Attached files

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EX-10.2 - DEBT CONVERSION AGREEMENT BETWEEN ODYSSEY MARINE EXPLORATION, INC. - ODYSSEY MARINE EXPLORATION INCdex102.htm
EX-10.1 - FORM OF SHARE EXCHANGE AGREEMENT BETWEEN NEPTUNE MINERALS, INC. - ODYSSEY MARINE EXPLORATION INCdex101.htm
EX-99.1 - PRESS RELEASE ISSUED BY ODYSSEY MARINE EXPLORATION, INC. ON JUNE 7, 2011 - ODYSSEY MARINE EXPLORATION INCdex991.htm
EX-3.1 - CERTIFICATE OF AMENDMENT FILED WITH THE NEVADA SECRETARY OF STATE ON JUNE 6, 201 - ODYSSEY MARINE EXPLORATION INCdex31.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 1, 2011

 

 

ODYSSEY MARINE EXPLORATION, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Nevada   001-31895   84-1018684

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

5215 West Laurel Street

Tampa, Florida 33607

(Address of Principal Executive Offices and Zip Code)

Registrant’s telephone number, including area code: (813) 876-1776

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 1.01. Entry Into a Material Definitive Agreement.

On June 3, 2011, Neptune Minerals, Inc. (“NMI”) completed a share exchange with the stockholders of Dorado Ocean Resources Limited (“DOR”) whereby each one outstanding share of DOR was exchanged for 1,000 shares of NMI Class B non-voting common stock. Prior to the share exchange, Odyssey Marine Exploration, Inc. (“Odyssey”) was a stockholder of DOR, and Odyssey received 1.65 million shares of NMI Class B non-voting common stock pursuant to the share exchange. In connection with the share exchange, NMI executed an assignment and assumption agreement, whereby NMI assumed $8.2 million of the outstanding debt of DOR owed to Odyssey. In addition, Odyssey executed a debt conversion agreement with NMI, whereby Odyssey converted $2.5 million of the debt for 2.5 million shares of NMI Class B non-voting common stock.

Copies of the share exchange agreement and the debt conversion agreement are attached hereto as Exhibit 10.1 and Exhibit 10.2, respectively, and are incorporated herein by reference. The foregoing summaries do not purport to be complete and are qualified in their entirety by reference to such documents.

 

Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

On June 6, 2011, Odyssey amended its articles of incorporation to increase the number of shares of common stock, par value $0.0001 per share, from 100,000,000 to 150,000,000.

 

Item 5.07 Submission of Matters to a Vote of Security Holders.

Odyssey held an annual meeting of stockholders on June 1, 2011, for the purpose of considering and acting upon the following matters:

 

   

to elect seven directors to serve until the next Annual Meeting of Stockholders and until their successors have been duly elected and qualified (the “Election Proposal”);

 

   

to hold a non-binding advisory vote on executive compensation (the “Compensation Proposal”);

 

   

to hold a non-binding advisory vote to determine the frequency of future advisory votes on executive compensation (the “Frequency Proposal”);

 

   

a proposal to ratify the appointment of Ferlita, Walsh & Gonzalez, P.A. as Odyssey’s independent registered public accounting firm for the year ending December 31, 2011 (the “Ratification Proposal”) and

 

   

to approve an amendment to Odyssey’s Articles of Incorporation to increase the number of authorized shares of common stock of the Company from 100,000,000 to 150,000,000 (the “Amendment Proposal”).

With respect to the Election Proposal and the Compensation Proposal, there were 28,709,562 broker non-votes. Broker non-votes were not relevant to the other proposals.

 

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ELECTION OF DIRECTORS

With respect to the Election Proposal, the seven individuals named below were elected to serve as directors in accordance with the following vote:

 

Nominee

   For      Withheld  

Bradford B. Baker

     24,150,924         169,844   

David J. Bederman

     23,492,141         828,627   

Max H. Cohen

     24,155,936         164,832   

Mark D. Gordon

     23,735,490         585,278   

David J. Saul

     24,153,146         167,622   

Jon D. Sawyer

     23,909,797         410,971   

Gregory P. Stemm

     23,987,377         333,391   

NON-BINDING ADVISORY VOTE ON EXECUTIVE COMPENSATION

With respect to the Compensation Proposal, the results of the vote were as follows:

 

For      Against      Abstain  
  23,877,270         373,298         70,200   

NON-BINDING ADVISORY VOTE ON FREQUENCY

With respect to the Frequency Proposal, the results of the vote were as follows:

 

1 Year      2 Years      3 Years      Abstain  
  21,805,225         195,512         2,210,115         109,916   

Odyssey expects to hold future advisory votes on executive compensation annually.

RATIFICATION OF APPOINTMENT OF INDEPENDENT

REGISTERED PUBLIC ACCOUNTING FIRM

Pursuant to the Ratification Proposal, the proposal to ratify the appointment of Ferlita, Walsh & Gonzalez, P.A. as Odyssey’s independent registered public accounting firm was approved as follows:

 

For      Against      Abstain  
  52,651,382         189,150         189,798   

AMENDMENT TO INCREASE NUMBER OF AUTHORIZED SHARES

With respect to the Amendment Proposal, the results of the vote were as follows:

 

For      Against      Abstain  
  50,542,528         2,441,773         46,029   

 

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Item 8.01 Other Events.

Press Release

On June 7, 2011, Odyssey issued a press release announcing that it expects to commence operations on the SS Gairsoppa project in July 2011. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Supplemental Information

The following information is intended to supplement the information set forth in Odyssey’s Annual Report on Form 10-K for the year ended December 31, 2010, as filed with the Securities and Exchange Commission on February 28, 2011, and the Proxy Statement filed with the SEC on April 15, 2011, for the Annual Meeting of Stockholders that was held on June 1, 2011:

 

   

The table below sets forth information as of December 31, 2010, with respect to compensation plans (including individual compensation arrangements) under which equity securities are authorized for issuance:

 

Plan category

   Number of securities
to be issued

upon exercise of
outstanding options,
warrants and rights
     Weighted-average
exercise price of
outstanding options,
warrants and rights
     Number of securities
remaining available for
future issuance under
equity compensation plans
(excluding securities
reflected in column (a))
 

Equity compensation plans approved by security holders(1)

     3,817,031         3.50         3,124,268   

Equity compensation plans not approved by security holders

     —           —           —     

 

(1)    Includes 3,537,236 stock options with a weighted average exercise price of $3.78 and 279,795 restricted stock awards with a weighted average exercise price of $0.

        

 

   

Revenue from product sales is recognized at the point of sale when legal title transfers. Legal title transfers when product is shipped or is available for shipment to customers. Per Topic A.1. in SAB 13: Revenue Recognition, exhibit and expedition charter revenue is recognized ratably when realized and earned as time passes throughout the contract period as defined by the terms of the agreement. Bad debts are recorded as identified and, from time to time, a specific reserve allowance will be established when required. A return allowance is established for sales which have a right of return. Accounts receivable is stated net of any recorded allowances.

 

   

As of December 31, 2010, Odyssey had a $2.0 million receivable from DOR and owed a subscription payable to DOR of $1,998,800. As of December 31, 2010, Odyssey had a contractual right of offset for the receivable from DOR against the subscription payable. See Item 1.01 of this Current Report on Form 8-K.

 

   

The Company does not have any requirements to provide additional financial support to NMI, as successor in interest to DOR.

 

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Item 9.01. Financial Statements and Exhibits.

 

  (a) Financial Statements of Businesses Acquired.

Not applicable.

 

  (b) Pro Forma Financial Information.

Not applicable.

 

  (c) Shell Company Transactions.

Not applicable.

 

  (d) Exhibits.

 

  3.1    Certificate of Amendment filed with the Nevada Secretary of State on June 6, 2011.
10.1    Form of Share Exchange Agreement between Neptune Minerals, Inc. and the stockholders of Dorado Ocean Resources Limited.
10.2    Debt Conversion Agreement between Odyssey Marine Exploration, Inc. and Neptune Minerals, Inc.
99.1    Press release issued by Odyssey Marine Exploration, Inc. on June 7, 2011.

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  ODYSSEY MARINE EXPLORATION, INC.
Dated: June 7, 2011   By:  

    /s/ Michael J. Holmes

        Michael J. Holmes
        Chief Financial Officer

 

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Exhibit Index

 

Exhibit
No.

  

Description

  3.1    Certificate of Amendment filed with the Nevada Secretary of State on June 6, 2011.
10.1    Form of Share Exchange Agreement between Neptune Minerals, Inc. and the stockholders of Dorado Ocean Resources Limited.
10.2    Debt Conversion Agreement between Odyssey Marine Exploration, Inc. and Neptune Minerals, Inc.
99.1    Press release issued by Odyssey Marine Exploration, Inc. on June 7, 2011.

 

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