Document:

EX-10.3

Execution Copy

STOCK PLEDGE AGREEMENT

THIS STOCK PLEDGE AGREEMENT (this “Agreement”) is dated as of May 14, 2010, by and between
VIASPACE GREEN ENERGY, INC., a British Virgin Islands corporation (the “Pledgor”), and SUNG HSIEN
CHANG (the “Noteholder”).

W I T N E S S E T H:

WHEREAS, pursuant to a Secured Promissory Note, dated as of the 14th day of May, 2010 (as the
same may be amended, modified or supplemented from time to time, the “Secured Note”) issued by the
Pledgor in favor of the Noteholder; and

WHEREAS, the Pledgor agreed to secure its obligations under the Secured Note in accordance
with the terms of this Agreement and the other applicable Security Documents (as defined in the
Secured Note) .

NOW, THEREFORE, in consideration of these premises and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1. Definitions. Capitalized terms used herein but not otherwise defined shall have the
meanings ascribed to such terms in the Secured Note.

2. Pledge and Grant of Security Interest. To secure the prompt payment and performance in
full when due, whether by lapse of time or otherwise, of the Secured Obligations (as defined in
Section 3 hereof), Pledgor hereby pledges and assigns to the Noteholder and grants to the
Noteholder, a continuing security interest in any and all right, title and interest of Pledgor in
and to the following, whether now owned or existing or owned, acquired or arising hereafter
(collectively, the “Pledged Collateral”):

(a) Pledged Shares. All of the issued and outstanding shares of capital stock (the
“Shares”) of Inter-Pacific Arts Corp., a company organized under the laws of the British Virgin
Islands (the “Subsidiary”) (all certificates representing such shares and all options and other
rights, contractual or otherwise, with respect thereto, collectively the “Pledged Shares”). In no
event shall Pledgor cause, authorize, approve or permit Subsidiary to issue, sell, convey,
transfer, grant or otherwise encumber or otherwise grant any right or other Lien in or on any of
its Shares in favor of any Person without the prior written consent of Noteholder.

(b) Additional Shares. All of the issued and outstanding shares of capital stock of
any subsidiary organized in a jurisdiction outside of the United States and the that number of
issued and outstanding shares of capital stock held by Pledgor of any subsidiary organized in a
jurisdiction inside the United States, which is hereafter formed or acquired by Pledgor or is a
successor to Pledgor, including, without limitation, the certificates representing such shares.

(c) Other Equity Interests. Any and all other equity interests of Pledgor in any
direct or indirect subsidiary of the Pledgor.

(d) Proceeds. All proceeds and products of the foregoing (other than dividends and
interest permitted to be received, retained and used by Pledgor pursuant to Section 7(f) hereof),
however and whenever acquired and in whatever form.

Without limiting the generality of the foregoing, it is hereby specifically understood and
agreed that Pledgor may, with the prior written consent of the Noteholder, from time to time
hereafter deliver additional shares of stock to the Noteholder as collateral security for the
Secured Obligations. Upon delivery to the Noteholder, such additional shares of stock shall be
deemed to be part of the Pledged Collateral and shall be subject to the terms of this Agreement
whether or not Schedule 1 is amended to refer to such additional shares.

3. Security for Secured Obligations. The security interest created hereby in the Pledged
Collateral constitutes continuing collateral security for all money which Pledgor is or at any
time may become actually or contingently liable to pay to or for the account of Noteholder for any
reason whatever under the Secured Note (collectively, the “Secured Obligations”).

4. Delivery of the Pledged Collateral. Pledgor hereby agrees that:

(a) Certificates. Pledgor shall deliver to the Noteholder (i) simultaneously with or
prior to the execution and delivery of this Agreement, all certificates representing the Pledged
Shares and (ii) promptly upon the receipt thereof by or on behalf of Pledgor, all other
certificates and instruments constituting Pledged Collateral. Prior to delivery to the Noteholder,
all such certificates and instruments constituting Pledged Collateral shall be held in trust by
Pledgor for the benefit of the Noteholder pursuant hereto. All such certificates shall be
delivered in suitable form for transfer by delivery or shall be accompanied by duly executed
instruments of transfer or assignment in blank, in form provided in Schedule 2 attached
hereto.

(b) Additional Securities. If Pledgor shall receive by virtue of its being or having
been the owner of any Pledged Collateral, any (i) stock certificate, including without limitation,
any certificate representing a stock dividend or distribution in connection with any increase or
reduction of capital, reclassification, merger, consolidation, sale of assets, combination of
shares, stock splits, spin-off or split-off, promissory notes or other instrument; (ii) option or
right, whether as an addition to, substitution for, or an exchange for, any Pledged Collateral or
otherwise; (iii) dividends payable in securities; or (iv) distributions of securities in connection
with a partial or total liquidation, dissolution or reduction of capital, capital surplus or
paid-in surplus, then Pledgor shall receive such stock certificate, instrument, option, right or
distribution in trust for the benefit of the Noteholder, shall segregate it from Pledgor’s other
property and shall deliver it forthwith to the Noteholder in the exact form received together with
any necessary endorsement and/or appropriate stock power duly executed in blank substantially in
the form provided in Schedule 2, to be held by the Noteholder as Pledged Collateral and as
further collateral security for the Secured Obligations.

(c) Financing Statements. Pledgor hereby authorizes the Noteholder to file such UCC
financing statements the Noteholder may reasonably deem appropriate in order to perfect and protect
the security interest created hereby in the Pledged Collateral.

5. Representations and Warranties. Pledgor hereby represents and warrants to the
Noteholder, that so long as the Secured Note is in effect or any amounts payable thereunder shall
remain outstanding:

(a) Authorization of Pledged Shares. The Pledged Shares are duly authorized and
validly issued, are fully paid and nonassessable and are not subject to the preemptive rights of
any person or entity. All other shares of stock constituting Pledged Collateral will be duly
authorized and validly issued, fully paid and nonassessable and not subject to the preemptive
rights of any person or entity. Pledgor owns the capital stock of the corporations listed on
Schedule I attached hereto as and to the extent so described therein.

(b) Title. Pledgor has good and indefeasible title to the Pledged Collateral and will
at all times be the legal and beneficial owner of the Pledged Collateral free and clear of any lien
or other encumbrance, except for any security interests in favor of Noteholder. There exists no
“adverse claim” within the meaning of Section 8-302 of the Uniform Commercial Code as in effect in
the State of Georgia (the “UCC”) with respect to the Pledged Shares.

(c) Exercising of Rights. The exercise by the Noteholder of its rights and remedies
hereunder does not violate any law or governmental regulation or any material contractual
restriction binding on or affecting Pledgor or any of its property.

(d) Pledgor’s Authority. No authorization, approval or action by, and no notice or
filing with any governmental authority or with the issuer of any Pledged Stock is required either
(i) for the pledge made by Pledgor or for the granting of the security interest by Pledgor pursuant
to this Agreement; or (ii) for the exercise by the Noteholder of its rights and remedies hereunder
(except as may be required by laws affecting the offering and sale of securities).

(e) Security Interest/Priority. This Agreement creates a valid security interest in
favor of the Noteholder in the Pledged Collateral. The taking possession by the Noteholder of the
certificates representing the Pledged Shares and all other certificates and instruments
constituting Pledged Collateral will perfect and establish the first priority of the Noteholder’s
security interest in the Pledged Shares and in all other Pledged Collateral represented by Pledged
Shares and instruments securing the Secured Obligations. Except as set forth in this Section 5(e),
no action is necessary to perfect or otherwise protect such security interest in the Pledged Shares
and Pledged Collateral represented by certificates.

6. Covenants. Pledgor hereby covenants that so long as the Secured Note is in effect or
any Secured Obligations remains unpaid, Pledgor shall:

(a) Books and Records. Mark its books and records (and shall cause the issuer of the
Pledged Shares to mark its books and records) to reflect the security interest granted to the
Noteholder pursuant to this Agreement.

(b) Defense of Title. Warrant and defend title to and ownership of the Pledged
Collateral at its own expense against the claims and demands of all other parties claiming an
interest therein, keep the Pledged Collateral free from all liens and security interests, except
for those in favor of Noteholder, and not sell, exchange, transfer, assign, lease or otherwise
dispose of Pledged Collateral or any interest therein.

(c) Further Assurances. Promptly execute and deliver at its expense all further
instruments and documents and take all further action that may be reasonably necessary and
desirable or that the Noteholder may reasonably request in order to (i) perfect and protect the
security interest created hereby in the Pledged Collateral; (ii) enable the Noteholder to exercise
and enforce its rights and remedies hereunder in respect of the Pledged Collateral; and
(iii) otherwise effect the purposes of this Agreement, including, without limitation and if
requested by the Noteholder, delivering to the Noteholder irrevocable proxies in respect of the
Pledged Collateral.

(d) Amendments. Not make or consent to any amendment or other modification or waiver
with respect to any of the Pledged Collateral or enter into any agreement or allow to exist any
restriction with respect to any of the Pledged Collateral other than pursuant hereto or as may be
permitted under the Secured Note.

(e) Compliance with Securities Laws. File all reports and other information now or
hereafter required to be filed by Pledgor with the United States Securities and Exchange Commission
and any other state, federal or foreign agency in connection with the ownership of the Pledged
Collateral.

7. Rights of the Noteholder.

(a) Power of Attorney. In addition to other powers of attorney contained herein,
Pledgor hereby designates and appoints the Noteholder and each of its designees or agents as its
attorney-in-fact, irrevocably and with power of substitution, with authority to take any or all of
the following actions upon the occurrence and during the continuance of an Event of Default:

(i) to demand, collect, settle, compromise, adjust, give discharges and releases
relating to the Pledged Collateral, all as the Noteholder may reasonably determine;

(ii) to commence and prosecute any actions at any court for the purposes of collecting
any of the Pledged Collateral and enforcing any other right in respect thereof;

(iii) to defend, settle or compromise any action brought and, in connection therewith,
give such discharge or release relating to the Pledged Collateral as the Noteholder may
deem appropriate;

(iv) to pay or discharge taxes, liens, security interests or other encumbrances levied
or placed on or threatened against the Pledged Collateral;

(v) to direct any parties liable for any payment under any of the Pledged Collateral
to make payment of any and all monies due and to become due thereunder directly to the
Noteholder or as the Noteholder shall direct;

(vi) to receive payment of and receipt for any and all monies, claims, and other
amounts due and to become due at any time in respect of or arising out of any Pledged
Collateral;

(vii) to sign and endorse any drafts, assignments, proxies, stock powers,
verifications, notices and other documents relating to the Pledged Collateral;

(viii) to exchange any of the Pledged Collateral or other property upon any merger,
consolidation, reorganization, recapitalization or other readjustment of the issuer thereof
and in connection therewith, deposit any of the Pledged Collateral with any depository,
transfer agent, registrar or other designated agency upon such terms as the Noteholder may
determine; and

(ix) to do and perform all such other acts and things as the Noteholder may reasonably
deem to be necessary, proper or convenient in connection with the Pledged Collateral.

The Pledgor recognizes and agrees that this power of attorney is a power coupled with an interest
and shall be irrevocable. The Noteholder shall be under no duty to exercise or withhold the
exercise of any of the rights, powers, privileges and options expressly or implicitly granted to
the Noteholder in this Agreement, and shall not be liable for any failure to do so or any delay in
doing so. The Noteholder shall not be liable for any act or omission or for any error of judgment
or any mistake of fact or law in its individual capacity or its capacity as attorney-in-fact except
acts or omissions resulting from its gross negligence or willful misconduct. This power of
attorney is conferred on the Noteholder solely to protect, preserve and realize upon its security
interest in the Pledged Collateral. The Pledgor ratifies and confirms all actions taken by the
Noteholder or its agents pursuant to this power of attorney.

(b) Performance by the Noteholder of Pledgor’s Obligations. If Pledgor fails to
perform any agreement or obligation contained herein, after the occurrence and during the
continuance of an Event of Default, the Noteholder itself may perform, or cause performance of,
such agreement or obligation, and the expenses of the Noteholder incurred in connection therewith
shall be payable by the Pledgor.

(c) Assignment by the Noteholder. The Noteholder may from time to time assign this
Agreement and its rights to the Pledged Collateral and any portion thereof, and the assignee shall
be entitled to all of the rights and remedies of the Noteholder under this Agreement in relation
thereto.

(d) The Noteholder’s Duty of Care. Other than the exercise of reasonable care to
assure the safe custody of the Pledged Collateral while being held by the Noteholder hereunder, the
Noteholder shall have no duty or liability to preserve rights pertaining thereto, it being
understood and agreed that Pledgor shall be responsible for preservation of all rights in the
Pledged Collateral, and the Noteholder shall be relieved of all responsibility for Pledged
Collateral upon surrendering it or tendering the surrender of it to Pledgor. The Noteholder shall
be deemed to have exercised reasonable care in the custody and preservation of the Pledged
Collateral in its possession if such Pledged Collateral is accorded treatment substantially equal
to that which the Noteholder accords its own property, it being understood that the Noteholder
shall not have responsibility for (i) ascertaining or taking action with respect to calls,
conversions, exchanges, maturities, tenders or other matters relating to any Pledged Collateral,
whether or not the Noteholder has or is deemed to have knowledge of such matters; or (ii) taking
any necessary steps to preserve rights against any parties with respect to any Pledged Collateral.

(e) Voting Rights in Respect of the Pledged Collateral.

(i) So long as no Event of Default (as defined herein) shall have occurred and be
continuing, to the extent permitted by law, Pledgor may exercise any and all voting and
other consensual rights pertaining to the Pledged Collateral or any part thereof for any
purpose not inconsistent with the terms of this Agreement or the Secured Note;

(ii) Upon the occurrence and during the continuance of an Event of Default, all rights
of Pledgor to exercise the voting and other consensual rights which it would otherwise be
entitled to exercise pursuant to paragraph (i) of this Section shall cease and all such
rights shall thereupon become vested in the Noteholder which shall thereupon have the sole
right to exercise such voting and other consensual rights.

(f) Dividend Rights in Respect of the Pledged Collateral.

(i) So long as no Event of Default shall have occurred and be continuing and subject
to Section 4(b) hereof, Pledgor may receive, retain and use any and all dividends (other
than stock dividends and other dividends constituting Pledged Collateral which are
addressed hereinabove) or interest paid in respect of the Pledged Collateral to the extent
they are allowed under the Secured Note.

(ii) Upon the occurrence and during the continuance of an Event of Default:

(A) all rights of Pledgor to receive the dividends and interest payments which it
would otherwise be authorized to receive, retain and use pursuant to paragraph (i) of this
Section shall cease and all such shall thereupon be vested in the Noteholder which shall
thereupon have sole right to receive and hold as Pledged Collateral such dividends and
interest payments; and

(B) all dividends and interest payments which are received by Pledgor contrary to the
provisions of paragraph (A) of this Section shall be received in trust for the benefit of
the Noteholder, shall be segregated from other property or funds of Pledgor, and shall be
forthwith paid over to the Noteholder as Pledged Collateral in the exact form received, to
be held by the Noteholder as Pledged Collateral and as further collateral security for the
Secured Obligations.

(g) Release of Pledged Collateral. The Noteholder may release any of the Pledged
Collateral from this Agreement or may substitute any of the Pledged Collateral for other Pledged
Collateral without altering, varying or diminishing in any way the force, effect, lien, pledge or
security interest of this Agreement as to any Pledged Collateral not expressly released or
substituted, and this Agreement shall continue as a lien, first priority security interest, pledge
and charge on all Pledged Collateral not expressly released or substituted when any of the Secured
Obligations remains outstanding with respect to the Noteholder.

8. Advances by Noteholder. On failure of Pledgor to perform any of the covenants and
agreements contained herein, the Noteholder may, at its sole option and in its sole discretion,
perform the same and in so doing may expend such sums as the Noteholder may reasonably deem
advisable in the performance thereof, including, without limitation, the payment of any taxes, a
payment to obtain a release of a lien or potential lien, expenditures made in defending against any
adverse claim and all other expenditures which the Noteholder may make for the protection of the
security hereof or which it may be compelled to make by operation of law. All such sums and
amounts so expended shall be repayable by the Pledgor promptly upon notice thereof and demand
therefor, shall constitute additional Secured Obligations and shall bear interest from the date
said amounts are expended at the default rate provided in the Note. No such performance of any
covenant or agreement by the Noteholder on behalf of Pledgor, and no such advance or expenditure
therefor, shall relieve the Pledgor of any default under the terms of this Agreement or the other
related documents. The Noteholder may make any payment hereby authorized in accordance with any
bill, statement or estimate procured from the appropriate public office or holder of the claim to
be discharged without inquiry into the accuracy of such bill, statement or estimate or into the
validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent
such payment is being contested in good faith by Pledgor in appropriate proceedings and against
which adequate reserves are being maintained in accordance with GAAP.

9. Events of Default. The occurrence of a default or event of default under the Secured
Note shall be an Event of Default hereunder (“Event of Default”).

10. Remedies Upon Default. If any Event of Default shall have occurred and be
continuing:

(a) Rights and Remedies. The Noteholder may exercise in respect of the Pledged
Collateral, in addition to other rights and remedies provided for herein or otherwise available to
it, all rights and remedies of a secured party on default under the UCC or any other applicable
law.

(b) Sale of Pledged Collateral. Without limiting the generality of this Section and
without notice (except as provided below), the Noteholder may, in its sole discretion, sell or
otherwise dispose of or realize upon the Pledged Collateral, or any part thereof, in one or more
parcels, at public or private sale, at any exchange or broker’s board or elsewhere, at such price
or prices and on such other terms as the Noteholder may deem commercially reasonable, for cash,
credit or for future delivery or otherwise in accordance with applicable law. To the extent
permitted by law, the Noteholder may in such event bid for the purchase of such securities.
Pledgor agrees that any requirement of reasonable notice shall be met if notice, specifying the
place of any public sale or the time after which any private sale is to be made, shall be
personally served on or mailed, postage prepaid, to Pledgor in accordance with the notice
provisions of the Secured Note at least 10 days before time of such sale. The Noteholder shall not
be obligated to make any sale of Pledged Collateral regardless of notice of sale having been given.
The Noteholder may adjourn any public or private sale from time to time by announcement at the
time and place fixed therefor, and such sale may, without further notice, be made at the time and
place to which it was so adjourned.

(c) Private Sale. The Pledgor recognizes that the Noteholder may deem it
impracticable to effect a public sale of all or any part of the Pledged Shares or any of the
securities constituting Pledged Collateral and that the Noteholder may, therefore, determine to
make one or more private sales of any such securities to a restricted group of purchasers who will
be obligated to agree, among other things, to acquire such securities for their own account, for
investment and not with a view to the distribution or resale thereof. Pledgor acknowledges that
any such private sale may be at prices and on terms no less favorable to the seller than the prices
and other terms which might have been obtained at a public sale and, notwithstanding the foregoing,
agrees that such private sale per se shall not be deemed to have been made in a
commercially unreasonable manner and that the Noteholder shall have no obligation to (i) register
such securities for public sale under the Securities Act of 1933, as amended, or any other similar
state registration laws, rules or regulations or (ii) delay sale of any such securities for the
period of time necessary to permit the issuer of such securities to register such securities for
public sale under the Securities Act of 1933.

(d) Retention of Pledged Collateral. The Noteholder may, after providing the notices
required by Section 9-621 of the UCC or otherwise complying with the requirements of applicable law
of the relevant jurisdiction, retain all or any portion of the Pledged Collateral in satisfaction
of the Secured Obligations. Unless and until the Noteholder shall have provided such notices,
however, the Noteholder shall not be deemed to have retained any Pledged Collateral in satisfaction
of any Secured Obligations for any reason.

(e) Application of Proceeds. Upon the occurrence and during the continuance of an
Event of Default, any payments in respect of the Secured Obligations and any proceeds of any
Pledged Collateral, when received by the Noteholder in cash or its equivalent, will be applied in
reduction of the Secured Obligations in such order as the Noteholder may determine in accordance
with the Secured Note, and Pledgor irrevocably waives the right to direct the application of such
payments and proceeds and acknowledges and agrees that the Noteholder shall have the continuing and
exclusive right to apply and reapply any and all such payments and proceeds notwithstanding any
entry to the contrary upon any of its books and records. The Pledgor shall remain liable to the
Noteholder for any deficiency.

(f) Deficiency. In the event that the proceeds of any sale, collection or realization
are insufficient to pay all amounts to which the Noteholder is legally entitled, the Pledgor shall
be liable for the deficiency, together with interest thereon at the default rate provided in the
Secured Note, together with the costs of collection and the reasonable fees of any attorneys
employed by the Noteholder to collect such deficiency. Any surplus remaining after the full
payment and satisfaction of the Secured Obligations shall be returned to Pledgor or to whomsoever a
court of competent jurisdiction shall determine to be entitled thereto.

11. Costs of Counsel. If at any time hereafter, after the occurrence and during the
continuance of an Event of Default or not, the Noteholder employs counsel to prepare or consider
amendments, waivers or consents with respect to this Agreement, or to take action or make a
response in or with respect to any legal or arbitral proceeding relating to this Agreement or
relating to the Pledged Collateral, or to protect the Pledged Collateral or exercise any rights or
remedies under this Agreement or with respect to any Pledged Collateral, then the Pledgor agrees to
promptly pay upon demand any and all such reasonable costs and expenses of the Noteholder.

12. Continuing, Agreement. This Agreement shall be a continuing agreement in every respect
and shall remain in full force and effect so long as any Secured Obligations shall remain unpaid,
including any obligations under this Agreement or the Secured Note. Upon such termination of this
Agreement, the Noteholder shall, upon the request and at the expense of Pledgor, forthwith release
all of its liens and security interests hereunder. Notwithstanding the foregoing all releases and
indemnities provided hereunder shall survive termination of this Agreement.

13. Amendments; Waivers; Modifications. This Agreement and the provisions hereof may not
be amended, waived, modified, changed, discharged or terminated except with the written consent of
all of the parties hereto.

14. Successors in Interest. This Agreement shall create a continuing security interest in
the Collateral and shall be binding upon Pledgor, its successors and assigns and shall inure,
together with the rights and remedies of the Noteholder hereunder, to the benefit of the Noteholder
and its successors and assigns; provided, however, that Pledgor may not assign its
rights or delegate its duties hereunder without the prior written consent of the Noteholder.

15. Notices. All notices required or permitted to be given under this Agreement shall be
in conformance with, and be effective as provided by, the terms of the Secured Note.

16. Counterparts. This Agreement may be executed in any number of counterparts, each of
which where so executed and delivered shall be an original, but all of which shall constitute one
and the same instrument. It shall not be necessary in making proof of this Agreement to produce or
account for more than one such counterpart.

17. Headings. The headings of the sections and subsections hereof are provided for
convenience only and shall not in any way affect the meaning or construction of any provision of
this Agreement.

18. Governing Law. All rights and liabilities hereunder shall be governed and limited
by and construed in accordance with the local laws of the State of Georgia (without regard to
Georgia conflicts of law principles).

19. Venue and Jurisdiction; Waiver of Jury Trial. Pledgor irrevocably submits to the
exclusive jurisdiction of the courts of the State of Georgia located in the County of Cobb and the
United States District Court in and for the Northern District of Georgia for the purpose of any
suit, action, proceeding or judgment relating to or arising out of this Security Agreement and the
transactions contemplated thereby. Borrower irrevocably consents to the jurisdiction of any such
court in any such suit, action or proceeding and to the laying of venue in such court, irrevocably
waives any objection to the laying of venue of any such suit, action or proceeding brought in such
courts, and irrevocably waives any claim that any such suit, action or proceeding brought in any
such court has been brought in an inconvenient forum. THE PARTIES IRREVOCABLY AND VOLUNTARILY
WAIVE ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY CONTROVERSY OR CLAIM THAT
RELATES TO THIS AGREEMENT. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES ENTERING INTO
THIS AGREEMENT.

20. Severability. If any provision of this Agreement is determined to be illegal, invalid
or unenforceable, such provision shall be fully severable and the remaining provisions shall remain
in full force and effect and shall be construed without giving effect to the illegal, invalid or
unenforceable provisions.

21. Entirety. This Agreement, the Secured Note and the other Transaction Documents
represent the entire agreement of the parties hereto and thereto, and supercede all prior
agreements and understandings, oral or written, if any, including any commitment letters or
correspondence relating to the Transaction Documents or the transactions contemplated herein and
therein.

22. Survival. All representations and warranties of Pledgor hereunder shall survive the
execution and delivery of this Agreement and the Secured Note.

23. Other Security. To the extent that any of the Secured Obligations is now or hereafter
secured by property other than the Pledged Collateral (including, without limitation, real property
and securities owned by Pledgor), or by a guarantee, endorsement or property of any other person or
entity, then the Noteholder shall have the right to proceed against such other property, guarantee
or endorsement upon the occurrence of any Event of Default, and the Noteholder has the right, in
its sole discretion, to determine which rights, security, liens, security interests or remedies the
Noteholder shall at any time pursue, relinquish, subordinate, modify or take with respect thereto,
without in any way modifying or affecting any of them or any of the Noteholder’s rights or the
Secured Obligations under this Agreement or under any other of the related documents.

[remainder of page intentionally left blank]

1

IN WITNESS WHEREOF, the parties, by their officers thereunto duly authorized, have executed
and delivered this Agreement as of the day and year first above written.

PLEDGOR:

VIASPACE GREEN ENERGY, INC.

	 	 	 
	By:

	 	

	 

	 	 
	Name: Carl Kukkonen

Title: CEO

	 	

	NOTEHOLDER:

	 	

	SUNG HSIEN CHANG

	 	

	By:

	 	

	 

	 	 

2

SCHEDULE 1

	 	 	 	 	 	 	 
	Name of Subsidiary	 	Number of Shares	 	Certificate Number
	Inter-Pacific Arts Corp.

	 	 	35,000	 	 	COM 101
	 

	 	 	 	 	 	 
	Inter-Pacific Arts Corp.

	 	 	15,000	 	 	COM 102
	 

	 	 	 	 	 	 

3

SCHEDULE 2

Form of Irrevocable Stock Power

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers to

Sung H. Chang the following shares of capital stock of Inter-Pacific Arts Corp., a company
organized under the laws of the British Virgin Islands:

	 	 	 
	No. of Shares
	 	Certificate No.

	 
	 	 

	35,000

15,000
	 	COM 101

COM 102

and irrevocably appoints Sung H. Chang its agent and attorney-in-fact to transfer all or any part
of such capital stock and to take all necessary and appropriate action to effect any such transfer.
The agent and attorney-in-fact may substitute and appoint one or more persons to act for him. The
effectiveness of a transfer pursuant to this stock power shall be subject to any and all transfer
restrictions referenced on the face of the certificates evidencing such interest or in the
certificate of incorporation or bylaws of the subject corporation, to the extent they may from time
to time exist. This Stock Power is subject to the terms of that certain Pledge Agreement dated May
14, 2010.

VIASPACE GREEN ENERGY, INC.,

a British Virgin Islands corporation

By:

Name: Carl Kukkenon

Title: CEO

4EX-10.4

VIASPACE GREEN ENERGY INC

SENIOR EXECUTIVE EMPLOYMENT AGREEMENT

THIS SENIOR EXECUTIVE EMPLOYMENT AGREEMENT (“Agreement”) is entered into as of the 14 day of
May 2010, by and between VIASPACE Green Energy, Inc., a British Virgin Islands company (“Company”),
and Carl Kukkonen, a resident of the State of California , United States of America (“Executive”).
Capitalized terms and phrases shall have the meaning ascribed thereto in this Agreement.

RECITALS

WHEREAS, Company’s board of directors (the “Board”) has determined that it is in Company’s
best interest to enter into a written employment agreement with Executive; and

WHEREAS, Executive desires to accept the terms and conditions of this Agreement in exchange
for the benefits offered hereunder.

AGREEMENT

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

	 	1.	 	EMPLOYMENT TERMS AND CONDITIONS.

1.1 Employment. Upon and coincident with the Effective Date (as defined below), Company
agrees to employ, and Executive hereby accepts employment by Company, upon the terms and conditions
set forth in this Agreement.

1.2 Duties.

(a) In General. Executive shall serve as Company’s Chief Executive Officer. In his
capacity as Company’s Chief Executive Officer, Executive shall report directly to Company’s Board
of Directors (the “Board”). In such capacity, Executive shall perform the duties and
responsibilities customarily performed by an individual with such titles and as may otherwise be
reasonably assigned to him from time to time by the Board for the Employment Term (as defined
below)(the “Services”). Except as otherwise agreed upon by Company, Executive shall devote all of
Executive’s business time, energy and skill to performing the Services, shall not be otherwise
employed and shall perform the Services diligently, faithfully and to the best of Executive’s
abilities.

(b) Other Activities. Notwithstanding the above, Executive may (i) serve as a
director, advisor or trustee of other organizations, (ii) engage in charitable, civic, educational
and/or governmental activities, provided that any such services and activities do not materially
interfere with Executive’s ability to perform his duties under this Agreement and that Executive
obtains written consent for all such activities from Company, which consent will not be
unreasonably withheld. Consistent with the foregoing, Executive may engage in personal activities,
including, without limitation, personal investments, provided that such activities described under
this Section 1.2(b) do not materially interfere with Executive’s performance of the Services or any
other of Executive’s written agreements with Company, or (iii) as Chief Executive Officer and board
member of VIASPACE Inc. or any Affiliate thereof.

(c) Compliance with Policies. Subject to the terms of this Agreement, during the
Employment Term, Executive shall comply in all material respects with all Company policies and
procedures applicable to employees of Company generally and Executive specifically. In connection
with and as a condition to this Agreement, Executive and Company shall enter into as of the
Effective Date that certain “Statement of Additional Terms and Conditions Relating to Employment
Agreement,” substantially in the form attached hereto as Exhibit “A,” which is incorporated herein
and made a part hereof (the “Statement”).

1.3 Employment Term. Company agrees to employ Executive pursuant to the terms of this
Agreement, and Executive hereby accepts employment with Company, upon the terms set forth in this
Agreement, for the period commencing upon and coincident with the 14 day of May 2010 (the
“Effective Date”) and ending upon the earlier of:

(a) Expiration Date. That date which coincides with the last day of the later
of the Initial Term (as defined below) or the Renewal Term (as defined below), as the case
may be (such date shall be referred to as the “Expiration Date”) (For purposes of this
Agreement, the phrase “Initial Term” shall mean that period from the Effective Date through
and including the second (2nd) anniversary of the Effective Date; and the phrase “Renewal
Term” shall mean each consecutive twelve month period immediately following the Initial
Term, during which period this Agreement shall automatically renew on the same terms and
conditions hereof and without any further act on the part of either party; provided,
however, that in no event shall the term of this Agreement be renewed unless agreed
to by both Parties in writing prior to the thirtieth (30th) day immediately
preceding the last day of the Initial Term; or

(b) Termination Date. The Termination Date (as such phrase is defined in
Section 1.5 of this Agreement).

The period from the Effective Date to the earlier to occur of either the Expiration Date or
Termination Date shall be hereinafter referred to as the “Employment Term.”

1.4 Compensation and Benefits.

(a) Base Compensation. In consideration of the Services to be rendered to Company by
Executive and Executive’s covenants under this Agreement, Company agrees to pay Executive during
the Employment Term a salary at the annual rate of no less than Two Hundred Forty Thousand Dollars
($240,000)(the “Base Compensation”), less statutory deductions and withholdings, payable in
accordance with Company’s regular payroll practices. Notwithstanding the foregoing, for the first
the first consecutive twelve (12) calendar month period from the Effective Date, Executive’s Base
Compensation shall be paid by VIASPACE Inc., in the form of VIASPACE common stock as approved by
the VIASPACE Board on October 22, 2008. For the remainder of the Employment Term, Executive’s Base
Compensation will be paid in cash.

(b) Bonus. In addition to the Base Compensation, during the Employment Term,
Executive shall be entitled to such bonuses as may from time to time be determined by the Board
(the “Bonus Payments”).

(c) Benefits. Company intends to provide for its employees generally an employee
health and welfare benefit plan in which Executive will participate, provided that such plan may be
obtained at a reasonable cost as determined by Company’s Board.

(d) Vacation and Personal Leave. Executive shall be entitled to twenty (20) business
days paid time off for each twelve (12) consecutive calendar monthly period during the Employment
Term, to be taken in accordance with the vacation accrual schedule, if any, and carried over only
to the extent set forth or otherwise permitted in Company’s personnel policies or, if any, employee
handbook.

(e) Reimbursement of Company Business Expenses. Company shall within ninety (90) days
of its receipt from Executive of supporting receipts, to the extent required by applicable income
tax regulations and Company’s reimbursement policies, reimburse Executive for all out-of-pocket
business expenses reasonably and actually incurred by Executive in connection with his employment
hereunder and consistent with Company policies (the “Business Expenses”). Board approval shall be
required for any single expense exceeding $10,000 or for expenses exceeding in the aggregate
annually $10,000. Reimbursement of any and all Business Expenses is conditioned on Executive
submitting his request to Company for reimbursement and supporting substantiation within thirty
(30) days of the date on which any such expenses shall have been incurred.

1.5 Termination of Agreement.

(a) Termination Date. Executive’s employment and this Agreement (except as otherwise
provided hereunder) shall terminate upon the first to occur of any of the following, at the time
set forth therefore (the “Termination Date”):

(i) Mutual Termination. At any time by the mutual written agreement of Company
and Executive;

(ii) Death or Disability. Immediately upon the death of Executive or a
determination by Company that Executive has ceased to be able to perform the essential
functions of his duties, with or without reasonable accommodation, for a period of not less
than ninety (90) consecutive days, due to a mental or physical illness or incapacity
(“Disability”) (termination pursuant to this Section being referred to herein as termination
for “Death or Disability”);

(iii) Voluntary Termination By Executive. Thirty (30) days following
Executive’s written notice to Company of his termination of employment; provided,
however, that Company may waive all or a portion of such notice period and
accelerate the effective date of such termination (termination pursuant to this Subsection
being referred to herein as “Voluntary” termination);

(iv) Termination For Cause By Company. Immediately following notice of
termination for “Cause” (as defined below)(with such notice describing the Cause with
reasonable specificity) given by Company and failure by Executive to Cure (as defined below)
if and to the extent Cure is otherwise expressly permitted under this subsection
(termination pursuant to this Subsection being referred to herein as termination for
“Cause”)(As used herein, “Cause” means (A) termination, at Company’s sole option,
immediately and without the right to Cure, based on Executive being named as a target or
subject of any grand jury investigation impaneled for, being convicted of or entering a plea
of guilty or nolo contendere for any crime constituting a felony in the jurisdiction in
which committed, any crime involving moral turpitude (whether or not a felony), (B) any act
or omission involving dishonesty or willful misconduct in the discharge of his duties under
this Agreement or that otherwise materially injures Company; (C) subject to applicable law,
if any, Executive’s substance abuse that in any manner materially interferes with the
performance of his duties and Executive’s failure to Cure; (D) Executive’s material breach
of this Agreement or any other agreement entered into with Company in connection with
Company’s confidential information, trade secrets or other property and Executive’s failure
to Cure the same or any other act or omission that constitutes a breach under any agreement
entered into by and between Company or any affiliate thereof and a third party;
(E) misconduct by Executive that has or could result in Company’s material discredit or
diminution in value and Executive’s failure to Cure the same; or (F) chronic absence from
work for reasons other than illness or Disability and Executive’s failure to Cure the
same.)(For purposes hereof the term “Cure” shall mean that conduct or refrain from conduct
that shall be required to remedy within thirty (30) days of any such notice thereof any act
or omission on the part of Executive that is the subject of the claim hereunder by Company
to terminate Executive for Cause; provided, however, that (I) Executive
shall have only one opportunity during the Employment Term to exercise such right to Cure,
(II) any such remedial conduct or refrain thereof shall be to Company’s reasonable
satisfaction, and (III) Company shall have the right to suspend Executive’s duties under
this Agreement during any such period.);

(v) Termination Without Cause By Company. Notwithstanding any other provision
in this Agreement to the contrary, including, but not limited to Section 1.3 above, upon and
coincident with any delivery by Company of its written notice of Executive’s termination of
employment under this Agreement for reasons other than Cause or for no reason;
provided, however, that if and to the extent Company determines to provide
less than thirty calendar days notice of its intent to terminate Executive (the “Optional
Notice Period”), then in such event the Severance Payments (as such phrase is defined below)
shall be extended by that number of days that the period between the delivery date of any
such notice and the Termination Date is less than such Optional Notice Period.
Notwithstanding the foregoing, if Company elects to provide an Optional Notice Period, then
at any time during such period, Company may elect to immediately either suspend, with no
reduction in pay or benefits, Executive from all or any part of his duties as set forth in
this Agreement (including, without limitation, Executive’s position as CEO and his Services
relating thereto) or terminate this Agreement in accordance with this subsection
(termination pursuant to this Subsection being referred to herein as termination “Without
Cause”) or in accordance with any other applicable subsection under this Section 1.5(a) if
and to the extent grounds for any such determination should exist; or

(vi) Termination For Good Reason by Executive. Subject to the notice and cure
provisions described below, at the election of Executive for Good Reason; provided,
however, that any such termination on account of Good Reason shall occur in any
event not later than sixty (60) days following the date on which such event is claimed to
have occurred by Executive. “Good Reason” shall occur only upon (A) a material diminution
in Executive’s authority, duties or responsibility; (B) any other action or inaction that
constitutes a material breach by Company of this Agreement; or (C) a material change in
Executive’s Employment Base out of which or from which he is required to perform his
services under this Agreement (for purposes of this subsection, a material change shall mean
Executive’s Employment Base is relocated more than fifty (50) miles outside of the
Employment Base without Executive’s prior written consent; “Employment Base” shall mean
Orange County, California). Notwithstanding the foregoing, Executive’s right to terminate
this Agreement for Good Reason shall be conditioned upon and may in no event be exercised
until and unless Executive shall have provided Company written notice within thirty (30)
days of the initial existence of any such condition, upon notice of which Company shall
thereafter have thirty (30) days within which it may remedy the condition; provided,
further, that in no event shall travel (whether same-day, overnight, extended stay or
otherwise) for or on behalf of Company or any Affiliate thereof cause or otherwise
constitute a material change in Executive’s Employment Base and Executive shall have no
right to terminate this Agreement for Good Reason on account of such travel requirements.

(b) Other Remedies. Termination pursuant to Section 1.5(a)(iv) or 1.5(a)(vi) above
shall be in addition to and without prejudice to any other right or remedy to which Company or
Executive, respectively, may be entitled at law, in equity or otherwise under this Agreement.

1.6 Payment Upon Separation From Service.

(a) Voluntary Termination, Termination for Cause, or Termination for Death or
Disability. In the case of a termination of Executive’s employment by mutual agreement under
Section 1.5(a)(i) above, on account of Executive’s Death or Disability under Section 1.5(a)(ii)
above, or by Executive’s Voluntary termination under Section 1.5(a)(iii) above, or by Company for
Cause in accordance with Section 1.5(a)(iv) above, (i) Company shall pay to Executive (or his
estate or guardian, as the case may be) and Executive (or his estate or guardian, as the case may
be) shall be entitled to be paid the following as and to the extent the same shall have been earned
through the Termination Date: (A) in all such events, Base Compensation earned, but unpaid and any
Business Expenses so long as any such reimbursement request shall be submitted not later than
ninety (90) days following Executive’s Separation From Service; and (B) in the case of Death or
Disability, accrued, but unpaid Bonus Payments; accrued but unused vacation or personal leave days
to the extent convertible into cash under Company’s policies; and vested benefits under any
employee benefit or stock option plan or agreement; provided, however, that in no
event shall Executive be entitled to receive payment of, and Company shall have no obligation to
pay, any severance or similar compensation attributable to such termination. Company shall pay all
such amounts that are due and payable in cash within thirty (30) days of the Termination Date,
subsequent to any such payment, Company’s obligations under this Agreement shall immediately cease.

(b) Termination Without Cause by Company or For Good Reason by Executive.

(i) In General. Except as otherwise provided in Section 1.6, including, without
limitation, Section 1.6 (c) and (d) below, in the case of a termination of Executive’s
employment that constitutes a Separation from Service (as defined below) during the Initial
Term or any Renewal Term hereunder Without Cause in accordance with Section 1.5(a)(v) or for
Good Reason by Executive in accordance with Section 1.5(a)(vi) above,

(A) Base Compensation. Company shall pay, and Company shall continue to pay to
Executive (or, in the case of Death or Disability following the Termination Date,
his estate or guardian, as the case may be) his Base Compensation through the
Termination Date and thereafter for the Severance Period (as defined below);

(B) Health Benefits. Subject to the terms and conditions of any existing health and
welfare plan adopted by Company, Company shall extend to Executive and Executive
shall have the right to continue his and that of his eligible family members’
participation in and coverage under any such plans, with Company having the
obligation to either reimburse Executive or pay for the coverage premiums for the
duration of the Severance Period if and to the extent it had such an obligation
immediately prior to the Termination Date and is otherwise permitted by applicable
laws without further or additional expense to Company; provided,
however, that if Executive elects to continue his health benefits coverage
under COBRA, Company will pay COBRA premiums on behalf of the Executive or reimburse
the same to Executive, as determined by Company in its sole discretion, during the
Severance Period; except, however, that except as may otherwise be
required by applicable law, in no event shall Company have any such obligation under
this Subsection if he receives or is entitled to receive equivalent coverage and
benefits under the plans and programs of a subsequent employer or an employer of his
spouse, in which case Executive shall have an obligation to report to Company the
existence of any such offer or coverage, with any such participation and coverage
being paid or extended, as the case may be, on the same terms and conditions as was
made available immediately prior to his Separation From Service for the Severance
Period;

(C) Bonuses. Company shall pay to Executive (or, in the case of Death or Disability
following the Termination Date, his estate or guardian, as the case may be) his
accrued, but unpaid Bonus Payments;

(D) Expense Reimbursement. Company shall pay within 30 days of the Termination Date
to Executive (or, in the case of Death or Disability, his estate or guardian, as the
case may be) his unreimbursed Business Expenses pursuant to Section 1.4(e) hereof
incurred by Executive as of the Termination Date;

(E) Equity Compensation. Except as may otherwise be expressly stated to the
contrary in any applicable agreement or stock option plan, all unvested stock
options, restricted stock or other equity-based awards held by Executive shall
immediately vest; and

(F) Definitions. For purposes of this Agreement, the following phrases shall have
the meaning ascribed thereto:

(I) “Severance Period” shall mean that period beginning on Executive’s
Separation From Service and ending upon the date on which the Expiration Date would
have otherwise occurred but for the Termination Date; and

(II) “Severance Payment” shall mean the Base Compensation and such other
compensation for which Company has an obligation under this Agreement to pay during
the Severance Period and that is otherwise constitutes a severance payment within
the meaning of Code Section 409A.

(ii) Timing of Severance Payments.

(A) In General. Except as otherwise provided in this Section 1.6, any such
Severance Payments (as defined below) shall be payable in accordance with Company’s
normal payroll practices and subject to the tax withholding specified in Section
1.4(a) above, as full, final and complete satisfaction of such obligations under
this Agreement; provided, however, that Executive shall have no
further claims against Company for any further compensation whatsoever, other than
the payment of unreimbursed Business Expenses and the continuation of any employee
welfare benefits as may be and to the extent required by law.

(B) Severance Payments to Specified Employees. Notwithstanding any other provision
in this Agreement to the contrary, if Executive is considered a “Specified Employee”
(within the meaning of Code Section 409A(a)(2)(B)(i)) as of the date of any
Separation From Service, then any payment under this Agreement that would otherwise
be permitted under Treas. Reg. Section 1.409A-3(a)(1) may not be made to Executive
before the date that is six (6) months after the date of Executive’s Separation From
Service with Company or, if earlier than the end of such six month period,
Executive’s date of death. Company shall have the discretion to elect whether to
accumulate the amount to which Executive would otherwise be entitled to be paid
under this Section but for his classification as a Specified Employee and pay such
amount in a lump sum as of the first day of the seventh (7th) month
following the Separation From Service or if each payment to which Executive would be
otherwise entitled upon a Separation From Service is delayed by six months. The
amount of any such Severance Payment that is deferred under this subsection shall
accrue interest at the rate of eight percent (8%) until the same shall have been
paid in full.

(c) Payments Conditioned on Release of Claims. Unless it otherwise elects to waive any
such condition precedent, Company’s obligation to pay Executive with the Severance Payment, pay the
bonuses, continue the health benefits or vest the equity compensation as set forth in Sections
1.6(b)(i)(A), (B), (C) or (E), respectively (collectively, the Contingent Payments”), is contingent
upon Executive’s and Company’s execution of that certain Form of Release, a copy of which is
attached hereto and marked as Exhibit “C” (the “Release”). If Executive fails to sign the Release
within twenty-one (21) days of receipt of notice of termination pursuant to Section 1.5, or
subsequently rescinds the Release, Executive shall not be entitled to the Contingent Payments.

(d) WARN Act Offset. In the event that Executive’s termination Without Cause in
accordance with Section 1.5 above is covered by the Worker Adjustment Retraining Notification Act
or any law enacted by a state of the United States of America having a similar purpose (the “WARN
Acts”) at the time of Executive’s termination, or is deemed to be covered by a WARN Act
retrospectively within 90 days after Executive’s termination, the amount of any Severance Payment
or benefit continuation Executive is entitled to receive pursuant to Section 1.6 shall be reduced
by an amount equal to any payments Company is required to provide Executive under any WARN Act or
by the amount of pay Executive receives during any portion of a WARN Act’s notice period where
Executive does not perform any work for Company.

2. EXECUTIVE’S REPRESENTATIONS AND WARRANTIES.

Executive represents and warrants to Company that (a) this Agreement is valid and binding upon and
enforceable against him in accordance with its terms, (b) Executive is not bound by or subject to
any contractual or other obligation that would be violated by his execution or performance of this
Agreement, including, but not limited to, any non-competition agreement presently in effect, and
(b) Executive is not subject to any pending or, to Executive’s knowledge, threatened claim, action,
judgment, order, or investigation that could adversely affect his ability to perform his
obligations under this Agreement or the business reputation of Company. Executive has not entered
into, and agrees that he will not enter into, any agreement either written or oral in conflict
herewith.

	3.	 	MISCELLANEOUS.

3.1 Notices. All notices, requests, and other communications hereunder must be in writing and
will be deemed to have been duly given only if delivered personally against written receipt or by
facsimile transmission with answer back confirmation or mailed (postage prepaid by certified or
registered mail, return receipt requested) or by overnight courier to the parties at the following
addresses or facsimile numbers:

If to the Executive, to:

Carl Kukkonen

33841 Mercator Isle

Dana Point CA 92629

fax 949-248-2711

phone 626-695-9250

If to Company, to the Board at the following address:

VIASPACE Green Energy Inc.

121 Bells Ferry Lane

Marietta, Georgia 30066

Attn: Board of Directors

With copy to:

Frank McDaniel, Esq.

McDaniel Law Group, PC

PO Box 681235

Marietta, Georgia 30068-0021

All such notices, requests and other communications will (a) if delivered personally to the
addresses as provided in this Section be deemed given upon delivery, (b) if delivered by facsimile
transmission to the facsimile number as provided in this Section be deemed given upon receipt, and
(c) if delivered by mail in the manner described above to the addresses as provided in this Section
be deemed given upon receipt (in each case regardless of whether such notice, request, or other
communication is received by any other person to whom a copy of such notice, request or other
communication is to be delivered pursuant to this Section). Any party from time to time may change
its address, facsimile number, or other information for the purpose of notices to that party by
giving written notice specifying such change to the other parties hereto.

3.2 Authorization to be Employed. This Agreement, and Executive’s employment hereunder, is
subject to Executive providing Company with legally required proof of Executive’s authorization to
be employed in the United States of America.

3.3 Entire Agreement. This Agreement, together with the Statement (both of which being
entered into by and between Company and Executive of even date herewith), supersedes any and all
prior discussions and agreements between the parties with respect to the subject matter hereof and
contains the sole and entire agreement between the parties hereto with respect thereto.

3.4 Survival. The parties hereby acknowledge and agree that, notwithstanding any provision of
this Agreement to the contrary, their respective obligations pursuant to Sections 1.6 2, 3 and the
Statement shall survive the termination of this Agreement, the Employment Term and/or the
Executive’s employment with Company.

3.5 Waiver. Any term or condition of this Agreement may be waived at any time by the party
that is entitled to the benefit thereof, but no such waiver shall be effective unless set forth in
a written instrument duly executed by or on behalf of the party waiving such term or condition. No
waiver by any party hereto of any term or condition of this Agreement, in any one or more
instances, shall be deemed to be or construed as a waiver of the same or any other term or
condition of this Agreement on any future occasion. All remedies, either under this Agreement or
by law or otherwise afforded, will be cumulative and not alternative.

3.6 Amendment. This Agreement may be amended, supplemented, or modified only by a written
instrument duly executed by or on behalf of each party hereto.

3.7 Recovery of Attorney’s Fees. In the event of any litigation arising from or relating to
this Agreement, the prevailing party in such litigation proceedings shall be entitled to recover,
from the non-prevailing party, the prevailing party’s reasonable costs and attorney’s fees, in
addition to all other legal or equitable remedies to which it may otherwise be entitled.

3.8 No Third Party Beneficiary. The terms and provisions of this Agreement are intended
solely for the benefit of each party hereto and Company’s successors or assigns, and it is not the
intention of the parties to confer third-party beneficiary rights upon any other person.

3.9 No Assignment; Binding Effect. This Agreement shall inure to the benefit of any
successors or assigns of Company. Company may assign this agreement to a controlled subsidiary (as
such term is defined under the final regulations promulgated pursuant to Internal Revenue Code
Section 409A). Executive shall not be entitled to assign his obligations under this Agreement.

3.10 Headings. The headings used in this Agreement have been inserted for convenience of
reference only and do not define or limit the provisions hereof.

3.11 Severability. Company and Executive intend all provisions of this Agreement to be
enforced to the fullest extent permitted by law. Accordingly, if a court of competent jurisdiction
determines that the scope and/or operation of any provision of this Agreement is too broad to be
enforced as written, Company and Executive intend that the court should reform such provision to
such narrower scope and/or operation as it determines to be enforceable. If, however, any
provision of this Agreement is held to be illegal, invalid, or unenforceable under present or
future law, and not subject to reformation, then (a) such provision shall be fully severable, (b)
this Agreement shall be construed and enforced as if such provision was never a part of this
Agreement, and (c) the remaining provisions of this Agreement shall remain in full force and effect
and shall not be affected by illegal, invalid, or unenforceable provisions or by their severance.

3.12 Governing Law and Jury Trial. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF GEORGIA APPLICABLE TO CONTRACTS EXECUTED AND PERFORMED IN
SUCH STATE WITHOUT GIVING EFFECT TO CONFLICTS OF LAWS PRINCIPLES. BECAUSE DISPUTES ARISING IN
CONNECTION WITH COMMERCIAL MATTERS, INCLUDING EMPLOYMENT AGREEMENTS, ARE MOST QUICKLY AND
ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND
FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES (IF
ANY) BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST
COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, THE PARTIES HERETO WAIVE ALL
RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER
ARISING IN CONTRACT, TORT, OR OTHERWISE BETWEEN THE PARTIES ARISING OUT OF, CONNECTED WITH, RELATED
TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED BETWEEN THEM IN CONNECTION WITH THIS EMPLOYMENT
AGREEMENT OR MATTERS RELATED HERETO.

3.13 Jurisdiction. The parties hereby consent to the personal jurisdiction and venue of any
court physically located within the County of Cobb, State of Georgia, United States of America, in
connection with any legal or equitable action between the parties arising out of or in connection
with this Agreement.

3.14 Counterparts. This Agreement may be executed in any number of counterparts and by
facsimile, each of which will be deemed an original, but all of which together will constitute one
and the same instrument.

3.15 Opportunity to Obtain Counsel. In connection with the preparation of this Agreement,
Executive acknowledges and agrees that: (a) this Agreement was prepared by legal counsel to Company
(the “Law Firm”) solely on behalf of Company and not on behalf of Executive; (b) Executive has been
advised that his interests may be opposed to the interests of Company and, accordingly, the Law
Firm’s representation of Company in the preparation of this Agreement may not be in the best
interests of Executive; and (c) Executive has been advised to retain separate legal counsel.
Executive warrants and agrees that he has had a reasonable opportunity to obtain independent legal
counsel with regard to the terms and conditions of this Agreement, to include, without limitation,
advice regarding compliance with Code Section 409A, for which Executive makes no reliance on
Company or Law Firm, and has read and fully understands the terms and conditions of this Agreement.
If Executive elects not to consult with any such counsel, he has done so freely and of his own
volition. By signing this Agreement, Executive is affirming that he has freely and of Executive’s
own volition acknowledged and agreed to all terms and conditions contained in this Agreement.

3.16 Construction and Interpretation. Should any provision of this Agreement require judicial
interpretation, the parties hereto agree that the court interpreting or construing the same shall
not apply a presumption that the terms hereof shall be more strictly construed against one party by
reason of the rule of construction that a document is to be more strictly construed against the
party that itself, or through its agent, prepared the same, and it is expressly agreed and
acknowledged that Company and Executive and each of his and its representatives, legal and
otherwise, have participated in the preparation hereof.

3.17 Code Section 409A. Notwithstanding anything to the contrary contained herein, this
Agreement is intended to, but no assurance is made by Company or Law Firm that the provisions
hereof, satisfy the requirements of Code Section 409A. Accordingly, all provisions herein, or
incorporated by reference, shall be construed and interpreted to satisfy the requirements of Code
Section 409A. Further, for purposes of Code Section 409A, each payment of compensation under this
Agreement shall be treated as a separate payment of compensation. Any reimbursements or in-kind
benefits provided under this Agreement shall be made or provided in accordance with the
requirements of Code Section 409A, including, where applicable, the requirement that (a) any
reimbursement is for expenses incurred during the period of time specified in this Agreement, (b)
the amount of expenses eligible for reimbursement, or in kind benefits provided, during a calendar
year may not affect the expenses eligible for reimbursement, or in kind benefits to be provided, in
any other calendar year, (c) the reimbursement of an eligible expense will be made no later than
the last day of the calendar year following the year in which the expense is incurred, and (d) the
right to reimbursement or in kind benefits is not subject to liquidation or exchange for another
benefit. All references to “Separation From Service” contained in this Agreement shall mean
“separation from service” as determined in accordance with Treasury Regulation Section 1.409A-1(h).

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on the date
first set forth above.

COMPANY

VIASPACE Green Energy, Inc.

	 
	Signature:

	 

	Printed Name: Sung H. Chang

Title: President

	EXECUTIVE

Signature:

	 

Printed Name: Carl Kukkonen

VIASPACE, Inc. hereby agrees to (b) pay Executive the compensation described in the second sentence
of Section 1.4(a) of this Agreement by issuing to Executive shares of VIASPACE common shares having
a value required to satisfy such obligation; and (b) be subject to the terms and conditions of
Section 3 of this Agreement as a party hereto, including, without limitation, Sections 3.12 and
3.13.

AGREED AND ACKNOWLEDGED:

VIASPACE, Inc.

By:       

Name:       

Title:       

Exhibit “A”

VIASPACE GREEN ENERGY, INC.

STATEMENT

OF ADDITIONAL TERMS AND CONDITIONS

RELATING TO EMPLOYMENT AGREEMENT

THIS STATEMENT OF ADDITIONAL STANDARD TERMS AND CONDITIONS RELATING TO EMPLOYMENT AGREEMENT (the
“Agreement”) is made a part of and incorporated into that certain Employment Agreement made and
entered into of even date herewith by and between VIASPACE Green Energy, Inc., a British Virgin
Island company (“Company”), and Carl Kukkonen, a resident of the State of California, United States
of America (“Executive”)(the “Employment Agreement”). Except as otherwise defined herein, all
capitalized terms and phrases shall have the meaning ascribed thereto in the Employment Agreement.
Company and Executive are sometimes collectively referred to in this Agreement as the “Parties.”

VIASPACE GREEN ENERGY, INC.

Authorized Signature:      

Printed Name: Sung H. Chang

Position: Authorized Officer

	 	 	 
	EXECUTIVE
	 	Address:

	Signature:       

Printed Name: Carl Kukkonen
	 	—

33841 Mercator Isle

Dana Point CA 92629

Telephone No.: 626-695-9250

Facsimile No.: 949-248-2711

TERMS AND CONDITIONS

In consideration of the benefits each Party receives as a result of and under the Employment
Agreement and relationship created thereby, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be
legally bound by this Agreement, hereto hereby agree as follows:

1. Definitions. For purposes of this Agreement, the following terms and phrases shall have
the meaning ascribed thereto:

“Affiliate” means, with respect to a particular party, a person, directly or indirectly, whether
before, as of or following the Effective Date, that controls, is controlled by or is under common
control with such party. For purposes of this definition, “control” shall mean beneficial
ownership (direct or indirect) of more than 50% of the outstanding voting stock or other voting
rights entitled to elect directors (or in the case of an entity that is not a corporation the
election or appointment of the corresponding managing authority); provided,
however, that in any country where the local law shall not permit foreign equity
participation of more than 50%, then an “Affiliate,” as to Licensee shall further include any
company in which the Licensee shall own or control, directly or indirectly, the maximum percentage
of such outstanding stock or voting rights permitted by local law or otherwise exercises control
over the management of such company.

“Company Products” shall mean any and all (i) Developments made, conceived or created by Executive
and relating to the Restricted Business during the term of this Agreement and (ii) Work Products.

“Confidential Information” shall mean any and all proprietary and confidential technical and
nontechnical data, information, agreements, documents or other property of Company or any Affiliate
thereof, other than “Trade Secrets,” and Proprietary Rights thereto, which is of tangible or
intangible value to Company or any Affiliate thereof and is not public information or is not
generally known or available to Company’s competitors, but is known only to Company or its
Affiliates and their employees, independent contractors or agents to whom it must be confided in
order to apply it to the uses intended, including, without limitation, all business methods,
practices and concepts; business and financial information and records, including, without
limitation, accounting records, tax returns, financial statements, projections, forecasts or other
budgets, other financial data or plans, business plans and strategies; product plans, customer
lists and other customer-related information; vendor or supplier lists and other vendor or
supplier-related information; computer or data base files; passwords or other access codes;
software programs, language, algorithms, codes or “fingerprints”; reports; analyses; notes;
interpretations; formulae, processes, technology, inventions, patents, and the Proprietary Rights
thereto; the terms of this Agreement and any other agreement between the Parties; Company Products
and Moral Rights.

“Developments” shall mean any ideas, concepts, invention, modification, discovery, design,
development, improvement, process, work of authorship, algorithm, documentation, formula, data,
technique, know-how, source code and object code and other computer codes and software programs,
technology, research, know-how and other Intellectual Property any and all Proprietary Rights
therein or thereto (whether or not patentable or registerable under copyright, trademark or similar
statutes or subject to analogous protection); provided, however, that in no event
shall the term “Developments” include the Excluded Property.

“Excluded Property” shall mean those items of personal property either owned by Executive or to
which Executive has exclusive rights and listed on Schedule “1,” entitled “Excluded Property,”
which is attached hereto and made a part hereof.

“Intellectual Property” shall mean all of the following in any jurisdiction throughout the world:
(a) all inventions (whether patentable or unpatentable and whether or not reduced to practice), all
improvements thereto, and all patents, patent applications, and patent disclosures, together with
all reissuances, continuations, continuations-in-part, revisions, extensions, and reexaminations
thereof, (b) all trademarks, service marks, trade dress, logos, slogans, trade names, corporate
names, Internet domain names, and rights in telephone numbers, together with all translations,
adaptations, derivations, and combinations thereof and including all goodwill associated therewith,
and all applications, registrations, and renewals in connection therewith, (c) all copyrightable
works, all copyrights, and all applications, registrations, and renewals in connection therewith,
(d) all mask works and all applications, registrations, and renewals in connection therewith, (e)
all trade secrets and confidential business information (including ideas, research and development,
show-how, know-how, formulas, compositions, manufacturing and production processes and techniques,
technical data, designs, drawings, specifications, customer and supplier lists, pricing and cost
information, and business and marketing plans and proposals), (f) all computer software (including
source code, executable code, data, databases, and related documentation), (g) all material
advertising and promotional materials, (h) all other proprietary rights, and (i) all copies and
tangible embodiments thereof (in whatever form or medium).

“Moral Rights” shall mean all rights of paternity, integrity, disclosure and withdrawal and any
other rights that may be known as or referred to as “moral rights,” “artist’s rights,” “droit moral
rights,” or the like.

“Person” shall mean any individual, partnership, limited partnership, limited liability
partnership, limited liability company, corporation, trust, association, non-profit or charitable
organization or other entity, or an unincorporated organization, a governmental entity or any
department or agency thereof.

“Proprietary Rights” shall mean all patent rights, copyrights, sui generis rights, trade secrets,
mask work rights, and other Intellectual Property rights throughout the world.

“Restricted Business” shall mean any endeavors, directly or indirectly, in the (a) relating to the
use of grasses as a source of or for fuel or energy; or (b) the use of art or frames relating
thereto; or (c) any other effort or enterprise undertaken by Company or any Affiliate thereof and
approved by the Board during the Employment Term; and (d) any other activity, effort or enterprise
relating thereto, including, without limitation, development, research, making, manufacturing,
marketing, promotion, license, sale, buying, importation, exportation, or other commercialization
efforts or the licensing or sublicensing of any such activities, efforts or enterprises.

“Trade Secrets” shall mean information, including, but not limited to, any and all Intellectual
Property, Developments, Work Product and any and all other Confidential Information and Proprietary
Rights thereto, of Company or any Affiliate thereof that: (a) derives economic value, actual or
potential, from not being generally known to, and not being readily ascertainable by proper means
by, other persons who can obtain economic value from its disclosure or use; and (b) is the subject
of efforts that are reasonable under the circumstances to maintain its secrecy (to the extent that
applicable law mandates a definition of “trade secret” inconsistent with the foregoing definition,
then the foregoing definition shall be construed in such a manner as to be consistent with the
mandated definition under applicable law).

“Work Product” shall mean all of Executive’s right, title, and interest in and to any and all
Developments (and all Proprietary Rights with respect thereto), whether or not patentable or
registerable under copyright or similar statutes, that was or is developed, made, conceived or
reduced to practice or learned by Executive, either alone or jointly with others, during the period
of Executive’s employment or within twelve (12) months following the Termination Date.

2. Restrictive Covenants.

(a) Nondisclosure. Executive acknowledges that he may be exposed to certain Confidential
Information and Trade Secrets and the Proprietary Rights thereto during the Employment Term, and
his unauthorized use or disclosure of such information, data or rights could cause immediate and
irreparable harm to Company. Accordingly, except to the extent that he is required to use such
property, information, technology or data to perform his obligations as an employee of Company,
Executive agrees that he shall not (and shall take full responsibility for ensuring that none of
his agents), without the express and duly authorized written consent of Company, redistribute,
market, publish, disclose or divulge to any other Person, or use or modify for use, directly or
indirectly in any way for any Person (i) any of Company’ Confidential Information and Proprietary
Rights thereto during his Employment Term and for a period of three (3) years immediately
thereafter; and (ii) any of Company’ Trade Secrets and Proprietary Rights thereto at any time
during which such information shall constitute a Trade Secret (whether before, during or after
termination of the Employment Term).

(b) Exception to Confidentiality Obligation. The confidentiality obligations hereunder shall
not apply to information that can be demonstrated by Executive to:

(i) have been developed independently by or known to Executive prior to his first
having become employed with Company, whether or not under this Agreement, and not otherwise
assigned, transferred or otherwise conveyed to Company under this Agreement or any other
agreement;

(ii) not have been acquired, directly or indirectly, by Executive from the Company or
from a third party under an obligation of confidence and limited use;

(iii) have been rightfully received by Executive in accordance with this Agreement
after disclosure to Company from a third party who did not require Executive to hold it in
confidence or limit its use and who did not acquire it, directly or indirectly, from the
Company under a continuing obligation of confidence;

(iv) have been in the public domain as of the date of this Agreement, or comes into the
public domain during the term of this Agreement through no fault of Executive; or

(v) to be required to be disclosed by a governmental or other regulatory body or by
action of law.

(c) Limitation on Solicitation of Customers and Personnel. During the Employment Term and for
a period of two (2) years immediately thereafter, Executive shall not, directly or indirectly,
alone or in conjunction with any other Person, (i) solicit any actual or actively sought
prospective client or customer of Company with whom or which Executive had material contact during
the Employment Term or with respect to whom or which Executive was provided Confidential
Information by Company during the Employment Term (an “Company Customer”) for the purpose of
providing such Company Customer products or services that are substantially similar to or
competitive with the Restricted Business, (ii) solicit any employee, other personnel or independent
contractor of Company (a “Protected Person”) for the purpose of encouraging such Protected Person
to sever an employment, contractual or other relationship with Company or (iii) hire or otherwise
retain a Protected Person to perform services of a nature substantially similar to that which such
Protected Person performed for Company within a one (1) year period prior to any such hiring or
engagement.

(d) Refrain from Competitive Activities. During the Employment Term and for a period
terminating two years after termination of employment, Executive, without Company’s prior written
permission, shall not for any reason whatsoever, (i) enter into the employment of or render or
perform any services, directly or indirectly, to any individual or other person, firm or
corporation engaged in the Restricted Business; or (ii) engage, directly or indirectly, in the
Restricted Business, whether as an individual, partner, shareholder, creditor, director, officer,
principal, agent, employee, trustee, consultant, advisor or in any other relationship or capacity.

3. Assignment of Company Products.

(a) Company owns and shall own and Executive hereby agrees to assign and assigns to Company
any and all Company Products, to the fullest extent allowable by law, and Executive shall promptly
disclose such Company Property to Company. If Executive uses or discloses its own or any third
party’s confidential information or Intellectual Property when acting within the scope of its
employment or engagement or otherwise on behalf of Company, Company will have and Executive hereby
grants Company a perpetual, irrevocable, worldwide, royalty-free, non-exclusive, sublicensable
right and license to exploit and exercise all such confidential information and Intellectual
Property rights.

(b) Executive further acknowledges that all original works of authorship that are made by him
(solely or jointly with others) during the term of Executive’s employment or engagement with
Company and that are within the scope of is employment or engagement and protectable by copyright
are “works made for hire,” as that term is defined in the United States Copyright Act (17 U.S.C. §
101).

(c) To the extent Executive retains any such Moral Rights under applicable law, Executive
hereby waives such Moral Rights and consents to any action with respect to such Moral Rights by or
authorized by Company and specifically grants to Company the right to alter such Company Products.
Executive will confirm any such waivers and consents from time to time as requested by Company.

4. Enforcement of Proprietary Rights.

(a) Executive will assist Company in every proper way to obtain and from time to time enforce
United States and foreign Proprietary Rights relating to Company Products in any and all countries.
To that end, Executive will execute, verify, and deliver such documents and perform such other
acts (including appearances as a witness) as Company may reasonably request for use in applying
for, obtaining, perfecting, evidencing, sustaining, and enforcing such Proprietary Rights and the
assignment thereof. In addition, Employee will execute, verify, and deliver assignments of such
Proprietary Rights to Company or its designee. Executive’s obligation to assist Company with
respect to Proprietary Rights relating to such Company Products in any and all countries shall
continue beyond the termination of Executive’s employment or engagement, but Company shall
compensate Executive at a reasonable rate after termination of its employment or engagement for the
time actually spent by Executive at Company’s request on such assistance.

(b) In the event Company is unable for any reason, after reasonable effort, to secure
Executive’s signature on any document needed in connection with the actions specified in the
preceding paragraph, Executive hereby irrevocably designates and appoints Company and its duly
authorized officers and agents as its agent and attorney in fact, coupled with an interest, to act
for and on its behalf to execute, verify, and file any such documents and to do all other lawfully
permitted acts to further the purposes of the preceding paragraph thereon with the same legal force
and effect as if executed by Executive. Executive hereby waives and quitclaims to Company any and
all claims, of any nature whatsoever, that Executive now or may hereafter have for infringement of
any Proprietary Rights assigned hereunder to Company.

5. No Conflicting Obligation. Executive represents that its performance of all the terms
of this Agreement and as an employee or consultant of Company does not and will not breach any
agreement between it and any other employer, person or entity. Executive has not entered into, and
it agrees it will not enter into, any agreement either written or oral in conflict herewith.
Executive shall, during the term of its employment or engagement, diligently promote the interests
of Company. Executive shall serve Company to the best of its ability, faithfully, honestly,
diligently and efficiently.

6. Return of Company Documents. When Executive’s employment with or engagement by Company
ceases for any reason (or no reason), Executive will promptly deliver to Company all drawings,
notes, memoranda, specifications, devices, formulas, and documents, together with all copies
thereof, and any other material (and regardless of whether any of the foregoing is kept in physical
or electronic form) containing or disclosing any Confidential Information and Trade Secrets,
including, without limitation, Company Products and Proprietary Rights relating thereto of Company.
Executive further agrees that any property situated on Company’ premises and owned by Company,
including disks and other storage media, filing cabinets or other work areas, is subject to
inspection by Company personnel at any time with or without notice.

7. Acknowledgment. Executive acknowledges and agrees that the covenants set forth in this
Agreement are reasonable given Company’ need to protect its Trade Secrets and Confidential
Information, particularly given the complexity and competitive nature of the technology industry,
and that Executive has sufficient resources to find alternative, commensurate employment in his
respective fields of expertise that would not violate this Agreement.

8. Remedies; Damages, Injunctions and Specific Performance. It is expressly understood and
agreed that the covenants, agreements and services to be rendered and performed by Executive under
this Agreement shall survive any termination or expiration of this Agreement, whether voluntary or
involuntary, with or without cause, and are special, unique, and of an extraordinary character. In
the event of any default, breach or threatened breach by Executive of this Agreement, Company shall
be entitled, if it so elects, to institute and prosecute proceedings in any court of competent
jurisdiction, either at law or in equity, and shall be entitled to such relief as may be available
to it pursuant hereto, at law or in equity, including, without limitation: (a) damages for any
breach of this Agreement; (b) an order for the specific performance hereof by Executive; or (c) an
order enjoining Executive from breaching such provisions, without bond and without prejudice to any
other rights and remedies that Company may have for a breach of this Agreement.

9. Tolling. Executive hereby expressly acknowledges and agrees that in the event the
enforceability of any of the terms of this Agreement shall be challenged in court or pursuant to
arbitration and Executive is not enjoined (either temporarily or permanently) from breaching any of
the restraints set forth in this Agreement, then if a court of competent jurisdiction or
arbitration panel finds subsequently that the challenged restraint is enforceable, the time period
of the restraint shall be deemed tolled upon the filing of the lawsuit challenging the
enforceability of the restraint until the dispute is finally resolved and all periods of appeal
have expired.

10. Ancillary Agreement. This Agreement shall be construed as an agreement ancillary to
that certain Employment Agreement entered into of even date herewith and by and among Company, and
Executive (to which this Agreement is attached as Exhibit A (the “Employment Agreement”), and the
existence of any claim or cause of action of Executive against Company, whether predicated on this
Agreement or otherwise, shall not constitute a defense to the enforcement by Company of this
Agreement.

11. Binding Effect and Assignability. The rights and obligations of Company under this
Agreement shall inure to the benefit of and shall be binding upon any affiliate, successor or
assign of or to the business of Company. Neither this Agreement nor any rights or obligations of
Executive shall be transferable or assignable by Executive without Company’s prior written consent,
and any attempted transfer or assignment hereof by Executive not in accordance herewith shall be
null and void.

12. Severability. All Sections, subsections, paragraphs, terms and provisions of this
Agreement are severable, and the unenforceability or invalidity of any of the terms, provisions,
Sections, subsections or paragraphs of this Agreement shall not affect the validity or
enforceability of the remaining terms, provisions, Sections, subsections or paragraphs of this
Agreement, but such remaining terms, provisions, Sections, subsections or paragraphs shall be
interpreted and construed in such a manner as to carry out fully the intention of the Parties.

13. Captions and Counterparts. The Section headings in this Agreement are for convenience
of reference only and shall not affect the meaning or interpretation hereof. This Agreement may be
executed in any number of counterparts, each of which shall be deemed to be an original, but all of
which shall together constitute one and the same instrument.

14. Notices. Any notice or other communication required or permitted hereunder shall be in
writing and shall be deemed to have been duly given on the date of service if personally served or
if telecopied (if telecopied on a business day and during business hours at the place of receipt
and if receipt is confirmed) or three (3) days after mailed if mailed by reputable international
overnight delivery service, postage prepaid and in any event addressed to the address set forth in
the signature clause to this Agreement or to such other address as shall be designated by written
notice issued pursuant hereto.

15. Recovery of Attorney’s Fees. In the event of any litigation arising from or relating
to this Agreement, the prevailing party in such litigation proceedings shall be entitled to
recover, from the non-prevailing party, the prevailing party’s reasonable costs and attorney’s
fees, in addition to all other legal or equitable remedies to which it may otherwise be entitled.

16. Waiver. The waiver by any party to this Agreement of a default or breach of any
Section, subsection or provision of this Agreement shall not operate or be construed as a waiver of
any prior or subsequent default or breach of the same or of a different Section, subsection or
provision by any party hereto.

17. Governing Law and Waiver of Jury Trial. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF GEORGIA, UNITED STATES OF AMERICA APPLICABLE
TO CONTRACTS EXECUTED AND PERFORMED IN SUCH STATE WITHOUT GIVING EFFECT TO CONFLICTS OF LAWS
PRINCIPLES. BECAUSE DISPUTES ARISING IN CONNECTION WITH COMMERCIAL MATTERS, INCLUDING EMPLOYMENT
AGREEMENTS, ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE
PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE
PARTIES DESIRE THAT THEIR DISPUTES (IF ANY) BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS.
THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF
ARBITRATION, THE PARTIES HERETO WAIVE ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR
PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE BETWEEN
THE PARTIES ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP
ESTABLISHED BETWEEN THEM IN CONNECTION WITH THIS EMPLOYMENT AGREEMENT OR MATTERS RELATED HERETO.

18. Entire Agreement. This Agreement, together with the Employment Agreement to which this
Agreement is attached as Exhibit A and entered into between the Company, and Executive, contains
the complete agreement concerning the employment arrangement between Company and Executive as of
the date hereof.

19. Construction and Interpretation. Should any provision of this Agreement require
judicial interpretation, the parties hereto agree that the court interpreting or construing the
same shall not apply a presumption that the terms hereof shall be more strictly construed against
one party by reason of the rule of construction that a document is to be more strictly construed
against the party that itself, or through its agent, prepared the same, and it is expressly agreed
and acknowledged that Company and Executive and each of his and its representatives, legal and
otherwise, have participated in the preparation hereof.

EXHIBIT B

MUTUAL RELEASE AGREEMENT

IN CONNECTION WITH TERMINATION

OF EMPLOYMENT [WITHOUT CAUSE]

[FOR GOOD REASON]

THIS RELEASE AGEEMENT IN CONNECTION WITH TERMINATION OF EMPLOYMENT [WITHOUT CAUSE][FOR GOOD
REASON] (the “Release”) is made and entered into as of the        day of        200       (the “Effective
Date”), by and between       , a resident of the State of [      ] (“Executive”) and       ,
Inc., (“Company”), a        corporation. Unless otherwise defined herein, capitalized terms and
phrases shall have the meaning ascribed thereto in the Employment Agreement (as defined below).

W I T N E S S E T H:

WHEREAS, Executive and Company entered into that certain Executive Employment Agreement dated
as of the        day of        20       (together with the Statement, the “Employment Agreement”);

WHEREAS, [Company][Executive] has determined to terminate the Employment Agreement and
Executive’s employment thereunder [without Cause][for Good Reason] (the “Termination”);

WHEREAS, following the Termination Date, Executive is entitled to be paid the Severance
Payment, but only upon and following his execution of this Release; and

WHEREAS, based on the foregoing, Company has prepared this Release for Executive’s review and
execution, subsequent to which and upon and all terms and conditions hereof becoming effective,
Executive will thereafter become entitled to be paid the Severance Payments as and to the extent
the same are provided under the Employment Agreement.

NOW, THEREFORE, in consideration of the mutual promises and undertakings contained herein, and
for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:

1. Severance Payments. Subject to and conditioned upon this Release becoming fully
effective in all respects following the Termination Date, Company shall pay to Executive the
Contingent Payments as and to the extent the same are provided under the Employment Agreement.
Notwithstanding any provision of this Release to the contrary, in no event shall this Release have
any effect on (a) D&O Claims (as defined below) to or on which Executive may be entitled to rely;
(b) Claims (as defined below) against Executive for breach of fiduciary duty to Company or any
Affiliate thereof, act or omission constituting gross negligence, fraud or violation of any
applicable rule, regulation or law, or which Executive is not otherwise entitled to indemnification
under either the governing documents for Company or any Affiliate thereof or applicable law; or (c)
either party’s Claims based on acts or omissions occurring after the date hereof in breach of the
Statement or any term or condition of the Employment Agreement if such term or condition survived
the Termination of such Employment Agreement, with the Statement and such surviving terms and
conditions of the Employment Agreement continuing to be enforceable against the parties thereto for
the applicable period of limitations; ; or (c) Claims based on or arising under the Security
Documents as defined under that certain Secured Promissory Note issued in favor of Sung H. Chang as
of the        day of May 2010.

2. Executive Releases, Waiver, and Covenant Not to Sue.

(a) Release. Except as otherwise provided in Section 1, of this Release, as of and coincident
with the Effective Date, Executive hereby and forever releases and discharges Company and Company’s
shareholders, officers, directors, affiliates, agents, successors, assigns and insurers
(collectively, the “Company Released Parties”) from any and all Claims (other than D&O Claims) he
has or may have from the beginning of time to the Effective Date, including, without limitation,
any and all Claims arising under or relating to his Employment Agreement, Stock Option Agreement or
any termination thereof or rights thereunder or to any other compensatory-related Claims (the
“Executive Claims”). The foregoing release shall constitute a complete and general release of all
such Executive Claims, a waiver of such Claims and a covenant not to sue thereon, and Executive
shall be deemed to have fully, finally, and forever settled, discharged, released, waived, and
abandoned any and all Executive Claims he had, may have had, has or may have, and the foregoing
release shall in all respects and in any event and in all cases be deemed to release each of the
Company Released Parties from any injury, damage, liability, responsibility, or obligation
Executive may have suffered with respect to the Executive Claims.

[COMPANY SHALL HAVE THE RIGHT TO MAKE SUCH CHANGES TO THIS FORM OF RELEASE AS MAY BE
NECESSARY AT THE TIME OF ITS EXECUTION TO CONFORM THE OBJECTIVES OF THIS RELEASE TO
APPLICABLE LAWS, INCLUDING, WITHOUT LIMITATION, THE LAWS OF ANY STATE OF THE UNITED STATES
(E.G., RELATING TO THE RELEASE OF UNKNOWN OR CONTINGENT CLAIMS), THE FEDERAL LAWS OF THE
UNITED STATES (E.G., RELATING TO THE RELEASE OF CLAIMS UNDER ADEA) OR THE BRITISH VIRGIN
ISLANDS]

(b) Definition. For purposes of this Release, the following terms and phrases shall have the
meaning ascribed thereto:

(i) “Claim” shall mean any and all causes of action, actions, affirmative defenses,
judgments, liens, indebtedness, damages, losses, claims, liabilities and demands of every
kind and character, whether known or unknown, suspected or unsuspected, existing or
prospective, from the beginning of time through and including the Termination Date,
including, without limitation, any and all claims, including claims based on, arising under
or otherwise relating to the Civil Rights Act of 1964, the Employee Retirement Income
Security Act of 1974, the Age Discrimination in Employment Act of 1967 (“ADEA”), the
Americans with Disabilities Act, the Vietnam Era Veterans Readjustment Act, all other
federal or state statutes regulating military service leaves, and all amendments thereof or
any other relevant or potentially applicable state and federal statutes; past wages or
salaries, emotional distress, personal injuries or damages, disability insurance or other
benefits (except vested retirement benefits), violation of any express or implied agreement,
written or verbal, and any common law duty, including claims for attorney fees.

(ii) “D&O Claims” means any Claims Executive may be entitled to assert, on
which Executive may rely or to which Executive may be entitled for or on account of which
relate to his having served Company or any Affiliate thereof as a director, officer or
employee, as the case may be, whether any such Claim arises under a written agreement, the
articles or certificate of incorporation, bylaws or any other governing document, applicable
law or otherwise, including, without limitation, any and all rights to indemnification or
policies of insurance policy that are intended for the protection or defend of persons
acting in any such capacity.

(c) No Admission. Executive acknowledges that this Release reflects the settlement of the
Executive Claims that are denied and contested, and agrees that the settlement reflected by this
Release shall not be construed as an admission of liability, guilt or innocence of Company.

(d) Covenant Not to Sue. Executive agrees that he will never institute any action for
suit-at-law or action against all or any one of the Company Released Parties, nor institute,
prosecute, or in any way aid in the institution or prosecution of any Executive Claim for damages,
costs, loss of services, expenses, or compensation for or on account of any damage, loss or injury,
either to person or property or both, whether developed or undeveloped, resulting to or to result,
known or unknown, past, present, or future, arising out of any Executive Claim that is, is to be or
has been released under Release.

3. Company Releases, Waiver and Covenant Not to Sue.

(a) Release. Except as otherwise provided in Section 1, of this Release, as of and coincident
with the Effective Date, Company hereby and forever releases and discharges Executive from any and
all Claims it has or may have from the beginning of time to the Effective Date, including, without
limitation, any and all Claims arising under or relating to Executive’s Employment Agreement, Stock
Option Agreement or any termination thereof or rights thereunder or to any other
compensatory-related Claims (the “Employment-Related Claims”). The foregoing release shall
constitute a complete and general release of all such Employment-Related Claims, a waiver of such
Claims and a covenant not to sue thereon, and Company shall be deemed to have fully, finally, and
forever settled, discharged, released, waived, and abandoned any and all Employment-Related Claims
it had, may have had, has or may have, and the foregoing release shall in all respects and in any
event and in all cases be deemed to release each of the Executive Released Parties from any injury,
damage, liability, responsibility, or obligation Company may have suffered with respect to the
Employment-Related Claims.

(b) No Admission. Company acknowledges that this Release reflects the settlement of the
Employment-Related Claims that are denied and contested, and agrees that the settlement reflected
by this Release shall not be construed as an admission of liability, guilt or innocence of
Executive.

(c) Covenant Not to Sue. Company agrees that it will never institute any action for
suit-at-law or action against all or any one of the Executive Released Parties, nor institute,
prosecute, or in any way aid in the institution or prosecution of any Employment-Related Claim for
damages, costs, loss of services, expenses, or compensation for or on account of any damage, loss
or injury, either to person or property or both, whether developed or undeveloped, resulting to or
to result, known or unknown, past, present, or future, arising out of any Employment-Related Claim
that is, is to be or has been released under Release.

4. Executive’s Acknowledgements, Representations and Warranties. In executing this
Release, Executive acknowledges, represents and warrants the following:

(a) He was encouraged by Company to consult with an attorney or other advisor of his choosing
regarding the terms and conditions of this Release, and he has either consulted with an attorney
regarding this Release or has intentionally chosen not to exercise his right to consult with an
attorney;

(b) He may revoke this Release at any time within seven consecutive calendar (7) days of the
Effective Date, by delivering to Company’s Chief Executive Officer written notice of such
revocation; but that Company shall have no obligation whatsoever to pay the Severance Payments
until both Executive shall have delivered a fully executed copy of this Release and such seven (7)
day revocation period shall have lapsed without Executive having exercised such revocation right;

(c) He has been provided a period of twenty-one (21) days in which to review this Release
prior to signing;

(d) He has read and understands each of the terms and conditions of this Release;

(e) His actions are voluntary and free from coercion or duress by Company or any of its
representatives; and

(f) He is not in breach and has engaged at no time prior to the Termination Date in any act or
omission that might otherwise constitute a breach of the Employment Agreement or any other
agreement referenced therein.

5. Non-Admission of Liability. By execution of this Release, each party specifically
denies any wrongdoing as to the other party, and specifically disclaims any violation of any law,
contract, public policy, or the commission of any tort.

6. Non-disparagement. The parties mutually agree that neither will disparage nor denigrate
the other or the others reputation, name or goodwill in any communication, verbal or written, with
any third-party, either during or after Executive’s employment with Company.

7. Breach/Tender of Proceeds. Should Executive violate or breach any term or condition of
this Release or the Employment Agreement and thereafter fail to cure any such default in accordance
with the terms thereof, Company’s obligation to pay the Severance Payments shall terminate upon and
coincident therewith, and Executive shall have no further rights to any such payments thereafter.
In the event Executive attempts to challenge the enforceability of this Release, Executive must, as
a precondition to bringing such challenge, tender to Company all monies and other tangible
consideration received by him pursuant to this Release, plus interest, and request Company to
retain such consideration and agree to cancel this Release. In the event Company does not accede
to any such request to cancel this Release, Company shall so notify Executive and place such
consideration thereafter in an interest-bearing escrow account pending resolution of any issue over
this Release’s enforceability.

8. Applicable Law. Unless expressly stated in this Release, the terms and conditions of
the Employment Agreement shall govern this Release as to matters of involving the handling of any
interpretation or disputes between the parties.

9. Entire Agreement. This Release and Employment Agreement, which agreement (except for
those provisions that survive) is terminated as of the Termination Date, contains the entire
understanding of the parties with respect to the matters set forth herein, and supersedes all
previous verbal and written agreements between them; provided that, for the avoidance of doubt, the
terms of this Release shall not modify the terms of the Employment Agreement unless specifically
set forth in Release. The terms and conditions of this Release and Employment Agreement cannot be
modified except in a subsequent writing agreed to and signed by Executive and the Chief Executive
Officer of Company.

10. Counterparts. This Release may be executed in counterparts, each of which, when
executed, shall be an original, and all of which together shall constitute one and the same
agreement. The signatories may execute this Release by facsimile counterparts, and a legible
facsimile of a signature shall be as effective as an original signature.

11. Assignment. This Release may not be assigned by either party without the written prior
consent of the other party, which consent shall not be unreasonably withheld, delayed, denied or
conditioned.

IN WITNESS WHEREOF, the parties have signed this Release on the dates written below.

	 	 	 
	ON BEHALF OF COMPANY:

	 	EXECUTIVE:
	VIASPACE Green Energy, Inc.

	 	

             

Name: [      ], individually

Title: President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00173-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00173-of-00352.parquet"}]]