ODYSSEY MARINE EXPLORATION INC

On August 5, 2024, the Compensation Committee of our Board of Directors approved the Executive Severance Plan (the “Severance Plan”) for our executives, including named executive officers, who are designated by the committee as participants under the Severance Plan.

The Severance Plan provides for the payment of severance and other benefits to participants whose employment is terminated by Odyssey without cause or for good reason (a “Covered Termination”), each as defined in the Severance Plan. Pursuant to the Severance Plan, in the event of a Covered Termination, a participant would be entitled to payment of an amount equal to the participant’s annual base salary and annual bonus amount, payable in twelve equal payments following the termination, and payment of COBRA premiums for 18 months following the termination. If the Covered Termination follows a change in control, a participant would be entitled to a lump sum payment of an amount equal to twice the participant’s annual base salary and annual bonus amount, and payment of COBRA premiums for 18 months following the termination. The above description is a summary of the terms of the Severance Plan and is subject to and qualified in its entirety by the terms of the Severance Plan.