Document:

exhibit_10-4.htm

EXHIBIT 10.4

 

 

 

 

 

 

 

 

May 16th, 2012

 

Mr. Charles Branscum 

 

Dear Charles Branscum

 

On behalf of Seafarer Exploration Corp. (the "Company"), I am very pleased to offer you a continued position on the Company's Board of Directors.

 

As a member of the Company's Board of Directors, you will be invited to attend Board of Director meetings, either in person or on the telephone. In addition, your name and biography may appear on the Company's website and corporate identity materials. Your service as a member of the Board of Directors will be subject to the Company's Board of Directors Terms and Conditions attached hereto as Exhibit A, to which you agree by your signature below (the 'Terms").

 

On behalf of the Company, I am excited about you continuing to serve as a member of the Board of Directors and look forward to your continued input and guidance.

 

Sincerely,

 

Seafarer Exploration Corp.

 

/s/ Kyle Kennedy

Kyle Kennedy

Chief Executive officer and Chairman of the Board of Directors

 

 

I agree to and accept the position as a member of Seafarer Exploration Corp.'s Board of Directors' and agree to be bound by all of the Terms and Conditions as contained in Exhibit A.

 

/s/ Charles Branscum

Charles Branscum

 

 

 

 

 

  

Page 1 of 5

  

 

BOARD OF DIRECTORS AGREEMENT

 

Exhibit A

 

BOARD OF DIRECTORS TERMS AND CONDITIONS

 

	
1. 

	
Term. The term ("Term") of this Board of Directors Agreement (the Agreement") shall commence on May 16th 2012 (the "Effective Date") and be in full force and effect until terminated according to Paragraph 8.

 

	
2.

	
Appointment to the Board of Directors. The Company hereby appoints and retains Charles Branscum  (the -Director"). on a non-exclusive basis, during the Term to serve as a member of its Board of Directors.

 

	
3.

	
Services. The Director. as a member of the Company's Board of Directors, shall use his best efforts to provide the Services (the "Services") to the Board which shall include providing services required of a director under the Company's Articles of incorporation and Bylaws, as both may be amended from time, to time and under the General Corporation Law of Delaware, the federal securities laws and other state and federal laws and regulations. as applicable. The Director will also provide the following Services:

 

	 	
a.

	
making recommendations for both the short term and the long term business strategies to be employed by the Company;

 

	
  

	
b.

	
monitoring and assessing the Company's business and to advise the Board with respect to an appropriate business strategy on an ongoing basis:

 

	
  

	
c.

	
commenting on proposed corporate decisions and identifying and evaluating alternative courses of action:

 

	
  

	
d.

	
making suggestions to strengthen the Company's operations;

 

	
  

	
e.

	
identifying and evaluating external threats and opportunities to the Company:

 

	
  

	
f.

	
evaluating and making ongoing recommendations to the Board with respect to the Company's business; and

 

	
  

	
g.

	
providing such other Directory or consulting services as may be appropriate from time to time.

 

	
2.

	
Consideration. In consideration of the performance of the Services as a member of the Company's Board of Directors until April 19th, 2013 from the Effective Date of this Agreement, the Company agrees to issue 3,000,000 shares of its restricted common stock (the "Shares") to the Director. The Shares will be issued upon the execution of this Agreement. The Company and the Director will negotiate future compensation on a year-by-year basis.

 

	
3.

	
Disclosures of Director. During the Term, the Director shall:

 

	
  

	
a.

	
disclose to the Company all of his interests in any transaction or agreement contemplated by the Company or any matter which may taint the Director's objectivity when performing his role as an Director hereunder;

 

	
  

	
b.

	
inform the Company of any business opportunities made available to the Director as a result of the Director's involvement with the Company or otherwise through the performance of the Services; and

 

	 	
c.

	
notserve as an Director, or consent to an appointment as a member of the board of directors or management team, accept employment from or perform consulting services for any company which competes, directly or indirectly, with the Company.

  

Page 2 of 5

  

BOARD OF DIRECTORS AGREEMENT

 

	
4.

	
Warranties of the Director. The Director warrants that

 

	 	
a.

	
no other party has exclusive rights to his services in the specific areas described and that the Director is in no way compromising any rights or trust between any other party and the Director or creating a conflict of interest;

 

	 	
b.

	
no other agreement will be entered into that will create a conflict of interest with this agreement;

 

	
  

	
c.

	
he will comply with all applicable state and federal laws and regulations, as applicable, including Sections 10 and 16 of the Securities and Exchange Act of 1934; and

 

	
  

	
d.

	
he will not, without obtaining the Company's prior written consent, directly or indirectly engage or prepare to engage in any activity in competition with the Company or establish a business in competition with the Company.

 

	
5.

	
Expenses. The Company shall reimburse the Director for all approved reasonable out-of-pocket expenses incurred in connection with the performance of the Directory Services. Out-of-pocket expenses may include travel (including meals, gas, mileage, and lodging), presentation materials, miscellaneous fees, etc. The Company must approve all reimbursable expenses in advance.

 

	
6.

	
Termination. This Agreement may be terminated by either party for any reason upon written notice to the other party. This Agreement shall automatically terminate upon the death of the Director or upon his resignation or removal from, or failure to win election or reelection to, the Company's Board of Directors. In the event of any termination of this Agreement, the Director agrees to return any materials transferred to the Director under this Agreement except as may be necessary to fulfill any outstanding obligations hereunder. The Director agrees that the Company has the right of injunctive relief to enforce this provision. Termination of this Agreement shall not relieve the Director of his continuing obligation under this Agreement with respect to confidentiality of proprietary information.

 

	
7.

	
Independent Contractor. Director's relationship with the Company will at all times be that of an independent contractor and not that of an employee. The Director will not be deemed an employee of the Company for purposes of employee benefits, income tax, withholding, F.I.C.A. taxes, unemployment benefits or otherwise; The Director shall not enter into any agreement or incur any obligations on the Company's behalf and the Director will have no authority to enter into contracts that bind the Company or create obligations on the part of the Company without the prior written authorization of the Company.

 

	
8.

	
Non-disclosure of Confidential Information.

 

	 	
a.

	
Agreement Not to Disclose. Director agrees not to use any Confidential Information (as defined below) disclosed to Director by the Company for Director's own use or for any purpose other than to carry out discussions concerning, and the undertaking of, the Services. Director shall not disclose or permit disclosure of any Confidential Information of the Company to third parties other than other members of the Company's Directory Council. Director agrees to take all reasonable measures to protect the secrecy of and avoid disclosure or use of Confidential Information of the Company in order to prevent it from falling into the public domain or the possession of persons other than those persons authorized under this Agreement to have any such information. Director further agrees to notify the Company in writing of any actual or suspected misuse, misappropriation or unauthorized disclosure of the Company's Confidential Information which may come to Director's attention.

 

 

  

Page 3 of 5

  

 

BOARD OF DIRECTORS AGREEMENT

 

	 	
b.

	
Definition of Confidential Information. "Confidential Information" means any information, technical data or know-how (whether disclosed before or after the date of this Agreement), including, but not limited to, information relating to business and product or service plans, financial projections, customer lists, business forecasts, sales and merchandising, human resources, shipwreck maps. patents, patent applications, computer object or source code, research, inventions, processes, designs, drawings, engineering, marketing or finance to be confidential or proprietary or which information would, under the circumstances, appear to a reasonable person to be confidential or proprietary. Confidential Information does not include information, technical data or know-how which: (i) is in the possession of Director at the time of disclosure, as shown by Director's files and records immediately prior to the time of disclosure; or (ii) becomes part of the public knowledge or literature, not as a direct or indirect result of any improper inaction or action of Director.

 

	
  

	
c.

	
Exceptions. Notwithstanding the above, Director shall not have liability to the Company with regard to any Confidential Information of the Company which Director can prove (i) is disclosed with the prior written approval of the Company, or (ii) is disclosed pursuant to the order or requirement of a court, administrative agency, or other governmental body; provided, however, that Director shall provide prompt notice of such court order or requirement to the Company to enable the Company to seek a protective order or otherwise prevent or restrict such disclosure.

 

	
  

	
d.

	
The Director specifically acknowledges that the Company is a publicly traded company whose shares are traded on the Over-the-Counter Bulletin Board under the ticker symbol SFRX. The Director has received or may receive in the future material non public information from the Company. In terms of receiving material non public information from the Company, the Director is subject all to securities laws applicable to insider trading. Moreover, the Director agrees that he will hold in strict confidence and not disclose to any third party any material non public information of the Company except as approved in writing by the CEO. The Director further agrees that he will use any material non public information that he receives from the Company for lawful purposes only.

 

	
9.

	
No Rights Granted. Nothing in this Agreement shall be construed as granting any rights under any patent, copyright or other intellectual property right of the Company. nor shall this Agreement grant Director any rights in or to the Company's Confidential Information, except the limited right to use the Confidential Information in connection with the Services.

 

	
10.

	
No Liability. Under no circumstances shall the Company be liable to the Director for any consequential damages claimed by any other party as a result of representations made by the Director with respect to the Company which are different from any to those made in writing by the Company. Furthermore, except for the maintenance of confidentiality, neither party shall be liable to the other for delay in any performance, or for failure to render any performance under this agreement when such delay or failure is caused by Government regulations (whether or not valid), fire, strike, differences with workmen, illness of employees, flood, accident, or any other cause or causes beyond reasonable control of such delinquent party.

 

	
11.

	
Assignment of Inventions. To the extent that, in the course of performing the Services, Director jointly or solely conceives, develops, or reduces to practice any inventions, original works of authorship. developments, concepts, know-how, improvements or trade secrets, whether or not patentable or registrable under copyright or similar laws, Director hereby agrees to assign all rights, titles and interest to such inventions to the Company.

 

	
12.

	
No Waiver. A waiver by either party of any breach of this Agreement by the other party shall not be construed as a waiver of any such subsequent breach by such party of the same or any other provisions of this Agreement. The failure of a Party to insist upon strict adherence to any term of this Agreement on one or more occasions will not be considered a waiver or deprive that Party of the right thereafter to insist upon adherence to that term of any other term of this Agreement.

 

	
13.

	
Partial Invalidity. If any portion of this Agreement shall be held invalid or void, the remainder of this Agreement shall not be affected but such portion shall be deemed modified to the extent necessary to render such provision enforceable under the law, and this Agreement shall remain valid and enforceable as so modified. In the event that the provision may not be modified in such a way as to make it enforceable, the Agreement shall be construed as if the portion so invalidated was not part of this Agreement.

 

 

 

 

 

  

Page 4 of 5

  

 

 

BOARD OF DIRECTORS AGREEMENT

 

	
14.

	
Governing Law. This Agreement shall be construed under and governed by the laws of the State of Florida without giving effect to the principles of conflict of laws. Both parties agree that the sole venue for litigation of any dispute arising under this agreement will be in Hillsborough County, Florida.

 

	
15.

	
Governing Law. This Agreement shall be construed under and governed by the laws of the State of Florida without giving effect to the principles of conflict of laws. Both parties agree that the sole venue for litigation of any dispute arising under this agreement will be in Hillsborough County, Florida.

 

	
16.

	
Facsimile Signatures. This Agreement may be executed by facsimile signature. A signed facsimile or photocopy of this Agreement shall be treated as an original, and shall be deemed to be as binding, valid, genuine, and authentic as an originally signed agreement for all purposes, including all matters of evidence and the "best evidence" rule.

 

	
17.

	
Advice of Counsel. Each Party Acknowledges that, in executing this Agreement, such Party has had the opportunity to seek the advice of independent legal counsel, and has read and understood all of the terms and provisions of this Agreement. This Agreement shall not be construed against any Party by reason of the drafting or preparation hereof.

 

	
18.

	
Entire Agreement. This Agreement constitutes the entire agreement between the parties pertaining to the subject matter hereof and supersedes and cancels any prior communications, representations, understandings, and agreements, whether verbal or in writing, between the parties. No modifications of or changes to this Agreement shall be binding, nor can any of its provisions be waived, unless agreed to in writing by the parties.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page 5 of 5exhibit_10-5.htm

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.

 

 

 

  

Page 1 of 2

  

 

 

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 

Kara Kennedy, Director

 

 

 

 

SEAFARER EXPLORATION CORP.

 

 

/s/ Kyle Kennedy 

Kyle Kennedy, Director

 

 

 

  

Page 2 of 2

  

 

Issuance Resolution

 

Seafarer Exploration Corp 

(Issuer's Name)

 

14497 N. Dale Mabry Ste 209N

(Issuers Address)

 

813 448 3577

 (Phone #)

 

 

(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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