ITEM 5.02 DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF PRINCIPAL OFFICERS On June 20, 2006, Barre Rorabaugh, the President of our wholly-owned subsidiary, Sealife Marine Products, Inc., notified us of his resignation from such position, effective June 19, 2006. Mr. Rorabaugh asserts that he is entitled to severance payments totaling $150,000 under his employment agreement with us. We are reviewing Mr. Rorabaugh's employment agreement and investigating the reasons for such assertion and are in the process of determining whether Mr. Rorabaugh is, in fact, entitled to such payment. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. June 26, 2006 SEALIFE CORPORATION /S/ ROBERT A. MCCASLIN ----------------------------------------------- Robert A. McCaslin, Chief Executive Officer and Chief Financial Officer 2