Document:

Exhibit 10.25

 

MEMORANDUM
OF UNDERSTANDING

 

THIS
MEMORANDUM OF UNDERSTANDING (MOU) is dated as of November 06, 2019, between PowerVerde
Inc., a Delaware corporation (“PV”) and 374Water Inc., a Delaware corporation (“374”).

 

	1.	The purpose of this MOU is to define the key terms of a strategic relationship between PV and 374 as it relates to the heat recovery system (HRS) of 374’s Supercritical Water Oxidation (SCWO) system. PV and 374 intend to use commercially reasonable efforts to enter into a contractual relationship to collaborate on the commercial development of the SCWO system.
	 	 
	2.	The parties’ obligation to negotiate a transaction under the terms of this MOU are conditional upon 374’s raising equity capital on or before March 30, 2020, on terms set by 374’s board of directors (the “Series A Financing”). The date of the closing of the Series A Financing shall be the effective date for purposes of this MOU (the “Effective Date”).
	 	 
	3.	PV will focus its resources on the development of the complete heat recovery system (HRS) for the SCWO system including the advanced expander. PV will work with 374 to secure funding and to obtain customers for 374’s Nix units.
	 	 
	4.	374 will provide PV with the requirements for the HRS for the Nix6 and the Nix30 expander units. 374 may elect to develop different system scales.
	 	 
	5.	374 will issue to PV 100 shares of 374’s common stock promptly following closing of the Series A Financing, vesting at the rate of l/12th per month for a year beginning with the first month immediately following the Effective Date, subject to PV’s continued provision of services to 374.
	 	 
	6.	374 will also provide PV with an option to purchase after the Effective Date an additional 200 shares at a strike price determined by the valuation of 374’s Series A Financing, such option to be exercisable for a period of 30 days following the earlier of (1) PV’s delivery of a HRS that functions to the satisfaction of 374 or (2) immediately before closing of 374’s second equity financing round.
	 	 
	7.	374 will issue to PV a purchase order (PO) for two nominal 60 kWe expanders and to help fund PV’s preliminary design and engineering for the complete HRS, promptly following the Effective Date. The price is anticipated to be in the range of $500,000, but will be mutually acceptable to 374 and PV and will be paid in stages based on milestones reasonably agreed by the parties. Both parties understand there is no HRS specification at this time. Accordingly, the cost to develop the entire HRS is not reflected in the approximate $500,000 price save for some HRS preliminary design and engineering.
	 	 
	8.	Because of their strategic relationship, the parties will work using an “open book” arrangement. This “esprit de corps” mentality ensures PV in good faith would provide 374 with all internal and contract labor usage and identify the billing rate of each. Materials will be burdened by overhead. All costs incurred in the project will be documented and reported to 374 at regular intervals in arrears, (e.g. weekly or monthly), and 374 will have customary rights to periodically audit the books and records of PV.

 

     

     

    

 

	9.	As this is a totally novel system, neither party can know with certainty the final cost in advance, but PV is committed to delivering the HRS with transparency and for significantly less cost than other major companies would charge (e.g., Bechtel or G.E.). PV projects that subsequent purchases of multiple expander units for 374’s Nix6 will cost 374 approximately $50,000 for each unit, PV and 374 will negotiate the purchase price in good faith after the parties have obtained additional information regarding the costs, timelines, and complexity of the delivery of the HRS.
	 	 
	10.	After delivery and acceptance of the initial two expander units, 374 agrees to reasonably consider entering into a subsequent supplier agreement on mutually agreed-upon terms with PV for the purpose of engineering, fabricating and supplying 374 with complete HRS’s for its SCWO systems going forward.
	 	 
	11.	In the event that PV is unable or unwilling to provide 374 with expander units going forward, PV will, at 374’s option, grant 374 the rights to manufacture or have manufactured the expander units under the terms of PV’s license agreement with Ranator A.B.
	 	 
	12.	The parties will maintain the strict confidentiality of all non-public information relating to the proposed transactions and operations set forth in this MOU.
	 	 
	13.	The parties will use their best efforts to draft, negotiate and execute on or before December 31, 2019, definitive agreements for the proposed transactions, consistent with the terms of this MOU and containing other language which is customary for comparable transactions. This MOU and all of the agreements will be governed by the laws of the State of Delaware.

 

	POWERVERDE INC.	 	374WATER INC.
	 	 	 
	By:	 	 	By:	 
	 	Richard H.Davis, CEO	 	 	Yaacov Nagar, CEO

 

11/6/2019EX-4.1

 Exhibit 4.1 

SIXTH AMENDMENT TO THE RIGHTS AGREEMENT 

SIXTH AMENDMENT (this “Amendment”) dated as of August 30, 2019, to the RIGHTS AGREEMENT dated as of November 23,
2007 (the “Rights Agreement”), between Ctrip.com International, Ltd., a company incorporated with limited liability under the Cayman Islands Companies Law (the “Company”), and The Bank of New York Mellon (formerly
known as The Bank of New York), a New York banking corporation (the “Rights Agent”), as amended by a First Amendment to the Rights Agreement dated as of August 7, 2014, entered into by and between the Company and the Rights
Agent (“Amendment No. 1”), a Second Amendment to the Rights Agreement dated as of August 7, 2014, entered into by and between the Company and the Rights Agent (“Amendment
No. 2”), a Third Amendment to the Rights Agreement dated as of May 29, 2015, entered into by and between the Company and the Rights Agent (“Amendment No. 3”), a Fourth Amendment to
the Rights Agreement dated as of October 26, 2015, entered into by and between the Company and the Rights Agent (“Amendment No. 4”), and a Fifth Amendment to the Rights Agreement dated as of December 23,
2015, entered into by and between the Company and the Rights Agent (“Amendment No. 5,” and, together with Amendment No. 4, Amendment No. 3, Amendment No. 2 and Amendment No. 1, the “Prior
Amendments”). Capitalized terms used herein shall have the same meanings ascribed to them in the Rights Agreement, as amended. 

WHEREAS the Company may, at its option, amend the Rights Agreement (subject to certain conditions including no adverse effect on the interests
of the holders of Rights as such), without the approval of any holders of Rights, ADSs or Ordinary Shares pursuant to the provisions of Section 28 of the Rights Agreement; 

WHEREAS the Rights Agent shall, if the Company so directs, amend any provision of the Rights Agreement pursuant to Section 28 of the
Rights Agreement; and 
 WHEREAS the Board desires to revise the definition of “Exempt Person” in the Rights Agreement, and the
Company desires to amend the corresponding provisions of the Rights Agreement as set forth herein. 

 NOW, THEREFORE, in consideration of the foregoing and the mutual agreements set forth in the
Rights Agreement, Prior Amendments and this Amendment, the parties hereto hereby agree as follows: 

Section 1.    Amendment of Section 1(v). Section 1(v) of the Rights Agreement is
hereby amended and restated to read in its entirety as follows: 
 (v) “Exempt Person” shall mean (i) the Company and any
Subsidiary of the Company, in each case including in its fiduciary capacity, (ii) any employee benefit plan of the Company or of any Subsidiary of the Company or any entity or trustee holding shares of capital stock of the Company for or
pursuant to the terms of any such plan, or for the purpose of funding other employee benefits for employees of the Company or any Subsidiary of the Company, (iii) The Priceline Group Inc. and any of its Subsidiaries, (iv) Baidu, Inc. and
any of its Subsidiaries or (v) Naspers Limited, MIH Internet SEA Private Limited and any of their respective Subsidiaries; provided, however, (A) with respect to clause (iii) above, such Exempt Person shall be considered
an Exempt Person by reason of any such clause only to the extent that the number of Ordinary Shares Beneficially Owned by such Exempt Person (excluding the number of American Depositary Shares or Ordinary Shares of the Company that are beneficially
owned by The Priceline Group Inc. and/or any of its Subsidiaries due to any such Person’s ownership or conversion of that certain note issued by the Company pursuant to a convertible note purchase agreement dated December 9, 2015 between
the Company and Priceline Group Treasury Company B.V.) at all times does not exceed fifteen percent (15%) of the Ordinary Shares then outstanding in the aggregate; (B) with respect to clause (iv) above, such Exempt Person shall be
considered an Exempt Person by reason of any such clause only to the extent that the number of Ordinary Shares Beneficially Owned by such Exempt Person at all times does not exceed twenty-seven percent (27%) of the Ordinary Shares then
outstanding in the aggregate; and (C) with respect to clause (v) above, such Exempt Persons shall be considered Exempt Persons by reason of such clause only to the extent that the number of Ordinary Shares Beneficially Owned by such Exempt
Persons at all times does not exceed eleven percent (11%) of the Ordinary Shares then outstanding in the aggregate. With respect to the Exempt Persons in each of clauses (iii), (iv) and (v) above, such Persons shall remain Exempt Persons
to the extent the number of Ordinary Shares beneficially owned by such Persons exceeds the applicable ownership cap as a result of a reduction in the number of Ordinary Shares outstanding due to the repurchase of Ordinary Shares by the Company (or
any Subsidiary of the Company, any employee benefit plan of the Company or of any Subsidiary of the Company, or any Person or entity organized, appointed or established by the Company for or pursuant to the terms of any employee benefit plan) unless
and until any such Person, after becoming aware that such Person has exceeded the ownership cap set forth in clauses (iii), (iv) or (v), as applicable, acquires Beneficial Ownership of any additional Ordinary Shares. 

Section 2.    Full Force and Effect. Except as expressly amended hereby, the Rights Agreement shall continue
in full force and effect in accordance with the provisions thereof. 
 Section 3.    Governing Law. This
Amendment shall be interpreted and construed in accordance with the laws of the State of New York, U.S.A. All actions and proceedings brought by the Rights Agent relating to or arising from, directly or indirectly, this Amendment may be litigated in
courts located within the State of New York. The Company hereby submits to the personal jurisdiction of such courts and consents that any service of process may be made by certified or registered mail, return receipt requested, directed to the
Company at its address last specified for notices hereunder. Each of the parties hereto hereby waives the right to a trial by jury in any action or proceeding arising out of or relating to this Amendment. 

  
 2 

 Section 4.    Counterparts; Effectiveness. This Amendment
may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. This Amendment shall be effective as
of the date hereof. 
 Section 5.    Descriptive Headings. Descriptive headings of the several Sections of
this Amendment are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions. 

Section 6.    Rights Agreement as Amended. From and after the date hereof, any reference to the Rights
Agreement shall mean the Rights Agreement as amended hereby. 
 Section 7.    Severability. If any term,
provision, covenant, or restriction to this Amendment is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Amendment shall
remain in full force and effect and shall in no way be affected, impaired or invalidated. 

Section 8.    Further Assurances. Each of the parties hereby agrees to execute and deliver, upon the written
request of any other party, any and all such further instruments and documents as are reasonably appropriate for this Amendment to be fully effective. 

[Remainder of page intentionally left blank] 

  
 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed, all
as of the day and year first above written. 
  

					
	Ctrip.com International, Ltd.
		
	By	 	 /s/ Jane Jie Sun

		 	Name:	 	Jane Jie Sun
		 	Title:	 	Director
	
	The Bank of New York Mellon
		
	By	 	 /s/ Edgar Piedra

		 	Name:	 	Edgar Piedra
		 	Title:	 	Managing Director

  
 [Signature Page to the
6th Rights Agreement Amendment]

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