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EXHIBIT 10.5
 

CANCELLATION AGREEMENT
 
This Voluntary Cancellation Agreement (the "Agreement") is made effective as of
December 9, 2008, by and between Sinclair Educational Archaeological Research
Expeditions, Inc. ("SeaRex, Inc."), Vanessa E. Friedman ("Friedman), and James
J. Sinclair ("Sinclair") (SeaRex, Inc., Friedman, and Sinclair herein
collectively referred to as the "Sellers"), and Seafarer Exploration, Inc. (the
"Buyer").
 
RECITALS
 
WHEREAS the Sellers and the Buyer entered into a Purchase and Sale Agreement on
or about July 10, 2008 (the "Existing Agreement") pursuant to which the Sellers
agreed to deliver to the Buyer proprietary historical and archival research for
the DaVinci Project (the "Documents") in exchange for total consideration from
the Buyer of two hundred and fifty thousand dollars ($250,000); and
 
WHEREAS the Sellers desire that the Buyer agrees to cancel the Existing
Agreement and the Buyer is willing to do so pursuant to this Agreement.
 
NOW, THEREFORE in consideration of the premises and for good and other valuable
consideration, the receipt and sufficiency of which is acknowledged, the parties
agree as follows:

 
1.
Cancellation of Existing Agreement. The Existing Agreement is cancelled
effective as of December 9, 2008 (the "Effective Date") without further
obligation or liability to either the Sellers or the Buyer. The Sellers and the
Buyer specifically acknowledge and agree that neither party owes any
consideration or any fees of any kind to the other party in relation to the
Existing Agreement.

 
2.
No Inducement. The Buyer has not induced the Sellers to enter into this
Agreement.

 
3. 
Previous Consideration. As of the Effective Date:

 
 
a.
The Buyer has paid the Sellers $10,000 towards the purchase price of the
Documents; and

 
b.
The Sellers have not delivered the Documents to the Buyer.

 
 4.
Complete Agreement. This Agreement contains the entire understanding between the
parties to it and with respect to its subject matter and supersedes all prior
and contemporaneous agreements, understandings, representations, inducements or
conditions, express or implied, oral or written, except as set forth in this
Agreement. This Agreement may not be modified, amended or supplemented other
than by an agreement in writing executed by the Sellers and the Buyer.

 
 5.
Miscellaneous. This Agreement may be signed in counterparts, including by
facsimile, and all counterparts together with the body of this Agreement shall
constitute a single, integrated agreement.

 

 
 

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 6.
Legal Matters. This Agreement shall be interpreted under and governed by the
laws of the State of Florida,

 
IN WITNESS WHEREOF, the parties have caused this Agreement to he executed on the
date stated on the first page of this Agreement in a manner appropriate for
each.
 
Sellers:
 
/s/ Vanessa E Friedman
Vanessa E Friedman
President
SeaRex, Inc.
 
/s/ James J. Sinclair
By: James J. Sinclair
Vice President
SeaRex, Inc.
 
/s/ Vanessa E Friedman
Vanessa E Friedman, Personally
 
/s/  James J. Sinclair
James J. Sinclair, personally
 
Buyer:
 
/s/ Kyle Kennedy
Chief Executive Officer
Seafarer Exploration, Inc.

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