Document:

Exhibit
      10.11

    

    THIS
      WARRANT AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT
      BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THIS WARRANT
      AND
      THE COMMON SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD,
      OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE
      REGISTRATION STATEMENT UNDER SAID ACT OR AN OPINION OF COUNSEL REASONABLY
      SATISFACTORY TO VALCENT PRODUCTS INC. THAT SUCH REGISTRATION IS NOT
      REQUIRED.

    

    
      	 	
              Right
                to Purchase ______ shares of Common Stock of Valcent Products Inc.
                (subject to adjustment as provided
                herein)

            

    

    

    CLASS
      B COMMON STOCK PURCHASE WARRANT (Finder)

    

    
      	
              No. 2006-FB-001

            	
              Issue
                Date: March ___, 2006

            

    

    

    VALCENT
      PRODUCTS INC., a corporation organized under the laws of the province of
      Alberta, Canada (the “Company”), hereby certifies that, for value received,
      VISCOUNT INVESTMENTS, LTD., c/o TCFS Services Limited, 2nd
      Floor,
      170 Piccadilly, London, W1J 9EJ, Fax: 011-44-207-207-0975,
      or its
      assigns (the “Holder”), is entitled, subject to the terms set forth below, to
      purchase from the Company at any time after the Issue Date until 5:00 p.m.,
      E.S.T on the third (3rd)
      anniversary of the Issue Date (the “Expiration Date”), up to ________ fully paid
      and nonassessable shares of Common Stock at a per share purchase price of $0.75.
      The aforedescribed purchase price per share, as adjusted from time to time
      as
      herein provided, is referred to herein as the "Purchase Price." The number
      and
      character of such shares of Common Stock and the Purchase Price are subject
      to
      adjustment as provided herein. The Company may reduce the Purchase Price without
      the consent of the Holder. Capitalized terms used and not otherwise defined
      herein shall have the meanings set forth in that certain Subscription Agreement
      (the “Subscription
      Agreement”),
      dated
      July 29, 2005, entered into by the Company and Holders of the Company’s
      Securities.

    

    As
      used
      herein the following terms, unless the context otherwise requires, have the
      following respective meanings: 

     

    (a) The
      term
“Company” shall include Valcent Products Inc. and any corporation which shall
      succeed or assume the obligations of Valcent Products Inc. hereunder.

     

    (b) The
      term
“Common Stock” includes (a) the Company's Common Stock, no par value per
      share, as authorized on the date of the Subscription Agreement, and (b) any
      other securities into which or for which any of the securities described in
      (a) may be converted or exchanged pursuant to a plan of recapitalization,
      reorganization, merger, sale of assets or otherwise.

     

    (c) The
      term
“Other Securities” refers to any stock (other than Common Stock) and other
      securities of the Company or any other person (corporate or otherwise) which
      the
      holder of the Warrant at any time shall be entitled to receive, or shall have
      received, on the exercise of the Warrant, in lieu of or in addition to Common
      Stock, or which at any time shall be issuable or shall have been issued in
      exchange for or in replacement of Common Stock or Other Securities pursuant
      to
      Section 5 or otherwise. 

     

    (d) The
      term
“Warrant Shares” shall mean the Common Stock issuable upon exercise of this
      Warrant.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    1. Exercise
      of Warrant.

     

    1.1. Number
      of Shares Issuable upon Exercise.
      From
      and after the Issue Date through and including the Expiration Date, the Holder
      hereof shall be entitled to receive, upon exercise of this Warrant in whole
      in
      accordance with the terms of subsection 1.2 or upon exercise of this
      Warrant in part in accordance with subsection 1.3, shares of Common Stock
      of the Company, subject to adjustment pursuant to Section 4.

     

    1.2. Full
      Exercise.
      This
      Warrant may be exercised in full by the Holder hereof by delivery of an original
      or facsimile copy of the form of subscription attached as Exhibit A hereto
      (the “Subscription Form") duly executed by such Holder and surrender of the
      original Warrant within four (4) days of exercise, to the Company at its
      principal office or at the office of its Warrant Agent (as provided
      hereinafter), accompanied by payment, in cash, wire transfer or by certified
      or
      official bank check payable to the order of the Company, in the amount obtained
      by multiplying the number of shares of Common Stock for which this Warrant
      is
      then exercisable by the Purchase Price then in effect. 

     

    1.3. Partial
      Exercise.
      This
      Warrant may be exercised in part (but not for a fractional share) by surrender
      of this Warrant in the manner and at the place provided in subsection 1.2
      except that the amount payable by the Holder on such partial exercise shall
      be
      the amount obtained by multiplying (a) the number of whole shares of Common
      Stock designated by the Holder in the Subscription Form by (b) the Purchase
      Price then in effect. On any such partial exercise, the Company, at its expense,
      will forthwith issue and deliver to or upon the order of the Holder hereof
      a new
      Warrant of like tenor, in the name of the Holder hereof or as such Holder (upon
      payment by such Holder of any applicable transfer taxes) may request, the whole
      number of shares of Common Stock for which such Warrant may still be
      exercised.

     

    1.4. Fair
      Market Value.
      Fair
      Market Value of a share of Common Stock as of a particular date (the
      "Determination Date") shall mean: 

     

    (a) If
      the
      Company's Common Stock is traded on an exchange or is quoted on the National
      Association of Securities Dealers, Inc. Automated Quotation ("NASDAQ"), National
      Market System, the NASDAQ SmallCap Market or the American Stock Exchange, LLC,
      then the closing or last sale price, respectively, reported for the last
      business day immediately preceding the Determination Date;

     

    (b) If
      the
      Company's Common Stock is not traded on an exchange or on the NASDAQ National
      Market System, the NASDAQ SmallCap Market or the American Stock Exchange, Inc.,
      but is traded in the over-the-counter market, then the average of the closing
      bid and ask prices reported for the last business day immediately preceding
      the
      Determination Date;

     

    (c) Except
      as
      provided in clause (d) below, if the Company's Common Stock is not publicly
      traded, then as the Holder and the Company agree, or in the absence of such
      an
      agreement, by arbitration in accordance with the rules then standing of the
      American Arbitration Association, before a single arbitrator to be chosen from
      a
      panel of persons qualified by education and training to pass on the matter
      to be
      decided; or

     

    (d) If
      the
      Determination Date is the date of a liquidation, dissolution or winding up,
      or
      any event deemed to be a liquidation, dissolution or winding up pursuant to
      the
      Company's charter, then all amounts to be payable per share to holders of the
      Common Stock pursuant to the charter in the event of such liquidation,
      dissolution or winding up, plus all other amounts to be payable per share in
      respect of the Common Stock in liquidation under the charter, assuming for
      the
      purposes of this clause (d) that all of the shares of Common Stock then
      issuable upon exercise of all of the Warrants are outstanding at the
      Determination Date.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    1.5. Company
      Acknowledgment.
      The
      Company will, at the time of the exercise of the Warrant, upon the request
      of
      the Holder hereof acknowledge in writing its continuing obligation to afford
      to
      such Holder any rights to which such Holder shall continue to be entitled after
      such exercise in accordance with the provisions of this Warrant. If the Holder
      shall fail to make any such request, such failure shall not affect the
      continuing obligation of the Company to afford to such Holder any such
      rights.

     

    1.6. Trustee
      for Warrant Holders.
      In the
      event that a bank or trust company shall have been appointed as trustee for
      the
      Holder of the Warrants pursuant to Subsection 3.2, such bank or trust
      company shall have all the powers and duties of a warrant agent (as hereinafter
      described) and shall accept, in its own name for the account of the Company
      or
      such successor person as may be entitled thereto, all amounts otherwise payable
      to the Company or such successor, as the case may be, on exercise of this
      Warrant pursuant to this Section 1. 

     

      1.7 Delivery
      of Stock Certificates, etc. on Exercise.
      The
      Company agrees that the shares of Common Stock purchased upon exercise of this
      Warrant shall be deemed to be issued to the Holder hereof as the record owner
      of
      such shares as of the close of business on the date on which this Warrant shall
      have been surrendered and payment made for such shares as aforesaid. As soon
      as
      practicable after the exercise of this Warrant in full or in part, and in any
      event within four (4) business
      days
      thereafter, the Company at its expense (including the payment by it of any
      applicable issue taxes) will cause to be issued in the name of and delivered
      to
      the Holder hereof, or as such Holder (upon payment by such Holder of any
      applicable transfer taxes) may direct in compliance with applicable securities
      laws, a certificate or certificates for the number of duly and validly issued,
      fully paid and nonassessable shares of Common Stock (or Other Securities) to
      which such Holder shall be entitled on such exercise, plus, in lieu of any
      fractional share to which such Holder would otherwise be entitled, cash equal
      to
      such fraction multiplied by the then Fair Market Value of one full share of
      Common Stock, together with any other stock or other securities and property
      (including cash, where applicable) to which such Holder is entitled upon such
      exercise pursuant to Section 1 or otherwise. 

     

    2. Cashless
      Exercise.

     

    (a) If
      a
      Registration Statement (as defined in the Subscription Agreement) (“Registration
      Statement”) is effective and the Holder may sell its shares of Common Stock upon
      exercise hereof pursuant to the Registration Statement, this Warrant may be
      exercisable in whole or in part for cash only as set forth in Section 1 above.
      If no such Registration Statement is available
      during
      the time that such Registration Statement is required to be effective pursuant
      to the terms of the Subscription Agreement, then payment upon exercise may
      be
      made at the option of the Holder either in (i) cash, wire transfer or by
      certified or official bank check payable to the order of the Company equal
      to
      the applicable aggregate Purchase Price, (ii) by delivery of Common Stock
      issuable upon exercise of the Warrants in accordance with
      Section (b) below or (iii) by a combination of any of the
      foregoing methods, for the number of Common Stock specified in such form (as
      such exercise number shall be adjusted to reflect any adjustment in the total
      number of shares of Common Stock issuable to the holder per the terms of this
      Warrant) and the holder shall thereupon be entitled to receive the number of
      duly authorized, validly issued, fully-paid and non-assessable shares of Common
      Stock (or Other Securities) determined as provided herein.

     

    (b) If
      the
      Fair Market Value of one share of Common Stock is greater than the Purchase
      Price (at the date of calculation as set forth below), in lieu of exercising
      this Warrant for cash, the holder may elect to receive shares equal to the
      value
      (as determined below) of this Warrant (or the portion thereof being cancelled)
      by surrender of this Warrant at the principal office of the Company together
      with the properly endorsed Subscription Form in which event the Company shall
      issue to the holder a number of shares of Common Stock computed using the
      following formula:

     

    X=Y
      (A-B)

    A

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Where X= the
      number of shares of Common Stock to be issued to the holder

    

    
      	 	
               Y=

            	
              the
                number of shares of Common Stock purchasable under the Warrant or,
                if only
                a portion of the Warrant is being exercised, the portion of the Warrant
                being exercised (at the date of such
                calculation)

            

    

    
      	 	
               A=

            	
              the
                Fair Market Value of one share of the Company’s Common Stock (at the date
                of such calculation)

            

    

    
      	 	
               B=

            	
              Purchase
                Price (as adjusted to the date of such
                calculation)

            

    

     

    (c) The
      Holder may employ the cashless exercise feature described in Section (b) above
      only during the pendency of a Non-Registration Event as described in Section
      11
      of the Subscription Agreement.

     

    For
      purposes of Rule 144 promulgated under the 1933 Act, it is intended, understood
      and acknowledged that the Warrant Shares issued in a cashless exercise
      transaction shall be deemed to have been acquired by the Holder, and the holding
      period for the Warrant Shares shall be deemed to have commenced, on the date
      this Warrant was originally issued pursuant to the Subscription
      Agreement.

     

    3. Adjustment
      for Reorganization, Consolidation, Merger, etc.

     

    3.1. Reorganization,
      Consolidation, Merger, etc.
      In case
      at any time or from time to time, the Company shall (a) effect a
      reorganization, (b) consolidate with or merge into any other person or
      (c) transfer all or substantially all of its properties or assets to any
      other person under any plan or arrangement contemplating the dissolution of
      the
      Company, then, in each such case, as a condition to the consummation of such
      a
      transaction, proper and adequate provision shall be made by the Company whereby
      the Holder of this Warrant, on the exercise hereof as provided in
      Section 1, at any time after the consummation of such reorganization,
      consolidation or merger or the effective date of such dissolution, as the case
      may be, shall receive, in lieu of the Common Stock (or Other Securities)
      issuable on such exercise prior to such consummation or such effective date,
      the
      stock and other securities and property (including cash) to which such Holder
      would have been entitled upon such consummation or in connection with such
      dissolution, as the case may be, if such Holder had so exercised this Warrant,
      immediately prior thereto, all subject to further adjustment thereafter as
      provided in Section 4.

     

    3.2. Dissolution.
      In the
      event of any dissolution of the Company following the transfer of all or
      substantially all of its properties or assets, the Company, prior to such
      dissolution, shall at its expense deliver or cause to be delivered the stock
      and
      other securities and property (including cash, where applicable) receivable
      by
      the Holder of the Warrants after the effective date of such dissolution pursuant
      to this Section 3 to a bank or trust company (a "Trustee") having its
      principal office in New York, NY, as trustee for the Holder of the
      Warrants. 

     

    3.3. Continuation
      of Terms.
      Upon
      any reorganization, consolidation, merger or transfer (and any dissolution
      following any transfer) referred to in this Section 3, this Warrant shall
      continue in full force and effect and the terms hereof shall be applicable
      to
      the Other Securities and property receivable on the exercise of this Warrant
      after the consummation of such reorganization, consolidation or merger or the
      effective date of dissolution following any such transfer, as the case may
      be,
      and shall be binding upon the issuer of any Other Securities, including, in
      the
      case of any such transfer, the person acquiring all or substantially all of
      the
      properties or assets of the Company, whether or not such person shall have
      expressly assumed the terms of this Warrant as provided in Section 4. In
      the event this Warrant does not continue in full force and effect after the
      consummation of the transaction described in this Section 3, then only in
      such event will the Company's securities and property (including cash, where
      applicable) receivable by the Holder of the Warrants be delivered to the Trustee
      as contemplated by Section 3.2.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3.4 Share
      Issuance.
      Until
      the Expiration Date, if the Company shall issue any Common Stock except for
      the
      Excepted Issuances (as defined in the Subscription Agreement), prior to the
      complete exercise of this Warrant for a consideration less than the Purchase
      Price that would be in effect at the time of such issue, then, and thereafter
      successively upon each such issue, the Purchase Price shall be reduced to such
      other lower issue price. For purposes of this adjustment, the issuance of any
      security or debt instrument of the Company carrying the right to convert such
      security or debt instrument into Common Stock or of any warrant, right or option
      to purchase Common Stock shall result in an adjustment to the Purchase Price
      upon the issuance of the above-described security, debt instrument, warrant,
      right, or option and again at any time upon any subsequent issuances of shares
      of Common Stock upon exercise of such conversion or purchase rights if such
      issuance is at a price lower than the Purchase Price in effect upon such
      issuance. The reduction of the Purchase Price described in this Section 3.4
      is
      in addition to the other rights of the Holder described in the Subscription
      Agreement.

     

    4. Extraordinary
      Events Regarding Common Stock.
      In the
      event that the Company shall (a) issue additional shares of the Common
      Stock as a dividend or other distribution on outstanding Common Stock,
      (b) subdivide its outstanding shares of Common Stock, or (c) combine
      its outstanding shares of the Common Stock into a smaller number of shares
      of
      the Common Stock, then, in each such event, the Purchase Price shall,
      simultaneously with the happening of such event, be adjusted by multiplying
      the
      then Purchase Price by a fraction, the numerator of which shall be the number
      of
      shares of Common Stock outstanding immediately prior to such event and the
      denominator of which shall be the number of shares of Common Stock outstanding
      immediately after such event, and the product so obtained shall thereafter
      be
      the Purchase Price then in effect. The Purchase Price, as so adjusted, shall
      be
      readjusted in the same manner upon the happening of any successive event or
      events described herein in this Section 4. The number of shares of Common
      Stock that the Holder of this Warrant shall thereafter, on the exercise hereof
      as provided in Section 1, be entitled to receive shall be adjusted to a
      number determined by multiplying the number of shares of Common Stock that
      would
      otherwise (but for the provisions of this Section 4) be issuable on such
      exercise by a fraction of which (a) the numerator is the Purchase Price
      that would otherwise (but for the provisions of this Section 4) be in
      effect, and (b) the denominator is the Purchase Price in effect on the date
      of such exercise.

     

    5. Certificate
      as to Adjustments.
      In each
      case of any adjustment or readjustment in the shares of Common Stock (or Other
      Securities) issuable on the exercise of the Warrants, the Company at its expense
      will promptly cause its Chief Financial Officer or other appropriate designee
      to
      compute such adjustment or readjustment in accordance with the terms of the
      Warrant and prepare a certificate setting forth such adjustment or readjustment
      and showing in detail the facts upon which such adjustment or readjustment
      is
      based, including a statement of (a) the consideration received or
      receivable by the Company for any additional shares of Common Stock (or Other
      Securities) issued or sold or deemed to have been issued or sold, (b) the
      number of shares of Common Stock (or Other Securities) outstanding or deemed
      to
      be outstanding, and (c) the Purchase Price and the number of shares of
      Common Stock to be received upon exercise of this Warrant, in effect immediately
      prior to such adjustment or readjustment and as adjusted or readjusted as
      provided in this Warrant. The Company will forthwith mail a copy of each such
      certificate to the Holder of the Warrant and any Warrant Agent of the Company
      (appointed pursuant to Section 11 hereof).

     

    6. Reservation
      of Stock, etc. Issuable on Exercise of Warrant; Financial
      Statements.
      The
      Company will at all times reserve and keep available, solely for issuance and
      delivery on the exercise of the Warrants, all shares of Common Stock (or Other
      Securities) from time to time issuable on the exercise of the Warrant. This
      Warrant entitles the Holder hereof to receive copies of all financial and other
      information distributed or required to be distributed to the holders of the
      Company's Common Stock. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    7. Assignment;
      Exchange of Warrant.
      Subject
      to compliance with applicable securities laws, this Warrant, and the rights
      evidenced hereby, may be transferred by any registered holder hereof (a
      "Transferor"). On the surrender for exchange of this Warrant, with the
      Transferor's endorsement in the form of Exhibit B attached hereto (the
“Transferor Endorsement Form") and together with an opinion of counsel
      reasonably satisfactory to the Company that the transfer of this Warrant will
      be
      in compliance with applicable securities laws, the Company at its expense,
      twice, only, but with payment by the Transferor of any applicable transfer
      taxes, will issue and deliver to or on the order of the Transferor thereof
      a new
      Warrant or Warrants of like tenor, in the name of the Transferor and/or the
      transferee(s) specified in such Transferor Endorsement Form (each a
      "Transferee"), calling in the aggregate on the face or faces thereof for the
      number of shares of Common Stock called for on the face or faces of the Warrant
      so surrendered by the Transferor. No such transfers shall result in a public
      distribution of the Warrant.

     

    8. Replacement
      of Warrant.
      On
      receipt of evidence reasonably satisfactory to the Company of the loss, theft,
      destruction or mutilation of this Warrant and, in the case of any such loss,
      theft or destruction of this Warrant, on delivery of an indemnity agreement
      or
      security reasonably satisfactory in form and amount to the Company or, in the
      case of any such mutilation, on surrender and cancellation of this Warrant,
      the
      Company at its expense, twice only, will execute and deliver, in lieu thereof,
      a
      new Warrant of like tenor.

     

    9. Registration
      Rights.
      The
      Holder of this Warrant has been granted certain registration rights by the
      Company. These registration rights are set forth in the Subscription Agreement.
      The terms of the Subscription Agreement are incorporated herein by this
      reference. The Purchase Price is subject to reduction as described in Section
      11.4 of the Subscription Agreement in connection with a Non-Registration
      Event.

     

    10. Maximum
      Exercise.
      The
      Holder shall not be entitled to exercise this Warrant on an exercise date,
      in
      connection with that number of shares of Common Stock which would be in excess
      of the sum of (i) the number of shares of Common Stock beneficially owned
      by the Holder and its affiliates on an exercise date, and (ii) the number
      of shares of Common Stock issuable upon the exercise of this Warrant with
      respect to which the determination of this limitation is being made on an
      exercise date, which would result in beneficial ownership by the Holder and
      its
      affiliates of more than 4.99% of the outstanding shares of Common Stock on
      such
      date. For the purposes of the immediately preceding sentence, beneficial
      ownership shall be determined in accordance with Section 13(d) of the
      Securities Exchange Act of 1934, as amended, and Regulation 13d-3 thereunder.
      Subject to the foregoing, the Holder shall not be limited to aggregate exercises
      which would result in the issuance of more than 4.99%. The
      restriction described in this paragraph may be waived, in whole or in part,
      upon sixty-one (61) days prior notice from the Holder to the Company. The Holder
      may allocate which of the equity of the Company deemed beneficially owned by
      the
      Subscriber shall be included in the 4.99% amount described above and which
      shall
      be allocated to the excess above 4.99%.

     

    11. Warrant
      Agent.
      The
      Company may, by written notice to the Holder of the Warrant, appoint an agent
      (a
“Warrant Agent”) for the purpose of issuing Common Stock (or Other Securities)
      on the exercise of this Warrant pursuant to Section 1, exchanging this
      Warrant pursuant to Section 7, and replacing this Warrant pursuant to
      Section 8, or any of the foregoing, and thereafter any such issuance,
      exchange or replacement, as the case may be, shall be made at such office by
      such Warrant Agent. 

     

    12. Transfer
      on the Company's Books.
      Until
      this Warrant is transferred on the books of the Company, the Company may treat
      the registered holder hereof as the absolute owner hereof for all purposes,
      notwithstanding any notice to the contrary. 

     

    13. Notices.
      All
      notices, demands, requests, consents, approvals, and other communications
      required or permitted hereunder shall be in writing and, unless otherwise
      specified herein, shall be (i) personally served, (ii) deposited in the mail,
      registered or certified, return receipt requested, postage prepaid, (iii)
      delivered by reputable air courier service with charges prepaid, or (iv)
      transmitted by hand delivery, telegram, or facsimile, addressed as set forth
      below or to such other address as such party shall have specified most recently
      by written notice. Any notice or other communication required or permitted
      to be
      given hereunder shall be deemed effective (a) upon hand delivery or delivery
      by
      facsimile, with accurate confirmation generated by the transmitting facsimile
      machine, at the address or number designated below (if delivered on a business
      day during normal business hours where such notice is to be received), or the
      first business day following such delivery (if delivered other than on a
      business day during normal business hours where such notice is to be received)
      or (b) on the second business day following the date of mailing by express
      courier service, fully prepaid, addressed to such address, or upon actual
      receipt of such mailing, whichever shall first occur. The addresses for such
      communications shall be: (i) if to the Company to: Valcent
      Products Inc., 420-475 Howe Street, Vancouver, British Columbia, Canada V6C
      2B3,
      Attn: Douglas E. Ford, Director, telecopier number: (604) 606-7980, with an
      additional copy only by telecopier only to: George Orr, Suite 420-475 Howe
      Street, Vancouver, British Columbia, Canada V6C 2B3, telecopier number: (604)
      606-7980,
      and
      (ii) if to the Holder, to the address and telecopier number listed on the first
      paragraph of this Warrant, with an additional copy by telecopier only to:
      Grushko & Mittman, P.C., 551 Fifth Avenue, Suite 1601, New York, New York
      10176, telecopier number: (212) 697-3575.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    14. Currency.
      All
      references to currency herein shall mean the currency of the United States
      of
      America.

     

    15. Miscellaneous.
      This
      Warrant and any term hereof may be changed, waived, discharged or terminated
      only by an instrument in writing signed by the party against which enforcement
      of such change, waiver, discharge or termination is sought. This Warrant shall
      be construed and enforced in accordance with and governed by the laws of New
      York. Any dispute relating to this Warrant shall be adjudicated in New York
      County in the State of New York. The headings in this Warrant are for purposes
      of reference only, and shall not limit or otherwise affect any of the terms
      hereof. The invalidity or unenforceability of any provision hereof shall in
      no
      way affect the validity or enforceability of any other provision. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Company has executed this Warrant as of the date first
      written above. 

    
      	 	 	 
	 	VALCENT
              PRODUCTS
              INC. 
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
Name:
	 	Title: 

    

     

    
      
        	Witness:	 	 
	 	 	 
	 	 	 

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Exhibit A

    

    FORM
      OF
      SUBSCRIPTION

    (to
      be
      signed only on exercise of Warrant)

     

    TO:
      VALCENT PRODUCTS INC. 

     

    The
      undersigned, pursuant to the provisions set forth in the attached Warrant
      (No.____), hereby irrevocably elects to purchase (check applicable
      box):

    

    ___ ________
      shares of the Common Stock covered by such Warrant; or

     

    ___ the
      maximum number of shares of Common Stock covered by such Warrant pursuant to
      the
      cashless exercise procedure set forth in Section 2.

    

    The
      undersigned herewith makes payment of the full purchase price for such shares
      at
      the price per share provided for in such Warrant, which is $___________. Such
      payment takes the form of (check applicable box or boxes):

    

    ___ $__________
      in lawful money of the United States; and/or

     

    ___ the
      cancellation of such portion of the attached Warrant as is exercisable for
      a
      total of _______ shares of Common Stock (using a Fair Market Value of $_______
      per share for purposes of this calculation); and/or

    

    ___ the
      cancellation of such number of shares of Common Stock as is necessary, in
      accordance with the formula set forth in Section 2, to exercise this
      Warrant with respect to the maximum number of shares of Common Stock purchasable
      pursuant to the cashless exercise procedure set forth in
      Section 2.

    

    The
      undersigned requests that the certificates for such shares be issued in the
      name
      of, and delivered to _____________________________________________________
      whose
      address is

     

    
      
        

      

      
        

      

    

     

    Number
      of
      Shares of Common Stock Beneficially Owned on the date of exercise: Less
      than
      five percent (5%) of the outstanding Common Stock of Valcent Products
      Inc..

    

    The
      undersigned represents and warrants that all offers and sales by the undersigned
      of the securities issuable upon exercise of the within Warrant shall be made
      pursuant to registration of the Common Stock under the Securities Act of 1933,
      as amended (the "Securities Act"), or pursuant to an exemption from registration
      under the Securities Act.

    

    
      	
              Dated:___________________

            	
              ______________________________________________

              (Signature
                must conform to name of holder as specified on the face of the
                Warrant)

               

              ______________________________________________

              ______________________________________________(Address)

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit B

    

    

    FORM
      OF
      TRANSFEROR ENDORSEMENT

    (To
      be
      signed only on transfer of Warrant)

     

    For
      value
      received, the undersigned hereby sells, assigns, and transfers unto the
      person(s) named below under the heading "Transferees" the right represented
      by
      the within Warrant to purchase the percentage and number of shares of Common
      Stock of VALCENT PRODUCTS INC. to which the within Warrant relates specified
      under the headings "Percentage Transferred" and "Number Transferred,"
      respectively, opposite the name(s) of such person(s) and appoints each such
      person Attorney to transfer its respective right on the books of VALCENT
      PRODUCTS INC. with full power of substitution in the premises.

    

    
      	
              Transferees

            	 	
              Percentage
                Transferred

            	 	
              Number
                Transferred

            
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

    

    

    

    
      	
              Dated:
                ______________, ___________

               

               

               

              Signed
                in the presence of:

               

              ____________________________

              (Name)

               

               

              ACCEPTED
                AND AGREED:

              [TRANSFEREE]

               

               

              ____________________________

              (Name)

            	
              ____________________________________________________

              (Signature
                must conform to name of holder as specified on the face of the
                warrant)

               

               

               

              ____________________________________________________

              ____________________________________________________

              (address)

               

              ____________________________________________________

              ____________________________________________________

              (address)Unassociated Document

    WINWIN
      GAMING, INC.

    AMENDMENT
      TO AMENDED AND RESTATED SECURED PROMISSORY NOTE AND SECURITY
      AGREEMENT

    

     

    This
      AMENDMENT
      TO AMENDED AND RESTATED SECURED PROMISSORY NOTE AND
      SECURITY AGREEMENT
      (this
“Amendment”)
      is
      dated as of April 21, 2006 and entered into by and between WinWin Gaming, Inc.,
      a Delaware corporation (“Company”)
      and
      Solidus Networks, Inc., a Delaware corporation, ( “Solidus”)
      for
      lenders, and is made with reference to that certain Amended and Restated Secured
      Promissory Note (the “Note”),
      dated
      as of January 17, 2006, and that Security Agreement (the “Security
      Agreement”),
      dated
      as of September 30, 2005, by and between Company and Solidus. Capitalized terms
      used herein without definition shall have the same meanings herein as set forth
      in the Security Agreement. 

     

    RECITALS

     

    WHEREAS,
      Company
      has requested that Solidus consent to the incurrence of subordinated debt to
      Calico Capital Group, LLC and certain other holders of subordinated debt
      (“Calico”)
      in the
      principal amount of up to $2,000,000 (collectively, the “Calico
      Junior Loan”)
      pursuant to the Secured Convertible Promissory Note and related loan documents
      dated as of the date hereof as in effect on the date hereof (the “Calico
      Loan Documents”)
      and
      that Solidus is willing to do so on the terms and conditions set forth in this
      Amendment, including Calico and the other holders of subordinated debt entering
      into the Intercreditor and Subordination Agreement by and among Calico, Solidus,
      and the Company dated as of the date hereof (the “Intercreditor and
      Subordination Agreement”).

     

    NOW,
      THEREFORE, in
      consideration of the premises and the agreements, provisions and covenants
      herein contained, the parties hereto agree as follows:

     

    
      	Section
              1.  	
              AMENDMENTS
                TO THE NOTE AND SECURITY
                AGREEMENT

            

    

     

    
      	1.1  	
              Amendment
                to Section 1 of Security Agreement:
                Definition

            

    

     

    A.  Section
      1
      of the Security Agreement is hereby amended to add the following
      definition:

     

    "Indebtedness"
      means
      (i) all indebtedness for borrowed money; (ii)  all obligations of such
      Person evidenced by bonds, debentures, notes or other similar instruments or
      upon which interest payments are customarily made; (iii) all obligations
      and liabilities, contingent or otherwise, of such Person, in respect of letters
      of credit, acceptances and similar facilities; and (iv) all obligations
      referred to in clauses (i) through (iii) of this definition of another
      entity secured by (or for which the holder of such Indebtedness has an existing
      right, contingent or otherwise, to be secured by) a Lien upon property owned
      by
      such entity, even though such entity has not assumed or become liable for the
      payment of such Indebtedness.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	1.2  	
              Amendment
                to Section 1 of Note: Principal
                Repayment

            

    

     

    A.  Section
      1
      of the Note is hereby deleted in its entirety and in lieu thereof the following
      new Section 1 is inserted:

     

    “1.
      Principal Repayment.
      The
      outstanding principal amount of the Loan shall be due and payable in full on
      June 13, 2006 (the “Maturity
      Date”).”

     

    
      	1.3  	
              Amendment
                to Section 6 of Note: Events of
                Default

            

    

     

    A.  Section 6
      of the Note is hereby amended by adding thereto the following event as an Event
      of Default:

     

    (f) Borrower
      shall fail to pay any principal of or interest or premium on any of its
      Indebtedness (excluding Indebtedness evidenced by this Agreement), when due
      and
      such failure shall continue after the applicable grace period, if any, specified
      in the agreement or instrument relating to such Indebtedness, or any other
      default under any agreement or instrument relating to any such Indebtedness,
      or
      any other event, shall occur and shall continue after the applicable grace
      period, if any, specified in such agreement or instrument, if the effect of
      such
      default or event is to accelerate, or to permit the acceleration of, the
      maturity of such Indebtedness.

    
       

      
        	1.3  	
                Amendment
                  to “Permitted Lien” definition of Security
                  Agreement

              

      

       

    

    A.
      The
      “Permitted Lien” definition is amended by adding the following as a Permitted
      Lien:

     

    (h) Liens
      in
      favor of Calico pursuant to the Calico Loan Documents, provided that such liens
      shall not extend or attach to any shares of Solidus capital stock held by
      Company.

     

    
      	Section
              2.  	
              COMPANY’S
                REPRESENTATIONS, WARRANTIES AND
                COVENANTS

            

    

     

    In
      order
      to induce Solidus to enter into this Amendment and to amend the Note in the
      manner provided herein, the Company represents and warrants to Solidus that
      the
      following statements are true, correct and complete: 

     

    A.  Corporate
      Power and Authority.
      Such
      party has all requisite corporate power and authority to enter into this
      Amendment and to carry out the transactions contemplated by, and perform its
      obligations under, the Amendment and Amended Agreement.

     

    B.  Authorization
      of Agreements.
      The
      execution and delivery of this Amendment and the performance of the Amended
      Agreement have been duly authorized by all necessary corporate action on the
      part of such party. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    C.  No
      Conflict.
      The
      execution and delivery by such party of this Amendment and the performance
      by
      such party of the Amended Agreement do not and will not (i) violate any
      provision of any law or any governmental rule or regulation applicable to such
      party or any of its Subsidiaries, the Organizational Documents of such party
      or
      any of its Subsidiaries or any order, judgment or decree of any court or other
      agency of government binding on such party or any of its Subsidiaries, (ii)
      conflict with, result in a breach of or constitute (with due notice or lapse
      of
      time or both) a default under any Contractual Obligation of such party or any
      of
      its Subsidiaries, (iii) result in or require the creation or imposition of
      any Lien upon any of the properties or assets of such party or any of its
      Subsidiaries (other than Liens created under any of the Loan Documents in favor
      of Solidus on behalf of Lenders), or (iv) except to the extent already
      obtained in accordance with the terms hereof, require any approval of
      stockholders or any approval or consent of any Person under any Contractual
      Obligation of such party or any of its Subsidiaries. 

     

    D.  Binding
      Obligation.
      This
      Amendment has been duly executed and delivered by such party and this Amendment
      and the Amended Agreement are the legally valid and binding obligations of
      such
      party, enforceable against such party in accordance with their respective terms,
      except as may be limited by bankruptcy, insolvency, reorganization, moratorium
      or similar laws relating to or limiting creditors’ rights generally or by
      equitable principles relating to enforceability.

     

    E.  Incorporation
      of Representations and Warranties From Note.
      The
      representations and warranties of such party contained in the Amended Agreement
      are and will be true, correct and complete in all material respects on and
      as of
      the Amendment Effective Date to the same extent as though made on and as of
      that
      date, except to the extent such representations and warranties specifically
      relate to an earlier date, in which case they were true, correct and complete
      in
      all material respects on and as of such earlier date. 

     

    F.  Absence
      of Default.
      After
      giving effect to this Amendment, no event has occurred and is continuing or
      will
      result from the consummation of the transactions contemplated by this Amendment
      that would constitute an Event of Default or a Potential Event of Default.
      

     

    
      	Section
              3.  	
              MISCELLANEOUS

            

    

     

    A.  Reference
      to and Effect on the Note, Security Agreement, and the Other Loan Documents.
      

     

    (i)  On
      and
      after the Amendment Effective Date, each reference in the Note and Security
      Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like
      import referring to the Note, and each reference in the other loan documents
      to
      the “Note”, “Security Agreement”, “thereunder”, “thereof” or words of like
      import referring to the Note and Security Agreement shall mean and be a
      reference to the Amended Agreement.

     

    (ii)  Except
      as
      specifically amended by this Amendment, the Note and Security Agreement and
      the
      other loan documents shall remain in full force and effect and are hereby
      ratified and confirmed.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (iii)  The
      execution, delivery and performance of this Amendment shall not, except as
      expressly provided herein, constitute a waiver of any provision of, or operate
      as a waiver of any right, power or remedy of Solidus under, the Note, Security
      Agreement or any of the other loan documents (except to the extent such right
      or
      remedy was based upon existing defaults that will not exist after giving effect
      to this Amendment).

     

    B.  Fees
      and Expenses.
      Each
      party shall be responsible for its own costs and expenses incurred in connection
      with the negotiation and other preparation of this Agreement.

     

    C.  Headings.
      Section
      and subsection headings in this Amendment are included herein for convenience
      of
      reference only and shall not constitute a part of this Amendment for any other
      purpose or be given any substantive effect. 

     

    D.  Applicable
      Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
      SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH,
      THE INTERNAL LAWS OF THE STATE OF CALIFORNIA, WITHOUT REGARD TO CONFLICTS OF
      LAWS PRINCIPLES.

     

    E.  Counterparts;
      Effectiveness.
      This
      Amendment may be executed in any number of counterparts and by different parties
      hereto in separate counterparts, each of which when so executed and delivered
      shall be deemed an original, but all such counterparts together shall constitute
      but one and the same instrument; signature pages may be detached from multiple
      separate counterparts and attached to a single counterpart so that all signature
      pages are physically attached to the same document. This Amendment shall become
      effective upon the execution of a counterpart hereof by Company and Solidus
      and
      receipt by Company and Solidus of written or telephonic notification of such
      execution and authorization of delivery thereof. 

     

    [Remainder
      of page intentionally left blank.]

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF,
      the
      parties hereto have caused this Amendment to be duly executed and delivered
      by
      their respective officers thereunto duly authorized as of the date first written
      above.

     

    
      	 	 	 
	 	WINWIN
              GAMING, INC.
	 
 	 
 	 
 
	 	By:  	/s/
              Patrick Rogers
	 	 	
              
 
	 	Name:  	Patrick Rogers
	 	 	
              
 
	 	Title:	President & CEO
	 	 	
              

            

    

     

    
      
        	
                LENDER:

              	 	 
	 	SOLIDUS
                NETWORKS, INC.,
	 
 	 
 	 
 
	 	By:  	/s/
                Brian Miller
	 	 	
                
 
	 	Name:  	Brian Miller
	 	 	
                
 
	 	Title: 	Executive
                Vice President

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