Document:

Exhibit

EXHIBIT 10.4

 
RESTRICTED STOCK AGREEMENT
PURSUANT TO j2 GLOBAL, INC.
2015 STOCK OPTION PLAN

THIS RESTRICTED STOCK AGREEMENT is made this [DAY] day of [MONTH, YEAR] by and between [NAME] (the “Participant”) and j2 Global, Inc., a Delaware corporation (the “Company”), pursuant to the Company’s 2015 Stock Option Plan (the “Plan”).

WHEREAS, the Compensation Committee (the “Committee”) of the Board of Directors of the Company and/or the Board of Directors itself by action taken on [DATE OF GRANT] authorized and directed the Company to make an award of stock to the Participant under the Plan for the purposes expressed in the Plan;

NOW THEREFORE, in consideration of the foregoing and the mutual undertakings herein contained, the parties agree as follows:

1. Grant of Stock. In accordance with the terms of the Plan and subject to the further terms, conditions and restrictions contained in this Agreement, the Company hereby grants to the Participant [TOTAL # OF RESTRICTED SHARES] shares (the “Shares”) of the Company’s common stock, $0.01 par value (the “Common Stock”). As long as the Shares are subject to the Restrictions set forth in Section 4 of this Agreement, such shares shall be deemed to be, and are referred to in this Agreement as, the “Restricted Shares.”

2. Certificates for Shares. Certificates evidencing Restricted Shares shall be deposited with the Company to be held in escrow until such Shares are released to the Participant or forfeited in accordance with this Agreement. The Participant shall, simultaneously with the delivery of this Agreement, deliver to the Company a stock power, in blank, executed by the Participant.  If any Restricted Shares are forfeited, the Company shall direct the transfer agent of the Common Stock to make the appropriate entries in its records showing the cancellation of the certificate or certificates for such Restricted Shares and to return the Shares represented thereby to the Company’s treasury.

3. Adjustments in Restricted Shares.  In the event of a subdivision of the outstanding Common Stock, a declaration of a dividend payable in shares of Common Stock, a declaration of a dividend payable in a form other than shares in an amount that has a material effect on the value of shares of Common Stock, a combination or consolidation of the outstanding Common Stock into a lesser number of shares of Common Stock, a spin-off or divestiture, a recapitalization, a classification or a similar occurrence, the Committee shall make appropriate adjustments in the number of Restricted Shares and other applicable terms of Restricted Shares, including, without limitation, the type of property or securities to which the Restricted Shares relate and the performance criteria for the Performance-Vesting Shares.  Any new, additional or different securities to which the Participant shall be entitled in respect of Restricted Shares by reason of such adjustment shall be deemed to be Restricted Shares and shall be subject to the same terms, conditions, and restrictions as the Restricted Shares so adjusted.

4. Restrictions. During applicable periods of restriction determined in accordance with Section 6 of this Agreement (the “Restricted Period”), Restricted Shares and all rights with respect to such Shares, may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of, except by will or the laws of descent and distribution, and shall be subject to the risk of forfeiture contained in Section 5 of this Agreement (such limitations on transferability and risk of forfeiture being herein referred to as “Restrictions”), but the Participant shall possess all incidents of ownership of such Restricted Shares, including the right to vote and receive dividends on Restricted Shares.  

5. Forfeiture of Restricted Shares. In the event that the Participant’s continuous employment with the Company and its subsidiaries shall terminate for any reason prior to the expiration of the Restricted Period or lapse of any Restrictions, such event shall constitute an “Event of Forfeiture” and all Shares which at that time are Restricted Shares shall thereupon be forfeited by the Participant and transferred to, and reacquired by, the Company at no cost to the Company, and neither the Participant nor any successor, heir, assign or personal representative of the Participant shall have any right, title or interest in or to such Restricted Shares or the certificates evidencing them.  Any Performance-Vesting Shares (as defined below) with respect to which Restrictions have not lapsed prior to the seventh anniversary of the date of this Agreement shall thereupon be forfeited by the Participant and transferred to, and reacquired by, the Company at no cost to the Company, and neither the Participant nor any successor, heir, assign or personal representative of the Participant shall have any right, title or interest in or to such Restricted Shares or the certificates evidencing them.

6. Lapse of Restrictions. (a) Except as provided in subsection (b) below, the Restrictions on the Restricted Shares granted under this Agreement shall lapse with respect to:

		
	(i)
	[# OF TIME-VESTING RESTRICTED SHARES] of the Restricted Shares ratably on each of the first through fifth anniversaries of the date of this Agreement (the “Time-Vesting Shares”) in accordance with the following schedule:

Number of Shares on
Date                Which Restrictions Lapse
[DATE]                [20% of TIME VESTING SHARES]
[DATE]                [20% of TIME VESTING SHARES]
[DATE]                [20% of TIME VESTING SHARES]
[DATE]                [20% of TIME VESTING SHARES]
[DATE]                [20% of TIME VESTING SHARES]; and

		
	(ii)
	[# OF PERFORMANCE-VESTING RESTRICTED SHARES] of the Restricted Shares subject to the Fair Market Value of the Common Stock being maintained for a period of at least twenty (20) consecutive trading days (the “Performance-Vesting Shares”) in accordance with the following schedule:

Number of Shares on
Fair Market Value        Which Restrictions Lapse
$75                [20% of PERFORMANCE VESTING SHARES]
$85                [20% of PERFORMANCE VESTING SHARES]
$95                [20% of PERFORMANCE VESTING SHARES]
$105                [20% of PERFORMANCE VESTING SHARES]
$115                [20% of PERFORMANCE VESTING SHARES]

While the immediately preceding stock price conditions may be satisfied at any time following the date of this agreement, the actual date the Restrictions lapse shall not occur before the date that is the one year anniversary of the date of this Agreement.  Regular cash dividends on unvested Performance-Vesting Shares will not be paid out at the time such dividends are paid on regular shares of Common Stock or Time-Vesting Shares and instead will be accumulated and paid out at the time the Restrictions on the Performance-Vesting Shares lapse based on the actual number of Performance-Vested Shares for which such Restrictions lapse. In the event unvested Performance-Vesting Shares are forfeited, then the corresponding accumulated dividends will also be forfeited.
            
(b) In the event that a Participant’s employment with the Company and its subsidiaries terminates as a result of his or her death, Retirement or Permanent Disability, the Restrictions shall lapse on the Restricted Shares (if not already lapsed pursuant to subsection (a) above) on the later of (i) the date of such event, or (ii) the first anniversary of the date of this Agreement. 

(c) Upon lapse of the Restrictions in accordance with this Section, the Company shall, as soon as practicable thereafter, deliver to the Participant an unrestricted certificate for the Shares with respect to which such Restrictions have lapsed.

(d)  “Retirement” shall mean the Termination of Employment of the Participant if, on the effective date of the Termination of Employment (the “Termination Date”), (i) the Participant has reached the age of 65 on or before the Termination Date, and the Termination Date is not less than six (6) months following the date of the Agreement; or (ii) the Participant has reached the age of 60 on or before the Termination Date and has completed not less than ten (10) years of service with the Company and/or its Subsidiaries. 

(e) “Permanent Disability” shall have the same definition as

		
	(i)
	(A) term “disability” (or any reasonable facsimile thereof as approved by the Committee) in any employment or consultancy agreement (or similar agreement) or in any letter of appointment then in effect between the Participant and the Company or any Subsidiary; or (B) if not defined therein, or if there shall be no such agreement, as defined in the long-term disability plan maintained by Company or its Subsidiary by which the Participant is employed or for which the Participant serves as a consultant or by appointment, as in effect from time to time; or (C) if there shall be no plan, the inability of the Participant to perform in all material respects his or her duties and responsibilities to the Company or its applicable Subsidiary for a period of six (6) consecutive months or for an aggregate period of nine (9) months in any twenty-four (24) consecutive month period by reason of a physical or mental incapacity; or 

		
	(ii)
	the term “disability” under the within the meaning of Section 409A(a)(2)(C) of the Code, if the Participant is subject to income taxation on the income resulting from the Agreement under the laws of the United States, and the foregoing provisions of this Agreement would result in adverse tax consequences to the Participant, as determined by the Company, under Section 409A the “Code.” 

(f)  Capitalized terms used but not defined herein shall have the meanings assigned to the under the Plan.

7. Withholding Requirements. (a) Where required by law, the Company shall be required to withhold the amount of taxes required to satisfy any applicable federal, state and local tax, social insurance and similar withholding obligations arising from the lapse of Restrictions.  Regardless of the Company’s or any Subsidiary’s actions in connection with tax withholding for Participant, the Participant acknowledges that the ultimate responsibility for any and all tax-related items in connection with any aspect of the Restricted Shares is and remains the Participant’s responsibility and liability.  Neither the Company nor any Subsidiary shall make any representation or understanding regarding the treatment of any tax-related amounts in connection with any shares or awards under the Plan, nor do they make any commitment with respect to the structure of the awards or the Restricted Shares to reduce or eliminate the Participant’s liability for tax-related items.  

(b) The Participant may elect to satisfy any such tax obligation in cash or by authorizing the Company to withhold from the Shares issued to the Participant as a result of the lapse of the Restrictions, the number of whole shares of Common Stock required to satisfy such tax obligation, the number to be determined by the Fair Market Value (as defined in the Plan) of the Shares on the date of the lapse of the Restrictions.  If the Participant elects to withhold shares of Common Stock to satisfy any such tax obligation, The Participant shall pay in cash any obligation which remains after the application of whole shares that is less than the value of a whole share.  

By checking the foregoing box, the Participant hereby authorizes the Company to withhold from the Shares issued to the Participant as a result of the lapse of the Restrictions, the number of whole shares of Common Stock required to satisfy such tax obligation, the number to be determined by the Fair Market Value (as defined in the Plan) of the Shares on the date of the lapse of the Restrictions.  The foregoing election shall become irrevocable as to particular Shares with Restrictions lapsing on the date that is six (6) months prior to the date of lapse.

(c) The Participant authorizes the Company and/or the Participant’s employer to withhold all applicable tax-withholding amounts legally payable by the Participant from the Participant’s employer or from proceeds of the sale of shares.  If the amounts that may legally be withheld or are available from amounts legally payable to the Participant are not sufficient to satisfy any such tax obligation, the Participant shall pay in cash any obligation which remains after the application of payroll withholding.

(d) Participant is hereby permitted to make the election permitted under Section 83(b) of the Internal Revenue Code of 1986, as amended (the “Code”), (i.e. an election to include in gross income in the year of transfer the amounts specified in Section 83(b) of the Code notwithstanding the continuing transfer restrictions) and if Participant makes such election, the Participant shall submit to the Company a copy of the notice filed by the Participant with the Internal Revenue Service within ten (10) days of filing such notice, and shall pay, or make arrangements satisfactory to the Committee regarding payment of, any federal, state or local taxes of any kind required by law to be withheld as a result of such election, all in accordance with the provisions of this Section 7.

8. Change in Control. Notwithstanding anything else provided in this Agreement, upon the occurrence of a Change in Control, as defined below, all Restrictions on each Restricted Share shall immediately be canceled in full upon and simultaneously with the Change of Control unless the Board determines that the Recipient has been offered substantially identical replacement restricted stock and a comparable position at any acquiring company. 

For purposes of the Plan, a “Change in Control” of the Company shall be deemed to have occurred if:

(a)  any “person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (other than the Company, any employee benefit plan sponsored by the Company, any trustee or other fiduciary holding securities under an employee benefit plan of the Company, or any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company), is or becomes the “beneficial owner” (as defined in Rule 13d−3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities;

(b) during any period of two consecutive years individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a 

transaction described in clause (i), (iii) or (iv) of this Section) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least a majority of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority thereof;

(c) the stockholders of the Company approve a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; or 

(d) the stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets. For the purposes of this subsection (iv), “substantially all” of the Company’s assets shall mean assets for which the price or consideration upon sale or disposition equals or exceeds seventy-five percent (75%) or more of the fair market value of the Company.
    
9. Effect of Employment. Nothing contained in this Agreement shall in any manner be construed to limit in any way the right of the Company or any subsidiary to terminate the Participant’s employment at any time, without regard to the effect of such termination on any rights such Participant would otherwise have under this Agreement, or give any right to the Participant to remain employed by the Company or a subsidiary thereof in any particular position or at any particular rate of compensation.

10. Clawback/Recapture Policy.  The Restricted Shares and Shares are be subject to any clawback or recapture policy that the Company may adopt from time-to-time, and to the extent provided in such policy, may be required to be repaid to the Company after the date hereof.  

11. Amendment. This Agreement may not be amended except with the consent of the Committee and by a written instrument duly executed by the Participant and the Company.
12.  Applicable Law.  This Agreement shall be governed by the laws of the State of California.
13.  Section 409(A) of the Code. If the Participant is a resident of the United States, the Restricted Shares and the Shares issuable in connection therewith are intended to qualify for an exemption from or comply with Section 409A of the Code.  Notwithstanding any other provision in this Agreement and the Plan to the contrary, the Company, to the extent it deems necessary or advisable in its sole discretion, reserves the right, but shall not be required, to unilaterally amend or modify this Agreement so that the Shares and Restricted Shares qualify for exemption from or comply with Section 409A of the Code; provided, however, that the Company makes no representations that the Restricted Shares or Shares will be exempt from or comply with Section 409A of the Code and makes no undertaking to preclude Section 409A of the Code from applying to the Restricted Shares or Shares.  No provision of this Agreement will be interpreted or construed to transfer any liability for failure to comply with Section 409A of the Code from the Participant any other individual to the Company.  By executing this Agreement, the Participant agrees to waive any claim against the Company with respect to any such tax consequences.   
14. Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their heirs, personal representatives, successors and assigns. Participant acknowledges receipt of a copy of the Plan, which is annexed hereto, represents that he or she is familiar with the terms and provisions thereof and accepts the award of Shares hereunder subject to all of the terms and conditions thereof and of this Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions and interpretations of the Committee upon any questions arising under the Plan or this Agreement.

IN WITNESS WHEREOF, the Company and the Participant have each executed and delivered this Agreement as of the date first above written.

ATTEST:            j2 GLOBAL, INC.

By: Patty Brunton
__________________        Its:  VP of Human Resources

        
_________________________________
[NAME]EX-10.1

EX. 10.1

LOAN AGREEMENT

THIS LOAN AGREEMENT (this “Agreement”), is executed as of February 23, 2017, by and
between VIASPACE Inc., a Nevada corporation (the “Company”), and Kevin L. Schewe, MD, an
individual (the “Lender”).

WHEREAS, in order to fund the Company’s operations for the near future, the Company wishes to
borrow up to $100,000 from the Lender as a convertible note (“Aggregate Loan Limit”); and

WHEREAS, the Lender is willing to provide such financing on terms and conditions as set forth
herein.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and
for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company and the Lender, intending to be legally bound, agree as follows:

ARTICLE 1

DEFINITIONS

1.1 Defined terms. Certain capitalized terms used in this Agreement shall have the
specific meanings defined below:

“Additional Loan Closing Date” shall mean the date upon which any Additional Loan is
made to the Company.

“Business Day” shall mean a day other than a Saturday, Sunday, or other day on which
commercial banks are authorized or required by law to close.

“Initial Loan Closing Date” shall mean the date upon which the Initial Loan is made to
the Company.

“Interest Rate” shall mean eight percent (8%) per annum.

“Maturity Date” shall mean the first anniversary of the date of the issuance of the
Note.

“Principal Market” shall be the principal trading exchange or market on which the
Company’s Common Stock is traded, including without limitation, American Stock Exchange, Nasdaq
Capital Market, Nasdaq Global Market, Nasdaq Global Select Market, Bulletin Board, or New York
Stock Exchange.

“Average Closing Price” shall mean the average closing price of the Common Stock on the
principal trading exchange on which the Company’s Common Stock is traded.

ARTICLE 2

THE LOANS

2.1 Initial Loan. According to the terms and subject to the conditions of this
Agreement, the Lender shall make a single-installment loan to the Company on the Initial Loan
Closing Date in an amount determined by Lender in his sole discretion (the “Initial Loan”),
and may advance additional Loans, upon the Company’s request and accordance with the terms set
forth in Section 2.2, in the amount up to $100,000 less the amount of the Initial Loan (the
"Additional Loans”) (the Initial Loan and the Additional Loan, if any, shall be referred to
collectively as the “Loans”). The Loans shall be each evidenced by a convertible
promissory note in the form attached hereto as Exhibit A (“Note”), duly executed on
behalf of the Company and dated as of the Initial Loan Closing Date. The Note shall be
convertible, upon Lender’s request, into shares of Company common stock at a price per share equal
to twenty percent (20%) of the Average Closing Price as reported by the principal trading exchange
on which the Company’s Common Stock is traded for the twenty (20) trading days preceding the date
of the Note.

2.2 Additional Loans. Provided there is no Event of Default under this Agreement and
within twenty-four (24) months of this Agreement, the Company may notify the Lender in writing at
any time after 30 days from the most recent Closing Date that the Company after reviewing its
working capital requirements and its annual budget with its Board of Directors, has determined that
it needs to borrow an Additional Loan. Subject to the conditions set forth in Section 3.2, the
Lender may make the Loan, which shall be no less than $5,000 per Additional Loan, within 15 days of
the request for the Additional Loan but after the conditions in Article 3 have been satisfied.
Each Additional Loan shall be evidenced by a Note, duly executed on behalf of the Company and dated
as of each Additional Loan Closing Date. The aggregate amount of the Loans under the Initial Loan
and the Additional Loans shall not exceed the Aggregate Loan Amount.

2.3 Interest. The Loan shall bear interest (“Interest”) from the date of
payment by the Lender until the Maturity Date at the Interest Rate (calculated on the basis of the
actual number of days elapsed over a year of 360 days). Interest is payable by the Company on a
monthly basis in arrears on the first Business Day of the month.

2.4 Prepayment of the Loan. The Company may from time to time prepay all or any
portion of the Loan without premium or penalty of any type. The Company shall give the Lender at
least three Business Days’ prior written notice of its intention to prepay the Loan, specifying the
date of payment and the total amount of the Loan to be paid on such date.

2.5 Maturity Date. The Loan shall be due on the applicable Maturity Date.

2.6 Use of Proceeds. The proceeds of the Loan shall be used for working capital
purposes of the Company related to general operations and also including the commercialization of
the Giant King Grass business.

ARTICLE 3

CONDITIONS PRECEDENT TO THE LOAN

3.1 Conditions on the Initial Loan Closing Date. The obligation of the Lender to make
the Initial Loan pursuant to Section 2.1 shall be subject to the satisfaction, on or before the
Initial Loan Closing Date, of the conditions set forth in this Section. If the conditions set
forth in this Section are not met on or prior to the Initial Loan Closing Date, the Lender shall
have no obligation to make the Initial Loan.

(a) The Company shall have duly executed and delivered to the Lender the Note representing the
Initial Loan.

3.2 Conditions on the Additional Loan Closing Date. The obligation of the Lender to
make the Additional Loan(s) pursuant to Section 2.2 shall be subject to the satisfaction, on or
before the date on which such Loan is made, of the conditions set forth in this Section. If the
conditions set forth in this Section are not met on or prior to such date, the Lender shall have no
obligation to make the Additional Loan.

(a) The Company shall have duly executed and delivered to the Lender the Note representing the
Additional Loan.

(b) The Company shall have used the proceeds from prior Loans and allocated resources in a
manner that is reasonably satisfactory to the Lender.

(c) In the Lender’s sole opinion, neither the Lender’s financial condition shall have suffered
a material adverse effect nor his other financial commitments or obligations shall have materially
increased.

ARTICLE 4

REPRESENTATIONS AND WARRANTIES

4.1 Due Incorporation and Good Standing. The Company is a corporation duly organized,
validly existing and in good standing under the laws of the State of Nevada, with full and adequate
power to carry on and conduct its business as presently conducted, and is duly licensed or
qualified in all foreign jurisdictions wherein the failure to be so qualified or licensed would
reasonably be expected to have a material adverse effect on the business of the Company.

4.2 Due Authorization. The Company has full right, power and authority to enter into
this Agreement, to make the borrowings hereunder and execute and deliver the Note as provided
herein and to perform all of its duties and obligations under this Agreement and the Note.

4.3 Enforceability. This Agreement has been validly executed and delivered by the
Company and constitutes the legal, valid and binding obligations of the Company enforceable against
it in accordance with its respective terms, subject to applicable bankruptcy, insolvency,
reorganization or similar laws relating to or affecting the enforcement of creditors’ right and to
the availability of the remedy of specific performance.

ARTICLE 5

DEFAULT

5.1 Events of Default. The occurrence of any of the following events (each an
“Event of Default”), not cured in the applicable cure period, if any, shall constitute and
Event of Default of the Company:

(a) the failure to make when due any payment described in this Agreement or the Note, whether
on or after the Maturity Date, by acceleration or otherwise; and

(b) (i) the application for the appointment of a receiver or custodian for the Company or the
property of the Company, (ii) the entry of an order for relief or the filing of a petition by or
against the Company under the provisions of any bankruptcy or insolvency law, (iii) any assignment
for the benefit of creditors by or against the Company, or (iv) the Company becomes insolvent.

5.2 Effect of Default. Upon the occurrence of any Event of Default that is not cured
within any applicable cure period, the Lender may elect, by written notice delivered to the
Company, to take any or all of the following actions: (i) declare this Agreement terminated and the
outstanding amounts under the Note to be forthwith due and payable, whereupon the entire unpaid
Loan, together with accrued and unpaid Interest thereon, and all other cash obligations hereunder,
shall become forthwith due and payable, without presentment, demand, protest or any other notice of
any kind, all of which are hereby expressly waived by the Company, anything contained herein or in
any of the Note to the contrary notwithstanding, and (ii) exercise any and all other remedies
provided hereunder or available at law or in equity upon the occurrence and continuation of an
Event of Default. In addition, during the occurrence of any Event of Default, the Company shall
not pay make any payment on any other outstanding indebtedness of the Company (other than
indebtedness of the Company to which the Lender has agreed in writing to subordinate this Agreement
and the Note hereunder).

ARTICLE 6

MISCELLANEOUS

6.1 Successors and Assigns. Subject to the exceptions specifically set forth in this
Agreement, the terms and conditions of this Agreement shall inure to the benefit of and be binding
upon the respective executors, administrators, heirs, successors and assigns of the parties. This
Agreement may be assigned solely by the Lender.

6.2 Titles and Subtitles. The titles and subtitles of the Sections of this Agreement
are used for convenience only and shall not be considered in construing or interpreting this
agreement.

6.3 Notices. Any notice, request or other communication required or permitted
hereunder shall be in writing and shall be delivered personally or by facsimile (receipt confirmed
electronically) or shall be sent by a reputable express delivery service or by certified mail,
postage prepaid with return receipt requested, addressed as follows:

if to the Company, to:

	 
	VIASPACE Inc.
382 N. Lemon Ave., Suite 364
Walnut, CA 91789
Attn:Chief Executive Officer
Fax:(888) 965-9407

	if to the Lender, to:

	 

Kevin L. Schewe, MD

     

     

	 	 	 	 	 
	Denver, CO
	 	 	80202	 
	Fax:
	 	 	(720) 420-3301	 

Either party hereto may change the above specified recipient or mailing address by notice to the
other party given in the manner herein prescribed. All notices shall be deemed given on the day
when actually delivered as provided above (if delivered personally or by facsimile, provided that
any such facsimile is received during regular business hours at the recipient’s location) or on the
day shown on the return receipt (if delivered by mail or delivery service).

6.4 Governing Law. This Agreement shall be governed by and construed in accordance
with the domestic laws of the State of California without giving effect to any choice of law or
conflict of law provision or rule (whether of the State of California or any other jurisdiction)
that would cause the application of the laws of any jurisdiction other than the State of
California.

6.5 Waiver and Amendment. Any term of this Agreement may be amended, waived or
modified with the written consent of the Company and the Lender.

6.6 Remedies. No delay or omission by the Lender in exercising any of its rights,
remedies, powers or privileges hereunder or at law or in equity and no course of dealing between
the Lender and the undersigned or any other person shall be deemed a waiver by the Lender of any
such rights, remedies, powers or privileges, even if such delay or omission is continuous or
repeated, nor shall any single or partial exercise of any right, remedy, power or privilege
preclude any other or further exercise thereof by the Lender or the exercise of any other right,
remedy, power or privilege by the Lender. The rights and remedies of the Lender described herein
shall be cumulative and not restrictive of any other rights or remedies available under any other
instrument, at law or in equity.

• * * * *

IN WITNESS WHEREOF, the Company has caused this Loan Agreement to be signed in its name on the
date first set forth above.

VIASPACE INC.

	 	 	 
	By:
	 	/S/ HARIS BASIT

Haris Basit

CEO

/S/ KEVIN L. SCHEWE

Kevin L. Schewe, MD

Lender

EXHIBIT A

CONVERTIBLE PROMISSORY NOTE

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