SEC Comment Letter for ODYSSEY MARINE EXPLORATION INC (OMEX) (CIK 0000798528) (OMEX) — Aug 15, 2011
ODYSSEY MARINE EXPLORATION INC (OMEX) (CIK 0000798528)
Date: Aug. 15, 2011 · CIK: 0000798528 · Accession: 0000000000-11-049200
AI Filing Summary & Sentiment
File numbers found in text: 001-31895
Referenced dates: July 6, 2011
Letter
August 15, 2011 Via E-mail Gregory P. Stemm Chief Executive Officer Odyssey Marine Exploration, Inc. 5215 W. Laurel Street Tampa, Florida 33607 Re: Odyssey Marine Exploration, Inc. Form 10-K for the Year Ended December 31, 2010 Filed February 28, 2011 Definitive Proxy Statement on Schedule 14A Filed April 15, 2011 File No. 001-31895
Dear Mr. Stemm: We have reviewed your responses to the co mments in our letter dated July 6, 2011 and have the following additional comments. Definitive Proxy Statement on Schedule 14A
Annual Incentive Compensation and Targets, page 17
1. We note your response to our prior comment 1 and reissue in part. We note your response indicates that quantification of the performance goals or targets and the goals and targets actually achieved related to rec overed cargo could result in competitive harm. Please provide a more detailed explanation for such conclusion. In particular, your prior response does not explain in enough detail why you believe disclosu re would result in actual competitive ha rm to the company. For guidance, refer to Instruction 4 to Item 402(b) of Regulation S-K. Alternatively, plea se confirm that in future filings you will revise to quantify all performance goals or targets and the goals and targets actually achieved in order for your named executive officers to earn their annual incentive compensation.
Gregory P. Stemm Odyssey Marine Exploration, Inc. August 15, 2011 Page 2
Please contact Donald E. Field at (202) 551-3680 or me at (202) 551-3469 with any questions. Sincerely, /s/ Justin Dobbie Justin Dobbie Legal Branch Chief
Show Raw Text
August 15, 2011 Via E-mail Gregory P. Stemm Chief Executive Officer Odyssey Marine Exploration, Inc. 5215 W. Laurel Street Tampa, Florida 33607 Re: Odyssey Marine Exploration, Inc. Form 10-K for the Year Ended December 31, 2010 Filed February 28, 2011 Definitive Proxy Statement on Schedule 14A Filed April 15, 2011 File No. 001-31895 Dear Mr. Stemm: We have reviewed your responses to the co mments in our letter dated July 6, 2011 and have the following additional comments. Definitive Proxy Statement on Schedule 14A Annual Incentive Compensation and Targets, page 17 1. We note your response to our prior comment 1 and reissue in part. We note your response indicates that quantification of the performance goals or targets and the goals and targets actually achieved related to rec overed cargo could result in competitive harm. Please provide a more detailed explanation for such conclusion. In particular, your prior response does not explain in enough detail why you believe disclosu re would result in actual competitive ha rm to the company. For guidance, refer to Instruction 4 to Item 402(b) of Regulation S-K. Alternatively, plea se confirm that in future filings you will revise to quantify all performance goals or targets and the goals and targets actually achieved in order for your named executive officers to earn their annual incentive compensation. Gregory P. Stemm Odyssey Marine Exploration, Inc. August 15, 2011 Page 2 Please contact Donald E. Field at (202) 551-3680 or me at (202) 551-3469 with any questions. Sincerely, /s/ Justin Dobbie Justin Dobbie Legal Branch Chief