Document:

exhibit_10-4.htm

EXHIBIT 10.4

 

Fee Settlement Agreement

 

Recitals

 

AGREEMENT entered into this 20th day of January, 2015, 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

	
9/9/14

	
3950L

	
$2,591

	
Legal expenses related to "Eldred vs. Seafarer" case

	
10/8/14

	
4048L

	
$4,648

	
Legal expenses related to "Eldred vs. Seafarer" case

	
10/23/14

	
4057L

	
$19,332

	
Legal expenses related to "Eldred vs. Seafarer" case

	
1/20/15

	
4374L

	
$36,365.27

	
Legal expenses related to "Eldred vs. Seafarer" case

	  	  	  	  
	  	
TOTAL

	
$62,936.27

	  

2. Issuance of Stock

 

The Company shall reimburse the Transfer Agent cashless with a non-refundable payment of 15,734,068 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 5,000,000 additional shares of stock or a cash payment to cover the difference in the amount owed.

 

 

  

1

  

 

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.

 

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 EXPLORA ION CORP.

 

 

 

/s/ Kyle Kennedy 

Kyle Kennedy, Director

 

 

 

 

 

 

 

 

 

 

 

 

 

2Exhibit 10.20

 

PURCHASE
PRICE ADJUSTMENT AGREEMENT

 

This
Purchase Price Adjustment Agreement (the "Agreement") is entered into this 12th day of April 2016,
by and between Calpian, Inc., a Texas corporation (“Calpian” or the “Company”), Calpian
Commerce Inc. and Calpian Residual Acquisition LLC (collectively “Sellers”) and Excel Corporation (“Excel”)
and Excel’s wholly-owned subsidiary, eVance Processing, Inc. (“eVance”).

 

W
I T N E S S T H:

 

WHEREAS,
on November 30, 2015, the Sellers entered into an Asset Purchase Agreement (the “APA”) with eVance, pursuant
to which eVance purchased all of the assets and operations (the “Assets”) related to the Company’s two
former U.S. business segments, previously identified as (i) the Company’s business that “...generates revenue
by acquiring residual cash flow streams...” and (ii) the Company’s business operated by CCI that operates as
“...an independent sales organization in the U.S. with merchant servicing revenue streams...”;

 

WHEREAS,
as consideration for the acquisition of the Assets, eVance assumed, among other liabilities, $9,000,000 of the Company’s
outstanding notes (the “Purchase Price”);

 

WHEREAS,
in connection with the assumption of liabilities comprising the Purchase Price, eVance issued that certain Amended and Restated
Secured Promissory Note in principal amount of $720,084 to the order of Laird Cagan, a copy of which is attached hereto as Exhibit
A (the “Cagan Note”) and which Cagan Note was issued in a series of additional Amended and Restatement
Secured Promissory Notes in aggregate principal amount of $8,279,916 (the “Other eVance Notes”) and Excel issued
to Laird Cagan a warrant to purchase 360,042 shares of Excel’s common stock, a copy of which is attached hereto as Exhibit
B (the “Cagan Warrant”);

 

WHEREAS,
subsequent to the closing of the APA, it was brought to the Company’s attention by eVance and Excel that an impairment (the
“Impairment”) was discovered in the Assets and that eVance and Excel seek to take legal action against a third
party to recover damages related to such Impairment (the “Impairment Claims”);

 

WHEREAS,
eVance suffered certain unanticipated expenses and receivable shortfalls that eVance and Excel believe are the responsibility
of the Company to reimburse eVance for (the “Expenses”), which Expenses are set forth on Schedule 1
annexed hereto;

 

WHEREAS,
Sellers on the one hand and Excel and eVance on the other hand each mutually agreed to waive, compromise and resolve fully and
finally any and all claims and potential disputes, whether known or unknown, which exist or could exist against the other party
related to the APA;

 

WHEREAS,
the parties have concluded that it is in their individual and mutual best interests to agree to adjust the Purchase Price and
reimburse eVance for the Expenses.

 

    	 	1	 

     

    

 

NOW,
THEREFORE, in consideration of the covenants, payments, and agreements set forth in this Agreement, the Company, eVance and
Excel intending to be legally bound thereby, and hereby warranting that they each have the capacity and authority to execute this
Agreement, it is agreed by and between the undersigned parties, that all of the claims asserted (or which could have been asserted)
by eVance and Excel are hereby settled and compromised on the following terms and conditions, to wit:

 

1.                  
Compromise. The Company shall, in full settlement of any claims of whatever nature which may be now or hereinafter
existing or asserted by eVance or Excel against the Company based on the matters relating to the APA, reimburse eVance for the
Expenses in the amounts and on the dates set forth on Schedule 2 annexed hereto (the “Reimbursement”)
and reduce the Purchase Price (the “Price Adjustment”) by (i) causing the holder of the Cagan Note and Cagan
Warrant to deliver to eVance the acknowledgement of surrender and cancellation of securities, in the form attached hereto as Exhibit
C; (ii) issuing to eVance a Secured Promissory Note in principal amount of $675,000 (the “Calpian Note”),
in the form attached here to as Exhibit D, which Calpian Note is subject to a reduction in any outstanding principal
in the event eVance shall not pay when due any of the assumed liabilities that comprise the Purchase Price and which Calpian Note
is subject to a provision requiring eVance to use proceeds of any payment made under the Calpian Note to pay off any accrued and
unpaid interest and then any outstanding principal towards the Other eVance Notes; and (iii) issuing in the name of eVance and
depositing Two Million (2,000,000) shares of the Company’s common stock with the Escrow Agent, identified in the Escrow
Agreement attached hereto as Exhibit E, as security for the repayment of the Calpian Note. In addition, eVance and
Excel shall execute and deliver to the Company the Indemnification Agreement, in the form attached hereto as Exhibit F.

 

2.                  
Impairment Claim Recovery. eVance and/or Excel shall take all reasonable legal action to assert the Impairment Claims
against any and all third parties that are believed to have caused the Impairment. To the extent eVance and/or Excel recover any
proceeds, after payment of unrecovered legal fees, from asserting the Impairment Claims, eVance and/or Excel shall offset the
Reimbursement and the Price Adjustment as follows (in order of priority):

 

		a)	Return
                                         up to $16,271 in cash to Calpian as an offset for a certain portion of the Reimbursement;
                                         and

		b)	Reduce
                                         part or all of the principal amount owed under the Calpian Note or, if the Calpian Note
                                         has been partially or fully paid, return up to $675,000 in cash to Calpian (less any
                                         amounts owed after all partial payments under the Calpian Note).

 

3.                 
Release. eVance and Excel on the one hand and Sellers on the other hand hereby release each other and their respective
officers, directors heirs, executors, administrators, successors, and assigns, (collectively the “Releasees”) from
all actions, cause of action, suits, debts, dues, sums of money, accounts, reckonings, bonds, bills, specialties, covenants, contracts,
controversies, agreements, promises, variances, trespasses, damages, judgments, extents, executions, claims, and demands whatsoever,
in law, admiralty or equity, which against the Releasees, ever had, now have or hereafter can, shall or may, have for, upon, or
by reason of any matter, cause or thing solely with respect to the matters relating to the APA from the beginning of the world
to the day of the date of this Agreement other than for any claims or obligations under this Agreement or any agreement or instrument
attached as an exhibit to this Agreement.

 

4.                  
No Admission of Liability. This Agreement does not, and shall not be construed or deemed an admission by the Sellers
of any wrongdoing or of any liability to eVance or Excel and all parties agree to provide the other parties with an opportunity
to review any public announcement or disclosure related to this Agreement prior to such public announcement or disclosure.

 

5.                  
Ownership of Claims.  Each of the parties represents and warrants that it is the sole and lawful owner of
all rights, title and interest in and to all released matters, claims and demands referred to herein.  Each of the parties
further represents and warrants that there has been no assignment or other transfer of any interest in any such matters, claims
or demands which each of the parties may have against the other parties, respectively.

 

    	 	2	 

     

    

 

6.                  
Binding Agreement. The terms of this Agreement are binding upon and inure to the benefit of each of the parties hereto,
their respective successors, assigns, dependents, and all other related persons, affiliates or associates.

 

7.                  
Consultation with Counsel.  The parties acknowledge that they have had the opportunity and a reasonable period
of time to consult with legal counsel of their choice prior to the execution and delivery of this Agreement, and that they have
in fact done so.

 

8.                  
Headings. The captions of the paragraphs and sections of this Agreement are provided solely for convenience, and are
not intended to, and in fact, shall not affect the substance or meaning of this Agreement.

 

9.                  
Representation. Each of the parties hereto represents that each has read and fully understands each of the provisions
as contained herein, and has been afforded the opportunity to review same with his attorney of choice; and further that each of
the parties hereto represents that each and every one of the provisions contained in this Agreement is fair and not unconscionable
to either party.

 

IN
WITNESS WHEREOF, the parties have read and executed this Agreement as of the date and year first above written.

  

	CALPIAN,
    INC.	 	EVANCE
    PROCESSING, INC.
	 	 	 	 	 
	By:	 	 	By:	 
	Name:	 	 	Name:	 
	Title:	 	 	Title:	 
	 	 	 	 	 
	CALPIAN
    COMMERCE INC	 	EXCEL
    CORPROATION
	 	 	 	 	 
	By:	 	 	By:	 
	Name:	 	 	Name:	 
	Title:	 	 	Title:	 
	 	 	 	 	 
	CALPIAN
    RESIDUAL ACQUISITION LLC	 	 
	 	 	 	 	 
	By:	 	 	 	 
	Name: 	 	 	 	 
	Title:	 	 	 	 

  

    	 	3	 

     

    

 

Schedule
1

 

Reimbursements:

 

		1.	Payables
                                         paid in excess of $25,000

		a.	$14,527
                                         (which consists of the expenses outlined below)
	 	 	 

		2.	Ocean
                                         Equity residual held by First Data Corporation for not meeting contract minimum.

		a.	$16,271
	 	 	 

		3.	NetSuite
                                         software

		a.	$55,000
	 	 	 

		4.	Calpian
                                         GH partnership liability

		a.	$46,650
                                         still owed to Calpian GH LP.

 

Total
amount to be reimbursed:$125,798. Payments shall be made in 5 monthly installments as follows:

 

	May15, 2016	 	$	25,160	 
	June 15, 2016	 	$	25160	 
	July 15, 2016	 	$	25,160	 
	August 15, 2016	 	$	25,160	 
	September 15, 2016	 	$	25,158	 

 

$14,527
Expense Reimbursement consists of:

 

	Date
    of Invoice	 	 	Date
    Paid	 	 	Vendor	 	 	 	Amount
                                         	 
	12/21/2015	 	 	Pete Estep – NBS	 	 	 	7,722.60	 
	1/4/2016	 	 	Pete Estep – NBS	 	 	 	6,361.05	 
	11/18/2015	 	 	12/1/2015	 	 	IPFS	 	 	 	5,012.79	 
	6/30/2015	 	 	1/15/2016	 	 	Artefacts	 	 	 	1,082.55	 
	7/25/2015	 	 	1/15/2016	 	 	Artefacts	 	 	 	1,076.05	 
	8/24/2015	 	 	1/15/2016	 	 	Artefacts	 	 	 	1,076.70	 
	11/9/2015	 	 	1/7/2016	 	 	Artefacts	 	 	 	195.00	 
	11/30/2015	 	 	1/7/2016	 	 	Womply	 	 	 	6,805.22	 
	11/30/2015	 	 	1/7/2016	 	 	G2
                                         Web Services	 	 	 	1,935.17	 
	12/1/2015	 	 	12/29/2015	 	 	8
                                         x 8	 	 	 	3,688.40	 
	12/7/2015	 	 	1/7/2016	 	 	Artefacts	 	 	 	1,042.50	 
	11/30/2015	 	 	12/14/2015	 	 	Meri
                                         Brewer	 	 	 	67.82	 
	12/20/2015	 	 	12/29/2015	 	 	Conformance	 	 	 	1,263.75	 
	12/10/2015	 	 	12/14/2015	 	 	Concord
                                         Hospital	 	 	 	2,197.65	 
	-	 	 	 	 	 	 	 	 	 	 	 
	-	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	 	 	 	39,527.25	 	 	 	 	 
	Max	 	 	 	 	 	25,000.00	 	 	 	 	 
	Excess
    AP	 	 	 	 	 	14,527.25	 	 	 	 	 

 

    	 	4	 

     

    

 

Reasons
for above scheduled expenses:

 

	Oct
    -15 Residuals
	Nov-15
    Residuals
	Cyber
    Insurance Policy - Covers only Calpian assets
	System
    development
	System
    development
	System
    development
	System
    development
	SecurePay
    Insights
	Internet
    / Server
	Nov-15
    Usage Fees - Phone system
	System
    development
	Reimbursement
    for Nov-15 cell phone
	PCI
    scanning Oct-15 through Nov-15
	Refund
    for SecurePay billing error in October 2015

 

 

5

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