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CANCELLATION
AGREEMENT
This Voluntary Cancellation Agreement (the
"Agreement") is made effective as of December 9, 2008, by and
between Sinclair Educational Archaeological Research Expeditions,
Inc. ("SeaRex, Inc."), Vanessa E. Friedman ("Friedman), and James
J. Sinclair ("Sinclair") (SeaRex, Inc., Friedman, and Sinclair
herein collectively referred to as the "Sellers"), and Seafarer
Exploration, Inc. (the "Buyer").
RECITALS
WHEREAS the Sellers and the Buyer entered into a
Purchase and Sale Agreement on or about July 10, 2008 (the
"Existing Agreement") pursuant to which the Sellers agreed to
deliver to the Buyer proprietary historical and archival research
for the DaVinci Project (the "Documents") in exchange for total
consideration from the Buyer of two hundred and fifty thousand
dollars ($250,000); and
WHEREAS the Sellers desire that the Buyer agrees to
cancel the Existing Agreement and the Buyer is willing to do so
pursuant to this Agreement.
NOW, THEREFORE in consideration of the premises and for good
and other valuable consideration, the receipt and sufficiency of
which is acknowledged, the parties agree as follows:
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Cancellation
of Existing Agreement. The Existing Agreement is cancelled effective as
of Decem
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