Document:

FOSTER
        WHEELER LTD. OMNIBUS INCENTIVE PLAN

       

      Director
        Restricted Stock Unit Agreement

       

      
        	
                Name
                  of Participant: 

                 

              	
                _________________________________

                 

              
	
                Date
                  of Grant:

                 

              	
                November
                  15, 2006

                 

              
	
                Number
                  of Restricted Stock Units Awarded: 

                 

              	
                _______________

                 

              

      

      

      Pursuant
        to the Foster Wheeler Ltd. Omnibus Incentive Plan (the “Plan”), a copy of which
        has been delivered to you, along with a prospectus describing the material
        terms
        of the Plan, and in accordance with the terms and conditions of the Plan
        and
        your agreement to such additional terms, conditions and restrictions as are
        set
        forth below, you have been granted as of the date set forth above a Restricted
        Stock Unit Award (the “Restricted Stock Unit Award”), meaning the right to
        receive common stock of Foster Wheeler Ltd. (the “Company”), par value of $.01
        per share, on the terms and conditions set forth herein. Capitalized terms
        used
        but not defined in this Director Restricted Stock Unit Award Agreement (the
        “Agreement”) have the meanings ascribed to them in the Plan.

      

      1.     Acceptance
        of Restricted Stock Unit Award.
        Subject
        to the terms and conditions of this Agreement and the Plan (the terms of
        which
        are incorporated herein by reference) and effective as of the date set forth
        above, the Company hereby grants to you and you hereby accept the grant of
        ________________________________ (_________) Restricted Stock Units (the
        “Units”). Units will be settled only in Shares of common stock of the Company on
        a one Share for one Unit basis, rounded up or down to the nearest whole Share,
        and not in cash.

       

      2.     Relation
        of Restricted Stock Unit Award to Other Agreement(s).
        As
        an
        express condition to acceptance of this Restricted Stock Unit Award, subject
        to
        the special exception provided under Section 3(e) of this Agreement (which
        governs a Change in Control situation), you agree that: 

       

      (a) Except
        to
        the extent you are or subsequently become a party to a written service or
        other
        agreement with the Company (such agreement(s), which for the avoidance of
        doubt,
        do not include any agreements entered into with Affiliates or Subsidiaries
        of
        the Company) (the “Other Agreement”), the only vesting and lapse of forfeiture
        restriction provisions that govern the Restricted Stock Unit Award under
        this
        Agreement are set forth in Section 3 of this Agreement;

       

      (b) To
        the
        extent that the vesting and lapse of forfeiture restriction provisions of
        this
        Agreement or the Plan’s terms are inconsistent with an Other Agreement, the
        provisions of your Other Agreement shall govern and control, subject to the
        special exception provided under Section 3(e) of this Agreement (which governs
        a
        Change in Control situation); and

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      (c) Except
        as
        expressly provided in paragraph (b) above, the terms of any Other Agreement
        shall in no way alter or amend, or provide additional rights or benefits,
        under
        the Restricted Stock Unit Award governed by this Agreement.

       

      3.     Vesting;
        Termination of Restricted Stock Award.

       

      (a) General
        Vesting Rule.
        You
        will
        be issued Shares in settlement of the Units only as you vest in the Units,
        meaning that the Units will be settled in Shares on the day on which you
        vest in
        any portion of the Units (hereinafter referred to as a “Vesting Date”). So long
        as you provide continued service to the Company or any Affiliate through
        such
        Vesting Date(s), and except as otherwise set forth in this Section 3, the
        Units
        shall vest and your right to receive and retain the Shares in settlement
        of such
        Units will become nonforfeitable on December 31, 2007.

       

      (b) Termination
        as a Result of Death or Disability.
        In
        the
        event of your termination of service as a result of your death or Disability
        (as
        defined in Section 2(q) of the Plan), any unvested Units shall immediately
        vest
        as of the date of such termination for death or Disability. 

      

      (c) Termination
        for Cause.
        In
        the
        event your service is terminated for Cause (as defined in Section 2(i) of
        the
        Plan), all unvested Units and all Shares received upon settlement of vested
        Units shall expire immediately, be forfeited and considered null and void,
        and
        the provisions of Section 4 of this Agreement shall control.

       

      (d) Termination
        -- General.
        In
        the
        event of your termination of service other than as a result of your death,
        Disability (as defined in Section 2(q) of the Plan) or Cause (as defined
        in
        Section 2(i) of the Plan), any unvested Units shall vest pro-rata as of the
        date
        of your termination of service based on the following formula: 

      

      (i) the
        total
        number of Units, times
        

       

      (ii) a
        ratio,
        the numerator of which is the total number of months of service from October
        1,
        2006 to the end of the month in which the date of your termination of service
        occurs, and the denominator of which is fifteen (15), rounded to the nearest
        whole number. 

       

      The
        remaining portion of the unvested Units which are not accelerated for vesting
        purposes shall be immediately forfeited. 

      

      Example:
        The
        following example is included merely for demonstrative purposes. 

      

      Ann,
        a
        director, is granted 1,000 Units on November 15, 2006. She will vest 100%
        in her
        Units on December 31, 2007. Ann subsequently announces her termination of
        service effective June 1, 2007. 

      

      As
        of
        June 1, 2007, Ann will immediately vest in unvested Units equal to the amount
        of
        600 (equal to 1,000 Units multiplied
        by 9
        (i.e.,
        9
        months of service from October 1, 2006) divided
        by 15.
        

      

      
        
          
          

        

        
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      (e) Change
        in Control Acceleration.
        In
        the
        event of a Change in Control (as defined in Section 2(j) of the Plan) which
        closes on a date prior to your termination of service, any unvested Units
        shall
        immediately become fully vested, effective as of immediately prior to
        consummation of the Change in Control. Notwithstanding the foregoing, to
        the
        extent that a service, change in control or other agreement or arrangement
        with
        the Company or an Affiliate provides benefits of greater value upon a Change
        in
        Control that those provided in this paragraph (e), the rights set forth in
        such
        other agreement shall supersede the provisions of this paragraph (e).
        Comparatively, to the extent that a service, change in control or other
        agreement or arrangement with the Company or an Affiliate provides benefits
        of
        lesser value upon a Change in Control that those provided in this paragraph
        (e),
        the rights set forth in this paragraph (e) shall supersede the provisions
        of
        such other agreement.

       

      (f) Other
        Termination Events.
        Notwithstanding
        anything to the contrary contained in this Agreement, the Units will terminate
        and expire immediately upon the occurrence of the circumstances set forth
        in
        Section 11.2 of the Plan, and the provisions of Section 4 of this Agreement
        shall control.

       

      (g) Forfeiture
        Price.
        In
        the
        event that any Shares previously issued to you on settlement of the Units
        are
        required to be forfeited under Section 3(c) or Section 3(f), then the Company
        will have the right (but not the obligation) to repurchase any or all of
        such
        forfeited Shares for $0.001 per Share. The Company will have ninety (90)
        days
        from the date of any event giving rise to forfeiture under Section 3(c) or
        Section 3(f), as the case may be, within which to effect a repurchase of
        any or
        all of the Shares subject to such forfeiture conditions. The Company’s right to
        repurchase the Shares under this paragraph (g) is assignable by the Company,
        in
        its sole discretion, to an Affiliate or other party to whom such rights can
        be
        assigned under the Applicable Laws (as defined in Section 2(c) of the
        Plan).

       

      4.     Forfeiture
        Events.
        In
        addition to the rights available to the Company under Section 3(g) immediately
        above, upon the occurrence of any of the events set forth in Section 11.2
        of the
        Plan (a “Forfeiture Event”), you, without any further action by the Company or
        you, shall forfeit, as of the first day of any such Forfeiture
        Event:

       

      (a) all
        right, title and interest to these Units; 

       

      (b) any
        Shares received upon settlement of these Units then owned by you; and

       

      (c) any
        and
        all profits realized by you, on an after-tax basis, pursuant to any sales
        or
        transfer of any Shares received upon settlement of these Units within the
        six
        (6) month period prior to the date of such Forfeiture Event. 

       

      Additionally,
        the Company shall have the right to issue a stop transfer order and other
        appropriate instructions to its transfer agent with respect to this Unit
        and the
        Shares, and the Company further shall be entitled to reimbursement from you
        of
        any fees and expenses (including attorneys’ fees) incurred by or on behalf of
        the Company in enforcing the Company’s rights under this Section 4. By accepting
        this Restricted Stock Unit Award, you hereby consent to a deduction from
        any
        amounts the Company owes to you from time to time (including amounts owed
        to you
        as compensation as well as any other amounts owed to you by the Company),
        to the
        extent of any amounts that you owe to the Company under this Section 4. Whether
        or not the Company elects to make any set-off in whole or in part, if the
        Company does not recover by means of set-off the full amount you owe to the
        Company, calculated as set forth above, you agree to pay immediately the
        unpaid
        balance to the Company.

       

      
        
          
          

        

        
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      5.     Share
        Certificates.
        Share
        certificates (the “Certificate”) evidencing the settlement of Units into Shares
        will be issued only at your request and the Shares will be issued and registered
        in your name as of the Vesting Date (such date being the end of the “Restricted
        Period”) on the register of shareholders of the Company (through its transfer
        agent). If the Shares are to be issued in certificated form, Certificates
        representing the Shares will be delivered to you as soon as practicable after
        the end of the applicable Restricted Period.

       

      6.     Changes
        in Company’s Capital Structure.
        Subject
        to any required action by the Company’s Board and stockholders, as may be
        determined to be appropriate and equitable by the Committee, to prevent dilution
        or enlargement of rights, the Committee shall:

       

      (a) adjust
        proportionately the number of Units for any increase or decrease in the number
        of issued and outstanding shares of common stock resulting from a subdivision
        or
        combination of such shares or the payment of a stock dividend or any other
        increase or decrease in the number of such outstanding shares of common stock
        of
        the Company effected without the receipt of consideration by the Company;
        and

       

      (b) if
        the
        Company is a participating corporation in any merger or consolidation and
        provided the Units are not terminated upon consummation of such merger or
        consolidation, modify such Units to pertain to and apply to the securities
        or
        other property to which a holder of the number of shares subject to the Units
        would have been entitled upon such consummation. 

       

      Notwithstanding
        anything to the contrary, such adjustments by the Committee shall be final,
        binding and conclusive. 

       

      7.     US
        Tax Consequences.
        Below
        is
        a brief summary as of the date of this Restricted Stock Unit Award of certain
        United States federal tax consequences of the award of the Units and disposition
        of the Shares upon settlement of the Units under the laws in effect as of
        the
        date of grant. THIS
        SUMMARY IS INCOMPLETE, AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE.
        PARTICIPANT SHOULD CONSULT A TAX ADVISER BEFORE SETTLEMENT OF THIS RESTRICTED
        STOCK UNIT AWARD OR DISPOSING OF THE SHARES. There
        may
        be a regular federal (and state) income tax liability when the Units vest
        on the
        Vesting Date(s). You will be treated as having received compensation income
        (taxable at ordinary income tax rates) equal to the current Fair Market Value
        of
        the Shares underlying the Units on the date of vesting (i.e.,
        when
        the forfeiture provisions lapse). If Shares issued upon vesting of this
        Restricted Stock Unit Award are held for at least one year, any gain realized
        on
        disposition of those Shares will be treated as long-term capital gain for
        federal income tax purposes. 

       

      8.     Effect
        of Agreement.
        You
        acknowledge receipt of a copy of the Plan and represent that you are familiar
        with the terms and provisions thereof (and have had an opportunity to consult
        counsel regarding the Units’ terms), and hereby accept this Restricted Stock
        Unit Award and agree to be bound by its contractual terms as set forth herein
        and in the Plan. You hereby agree to accept as binding, conclusive and final
        all
        decisions and interpretations of the Committee (as defined in Section 2(m)
        of
        the Plan) regarding any questions relating to the Units. In the event of
        a
        conflict between the terms and provisions of the Plan and the terms and
        provisions of this Agreement, the Plan terms and provisions shall prevail.
        

       

      
        
          
          

        

        
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      9.     Restriction
        on Transferability.
        Until
        settlement of the Units upon issuance to you of the Shares subject thereto,
        the
        Units may not be sold, transferred, pledged, assigned or otherwise alienated
        at
        any time. Any attempt to do so contrary to the provisions hereof shall be
        null
        and void. Notwithstanding the above and subject to Section 11 below,
        distribution can be made pursuant to will, the laws of descent and distribution,
        intra-family transfer instruments or to an inter vivos trust.

       

      10.    Voting
        Rights.
        You
        will
        have no voting or any other rights as a shareholder of the Company with respect
        to the Units prior to the date on which you are issued the Shares in settlement
        thereof. Upon settlement of the Units into Shares, you will obtain full voting
        and other rights as a shareholder of the Company.

       

      11.    Designation
        of Beneficiaries.
        You
        may,
        in accordance with procedures established by the Committee (as defined in
        Section 2(m) of the Plan), designate one or more beneficiaries to receive
        all or
        part of any Shares to be distributed to you hereunder on settlement of Units
        in
        the case of your death, and you may change or revoke such designation at
        any
        time. In the event of your death, any Shares distributable hereunder that
        are
        subject to such a designation (to the extent such a designation is enforceable
        under the Applicable Laws (as defined in Section 2(c) of the Plan)) will
        be
        distributed to such beneficiary or beneficiaries in accordance with this
        Agreement. Any other Shares distributable will be distributed to your estate.
        If
        there is any question as to the legal right of any beneficiary to receive
        a
        distribution hereunder, the amount in question will be paid over to your
        estate,
        in which event neither the Company nor any affiliate of the Company will
        have
        any further liability to anyone with respect to such amount.

       

      12.    Amendment
        of Restricted Stock Unit Award.
        The
        Committee may at any time amend, alter, suspend or discontinue the Plan,
        but no
        amendment, alteration, suspension or discontinuation (other than as explicitly
        permitted under the Plan) shall be made that would adversely affect your
        rights
        under this Agreement without your consent.

       

      13.    Governing
        Law.
        The
        laws
        of the state of New Jersey, without giving effect to principles of conflicts
        of
        law, will apply to the Plan, this Restricted Stock Unit Award and this
        Agreement. The Company agrees, and you agree as a condition to acceptance
        of the
        Restricted Stock Unit Award, to submit to the jurisdiction of the courts
        located
        in the jurisdiction in which you provide, or most recently provided, your
        primary services to the Company.

       

      14.    Data
        Protection.
        You
        acknowledge and agree (by executing this Agreement) to the collection, use,
        processing and transfer of certain personal data as described in this Section
        14. You understand that you are not obliged to consent to such collection,
        use,
        processing and transfer of personal data. However, you understand your failure
        to provide such consent may affect your ability to participate in the Plan.
        You
        understand that the Company may hold certain personal information about you,
        including your name, social security number (or other tax identification
        number)
        salary, nationality, job title, position evaluation rating along with details
        of
        all past awards and current awards outstanding under the Plan, for the purpose
        of managing and administering the Plan (the “Data”). The Company, or its
        Affiliates, will transfer Data amongst themselves as necessary for the purpose
        of implementation, administration and management of the Plan. The Company
        and/or
        any of it Affiliates may further transfer Data to any third parties assisting
        the Company in the implementation, administration and management of the Plan.
        These various recipients of Data may be located elsewhere throughout the
        world.
        You authorize these various recipients of Data to receive, possess, use,
        retain
        and transfer the Data, in electronic or other form, for the purposes of
        implementing, administering and managing the Plan, including any required
        transfer of such Data as may be required for the subsequent holding of Shares
        subject to the Unit on your behalf by a broker or other third party with
        whom
        you may elect to deposit any Shares subject to the Unit acquired pursuant
        to the
        Plan. You understand that you may, at any time, review Data with respect
        to you
        and require any necessary amendments to such Data. You also understand that
        you
        may withdraw the consents to use Data herein by notifying the Company in
        writing; however, you understand that by withdrawing your consent to use
        Data,
        you may affect your ability to participate in the Plan.

       

      
        
          
          

        

        
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      15.    Service
        Matters.
        This
        Restricted Stock Unit Award does not form part of your entitlement to
        remuneration or benefits in terms of your services to the Company. Your terms
        and conditions of service are not affected or changed in any way by this
        Restricted Stock Unit Award or by the terms of the Plan or this Agreement.
        No
        provision of this Agreement or of the Restricted Stock Unit Award granted
        hereunder shall give you any right to continue in the service of the Company
        or
        any Affiliate, create any inference as to the length of your service, affect
        the
        right of the Company or any Affiliate to terminate your service, with or
        without
        Cause (as defined in Section 2(i) of the Plan), or give you any right to
        participate in any employee welfare or benefit plan or other program (other
        than
        the Plan) of the Company or any Affiliate. You acknowledge and agree (by
        executing this Agreement) that the granting of the Restricted Stock Unit
        Award
        under this Agreement is made on a fully discretionary basis by the Company
        and
        that this Agreement does not lead to a vested right to further awards in
        the
        future. Further, the Restricted Stock Unit Award set forth in this Agreement
        constitutes a non-recurrent benefit and the terms of this Agreement are only
        applicable to the Units awarded pursuant to this Agreement.

       

      16.    Tax
        Provisions Applicable to Non-US Persons.
        This
        Section 16 shall apply to you if you are resident in and/or subject to the
        laws
        of a country other than the United States at the time of grant of the Restricted
        Stock Unit Award and during the period in which you hold this Restricted
        Stock
        Unit Award or the Shares issued upon settlement thereof.

       

      (a) Applicable
        if you are not a US person (including as to UK persons):
        You
        hereby agree to indemnify and keep indemnified the Company and any Affiliate
        from and against any liability for, or obligation to pay, income tax and
        national insurance or social security contributions arising on the grant
        of the
        Restricted Stock Unit Award, vesting of the Restricted Stock Unit Award or
        the
        issuance of the Shares upon settlement..

       

      (b) Applicable
        if you are a UK person:
        Where
        any
        obligation to pay income tax or national insurance contributions or social
        security contributions (any such obligation or contribution, a “Tax Liability”)
        arises, the Company or any Affiliate may recover from you an amount of money
        sufficient to meet the Tax Liability by any of the following arrangements:
        

       

      (i) deduction
        from salary or other payments due to you; or 

       

      (ii) withholding
        from the issuance to you of that number of Shares (otherwise to be acquired
        by
        you upon settlement of the Units) whose aggregate Fair Market Value on the
        date
        of exercise is, so far as possible, equal to but neither less than nor more
        than
        the amount of Tax Liability.

       

      
        
          
          

        

        
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      If
        the
        Participant is unable to satisfy his or her Tax Liability pursuant to either
        subparagraph (i) or clause (ii) above, the Company may additionally cause
        the
        forfeiture of any Shares otherwise scheduled to become vested under the
        Restricted Stock Unit Award on a given date to avoid imposition of any Tax
        Liability to the Participant. 

       

      17.    Severability.
        In the
        event that any provision of this Agreement shall be held illegal or invalid
        for
        any reason, the illegality or invalidity shall not affect the remaining parts
        of
        this Agreement, and this Agreement shall be construed and enforced as if
        the
        illegal or invalid provision had not been included.

       

      18.    Waiver;
        Cumulative Rights.
        The
        failure or delay of either party to require performance by the other party
        of
        any provision hereof shall not affect its right to require performance of
        such
        provision unless and until such performance has been waived in writing. Each
        and
        every right hereunder is cumulative and may be exercised in part or in whole
        from time to time.

       

      19.    Representations.
        As
        a
        condition to your receipt of this Restricted Stock Unit Award and the Shares
        to
        be issued on settlement thereof, you represent and warrant the following:
        

       

      (a) You
        are
        aware of the Company’s business affairs and financial condition and have
        acquired sufficient information about the Company to reach an informed and
        knowledgeable decision to accept this Restricted Stock Unit Award; 

       

      (b) You
        are
        acquiring the Restricted Stock Unit Award and the Shares subject thereto
        for
        investment only for your own account, and not with a view, or for resale
        in
        connection with, any “distribution” thereof under Applicable Law (as defined in
        Section 2(c) of the Plan); 

       

      (c) You
        understand that neither the Units nor the Shares have been registered in
        all
        State jurisdictions within the United States, and that the exemption(s) from
        registration relied upon may depend upon your investment intent as set forth
        above; 

       

      (d) You
        further understand that prior to any resale by you of the Shares acquired
        upon
        settlement of these Units without registration of such resale in relevant
        State
        jurisdictions, the Company may require you to furnish the Company with an
        opinion of counsel acceptable to the Company that you may sell or transfer
        such
        Shares pursuant to an available exemption under Applicable Law; 

       

      (e) You
        understand that the Company is under no obligation to assist you in this
        process
        by registering the Shares in any jurisdiction or by ensuring that an exemption
        from registration is available; and 

       

      (f) You
        further agree that as a condition to settlement of these Units, the Company
        may
        require you to furnish contemporaneously dated representations similar to
        those
        set forth in this Section 19.

       

      20.    Compliance
        with Code §409A.
        For
        avoidance of doubt, and anything else contained herein to the contrary
        notwithstanding, if the Company determines in good faith that the settlement
        of
        Units pursuant to this Agreement constitutes deferred compensation subject
        to
§409A of the Internal Revenue Code and the regulations and other guidance
        issued
        pursuant thereto (“§409A”) then the following shall apply:

       

      
        
          
          

        

        
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      (a) Settlement
        of Units shall in no event occur later than two and one-half months following
        the end of the year in which the Vesting Date occurs;

       

      (b) Settlement
        of Units shall not be accelerated to a time earlier than the time at which
        the
        Units would otherwise have been settled pursuant to this Agreement, whether
        by
        amendment of this Agreement or otherwise, unless such acceleration is permitted
        by §409A; and 

       

      (c) If
        any
        other provision of this Agreement or the Plan relating to the time or manner
        of
        settlement of Units would otherwise cause any amount to be subject to tax
        under
§409A, the Company shall have the authority to revise the Agreement to the
        minimum extent, as determined by the Company in good faith, necessary to
        satisfy
        the requirements of §409A; provided, however, that nothing contained herein
        shall be construed to impose on the Company any liability for any tax imposed
        on
        you by §409A.

       

      By
        your
        signature below, you indicate your acceptance of the terms of this Restricted
        Stock Unit Award, and acknowledge that you have received copies of the Plan
        and
        the prospectus, in each case as currently in effect. By signing this Agreement,
        you acknowledge that your personal information regarding participation in
        the
        Plan and information necessary to determine and pay, if applicable, benefits
        under the Plan must be shared with other entities, including companies related
        to the Company and persons responsible for certain acts in the administration
        of
        the Plan. By signing this Agreement, you consent to such transmission of
        personal data as the Company believes is appropriate to administer the
        Plan.

       

      
         

        
          	Accepted
                  and Agreed to by Participant:	 
	 	Participant
	 	 
	
                  Acknowledged
                    and Agreed to by Company:

                	 
	 	
                  Raymond J. Milchovich

                  Chairman, President &
                    CEO

                

        

         

      

       

      
        
          
          

        

        
          8EXHIBIT
      10.1

    AGREEMENT

     

    This
      Agreement dated as of November 13, 2006 (the “Agreement”) is executed by and
      between, in the first part, IOWC Technologies, Inc. (“Optionor”), a federally
      registered Canadian corporation, and in the second part, BioLargo Life
      Technologies, Inc., (“Optionee”) a California corporation.

    

    RECITALS

     

    WHEREAS,
      Optionor and Optionee are parties to an agreement dated December 31, 2005
      entitled “Marketing and Licensing Agreement” (“M&L Agreement”), which
      provides, in part, that Optionor would assign to Optionee its 20% membership
      interest (the “Membership Interest”) in BioLargo, LLC, (“BioLargo LLC”) a
      California limited liability company; and

     

    WHEREAS,
      the parties desire to provide Optionee the option to purchase the Membership
      Interest for nominal consideration.

     

    AGREEMENT

     

    NOW
      THEREFORE, in consideration of the mutual agreements and promises set forth
      herein, the parties agree as follows:

     

    
      	 	
              1.

            	
              Option
                to Purchase Membership
                Interest.

            

    

     

    Optionor
      hereby grants to Optionee the exclusive right to purchase the Membership
      Interest at a price and under the terms and conditions set forth herein, during
      the Option Period (defined as the period of time commencing with the Effective
      Date of this Agreement, and terminating on December 31, 2013).

     

    A.    Purchase
      Price. The Membership Interest may be purchased by Optionor for one dollar
      ($1.00) at any time during the Option Period.

     

    B    Exercise
      of Option/Closing. The option granted herein shall be exercised by written
      notice of exercise of option addressed and mailed by regular mail or personal,
      postage prepaid, or by personal delivery, to Optionor prior to the expiration
      of
      the Option Period.

     

    
      	 	
              2.

            	
              Termination.
                

            

    

     

    This
      Agreement shall terminate concurrently with the termination of the M&L
      Agreement. In the event of such termination, the Parties shall each restore
      the
      other to the conditions they would have held had this Agreement been void from
      its inception.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    
      	 	
              3.

            	
              Miscellaneous.

            

    

     

    A.    Notices.

     

    All
      notices, requests, demands and other communications (collectively, “Notices”)
      given
      pursuant to this Agreement shall be in writing, and shall be delivered by
      personal service, courier, facsimile transmission (which must be confirmed)
      or
      by United States first class, registered or certified mail, postage prepaid,
      to
      the following addresses:

     

    
      	
              TO:   
                

            	
              BLTI

              2603
                Main Street, Suite 1155

              Irvine,
                CA 92614

              Attn:
                President

            
	
              TO:   
                

            	
              IOWC
                Technologies, Inc.

              Unit
                4, 1780 Glastonbury Blvd NW

              Edmonton,
                AB, Canada T5T 6P9

            

    

     

    Any
      Notice, other than a Notice sent by registered or certified mail, shall be
      effective when received; a Notice sent by registered or certified mail, postage
      prepaid return receipt requested, shall be effective on the earlier of when
      received or the third day following deposit in the United States mails. Any
      party may from time to time change its address for further Notices hereunder
      by
      giving notice to the other parties in the manner prescribed in this
      Section.

     

    B.    Entire
      Agreement.

     

    This
      Agreement contains the sole and entire agreement and understanding of the
      parties with respect to the entire subject matter of this Agreement, and any
      and
      all prior discussions, negotiations, commitments and understandings, whether
      oral or otherwise, related to the subject matter of this Agreement are hereby
      merged herein.

     

    C.    Assignment.

     

    No
      party
      may assign this Agreement, and any attempted or purported assignment or any
      delegation of any party’s duties or obligations arising under this Agreement to
      any third party or entity shall be deemed to be null and void, and shall
      constitute a material breach by such party of its duties and obligations under
      this Agreement; provided
      that the
      Purchaser may assign its rights to purchase all or any portion of the Assets
      to
      a wholly owned subsidiary. This Agreement shall inure to the benefit of and
      be
      binding upon any successors of each party by way of merger or consolidation.
      

     

    D.    Waiver
      and Amendment.

     

    No
      provision of this Agreement may be waived unless in writing signed by all the
      parties to this Agreement, and waiver of any one provision of this Agreement
      shall not be deemed to be a waiver of any other provision.  This Agreement
      may be amended only by a written agreement executed by all of the parties to
      this Agreement.

     

    E.    Governing
      Law.

     

    This
      Agreement has been made and entered into in the State of California and shall
      be
      construed in accordance with the laws of the State of California without giving
      effect to the principles of conflicts of law thereof.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    F.    Severability.

     

    Whenever
      possible each provision of this Agreement shall be interpreted in such manner
      as
      to be effective and valid under applicable law, but if any provision of this
      Agreement shall be or become prohibited or invalid under applicable law, such
      provision shall be ineffective to the extent of such prohibition or invalidity
      without invalidating the remainder of such provision or the remaining provisions
      of this Agreement.

     

    G.    Captions.

     

    The
      various captions of this Agreement are for reference only and shall not be
      considered or referred to in resolving questions of interpretation of this
      Agreement.

     

    H.   Counterparts.

     

    This
      Agreement may be executed in any number of counterparts, each of which shall
      be
      deemed to be an original, but all of which together shall constitute one and
      the
      same instrument.

     

    I.    Costs
      and Attorneys’ Fees.

     

    If
      any
      action, suit, arbitration or other proceeding is instituted to remedy, prevent
      or obtain relief from a default in the performance by any party to this
      Agreement of its obligations under this Agreement, the prevailing party shall
      recover all of such party’s attorneys’ fees incurred in each and every such
      action, suit, arbitration or other proceeding, including any and all appeals
      or
      petitions therefrom.  As used in this Section, attorneys’ fees shall be
      deemed to mean the full and actual costs of any legal services actually
      performed in connection with the matters involved calculated on the basis of
      the
      usual fee charged by the attorney performing such services and shall not be
      limited to “reasonable attorneys’ fees” as defined in any statute or rule of
      court.

     

    J.    Rights
      Cumulative.

     

    No
      right
      granted to the parties under this Agreement on default or breach is intended
      to
      be in full or complete satisfaction of any damages arising out of such default
      or breach, and each and every right under this Agreement, or under any other
      document or instrument delivered hereunder, or allowed by law or equity, shall
      be cumulative and may be exercised from time to time.

     

    K.   Judicial
      Interpretation.

     

    Should
      any provision of this Agreement require judicial interpretation, it is agreed
      that a court interpreting or construing the same shall not apply a presumption
      that the terms hereof shall be more strictly construed against any Person by
      reason of the rule of construction that a document is to be construed more
      strictly against the Person who itself or through its agent prepared the same,
      it being agreed that all parties have participated in the preparation of this
      Agreement.

     

    L.   Force
      Majeure.

     

    If
      any
      party to this Agreement is delayed in the performance of any of its obligations
      under this Agreement or is prevented from performing any such obligations due
      to
      causes or events beyond its control, including, without limitation, acts of
      God,
      fire, flood, war, terrorism, earthquake, strike or other labor problem,
      injunction or other legal restraint, present or future law, governmental order,
      rule or regulation, then such delay or nonperformance shall be excused and
      the
      time for performance thereof shall be extended to include the period of such
      delay or nonperformance.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    M.   Dispute
      Resolution.

     

    Except
      for specific performance and other equitable relief provided for in this
      Agreement, if any controversy or claim arising out of this Agreement cannot
      be
      settled by the parties, the controversy or claim shall be submitted to and
      settled by arbitration as hereinafter provided. The parties shall endeavor
      to
      agree upon a single arbitrator (the “Arbitrator”)
      who
      shall be a retired judge provided by JAMS or equivalent organization (the
“Provider”)
      and
      who shall then try all issues, whether of fact or law, and report a finding
      or
      judgment thereon. If the parties are unable to agree upon the Arbitrator, each
      party shall provide the names of five retired judges from the Provider; then
      each party shall choose one of the names from the list proposed by the other,
      and from those two names the Arbitrator shall be selected by the flip of a
      coin.
      Prior to commencement of the arbitration proceedings, the Arbitrator shall
      make
      a full disclosure to the parties of any prior engagement by any of the parties,
      or their attorneys or law firms. Any such prior engagement shall be grounds
      for
      disqualification of the Arbitrator, and upon any such disqualification a
      substitute Arbitrator shall be selected as provided herein. The arbitration
      proceedings shall be governed by the following:

     

    i.    All
      hearings and other proceedings shall be in Orange County unless the parties
      shall mutually agree in writing to an alternative location;

     

    ii.   The
      Arbitrator shall follow and apply California law;

     

    iii.         
      The
      California Rules of Evidence shall apply to all proceedings;

     

    iv.         
      Discovery
      shall be limited to two depositions for each party and document production
      as
      allowed at the discretion of the Arbitrator within the rules of Section 1283.05
      of the California Code of Civil Procedure;

     

    v.          
      The
      time
      for rendering a decision after hearing shall be in accordance with the published
      practices of the Provider;

     

    vi.         
      Provisional
      remedies shall be available to the parties to the arbitration in accordance
      with
      Section 1281.8 of the California Code of Civil Procedure; and

     

    vii.       
      The
      Purchaser and the Seller shall initially bear the arbitration fees equally;
      provided,
      however,
      the
      prevailing party shall be entitled to recover its contribution for such fees
      as
      an item of recoverable costs in addition to all other costs.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the parties have executed this Asset Purchase Agreement as
      of
      the date set forth above.

     

    
      	
              BioLargo
                Life Technologies, Inc.

               

              /s/Dennis
                Calvert

            	 	
              IOWC
                Technologies, Inc.

               

              /s/Kenneth
                R. Code

            
	
              By:
                Dennis Calvert

              Title:
                President

              Dated
                Signed: November 12, 2006

            	 	
              By:
                Kenneth R. Code

              Title:
                President

              Dated
                Signed: November 11, 2006

            
	 	 	 

    

     

    
      
        
        

      

      
        5

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