Document:

exhibit_10-16.htm

EXHIBIT 10.16

 

Kyle Kennedy, Chief Executive Officer

Seafarer Exploration Corporation

14497 North Dale Mabry Highway, STE 209N 

Tampa, Florida 33618

 

August 23, 2011

 

LETTER OF AGREEMENT

 

Joseph Albert

 

Re: Wrecksite found by Joseph Albert

 

Dear Mr. Albert

 

This Letter of Agreement between Seafarer Exploration Corp ("Seafarer") and Joseph Albert ("Albert") is intended to reflect the intent of the parties. The letter confirms the parties understanding regarding the business terms which will provide the funding, vessel(s) and equipment needed for search and/or salvage operation and consideration. Seafarer will explore and salvage to the greatest extent economically practical, the wrecksite of an abandoned vessel discovered by Albert after all applicable licensees have been properly obtained. Albert states he has previously determined the exact location of this wreck site.

 

A.           Salvage Operations

 

Seafarer will provide the vessel(s), search and salvage equipment and the salvage services. Seafarer represents such equipment and services will be sufficient to perform the search for and/or recovery of salvageable items so as to be able to complete (to the extent economically practical) the recovery of salvageable items from the wreck site, hereinafter described. It is agreed the search and/or salvage activities will include, but not limited to, the following;

 

	
  

	
1.

	
Search.  Seafarer will use its vessel(s) and equipment and contacts to search a wreck site. Joseph Albert will provide Seafarer with general proximity of the wreck site (by Latitude and Longitude) as set forth below. Seafarer will use its' best efforts to obtain all applicable permits or agreements necessary for this project and will utilize any additional help Albert may or may not be able to provide. Should Seafarer not be able to secure all necessary permits and agreements, then the parties shall release each other and hold each other harmless. Albert will be entitled to keep his "initial" stock as agreed to set forth below and Seafarer agrees not to work or perform any salvage activities within a two (2) mile radius of wreck site for a period of ten (10) years.

  

  

  

Joseph Albert

8/23/2011 Page 2

 

	 	
2.

	
Recovery.  Seafarer will carry out the actual recovery of all recoverable artifacts ("cargo" that can be economically recovered from this area within a general proximity of the wreck site (by Latitude and Longitude) as set forth below. Both parties hereby acknowledge that Seafarer, at its sole discretion, can determine what is "economically practical" with regard to such recoveries.

 

	 	
3.

	
Stabilization. Seafarer will be responsible for the on-board stabilization of all recovered cargo/artifacts. The method of stabilization will be the responsibility of Seafarer.

 

	 	
4.

	
Transportation. Seafarer shall be responsible for the transport of all recovered cargo/artifacts to the nearest port in Florida and the shore transport to a secured holding area.

 

	 	
5.

	
Secured Storage. Storage of the cargo/artifacts will be at a suitable and secure location approved by both Joseph Albert and Seafarer and will be under the control of Seafarer.

 

	 	
6.

	
Documentation. Seafarer will be responsible for documentation of the search and/or salvage activities as visibility permits, including the actual salvage, stabilization and transport operations. This documentation will be by video and still camera (underwater and surface) in the general area (by Latitude and Longitude) as set forth below.

 

	 	
7.

	
Protect Management.

 

	 	
a.

	
Joseph Albert, as an independent contractor, shall oversee and help manage all search and salvage operations at the wreck site and shall oversee the performance of the details of the work. All search and salvage operations shall have direct involvement by Joseph Albert in consultation with Seafarer. Seafarer shall have the absolute authority of where, when and how to conduct the required operations.

 

	 	
8.

	
Seafarer representations to Joseph Albert and Joseph Albert representations to Seafarer. As an inducement to the parties to execute this Letter of Agreement, the parities make the following representations and warranties to each other.

 

	
  

	
a.

	
Joseph Albert has located a wreck site of an abandoned vessel which consists of cannons and various artifacts. Joseph Albert shall disclose all known information on this site to Seafarer.

 

	
  

	
b.

	
After executing this Letter of Agreement, the parties will go to the wrecksite previously discovered by Joseph Albert and using ground positioning equipment, a latitude and longitude site will be agreed upon and from that point on, the actual "wreck site" to be searched and/or salvaged under this letter, will be that area.

  

  

  

 

Joseph Albert 

8/23/2011 Page 3

 

	
  

	
c.

	
Seafarer and Joseph Albert agree that they cannot assign any part of this Letter of Agreement or pledge or hypothecate any of the anticipated proceeds from the salvage activities to take place under this Letter of Agreement.

 

	
  

	
d.

	
Seafarer agrees that there will be no further disclosure of any and all information to any entity (other than Joseph Albert) with regard to the area of the wreck site Joseph Albert will specify. Seafarer or their agents agree not to perform any salvage activity within a two (2) mile radius of the area of the wrecksite provided by Joseph Albert for a period of ten (10) years as long as the area is not within two (2) miles of Seafarer's exciting site.

 

	
  

	
B.

	
PaymentIn exchange for Joseph Albert providing the location and all information of the "wreck site" and in consideration of Seafarer providing the salvage vessel(s) and equipment, Albert will receive "Initial" stock in the amount of 100,000 (one hundred thousand) restricted common shares for bringing the project to Seafarer to keep without recourse. Should Seafarer be successful in obtaining the required permits and agreements necessary to salvage the area identified by Albert, Seafarer will issue 2,000,000 (two million) restricted common shares to Albert or who he designates. These 2,000,000 (two million) shares will be immediately reserved for Albert upon the execution of this agreement. Also, Albert will receive an additional 1,000,000 (one million) restricted common shares upon the discovery of $50,000.00 (fifty thousand dollars) worth of treasure in the form of gold, silver, jewelry, or gems or other valuable artifacts. Additionally, Albert will be entitled to additional stock bonuses granted by the Board of Directors for performance. In addition, Albert will be paid as an independent consultant for his services rendered once the project has received its necessary permits and agreements to salvage the designated area under a separate consulting agreement. Albert will also be allowed to purchase additional restricted common shares from the company at a discount under all applicable state and federal laws as Albert so desires.

 

	
  

	
C.

	
Division/Marketing Committee For the purpose of display and/or marketing of the cargo and/or artifacts which may be salvaged from the wrecksite area provided by Joseph Albert, a Division/Marketing Committee will be appointed by Seafarer to make all decisions with regard to the division and marketing or all cargo/artifacts which will come to Seafarer after division with the State of Florida. Joseph Albert will be assigned to the Division/Marketing Committee. A majority vote of the Division/Marketing Committee will control and decisions of the Division/Marketing Committee shall be final.

 

	
  

	
D.

	
Joint Venture Joseph Albert may not bind Seafarer and Seafarer may not bind Joseph Albert to any contractual obligations beyond this agreement, without first obtaining the prior written consent of each other.

 

  

  

  

Joseph Albert 

8/23/2011 Page 4

 

	
  

	
E.

	
Governing Law and Construction of Letter of Agreement This letter shall be governed by federal law, and to the extent applicable, the laws of the State of Florida. In the event of dispute hereunder, the parties hereto agree first to seek mediation and if that fails, then the prevailing party shall be entitled to reasonable attorneys fees and cost. Venue for any legal proceedings shall be in Hillsborough County, Tampa, Florida. In the event of a disagreement between the parties, this letter will be interpreted and/or construed as if prepared by an independent third party who could not be called to testify.

 

	
  

	
F.

	
Binding Nature of This Letter Notwithstanding any provisions to the contrary herein contained, the provisions of this Letter of Agreement reflect the parties' understanding and are expressly understood to constitute a complete statement of and a legally binding and/or enforceable agreement between Seafarer and Joseph Albert.

 

PLEASE INDICATE YOUR APPROVAL OF THE UNDERSTANDING AND AGREEMENT SET FORTH IN THIS LETTER OF AGREEMENT by initialing each page and signing the enclosed copy of this letter where indicated.

 

	 	Seafarer Exploration Corporation	 
	 	 	 	 
	
 

	
BY: 

	/s/ Kyle Kennedy	 
	 	 	Kyle Kennedy, CEO	 
	 	 	 	 

BY: /s/  Joseph W. Albert        8-23-2011

Joseph Albertexhibit_10-17.htm

EXHIBIT 10.17

 

INVESTOR RELATIONS &

FINANCIAL PUBLIC RELATIONS

CONSULTING AGREEMENT

 

This Investor Relation/ Financial Public Relations Agreement, made this 25th day of August 2011 by and between: Seafarer Exploration Corp., ("COMPANY") and Worldwide Financial Marketing, Inc. located at 10 Fairway Drive, Deerfield Beach, Florida 33441, engaged in providing investor relations a, financial public relations services (hereinafter referred to as "CONSULTANT").

WITNESSETH THAT:

WHEREAS, the COMPANY requires financial public relations services and desires to employ CONSULTANT to provide such services as an independent contractor consultant, and CONSULTANT is agreeable to such employment, and the parties desire a written document formali2inp and defining their relationship and evidencing the terms of their agreement:

NOW, THEREFORE, intending to be legally bound, and in consideration of the mutual promises and covenants, the parties have agreed as follows:

 

1.  APPOINTMENT. The COMPANY hereby appoints CONSULTANT as its invest::r relation/ financial public relations counsel and hereby retains and employs CONSULTANT, on the terms and conditions of this Agreement. CONSULTANT accepts such appointment and agrees to perform the services upon the terms and conditions of this Agreement,

 

2.  TERM. The term of this Agreement shall be for six (6) months beginning on 08-25-11 and shall terminate on 02-25-12.

 

3.  SERVICES.

(a)           CONSULTANT shall act, generally, as a financial public relations counsel, essentially acting (1) as liaison between the COMPANY and its shareholders: (2) as advisor to the COMPANY with respect to existing and potential market makers, broker-dealers, underwriters, and investors as well as being the liaison between the COMPANY and such persons; and (3) as advisor to this COMPANY with respect to communications and information (e.g., interviews. press releases, shareholder reports. etc.) as well as planning, designing, developing, organizing, writing and distributing such communications and information with the exception of Due Diligence Packages.

(b)           CONSULTANT shall seek to make the COMPANY, its management, its products, and its financial situation and prospects, known to the financial press and publications, broker-dealers, mutual funds, institutional investors, market makers, analysts, investment advisors, and other members of the financial community as well as the financial media and the public generally,

(c)           CONSULTANT in providing the foregoing services, shall be responsible for all costs of providing the services, including out-of-pocket expenses for postage, delivery service (e.g. Airborne Express), but not preparation of all Due Diligence Packages,

(d)           CONSULTANT shall not be required to perform any investment banking related activities on behalf of COMPANY as a condition of this Agreement. For the purposes of this Agreement, investment banking activities shall be defined as being any of the following: The location, negotiation and/or securing of any public or private debt for COMPANY; the location, negotiation and/ci securing of any public or private equity for COMPANY: the production of any documentation that is to be utilized for the purposes and activities as relating to the activities described above: any other activities as may normally be associated with the practice of investment banking. IT IS HEREBY ACKNOWLEDGED BY THE COMPANY THAT CONSULTANT IS NOT BEING COMPENSATED OR ENGAGED TO RAISE CAPITAL FOR THE COMPANY NOR SOLICATION NOR OFFERING FOR SALE 1HE SECURITIES OF THE COMPANY.

 

 

 

  

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4. LIMITATIONS ON SERVICES. The parties recognize that certain responsibilities and obligations are imposed by federal and state securities laws and by the applicable rules and regulations of stock exchanges, the National Association of Securities Dealers, in-house “due diligence” or compliance departments of brokerage houses, etc. Accordingly CONSULTANT agrees:

(a)           CONSULTANT shall NOT release any financial or other information or data about the COMPANY without the consent and approval of the COMPANY, signatures on areas releases are necessary by COMPANY counsel.

(b)           CONSULTANT shall NOT conduct any meetings with financial analysts without informing the COMPANY in advance of the proposed meeting and the format or agenda of such meeting and the COMPANY may elect to have a representative of the COMPANY attend at such meeting.

(c)           CONSULTANT shall NOT release any information or data about the COMPANY to any selected or limited person(s), entity, or group if CONSULTANT is aware that such information or data has not been generally released or promulgated.

(d)           After notice by the COMPANY of filing for a proposed public offering of securities of the COMPANY, and during any period of restriction on publicity, CONSULTANT shall not engage in any public efforts not in the normal course without approval of counsel for the COMPANY and of counsel for the underwriter(s), if any.

(e)           CONSULTANT shall comply with and make all necessary disclosure as required under the federal securities laws, including but not limited to, sections 17(a) and 17(b) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934.

 

5. DUTIES OF COMPANY

(a)           COMPANY shall supply CONSULTANT, on a regular and timely basis with all approved data and information about the COMPANY, its management, its products, and its operations and COMPANY shall be responsible for advising CONSULTANT of any facts which would effect the accuracy of any prior data and information previously supplied to CONSULTANT so that CONSULTANT may take corrective action.

(b)           COMPANY shall promptly supply CONSULTANT: with full and complete copies of all filings with all federal and state securities agencies: with full and complete copies of all shareholder reports and communications whether or not prepared with CONSULTANT'S assistance: with all data and information supplied to any analyst, broker-dealer, market maker, or other members of me financial community; and with all product/services brochures, sales materials or accessible through  EDGAR.

(c)           COMPANY shall promptly notify CONSULTANT of the filing of any registration 17tatement for the sale of securities and of any other event which triggers any restrictions on publicity.

(d)           COMPANY shall contemporaneously notify CONSULTANT if any information or data being supplied to CONSULTANT has not been generally released or promulgated.

 

6. REPRESENTATION AND INDEMNIFICATION.

(a) The COMPANY shall be deemed to make a continuing representation of the accuracy of any and all material facts, material, information and data which it supplies to CONSULTANT and the COMPANY acknowledges its awareness that CONSULTANT will rely on such representation in disseminating such information and otherwise performing its public relations functions.

(b) CONSULTANT, in the absence of notice in writing from COMPANY will rely on the continuing accuracy of material, information, and data supplied by the COMPANY

(c) COMPANY hereby agrees to indemnify CONSULTANT against, and to hold CONSULTANT harmless from, any claims, demands, suits, loss, damages, etc., arising out of CONSULTANT’S reliance upon the accuracy and continuing accuracy of such facts, material, information, and data, unless CONSULTANT has been negligent in fulfilling the duties and obligations hereunder.

 

  

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7. COMPENSATION.

CONSULTANT in providing the foregoing services shall be responsible for all costs incurred except the COMPANY will be responsible for the mailing of investor packages. Compensation for above services shall be 1,000,000 restricted shares due upon signing of agreement.

(a)           For all special services, not within the scope of this Agreement. COMPANY shall pay CONSULTANT such fee as, and when, the parties shall determine in advance of performance of the special services provided that COMPANY has agreed to the special services.

(b)           CONSULTANT represents that he is acquiring these shares for investment purposes only, and not with a view towards resale or distribution. CONSULTANT further represents that he is not acting as an underwriter with respect to the shares acquired under the terms of this Agreement.

 

8. ATTORNEY FEES. Should either party default in the terms or conditions of this Agreement and suit be filed in the State of Florida, as a result of such default, the prevailing party shall be entitled to recover all costs incurred as a result of such default including all costs and reasonable attorney fees, expenses and court costs through trial and appeal.

 

9. WAIVER OF BREACH. The waiver by either party of a breach of any provision of this Agreement by the other party shall not operate or be construed as a waiver of any subsequent beach by the other party-

 

10. ASSIGNMENT. The rights and obligations of the parties under this Agreement shall inure to the benefit of, and shall be binding upon, the successors and assigns of the parties.

 

11. NOTICES. Any notice required or permitted under this Agreement shall be sufficient if it writing, and if sent by certified mail, return receipt requested, to the principal office of the party being notified.

 

12. ENTIRE AGREEMENT. This instrument contains the entire agreement of the parties and may be modified only by agreement in writing, signed by the party against whom enforcement of any waiver change, modification, extension or discharge is sought. This Agreement shall be governed for all purposes by the laws of the State of Florida. If any provision of this Agreement is declared void, such provision shall be deemed severed from this Agreement, which shall otherwise remain in full force and effect.

 

IN WITNESS WHEREOF, the parties hereto, intending to be legally bound, have executed this Agreement.

 

Worldwide Financial Marketing, Inc.

By:  /s/  Floyd J. Stumpf                                      Date: 08/25/11

Floyd J. Stumpf - President

Seafarer Exploration Corp.

By:  /s/  Kyle Kennedy                                         Date: 08/25/11

Kyle Kennedy - President

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