Document:

Exhibit
10.1

 

INDEPENDENT
DIRECTOR AGREEMENT

 

This
INDEPENDENT DIRECTOR AGREEMENT is dated August 1, 2017 (the “Agreement”) by and between BROWNIE’S MARINE
GROUP, INC., a Florida corporation (the “Company”), and Mikkel Pitzner, an individual (the “Director”).

 

WHEREAS,
the Company appointed the Director effective as of the date hereof and desires to enter into an agreement with the Director with
respect to such appointment; and

 

WHEREAS,
the Director is willing to accept such appointment and to serve the Company on the terms set forth herein and in accordance with
the provisions of this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto agree as follows:

 

1.
Position. Subject to the terms and provisions of this Agreement, the Company shall cause the Director to be appointed,
and the Director hereby agrees to serve the Company in such position upon the terms and conditions hereinafter set forth, provided,
however, that the Director’s continued service on the Board of Directors of the Company (the “Board”)
after the initial one-year term on the Board shall be subject to any necessary approval by the Company’s stockholders.

 

2.
Duties.

 

(a)
During the Directorship Term (as defined herein), the Director make reasonable business efforts to attend all Board meetings,
serve on appropriate subcommittees as reasonably requested by the Board, make himself available to the Company at mutually convenient
times and places, attend external meetings and presentations, as appropriate and convenient, and perform such duties, services
and responsibilities, and have the authority commensurate to such position.

 

(b)
The Director will use his best efforts to promote the interests of the Company. The Company recognizes that the Director (i) is
or may become a full-time executive employee of another entity and that his responsibilities to such entity must have priority
and (ii) sits or may sit on the board of directors of other entities, subject to any limitations set forth by the Sarbanes-Oxley
Act of 2002 and limitations provided by any exchange or quotation service on which the Company’s common stock is listed
or traded. Notwithstanding the same, the Director will provide the Company with prior written notice of any future commitments
to such entities and use reasonable business efforts to coordinate his respective commitments so as to fulfill his obligations
to the Company and, in any event, will fulfill his legal obligations as a Director. Other than as set forth above, the Director
will not, without the prior notification to the Board, engage in any other business activity which could materially interfere
with the performance of his duties, services and responsibilities hereunder or which is in violation of the reasonable policies
established from time to time by the Company, provided that the foregoing shall in no way limit his activities on behalf
of (i) any current employer and its affiliates or (ii) the board of directors of any entities on which he currently sits. At such
time as the Board receives such notification, the Board may require the resignation of the Director if it determines that such
business activity does in fact materially interfere with the performance of the Director’s duties, services and responsibilities
hereunder.

 

3.
Compensation.

 

(a)
Stock Issuance. The Director shall receive two million (2,000,000) shares of the Company’s common stock on the Effective
Date.

 

(b)
Independent Contractor. The Director’s status during the Directorship Term shall be that of an independent contractor
and not, for any purpose, that of an employee or agent with authority to bind the Company in any respect. All payments and other
consideration made or provided to the Director under this Section 3 shall be made or provided without withholding or deduction
of any kind, and the Director shall assume sole responsibility for discharging all tax or other obligations associated therewith.

 

    	 	1	 

    	 		 

    

 

(c)
Fee. During the Directorship Term the Director shall receive an annual fee of $6,000, payable on a quarterly basis at the
rate of $1,500 per quarter.

 

(d)
Expense Reimbursements. During the Directorship Term, the Company shall reimburse the Director for all reasonable out-of-pocket
expenses incurred by the Director in attending any in-person meetings, provided that the Director complies with the generally
applicable policies, practices and procedures of the Company for submission of expense reports, receipts or similar documentation
of such expenses. Any reimbursements for allocated expenses (as compared to out-of-pocket expenses of the Director) must be approved
in advance by the Company.

 

4.
Directorship Term. The “Directorship Term,” as used in this Agreement, shall mean the period commencing
on the date hereof and terminating on the earlier of the date of the next annual stockholders meeting and the earliest of the
following to occur:

 

(a)
the death of the Director;

 

(b)
the termination of the Director from his membership on the Board by the mutual agreement of the Company and the Director;

 

(c)
the removal of the Director from the Board by the majority stockholders of the Company; and

 

(d)
the resignation by the Director from the Board.

 

5.
Director’s Representation and Acknowledgment. The Director represents to the Company that his execution and performance
of this Agreement shall not be in violation of any agreement or obligation (whether or not written) that he may have with or to
any person or entity, including without limitation, any prior or current employer. The Director hereby acknowledges and agrees
that this Agreement (and any other agreement or obligation referred to herein) shall be an obligation solely of the Company, and
the Director shall have no recourse whatsoever against any stockholder of the Company or any of their respective affiliates with
regard to this Agreement.

 

6.
Director Covenants.

 

(a)
Unauthorized Disclosure. The Director agrees and understands that in the Director’s position with the Company, the
Director has been and will be exposed to and receive information relating to the confidential affairs of the Company, including,
but not limited to, technical information, business and marketing plans, strategies, customer information, other information concerning
the Company’s products, promotions, development, financing, expansion plans, business policies and practices, and other
forms of information considered by the Company to be confidential and in the nature of trade secrets. The Director agrees that
during the Directorship Term and thereafter, the Director will keep such information confidential and will not disclose such information,
either directly or indirectly, to any third person or entity without the prior written consent of the Company; provided,
however, that (i) the Director shall have no such obligation to the extent such information is or becomes publicly known
or generally known in the Company’s industry other than as a result of the Director’s breach of his obligations hereunder
and (ii) the Director may, after giving prior notice to the Company to the extent practicable under the circumstances, disclose
such information to the extent required by applicable laws or governmental regulations or judicial or regulatory process. This
confidentiality covenant has no temporal, geographical or territorial restriction. Upon termination of the Directorship Term,
the Director will promptly return to the Company and/or destroy at the Company’s direction all property, keys, notes, memoranda,
writings, lists, files, reports, customer lists, correspondence, tapes, disks, cards, surveys, maps, logs, machines, technical
data, other product or document, and any summary or compilation of the foregoing, in whatever form, including, without limitation,
in electronic form, which has been produced by, received by or otherwise submitted to the Director in the course or otherwise
as a result of the Director’s position with the Company during or prior to the Directorship Term, provided that the
Company shall retain such materials and make them available to the Director if requested by him in connection with any litigation
against the Director under circumstances in which (i) the Director demonstrates to the reasonable satisfaction of the Company
that the materials are necessary to his defense in the litigation and (ii) the confidentiality of the materials is preserved to
the reasonable satisfaction of the Company.

 

    	 	2	 

    	 		 

    

 

(b)
Non-Solicitation. During the Directorship Term and for a period of two (2) years thereafter, the Director shall not interfere
with the Company’s relationship with, or endeavor to entice away from the Company, any person who, on the date of the termination
of the Directorship Term and/or at any time during the one year period prior to the termination of the Directorship Term, was
an employee or customer of the Company or otherwise had a material business relationship with the Company.

 

(c)
Insider Trading Guidelines. Director agrees to execute the Company’s Insider Trading Guidelines in the form attached
hereto.

 

(d)
Remedies. The Director agrees that any breach of the terms of this Section 6 would result in irreparable injury and damage
to the Company for which the Company would have no adequate remedy at law; the Director therefore also agrees that in the event
of said breach or any threat of breach, the Company shall be entitled to an immediate injunction and restraining order to prevent
such breach and/or threatened breach and/or continued breach by the Director and/or any and all entities acting for and/or with
the Director, without having to prove damages or paying a bond, in addition to any other remedies to which the Company may be
entitled at law or in equity. The terms of this paragraph shall not prevent the Company from pursuing any other available remedies
for any breach or threatened breach hereof, including, but not limited to, the recovery of damages from the Director. The Director
acknowledges that the Company would not have entered into this Agreement had the Director not agreed to the provisions of this
Section 6.

 

(e)
The provisions of this Section 6 shall survive any termination of the Directorship Term, and the existence of any claim or cause
of action by the Director against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense
to the enforcement by the Company of the covenants and agreements of this Section 6.

 

7.
Indemnification. The Company agrees to indemnify the Director for his activities as a member of the Board to the fullest
extent permitted under applicable law and shall use its best efforts to maintain Directors and Officers Insurance benefitting
the Board.

 

8.
Non-Waiver of Rights. The failure to enforce at any time the provisions of this Agreement or to require at any time performance
by the other party hereto of any of the provisions hereof shall in no way be construed to be a waiver of such provisions or to
affect either the validity of this Agreement or any part hereof, or the right of either party hereto to enforce each and every
provision in accordance with its terms. No waiver by either party hereto of any breach by the other party hereto of any provision
of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions at that time
or at any prior or subsequent time.

 

9.
Notices. Every notice relating to this Agreement shall be in writing and shall be given by personal delivery or by registered
or certified mail, postage prepaid, return receipt requested; to:

 

	 	If
    to the Company:	 
	 	 	 
	 	Brownie’s
    Marine Group, Inc.	 
	 	3001
    NW 25th Ave.	 
	 	Pompano
    Beach, Florida 33306	 
	 	Attn:
    President	 
	 	 	 
	 	If
    to the Director:	 
	 	 	 
	 	 	 
	 	 	 

 

Either
of the parties hereto may change their address for purposes of notice hereunder by giving notice in writing to such other party
pursuant to this Section 9.

 

    	 	3	 

    	 		 

    

 

10.
Binding Effect/Assignment. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their
respective heirs, executors, personal representatives, estates, successors (including, without limitation, by way of merger) and
assigns. Notwithstanding the provisions of the immediately preceding sentence, neither the Director nor the Company shall assign
all or any portion of this Agreement without the prior written consent of the other party.

 

11.
Entire Agreement. This Agreement (together with the other agreements referred to herein) sets forth the entire understanding
of the parties hereto with respect to the subject matter hereof and supersedes all prior agreements, written or oral, between
them as to such subject matter.

 

12.
Severability. If any provision of this Agreement, or any application thereof to any circumstances, is invalid, in whole
or in part, such provision or application shall to that extent be severable and shall not affect other provisions or applications
of this Agreement.

 

13.
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida, without
reference to the principles of conflict of laws. All actions and proceedings arising out of or relating to this Agreement shall
be heard and determined in any court in Broward County, Florida and the parties hereto hereby consent to the jurisdiction of such
courts in any such action or proceeding; provided, however, that neither party shall commence any such action or
proceeding unless prior thereto the parties have in good faith attempted to resolve the claim, dispute or cause of action which
is the subject of such action or proceeding through mediation by an independent third party.

 

14.
Legal Fees. The parties hereto agree that the non-prevailing party in any dispute, claim, action or proceeding between
the parties hereto arising out of or relating to the terms and conditions of this Agreement or any provision thereof (a “Dispute”),
shall reimburse the prevailing party for reasonable attorney’s fees and expenses incurred by the prevailing party in connection
with such Dispute; provided, however, that the Director shall only be required to reimburse the Company for its
fees and expenses incurred in connection with a Dispute if the Director’s position in such Dispute was found by the court,
arbitrator or other person or entity presiding over such Dispute to be frivolous or advanced not in good faith.

 

15.
Modifications. Neither this Agreement nor any provision hereof may be modified, altered, amended or waived except by an
instrument in writing duly signed by the party to be charged.

 

16.
Tense and Headings. Whenever any words used herein are in the singular form, they shall be construed as though they were
also used in the plural form in all cases where they would so apply. The headings contained herein are solely for the purposes
of reference, are not part of this Agreement and shall not in any way affect the meaning or interpretation of this Agreement.

 

17.
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original
but all of which together shall constitute one and the same instrument.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

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IN
WITNESS WHEREOF, the Company has caused this Director Agreement to be executed by authority of its Board of Directors, and the
Director has hereunto set his hand, on the day and year first above written.

 

	 	BROWNIE’S
    MARINE GROUP, INC.
	 	 	 
	 	By:
    	/s/
    Robert Carmichael
	 	Name:
    	Robert
    Carmichael
	 	Title:
    	Chief
    Executive Officer
	 	 	 
	 	DIRECTOR
	 	 	 
	 	/s/
    Mikkel Pitzner
	 	Mikkel
    Pitzner

 

    	 	5Exhibit
10.2

 

ADVISORY
AGREEMENT

 

THIS
ADVISORY AGREEMENT (the “Agreement”) is made this 7th day of August, 2017, effective August 1, 2017
(the “Effective Date”), by and between BROWNIE’S MARINE GROUP, INC., a Florida corporation
(the “Company”) with its principal place of business located at 3001 NW 25 Avenue, Suite 1, Pompano
Beach, Florida 33069 and WESLEY P. SIEBENTHAL, an individual (the “Advisor”) with his principal
offices located at 4497 Hill Ct., Orcutt, CA 93455.

 

R
E C I T A L S

 

WHEREAS,
the Company desires to retain the Advisor to provide certain advisory services as hereinafter set forth.

 

WHEREAS,
the Advisor desires to provide certain advisory services to the Company in accordance with the terms and conditions contained
hereinafter.

 

NOW,
THEREFORE, in consideration of the mutual promises set forth herein and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

1.
Advisory Services. During the Term of this Agreement, the Advisor is hereby retained by the Company serve as its
Chief Technology Advisor and to provide advisory and consulting services (the “Services”) to the Company
including, but not limited to: (i) researching, designing, and building prototype(s); and (ii) managing production tooling for
modification to current products and new products under consideration at the Company. The Advisor shall provide such additional
Services as reasonably requested by the Company during the Term of this Agreement.

 

2.
Term; Termination. The term (“Term”) of this Agreement shall commence on the Effective
Date and end on January 31, 2018 (the “Expiration Date”). Either party may terminate this Agreement
in the event that the other party fails to perform any of its material obligations under this Agreement, or otherwise defaults
in any of its material obligations under this Agreement, and such failure or default continues uncured for a period of thirty
(30) days following written notice from the non-defaulting party.

 

3.
Compensation; Investment Intent.

 

(a)
As full and complete compensation for the Services, the Company shall issue the Advisor two million (2,000,000) shares of the
Company’s common stock (the “Compensation Shares”), which such Compensation Shares shall be fully
paid and non-assessable upon issuance thereof.

 

    	 	1	 

    	 		 

    

 

(b)
The Compensation Shares are “restricted securities” as that term is defined in the Securities Act of 1933, as amended
(the “Securities Act”). The Advisor has such knowledge and experience in financial, investment and business
matters that he is capable of evaluating the merits and risks of the investment in the Compensation Shares and represents that
he: (i) has adequate means of providing for his current financial needs and possible personal contingencies, and has no need for
liquidity of investment in the Company; (ii) can afford (a) to hold unregistered securities for an indefinite period of time and
(b) sustain a complete loss of the entire amount of such securities; and (iii) has not made an overall commitment to investments
which are not readily marketable which is disproportionate so as to cause such overall commitment to become excessive. The Compensation
Shares are being acquired by the Advisor solely for his account for personal investment and not with a view to, or for resale
in connection with, any distribution. The Advisor does not intend to dispose of all or any part of the Compensation Shares except
in compliance with the provisions of the Securities Act and applicable state securities laws and understands that the Compensation
Shares are being issued pursuant to a specific exemption under the provisions of the Securities Act, which exemption depends,
among other things, upon the compliance with the provisions of the Securities Act.

 

(c)
The Company may insert the following or similar legend on the certificate representing the Compensation Shares, if required in
compliance with the Securities Act or state securities laws:

 

“These
securities have not been registered under the Securities Act of 1933, as amended (“Securities Act”), or any
state securities laws and may not be sold or otherwise transferred or disposed of except pursuant to an effective registration
statement under the Securities Act and any applicable state securities laws, or an opinion of counsel satisfactory to counsel
to the Brownie’s Marine Group, Inc. that an exemption from registration under the act and any applicable state securities
laws is available.”

 

(d)
The Advisor’s status shall be that of an independent contractor and not, for any purpose, that of an employee or agent with
authority to bind the Company in any respect. All payments and other consideration made or provided to the Advisor under this
Agreement shall be made or provided without withholding or deduction of any kind, and the Advisor shall assume sole responsibility
for discharging all tax or other obligations associated therewith.

 

4.
Expenses. The Advisor shall be responsible for all expenses incurred by him in the performance of the Services hereunder
and he is not entitled to a reimbursement by the Company for any such expenses; provided, however, should the Advisor be
requested to travel on the Company’s behalf, the Company shall pay all reasonable travel expenses of Advisor upon prior
agreement of the parties.

 

5.
Return of Documents. On termination of this Agreement or at any time upon the request of Company, Advisor shall
return to Company all documents, including all copies thereof, and all other property relating to the business of Company and/or
its affiliates, including without limitation, the Confidential Information (as hereinafter defined), in his possession or control.

 

    	 	2	 

    	 		 

    

 

6.
Amendment or Assignment. No modification, waiver, amendment, discharge or change of this Agreement shall be valid
unless the same is evidenced by a written instrument, executed by the party against which such modification, waiver, amendment,
discharge or change is sought. This Agreement is not assignable by the Advisor without the prior written consent of the Company,
which such consent may not be forthcoming.

 

7.
Confidentiality.

 

(a)
In connection with the performance of the Services contemplated by this Agreement, the Advisor may gain access to Confidential
Information (as hereinafter defined) of the Company. Confidential Information includes information communicated orally, in writing,
by electronic or magnetic media, by visual observation, or by other means, and may be marked confidential or proprietary, or bear
a marking of like import, or which the Company states to be confidential or proprietary, or which would logically be considered
confidential or proprietary under circumstances of its disclosure known to Advisor. No rights or licenses to trademarks, inventions,
copyrights, patents or any other intellectual property rights are implied or granted under this Agreement or by the conveying
of Confidential Information to Advisor.

 

(b)
The Advisor acknowledges and understands that: (i) Confidential Information provides the Company with a competitive advantage
(or that could be used to the disadvantage of the Company by a competitor); (ii) the Company has a continuing interest in maintaining
the confidentiality of Confidential Information; and (iii) the Company has a compelling business interest in preventing unfair
competition stemming from the use or disclosure of Confidential Information.

 

(c)
For purposes hereof, “Confidential Information” includes, but is not limited to, information pertaining
to business plans, joint venture agreements, licensing agreements, financial information, contracts, customers, products, trade
secrets, specifications, designs, plans, drawings, software, data, prototypes, processes, methods, research, development or other
information relating to the business activities and operations of the Company and its subsidiaries and affiliates.

 

(d)
The Advisor agrees to keep Confidential Information confidential and, except as authorized by the Company in writing, Advisor
shall not, directly or indirectly, use Confidential Information for any reason except to perform the Services under this Agreement.
The Advisor acknowledges that such Confidential Information could be deemed to be material non-public information that is not
generally available to the public. The Advisor further acknowledges his understanding that federal securities laws strictly prohibit
any person who obtains inside information, and has a duty not to disclose it such as the Advisor, from using the information in
connection with the purchase or sale of securities.

 

(e)
The restrictions in subsection (d) of this Section shall not apply to any Confidential Information if Advisor can demonstrate
that the Confidential Information: (i) is or becomes available to the public through no breach of this Agreement; (ii) was previously
known by Advisor without any obligation to hold it in confidence; (iii) is received from a third party free to disclose such information
without restriction; (iv) is independently developed by Advisor without the use of the Confidential Information; (v) is approved
for release by written authorization of the Company; (vi) is required by law or regulation to be disclosed, but only to the extent
and for the purposes of such required disclosure; or (vii) is disclosed in response to a valid order of a court or lawful request
of a governmental agency, but only to the extent of and for the purposes of such order or request, provided that Advisor notifies
the Company of the order or request ten (10) days prior to disclosure and permits the Company to seek an appropriate protective
order.

 

    	 	3	 

    	 		 

    

 

8.
Inventions.

 

(a)
If at any time the Advisor (either alone or with others) should make, conceive, discover or reduce to practice any invention,
modification, discovery, design, development, improvement, process, software program, work-of-authorship, documentation, formula,
data, technique, know-how, secret or intellectual property right whatsoever or any interest therein (whether or not patentable
or registrable under copyright or similar statutes or subject to analogous protection) (herein called “Developments”)
that: (a) relates to the business activities of the Company (or any of its subsidiaries) or any of the products or services being
developed, manufactured, sold or provided by the Company or which may be used in relation therewith; or (b) results from the Services,
such Developments and the benefits thereof shall immediately become and/or be considered as the sole and absolute property of
the Company and its assigns as a work for hire, and the Advisor shall promptly disclose to the Company (or any persons designated
by it) each such Development and hereby irrevocable assigns any rights the Advisor may have or acquire in the Developments and
benefits and/or rights resulting therefrom to the Company and its assigns without further compensation and shall communicate,
without cost or delay, and without publishing the same, all available information relating thereto (with all necessary documentation,
plans and models) to the Company. Upon disclosure of each Development to the Company, the Advisor will at any time, at the request
and cost of the Company, sign, execute, make and do all such deeds, documents, acts and things as the Company and its duly authorized
agents may reasonably require: (i) to apply for, obtain and vest in the name of the Company alone (unless the Company otherwise
directs) letters patent, copyrights, trademarks, service marks or other analogous protection in any country throughout the world
and when so obtained or vested to renew and restore the same; and (ii) to defend any opposition proceedings in respect of such
applications and any opposition proceedings or petitions or applications for revocation of such letters patent, copyrights, trademarks,
service marks or other analogous protection.

 

(b)
In the event the Company is unable, after reasonable effort, to secure the Advisor’s signature on any letters patent, copyrights,
trademarks, service marks or other analogous protection relating to a Development, whether because of the Advisor’s physical
or mental incapacity or for any other reason whatsoever, the Advisor hereby irrevocably designates and appoints the Company and
its duly authorized officers and agents as the Advisor’s agent and attorney-in-fact, to act for and on his behalf and stead
to execute and file any such application or applications and to do all other lawfully permitted acts to further the prosecution
and issuance of any such letters patent, copyrights, trademarks, service marks and other analogous protection thereon with the
same legal force and effect as if executed by the Advisor.

 

    	 	4	 

    	 		 

    

 

9.
Waiver. Unless agreed in writing, the failure of either party, at any time, to require performance by the other
of any provisions hereunder shall not affect its right thereafter to enforce the same, nor shall a waiver by either party of any
breach of any provision hereof be taken or held to be a waiver of any other preceding or succeeding breach of any term or provision
of this Agreement. No extension of time for the performance of any obligation or act shall be deemed to be an extension of time
for the performance of any other obligation or act hereunder.

 

10.
Notices. All notices, demands or other communications given hereunder shall be in writing and shall be deemed to
have been duly given on the day when delivered in person or transmitted by confirmed facsimile transmission or on the third (3rd)
calendar day after being mailed by United States registered or certified mail, return receipt requested, postage prepaid, to the
addresses hereinabove first mentioned or to such other address as any party hereto shall designate to the other for such purpose
in the manner herein set forth.

 

11.
Entire Agreement. This Agreement contains all of the understandings and agreements of the parties with respect to
the subject matter discussed herein. All prior agreements, whether written or oral, are merged herein and shall be of no force
or effect.

 

12.
Survival. Any termination of this Agreement shall not, however, affect the ongoing provisions of this Agreement
which shall survive such termination in accordance with their terms.

 

13.
Severability. The invalidity, illegality or unenforceability of any provision or provisions of this Agreement will
not affect any other provision of this Agreement, which will remain in full force and effect, nor will the invalidity, illegality
or unenforceability of a portion of any provision of this Agreement affect the balance of such provision. In the event that any
one or more of the provisions contained in this Agreement or any portion thereof shall for any reason be held to be invalid, illegal
or unenforceable in any respect, this Agreement shall be reformed, construed and enforced as if such invalid, illegal or unenforceable
provision had never been contained herein.

 

14.
Governing Law. This Agreement shall become valid when executed and accepted by Company. This Agreement shall be
construed in accordance with the laws of the State of Florida, without an application of the principles of conflicts of laws.
Anything in this Agreement to the contrary notwithstanding, the Advisor shall conduct the Advisor’s business in a lawful
manner and faithfully comply with applicable laws or regulations of the state, city or other political subdivision in which the
Advisor is located.

 

15.
Enforcement. Any suit, action or proceeding with respect to this Agreement shall be brought in the state or federal
courts located in Broward County in the State of Florida. The parties hereto hereby accept the exclusive jurisdiction and venue
of those courts for the purpose of any such suit, action or proceeding. The parties hereto hereby irrevocably waive, to the fullest
extent permitted by law, any objection that any of them may now or hereafter have to the laying of venue of any suit, action or
proceeding arising out of or relating to this Agreement or any judgment entered by any court in respect thereof brought in Broward
County, Florida, and hereby further irrevocably waive any claim that any suit, action or proceeding brought in Broward County,
Florida has been brought in an inconvenient form.

 

    	 	5	 

    	 		 

    

 

16.
Binding Nature, No Third Party Beneficiary. The terms and provisions of this Agreement shall be binding upon and
inure to the benefit of the parties, and their respective successors and assigns. This Agreement is not assignable by the Advisor
without the prior written consent of the Company.

 

17.
Counterparts. This Agreement may be executed in any number of counterparts, including facsimile signatures which
shall be deemed as original signatures. All executed counterparts shall constitute one agreement, notwithstanding that all signatories
are not signatories to the original or the same counterpart.

 

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

 

	 	THE
    COMPANY
	 	 	 
	 	BROWNIE’S
    MARINE GROUP, INC.
	 	 	 
	 	By:	/s/
    Robert Carmichael
	 	 	Robert
    Carmichael
	 	 	Chief
    Executive Officer
	 	 	 
	 	THE
    ADVISOR
	 	 	 
	 	/s/
    Wesley P. Siebenthal
	 	WESLEY
    P. SIEBENTHAL

 

    	 	6

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