#7 looks important... 7. If you are perspiring and a bead of sweat drops into the POR-15 can, the paint is ruined and should be thrown out. It won’t stick properly.
That is because it's moisture cured, the moisture in the air helps to cure the product. http://www.por15.com/POR-15-Technical-Information_ep_62.html
that makes it sound like it should be...water based...just what I would want to treat a rusty spot with...
I couldn't use this stuff, when its humid out I sweat willy nilly style. Rule 15 scared me the most, however. 15. If you stare at POR15 wrong, the paint is ruined and should be thrown out. It won't stick properly.