Document:

FIFTH AMENDMENT TO
EMPLOYMENT AGREEMENT

     

    This
Fifth Amendment to Employment Agreement (this “Amendment”) is made as of this
1 day of January, 2011 by and between MODIGENETECH LTD., an Israeli corporation
(“Employer”), and EYAL
FIMA (“Executive”), and
amends certain Employment Agreement, dated December 14, 2005, between
Employer and Executive, as amended by that certain First Amendment to Employment
Agreement, dated February 29, 2008 between Employer and Executive (the “First Amendment”), as amended
by that certain Second Amendment to Employment Agreement, dated July 17, 2008
between Employer and Executive (the “Second Amendment”), as amended
by that certain Third Amendment to Employment Agreement, dated October 1, 2009
between Employer and Executive (the “Third Amendment”), as amended
by that certain Fourth Amendment to Employment Agreement, dated January 11, 2010
between Employer and Executive (the “Fourth
Amendment”)  (as amended, restated, supplemented or modified
from time to time, including pursuant to the First Amendment, the Second
Amendment, the Third Amendment and the Fourth Amendment, the “2005 Agreement”).

     

    RECITALS:

     

    A.           Pursuant
to Section 7(b) of the 2005 Agreement, the parties desire to enter into this
Amendment.

     

    NOW,
THEREFORE, in consideration of the mutual covenants herein contained and other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree to the following amendments to the Second
Amendment:

     

    AGREEMENT:

     

    1.           Amendment to Section 6(b) of
the 2005 Agreement. Section 6(b) of the 2005 Agreement is hereby deleted
and replaced with the following Section 6(b):

     

    Premature
Termination by Employer.  In the event of the termination of
this Agreement by Employer prior to the last day of the then current term for
any reason other than a termination in accordance with the provisions of ‎Section 6(c)
(Termination for Cause), then notwithstanding any mitigation of damages by
Employee, Employer shall pay Employee severance payment and other payments to
which Employee is entitled to receive according to Israeli law, and Employer
shall not be obligated to pay any remaining performance bonus for the then
current fiscal year of Employer, or have any further obligations to Employee.
Employer shall provide employee with nine (9) months notice of premature
termination.

     

    2.           Amendment to Section
3(a).  Section 3(a) of the 2005 Agreement is hereby deleted in
its entirety and replaced with the following Section 3(a):

     

    “Executive
shall receive an aggregate annual minimum base salary at the rate of One Hundred
and Forty Five Thousand Dollars ($145,000), effective January 1, 2011, payable
in equal monthly installments of $12,083.33 or otherwise in accordance with the
regular payroll schedule of Employer (as the same may be increased, “Base Salary”). Effective June
1, 2008, payments will be in Israeli Shekels (IS) according to IS-US$ exchange
rate of 3.86 IS/US$.”

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    3.           Effectiveness.  This
Amendment shall be deemed effective immediately upon the full execution hereof,
without any further action required by the parties hereto.

     

    4.           The
Agreement.  All references in the 2005 Agreement to the term
“Agreement” shall be deemed to refer to the 2005 Agreement referenced in, and as
amended by, each of the amendments set forth in the preamble to this
Amendment.

     

    5.           Amendment and 2005 Agreement
to be Read Together.  This Amendment amends and is part of the
2005 Agreement, and the 2005 Agreement and this Amendment shall henceforth be
read together and shall constitute the Agreement.  Except as otherwise
set forth herein, the 2005 Agreement shall remain in full force and
effect.

     

    6.           Headings.  Headings
used in this Amendment are for convenience only and shall not affect the
construction or interpretation of the 2005 Agreement or this
Amendment.

     

    7.           Counterparts.  This
Amendment may be executed by facsimile and in one or more counterparts, each of
which shall be deemed an original, and all of which together shall constitute
one and the same instrument.

     

    [The
Remainder of this Page is Intentionally Left Blank]

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the undersigned have executed this Amendment as of the day and
year first written above.

     

    
      
        
          
            	
                    EMPLOYER:

                  	 
      	
                    EXECUTIVE:

                  
	 
      	 
      	 
      
	
                    MODIGENETECH
      LTD.

                  	 
      	 
      
	 
      	 
      	 
      
	
                    By:

                  	
                    /s/ Abraham Havron

                  	 
      	
                    /s/ Eyal Fima

                  
	 
      	
                    Name:

                  	
                    Abraham
      Havron

                  	 
      	
                    Eyal
      Fima

                  
	 
      	
                    Title:

                  	
                    Chief
      Executive Officer

                  	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                    Notice
      Address:

                  
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      

          

        

      

    

     

    
      
         

      

      
        S-1AGREEMENT

     

    This
Agreement (the “Agreement”) is by and
among, Brownie’s Marine Group, Inc., a Nevada corporation (the “Company”) and
Carleigh Rae Corp., a Florida corporation (the “Seller”).

     

    WITNESSETH:

     

    WHEREAS,
the Seller owned certain intellectual property itemized on Exhibit A which has
been assigned and transferred to Trebor Industries, Inc., the Company’s wholly
owned subsidiary  (“Trebor” or the “Buyer”), during the three months
ended March 31, 2010, pursuant to the intellectual property assignments attached
hereto;

     

    WHEREAS,
the Company has approved the transfer of the intellectual property to Trebor as
itemized on Exhibit A, as the Company believes it will benefit from the
transfers as there are markets for the intellectual properties and opportunities
to develop additional markets for the intellectual property; and

     

    NOW,
THEREFORE, in consideration of the mutual covenants, representations and
warranties made herein, and of the mutual benefits to be derived hereby, the
parties hereto agree as follows:

     

    DEFINITIONS

     

    The terms
defined below, whenever used in this Agreement (including the Exhibits and
Schedules attached hereto), shall have the respective meanings indicated below
for all purposes of this Agreement.

     

    Applicable
Law:  shall mean all applicable provisions of all
constitutions, treaties, statutes, laws (including the common law), rules,
regulations, ordinances, codes or orders of any governmental
authority.

     

    Collateral
Documents:  shall mean the Intellectual Property
Assignments.

     

    Confidential
Information:  shall mean any information (in any form
whatsoever) concerning the Assets that is not already generally available to the
public.

     

    Consent:  shall
mean any consent, approval, authorization, waiver, permit, grant, franchise,
concession, agreement, license, exemption or order of registration, certificate,
declaration or filing with, or report or notice to, any Person, including but
not limited to any Governmental Authority.

     

    Contract:  shall
mean all agreements and contracts related to the Assets, whether oral or
written.

     

    Intellectual Property
Assets:  shall have the meaning provided in Section
2.1.3(a)

     

    Intellectual Property
Assignments:  shall have the meaning provided in Section
2.1.3(b).

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Lien:  shall
mean any mortgage, pledge, hypothecation, right of others, claim, security
interest, encumbrance, lease, sublease, license, occupancy agreement, adverse
claim or interest, easement, covenant, encroachment, burden, title defect, title
retention agreement, voting, trust agreement, interest, equity, option, lien,
right of first refusal, charge or other restrictions or limitations of any
nature whatsoever, including but not limited to such as may arise under any
Contracts.

     

    Person:  shall
mean any natural person, firm, partnership, association, corporation, company,
limited liability company, trust, business trust, Governmental Authority or
other entity.

     

    ARTICLE
I

     

    TRANSFER
AND CONSIDERATION

     

    1.1           Assets.  Seller
has conveyed, transferred, assigned and delivered to the Buyer all of Seller’s
right, title and interest in and to the Seller’s intellectual property described
on Exhibit A herein (including, without limitation, all goodwill associated with
Seller’s permits, claims, work in process), the Intellectual Property Assets,
the Confidential Information, any and all rights of the Sellers under Contracts
entered into by Seller relating to the Assets (the foregoing items are
collectively referred to herein as the “Assets”). The Assets
are described as follows:

     

    
      	
               
      

            	
              (a)

            	
              Integrated
      or attached space occupying cephalic restraint collar for improved life
      jacket performance, U.S. Patent No.
6,776,678

            

    

    
      	
               
      

            	
              (b)

            	
              Garment
      integrated personal flotation device, U.S. Patent No.
      6,659,689

            

    

    
      	
               
      

            	
              (c)

            	
              Garment
      integrated multi-chambered personal flotation device or life jacket, U.S.
      Patent No. 6,805,519

            

    

    
      	
               
      

            	
              (d)

            	
              Personal
      flotation device with eccentric fixed and mobile ballast and buoyant
      members, U.S. Patent No. 6,666,622

            

    

    
      	
               
      

            	
              (e)

            	
              Combined
      ballast and signaling device for a personal flotation device, U.S. Patent
      No. 6,558,082

            

    

    
      	
               
      

            	
              (f)

            	
              Water
      safety and survival system, U.S. Patent No.
  6,530,725

            

    

    
      	
               
      

            	
              (g)

            	
              Water
      safety and survival system, U.S. Patent No.
  5,855,454

            

    

    
      	
               
      

            	
              (h)

            	
              Combined
      ballast and signaling device for a personal flotation device, Reissue
      Application No. 10/978,308

            

    

    
      	
               
      

            	
              (i)

            	
              Water
      safety and survival system, Reissue Application
      No. 10/978,309

            

    

    
      	
               
      

            	
              (j)

            	
              Water
      safety and survival system, Reissue Application No.
    10/978,310

            

    

     

    1.2           Consideration.  In
consideration of the sale, assignment, conveyance and delivery by the Seller of
the Assets to Buyer, the Company shall pay to the Seller or its assignees (a) an
aggregate purchase price of Three Hundred Seventy-One Thousand and Two Hundred
Fifty (371,250) shares of common stock of the Company (the “Shares”) as set
forth on Schedule 1.2; (b) $25,500; and (c) an additional payment of up to
$8,250 based on the sale of the Company’s Kon Tiki life vests.

     

    1.3           Allocation of Purchase
Price.  The consideration referenced in Section 1.2, above (and
any and all other capitalized costs), shall be allocated among the Assets in
accordance with an allocation schedule to be prepared by the Buyer, which
allocation shall be binding upon the Buyer and the Seller.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    ARTICLE
II

     

    REPRESENTATIONS
AND WARRANTIES

     

    2.1          Representations and
Warranties of the Seller.  Seller represents, warrants and
covenants to the Company as follows:

     

    2.1.1             Authorization,
etc.  The Seller has the power and authority to execute and
deliver this Agreement and each of the Collateral Documents to which it is a
party, to perform fully its obligations hereunder and thereunder, and to
consummate the transactions contemplated hereby and thereby.  The
execution and delivery by the Seller of this Agreement and the Collateral
Documents to which it is a party, and the consummation of the transactions
contemplated hereby and thereby, have been duly authorized by all requisite
legal actions.  The Seller has duly executed and delivered this
Agreement and each of the Collateral Documents to which it is a
party.  This Agreement is a legal, valid and binding obligation of the
Seller, enforceable against the Seller in accordance with its terms, except that
(a) such enforcement may be subject to bankruptcy, insolvency, reorganization,
fraudulent transfer, moratorium or other similar laws now or hereafter in effect
relating to creditors’ rights and (b) the remedy of specific performance and
injunctive and other forms of equitable relief may be subject to equitable
defenses and to the exercise of judicial discretion by the court before which
any proceeding therefore may be brought.

     

    2.1.2             No Conflicts,
etc.  The execution, delivery and performance by the Seller of
this Agreement and each of the Collateral Documents, and the consummation of the
transactions contemplated hereby and thereby, do not and will not conflict with
or result in a violation of or a default under (with or without the giving of
notice or the lapse of time or both) (i) any Applicable Law applicable to the
Seller, or the Assets, (ii) the legal authority of the Seller, or (iii) any
Contract or other contract, agreement or other instrument to which the Seller or
any affiliate thereof is a party or by which the Seller may be bound or
affected.  

     

    2.1.3             Intellectual
Property.

     

       
(a)           Title.  Exhibit
A contains a correct list of all Intellectual Property that is owned by the
Seller and used in, held for use in connection with, or necessary for the
conduct of, or otherwise material to the Seller’s conveyance of the intellectual
property contemplated by this Agreement (the “Intellectual Property
Assets”).  Immediately prior to the date of the Intellectual
Property Assignments (as defined below), the Seller is the sole owner all of the
Intellectual Property Assets, free from any Liens and free from any requirement
of any past, present or future royalty payments, license fees, charges or other
payments, or conditions or restrictions whatsoever.

     

       
(b)           Transfer.  Seller
delivered to the Buyer all documents, certificates and agreements necessary to
transfer to the Buyer good and marketable title to the Assets, free and clear of
any and all Liens thereon, including without limitation, assignments with
respect to the Intellectual Property Assets (the “Intellectual Property
Assignments”).  At the date of the Intellectual Property
Assignments the Buyer owned or otherwise had the right to use all the
Intellectual Property Assets, free from any Liens.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    2.1.4             Investment.  Seller
is an Accredited Investor as that term is defined in Regulation D promulgated
under the Securities Act of 1933, as amended (the "Act"). Seller acknowledges
that the Shares are being acquired solely for the account of Seller and not with
a view to, or for resale in connection with, any distribution in any
jurisdiction where such sale or distribution would be precluded.  The
Seller does not intend to dispose of all or any part of the Shares except in
compliance with the provisions of the Act and applicable state securities laws,
and understands that the Shares are being offered pursuant to a specific
exemption under the provisions of the Act, which exemption(s) depends, among
other things, upon the compliance with the provisions of the
Act.  Seller has relied solely on the reports of the Company filed
with the Securities and Exchange Commission in making its decision to acquire
the Shares.

     

    2.2          Representations and
Warranties of the Company.  The Company represents and warrants
to the Seller as follows:

     

    2.2.1             Authorization,
etc.  The Company and the Buyer have the power and authority to
execute and deliver this Agreement and each of the Collateral Documents to which
it is a party, to perform fully its obligations hereunder and thereunder, and to
consummate the transactions contemplated hereby and thereby.  The
execution and delivery by the Company of this Agreement, and the consummation of
the transactions contemplated hereby and thereby, have been duly authorized by
all requisite action of the Company.  The Buyer has duly executed each
of the Collateral Documents to which it is a party.  This Agreement is
a legal, valid and binding obligation of the Buyer, enforceable against it in
accordance with its terms, except that (a) such enforcement may be subject to
bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium or other
similar laws now or hereafter in effect relating to creditors’ rights and (b)
the remedy of specific performance and injunctive and other forms of equitable
relief may be subject to equitable defenses and to the exercise of judicial
discretion by the court before which any proceeding therefore may be
brought.

     

    2.2.2             Organization.  The
Company is a corporation duly organized, validly existing and in good standing
under the laws of the jurisdiction of its formation with full power and
authority to carry on its business and to own or lease and to operate its
properties as and in the places where such business is conducted and such
properties are owned, leased or operated.

     

    2.2.3             No Conflicts,
etc.  The execution, delivery and performance by the Company of
this Agreement and each of the Collateral Documents to which it or the Buyer is
a party, and the consummation of the transactions contemplated hereby and
thereby, do not and will not conflict with or result in a violation of or a
default under (with or without the giving of notice or the lapse of time or
both) (i) any Applicable Law applicable to the Company or Buyer, or (ii) the
certificate of incorporation or bylaws of the Company or Buyer. 

     

    2.2.4             Issuance of the
Shares.  The Shares are duly authorized and, when issued and
paid for in accordance with this Agreement, will be duly and validly issued,
fully paid and nonassessable, free and clear of all Liens and shall not be
subject to preemptive rights or similar rights of shareholders.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    ARTICLE
III

     

    MISCELLANEOUS

     

    3.1           Expenses.  Subject
to the terms and provisions of this Agreement, the Seller, on the one hand, and
the Buyer, on the other hand, shall bear their respective expenses, costs and
fees (including attorneys’ and accountants’ fees) in connection with the
preparation, execution and delivery of this Agreement and compliance
herewith.

     

    3.2           Severability.  If
any provision of this Agreement, including any phrase, sentence, clause, Section
or subsection is inoperative or unenforceable for any reason, such circumstances
shall not have the effect of rendering the provision in question inoperative or
unenforceable in any other case or circumstance, or of rendering any other
provision or provisions herein contained invalid, inoperative, or unenforceable
to any extent whatsoever.

     

    3.3           Notices.  All
notices, requests, demands, waivers and other communication required or
permitted to be given under this Agreement shall be in writing and shall be
deemed to have been duly given if (a) delivered
personally, (b)
mailed by first-class, registered or certified mail, return receipt requested,
postage prepaid, or (c) sent by reputable,
nationally recognized next-day or overnight mail or delivery or (d) sent by telecopy
or telegram.

     

    (i)           if
to the Seller
to:               Carleigh
Rae Corp.

    940 N.W. 1st
Street

    Fort Lauderdale,
Florida  33301

    

    (ii)           if
to the Company to:       Brownie’s Marine
Group, Inc.

    940 N.W. 1st
Street

    Fort Lauderdale,
Florida  33301

    

    or, in
each case, at such other address as may be specified in writing to the other
parties hereto.

     

    All such
notices, requests, demands, waivers and other communications shall be deemed to
have been received (w) if by personal
delivery on the date of such delivery, (x) if by certified or
registered mail, on the fifth (5th) day
after the mailing thereof, (y) if by next-day or
overnight mail or delivery, on the day delivered, (z) if by telecopy or
telegram, on the next day following the day on which such telecopy or telegram
was sent, provided that a copy is also sent by certified or registered
mail.

     

    3.4           Entire
Agreement.  This Agreement (including the Exhibits and
Schedules hereto) the Collateral Documents (when executed and delivered)
constitute the entire agreement and supersede all prior agreements and
understandings, both written and oral, between the parties with respect to the
subject matter hereof.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    3.5           Counterparts.  This
Agreement may be executed in several counterparts, each of which shall be deemed
an original and all of which shall together constitute one and the same
instrument.

     

    3.6           Governing Law,
etc.  This Agreement shall be governed in all respects,
including as to validity, under the laws of the State of Florida without giving
effect to the conflict of laws rules thereof.  The Buyer and the
Seller hereby irrevocably submit to the jurisdiction of the courts of the State
of Florida and the Federal courts of the United States of America located in the
State of Florida, solely in respect of the interpretation and enforcement of the
provisions of this Agreement and of the documents referred to in this Agreement,
and hereby waive, and agree not to assert, as a defense in any action, suit or
proceeding for the interpretation or enforcement hereof or of any such document,
that is not subject thereto or that such action, suit or proceeding may not be
brought or is not maintainable in said courts or that the venue thereof may not
be appropriate or that this Agreement or any of such document may not be
enforced in or by said courts, and the parties hereto irrevocably agree that all
claims with respect to such action or proceeding shall be heard and determined
in such court in Broward County, Florida.

     

    3.7           Binding
Effect.  This Agreement shall be binding upon and inure to the
benefit of the parties hereto and there respective successors and permitted
assigns.

     

    3.8           Assignment.  This
Agreement shall be freely assignable or transferable by the Buyer to, and shall
inure to the benefit of, and be binding upon any other corporate entity that
shall succeed to the business presently being operated by the
Buyer.  This Agreement shall not be assignable by the Seller without
the prior written consent of the Buyer.

     

    3.9           Amendment; Waivers,
etc.  No amendment, modification or discharge of this
Agreement, and no waiver hereunder, shall be valid or binding unless set forth
in writing and duly executed by the party against whom enforcement of the
amendment, modification, discharge or waiver is sought.

     

    IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of
September 24, 2010.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            	 
      	
                                                    BROWNIE’S
      MARINE GROUP, INC. a Nevada

                                                    corporation

                                                  
	 
      	 
      
	 
      	
                                                    By:

                                                  	 
      
	 
      	
                                                    Name:

                                                  	
                                                    Robert
      M. Carmichael

                                                  
	 
      	
                                                    Title:

                                                  	
                                                    President

                                                  
	 
      	 
      
	 
      	
                                                    CARLEIGH
      RAE CORP., a Florida corporation

                                                  
	 	 
	 
      	 
      
	 
      	
                                                    Robert
      Carmichael

                                                  
	 
      	
                                                    Its:

                                                  
	 
      	 
      
	 	 
	 
      	
                                                    William
      Courtney

                                                  
	 
      	
                                                    Its:

                                                  

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    SCHEDULE
1.2

    

    
      
        
          
            	
                    Name

                  	 	
                    Number
      of Shares

                  
	 
      	 	 
      
	
                    Robert
      Carmichael

                  	 	
                    185,625

                  
	
                    William
      Courtney

                  	 	
                    185,625

                  

          

        

      

    

     

    EXHIBIT
A

    SCHEDULE
2.1.3

    INTELLECTUAL PROPERTY
ASSETS

    

    
      
        
          
            	
                    Patent No.

                  	 
      	
                    Title of Invention

                  	 
      	
                    Issued

                  
	
                    6,776,678

                  	 
      	
                    Integrated
      or attached space occupying cephalic restraint collar for improved life
      jack performance

                  	 
      	
                    August
      17, 2004

                  
	
                    6,659,689

                  	 
      	
                    Garment
      integrated personal flotation device

                  	 
      	
                    December
      9, 2003

                  
	
                    6,805,519

                  	 
      	
                    Garment
      integrated multi-chambered personal flotation device or life
      jacket

                  	 
      	
                    October
      19, 2004

                  
	
                    6,666,622

                  	 
      	
                    Personal
      flotation device with eccentric fixed and mobile ballast and buoyant
      members

                  	 
      	
                    December
      23, 2003

                  
	
                    6,558,082

                  	 
      	
                    Combined
      ballast and signaling device for a personal flotation
    device

                  	 
      	
                    May
      6, 2003

                  
	
                    6,530,725

                  	 
      	
                    Water
      safety and survival system

                  	 
      	
                    March
      11, 2009

                  
	
                    5,855,454

                  	 
      	
                    Water
      safety and survival system

                  	 
      	
                    January
      5, 1999

                  

          

        

      

    

    

    
      
        
          
            
              	
                      Reissue
Application No.

                    	 
      	
                      Title of Invention

                    	 
      	
                      Filed

                    
	
                      10/978,308

                    	 
      	
                      Combined
      ballast and signaling device for a personal flotation
    device

                    	 
      	
                      October
      29, 2004

                    
	
                      10/978,309

                    	 
      	
                      Water
      safety and survival system

                    	 
      	
                      October
      29, 2004

                    
	
                      10/978,310

                    	 
      	
                      Water
      safety and survival system

                    	 
      	
                      October
      29, 2004

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00182-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00182-of-00352.parquet"}]]