Document:

SECURITY
      AGREEMENT

    

    This
      SECURITY AGREEMENT (this "Security
      Agreement")
      dated
      as of April 21, 2008 (the
      "Effective
      Date"),
      is made
      by and between
      Well Chance Investments Limited, a company incorporated in the British Virgin
      Islands (the "Company"),
      and Newport Capital Asset
      Management Group, a California corporation (the
      "Lender").

     

    WHEREAS,
      on the Effective Date, the Company entered into a Loan Agreement with the Lender
      (the "Loan
      Agreement")
      to
      evidence a bridge loan from the Lender to the Company in the aggregate amount
      of
      $200,000 (the "Loan");

     

    WHEREAS,
      in order to induce the Lender to make the Loan to the Company, the Company
      has
      agreed to grant to the Lender a security interest in all of its assets to secure
      the amounts currently owing, and any additional amounts which may be owing,
      by
      the Company pursuant to the Loan Agreement;

     

    NOW,
      THEREFORE, for good and valuable consideration, the receipt of which is hereby
      acknowledged, the parties hereto hereby agree as follows:

     

    1.  Defined
      Terms.
      Capitalized terms used herein and not defined herein have the meanings assigned
      to them in the Loan Agreement. The following terms shall have the following
      meanings, unless the context otherwise requires:

     

    "Code"
      shall
      mean the Uniform Commercial Code as in effect in the State of California on
      the
      Effective Date.

    

    "Collateral"
      shall
      have the meaning given such term in Section 2. 

    

    "Event
      of Default"
      shall
      have the meaning given such term in the Note and the Loan
      Agreement.

    

    "Obligations"
      shall
      mean the unpaid Loan including all remaining outstanding Loan Principal, Initial
      Loan Premium and Additional Loan Fee (if applicable) amounts owed to the Lender
      pursuant to the Loan Agreement and the Note, including costs of
      collection.

    

    2.  Grant
      of Security Interest.
      As
      collateral security for the prompt and complete payment and performance when
      due
      of all the Obligations, the Company hereby grants to the Lender a security
      interest in all of the Company's right, title and interest in, to and under
      the
      following, whether now existing or hereafter acquired (all of which being
      hereinafter collectively called the "Collateral"):

     

    (a) Accounts.
      All
      present and future accounts owned by the Company, including and together with
      any and all contract rights, accounts receivable, security deposits (where
      not
      otherwise prohibited by law or agreement), and other rights of any kind to
      receive payments for services rendered and goods supplied by the Company,
      together with agreements, customer lists, client lists, and accounts, invoices,
      agings, verification reports and other records relating in any way to such
      accounts.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b) Contracts.
      All
      contracts, contract rights, royalties, license rights, leases, instruments,
      undertakings, documents or other agreements in or under which the Company may
      now or hereafter have any right, title or interest whether now existing or
      hereinafter created and all forms of obligations owing to the Company arising
      out of the sale or lease of goods, the licensing of technology or the rendering
      of services by the Company, whether or not earned by performance, and any and
      all credit insurance, guaranties, and other security therefor, as well as all
      merchandise returned to or reclaimed by the Company.

     

    (c) Equipment,
      Furnishings and Miscellaneous Personal Property.
      All
      presently owned and hereafter acquired furniture, furnishings, equipment,
      machinery, vehicles (including motor vehicles and trailers) computer hardware
      and software, accounting or bookkeeping systems, client or customer lists and
      information, data sheets and other records of any kind, wherever located, stored
      or inventoried, which are used or which may be used in the Company’s business;

     

    (d) Fixtures.
      All
      materials used by the Company in connection with its business operations,
      including, but not limited to, supplies, trade equipment, appliances, apparatus
      and any other items, now owned or hereafter acquired by the Company, and now
      or
      hereafter attached to, or installed in (temporarily or permanently) any real
      property now or in the future owned or leased by the Company; 

     

    (e) General
      Intangibles.
      All
      general intangibles and other personal property of the Company, now owned or
      hereinafter acquired, including, without limitation, the following: (i) permits,
      authorizations and approvals presently and hereafter issued by any federal,
      state, municipal or local governmental or regulatory authority in favor of
      the
      Company; (ii) all plans, specifications, renderings and other similar materials
      presently owned or hereafter acquired by the Company; (iii) all presently
      existing and hereafter created contracts, leases, licenses and agreements to
      which the Company is a party; (iv) all presently and hereafter existing policies
      and agreements of insurance in favor of the Company; (v) all presently and
      hereafter existing equity contribution agreements and other equity financing
      arrangements in favor of the Company; (vi) all copyrights, chattel paper,
      electronic chattel paper, licenses, money, insurance proceeds, contract rights,
      subscription lists, mailing lists, licensing agreements, patents, trademarks,
      service marks, trade styles, patents, patent applications, franchise agreements,
      blueprints, drawings, purchase orders, customer lists, route lists,
      infringements, claims, computer programs, computer discs, computer tapes,
      literature, reports, catalogs, design rights, income tax refunds, payments
      of
      insurance and rights to payment of any kinds, trade names, refundable,
      returnable or reimbursable fees, deposits or other funds or evidences of credit
      or indebtedness deposited by or on behalf of the Company with any governmental
      agencies, boards, corporations, providers of utility services, public or
      private; (vii) all presently existing and hereafter acquired computer programs,
      computer software and other electronic systems and materials of any kind of
      the
      Company; (viii) goodwill; and (ix) all other presently existing and hereafter
      acquired documents, accounts, general intangibles and intangible personal
      property of any kind.

     

    (f) Documents.
      All
      documents, cash, deposit accounts, securities, securities entitlements,
      securities accounts, investment property, financial assets, letters of credit,
      certificates of deposit, instruments, chattel paper, and electronic chattel
      paper now owned or hereafter acquired and the Company’s books relating to the
      foregoing.

     

    (g) Copyrights.
      All
      copyright rights, copyright applications, copyright registrations and like
      protections in each work of authorship and derivative work thereof, whether
      published or unpublished, now owned or hereafter acquired; all trade secret
      rights, including all rights to unpatented inventions, know-how, operating
      manuals, license rights and agreements and confidential information, now owned
      or hereafter acquired; all mask work or similar rights available for the
      protection of semiconductor chips, now owned or hereafter acquired; all claims
      for damages by way of any past, present and future infringement of any of the
      foregoing.

     

    (h) Proceeds.
      All of
      the Company’s books and records relating to the foregoing and any and all
      present and future accounts, general intangibles, chattel paper, electronic
      chattel paper, products, accessions, replacements, betterments and substitutions
      for any of the foregoing described property, and all proceeds arising from
      or by
      virtue of, or from the sale or disposition of, or collections with respect
      to,
      or insurance proceeds payable with respect to, or claims against any other
      persons, corporations or other entities with respect to, all or any part of
      the
      foregoing described property and interests.

    

    3.  Rights
      of the Lender; Limitations on the Lender’s Obligations.
      It is
      expressly agreed by the Company that, anything herein to the contrary
      notwithstanding, the Company shall remain liable under each Contract and
      Document to observe and perform all the conditions and obligations to be
      observed and performed by it thereunder, all in accordance with and pursuant
      to
      the terms and provisions of each such Contract or Document. The Lender shall
      have no obligation or liability under any Contract or Document by reason of
      or
      arising out of this Security Agreement or the granting to the Lender of a
      security interest therein or the receipt by the Lender of any payment relating
      to any Contract or Document pursuant hereto, nor shall the Lender be required
      or
      obligated in any manner to perform or fulfill any of the obligations of the
      Company under or pursuant to any Contract or Document, or to make any payment,
      or to make any inquiry as to the nature or the sufficiency of any payment
      received by it or the sufficiency of any performance by any party under any
      Contract or Document, or to present or file any claim, or to take any action
      to
      collect or enforce any performance or the payment of any amounts which may
      have
      been assigned to it or to which it may be entitled at any time or times. In
      the
      event that any asset of the Company which, by the terms of any agreement in
      existence on the date hereof, does not permit the granting of a security
      interest, the Company hereby grants to the Lender a security interest in all
      proceeds received by the Company generated by such assets. Any Uniform
      Commercial Code financing statement to be filed by the Lender in connection
      with
      this Security Agreement shall contain a provision to the effect of the
      immediately foregoing sentence.

     

    4.  Representations
      and Warranties.
      The
      Company hereby represents and warrants that the chief executive office and
      chief
      place of business of the Company is 2nd
      Floor,
      Abbott Building, Road Town, Tortola, British Virgin Islands [CONFIRM],
      and the
      Company will not change such chief executive office and chief place of business
      or remove such records unless the Company shall have given the Lender at least
      10 Business Days’ prior written notice thereof.

     

    5.  Covenants.
      The
      Company covenants and agrees with the Lender that from and after the Effective
      Date and until the Obligations are fully satisfied:

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (a) Further
      Documentation.
      At any
      time and from time to time, upon the reasonable written request of the Lender,
      and at the sole expense of the Company, the Company will promptly and duly
      execute and deliver any and all such further documents and take such further
      action as the Lender may reasonably deem desirable in obtaining the full
      benefits of this Security Agreement and of the rights and powers herein granted,
      including, without limitation, the filing of any financing or continuation
      statements under the Uniform Commercial Code in effect in any jurisdiction
      with
      respect to the security interests granted hereby.

     

    (b) Continuous
      Perfection.
      The
      Company will not change its name, identity, jurisdiction of organization or
      corporate structure in any manner unless the Company shall have given the Lender
      at least 10 Business Days' prior written notice thereof and shall have taken
      all
      action (or made arrangements to take such action substantially simultaneously
      with such change if it is impossible to take such action in advance) necessary
      or reasonably requested by the Lender to amend any agreements in connection
      with
      the Loan, any financing statement or any continuation statement filed with
      respect to the Collateral so that the Lender continues to have the full
      benefits, rights and powers granted pursuant to this Security
      Agreement.

    

    6.  Remedies,
      Rights Upon Default. 

     

    (a) In
      addition to any other rights given to the Lender hereunder, if an Event of
      Default shall occur and be continuing and the Lender shall have declared the
      amounts owing under the Note to be due and payable (or such amounts shall have
      automatically, become due and payable), all payments received by the Company
      under or in connection with any of the Collateral shall be held by the Company
      in trust for the Lender, shall be segregated from other funds of the Company and
      shall, if requested by the Lender, forthwith upon receipt by the Company be
      turned over to the Lender, in the same form as received by the Company (duly
      endorsed by the Company to the Lender, if required).

     

    (b) If
      any
      Event of Default shall occur and be continuing the Lender may exercise in
      addition to all other rights and remedies granted to it in this Security
      Agreement and in any other instrument or agreement securing, evidencing or
      relating to the Obligations, all rights and remedies of a secured party under
      the Code. Without limiting the generality of the foregoing, the Company
      expressly agrees that in any such event, the Lender, without demand of
      performance or other demand, (except the notice specified below of time and
      place of public or private sale) to or upon the Company or any other person
      may
      forthwith collect, receive, appropriate and realize upon the Collateral, or
      any
      part thereof, and/or may forthwith sell, lease, assign, give option or options
      to purchase, or sell or otherwise dispose of and deliver said Collateral (or
      contract to do so), or any part thereof, in one or more parcels at a public
      or
      private sale or sales, at any exchange broker's board or at any of the Lender’
offices or elsewhere at such prices as it may deem best, for cash or on credit
      or for future delivery without assumption of any credit risk. The Lender shall
      have the right upon any such public sale or sales, and, to the extent permitted
      by law, upon any such private sale or sales, to purchase the whole or any part
      of said Collateral so sold, free of any right or equity of redemption, which
      equity of redemption the Company hereby releases. The Company further agrees,
      at
      the Lender’ request, to assemble the Collateral, make it available to the Lender
      at places which the Lender shall reasonably select, whether at the Company's
      premises or elsewhere. The Lender shall apply the net proceeds of any such
      collection, recovery, receipt, appropriation, realization or sale, after
      deducting all reasonable costs and expenses of every kind incurred therein
      or
      incidental to the care, safe keeping or otherwise of any or all of the
      Collateral or in any way relating to the rights of the Lender hereunder,
      including reasonable attorneys' fees and legal expenses, to the payment in
      whole
      or in part of the Obligations, the Company remaining liable for any deficiency
      remaining unpaid after the application, and only after so paying over such
      net
      proceeds and after the payment by the Lender of any other amount required by
      any
      provision of law. To the extent permitted by applicable law, the Company waives
      all claims, damages, and demands against the Lender arising out of the
      repossession, retention or sale of the Collateral. The Company agrees that
      the
      Lender need not give more than 10 Business Days notice of the time and place
      of
      any public sale or of the time after which a private sale may take place and
      that such notice is reasonable notification of such matters. The Company shall
      remain liable for any deficiency if the proceeds of any sale or disposition
      of
      the Collateral are insufficient to pay all amounts to which the Lender is
      entitled.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (c) The
      Company hereby waives presentment, demand, protest or any notice (to the extent
      permitted by applicable law) of any kind in connection with this Security
      Agreement or any Collateral.

    

    7.  Application
      of Proceeds.
      The
      Proceeds of all sales and collections in respect of any Collateral shall be
      applied as follows:

     

    (a) First,
      to
      the reasonable payment of the costs and expenses of such sales and collections,
      the expenses of the Lender and the reasonable fees and expenses of its
      counsel;

     

    (b) Second,
      any surplus then remaining to the payment of the Obligations in such order
      and
      manner as the Lender may in its sole discretion determine; and

     

    (c) Third,
      any surplus then remaining shall be paid to the Company.

     

    8.  Limitation
      on the Lender’s Duty in Respect of Collateral.
      Beyond
      the use of reasonable care in the custody thereof, the Lender shall not have
      any
      duty as to any Collateral in its possession or control or in the possession
      or
      control of any agent or nominee of it or any income thereon or as to the
      preservation of rights against prior parties or any other rights pertaining
      thereto.

     

    9.  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:

                

                Well
                  Chance Investments Limited

                C/O
                  Jeffrey Dash

                11F,
                  Tower A, Building No. 1 GT International Center

                Jia3
                  Yongandongli, Jianguomenwai Avenue

                Chaoyang
                  District, Beijing 100022

                People’s
                  Republic of China

                Tel: 
                  +86 10 5879 4890

                Fax:
                  +86 10 5879 4228

                 

                if
                  to Newport, to:

                

                Newport
                  Capital Asset Management

                Attn:
                  John Vasquez, Managing Director

                15
                  Corporate Plaza Dr, Suite 110

                Newport
                  Beach, CA 92660

                Tel:
                  (949) 759-5006

                Fax:
                  (949) 759-5007

              

      

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    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).

     

    10.  Severability.
      Any
      provision of this Security Agreement which is prohibited or unenforceable in
      any
      jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
      such prohibition or unenforceability without invalidating the remaining
      provisions hereof, and any such prohibition or unenforceability in any
      jurisdiction shall not invalidate or render unenforceable such provision in
      any
      other jurisdiction.

     

    11.  No
      Waiver; Cumulative Remedies.
      The
      Lender shall not by any act, delay, omission or otherwise be deemed to have
      waived any of its rights or remedies hereunder and no waiver shall be valid
      unless in writing, signed by the Lender, and then only to the extent therein
      set
      forth. A waiver by the Lender of any right or remedy hereunder on any one
      occasion shall not be construed as a bar to any right or remedy which the Lender
      would otherwise have had on any future occasion. No failure to exercise nor
      any
      delay in exercising on the part of the Lender, any right, power or privilege
      hereunder, shall operate as a waiver thereof, nor shall any single or partial
      exercise of any right, power or privilege hereunder preclude any other or future
      exercise thereof or the exercise or any other right, power or privilege. The
      rights and remedies hereunder provided are cumulative and may be exercised
      singly or concurrently, and are not exclusive of any rights and remedies
      provided by law. None of the terms or provisions of this Security Agreement
      may
      be waived, altered, modified or amended except by an instrument in writing,
      duly
      executed by the Company and the Lender.

     

    12.  Successors
      and Assigns.
      This
      Security Agreement and all obligations of the Company hereunder shall be binding
      upon the successors and assigns of the Company, and shall, together with the
      rights and remedies of the Lender hereunder, inure to the benefit of the Lender
      and its successors and assigns. The Company may not assign any of its rights
      or
      obligations hereunder without the prior written consent of the Lender. This
      Security Agreement may be assigned by the Lender provided that the Lender
      complies with all applicable federal and state securities laws. In the event
      of
      an assignment by the Lender, each of the parties to this Agreement acknowledge
      and agree that the Lender’s assignee is assigned and takes over all rights,
      obligations, responsibilities, duties, remedies, powers and privileges under
      this Agreement from the Lender.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    13.  Governing
      Law.
      This
      Security 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.

     

    14.  Counterparts.
      This
      Security Agreement may be executed in separate counterparts each of which will
      be an original and all of which taken together will constitute one and the
      same
      agreement.

     

    15.  Facsimile.
      This
      Security Agreement may be executed using facsimiles of signatures, and a
      facsimile of a signature shall be deemed to be the same, and equally
      enforceable, as an original of such signature.

     

    16.  Termination.
      At such
      time as the Obligations have been fully satisfied, the security interest created
      hereby shall automatically terminate, the Lender shall take all such actions
      as
      may be requested by the Company to evidence such termination and to release
      the
      liens created hereby, at the Company's expense. 

     

    *
      * * * *
      *

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, each of the parties hereto has caused this Security Agreement
      to be executed and delivered by its duly authorized officer as of the first
      set
      forth above.

     

    
      
        	 	
                THE
                  COMPANY:

                

                WELL
                  CHANCE INVESTMENTS LIMITED

                

                

                By: 
                  /s/ Jeffrey
                  Dash                                                  
                  

                Jeffrey
                  Dash

                Chief
                  Executive Officer

                 

                 

                LENDER:

                

                NEWPORT
                  CAPITAL ASSET MANAGEMENT

                

                

                By:
                  /s/ John
                  Vasquez                                                 
                  

                John
                  Vasquez

                President/Managing
                  Director

              

      

    

     

    
      
        
        

      

      
        7Unassociated Document

    EXCHANGE
      AGREEMENT

     

    This
      Exchange Agreement (the “Agreement”) is entered into as of this 18th day of
      April, 2008 by and among Global Clean Energy Holdings, Inc., a Utah
      corporation (the "Company"), and Mercator Momentum Fund, L.P., Mercator Momentum
      Fund III, L.P., and Monarch Pointe Fund, Ltd. (each, a “Holder” and
      collectively, the “Holders”). 

     

    WHEREAS:

     

    A.  The
      Company currently has issued and outstanding a total of 28,927 shares of Series
      A Convertible Preferred Stock (“Series A Preferred Stock”).

     

    B.  All
      of
      the shares of the Series A Preferred Stock are owned by the Holders. The number
      of shares of Series A Preferred Stock held by each Holder is set forth on the
      signature page of this Agreement under each Holder’s signature.

     

    C.  The
      Company has requested that the Holders convert all of their shares of Series
      A
      Preferred Stock into shares of its no par value common stock (the “Common
      Stock”), and the Holders are willing to convert all shares of Series A Preferred
      Stock into shares of Company.

     

    D.  The
      Certificate of Designations of Preferences and Rights of Series A Convertible
      Preferred (the “Certificate”) limits the number of shares that the Holders can,
      collectively, own to 9.99% of the Company’s Common Stock outstanding, which
      limitation prevents the conversion of all shares of Series A Preferred
      Stock.

     

    E.  Instead
      of converting the shares of Series A Preferred Stock, the Company and the
      Holders are willing to exchange all of the outstanding shares of Series A
      Preferred Stock for newly issued shares, all on the terms and conditions set
      forth in this Agreement. 

     

    F.  As
      of the
      date of this Agreement, the Market Price, as defined in the Certificate, of
      the
      Company’s Common Stock is $0.07925, and the Conversion Price of the shares of
      Series A Preferred Stock therefore is $0.067 (85% of the Market Price).
      Notwithstanding the lower conversion price, the Holders are willing to exchange
      their shares of Series A Preferred Stock at $0.10 per share.

     

    NOW
      THEREFORE, for and in consideration of the premises, covenants and obligations
      contained herein, and for other good and valuable consideration, the receipt
      and
      sufficiency of which is hereby acknowledged, the Company and the Holders hereby
      agree as follows:

     

    
      	
            	1.	
              EXCHANGE
                AND CANCELLATION OF SERIES A PREFERRED STOCK FOR COMMON
                STOCK.

            

    

     

    (a)  Exchange
      of Series A Preferred Stock for Common Stock.
      Each
      Holder hereby agrees to exchange all of its shares of Series A Preferred Stock
      for shares of newly issued shares of Common Stock, and the Company hereby agrees
      to issue to the Holders shares of Common Stock in exchange for the shares of
      Series A Preferred Stock. The number of shares of Common Stock to be issued
      for
      each share of Series A Preferred Stock shall be determined by dividing the
      “Series A Purchase Price” (as defined in the Certificate, which price is
      $100.00) by $0.10. Accordingly, each share of Series A Preferred Stock is hereby
      exchanged for 1,000 shares of Common Stock. 

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

       

    

    (b)  Cancellation
      of Series A Preferred Stock.
      In
      order to effect the exchange of all of the 28,927 outstanding shares of Series
      A
      Preferred Stock for a total of 28,927,000 new shares of Common Stock,
      concurrently with the execution of this Agreement, Holders have delivered to
      the
      Company for cancellation the stock certificates representing all of the 28,927
      outstanding shares of Series A Preferred Stock owned by the Holders. The
      foregoing Series A Preferred Stock stock certificates have been duly endorsed
      for cancellation by each of the Holders in a manner satisfactory to the Company.
      The Company hereby acknowledges receipt of the foregoing stock certificates
      and
      agrees to cancel all of the shares of Series A Preferred Stock represented
      by
      the stock certificates.

     

    (c)  Issuance
      of Common Stock.
      Concurrently with the execution of this Agreement, and in exchange for the
      shares of Series A Preferred Stock delivered by the Holders to the Company
      for
      cancellation, the Company is delivering to each Holder a new stock certificates
      representing the number of shares of Common Stock set forth on the signature
      page of this Agreement (a total of 28,927,000 shares of Common Stock). The
      shares of Common Stock delivered to the Holders hereunder are registered in
      the
      name of the Holders, and each Holder shall be deemed to be a holder of the
      shares of Common Stock for all purposes effective as of the date of this
      Agreement. 

    
       

      
        	
              	2.	
                HOLDER’S
                  REPRESENTATIONS AND WARRANTIES.

              

      

       

    

    Each
      Holder hereby represents and warrants that:

     

    (a)  Investment
      Purpose.
      The
      Holder is acquiring the shares of Common Stock for its own account for
      investment only and not with a view towards, or for resale in connection with,
      the public sale or distribution thereof, except pursuant to sales registered
      or
      exempted under the Securities Act of 1933, as amended (the "1933
      Act").

     

    (b)  Accredited
      Holder Status.
      The
      Holder is an "accredited investor" as that term is defined in Rule 501(a)(3)
      of
      Regulation D. 

     

    (c)  Title
      to the Shares of Series A Preferred Stock.
      The
      Holder owns, of record and beneficially, all of the shares of Series A Preferred
      Stock listed under its name on the signature page of this Agreement, free and
      clear of all pledges, security interests, liens, charges, encumbrances,
      equities, claims and options of whatever nature. No individual, corporation,
      entity or person has any claim or interest in, to, or against any of the shares
      of Series A Preferred Stock owned by the Holder.

     

    (d)  Reliance
      on Exemptions.
      The
      Holder understands that the shares of Common Stock are being issued in reliance
      on specific exemptions from the registration requirements of United States
      federal and state securities laws and that the Company is relying in part upon
      the truth and accuracy of, and the Holder's compliance with, the
      representations, warranties, agreements, acknowledgments and understandings
      of
      the Holder set forth herein in order to determine the availability of such
      exemptions and the eligibility of the Holder to acquire the shares.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

       

    

    (e)  Information
      and Investigation.
      The
      Holder has been furnished with all materials relating to the business, finances
      and operations of the Company and materials relating to the shares which have
      been requested by the Holder. The Holder is familiar with the business,
      operations, and financial condition of the Company. The Holder understands
      that
      an investment in the shares of Common Stock involves a high degree of risk.
      The
      Holder has sought such accounting, legal and tax advice as it deemed necessary
      to make an informed investment decision with respect to the exchange of its
      Series A Preferred Stock for shares of Common Stock.

     

    (f)  No
      Governmental Review.
      The
      Holder understands that no United States federal or state agency or any other
      government or governmental agency has passed on or made any recommendation
      or
      endorsement of the shares or the fairness of the exchange of the shares of
      Series A Preferred Stock for Common Stock, nor have such authorities passed
      upon
      or endorsed the merits of the exchange.

     

    (g)  Transfer
      or Resale.
      The
      Holder understands that the shares issued hereunder have not been and will
      not
      be registered under the 1933 Act or any state securities laws, and may not
      be
      offered for sale, sold, assigned or transferred unless (A) subsequently
      registered thereunder, (B) the Holder shall have delivered to the Company an
      opinion of counsel to the effect that such securities to be sold, assigned
      or
      transferred may be sold, assigned or transferred pursuant to an exemption from
      such registration, or (C) the Holder provides the Company with reasonable
      assurance that such securities can be sold, assigned or transferred in
      compliance with an exemption from registration under the 1933 Act or the rules
      and regulations of the SEC thereunder, and any state securities
      laws.

     

    (h)  Authorization;
      Enforcement.
      This
      Agreement has been duly and validly authorized, executed and delivered on behalf
      of the Holder and is a valid and binding agreement of the Holder enforceable
      in
      accordance with its terms.

    
      
         

        
          	
                	3.	
                  REPRESENTATIONS
                    AND WARRANTIES OF THE
                    COMPANY.

                

        

      

    

     

    The
      Company represents and warrants to the Holder that:

     

    (a)  Organization
      and Qualification.
      The
      Company is a corporation duly organized and validly existing in good standing
      under the laws of the State of Utah, and has the requisite corporate power
      to
      own its properties and to carry on its business as now being
      conducted.

     

    (b)  Authorization;
      Enforcement; Compliance with Other Laws.
      (i) The
      Company has the requisite corporate power and authority to enter into and
      perform this Agreement and to issue the 28,927,000 shares of Common Stock in
      accordance with the terms of this Agreement; (ii) the execution and delivery
      of
      this Agreement by the Company and the consummation by it of the transactions
      contemplated hereby, including without limitation the issuance of the new
      shares, has been duly authorized by the Company's Board of Directors; (iii)
      this
      Agreement has been duly executed and delivered by the Company; and (iv) this
      Agreement constitutes a valid and binding obligation of the Company, enforceable
      against the Company in accordance with their terms.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

      
        
          
             

            
              	
                    	4.	
                      MISCELLANEOUS.

                    

            

          

        

      

    

     

    (a)  Further
      Assurances.
      At any
      time, and from time to time, each party will execute such additional instruments
      and take such action as may be reasonably requested by the other party to
      confirm the exchange of securities hereunder or otherwise to carry out the
      intent and purposes of this Agreement.

     

    (b)  Amendment.
      This
      Agreement may be amended only in writing as agreed to by all parties
      hereto.

     

    (c)  Counterparts.
      This
      Agreement may be executed simultaneously in two or more counterparts, each
      of
      which shall be deemed an original, but all of which together shall constitute
      one and the same instrument.

     

    (d)  Binding
      Effect.
      This
      Agreement shall be binding upon the parties hereto and inure to the benefit
      of
      the parties, their respective heirs, administrators, executors, successors
      and
      assigns.

     

    (e)  Entire
      Agreement.
      This
      Agreement constitutes the entire agreement of the parties covering everything
      agreed upon or understood in the transaction. There are no oral promises,
      conditions, representations, understandings, interpretations or terms of any
      kind as conditions or inducements to the execution hereof. 

     

    (f)  Severability.
      If any
      part of this Agreement is deemed to be unenforceable, the balance of the
      Agreement shall remain in full force and effect.

     

    (g)  Applicable
      Law.
      This
      Agreement shall be construed and governed by the laws of the State of
      California.

     

    IN
      WITNESS WHEREOF, the Holder and the Company have caused this Agreement to be
      duly executed as of the date first written above.

     

    
      	 	THE
              COMPANY:
	 	 	 
	 	 	 
	 	GLOBAL
              CLEAN
              ENERGY HOLDINGS, INC.
	 
 	 
 	 
 
	 	By:  	/s/ RICHARD
              PALMER
	 	
              
Name:
              Richard Palmer
	 	
              Its:
                Chief Executive Officer

            
	 	 

    

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

       

      
        	 	 	 	THE HOLDERS:
	 	 	 	 
	 	 	 	 
	MERCATOR
                MOMENTUM
                FUND, L.P.	 	 	MERCATOR
                MOMENTUM
                FUND III, L.P.
	 	 	 	 
	By: M.A.G.
                CAPITAL, LLC, its general partner	 	 	By: M.A.G.
                CAPITAL, LLC, its general partner
	 	 	 	 
	
                By: /s/
                  DAVID FIRESTONE

              	 	 	
                By: /s/
                  DAVID FIRESTONE

              
	
                David
                  Firestone, Managing Partner

              	 	 	
                David
                  Firestone, Managing Partner

              
	 	 	 	 
	
                Shares
                  of Series A Preferred Stock: 8,715

                Common
                  Stock to be received: 8,715,000

              	 	 	
                Shares
                  of Series A Preferred Stock: 10,295

                Common
                  Stock to be received: 10,295,000

              
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	MONARCH POINTE FUND, LTD.	 	 	 
	 	 	 	 
	By: M.A.G.
                CAPITAL, LLC, its investment advisor	 	 	 
	 	 	 	 
	 	 	 	 
	
                By: /s/
                  DAVID FIRESTONE

              	 	 	 
	
                David
                  Firestone, Managing Partner

              	 	 	 
	 	 	 	 
	Shares
                of Series A Preferred Stock: 9,917
                Common
                  Stock to be received: 9,917,000

              	 	 	 

      

       

    

    
      
         

      

      
        5

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