<SEC-DOCUMENT>0001019056-12-000145.txt : 20120209
<SEC-HEADER>0001019056-12-000145.hdr.sgml : 20120209
<ACCEPTANCE-DATETIME>20120209171223
ACCESSION NUMBER:		0001019056-12-000145
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110929
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120209
DATE AS OF CHANGE:		20120209

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			POWERVERDE, INC.
		CENTRAL INDEX KEY:			0000933972
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTORS & GENERATORS [3621]
		IRS NUMBER:				880271109
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-27866
		FILM NUMBER:		12588331

	BUSINESS ADDRESS:	
		STREET 1:		21615 N. 2ND AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85027
		BUSINESS PHONE:		623-780-3321

	MAIL ADDRESS:	
		STREET 1:		21615 N. 2ND AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85027

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VYREX CORP
		DATE OF NAME CHANGE:	19951206
</SEC-HEADER>
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<TYPE>8-K
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<div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">UNITED STATES</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WASHINGTON, D.C. 20549</font><br>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FORM 8-K</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT REPORT</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of Report (Date of Earliest Event Reported): September 29, 2011</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman">POWERVERDE, INC.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;(Exact name of registrant as specified in its charter)</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23429 NE 35<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font> Drive</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Wingdings">o</font></font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div>
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<div style="DISPLAY: block; TEXT-INDENT: 9pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Unless otherwise indicated in this Current Report or the context otherwise requires, all references in this Current Report to &#8220;PowerVerde,&#8221; the &#8220;Company,&#8221; &#8220;us,&#8221; &#8220;our&#8221; or &#8220;we&#8221; are to PowerVerde, Inc.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item 1.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Entry into a Material Definitive Agreement.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>On February 3, 2012, the Company entered into an agreement (the &#8220;Agreement&#8221;) with Newton Investments B.V. d/b/a Newton GreenPower, a Dutch corporation based in Leeuwarden, Netherlands (&#8220;Newton&#8221;).&#160;&#160;Newton is the Company&#8217;s exclusive manufacturing and distribution licensee in the European Union.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;</font>Pursuant to the Agreement:</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 27pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;(i)&#160;&#160;the
Company sold 500,000 shares of restricted common stock in a private placement to European accredited investors at a price of
$1.00 per share, including 275,000 shares to a  Newton affiliate;</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)&#160;&#160;the Company issued to two Newton affiliates three-year warrants to purchase 500,000 shares of Company common stock at an exercise price of $1.00 per share; and</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)&#160;&#160;Newton and the Company released each other from all claims regarding certain cost and expense reimbursements allegedly owed between them.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;</font>A copy of the Agreement is included as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by this reference.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item 9.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Financial Statements, Pro Forma Financial Information and Exhibits</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibits</font></div>

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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Agreement dated February 9, 2012, by and between PowerVerde, Inc. and Newton Investments B.V.</font></div>
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<br>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">POWERVERDE, INC.</font></font></font></div>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Dated:&#160;&#160;February 9, 2012</font></font></div>
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<div style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit 10.1</font><br>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">THIS AGREEMENT</font> (this &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-DECORATION: underline">Agreement</font>&#8221;), dated as of February 3, 2012, is by and between POWERVERDE, INC., a Delaware corporation (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-DECORATION: underline">PowerVerde</font>&#8221;), and NEWTON INVESTMENTS BV, a Dutch corporation based in Leeuwarden, Netherlands (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-DECORATION: underline">Newton</font>&#8221;). The foregoing parties are sometimes referred to herein individually as a &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-DECORATION: underline">Party</font>&#8221; and collectively as the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-DECORATION: underline">Parties</font>&#8221;.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">RECITALS</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">:</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WHEREAS, a dispute has arisen regarding certain costs and expenses owed by and between the Parties as of the date hereof (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-DECORATION: underline">Disputed Amount</font>&#8221;); and</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WHEREAS, in order to resolve all outstanding disputes the Parties have with respect to the Disputed Amount, the Parties desire to enter into an agreement pursuant to which PowerVerde will (i) sell in a private placement 500,000 unregistered shares of PowerVerde&#8217;s common stock to certain European accredited investors at $1.00 per share pursuant to that certain Subscription Agreement, substantially in the form of <font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit A</font> attached hereto (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-DECORATION: underline">Subscription Agreement</font>&#8221;); and (ii) issue to each of H.J. Romeijn and P.C. van der Hoop a three-year warrant to purchase 250,000 shares of PowerVerde&#8217;s common stock at an exercise price of $1.00 per share, substantially in the form of <font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit B</font> attached hereto (collectively, the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-DECORATION: underline">Warrants</font>&#8221;), and in exchange therefor, the Parties will enter into a satisfaction and mutual release of all obligations and liabilities with respect to the Disputed Amount, all upon the terms and conditions more fully set forth herein;</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties, intending to be legally bound, agree as follows:</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Covenants of PowerVerde</font>. As of the date hereof, (i) each of the Parties has executed and delivered to the other Party the fully executed Subscription Agreements for each of the European accredited investors; and (ii) PowerVerde has executed and delivered to Newton the Warrants for each of H.J. Romeijn and P.C. van der Hoop.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Satisfaction and Mutual Release</font>.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">(a)&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic; TEXT-DECORATION: underline">Satisfaction of Disputed Amount</font>. Each of the Parties does hereby (i) acknowledge full and complete satisfaction of the Disputed Amount; and (ii) terminate the Disputed Amount and all right, title, interest, claim or demand it may have by, through or under the Disputed Amount and any and all documents or other instruments to the extent related thereto.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">(b)&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic; TEXT-DECORATION: underline">Mutual Release</font>. Each of the Parties, for good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, on its own behalf, and on behalf of its respective subsidiaries, officers, directors, managers, employees, agents, representatives, attorneys, executors, personal representatives and Affiliates (as applicable) (such parties are hereby collectively referred in such case as the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-DECORATION: underline">Releasing Party</font>&#8221;), irrevocably and unconditionally releases, waives, acquits, and forever discharges the other Party, and its respective subsidiaries, officers, directors, managers, employees, agents, representatives, attorneys, executors, personal representatives and Affiliates (as applicable) (such parties are hereby collectively referred in such case as the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-DECORATION: underline">Released Party</font>&#8221;), of and from any and all manner of actions, suits, claims of any kind or nature whatsoever, known or unknown, in law or equity, by reason of any matter, which the Releasing Parties, had, may have had, now have or can, shall or may have against the Released Parties (or any one of them), for, upon or by reason of any matter, cause, or thing whatsoever, arising out of or in connection with any and all payment or other obligations or liabilities with respect to the Disputed Amount.&#160;&#160;Each of the Releasing Parties covenants and agrees that, to the maximum extent permitted by applicable law, it will not sue or file or institute or maintain any lawsuit, grievance or arbitration against any of the Released Parties with respect to any of the claims, matters and issues covered by this release.&#160;&#160;Further, in any legally authorized action, each of the Releasing Parties waives the right to any form of recovery, compensation or other remedy or relief of any kind.&#160;&#160;In the event that any of the Releasing Parties violates any part of this release, the Released Parties shall be entitled to recover damages from such Releasing Parties, including, but not limited to, attorneys&#8217; fees and the costs of defending such a suit or claim.&#160;&#160;Notwithstanding anything herein to the contrary, this release does not apply to: (i) any default or breach of any warranty, representation or covenant by any Released Party under the License Agreement, dated as of September 29, 2011, between PowerVerde and Newton (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-DECORATION: underline">License Agreement</font>&#8221;), the Subscription Agreements or Warrants or any action to enforce the License Agreement, Subscription Agreements or Warrants; (ii) shares of common stock of PowerVerde owned by any Releasing Party or other party; (iii) fraud, intentional misrepresentation or criminal acts by any Released Party; or (iv) misappropriation of funds by any Released Party.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each of the Parties represents that it has not<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>previously sold, transferred, conveyed, exchanged, or otherwise disposed of any claims it may have against any of the Parties released hereby.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">General Provisions</font>.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">(a)&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic; TEXT-DECORATION: underline">Notices</font>.&#160;&#160;All notices required or permitted to be given hereunder shall be in writing and shall be personally delivered by courier, sent by registered or certified mail, return receipt requested or sent by confirmed facsimile transmission addressed as set forth herein.&#160;&#160;Notices personally delivered, sent by facsimile or sent by overnight courier shall be deemed given on the date of delivery and notices mailed in accordance with the foregoing shall be deemed given upon the earlier of receipt by the addressee, as evidenced by the return receipt thereof, or three days after deposit in the U.S. mail.&#160;&#160;Notice shall be sent: (i) if to PowerVerde, addressed to PowerVerde, Inc., 420 S. Dixie Highway, Suite 4B, Coral Gables, Florida 33146, Attention: Richard H. Davis, Chief Executive Officer, and (ii)&#160;if to Newton, addressed to Newton Investments BV, Nieuwestad 105B, 8911 CM Leeuwarden, Netherlands, Attention: P.C. van der Hoop, or to such other address as either Party may from time to time give notice of to the other.</font></div>
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