Document:

EXHIBIT 10.1

EXHIBIT 10.1

 

 

 

June 30, 2006

 

Western Hemisphere Mining Corporation

4861 Cambridge St., Burnaby, BC

Canada V5C 1H9

Ladies and Gentlemen:

RE:     Arrow Claims, BC

Pursuant to an agreement between Western Hemisphere Mining Corporation and Clive Ashworth dated June 30, 2006, Clive Ashworth, the owner of the claims, will hold in trust for Western Hemisphere Mining Corporation, a 100% undivided interest in the subject claims under the terms of the agreement:

	
Claim 
	
Number of Units
	
Record Number
	
Expiration Date

	
Arrow
	
25
	
507351
	
October 28, 2007

	
Arrow 2
	
25
	
507354
	
October 28, 2007

	
Arrowroot
	
24
	
507348
	
October 28, 2007

 

Clive Ashworth will deliver full title on demand to Western Hemisphere Mining Corporation when all terms and conditions have been met regarding the aforementioned agreement.

 

Yours truly,

 

CLIVE ASHWORTH

Clive Ashworth9.01

Exhibit
    10.1

     

    

     

    November
      20, 2006

    

    Seawright
      Holdings, Inc. 600 Cameron Street

    Alexandria,
      VA 22134 Attn: Joel P. Sens, CEO

    

    Re: Engagement
      Letter 

     

    Dear
      Joel;

    

    This
      engagement letter (the “Agreement”) is made and entered into as of the date
      above (the “Effective Date”), by and between Sequence Investment Partners, LLC,
      a South Carolina limited liability company (“Sequence”) and Seawright Holdings,
      Inc., a Delaware corporation, and its subsidiaries and affiliates (collectively
      hereinafter the “Company”), for the purpose of defining and acknowledging the
      terms of this Agreement.

    

    1. Engagement.
      The
      Company hereby engages Sequence on an exclusive basis for the term specified
      in
      Section 5 hereof to render services to the Company as its corporate finance
      consultant and investment banker upon the terms and conditions set forth
      herein.

    

    2. Services
      to be Provided.

    

    a. During
      the Term of this Agreement, Sequence shall provide the Company with such regular
      and customary consulting advice as is reasonably requested by the Company,
      provided that Sequence shall not be required to undertake duties not reasonably
      within the scope of the investment banking services contemplated by this
      Agreement. It is understood and acknowledged by the parties that the value
      of
      Sequence’s advice is not readily quantifiable, and that Sequence shall be
      obligated to render advice upon the request of the Company, in good
      faith.

    

    b. Sequence’s
      duties may include, but will not necessarily be limited to, providing
      recommendations and assisting in the following:

    

    (i) rendering
      advice with regard to corporate finance matters, including changes in the
      capitalization of the Company, changes in the Company's
      corporate structure, redistribution of shareholdings of the
      Company's
      stock,
      sales of securities in private transactions, alternative uses of corporate
      assets, and structure and use of debt;

    

    (ii) rendering
      advice, assistance and introduction to third parties with regard to merger,
      acquisition, joint venture or strategic alliance activities, including the
      acquisition and/or merger of or with other companies, joint ventures or
      strategic alliances with other companies, divestiture or any other similar
      transaction, and the sale of the Company itself (or any significant percentage,
      assets, subsidiaries or affiliates thereof);

     

     

    
      
        
          192
            East Bay Street, Suite 300, Charleston, SC 29401

          (V)
            843-853-8222 (F) 843-278-0097

          www.seqinv.com

        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    November
      20, 2006

    Page
      2

     

    (iii) rendering
      advice and/or assistance with regard to capital raising activities, including
      bank financing or any other financing from financial institutions
      or individuals (including but not limited to revolving credit
      facilities,
      lines of
      credit, term loans, credit facilities, senior and junior loans, whether secured
      or unsecured); and

    

    (iv) subject
      to the limitations herein, act as placement agent for any private
      offering of the Company's securities and act as underwriter in any
      public
      offering
      of the Company's securities.

    

    c.
      Sequence shall conduct its due diligence with respect to the Company and the
      foregoing services. To perform such services, Sequence shall require that the
      Company:

    

    (i) furnish
      to Sequence any and all information and data concerning the Company and its
      affiliates which Sequence deems appropriate;

    

    (ii) provide
      Sequence and its representatives with reasonable access during normal business
      hours to the Company’s officers, directors, employees, appraisers, independent
      accountants, legal counsel and other consultants and advisors; and

    

    (iii) take
      such
      commercially reasonable actions as may be reasonably requested by Sequence
      to
      effect the purposes of this Agreement.

    

    d. This
      Agreement does not constitute an expressed or implied commitment
      or
      undertaking on Sequence’s part to provide any part of any financing and does not
      ensure the successful arrangement or completion of any financing or other
      transaction contemplated hereby. Unless waived by Sequence after the date
      hereof, Sequence’s willingness to underwrite any public offering or to arrange
      any private placement or other exempt offering of the Company’s securities or
      otherwise to effect any financing is subject to the execution of a final,
      definitive underwriting agreement or placement agent agreement, as the case
      may
      be, in Sequence’s standard form, containing customary representations,
      warranties, covenants, indemnification provisions and closing conditions, and
      the satisfaction of such conditions, as well as the absence of any events set
      forth therein which would permit Sequence to terminate such
      agreement.

    

    e. The
      Company represents and warrants to Sequence that (i) the Company
      is not
      subject to any agreement or arrangement with any investment banker or finder
      or
similar
      person providing services substantially the same as the services to be provided
      by
      Sequence
      herein, and (ii) the Company is not obligated to pay, or may become obligated
      to
      pay, under any agreement or arrangement, any person any fee substantially
      similar to any of the fees which may be payable to Sequence herein, except
      as
      such agreement or arrangement has been previously disclosed to Sequence in
      writing.

    

    3. Compensation.
      In
      consideration for the services rendered by Sequence to the Company
      pursuant to this Agreement (and in addition to the expenses provided for in
      Section 11
      hereof),
      the Company shall compensate Sequence as follows:

    

    a. Merger
      and Acquisition, Joint Venture, Strategic Alliance
      Transactions. If
      any
      Transaction (as hereinafter defined) is consummated during the Term of
      this

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    November
      20, 2006 
Page 3

     

    Agreement
      or within one (1) year thereafter with any party introduced to the Company
      by
      Sequence during the Term, except for those companies named on the schedule
      annexed hereto, the Company shall pay at the closing of or as received on each
      such Transaction a cash fee equal to the sum of:

    

    (i) five
      percent (5%) of the first five million dollars of the Aggregate Consideration
      (as herein after defined) of a Transaction;

    

    (ii) four
      percent (4%) of the second five million dollars of the Aggregate Consideration
      of a Transaction;

    

    (iii) three
      percent (3%) of the third five million dollars of the Aggregate Consideration
      of
      a Transaction; and

    

    (iv) two
      percent (2%) of the Aggregate Consideration over fifteen million
      dollars.

    

    b. Aggregate
      Consideration. Aggregate
      Consideration is defined and computed as follows:

    

    (i) The
      total
      sale proceeds and other consideration received (which shall be deemed to include
      amounts paid into escrow) by the Company and/or its shareholders or by a target
      and/or its shareholders upon the consummation of the Transaction (including
      payments made in installments), inclusive of cash, securities, notes, consulting
      agreements and agreements not to compete, plus the total value of liabilities
      assumed.

    

    (ii) If
      a
      portion of such consideration includes contingency payments (whether or not
      related to future earnings or operations), Aggregate

    Consideration
      will include the face value of such payments without regard to whether the
      conditions for the payment of such contingent amounts have been or may be
      satisfied.

    

    (iii) If
      the
      Aggregate Consideration for the Transaction consists in whole or in part of
      securities, for the purposes of calculating the amount of Aggregate
      Consideration, the value of such securities will be the value thereof on the
      day
      preceding the consummation of the Transaction as the Company and Sequence agree;
      provided, however, that in the case of securities for which there is a public
      trading market, the value will be determined by the average last sales price
      for
      such securities for the last twenty (20) days prior to such consummation as
      determined by Sequence and communicated by Sequence to the Company. If there
      is
      no public trading market for such securities but securities have been sold
      in a
      private placement within the past twenty-four (24) months, the fair market
      value
      shall be based upon the gross sales price in the last such private
      placement.

    

    (iv) For
      other
      property received or receivable as a part of the Aggregate Consideration and
      the
      parties are unable to agree, then each of Sequence and the Company will select
      an investment banking firm respected in the merger and acquisition field to
      determine a value and the midpoint between the two values established by the
      two
      independent experts will be the fair market value for the purpose
      hereof.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      November
        20, 2006 

      Page
        4

       
c. Transactions.
      For
      the
      purposes of this Agreement, any of the following transactions shall constitute
      a
“Transaction”:

    

    (i) the
      sale,
      outside of the ordinary course of business, of the Company or a material portion
      of its assets, securities, or business by means of a merger, consolidation,
      joint venture, exchange offer, licensing or purchase or sale of stock or assets,
      or any transaction resulting in any change of control of the Company or its
      assets or business; or

    

    (ii) the
      purchase by the Company, outside of the ordinary course of business, of another
      company or a material portion of its assets, securities or business by means
      of
      a merger, consolidation, joint venture, exchange offer, licensing or purchase
      or
      sale of stock or assets.

    

    (iii) The
      entering into of any joint venture or strategic alliance for sales
      of
      or development of markets for the company’s products or services.
      The
      transaction value to be calculated as the gross amount of related transactions
      realized as a direct result of such joint venture or strategic
      alliance.

    

    d. Third-Party
      Debt Placements. In
      the
      event the Company obtains a debt facility, inclusive of revolving credit
      facilities, lines of credit, term loans, credit facilities, senior and junior
      loans, whether secured or unsecured, (a “Credit Facility”) during the Term of
      this Agreement or within one (1) year thereafter with a bank or other
      institutional lender (the “Lending Source”) introduced to the Company by
      Sequence during the Term, the Company will pay Sequence a fee of two percent
      (2%) of the maximum amount of the Credit Facility. In the event Sequence is
      involved during the Term of this Agreement in arranging an increase in any
      existing Credit Facility during the Term of this Agreement or within one (1)
      year thereafter, the Company will pay Sequence a fee of two percent (2%) of
      the
      increase from the maximum amount of the existing Credit Facility to the maximum
      amount of the new Credit Facility.

    

    e. Sales.
      In
      the
      event the Company obtains during the Term of this Agreement or within one (1)
      year thereafter a customer or a client introduced to the Company by Sequence
      during the Term, the Company will pay Sequence a fee of ten percent (10%) of
      the
      gross revenue derived from such customer or client or its affiliates for two
      (2)
      years after such origination. In the event Sequence is involved during the
      Term
      of this Agreement in arranging an increase in gross revenues derived from any
      customer or client of the Company, the Company will pay Sequence a fee of five
      percent (5%) of the increase in gross revenue derived from such customer or
      client or its affiliates for two (2) years after such origination. The Company
      shall pay such amounts within five (5) business days of the earlier of (i)
      when
      such gross revenue is received in cash or other property or services, or (ii)
      when the gross revenue is recognized by the Company for financial accounting
      purposes.

    

    f. Equity
      Placements and Underwritings (“Equity
      Financing
      Transaction”).
      The
      Company hereby grants Sequence a right of first refusal (i) to act as placement
      agent for any private offering of the Company's equity and equity derivative
      securities for the account of the Company or any affiliate of the Company,
      and
      (ii) to act as underwriter in any public offering of the Company's equity and
      equity derivative securities for the account of the Company or any affiliate
      of
      the Company. In addition, in

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      November
        20, 2006 

      Page
        5

       
the
      event
      the Company or any affiliate of the Company sells in any public or private
      offering of the Company’s equity or equity derivative securities during the Term
      of this Agreement
      or within one (1) year thereafter to any purchaser introduced to the
      Company
      by
      Sequence during the Term, the Company will pay Sequence a fee as set forth
      in
      this Section 3(f). A fee with respect to any sale or distribution of securities
      arising from this engagement will be paid as follows:

     

    

      
        	 	
                (i)     
                  Private Placement 

              	 	 
	 	 	 	 
	 	
                Placement
                  Agent Fee 

              	 	
                Eight
                  percent (8%) of gross proceeds

              
	 	 	 	 
	 	
                Warrant
                  Coverage

              	 	
                Amount
                  equal to twenty percent (20%) of gross proceeds

              
	 	 	 	 
	 	
                Non-Accountable
                  Expense Allowance

              	 	
                Two
                  percent (2%) of gross proceeds

              
	 	 	 	 
	 	 	 	 
	 	
                (ii)    
                   Public Offering

              	 	 
	 	 	 	 
	 	
                Transaction
                  Fee 

              	 	
                Eight
                  percent (8%) of gross proceeds

              
	 	 	 	 
	 	
                Warrant
                  Coverage

              	 	
                Amount
                  equal to twenty percent (20%) of gross proceeds

              
	 	 	 	 
	 	
                Non-Accountable
                  Expense Allowance

              	
                 

              	
                Two
                  percent (2%) of gross
                  proceeds

              

      

    

     

    (iii) All
      Warrants shall expire five (5) years from the date of issuance and shall have
      “piggy back” registration rights, cashless exercise rights, customary
      anti-dilution provisions on any stock splits and dividends and weighted average
      adjustments for issuances below the exercise price, reasonably acceptable to
      Sequence. The determination of value shall be made by agreement between Sequence
      and the Company, but, failing such agreement, by reference to the offering
      price
      of the Company’s securities being offered.

    

    g. Fairness
      Opinions, Valuations and Other Services. Fees
      and
      expenses payable to Sequence with regard to fairness opinions, valuations and
      services not specifically
      set forth herein will be determined by mutual agreement in writing at
      such
      time as
      the nature and terms of such transactions are determined.

    

    h. Payment
      of Fees. All
      fees
      to be paid pursuant to this Agreement are due and payable to Sequence in cash.
      The Company hereby agrees to, and hereby does, irrevocably
      authorize and instruct third-party funding sources, including Lending
      Sources
      and
      private equity groups, and counter parties to any Transaction under Section
      3(a)
      or any customer or client under Section 3(e) (the “Counter Parties”), to pay
      directly to Sequence cash sums provided for in Section 3 or 4. The Company
      authorizes Sequence to notify the Counter Parties of this provision and the
      terms of this Agreement for purposes of this provision and payment of the sums
      due under Section 3 or 4 of this

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    November
      20, 2006

    Page
      6

     

    Agreement.
      The Company agrees that Sequence is a direct beneficiary of any eventual
      agreement between the Company and the Counter Parties, and that Sequence is
      an
      intended third party beneficiary of any agreement between the Company and any
      Counter Party. The Company hereby expressly agrees that in the event any dispute
      or disagreement arises with respect to the payment to Sequence of the sums
      due
      under Section 3 or 4 of this Agreement, including any dispute regarding the
      amount due Sequence under this Agreement, that the Financing Sources shall
      immediately place all disputed sums in an interest bearing escrow account
      pending resolution of the dispute. The Company hereby irrevocably authorizes
      and
      instructs the Counter Parties to escrow such disputed sums. The Company further
      agrees that any sums due under this Agreement which are not in dispute shall
      not
      be escrowed, but shall be paid upon closing to Sequence by the Counter Parties
      as provided for under the terms of this Agreement.

    

    4.    
      Exclusivity.

    

    a. In
      the
      event that the Company engages in any Transaction during the Exclusivity Period
      other than through Sequence, the Company shall pay Sequence, as a reasonable
      estimate of the value of Sequence’s services under this Agreement, two percent
      (2%) of the Aggregate Consideration from such Transaction.

    

    b. In
      the
      event that the Company obtains a Credit Facility during the Exclusivity Period
      other than through Sequence, the Company shall pay Sequence, as a reasonable
      estimate of the value of Sequence’s services under this Agreement, one percent
      (1%) of the maximum amount of such Credit Facility.

    

    c. In
      the
      event that the Company or any affiliate of the Company engages in any Equity
      Financing Transaction during the Exclusivity Period other than through Sequence,
      the Company shall pay Sequence, as a reasonable estimate of the value of
      Sequence’s services under this Agreement, (i) three percent (3%) of the gross
      proceeds raised in the placement or offering, and (ii) the Warrant Coverage
      as
      defined in Section 3(f) as if Sequence had placed such Equity Financing
      Transaction.

    

    d. Sequence
      shall not be entitled to continue its right to exclusivity under this Agreement
      if Sequence materially breaches this Agreement and fails to reasonably cure
      such
      breach within sixty (60) days after written notice from the Company to Sequence,
      which such notice shall specify such breach. Sequence shall be entitled to
      any
      fee arising under this Section 4 for (i) any transaction that closes prior
      to
      the end of such cure period or (ii) if it is finally judicially determined
      that
      (A) Sequence did not materially breach this Agreement or (B) Sequence reasonably
      cured within the requisite period.

    

    5. 
      Term
      and Termination. This
      Agreement shall be effective for a period of one (1) year (the “Exclusivity
      Period”), commencing upon the Effective Date of this Agreement and may be
      extended as the parties shall mutually agree in writing (the “Term”), subject to
      the establishment of arrangements for additional compensation and other
      appropriate terms for such extension.

    

    6. 
      Confidentiality.
      The
      Company acknowledges that all opinions and advice (written or oral) given by
      Sequence to the Company in connection with Sequence’s engagement are intended
      solely for the benefit and use of the Company in considering the transaction
      to
      which they relate, and the Company agrees that no person or entity other than
      the Company shall be

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    November
      20, 2006

    Page
      7

     

    entitled
      to make use of or rely upon the advice of Sequence to be given hereunder, and
      no
      such opinion or advice shall be used for any other purpose or reproduced,
      disseminated, quoted or referred to at any time, in any manner or for any
      purpose, nor may the Company make any public references to Sequence, or use
      Sequence’s name in any annual reports or any other reports or releases of the
      Company without Sequence’s prior written consent.

    

    7.  Independent
      Contractor; Conflicts. The
      Company acknowledges that Sequence is in the business of providing investment
      banking services to others. Nothing herein contained shall be construed to
      limit
      or restrict Sequence in conducting such business with respect to others, or
      in
      rendering such advice to others. Sequence shall perform its services hereunder
      as an independent contractor and not as an employee of the Company or an
      affiliate thereof. It is expressly understood and agreed to by the parties
      hereto that Sequence shall have no authority to act for, represent or bind
      the
      Company or any affiliate thereof in any manner, except as may be agreed to
      expressly by the Company in writing from time to time. In no event shall
      Sequence be construed as a fiduciary of the Company. In the course of Sequence’s
      activities, it or its affiliates may hold long or short positions, and may
      trade
      or otherwise effect transactions for its own account in debt or equity
      securities or senior loans of the Company.

    

    8.  Reliance.
      The
      Company recognizes and confirms that, in advising the Company and in fulfilling
      its engagement hereunder, Sequence will use and rely on data, material and
      other
      information furnished to Sequence by the Company and that Sequence may rely
      upon
      the data, material and other information supplied by the Company without
      independently verifying the accuracy, completeness or veracity of
      same.

    

    9.  Notices.
      Any
      notice or communication permitted or required hereunder shall be in writing
      and
      shall be deemed sufficiently given if hand-delivered or sent (i) postage prepaid
      by registered mail, return receipt requested, or (ii) by nationally-recognized
      overnight courier, or (iii) by facsimile, to the respective parties as set
      forth
      below, or to such other address as either party may notify the other of in
      writing:

     

    
      	
              If
                to the Company, to:

               

            	
              If
                to Sequence, to:

               

            
	
              Seawright
                Holdings, Inc.

            	
              Sequence
                Investment Partners, LLC

            
	
              600
                Cameron Street

            	
              192
                East Bay Street, Suite 300

            
	
              Alexandria,
                VA 22134

            	
              Charleston,
                SC 29401

            
	
              Attention:
                Joel P. Sens

            	
              Attn:
                Kevin High

            
	
              Title:
                CEO

            	
              Title:
                Managing Director

            
	
              Fax:

            	
              Fax:

               

            

    

     

    10. Indemnification.

    

    a. The
      Company agrees to indemnify and hold harmless Sequence and its affiliates,
      the
      respective managers, directors, officers, partners, agents and employees of
      Sequence and its affiliates, and each other person, if any, controlling Sequence
      or any of its affiliates (collectively, “Indemnified Persons”), from and
      against, and the Company agrees that no Indemnified Person shall have any
      liability to the Company or its owners, parents, affiliates, security holders
      or
      creditors for, any losses, claims, damages or liabilities (including actions
      or
      proceedings in respect thereof) (collectively “Losses”) (i) related to or
      arising out of (A) the Company’s actions or failures to act (including
      statements or omissions made, or information provided, by the Company or its
      agents) or

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      November
        20, 2006 

      Page
        8

       
(B)
      actions or failures to act by an Indemnified Person with the Company’s consent
      or in reliance on the Company’s actions or failures to act, or (ii) otherwise
      related to or arising out of the Agreement or Sequence’s performance thereof,
      except that this clause (ii) shall not apply to the extent that any Losses
      resulted from Sequence’s intentional misconduct

    or
      gross
      negligence. If such indemnification is for any reason not available or is
      insufficient to hold Sequence harmless, the Company agrees to contribute to
      the
      Losses involved in such proportion as is appropriate to reflect the relative
      benefits received (or anticipated to be received) by Sequence and by the Company
      with respect to this Agreement or, if such allocation is judicially determined
      unavailable, in such proportion as is appropriate to reflect other equitable
      considerations such as the relative fault of Sequence on the one hand and of
      the
      Company on the other hand; provided, however, that, to the extent permitted
      by
      applicable law, the Indemnified Persons shall not be allocated relative fault
      which in the aggregate is in excess of the amount of all fees actually received
      by Sequence in connection with this Agreement. Relative benefits to Sequence,
      on
      the one hand, and the Company, on the other hand, shall be deemed to be in
      the
      same proportion as (i) the total value paid or proposed to be paid or received
      or proposed to be received by the Company or its security holders, as the case
      may be, pursuant to the transaction(s), whether or not consummated, contemplated
      by this Agreement bears to (ii) all fees paid to Sequence in connection with
      this Agreement.

    

    b. The
      Company will advance each Indemnified Person all expenses (including reasonable
      fees and disbursements of counsel) as they are incurred by such Indemnified
      Person in connection with investigating, preparing for or defending any action,
      claim, investigation, inquiry, arbitration or other proceeding (“Action”)
      arising out of a third party claim. The Company further agrees that the Company
      will not settle or compromise or consent to the entry of any judgment in any
      pending or threatened Action in respect of which indemnification may be sought
      hereunder (whether or not an Indemnified Person is a party therein) unless
      the
      Company has given Sequence reasonable prior written notice thereof and used
      all
      reasonable efforts, after consultation with Sequence, to obtain an unconditional
      release of each Indemnified Person from all liability arising therefrom. In
      the
      event the Company is considering entering into one or a series of transactions
      involving a merger or other business combination or a dissolution or liquidation
      of all or a significant portion of the Company’s assets, the Company shall
      promptly notify Sequence in writing. If requested by Sequence, the Company
      shall
      then establish alternative means of providing for the Company’s obligations set
      forth herein on terms and conditions reasonably satisfactory to
      Sequence.

    

    c. If
      multiple claims are brought against Sequence in any Action with respect to
      at
      least one of which indemnification is permitted under applicable law and
      provided for under this Agreement, the Company agrees that any judgment,
      arbitration award or other monetary award shall be conclusively deemed to be
      based on claims as to which indemnification is permitted and provided. The
      Company’s obligations hereunder shall be in addition to any rights that any
      Indemnified Person may have at common law or otherwise. Solely for the purpose
      of enforcing this Section 10, the Company hereby consents to personal
      jurisdiction and to service and venue in any court in which any claim which
      is
      subject to this Agreement is brought by or against any Indemnified
      Person.

    

    d. The
      provisions of this Section 10 shall apply to the Agreement (including related
      activities prior to the date hereof) and any modification thereof and shall
      remain in full force and effect regardless of the completion or termination
      of
      the Agreement.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    November
      20, 2006 

    Page
      9

     

           
      11.  Expenses.

    

    a. All
      costs
      and expenses incident to the performance by the Company of its obligations
      hereunder shall be paid by the Company. All costs and expenses incident to
      the
      performance by the Company of its obligations hereunder and paid by Sequence
      shall be reimbursed to Sequence by the Company and shall be due upon
      request.

    

    b. All
      out-of-pocket costs and expenses of Sequence incident to the performance by
      Sequence of its obligations hereunder, including fees and expenses of counsel
      for Sequence, shall, upon submission of reasonable documentation therefore
      to
      the Company, be reimbursed by the Company, up to an aggregate amount of $15,000,
      unless otherwise agreed in writing by the Company. As an advance against the
      expenses expected to be incurred by Sequence under this Agreement, the Company
      will, upon execution
      of this Agreement, pay Sequence $10,000. Any amounts owing to Sequence
      in
      excess
      of this amount shall be due upon request.

    

    12. 
      Publicity.
      Following
      consummation of any financing and during the Term, consistent with applicable
      securities laws, Sequence shall have the right to place advertisements in
      financial and other newspapers and journals, at Sequence’s own expense,
      describing its services to the Company hereunder and, in that regard, shall
      have
      the right to include therein the name and corporate logo of the
      Company.

    

    13. 
      Counterparts.
      This
      Agreement may be executed in any number of counterparts, each of which together
      shall constitute one and the same original document.

    

    14. 
      Assignability
      and Modification. This
      Agreement is not assignable and cannot be
      modified or changed, nor can any of its provisions be waived, except by the
      mutual agreement
      in
      writing of all parties.

    

    15. 
      Choice
      of Law; Venue; Jury Trial. The
      laws
      of the State of South Carolina shall govern the validity of this Agreement,
      the
      construction of its terms, and the interpretation of the rights and duties
      arising hereunder. Any legal action shall be brought in federal or state court
      located in the City of Charleston, State of South Carolina. The
      parties hereto irrevocably waive to the extent permitted by law, all rights
      to
      trial by jury in any action, proceeding or counterclaim arising out of or
      relating to this Agreement.

    

    16. 
      Severability.
      Each
      section, paragraph, term or provision of this Agreement shall be
      considered severable and if, for any reason, any paragraph, term or provision
      is
      determined to
      be
      invalid or contrary to any existing or future law or regulation, such will
      not
      impair the operation, or affect the remaining portions, of this
      Agreement.

    

    If
      you
      are in agreement with the foregoing, please execute and return the enclosed
      copy
of
      this
      letter to the undersigned no later than 5:00 p.m. (Eastern time) on Wednesday,
      November
      22,
      2006, after which time this letter will expire if not so accepted. We are
      delighted to be working with you and look forward to a successful
      outcome.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    November
      20, 2006

    Page
      10

    

    

    Very
      truly yours,

     

    

     

                SEQUENCE
      INVESTMENT
      PARTNERS,
      LLC f'

     

                By: 

       
      
      
        

      

    

     

               
      Kevin J. High 

            Managing
      Director

     

    

    Agreed
      and accepted:

    

    SEAWRIGHT
      HOLDINGS,
      INC.

    

    

    By:
      ____________________________

    Name:
      Joel P. Sens 

    Title:
      CEO

    Date:

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    November
      20, 2006 

    Page
      11

    

    Section
      3(a) List

     

    
      [to
        be
        provided by Company]

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