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Exhibit 10.1
Compensation Agreement
This Compensation Agreement (the "Agreement") dated this 8th day of
May, 2009
(the "Execution Date"),
BETWEEN:
Marine Exploration
Inc of 535 16th Street Suite 820
(the "Employer")
OF THE FIRST PART
- AND -
Mark Goldberg, Robert Stevens, and Paul Enright of 535 16th
Street Suite 820
(the "Employees")
OF THE SECOND PART
BACKGROUND:
A. The Employeess listed above have provided invaluable
services and capital
to the Employer and are pivotal to its
survival and success, and deserve
reasonable compensation.
B. The Employeess are interested in compensation that
is performance based and
in the best interests of all parties,
therefore:
IN CONSIDERATION OF and as a condition of the parties entering into
this
Agreement and other valuable consideration, the receipt and
sufficiency of which
consideration is acknowledged, the parties to this Agreement agree
as follows:
1. The terms of the Employment Agreement, as amended,
are amended by the terms
of this Agreement.
2. The Employees will receive compensation as follows:
2.5% each of the gross
treasure yield from the various projects
being developed by Marine for the
term of the contract, paid in kind or
proceeds at the sole discretion of
each Employee.
3. The Employees compensation will be payable according
to the Employer's
policy while this Agreement is in force.
The Employer is entitled to deduct
from the Employees compensation any
applicable deductions and remittances
as required by law.
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4. This Agreement is effective from May 8, 2009 until
May 8, 2012.
5. Except where the context otherwise requires, the
terms of the Employment
Agreement will apply to this
Agreement.
6. The terms of this Agreement will take precedence
over the Employment
Agre
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