exhibit_10-6.htm








EXHIBIT 10.5


 


Fee Settlement Agreement


 


Recitals


 


AGREEMENT entered into this 10th day of July, 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


	
4/20/12

	
1262

	
$783.88

	
Legal expenses related to "Eldred vs. Seafarer" case


	
5/31112

	
1346

	
$105.00

	
Legal expenses related to "Eldred vs. Seafarer" case


	
7/6/12

	
1479

	
$4787.83

	
Legal expenses related to "Eldred vs. Seafarer" case


	  	
TOTAL

	
$5,676.71

	  







 


2.       Issuance of Stock


The Company shall reimburse the Transfer Agent cashless with a non-refundable payment of 1,530,111 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 1,000,000 additional shares of stock or a cash payment to cover the difference in the amount owed.


 


5.       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.




 


 



 




  





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6.       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:


 


 



 










Kara Kennedy, Director


 


 


 


 


SEAFARER EXPLORATION CORP.


 


 


/s/ Kyle Kennedy 






Kyle Kennedy, Director


 


 


 


 


 


 


 


 


 


 


 


 


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