Blue Water Ventures Int'l Inc (BWVI)

[DFLY]

Division of Recoveries. After settlement of all adjudicated claims of other third-parties (including governmental) and distribution to Deep Blue, EXPLS agrees to convey to BlueWater, 50% of EXPLS distributed value (whether in cash or in kind in the form of artifacts and treasure) from all recoveries by BlueWater from the Shipwreck and wrecked vessels in the Shipwreck Area shown on Exhibit X, during the course of this Agreement and all extensions granted by Swordfish Partners during the term of this Agreement. Division of the recoveries will occur promptly after adjudication of title by the Tampa District Court sitting in admiralty. In the event that an artifact is indivisible, either party may buy the object from the other party for the other party’s percentage of ownership of the value affixed by the Division Committee. Should both parties hereto wish to purchase an indivisible artifact, the competing rights to purchase shall be settled by a coin toss; and, if there are two indivisible artifacts, the loser of the coin toss shall have the right to purchase the second artifact. The coin toss method shall settle the rights to purchase the next two or three artifacts and so on for the fourth and fifth, etc. Both parties will have the right to market an indivisible artifact, but the selling party maintains insurance to cover the value assigned to the artifact. After division and adjudication of title, either party may sell its share of treasure recovered under this salvage agreement. BlueWater acknowledges that, in all events, Deep Blue Exploration will have the first right to purchase an indivisible artifact at fair market value. After said acquisition by Deep Blue, BlueWater and EXPLS will settle the next indivisible artifact acquisition by coin toss as described above.