Document:

EX-10.2

EXHIBIT 10.2

CONTINUING PERSONAL GUARANTY

THIS CONTINUING GUARANTY (“Guaranty”) is entered into as of June 25, 2008, by Carl Kukkonen
(“Guarantor”) in favor of La Jolla Cove Investors, Inc. (“LJCI”) with reference to the following:

WHEREAS, LJCI and VIASPACE Inc. (the “Company”) are parties to that certain Settlement
Agreement and General Release dated as of March 25 2008 (the “Original Settlement Agreement”), as
amended by that certain Amendment to Settlement Agreement and General Release dated as of the date
hereof between LJCI, the Company and Guarantor (the “Amendment,” collectively with the Original
Settlement Agreement, the “Settlement Agreement”);

WHEREAS, Guarantor is a shareholder, member, partner and/or officer of the Company;

WHEREAS, a material inducement to LJCI in entering into the Amendment was the issuance of a
satisfactory guaranty of the Company’s obligations under the Settlement Agreement; and

WHEREAS, LJCI has agreed to accept such a guaranty from the Guarantor.

NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, in
consideration of LJCI entering into the Amendment, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Guarantor agrees to guaranty the
Guarantied Obligations (as hereinafter defined) in accordance with the following terms and
conditions:

Guarantor hereby unconditionally and irrevocably guaranties the performance of Company’s
obligations under the Settlement Agreement and the January Loan (as defined in the Settlement
Agreement), in favor of LJCI, each of its affiliates, assigns and successors in interest, and each
of their respective shareholders, directors, officers, employees, agents, attorneys and
representatives, arising under or with respect to the Settlement Agreement or the January Loan, the
“Guarantied Obligations”), when the same shall become due (including amounts that would become due
but for the operation of the automatic stay under section 362(a) of the Bankruptcy Code, 11 U.S.C.
§§ 101 et seq.) and agrees to pay any and all costs and expenses (including attorneys’ fees and
disbursements) incurred by LJCI in enforcing any rights under this Guaranty.

In furtherance of the foregoing and not in limitation of any other right which LJCI may have
at law or in equity against Guarantor by virtue hereof, upon the failure of the Company to perform
any of the Guarantied Obligations when and as the same become due, as aforesaid, Guarantor will,
within ten (10) days after written demand therefor, perform all Guarantied Obligations then due to
LJCI.

Guarantor further agrees that this Guaranty constitutes a guaranty of performance and payment
when due and not merely of collection. The obligations of Guarantor under this Guaranty shall not
be subject to any reduction, limitation, defense, setoff, recoupment, impairment or termination for
any reason, including, without limitation, by reason of the invalidity, illegality or
unenforceability of any of the Guarantied Obligations or any discharge of the Company from any of
the Guarantied Obligations in a bankruptcy or similar proceeding or otherwise. Without limiting
the generality of the foregoing, the obligations of Guarantor under this Guaranty shall not be
discharged or impaired or otherwise affected by any default, failure or delay or by any other act
or thing or omission or delay to do any other act or thing that may or might in any manner or to
any extent vary the risk of Guarantor or which would otherwise operate as a discharge of Guarantor
as a matter of law or equity. This Guaranty shall remain in full force and effect without regard
to any future event, including, without limitation, the bankruptcy, insolvency, reorganization,
dissolution or liquidation of the Company.

Guarantor agrees that the Guarantied Obligations may be rescinded, waived, extended, renewed
or altered, in whole or in part, without notice or further assent from Guarantor, and that
Guarantor will remain bound by this Guaranty notwithstanding any such rescission, waiver,
extension, renewal or alteration of any Guarantied Obligation.

Guarantor hereby waives (i) all presentments, demands for performance, notices of
nonperformance, protest, notices of protest, notices of dishonor, notices of acceptance of this
Guaranty, and notices of nonpayment; and (ii) any and all rights, defenses and benefits arising
under California Civil Code Sections 2809, 2810, 2819, 2839, 2845, 2847, 2848, 2849, 2850, 2899 and
3433, and all other rights, defenses and benefits limiting the liability of or exonerating
Guarantor or sureties offered by law as well as the benefits of Sections 580a-580d and 726 of the
California Code of Civil Procedure. The obligations of Guarantor under this Guaranty shall not be
affected by (i) the failure of LJCI to assert any claim or demand or to enforce any right or remedy
against the Company, or any other third party or guarantor under the provisions of the Settlement
Agreement or the January Loan, including, without limitation, the failure of LJCI to proceed first
against the Company or to pursue any other remedy in LJCI’s power; (ii) LJCI settling, releasing,
compromising, collecting or otherwise liquidating the Guarantied Obligations in any manner, as LJCI
may determine; (iii) the failure of LJCI to assert or take advantage of the defense of the statute
of limitations in any action hereunder; or (iv) the failure of LJCI to exercise any right or remedy
against the Company or any other third party or guarantor with respect to the Guarantied
Obligations or any provision of the Settlement Agreement or the January Loan.

Guarantor acknowledges that all of the waivers and consents set forth herein are freely
granted, after consultation with competent counsel, since it is Guarantor’s purpose and intent that
all of Guarantor’s obligations hereunder be absolute, independent and unconditional under any and
all circumstances. Guarantor hereby represents and warrants to LJCI that Guarantor has the power,
right and authority to enter into this Guaranty. This Guaranty shall be binding upon Guarantor and
his personal representatives, successors and assigns and shall inure to the benefit of LJCI and its
successors and assigns. This Guaranty may be executed by facsimile, with such facsimile copy to
serve as a duly executed original and as conclusive evidence of the consent and ratification of the
matters contained herein by Guarantor.

This Guaranty shall be governed by, and construed and enforced in accordance with, the laws of
the State of California.

All judicial proceedings brought against Guarantor with respect to this Guaranty may be
brought in any state or federal court of competent jurisdiction in San Diego, California, and by
execution and delivery of this Guaranty, Guarantor accepts the nonexclusive jurisdiction of the
aforesaid courts and irrevocably agrees to be bound by any judgment rendered thereby in connection
with this Guaranty.

All notices required or permitted hereunder shall be in writing and shall be deemed
effectively given (i) upon personal delivery to the party notified, (ii) three days after deposit
with the United States Post Office, by registered or certified mail, postage prepaid, return
receipt requested, (iii) one day after deposit with a nationally recognized overnight courier
service such as Federal Express or (iv) on the day of facsimile transmission, with confirmed
transmission; in any case addressed to the party to be notified at the address indicated below for
that party, or at such other address as that party may indicate by providing ten (10) days’ advance
written notice to the other parties:

	 	(a)	 	If to La Jolla Cove Investors, Inc., to:

La Jolla Cove Investors, Inc.

1150 Silverado Street, Suite 220

La Jolla, California 92037

Facsimile: 858-551-8779

	 	(b)	 	If to Guarantor, to:

Carl Kukkonen

     

     

Facsimile:      

GUARANTOR HEREBY WAIVES AND COVENANTS THAT GUARANTOR WILL NOT ASSERT (WHETHER AS PLAINTIFF,
DEFENDANT OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE, CLAIM,
DEMAND, ACTION OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS GUARANTY OR ANY GUARANTIED
OBLIGATION, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING OR WHETHER IN CONTRACT OR IN
TORT OR OTHERWISE.

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IN WITNESS WHEREOF, the undersigned has duly executed this Guaranty as of the day and year
first written above.

	 
	/s/ Carl Kukkonen     

Carl Kukkonen

	 
	 	 

            La Jolla Cove Investors, Inc.
              By:  /s/ Travis W. Huff____________
              Name:  Travis W. Huff
              Title:  Vice President and Portfolio Manager
La Jolla Cove Investors, Inc.
    	 
	 	 	By:	 	 	/s/ Travis W. Huff____________
	 	 	Name: Travis W. Huff
	 	 	Title: Vice President and Portfolio Manager

2Filed by Bowne Pure Compliance

Exhibit 4.29

Human Resource Service Contract

Ref no. 2007001

Party A: Xiamen Longtop System Co., Ltd.

Party B: Xiamen Longtop Human Resource Service Co., Ltd.

To serve the business development purpose, Party A has established a long term human resource
service partnership with Party B. According to the Labor Law of the People’s Republic of China, and
other relevant laws and regulations regarding human resource agent service, both Parties enter into
this Contract through friendly consultation.

Article 1 Human resource service scale

1. Party B shall, pursuant to the laws and regulations, be responsible for the contracted
employee’s personnel relations, labor relations, residential status, and social insurance
procedure.

2. Party A shall provide the contracted employee with necessary working conditions, labor
protection, occupational health and safety as stipulated in relevant regulations.

3. The contracted employees, their positions and job description, contracted term is stated at
Appendix I (The contracted employees list) of this contract. In the case of Party A requires to
adjust the number of the contracted employees or to change certain employees, Party A shall send
written notice to Party B. Upon receiving the Party A’s notice, Party B shall provide Party A with
the recommended personnel. The notice for personnel change should be an appendix of this Contract
with equal legal effect.

Article 2 Contract term

1. This Contract is commencing on [                    , 200
 _____ 

] and expiring on [                    , 200
 _____ 

].

2. Party A shall decide whether to renew the contract according to its business needs and the
situation of the contracted employee one month before the Contract expiration in the form of
written notification sending to Party B.

Article 3 Option of the contracted employee.

1. Party B recommends personnel according to Party A’s requirement. After evaluation, the
qualified personnel will work in Party A’s premises as contracted employee from Party B.

2. Two months probationary period will be adopted to evaluate the contracted employee’s work
performance for Party A to decide whether he or she meets the position requirement. During the
probation, if the Contracted employee can not meet the position requirement or breaches Party A’s work regulations, or has physical challenge to perform his
or her duty, Party A shall present notice to Party B for returning of such personnel.

 

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Article 4 The management of the Contracted employee

1. The labor contract, personnel relations of the Contracted employee shall be with Party B.
Party B is responsible for the personnel’s labor relations, social security, personnel files
management, residential status management, etc.

2. Party B shall provide Party B with accurate and complete information about the contracted
employee’s basic information and resume.

3. Party A shall conduct routine management and assignment of the contracted employee in
accordance with the relevant Laws and Party A’s policies. Party A is obliged to pay Party B the
contract personnel management service fee on time and in full amount.

4. Party B may provide Party A with personnel (labor) policies consultation service. In the
event of the contracted employee causes material losses to Party A on purpose or due to his or her
fault, Party B shall assist Party A in investigating the liability.

5. Party B shall guarantee that the contracted employee to Party A will not be contracted to
comparable competition enterprises of Party A after such personnel ceased working for Party A. A
list of the competition enterprises of Party A will be provided and updated every year to Party B.

Article 5 Job description of the Contracted employee

1. The job description of the contracted employee is defined in this Contract.

2. If Party B ,evaluated and verified by Party A, fails to meet the requirements of his or her
position , Party A may make an adjustment to his or her position. During the term of this Contract,
if business circumstances of Party A have changed, Party A may change the position of the
contracted employee after consultation.

Article 6 Working hours, holidays and leaves of the contracted employee

1. Depending on positions of the Contracted employee, Party A may adopt different working hour
system.

(1) Fixed working hours: 8 hours each working day; not exceeding 40 hours a week.

(2) Complex working hours: average working days and working hours not exceeding standard
working hour system stipulated by relevant regulations. In the case of working hour need to be
extended, the exact working hour shall be decided through consultation by Party A and the
contracted employee. The remuneration occurred to the overtime work shall be calculated between
Party A and B, and will be paid to Party B by Party A.

 

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(3) Non-fixed working hours can be determined through mutual consultation by Party A and the
contracted employee.

The adoption of the (2) and (3) working hours system shall be approved by labor administration
department above county level.

2. In the case of business needs, the contracted employee shall not decline work assignment
due to the reason of taking annual leave.

3. The contracted employee is entitled to enjoy holidays and leaves such as public holidays,
family leave, marriage leave, bereavement leave, maternity leave, female employee labor protection
specified by Chinese Law. Party A shall guarantee the rest right of the contracted employees
pursuant to relevant regulations.

Article 7 Working discipline

1. Party A shall formulate and improve company policies, working discipline according to
relevant labor laws and regulations with basis on practical situation of its own company. Party B
shall warrant the contracted employee’s abidance of such policies and disciplines.

2. Party B shall warrant the contracted employee will keep Party A’s Trade Secrets and will
not disclose any of the materials, documents, and other information of Party A.

3. Party B shall assist Party A to supervise the contracted employee in executing Party A’s
policies and regulation, following Party A’s arrangement, completing his or her work assignment and
work tasks prescribed in the Contract.

4. Party B shall assist party A with the evaluation of the contracted employee. The evaluation
report will be filed in his or her personnel package.

Article 8 Labor protection and other benefit

1. Party A shall provide the contracted employee with a safe and hygienic working environment
that meets the relevant standards stipulated by the State, province or municipality;

2. Party A has the obligation to conduct work accidents and occupational disease report policy
under relevant regulations. The result of the report shall be notified to Party B. The contracted
employee is entitled to refuse to carry out any work assignments set by Party A that are endanger
his or her health and safety;

Article 9 Remuneration of the contracted employee and payment method

1. The contracted employee’s salary will be determined through mutual consultation of Party B
and the employee and will be informed to Party A in the form of written notice. Party B shall pay
to the Contracted employee his or her monthly salary on time.

 

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2. Party A shall inform Party B about the work performance and assessment result of the
contracted employee. Party B shall consider reward or allowance to the contracted employee in
accordance with his or her performance.

3. In the case of the contracted employee following Party A’s arrangement for business trip or
meetings, the travel expenses, accommodation fees, or receiving fees shall be born by Party A.

4. The contracted employee’s social insurance, commercial insurance will be paid by Party B
and the employee pursuant to relevant labor regulations.

5. In the event of sickness or work accident of the contracted employee during the contract
term, his or her medical treatment and sick leave salary shall be implemented according to relevant
regulations.

6. In the case of the contracted employee is pregnant, on maternity leave or undergoing a
nursing period, her benefit shall be provided according to relevant regulations.

7. Any dispute or issue with regard to the salary, social insurance, and other benefits of the
contracted employee has no concern with Party A and will be handled by Party B. If there is any
loss caused due to the dispute or issue, Party B shall take the responsibility.

8. Training

The contracted employee may participate in some vocational training upon application to Party
A. As agreed by Party A, all cost (including tuition fee, traveling fee and business trip
allowance) shall be equally borne both by Party B and the employee, while Party A will pay the
portion of amount Party B shall undertake in advance. If the contracted employee didn’t work for
Party A for three years, Party B shall reimburse the training expenses paid by Party A
proportionally on the basis of unfulfilled months, except those contracted employees whose contract
will not be renewed. (Details are stated at the labor contract of the employee).

Article 10 The return of the contracted employee

1. Party A is entitled to return the contracted employee to Party B without sending a notice
30 days prior under any of the following circumstances, namely:

(1) where the employee is proven during the probationary period, not to meet the criteria of
the recruitment;

(2) where the employee has committed a serious violation of Party A’s policies and rules or
violated the policies and rules for many times without repentance

(3) where the contracted employee has committed a serious dereliction of duty or has engaged
in embezzlement, causing severe losses to the Employers’ interests;

(4) where the contracted employee has disclosed trade secrets of Party A and causing losses to
Party A;

 

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(5) where the contracted employee is being pursued for criminal liabilities;

(6) Other condition under which the contracted employee can returned pursuant to the relevant
law or regulations.

2. Party A may return the contracted employee by providing Party B with thirty (30) days’
prior written notice, and proper compensation in accordance with relevant regulations, under any of
the following circumstances, namely:

(1) where, after taking a medical leave and recuperating from an illness or a non-work-related
injury, the contracted employee remains unable to return to his/her original position, and is also
unfit for reassignment to other duties;

(2) where, a material change has happened to the status of commercial operations of Party A
and result in the termination of the contract;

(3) any other circumstances stipulated by laws and administrative regulations

3. Party A shall not return the contracted employee, under any of the following circumstances:

(1) where the contracted employee is suffering from an illness or injury within the stipulated
medical leave;

(2) where the contracted employee is pregnant, on maternity leave or undergoing a nursing
period;

(3) any other circumstances stipulated by laws and administrative regulations

4. Party B may call back the contracted employee under any of the following circumstances,
namely:

(1) Party A uses violence, intimidation, or an unlawful restraint of individual freedom to
compel the contracted employee;

(2) Party A fails to pay Party B the remuneration to the contracted employee and to provide
the work condition agreed;

(3) Party A fails to pay the contracted employment management service fees.

Article 11 Article Service fee

1. The service fee shall include management fee (RMB
 _____ 

per employee per month), wages,
social insurance, commercial insurance; all the fees shall be calculated by both Parties on the
basis of actual expenses and will be paid to Party B by Party A.

2. The contracted employee service fee shall be paid to Party B on 26 of every month. Party B
shall provide Party A with receipt (tax purpose) upon the receipt of the fee.

 

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Article 12 Contract renewal and termination

1. In the event of both parties didn’t pose any new suggestion upon the expiration of the
contract, this contract shall be considered renewed. The renewal procedure should be followed in
time.

2. In the event of Party A’s working procedure has material change, notification shall be sent
to Party B 30 days in advance. Both parties will decide whether the contract will be terminated by
consultation.

3. In the event of Party B ceased to provide human resource service business, written
notification shall be sent to Party A at least 90 days in advance.

4. In the event of execution of the Contract was interrupted due to Force Majeure, the parties
shall consult with each other about the situation.

Article 13 Liabilities for Breach of the obligations

1. In the event of Party A return the contracted employee without reasonable causes, Party A
shall calculate and compensate the loss of Party B in line with the unfulfilled contract term based
on the compensation Party B made to the contracted employee and the number of the returned
employee. In the case of the contracted employee terminate the labor contract with Party B, Party B
shall pay Party A the Where the contracted employee terminates his or her labor contract with Party
B before the term expires, Party B shall, pay Party A compensation which is equal to the amount
paid by the underlying contracted employee to Party B; where such early termination of labor
contract causes loss to Party A, Party B shall assume relevant compensation liability (Party A
shall provide appropriate documents).

In the event of Party B didn’t carry out its obligations of this contract, Party B shall
refund the management fee of the contracted employee to all the management fee of the year.

Article 14 Dispute

In the event of a dispute arising during the performance of this Contract, the parties agree
to resolve such dispute through friendly consultation; if consultation fails, either Party may
submit to the labor dispute arbitration committee the dispute for arbitration.

Article 15 Others

1. Where Party B ceased to work for Party A or terminate the labor contract with Party B,
Party B shall start to process the relevant procedure after receiving Party A’s written notice
concerning the completion of the work handing over process.

2. Party B shall require the contracted employee keeping Party A’s trade secret within one
year after termination of the Contract.

3. Where any matter is not addressed herein, such matter shall be stated in a supplemental
agreement of this contract and with equal legal effect.

4. This contract is prepared in 4 (four) sets with two for each Party with effect on the
signing date. The Appendices are part of this contract.

 

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(Page for Signature )

 

 

Party A: Xiamen Longtop System Co., Ltd. (seal)

Signature of authorized representative or agent of Party A:

 

 

Party B: Xiamen Longtop Human Resource Service Co., Ltd. (seal)

Signature of authorized representative or agent of Party B

 

 

Party A’s contact Tel: 0592-2396888-1108 Contact person: Xiao Jianghua

Party B’s contact Tel: 0592-5989171 Contact person: Xi Wei

 

Date: 18 May, 2007

 

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