Document:

Stock Purchase Agreement

 Exhibit 10.1 
 COMMON STOCK PURCHASE AGREEMENT 
  
  
 THIS COMMON STOCK PURCHASE
AGREEMENT (this “Agreement”) is made and entered into effective as of August 18, 2008, by and among ODYSSEY MARINE EXPLORATION, INC., a Nevada corporation (the “Company”), and the investor(s) listed
on the counterpart signature page(s) hereto, each of which is herein individually referred to as an “Investor” and all of which are herein collectively referred to as the “Investors.” 
 Background Information: 
 The Company
proposes to issue and sell to the Investors, and the Investors propose to purchase and accept from the Company, up to an aggregate of 1,970,000 shares (the “Shares”) of the Company’s common stock, par value $0.0001 per share
(the “Common Stock”) The purpose of this Agreement is to set forth the terms and conditions upon which the Company will issue and sell the Shares to the Investors and the Investors will purchase the Shares from the Company, as well
as certain other related matters. 
 NOW, THEREFORE, in consideration of the foregoing recitals and the terms, conditions, and
provisions hereof, the parties hereto, intending to be legally bound hereby, agree as follows: 
 Article 1 
 Purchase and Sale of Shares 
 Section 1.1 Sale and Issuance of Shares. 
 (a) On or prior to the Closing (as defined below), the Company shall have
authorized the sale and issuance to the Investors of the Shares. 
 (b) Subject to the terms and conditions of this Agreement, each Investor
agrees to purchase at the Closing, and the Company agrees to sell and issue to each Investor at the Closing, that number of Shares set forth below such Investor’s name on such Investor’s counterpart signature page hereto for $4.90 per
Share (the “Purchase Price”), 
 Section 1.2 Closing. The consummation of purchase and sale of the Shares (the
“Closing”) shall take place at the offices of the Company, located at 5215 West Laurel Street, Tampa, Florida, on August 19, 2008, or at such other time and place as the Company and the Investors acquiring in the aggregate a
majority of the Shares sold pursuant to this Agreement agree upon orally or in writing (as applicable, the “Closing Date”). At the Closing, or as soon as practicable thereafter, the Company shall deliver to each Investor a
certificate representing the Shares that such Investor is purchasing or acquiring against payment of the purchase price therefore by check, wire transfer, or any combination thereof. Payment by official bank check may be delivered to Odyssey Marine
Exploration, Inc. 5215 West Laurel Street, Tampa, Florida 33607, or payment may be made by wire transfer of immediately available funds to: 
  

			
		  	Fifth Third Bank
		  	550 Kingsley Drive
		  	Madisonville, OH 45227
		  	ABA # 042000314
		  	SWIFT: FTBCUS3C
		
	For the account of:	  	Odyssey Marine Exploration, Inc.
		  	Account Number: 7420836319

  

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 Article 2 
 Representations and Warranties 
 of the Company 
 The Company hereby represents and warrants to the Investors as follows: 
 Section 2.1 Organization. The Company is duly organized, validly existing, and in good standing under the laws of the State of Nevada. The Company and each of its Subsidiaries (as defined in Rule 405 under
the Securities Act of 1933, as amended (the “Securities Act”)) has full power and authority to own, operate and occupy its properties and to conduct its business as presently conducted and as described in the documents filed by the
Company under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including, without limitation, the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2007, the Company’s
Quarterly Reports on Form 10-Q for the quarterly periods ended March 31 and June 30, 2008, the Company’s Proxy Statement on Schedule 14A for the Annual Meeting of Shareholders held May 7, 2008, and the Company’s Current
Reports on Form 8-K, since January 1, 2008 (collectively, the “Exchange Act Documents”), and is registered or qualified to do business and in good standing in each jurisdiction in which the nature of the business conducted by
it or the location of the properties owned or leased by it requires such qualification and where the failure to be so qualified would have a material adverse effect upon the condition (financial or otherwise), earnings, business or business
prospects, properties or operations of the Company and its Subsidiaries, considered as one enterprise (a “Material Adverse Effect”), and no proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing, or
seeking to revoke, limit or curtail, such power and authority or qualification. 
 Section 2.2 Due Authorization and Valid Issuance.
The Company has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement, and this Agreement has been duly authorized and validly executed and delivered by the Company and constitutes a legal,
valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, except as rights to indemnity and contribution may be limited by state or federal securities laws or the public policy underlying such laws,
except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ and contracting parties’ rights generally, and except as enforceability may be subject to general
principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). The Shares have been duly authorized and, upon issuance in accordance with the terms of this Agreement, shall be validly issued and
free from all taxes, liens and charges with respect to the issue thereof, and the Shares shall be fully paid and nonassessable. 
 Section
2.3 Non-Contravention. The execution and delivery of this Agreement, the issuance and sale of the Shares under this Agreement, the fulfillment of the terms of this Agreement and the consummation of the transactions contemplated hereby will not
(a) conflict with or constitute a violation of, or default (with the passage of time or otherwise) under, (i) any material bond, debenture, note or other evidence of indebtedness, lease, contract, indenture, mortgage, deed of trust, loan
agreement, joint venture or other agreement or instrument to which the Company or any Subsidiary is a party or by which it or any of its Subsidiaries or their respective properties are bound, (ii) the articles of incorporation, bylaws or other
organizational documents of the Company or any Subsidiary, or (iii) any law, administrative regulation, ordinance or order of any court or governmental agency, arbitration panel or authority applicable to the Company or any Subsidiary or their
respective properties, except in the case of clauses (i) and (iii) for any such conflicts, violations or defaults which are not reasonably likely to have a Material Adverse Effect, or (b) result in the creation or imposition of any
lien, encumbrance, claim, security interest or restriction whatsoever upon any of the material properties or assets of the Company or any Subsidiary or an acceleration of indebtedness pursuant to any obligation, agreement or condition contained in
any material bond, debenture, note or any other evidence of indebtedness or any material 

  

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indenture, mortgage, deed of trust or any other agreement or instrument to which the Company or any Subsidiary is a party or by which any of them is bound or
to which any of the material property or assets of the Company or any Subsidiary is subject. No consent, approval, authorization or other order of, or registration, qualification or filing with, any regulatory body, administrative agency, or other
governmental body in the United States or any other person is required for the execution and delivery of this Agreement and the valid issuance and sale of the Shares to be sold pursuant to this Agreement, other than such as have been made or
obtained, and except for any post-closing securities filings or notifications required to be made under federal or state securities laws or under the rules of The NASDAQ Stock Market. 
 Section 2.4 Capitalization. As of the date of this Agreement, the authorized capital stock of the Company consists of (a) 100,000,000 shares
of Common Stock, of which as of the date of this Agreement, 48,139,636 shares are issued and outstanding, 4,642,617 shares are reserved for issuance pursuant to the Company’s employee incentive plan or plans, and 10,840,000 shares are reserved
for issuance pursuant to securities exercisable or exchangeable for, or convertible into, shares of Common Stock, and (b) 9,810,000 shares of preferred stock, of which (i) 7,340,000 shares have been designated as Series D Shares, of which
6,900,000 shares are issued and outstanding as of the date of this Agreement, (ii) 20 shares have been designated as Series E Shares, of which 13 shares are issued and outstanding as of the date of this Agreement, and (iii) 30 shares
have been designated as Series F Shares, 22 of which are issued and outstanding as of the date of this Agreement. All of such outstanding shares have been, or upon issuance will be, validly issued and are fully paid and nonassessable. Except as
disclosed in the Exchange Act Documents: (a) no shares of the Company’s capital stock are subject to preemptive rights or any other similar rights or any liens or encumbrances suffered or permitted by the Company; (b) there are no
outstanding options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into, or exercisable or exchangeable for, any shares of capital stock of the Company or
any of its Subsidiaries, or contracts, commitments, understandings or arrangements by which the Company or any of its Subsidiaries is or may become bound to issue additional shares of capital stock of the Company or any of its Subsidiaries or
options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into, or exercisable or exchangeable for, any shares of capital stock of the Company or any of its
Subsidiaries; (c) there are no outstanding debt securities, notes, credit agreements, credit facilities or other agreements, documents or instruments evidencing indebtedness of the Company or any of its Subsidiaries or by which the Company or
any of its Subsidiaries is or may become bound; (d) there are no agreements or arrangements under which the Company or any of its Subsidiaries is obligated to register the sale of any of their securities under the Securities Act except pursuant
to this Agreement; (e) there are no outstanding securities or instruments of the Company or any of its Subsidiaries that contain any redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by
which the Company or any of its Subsidiaries is or may become bound to redeem a security of the Company or any of its Subsidiaries; (f) there are no securities or instruments containing anti-dilution or similar provisions that will be triggered
by the issuance of the Shares; (g) the Company does not have any stock appreciation rights or “phantom stock” plans or agreements or any similar plan or agreement; and (h) the Company and its Subsidiaries have no liabilities or
obligations required to be disclosed in the Exchange Act Documents but not so disclosed in the Exchange Act Documents, other than those incurred in the ordinary course of the Company’s or any Subsidiary’s respective businesses and which,
individually or in the aggregate, do not or would not have a Material Adverse Effect. 
 Section 2.5 Legal Proceedings. There is no
material legal or governmental proceeding pending or, to the knowledge of the Company, threatened to which the Company or any Subsidiary is or may be a party or of which the business or property of the Company or any Subsidiary is subject that is
not disclosed in the Exchange Act Documents. 
  

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 Section 2.6 No Violations. Neither the Company nor any Subsidiary is in violation of its articles
of incorporation, bylaws, or other organizational document, or in violation of any law, administrative regulation, ordinance or order of any court or governmental agency, arbitration panel or authority applicable to the Company or any Subsidiary,
which violation, individually or in the aggregate, would be reasonably likely to have a Material Adverse Effect, or is in default (and there exists no condition which, with the passage of time or otherwise, would constitute a default) in any
material respect in the performance of any bond, debenture, note or any other evidence of indebtedness in any indenture, mortgage, deed of trust or any other material agreement or instrument to which the Company or any Subsidiary is a party or by
which the Company or any Subsidiary is bound or by which the properties of the Company or any Subsidiary are bound, which would be reasonably likely to have a Material Adverse Effect. 
 Section 2.7 Governmental Permits, Etc. With the exception of the matters which are dealt with separately in Sections 2.1, 2.12, 2.13, and
2.14, each of the Company and its Subsidiaries has all necessary franchises, licenses, certificates and other authorizations from any foreign, federal, state or local government or governmental agency, department, or body that are currently
necessary for the operation of the business of the Company and its Subsidiaries as currently conducted and as described in the Exchange Act Documents, except where the failure to currently possess such franchises, licenses, certificates or other
authorizations would not reasonably be expected to have a Material Adverse Effect. 
 Section 2.8 Intellectual Property. Except as
specifically disclosed in the Exchange Act Documents (a) each of the Company and its Subsidiaries owns or possesses sufficient rights to use all material patents, patent rights, trademarks, copyrights, licenses, inventions, trade secrets, trade
names and know-how (collectively, “Intellectual Property”) described or referred to in the Exchange Act Documents as owned or possessed by it or that are necessary for the conduct of its business as now conducted or as proposed to
be conducted as described in the Exchange Act Documents except where the failure to currently own or possess such rights would not have a Material Adverse Effect, (b) neither the Company nor any of its Subsidiaries is infringing, or has
received any notice of, or has any knowledge of, any asserted infringement by the Company or any of its Subsidiaries of, any rights of a third party with respect to any Intellectual Property that, individually or in the aggregate, would have a
Material Adverse Effect and (c) neither the Company nor any of its Subsidiaries has received any notice of, or has any knowledge of, infringement by a third party with respect to any Intellectual Property rights of the Company or of any
Subsidiary that, individually or in the aggregate, would have a Material Adverse Effect. 
 Section 2.9 Exchange Act Documents; Financial
Statements. As of their respective dates, the Exchange Act Documents complied in all material respects with the requirements of the Exchange Act and the rules and regulations of United States Securities and Exchange Commission (the
“SEC”) promulgated thereunder applicable to the Exchange Act Documents, and none of the Exchange Act Documents, at the time they were filed or are to be filed with the SEC, contained or will contain any untrue statement of a
material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The financial statements of the
Company and the related notes contained in the Exchange Act Documents present fairly in all material respects, in accordance with generally accepted accounting principles, the financial position of the Company and its Subsidiaries as of the dates
indicated, and the results of its operations and cash flows for the periods therein specified consistent with the books and records of the Company and its Subsidiaries. Such financial statements (including the related notes) have been prepared in
accordance with generally accepted accounting principles applied on a consistent basis throughout the periods therein specified, except as may be disclosed in the notes to such financial statements, and except as disclosed in the Exchange Act
Documents. The other financial information contained in the Exchange Act Documents has been prepared on a basis consistent with the financial statements of the Company. 
  

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 Section 2.10 No Material Adverse Change. Except as disclosed in the Exchange Act Documents, since
December 31, 2007, there has not been (a) any material adverse change in the financial condition of the Company and its Subsidiaries considered as one enterprise, (b) any material adverse event affecting the Company or its
Subsidiaries, (c) any obligation, direct or contingent, that is material to the Company and its Subsidiaries considered as one enterprise, incurred by the Company, except obligations incurred in the ordinary course of business, (d) any
dividend or distribution of any kind declared, paid or made on the capital stock of the Company or any of its Subsidiaries, or (e) any loss or damage (whether or not insured) to the physical property of the Company or any of its Subsidiaries
which has been sustained which has had a Material Adverse Effect. 
 Section 2.11 NASDAQ Stock Market Compliance. The Common Stock is
registered pursuant to Section 12(b) or Section 12(g) of the Exchange Act and is listed or quoted on the NASDAQ Capital Market (the “Principal Market”), and the Company has taken no action designed to, or likely to have
the effect of, terminating the registration of the Common Stock under the Exchange Act or de-listing the Common Stock from the Principal Market, nor, except as disclosed in the Exchange Act Documents, has the Company received any notification that
the SEC or the Principal Market is contemplating terminating such registration or listing. 
 Section 2.12 Reporting Status. The
Company has filed in a timely manner all documents that the Company was required to file under the Exchange Act during the 12 months preceding the date of this Agreement. And, until the date on which all of the Shares have been sold pursuant to a
registration statement, or Rule 144, the Company will use its commercially reasonable efforts to file with the SEC all reports it is required to file under the Exchange Act. 
 Section 2.13 Listing. The Company shall comply with all requirements of the Principal Market with respect to the issuance and listing of the
Shares on the Principal Market. 
 Section 2.14 No Manipulation of Stock. The Company has not taken and will not, in violation of
applicable law, take any action designed to or that would reasonably be expected to cause or result in stabilization or manipulation of the price of the Common Stock to facilitate the sale or resale of the Shares. 
 Section 2.15 Company not an “Investment Company.” The Company has been advised of the rules and requirements under the Investment
Company Act of 1940, as amended (the “Investment Company Act”). The Company is not, and immediately after receipt of payment for the Shares will not be, an “investment company” or an entity “controlled” by an
“investment company” within the meaning of the Investment Company Act and shall conduct its business in a manner so that it will not become subject to the Investment Company Act. 
 Section 2.16 Foreign Corrupt Practices. Neither the Company nor, to the knowledge of the Company, any agent or other person acting on behalf of
the Company has (a) directly or indirectly, used any corrupt funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (b) made any unlawful payment to foreign or
domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (c) failed to disclose fully any contribution made by the Company (or made by any person acting on its behalf of which
the Company is aware) which is in violation of law, or (d) violated in any material respect any provision of the Foreign Corrupt Practices Act of 1977, as amended. 
 Section 2.17 Contracts. The contracts described in the Exchange Act Documents that are material to the Company are in full force and effect on the date of this Agreement, and neither the Company nor, to the
Company’s knowledge, any other party to such contracts is in breach of or default under any of such contracts which would have a Material Adverse Effect. 
  

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 Section 2.18 Taxes. The Company has filed all necessary federal, state and foreign income and
franchise tax returns and has paid or accrued all taxes shown as due thereon, and the Company has no knowledge of a tax deficiency which has been or might be asserted or threatened against it which would have a Material Adverse Effect. 

Section 2.19 Transfer Taxes. On the Closing Date, all stock transfer or other taxes (other than income taxes) which are required to be paid in
connection with the sale and transfer of the Shares to be sold to the Investors pursuant to this Agreement will be, or will have been, fully paid or provided for by the Company and all laws imposing such taxes will be or will have been fully
complied with. 
 Section 2.20 Private Offering. Assuming the accuracy and correctness of the representations and warranties of the
Investors set forth in Article 3 of this Agreement, the offer and sale of the Shares pursuant to this Agreement is exempt from registration under the Securities Act. The Company has not distributed and will not distribute prior to the Closing
Date any offering material in connection with the offer and sale of the Shares other than the documents of which this Agreement is a part or the Exchange Act Documents. The Company has not in the past nor will it hereafter take any action to sell,
offer for sale or solicit offers to buy any securities of the Company which would bring the offer, issuance or sale of the Shares, as contemplated by this Agreement, within the provisions of Section 5 of the Securities Act, unless such offer,
issuance or sale was or shall be within the exemptions of Section 4 of the Securities Act. 
 Section 2.21 Internal Accounting and
Disclosure Controls. The Company and each of its Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that (a) transactions are executed in accordance with management’s general or
specific authorizations, (b) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset and liability accountability, (c) access to
assets or incurrence of liabilities is permitted only in accordance with management’s general or specific authorization and (d) the recorded accountability for assets and liabilities is compared with the existing assets and liabilities at
reasonable intervals and appropriate action is taken with respect to any difference. The Company maintains disclosure controls and procedures (as such term is defined in Rule 13a-14 under the Exchange Act) that are effective in ensuring that
information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, including,
without limitation, controls and procedures designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company’s management,
including its principal executive officer or officers and its principal financial officer or officers, as appropriate, to allow timely decisions regarding required disclosure. 
 Section 2.22 Disclosure. The representations and warranties of the Company contained in this Article 2, as of the date of this Agreement and as of
the Closing Date, do not and will not intentionally contain any untrue statement of a material fact or intentionally omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading. 
 Section 2.23 Acknowledgment Regarding Investors’ Purchase of Shares.
The Company acknowledges and agrees that, to the knowledge of the Company, each Investor is acting solely in the capacity of arm’s length purchaser with respect to this Agreement and the transactions contemplated hereby and thereby and that no
Investor is (a) an officer or director of the Company, (b) to the knowledge of the Company, an “affiliate” of the Company (as defined in Rule 144) or (c) to the knowledge of the Company, a “beneficial owner” of
more than 10% of the shares of Common Stock (as defined for purposes of Rule 13d-3 of the Exchange Act). 
  

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 Section 2.24 No Integrated Offering. None of the Company, any of its affiliates, and any person
acting on their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would require registration of any of the Shares under the Securities Act or cause this
offering of the Shares to be integrated with prior offerings by the Company for purposes of the Securities Act or any applicable stockholder approval provisions, including, without limitation, under the rules and regulations of any exchange or
automated quotation system on which any of the securities of the Company are listed or designated. None of the Company, its affiliates and any person acting on their behalf will take any action or steps referred to in the preceding sentence that
would require registration of any of the Shares under the Securities Act or cause the offering of the Shares to be integrated with other offerings. 
 Section 2.25 Disclosure of Transactions and Other Material Information. On the first business day following the date of this Agreement, the Company shall file a Current Report on Form 8 K (the “8-K Filing”) describing the
terms of the transactions contemplated by this Agreement in the form required by the Exchange Act and attaching the material documents (including this Agreement). Neither the Company nor any Investor shall issue any press releases or any other
public statements with respect to the transactions contemplated hereby; provided, however, that the Company shall be entitled, without the prior approval of any Investor, to make any press release or other public disclosure with respect to such
transactions (i) in substantial conformity with the 8 K Filing and contemporaneously therewith and (ii) as is required by applicable law and regulations (provided that in the case of any such press release or other public disclosure, each
Investor shall be consulted by the Company in connection with any such press release or other public disclosure prior to its release). 
 Section 2.26 Form D and Blue Sky. The Company agrees to file a Form D with respect to the Shares as required under Regulation D and to provide a copy thereof to each Investor promptly after such filing. The Company shall, on or
before the Closing Date, take such action as the Company shall reasonably determine is necessary in order to obtain an exemption for or to qualify the Shares for sale to the Investors at the Closing pursuant to this Agreement under applicable
securities or “Blue Sky” laws of the states of the United States (or to obtain an exemption from such qualification), and shall provide evidence of any such action so taken to the Investors on or prior to the Closing Date. The Company
shall make all filings and reports relating to the offer and sale of the Shares required under applicable securities or “Blue Sky” laws of the states of the United States following the Closing Date. 
 Section 2.27 Use of Proceeds. The Company will use the proceeds from the sale of the Shares for working capital and other general corporate
purposes. 
 Article 3 
 Representations and Warranties 
 of the Investors 
 Each Investor, severally and not jointly, hereby represents and warrants to the Company as follows: 
 Section 3.1 Authorization. Such Investor has full power and authority to enter into this Agreement, and this Agreement constitutes its valid and
legally binding obligation, enforceable in accordance with its terms, except as rights to indemnity and contribution may be limited by state or federal securities laws or the public policy underlying such laws, except as enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ and contracting parties’ rights generally, and except as enforceability may be subject to general principles of equity
(regardless of whether such enforceability is considered in a proceeding in equity or at law). 
  

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 Section 3.2 Purchase Entirely for Own Account. This Agreement is made with such Investor in
reliance upon such Investor’s representation to the Company, which by such Investor’s execution of this Agreement such Investor hereby confirms, that the Shares to be received by such Investor will be acquired for investment for such
Investor’s own account, not as a nominee or agent, and not with a view to the distribution of any part thereof, and that such Investor has no present intention of selling, granting any participation in, or otherwise distributing the same. By
executing this Agreement, such Investor further represents that such Investor does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with
respect to any of the Shares. 
 Section 3.3 Disclosure of Information. Such Investor believes it has received all the information it
considers necessary or appropriate for deciding whether to purchase the Shares. Such Investor further represents that it has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering
of the Shares and the business, properties, prospects and financial condition of the Company. The foregoing, however, does not limit or modify the representations and warranties of the Company in Article 2 of this Agreement or the right of such
Investor to rely thereon. 
 Section 3.4 Investment Experience. Such Investor is a sophisticated investor and acknowledges that it is
able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Shares. If other than an
individual, Investor also represents it has not been organized for the purpose of acquiring the Shares. 
 Section 3.5 Accredited
Investor. Such Investor is an “accredited investor” within the meaning of SEC Rule 501 of Regulation D, as presently in effect. 
 Section 3.6 Restricted Securities. Such Investor understands that the Shares will be characterized as “restricted securities” under the federal securities laws inasmuch as they are being acquired from the Company in a
transaction not involving a public offering and that under such laws and applicable regulations such securities may be resold without registration under the Securities Act, only in certain limited circumstances. In this connection, such Investor
represents that it is familiar with SEC Rule 144, as presently in effect, and understands the resale limitations imposed thereby and by the Securities Act. 
 Section 3.7 Further Limitations on Disposition. Without in any way limiting the representations set forth above, such Investor further agrees not to make any disposition of all or any portion of the Shares
unless and until: 
 (a) there is then in effect a registration statement under the Securities Act covering such proposed disposition and
such disposition is made in accordance with such registration statement; 
 (b) such Investor shall have notified the Company of the proposed
disposition and shall have furnished the Company with a detailed statement of the circumstances surrounding the proposed disposition, and, if reasonably requested by the Company, such Investor shall have furnished the Company with an opinion of
counsel, reasonably satisfactory to the Company that such disposition will not require registration of such shares under the Securities Act; or 
 (c) such holder provides the Company with an opinion of counsel, in a form reasonably acceptable to the Company, to the effect that the Shares can be sold, assigned or transferred pursuant to Rule 144, Rule 144A or another exemption from
registration under the Securities Act. 
  

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 Section 3.8 Certain Transactions. Such Investor has not, during the seven (7) days prior to
the date of this Agreement, directly or indirectly traded in the Common Stock or established any hedge or other position in the Common Stock that is outstanding on the Closing Date and that is designed to or could reasonably be expected to lead to
or result in a direct or indirect sale, offer to sell, solicitation of offers to buy, disposition of, loan, pledge or grant of any right with respect to the Common Stock by such Investor or any other person or entity. Such prohibited hedging or
other transactions would include, without limitation, effecting any short sale or having in effect any short position (whether or not such sale or position is against the box and regardless of when such position was entered into) or any purchase,
sale or grant of any right (including without limitation any put or call option) with respect to the Common Stock or with respect to any security (other than a broad-based market basket or index) that includes, relates to or derives any significant
part of its value from the Common Stock. 
 Section 3.9 Legend. Such Investor acknowledges and agrees that the certificates evidencing
the Shares may bear the following legend: 
  

					
		  	These securities have not been registered under the Securities Act of 1933, as amended. They may not be sold, offered for sale, pledged or hypothecated in the absence of a registration
statement in effect with respect to the securities under such Act or an opinion of counsel satisfactory to the Company that such registration is not required or unless sold pursuant to Rule 144 of such Act.	  	

 The legend set forth above shall be removed and the Company shall issue a certificate or other instruments without
such legend to the holder of the Shares upon which it is stamped, if, unless otherwise required by state securities laws or regulations, (i) such Shares are registered for resale under the Securities Act, (ii) in connection with a sale,
assignment or other transfer, such holder provides the Company with an opinion of counsel, in a form reasonably acceptable to the Company, to the effect that such sale, assignment or transfer of the Shares may be made without registration under the
applicable requirements of the Securities Act, or (iii) such holder provides the Company with an opinion of counsel, in a form reasonably acceptable to the Company, to the effect that the Shares can be sold, assigned or transferred pursuant to
Rule 144 or Rule 144A. 
 Section 3.10 Further Representations by Foreign Investors. If an Investor is not a United States person,
such Investor hereby represents that he or she has satisfied himself or herself as to the full observance of the laws of his or her jurisdiction in connection with any invitation to subscribe for the Shares or any use of this Agreement, including
(a) the legal requirements within his jurisdiction for the purchase of the Shares, (b) any foreign exchange restrictions applicable to such purchase, (c) any governmental or other consents that may need to be obtained, and
(d) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale, or transfer of the Shares. Such Investor’s subscription and payment for, and its continued beneficial ownership of the
Shares, will not violate any applicable securities or other laws of his or her jurisdiction. 
 Section 3.11 Acknowledgment Regarding
Investor’s Purchase of Shares. Such Investor is acting solely in the capacity of arm’s length purchaser with respect to this Agreement and the transactions contemplated hereby and thereby and such Investor is not (a) an
“affiliate” of the Company (as defined in Rule 144) or (b) a “beneficial owner” of more than 10% of the shares of Common Stock (as defined for purposes of Rule 13d-3 of the Exchange Act). 
  

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 Article 4 
 Conditions to the Investors’ 
 Obligations at Closing 
 The obligations of each Investor under Section 1.1(b) of this Agreement are subject to the fulfillment on or before the Closing of each of the
following conditions, the waiver of which shall not be effective against any Investor who does not consent thereto: 
 Section 4.1
Representations and Warranties. The representations and warranties of the Company contained in Article 2 shall be true on and as of the Closing with the same effect as though such representations and warranties had been made on and as of
the date of such Closing. 
 Section 4.2 Performance. The Company shall have performed and complied with all agreements, obligations
and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing. 
 Section
4.3 Compliance Certificate. The President or other appropriate officer of the Company shall deliver to the Investors at the Closing a certificate stating that the conditions specified in Sections 4.1 and 4.2 have been fulfilled. 

Section 4.4 Qualifications. All authorizations, approvals, or permits, if any, of any governmental authority or regulatory body of the United
States or of any state that are required in connection with the lawful issuance, sale and purchase of the Shares pursuant to this Agreement shall be duly obtained and effective as of the Closing. 
 Section 4.5 Proceedings and Documents. All corporate and other proceedings in connection with the transactions contemplated at the Closing and all
documents incident thereto shall be reasonably satisfactory in form and substance to the Investors, and they shall have received all such counterpart original and certified or other copies of such documents as they may reasonably request.

 Article 5 
 Conditions
to the Company’s 
 Obligations at Closing 
 The obligations of the Company to each Investor under this Agreement are subject to the fulfillment on or before the Closing of each of the following conditions by that Investor: 
 Section 5.1 Representations and Warranties. The representations and warranties of the Investors contained in Article 3 shall be true on and
as of the Closing with the same effect as though such representations and warranties had been made on and as of the date of such Closing. 
 Section 5.2 Payment of Purchase Price. The Investors shall have delivered the Purchase Price specified in Section 1.1(b). 
 Section 5.3 Qualifications. All authorizations, approvals, or permits, if any, of any governmental authority or regulatory body of the United States or of any state that are required in connection with the lawful issuance, sale and
purchase of the Shares pursuant to this Agreement shall be duly obtained and effective as of the Closing. 
 Article 6 
 Miscellaneous 
 Section 6.1 Survival
of Warranties. The warranties, representations and covenants of the Company and the Investors contained in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement and the Closing and shall in no way be
affected by any investigation of the subject matter thereof made by or on behalf of the Investors or the Company. 
  

 10 

 Section 6.2 Successors and Assigns. Except as otherwise provided herein, the terms and conditions
of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties (including transferees of any Shares). Nothing in this Agreement, express or implied, is intended to confer upon any party other
than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 
 Section 6.3 Governing Law. This Agreement shall be governed by and construed under the laws of the State of Florida without reference to
principles of choice or conflict of law thereunder. 
 Section 6.4 Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 Section 6.5 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 
 Section 6.6 Notices. All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed effectively given:
(a) upon personal delivery to the party to be notified, (b) when sent by confirmed facsimile if sent during normal business hours of the recipient; if not, then on the next business day, (c) five (5) days after having been sent
by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All
communications shall be sent to the Company at 5215 West Laurel Street, Tampa, Florida 33607 (Facsimile 813-876-1777) and to the Investors at the addresses for such Investors on the counterpart signature page(s) hereto (or at such other addresses as
shall be specified by notice given in accordance with this Section 6.6). 
 Section 6.7 Expenses. Each of the parties to this
Agreement shall bear its own expenses in connection with this Agreement and the transactions contemplated by this Agreement. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement. the prevailing party
shall be entitled to reasonable attorney’s fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled. 
 Section 6.8 Indemnification by the Company. In consideration of each Investor’s execution and delivery of this Agreement and acquiring the Shares hereunder and in addition to all of the Company’s
other obligations under this Agreement, the Company shall defend, protect, indemnify and hold harmless each Investor and each other holder of the Shares and all of their stockholders, partners, members, officers, directors, employees and direct or
indirect investors and any of the foregoing persons’ agents or other representatives (including, without limitation, those retained in connection with the transactions contemplated by this Agreement) (collectively, the “Investor
Indemnitees”) from and against any and all actions, causes of action, suits, claims, losses, costs, penalties, fees, liabilities and damages, and expenses in connection therewith (irrespective of whether any such Investor Indemnitee is a
party to the action for which indemnification hereunder is sought), and including reasonable attorneys’ fees and disbursements (the “Company Indemnified Liabilities”), incurred by any Investor Indemnitee as a result of, or
arising out of, or relating to (a) any misrepresentation or breach of any representation or warranty made by the Company in this Agreement or any other certificate, instrument or document contemplated hereby, (b) any breach of any
covenant, agreement or obligation of the Company contained in this Agreement or any other certificate, instrument or document contemplated thereby or (c) any cause of action, suit or claim brought or made against such Investor Indemnitee by a
third party (including for 

  

 11 

 
these purposes a derivative action brought on behalf of the Company) and arising out of or resulting from the execution, delivery, performance or enforcement
of this Agreement or any other certificate, instrument or document contemplated hereby by the Company. To the extent that the foregoing undertaking by the Company may be unenforceable for any reason, the Company shall make the maximum contribution
to the payment and satisfaction of each of the Company Indemnified Liabilities which is permissible under applicable law. 
 Section 6.9
Indemnification by the Investors. In consideration of the Company’s execution and delivery of this Agreement and the issuance and sale of the Shares hereunder and in addition to all of each Investor’s other obligations under this
Agreement, each Investor shall defend, protect, indemnify and hold harmless the Company and all of its officers, directors, and each person who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of
the Exchange Act and any of the foregoing persons’ agents or other representatives (including, without limitation, those retained in connection with the transactions contemplated by this Agreement) (collectively, the “Company
Indemnitees”) from and against any and all actions, causes of action, suits, claims, losses, costs, penalties, fees, liabilities and damages, and expenses in connection therewith (irrespective of whether any such Company Indemnitee is a
party to the action for which indemnification hereunder is sought), and including reasonable attorneys’ fees and disbursements (the “Company Indemnified Liabilities”), incurred by any Company Indemnitee as a result of, or
arising out of, or relating to (a) any misrepresentation or breach of any representation or warranty made by such Investor in this Agreement or any other certificate, instrument or document contemplated hereby, or (b) any breach of any
covenant, agreement or obligation of such Investor contained in this Agreement or any other certificate, instrument or document contemplated thereby. To the extent that the foregoing undertaking by such Investor may be unenforceable for any reason,
such Investor shall make the maximum contribution to the payment and satisfaction of each of the Company Indemnified Liabilities which is permissible under applicable law. 
 Section 6.10 Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived
(either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the holders of a majority of the Shares purchased hereunder. Any amendment or waiver effected in accordance
with this section shall be binding upon each holder of any securities purchased under this Agreement at the time outstanding (including securities into which such securities are convertible), each future holder of all such securities, and the
Company. 
 Section 6.11 Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law,
such provision shall be excluded from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms. 
 Section 6.12 Aggregation of Stock. All of the Shares held or acquired by affiliated entities or persons shall be aggregated together for the
purpose of determining the availability of any rights under this Agreement. For purposes of Article 6, all Shares held or acquired by affiliated entities (including affiliated venture capital funds) or persons shall be aggregated together for
the purpose of determining the availability of any rights under this Agreement. 
 Section 6.13 Entire Agreement. This Agreement and
the documents referred to herein constitute the entire agreement among the parties and no party shall be liable or bound to any other party in any manner by any warranties, representations, or covenants except as specifically set forth herein or
therein. 
 [Counterpart signature page follow.] 
  

 12 

 COMPANY COUNTERPART SIGNATURE PAGE
TO 
 COMMON STOCK PURCHASE AGREEMENT 
 IN WITNESS WHEREOF, the undersigned has executed this Agreement as of the date first above written. 
  

			
	ODYSSEY MARINE EXPLORATION, INC.
		
	By:	 	 /s/    Michael J. Holmes

		 	Michael J. Holmes
		 	Chief Financial Officer

  

 13 

 INVESTOR COUNTERPART SIGNATURE PAGE
TO 
 COMMON STOCK PURCHASE AGREEMENT 
 IN WITNESS WHEREOF, the undersigned has executed this Agreement as of the date first above written. 
  

			
	WALRUS MASTER FUND, LTD.
	(Print Name of Purchaser)
		
	By:	 	 /s/    Andrew Heller

	Name:	 	Andrew Heller
	Title:	 	COO
	Address:	 	270 :Lafayette Street. Suite 1101
		 	New York, NY 10012
	
	No. Shares Purchased: 1,220,000
	Total Purchase Price:    $5,978,000

  

 14 

 INVESTOR COUNTERPART SIGNATURE PAGE
TO 
 COMMON STOCK PURCHASE AGREEMENT 
 IN WITNESS WHEREOF, the undersigned has executed this Agreement as of the date first above written. 
  

			
	SCOGGIN CAPITAL MANAGEMENT, LP II
	(Print Name of Purchaser)
		
	By:	 	 /s/    Craig Effron

	Name:	 	Craig Effron
	Title:	 	Managing Member
	Address:	 	660 Madison Avenue, 20th Floor
		 	New York, NY 10065
	
	No. Shares Purchased: 250,000
	Total Purchase Price:    $1,225,000

  

 15 

 INVESTOR COUNTERPART SIGNATURE PAGE
TO 
 COMMON STOCK PURCHASE AGREEMENT 
 IN WITNESS WHEREOF, the undersigned has executed this Agreement as of the date first above written. 
  

			
	.SCOGGIN INTERNATIONAL FUND, LTD.
	(Print Name of Purchaser)
		
	By:	 	 /s/    Craig Effron

	Name:	 	Craig Effron
	Title:	 	Investment Manager
	Address:	 	660 Madison Avenue, 20th Floor
		 	New York, NY 10065
	
	No. Shares Purchased: 320,000
	Total Purchase Price:    $1,568,000

  

 16 

 INVESTOR COUNTERPART SIGNATURE PAGE
TO 
 COMMON STOCK PURCHASE AGREEMENT 
 IN WITNESS WHEREOF, the undersigned has executed this Agreement as of the date first above written. 
  

			
	GUGGENHEIM PORTFOLIO COMPANY VII, LLC
	(Print Name of Purchaser)
		
	By:	 	 /s/    Craig Effron

	Name:	 	Craig Effron
	Title:	 	Managing Member
	Address:	 	660 Madison Avenue, 20th Floor
		 	New York, NY 10065
	
	No. Shares Purchased: 80,000
	Total Purchase Price:    $392,000

  

 17 

 INVESTOR COUNTERPART SIGNATURE PAGE
TO 
 COMMON STOCK PURCHASE AGREEMENT 
 IN WITNESS WHEREOF, the undersigned has executed this Agreement as of the date first above written. 
  

			
	SCOGGIN WORLDWIDE FUND, LTD.
	(Print Name of Purchaser)
		
	By:	 	 /s/    A. Dev Chudry

	Name:	 	A. Dev Chudry
	Title:	 	Investment Manager
	Address:	 	660 Madison Avenue, 20th Floor
		 	New York, NY 10065
	
	No. Shares Purchased: 50,000
	Total Purchase Price:    $245,000

  

 18 

 INVESTOR COUNTERPART SIGNATURE PAGE
TO 
 COMMON STOCK PURCHASE AGREEMENT 
 IN WITNESS WHEREOF, the undersigned has executed this Agreement as of the date first above written. 
  

			
	IROQUOIS MASTER FUND LTD.
	(Print Name of Purchaser)
		
	By:	 	 /s/    Joshua Silverman

	Name:	 	Joshua Silverman
	Title:	 	Authorized Signatory
	Address:	 	641 Lexington Avenue, 26th Floor
		 	New York, NY 10022
	
	No. Shares Purchased: 50,000
	Total Purchase Price: $245,000

  

 19Warrant to Pruchase Common Stock

 Exhibit 4.1 
 THIS WARRANT AND THE UNDERLYING SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT AS TO SUCH SECURITIES UNDER THE ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED. 
 PROGRESSIVE GAMING INTERNATIONAL CORPORATION 
 WARRANT TO PURCHASE COMMON STOCK 
  

			
	No. W8-01	  	August 15, 2008

 Void After August 15, 2013 
 THIS CERTIFIES THAT, for value received, Private Equity Management Group LLC, a Nevada
limited liability company, with its principal office at 1 Park Plaza, Suite 550, Irvine, CA 92614, or assigns (the “Holder”), is entitled to subscribe for and purchase at the Exercise Price (defined below) from Progressive Gaming
International Corporation, a Nevada corporation, with its principal office at 920 Pilot Road Las Vegas, NV 89119 (the “Company”) One Million (1,000,000) shares of the Company’s common stock, $0.10 par value per share (the
“Common Stock”). 
 1. DEFINITIONS. Capitalized terms not otherwise defined herein shall have the meanings
set forth in that certain Common Stock and Warrant Purchase Agreement (the “Purchase Agreement”), dated as of August 15, 2008, by and between the Company and the Holder. As used herein, the following terms shall have the following
respective meanings: 
 (a) “Exercise Period” means the period commencing with the date hereof and ending
five (5) years later, unless sooner terminated as provided below. 
 (b) “Exercise Price” means $1.05
per share, subject to adjustment pursuant to Section 3 below. 
 (c) “Exercise Shares” means the shares
of the Company’s Common Stock issuable upon exercise of this Warrant, subject to adjustment pursuant to the terms herein, including but not limited to adjustment pursuant to Section 3 below. 
 (d) “Person” means any individual, sole proprietorship, partnership, limited liability company, joint venture, trust,
unincorporated association, corporation, entity or government (whether federal, state, county, city or otherwise, including, without limitation, any instrumentality, division, agency or department thereof). 
 (e) “Registration Rights Agreement” means the Registration Rights Agreement dated as of August 15, 2008 by and
between the Company and the Holder. 
  

 -1- 

 2. EXERCISE OF WARRANT. 
 2.1 Cash Exercise. The rights represented by this Warrant may be exercised in whole or in part at any time during the Exercise
Period, by delivery of the following to the Company at its address set forth above (or at such other address as it may designate by notice in writing to the Holder): 
 (a) An executed Notice of Exercise in the form attached hereto; 
 (b) Payment of the Exercise Price either (i) in cash or by check, or (ii) by cancellation of indebtedness; and

 (c) This Warrant. 
 Upon the exercise of the rights represented by this Warrant, a certificate or certificates for the Exercise Shares so purchased, registered in the name of the Holder or persons affiliated with the Holder, if the
Holder so designates, shall be issued and delivered to the Holder within a reasonable time after the rights represented by this Warrant shall have been so exercised; and, unless this Warrant has expired, a new Warrant representing the number of
shares of Common Stock (except a remaining fractional share), if any, with respect to which this Warrant shall not then have been exercised shall also be issued to the Holder hereof within such time. 
 The person in whose name any certificate or certificates for Exercise Shares are to be issued upon exercise of this Warrant shall be deemed to have
become the holder of record of such shares on the date on which this Warrant was surrendered and payment of the Exercise Price was made, irrespective of the date of delivery of such certificate or certificates, except that, if the date of such
surrender and payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have become the holder of such shares at the close of business on the next succeeding date on which the stock transfer books are
open. 
 2.2 Net Exercise. In lieu of exercising this Warrant pursuant to Section 2.1, unless a registration
statement under the Securities Act providing for the resale of the Exercise Shares and the Initial Shares is in effect by the date that is one hundred and fifty (150) days following the Closing pursuant to the Registration Rights Agreement and
such registration statement remains in effect throughout the Effectiveness Period (as defined in the Registration Rights Agreement), the Holder may elect to receive shares equal to the value (as determined below) of this Warrant (or the portion
thereof being exercised) by surrender of this Warrant at the principal office of the Company together with the properly endorsed Notice of Exercise in which event the Company shall issue to the Holder a number of shares of Common Stock computed
using the following formula: 
  

			
	 X =
	  	Y (A-B)
		  	    A

  

			
	 Where X =
	  	the number of shares of Common Stock to be issued to the Holder
		
	Y =	  	the number of shares of Common Stock purchasable under the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being exercised (at the date of such
calculation)
		
	A =	  	the fair market value of one share of the Company’s Common Stock (at the date of such calculation)
		
	B =	  	Exercise Price (as adjusted to the date of such calculation)

  

 -2- 

 For purposes of the above calculation, the fair market value of one share of Common Stock shall, if the
Common Stock is listed on any established stock exchange or traded on the Nasdaq Global Market or the Nasdaq Capital Market, be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or
market (or the exchange or market with the greatest volume of trading in the Common Stock) on the date of exercise, as reported in The Wall Street Journal or such other source as the Board of Directors of the Company deems reliable. In the
absence of such markets for the Common Stock, the fair market value shall be determined by the Board of Directors of the Company in good faith. 
 3. ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF EXERCISE SHARES. 
 3.1 Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (A) pays a stock
dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common
Stock issued by the Company pursuant to this Warrant), (B) subdivides outstanding shares of Common Stock into a larger number of shares, (C) combines (including by way of reverse stock split) outstanding shares of Common Stock into a
smaller number of shares, or (D) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the
number of shares of Common Stock (excluding treasury shares, if any) outstanding before such event and of which the denominator shall be the number of shares of Common Stock outstanding after such event, and the number of shares issuable upon
exercise of this Warrant shall be adjusted to a number determined by dividing the number of shares issuable upon exercise of this Warrant immediately prior to such record date by the above fraction. Any adjustment made pursuant to this
Section 3.1 shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a
subdivision, combination or re-classification. 
 3.2 Cash Dividends and Pro Rata Distributions. In the event
that at any time or from time to time the Company shall distribute to all holders of Common Stock (i) any dividend or other distribution of cash, evidences of its indebtedness, shares of its capital stock or any other properties or securities
or (ii) any options, warrants or other rights to subscribe for or purchase any of the foregoing (other than in each case, (w) the issuance of any rights under a shareholder rights plan, (x) any dividend or distribution described in
Section 3.1, (y) any rights, options, warrants or securities described in Section 3.3 and (z) any cash dividends or other cash distributions from current or retained earnings), then the number of shares of Common Stock issuable
upon the exercise of this Warrant shall be adjusted to a number determined by multiplying the number of shares of Common Stock issuable upon the exercise of this Warrant immediately prior to the record date for any such dividend or distribution by a
fraction, the numerator of which shall be such Current Market Value (as hereinafter defined) per share of Common Stock on the 

  

 -3- 

 
record date for such dividend or distribution, and the denominator of which shall be such Current Market Value per share of Common Stock on the record date
for such dividend or distribution less the sum of (x) the amount of cash, if any, distributed per share of Common Stock and (y) the fair value (as determined in good faith by the Board of Directors of the Company, whose determination shall
be evidenced by a board resolution, a copy of which will be sent to the Holders upon request) of the portion, if any, of the distribution applicable to one share of Common Stock consisting of evidences of indebtedness, shares of stock, securities,
other property, warrants, options or subscription or purchase rights; and the Exercise Price shall be adjusted to a number determined by dividing the Exercise Price immediately prior to such record date by the above fraction. Such adjustments shall
be made whenever any distribution is made and shall become effective as of the date of distribution, retroactive to the record date for any such distribution. No adjustment shall be made pursuant to this Section 3.2 which shall have the effect
of decreasing the number of shares of Common Stock issuable upon exercise of this Warrant or increasing the Exercise Price. 
 “Current
Market Value” per share of Common Stock or any other security at any date means (i) if the security is not registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and/or traded on a national
securities exchange, quotation system or bulletin board, (a) the value of the security, determined in good faith by the Board of Directors of the Company and certified in a board resolution, based on the most recently completed
arm’s-length transaction between the Company and a Person other than an affiliate of the Company or between any two such Persons and the closing of which occurs on such date or shall have occurred within the six-month period preceding such
date, or (b) if no such transaction shall have occurred within the six-month period, the value of the security as determined by an independent financial expert or an agreed upon financial valuation model or (ii) if the security is
registered under the Exchange Act and/or traded on a national securities exchange, quotation system or bulletin board, the average of the daily closing bid prices (or the equivalent in an over-the-counter market) for each day on which the Common
Stock is traded for any period on the principal securities exchange or other securities market on which the common Stock is being traded (each, a “Trading Day”) during the period commencing thirty (30) days before such date and ending
on the date one day prior to such date. 
 3.3 Reorganization, Reclassification, Consolidation, Merger or Sale.
If any recapitalization, reclassification or reorganization of the share capital of the Company, or any consolidation or merger of the Company with another corporation, or the sale of all or substantially all of its shares and/or assets or other
transaction (including, without limitation, a sale of substantially all of its assets followed by a liquidation) shall be effected in such a way that holders of Common Stock shall be entitled to receive shares, securities or other assets or property
(a “Change”), then, as a condition of such Change, lawful and adequate provisions shall be made by the Company whereby the Holder hereof shall thereafter have the right to purchase and receive (in lieu of the Common Stock of the Company
immediately theretofore purchasable and receivable upon the exercise of the rights represented hereby) such shares, securities or other assets or property as may be issued or payable with respect to or in exchange for the number of outstanding
shares of Common Stock which such Holder would have been entitled to receive had such Holder exercised this Warrant immediately prior to the consummation of such Change. The Company or its successor shall promptly issue to Holder a new Warrant for
such new securities or other property. The new Warrant shall provide for 

  

 -4- 

 
adjustments which shall be as nearly equivalent as may be practicable to give effect to the adjustments provided for in this Section 3 including,
without limitation, adjustments to the Exercise Price and to the number of securities or property issuable upon exercise of the new Warrant. The provisions of this Section 3.3 shall similarly apply to successive Changes. 
 3.4 Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a
share, as the case may be. 
 4. COVENANTS OF THE COMPANY. 
 4.1 Covenants as to Exercise Shares. The Company covenants and agrees that all Exercise Shares that may be issued upon the exercise
of the rights represented by this Warrant will, upon issuance, be validly issued and outstanding, fully paid and nonassessable, and free from all taxes, liens and charges with respect to the issuance thereof. The Company further covenants and agrees
that the Company will at all times during the Exercise Period, have authorized and reserved, free from preemptive rights, a sufficient number of shares of its Common Stock to provide for the exercise of the rights represented by this Warrant. If at
any time during the Exercise Period the number of authorized but unissued shares of Common Stock shall not be sufficient to permit exercise of this Warrant, the Company will take such corporate action as may, in the opinion of its counsel, be
necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such purposes. 
 4.2 No Impairment. Except and to the extent as waived or consented to by the Holder, the Company will not, by amendment of its Articles 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 to be observed or performed hereunder by the Company, but will at all times in
good faith assist in the carrying out of all the provisions of this Warrant and in the taking of all such action as may be necessary or appropriate in order to protect the exercise rights of the Holder against impairment. 
 4.3 Notice to Holders.  
 (a) Notices of Record Date. In the event of any taking by the Company of a record of the holders of any class of securities for the purpose of determining the holders thereof who are entitled to receive
any dividend (other than a cash dividend which is the same as cash dividends paid in previous quarters) or other distribution, the Company shall mail to the Holder, at least ten (10) days prior to the date specified herein, a notice specifying
the date on which any such record is to be taken for the purpose of such dividend or distribution. 
 (b) Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to Section 3, the Company shall promptly mail to each Holder a notice setting forth the Exercise Price after such adjustment and provide a brief statement of the facts
requiring such adjustment. 
 (c) Notice to Allow Exercise by Holder. If (A) the Company shall declare a
dividend (or any other distribution) on the Common Stock; (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock; (C) the Company shall authorize the granting to all holders of the Common
Stock rights or warrants to subscribe for 

  

 -5- 

 
or purchase any shares of capital stock of any class or of any rights; (D) the approval of any stockholders of the Company shall be required in
connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, of any compulsory share exchange whereby the Common
Stock is converted into other securities, cash or property; (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company; then, in each case, the Company shall cause to be
mailed to the Holder at its last address as it shall appear upon the Warrant Register (as defined in Section 8 below) of the Company, at least fifteen (15) calendar days prior to the applicable record or effective date hereinafter
specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of
record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective
or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation,
merger, sale, transfer or share exchange. The Holder is entitled to exercise this Warrant during the fifteen (15) day period commencing the date of such notice. 
 5. REPRESENTATIONS OF HOLDER. 
 5.1
Acquisition of Warrant for Personal Account. The Holder represents and warrants that it is acquiring the Warrant and the Exercise Shares solely for its account for investment and not with a view to or for sale or distribution of said Warrant or
Exercise Shares or any part thereof. The Holder also represents that the entire legal and beneficial interests of the Warrant and Exercise Shares the Holder is acquiring are being acquired for, and will be held for, its account only. 
 5.2 Securities Are Not Registered. The Holder understands that the Warrant and the Exercise Shares have not been registered under
the Securities Act of 1933, as amended (the “Act”) on the basis that no distribution or public offering of the stock of the Company is to be effected. 
 5.3 Disposition of Warrant and Exercise Shares. 
 (a) The Holder further agrees not to make any disposition of all or any part of the Warrant or Exercise Shares in any event unless
and until: 
 (i) The Company shall have received a letter secured by the Holder from the Securities and Exchange
Commission stating that no action will be recommended to the Commission with respect to the proposed disposition; or 
 (ii) There is then in effect a registration statement under the Act covering such proposed disposition and such disposition is made in accordance with said registration statement; or 
  

 -6- 

 (iii) The Holder provides the Company with reasonable assurances that such
security can be sold pursuant to Rule 144 under the Act; or 
 (iv) The Holder shall have notified the Company of the
proposed disposition, and, if reasonably requested by the Company, the Holder shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, for the Holder to the effect that such disposition will not require
registration of such Warrant or Exercise Shares under the Act or any applicable state securities laws. 
 (b) The
Holder understands and agrees that all certificates evidencing the shares to be issued to the Holder may bear the following legend: 
 THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF
(A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS OR (B) AN OPINION OF COUNSEL, IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED
UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS OR (II) UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID ACT. 
 6.
FRACTIONAL SHARES. No fractional shares shall be issued upon the exercise of this Warrant as a consequence of any adjustment pursuant hereto. All Exercise Shares (including fractions) issuable upon exercise of this
Warrant may be aggregated for purposes of determining whether the exercise would result in the issuance of any fractional share. If, after aggregation, the exercise would result in the issuance of a fractional share, the Company shall, in lieu of
issuance of any fractional share, pay the Holder otherwise entitled to such fraction a sum in cash equal to the product resulting from multiplying the then current fair market value of an Exercise Share by such fraction. 
 7. REGISTRATION RIGHTS. The Holder is entitled to the benefit of such registration rights in respect of the Exercise
Shares as are set forth in the Registration Rights Agreement. 
 8. NO STOCKHOLDER
RIGHTS. This Warrant in and of itself shall not entitle the Holder to any voting rights or other rights as a stockholder of the Company. 
 9. TRANSFER OF WARRANT. Subject to applicable laws, the Purchase Agreement and the restriction on transfer set forth on the first page of this Warrant, this Warrant
and all rights hereunder are transferable, by the Holder in person or by duly authorized attorney, upon delivery of this Warrant and the form of assignment attached hereto to any transferee designated by Holder. The transferee shall sign an
investment letter in form and substance satisfactory to the Company. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof
from time to time. 
  

 -7- 

 10. LOST, STOLEN, MUTILATED OR
DESTROYED WARRANT. If this Warrant is lost, stolen, mutilated or destroyed, the Company may, on such terms as to indemnity or otherwise as it may reasonably impose (which shall, in the case of a mutilated Warrant,
include the surrender thereof), issue a new Warrant of like denomination and tenor as the Warrant so lost, stolen, mutilated or destroyed. Any such new Warrant shall constitute an original contractual obligation of the Company, whether or not the
allegedly lost, stolen, mutilated or destroyed Warrant shall be at any time enforceable by anyone. 
 11. NOTICES. All
notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (i) upon personal delivery to the party to be notified; (ii) when sent by facsimile with transmission confirmed by the transmitting
equipment or email with electronic confirmation of receipt, and, if sent during normal business hours of the recipient, shall be deemed delivered at the time and date of receipt and; if not, then on the next business day; (iii) five
(5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (iv) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written
verification of receipt. The addresses for such communications shall be as follows, or at such other address as the Company or Holder may designate by ten (10) days advance written notice to the other parties hereto: 
  

			
	If to the Company:	  	 Progressive Gaming International Corporation
 920
Pilot Road
 Las Vegas, NV 89119
 Attention: Heather A.
Rollo
 Tel. No.: (702) 263-2583
 Facsimile No.: (702) 263-1681

 E-mail: heather.rollo@pgicorp.net

		
	with copies (which shall not constitute notice) to:	  	 Cooley Godward Kronish LLP
 4401 Eastgate
Mall
 San Diego, CA 92121
 Attention: Steven M. Przesmicki, Esq.

 Tel. No.: (858) 550-6070
 Facsimile No.: (858)
550-6420
 E-mail: przes@cooley.com

		
	If to Purchaser:	  	 Private Equity Management Group LLC
 c/o Private
Equity Management Group Financial Corporation
 1 Park Plaza
 Suite 550
 Irvine, CA 92614
 Attention: Shiping
Xu
 Tel. No.: (949) 757-0977
 Facsimile No.: (949)
757-0978
 E-mail: sxu@pemgroup.com

  

 -8- 

			
	with copies (which shall not constitute notice) to:	  	 Sheppard, Mullin, Richter & Hampton LLP
 333 S.
Hope Street, 48th Floor
 Los Angeles, CA 90071
 Attention:
William M. Scott IV, Esq.
 Tel No.: (213) 620-1780
 Fax No.:
(213) 443-4717
 E-mail: bscott@sheppardmullin.com

 12. ACCEPTANCE. Receipt of this Warrant by the Holder shall constitute
acceptance of and agreement to all of the terms and conditions contained herein. 
 13. GOVERNING LAW.
This Agreement is to be construed in accordance with and governed by the internal laws of the State of New York without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the
internal laws of the State of New York to the rights and duties of the parties. 
  

 -9- 

 IN WITNESS WHEREOF, the Company has
caused this Warrant to be executed by its duly authorized officer as of August 15, 2008. 
  

			
	PROGRESSIVE GAMING INTERNATIONAL CORPORATION
		
	By:	 	/s/ ROBERT B. ZIEMS
		
	Name:	 	Robert B. Ziems
		
	Title:	 	Executive Vice President, General Counsel and Secretary

 [SIGNATURE PAGE TO PEM GROUP WARRANT] 

 NOTICE OF EXERCISE 
 TO: PROGRESSIVE GAMING INTERNATIONAL CORPORATION 
 (1)     ̈ The undersigned hereby elects to purchase                     
shares of the Common Stock of Progressive Gaming International Corporation (the “Company”) pursuant to the terms of the attached Warrant, and tenders herewith payment of the exercise price in full, together with all applicable transfer
taxes, if any. 
  ̈ The undersigned hereby elects to purchase
                     shares of the Common Stock of Progressive Gaming International Corporation (the “Company”) pursuant to the
terms of the attached Warrant, and tenders herewith evidence of the cancellation of debt owed by the Company to the undersigned equal to the amount of the exercise price in full, together with all applicable transfer taxes, if any. 
  ̈ The undersigned hereby elects to purchase
                     shares of the Common Stock of Progressive Gaming International Corporation (the “Company”) pursuant to the
terms of the net exercise provisions set forth in the attached Warrant, and shall tender payment of all applicable transfer taxes, if any. 
 (2) Please issue a certificate or certificates representing said shares of Common Stock in the name of the undersigned or in such other name as is specified below: 
  
  
 (Name) 
  
  
  
  
 (Address) 
  

					
			
	  	 		 	  
	(Date)	 		 	(Signature)
			
	 	 		 	  
		 		 	(Print name)

 ASSIGNMENT FORM 
 (To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.) 
 FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to 
  

			
	Name:	  	 
		  	(Please Print)
		
	Address:	  	 
		  	(Please Print)

 Dated:
                    , 20__ 
  

			
	 Holder’s
 Signature:
	 	 
		
	 Holder’s
 Address:
	 	 

 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 whatever. 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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