Document:

Loan Agreement

 Exhibit 10.1 
 LOAN AGREEMENT 
 This LOAN AGREEMENT (the “Agreement”)
dated as of July 24, 2013, is made between FIFTH THIRD BANK, an Ohio banking corporation (the “Lender”), whose address is: 201 E. Kennedy Boulevard, Suite 1800, Tampa, Florida 33602, and ODYSSEY MARINE EXPLORATION, INC.,
a Nevada corporation authorized to do business in the State of Florida (the “Borrower”), whose address is: 5215 West Laurel Street, Tampa, Florida 33607. 
 BACKGROUND 
 A. Borrower has applied to Lender for a term loan not
to exceed TEN MILLION DOLLARS ($10,000,000.00), (the “Loan”) to be evidenced by a commercial term promissory note (the “Note”) and secured by a collateral assignment of contract rights and proceeds under contracts with the
Department for Transport Marine and Aviation Insurance War Risk, United Kingdom of Great Britain, for salvage of silver from the wrecks of the SS Mantola and the SS Gairsoppa. 
 B. Lender is willing to make the Loan described above based on the terms and conditions set forth in this Loan Agreement. 
 OPERATIVE TERMS 
 1. BACKGROUND AND DEFINED TERMS. 

1.1. Background. The Background set forth above is true and correct and is incorporated by this reference. 

1.2. Defined Terms. As used in this Agreement, the following terms shall have the following meanings: 

“Cargo Report” shall have the meaning ascribed in Section 2.6 (b). 

“Collateral Assignment of Contract Rights and Proceeds” shall have the meaning ascribed in Section 3.1 below.

 “Default” shall have the meaning ascribed in Section 8.1 below. 

“Department” shall mean the Department for Transport Marine and Aviation Insurance War Risk, United Kingdom of Great Britain.

 “JBR Salvage Insurance Policy” means that certain All Risks of Physical Loss or Damage Insurance Policy issued by
Lloyd’s Underwriter Syndicate No. 2987 BRT, Policy No. MA 1302002, which insures the value of property recovered by the Borrower under the UK Salvage Contracts after delivery to and in possession of the JBR refinery. 

 “Loan” means the loan advanced by Lender to Borrower in the maximum principal
amount of $10,000,000.00 as evidenced by the Note. 
 “Loan Documents” means this Agreement, the Note, the Collateral
Assignment of Contract Rights and Proceeds, and any other document executed or delivered by Borrower as evidence of, security for, or otherwise in connection with, the Loan. 
 “Maturity Date” means July 24, 2014. 
 “Note” means that
certain Non-Revolving Line of Credit Promissory Note dated the date of this Agreement, made by Borrower to the order of Lender, in the original principal amount of $10,000,000.00. 

“Obligations” means any and all indebtedness and other obligations under the Note, all obligations under this Loan Agreement
and any other Loan Documents between Borrower and Lender, or its affiliates, whenever executed. 
 “Origination Fee”
shall have the meaning ascribed in Section 2.5 below. 
 “Project Costs” shall mean all costs expended by
the Borrower as required under the terms of the UK Salvage Contracts. 
 “Permitted Liens” shall have the meaning
ascribed in Section 4.8 below. 
 “UK Salvage Contracts” shall mean the contracts with the Department for
Transport Marine and Aviation Insurance War Risk, United Kingdom of Great Britain, for salvage of silver from the wrecks of the SS Mantola and the SS Gairsoppa. 
 2. LOAN AMOUNT AND TERMS. 
 2.1. Loan. Subject to the terms,
provisions and conditions, and relying upon the representations and warranties of Borrower provided herein, Lender agrees to advance the Loan to Borrower in accordance with the terms of the Note and this Agreement. Borrower agrees to accept the Loan
and to use the proceeds thereof only for the Project Costs required under the UK Salvage Contracts.  
 2.2.
Conditions to Extension of Loan. Lender’s obligation and agreement to make the Loan is conditioned upon, and is made subject to, the following terms and conditions: 

(a) Execution and Delivery of Loan Documents. Lender shall make the Loan available to Borrower upon the execution of this
Agreement, and the execution and delivery by Borrower of the Note, the Collateral Assignment of Contract Rights and Proceeds and other Loan Documents. 

  
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 (b) Primary Banking Relationship. Borrower agrees to establish its primary banking
relationship with Lender and move to and maintain with Lender all accounts as may be necessary as part thereof. 
 (c)
Required Financial Statement Deliverables. Borrower shall deliver or cause to be delivered to Lender the financial statements and SEC 10-Q filings for Borrower as provided in Section 7.1 below. 

(d) Insurance Policy. Borrower shall deliver or cause to be delivered to Lender a copy of the JBR Salvage Insurance Policy, which
shall specifically insure the silver and proceeds under the UK Salvage Contracts, naming Lender as an additional insured, in form and substance satisfactory to Lender. 
 2.3. Term. The Loan will be for a term due and payable in full on the Maturity Date. 
 2.4. Repayment Terms. The Loan will accrue interest and will be repayable in accordance with the terms of the Note. 
 2.5. Loan Fee and Closing Costs. Borrower agrees to pay Lender a non-refundable loan origination fee in the amount of $50,000.00 (the “Origination Fee”) upon closing of the Loan. Borrower
and Lender recognize and agree that the Origination Fee (i) is not a charge for the use of money, but rather a purchase of the right to secure a loan of money on the part of Borrower; and (ii) is a material inducement for Lender to make
the Loan and for having Lender ready, willing and able to fund the Loan in accordance with the terms of this Agreement. Borrower’s payment of the Origination Fee to Lender is and shall be in addition to all other payments (including without
limitation principal and interest) now or hereafter payable to Lender pursuant to the terms and conditions of the Note or the other Loan Documents. At closing Borrower shall pay all Loan costs and fees as set forth on a Loan Settlement Statement.

 2.6. Loan Disbursements. The Loan proceeds shall be reserved by Lender and disbursed to Borrower under the following
procedures: 
 (a) Interest Reserve Account. At closing, the sum of $500,000.00 of the Loan proceeds shall be disbursed
by Lender to an Interest Reserve Account with Lender (the “Interest Reserve”). All accrued interest payments payable under the terms of the Note shall automatically be debited from the Interest Reserve Account. The Interest Reserve Account
is hereby pledged as additional security for the Loan. 
 (b) Loan Advance. Under the terms of the Odyssey Cargo
Insurance Policy, as the silver is salvaged from the wrecks, Borrower is obligated to deliver cargo reports to the Odyssey Cargo Insurer detailing the inventory (serial bar codes, 

  
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identification marks, measurements, weight, number of pieces/ingots, etc.), and the estimated value of the cargo (the “Cargo Reports”). Borrower has delivered to the Odyssey Cargo
Insurer, the Cargo Report of current silver inventory, attached hereto as Exhibit “A” (the “Silver Inventory”), and hereby confirms that all Silver Inventory listed in the Cargo Report has been delivered for
processing and has a value of not less than $25,000,000, and therefor meets the Lender’s requirements for releasing the proceeds of the Loan. 
 3. COLLATERAL. 
 3.1. Collateral Assignment of Contract Rights and
Proceeds. Borrower’s obligations to repay the Loan to Lender and under this Agreement are secured, inter alia, by a first priority collateral assignment of all of Borrower’s rights and proceeds from the UK Salvage Contracts,
under which Borrower is to receive 80% of the net sale proceeds from the refined silver recovered from the SS Mantola and the SS Gairsoppa ship wrecks after sale on the London Commodity Exchange (net of salvage costs) and any reimbursement of
Project Costs expended by Borrower (the “Salvage Proceeds”). 
 3.2. Assignment and Security Agreement and Pledge
of Depository Account. Borrower shall establish a depository account (the “Salvage Proceeds Account”) with Lender for the deposit of all Salvage Proceeds from the sale of silver and any reimbursement to the Borrower for Project Costs
under the terms of the UK Salvage Contracts that are payable to Borrower, and shall instruct the Department to wire payment of all such proceeds directly into the Salvage Proceeds Account and to provide Lender with advance notice of each wire into
the Salvage Proceeds Account. The Salvage Proceeds Account shall be pledged by Borrower as additional collateral for the Loan. All UK Salvage Contracts proceeds which are deposited into the Salvage Proceeds Account shall be applied by Lender for
principal re-payment of the Loan and the Borrower hereby authorizes Lender to make such payments. The funds in the Deposit Account shall not be available to the Borrower for any other purpose until the Loan and any outstanding commodity derivatives
and/or hedges contract liabilities are fully repaid. 
 4. REPRESENTATIONS AND WARRANTIES. 

When Borrower signs this Agreement, and until Lender is repaid in full, Borrower makes the following representations and warranties:

 4.1. Formation and Good Standing. Borrower is duly formed and existing under the laws of the state or other
jurisdiction where organized. In each state in which Borrower does business, Borrower is in good standing and possesses all permits and licenses required and necessary to enable it to conduct the business in which it is now engaged. 

  
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 4.2. Authorization. This Agreement, and any instrument or agreement required
hereunder, are within Borrower’s powers, have been duly authorized, and do not conflict with any of Borrower’s organizational documents. 
 4.3. Enforceable Agreement. This Agreement is a legal, valid and binding agreement of Borrower, enforceable against Borrower in accordance with its terms, and any instrument or agreement required
hereunder, when executed and delivered, will be similarly legal, valid, binding and enforceable. 
 4.4. No Conflicts.
The execution, delivery and performance by Borrower of this Agreement and other Loan Documents to which it is a party do not (i) contravene, or constitute (with or without the giving of notice or lapse of time or both) a violation of any
provision of applicable law, a violation of the organizational documents of Borrower, or a default under any agreement, judgment, injunction, order, decree or other instrument binding upon or affecting Borrower, (ii) result in the creation or
imposition of any lien (other than the lien(s) created by the Loan Documents) on any of Borrower’s assets, or (iii) give cause for the acceleration of any obligations of Borrower to any other creditor. 

4.5. Financial Information. All financial and other information that has been or will be supplied to Lender is true, correct and
complete in all material respects and is sufficient to give Lender accurate knowledge of Borrower’s financial condition, including all material contingent liabilities. Since the date of the most recent financial statement provided to Lender,
there has been no material adverse change in the business condition (financial or otherwise), operations, properties or prospects of Borrower. 
 4.6. Discharge of Liens and Taxes. Borrower has duly filed, paid and/or discharged all taxes or other claims that may become a lien on any of its property or assets, except to the extent that such
items are being appropriately contested in good faith and an adequate reserve for the payment thereof is being maintained. 

4.7. Lawsuits. There is no lawsuit, tax claim or other dispute pending or threatened against Borrower which, if lost, would impair
Borrower’s financial condition or ability to repay the Loan, except as have been disclosed in writing to Lender. 
 4.8.
Asset Ownership. Borrower has good and marketable title to all of the properties and assets reflected on the balance sheets and financial statements supplied Lender by Borrower, and all such properties and assets are free and clear of
mortgages, security deeds, pledges, liens, charges, and all other encumbrances, except as otherwise disclosed to Lender by Borrower in writing and approved by Lender (“Permitted Liens”). To Borrower’s knowledge, no default has
occurred under any Permitted Liens and no claims or interests adverse to Borrower’s present rights in its properties and assets have arisen. Borrower has duly filed, paid and/or discharged all taxes or other claims which may become a lien on
any of its property or assets, excepting to the extent that such items are being appropriately contested in good faith and an adequate reserve for the payment thereof is being maintained. 

  
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 4.9. Other Obligations. Borrower is not in default on any obligation for borrowed
money, any purchase money obligation or any other material lease, commitment, contract, instrument or obligation, except as have been disclosed in writing to Lender. 
 4.10. Tax Matters. Borrower has no knowledge of any pending assessments or adjustments of its income tax for any year and all taxes due have been paid, except as have been disclosed in writing to
Lender. 
 4.11. No Event of Default. There is no event which is, or with notice or lapse of time or both would be, a
Default under this Agreement and/or the Note. 
 4.12. Sufficiency of Capital. Borrower is not, and after consummation of
this Agreement and after giving effect to all indebtedness incurred and liens created by Borrower in connection with the Note and any other Loan Documents, will not be, insolvent within the meaning of 11 U.S.C. § 101, as in effect from time to
time. 
 4.13. Compliance with Laws. Borrower is in compliance in all material respects with all federal, state and local
laws, rules and regulations applicable to its properties, operations, business, and finances, including, without limitation, all applicable federal, state and local laws and regulations intended to protect the environment; and the Employee
Retirement Income Security Act of 1974, as amended, if applicable. 
 4.14. OFAC. None of Borrower, or any subsidiary or
affiliate of Borrower or any Guarantor is a Sanctioned Person or has any of its assets in a Sanctioned Country or does business in or with, or derives any of its operating income from investments in or transactions with, Sanctioned Persons or
Sanctioned Countries in violation of economic sanctions administered by OFAC. The proceeds from the Loan will not be used to fund any operations in, finance any investments or activities in, or make any payments to, a Sanctioned Person or a
Sanctioned Country. “OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets Control. “Sanctioned Country” means a country subject to a sanctions program identified on the list maintained by OFAC and
available at http://www.treas.gov/offices/enforcement/ofac/programs/index.shtml, or as otherwise published from time to time. “Sanctioned Person” means (i) a person named on the list of Specially Designated Nationals or Blocked
Persons maintained by OFAC available at http://www.treas.gov/offices/enforcement/ofac/sdn/index.shtml, or as otherwise published from time to time, or (ii) (A) an agency of the government of a Sanctioned Country, (B) an organization
controlled by a Sanctioned Country, or (C) a person resident in a Sanctioned Country to the extent subject to a sanctions program administered by OFAC. 
 4.15. Location of Borrower. The place of business of Borrower is located at the address listed on the first page of this Agreement. 

  
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 4.16. Representations Regarding the UK Salvage Contracts. 

(a) The UK Salvage Contracts are in full force and effect, and Borrower has not received any notice of any default under the UK Salvage
Contract. 
 (b) There is no other assignment of any of its rights under or its interest in the UK Salvage Contracts to any
other person. 
 (c) Borrower has done no act nor omitted to do any act which might prevent Lender from, or limit Lender in,
acting under any of the provisions in the UK Salvage Contracts. 
 (c) Borrower is not prohibited under any agreement with any
other person or any judgment or decree from the execution and delivery of this Assignment of the UK Salvage Contracts. 
 (d) No
action has been brought or threatened which would in any way interfere with the right of Borrower to execute the Collateral Assignment of Contract Rights and Proceeds, and perform all of Borrower’s obligations thereunder. 

(e) Borrower has obtained all necessary approvals by any governmental agency or foreign authority required to fulfill the terms of this
Agreement. 
 4.17 Loan Subordinations. Any related party notes payable by Borrower, to owners of Borrower, or to other
related parties, now existing or hereafter made are and shall be subordinated to the lien of the Loan granted herein. Borrower confirms that all related party debts are fully disclosed on the financial statements provided to Lender and in the event
Lender so requires, such related parties shall enter into subordination agreements to evidence the requirements of this Section. 
 4.18 Continuing Effectiveness. The effectiveness of this Agreement shall be subject to the continuing accuracy of all representations and warranties of the Borrower contained herein. Each advance
made to the Borrower pursuant to the Agreement shall constitute an automatic warranty and representation by Borrower to Lender that there does not exist a Default (as herein defined) or any event or condition which, with notice, lapse of time and/or
the making of such advance, would constitute a Default, and a reaffirmation as of the date of said request of all the representations and warranties of Borrower contained in the Agreement. Borrower covenants, warrants and represents to Lender that
all representations and warranties contained in this Agreement shall be true in all material respects at the time of execution of the Loan Documents and shall survive the execution, delivery and acceptance thereof by the parties thereto and the
closing of the transactions described therein or related thereto. 

  
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 5. AFFIRMATIVE COVENANTS. 
 Borrower covenants and agrees, so long as credit is available under this Agreement and until Lender is repaid in full, that Borrower will: 

5.1. Business Continuity. Conduct its business in substantially the same manner as such business is now and has heretofore been
carried on and conducted. 
 5.2. Existence. Comply fully with all applicable statutes, laws and regulations, and
maintain the existence of itself. 
 5.3. Maintenance of Assets. Maintain, preserve and keep its property and assets in
good repair, working order and condition, making all needed replacements, additions, improvements and renewals thereto, to the extent allowed by this Agreement. 
 5.4. Access to Books and Records. Allow Lender, or its agents, during normal business hours, at Borrower’s primary place of business to have access to the books, financial records and such
other financial documents of Borrower, as Lender shall reasonably require, and allow Lender to make copies thereof at Lender’s expense which copies will be kept confidential by Lender. 

5.5. Notices to Lender. Promptly notify Lender in writing of: 

(a) Any substantial dispute between any governmental authority and Borrower. 

(b) Any Default under this Agreement, or any event which, with notice or lapse of time or both, would constitute an event of Default.

 (c) Any material adverse change in Borrower’s business condition (financial or otherwise), operations, properties or
prospects, or ability to repay the credit. 
 (d) Any change in Borrower’s name, legal structure, place of business, or
chief executive office if Borrower has more than one place of business. 
 (e) Any actual contingent liabilities of Borrower,
and any such contingent liabilities which are reasonably foreseeable. 
 5.6. Insurance. 

(a) General Business Insurance. To maintain insurance satisfactory to Lender as to amount, nature and carrier covering property
damage (including loss of use and occupancy) to any of Borrower’s properties, business interruption insurance, public liability insurance including coverage for contractual liability, product liability and workers’ compensation, and any
other insurance which is usual for Borrower’s business. The insurance must be issued by an insurance company acceptable to Lender and must name Lender as an additional insured party. Each policy shall provide for at least thirty (30) days
prior notice to Lender of any cancellation thereof. 
 (b) Insurance Covering Collateral. To maintain in good standing
the JBR Salvage Insurance Policy, as applicable, covering the collateral for this Loan for the 

  
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full replacement cost of the collateral. The insurance must be issued by an insurance companies acceptable to Lender and must include a lender’s loss payable endorsement in favor of Lender
in a form acceptable to Lender and shall provide for at least thirty (30) days prior notice to Lender of any cancellation thereof. 
 (c) Evidence of Insurance. Upon the request of Lender, to deliver to Lender a copy of each insurance policy, or, if permitted by Lender, a certificate of insurance listing all insurance in force.

 5.7. Compliance with Laws. To comply with the laws, regulations, and orders of any government body with authority over
Borrower’s business. Lender shall have no obligation to make any advance to Borrower except in compliance with all applicable laws and regulations and Borrower shall fully cooperate with Lender in complying with all such applicable laws and
regulations. 
 5.8. Audits. To allow Lender and its agents to inspect Borrower’s properties and examine, audit, and
make copies of books and records at any reasonable time. If any of Borrower’s properties, books or records are in the possession of a third party, Borrower authorizes that third party to permit Lender or its agents to have access to perform
inspections or audits and to respond to Lender’s requests for information concerning such properties, books and records. 

5.9. Perfection of Liens. To help Lender perfect and protect its security interests and liens, and reimburse it for related costs
it incurs to protect its security interests and liens. 
 5.10. Cooperation. To take any action reasonably requested by
Lender to carry out the intent of this Agreement. 
 5.11. Primary Banking Relationship. Establish and maintain its
primary banking relationship with Lender and to move to Lender and maintain with Lender all accounts as may be necessary as part thereof. 
 5.12. Legal Claims to Salvaged Silver or Proceeds, and Safeguards. Upon request by Lender, Borrower shall provide necessary documentation indicating that there are no potential sovereign/legal
claims to the silver or the proceeds therefrom that is being salvaged under the UK Salvage Contracts, and provide information to Lender regarding security procedures Borrower will implement to safeguard the silver. 

  
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 6. NEGATIVE COVENANTS. 
 Borrower covenants and agrees, so long as credit is available under this Agreement and until Lender is repaid in full, that Borrower will not: 

6.1. Change of Management. Make any substantial change in the present executive or management personnel of Borrower without the
prior written approval of Lender. 
 6.2. Change of Ownership. Cause, permit, or suffer any change in capital ownership
in the direct or indirect capital ownership of Borrower. 
 6.3. Additional Negative Covenants. Without Lender’s
written consent: 
 (a) Enter into any consolidation, merger, or other combination with any other entity. 

(b) Acquire or purchase a business or its assets. 
 (c) Engage in any business activities substantially different from Borrower’s present business. 
 (d) Liquidate or dissolve Borrower’s business. 
 6.4. No Consumer
Purpose. Use this loan for personal, family, or household purposes. Lender may provide Borrower with certain disclosures intended for loans made for personal, family, or household purposes. The fact that Lender elects to make such disclosures
shall not be deemed a determination by Lender that the loan will be used for such purposes. 
 7. FINANCIAL AND REPORTING COVENANTS.

 7.1 Financial Statements and Reports. Borrower shall maintain systems of accounting established and
administered in accordance with Generally Accepted Accounting Principles. The Borrower will furnish to the Lender: 
 (a) Within
120 days after the end of each fiscal year, the Borrower shall deliver to Lender audited financial statements and, upon filing with the SEC, a copy of its Annual Report on Form 10-K for such fiscal year. 

(b) Within 60 days of the end of each of the first three quarters in each fiscal year, Borrower shall deliver to Lender a copy of its
Quarterly Report on Form 10-Q for such quarter. 
 (c) Concurrently with the statements furnished pursuant to paragraph
(a) of this Section 7.1, a certificate of an authorized officer of the Borrower certifying that to the best of his knowledge, no Default has occurred hereunder, nor any event which with notice or lapse of time, or both, would
constitute such a Default, has occurred or, if such a Default or event has occurred, specifying the nature and extent thereof. 

(d) Promptly, from time to time, such other information regarding the operation, business, affairs and financial condition of Borrower as
Lender may reasonably request. 

  
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 For the purposes of this Section 7.1, Lender agrees that any report or other
document filed by Borrower with the SEC through the EDGAR system shall be deemed to have been concurrently delivered or provided to Lender. 

8. DEFAULT AND REMEDIES. 

8.1. Default. The occurrence of any of the following shall constitute a “Default” under this Agreement: 

(a) Failure to Pay. Borrower fails to make a payment including any interest, principal or fees under this Agreement or the Note
when due. 
 (b) Default under Related Documents. Any non-monetary default occurs (after the expiration of any applicable
notice and cure period) under this Agreement or the Loan Documents. The non-monetary defaults include, but are not limited to, the Borrower’s failure to satisfy any covenant under this Agreement or the Loan Documents, any breach of
Borrower’s representations or warranties under this Agreement or the Loan Documents or the occurrence of any change of control for the Borrower. 
 (c) False Information. Borrower has given Lender any materially false or misleading information or representations. 
 (d) Bankruptcy. Borrower files a bankruptcy petition, a bankruptcy petition is filed against Borrower, or Borrower makes a general assignment for the benefit of creditors. 

(e) Receivers. A receiver or similar official is appointed for a substantial portion of Borrower’s business, or the business
is terminated, or, if any Borrower is anything other than a natural person, such Borrower is liquidated or dissolved. 
 (f)
Security Interest and Priority. Lender fails to have an enforceable first lien security interest under the Collateral Assignment of Contract Rights and Proceeds given as security for this Agreement. 

(g) Lawsuits. Any lawsuit or lawsuits are filed on behalf of one or more trade creditors against Borrower in an aggregate amount
of $100,000.00 or more in excess of any insurance coverage. 
 (h) Judgments. Any judgments or arbitration awards are
entered against Borrower, or Borrower enters into any settlement agreements with respect to any litigation or arbitration, in an aggregate amount of $100,000.00 or more in excess of any insurance coverage. 

  
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 (i) Material Adverse Change. A material adverse change occurs, or is reasonably
likely to occur, in Borrower’s business condition (financial or otherwise), operations, properties or prospects, or ability to repay the credit. 
 (j) Other Breach Under Agreement. A default occurs under any other term or condition of this Agreement not specifically referred to in this Section 8.1. This includes any failure or
anticipated failure by Borrower (or any other party named in the Covenants section) to comply with any financial covenants set forth in this Agreement, whether such failure is evidenced by financial statements delivered to Lender or is otherwise
known to Borrower or Lender. Any default, other than for nonpayment, may be cured within thirty (30) days after written notice thereof is mailed to Borrower by Lender. Borrower’s right to cure shall be applicable only to curable Defaults
and shall not apply, without limitation, to Defaults based upon false information or bankruptcy. Lender shall not exercise its remedies to collect the Obligations, except as Lender reasonably deems necessary to protect its interests in collateral
securing the Obligations during a cure period. 
 8.2. Remedies. In the event of the occurrence of a Default as described
above, and failure by Borrower to correct such Default within the applicable cure period, if any, then Lender may at any time thereafter, at its option, take any or all of the following actions, at the same or different times: 

(a) Declare the balance of the Obligations be due and payable, both as to principal and interest, without presentment, demand, protest,
or other notice of any kind, all of which are hereby expressly waived by Borrower; and/or 
 (b) Require Borrower to pledge such
collateral or additional collateral to Lender from Borrower’s assets and properties, the acceptability and sufficiency of such collateral to be determined solely by Lender; and/or 

(c) Take immediate possession of any or all collateral including the personal property which may be granted to Lender as security for the
obligations of Borrower under this Agreement or pursuant to the Mortgage; and/or 
 (d) Exercise such other rights and remedies
as Lender may be provided in the Loan Documents. 
 8.3. Waiver. No failure or delay on the part of Lender in exercising
any right, power, or privilege granted pursuant to this Agreement shall operate as a waiver, nor shall a single or partial exercise thereof preclude any other or further exercise or the exercise of any other right, power or privilege. 

8.4. No Reliance by Third Parties. The rights of the Lender to declare a default of the Borrower under this Agreement or the Loan
Documents is a right exclusive to the Lender and shall under no circumstances inure to any third parties. 

  
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 9. CROSS-DEFAULT AND CROSS-COLLATERALIZATION. Any Event of Default under the terms of the Loan shall
constitute and hereby is declared to be an immediate and absolute default under the terms of all loans between Lender and Borrower. Should an event of default occur under the terms of any of said loans, which event is subject to notice and cure
periods, if any, failure to cure such event of default within such curative period shall constitute an immediate default under this Loan and all such other loans owed by Borrower to Lender, Each of the foregoing loans between Lender and Borrower
shall also be cross-collateralized, whether such loans are now existing or hereafter entered into between Lender and Borrower at any time. 
 10. OTHER PROVISIONS. 
 10.1. Florida Law. This Agreement is
governed by Florida state law. 
 10.2. Successors and Assigns. This Agreement is binding on Borrower’s and
Lender’s successors and assignees. Borrower agrees that it may not assign this Agreement without Lender’s prior written consent. Lender may sell participations in or assign the Loan, and may exchange information about Borrower (including,
without limitation, any information regarding any hazardous substances) with actual or potential participants or assignees. If participation is sold or the loan is assigned, the purchaser will have the right of set-off against Borrower. 

10.3. Severability; Waivers. If any part of this Agreement is not enforceable, the rest of the Agreement may be enforced. Lender
retains all rights, even if it makes a loan after default. If Lender waives a default, it may enforce a later default. Any consent or waiver under this Agreement must be in writing. 

10.4. Attorneys’ Fees. Borrower shall reimburse Lender for any reasonable costs and attorneys’ fees incurred by Lender
in connection with the enforcement or preservation of any rights or remedies under this Agreement and any other documents executed in connection with this Agreement including but not limited to the Note, and in connection with any amendment, waiver,
“workout” or restructuring under this Agreement. In the event of a lawsuit or arbitration proceeding, the prevailing party is entitled to recover costs and reasonable attorneys’ fees incurred in connection with the lawsuit or
arbitration proceeding, as determined by the court or arbitrator. In the event that any case is commenced by or against Borrower under Bankruptcy Code (Title 11, United States Code) or any similar or successor statute, Lender is entitled to recover
costs and reasonable attorneys’ fees incurred by Lender related to the preservation, protection, or enforcement of any rights of Lender in such a case. As used in this paragraph, “attorneys’ fees” includes the allocated costs of
Lender’s in-house counsel. 

  
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 10.5. One Agreement. This Agreement, the Note and any related security or other
agreements required by this Agreement, collectively represent the sum of the understandings and agreements between Lender and Borrower concerning this credit. 
 10.6. Stamps and Fees. Borrower shall pay all federal or state stamps or taxes, or other fees and charges, if any, payable or determined to be payable by reason of the execution, delivery or
issuance of this Agreement, the Note, the other Loan Documents, or any security granted to Lender, or the making of any advance from time to time, whether they be payable upon execution or recurring from time to time, Borrower agrees to indemnify
and hold harmless Lender against any and all liability in respect therefor. 
 10.7. Limitation of Interest and Other
Charges. Notwithstanding any other provision contained in this Agreement, Lender does not intend to charge and Borrower shall not be required to pay any amount of interest or other fees or charges that is in excess of the maximum permitted
by applicable law. Any payment in excess of such maximum shall be refunded to Borrower or credited against principal, at the option of Lender. It is the express intent hereof that Borrower not pay and Lender not receive, directly or
indirectly, interest in excess of that which may be lawfully paid under applicable law including the usury laws in force in the State of Florida. 
 10.8. Notices. Unless otherwise provided in this Agreement or in another agreement between Lender and Borrower, all notices required under this Agreement shall be personally delivered or sent by
first class mail, postage prepaid, or by overnight courier, to the addresses on the first page of this Agreement, or sent by facsimile to the fax numbers listed on the signature page, or to such other addresses as Lender and Borrower may specify
from time to time in writing. Notices and other communications shall be effective (i) if mailed, upon the earlier of receipt or five (5) days after deposit in the U.S. mail, first class, postage prepaid, (ii) if telecopied, when
transmitted, or (iii) if hand-delivered, by courier or otherwise (including telegram, lettergram or mailgram), when delivered. 
 10.9. Headings. Article and paragraph headings are for reference only and shall not affect the interpretation or meaning of any provisions of this Agreement. 

10.10. Counterparts. This Agreement may be executed in as many counterparts as necessary or convenient, and by the different
parties on separate counterparts each of which, when so executed, shall be deemed an original but all such counterparts shall constitute but one and the same agreement. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 14 

 [CONTINUED ON FOLLOWING PAGE] 

  
 15 

 [LOAN AGREEMENT CONTINUED] 

This Agreement is executed as of the date stated at the top of the first page. 

 

							
	WITNESSES:	 		 	BORROWER:
			
		 		 	 ODYSSEY MARINE EXPLORATION, INC.,
 a Nevada corporation

				
	  
	 		 	By:	 	  

	Signature of Witness	 		 		 	Jay D. Nudi, as its Treasurer
				
	  
	 		 		 	
	Print or type name of Witness	 		 		 	 (CORPORATE SEAL)

				
	  
	 		 		 	
	Signature of Witness	 		 		 	
				
	  
	 		 		 	
	Print or type name of Witness	 		 		 	

 STATE OF FLORIDA 

COUNTY OF HILLSBOROUGH 
 The
foregoing instrument was acknowledged before me this      day of July, 2013, by Jay D. Nudi, as Treasurer of ODYSSEY MARINE EXPLORATION, INC., a Nevada corporation, on behalf of the corporation. 

 

							
	  
	  	Personally known	 		 	  

	  
	  	Florida Driver’s License	 		 	Notary Public
	  
	  	Other Identification Produced	 		 	
				
		  	  
	 		 	  

		  	  
	 		 	Print or type name of Notary
				
		  		 		 	(SEAL)

 [CONTINUED ON FOLLOWING PAGE] 

  
 16 

 [LOAN AGREEMENT CONTINUED] 

 

							
		 		 	“LENDER”
			
		 		 	 FIFTH THIRD BANK,

an Ohio banking corporation

				
	  
	 		 	By:	 	  

	Signature of Witness	 		 		 	Daniel Riley, as its Vice President
				
	  
	 		 		 	
	Print or type name of Witness	 		 		 	
				
	  
	 		 		 	 (CORPORATE SEAL)

	Signature of Witness	 		 		 	
				
	  
	 		 		 	
	Print or type name of Witness	 		 		 	

 STATE OF FLORIDA 

COUNTY OF HILLSBOROUGH 
 The
foregoing instrument was acknowledged before me this      day of July, 2013, by Daniel Riley, as Vice President of FIFTH THIRD BANK, an Ohio banking corporation, on behalf of the corporation. 

 

							
	  
	  	Personally known	 		 	  

	  
	  	Florida Driver’s License	 		 	Notary Public
	  
	  	Other Identification Produced	 		 	
				
		  	  
	 		 	  

		  	  
	 		 	Print or type name of Notary
				
		  		 		 	(SEAL)

 ATTACHMENTS: 
 Exhibit “A” - Cargo Report/Silver Inventory 

  
 17Non-Revolving Line of Credit Promissory Note

 Exhibit 10.2 
 NON-REVOLVING LINE OF CREDIT PROMISSORY NOTE 
  

			
	$10,000,000.00	 	Dated: July 24, 2013

  
  

Borrower’s Promise to Pay 
 For value received, the undersigned, ODYSSEY MARINE EXPLORATION, INC., a Nevada corporation authorized to do business in the State of Florida (the “Borrower”), promises to pay to the
order of FIFTH THIRD BANK, an Ohio banking corporation (the “Lender”), the principal sum of TEN MILLION DOLLARS ($10,000,000.00), together with interest on the principal balance remaining unpaid from time to time at the rates set
forth below. 
 1. Term. The term of this Note is from the date of this Note through July 24, 2014 (the “Maturity
Date”). 
 2. Interest. The Interest Rate shall be a variable rate at 500 basis points (5.00%) above the One-Month
“LIBOR-Index Rate”, and shall be adjusted every month on each Interest Rate Determination Date with all such interest rate terms defined as set forth in “ADDENDUM A” attached hereto and made a part hereof. Interest will be
calculated on the basis of a 360-day year for actual number of days lapsed during the calculation period. 
 3. Payments.
Principal and interest shall be due and payable as follows: 
 (a) Payments of accrued interest only, shall be payable
monthly commencing August 24, 2013, and continuing on the same day of each month thereafter on the principal outstanding from time to time until the loan Maturity Date, at which time the outstanding indebtedness, whether principal, accrued
interest or otherwise, shall be due and payable in full. If any payment on this Note becomes due and payable on a Saturday, Sunday or legal holiday under the laws of the State of Florida, the maturity thereof shall be extended to the next succeeding
business day and interest thereon shall be payable at contract rate of interest during such extension. 
 (b) All outstanding
principal shall be due and payable in full on or before July 24, 2014. 
 All payments shall be made at: 201 E. Kennedy
Boulevard, Suite 1800, Tampa, Florida 33602, or at such other place as may be designated in writing by the Lender. 
 4. Borrower’s
Right to Prepay. This Note may be prepaid at any time without penalty. 

 5. Interest Limitation. Interest payable under this Note or any other payment which would be
considered as interest or other charge for the use or loan of money shall never exceed the highest contract rate allowed by law applicable to this loan to be charged by Lender. If the interest or other charges collected or to be collected in
connection with this loan exceed the permitted limits, then: (A) any such interest or loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (B) any sums already collected from Borrower which
exceeded permitted limits will be refunded. The Lender may choose to make this refund by reducing the principal owed under this Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial
prepayment. 
 6. Borrower’s Failure To Pay As Required. 

(A) Late Charge for Overdue Payments. If the Lender has not received the full amount of any monthly payment by the end of
ten (10) calendar days after it is due, Borrower will pay a late charge to the Lender equal to 5% of the overdue payment of principal and/ or interest. The payment or collection of any such late charge shall not constitute a waiver of any other
right or remedy available to the Lender. 
 (B) Default. If Borrower fails to pay the full amount of each monthly
payment by the end of the ten (10) calendar days after it is due, Borrower will be in default, and upon such default by Borrower, Lender may declare the entire principal and interest then remaining unpaid to be immediately due and payable
without further notice or demand, and the entire unpaid principal balance shall bear interest at the “Default Interest Rate”. The “Default Interest Rate” shall be five percent (5%) per annum above the contract interest rate
set forth above, but not exceeding 18% per annum. 
 (C) Acceleration. If Borrower is in default after
expiration of any applicable cure periods, the Lender may require Borrower to pay immediately the full amount of principal which has not been paid and all the interest that Borrower owes on that amount without further notice. 

(D) No Waiver By Lender. Even if, at a time when Borrower is in default, the Lender does not require Borrower to pay
immediately in full as described above, the Lender will still have the right to do so if Borrower is in default at a later time. 
 (E) Payment of Lender’s Costs and Expenses. If the Lender has required Borrower to pay immediately in full as described above, the Lender will have the right to be paid back by Borrower
for all of its costs and expenses in enforcing this Note to the extent not prohibited by applicable law. Those expenses include, for example, reasonable attorneys’ fees whether suit be brought or not, and including such fees and costs in any
appellate, bankruptcy or post judgment proceedings. 
 7. Attorneys’ Fees. All parties liable for the payment of this Note
agree to pay the Lender reasonable attorneys’ fees and costs, whether or not an action is brought, for the 

  
 2 

 
services of counsel employed after maturity or default to collect this Note or any principal or interest due hereunder, or to protect the security, if any, or enforce the performance of any other
agreement contained in this Note or in any instrument of security executed in connection with this loan, including costs and attorneys’ fees on any garnishment action, or for any appeal, or in any proceedings under the federal Bankruptcy Code
or in any post-judgment proceedings. 
 8. Allocation of Payments. Payments shall be applied by Lender first to any late fees or
other expenses of Lender hereunder, then to accrued interest and finally to principal. 
 9. Giving of Notice. Unless applicable
law requires a different method, any notice that must be given to Borrower under this Note will be given by mailing it by first class mail or by delivering it to Borrower at 5215 West Laurel Street, Tampa, Florida 33607, or at a different address if
Borrower gives the Lender prior written notice of a different address. 
 Any notice that must be given to the Lender under this
Note will be given by mailing it by first class mail to the Lender at the address stated in Section 3 above or at a different address if Borrower is given a notice of that different address. 

10. Set Off. The Borrower shall have no right of set off against the Lender under this Note or under any instruments securing this Note or
executed in connection with the loan evidenced hereby. The Lender, however, shall have the right, immediately and without further action by it, to set off against this Note all money owed by the Lender in any capacity to Borrower, whether or not
due. 
 11. Obligations of Persons Under This Note. If more than one person signs this Note, each person is fully obligated to
keep all of the promises made in this Note, including the promise to pay the full amount owed. Any person who is a guarantor, surety, or endorser of this Note is obligated to do these things. Any person who takes over these obligations, including
the obligations of a guarantor, surety, or endorser of this Note, is also obligated to keep all of the promises made in this Note. The Lender may enforce its rights under this Note against each person individually or against all obligators together.
This means that any one of them may be required to pay all of the amounts owed under this Note. This means that any one of them may be required to pay all of the amounts owed under this Note. Notwithstanding the above, the “person”
executing this Note as an officer of the Borrower, is not personally liable on this Note obligation. 
 12. Waivers and Consents.
Borrower and any other person who has obligations under this Note waive diligence presentment, protest and demand and also notice of dishonor and non-payment of this Note. 

  
 3 

 13. This Note Secured by Security Instruments. In addition to the protections given to the
Lender under this Note, a Loan Agreement and Collateral Assignment protects the Lender from possible losses which might result if Borrower does not keep the promises made in this Note. That Loan Agreement and Collateral Assignment describes how and
under what conditions Borrower may be required to make immediate payment in full or in part of the amounts owed under this Note. 
 14.
Litigation. Any litigation between the parties brought in connection with this Note or concerning the subject matter hereof prior to closing of the Loan shall only be brought in Hillsborough County, Florida. In any such litigation, the
prevailing party shall be entitled to an award of its reasonable attorneys’ fees and costs. The Borrower and any guarantors further knowingly, voluntarily and intentionally, waive any right to trial by jury in respect of any litigation arising
out of, under, or in connection with this Note, or the loan. 
 15. Business Purpose Loan. The Borrower acknowledges that the
proceeds of the loan are to be used for business or commercial purposes only, and not for personal, family or household purposes. 
 16.
Cross-Default and Cross-Collateralization of Rate Management Agreements and Rate Management Obligations. “Rate Management Agreement” means any agreement, device or arrangement providing for payments which are related to
fluctuations of interest rates, exchange rates, forward rates, or equity prices, including, but not limited to, dollar-denominated or cross-currency interest rate exchange agreements, forward currency exchange agreements, interest rate cap or collar
protection agreements, forward rate currency or interest rate options, puts and warrants, and any agreement pertaining to equity derivative transactions (e.g., equity or equity index swaps, options, caps, floors, collars and forwards), including
without limitation any ISDA Master Agreement between Borrower and Lender or any affiliate of Fifth Third Bancorp, and any schedules, confirmations and documents and other confirming evidence between the parties confirming transactions thereunder,
all whether now existing or hereafter arising, and in each case as amended, modified or supplemented from time to time. “Rate Management Obligations” means any and all obligations of Borrower to Lender or any affiliate of Fifth Third
Bancorp, whether absolute, contingent or otherwise and howsoever and whensoever (whether now or hereafter) created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefore), under or
in connection with (i) any and all Rate Management Agreements, and (ii) any and all cancellations, buy-backs, reversals, terminations or assignments of any Rate Management Agreement. If Borrower enters into a Rate Management Agreement,
Borrower promises to promptly pay all Rate Management Obligations, and perform all of the covenants and obligations under the Rate Management Agreements. Any default under the Rate Management Agreements or failure to pay the Rate Management
Obligations when due shall be a default under this Note. The payment and performance of this Note, the Rate Management Agreements and Rate Management Obligations are all secured by the Mortgage and other security agreements. 

  
 4 

 17. WAIVER OF JURY TRIAL. BORROWER AND LENDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
WAIVE THE RIGHT EITHER MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE AND ANY AGREEMENT CONTEMPLATED TO BE EXECUTED IN CONJUNCTION HEREWITH, OR ANY COURSE OF CONDUCT,
COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE LENDER TO MAKE THIS LOAN AND EXTENSIONS OF CREDIT TO BORROWER. 

 

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

		
	By:	 	  

		 	Jay D. Nudi, as its Treasurer
		
		 	 (CORPORATE SEAL)

 STATE OF FLORIDA 
 COUNTY OF HILLSBOROUGH 
 The foregoing instrument was acknowledged before me this
     day of July, 2013, by Jay D. Nudi, as Treasurer of ODYSSEY MARINE EXPLORATION, INC., a Nevada corporation, on behalf of the corporation. 
  

							
	  
	 	Personally known	 		 	  

	  
	 	Florida Driver’s License	 		 	Notary Public
	  
	 	Other Identification Produced	 		 	
				
		 	  
	 		 	  

		 	  
	 		 	Print or type name of Notary
				
		 		 		 	(SEAL)

 ATTACHMENT: 
 Addendum A to Note: LIBOR Index Rate 

  
 5 

 Addendum A to Note 
 LIBOR Index Rate 
 SECTION 1 

Definitions. As used in this Addendum, the following terms shall have the meanings set forth below: 

“Bank” shall mean Fifth Third Bank and its successors and assigns. 
 “Borrower” shall collectively and individually refer to the maker of the attached promissory note (“Note”). The terms of this Addendum are hereby incorporated into the Note and in the
event of any conflict between the terms of the Note and the terms of this Addendum, the terms of this Addendum shall control. 
 “Business
Day” shall mean, with respect to Interest Periods applicable to the LIBOR Rate, a day on which Bank is open for business and on which dealings in U.S. dollar deposits are carried on in the London Inter-Bank Market. 

“Interest Period” shall mean a period of one (1) month, provided that (i) the initial Interest Period may be less than one month,
depending on the initial funding date and (ii) no Interest Period shall extend beyond the maturity date of the Note. 
 “Interest Rate
Determination Date” shall mean the date the Note is initially funded and the Twenty-Fourth (24th) Calendar Day (or next Business Day thereafter) of each calendar month thereafter. 
 “LIBOR Rate” shall mean that rate per annum effective on any Interest Rate Determination Date which is equal to the quotient of: 

(i) the rate per annum equal to the offered rate for deposits in U.S. dollars for a one (1) month period, which rate appears on that
page of Bloomberg reporting service, or such similar service as determined by Bank, that displays British Bankers’ Association interest settlement rates for deposits in U.S. Dollars, as of 11:00 A.M. (London, England time) two (2) Business
Days prior to the Interest Rate Determination Date; provided, that if no such offered rate appears on such page, the rate used for such Interest Period will be the per annum rate of interest determined by Bank to be the rate at which U.S.
dollar deposits for the Interest Period, are offered to Bank in the London Inter-Bank Market as of 11:00 A.M. (London, England time), on the day which is two (2) Business Days prior to the Interest Rate Determination Date, divided by;

 (ii) a percentage equal to 1.00 minus the maximum reserve percentages (including any emergency, supplemental, special
or other marginal reserves) expressed as a decimal (rounded upward to the next 1/100th of 1%) in effect on any day to which Bank is subject with respect to any LIBOR loan pursuant to regulations issued by the Board of Governors of the Federal
Reserve System with respect to eurocurrency funding (currently referred to as “eurocurrency liabilities” under Regulation D). This percentage will be adjusted automatically on and as of the effective date of any change in any reserve
percentage. 

  
 6 

 “Prime Rate” shall mean the publicly announced prime lending rate of Bank from time to time in
effect, which rate may not be the lowest or best lending rate made available by Bank or, if the Note is governed by Subtitle 10 of Title 12 of the Commercial Law Article of the Annotated Code of Maryland, “Prime Rate” shall mean the Wall
Street Journal Prime Rate, which is the Prime Rate published in the “Money Rates” section of the Wall Street Journal from time to time. 
 SECTION 2 
 Interest. The Borrower shall pay interest upon the unpaid principal
balance of the Note at the LIBOR Rate plus the margin provided in the Note (which principal balance shall not include the Letter of Credit Obligations until such Letter of Credit Obligations are drawn upon and honored by Bank, and remain
unreimbursed by Borrower). Interest shall be due and payable as provided in the Note and shall be calculated on the basis of a 360 day year and the actual number of days elapsed. The interest rate shall remain fixed during each month based upon the
interest rate established pursuant to this Addendum on the applicable Interest Rate Determination Date. 
 SECTION 3 

Additional Costs. In the event that any applicable law or regulation or the interpretation or administration thereof by any
governmental authority charged with the interpretation or administration thereof (whether or not having the force of law) (i) shall change the basis of taxation of payments to Bank of any amounts payable by the Borrower hereunder (other
than taxes imposed on the overall net income of Bank) or (ii) shall impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by Bank, or
(iii) shall impose any other condition with respect to the Note, and the result of any of the foregoing is to increase the cost to Bank of making or maintaining the Note or to reduce any amount receivable by Bank hereunder, and Bank determines
that such increased costs or reduction in amount receivable was attributable to the LIBOR Rate basis used to establish the interest rate hereunder, then the Borrower shall from time to time, upon demand by Bank, pay to Bank additional amounts
sufficient to compensate Bank for such increased costs (the “Additional Costs””). A detailed statement as to the amount of such Additional Costs, prepared in good faith and submitted to the Borrower by Bank, shall be conclusive and
binding in the absence of manifest error. 
 SECTION 4 
 Unavailability Of Dollar Deposits. If Bank determines in its sole discretion at any time (the “Determination Date”) that it can no longer make, fund or maintain LIBOR based loans for any
reason, including without limitation illegality, or the LIBOR Rate cannot be ascertained or does not accurately reflect Bank’s cost of funds, or Bank would be subject to Additional Costs that cannot be recovered from the Borrower, then Bank
will notify the Borrower and thereafter will have no obligation to make, fund or maintain LIBOR based loans. Upon such Determination Date the Note will be converted to a variable rate loan based upon the Prime Rate. Thereafter the interest rate on
the Note shall adjust simultaneously with any fluctuation in the Prime Rate. 
  

			
	ODYSSEY MARINE EXPLORATION, INC., a Nevada corporation
		
	By:	 	  

		 	Jay D. Nudi, as its Treasurer
		
		 	(CORPORATE SEAL)

  
 7

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