Document:

Settlement Agreement and Release

 Exhibit 10.39 
 SETTLEMENT AGREEMENT AND RELEASE 
 THIS SETTLEMENT AGREEMENT AND RELEASE (“Settlement
Agreement”) is entered into effective as of the last date of any party’s signature hereto and exists by and among Process Water Solutions, LLC (“Process Water”); Veolia Water North America Operating Services, LLC
(“Veolia”); Clean Water Technologies, LLC (“Clean Water”); and Dr. Phosphate, Inc. (“Dr. Phosphate”); on the one hand, and Basin Water-MPT, Inc. (“BWMPT”); Basin Water, Inc. (“BWI”); Robert
Gorgol (“Gorgol”); Robert Stark; and Michael Stark; on the other hand. 
 WHEREAS, Process Water, Veolia, Clean Water, and
Dr. Phosphate (collectively, “Plaintiffs”) have brought claims against BWMPT, BWI, Gorgol, Robert Stark, and Michael Stark (collectively, “Defendants”) asserting, among other things, that Defendants have acted to
misappropriate and use to their own benefit certain claimed confidential information, trade secrets, and other intellectual property allegedly owned by one or more of the Plaintiffs and protected from disclosure to or use by Defendants, and
subsequently filed an action styled Process Water Solutions, LLC; Veolia Water North America Operating Services, LLC; Clean Water Technologies, LLC; and Dr. Phosphate, Inc. v. Basin Water-MPT, Inc.; Robert Gorgol; Robert Stark; Basin Water,
Inc.; and Michael Stark, in the United States District Court for the Middle District of Florida, Case No. 8:07CV1944-T24-MSS (the “Litigation”); and 
 WHEREAS, Defendants have denied all of the material allegations made by Plaintiffs in the Litigation, contend that they have not misappropriated or used any claimed trade secrets, confidential information, or other
protected intellectual property allegedly owned by one or more of the Plaintiffs, and have, as to some of them, counterclaimed seeking, among other things, a declaration of rights regarding the claimed intellectual property and an award of
attorneys’ fees; and 
 WHEREAS, in order to avoid further protracted and expensive litigation, the parties now desire to compromise and
resolve all claims and controversies which exist between Plaintiffs and Defendants in regard to matters related to the Litigation, including all claims set out in the Litigation. 
 NOW, THEREFORE, in consideration of the mutual covenants and representations hereinafter set forth, the receipt and sufficiency of which are acknowledged
by all parties, the parties as undersigned agree as follows: 
  

	 	1.	Payment. 

 Defendants shall make or cause to be made
one joint payment of Five Hundred Seventy Five Thousand Dollars ($575,000.00) to Plaintiffs. Payment shall be made in the form of one or more draft(s) made payable on a joint basis to all Plaintiffs, and such draft(s) will be delivered to counsel
for PWS within ten (10) business days of this Settlement Agreement becoming effective and not subject to any condition or contingency, including that hereinafter set forth in Paragraph 3 related to action of the court in the Litigation. It
shall be the responsibility of the Plaintiffs to apportion and distribute the foregoing payment amount among themselves as they deem appropriate, and Plaintiffs, on a joint and several basis, will indemnify and hold harmless all Defendants with
respect to any claim or controversy that may arise with respect to the apportionment and distribution of the foregoing payment amount. 

	 	2.	Releases. 

 Plaintiffs, for themselves and their
predecessors and successors, hereby release and discharge Defendants, together with their respective officers, directors, shareholders, agents, employees, insurers, attorneys and affiliated companies, from any and all claims, actions, causes of
action, sums of money due, attorneys’ fees, suits, debts, covenants, contracts, agreements, promises, demands or liabilities whatsoever, in law or in equity, whether known or unknown, which Plaintiffs ever had, now have, or might in the future
have against any of the foregoing based upon facts occurring up to the effective date of this Settlement Agreement and related to the subject matter of the Litigation. This release specifically includes, without limitation, any claims which were
asserted or could have been asserted in the Litigation, but excludes obligations arising under this Settlement Agreement. 
 Defendants, for
themselves and their predecessors and successors, hereby release and discharge Plaintiffs, together with their respective officers, directors, shareholders, agents, employees, insurers, attorneys and affiliated companies, from any and all claims,
actions, causes of action, sums of money due, attorneys’ fees, suits, debts, covenants, contracts, agreements, promises, demands or liabilities whatsoever, in law or in equity, whether known or unknown, which Defendants ever had, now have, or
might in the future have against any of the foregoing based upon facts occurring up to the effective date of this Settlement Agreement and related to the subject matter of the Litigation. 
 This release specifically includes, without limitation, any claims which were asserted or could have been asserted in the Litigation with the exception
of any claim by the parties with respect to a declaration of rights to intellectual property allegedly owned by one or more of the Plaintiffs. The scope of this release excludes obligations arising under this Settlement Agreement, and this release
does not apply to claims based upon any conduct occurring after the execution of this Settlement Agreement, even if such conduct is purportedly a continuation of conduct occurring prior to such execution. 
 In addition to the releases set out above in this Paragraph 2, Plaintiffs agree to obtain and deliver to counsel for Defendants release riders executed
by Vaughn Astley, Gwen Astley, Dennis Michalski and Donald Luke in the form attached hereto as Exhibit “A”. Plaintiffs acknowledge, represent, and warrant that the consideration being provided by Defendants pursuant to this Settlement
Agreement will have direct benefit to, and constitutes valuable and adequate consideration to, said persons with respect to their giving of the subject release riders. Said executed release riders shall be delivered to counsel for Defendants within
five (5) business days of execution of this Settlement Agreement by all parties to the Litigation and shall be a condition to the effectiveness of the Settlement Agreement. Said release riders shall be held in escrow by counsel for Defendants
and not released to Defendants until this Settlement Agreement becomes effective and not subject to any condition or contingency, including that hereinafter set forth in Paragraph 3 related to action of the court in the Litigation. 
 The parties agree that, in the event any party to this Settlement Agreement is made the object of a claim purportedly released via this Settlement
Agreement, and provided the person or entity asserting the claim is claiming by or through the releasing party through an assignment or other intentional act of the releasing party, then such releasing party shall indemnify and hold harmless the
party 

 
made the object of the claim, including payment of attorneys’ fees and expenses. Plaintiffs represent and warrant that, as of the effective date of the
Settlement Agreement, they have no knowledge of a basis for the assertion of any claim by Plaintiffs, or any of them, against Defendants, or any of them, except as set forth in the Litigation. 
  

	 	3.	Stipulated Final Injunction and Order of Dismissal. 

 On or immediately after the last date of any party’s signature hereto, counsel for the parties
shall execute that certain Stipulated Final Injunction and Order of Dismissal (“Injunction and Dismissal”) attached hereto as Exhibit “B” and shall petition the court in the Litigation to enter the Injunction and Dismissal.
Notwithstanding anything else in this Settlement Agreement, the effectiveness and of this Settlement Agreement, including executed releases in the form attached hereto as Exhibit “A,” is conditioned upon entry by the court of the
Injunction and Dismissal in the form attached hereto as Exhibit “B”. Absent such entry, this Settlement Agreement shall have no force or effect. Should the court fail to enter the Injunction and Dismissal on or before the sixtieth
(60th) day following the effective date of this Settlement Agreement, this Settlement Agreement shall terminate. 
  

	 	4.	Gorgol’s, Robert Stark’s, and Daniel Prokop’s Separation from Veolia. 

 Veolia acknowledges that Gorgol resigned from Veolia of his own volition. Veolia further agrees to provide only a neutral reference as regards Gorgol,
Robert Stark and Daniel Prokop, consisting only of the dates of employment and last position held. 
  

	 	5.	Future Disputes. 

 Prior to the initiation by one or
more Plaintiffs of any litigation involving any of the Defendants in relation to a claimed violation of this Settlement Agreement or the intellectual property rights of any Plaintiff, written notice of demand shall be sent to the appropriate
Defendants and to their counsel at the addresses provided below. If the involved parties have failed to reach a resolution within thirty (30) days after the notice of demand is delivered, the involved parties shall submit the dispute to good
faith mediation, which shall be completed within the next thirty (30) days and before any litigation is commenced. Notwithstanding the foregoing, if any party is threatened with genuine and immediate irreparable harm by another party in
relation to a claimed violation of this Settlement Agreement, such party may seek immediate injunctive relief, but the notice and mediation requirements of this paragraph 5 shall otherwise remain applicable. 
  

	 	6.	Attorneys’ Fees. 

 All parties shall bear all
of their respective costs and expenses associated with the Litigation, including but not limited to filing and attorneys’ fees. No party to this Settlement Agreement shall be required to make any payment relating to the Litigation other than
the settlement payment specifically provided for in Paragraph 1, above. In the event that subsequent litigation arises in relation to claimed breach of this Settlement Agreement or an enforcement action relating to the Injunction and Dismissal, the
prevailing party shall be entitled to recover its costs of litigation, including attorneys’ fees and costs, from the non-prevailing party. 

	 	7.	Non-Disparagement. 

 The parties agree that they, as
well as their affiliated and related persons and entities, shall not make negative reference to the character or the business reputation of the non-corporate parties to this Settlement Agreement. This obligation excludes communications compelled by
law or as may occur internally among employees of the respective Plaintiffs or affiliated entities. 
  

	 	8.	Miscellaneous Provisions. 

 A) Entire
Agreement. This Settlement Agreement supersedes any and all prior agreements between the parties, and represents the entire agreement among the parties, relating to the subject matter hereof. The parties acknowledge and agree that there have
been no offers or inducements which have led to the execution of this Settlement Agreement other than as stated herein. 
 B)
Amendments. Any modification, amendment, restatement or termination of this Settlement Agreement must be in writing and executed by each and every party. 
 C) Governing Law. This Settlement Agreement shall be interpreted and controlled by the substantive law of the state of Florida without reference to the principles of conflicts of law. 
 D) Capacity; Non-Assignment. All parties warrant and represent that they have not sold, assigned, granted, conveyed, or otherwise transferred to
any other firm, corporation, person, or other entity, any of the rights, obligations, claims, demands, actions, or causes of action described herein or in the Litigation, and that they have the full legal capacity to enter into, execute and perform
their respective obligations set forth in this Settlement Agreement. The parties further represent and warrant that, as of the effective date of the Settlement Agreement, they have no knowledge of any person or entity entitled to claim, or
contemplating claiming, legal wrongs and associated relief against one more of the other parties to this Settlement Agreement or their related persons and entities except as currently set forth by a party in the Litigation. 
 E) Binding Effect. This Settlement Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective
successors in interest and assigns. 
 F) Indemnity. The parties acknowledge that the representations and warranties set forth in this
Settlement Agreement have been relied upon and are material to the making of this Settlement Agreement. Any party making an untrue or inaccurate representation or warranty herein shall indemnify and hold harmless, including but not limited to the
payment of attorneys’ fees and expenses, any other party damaged by virtue of such circumstances. 
 G) Counterparts. This
Settlement Agreement may be executed in multiple counterparts, at different times and places. When all parties have executed a counterpart of this Settlement Agreement, it shall be considered fully executed notwithstanding that all of the parties
may not have signed the same counterpart. A facsimile or other copy of an executed counterpart hereof, such as an e-mailed PDF copy, shall have the same effect as an original. 

 H) No Presumptions. The parties to this Settlement Agreement acknowledge that they have read and
understand this agreement and they have been represented by legal counsel in its negotiation and drafting, which has been a joint undertaking. No party shall be deemed to be the drafter of this Settlement Agreement, in full or in part, and there
shall be no presumptions raised in relation to any drafting of this instrument. 
 I) Confidentiality. Except as may be otherwise
required or compelled by law, all parties agree not disclose or publish, verbally, in writing or otherwise, to any person or entity any details regarding the negotiations leading up to the making of this Settlement Agreement, the consideration
passing pursuant to this Settlement Agreement, or any other term or condition of this Settlement Agreement. The only statements that shall be made regarding the Litigation or the terms of this Settlement Agreement to any non-party to the Litigation
shall be a statement to the effect that the Litigation and the underlying disputes have been resolved by agreement and are concluded. Notwithstanding the foregoing provisions of this paragraph 8(I), a corporate party to this Settlement Agreement
shall be permitted to make otherwise prohibited disclosure to its outside lawyers and auditors, as well as internally on a strict business “need to know” basis only. 
 J) All Necessary Steps. The parties acknowledge and agree to take all necessary steps, including the execution of documents, to carry through and
complete the exchange of consideration described in this Settlement Agreement. 
 K) Notices. All notices required hereunder shall be
in writing and shall be delivered by facsimile, delivery service, or overnight delivery service, as well as by First Class mail, to the parties at their respective addresses set forth below. Notice shall be deemed given upon receipt. 
  

			
	If to Process Water:	  	Process Water Solutions, LLC
		  	Attn: Vaughn Astley
		  	2120 Clubhouse Road
		  	Lakeland, FL 33813
		
	With a copy to:	  	Fee & Jeffries, P.A.
		  	Attn: Richard E. Fee
		  	1227 N. Franklin Street
		  	Tampa, FL 33602
		
	If to Clean Water:	  	Clean Water Technologies, LLC
		  	Attn: Donald Luke
		  	1623 Palace Court
		  	Valrico, FL 33594

			
	With a copy to:	  	Fee & Jeffries, P.A.
		  	Attn: Richard E. Fee
		  	1227 N. Franklin Street
		  	Tampa, FL 33602
		
	If to Dr. Phosphate:	  	Dr. Phosphate, Inc.
		  	Attn: Vaughn Astley
		  	2120 Clubhouse Road
		  	Lakeland, FL 33813
		
	With a copy to:	  	Fee & Jeffries, P.A.
		  	Attn: Richard E. Fee
		  	1227 N. Franklin Street
		  	Tampa, FL 33602
		
	If to Veolia:	  	Veolia Water North America Operating Services, LLC
		  	Attn:
                            
		  	14950 Heathrow Forest Parkway, Suite 200
		  	Houston, Texas 77032
		
	With a copy to:	  	Stephen W. Mooney
		  	Michael A. Sexton
		  	Weinberg Wheeler Hudgins Gunn & Dial, LLC
		  	950 Paces Ferry Road, Suite 3000
		  	Atlanta, GA 30326
		
	If to BWMPT:	  	Basin Water-MPT, Inc.
		  	Attn: Scott Hamilton
		  	TWO Kingwood Place
		  	700 Rockmead Drive, Suite 105
		  	Kingwood, TX 77339
		
	With a copy to:	  	Robert P. Riordan
		  	Alston & Bird, LLP
		  	1201 West Peachtree Street
		  	Atlanta, GA 30309
		
	If to BWI:	  	Basin Water, Inc.
		  	Attn: Scott Hamilton
		  	TWO Kingwood Place
		  	700 Rockmead Drive, Suite 105
		  	Kingwood, TX 77339

			
	With a copy to:	  	Robert P. Riordan
		  	Alston & Bird, LLP
		  	1201 West Peachtree Street
		  	Atlanta, GA 30309
		
	If to Gorgol, Robert Stark,	  	[Applicable Name]
	or Michael Stark	  	Basin Water, Inc.
		  	TWO Kingwood Place
		  	700 Rockmead Drive, Suite 105
		  	Kingwood, TX 77339
		
	With a copy to:	  	Robert P. Riordan
		  	Alston & Bird, LLP
		  	1201 West Peachtree Street
		  	Atlanta, GA 30309

 L) Titles. The parties acknowledge and agree that the titles used in this Settlement
Agreement are for informational purposes only and shall not be considered in construing the terms hereof. 
 IN WITNESS WHEREOF, the parties
have executed this Settlement Agreement knowingly, voluntarily and of their own free will. 
  

							
	Process Water Solutions, LLC	    	Veolia Water North America Operating Services, LLC
				
	By:	 	 [ILLEGIBLE]
	    	By:	 	 [ILLEGIBLE]

	Title:	 	 PRESIDENT
	    	Title:	 	 Vice President

	Date:	 	 11/28/08
	    	Date	 	 12/1/08

		
	Clean Water Technologies, LLC	    	Dr. Phosphate, Inc.
				
	By:	 	 [ILLEGIBLE]
	    	By:	 	 [ILLEGIBLE]

	Title:	 	 PRESIDENT
	    	Title:	 	 PRESIDENT

	Date:	 	 11/28/08
	    	Date:	 	 11/28/08

 [SIGNATURES CONTINUED ON NEXT PAGE] 

							
	Basin Water-MPT, Inc.	    	Basin Water, Inc.
				
	By:	 	 /s/ Michael M. Stark
	    	By:	 	 /s/ Michael M. Stark

	Title:	 	 Chief Executive Officer
	    	Title:	 	 Chief Executive Officer

	Date:	 	 12/8/08
	    	Date:	 	 12/8/08

		
	Robert Gorgol	    	Robert Stark
				
		 	 /s/ Robert Gorgol
	    		 	 /s/ Robert Stark

	Date:	 	 12/8/08
	    	Date:	 	 12/8/08

			
	Michael Stark	    		 	
				
		 	 /s/ Michael M. Stark
	    		 	
	Date:	 	 12/8/08
	    		 	

 EXHIBIT “A” 
 RELEASE 
 The undersigned Donald A. Luke (hereinafter “Releasor”), acting for
himself/herself and his/her privies, successors and assigns, and acting with the advice of legal counsel, hereby provides this Release. 
 Releasor acknowledges that s/he has read and understands that certain Settlement Agreement and Release (“Settlement Agreement”) by and among Process Water Solutions, LLC (“Process Water”); Veolia Water North America
Operating Services, LLC (“Veolia”); Clean Water Technologies, LLC (“Clean Water”); and Dr. Phosphate, Inc. (“Dr. Phosphate”); on the one hand, and Basin Water-MPT, Inc. (“BWMPT”); Basin Water, Inc.
(“BWI”); Robert Gorgol (“Gorgol”); Robert Stark; and Michael Stark; on the other hand. Releasor acknowledges further that s/he stands to gain finically and otherwise by virtue of execution of the referenced Settlement Agreement
by BWMPT, BWI, Gorgol, Robert Stark and Michael Stark (hereinafter “Defendants”), that the Settlement Agreement would not be executed by Defendants but for the promise contained therein with regard to the delivery of this executed Release,
and that the execution of the Settlement Agreement by Defendants provides good and valuable consideration for the giving of the Release by Releasor. 
 Accordingly, Releasor hereby releases and discharges Defendants, together with their respective officers, directors, shareholders, agents, employees and affiliated companies from any and all claims, actions, causes of
action, sums of money due, attorneys’ fees, suits, debts, covenants, contracts, agreements, promises, demands or liabilities whatsoever, in law or in equity, whether known or unknown, which Releasor ever had, now has, or might in the future
have against any of the Defendants based upon facts occurring up to and including the execution date of this Release (as set forth below) and related to the subject matter of the Litigation as such term is defined in the Settlement Agreement.

 Releasor represents and warrants, understanding that the truth of such representation and warranty is material to the Defendants
proceeding under the Settlement Agreement, that Releasor has not assigned or otherwise transferred, and will not assign or otherwise transfer, to any other person or entity any claims, causes of action, demands or similar things that Releasor may
have, or may have had, against one or more of the Defendants. Releasor further represents and warrants that, as of the date of his/her signature below, s/he has no knowledge of a basis for the assertion by him/her of any claim against Defendants, or
any of them. Releasor hereby covenants and agrees to indemnify and hold Defendants harmless with respect to any damage done to any Defendant in relation to an untrue or inaccurate representation or warranty given by Releasor herein. 

 Releasor acknowledges and agrees that there have been no offers or inducements with respect to his making
of this Release except as described herein, and that this Release contains the entire agreement and understanding relating to the subject matter hereof. 
 Executed this 28 day of Nov, 2008. 
  

	
	 /s/ Donald A. Luke

	Signature
	
	 Donald A. Luke

	(print name)
	
	 /s/ Melissa S. Garthwaite

	Witness signature
	
	 Melissa S. Garthwaite

	(print name)

 EXHIBIT “A” 
 RELEASE 
 The undersigned Vaughn Astley (hereinafter “Releasor”), acting for
himself/herself and his/her privies, successors and assigns and acting with the advice of legal counsel, hereby provides this Release. 
 Releasor acknowledges that s/he has read and understands that certain Settlement Agreement and Release (“Settlement Agreement”) by and among Process Water Solutions, LLC (“Process Water”); Veolia Water North America
Operating Services, LLC (“Veolia”); Clean Water Technologies, LLC (“Clean Water”); and Dr. Phosphate, Inc. (“Dr. Phosphate”); on the one hand, and Basin Water-MPT, Inc. (“BWMPT”); Basin Water, Inc.
(“BWI”); Robert Gorgol (“Gorgol”); Robert Stark; and Michael Stark; on the other hand. Releasor acknowledges further that s/he stands to gain finically and otherwise by virtue of execution of the referenced Settlement Agreement
by BWMPT, BWI, Gorgol, Robert Stark and Michael Stark (hereinafter “Defendants”), that the Settlement Agreement would not be executed by Defendants but for the promise contained therein with regard to the delivery of this executed Release,
and that the execution of the Settlement Agreement by Defendants provides good and valuable consideration for the giving of the Release by Releasor. 
 Accordingly, Releasor hereby releases and discharges Defendants, together with their respective officers, directors, shareholders, agents, employees and affiliated companies from any and all claims, actions, causes of
action, sums of money due, attorneys’ fees, suits, debts, covenants, contracts, agreements, promises, demands or liabilities whatsoever, in law or in equity, whether known or unknown, which Releasor ever had, now has, or might in the future
have against any of the Defendants based upon facts occurring up to and including the execution date of this Release (as set forth below) and related to the subject matter of the Litigation as such term is defined in the Settlement Agreement.

 Releasor represents and warrants, understanding that the truth of such representation and warranty is material to the Defendants
proceeding under the Settlement Agreement, that Releasor has not assigned or otherwise transferred, and will not assign or otherwise transfer, to any other person or entity any claims, causes of action, demands or similar things that Releasor may
have, or may have had, against one or more of the Defendants. Releasor further represents and warrants that, as of the date of his/her signature below, s/he has no knowledge of a basis for the assertion by him/her of any claim against Defendants, or
any of them. Releasor hereby covenants and agrees to indemnify and hold Defendants harmless with respect to any damage done to any Defendant in relation to an untrue or inaccurate representation or warranty given by Releasor herein. 

 Releasor acknowledges and agrees that there have been no offers or inducements with respect to his making
of this Release except as described herein, and that this Release contains the entire agreement and understanding relating to the subject matter hereof. 
 Executed this 28 day of NOV., 2008. 
  

	
	 /s/ VAUGHN ASTLEY

	Signature
	
	 VAUGHN ASTLEY

	(print name)
	
	 /s/ KENNETH DOJKA

	Witness Signature
	
	 KENNETH DOJKA

	(print name)

 EXHIBIT “A” 
 RELEASE 
 The undersigned Dennis Michalski (hereinafter “Releasor”), acting for
himself/herself and his/her privies, successors and assigns, and acting with the advice of legal counsel, hereby provides this Release. 
 Releasor acknowledges that s/he has read and understands that certain Settlement Agreement and Release (“Settlement Agreement”) by and among Process Water Solutions, LLC (“Process Water”); Veolia Water North America
Operating Services, LLC (“Veolia”); Clean Water Technologies, LLC (“Clean Water”); and Dr. Phosphate, Inc. (“Dr. Phosphate”); on the one hand, and Basin Water-MPT, Inc. (“BWMPT”); Basin Water, Inc.
(“BWI”); Robert Gorgol (“Gorgol”); Robert Stark; and Michael Stark; on the other hand. Releasor acknowledges further that s/he stands to gain finically and otherwise by virtue of execution of the referenced Settlement Agreement
by BWMPI, BWl, Gorgol, Robert Stark and Michael Stark (hereinafter “Defendants”), that the Settlement Agreement would not be executed by Defendants but for the promise contained therein with regard to the delivery of this executed Release,
and that the execution of the Settlement Agreement by Defendants provides good and valuable consideration for the giving of the Release by Releasor. 
 Accordingly, Releasor hereby releases and discharges Defendants, together with their respective officers, directors, shareholders, agents, employees and affiliated companies from any and all claims, actions, causes of
action, sums of money due, attorneys’ fees, suits, debts, covenants, contracts, agreements, promises, demands or liabilities whatsoever, in law or in equity, whether known or unknown, which Releasor ever had, now has, or might in the future
have against any of the Defendants based upon facts occurring up to and including the execution date of this Release (as set forth below) and related to the subject matter of the Litigation as such term is defined in the Settlement Agreement.

 Releasor represents and warrants, understanding that the truth of such representation and warranty is material to the Defendants
proceeding under the Settlement Agreement, that Releasor has not assigned or otherwise transferred, and will not assign or otherwise transfer, to any other person or entity any claims, causes of action, demands or similar things that Releasor may
have, or may have had, against one or more of the Defendants. Releasor further represents and warrants that, as of the date of his/her signature below, s/he has no knowledge of a basis for the assertion by him/her of any claim against Defendants, or
any of them. Releasor hereby covenants and agrees to indemnify and hold Defendants harmless with respect to any damage done to any Defendant in relation to an untrue or inaccurate representation or warranty given by Releasor herein. 

 Releasor acknowledges and agrees that there have been no offers or inducements with respect to his making
of this Release except as described herein, and that this Release contains the entire agreement and understanding relating to the subject matter hereof. 
 Executed this 28 day of Nov, 2008. 
  

	
	 /s/ Dennis Michalski

	Signature
	
	 Dennis Michalski

	(print name)
	
	 /s/ VAUGHN ASTLEY

	Witness signature
	
	 VAUGHN ASTLEY

	(print name)

 EXHIBIT “A” 
 RELEASE 
 The undersigned G. Astley (hereinafter “Releasor”), acting for himself/herself
and his/her privies, successors and assigns, and acting with the advice of legal counsel, hereby provides this Release. 
 Releasor
acknowledges that s/he has read and understands that certain Settlement Agreement and Release (“Settlement Agreement”) by and among Process Water Solutions, LLC (“Process Water”); Veolia Water North America Operating Services,
LLC (“Veolia”); Clean Water Technologies, LLC (“Clean Water”); and Dr. Phosphate, Inc. (“Dr. Phosphate”); on the one hand, and Basin Water-MPT, Inc. (“BWMPT”); Basin Water, Inc. (“BWI”); Robert
Gorgol (“Gorgol”); Robert Stark; and Michael Stark; on the other hand. Releasor acknowledges further that s/he stands to gain finically and otherwise by virtue of execution of the referenced Settlement Agreement by BWMPT, BWI, Gorgol,
Robert Stark and Michael Stark (hereinafter “Defendants”), that the Settlement Agreement would not be executed by Defendants but for the promise contained therein with regard to the delivery of this executed Release, and that the execution
of the Settlement Agreement by Defendants provides good and valuable consideration for the giving of the Release by Releasor. 
 Accordingly,
Releasor hereby releases and discharges Defendants, together with their respective officers, directors, shareholders, agents, employees and affiliated companies from any and all claims, actions, causes of action, sums of money due, attorneys’
fees, suits, debts, covenants, contracts, agreements, promises, demands or liabilities whatsoever, in law or in equity, whether known or unknown, which Releasor ever had, now has, or might in the future have against any of the Defendants based upon
facts occurring up to and including the execution date of this Release (as set forth below) and related to the subject matter of the Litigation as such term is defined in the Settlement Agreement. 
 Releasor represents and warrants, understanding that the truth of such representation and warranty is material to the Defendants proceeding under the
Settlement Agreement, that Releasor has not assigned or otherwise transferred, and will not assign or otherwise transfer, to any other person or entity any claims, causes of action, demands or similar things that Releasor may have, or may have had,
against one or more of the Defendants. Releasor further represents and warrants that, as of the date of his/her signature below, s/he has no knowledge of a basis for the assertion by him/her of any claim against Defendants, or any of them. Releasor
hereby covenants and agrees to indemnify and hold Defendants harmless with respect to any damage done to any Defendant in relation to an untrue or inaccurate representation or warranty given by Releaser herein. 

 Releaser acknowledges and agrees that there have been no offers or inducements with respect to his making
of this Release except as described herein, and that this Release contains the entire agreement and understanding relating to the subject matter hereof. 
 Executed this 28 day of Nov, 2008. 
  

	
	 /s/ G. Astley

	Signature
	
	 G. ASTLEY

	(print name)
	
	 /s/ VAUGHN ASTLEY

	Witness signature
	
	 VAUGHN ASTLEY

	(print name)

 EXHIBIT “B” 
 UNITED STATES DISTRICT COURT 
 MIDDLE DISTRICT OF FLORIDA 
 TAMPA DIVISION 
 PROCESS WATER SOLUTIONS, LLC, 
 et al., 
 Plaintiffs, 
 Case No. 8:07-CV-1944-T-33MSS 
 vs.

 BASIN WATER, INC., et al., 
 Defendants.

                                        
 / 
 STIPULATED FINAL INJUNCTION AND ORDER OF DISMISSAL 
 Plaintiffs and Defendants, acting by and through their undersigned respective counsel of record, hereby consent to the entry of this Stipulated Final
Injunction and Order of Dismissal (“Injunction”) in the above-styled action. 
 WHEREAS, Plaintiffs have brought claims against
Defendants asserting, among other things, that Defendants have acted to misappropriate and use to their own benefit certain claimed confidential information, trade secrets, and other intellectual property allegedly owned by one or more of the
Plaintiffs and protected from disclosure or use by Defendants. 
 WHEREAS, Defendants have denied all of the material allegations made by
Plaintiffs, contend that they have not misappropriated or used any claimed trade secrets, confidential information, or other protected intellectual property allegedly owned by one or more of Plaintiffs, and have counterclaimed seeking, among other
things, a declaration of rights regarding the claimed intellectual property and an award of attorneys’ fees. 

 WHEREAS, neither Defendants nor any of their parent, subsidiary, or affiliate companies presently intend
to enter into or continue any business relationship with any member of the Phosphate Industry involving any project related to the treatment of phosphate-laden process pond water in a manner designed to yield a saleable phosphate byproduct or
otherwise recover the soluble phosphorous for beneficial uses; as used herein “Phosphate Industry” is defined as including USAC, Mosaic, CF, PCS, Mississippi Phosphates, Agrium, Agrifos, Simplot, OCP, FosFertil, Bunge, PhosCan, and any
other company that produces phosphate or processes any waters containing residues or residuals from phosphate industry sources; 
 WHEREAS,
the parties desire to enter into this Injunction to avoid the further expense of litigation, and do so without any admission of liability. 
 WHEREAS, this Injunction, effective for five (5) years from the date of its entry, does not supersede nor prejudice the rights or remedies afforded any party at law or equity as to any alleged wrongs that may occur subsequent to the
entry of this order. 
 In consideration of the foregoing, the consent of all parties as indicated below, and for good cause shown, IT IS
HEREBY ORDERED follows: 
 1. Defendants, their subsidiaries, parent companies, or affiliate companies, and any of their officers, employees,
agents, servants, attorneys or other persons in active concert or participation with any of the Defendants who receive actual notice of this Injunction and are acting with regard to any project related to the treatment of phosphate-laden process
pond water in a manner designed to yield a saleable phosphate byproduct or otherwise recover the soluble phosphorous for beneficial uses, shall be and are hereby enjoined from disclosing or using intellectual property meeting all of the following
criteria: (a) in existence and owned by one or more of the Plaintiffs as of the date of the filing of this action and (b) fitting within the general process description first set out below. Defendants do not concede that Plaintiffs, or any
of them, enjoy rights to any of the subject intellectual property, but acknowledge Plaintiffs’ contention, that the subject intellectual property fits within the following general process description: 
 That certain process, or processes, described in Provisional Patent Application No. 60/597630 as such existed when filed with the United States
Patent Office on December 14, 2005, together with all modifications and amendments thereto which were filed or prepared for filing in attorney work product form, on or before May 9, 2007. 

 A complete copy of the modifications or amendments prepared for filing in work product form shall be sworn to be such by
authorized representatives of Plaintiffs and maintained in a sealed envelope at Fee & Jeffries, P.A., as a condition to the effectiveness of this Injunction. Further, Plaintiffs acknowledge that the subject intellectual property does not
fit within the following general process description: 
 Neutralization of phosphate pond water utilizing a three stage process with
precipitation of mono-, di-, or tri-calcium phosphate from the various stages of neutralization, as well as any other process to produce or purify mono-, di-, or tri-calcium phosphate material from phosphate pond water outside of the process
description (relating to Provisional Patent Application No. 60/597630) first set forth above in this Paragraph 1. 
 Without limiting the generality of
the foregoing, the general process description described in this paragraph 1 shall be referenced hereinafter as the “Subject Process.” Plaintiffs, or any of them, may seek relief under this paragraph in the manner, and only in the manner,
described in paragraph 2, below. Nothing in this Paragraph 1 or otherwise set forth in this Injunction shall preclude a non-party to this action from seeking to dissolve this Injunction as to such non-party based upon due process or other rights
held by such non-party. 

 2. Third-Party Neutral. 
 (A) Subsequent to the expiration of the one (1) year period set forth in Paragraph 4 below, and prior to the expiration of this Injunction, should Defendants, or any of them, desire to utilize any process
involving the treatment of phosphate-laden process pond water in a manner designed to yield a saleable phosphate byproduct or otherwise recover the soluble phosphorous for beneficial uses (hereinafter, “Pond Water Sales”), they must first
utilize the Third-Party Neutral process described in this paragraph. Specifically, within fifteen (15) days prior to entering into any agreement (formal or informal) with any member of the Phosphate Industry regarding the testing or
implementation of any system related to Pond Water Sales or any commercial implementation (whichever occurs first), Defendants, or any of them, shall notify Plaintiffs of the fact of such agreement or intent to undertake commercial implementation
(the “Notifying Defendants”). With respect to any such agreement with a non-member of the Phosphate Industry, notice shall not be required and the Third-Party Neutral process described in this paragraph shall not apply, but Defendants may
proceed under such agreement only upon such non-member (or if an entity, the chief executive officer or managing partner) swearing in writing and under oath an acknowledgment that it is bound by this Injunction. When required, notice shall be given
in writing and delivered to the Plaintiffs via an officer, director, similar such office holder, or registered agent for the receipt of legal service, and notice shall be effective upon receipt provided the Plaintiffs have provided adequate current
contact information to Defendants, and upon issuing to the last know address in the event Plaintiffs have failed to provide adequate contact information. Upon such notice, Plaintiffs, or any of them, may demand within five (5) business days
that the Notifying Defendants submit the technical specifications 

 
for the proposed agreement or commercial implementation to the Third-Party Neutral, who shall be selected in the manner described below. Such demand shall be
in writing and delivered to the Notifying Defendants at the location specified in the Notifying Defendants’ notice. Defendants so notified must submit the technical specifications to the Third-Party Neutral within three (3) business days
of such notice. Further, within three (3) business days of such notice, Plaintiffs must submit the technical specifications for the Subject Process to the Third-Party Neutral. The Third-Party Neutral shall keep Defendants’ technical
specifications, as well as the Subject Process, confidential, including but not limited to from the other parties. 
 (B) Within seven
(7) days from receiving the technical specifications set forth in paragraph 2(A), the Third-Party Neutral shall determine and inform the parties in writing whether reasonable cause exists to believe that the Defendants’ technical
specifications are substantially similar to the Subject Process. If reasonable cause is found to exist, then Defendants must refrain from any commercial implementation or use of the technical specifications at issue for a period of thirty
(30) days after the Third-Party Neutral renders his/her decision provided such decision is rendered as called for in this Paragraph 2. Conversely, if the Third-Party Neutral does not find reasonable cause, then Defendants may proceed with the
commercial use and implementation of the technical specifications at issue seven (7) days after the Third-Party Neutral renders his/her decision. The parties agree that the Third-Party Neutral’s finding of reasonable cause (or finding of
no reasonable cause) shall not be admissible or carry any weight in any court proceeding, except for enforcement of waiting periods described in this paragraph 2(B). 
 (C) The parties hereby select the American Arbitration Association as the body to oversee the appointment of the Third-Party Neutral. In the event a Third-Party Neutral shall become necessary, the parties shall
immediately request that the American 

 
Arbitration Association select an individual from its panel of arbitrators who specializes in intellectual property disputes, such individual being subject
to challenge by the parties on grounds of conflict of interest only. The parties shall share the fees and costs of the Third-Party Neutral’s services equally. 
 (D) During the time period between Plaintiffs’ notice pursuant to paragraph 2(A) and the Third-Party Neutral’s decision, as called for by paragraph 2(B), Defendants shall not proceed with the commercial use
and implementation of the technical specifications at issue. 
 3. Notwithstanding anything else set forth in this Injunction except the
Third-Party Neutral process described above, in the event there should ever be a litigated dispute or other dispute about one or more Defendants’ ability to use or commercialize in any fashion any process or intellectual property claimed to
fall within the scope of the Subject Process, nothing in this Injunction, including the provisions of paragraph 1, above, shall operate to relieve the person or entity opposing such use or commercialization by one or more of the Defendants of any
otherwise existing burden of establishing currently held rights in the subject process or intellectual property sufficient to preclude the use or commercialization intended by one or more of the Defendants. For purposes of this subparagraph 3,
Defendants shall be defined to include Defendants as well as their subsidiaries, parent companies, affiliate companies and the successors and assigns of any of the foregoing, and any of their officers, directors, employees, attorneys, or other
agents. 
 4. For a period of one (1) year following the entry of this Injunction, Defendants, theft subsidiaries, parent companies, or
affiliate companies, and any of their officers, employees, agents, servants, attorneys or other persons in active concert or participation with any of the Defendants who receive actual notice of this Injunction and are acting with regard to any
project related to the 

 
treatment of phosphate-laden process pond water in a manner designed to yield a saleable phosphate byproduct or otherwise recover the soluble phosphorous for
beneficial uses, shall be and hereby are enjoined from, directly or indirectly, soliciting, contacting, or contracting with any member of the Phosphate Industry for purposes of engaging in any project related to the treatment of phosphate-laden
process pond water in a manner designed to yield a saleable phosphate byproduct or otherwise recover the soluble phosphorous for beneficial uses. 
 5. Within three (3) business days from its entry, Defendant Basin Water, Inc. and Basin Water – MPT, Inc. shall provide actual notice of this Injunction to the officers and directors of their parent, subsidiary, and affiliate
companies, as well as the sales, marketing, and product development personnel of such companies. 
 6. The Court shall retain jurisdiction
over this action for the limited purpose of enforcing this order upon application of any party. Except as so stated, this action, and each and every claim asserted therein, is dismissed with each party to bear its own attorneys fees, costs and
expenses. This dismissal shall be with prejudice as to all of the parties’ claims, except for claims seeking a declaration of rights with respect to intellectual property allegedly owned by Plaintiffs, or some of them. This dismissal shall not
in any way preclude any party’s right to bring a separate action in the future based upon conduct occurring subsequent to this dismissal, even if such conduct is purportedly a continuation of conduct occurring prior to such dismissal.

 DONE AND ORDERED, this      day of
            , 2008. 
  

	
	  

	United States District Judge

 Consented to by all parties as follows: 
  

			
	  
	    	  

	Stephen W. Mooney	    	Richard E. Fee
	Florida Bar No. 0041678	    	Florida Bar No. 813680
	Michael A. Sexton	    	Kathleen M. Wade
	Florida Bar No. 131520	    	Florida Bar No. 127965
	WEINBERG WHEELER HUDGINS GUNN & DIAL, LLC	    	FEE & JEFFRIESS, P.A.
	950 Paces Ferry Road, Suite 3000	    	1227 N. Franklin Street
	Atlanta, GA 30326	    	Tampa, FL 33602
	(404) 876-2700 (phone)	    	(813) 229-8008 (phone)
	(404) 875-9433 (facsimile)	    	(813) 299-0046 (facsimile)
		
	Attorneys for Plaintiff	    	Attorneys for Plaintiffs
	Veolia Water North America	    	Process Water Solutions, LLC,
	Operation Services, LLC	    	Clean Water Technologies, LLC, and
		    	Dr. Phosphate, Inc.
		
		    	  

		    	Robert P. Riordan
		    	Georgia Bar No. 606431
		    	ALSTON & BIRD LLP
		    	1201 West Peachtree Street
		    	Atlanta, Georgia 30309-3424
		    	(404) 881-7000 (phone)
		    	(404) 881-7777 (facsimile)
		
		    	Attorneys for DefendantsSettlement Agreement and Mutual General Release

 Exhibit 10.40 
 SETTLEMENT AGREEMENT 
 AND MUTUAL GENERAL RELEASE 
 THIS SETTLEMENT AGREEMENT AND MUTUAL GENERAL RELEASE (the “Agreement”), entered into as of the 5th day of February, 2009 (“Effective
Date”), by and between Basin Water, Inc., a Delaware corporation (“Basin Water”), BionBasin, Inc., a Delaware corporation (“BION”), Opus Trust, Inc., a Nevis corporation (“Opus Trust”), and Martin A. Benowitz,
individually and as Trustee of the Martin A. Benowitz Qualified Profit Sharing Plan (the “Plan”) (Martin A. Benowitz individually and in his role as trustee of the Plan sometimes hereinafter are referred to collectively as
“Benowitz”), is made with respect to the following facts: 
 R E C I T A L S 
 A. Opus Trust and Benowitz sometimes hereinafter are referred to collectively as the “Settling Claimants.” Basin Water, BION, Opus Trust and
Benowitz sometimes hereinafter are referred to individually as a “Party” and collectively as the “Parties.” 
 B. BION
and Opus Trust previously entered into that certain Unit Purchase Agreement (the “Purchase Agreement”), dated as of March 30, 2006. Pursuant to the Purchase Agreement, among other things: (i) Opus Trust agreed to purchase, and
BION agreed to sell, two (2) standard ion exchange units, commonly identified as Salinas Unit #15 (“Unit 15”) and Salinas Unit #108 (“Unit 108,” and together with Unit 15, collectively the “Units”); (ii) Opus
Trust agreed to pay One Million Five Hundred Thousand Dollars ($1,500,000.00) (the “Purchase Price”) in exchange for the Units; and (iii) BION agreed to issue Opus Trust five hundred thousand (500,000) shares (the “BION
Stock”) of its common stock, to be held as collateral for the payment of the Purchase Price. The Purchase Agreement superseded that certain letter agreement (the “Letter Agreement”), dated as of December 28, 2005, between Opus
Trust and Basin Water. 
 C. On or about June 28, 2008, an uninsured motorist allegedly fell asleep while driving, and as a result, his
van struck and damaged Salinas Unit # 108. Thereafter, Basin Water determined that the damage to Unit 108 was so extensive that it needed to be replaced. 
 D. Basin Water and BION have asserted that Section 16.2 of the Purchase Agreement requires Opus Trust to insure the Units. Opus Trust failed to insure the Units, and to offset damages incurred in replacing Unit
108, Basin Water has withheld certain amounts payable with respect to Unit 15. 
 E. Opus Trust disputes that it was or is required to insure
the Units. It also has alleged certain securities and other claims against Basin Water or BION arising out of or related to Benowitz’s acquisition of Basin Water common stock, Benowitz’s sale of Basin Water common stock, Opus Trust’s
purchase of the Units, Opus Trust’s acquisition of the BION Stock, Basin Water’s sale to Benowitz and Opus Trust of nitrate water treatment units instead of BION water treatment units, and Basin Water’s withholding of amounts payable
with respect to the Units. 

 F. The disputes described in Recitals C and D above, and any other disputes and/or disagreements between
Benowitz and Opus Trust, on the one hand, and Basin Water and BION, on the other hand, sometimes hereinafter are referred to collectively as the “Dispute.” 
 G. On the terms and conditions set forth below, the Parties now desire to fully and finally settle and compromise their Dispute. 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties hereto agree as follows:

 OPERATIVE PROVISIONS 
 1. Settlement Terms. Subject to the terms and conditions of this Agreement, and in full settlement of this Dispute: (a) Basin Water agrees to pay Settling Claimants One Hundred Twenty-Five Thousand Dollars ($125,000) (the
“Settlement Payment”) and, at the request of Opus Trust, transfer to Opus Trust 150,000 shares (the “EWC Shares”) of common stock in Empire Water Corporation (“EWC”) owned by Basin Water Resources, Inc.
(“BWR”), a wholly-owned subsidiary of Basin Water; and (b) Settling Claimants agree to transfer all right, title and interest in and to the Units and in and to the BION Stock to Basin Water. The Settling Claimants shall be responsible
to apportion and distribute the Settlement Payment and the EWC Shares among themselves as they deem appropriate, and the Settling Claimants, on a joint and several basis, shall save, indemnify, hold harmless and defend (with counsel acceptable to
the Basin Releasing Parties (as defined in Section 5 below) the Basin Released Parties with respect to any claim or controversy that may arise with respect to the apportionment and distribution of the Settlement Payment and the EWC Shares.

 2. Exchange of Settlement Consideration. The exchange (the “Exchange”) of settlement consideration contemplated by this
Agreement shall take place at 11:00 a.m., local time, at the offices of Buchanan Ingersoll & Rooney, 707 Broadway, Suite 800, San Diego, CA 92101, on February 5, 2009, or at such other date, time or place as the parties may agree (the
“Settlement Date”). 
 2.1 Deliveries by Basin Water and BION to Opus Trust. At the Exchange, Basin Water
shall deliver or cause to be delivered to Opus Trust: (a) duplicate originals of this Agreement, duly executed by Basin Water and BION; (b) the Settlement Payment; and (c) a duly executed assignment separate from certificate,
substantially in the form of Exhibit “A” attached hereto, transferring the EWC Shares to Opus Trust and Benowitz. Basin Water shall pay the Settlement Payment, at its election, by wire transfer via “Fed Wire” of immediately
available funds, or by cashiers check drawn on a mutually agreeable bank. 
 2.2 Deliveries by Opus Trust. At the
Exchange, Opus Trust shall deliver or cause to be delivered to Basin Water and BION: (a) duplicate originals of this Agreement, duly executed by Opus Trust and Benowitz; (b) a duly executed assignment separate from certificate,
substantially in the form of Exhibit “B” attached hereto, transferring all of Opus Trust’s shares of BION Stock to Basin Water; and (c) a duly executed transfer of title for the Units, substantially in the form of Exhibit
“C” attached hereto. 

 3. Representations and Warranties Concerning EWC Shares. In contemplation of the transfer of the
Securities to Opus Trust and Benowitz (sometimes hereinafter collectively referred to as the “Transferee”), the Transferee hereby represents, agrees and acknowledges as follows: 
 3.1 Knowledge and Financial Experience. Transferee has such knowledge and experience in financial and business matters as to be
capable of evaluating the merits and risks of purchasing and investing in the EWC Shares. 
 3.2 No Investment Advice.
None of Basin Water, BION, or any of their agents or affiliates has given any investment advice or rendered any opinion to the Transferee as to whether the purchase of an investment in the EWC Shares is prudent or suitable, and Transferee is not
relying on any representation or warranty by the Company or any of its agents or affiliates with respect to EWC. 
 3.3
Opportunity for Questions of Basin Water, BION. Transferee acknowledges that Basin Water and BION have offered (a) Transferee the opportunity to ask questions and receive answers from Basin Water or BION or persons acting on behalf of
Basin Water or BION or their affiliates (including BWR) with respect to the EWC Shares, (b) to furnish Transferee with all other materials that it considers relevant to an investment in EWC Shares and (c) to give Transferee the opportunity
to fully perform its due diligence in connection with an investment in EWC Shares. 
 3.4 Opportunity for Questions of
EWC. Transferee represents that (a) it has had the opportunity to ask questions and receive answers from EWC or persons acting on behalf of EWC with respect to the EWC Shares, (b) EWC has provided Transferee with access to all
materials that it considers relevant to an investment in the EWC Shares and (c) EWC has given Transferee the opportunity to fully perform its due diligence in connection with an investment in the EWC Shares. 
 3.5 Independent Decision. Transferee has access to all information that it believes is necessary, sufficient or appropriate in
connection with its investment in the EWC Shares. Transferee has made an independent decision to accept the EWC Shares based on the information concerning the business and financial condition of EWC and other information available to it, which it
has determined are adequate for that purpose, and in light of its financial circumstances, and Transferee has not relied on any information (in any form, whether written or oral) furnished by Basin Water or BION or on their behalf in making that
decision. 
 3.6 Release. Transferee hereby expressly releases Basin Water and BION and their affiliates, officers,
employees, agents and controlling persons from any and all liabilities arising from, in or in connection with Transferee’s investment in the EWC Shares (including, without limitation, any investment loss that it may suffer), and it hereby
agrees to make no claim (and it hereby waives and releases all claims that it may otherwise have) with respect to such investment in the EWC Shares, whether before or after the date of this Agreement, against Basin Water and BION, their respective
affiliates (including BWR), officers, directors, shareholders, principals, partners, agents, servants, employees, assigns, representatives, attorneys and controlling persons (including, without limitation, for any investment loss that it may suffer
with respect to the EWC Shares). Transferee hereby agrees that the release and waiver contained in this paragraph is unconditional and irrevocable. 

 3.7 No View for Resale. Transferee is acquiring the EWC Shares for investment for
Transferee’s own account, not as a nominee or agent, and not with the view to, or for resale in connection with, any distribution thereof. Transferee further represents that it does not have any contract, undertaking, agreement or arrangement
with any person to sell, transfer or grant participation to any third person with respect to any of the EWC Shares. 
 3.8
Accredited Investor. Transferee is an “accredited investor” within the meaning of Securities and Exchange Commission Rule 501 of Regulation D, as presently in effect, under the Securities Act of 1933, as amended (the
“Securities Act”). 
 3.9 No Registration. Transferee acknowledges that its purchase of the EWC Shares has
not been registered under the Securities Act. Transferee acknowledges that the EWC Shares must be held indefinitely unless subsequently registered under the Securities Act, or an exemption from such registration is available. Transferee is aware of
the provisions of Rule 144 promulgated under the Securities Act which permit limited resale of shares purchased in a private placement subject to the satisfaction of certain conditions. 
 3.10 No Exemption. Transferee understands that none of Basin Water, BION or any of their agents or affiliates (including BWR) makes
any representation as to the availability of any exemption under the Securities Act in connection with Transferee’s purchase of the EWC Shares. 
 3.11 Legend. Transferee acknowledges that, to the extent applicable, each certificate evidencing the EWC Shares shall be endorsed with the legends substantially in the form set forth below, as well as any
additional legend imposed or required by EWC’s bylaws or applicable state securities laws: 
 THE SHARES REPRESENTED HEREBY HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED, OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SUCH ACT, OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL OR OTHER
EVIDENCE, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED. 
 4. Release by Opus Trust, Benowitz.
Except for the performance of all terms, conditions, duties and obligations set forth in this Agreement, and subject to Section 7.6, Opus Trust and Benowitz, on their behalf and on behalf of their affiliates, assigns, parent corporations,
subsidiaries, predecessors, and successors-in-interest, and their respective officers, directors, shareholders, principals, partners, agents, servants, employees, representatives and attorneys (collectively the “Opus Trust Releasing
Parties”), hereby forever unconditionally release and discharge Basin Water and BION, and their respective affiliates (including BWR), assigns, parent corporations, subsidiaries, predecessors and successors-in-interest, and their respective
officers, directors, shareholders, principals, partners, agents, servants, employees, representatives and attorneys, from any and all rights, liabilities, claims, demands, damages, 

 
costs, fees, expenses, losses, judgments, liens, interests, debts, actions and causes of action of every kind whatsoever, including without limitation for
breach of contract, negligence, fraud or securities fraud (collectively, the “Claims”) that Opus Trust and Benowitz have, had or may have, arising or accruing on or before the date hereof, regardless of whether asserted before, on or after
the date hereof, and regardless of whether known or unknown, in any way arising from or relating to the Dispute, the Purchase Agreement or the Letter Agreement (the “Opus Trust Released Claims”). 
 5. Release by Basin Water, BION. Except for the performance of all terms, conditions, duties and obligations set forth in this Agreement, and
subject to Section 7.6, Basin Water and BION, on their behalf and on behalf of their affiliates (including BWR), assigns, parent corporations, subsidiaries, predecessors, and successors-in-interest, and their respective officers, directors,
shareholders, principals, partners, agents, servants, employees, representatives and attorneys (collectively the “Basin Releasing Parties”), hereby forever unconditionally release and discharge Opus Trust and Benowitz and their respective
affiliates, assigns, parent corporations, subsidiaries, predecessors and successors-in-interest, and their respective officers, directors, shareholders, principals, partners, agents, servants, employees, representatives and attorneys, from any and
all Claims that Basin Water and BION have, had or may have, arising or accruing on or before the date hereof, regardless of whether asserted before, on or after the date hereof, and regardless of whether known or unknown, in any way arising from or
relating to the Dispute, the Purchase Agreement or the Letter Agreement (the “Basin Released Claims”). 
 6. Unknown Claims.
Except for the performance of all terms, conditions, duties and obligations set forth in this Agreement, and subject to Section 7.6, Opus Trust and Benowitz, on their behalf and on behalf of the Opus Trust Releasing Parties, and Basin Water and
BION, on their behalf and on behalf of the Basin Releasing Parties, understand and hereby agree that this Agreement shall act as a release of any and all Opus Trust Released Claims and Basin Released Claims, respectively, whether known or unknown,
arising, accruing or based on facts, events or circumstances in existence on or before the Effective Date, whether known or unknown, suspected to exist or not suspected to exist, that each of the Parties has, had or may ever have against each of the
other Parties relating to the Opus Trust Released Claims and the Basin Released Claims. 
 In this connection, each of Opus
Trust and Benowitz, on its behalf and on behalf of the Opus Trust Releasing Parties, and Basin Water and BION, on its behalf and on behalf of the Basin Releasing Parties, acknowledges that, except for the performance of all terms, conditions, duties
and obligations set forth in this Agreement, and subject to Section 7.6 hereof, each hereby releases the Opus Trust Released Claims and Basin Released Claims, respectively, whether such currently are known or unknown, foreseen or unforeseen,
suspected to exist or not suspected to exist, and each of the Parties acknowledges that each has read, is familiar with, understands and waives the provisions of California Civil Code Section 1542, which provides as follows: 
 A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release,
which if known by him must have materially affected his settlement with the debtor. 
 Furthermore, each of the Parties acknowledges that
the foregoing waivers were separately bargained for and are a key element of the consideration for entering into this Agreement. 

 To the extent that Section 1542 or any similar law or statute may otherwise apply to the release set
forth in Section 3.7 hereof, Opus Trust and Benowitz hereby waive and relinquish as to all matters released hereunder all rights and benefits that they have, or may have, under Section 1542, or under the laws of California or any other
jurisdiction to the same or similar effect. 
 7. Additional Release Provisions. 
 7.1 No Duress. Each of the Parties hereto acknowledges that it has been advised by or has had the opportunity to consult legal
counsel in connection with the granting of the releases contained in this Agreement and that this Agreement is entered into freely, without duress, coercion, menace or other undue influence. 
 7.2 Voluntary Execution. Each of the Parties hereto: (a) voluntarily and knowingly executes this Agreement with the intent,
subject to Section 7.6, of extinguishing the Opus Trust Released Claims and Basin Released Claims, whichever applies; (b) has read this Agreement and understands all of its terms; and (c) has executed this Agreement, with full
knowledge of its significance. 
 7.3 No Admission of Liability. This Agreement is a compromise of disputed claims, and
the execution of this Agreement shall not be considered or treated at any time or for any purpose as an admission of liability by any of the Parties to this Agreement. No past or present wrongdoing on the part of any of the Parties shall be implied
from the negotiation or the consummation of this Agreement. 
 7.4 Capacity; Non-Assignment. All Parties warrant and
represent that they have not sold, assigned, granted, conveyed, or otherwise transferred to any other firm, corporation, person, or other entity, any of the Claims described herein, and that they have the full legal capacity to enter into, execute
and perform their respective obligations set forth in this Agreement. The Parties further represent and warrant that, as of the Effective Date, they have no knowledge of any person or entity entitled to claim, or contemplating claiming, legal wrongs
and associated relief against one more of the other Parties, the Opus Trust Releasing Parties or the Basin Releasing Parties. 
 7.5 Scope of Releases. The releases set forth in Sections 4, 5 and 6 of this Agreement shall not apply to breaches of this Agreement by any Party. 
 7.6 Effectiveness of Releases. The releases set forth in Sections 4, 5 and 6 of this Agreement are intended to and shall become
effective upon (a) the execution of this Agreement by all of the Parties hereto, and (b) each Party’s performance of such Party’s obligations under this Agreement. 

 8. Representations and Warranties of Basin Water. In addition to any representations and
warranties made elsewhere in this Agreement, Basin Water hereby makes the following representations and warranties to Opus Trust and Benowitz, as of the Effective Date and as of the Settlement Date: 
 8.1 Authorization. Basin Water has the right, power and authority to enter into this Agreement and to perform its obligations
hereunder. The person executing this Agreement on behalf of Basin Water has full power and authority to enter into this Agreement, and any consent required as a condition thereto has been obtained. 
 8.2 Enforceability. This Agreement constitutes the valid and legally binding obligation of Basin Water, enforceable against Basin
Water in accordance with its terms. 
 8.3 BION. Basin Water and BION have no present intention of constructing any of
the facilities necessary to commercially exploit the technology owned by BION because of current environmental laws, the results of research and development conducted prior to the Effective Date, and competing technologies. Therefore, due to
uncertainties surrounding the future commercial viability of the BION technology, Basin Water and BION have not entered into any contracts to sell any interest in the technology or otherwise exploit the ownership of the technology owned by BION.

 9. Representations and Warranties of BION. In addition to any representations and warranties made elsewhere in this Agreement, BION
hereby makes the following representations and warranties to Opus Trust and Benowitz, as of the Effective Date and as of the Settlement Date: 
 9.1 Authorization. BION has the right, power and authority to enter into this Agreement and to perform its obligations hereunder. The person executing this Agreement on behalf of BION has full power and
authority to enter into this Agreement, and any consent required as a condition thereto has been obtained. 
 9.2
Enforceability. This Agreement constitutes the valid and legally binding obligation of BION, enforceable against BION in accordance with its terms. 
 9.3 BION. Basin Water and BION have no present intention of constructing any of the facilities necessary to commercially exploit the technology owned by BION because of current environmental laws, the results
of research and development conducted prior to the Effective Date, and competing technologies. Therefore, due to uncertainties surrounding the future commercial viability of the BION technology, Basin Water and BION have not entered into any
contracts to sell any interest in the technology or otherwise exploit the ownership of the technology owned by BION. 
 10.
Representations and Warranties of Opus Trust. In addition to any representations and warranties made elsewhere in this Agreement, Opus Trust hereby makes the following representations and warranties to Basin Water and BION, as of the
Effective Date and as of the Settlement Date: 
 10.1 Authorization. Opus Trust has the right, power and authority to
enter into this Agreement and to perform its obligations hereunder. The person executing this Agreement on behalf of Opus Trust has full power and authority to enter into this Agreement, and any consent required as a condition thereto has been
obtained. 
 10.2 Enforceability. This Agreement constitutes the valid and legally binding obligation of Opus Trust,
enforceable against Opus Trust in accordance with its terms. 

 10.3 Settling Claimants. Except for Opus Trust and Benowitz, no other person,
partnership, corporation, joint venture, limited liability company or other form of organization or association of any kind has any right, title or interest in or to the BION Stock or the Units. 
 11. Representations and Warranties of Benowitz. In addition to any representations and warranties made elsewhere in this Agreement, Benowitz
hereby makes the following representations and warranties to Basin Water and BION, as of the Effective Date and as of the Settlement Date: 
 11.1 Authorization. Benowitz is of legal age, under no legal disabilities and competent to execute and deliver this Agreement and all other agreements contemplated by this Agreement and to consummate the
transactions herein and therein contemplated and to perform his obligations hereunder and thereunder. Benowitz has entered into this Agreement freely, without coercion of any kind and after advice of competent legal counsel. 
 11.2 Enforceability. This Agreement constitutes the valid and legally binding obligation of Benowitz, enforceable against Benowitz
in accordance with its terms. 
 11.3 Settling Claimants. Except for Opus Trust and Benowitz, no other person,
partnership, corporation, joint venture, limited liability company or other form of organization or association of any kind has any right, title or interest in or to the BION Stock or the Units. 
 12. Miscellaneous Provisions. 
 12.1 Further Actions. At any time and from time to time after the date hereof, each Party agrees to take such actions and to execute and deliver such documents as each other Party may reasonably request to effectuate the purposes of
this Agreement. 
 12.2 Entire Agreement. This Agreement constitutes the entire understanding among the Parties with
respect to the matters set forth herein, and it supersedes all prior or contemporaneous understandings or agreements among the Parties with respect to the subject matter hereof, whether oral or written. 
 12.3 Notices. Any notice, approval, consent, waiver or other communication required or permitted to be given or to be served upon
any Party in connection with this Agreement shall be in writing. Such notice shall be personally served, sent by facsimile, sent prepaid by registered or certified mail with return receipt requested, or sent by reputable overnight delivery service,
such as Federal Express, and shall be deemed given: (a) if personally served, when delivered to the Party to whom such notice is addressed; (b) if given by facsimile, when sent, provided that the confirmation sheet from the sending fax
machine confirms that the total number of pages were successfully transmitted; (c) if given by prepaid or certified mail with return receipt requested, on the date of execution of the return receipt; (d) if sent by reputable overnight
delivery service, such as Federal Express, when received; or (e) if sent by electronic mail (i.e., email), when received, provided that the email is not returned as undeliverable and a “hard copy” is sent by first class mail, postage
prepaid. Such notices shall be addressed to the Party to whom such notice is to be given at the address set forth below, or as such Party shall otherwise direct in a writing to the other Parties delivered or sent in accordance with this Section.

			
	If to Basin Water or BION, to	  	 Basin Water, Inc.
 9302 Pittsburgh Avenue, Suite 210

 Rancho Cucamonga, CA. 91730
 Attn: Michael M. Stark, President

 Fax No.: (909) 481-6801
 Email:
mikestark@basinwater.com

		
	If to Opus Trust, to:	  	 IFG Trust Services
 Attention Daniel
MacMullin
 Suite 4, Temple Building
 Main and Prince William
Street Charleston,
 Nevis, British West Indies (BWI)

		
	With a copy, to:	  	 Martin Benowitz
 1905 Diamond Street, Suite
B
 San Marcos, CA. 92078
 Fax No.: (760) 591-0012
 Email: lordpuffer@sbcglobal.net

		
	If to Benowitz, to:	  	 1905 Diamond Street, Suite B
 San Marcos, CA. 92078

 Attn: Martin Benowitz, individually and as
 Trustee of the
Martin A. Benowitz Qualified
 Profit Sharing Plan
 Fax No.: (760)
591-0012
 Email: lordpuffer@sbcglobal.net

 12.4 Controlling Law. This Agreement shall be governed by, and construed and
interpreted in accordance with, the laws of the State of California, without giving effect to any choice-of-law or conflicts-of-laws rule or principle that would result in the application of any other laws. 
 12.5 Headings. Headings, titles and captions are for convenience only and shall not constitute a portion of this Agreement or be
used for the interpretation thereof. 
 12.6 Cumulative Rights; Waiver. The rights created under this Agreement, or by
law or equity, shall be cumulative and may be exercised at any time and from time to time. No failure by any Party to exercise any right and no delay or omission on the part of any Party in exercising any right shall be construed or deemed to be a
waiver thereof or shall operate as a waiver of any such right or any other right under this Agreement, nor shall any single or partial exercise by any Party preclude any other or future exercise thereof or the exercise of any other right. Any waiver
of any provision or of any breach of any provision of this Agreement must be in writing, and any waiver by any Party of any breach of any provision of this Agreement shall not operate as or be construed to be a waiver of any other breach of that
provision or of any breach of any other provision of this Agreement. The failure of any Party to insist upon strict adherence to any term of this Agreement on one or more occasions shall not be considered a waiver of any provision or any breach of
any provision of this Agreement or deprive that Party of the right thereafter to insist upon strict adherence to that provision or any other provision of this Agreement. 

 12.7 Liberal Construction. This Agreement constitutes a fully-negotiated agreement
among commercially sophisticated Parties, each assisted by legal counsel, and the terms of this Agreement shall not be construed or interpreted for or against any Party hereto because that Party or its legal representative drafted or prepared such
provision. 
 12.8 No Third Party Beneficiaries. This Agreement does not create, and shall not be construed to create,
any rights enforceable by any person, partnership, corporation, joint venture, limited liability company or other form of organization or association of any kind that is not a party to this Agreement. 
 12.9 Execution in Counterparts; Facsimile Signatures. This Agreement may be executed in counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument. The signature page of any counterpart may be detached therefrom without impairing the legal effect of the signature(s) thereon, provided such signature page is
attached to any other counterpart identical thereto except for having an additional signature page executed by the other Party. Each Party agrees that each other Party may rely upon the facsimile signature of a Party on this Agreement as
constituting a duly authorized, irrevocable, actual, current delivery of this Agreement as fully as if this Agreement contained the original ink signature of the Party supplying a facsimile signature. 
 12.10 Number. Where a word or phrase is defined in this Agreement, its other grammatical forms have a corresponding meaning. As
used herein, and as the circumstances require, the plural term shall include the singular and the singular shall include the plural. 
 12.11 Assignment. Neither this Agreement nor any of the rights, interests, or obligations hereunder may be assigned by any Party without each other Party’s prior written consent, which shall not be unreasonably withheld, and any
assignment of this Agreement or any of the rights, interests, or obligations hereunder shall be of no force or effect until the proposed assignee agrees in writing to be bound by all of the terms and conditions of this Agreement and such signed
writing is delivered to the non-assigning Party or Parties. Subject to the foregoing restrictions, and to the transfer restrictions contained elsewhere in this Agreement, the provisions of this Agreement shall be binding upon and inure to the
benefit of all affiliates, subsidiaries, assigns, and successors-in-interest of the Parties. 
 12.12 Dispute
Resolution. Any and all disputes, controversies and conflicts among the Parties arising out of, related to or connected with this Agreement (a “Controversy”) shall, so far as is possible, be settled amicably among the Parties. This
Section sets forth a formal process for seeking to resolve Controversies amicably. To invoke that formal process, one Party must give the other Parties a written notice of the Controversy alluding to and invoking this Section. That notice shall
include a detailed explanation of the nature of the Controversy. Beginning seven (7) days after a Party gives such a notice, the Parties shall use their commercially reasonable efforts to meet and confer to resolve the Controversy. 

 If a Controversy is not resolved as set forth above, then the Parties shall proceed to
non-binding mediation in an effort to resolve their Controversy. Any such mediation shall be conducted in San Diego, California before one (1) mediator, within thirty (30) days after the Parties’ failure to resolve the Controversy by
meeting and conferring as aforesaid. The mediator will be chosen by agreement of the Parties. However, if the Parties fail to resolve their Controversy following such non-binding mediation, then the Parties may arbitrate their Controversy in
accordance with this Section. 
 Any Controversy not resolved as set forth above shall be resolved solely by arbitration in
accordance with this Section. Any such arbitration shall be conducted in San Diego, California before one (1) arbitrator. The arbitrator will be chosen by agreement of the Parties. However, if the Parties fail to reach agreement within ten
(10) days after service of the demand for arbitration, the arbitrator shall be appointed by the presiding judge of the California Superior Court for the City and County of San Diego. Any arbitration shall be conducted in accordance with
California Code of Civil Procedure Sections 1280 through 1287.6, as then in effect, subject, however, to the next paragraph of this Section. 
 In no event shall a demand for arbitration be made after the date that institution of legal proceedings based on the Controversy would be barred by the applicable statute of limitations. The arbitrator must be a
former or retired judge or attorney with at least ten (10) years experience in commercial business law. California Code of Civil Procedure Section 1283.05, permitting expanded discovery, shall be applicable to the Dispute. At the
arbitration hearing, each Party shall be allowed to present testimony and tangible evidence and to cross-examine each of the other Party’s witnesses. All proceedings involving the Parties shall be reported by a certified shorthand court
reporter. Written transcripts of the proceedings will be prepared and made available to the Parties. The arbitrator shall prepare written factual findings and provide them to the Parties, along with the reasons on which the decision of the
arbitrator is based. The arbitrator shall not have any power to add to, modify or alter this Agreement or any amendments to this Agreement. The arbitrator shall render his or her final decision within thirty (30) days after the arbitration
proceedings are initiated. The prevailing Party shall be awarded reasonable attorneys’ fees and costs (including attorneys’ fees and costs incurred in enforcing any judgment), reasonable expert and non-expert witness costs and expenses,
and other costs and expenses incurred in connection with the arbitration, unless the arbitrator determines otherwise for good cause. The costs and fees of the arbitrator shall be borne by the non-prevailing Party, unless the arbitrator determines
otherwise for good cause. The award or decision of the arbitrator may include equitable relief, and shall be final and non-appealable. Judgment may be entered on the award in accordance with applicable law in any court having jurisdiction over the
matter. 
 12.13 Attorneys’ Fees. All Parties shall bear all of their respective costs and expenses associated
with the Dispute, including but not limited to attorneys’ fees and costs incurred. No Party to this Agreement shall be required to make any payment relating to the Dispute other than the Settlement Payment specifically provided for in
Section 1 above. If a controversy arises in relation to claimed breach of this Agreement or an enforcement action relating to the Dispute, the prevailing Party shall be entitled to recover its costs of arbitration, including attorneys’
fees and costs, from the non-prevailing Party, in accordance with Section 12.12 above. 
 12.14 Non-Disparagement.
The Parties, on their behalf and on behalf of the Opus Trust Releasing Parties and the Basin Releasing Parties, agree that they shall not make negative reference to the character or the business reputation of the Parties, the Opus Trust Releasing
Parties or the Basin Releasing Parties. This obligation excludes communications compelled by law or as may occur internally among employees of the respective Parties or affiliated entities. 

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

  

			
	“Basin Water”
	
	Basin Water, Inc., a Delaware corporation
		
	By:	 	/s/ Michael M. Stark
		 	Michael M. Stark, CEO and President
	
	“BION”
	
	BionBasin, Inc., a Delaware corporation
		
	By:	 	/s/ Michael M. Stark
		 	Michael M. Stark, CEO and President
	
	“Opus Trust”
	
	Opus Trust, Inc., a Nevis corporation
		
	By:	 	/s/ Daniel MacMullin
		 	Daniel MacMullin, Director
	
	“Plan”
	
	Martin A. Benowitz Qualified Profit Sharing Plan
		
	By:	 	/s/ Martin A. Benowitz
		 	Martin A. Benowitz, Trustee
	
	/s/ Martin A. Benowitz
	Martin A. Benowitz, an individual

 EXHIBIT “A” 
 STOCK ASSIGNMENT SEPARATE FROM CERTIFICATE 
 FOR VALUE RECEIVED,
the undersigned hereby grants, assigns, and transfers unto Opus Trust, Inc., a Nevis corporation, one hundred fifty thousand (150,000) Shares of the Common Stock of Empire Water Corporation (“EWC”), standing in the name of Basin Water
Resources, Inc., a Delaware corporation, on the books of EWC, represented by certificate No. 0200 herewith, and does hereby irrevocably constitute and appoint the corporate secretary of EWC as attorney-in-fact, to transfer the stock on the
books of EWC with full power of substitution. 
 Dated: February 4, 2009 
  

			
	 Basin Water Resources, Inc., a Delaware
 corporation

		
	By:	 	/s/ Michael M. Stark
	Its:	 	President

  

	
	In the presence of:
	
	/s/ Kathleen Vierck
	Kathleen Vierck
	[Print name]

 EXHIBIT “B” 
 STOCK ASSIGNMENT SEPARATE FROM CERTIFICATE 
 FOR VALUE RECEIVED,
the undersigned hereby grants, assigns, and transfers unto Basin Water, Inc., a Delaware corporation, five hundred thousand (500,000) Shares of the Common Stock of BionBasin, Inc., a Delaware corporation (“BION”), standing in the name
of Opus Trust, Inc., a Nevis corporation, on the books of BION, represented by certificate No. 2 herewith, and does hereby irrevocably constitute and appoint the corporate secretary of BION as attorney-in-fact, to transfer the stock on the
books of BION with full power of substitution. 
 Dated: February 4, 2009 
  

			
	Opus Trust, Inc., a Nevis corporation
		
	By:	 	/s/ Daniel MacMullin
		 	Daniel MacMullin, Director

  

	
	In the presence of:
	
	/s/ Carol Ann English
	Carol Ann English
	[Print name]

 EXHIBIT “C” 
 TITLE TRANSFER 
 THIS TITLE TRANSFER (this “Title
Transfer”) is made and delivered this 5th day of February, 2009, by Opus Trust, Inc., a Nevis corporation (“Opus Trust”) for the benefit of Basin Water, Inc., a Delaware corporation (“Basin”). 
 1. Opus Trust does hereby bargain, sell, grant, assign, transfer, convey and deliver unto Basin, and its successors and assigns, for their use forever,
all of Opus Trust’s right, title and interest in and to those certain two (2), standard 800 gallons per minute perchlorate systems, which are commonly known as Salinas Unit #15 and Salinas Unit #108. 
 2. This Title Transfer shall inure to the benefit of and be binding upon the parties thereto and their respective successors and assigns. 
 3. This Title Transfer shall be governed by, and construed and interpreted in accordance with, the laws of the State of California, without giving effect
to any choice-of-law or conflicts-of-laws rule or principle that would result in the application of any other laws. 
 IN WITNESS
WHEREOF, Opus Trust has caused this Title Transfer to be executed and delivered as of the day and year first above written. 
  

			
	Opus Trust, Inc., a Nevis corporation
		
	By:	 	/s/ Daniel MacMullin
		 	Daniel MacMullin, Director

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