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EXHIBIT 10.5
 
Fee Settlement Agreement
 
Recitals
 
AGREEMENT entered into this 25th day of May, 2012, by and between Seafarer
Exploration Corp (the "Company"), and ClearTrust, LLC ("Transfer Agent").
 
WHEREAS, the Transfer Agent has incurred various reimbursable expenses resulting
directly from acting as transfer agent for the Company, and the Company is
obligated to reimburse the Transfer Agent for said expenses.
 
NOW, THEREFORE, the Company and Transfer Agent hereby agree to settle the amount
owed to the Transfer Agent with shares of restricted stock. The parties hereto
agree as follows:
 
1.       Legal Expenses Owed
 
The transfer agent has incurred reimbursable expenses and invoiced the Company
as detailed in the table below:
 
Date of Invoice to Company
Invoice Number
Amount
Reason for Invoice
11/15/11
895
$5627.00
Legal expenses related to "Eldred vs. Seafarer" case
01/06/12
1006
$11,508.28
Legal expenses related to "Eldred vs. Seafarer" case
03/01/12
1109
$1,370.56
Legal expenses related to -Eldred vs. Seafarer" case
04/11/12
1257
$754.75
Legal expenses related to -Eldred vs. Seafarer" case
 
TOTAL
$19,260.59
 

 
2.       Issuance of Stock
The Company shall reimburse the Transfer Agent cashless with a non-refundable
payment of 6,641,583 shares of restricted common stock of the Company. The
Transfer Agent may sell the shares in the public marketplace in reliance on Rule
144 or negotiate the sale of the shares in a privately negotiated transaction.
Regardless the manner of sale, the Transfer Agent must apply all proceeds gained
by the sale of the shares to the open invoices listed in the table above.
 
Should the Transfer Agent realize less proceeds than the total due in the table
above, the Transfer Agent may request up to 4,000,000 additional shares of
common stock or a cash payment to cover the difference in the amount owed.
 
 

 
 
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3.       Severability
In the event that any one or more provisions herein shall for any reason be held
to be invalid, illegal or unenforceable in any respect, such invalidity,
illegality or unenforceability shall not affect any other provision hereof.
 
4.       Miscellaneous
This Agreement (i) constitutes the entire agreement between the parties hereto
with respect to the subject matter hereof and shall supersede all prior
understandings and agreements as to such subject matter; (ii) may be amended or
modified only by a writing executed by the party against whom enforcement is
sought; (iii) shall inure to the benefit of and be binding upon the respective
heirs, administrators, personal representatives, successors and assigns of the
parties hereto; and (iv) shall be governed by and construed in accordance with
the laws of Florida.
 
IN WITNESS WHEREOF, the parties hereto have executed this Fee Settlement
Agreement as of the date and year first above written.
 
 
CLEARTRUST, LLC:
 
 
/s/ Kara Kennedy

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Kara Kennedy, Director
 
 
 
 
SEAFARER EXPLORATION CORP.
 
 
/s/ Kyle Kennedy

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Kyle Kennedy, Director
 
 

 
 
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Issuance Resolution
 
Seafarer Exploration Corp

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(Issuer's Name)
 
14497 N. Dale Mabry Ste 209N

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(Issuers Address)
 
813 448 3577

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 (Phone #)
 
 

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(E-Mail Address)
 
 
 
In lieu of a meeting of the board of directors, it was
 
RESOLVED, that the Officers of this Corporation are authorized and instructed to
increase the current issued and outstanding shares of our  Commonstock
by 6,641,583 shares.
 
RESOLVED FURTHER. that the Officers of this Corporation authorize and instruct
ClearTrust. LLC, a Florida limited liability company, sole stock transfer agent
for this issue, to issue shares to the following
shareholder(s) effective May 25, 2012on the books of the company.
 
Shareholder's
Full Name
Shareholder's
Full Address
SSN or Tax ID#  # of Shares 
Restricted
or Free
Trading* 
Aquisition
Value**
ClearTrust, LLC on file    6,641,583  Restricted 19,260.59         Restricted  
        Restricted  

*A legal opinion and other supporting documentation may be required.
**This value represents the cost basis of the securities and will be reported to
the IRS and to applicable taxpayers via Form 1099-B. If stock is being issued to
a tax-exempt recipient. or it is restricted stock payable to an employee. you
may leave this field blank
 
These shares are being issued for the following purpose:
Services
Rendered                                                                                                                                                                                                                                               
 
RESOLVED FURTHER, that the Officers of this Corporation authorizes and instructs
ClearTrust, LLC to deliver the above shares as instructed below:
 

Recipient Name ClearTrust, LLC   Address   Phone     Address   Delivery Method
Hand Pick-up   City, State, Zip     If courier delivery. please provide  Please
Select  

 
I, the undersigned, officer of the above named company. do hereby certify that
this is a true copy of a resolution, set forth and adopted on the below date and
that the said resolution has not been in any way rescinded. annulled. or revoked
but the same is still in full force and effect
 

/s/ Kyle Kennedy  
May 25, 2012
  Officer's Signatures   Dated           Kyle Kennedy   Chairman of the
Board/CEO   Officer's Printed Name   Officer's Title  

 
 

Please submit to ClearTrust using one method below (CHECK ONE): o Email to
inbox@cleartrusttransfer.com o Fax (813)388-4549 o FedEx o UPS o Reg. Mail o
Hand Delivery

 

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