SEC Contract Filing

Filing Date: 2016-10-06

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>d254717dex102.htm
<DESCRIPTION>AMENDED AND RESTATED CONVERTIBLE PROMISSORY NOTE
<TEXT>
<HTML><HEAD>
<TITLE>Amended and Restated Convertible Promissory Note</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ODYSSEY MARINE ENTERPRISES, LTD. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED AND RESTATED CONVERTIBLE PROMISSORY NOTE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>October&nbsp;1, 2016 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the terms and conditions of this Amended and Restated Convertible Promissory Note, dated as of March&nbsp;18, 2016 and amended and
restated as of the date hereof (this &#147;<U>Note</U>&#148;), for good and valuable consideration received, Odyssey Marine Enterprises, Ltd., a Bahamas company (the &#147;<U>Company</U>&#148;), whose address is Lyford Financial Centre, Lyford Cay,
P.O. Box N-7776, Nassau, Bahamas, promises to pay to Epsilon Acquisitions LLC (the &#147;<U>Lender</U>&#148;), the principal amount of six million dollars ($6,000,000), or so much thereof as shall have been advanced to the Company by the Lender and
be outstanding hereunder, together with interest accrued on the unpaid principal amount outstanding under this Note from time to time from the date hereof until paid in full at the rate of ten percent (10%)&nbsp;per annum (the &#147;<U>Interest
Rate</U>&#148;), payable on the terms set forth in <U>Section&nbsp;2</U> herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The obligations of the Company under this Note are
secured by (a)&nbsp;that certain Amended and Restated Pledge Agreement, dated as of the date hereof, between the Company and Lender (as amended or restated from time to time, the &#147;<U>A&amp;R OME Pledge Agreement</U>&#148;), and (b)&nbsp;that
certain Amended and Restated Pledge Agreement, dated as of the date hereof, between Marine Exploration Holdings, LLC, a Nevada limited liability company (&#147;<U>MEH</U>&#148;), Guarantor (as defined below) and Lender (as amended or restated from
time to time, the &#147;<U>A&amp;R MEH-Parent Pledge Agreement</U>&#148;, and together with the OME Pledge Agreement, the &#147;<U>Pledge Agreements</U>&#148;). Odyssey Marine Exploration, Inc., a Nevada corporation (the
&#147;<U>Guarantor</U>&#148;) shall be a party to this Note for the purposes of <U>Section&nbsp;8</U> hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following is a
statement of the rights of the Holder and the terms and conditions to which this Note is subject, and to which the Holder, by the acceptance of this Note agrees: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Certain Definitions</U>. Unless the context otherwise requires, as used in this Note, the following terms will have the following
meanings: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) &#147;<U>Adjusted Principal Balance</U>&#148; means the entire outstanding principal balance under this Note at the time in
question plus accrued interest and fees. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) &#147;<U>Applicable Conversion Price</U>&#148; means, with respect to Tranche 1, the Tranche
1 Conversion Price, and with respect to any other Tranche, the Borrowing Date Conversion Price. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) &#147;<U>Bankruptcy Code</U>&#148;
means the United States Federal Bankruptcy Code of 1978, as amended or supplemented (as now or hereafter in effect). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)
&#147;<U>Borrowing Date Conversion Price</U>&#148; means, with respect to a particular Tranche of the Loan (other than Tranche 1), the VWAP of the Common Stock for each day in the five (5)&nbsp;consecutive Trading Day period ending and including the
Trading Day immediately preceding the date of the Borrowing Notice for such Tranche (as adjusted for stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions). </P>

<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) &#147;<U>Business Day</U>&#148; means any day except (a)&nbsp;a Saturday or Sunday or
(b)&nbsp;a day on which the New York Stock Exchange or the NASDAQ Stock Market is closed for trading. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) &#147;<U>Change in
Control</U>&#148; means the earlier of the entry into a definitive agreement providing for, or the effective date of: (i)&nbsp;a sale, lease, transfer or other disposition in one or a series of related transactions of any of the Company&#146;s
equity interests in Oceanica, (ii)&nbsp;MEH ceasing to own beneficially and of record 100% of the equity interests in the Company, (iii)&nbsp;Guarantor ceasing to own beneficially and of record 100% of the equity interests in MEH, or (iv)&nbsp;any
Person or group (other than Lender, Minosa and their respective affiliates) becoming the holder of in exce