Document:

Unit Purchase Agreement

 Exhibit 10.33 

 

					
	[***]	  	  –  	  	Certain confidential information contained in this document, marked by bracketed asterisks, has been omitted and filed separately with the Securities and Exchange Commission
pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.

 Execution Copy 
  

 
  

UNIT PURCHASE AGREEMENT 
 AMONG 
 MAKO RESOURCES, LLC, 

ODYSSEY MARINE ENTERPRISES, LTD., 
 ODYSSEY MARINE EXPLORATION, INC., 
 AND 

OCEANICA RESOURCES, S. de. R.L. 
 February 21 , 2013 
  

 
  

 TABLE OF CONTENTS 

 

									
	1.	  	PURCHASE AND SALE OF UNITS	  	 	1	  
		  	1.1	  	Purchase and Sale	  	 	1	  
		  	1.2	  	Initial Closing	  	 	1	  
		  	1.3	  	Subsequent Closings	  	 	1	  
		  	1.4	  	Option Agreements	  	 	2	  
		  	1.5	  	Closing Deliverables.	  	 	2	  
			
	2.	  	PURCHASE PRICE; PAYMENT	  	 	3	  
		  	2.1	  	Purchase Price	  	 	3	  
		  	2.2	  	Method of Payment	  	 	3	  
			
	3.	  	REPRESENTATIONS AND WARRANTIES RELATING TO THE SELLER	  	 	3	  
		  	3.1	  	Organization.	  	 	3	  
		  	3.2	  	Seller	  	 	3	  
		  	3.3	  	Authority	  	 	3	  
		  	3.4	  	No Violation	  	 	3	  
			
	4.	  	REPRESENTATIONS AND WARRANTIES RELATING TO THE COMPANY AND EXO	  	 	4	  
		  	4.1	  	Organization.	  	 	4	  
		  	4.2	  	Title to Units	  	 	5	  
		  	4.3	  	Authority	  	 	5	  
		  	4.4	  	No Violation	  	 	5	  
		  	4.5	  	Financial Statements	  	 	6	  
		  	4.6	  	Project Model	  	 	6	  
		  	4.7	  	Books and Records	  	 	6	  
		  	4.8	  	Tax Matters	  	 	6	  
		  	4.9	  	Absence of Undisclosed Liabilities	  	 	6	  
		  	4.10	  	No Litigation	  	 	6	  
		  	4.11	  	Compliance With Laws and Orders	  	 	6	  
		  	4.12	  	Contracts	  	 	7	  
		  	4.13	  	Certain Business Practices	  	 	7	  
		  	4.14	  	Matters Relating to the Concession	  	 	7	  
			
	5.	  	REPRESENTATIONS AND WARRANTIES OF BUYER	  	 	7	  
		  	5.1	  	Organization.	  	 	7	  
		  	5.2	  	Authority	  	 	8	  
		  	5.3	  	Private Placement	  	 	8	  
		  	5.4	  	No Brokers or Finders	  	 	8	  
			
	6.	  	COVENANTS	  	 	8	  
		  	6.1	  	Disclosure of Transaction	  	 	8	  
		  	6.2	  	Preemptive Right	  	 	9	  
		  	6.3	  	Indemnification by the Seller	  	 	9	  
		  	6.4	  	Indemnification by the Buyer	  	 	9	  

									
		  	6.5	  	Consent to Transfers	  	 	9	  
		  	6.6	  	Filing of Form 8832	  	 	9	  
			
	7.	  	MISCELLANEOUS	  	 	10	  
		  	7.1	  	Assignment	  	 	10	  
		  	7.2	  	Parties in Interest	  	 	10	  
		  	7.3	  	Governing Law; Venue	  	 	10	  
		  	7.4	  	Waiver of Jury Trial	  	 	10	  
		  	7.5	  	Amendment; Waiver	  	 	10	  
		  	7.6	  	Notice	  	 	11	  
		  	7.7	  	Entire Agreement	  	 	11	  
		  	7.8	  	Counterparts	  	 	12	  
		  	7.9	  	Interpretation	  	 	12	  
		  	7.10	  	Definitions	  	 	12	  

 UNIT PURCHASE AGREEMENT 

THIS UNIT PURCHASE AGREEMENT (this “Agreement”) is made and effective as of February 21, 2013 by and among
MAKO RESOURCES, LLC, a Delaware limited liability company (the “Buyer”), ODYSSEY MARINE ENTERPRISES, LTD., a Bahamas domestic limited company (the “Seller”), ODYSSEY MARINE EXPLORATION, INC., a Nevada corporation
(“OMEX”), and OCEANICA RESOURCES, S. de. R.L., a Panama Sociedad de Responsabilidad Limitada (the “Company”). The Buyer, the Seller, OMEX, and the Company are sometimes referred to collectively herein as the
“Parties” and individually as a “Party.” 
 WHEREAS, the Company is engaged in the
business (the “Business”) of exploiting the [***] mining concession off the [***] coast of [***], which concession is granted to Exploraciones Oceanicas, S. de R. L. de CV (“Exo”), a Sociedad de Responsabilidad
Limitada de Capital Variable organized under the laws of Mexico in which the Company owns a 99% interest; and 
 WHEREAS,
the Company has outstanding an aggregate of 100,000,000 Units, of which Seller owns 77,600,000 Units; and 
 WHEREAS,
upon the terms and conditions set forth in this Agreement, the Buyer desires to purchase, and the Seller desires to sell to Buyer, an aggregate of up to 15,000,000 of the Units held by the Seller. 

NOW, THEREFORE, in consideration of the foregoing and the representations, warranties, covenants, agreements and conditions set
forth in this Agreement, and intending to be legally bound, the Parties agree as follows: 
 1. PURCHASE AND SALE OF UNITS

 1.1 Purchase and Sale. Upon the terms and subject to the conditions set forth in this Agreement, the Seller agrees
to sell, convey, assign, transfer and deliver to Buyer, and Buyer agrees to purchase and acquire from the Seller, up to fifteen million (15,000,000) of the Units held by Seller (the “Purchased Units”). 

1.2 Initial Closing. The purchase and sale of the Units shall take place at one or more closings (each, a
“Closing”) to be held at OMEX’s offices in Tampa, Florida or at such other place as the parties shall mutually agree. The actual date on which a Closing occurs is referred to herein as a “Closing Date.” The
initial Closing (the “Initial Closing”) shall take place on the date hereof or on such other date on which the Parties shall agree. 
 1.3 Subsequent Closings. If less than all of the Purchased Units are purchased and sold at the Initial Closing, then the Buyer may elect to purchase all or any part of the remaining Purchased Units
at one or more subsequent closings (each, a “Subsequent Closing”). In the event that the Buyer desires to purchase additional Purchased Units at a Subsequent Closing, then the Buyer will deliver a written notice to the Seller
setting forth (i) the number of additional Purchased Units to be purchased by the Buyer at such Subsequent Closing, and (ii) the date of the Subsequent Closing, which shall be a date selected by Buyer that is no earlier than one
(1) Business Day after the delivery of such notice and no later than five (5) Business Days 

 
after the delivery of such notice. However, unless otherwise waived in writing by the Seller, (a) each Subsequent Closing shall involve the purchase and sale of at least 250,000 Purchased
Units and (b) no Subsequent Closing shall occur after February 28, 2013. 
 1.4 Option Agreements. At each
Closing, the Seller shall execute and deliver to the Buyer a Unit Option Agreement (the “Option Agreement”) in substantially the form set forth as Exhibit A hereto granting the holder of the Option Agreement the right, upon
the terms and conditions set forth therein, to purchase a number of additional Units held by Seller equal to the number of Purchased Units purchased by the Buyer at such Closing. 

1.5 Closing Deliverables. 
 (a) At each Closing, the Seller shall deliver (or cause to be delivered) to the Buyer: 
 (i) certificates representing all of the Purchased Units purchased by Buyer at such Closing, duly endorsed for transfer or with duly executed stock powers attached (or irrevocable instructions to the
Secretary of the Company as to the issuance and delivery of such certificates to the Buyer within ten (10) days of such Closing). 
 (ii) an Option Agreement duly executed by the Seller; 
 (iii) a
copy of the Membership Agreement of the Company (the “Company Membership Agreement”) executed by all partners of the Company other than the Buyer, which Company Membership Agreement shall be in substantially the form attached as
Exhibit B hereto; 
 (iv) copies of all approvals, consents and waivers that are required to effect the
transactions contemplated hereby; 
 (v) written assurance reasonably satisfactory to the Buyer as to the good
standing of the Seller in the Commonwealth of the Bahamas; 
 (vi) written assurance reasonably satisfactory to
the Buyer as to the good standing of the Company in the country of Panama; and 
 (vii) written assurance
reasonably satisfactory to the Buyer as to the good standing of Exo in Mexico. 
 (b) At each Closing, the Buyer
shall deliver (or cause to be delivered) to the Seller: 
 (i) the Purchase Price for the Purchased Units to be
purchased at such Closing; and 
 (ii) a duly executed counterpart of the Company Membership Agreement.

  
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 2. PURCHASE PRICE; PAYMENT 

2.1 Purchase Price. The Purchase Price for the Purchased Units to be purchased by the Buyer at each Closing shall be One United
States Dollar (US$1.00) per Purchased Unit (the “Purchase Price”). 
 2.2 Method of Payment. The
Purchase Price will be paid by wire transfer or other immediately available funds to an account that the Seller, at least twenty four (24) hours prior to the applicable Closing, shall designate. 

3. REPRESENTATIONS AND WARRANTIES RELATING TO THE SELLER 
 As an inducement to Buyer to execute and deliver this Agreement, the Seller and OMEX jointly and severally make the following representations and warranties to Buyer, each of which is true and correct on
the date hereof and shall survive the consummation of the transactions contemplated hereby. 
 3.1 Organization.

 (a) Organization. The Seller is a domestic limited company duly organized, validly existing and in good
standing under the laws of the Commonwealth of the Bahamas. 
 (b) Power. The Seller has all requisite
legal power and authority to execute and deliver this Agreement and the other documents and instruments to be executed and delivered by the Seller pursuant hereto and to carry out the transactions contemplated hereby and thereby. 

3.2 Seller. The Seller has, and at each Closing the Buyer will receive, good and valid title to the Purchased Units being
purchased by the Buyer at such Closing, free and clear of all Liens, other than Liens created by the Buyer. 
 3.3
Authority. The execution and delivery of this Agreement and the other documents and instruments to be executed and delivered by the Seller pursuant hereto and the consummation of the transactions contemplated hereby and thereby have been duly
authorized by the Seller. No other or further act or proceeding on the part of the Seller is necessary to authorize this Agreement or the other documents and instruments to be executed and delivered by the Seller pursuant hereto or the consummation
of the transactions contemplated hereby and thereby. This Agreement constitutes, and when executed and delivered, the other documents and instruments to be executed and delivered by the Seller pursuant hereto (including the Option Agreement) will
constitute, valid and binding agreements of the Seller, as the case may be, enforceable in accordance with their respective terms. 
 3.4 No Violation. Neither the execution and delivery of this Agreement or the other documents and instruments to be executed and delivered by the Seller pursuant hereto nor the consummation by the
Seller of the transactions contemplated hereby and thereby (a) will violate any applicable Law or Order of any Governmental Entity, (b) subject to obtaining the 

  
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consents, and providing the notices, described in Schedule 3.4, will require any authorization, consent, approval, exemption or other action by or notice to any Governmental Entity, or
(c) will violate or conflict with, or constitute a default (or an event that, with notice or lapse of time, or both, would constitute a default) under, or will result in the termination of, or accelerate the performance required by, or result
in the creation of any Lien upon any of the capital stock or other equity or ownership securities (including the Purchased Units), or any of the assets, of the Seller or the Company under, any term or provision of their respective organizational
documents (including their partnership or similar agreements) or of any Contract or restriction of any kind or character to which the Company or any Seller is a party or by which the Company or any Seller or any of their respective assets or
properties may be bound or affected. 
 4. REPRESENTATIONS AND WARRANTIES RELATING TO THE COMPANY AND EXO 

As an inducement to Buyer to execute and deliver this Agreement, the Seller, the Company, and OMEX jointly and severally make the
following representations and warranties to Buyer, each of which is true and correct on the date hereof and shall survive the consummation of the transactions contemplated hereby. 

4.1 Organization. 
 (a) Organization. The Company is a Sociedad de Responsabilidad Limitada organized, validly existing and in good standing under the laws of Panama. Exo is a Sociedad de Responsabilidad Limitada de
Capital Variable organized, validly existing and in good standing under the laws of Mexico. 
 (b) Power.
Each of the Company and Exo has all requisite legal power and authority to own, operate and lease its assets, to carry on its business as and where such is currently conducted. 

(c) Organizational Documents. The Seller has delivered to Buyer correct and complete copies of the certificate of
registration, articles of association, and/or similar organizational documents, including any amendments thereto, for each of the Company and Exo. The organizational minute books and stock records of the Company made available for Buyer’s
inspection are correct and complete copies of such instruments and accurately reflect all material organizational action that the Company has taken. 
 (d) Capitalization of the Company. The Company has issued and outstanding an aggregate of 100,000,000 Units. All issued and outstanding Units are owned by the parties and in the amounts set forth
on Schedule 4.1(d) hereto. All Units are validly issued, fully paid and nonassessable. Except as set forth on Schedule 4.1(d) hereto, there are no (i) securities convertible into or exchangeable for any quota, equity interest. or
other securities of the Company, (ii) options, warrants or other rights to purchase or subscribe to quotas, equity interests, or other securities of the Company or securities that are convertible into or exchangeable for quotas, equity
interests, or other securities of the Company or (iii) contracts, commitments, agreements, understandings or 

  
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arrangements of any kind (including without limitation preemptive rights) relating to the issuance, sale or transfer of any quotas, equity interests, or other securities of the Company, any such
convertible or exchangeable securities, or any such options, warrants or other rights. The Company Membership Agreement constitutes and will constitute a valid and binding agreement of the parties thereto, enforceable in accordance with its terms.

 (e) Capitalization of Exo. Exo has issued and outstanding an aggregate of two (2) shares (the
“Subsidiary Interests”). All issued and outstanding Subsidiary Interests are owned by the parties and in the amounts set forth on Schedule 4.1(e) hereto. All Subsidiary Interests are validly issued, fully paid and
nonassessable. Except as set forth on Schedule 4.1(e) hereto, there are no (i) securities convertible into or exchangeable for any equity interest or other securities of Exo, (ii) options, warrants or other rights to purchase or
subscribe to equity interests or other securities of Exo or securities that are convertible into or exchangeable for equity interests or other securities of Exo or (iii) contracts, commitments, agreements, understandings or arrangements of any
kind (including without limitation preemptive rights) relating to the issuance, sale or transfer of any equity interests or other securities of Exo, any such convertible or exchangeable securities, or any such options, warrants or other rights.

 (f) Subsidiaries. The Company has no subsidiary other than Exo, and Exo has no subsidiaries.

 4.2 Title to Units. At each Closing, the Buyer will receive, good and valid title to the Purchased Units being
purchased by the Buyer at such Closing, free and clear of all Liens, other than Liens created by the Buyer. 
 4.3
Authority. The execution and delivery of this Agreement and the other documents and instruments to be executed and delivered by the Company pursuant hereto and the consummation of the transactions contemplated hereby and thereby have been
duly authorized by the Company. No other or further act or proceeding on the part of the Company is necessary to authorize this Agreement or the other documents and instruments to be executed and delivered by the Company pursuant hereto or the
consummation of the transactions contemplated hereby and thereby. This Agreement constitutes, and when executed and delivered, the other documents and instruments to be executed and delivered by the Company will constitute, valid and binding
agreements of the Company, enforceable in accordance with their respective terms. 
 4.4 No Violation. Neither the
execution and delivery of this Agreement or the other documents and instruments to be executed and delivered by the Company pursuant hereto nor the consummation by the Company of the transactions contemplated hereby and thereby (a) will violate
any applicable Law or Order of any Governmental Entity, (b) subject to obtaining the consents, and providing the notices, described in Schedule 4.4, will require any authorization, consent, approval, exemption or other action by or
notice to any Governmental Entity, or (c) will violate or conflict with, or constitute a default (or an event that, with notice or lapse of time, or both, would constitute a default) under, or will result in the termination of, or accelerate
the 

  
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performance required by, or result in the creation of any Lien upon any of the equity or ownership securities, or any of the assets, of the Company under, any term or provision of its
organizational documents (including the Company Membership Agreement) or of any Contract or restriction of any kind or character to which the Company is a party or by which the Company or any of its respective assets or properties may be bound or
affected. 
 4.5 Financial Statements. The Seller has delivered to the Buyer financial statements of Exo (collectively,
the “Financial Statements”) consisting of the unaudited balance sheet of Exo as of December 31, 2012 (the “Recent Balance Sheet”) and the related unaudited statements of earnings for the twelve-month period
then ended. The Financial Statements (a) are correct and complete in all material respects; (b) are prepared in accordance with the books and records of Exo on the accrual basis of accounting; and (c) fairly present, in all material
respects, the assets, Liabilities, financial position, results of operations and cash flows of Exo as of the dates and for the periods indicated. 
 4.6 Project Model. The project model dated February 11, 2013, furnished by the Seller and the Company to Buyer relating to the Business was made in good faith and represents a true, correct,
and complete copy of the latest economic model for the Company and the Business. 
 4.7 Books and Records. All accounts,
books, ledgers, and official and other records material to the Business, the Company, and Exo have been properly and accurately kept and completed in all material respects, and there are no material inaccuracies or discrepancies of any kind
contained or reflected therein. 
 4.8 Tax Matters. All Tax Returns required to be filed by or on behalf of the Company
and Exo have been timely filed and, when filed, were true, correct and complete, and such Tax Returns contain all disclosures required by law. Each of the Company and Exo has duly paid and/or withheld all Taxes that it is required to withhold and/or
pay. 
 4.9 Absence of Undisclosed Liabilities. Except as and to the extent specifically set forth on the face of the
Recent Balance Sheet or in Schedule 4.9, the Company and Exo do not have any Liabilities, other than commercial Liabilities incurred since the date of the Recent Balance Sheet in the ordinary course of business consistent with past practice,
none of which has had or is reasonably likely to have a material adverse effect on the conduct, financial condition, assets, Liabilities, business, prospects or operations of the Company. 

4.10 No Litigation. There is no Litigation pending or, to the Company’s and Seller’s knowledge, threatened or
anticipated against the Seller, the Company, or Exo, or their respective equity holders, directors or officers (in such capacity) or their respective business, assets or Liabilities. To the Company’s and Seller’s knowledge, no event has
occurred or action taken that is reasonably likely to result in such Litigation. None of the Company or Exo, or their respective businesses, assets or its Liabilities, is subject to any Order. 

4.11 Compliance With Laws and Orders. Each of the Company and, to the Seller’s knowledge, Exo has complied in all material
respects with all Laws and Orders applicable to each of them or their respective assets. 

  
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 4.12 Contracts. Schedule 4.12 lists (a) each of the Company’s or
Exo’s material Contracts involving consideration or other expenditure in excess of $100,000 over any 12-month period and (b) each of the Company’s or Exo’s material contracts or business relationships with any Affiliate of the
Seller. 
 4.13 Certain Business Practices. None of the Seller, the Company, or Exo, or any of their respective officers,
agents, representatives or employees (in their capacity as officers, agents, representatives or employees) has: (a) used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity in
respect of the Business, (b) directly or indirectly, paid or delivered any fee, commission or other sum of money or item of property, however characterized, to any finder, agent, or other party acting on behalf of or under the auspices of a
governmental official or Governmental Entity, in the United States or any other country, which is in any manner illegal under any Laws and Orders of the United States or any other country having jurisdiction over the Company or the Business, or
(c) made any payment to any customer or vendor of the Company or any officer, director, partner, employee or agent of any such customer or vendor for any unlawful reciprocal practice, or made any other unlawful payment or given any other
unlawful consideration to any such customer or vendor or any such officer, director, partner, employee or agent, in respect of the Business. 
 4.14 Matters Relating to the Concession. Exo possesses the sole and exclusive [***] exploration and mining license and concession granted by the Mexico Direccion General de Minas for the [***]
concession area through June 27, 2062 (the “Concession”), a true, complete, and correct copy of which has been provided to the Buyer. The Concession is valid and enforceable against the government of Mexico and has been
recorded with the Mexican Public Registry of Mining. The Parties understand and acknowledge that the Business is in early stages and that future progress is unpredictable and uncertain. To the knowledge of the Seller and Company, Exo is reasonably
expected to be able to acquire all other licenses, permits, approvals, authorizations, and consents as will become necessary for further efforts toward full-scale exploration, mining, and commercialization of the Concession area. None of the Seller,
Company, or OMEX have any knowledge of any threatened suspension, revocation, invalidation, or other challenge to the Concession or such other licenses, permits, approval, authorizations, or consents. 

5. REPRESENTATIONS AND WARRANTIES OF BUYER 
 As an inducement to the Company, the Seller, and OMEX to execute and deliver this Agreement, Buyer makes the following representations and warranties to the Company, the Seller, and OMEX, each of which is
true and correct on the date hereof and shall survive the consummation of the transactions contemplated hereby. 
 5.1
Organization. 
 (a) Organization. Buyer is a limited liability company duly organized, validly
existing and in good standing under the laws of the State of Delaware. 

  
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 (b) Power. Buyer has all requisite limited liability company power
and authority to execute and deliver this Agreement and the other documents and instruments to be executed and delivered by Buyer pursuant hereto and to carry out the transactions contemplated hereby and thereby. 

5.2 Authority. The execution and delivery of this Agreement and the other documents and instruments to be executed and delivered
by Buyer pursuant hereto and the consummation of the transactions contemplated hereby and thereby have been duly authorized by the Buyer. No other or further corporate act or proceeding on the part of the Buyer or its members is necessary to
authorize this Agreement or the other documents and instruments to be executed and delivered by the Buyer pursuant hereto or the consummation of the transactions contemplated hereby and thereby. This Agreement constitutes, and when executed and
delivered, the other documents and instruments to be executed and delivered by the Buyer pursuant hereto will constitute, valid and binding agreements of Buyer, as the case may be, enforceable in accordance with their respective terms. 

5.3 Private Placement. The Buyer will acquire the Purchased Units and the Units issuable upon exercise of the Option Agreements
(the “Acquired Securities”) for the Buyer’s own account for investment and not with a view to the sale or distribution thereof or the granting of any participation therein. The Buyer has such knowledge and experience in
finance, securities, investments and other business matters so as to be able to protect the interests of the Buyer in connection with its purchase of the Acquired Securities. Each of the Buyer’s members is an “accredited investor” as
that term is defined in Rule 501(a) of Regulation D promulgated under the Securities Act. The Buyer understands that there are significant risks incident to an investment in the Company, and the Buyer can afford to bear such risks, including,
without limitation, the risk of losing its entire investment in the Company. The Buyer understands that the Acquired Securities have not been registered under the Securities Act, that the Acquired Securities will be issued on the basis of the
exemption provided by the Securities Act and under exemptions under certain state securities laws. The Buyer acknowledges that it is familiar with the limitations imposed by the Securities Act and the rules and regulations thereunder on the transfer
of the Acquired Securities. 
 5.4 No Brokers or Finders. Neither Buyer nor any of its members, directors, officers,
employees or agents have retained, employed or used any broker or finder in connection with the transactions provided for herein or in connection with the negotiation thereof, nor are any of them responsible for the payment of any broker’s or
finder’s fees. 
 6. COVENANTS 
 6.1 Disclosure of Transaction. OMEX shall file on a timely basis a Current Report on Form 8-K describing the terms of the transactions contemplated by this Agreement in the form required by the
Exchange Act. OMEX will provide the Buyer with a copy of such Current Report on Form 8-K within twenty four (24) hours prior to the filing of the same and will evaluate in good faith any comments that the Buyer may have with respect thereto
that are consistent with the legal or regulatory requirements applicable thereto. 

  
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 6.2 Preemptive Right. In case the Company proposes at any time
to issue or sell, on or prior to December 31, 2014, any Units or any options, warrants, or other rights to purchase Units or any securities convertible into Units (other than securities issued in a public offering) (the “Offered
Securities”) in a transaction in which OMEX or any Affiliate thereof will acquire Offered Securities, the Company shall, no later than ten (10) days prior to the consummation of such transaction (a “Preemptive Rights
Transaction”), give notice in writing (the “Preemptive Rights Offer Notice”) of such Preemptive Rights Transaction to the Buyer. The Preemptive Rights Offer Notice shall describe the proposed Preemptive Rights Transaction,
identify the proposed purchaser, and contain an offer (the “Preemptive Rights Offer”) to sell to the Buyer, at the same consideration to be paid by the proposed purchasers, that number of Offered Securities required to maintain
Buyer’s ownership percentage of the fully-diluted Units in effect as of the date of the Preemptive Rights Offer Notice (the “Maximum Offer Amount”). The Buyer may subscribe for all or a portion of its Maximum Offer Amount on or
prior to the 30th day following the date of sale of the
Offered Securities to the initial purchasers. When the Offered Securities are accepted in the manner set forth in this Section 6.2, the Company shall, as promptly as practicable but no later than twenty (20) days after acceptance by
the Buyer of its subscription portion of the Maximum Offer Amount, issue certificates representing the applicable number of Offered Securities (free of all liens and encumbrances) to the Buyer against delivery by such holder of the consideration
payable therefor. 
 6.3 Indemnification by the Seller. Seller shall indemnify and hold harmless Buyer and its
Affiliates, and their respective members, managers , officers, employees, agents and other representatives (collectively, the “Buyer Indemnified Parties”), from and against all Losses resulting to, imposed upon or incurred by any
Buyer Indemnified Party, directly or indirectly, by reason of, arising out of or resulting from: (a) any inaccuracy or breach of any representation or warranty of the Company or Seller contained in or made pursuant to this Agreement; or
(b) any breach of any covenant of the Company or the Seller contained in or made pursuant to this Agreement. 
 6.4
Indemnification by the Buyer. Buyer shall indemnify and hold harmless Seller and its Affiliates, and their respective members, directors, officers, employees, agents and other representatives (collectively, the “Seller Indemnified
Parties”), from and against all Losses resulting to, imposed upon or incurred by any Seller Indemnified Party, directly or indirectly, by reason of or resulting from (a) any inaccuracy or breach of any representation or warranty of the
Buyer contained in or made pursuant to this Agreement; or (b) any breach of any covenant of the Buyer contained in or made pursuant to this Agreement. 
 6.5 Consent to Transfers. OMEX and Seller agree that they will, and will cause their Affiliates to, in their capacity as board members of the Company, consent to any transfer of Purchased Units,
under the Company Membership Agreement or otherwise, that the Buyer (or any successor in interest to Purchased Units) may propose to make, so long as such transfer is in accordance with applicable securities laws. 

6.6 Filing of Form 8832. OMEX and Seller agree that they will, or will cause the Company and Exo to, timely file an IRS Form 8832
with the Internal Revenue Service with respect to the Company and Exo under which the Company and Exo will each elect to be taxed as a partnership for U.S. federal income tax purposes. OMEX and Seller represent and warrant that both of the Company
and Exo are eligible to elect to be taxed as a partnership for U.S. federal income tax purposes for the 2013 tax year assuming the timely filing of an IRS Form 8832. 

  
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 7. MISCELLANEOUS 

7.1 Assignment. Except to the extent otherwise expressly set forth in this Agreement, none of the Parties may assign, transfer or
otherwise encumber this Agreement or its rights or obligations hereunder, in whole or in part, whether voluntarily or by operation of Law, without the prior written consent of Buyer and the Seller, and any attempted assignment without such consent
shall be void and without legal effect. 
 7.2 Parties in Interest. This Agreement shall be binding upon, inure to the
benefit of and be enforceable by the Parties and their respective heirs, personal representatives, permitted successors and permitted assigns. 
 7.3 Governing Law; Venue. This Agreement and the rights and obligations of the Parties set forth herein shall be governed by, construed and interpreted in accordance with the internal laws of the
State of Florida. Each Party agrees that all legal proceedings concerning the interpretation, enforcement and defense of this Agreement or the transactions contemplated by this Agreement shall be commenced exclusively in the state or federal courts
sitting in Tampa, Florida. Each Party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in Tampa, Florida for the adjudication of any dispute hereunder or in connection herewith and hereby irrevocably
waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding.
In any action brought under this Agreement, the prevailing Party shall be entitled to recover its actual costs and attorneys’ fees and all other litigation costs, including expert witness fees, and all actual attorneys’ fees and costs
incurred in connection with the enforcement of a judgment or order arising from any action or proceeding. 
 7.4 Waiver of
Jury Trial. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

7.5 Amendment; Waiver. This Agreement may be amended or modified only with the written consent of the Party against whom
enforcement of the waiver or amendment is sought. No waiver of any term or provision hereof shall be effective unless in writing signed by the Party waiving such term or provision. No failure to exercise or delay in exercising any right, power or
remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The rights
provided hereunder are cumulative and not exclusive of any rights, powers or remedies provided by Law. 

  
 10 

 7.6 Notice. All notices, requests, demands and other communications under this
Agreement shall be given in writing and shall be personally delivered; sent by registered or certified U.S. mail, return receipt requested and postage prepaid; or sent by private overnight mail courier service, as follows: 

 

	 	(i)	If to Buyer, to: 

 300 Mercer
Street, #34M 
 New York, New York 10003 
 Attention: Joshua C. Adam 
 (with a copy, which shall not constitute notice, to)

 Foley & Lardner LLP 
 100 N. Tampa St., Suite 2700 
 Tampa, FL 33602 

Attn: Curt P. Creely 
  

	 	(ii)	If to the Seller, the Company, or OMEX, to: 

 c/o Odyssey Marine Exploration, Inc. 
 5215 West Laurel Street 

Suite 210 

Tampa, Florida 33607 
 Attention: General Counsel 
 (with a copy, which shall not constitute notice, to)

 Akerman Senterfitt 
 401 East Jackson Street 
 Suite 1700 

Tampa, Florida 33602 
 Attention: David M. Doney 
 or to such other person or address as any Party shall
have specified by notice in writing to the other Parties. If personally delivered, such communication shall be deemed delivered upon actual receipt; if sent by U.S. mail, such communication shall be deemed delivered as of the date of delivery
indicated on the receipt issued by the relevant postal service or, if the addressee fails or refuses to accept delivery, as of the date of such failure or refusal; and if sent by overnight courier, such communication shall be deemed delivered upon
receipt. 
 7.7 Entire Agreement. This Agreement (including the Disclosure Schedules attached hereto) supersedes all
prior agreements and constitutes (together with the other 

  
 11 

 
documents and instruments to be executed and delivered pursuant hereto) a complete and exclusive statement of the terms of the agreement, among the Parties with respect to its subject matter.
There have been and are no representations, warranties or covenants among the Parties other than those set forth or provided for in this Agreement. 
 7.8 Counterparts. This Agreement may be executed by signatures exchanged via facsimile or other electronic means and in one or more counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument. 
 7.9 Interpretation. Notwithstanding the fact that this
Agreement has been drafted or prepared by one of the Parties, each of the Parties confirms that both it and its counsel have reviewed, negotiated and adopted this Agreement as the joint agreement and understanding of the Parties. The language used
in this Agreement shall be deemed to be the language chosen by the Parties to express their mutual intent, and no rule of strict construction shall be applied against any Party. The headings contained in this Agreement, in any Exhibit or Schedule
hereto and in the table of contents to this Agreement, are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Except when the context otherwise requires, references to Sections, Exhibits or
Schedules contained herein refer to Sections, Exhibits or Schedules of this Agreement. All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any
capitalized terms used in any Schedule or Exhibit, but not otherwise defined therein, shall have the meaning as defined in this Agreement. The definitions in Section 7.10 shall apply equally to both the singular and plural forms of the
terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the
phrase “without limitation”. The words “herein”, “hereof” and “hereunder” and words of similar import refer to this Agreement (including the Exhibits and Schedules to this Agreement) in its entirety and not to
any part hereof unless the context shall otherwise require. Unless the context shall otherwise require, any references to any agreement or other instrument or statute or regulation are to it as amended and supplemented from time to time (and, in the
case of a statute or regulation, to any successor provisions). Any reference in this Agreement to a “day” or a number of “days” (without explicit reference to Business Days) shall be interpreted as a reference to a calendar day
or number of calendar days. 
 7.10 Definitions. For purposes of this Agreement, the following terms shall have the
following meanings: 
 (a) “8-K Filing” has the meaning set forth in Section 6.1.

 (b) “Acquired Securities” has the meaning set forth in Section 5.3. 

(c) “Affiliate” means, with respect to any person or entity, any other person or entity that, directly or
indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such person or entity, and the term “control” (including the terms “controlled by” and “under common control
with”) means the possession, directly or indirectly, of more than fifty percent (50%) of the outstanding voting power of such person or entity or the power to direct or cause the direction of the management and policies of such person or
entity, whether through ownership of voting securities, by contract or otherwise. 

  
 12 

 (d) “Business” has the meaning set forth in the recitals to
this Agreement. 
 (e) “Business Day” means any day except a Saturday, Sunday or other date on
which banking institutions located in the State of Florida are authorized by Law or Order to close. 
 (f)
“Buyer” has the meaning set forth in the preamble of this Agreement. 
 (g) “Buyer
Indemnified Parties” has the meaning set forth in Section 6.3. 
 (h)
“Closing” has the meaning set forth in Section 1.2. 
 (i) “Closing
Date” has the meaning set forth in Section 1.2. 
 (j) “Company” has the
meaning set forth in the preamble of this Agreement. 
 (k) “Company Membership Agreement” has
the meaning set forth in Section 1.5(a)(iii). 
 (l) “Concession” has the meaning
set forth in Section 4.14. 
 (m) “Contracts” means all oral and written contracts,
purchase orders, sales orders, licenses, leases and other agreements, commitments, arrangements and understandings. 
 (n) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 (o) “Exo” has the meaning set forth in the recitals to this Agreement. 
 (p) “Financial Statements” has the meaning set forth in Section 4.5. 
 (q) “GAAP” has the meaning set forth in Section 4.5. 
 (r) “Governmental Entity” means any court, arbitrator, department, commission, board, bureau, agency, authority, instrumentality or other body, whether federal, state, local, foreign or
other. 
 (s) “Initial Closing” has the meaning set forth in Section 1.2.

 (t) “knowledge” means actual knowledge assuming the person conducted a reasonable
investigation. 

  
 13 

 (u) “Laws” means any federal, state, local, foreign or
other statute, law, ordinance, Order, rule or regulation. 
 (v) “Liability” or
“Liabilities” means any direct or indirect indebtedness, guaranty, endorsement, claim, loss, damage, deficiency, cost, expense (including capital improvements), fine, penalty, obligation or responsibility, fixed or unfixed, known or
unknown, asserted or unasserted, liquidated or unliquidated, secured or unsecured. 
 (w)
“Liens” means any mortgages, liens (statutory or otherwise), security interests, claims, pledges, licenses, equities, options, conditional sales contracts, assessments, levies, easements, covenants, conditions, reservations,
encroachments, hypothecations, equities, restrictions, rights-of-way, exceptions, limitations, charges, possibilities of reversion, rights of refusal or encumbrances of any nature whatsoever, including voting trusts or agreements, proxies and
marital or community property interests. 
 (x) “Litigation” means any complaint, action, suit,
proceeding, arbitration or other alternate dispute resolution procedure, demand, claim, investigation or inquiry, whether civil, criminal or administrative, or by any Governmental Entity. 

(y) “Losses” means and includes (i) all Liabilities; (ii) all losses, damages, judgments,
awards, penalties and settlements; (iii) all demands, claims, suits, actions, causes of action, proceedings and assessments, whether or not ultimately determined to be valid; and (iv) all costs and expenses (including prejudgment interest
in any litigated or arbitrated matter and other interest), court costs and fees and expenses of attorneys, consultants and expert witnesses) of investigating, defending or asserting any of the foregoing or of enforcing this Agreement. 

(z) “Maximum Offer Amount” has the meaning set forth in Section 6.2. 

(aa) “Offered Securities” has the meaning set forth in Section 6.2. 

(bb) “OMEX” has the meaning set forth in the preamble of this Agreement. 

(cc) “Option Agreement” has the meaning set forth in Section 1.4. 

(dd) “Orders” means any order, writ, injunction, judgment, plan or decree of any Governmental Entity.

 (ee) “Party” or “Parties” has the meaning set forth in the introductory
paragraph to this Agreement. 
 (ff) “Preemptive Rights Offer” has the meaning set forth in
Section 6.2. 

  
 14 

 (gg) “Preemptive Rights Offer Notice” has the meaning set
forth in Section 6.2. 
 (hh) “Preemptive Rights Transaction” has the meaning set
forth in Section 6.2. 
 (ii) “Purchase Price” has the meaning set forth in
Section 2.1. 
 (jj) “Purchased Units” has the meaning set forth in
Section 1.1. 
 (kk) “Recent Balance Sheet” has the meaning set forth in
Section 4.5. 
 (ll) “Securities Act” means the Securities Act of 1933, as amended,
and the rules and regulations promulgated thereunder. 
 (mm) “Seller” has the meaning set forth
in the preamble of this Agreement. 
 (nn) “Seller Indemnified Party” has the meaning set forth
in Section 6.4. 
 (oo) “Subsequent Closing” has the meaning set forth in
Section 1.3. 
 (pp) “Subsidiary Interests” has the meaning set forth in
Section 4.1(e). 
 (qq) “Taxes” means any supranational, federal, state, county,
local, territorial, provincial or foreign income, net income, gross receipts, single business, unincorporated business, license, payroll, employment, excise, severance, stamp, occupation, premium, windfall profits, environmental (including taxes
under Section 59A of the Internal Revenue Code of 1986, as amended), customs duties, capital stock, franchise, profits, gains, withholding, social security (or similar), payroll, unemployment, disability, workers compensation, real property,
personal property, ad valorem, replacement, sales, use, transfer, registration, value added, alternative or add-on minimum, estimated, or other tax of any kind whatsoever, including any interest, penalty or addition, whether or not disputed and
whether imposed by Law, Order, Contract or otherwise. 
 (rr) “Tax Return” means any return,
declaration, report, estimate, claim for refund, or information return or statement relating to, or required to be filed in connection with, any Taxes, including any schedule, form, attachment or amendment. 

(ss) “Units” means the units into which equity interests in the Company are denominated and which are
referred to as “quotas” under the laws of Panama. 
 [signatures follow] 

  
 15 

 IN WITNESS WHEREOF, the undersigned have caused their duly authorized officers to
execute and deliver this Unit Purchase Agreement as of the day and year first written above. 
  

					
	BUYER:
	
	MAKO RESOURCES, LLC
	
	By: Hornet Management, LLC, its manager
			
		 	By:	 	 /s/ Joshua C. Adam

		 		 	Joshua C. Adam, its manager
	
	SELLER:
	
	ODYSSEY MARINE ENTERPRISES, LTD.
		
	By:	 	 /s/ Mark D. Gordon

	Name:	 	 Mark D Gordon

	Title:	 	 Vice President

	
	COMPANY:
	
	OCEANICA RESOURCES, S. DE. R.L.
		
	By:	 	 /s/ Gregory P. Stemm

	Name:	 	 Gregory P. Stemm

	Title:	 	 Administrator

  
 16 

 
			
	OMEX:
	
	ODYSSEY MARINE EXPLORATION, INC.
		
	By:	 	 /s/ Gregory P. Stemm

	Name:	 	 Gregory P. Stemm

	Title:	 	 CEO

  
 17 

 EXHIBIT A 

FORM OF OPTION AGREEMENT 

 EXHIBIT B 

FORM OF COMPANY MEMBERSHIP AGREEMENTEX-10.41

 Exhibit 10.41 
 SEPARATION AGREEMENT 
 Horizon Lines, Inc. (the “Company”) and
Brian W. Taylor (“Executive”) enter into this Separation Agreement (this “Agreement”) on the 8th day of November, 2012. 
 1. Separation from Employment. Executive’s last day of work with the Company and his employment termination date will be November 30, 2012 (the “Separation Date”). Through the
Separation Date, Executive shall continue to receive Executive’s annual base salary at its current rate and the same employee benefits as are provided to Executive as of the date of this Agreement. Effective as of the Separation Date, Executive
hereby resigns as an employee of the Company and from all offices and directorships he has with the Company, its subsidiaries and/or affiliates, and from any fiduciary or other committee with respect to any benefit plan of the Company or any of the
Company’s subsidiaries and/or affiliates. Executive agrees to promptly execute such additional documents as are reasonably requested by the Company to evidence the foregoing. After the Separation Date, Executive shall not represent himself as
being an officer, director or employee of the Company or any of its subsidiaries or affiliates or as a fiduciary of any such benefit plan for any purpose. 
 2. Accrued Amounts. The Company will pay to Executive all Accrued Amounts (as defined below), subject to payroll deductions and required tax withholdings. Executive is entitled to these payments
regardless of whether or not he executes this Agreement. The term “Accrued Amounts” means any accrued but unpaid base salary through the Separation Date paid in accordance with normal payroll practices, unreimbursed business expenses
incurred prior to the Separation Date paid in accordance with Company policies, and accrued but unused vacation time through the Separation Date due in accordance with Company plans and policies. With respect to reimbursement for business expenses
incurred consistent with applicable Company policies prior to the Separation Date, Executive agrees that, within ten (10) business days following the Separation Date, Executive will submit to the Company a final expense reimbursement statement
and required documentation reflecting all business expenses Executive incurred through the Separation Date, if any, for which Executive seeks reimbursement. 
 3. Severance Payments and Benefits. If, by the thirtieth (30th) day following the Separation Date, Executive (i) signs and does not revoke the release attached to this Agreement (the
“Release”) and (ii) signs the Noncompete, Nonsolicitation and Nondisclosure Agreement attached to this Agreement, the Company shall provide Executive with the following severance payments and benefits (subject to Section 4 of
this Agreement): 
 (a) Severance Pay. The Company shall continue to pay to Executive
his base salary, at the rate in effect as of the Separation Date, for the period beginning on the Separation Date and ending on the second anniversary of the Separation Date, in the aggregate amount of $740,000 (the “Severance Pay”). The
Severance Pay shall be paid according to the Company’s normal payroll practices and payments shall commence on the thirty-first (31st) day following the Separation Date (the “Commencement Date”). Notwithstanding the foregoing, the first
payment of Severance Pay shall include any Severance Pay that would have been paid to Executive according to the Company’s normal payroll practices prior to the Commencement Date. 

 (b) Annual Bonus Plan. Executive shall continue to be eligible to
receive an annual bonus under the Company’s Management Incentive Plan for the 2012 fiscal year, subject to the terms and conditions of such plan (but without regard to any terms and conditions requiring Executive’s employment on the last
day of the Company’s 2012 fiscal year), which bonus shall be payable to Executive if, and to the same extent that, bonuses are payable to the other executive officers covered by the Management Incentive Plan for the 2012 fiscal year.

 (c) COBRA Premium Supplement. The Company shall pay to Executive an amount equal to twenty four
(24) times the monthly premium for COBRA continuation coverage under the Company’s health benefit plan (i.e., medical, dental and vision coverage), determined using the 2013 COBRA premium rate in effect for the level of coverage that the
Executive had in place immediately prior to the Separation Date (the “COBRA Payment”). The Company shall pay the COBRA Payment in cash in a single lump sum on the date that is thirty-one (31) days following the Separation Date.
Executive shall not be required to purchase COBRA continuation coverage in order to receive the COBRA Payment nor shall Executive be required to apply the COBRA Payment to payment of applicable premiums for COBRA continuation coverage. The coverage
period for purposes of COBRA continuation requirements of Section 4980B of the Code (as defined below) shall commence on the day immediately following the Separation Date. 

(d) Outplacement Services. The Company shall pay Executive $25,000 to obtain outplacement services. The Company
shall pay this amount in cash in a single lump sum on the date that is thirty-one (31) days following the Separation Date. 
 (e) Legal Expenses. The Executive shall be reimbursed for reasonable legal expenses and costs related to the negotiation of this Agreement in an amount of up to $15,000. The Company will reimburse
the Executive within thirty (30) days of receipt of appropriate documentation supporting the expenses. The documentation must be submitted no later than sixty (60) days after the Separation Date in order for Executive to be entitled to
reimbursement. 
 4. Certain Consequences of Breach by Executive. 

(a) Without limiting the other remedies available to the Company under applicable law: (i) if the Company determines
that the Executive has materially breached the provisions of this Agreement or the Noncompete, Nonsolicitation and Nondisclosure Agreement and Executive has failed to remedy such breach within thirty (30) days after receiving written
notification, if the breach is capable of being remedied, the Company may immediately suspend all payments due to the Executive under this Agreement until such as time as the Executive is found in a judgment no longer subject to review or appeal to
have breached the obligations of this Agreement or the Noncompete, Nonsolicitation and Nondisclosure Agreement; and (ii) if the Executive is found in a judgment no longer subject to review or appeal to have breached the obligations set forth in
this Agreement or the Noncompete, Nonsolicitation and Nondisclosure Agreement, then Executive shall forfeit the right to any additional amount under this Agreement and promptly reimburse the Company any amounts actually paid to the Executive beyond
the first $5,000 (gross) of such amounts (the “Release Consideration”). 
  

  
 2 

 (b) In the event of any such breach, the Company shall be entitled to
recover from Executive all costs and reasonable attorneys’ fees relating to any efforts to collect a refund under this Section 4. Executive agrees that the Release pursuant to this Agreement shall remain in full force and effect
notwithstanding any repayment/forfeiture under this Section 4, and that the Release Consideration is good and sufficient consideration for the Release. 
 5. Receipt of Other Compensation or Benefits. Executive acknowledges and agrees that, except as specifically set forth in this Agreement, following the Separation Date, he is not and will not be
due any compensation, including, but not limited to, compensation for unpaid salary (except for amounts unpaid and owing for Executive’s employment with the Company and its affiliates prior to the Separation Date), unpaid bonus, severance and
accrued or unused vacation time or vacation pay from the Company or any of its affiliates, and he will not be eligible to participate, except as a retired or former employee, in any of the compensation or benefit plans of the Company or any of its
affiliates. Executive will be entitled to receive benefits, that are vested and accrued prior to the Separation Date or which become vested or accrued pursuant to the employee benefit plans of the Company, and will be entitled to elect COBRA
continuation coverage under the Company’s group health plans (in accordance with Section 4980B(f) of the Code). 
 6.
No Duplication of Benefits. The compensation to be paid to Executive hereunder is in lieu of any similar severance or termination compensation to which the Executive may be entitled under any other Company or affiliate severance or
termination agreement, plan, program, policy, practice or arrangement including, without limitation, the Company’s Executive Severance Plan (collectively, the “Severance Plans”). Executive affirmatively waives any rights he may have
to payments or benefits under the Severance Plans. This Agreement constitutes the entire agreement between the parties, and terminates and supersedes any and all prior agreements and understandings (whether written or oral) between the parties with
respect to the subject matter of this Agreement, including, without limitation, the Change of Control Severance Agreement between Executive and the Company dated July 31, 2012. 

7. Nondisparagement. During the two-year period following the Separation Date, (a) Executive shall not knowingly disparage
the Company, its affiliates or their officers, directors, employees or agents in any manner likely to be harmful to it or them or its or their business, business reputation or personal reputation; and (b) the Company shall direct its
Section 16 officers to not knowingly disparage Executive in any manner (including any statement to any prospective employer) likely to be harmful to him or to his business, business reputation or personal reputation. The foregoing shall not be
violated by statements that are truthful, complete and made in good faith in required responses to legal process or governmental inquiry. 

  
 3 

 8. Cooperation with the Company. If requested by the Company, Executive will
promptly, truthfully, and fully respond to all reasonable inquiries from the Company and its representatives (including its auditors, and/or attorneys), without requiring service of a subpoena, relating to any litigation or any inquiry by government
agencies regarding Executive’s employment or events occurring during Executive’s employment with the Company. Executive agrees to cooperate in good faith with the Company in connection with any such matters, including, without limitation,
attending conferences and meetings as reasonably requested by the Company, and submitting to such interviews, depositions, or court testimony that may be requested by the Company or by a government agency. Executive further agrees that Executive
will reasonably cooperate with the Company in responding to any inquiries relating to Executive’s services to the Company. Any requests for cooperation pursuant to this Section 8 shall take into account, accommodate and be subject to
Executive’s duties, responsibilities and obligations to any successor employer of Executive. Such cooperation will be provided by Executive without remuneration, but the Company agrees that it will reimburse the Executive for any reasonable
expenses, upon presentation of reasonably detailed receipts, incurred by Executive in connection with any such matters. The obligations under this Section 8 shall apply during the period in which the Executive is receiving severance pay under
this Agreement. 
 9. Return of Company Property/Passwords. Executive will return to the Company within five days
following the Separation Date all property of the Company in his possession or control (whether maintained at his office, home or elsewhere), including, without limitation, all Company passwords, credit cards, keys, beepers, laptop computer and all
copies of all management studies, business or strategic plans, budgets, notebooks and other printed, typed or written materials, documents, diaries, calendars and data of or relating to the Company or its personnel or affairs, in whatever media
maintained; provided, however, that notwithstanding the foregoing, the Company agrees that Executive may retain his Company-provided PDA and cell phone, including his current cell phone number. 

10. Executive’s Understanding. Executive acknowledges by signing this Agreement that Executive has read and understands this
document, that Executive has conferred with Executive’s attorney regarding the terms and meaning of this Agreement, that Executive has had sufficient time to consider the terms provided for in this Agreement, that no representatives or
inducements have been made to Executive except as set forth in this Agreement, and that Executive has signed the same knowingly and voluntarily. 
 11. Indemnification. Executive shall be entitled to indemnification and advancement of expenses in connection with any claims asserted against Executive relating to his employment with the Company,
to the maximum extent provided under the terms of the Indemnification Agreement, dated February 21, 2012, between the Company and Executive, the Company’s charter and by laws or any other applicable documentation, in accordance with the
terms and conditions set forth therein. 
 12. Company Release. The Company hereby generally and completely releases
Executive and his assigns, agents and heirs from any liability with respect to all claims, rights, demands, actions, obligations, debts, sums of money, damages, and causes of action arising from or in any way related to events, acts, conduct or
omissions occurring prior to the date of this Agreement. This release is conditioned on the Executive’s Release set forth in Attachment A being in full force and effect. 

  
 4 

 13. Non-Reliance. Executive represents to the Company and the Company represents to
Executive that in executing this Agreement they do not rely and have not relied upon any representation or statement not set forth herein made by the other or by any of the other’s agents, representatives or attorneys with regard to the subject
matter, basis or effect of this Agreement or otherwise. 
 14. Severability of Provisions. In the event that any one or
more of the provisions of this Agreement is held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. Moreover, if any one or more of the
provisions contained in this Agreement are held to be excessively broad as to duration, scope, activity or subject, such provisions will be construed by limiting and reducing them so as to be enforceable to the maximum extent compatible with
applicable law. 
 15. Notice. Any notice to be given hereunder shall be in writing and shall be deemed given when mailed
by certified mail, return receipt requested, addressed as follows: 
 To Executive at: 

Last address in records of the Company 
 To the Company at: 
 Horizon Lines, Inc. 

4064 Colony Road, Suite 200 
 Charlotte, NC 28211 
 Attention: General Counsel 

Telecopy: 704-973-7010 
 16. Assignment. The Company may assign this Agreement to any other entity acquiring all or substantially all of the assets of the Company or to any other entity into which or with which the Company
may be merged or consolidated. Upon such assignment, merger, or consolidation, the rights of the Company under this Agreement, as well as the obligations and liabilities of the Company hereunder, shall inure to the benefit of and be binding upon the
assignee, successor-in-interest, or transferee of the Company. This Agreement is not assignable in any respect by Executive. If Executive dies before he has received all of the Severance Pay or any other amount payable hereunder, the remaining
amount of Severance Pay and any other unpaid amount shall be paid in a single lump sum payment within ten (10) days following Executive’s death to Executive’s survivors. 

17. Multiple Counterparts. This Agreement may be executed in two or more counterparts, each of which will be deemed an original,
but all of which together shall constitute one and the same instrument. 

  
 5 

 18. Governing Law and Venue. This Agreement, which includes Attachments A and, B,
which are incorporated herein by reference, shall be governed, construed, interpreted and enforced in accordance with the substantive laws of the State of North Carolina, without reference to principles of conflicts or choice of law under which the
law of any other jurisdiction would apply. Any dispute between the parties regarding this Agreement shall be brought exclusively in any of the state or federal courts serving Mecklenburg County in the State of North Carolina. The parties irrevocably
consent to the jurisdiction of the courts in Mecklenburg County, North Carolina (whether federal or state) for all such disputes and consent to service of process in such a dispute via FedEx, without limiting any service methods available under
applicable law. 
 19. Tax Withholding. All payments made under this Agreement shall be subject to the Company’s
withholding of all required federal, state and local income and employment/payroll taxes (including FICA taxes), and all such payments shall be net of such tax withholding. 
 20. Entire Agreement; Modification. This Agreement, which includes Attachments A and B, which are incorporated herein by reference, constitutes the entire agreement of the parties and supersedes
all prior representations, proposals, discussions, and communications, whether oral or in writing. This Agreement may be modified only in writing and signed by both parties. 
 21. Section 409A of the Code. It is intended that this Agreement shall comply with or be exempt from the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”) and the Treasury Regulations relating thereto, so as not to subject Executive to the payment of additional taxes and interest under Section 409A of the Code. This Agreement shall be interpreted, operated, and administered in a
manner consistent with and in furtherance of this intent. Notwithstanding the foregoing, to the extent any payment or benefit under this Agreement is subject to the additional taxes and interest under Section 409A of the Code, Executive shall
be solely liable for the payment of such taxes and interest. 
 (a) Any payment required under this Agreement
that is payable in installment payments shall be deemed to be a separate payment for purposes of Section 409A of the Code and the Treasury Regulations thereunder. 

(b) Notwithstanding any provision to the contrary in this Agreement, no payment or distribution under this Agreement which
constitutes an item of deferred compensation under Section 409A of the Code and becomes payable by reason of the Executive’s termination of employment with the Company or its affiliates or the Executive unless the Executive’s
termination of employment constitutes a “separation from service” (as such term is defined in Treasury Regulations issued under Section 409A of the Code). In addition, no such payment or distribution will be made to the Executive
prior to the earlier of (i) the expiration of the six (6)-month period measured from the date of the Executive’s “separation from service” (as such term is defined in Treasury Regulations issued under Section 409A of the
Code) or (ii) the date of the Executive’s death, if the Executive is deemed at the time of such separation from service to be a “specified employee” within the meaning of that term under Section 409A(a)(2) of the Code and to
the extent such delayed commencement is otherwise required in order to avoid a prohibited distribution under Section 409A(a)(2) of the Code. All payments and benefits which had been delayed pursuant to the immediately preceding sentence shall
be paid (without interest) to the Executive in a lump sum upon expiration of such six-month period (or if earlier upon the Executive’s death). 

  
 6 

 22. Communications. The Company agrees to provide Executive with notice of and the
opportunity to provide input on any announcements made by the Company regarding Executive’s separation from service with the Company; provided, however that the Company shall have no obligation to provide such notice and opportunity to provide
input to Executive for review any communications required by law. 
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first written above. 
  

			
	HORIZON LINES, INC.
		
	By:	 	/s/ SAMUEL A. WOODWARD
		 	 Samuel A. Woodward

President and Chief Executive Officer

  

	
	EXECUTIVE
	
	/s/ BRIAN W. TAYLOR
	Brian W. Taylor

  
 7 

 Attachment A 
 RELEASE BY EXECUTIVE 
 In exchange for the severance payments and benefits
payable pursuant to the Separation Agreement between me and Horizon Lines, Inc., dated November 8, 2012 (the “Separation Agreement”), I, Brian W. Taylor, hereby generally and completely release Horizon Lines, Inc. (“Horizon
Lines”), its parent company and its subsidiary entities (collectively the “Company”), and each of their respective directors, officers, employees, shareholders, partners, agents, attorneys, predecessors, successors, insurers,
affiliates, and assigns (collectively “Released Parties”), from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring prior to
my signing this Release. This general release includes, but is not limited to: (1) all claims arising out of or in any way related to my employment with the Company or the termination of that employment; (2) all claims related to my
compensation or benefits from the Company, including wages, salary, bonuses, commissions, vacation pay, expense reimbursements (to the extent permitted by applicable law), severance pay, fringe benefits, stock, stock options, or any other ownership
interests in the Company; (3) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (4) all tort claims, including without limitation claims for fraud, defamation,
emotional distress, and discharge in violation of public policy; and (5) all federal, state, and local statutory claims, including without limitation claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims
arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990, the federal Age Discrimination in Employment Act of 1967 (as amended) (“ADEA”), the federal Worker Adjustment and
Retraining Notification Act (as amended) and similar laws in other jurisdictions, the Employee Retirement Income Security Act of 1974 (as amended), the Family and Medical Leave Act of 1993, and any similar laws in other jurisdictions; provided,
however, that this Release does not waive, release or otherwise discharge any claim or cause of action arising after the date I sign this Agreement. I am not waiving and shall continue to be entitled to (i) all rights to indemnification in
accordance with the Indemnification Agreement, dated February 21, 2012, the Company’s by-laws, charter, or otherwise and (ii) coverage pursuant to the Company’s director and officer insurance policy with respect to actions or
omissions during my service as an officer of the Company. This release also does not affect my right to the payments and benefits provided for in the Separation Agreement, or to any benefits that are vested and accrued as of the Separation Date or
which become vested or accrued pursuant to the employee benefit plans of the Company. 
 This Release includes a release of
claims of discrimination or retaliation on the basis of workers’ compensation status, but does not include workers’ compensation claims. Excluded from this Agreement are any claims which by law cannot be waived in a private agreement
between employer and employee, including but not limited to the right to file a charge with or participate in an investigation conducted by the Equal Employment Opportunity Commission (“EEOC”) or any state or local fair employment
practices agency. I waive, however, any right to any monetary recovery or other relief should the EEOC or any other agency pursue a claim on my behalf. 

  
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 I acknowledge and represent that I have not suffered any age or other discrimination,
harassment, retaliation, or wrongful treatment by any Released Party. I also acknowledge and represent that I have not been denied any rights including, but not limited to, rights to a leave or reinstatement from a leave under the Family and Medical
Leave Act of 1993, the Uniformed Services Employment and Reemployment Rights Act of 1994, or any similar law of any jurisdiction. 
 I agree that I am voluntarily executing this Release. I acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have under the ADEA, as amended by the Older Workers Benefit
Protection Act of 1990, and that the consideration given for this Release is in addition to anything of value to which I was already entitled. I further acknowledge that I have been advised by this writing, as required by the ADEA, that: (a) my
waiver and release specified in this Release does not apply to any rights or claims that may arise after the date I sign this Release; (b) I have been advised to consult with an attorney prior to signing this Release; (c) I have at least
twenty-one (21) from the date that I receive this Release (although I may choose to sign it any time after my Separation Date (as defined in my Separation Agreement) to consider the release; (d) I have seven (7) calendar days after I
sign this Release to revoke it (“Revocation Period”) by sending my revocation to the Vice President of Human Resources in writing at 4064 Colony Road, Suite 200, Charlotte, North Carolina 28211; fax 704-973-7034.; and (e) this Release
will not be effective until I have signed it and returned it to the Company’s Vice President of Human Resources and the Revocation Period has expired. 
 I UNDERSTAND THAT THIS AGREEMENT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS. 
  

							
	/s/ BRIAN W. TAYLOR	 		 	November 30, 2012	 	 
	Brian W. Taylor	 		 	Date	 	 

  
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 Attachment B 
 NONCOMPETE, NONSOLICITATION AND NONDISCLOSURE AGREEMENT 
 1. In
exchange for the payments and benefits provided to Brian J. Taylor (“Executive”) pursuant to the Separation Agreement between Executive and Horizon Lines, Inc., dated November 8, 2012 (the “Separation Agreement”), Executive
agrees as follows: 
 (a) For a two (2) year period following the Separation Date (as defined in the Separation
Agreement), Executive shall be prohibited from engaging in Competition with the Company, and its subsidiaries and affiliates (collectively, the “Company”). The term “Competition” for purposes of this Noncompete, Nonsolicitation
and Nondisclosure Agreement shall mean directly or indirectly, engaging in, holding any equity interest in, or managing or operating any person, firm, corporation, partnership or business (whether as director, officer, employee, agent,
representative, partner, security holder, consultant or otherwise) that engages in a Jones Act business that competes with any business of the Company anywhere in the world; with the exception of ownership of up to 1% of any class of securities of
any publicly traded company. 
 (b) During the two (2) year period following the Separation Date, Executive shall not:
(i) solicit, encourage, or cause any Restricted Customer (as defined below) to purchase any services or products from any business other than the Company that are competitive with or a replacement for the services or products offered by the
Company; (ii) sell or provide any services or products to any Restricted Customer that are competitive with or a replacement for the Company’s services or products; (iii) solicit, encourage, or cause any supplier of goods or services
to the Company not to do business with or to reduce any part of its business with the Company; (iv) make any disparaging remarks about the Company or its business, services, products, affiliates, officers, directors or management employees,
whether in writing, verbally, or on any online forum; and/or (v) as an employee, agent, partner, shareholder, member, investor, director, consultant, or otherwise assist any competitor of the Company to engage in any of the conduct described in
sub-sections (i) – (iv) of this Section. 
 “Restricted Customer” means: (i) any customer
of the Company with whom Executive had contact or communications at any time during the last 12 months of employment; (ii) any customer of the Company for whom Executive supervised the Company’s dealings at any time during the last 12
months of employment; (iii) any customer of the Company about whom Executive obtained any Proprietary Information during the last 12 months of employment; (iv) any prospective customer of the Company with whom Executive had contact or
communications at any time during the last 12 months of employment; and (v) any prospective customer of the Company about whom Executive obtained any Proprietary Information during the last 12 months of employment. 

  
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 (c) During the two (2) year period following the Separation Date, Executive shall
not, directly or indirectly: (i) hire or engage as an employee or as an independent contractor any person employed by the Company; (ii) solicit or encourage any employee or independent contractor to leave his or her employment or
engagement with the Company; and/or (iii) hire as an employee or engage as an independent contractor any person who was, at any point during the last 3 months prior to the Separation Date, an employee of the Company. Notwithstanding the
foregoing, the Company agrees that the following shall not be deemed a violation of this subsection (c): (i) Executive responding to a request for a reference regarding any current or former employee of the Company from such current or former
employee or from a third party, by providing a reference setting forth Executive’s personal views about such current or former employee, or (ii) solicitations or hirings through a general advertisement or similar process that are not
directed specifically at employees, officers, directors, consultants or independent contractors of the Company. 

(d) Executive acknowledges that employment with the Company created a privileged and confidential relationship, and that information
concerning the business of the Company and its customers that is not in the public domain, nor available from sources other than the Company or its customers, including, but not limited to, fees, rates, sales data, customer and vendor lists,
customer identities, customer accounts, web design needs, customer advertising needs and history, customer reports, customer proposals, trade secrets, product ideas, information and reports, formulas, algorithms, schematics, finances, methodologies,
properties, analyses, summaries, notes, compilations, studies, methods of operation, procedures, processes, discoveries, inventions, concepts, accounts, billing methods, pricing, data, sources of supply, business methods, production or merchandising
systems or plans, marketing, sales and business strategies and plans, operations, and information regarding employees, software in various states of development and related documentation, designs, drawings, design specifications, techniques, models,
data, source code, object code, documentation, diagrams, flow charts, research, development, processes, training materials, templates, procedures, “know-how,” tools, copyrightable materials and other such information, as well as photo,
electronic or other copies or reproductions, in whole or in part, of any of the foregoing, stored in whatever medium, including electronic or magnetic, (collectively, “Proprietary Information”), is confidential and/or proprietary in
nature. 
 Executive agrees not to use any Proprietary Information, either directly or indirectly, that may be acquired or
developed in connection with employment with the Company for Executive’s own benefit or for the benefit of others. In addition, Executive shall not, except as directed by the Company: (i) release, divulge, disclose, publish or communicate
any Proprietary Information to any person whatsoever at any time, or (ii) misappropriate, copy, remove from its premises, or otherwise take documents, records, reports, or files, whether in hardcopy or electronic format, which contain any
Proprietary Information. 
 These restrictions on use and disclosure of Proprietary Information shall not apply to information:
(i) that was generally known or available to the public (other than by reason of any violation of this Agreement by Executive); (ii) that becomes generally known or available to the public (other than by reason of any violation of this
Agreement) after the time of disclosure to the undersigned by the Company or any of its representatives; (iii) which was known or available to Executive prior to employment with the Company; (iv) that the Company agrees is free of such
restrictions, but only if such agreement is in writing and to the extent of such written agreement; or (v) that is required to be disclosed by law, regulation, or the valid order of a court or other governmental body, but only to the extent
required by such law, regulation, or order, and only if the undersigned first notifies the Company of the law, regulation, or order so as to permit the Company an opportunity to seek relief from disclosure. 

  
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 2. The parties agree to the reasonableness of the restrictions, covenants and
forfeiture provisions (whether or not so captioned) set forth in this Agreement and acknowledge that they have been negotiated at arms-lengths for fair and adequate consideration, and they agree that such restrictions, covenants and forfeiture
provisions shall be legally enforceable. Executive agrees that the Company’s remedies at law for a breach of such restrictions, covenants or forfeiture provisions will be inadequate and that, in connection with any such breach, the Company will
be entitled, in addition to any other available remedies, to temporary and permanent injunctive relief without the necessity of proving actual damage or immediate or irreparable harm or for posting a bond. Notwithstanding the foregoing, if any court
shall determine such restrictions, covenants or forfeiture provisions to be unreasonable, the parties agree to the reformation of such restrictions by the court to limits which it finds to be reasonable and that the Employee will not assert that
such restrictions, covenants or forfeiture provisions should be eliminated in their entirety by such court or that this Agreement should be null and void or voidable. Additional rights for the Company related to a breach of this Agreement are set
forth in Section 4 of the Separation Agreement. 
 3. In the event that any one or more of the provisions of this
Agreement is held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. Moreover, if any one or more of the provisions contained in this
Agreement are held to be excessively broad as to duration, scope, activity or subject, such provisions will be construed by limiting and reducing them so as to be enforceable to the maximum extent compatible with applicable law. 

4. To the extent the Company disposes of or otherwise ceases to be engaged in a business line or trade lane, the restrictions set forth
in Section 1(a) of this Agreement shall cease to apply to such business line or trade lane. 
 5. Should the Company
fail to make the payments as set forth in Section 3 of the Separation Agreement and the Company has failed to remedy such breach within thirty (30) days after receiving written notification, then in addition to any other remedies available
to Executive, Sections 1(a)-(c) of this Agreement shall terminate. 
 6. This Agreement shall be governed by the laws of
the State of North Carolina, without regard to the conflict of laws principles of any jurisdiction. 
  

							
	/s/ BRIAN W. TAYLOR	 		 	November 8, 2012	 	 
	Brian W. Taylor	 		 	Date	 	

  
 12

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