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THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS.  THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT.  NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES. 

Principal Amount:

$35,000

Date:  April 7, 2014

  

DEBT CONVERSION AGREEMENT

PARTIES

Company

Endurance Exploration Group Inc.

15500 Roosevelt Blvd., Suite 301

Clearwater, FL  33760

Holder

Endeavour Cooperative Partners, LLC

15500 Roosevelt Blvd., Suite 301

Clearwater, FL  33760

RECITALS

Endeavour Cooperative Partners LLC (“Holder”) has loaned Endurance Exploration Group Inc.

A.

 (“Company”) $35,000 USD (the “Debt”). 

B.

Accordingly, as of April 7, 2014, the total amount due to Holder is $35,000 USD.

C.

The Company and the Holder have agreed that the Company should repay the Debt by means of conversion of the debt into equity of the Company pursuant to the terms of this Agreement.

AGREEMENTS

Therefore, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

A.

The Company is a corporation duly organized and existing under, and by virtue of, the laws of the State of Nevada and is in good standing under such laws. The Company has requisite corporate power and authority to own and operate its properties and assets, and to carry on its business as presently conducted and as proposed to be conducted.

B.

The Company has all requisite legal and corporate power and authority to execute and deliver this agreement, and to issue shares of Stock of the Company (the “Stock”) upon conversion of the amounts due under the Debt and to carry out and perform its obligations under the terms of this Agreement.

C.

As of the Date, the authorized capital stock of the Company consists of 110,000,000 shares of capital stock consisting of 100,000,000 shares of Stock, par value $0.01 per share, of which 35,770,947 shares are issued and outstanding, and 10,000,000 shares of  preferred stock, par value $0.001 per share, of which there are NO shares are outstanding. There are also 13,333 

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shares issuable.  The outstanding shares have been duly authorized and validly issued, and are fully paid and nonassessable. 

D.

All corporate action on the part of the Company, its Holder and shareholders necessary for the authorization, execution, delivery and performance of this Agreement by the Company, the authorization, issuance and delivery of the Shares (as defined below) and the performance of all of the Company's obligations hereunder has been taken or will be taken concurrent herewith. This Agreement, when executed and delivered by the Company, shall constitute a valid and binding obligation of the Company, enforceable in accordance with its terms. The Shares, when issued in compliance with the provisions of this Agreement, will be validly issued, fully paid and nonassessable. The Shares will be subject to restrictions on transfer under state and/or federal securities laws, unless the Holder obtains a legal opinion stating the Shares are to be issued without restriction.

1.

ARTICLE I.  CONVERSION RIGHTS

1.1.

Conversion Right.  The Holder shall have the right from time to time to convert all or any part of the Debt into fully paid and non- assessable shares of Stock, as such Stock exists on the Date of this Debt Conversion Agreement, or any shares of capital stock or other securities of the Company into which such Stock shall hereafter be changed or reclassified at the conversion price (the “Conversion Price”) determined as provided herein (a “Conversion”).  The number of shares of Stock to be issued upon the conversion of the Debt shall be determined by multiplying the Conversion Amount (as defined below) by the Conversion Price (as defined in paragraph 1.2 below). The term “Conversion Amount” means, with respect to any conversion of this Debt, the amount the Holder elects to convert. 

1.2.

Conversion Price

1.2.1.

The conversion factor (the “Conversion Factor”) shall be 4 shares per dollar converted.  

1.2.2.

In the event of a change in authorized capital and a corresponding change in issued and outstanding shares, the Conversion Factor shall be increased or decreased in proportion to the increase or decrease in authorized shares.

1.3.

 Authorized Shares.  

1.3.1.

The Company covenants that during the period the conversion right exists, the Company will reserve from its authorized and unissued Stock a sufficient number of shares, free from preemptive rights, to provide for the issuance of Stock upon the full conversion of this Debt.  The Company represents that upon issuance, such shares will be duly and validly issued, fully paid and non-assessable.  In addition, if the Company shall issue any securities or make any change to its capital structure which would change the number of shares of Stock into which the Debts shall be convertible at the Conversion Price, the Company shall at the same time make proper provision so that thereafter there shall be a sufficient number of shares of Stock authorized and reserved, free from preemptive rights, for conversion of the outstanding Debts.

1.3.2.

If, at any time a Holder of this Debt submits a Notice of Conversion, and the Company does not have sufficient authorized but unissued shares of Stock available to effect such conversion in accordance with the provisions of this Article I (a “Conversion Default”), the Company shall issue to the Holder all of the shares of Stock which are then available to effect such conversion.  The portion of this Debt which the Holder included in its Conversion Notice and which exceeds the amount which is then convertible into available shares of Stock (the “Excess Amount”) shall, notwithstanding anything to the contrary contained herein, not be convertible into Stock in accordance with the terms hereof until (and at the Holder’s option at any time after) the date additional shares of Stock are authorized by the Company to permit such conversion.

1.4.

Method of Conversion

1.4.1.

Mechanics of Conversion.  Subject to Section 1.1, this Debt may be converted by the Holder in whole or in part at any time following the date of this Debt Agreement, by (A) submitting to the Company the form attached hereto as 

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Exhibit A (the “Notice of Conversion”) (by facsimile or other reasonable means of communication dispatched on the Conversion Date prior to 6:00 p.m., Clearwater, Florida time) and (B) subject to Section 1.4.2, surrendering the underlying debt purchase agreements at the principal office of the Company

1.4.2.

Surrender of Debt Purchase Agreements Upon Conversion.  Notwithstanding anything to the contrary set forth herein, upon conversion of the Debt in accordance with the terms hereof, the Holder shall not be required to physically surrender all the Debt Purchase Agreements to the Company unless the entire unpaid principal amount of the Debt is so converted.  The Holder and the Company shall maintain records showing the principal amount so converted and the dates of such conversions or shall use such other method, reasonably satisfactory to the Holder and the Company, so as not to require physical surrender of Debt Purchase Agreements upon each such conversion.  In the event of any dispute or discrepancy, such records of the Company shall, prima facie, be controlling and determinative in the absence of manifest error.  The Holder and any assignee, by acceptance of this Debt Conversion Agreement, acknowledge and agree that, by reason of the provisions of this paragraph, following conversion of a portion of this Debt, the unpaid and unconverted principal amount of the Debt represented by this Debt Conversion Agreement may be less than the amount stated on the face hereof.

1.4.3.

Payment of Taxes.  The Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the issue and delivery of shares of Stock or other securities or property on conversion of this Debt in a name other than that of the Holder (or in street name), and the Company shall not be required to issue or deliver any such shares or other securities or property unless and until the person or persons (other than the Holder or the custodian in whose street name such shares are to be held for the Holder’s account) requesting the issuance thereof shall have paid to the Company the amount of any such tax or shall have established to the satisfaction of the Company that such tax has been paid

1.4.4.

Delivery of Stock Upon Conversion.  Upon receipt by the Company from the Holder of a facsimile transmission (or other reasonable means of communication) of a Notice of Conversion meeting the requirements for conversion as provided in this Section 1.4, the Company shall issue and deliver or cause to be issued and delivered to or upon the order of the Holder the Stock issuable upon such conversion within three (3) business days after such receipt in accordance with the terms hereof.

1.4.5.

Obligation of Company to Deliver Stock.  Upon receipt by the Company of a Notice of Conversion, the Holder shall be deemed to be the holder of record of the Stock issuable upon such conversion, the outstanding principal amount and the amount of accrued and unpaid interest on this Debt shall be reduced to reflect such conversion, and, unless the Company defaults on its obligations under this Article I, all rights with respect to the portion of this Debt being so converted shall forthwith terminate except the right to receive the Stock or other securities, cash or other assets, as herein provided, on such conversion.  If the Holder shall have given a Notice of Conversion as provided herein, the Company’s obligation to issue and deliver the Stock shall be absolute and unconditional, irrespective of the absence of any action by the Holder to enforce the same, any waiver or consent with respect to any provision thereof, the recovery of any judgment against any person or any action to enforce the same, any failure or delay in the enforcement of any other obligation of the Company to the holder of record, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder of any obligation to the Company, and irrespective of any other circumstance which might otherwise limit such obligation of the Company to the Holder in connection with such conversion.  The Conversion Date specified in the Notice of Conversion shall be 

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the Conversion Date so long as the Notice of Conversion is received by the Company before 6:00 p.m., EST.

1.4.6.

Delivery of Stock by Electronic Transfer.  In lieu of delivering physical certificates representing the Stock issuable upon conversion, provided the Company’s transfer agent is participating in the Depository Trust Company (“DTC”) Fast Automated Securities Transfer (“FAST”) program, upon request of the Holder and its compliance with the provisions contained in Section 1.1 and in this Section 1.4, the Company shall use its best efforts to cause its transfer agent to electronically transmit the Stock issuable upon conversion to the Holder by crediting the account of Holder’s Prime Broker with DTC through its Deposit Withdrawal Agent Commission (“DWAC”) system or other electronic transfer service. 

1.5.

Concerning the Shares.  

1.5.1.

The shares of Stock issuable upon conversion of this Debt may not be sold or transferred unless  (i) such shares are sold pursuant to an effective registration statement under the Act or (ii) the Company or its transfer agent shall have been furnished with an opinion of  counsel (which opinion shall be in form, substance and scope customary for opinions of counsel in comparable transactions) to the effect that the shares to be sold or transferred may be sold or transferred pursuant to an exemption from such registration or (iii) such shares are sold or transferred pursuant to Rule 144 under the Act (or a successor rule) (“Rule 144”) or (iv) such shares are transferred to an “affiliate” (as defined in Rule 144) of the Company who agrees to sell or otherwise transfer the shares only in accordance with this Section 1.5. Until such time as the shares of Stock issuable upon conversion of this Debt have been registered under the Act or otherwise may be sold pursuant to Rule 144 without any restriction as to the number of securities as of a particular date that can then be immediately sold, each certificate for shares of Stock issuable upon conversion of this Debt that has not been so included in an effective registration statement or that has not been sold pursuant to an effective registration statement or an exemption that permits removal of the legend, shall bear a legend substantially in the following form, as appropriate:

“NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS.  THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT.  NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.” 

1.5.2.

The legend set forth above shall be removed and the Company shall issue to the Holder a new certificate therefore free of any transfer legend if (i) the Company or its transfer agent shall have received an opinion of counsel, in form, substance and scope customary for opinions of counsel in comparable transactions, to the effect that a public sale or transfer of such Stock may be made without registration under the Act and the shares are so sold or transferred, (ii) such 

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Holder provides the Company or its transfer agent with reasonable assurances that the Stock issuable upon conversion of this Debt can be sold pursuant to Rule 144 or (iii) in the case of the Stock issuable upon conversion of this Debt, such security is registered for sale by the Holder under an effective registration statement filed under the Act or otherwise may be sold pursuant to Rule 144 without any restriction as to the number of securities as of a particular date that can then be immediately sold.

1.6.

Effect of Certain Events

1.6.1.

Effect of Merger, Consolidation, Etc.  At the option of the Holder, the sale, conveyance or disposition of all or substantially all of the assets of the Company, the effectuation by the Company of a transaction or series of related transactions in which more than 50% of the voting power of the Company is disposed of, or the consolidation, merger or other business combination of the Company with or into any other Person (as defined below) or Persons when the Company is not the survivor shall either:  (i) be deemed to be an Event of Default (as defined in Article III) pursuant to which the Company shall be required to pay to the Holder upon the consummation of and as a condition to such transaction an amount equal to the Default Amount (as defined in Article III) or (ii) be treated pursuant to Section 1.6.2 hereof.  “Person” shall mean any individual, corporation, limited liability company, partnership, association, trust or other entity or organization.

1.6.2.

Adjustment Due to Merger, Consolidation, Etc.  If, at any time when this Debt is issued and outstanding and prior to conversion of all of the Debt, there shall be any merger, consolidation, exchange of shares, recapitalization, reorganization, or other similar event, as a result of which shares of Stock of the Company shall be changed into the same or a different number of shares of another class or classes of stock or securities of the Company or another entity, or in case of any sale or conveyance of all or substantially all of the assets of the Company other than in connection with a plan of complete liquidation of the Company, then the Holder of this Debt shall thereafter have the right to receive upon conversion of this Debt, upon the basis and upon the terms and conditions specified herein and in lieu of the shares of Stock immediately theretofore issuable upon conversion, such stock, securities or assets which the Holder would have been entitled to receive in such transaction had this Debt been converted in full immediately prior to such transaction (without regard to any limitations on conversion set forth herein), and in any such case appropriate provisions shall be made with respect to the rights and interests of the Holder of this Debt to the end that the provisions hereof (including, without limitation, provisions for adjustment of the Conversion Price and of the number of shares issuable upon conversion of the Debt) shall thereafter be applicable, as nearly as may be practicable in relation to any securities or assets thereafter deliverable upon the conversion hereof.  The Company shall not affect any transaction described in this Section 1.6.2 unless (a) it first gives, to the extent practicable, thirty (30) days prior written notice (but in any event at least fifteen (15) days prior written notice) of the record date of the special meeting of shareholders to approve, or if there is no such record date, the consummation of, such merger, consolidation, exchange of shares, recapitalization, reorganization or other similar event or sale of assets (during which time the Holder shall be entitled to convert this Debt) and (b) the resulting successor or acquiring entity (if not the Company) assumes by written instrument the obligations of this Section 1.6.2.  The above provisions shall similarly apply to successive consolidations, mergers, sales, transfers or share exchanges.

1.6.3.

Adjustment Due to Distribution.  If the Company shall declare or make any distribution of its assets (or rights to acquire its assets) to holders of Stock as a dividend, stock repurchase, by way of return of capital or otherwise (including any dividend or distribution to the Company’s shareholders in cash or shares (or rights to acquire shares) of capital stock of a subsidiary (i.e., a spin-off)) (a “Distribution”), then the Holder of this Debt shall be entitled, upon any conversion 

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of this Debt after the date of record for determining shareholders entitled to such Distribution, to receive the amount of such assets which would have been payable to the Holder with respect to the shares of Stock issuable upon such conversion had such Holder been the holder of such shares of Stock on the record date for the determination of shareholders entitled to such Distribution.

1.6.4.

Purchase Rights.  If, at any time when any Debt is outstanding, the Company issues any convertible securities or rights to purchase stock, warrants, securities or other property (the “Purchase Rights”) pro rata to the record holders of any class of Stock, then the Holder of this Debt will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which such Holder could have acquired if such Holder had held the number of shares of Stock acquirable upon complete conversion of this Debt (without regard to any limitations on conversion contained herein) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights or, if no such record is taken, the date as of which the record holders of Stock are to be determined for the grant, issue or sale of such Purchase Rights.

1.6.5.

Notice of Adjustments.  Upon the occurrence of each adjustment or readjustment of the Conversion Price as a result of the events described in this Section 1.6, the Company, at its expense, shall promptly compute such adjustment or readjustment and prepare and furnish to the Holder of a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment is based.  The Company shall, upon the written request at any time of the Holder, furnish to such Holder a like certificate setting forth (i) such adjustment or readjustment and (ii) the number of shares of Stock and the amount, if any, of other securities or property which at the time would be received upon conversion of the Debt.

1.7.

Status as Shareholder.  Upon submission of a Notice of Conversion by a Holder, (i) the shares covered thereby (other than the shares, if any, which cannot be issued because their issuance would exceed the authorized share amount) shall be deemed converted into shares of Stock and (ii) the Holder’s rights as a Holder of such converted portion of this Debt shall cease and terminate, excepting only the right to receive certificates for such shares of Stock and to any remedies provided herein or otherwise available at law or in equity to such Holder because of a failure by the Company to comply with the terms  of this Debt.

2.

ARTICLE II.  CERTAIN COVENANTS

2.1.

Distributions on Capital Stock.  So long as the Company shall have any obligation under this Debt, the Company shall not without the Holder’s written consent (a) pay, declare or set apart for such payment, any dividend or other distribution (whether in cash, property or other securities) on shares of capital stock other than dividends on shares of Stock solely in the form of additional shares of Stock or (b) directly or indirectly or through any subsidiary make any other payment or distribution in respect of its capital stock except for distributions pursuant to any shareholders’ rights plan which is approved by a majority of the Company’s disinterested directors

2.2.

Restriction on Stock Repurchases.  So long as the Company shall have any obligation under this Debt, the Company shall not without the Holder’s written consent redeem, repurchase or otherwise acquire (whether for cash or in exchange for property or other securities or otherwise) in any one transaction or series of related transactions any shares of capital stock of the Company or any warrants, rights or options to purchase or acquire any such shares.

2.3.

Borrowings.  So long as the Company shall have any obligation under this Debt, the Company shall not, without the Holder’s written consent, create, incur, assume or suffer to exist any liability for borrowed money, except (a) borrowings in existence or committed on the date hereof and of which the Company has informed Holder in writing prior to the date hereof, (b) indebtedness to trade creditors or financial institutions incurred in the ordinary course of business or (c) borrowings, the proceeds of which shall be used to repay this Debt.

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2.4.

Sale of Assets.  So long as the Company shall have any obligation under this Debt, the Company shall not, without the Holder’s written consent, sell, lease or otherwise dispose of any significant portion of its assets outside the ordinary course of business.  Any consent to the disposition of any assets may be conditioned on a specified use of the proceeds of disposition.

2.5.

Advances and Loans.  So long as the Company shall have any obligation under this Debt, the Company shall not, without the Holder’s written consent, lend money, give credit or make advances to any person, firm, joint venture or corporation, including, without limitation, officers, directors, employees, subsidiaries and affiliates of the Company, except loans, credits or advances (a) in existence or committed on the date hereof and which the Company has informed Holder in writing prior to the date hereof, (b) made in the ordinary course of business or (c) not in excess of $100,000.

2.6.

Contingent Liabilities.  So long as the Company shall have any obligation under this Debt, the Company shall not, without the Holder’s written consent, which shall not be unreasonably withheld, assume, guarantee, endorse, contingently agree to purchase or otherwise become liable upon the obligation of any person, firm, partnership, joint venture or corporation, except by the endorsement of negotiable instruments for deposit or collection and except assumptions, guarantees, endorsements and contingencies (a) in existence or committed on the date hereof and which the Company has informed Holder in writing prior to the date hereof, and (b) similar transactions in the ordinary course of business

3.

ARTICLE III.  EVENTS OF DEFAULT

If any of the following events of default (each, an “Event of Default”) shall occur:

3.1.

Conversion and the Shares.  The Company fails to issue shares of Stock to the Holder (or announces or threatens that it will not honor its obligation to do so) upon exercise by the Holder of the conversion rights of the Holder in accordance with the terms of this Debt, fails to transfer or cause its transfer agent to transfer (electronically or in certificated form) any certificate for shares of Stock issued to the Holder upon conversion of or otherwise pursuant to this Debt as and when required by this Debt, or fails to remove any restrictive legend (or to withdraw any stop transfer instructions in respect thereof) on any certificate for any shares of Stock issued to the Holder upon conversion of or otherwise pursuant to this Debt as and when required by this Debt (or makes any announcement, statement or threat that it does not intend to honor the obligations described in this paragraph) and any such failure shall continue uncured (or any announcement, statement or threat not to honor its obligations shall not be rescinded in writing) for three (3) days after the Company shall have been notified thereof in writing by the Holder;

3.2.

Breach of Covenants.  The Company breaches any material covenant or other material term or condition contained in this Debt and any collateral documents including but not limited to the Purchase Agreement and such breach continues for a period of ten (10) days after written notice thereof to the Company from the Holder;

3.3.

Breach of Representations and Warranties.  Any representation or warranty of the Company made herein or in any agreement, statement or certificate given in writing pursuant hereto or in connection herewith (including, without limitation, the Purchase Agreement), shall be false or misleading in any material respect when made and the breach of which has (or with the passage of time will have) a material adverse effect on the rights of the Holder with respect to this Debt or the Purchase Agreement;

3.4.

Receiver or Trustee.  The Company or any subsidiary of the Company shall make an assignment for the benefit of creditors, or apply for or consent to the appointment of a receiver or trustee for it or for a substantial part of its property or business, or such a receiver or trustee shall otherwise be appointed;

3.5.

Judgments.  Any money judgment, writ or similar process shall be entered or filed against the Company or any subsidiary of the Company or any of its property or other assets for more than $50,000, and shall remain unvacated, unbonded or unstayed for a period of twenty (20) days unless otherwise consented to by the Holder, which consent will not be unreasonably withheld;

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3.6.

Bankruptcy.  Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings, voluntary or involuntary, for relief under any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Company or any subsidiary of the Company;

3.7.

Failure to Comply with the Exchange Act.  The Company shall fail to comply with the reporting requirements of the Exchange Act; and/or the Company shall cease to be subject to the reporting requirements of the Exchange Act;

3.8.

Liquidation. Any dissolution, liquidation, or winding up of Company or any substantial portion of its business.

3.9.

Cessation of Operations. Any cessation of operations by Company or Company admits it is otherwise generally unable to pay its debts as such debts become due, provided, however, that any disclosure of the Company’s ability to continue as a “going concern” shall not be an admission that the Company cannot pay its debts as they become due.

3.10.

Maintenance of Assets. The failure by Company to maintain any material intellectual property rights, personal, real property or other assets which are necessary to conduct its business (whether now or in the future).

4.

ARTICLE IV. MISCELLANEOUS 

4.1.

Failure or Indulgence Not Waiver.  No failure or delay on the part of the Holder in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privileges.  All rights and remedies existing hereunder are cumulative to, and not exclusive of, any rights or remedies otherwise available.

4.2.

Notices.  All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted by hand delivery, telegram, or facsimile, addressed as set forth above or to such other address as such party shall have specified most recently by written notice.  Any notice or other communication required or permitted to be given hereunder shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address or number designated below (if delivered on a business day during normal business hours where such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the second business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur.  The addresses for such communications shall be as stated under “Parties” above.

4.3.

Amendments.  This Debt Conversion Agreement and any provision hereof may only be amended by an instrument in writing signed by the Company and the Holder.  The term “Debt Conversion Agreement” and all reference thereto, as used throughout this instrument, shall mean this instrument as originally executed, or if later amended or supplemented, then as so amended or supplemented.

4.4.

Assignability.  This Debt shall be binding upon the Company and its successors and assigns, and shall inure to be the benefit of the Holder and its successors and assigns.  Each transferee of this Debt must be an “accredited investor” (as defined in Rule 501(a) of the 1933 Act).  Notwithstanding anything in this Debt to the contrary, this Debt may be pledged as collateral in connection with a bona fide margin account or other lending arrangement.

4.5.

Governing Law.  This Agreement shall be governed in all respects by the internal laws of the State of Nevada.

4.6.

Notice of Corporate Events.  Except as otherwise provided below, the Holder of this Debt shall have no rights as a Holder of Stock unless and only to the extent that it converts this Debt into Stock. 

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4.7.

Remedies.  The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder, by vitiating the intent and purpose of the transaction contemplated hereby.  Accordingly, the Company acknowledges that the remedy at law for a breach of its obligations under this Debt will be inadequate and agrees, in the event of a breach or threatened breach by the Company of the provisions of this Debt, that the Holder shall be entitled, in addition to all other available remedies at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing any breach of this Debt and to enforce specifically the terms and provisions thereof, without the necessity of showing economic loss and without any bond or other security being required

4.8.

Except as otherwise provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto.

This Agreement may be executed in one or more counterparts and by transmission of a facsimile or digital image containing the signature of an authorized person, each of which shall be deemed and accepted as an original, and all of which together shall constitute a single instrument. Each party represents and warrants that the person executing on behalf of such party has been duly authorized to execute this Agreement.

The foregoing Agreement is hereby executed as of the date first above written.

			
	COMPANY

	 
	HOLDER

	Endurance Exploration Group Inc.

.

	 
	Endeavour Cooperative Partners LLC

	By: /s/ Micah Eldred

	 
	By:  /s/ Micah Eldred

	Micah Eldred, President

	 
	 Micah Eldred, President

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EXHIBIT A

NOTICE OF CONVERSION

The undersigned hereby irrevocably elects to convert $35,000 principal amount of the Debt (defined below) into shares of Stock,  $0.01 par value per share (“Stock”), of Endurance Exploration Corp., a Nevada corporation (the “Company”) according to the conditions of the Debt Conversion Agreement of the Company dated as of April 7, 2014 (the “DCA”), as of the date written below. 

If securities are to be issued in the name of a person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto and is delivering herewith such certificates.  No fee will be charged to the Holder for any conversion, except for transfer taxes, if any.  A copy of the DCA is attached hereto (or evidence of loss, theft or destruction thereof). 

The Company shall electronically transmit the Stock issuable pursuant to this Notice of Conversion (which number is based on the Holder’s calculation attached hereto) to the account of the undersigned or its nominee with Island Stock Transfer. 

The undersigned represents and warrants that all offers and sales by the undersigned of the securities issuable to the undersigned upon conversion of the Debt shall be made pursuant to registration of the securities under the Securities Act of 1933, as amended (the “Act”), or pursuant to an exemption from registration under the Act. 

		
	Date of Conversion:

	 

	Conversion Price:

	$0.25 PER SHARE

	Number of shares of Stock to be issued pursuant to the conversion of $35,000 of the debt:

	140,000

	Signature:

	/s/ Micah Eldred

	Name:

	Micah Eldred

	Address:

	 

Page 10 of 10Exhibit 10.1

 

DCB FINANCIAL CORP

EMPLOYMENT AGREEMENT

 

This sets forth the EMPLOYMENT AGREEMENT made and entered into
as of August 11, 2014 (the “Effective Date”) by and among The Delaware County Bank & Trust Company which is a wholly-owned
subsidiary of the DCB Financial Corp (the Corporation and Bank are hereafter referred to collectively as the “Employer”),
having an office in Lewis Center, Ohio, and Ronald J Seiffert, an individual currently residing at 7570 Wills Run Lane, Blacklick,
Ohio (“Executive”).

 

WITNESSETH

IN CONSIDERATION of the mutual premises, covenants and agreements
set forth in this Agreement, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties
agree to the following employment terms.

 

1. Employment.

 

(a) Term. Employer shall employ Executive, and
Executive shall serve as an executive officer of Employer, in accordance with the terms and conditions of this Agreement, for a
term commencing on the Effective Date and ending on December 31, 2015 (“Ending Date”). On the Ending Date, and upon
the expiration of each 24-month period thereafter (each such date is referred to as a “Renewal Date”), unless previously
terminated, the term will be extended automatically for an additional two-year period, unless no less than 90 days prior to a Renewal
Date either party gives notice to the other that the term will not be extended.

 

(b) Duties. On the terms and subject to the
conditions set forth herein, the Employer employs the Executive to serve as the President and Chief Executive Officer of DCBF and
as President and Chief Executive Officer of DCB&T. The Executive shall perform the regular duties commensurate with his position,
subject to the control and supervision of the Boards of Directors, as from time to time may be reasonably assigned to Executive
by Employer based upon his position. Executive shall devote Executive’s best efforts to the affairs of Employer, serve faithfully
and to the best of Executive’s ability and devote all of Executive’s working time and attention, knowledge, experience,
energy and skill to the business of Employer, except that Executive may affiliate with professional associations, business and
civic organizations, provided that Executive’s involvement in such activities does not adversely affect the performance of
his duties on behalf of Employer. Executive shall also serve on the Board of Directors of, or as an officer of, Employer’s
affiliates, if requested to do so by the Boards of Directors of Employer. Executive agrees to serve as a Director of the Bank if
elected by the shareholders, but agrees that he shall have no vote regarding matters pertaining to his employment as President
and Chief Executive Officer, including but not limited to his duties, responsibilities, goals, job performance, and compensation,
and further agrees that he may from time to time be excused by the Board from discussions regarding such matters and that the Board
may in its sole discretion meet with other senior Bank managers out of Executive’s presence to discuss such matters. However,
upon termination for any reason the Executive’s employment under this Agreement, Executive will immediately resign as a Director
of the Bank and will sign all documents necessary to accomplish such resignation. In the event Executive refuses to sign documents
necessary to so resign then this document will act as the resignation pursuant to this paragraph. Executive shall also be compensated
for services as a Director in accordance with the Bank’s standard policies and practices for compensating its Directors.

 

2. Standards and Evaluation of Performance.

 

(a) Executive agrees to devote Executive’s
best efforts and full time to the business and affairs of the Bank and to discharge the duties reasonably assigned by the Board.
Executive will not during Executive’s employment hereunder render any services as an employee, independent contractor, consultant,
or otherwise, other than to the Bank, except for service on such corporate, civic, or charitable boards or committees as are approved
by the Board.

 

(b) Following input from Executive, the Board
will, each contract year, provide Executive with performance goals (the “Goals”), Executive’s best efforts toward
the attainment of which will constitute part of Executive’s duties. Executive will provide the Board with no less than quarterly
reports on the status of attaining each of the Goals. The Board may in its discretion reasonably adjust the Goals from time to
time in response to business conditions.

 

    	 

    	 

    

 

(c) The Board will conduct an annual performance
evaluation of Executive, which process Executive will initiate no later than January 15 of each year.

 

3. Compensation and Benefits.

 

(a) Employer. Whenever in this Agreement Executive
is entitled to compensation, benefits or other remuneration from Employer, the term Employer shall mean the Corporation or the
Bank. Executive shall not be entitled to duplicate compensation, benefits or other remuneration from the Corporation and the Bank.

 

(b) Base Salary. The Executive shall initially
be paid a base salary at an annualized rate of $225,000 (“Base Salary”), which shall be the effective base salary rate
as of the Effective Date. On an annual basis, consistent with Employer’s regular review procedures, the Executive’s
base salary shall be reviewed and may be adjusted in the discretion of the Corporation’s Board of Directors or a committee
thereof, provided that it shall not be decreased unless such reduction is on the basis of documented poor job performance or is
a result of the Employer’s financial performance. In the event of a reduction based on the Employer’s financial performance,
the reduction shall be consistent and concurrent with base salary reductions imposed by Employer on similarly situated executive
managers. Executive’s Base Salary shall be paid in accordance with Employer’s regular payroll practices for executives.

 

(c) Short-Term Incentive Compensation and Bonuses.
During Executive’s employment with Employer, Executive shall be eligible to participate in the short term incentive compensation
plans, bonus, or similar plans maintained from time to time by the Employer for its senior executive officers. The short-term incentive
bonus payable for any year (the “Bonus Amount”) will be based upon the terms and conditions of such plans. The maximum
Bonus Amount that may be paid to Executive under such short-term incentive plans is $100,000. Upon termination of Executive’s
employment by Employer for reasons other than “Cause” (as defined in this Agreement) or by Executive for “Good
Reason” (as defined in this Agreement), Executive shall be entitled to a pro rata portion (based on Executive’s complete
months of active employment in the applicable year) of the annual cash bonuses that are payable with respect to the year during
which the termination occurs.

 

(d) Benefit Plans. Executive shall be eligible
to participate in any Employer maintained executive pension benefit plans (as that term is defined under Section 3(2) of the Employee
Retirement Income Security Act of 1974, as amended), group life insurance plans, medical plans, dental plans, long-term disability
plans, business travel insurance programs and other fringe benefit plans or programs maintained by Employer for the benefit of
its executives. Executive’s participation in any such benefit plans and programs shall be based on, and subject to satisfaction
of, the eligibility requirements and other conditions of such plans and programs.

 

(e) Expenses. Upon submission to Employer of
vouchers or other required documentation, Executive shall be reimbursed for Executive’s actual out-of-pocket travel and other
expenses reasonably incurred and paid by Executive in connection with Executive’s duties under this Agreement. The Bank will
reimburse Executive for up to $600.00 per month (subject to applicable taxes and other appropriate withholding) for automobile
lease payments.

 

(f) Other Benefits. During the period of employment,
Executive shall also be entitled to receive the benefits offered to Employer’s senior executives, including without limitation
the following:

 

(i) Paid vacation of at least 4 weeks during each calendar
year (prorated for partial years) (with carry over of unused vacation to a subsequent year pursuant to the Employee Handbook policy)
and any holidays that may be provided to all executives of Employer in accordance with Employer’s holiday policy;

 

(ii) Sick leave as defined by the current Employee
Handbook;

 

(iii) Executive will be furnished with a private office,
necessary secretarial assistance, and with such other facilities, amenities, and services as are appropriate for Executive’s
position and adequate for the performance of the duties hereunder.

 

    	 

    	 

    

 

(iv) Use of company issued cellular telephone and all
Employer-related business charges incurred in connection with the use of such telephone.

 

(v) Signing Bonus. Executive was previously granted
a signing bonus at the time of his initial employment which consisted of common stock of DCBF under the terms of the 2004 Stock
Plan with an aggregate and gross (subject to taxes) value to Executive of $20,000 at the grant date to vest equally in 20% increments
over a period of 5 years. Anything to the contrary herein notwithstanding, Executive shall be responsible for any and all income
taxes due and owing with regard to shares of stock and options issued hereunder (subject to applicable withholding and payroll
taxes required to be reported, withheld or paid by the Bank).

 

(vi) Matching Shares Purchase Benefit. Should Executive
purchase additional shares of DCBF Common Stock independently outside of the Plan during the period of employment, Bank will match
the purchase price of such shares up to $5,000.00, in Company shares to be issued under the terms of the Plan, during any calendar
year. If Executive invests $100,000 or more in DCBF Common Stock during any calendar year in the Initial Term or any Extended Term,
the Bank will match the purchase price of such shares up to $15,000 in Company shares to be issued under the terms of the Plan
during any such calendar year. Anything to the contrary herein notwithstanding, Executive shall be responsible for any and all
income taxes due and owed with regard to shares of stock and options issued hereunder.

 

(g) Equity Based and Long-Term Incentive Compensation.
During Executive’s employment with Employer, Executive shall be eligible to participate in any equity based programs and
long-term incentive compensation plans maintained by Employer for the benefit of its executives. The amount of any equity compensation
and long-term incentive bonus payable to Executive for any year (the “Equity Bonus Amount”) shall be determined under
the terms and conditions of such plans and programs. Under such plans and programs, Executive may achieve a maximum Equity Bonus
Amount of up to forty (40) percent of the Executive’s base salary. Executive will be granted shares of restricted stock pursuant
to all terms and conditions of the DCB 2014 Restricted Stock Plan by rounding down to the largest whole number of shares.

 

It is the Parties’ mutual expectation and desire
that, in order to demonstrate and establish his commitment to the Bank’s shareholders, Executive will of his own accord purchase
capital stock of the Bank in addition to what he may be granted under this paragraph 4(g).

 

(h) Clawback of Amounts. Any amounts paid to,
credited to an account on behalf of, or vested to the Executive in the prior twenty-four (24) months by the Employer under any
short-term incentive compensation program, long-term incentive compensation program (including restricted stock awards under the
Corporation’s 2014 Restricted Stock Plan or similar equity based programs maintained by Employer) or Employer’s nonqualified
deferred compensation plan shall be subject to repayment within thirty (30) days upon the request of the Employer in the event
that any such amount is shown to be directly attributable to materially misleading financial statements; provided, however,
that in order for this subparagraph 2(h) to be applicable the Executive must have knowingly prepared such materially misleading
financial statements or knowingly contributed materially misleading data which was then incorporated into such materially misleading
financial statements. If an overpayment of incentive compensation results from a restatement of financial statements Employers’
Boards of Directors shall have the discretion to consider the overpayment in awarding future incentive compensation without regard
to the Executive’s role with respect to the financial statements which are restated.

 

		(i)	Special Incentive Agreement. As previously agreed upon with the Special Incentive Agreement dated September 29, 2011
all incentives based on that agreement have been concluded.

 

4. Termination. Except in connection with a termination
caused by a “Change of Control” (as defined in subparagraph 4(f) of this Agreement), Executive’s employment by
Employer shall be subject to termination as follows:

 

(a) Expiration of the Term. Except as provided
in this Agreement, Executive’s employment with Employer shall terminate automatically at the expiration of any biannual term
of this Agreement.

(b) Termination Upon Death. This Agreement shall
terminate upon Executive’s death. In the event this Agreement is terminated as a result of Executive’s death, Employer
shall continue payments of Executive’s then current Base Salary for a period of 60 days following Executive’s death
to the beneficiary designated by Executive on the “Beneficiary Designation Form” attached to this Agreement as Appendix
A.

 

    	 

    	 

    

 

(c) Termination Upon Disability. Employer may
terminate this Agreement upon Executive’s “long term disability.” For purposes of this agreement, “long
term disability means Executive is unable for twelve months or more to perform the essential functions of the job with or without
a reasonable accommodation. The determination of disability shall be made by the Employer’s third party long term disability
provider and a physician selected by Executive; provided, however, that if the two parties so selected shall disagree, or if Employer
shall disagree with the findings of the physicians, the determination of disability shall be submitted to arbitration in accordance
with the rules of the American Arbitration Association and the decision of the arbitrator shall be binding and conclusive on Executive
and Employer. In the event of a termination of this Agreement for a disability, the Executive will be paid per the terms of the
Employer’s long term disability plan. If Employer terminates this Agreement upon Executive’s disability, Executive
shall not be entitled to any payment pursuant to paragraph 3 of this Agreement other than the disability benefits specified in
this paragraph.

 

(d) Termination for Cause. Subject to satisfaction
of the notice and correction provisions of this subparagraph (d), Employer may terminate Executive’s employment for “Cause”
by written notice to Executive. For purposes of this Agreement, a termination shall be for “Cause” if the termination
results from any of the following events:

 

(i) Material breach of this Agreement;

 

(ii) Misconduct as an executive or director of Employer,
or any subsidiary or affiliate of Employer for which Executive performs services, which consists of misappropriating any funds
or property, or attempting to obtain any personal profit from any transaction to which such company is a party or from any transaction
with any third party in which Executive has an interest.

 

(iii) Unreasonable neglect in performing the duties
assigned to Executive under or pursuant to this Agreement, unless cured within twenty (20) days following Executive’s receipt
of written notice to Executive of such neglect or refusal;

 

(iv) Conviction of a felony or of a misdemeanor
involving theft or dishonesty;

 

(v) Adjudication as a bankrupt, which adjudication
has not been contested in good faith, unless bankruptcy is caused directly by Employer’s unexcused failure to perform its
obligations under this Agreement; or

 

(vi) Failure to follow the reasonable and documented
instructions of the Board of Directors of Employer, provided that the instructions do not require Executive to engage in unlawful
conduct.

 

Notwithstanding any other term or provision of this
Agreement to the contrary, if Executive’s employment is terminated for Cause, Executive shall forfeit all rights to payments
and

benefits otherwise provided pursuant to this Agreement;
provided, however, that Base Salary, fringe benefits and accrued vacation shall be paid through the date of termination.

 

(e) Termination Without Cause. Employer may
terminate Executive’s employment for reasons other than “Cause” (as defined in subparagraph 4(d)) upon not less
than thirty (30) days prior written notice delivered to Executive, or pay in lieu of notice. In the event of a termination without
Cause, and provided that Executive first signs and does not later revoke a binding release of all potential claims Executive may
have at that time against Employer or any of its affiliated companies, officers, managers or employees based on his employment
or the termination of his employment, Employer shall be obligated to pay to Executive amounts equivalent to the greater of (i)
the unpaid compensation (including any accrued bonus) and benefits that would have been paid to or earned by Executive pursuant
to this Agreement if Executive had remained employed under the terms of this Agreement until the expiration of the then-current
term of this Agreement, or (ii) the unpaid compensation (including any accrued bonus) and benefits that Executive would have been
paid or earned by Executive if Executive remained employed pursuant to this Agreement for a period of one (1) year following the
termination date. The amount of any cash payments hereunder shall be paid in a lump sum payment within forty-five (45) business
days after the termination date. This subparagraph (e) shall not require duplication of payments to be made pursuant to paragraph
3, or benefits to be provided pursuant to paragraph 4, following Executive’s termination of employment.

 

    	 

    	 

    

 

(f) Termination Following a Change of Control.
If, within twenty-four (24) months after a “Change of Control” (as defined herein), Executive’s employment is
terminated by Employer (or any successor to Employer) for any reason other than death, Disability (as defined in subparagraph 4(c)),
or Cause (as defined in subparagraph 4(d)) or by Executive for Good Reason (as defined in subparagraph 4(h)), Employer shall provide
Executive with the following benefits described in this subparagraph 4(f) in lieu of any other benefits described under this Agreement.

(i) Within forty-five (45) business
days after termination, pay to Executive a lump sum equal to three (3) times the average annual compensation paid to Executive
by Employer and included in Executive’s gross income for income tax purposes for the three (3) full taxable years that immediately
precede the year during which the Change of Control occurs (adjusted to include bonuses paid, rather than accrued, in respect of
such years);

(ii) Provide Executive with his
rights, if any, to receive continued health care benefits under COBRA, and pay Executive, within forty-five (45) business days
after termination of employment, a lump sum amount equal to three (3) times Employer’s annual cost of providing health, life
and long-term disability insurance coverages and other fringe benefits provided to Executive immediately prior to such termination;
and

(iii) Treat as immediately vested
and exercisable all forms of equity-based compensation, including unexpired stock options and unvested restricted stock previously
granted to Executive that are not otherwise vested or exercisable or that have not been exercised.

Notwithstanding anything to the contrary contained
in this Agreement, in the event that a Change of Control shall occur, and a final determination is made by legislation, regulation,
ruling directed to Employer or Executive, by court decision, or by independent tax counsel selected by Employer or Executive, that
the aggregate amount of any payment made to Executive (1) hereunder, and (2) pursuant to any plan, program or policy of the Company
in connection with, on account of, or as a result of, such Change of Control ("Total Payments") will be subject to the
excise tax provisions (“Excise Tax”) of Section 4999 of the Internal Revenue Code of 1986, as amended, and the guidance
promulgated thereunder ("Section 4999"), or any successor section thereof, the Total Payments shall be reduced by the
minimum amount necessary so as not to cause Employer to have paid a “parachute payment” as defined in Section 280G(b)(1)
and so Executive will not be subject to excise tax under Section 4999. The Total Payments minus this reduction shall be referred
to as the “Reduced Amount.” For this purpose, Executive shall be deemed to be in the highest marginal rate of federal,
state and local taxes. In the event that Executive is paid the Reduced Amount, the Total Payments will be reduced in on a pro-rata
basis so as not to change the time and form of any payment to Executive in a manner that is inconsistent with Section 409A.

Unless Employer and Executive otherwise agree in writing,
any determination required under this Section shall be made in writing by Employer’s regular independent public accountants
(the “Accountants”), whose determination shall be conclusive and binding upon Executive and Employer for all purposes.
For purposes of making the calculations required by this Section, the Accountants may make reasonable assumptions and approximations
concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G
and 4999. Employer and Executive shall furnish to the Accountants such information and documents as the Accountants may reasonably
request in order to make a determination under this Section. Executive shall bear all costs the Accountants may reasonably incur
in connection with any calculations contemplated by this Section.

For purposes of subparagraph 4(f), a “Change
of Control” shall be deemed to have occurred if:

(i) any “person,” including
“persons acting as a group,” as determined in accordance with Section 409A, acquires (or has acquired during the 12-month
period ending on the date of the most recent acquisition by such person or persons acting as a group) securities of Employer representing
30% or more of the combined voting power of Employer’s then outstanding securities;

(ii) as a result of, or in connection
with, any proxy contest, tender offer or exchange offer, merger or other business combination (a “Transaction”), the
persons who were directors of Employer before the Transaction shall cease to constitute a majority of the Board of Directors of
Employer or any successor to Employer;

(iii) any person or persons acting
as a group acquires ownership of the securities of Employer that, together with the securities held by that person or group, constitutes
more than 50% of the total fair market value or total voting power of the securities of Employer; or

(iv) Employer transfers substantially
all of its assets to another corporation which is not controlled by Employer.

(g) Resignation as Director. Upon Executive’s
termination of employment for any reason, Executive agrees to resign as a member of Employer’s Board of Directors, if Executive
is a director at the time of termination, and to resign from any and all other offices and positions related to Executive’s
employment with Employer and held by Executive at the time of termination.

 

    	 

    	 

    

 

(h) Resignation for Good Reason. Executive may
terminate his employment for Good Reason upon providing Employer with advanced written notice no later than 90 days after a Good
Reason condition has occurred and failure of Employer to cure the Good Reason condition within 30 days after receipt of such notice.
In the event of a resignation for good reason as defined in this subparagraph (h), and provided that Executive first signs and
does not later revoke a binding release of all potential claims Executive may have at that time against Employer or any of its
affiliated companies, officers, managers or employees based on his employment or the separation of his employment, Employer shall
be obligated to pay to Executive amounts equivalent to the greater of (i) the unpaid compensation (including any accrued bonus)
and benefits that would have been paid to or earned by Executive pursuant to this Agreement if Executive had remained employed
under the terms of this Agreement until the expiration of the then current term of this Agreement, or (ii) the unpaid compensation
(including any accrued bonus) and benefits that Executive would have been paid or earned by Executive if Executive remained employed
pursuant to this Agreement for a period of one (1) year following the termination date. For purposes of this subparagraph 4(h),
“Good Reason” shall be interpreted in a manner consistent with Section 409A to mean (i) a significant adverse change
in the nature or scope of the Executive’s duties or authority or the Executive’s having to report directly to anyone
other than the Board of Directors of Employer, (ii) a material reduction in the Executive’s total compensation (including
accrued bonus or benefits) that is not consistent with the provisions of subparagraph 3(b) hereof, (iii) a material breach of this
Agreement by Employer, or (iv) a change in the general location where the Executive is required to perform services which shall
include requiring Executive to relocate more than fifty (50) miles from Delaware, Ohio. The amount of any cash payments hereunder
shall be paid in a lump sum payment within forty-five (45) business days after the termination date. This subparagraph (h) shall
not require duplication of payments to be made pursuant to other parts of this Agreement, following Executive’s termination
of employment.

 

5. Covenants.

 

(a) Confidentiality. Executive shall not, without
the prior written consent of Employer, disclose or use in any way, either during his employment by Employer or thereafter, except
as required in the course of his employment by Employer, any confidential business or technical information or trade secret acquired
in the course of Executive’s employment by Employer. Executive acknowledges and agrees that it would be difficult to fully
compensate Employer for damages resulting from the breach or threatened breach of the foregoing provision and, accordingly, that
Employer shall be entitled to temporary preliminary injunctions and permanent injunctions to enforce such provision. This provision
with respect to injunctive relief shall not, however, diminish Employer’s right to claim and recover damages. Executive covenants
to use his best efforts to prevent the publication or disclosure of any trade secret or any confidential information concerning
the business or finances of Employer or Employer’s affiliates, or any of its or their dealings, transactions or affairs which
may come to Executive’s knowledge in the pursuance of his duties or employment. This Section 5(a) shall not apply to any
document or information that is readily ascertainable from public or published information or trade sources or has otherwise been
made available to the public through no fault of the Executive. Nothing in this Agreement shall prevent the Executive, with or
without the Employer’s consent, from participating in or disclosing documents or information in connection with any judicial
or administrative investigation, inquiry or proceeding to the extent that such participation or disclosure is required under applicable
law.

 

(b) No Competition. Executive will not during
employment under this Agreement or for a period of 1 year after termination, regardless of the reason for termination thereof,
compete with the Employer without the Employer’s prior written consent. Executive will be deemed to be competing with the
Employer if Executive is self-employed as, employed by, works for, becomes associated with (whether as partner, officer, directors,
10% shareholder, consultant, Executive, agent, or otherwise), furnishes information to, or communicates with any of the Employer’s
customers or borrowers on behalf of any business entity or other person that competes or that may reasonably be construed to compete
with the Employer anywhere in Delaware County, Ohio, or within a 5 mile radius of any of the Employer’s branches, including
but not limited to any business entity that (i) itself or through an affiliated entity produces, markets, or sells products, renders
services, or engages in business activities that are the same as, similar to, or otherwise competitive with those of, or under
development or research by the Employer and (ii) produces, markets, or sells such products, renders such services, or engages in
such activities in the Employer’s market area at that time (as that market area may change from time to time).

 

(c) Nondisparagement. Executive agrees not to
make any statement or take any action which is designed to be or is disparaging of Employer in the eyes of its customers, employees,
business associates or otherwise, or which could adversely reflect on Employer’s business or reputation.

 

(d) Non-solicitation. During the term of this
Agreement and for a period of 12 months after termination, regardless of the reason for termination thereof, Executive shall not,
directly or indirectly, without the written consent of Employer: (i) recruit or solicit for employment any employee of the Employer
or encourage any such employee to leave their employment with Employer, or (ii) solicit, induce or influence any customer, supplier,
lessor or any other person or entity which has a business relationship with Employer to discontinue or reduce the extent of such
relationship with Employer.

 

    	 

    	 

    

 

(e) Non-Payment of Amounts. In the event that
Executive breaches any of the provisions of this subparagraph 5(b), the payments and benefits provided for by Employer under this
Agreement shall cease immediately and Employer shall have no further liability for such payments after the date of Executive’s
breach.

 

(f) Modification. Although the parties consider
the restrictions contained in this paragraph 5 reasonable as to protected business, duration, and geographic area, in the event
that any court of competent jurisdiction deems them to be unreasonable, then such restrictions shall apply to the broadest business,
longest period, and largest geographic territory as may be considered reasonable by such court, and this paragraph 5, as so amended,
shall be enforced.

 

(g) Other Agreements. Executive represents and
warrants that neither Executive’s employment with the Corporation nor Executive’s performance of his obligations hereunder
will conflict with or violate Executive’s obligations under the terms of any agreement with a previous employer or other
party including agreements to refrain from competing, directly or indirectly, with the business of such previous employer or any
other party.

 

(h) Special Regulatory Events. Notwithstanding
any other provision of this Agreement, the obligations of the Parties will be as follows in the event of any of the following circumstances:

 

i. If Executive is suspended and/or temporarily prohibited
from participating in the conduct of the bank’s affairs by a notice serviced under Section 8 of the Federal Deposit Insurance
Act, 12 U.S.C. 1818 the Bank’s obligations under this Agreement will be suspended as of the date of services of such notice
unless otherwise ordered by a tribunal of competent jurisdiction, but this provision will not affect any vested rights of the Executive.
If the charges in the notice are dismissed, the Bank may, in its soles discretion, pay Executive all or part of the compensation
withheld while the obligations of this Agreement were suspended and reinstated in whole or in part any of the obligations which
were suspended.

 

ii. If Executive is removed from office and/or permanently
prohibited from participating in the conduct of the Bank’s affairs by an order issued under Section 8 of the Federal Deposit
Insurance Act, 12 U.S.C.1818 (e) or Ohio Revised Code1121.33 and 1121.24, all obligations of the Bank under this Agreement will
terminate as of the effective date of this order, but this provision will not affect any vested rights of the Executive.

 

iii. If the Bank is in default, as defined in Section
3(x)(1) of the Federal Deposit Insurance Act, 12 U.S.C. 1813(x)(1), or declared insolvent by the Ohio Superintendent of Bank pursuant
to Ohio Revised Code 12235.09, all obligations under this Agreement will terminate as of the date of default or insolvency, but
this provision will not affect any vested rights of the Executive.

 

iv. All obligations under the Agreement may be terminated
by the FDIC at the time the FDIC enters into an agreement to provide assistance to or on behalf of the Bank under the authority
contained in Section 12(c) of the Federal Deposit Insurance Act, 12 U.S.C.1823(c), but this provision will not affect any vested
rights of the Executive.

 

v. The parties acknowledge and agree that, in the event
either or both of DCBF and/or DCB&T are, or remain subject to the restrictions on payment of “golden parachute”
and related payments as provided by Part 359 of the FDIC regulations (12 CFR Part 359), prior to making any such payment DCBF and/or
DCB&T will provide such notices and shall seek any and all such prior regulatory consents and approvals as may be necessary
and appropriate in those circumstances. These parties also acknowledge that, in that event, the proposed payments may or may not
be approved by regulatory authorities, in whole or in part.

 

6. Withholding. Employer shall deduct and withhold from
compensation and benefits provided under this Agreement all necessary income and employment taxes and any other similar sums required
by law to be withheld.

 

7. Notices. Any notice which may be given hereunder shall
be sufficient if in writing and mailed by certified mail, return receipt requested, to Executive at his residence and to Employer
at its offices in Lewis Center, OH (with a copy to the Chair of the Compensation Committee of Board of Directors) or at such other
addresses as either Executive or Employer may, by similar notice, designate.

 

    	 

    	 

    

 

8. Rules, Regulations and Policies. Executive shall use
his best efforts to abide by and comply with all of the rules, regulations, and policies of Employer, including without limitation
Employer’s policy of strict adherence to, and compliance with, any and all requirements of the banking, securities, and antitrust
laws and regulations. The terms of this Agreement are subject to the provisions of all applicable laws, rules and regulations.

 

9. Return of Employer’s Property; Release. After
Executive has received notice of termination or at the end of the Period of Employment, whichever first occurs, Executive shall
immediately return to Employer all documents and other property in his possession belonging to Employer. Employer may condition
payments due on Executive’s termination of employment prior to a Change of Control upon receipt by Employer from Executive
of a customary release and nonrevocation thereof.

 

10. Construction and Severability. The invalidity of
any one or more provisions of this Agreement or any part thereof, all of which are inserted conditionally upon their being valid
in law, shall not affect the validity of any other provisions to this Agreement; and in the event that one or more provisions contained
herein shall be invalid, as determined by a court of competent jurisdiction, this Agreement shall be construed as if such invalid
provisions had not been inserted.

 

11. Governing Law. This Agreement was executed and delivered
in Ohio and shall be construed and governed in accordance with the laws of the State of Ohio.

 

12. Assignability and Successors. This Agreement may
not be assigned by Executive or Employer, except that this Agreement shall be binding upon and shall inure to the benefit of the
successor of Employer through merger or corporate reorganization.

 

13. Counterparts. This Agreement may be executed in counterparts
(each of which need not be executed by each of the parties), which together shall constitute one and the same instrument.

 

14. Jurisdiction and Venue. The jurisdiction of any proceeding
between the parties arising out of, or with respect to, this Agreement shall be in a court of competent jurisdiction in Ohio, and
venue shall be in Delaware County. Each party shall be subject to the personal jurisdiction of the courts of the State of Ohio.

 

15. Section 409A Provisions.

 

(a) This Agreement shall be construed and administered
to the extent possible to be exempt from, or otherwise comply with, the requirements of Internal Revenue Code Section 409A and
the regulations and guidance issued thereunder (“Section 409A”). Consistent with this intent, any reference to a payment
being made to an Executive when he “terminates employment,” upon his “termination of employment,” at his
“termination date” or similar reference shall mean the date that the Executive incurs a “separation from service”
(within the meaning of Section 409A). Any payments that qualify for the separation pay exception or another exception under Section
409A shall be paid under the applicable exception. Each payment of compensation under this Agreement shall be treated as a separate
payment of compensation for purposes of Section 409A. No payments to be made under this Agreement may be accelerated or deferred
except as specifically permitted under Section 409A. In no event may Executive, directly or indirectly, designate the calendar
year of any payment under this Agreement.

 

(b) Notwithstanding anything in this Agreement to the
contrary, if at the time of the Executive’s “separation from service” (within the meaning of Section 409A), the
Executive is a “specified employee” (within the meaning of Section 409A), the Employer will not pay or provide any
“Specified Benefits” (as defined herein) until after the end of the sixth calendar month beginning after the Executive’s
separation from service (the “409A Suspension Period”) (or, if earlier, the Executive’s death), in which case
such amounts will be paid to the Executive within seven (7) days after the 409A Suspension Period ends (or death if earlier). To
the extent the 409A Suspension Period is imposed following a Change of Control, the resulting Specified Benefits shall be paid
into a rabbi trust for the benefit of the Executive and invested in accordance with the reasonable directions of the Executive
as if the 409A Suspension Period was not imposed with such amounts then being distributed to the Executive within seven (7) days
after the 409A Suspension Period ends. For purposes of this Agreement, “Specified Benefits” are any amounts or benefits
that would be subject to taxation under Section 409A if the Employer were to pay them, pursuant to this Agreement, on account of
the Executive’s separation from service (and without the delay contemplated by this paragraph.

 

    	 

    	 

    

 

16. Miscellaneous.

 

(a) This Agreement constitutes the entire understanding
and agreement between the parties with respect to the subject matter hereof and shall supersede all prior understandings and agreements.

 

(b) This Agreement cannot be amended, modified, or
supplemented in any respect, except by a subsequent written agreement entered into by the parties hereto.

 

(c) The services to be performed by Executive are special
and unique; it is agreed that any breach of this Agreement by Executive shall entitle Employer (or any successor or assigns of
Employer), in addition to any other legal remedies available to it, to apply to any court of competent jurisdiction to enjoin such
breach.

 

(d) The amounts payable by the Employer under this
Agreement under paragraphs 3 and 4 shall not be subject to mitigation or setoff.

 

(e) The provisions of paragraphs 2(h), 3, 4, 5, 6 and
10-16 hereof shall survive the termination or expiration of this Agreement.

 

The foregoing is agreed to by the following signatures of the
parties.

 

	DCB Financial Corp 	 
	 	 	 
	By:	/s/ Vicki J. Lewis	 
	 	Vicki J. Lewis 	 
	Its:	Chairman of the Board of Directors	 
	 	 	 
	Date:	August 11, 2014	 
	 	 	 
	The Delaware County Bank & Trust	 
	 	 	 
	By:	/s/ Vicki J. Lewis	 
	 	Vicki J. Lewis	 
	Its:	Chairman of the Board of Directors	 
	 	 	 
	Date:	August 11, 2014	 
	 	 	 
	Executive	 
	 	 	 
	/s/ Ronald J. Seiffert	 
	Ronald J. Seiffert	 
	 	 	 
	Date:	August 11, 2014	 

 

    	 

    	 

    

 

Beneficiary Designation Form Appendix A

 

BENEFICIARY DESIGNATION FORM

Pursuant to the Employment Agreement between (i) DCB Financial
Corp., and (ii) Ronald J. Seiffert dated as of August 1, 2014 (“Agreement”), I, Ronald J. Seiffert., hereby designate
Carol J. Seiffert, my wife, as the beneficiary of amounts payable upon my death in accordance with paragraph 3(b) of the Agreement.

 

My beneficiary’s current address is:

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