Document:

EX-10.2

Exhibit 10.2

REGISTRATION RIGHTS AGREEMENT

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of March 8, 2007, by
and among VIASPACE INC., a Nevada corporation (the “Company”), and the undersigned
investors listed on Schedule I attached hereto (each, an “Investor” and collectively, the
“Investors”).

WHEREAS:

A. In connection with the Securities Purchase Agreement by and among the parties hereto of
even date herewith (the “Securities Purchase Agreement”), the Company has agreed, upon the
terms and subject to the conditions of the Securities Purchase Agreement, to issue and sell to the
Investors Units, consisting of shares of the Company’s common stock, par value $0.001 per share
(the “Common Stock”) and warrants to purchase Common Stock (the “Warrants”),
pursuant to the terms of the Securities Purchase Agreement for an aggregate purchase price of
Three Million Six Hundred Ninety Thousand Dollars ($3,690,000) (the “Subscription Amount”).
Capitalized terms not defined herein shall have the meaning ascribed to them in the Securities
Purchase Agreement.

B. To induce the Investors to execute and deliver the Securities Purchase Agreement, the
Company has agreed to provide certain registration rights under the Securities Act of 1933, as
amended, and the rules and regulations thereunder, or any similar successor statute (collectively,
the “Securities Act”), and applicable state securities laws.

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company and the Investors hereby agree as follows:

1. DEFINITIONS.

As used in this Agreement, the following terms shall have the following meanings:

(a) “Cornell” means Cornell Capital Partners, LP.

(b) “Person” means a corporation, a limited liability company, an association, a
partnership, an organization, a business, an individual, a governmental or political subdivision
thereof or a governmental agency.

(c) “Register,” “registered,” and “registration” refer to a
registration effected by preparing and filing one or more Registration Statements (as defined
below) in compliance with the Securities Act and pursuant to Rule 415 under the Securities Act or
any successor rule providing for offering securities on a continuous or delayed basis (“Rule
415”), and the declaration or ordering of effectiveness of such Registration Statement(s) by
the United States Securities and Exchange Commission (the “SEC”).

(d) “Registrable Securities” means the shares of Common Stock and the Warrant Shares
comprising the entire amount of Units issued to the Investors pursuant to the Securities Purchase
Agreement.

(e) “Registration Statement” means a registration statement under the Securities Act
which covers the Registrable Securities.

(f) “SEC” means the Securities and Exchange Commission.

(g) “Warrant Shares” means the shares of Common Stock issuable upon exercise of the
Warrants.

2. REGISTRATION.

(a) Subject to the terms and conditions of this Agreement, the Company shall prepare and file,
no later than forty-five (45) days from the date hereof (the “Scheduled Filing Deadline”),
with the SEC a registration statement on Form S-1 or SB-2 (or, if the Company is then eligible, on
Form S-3) under the Securities Act (the “Initial Registration Statement”) for the resale by
the Investors of the Registrable Securities. The Company shall use its commercially reasonable
efforts to cause the Initial Registration Statement and any subsequent registration statement
required by the terms of this Agreement to remain effective until the earlier of (i) the date on
which all of the Registrable Securities have been sold, or (ii) the date on which all of such
Registrable Securities can be sold by the Investors pursuant to Rule 144(k) under the Securities
Act, subject to the terms and conditions of this Agreement. Prior to the filing of the
Registration Statement with the SEC, the Company shall furnish a copy of the Initial Registration
Statement to the Investors for their review and comment. The Investors shall furnish comments on
the Initial Registration Statement to the Company within twenty-four (24) hours of the receipt
thereof from the Company. The Investors acknowledge that shares of Common Stock underlying up to
1,000,000 warrants issued to Synthetic/A/(America) Ltd., and warrants issued to Gilford
Securities, Incorporated (“Gilford”), pursuant to that certain Engagement Letter by and between the
Company and Gilford dated September 12, 2006, as amended on November 1, 2006, shall also be
included in the Initial Registration Statement.

(b) Effectiveness of the Initial Registration Statement. The Company shall use its
commercially reasonable efforts to have the Initial Registration Statement declared effective by
the SEC no later than seventy-five (75) days from the date hereof in the event that the
registration statement is granted a “no review” by the SEC or one hundred thirty-five (135) days
from the date hereof in the event that the SEC reviews the Registration Statement (individually
referred to as the “Scheduled Effective Deadline”).

(c) Failure to File or Obtain Effectiveness of the Registration Statement. In the
event the Registration Statement is not filed by the Scheduled Filing Deadline or is not declared
effective by the SEC on or before the Scheduled Effective Date, or if after the Registration
Statement has been declared effective by the SEC, sales cannot be made pursuant to the Registration
Statement as a result of actions taken or not taken by the Company (whether because of a failure to
keep the Registration Statement effective, failure to disclose such information as is necessary for
sales to be made pursuant to the Registration Statement, failure to register sufficient shares of
Common Stock or otherwise) then as partial relief for the damages to any holder of Registrable
Securities by reason of any such delay in or reduction of its ability to sell the underlying shares
of Common Stock (which remedy shall not be exclusive of any other remedies at law or in equity),
the Company will pay as liquidated damages (the “Liquidated Damages”) to the holder, a cash
amount within three (3) business days, after demand therefor, equal to two percent (2%) of the
Subscription Amount for each thirty (30) day period after the Scheduled Filing Deadline or the
Scheduled Effective Date as the case may be. Notwithstanding anything herein to the contrary, in
no event shall Liquidated Damages exceed a total of fifteen percent (15%) of the Subscription
Amount.

(d) Liquidated Damages. The Company and the Investor hereto acknowledge and agree
that the sums payable under subsection 2(c) above shall constitute liquidated damages and not
penalties and are in addition to all other rights of the Investor, including the right to call a
default. The parties further acknowledge that (i) the amount of loss or damages likely to be
incurred is incapable or is difficult to precisely estimate, (ii) the amounts specified in such
subsections bear a reasonable relationship to, and are not plainly or grossly disproportionate to,
the probable loss likely to be incurred in connection with any failure by the Company to obtain or
maintain the effectiveness of a Registration Statement, (iii) one of the reasons for the Company
and the Investor reaching an agreement as to such amounts was the uncertainty and cost of
litigation regarding the question of actual damages, and (iv) the Company and the Investor are
sophisticated business parties and have been represented by sophisticated and able legal counsel
and negotiated this Agreement at arm’s length.

3. RELATED OBLIGATIONS.

(a) The Company shall keep the Registration Statement effective pursuant to Rule 415 at all
times until the earlier of (i) the date on which the Investor shall have sold all the Registrable
Securities covered by such Registration Statement and (ii) the date on which all of such
Registrable Securities can be sold by the Investors pursuant to Rule 144(k) under the Securities
Act (the “Registration Period”), which Registration Statement (including any amendments or
supplements thereto and prospectuses contained therein) shall not contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein, or necessary to make
the statements therein, in light of the circumstances in which they were made, not misleading.

(b) The Company shall prepare and file with the SEC such amendments (including post-effective
amendments) and supplements to a Registration Statement and the prospectus used in connection with
such Registration Statement, which prospectus is to be filed pursuant to Rule 424 promulgated under
the Securities Act, as may be necessary to keep such Registration Statement effective at all times
during the Registration Period, and, during such period, comply with the provisions of the
Securities Act with respect to the disposition of all Registrable Securities of the Company covered
by such Registration Statement until such time as all of such Registrable Securities shall have
been disposed of in accordance with the intended methods of disposition by the seller or sellers
thereof as set forth in such Registration Statement. In the case of amendments and supplements to
a Registration Statement which are required to be filed pursuant to this Agreement (including
pursuant to this Section 3(b)) by reason of the Company’s filing a report on Form 10-KSB, Form
10-QSB or Form 8-K or any analogous report under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), the Company shall incorporate such report by reference into the
Registration Statement, if applicable, or shall file such amendments or supplements with the SEC
within three (3) business days following the day on which the Exchange Act report is filed which
created the requirement for the Company to amend or supplement the Registration Statement.

(c) The Company shall furnish, or make available through the SEC’s Edgar filing system, to
each Investor whose Registrable Securities are included in any Registration Statement, without
charge, (i) at least one (1) copy of such Registration Statement as declared effective by the SEC
and any amendment(s) thereto, including financial statements and schedules, all documents
incorporated therein by reference, all exhibits and each preliminary prospectus, (ii) ten (10)
copies of the final prospectus included in such Registration Statement and all amendments and
supplements thereto (or such other number of copies as such Investor may reasonably request) and
(iii) such other documents as such Investor may reasonably request from time to time in order to
facilitate the disposition of the Registrable Securities owned by such Investor.

(d) The Company shall use its commercially reasonable efforts to (i) register and qualify the
Registrable Securities covered by a Registration Statement under such other securities or “blue
sky” laws of such jurisdictions in the United States as any Investor reasonably requests,
(ii) prepare and file in those jurisdictions, such amendments (including post-effective amendments)
and supplements to such registrations and qualifications as may be necessary to maintain the
effectiveness thereof during the Registration Period, (iii) take such other actions as may be
reasonably necessary to maintain such registrations and qualifications in effect at all times
during the Registration Period, and (iv) take all other actions reasonably necessary or advisable
to qualify the Registrable Securities for sale in such jurisdictions; provided, however, that the
Company shall not be required in connection therewith or as a condition thereto to (w) make any
change to its articles of incorporation or by-laws, (x) qualify to do business in any jurisdiction
where it would not otherwise be required to qualify but for this Section 3(c), (y) subject itself
to general taxation in any such jurisdiction, or (z) file a general consent to service of process
in any such jurisdiction. The Company shall promptly notify each Investor who holds Registrable
Securities of the receipt by the Company of any notification with respect to the suspension of the
registration or qualification of any of the Registrable Securities for sale under the securities or
“blue sky” laws of any jurisdiction in the United States or its receipt of actual notice of the
initiation or threat of any proceeding for such purpose.

(e) As promptly as practicable after becoming aware of such event or development, the Company
shall notify each Investor in writing of the happening of any event as a result of which the
prospectus included in a Registration Statement, as then in effect, includes an untrue statement of
a material fact or omission to state a material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances under which they were made, not
misleading (provided that in no event shall such notice contain any material, nonpublic
information), and promptly prepare a supplement or amendment to such Registration Statement to
correct such untrue statement or omission, and deliver ten (10 ) copies of such supplement or
amendment to each Investor. The Company shall also promptly notify each Investor in writing (i)
when a prospectus or any prospectus supplement or post-effective amendment has been filed, and when
a Registration Statement or any post-effective amendment has become effective (notification of such
effectiveness shall be delivered to each Investor by facsimile or e-mail on the same day of, or the
next business day following, such effectiveness), (ii) of any request by the SEC for amendments or
supplements to a Registration Statement or related prospectus or related information, and (iii) of
the Company’s reasonable determination that a post-effective amendment to a Registration Statement
would be appropriate.

(f) The Company shall use its commercially reasonable efforts to prevent the issuance of any
stop order or other suspension of effectiveness of a Registration Statement, or the suspension of
the qualification of any of the Registrable Securities for sale in any jurisdiction within the
United States of America and, if such an order or suspension is issued, to obtain the withdrawal of
such order or suspension at the earliest possible moment and to notify each Investor who holds
Registrable Securities being sold of the issuance of such order and the resolution thereof or its
receipt of actual notice of the initiation or threat of any proceeding for such purpose.

(g) The Company shall make available for inspection by (i) any Investor and (ii) one (1) firm
of accountants or other agents retained by the Investors (collectively, the “Inspectors”)
all pertinent financial and other records, and pertinent corporate documents and properties of the
Company (collectively, the “Records”), as shall be reasonably deemed necessary by each
Inspector, and cause the Company’s officers, directors and employees to supply all information
which any Inspector may reasonably request; provided, however, that each Inspector shall agree, and
each Investor hereby agrees, to hold in strict confidence and shall not make any disclosure (except
to an Investor) or use any Record or other information which the Company determines in good faith
to be confidential, and of which determination the Inspectors are so notified, unless (a) the
disclosure of such Records is necessary to avoid or correct a misstatement or omission in any
Registration Statement or is otherwise required under the Securities Act, (b) the release of such
Records is ordered pursuant to a final, non-appealable subpoena or order from a court or government
body of competent jurisdiction, or (c) the information in such Records has been made generally
available to the public other than by disclosure in violation of this or any other agreement of
which the Inspector and the Investor has knowledge. Each Investor agrees that it shall, upon
learning that disclosure of such Records is sought in or by a court or governmental body of
competent jurisdiction or through other means, give prompt notice to the Company and allow the
Company, at its expense, to undertake appropriate action to prevent disclosure of, or to obtain a
protective order for, the Records deemed confidential.

(h) The Company shall hold in confidence and not make any disclosure of information concerning
an Investor provided to the Company unless (i) disclosure of such information is necessary to
comply with federal or state securities laws, (ii) the disclosure of such information is necessary
to avoid or correct a misstatement or omission in any Registration Statement, (iii) the release of
such information is ordered pursuant to a subpoena or other final, non-appealable order from a
court or governmental body of competent jurisdiction, or (iv) such information has been made
generally available to the public other than by disclosure in violation of this Agreement or any
other agreement. The Company agrees that it shall, upon learning that disclosure of such
information concerning an Investor is sought in or by a court or governmental body of competent
jurisdiction or through other means, give prompt written notice to such Investor and allow such
Investor, at the Investor’s expense, to undertake appropriate action to prevent disclosure of, or
to obtain a protective order for, such information.

(i) The Company shall use its commercially reasonable efforts either to cause all the
Registrable Securities covered by a Registration Statement (i) to be listed on each securities
exchange on which securities of the same class or series issued by the Company are then listed with
the Company’s consent, if any, if the listing of such Registrable Securities is then permitted
under the rules of such exchange or (ii) the inclusion for quotation on the National Association of
Securities Dealers, Inc. OTC Bulletin Board for such Registrable Securities. The Company shall pay
all fees and expenses in connection with satisfying its obligation under this Section 3(j).

(j) The Company shall cooperate with the Investors who hold Registrable Securities being
offered and, to the extent applicable, to facilitate the timely preparation and delivery of
certificates (not bearing any restrictive legend) representing the Registrable Securities to be
offered pursuant to a Registration Statement and enable such certificates to be in such
denominations or amounts, as the case may be, as the Investors may reasonably request and
registered in such names as the Investors may request.

(k) The Company shall use its commercially reasonable efforts to cause the Registrable
Securities covered by the applicable Registration Statement to be registered with or approved by
such other governmental agencies or authorities as may be necessary to consummate the disposition
of such Registrable Securities.

(l) The Company shall make generally available to its security holders as soon as practical,
but not later than ninety (90) days after the close of the period covered thereby, an earnings
statement (in form complying with the provisions of Rule 158 under the Securities Act) covering a
twelve (12) month period beginning not later than the first day of the Company’s fiscal quarter
next following the effective date of the Registration Statement.

(m) The Company shall otherwise use its commercially reasonable efforts to comply with all
applicable rules and regulations of the SEC in connection with any registration hereunder.

(n) Within two (2) business days after a Registration Statement which covers Registrable
Securities is declared effective by the SEC, the Company shall deliver, and shall cause legal
counsel for the Company to deliver, to the transfer agent for such Registrable Securities (with
copies to the Investors whose Registrable Securities are included in such Registration Statement)
confirmation that such Registration Statement has been declared effective by the SEC in the form
attached hereto as Exhibit A.

(o) The Company shall take all other reasonable actions necessary to expedite and facilitate
disposition by the Investors of Registrable Securities pursuant to a Registration Statement as the
Investors shall reasonably request.

4. OBLIGATIONS OF THE INVESTORS.

Each Investor agrees that, upon receipt of any notice from the Company of the happening of any
event of the kind described in Section 3(f) or the first sentence of 3(e), such Investor will
immediately discontinue disposition of Registrable Securities pursuant to any Registration
Statement(s) covering such Registrable Securities until such Investor’s receipt of the copies of
the supplemented or amended prospectus contemplated by Section 3(e) or receipt of notice that no
supplement or amendment is required. Notwithstanding anything to the contrary, the Company shall
cause its transfer agent to deliver unlegended certificates for shares of Common Stock to a
transferee of an Investor in accordance with the terms of the Securities Purchase Agreement in
connection with any sale of Registrable Securities with respect to which an Investor has entered
into a contract for sale prior to the Investor’s receipt of a notice from the Company of the
happening of any event of the kind described in Section 3(f) or the first sentence of 3(e) and for
which the Investor has not yet settled.

5. EXPENSES OF REGISTRATION.

All expenses incurred in connection with registrations, filings or qualifications pursuant to
Sections 2 and 3, including, without limitation, all registration, listing and qualifications fees,
printers, legal and accounting fees shall be paid by the Company.

6. INDEMNIFICATION.

With respect to Registrable Securities which are included in a Registration Statement under
this Agreement:

(a) To the fullest extent permitted by law, the Company will, and hereby agrees to, indemnify,
hold harmless and defend each Investor, the directors, officers, partners, employees, agents,
representatives of, and each Person, if any, who controls any Investor within the meaning of the
Securities Act or the Exchange Act (each, an “Indemnified Person”), against any losses,
claims, damages, liabilities, judgments, fines, penalties, charges, costs, reasonable attorneys’
fees, amounts paid in settlement or expenses, joint or several (collectively, “Claims”)
incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding,
investigation or appeal taken from the foregoing by or before any court or governmental,
administrative or other regulatory agency, body or the SEC, whether pending or threatened, whether
or not an indemnified party is or may be a party thereto (“Indemnified Damages”), to which
any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced
or threatened, in respect thereof) arise out of or are based upon: (i) any untrue statement or
alleged untrue statement of a material fact in a Registration Statement or any post-effective
amendment thereto or in any filing made in connection with the qualification of the offering under
the securities or other “blue sky” laws of any jurisdiction in which Registrable Securities are
offered (“Blue Sky Filing”), or the omission or alleged omission to state a material fact
required to be stated therein or necessary to make the statements therein not misleading; (ii) any
untrue statement or alleged untrue statement of a material fact contained in any final prospectus
(as amended or supplemented, if the Company files any amendment thereof or supplement thereto with
the SEC) or the omission or alleged omission to state therein any material fact necessary to make
the statements made therein, in light of the circumstances under which the statements therein were
made, not misleading; or (iii) any violation or alleged violation by the Company of the Securities
Act, the Exchange Act, any state securities law, or any rule or regulation thereunder relating to
the offer or sale of the Registrable Securities pursuant to a Registration Statement (the matters
in the foregoing clauses (i) through (iii) being, collectively, “Violations”). The Company
shall reimburse the Investors and each such controlling person promptly as such expenses are
incurred and are due and payable, for any legal fees or disbursements or other reasonable expenses
incurred by them in connection with investigating or defending any such Claim. Notwithstanding
anything to the contrary contained herein, the indemnification contained in this Section 6(a): (x)
shall not apply to a Claim by an Indemnified Person arising out of or based upon a Violation which
occurs in reliance upon and in conformity with information furnished in writing to the Company by
such Indemnified Person expressly for use in connection with the preparation of the Registration
Statement or any such amendment thereof or supplement thereto; (y) shall not be available to the
extent such Claim is based on a failure of the Investor to deliver or to cause to be delivered the
then-current prospectus made available by the Company, if such prospectus was timely made available
by the Company pursuant to Section 3(c); and (z) shall not apply to amounts paid in settlement of
any Claim if such settlement is effected without the prior written consent of the Company, which
consent shall not be unreasonably withheld. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of the Indemnified Person and shall survive
the transfer of the Registrable Securities by the Investors pursuant to Section 9 hereof.

(b) In connection with a Registration Statement, each Investor agrees to severally and not
jointly indemnify, hold harmless and defend, to the same extent and in the same manner as is set
forth in Section 6(a), the Company, each of its directors, each of its officers, employees,
representatives, or agents and each Person, if any, who controls the Company within the meaning of
the Securities Act or the Exchange Act (each an “Indemnified Party”), against any Claims or
Indemnified Damages to which any of them may become subject, under the Securities Act, the Exchange
Act or otherwise, insofar as such Claims (or actions or proceedings, whether commenced or
threatened, in respect thereof) or Indemnified Damages arise out of or are based upon any
Violation, in each case to the extent, and only to the extent, that such Violation occurs in
reliance upon and in conformity with written information furnished to the Company by such Investor
expressly for use in connection with such Registration Statement; and, subject to Section 6(d),
such Investor will reimburse any legal or other expenses reasonably incurred by them in connection
with investigating or defending any such Claims; provided, however, that the indemnity contained in
this Section 6(b) shall not apply to amounts paid in settlement of any Claim if such settlement is
effected without the prior written consent of such Investor, which consent shall not be
unreasonably withheld; provided, further, however, that the Investor shall be liable under this
Section 6(b) for only that amount of a Claim or Indemnified Damages as does not exceed the net
proceeds to such Investor as a result of the sale of Registrable Securities pursuant to such
Registration Statement. Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of such Indemnified Party and shall survive the transfer of the
Registrable Securities by the Investors pursuant to Section 9.

(c) Promptly after receipt by an Indemnified Person or Indemnified Party under this Section 6
of notice of the commencement of any action or proceeding (including any governmental action or
proceeding) involving a Claim, such Indemnified Person or Indemnified Party shall, if a Claim in
respect thereof is to be made against any indemnifying party under this Section 6, deliver to the
indemnifying party a written notice of the commencement thereof, and the indemnifying party shall
have the right to participate in, and, to the extent the indemnifying party so desires, jointly
with any other indemnifying party similarly noticed, to assume control of the defense thereof with
counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the
Indemnified Party, as the case may be; provided, however, that an Indemnified Person or Indemnified
Party shall have the right to retain its own counsel with the fees and expenses of not more than
one (1) counsel for such Indemnified Person or Indemnified Party to be paid by the indemnifying
party, if, in the reasonable opinion of counsel retained by the indemnifying party, the
representation by such counsel of the Indemnified Person or Indemnified Party and the indemnifying
party would be inappropriate due to actual or potential conflicts of interest between such
Indemnified Person or Indemnified Party and any other party represented by such counsel in such
proceeding. The Indemnified Party or Indemnified Person shall cooperate fully with the
indemnifying party in connection with any negotiation or defense of any such action or claim by the
indemnifying party and shall furnish to the indemnifying party all information reasonably available
to the Indemnified Party or Indemnified Person which relates to such action or claim. The
indemnifying party shall keep the Indemnified Party or Indemnified Person fully apprised at all
times as to the status of the defense or any settlement negotiations with respect thereto. No
indemnifying party shall be liable for any settlement of any action, claim or proceeding effected
without its prior written consent; provided, however, that the indemnifying party shall not
unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the
prior written consent of the Indemnified Party or Indemnified Person, as the case may be, consent
to entry of any judgment or enter into any settlement or other compromise which does not include as
an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party or
Indemnified Person of a release from all liability in respect to such claim or litigation.
Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to
all rights of the Indemnified Party or Indemnified Person with respect to all third parties, firms
or corporations relating to the matter for which indemnification has been made. The failure to
deliver written notice to the indemnifying party within a reasonable time of the commencement of
any such action shall not relieve such indemnifying party of any liability to the Indemnified
Person or Indemnified Party under this Section 6, except to the extent that the indemnifying party
is prejudiced in its ability to defend such action.

(d) The indemnification required by this Section 6 shall be made by periodic payments of the
amount thereof during the course of the investigation or defense, as and when bills are received or
Indemnified Damages are incurred.

(e) The indemnity agreements contained herein shall be in addition to (i) any cause of action
or similar right of the Indemnified Party or Indemnified Person against the indemnifying party or
others, and (ii) any liabilities the indemnifying party may be subject to pursuant to the law.

7. CONTRIBUTION.

To the extent any indemnification by an indemnifying party is prohibited or limited by law,
the indemnifying party agrees to make the maximum contribution with respect to any amounts for
which it would otherwise be liable under Section 6 to the fullest extent permitted by law;
provided, however, that: (i) no seller of Registrable Securities guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any seller of Registrable Securities who was not guilty of fraudulent
misrepresentation; and (ii) contribution by any seller of Registrable Securities shall be limited
in amount to the net amount of proceeds received by such seller from the sale of such Registrable
Securities.

8. REPORTS UNDER THE EXCHANGE ACT.

With a view to making available to the Investors the benefits of Rule 144 promulgated under
the Securities Act or any similar rule or regulation of the SEC that may at any time permit the
Investors to sell securities of the Company to the public without registration (“Rule 144”)
the Company agrees that as long as any Purchaser owns Securities, the Company covenants to timely
file (or obtain extensions in respect thereof and file within the applicable grace period) all
reports required to be filed by the Company after the date hereof pursuant to the Exchange Act. As
long as any Purchaser owns Securities, if the Company is not required to file reports pursuant to
the Exchange Act, it will prepare and furnish to the Investors and make publicly available in
accordance with Rule 144(c) such information as is required for the Purchasers to sell the
Securities under Rule 144. The Company further covenants that, for a period of two years from the
date hereof, it will take such further action as any holder of Securities may reasonably request,
to the extent required from time to time to enable such Person to sell such Securities without
registration under the Securities Act within the requirements of the exemption provided by Rule
144. The Company acknowledges that the ability of the Investor to make sales of Securities, under
Rule 144 if necessary, is an essential and material term of this agreement and that ability is
dependent, in certain instances, upon action of the Company.

9. AMENDMENT OF REGISTRATION RIGHTS.

Provisions of this Agreement may be amended and the observance thereof may be waived (either
generally or in a particular instance and either retroactively or prospectively), only with the
written consent of the Company and Investors who then hold at least two-thirds (2/3) of the
Registrable Securities. Any amendment or waiver effected in accordance with this Section 9 shall
be binding upon each Investor and the Company. No such amendment shall be effective to the extent
that it applies to fewer than all of the holders of the Registrable Securities. No consideration
shall be offered or paid to any Person to amend or consent to a waiver or modification of any
provision of any of this Agreement unless the same consideration also is offered to all of the
parties to this Agreement.

10. MISCELLANEOUS.

(a) A Person is deemed to be a holder of Registrable Securities whenever such Person owns or
is deemed to own of record such Registrable Securities or owns the right to receive the Registrable
Securities. If the Company receives conflicting instructions, notices or elections from two (2) or
more Persons with respect to the same Registrable Securities, the Company shall act upon the basis
of instructions, notice or election received from the registered owner of such Registrable
Securities.

(b) Any notices, consents, waivers or other communications required or permitted to be given
under the terms of this Agreement must be in writing and will be deemed to have been delivered:
(i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided
confirmation of transmission is mechanically or electronically generated and kept on file by the
sending party); or (iii) one (1) business day after deposit with a nationally recognized overnight
delivery service, in each case properly addressed to the party to receive the same. The addresses
and facsimile numbers for such communications shall be:

	 	 	 
	If to the Company, to:

	 	VIASPACE Inc.
	 
	 	 
	
 
	 	171 N. Altadena Drive – Suite 101
	 
	 	 
	
 
	 	Pasadena, CA 91107
	 
	 	 
	
 
	 	Attention: Carl Kukkonen, President and Chief

Executive Officer
	 
	 	 
	
 
	 	Telephone: (626) 768-3360
	 
	 	 
	
 
	 	Facsimile: (626) 578-9063
	 
	 	 
	With Copy to:

	 	Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
	 
	 	 
	
 
	 	One Financial Center
	 
	 	 
	
 
	 	Boston, MA 02111
	 
	 	 
	
 
	 	Attention: Megan N. Gates, Esq.
	 
	 	 
	
 
	 	Telephone: (617) 348-4443
	 
	 	 
	
 
	 	Facsimile: (617) 542-2241

If to an Investor, to its address and facsimile number on the Schedule of Investors attached
hereto, with copies to such Investor’s representatives as set forth on the Schedule of Investors or
to such other address and/or facsimile number and/or to the attention of such other person as the
recipient party has specified by written notice given to each other party five (5) days prior to
the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of
such notice, consent, waiver or other communication, (B) mechanically or electronically generated
by the sender’s facsimile machine containing the time, date, recipient facsimile number and an
image of the first page of such transmission or (C) provided by a courier or overnight courier
service shall be rebuttable evidence of personal service, receipt by facsimile or receipt from a
nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii)
above, respectively.

(c) Failure of any party to exercise any right or remedy under this Agreement or otherwise, or
delay by a party in exercising such right or remedy, shall not operate as a waiver thereof.

(d) The laws of the State of New Jersey shall govern all issues concerning the relative rights
of the Company and the Investors under this Agreement. All other questions concerning the
construction, validity, enforcement and interpretation of this Agreement shall be governed by the
internal laws of the State of New Jersey, without giving effect to any choice of law or conflict of
law provision or rule (whether of the State of New Jersey or any other jurisdiction) that would
cause the application of the laws of any jurisdiction other than the State of New Jersey. Each
party hereby irrevocably submits to the non-exclusive jurisdiction of the Superior Courts of the
State of New Jersey, sitting in Hudson County, New Jersey and federal courts for the District of
New Jersey sitting in Newark, New Jersey, for the adjudication of any dispute hereunder or in
connection herewith or with any transaction contemplated hereby or discussed herein, and hereby
irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it
is not personally subject to the jurisdiction of any such court, that such suit, action or
proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding
is improper. Each party hereby irrevocably waives personal service of process and consents to
process being served in any such suit, action or proceeding by mailing a copy thereof to such party
at the address for such notices to it under this Agreement and agrees that such service shall
constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any manner permitted by law. If
any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such
invalidity or unenforceability shall not affect the validity or enforceability of the remainder of
this Agreement in that jurisdiction or the validity or enforceability of any provision of this
Agreement in any other jurisdiction. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE,
AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN
CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

(e) This Agreement, the Irrevocable Transfer Agent Instructions, the Securities Purchase
Agreement and related documents constitute the entire agreement among the parties hereto with
respect to the subject matter hereof and thereof. There are no restrictions, promises, warranties
or undertakings, other than those set forth or referred to herein and therein. This Agreement, the
Irrevocable Transfer Agent Instructions, the Securities Purchase Agreement and related documents
supersede all prior agreements and understandings among the parties hereto with respect to the
subject matter hereof and thereof.

(f) This Agreement shall inure to the benefit of and be binding upon the permitted successors
and assigns of each of the parties hereto.

(g) The headings in this Agreement are for convenience of reference only and shall not limit
or otherwise affect the meaning hereof.

(h) This Agreement may be executed in identical counterparts, each of which shall be deemed an
original but all of which shall constitute one and the same agreement. This Agreement, once
executed by a party, may be delivered to the other party hereto by facsimile transmission of a copy
of this Agreement bearing the signature of the party so delivering this Agreement.

(i) Each party shall do and perform, or cause to be done and performed, all such further acts
and things, and shall execute and deliver all such other agreements, certificates, instruments and
documents, as the other party may reasonably request in order to carry out the intent and
accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

(j) The language used in this Agreement will be deemed to be the language chosen by the
parties to express their mutual intent and no rules of strict construction will be applied against
any party.

(k) This Agreement is intended for the benefit of the parties hereto and their respective
permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be
enforced by, any other Person.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

1

IN WITNESS WHEREOF, the parties have caused this Registration Rights Agreement to be duly
executed as of day and year first above written.

	 
	 

	COMPANY:

	 

	VIASPACE INC.

	 

	By: /s/ Carl Kukkonen

	 

	Name: Carl Kukkonen

	Title: President and Chief Executive Officer

2

SCHEDULE I

SCHEDULE OF INVESTORS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Address/Facsimile
	Name	 	Signature	 	Number of Investors
	 
	 	By: Yorkville Advisors,
	 	 	 	 
	Cornell Capital Partners, LP
	 	LLC
	 	101 Hudson Street – Suite 3700
	 
	 	Its: Investment Manager
	 	Jersey City, NJ  07303

	 
	 	 	 	 	 	Facsimile: (201) 985-8266

	 
	 	By: /s/ Mark Angelo
	 	 	 	 
	 
	 	Name: Mark Angelo
	 	 	 	 
	 
	 	Its: Portfolio Manager
	 	 	 	 
	With a copy to:
	 	David Gonzalez, Esq.
	 	101 Hudson Street – Suite 3700
	 
	 	 	 	 	 	Jersey City, NJ  07302

	 
	 	 	 	 	 	Facsimile: (201) 985-8266

3

EXHIBIT A

FORM OF NOTICE OF EFFECTIVENESS

OF REGISTRATION STATEMENT

Attention:

	 	 	 	Re: VIASPACE INC.

Ladies and Gentlemen:

We are counsel to VIASPACE Inc., a Nevada corporation (the “Company”), and have
represented the Company in connection with that certain Securities Purchase Agreement (the
“Securities Purchase Agreement”) entered into by and among the Company and the investors
named therein (collectively, the “Investors”) pursuant to which the Company issued to the
Investors shares of its Common Stock, par value $0.001 per share (the “Common Stock”).
Pursuant to the Purchase Agreement, the Company also has entered into a Registration Rights
Agreement with the Investors (the “Registration Rights Agreement”) pursuant to which the
Company agreed, among other things, to register the Registrable Securities (as defined in the
Registration Rights Agreement) under the Securities Act of 1933, as amended (the “Securities
Act”). In connection with the Company’s obligations under the Registration Rights Agreement,
on      , the Company filed a Registration Statement on Form      (File
No. 333-     ) (the “Registration Statement”) with the Securities and Exchange
SEC (the “SEC”) relating to the Registrable Securities which names each of the Investors as
a selling stockholder thereunder.

In connection with the foregoing, we advise you that a member of the SEC’s staff has advised
us by telephone that the SEC has entered an order declaring the Registration Statement effective
under the Securities Act at [ENTER TIME OF EFFECTIVENESS] on [ENTER DATE OF EFFECTIVENESS] and we
have no knowledge, after telephonic inquiry of a member of the SEC’s staff, that any stop order
suspending its effectiveness has been issued or that any proceedings for that purpose are pending
before, or threatened by, the SEC and the Registrable Securities are available for resale under the
Securities Act pursuant to the Registration Statement.

Very truly yours,

[Law Firm]

By:

cc: [LIST NAMES OF INVESTORS]

4EX-10.3

Exhibit 10.3

TERMINATION AGREEMENT

THIS TERMINATION AGREEMENT (the “Agreement”) is entered into as of March 8, 2007 by and among
VIASPACE Inc., a Nevada corporation (the “Company”), Concentric Water Technologies, LLC, a Delaware
limited liability company (“Concentric”), Arroyo Sciences, Inc., a Delaware corporation (“Arroyo”),
Cornell Capital Partners LP, a Delaware limited partnership (“Cornell”), Carl Kukkonen (Kukkonen),
Amjad Abdallat (“Abdallat”) and David Gonzalez, Esq., as escrow agent (“Gonzalez”)

WHEREAS, Cornell is the holder of secured convertible debentures of the Company issued, dated
November 2, 2006 in the aggregate amount of $1,500,0000 and November 29, 2006, in the aggregate
amount of $1,200,000 (collectively the “Existing Debentures”), that were issued to Cornell in
connection with the transactions contemplated by that certain Securities Purchase Agreement dated
November 2, 2006 by and between Cornell and the Company (the “2006 Financing”);

WHEREAS, the Company and Cornell desire to restructure certain terms and conditions of the
2006 Financing including terminate certain of the agreements entered into in connection with the
2006 Financing and raise new equity financing (the “Current Financing”) pursuant to a Securities
Purchase Agreement dated as of even date herewith, by and between Cornell and the Company (the
“Securities Purchase Agreement”);

WHEREAS, the Company, Concentric, Arroyo and Cornell are parties to one or more agreements
relating to the 2006 Financing and granting various rights to Cornell as holder of the Existing
Debentures (collectively, the “Existing Rights Agreements”);

WHEREAS, in connection with the Current Financing, the Company and Cornell desire to cancel
certain of the Existing Rights Agreements; and

WHEREAS, capitalized terms used herein and not defined, have the meanings given to them in the
Securities Purchase Agreement.

NOW, THEREFORE, in consideration of the premises and the mutual agreements hereinafter set
forth, the parties hereby agree as follows:

SECTION 1. Termination of 2006 Financing Documents. 

1.1 Standby Equity Distribution Agreement. By their execution of this Agreement, the
undersigned parties consent to the termination of that certain Standby Equity Distribution
Agreement dated as of November 2, 2006 by and among the Company and the parties thereto, as
currently in effect (the “Standby Equity Distribution Agreement”), and acknowledge and agree that
they and each of the other parties thereto have no remaining rights under the Standby Equity
Distribution Agreement, and that the Standby Equity Distribution Agreement is hereby irrevocably
terminated and shall be of no further force or effect.

1.2 Investor Registration Rights Agreement. By their execution of this Agreement, the
undersigned parties consent to the termination of that certain Investor Restated Registration
Rights Agreement dated as of November 2, 2006 by and among the Company and the parties thereto, as
currently in effect (the “Investor Registration Rights Agreement”), and acknowledge and agree that
they and each of the other parties thereto have no remaining rights under the Investor Registration
Rights Agreement, and that the Investor Registration Rights Agreement is hereby irrevocably
terminated and shall be of no further force or effect.

1.3 Registration Rights Agreement. By their execution of this Agreement, the
undersigned parties consent to the termination of that certain Restated Registration Rights
Agreement dated as of November 2, 2006 by and among the Company and the parties thereto, as
currently in effect (the “Registration Rights Agreement”), and acknowledge and agree that they and
each of the other parties thereto have no remaining rights under the Registration Rights Agreement,
and that the Registration Rights Agreement is hereby irrevocably terminated and shall be of no
further force or effect.

SECTION 2. Termination of Security and Pledge Agreements.

2.1 Security Agreements. By their execution of this Agreement, the Company, Cornell,
Arroyo and Concentric consent to the termination of (i) that certain Security Agreement dated as of
November 2, 2006 by and between the Company and Cornell (the “Company Security Agreement”), (ii)
that certain Security Agreement dated as of November 2, 2006 by and between Cornell and Arroyo (the
“Arroyo Security Agreement”), and (iii) that certain Security Agreement dated as of November 2,
2006 by and between Cornell and Concentric (the “Concentric Security Agreement”) and acknowledge
and agree that they have no remaining rights under the Company Security Agreement, the Arroyo
Security Agreement or the Concentric Security Agreement, and that each of the Company Security
Agreement, the Arroyo Security Agreement and the Concentric Security Agreement is hereby
irrevocably terminated and shall be of no further force or effect.

2.2 Pledge Agreement. By their execution of this Agreement, Cornell, Kukkonen,
Abdallat and Gonzalaez consent to the termination of (i) that certain Insider Pledge and Escrow
Agreement dated as of November 2, 2006 by and between Cornell, Kukkonen and Gonzalez (the “Kukkonen
Pledge Agreement”) and (ii) that certain Insider Pledge and Escrow Agreement dated as of November
2, 2006 by and between Cornell, Abdallat and Gonzalez (the “Abdallat Pledge Agreement”), and
acknowledge and agree that they have no remaining rights under the each of the Kukken Pledge
Agreement and the Abdallat Pledge Agreement and that each of the Kukkonen Pledge Agreement and the
Abdallat Pledge Agreement is hereby irrevocably terminated and shall be of no further force or
effect.

2.3 Release of Security Interests and Return of Pledged Shares.

(a) By its execution of this Agreement, Cornell hereby releases all security interests it has
with respect to any and all assets of the Company, Arroyo and Concentric, including, but not
limited to, the Pledged Property (as such term is defined in the Company Security Agreement) and
authorizes and directs the Company to file on its behalf one or more UCC-3 Termination Statements
terminating all of Cornell’s security interests in any of the assets of the Company, including
termination of any UCC-1 Financing Statements filed in connection with the Original Financing.

(b) By its execution of this Agreement, Cornell hereby releases all security interests it has
with respect to the Pledged Shares (as such term is defined in the Kukkonen Pledge Agreement and
the Abdallat Pledge Agreement) and authorizes and directs Gonzalez, as Escrow Agent, to return the
Pledged Shares together with all duly executed stock powers or other appropriate transfer documents
with medallion bank guarantees, to Kukkonen or Abdallat, as appropriate.

SECTION 3. Waiver of Damages

By its execution of this Agreement, Cornell hereby waives any rights it may have to receive
any damages, penalty payments or liquidated damages, if owed, associated with the 2006 Financing
and the Existing Rights Agreements, and Cornell hereby agrees that it will not seek to recover from
the Company any damages, penalty payments or liquidated damages arising out of, or in connection
with 2006 Financing and the Existing Rights Agreements.

SECTION 4. Miscellaneous.

4.1 Entire Agreement. This Agreement states the entire agreement of the parties
concerning the subject matter hereof, and supersedes all prior agreements, written or oral, between
or among them concerning such subject matter.

4.2 Amendments; Waivers. This Agreement may be amended, and compliance with any
provision of this Agreement may be omitted or waived, only by the written agreement of the Company
and the party that is adversely affected by such amendment or waiver.

4.3 Binding Effect. This Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors, heirs, personal representatives, legal
representatives, and permitted assigns.

4.4 Severability. If any provision of this Agreement shall be declared void or
unenforceable by any judicial or administrative authority, the validity of any other provision and
of the entire Agreement shall not be affected thereby.

4.5 Headings. The headings of the various sections of this Agreement have been
inserted for convenience of reference only and shall not be deemed to be a part of this Agreement.

4.6 Nouns and Pronouns. Whenever the context may require, any pronouns used herein
shall include the corresponding masculine, feminine or neuter forms, and the singular form of names
and pronouns shall include the plural and vice-versa.

4.7 Further Assurances. The parties hereto agree to use their respective reasonable
best efforts to take, or cause to be taken, all action and to do, or cause to be done, all things
necessary, proper or advisable to consummate and make effective, in the most expeditious manner
practicable, the transactions contemplated by this Agreement.

4.8 Governing Law. This Agreement shall be governed by, and construed and enforced in
accordance with, the substantive laws of the State of New Jersey, without regard to its principles
of conflicts of laws.

4.9 Counterparts. This Agreement may be executed in any number of counterparts, each
such counterpart shall be deemed to be an original instrument, and all such counterparts together
shall constitute but one agreement. Any such counterpart may contain one or more signature pages.

SIGNATURE PAGE FOLLOWS

1

IN WITNESS WHEREOF, the parties have executed, or have caused
their duly authorized representative to execute, this Termination Agreement as a contract under
seal as of the date first written above.

Cornell Capital Partners, LP

	 	 	 
	By:

Its:

	 	Yorkville Advisors, LLC

General Partner
	By:

	 	/s/ Mark Angelo
	 

	 	 
	Name:

Title:

	 	Mark Angelo

Portfolio Manager

	 	 	 
	Viaspace Inc.
	By: /s/ Carl Kukkonen
	Name: Carl Kukkonen
	Title: President and Chief Executive Officer

	 	 	 
	Arroyo Sciences, Inc.
	By: /s/ Carl Kukkonen
	Name: Carl Kukkonen
	Title: Chief Executive Officer

	 	 	 
	Concentric Water Technology LLC
	By: /s/ Carl Kukkonen
	Name: Carl Kukkonen
	Title: Chief Executive Officer

	 	 	     /s/ Carl Kukkonen      

Carl Kukkonen

     /s/ Amjad Abdallat     

	 	 	Amjad Abdallat

Escrow Agent

	 	 	 	 	 
	
 
	 	By:
	 	/s/ David Gonzalez
	
 
	 	 
	 	 
	3992864v.1

	 	

Name:
	 	

David Gonzalez, Esq.
	 
	 	 	 	 

2

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