SEC Contract Filing

Filing Date: 2016-08-01

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exhibit1.htm
<DESCRIPTION>EX-10.1
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<P align="right" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>Ex. 10.1</B></FONT>

<P align="left" style="font-size: 12pt"><B>NEITHER THE ISSUANCE AND SALE OF THIS NOTE NOR THE SECURITIES INTO WHICH THIS NOTE IS CONVERTIBLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I)&nbsp;IN THE ABSENCE
OF (A)&nbsp;AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933 OR
(B)&nbsp;AN OPINION OF COUNSEL, IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER
SAID ACT OR (II)&nbsp;UNLESS SOLD PURSUANT TO RULE 144, RULE 144A OR OTHER EXEMPTION UNDER SAID ACT.</B>

<P align="left" style="font-size: 12pt"><B>THE TRANSFER OF THE SECURITIES REPRESENTED HEREBY IS PROHIBITED EXCEPT IN ACCORDANCE WITH THE
SECURITIES ACT OF 1933, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION.</B>

<P align="center" style="font-size: 12pt"><B>VIASPACE INC.</B>

<P align="center" style="font-size: 12pt"><U><B>SENIOR SECURED CONVERTIBLE PROMISSORY NOTE</B></U>

<P align="left" style="font-size: 12pt">$5,000.00 July&nbsp;26, 2016

<P align="left" style="font-size: 12pt; text-indent: 4%">FOR VALUE RECEIVED, VIASPACE INC., a Nevada corporation (&#147;<B>Company</B>&#148;), promises to pay to Kevin
Schewe (&#147;<B>Holder</B>&#148;), or its registered assigns, in lawful money of the United States of America the
principal sum of FIVE THOUSAND Dollars ($5,000.00), or such other amount as shall equal the
outstanding principal amount hereof, together with interest from the date of this Note on the
unpaid principal balance at a rate equal to eight percent (8.0%) per annum, computed on the basis
of the actual number of days elapsed and a year of 365&nbsp;days. Unless converted into Common Stock of
Company as set forth in Section&nbsp;3 and/or Section&nbsp;8 below, all unpaid principal, together with any
then unpaid and accrued interest, shall be due and payable on the earlier of (i)&nbsp;July&nbsp;26, 2017 (the
&#147;<B>Maturity Date</B>&#148;), (ii)&nbsp;upon prepayment of all amounts due and payable under this Note in accordance
with the terms hereof, or (iii)&nbsp;when, upon or after the occurrence of an Event of Default (as
defined below), such amounts are declared due and payable by Holder or made automatically due and
payable in accordance with the terms hereof. Immediately prior to the issuance of this Note by
Company, Holder acknowledges that it has delivered to Company the sum of FIVE THOUSAND Dollars
($5,000.00) reflecting the principal amount under this Note.

<P align="left" style="font-size: 12pt; text-indent: 4%">This Note is one of a series of notes (the &#147;<B>Notes</B>&#148;) having like tenor and effect (except for
variations necessary to express the name of the holder, the principal amount of each of the Notes
and the date on which each Note is funded) in an aggregate principal amount of up to $300,000
issued or to be issued by Company on or about the period from January&nbsp;2016 to January&nbsp;2017 (or such
other period as agreed upon by the Company and the Holder) pursuant to the terms of a Loan
Agreement, dated as of January&nbsp;25, 2016, by and between Company and the Holder (or his designees)
of the Notes (the &#147;<B>Loan Agreement</B>&#148;). The Notes shall rank equally without preference or priority
of any kind over one another, and all payments on account of principal and interest with respect to
any of the Notes shall be applied ratably and proportionately on the outstanding Notes on the basis
of the principal amount of the outstanding indebtedness represented thereby.

<P align="left" style="font-size: 12pt; text-indent: 4%">The following is a statement of the rights of Holder and the conditions to which this Note is
subject, and to which Company by issuance of this Note, and Holder by the acceptance of this Note,
agree:

<P align="left" style="font-size: 12pt; text-indent: 4%">1.&nbsp;<U><B>Definitions</B></U>. As used in this Note, the following capitalized terms have the
following meanings:

<P align="left" style="font-size: 12pt; text-indent: 7%">(a)&nbsp;&#147;<B>Common Stock</B>&#148; shall mean the Company&#146;s Common Stock, par value $0.0001.

<P align="left" style="font-size: 12pt; text-indent: 7%">(b)&nbsp;&#147;<B>Collateral</B>&#148; has the meaning given in Section&nbsp;4 hereof.

<P align="left" style="font-size: 12pt; text-indent: 7%">(c)&nbsp;&#147;<B>Company</B>&#148; includes the corporation initially executing this Note and any Person which
shall succeed to or assume the obligations of Company under this Note.

<P align="left" style="font-size: 12pt; text-indent: 7%">(d)&nbsp;&#147;<B>Conversion Notice</B>&#148; has the meaning given in Section&nbsp;8(e) hereof.

<P align="left" style="font-size: 12pt; text-indent: 7%">(e)&nbsp;&#147;<B>Conversion Period</B>&#148; shall mean the period from the date of the Note and ending on the
Maturity Date.

<P align="left" style="font-size: 12pt; text-indent: 7%">(f)&nbsp;&#147;<B>Conversion Price</B>&#148; has the meaning given in Section&nbsp;8(b) hereof

<P align="left" style="font-size: 12pt; text-indent: 7%">(g)&nbsp;&#147;<B>Event of Default</B>&#148; has the meaning given in Section&nbsp;6 hereof.

<P align="left" style="font-size: 12pt; text-indent: 7%">(h)&nbsp;&#147;<B>Holder</B>&#148; shall mean the Person specified in the introductory paragraph of this Note or any
Person who shall at the time be the registered holder of this Note. &#147;<B>Holders</B>&#148; shall mean the
Persons collectively specified in