<SEC-DOCUMENT>0001575705-20-000200.txt : 20200924
<SEC-HEADER>0001575705-20-000200.hdr.sgml : 20200924
<ACCEPTANCE-DATETIME>20200924172621
ACCESSION NUMBER:		0001575705-20-000200
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200920
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200924
DATE AS OF CHANGE:		20200924

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:		201196118

	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>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>pwvi_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 12pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE</B> <B>COMMISSION</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 18pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Section 13 or 15(d)</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>of the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Date
of Report (Date of earliest event reported): September 20, 2020</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 24pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>POWERVERDE, INC.</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified
in its charter)</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Delaware</B></P>
        <P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(State or Other Jurisdiction</P>
        <P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: center">of Incorporation)</P></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>000-27866</B></P>
        <P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Commission</P>
        <P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: center">File Number)</P></TD>
    <TD STYLE="width: 32%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>88-0271109</B></P>
        <P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(I.R.S. Employer</P>
        <P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Identification No.)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/11.35pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 53%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/11.35pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>9300 S. Dadeland Blvd., Suite 600,
        </B></P>
        <P STYLE="font: 10pt/11.35pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Miami, Florida</B></P>
        <P STYLE="font: 10pt/11.35pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of Principal Executive Offices)</P></TD>
    <TD STYLE="width: 47%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/11.35pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt/11.35pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>33156</B></P>
        <P STYLE="font: 10pt/11.35pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Zip Code)</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center">Registrant&rsquo;s telephone number, including
area code: <B>(305) 670-3370</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">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:</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Securities registered pursuant to Section 12(b) of the Act: None</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Emerging
growth company </FONT><FONT STYLE="font-family: MS Mincho,serif">&#9746;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.5pt 26.65pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 1.5pt 26.65pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>



<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>Item 1.01. Entry
into a Material Definitive Agreement</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">On September
20, 2020, PowerVerde Inc. (&ldquo;PowerVerde&rdquo;) signed a Binding Letter of Intent for a merger
(the &ldquo;LOI&rdquo;) with 374Water Inc. (&ldquo;374Water&rdquo;) a privately-held company based in Durham, North Carolina www.374water.com.</FONT></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 12pt 0; color: #252525"><FONT STYLE="font-size: 10pt">Subject
to the terms and conditions set forth in the LOI, 374Water will merge into a newly- formed wholly-owned subsidiary of PowerVerde
(the &ldquo;Sub&rdquo;), with the Sub as the surviving corporation (the &ldquo;Merger&rdquo;). Upon closing of the Merger, PowerVerde
will issue new shares of PowerVerde stock to 374Water shareholders such that 374Water shareholders will own approximately 60% of the
combined company, and PowerVerde shareholders will own approximately 40%. The Merger is subject to adjustments for liabilities, and
the closing is contingent on the achievement of certain milestones and satisfaction of conditions by both parties prior to closing,
including the raising of at least $6.25 million of additional capital pursuant to a private placement by March 31, 2021.</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The foregoing
description of the LOI does not purport to be complete and is qualified in its entirety by reference to the LOI, a copy of which
is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>Item 9.01.&#9;Financial Statements and Exhibits&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">(d) <FONT STYLE="font-size: 10pt">The
following exhibit  is filed with this report:</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">                                                                                                                                           <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Exhibit Number</U></B></FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;<B><U>Description</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex99_1.htm">Binding Letter of Intent, dated as of September 20, 2020, between PowerVerde Inc., and 374Water Inc.</A></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="text-indent: 20pt; font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 10pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">POWERVERDE,
    INC.</FONT></td></tr>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 10pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: top">
    <td style="width: 51%; font: 10pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">Date:
    September 24, 2020</FONT></td>
    <td style="width: 3%; font: 10pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">By:</FONT></td>
    <td style="width: 46%; border-bottom: black 1.5pt solid; font: 10pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">/s/
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Richard H. Davis</FONT></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td><FONT STYLE="font-size: 10pt">Name:</FONT></td>
    <td style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">Richard
    H. Davis</FONT></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td><FONT STYLE="font-size: 10pt">Title:</FONT></td>
    <td><FONT STYLE="font-size: 10pt">Chief  Executive Officer</FONT></td></tr>
</table>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">3</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">September 20, 2020</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">374Water Inc.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">3710 Shannon Rd. #51877</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Durham, NC 27717</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Attn: Yaacov (Kobe) Nagar, CEO</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>BINDING LETTER OF INTENT FOR ACQUISITION
BY MERGER</U></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Dear Mr. Nagar:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This binding letter
of intent sets forth the basic terms of the transaction by which 374Water Inc., a Delaware corporation (&ldquo;374&rdquo;) will merge
into a newly-formed Delaware corporation (&ldquo;Sub&rdquo;) wholly-owned by Powerverde Inc., a Delaware corporation (&ldquo;Powerverde&rdquo;),
with the Sub as the surviving corporation (the &ldquo;Merger&rdquo;). Pursuant to the Merger, 374&rsquo;s shareholders will receive newly-issued
shares of Powerverde stock as set forth below, as a result of which 374&rsquo;s shareholders will own sixty percent (60%) of Powerverde&rsquo;s
shares upon completion of the Merger.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B><U STYLE="text-decoration: none">1.</U></B></TD><TD STYLE="text-align: justify"><B><U>Closing of the Merger</U>.</B> Closing of the Merger will occur five business days after
the satisfaction of all the conditions set forth in Section 3 below; provided, however that the transaction shall be terminated
if the conditions are not satisfied by March 31, 2021.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B><U STYLE="text-decoration: none">2.</U></B></TD><TD STYLE="text-align: justify"><B><U>Consideration</U>. </B>As payment and consideration for the Merger, the following will occur:</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">a.</TD><TD STYLE="text-align: justify">Powerverde will issue to 374&rsquo;s shareholders approximately 60 million shares of Powerverde common
stock, reflecting a valuation of $15 million based on $.25 per share, while Powerverde&rsquo;s shareholders will retain approximately
40,000,000 shares with a valuation of $10,000,000. Notwithstanding the foregoing, 374&rsquo;s shareholders shall be issued sixty percent
(60%) of Powerverde&rsquo;s issued common stock and common stock reserved for issuance under any employee stock option plan.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">b.</TD><TD STYLE="text-align: justify">The respective valuations assume that each company is debt free and the relative number of shares
issued 374 shall be adjusted to reflect the elimination of any and all liabilities of Powerverde based upon a share adjustment
price of $.25 per share in reduction of such liabilities.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">c.</TD><TD STYLE="text-align: justify">The parties will use their commercially reasonable best efforts to raise in a private placement
at or before closing a minimum of $6.25 million to a maximum of $8 million in equity based on a combined company valuation of at
least $.25 per share (the &ldquo;Offering&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">d.</TD><TD STYLE="text-align: justify">Upon closing of the Merger, Powerverde&rsquo;s name will be changed to &ldquo;374Water Inc.&rdquo; and
Yaacov Nagar, the CEO of 374, will become CEO of the post-Merger company (the &ldquo;Company&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">e.</TD><TD STYLE="text-align: justify">Upon the closing of the Merger, the parties will take all necessary action such that immediately
following the closing, the directors and officers of the Company shall include two directors appointed by 374 and one director
appointed by Powerverde.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">f.</TD><TD STYLE="text-align: justify">Upon completion of the Offering, the parties will use their commercially reasonable best efforts
to obtain a listing for the Company on the Nasdaq Capital Market with the symbol &ldquo;374W.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">g.</TD><TD STYLE="text-align: justify">374 will prepare the audited financial statements required for the Merger under applicable SEC
regulations.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">h.</TD><TD STYLE="text-align: justify">On a monthly basis, Powerverde will reimburse 374 for all of its costs and expenses associated
with the Offering and the Merger.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">&nbsp;</TD>
<TD STYLE="width: 0.5in"><B><U STYLE="text-decoration: none">3.</U></B></TD>
<TD STYLE="text-align: justify"><B><U>Conditions Precedent.</U></B></TD></TR>
</TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The obligations of the parties to consummate the Merger are subject to the following conditions:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">i.</TD><TD STYLE="text-align: justify">negotiation and execution of definitive documentation on terms as materially outlined in this letter
of intent (collectively, the &ldquo;Definitive Documents&rdquo;) which terms shall be satisfactory to the parties and their respective
counsel, each acting reasonably and in good faith, which shall include representations, agreements, covenants, conditions and indemnities
customary for negotiated corporate acquisitions of this type;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">ii.</TD><TD STYLE="text-align: justify">completion of all necessary governmental filings, receipt of all necessary governmental and third-party
approvals and expiration or termination of all applicable governmental waiting periods; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">iii.</TD><TD STYLE="text-align: justify">Completion of the Offering with at least $6.25M raised, net of all expenses and the payoff of all
debts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The obligation of Powerverde to consummate the Merger is subject to the following conditions:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">i.</TD><TD STYLE="text-align: justify">approval by the Board of Directors and shareholders of 374, which shall be obtained within 30 days
following execution of the Definitive Documents (the &ldquo;374 Approval&rdquo;); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">ii.</TD><TD STYLE="text-align: justify">receipt of all waivers and consents required from third parties for 374 to consummate the Merger
on terms reasonably satisfactory to Powerverde.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B><U STYLE="text-decoration: none">4.</U></B></TD><TD STYLE="text-align: justify"><B><U>Publicity</U>. </B>Neither party nor any of its affiliates will make any public announcement
concerning this letter of intent, the negotiations between the parties or any other matter relating to the proposed Merger, except
pursuant to press releases and SEC filings pre-approved in good faith by both parties or as otherwise required by law.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B><U STYLE="text-decoration: none">5.</U></B></TD><TD STYLE="text-align: justify"><B><U>Access to Information</U>. </B>The parties will continue to allow each other and their respective
representatives, counsel, accountants, financial advisors and consultants to have full access to their respective offices, properties
and facilities, books, records, financial statements, tax returns and other relevant information pertaining to the parties&rsquo; businesses.
Each party will maintain the strict confidentiality of any non-public information that it obtains from the other party in accordance
with the terms of the Confidentiality Agreement between the parties dated 10/07/2019.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B><U STYLE="text-decoration: none">6.</U></B></TD><TD STYLE="text-align: justify"><B><U>Termination</U>. </B>This letter of intent shall automatically terminate upon the execution
of the Definitive Documents, or earlier:</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">by the mutual written consent of the parties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">by either party, acting reasonably and in good faith, if the Definitive Documents have not been
executed on or before December 31, 2020;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">by Powerverde, if 374 has materially breached any of its obligations hereunder;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">by 374, if Powerverde has materially breached any of its obligations hereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B><U STYLE="text-decoration: none">7.</U></B></TD><TD STYLE="text-align: justify"><B><U>Expenses</U></B>. Subject to Powerverde&rsquo;s obligation to reimburse 374 as described above,
each party will bear its own expenses incurred in connection with the investigation, negotiation, documentation and/or the closing
of the Merger, including all fees and disbursements of each party&rsquo;s respective counsel, accountants, financial advisors, finders,
and consultants.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><B><U STYLE="text-decoration: none">8.</U></B></TD><TD STYLE="text-align: justify"><B><U>Brokers</U>.</B> The parties represent and warrant that there are no brokers, salespersons
or finders involved in this transaction. The parties agree to defend, indemnify and hold each other harmless from and against any
and all expense, costs, damage or liability (including, without limitation, court costs and actual reasonable attorney fees, in
preparation for and at any arbitration proceeding, trial and/or appeal) resulting from the claims for any brokerage fees or similar
commissions asserted by brokers, salespersons or finders claiming by, through or under the indemnifying party.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><B><U STYLE="text-decoration: none">9.</U></B></TD><TD STYLE="text-align: justify"><B><U>Miscellaneous</U>.</B> This letter of intent (a) shall be governed by, and construed in accordance
with, the internal laws of the State of Delaware, without regard to the conflicts of laws principles of such state; (b) may not
be amended or terminated nor may compliance with any provision of this letter of intent be waived except pursuant to a written
agreement signed by both parties; and (c) may be signed in counterparts, each of which shall constitute one and the same instrument.
The captions used in this letter of intent are for convenience only and shall not affect the interpretation of this letter of intent.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><B><U STYLE="text-decoration: none">10.</U></B></TD><TD STYLE="text-align: justify"><B><U>Exclusive Dealing</U></B>. From the date hereof until October 31, 2020, (a) 374 will not,
directly or indirectly, through any representative or otherwise, solicit or entertain offers from, negotiate with or in any manner
encourage, discuss, accept, or consider any proposal of any other person relating to the direct or indirect sale of the equity
or assets of 374 and (b)&nbsp;Powerverde will not, directly or indirectly, through any representative or otherwise, solicit or
entertain offers from, negotiate with or in any manner encourage, discuss, accept, or consider any proposal of any other person
relating to a or the merger with or into any other company. If the Definitive Documents have been executed on or before October
31, 2020, the exclusivity obligations set forth in this paragraph shall automatically extend until December 31, 2020.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><B><U STYLE="text-decoration: none">11.</U></B></TD><TD STYLE="text-align: justify"><B><U>Legally Binding</U>.</B> This letter of intent is legally binding on the parties hereto.
Each party represents and warrants that such party has all requisite authority to execute and deliver this binding letter of intent
and to perform all obligations of such party set forth herein or contemplated hereby.</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B><U STYLE="text-decoration: none">12.</U></B></TD><TD STYLE="text-align: justify"><B><U>Equitable Relief</U></B>. Each party agrees that (a) any breach of the obligation to consummate
the transactions contemplated by this letter of intent as contemplated hereby will result in irreparable injury to the other party
to this letter of intent for which a remedy at law would be inadequate, and (b) in addition to any relief at law that may be available
to a party for such breach and regardless of any other provision contained in this letter of intent, each party shall be entitled
to injunctive and other equitable relief as a court may grant, without the need to post a bond. This Section 12 shall not be construed
to limit a party&rsquo;s right to obtain equitable relief for other breaches of this letter of intent under general equitable standards</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"></P>




<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Please confirm your agreement to the
foregoing terms and conditions by signing in the space provided below and sending the fully executed letter of intent to me by
pdf.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10 Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="line-height: 115%">&nbsp;</TD>
<TD COLSPAN="2" STYLE="line-height: 115%"><FONT STYLE="font-size: 10pt">Sincerely,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%; line-height: 115%">&nbsp;</TD>
<TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
<TD STYLE="width: 45%; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="line-height: 115%">&nbsp;</TD>
<TD COLSPAN="2" STYLE="line-height: 115%"><FONT STYLE="font-size: 10pt"><B>POWERVERDE INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="line-height: 115%">&nbsp;</TD>
<TD STYLE="line-height: 115%">&nbsp;</TD>
<TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="line-height: 115%">&nbsp;</TD>
<TD STYLE="line-height: 115%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
<TD STYLE="line-height: 115%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Richard H. Davis</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="line-height: 115%">&nbsp;</TD>
<TD STYLE="line-height: 115%">&nbsp;</TD>
<TD STYLE="line-height: 115%"><FONT STYLE="font-size: 10pt">Richard H. Davis, CEO</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="line-height: 115%">&nbsp;</TD>
<TD STYLE="line-height: 115%">&nbsp;</TD>
<TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="line-height: 115%">&nbsp;</TD>
<TD STYLE="line-height: 115%">&nbsp;</TD>
<TD STYLE="line-height: 115%"><FONT STYLE="font-size: 10pt">9/20/2020</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD COLSPAN="2" STYLE="line-height: 115%"><FONT STYLE="font-size: 10pt"><B>AGREED AND ACCEPTED</B></FONT></TD>
<TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2" STYLE="line-height: 115%"><FONT STYLE="font-size: 10pt"><B>this 20<SUP>th</SUP> day of September, 2020.</B></FONT></TD>
<TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
<TD STYLE="width: 45%; line-height: 115%">&nbsp;</TD>
<TD STYLE="width: 50%; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2" STYLE="line-height: 115%"><FONT STYLE="font-size: 10pt">374WATER INC.</FONT></TD>
<TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2" STYLE="line-height: 115%">&nbsp;</TD>
<TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="line-height: 115%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
<TD STYLE="line-height: 115%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Yaacov Nagar</FONT></TD>
<TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
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<TD STYLE="line-height: 115%"><FONT STYLE="font-size: 10pt">Yaacov Nagar, CEO</FONT></TD>
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