SEC Contract Filing

Filing Date: 2016-10-06

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>d254717dex103.htm
<DESCRIPTION>AMENDED AND RESTATED WAIVER AND CONSENT
<TEXT>
<HTML><HEAD>
<TITLE>Amended and Restated Waiver and Consent</TITLE>
</HEAD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED AND RESTATED WAIVER AND CONSENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">This <B>AMENDED AND RESTATED WAIVER AND CONSENT</B> (this &#147;<U>Waiver</U>&#148;), is made and entered into as of October&nbsp;1, 2016, by
and among Odyssey Marine Exploration, Inc., a Nevada corporation (the &#147;<U>Company</U>&#148;), Odyssey Marine Enterprises, Ltd., a Bahamas company and wholly-owned subsidiary of the Company (&#147;<U>OME</U>&#148;), Penelope Mining LLC, a
Delaware limited liability company (&#147;<U>Penelope</U>&#148;), and Minera del Norte S.A. de C.V., a Mexican societe anonime (&#147;<U>Minosa</U>&#148; and together with Penelope, the &#147;<U>Minosa Entities</U>&#148;). Reference is hereby made
to that certain Stock Purchase Agreement dated as of March&nbsp;11, 2015, as amended April&nbsp;10, 2015 (the &#147;<U>SPA</U>&#148;), by and among the Company and the Minosa Entities. Capitalized terms used but not defined herein shall have the
meanings ascribed to them in the SPA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Company entered into that certain Note Purchase Agreement, dated as of
March&nbsp;18, 2016 (the &#147;<U>Original Purchase Agreement</U>&#148;) by and among the Company, Epsilon Acquisitions LLC, a Delaware limited liability company (&#147;<U>Epsilon</U>&#148;) and OME, pursuant to which Epsilon loaned the Company an
aggregate amount of approximately $3,000,000; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Company proposes to enter into an Amended and Restated Note Purchase
Agreement of even date herewith (the &#147;<U>A&amp;R Purchase Agreement</U>&#148; and together with the Original Purchase Agreement, the &#147;<U>Purchase Agreement</U>&#148;) by and among the Company, Epsilon and OME, pursuant to which Epsilon
will lend to the Company an additional aggregate amount of approximately $3,000,000, and the Company will issue a warrant to Epsilon to purchase up to 120,000 shares of the Company&#146;s common stock (the &#147;<U>Transaction</U>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, in exchange for the loan, the Company will issue to Epsilon an amended and restated secured convertible promissory note of
even date herewith (the &#147;<U>Convertible Promissory Note</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>,<B> </B>the Company&#146;s consummation of the
Transaction would breach or violate certain representations, warranties, and covenants of the Company set forth in the SPA and certain related Transaction Documents; and<B></B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Minosa Entities are willing to consent to the Company&#146;s execution and delivery of the Purchase Agreement and the
consummation of the Transaction upon the terms and subject to the conditions set forth in this Waiver. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE</B>, in
consideration of the premises, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;Waiver and Consent.</B>&nbsp;&nbsp;&nbsp;&nbsp;In consideration of the representations, warranties, covenants and
agreements set forth herein, Minosa and Investor hereby consent to the Transaction and waive any breach of any representation or warranty and violation of any covenant in the SPA arising out of the Company&#146;s execution and delivery of the
Purchase Agreement and the consummation of the Transaction. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;Pledge</B>.&nbsp;&nbsp;&nbsp;&nbsp;Concurrent with the execution of
this Waiver, the Company is delivering to the Minosa Entities, an amended and restated pledge of all amounts due and payable to the Company and its Subsidiaries from Oceanica and its Subsidiaries and all direct and indirect equity interests in OME.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;Waiver of Termination Rights</B>.&nbsp;&nbsp;&nbsp;&nbsp;The Company waives, and agrees not to exercise, on
or prior to March&nbsp;31, 2017, its right to terminate the SPA pursuant to Section&nbsp;8.1(c)(ii) thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;Reduction of Commitment</B>.&nbsp;&nbsp;&nbsp;&nbsp;To the extent that all or any portion of the Convertible
Promissory Note is converted into Common Stock, Investor may elect to reduce its obligation to purchase Common Stock on the next subsequent date set forth in Annex C to the SPA