Stock Option Plan (the "Plan") is
two-fold.  First, the Plan will further the interests of the Corporation and
its shareholders by providing incentives in the form of stock options to
employees who contribute materially to the success and profitability of the
Corporation.  Such stock options will be granted to recognize and reward
outstanding individual performances and contributions and will give selected
employees an interest in the Corporation parallel to that of the shareholders,
thus enhancing their proprietary interest in the Corporation's continued
success and progress.  This program also will enable the Corporation to

<PAGE>

attract and retain experienced employees.  Second, the Plan will provide the
Corporation flexibility and the means to reward directors and consultants who
render valuable contributions to the Corporation.

     3.     Administration.  This Plan  will be administered by the Board.
The Board has the exclusive power to select the participants in this Plan, fix
the awards to each participant, and make all other determinations necessary or
advisable under the Plan, to determine whether the performance of an eligible
employee warrants an award under this Plan, and to determine the amount and
duration of the award.  The Board has full and exclusive power to construe and
interpret this Plan, to prescribe, amend and rescind rules and regulations
relating to this Plan, and to take all actions necessary or advisable for this
Plan's administration.  The Board shall have full power and authority to
determine, and at the time such option is granted shall clearly set forth,
whether the option shall be an Incentive Stock Option or a Non-statutory
Option.   Any such determination made by the Board will be final and binding
on all persons.  A member of the Board will not be liable for performing any
act or making any determination required by or pursuant to the Plan, if such
act or determination is made in good faith.  The Board has the authority to
set up a committee of directors to administer the Plan and to delegate
whichever of the above powers it determines.

     4.     Participants.  Any employee, officer, director or consultant that
the Board, in its sole discretion, designates is eligible to participate in
this Plan.  However, only employees of the Corporation shall be eligible to
receive grants of Incentive Stock Options.  The Board's designation of a
person as a participant in any year does not require the Board to designate
that person to receive an award under this Plan in any other year or, if so
designated, to receive the same award as any other participant in any year.
The Board may consider such factors as it deems pertinent in selecting
participants and in determining the amount of their respective awards,
including, but without being limited to: (a) the financial condition of the
Corporation; (b) expected profits for the current or future years; (c) the
contributions of a prospective participant to the profitability and success of
the Corporation; and (d) the adequacy of the prospective participant's other
compensation.  The Board, in its discretion, may grant benefits to a
participant under this Plan, even though stock, stock options, stock
appreciation rights or other benefits previously were granted to him under
this or another plan of the Corporation, whether or not the previously granted
benefits have been exercised, but the participant may hold such options only
on the terms and subject to the restrictions hereafter set forth.  Subject to
the foregoing limitation, a person who has participated in another benefit
plan of the Corporation may also participate in this Plan.

     5.     Kinds of Benefits.  Awards under this Plan, if any, will be
granted in options to acquire Shares as described below.

     6.     Options; Expiration; Limitations.  Any Incentive Stock Option
granted under this Plan shall automatically expire ten years after the Date of
Grant or at such earlier time as may be described in Article 9 or directed by
the Board in the grant of the option.  Notwithstanding the preceding sentence,
no Incentive Stock Option granted to a Shareholder who owns, as of the Date of
Grant, stock possessing more than ten percent of the total combined voting
power of all classes of stock of the Corporation shall, in any event, be
exercisable after the expiration of five years from the Date of Grant.  For

                                       2
<PAGE>

the purpose of determining under any provision of this Plan whether a
shareholder owns stock possessing more than ten percent of the total combined
voting power of all classes of stock of the Corporation, such Shareholder
shall be considered as owning the stock owned, directly or indirectly, by or
for his brothers and sisters (whether by the whole or half blood), spouse,
ancestors and lineal descendants, and stock owned, directly or indirectly, by
or for a corporation, partnership, estate or trust shall be considered as
being owned proportionately by or for its shareholders, partners or
beneficiaries.

     Upon the exercise of an option, the Corporation shall deliver to the
participant certificates representing authorized but unissued Shares.  The
cumulative total number of shares which may be subject to options issued and
outstanding pursuant to this Plan is limited to 2,000,000 shares.  This amount
automatically will be adjusted in accordance with Article 21 of this Plan.  If
an option is terminated, in whole or in part, for any reason other than its
exercise, the Board may reallocate the shares subject to that option (or to
the part thereof so terminated) to one or more other options to be granted
under this Plan.

     7.     Option Exercise Price.  Each option shall state the option price,
which shall be not less than 100% of the fair market value of the Shares on
the Date of Grant or the par value thereof whichever is greater.
Notwithstanding the preceding sentence, in the case of a grant of an Incentive
Stock Option to an employee who, as of the Date of Grant, owns stock
possessing more than ten percent of the total combined voting power of all
classes of stock of the Corporation or its Parent or Subsidiaries, the option
price shall not be less than 110% of the fair market value of the Shares on
the Date of Grant or the par value thereof, whichever is greater.

     During such time as the Shares are not traded in any securities market,
the fair market value per share shall be determined by a good faith effort of
the Board, using its best efforts and judgment.  During such time as the
Shares are traded in a securities market but not listed upon an established
stock exchange, the fair market value per share shall be the highest closing
bid price in the securities market in which it is traded on the Date of Grant,
as reported by the National Association of Securities Dealers, Inc.  If the
Shares are listed upon an established stock exchange or exchanges such fair
market value shall be deemed to be the highest closing price on such stock
exchange or exchanges on the Date of Grant, or if no sale of any Shares shall
have been made on any stock exchange on that day, on the next preceding day on
which there was such a sale.  Subject to the foregoing, the Board shall have
full authority and discretion in fixing the option price and shall be fully
protected in doing so.

     8.     Maximum Option Exercise.  The aggregate fair market value
(determined as of the Date of Grant) of the stock with respect to which
Incentive Stock Options are exercisable for the first time by a grantee during
any calendar year (under all such plans of the Corporation and its parent or
subsidiary, if any) shall not exceed $100,000.  For purposes of this Article
8, the value of stock acquired through the exercise of Non-statutory Options
shall not be included in the computation of the aggregate fair market value.

                                       3
<PAGE>

     9.     Exercise of Options.

          (a)     No stock option granted under this Plan may be exercised
before the Grantee's completion of such period of services as may be specified
by the Board on the Date of Grant.  Furthermore, the timing of the exercise of
any option granted under this Plan may be subject to a vesting schedule based
upon years of service or an expiration schedule as may be specified by the
Board on the Date of Grant.  Thereafter, or if no such period is specified
subject to the provisions of subsections (c), (d), (e), (f) and (g) of this
Article 9, the Grantee may exercise the option in full or in part at any time
until expiration of the option.

          A Grantee cannot exercise an Incentive Stock Option granted under
this Plan unless, at the time of exercise, he has been continuously employed
by the Corporation since the date the option was granted.  The Board may
decide in each case to what extent bona fide leaves of absence for illness,
temporary disability, government or military service, or other reasons will
not be deemed to interrupt continuous employment.

          (b)     Unless an Option specifically provides to the contrary, all
options granted under this Plan shall immediately become exercisable in full
in the event of the consummation of any of the following transactions:

               (i)  A merger or acquisition in which the Corporation is not
the surviving entity;

               (ii)  The sale, transfer or other disposition of all or
substantially all of the assets of the Corporation; or

               (iii)  Any merger in which the Corporation is the surviving
entity but in which fifty percent (50%) or more of the Corporation's
outstanding voting stock is issued to holders different from those who held
the stock immediately prior to such merger.

          (c)     Except as provided in subsections (d), (e) and (f) of this
Article 9, a Grantee cannot exercise an Incentive Stock Option after he ceases
to be an employee of the Corporation, unless the Board, in its sole
discretion, grants the recipient an extension of time to exercise the
Incentive Stock Option after cessation of employment.  The extension of time
of exercise that may be granted by the Board under this subsection (c) shall
not exceed three months after the date on which the Grantee ceases to be an
employee and in no case shall extend beyond the stated expiration date of the
option.

          (d)     If the employment of a Grantee is terminated by the
Corporation for a cause as defined in subsection (i) of this Article 9, all
rights to any stock option granted under this Plan shall terminate, including
but not limited to the ability to exercise such stock options.

          (e)     If a Grantee ceases to be an employee as a result of
retirement, he may exercise the Incentive Stock Option within three months
after the date on which he ceases to be an employee (but no later than the
stated expiration date of the option) to the extent that the Incentive Stock
Option was exercisable when he ceased to be an employee.  An employee shall be
regarded as retired if he terminates employment after his sixty-fifth
birthday.

                                       4
<PAGE>

          (f)     If a Grantee ceases to be an employee because of disability
(within the meaning of Section 105(d)(4) of the Code), or if a Grantee dies,
and if at the time of the Grantee's disability or death he was entitled to
exercise an Incentive Stock Option granted under this Plan, the Incentive
Stock Option can be exercised within 12 months after his death or termination
of employment on account of disability (but no later than the stated
expiration date of the option), by the Grantee in the case of disability or,
in case of death, by his personal representative, estate or the person who
acquired by gift, bequest or inheritance his right to exercise the Incentive
Stock Option.  Such options can be exercised only as to the number of shares
for which they could have been exercised at the time the Grantee died or
became disabled.

          (g)     With respect to Non-statutory Options granted to Board
members, the Board may provide on the Date of the Grant that such options will
expire a specified number of days after such Board member ceases to be a
member of the Board.  In the absence of any such provision, the option will
expire on the stated expiration date of the option.

          (h)     Any stock option granted under the Plan will terminate, as a
whole or in part, to the extent that, in accordance with this Article 9, it no
longer can be exercised.

          (i)     For purposes of this Article 9, "cause" shall mean the
following:

               (1)     Fraud or criminal misconduct;

               (2)     Gross negligence;

               (3)     Willful or continuing disregard for the safety or
soundness of the Corporation;

               (4)     Willful or continuing violation of the published rules
of the Corporation.

     10.     Exercise of Options.

          10.1  Notice.  Options may be exercised only by delivery to the
Corporation of a written stock option exercise agreement (the "Exercise
Agreement") in a form approved by the Board (which need not be the same for
each Grantee), stating the number of shares being purchased, the restrictions
imposed on the shares, if any, and such representations and agreements
regarding Grantee's investment intent and access to information, if any, as
may be required by the Corporation to comply with applicable securities laws,
together with payment in full of the exercise price for the number of Shares
being purchased.

          10.2  Payment.  Payment for the shares may be made in cash (by
check) or, where approved by the Board in its sole discretion and where
permitted by law: (a) by cancellation of indebtedness of the Corporation to
the Grantee; (b) by surrender of shares of common stock of the Corporation
having a Fair Market Value equal to the applicable exercise price of the
Option that have been owned by Grantee for more than six months (and which
have been paid for within the meaning of the Securities and Exchange
Commission ("SEC") Rule 144 and, if such shares were purchased from the

                                       5
<PAGE>

Corporation by use of a promissory note, such note has been fully paid with
respect to such shares), or were obtained by Grantee in the open public
market; (c) by waiver of compensation due or accrued to Grantee for services
rendered; (d) provided that a public market for the Corporation's stock
exists, through a "same day sale" commitment from Grantee and a broker-dealer
that is a member of the National Association of Securities Dealers (an "NASD
Dealer") whereby Grantee irrevocably elects to exercise the Option and to sell
a portion of the  shares so purchased to pay for the exercise price and
whereby the NASD Dealer irrevocably commits upon receipt of such shares to
forward the exercise price directly to the Corporation; (e) provided that a
public market for the Corporation's stock exists, through a "margin"
commitment from Grantee and an NASD Dealer whereby Grantee irrevocably elects
to exercise the Option and to pledge the shares so purchased to the NASD
Dealer in a margin account as security for a loan from the NASD Dealer in the
amount of the exercise price, and whereby the NASD Dealer  irrevocably commits
upon receipt of such shares to forward the exercise price directly to the
Corporation; or (f) by any combination of the foregoing.

     11.     Taxes; Compliance with Law; Approval of Regulatory Bodies.  The
Corporation, if necessary or desirable, may pay or withhold the amount of any
tax attributable to any amount payable or shares deliverable under this Plan
and the Corporation may defer making payment on delivery until it is
indemnified to its satisfaction for that tax.  Stock options are exercisable,
and shares can be delivered under this Plan, only in compliance with all
applicable federal and sate laws and regulations, including, without
limitation, state and federal securities laws, and the rules of all stock
exchanges on which the Corporation's shares are listed at any time.  Any
certificate issued pursuant to options granted under this Plan shall bear such
legends and statements as the Board deems advisable to assure compliance with
federal and state laws and regulations.  No option may be exercised, and
shares may not be issued under this Plan, until the Corporation has obtained
the consent or approval of every regulatory body, federal or state, having
jurisdiction over such matters as the Board deems advisable.

     Specifically, in the event that the Corporation deems it necessary or
desirable to file a registration statement with the Securities and Exchange
Commission or any State Securities Commission, no option granted under the
Plan may be exercised, and shares may not be issued, until the Corporation has
obtained the consent or approval of such Commission.

     In the case of the exercise of an option by a person or estate acquiring
by bequest or inheritance the right to exercise such option, the Board may
require reasonable evidence as to the ownership of the option and may require
such consents and releases of taxing authorities as the Board deems advisable.

     12.     Assignability.  Each option granted under this Plan is not
transferable other than by will or the laws of descent and distribution.  Each
option is exercisable during the life of the Grantee only by him.

     13.     Tenure.  A participant's right, if any, to continue to serve the
Corporation as an officer, employee or otherwise, will not be enlarged or
otherwise affected by his designation as a participant under this Plan, and
such designation will not in any way restrict the right of the Corporation to
terminate at any time the employment or affiliation of any participant for
cause or otherwise.

                                       6
<PAGE>

     14.     Amendment and Termination of Plan.  The Board may alter, amend or
terminate this Plan from time to time without approval of the shareholders.
However, without the approval of the shareholders, no amendment will be
effective that:

          (a)     materially increases the benefits accruing to participants
under the Plan;

          (b)     increases the cumulative number of shares that may be
delivered upon the exercise of options granted under the Plan or the aggregate
fair market value of options which a participant may exercise in any calendar
year;

          (c)     materially modifies the eligibility requirements for
participation in the Plan; or

          (d)     amends the requirements of paragraphs (a)-(c) of this
Article 14.

     Any amendment, whether with or without the approval of shareholders, that
alters the terms or provisions of an option granted before the amendment will
be effective only with the consent of the participant to whom the option was
granted or the holder currently entitled to exercise it, except for
adjustments expressly authorized by this Plan.

     15.     Expenses of Plan.  The expenses of the Plan will be borne by the
Corporation.

     16.     Duration of Plan.  Options may only be granted under this Plan
during the ten years immediately following the earlier of the adoption of the
Plan or its approval by the Shareholders.  Options granted during that ten
year period will remain valid thereafter in accordance with their terms and
the provisions of this Plan.

     17.     Other Provisions.  The option agreements authorized under the
Plan shall contain such other provisions including, without limitation,
restrictions upon the exercise of the option, as the Board shall deem
advisable.  Any such option agreements, which are intended to be "Incentive
Stock Options" shall contain such limitations and restrictions upon the
exercise of the option as shall be necessary in order that such option will be
an "Incentive Stock Option" as defined in Section 422 of the Code.

     18.     Indemnification of the Board.  In addition to such other rights
of indemnification as they may have as directors, the members of the Board
shall be indemnified by the Corporation against the reasonable expenses,
including attorneys' fees actually and necessarily incurred in connection with
the defense of any action, suit or proceeding, or in connection with any
appeal therein, to which they or any of them may be a party by reason of any
action taken or failure to act under or in connection with the Plan or any
option granted thereunder, and against all amounts paid by them in settlement
thereof (provided such settlement is approved by independent legal counsel
selected by the Corporation) or paid by them in satisfaction of a judgment in
any such action, suit or proceeding, except in relation to matters as to which
it shall be adjudged in such action, suit or proceeding that such director is
liable for negligence or misconduct in the performance of his duties.

                                       7
<PAGE>

     19.     Application of Funds.  The proceeds received by the Corporation
from the sale of stock pursuant to options granted under this Plan will be
used for general corporate purposes.

     20.     No Obligation to Exercise Option.  The granting of an option
shall impose no obligation upon the Grantee to exercise such option.

     21.     Adjustment Upon Change of Shares.  If a reorganization, merger,
consolidation, reclassification, recapitalization, combination or exchange of
shares, stock split, stock dividend, rights offering, or other event affecting
shares of the Corporation occurs, then the number and class of shares to which
options are authorized to be granted under this Plan, the number and class of
shares then subject to options previously granted under this Plan, and the
price per share payable upon exercise of each option outstanding under this
Plan shall be equitably adjusted by the Board to reflect such changes.

     22.     Number and Gender.  Unless otherwise clearly indicated in this
Plan, words in the singular or plural shall include the plural and singular,
respectively, where they would so apply, and words in the masculine or neuter
gender shall include the feminine, masculine or neuter gender where
applicable.

     23.     Applicable Law.  The validity, interpretation and enforcement of
this Plan are governed in all respects by the laws of Nevada.

     24.     Effective Date of Plan.  This Plan shall not take effect until
adopted by the Board.  This Plan shall terminate if it is not approved by the
holders of a majority of the outstanding shares of the capital stock of the
Corporation, which approval must occur within the period beginning twelve
months before and ending twelve months after the Plan is adopted by the Board.

                              ODYSSEY MARINE EXPLORATION, INC.

                              By/s/ John C. Morris
                                John C. Morris, President

     I hereby certify that the foregoing Stock Option Plan was approved by the
Board of Directors of Odyssey Marine Exploration, Inc. the 18th day of August
1997.

                              /s/ David Morris
                              David Morris, Secretary

     I hereby certify that the foregoing Stock Option Plan was approved by the
Shareholders of Odyssey Marine Exploration, Inc. the 8th day of September
1997.

                              /s/ David Morris
                              David Morris, Secretary

                                       8
<PAGE>

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