Document:

Memorandum of Association

    
      EXHIBIT
        10.1

       

      Memorandum
        of Association

      Fujairah
        Oil Technology

      Limited
        Liability Company

      

      On
        this
        Tuesday 29 of November 2005, it is agreed between:

      

      1st
        Party,
        M/s, Trans Gulf Petroleum Co., U A E national, Its address: P.O. Box: 2000,
        Fujairah, United Arab Emirates., TEL 09 2220222, represented by Its general
        Manager Mr. George Jamil Bajk.

      

      2nd
        Party,
        M/s, SulphCo Inc. American national, the territory primary address P.O. Box
        1207
        Jeddah 21453 Saudi Arabia Kingdom represented by Its Chairman & CEO Dr.
        Rudolf W. Gunnerman.

      

      to
        establish a limited liability company in the Emirates of Fujairah between
        mentioned above. The company will be exempted from Establishment requirements
        particularly article no 22 from the provisions of U.A.E. Federal Law No.
        (8) of
        1984 in respect of Commercial Companies and amended, it is agreed on the
        following terms and conditions:

      

      ARTICLE
        NO. (1)- NAME OF THE COMPANY

      

      The
        name
        of the company shall be Fujairah Oil Technology (Limited Liability
        Company).

      

      ARTICLE
        NO. (2)- PRINCIPAL OFFICE OF THE COMPANY:

      

      The
        Principal Office of the Company shall be in Fujairah, United Arab
        Emirates.

      

      The
        Company may set up other branches, offices or agencies inside or outside
        United
        Arab Emirates.

      

      ARTICLE
        NO. (3)- OBJECTS OF THE COMPANY

      

      The
        purpose of the company is:

      
        	 	 

      

      
        	1.      	
                To
                  implement the SulphCo technology that reduces sulfur and upgrades
                  crude
                  and refined oils through a patented ultrasonic
                  process,

              

      

      
        	 	 

      

      
        	2.      	
                To
                  Purchase the Heavy or the medium crude oil and to sell the processed
                  oil

              

      

      
        	 	 

      

      
        	3.      	
                Marketing
                  oil & oil products

              

      

      
        	 	 

      

      
        	4.      	
                To
                  import machinery, computer and the ultra sound equipment related
                  to its
                  activities.

              

      

      
        	 	 

      

      
        	5.      	
                To
                  produce machinery, computer and the ultra sound equipment related
                  to its
                  activities.

              

      

      
        	 	 

      

      Company
        activities will include all related activities or ancillary by way of relating
        its objectives.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      The
        company may set up subsidiary establishment or bodies, or may have interest
        in
        or enter into agreement, joint-ventures partnership with other companies,
        establishment or bodies practicing work similar to its own, both inside and
        outside the U.A.E. The above mentioned purpose shall be interpreted wildly
        without restrictions.

      

      ARTICLE
        NO. (4)- DURATION OF COMPANY

      

      The
        duration of the Company shall be twenty five (25) years commencing from the
        date
        of registration in the Commercial Register. This duration could be prolonged
        or
        shortened by a resolution of the General meeting of the Partners if the object
        of the Company so necessitated.

      

      ARTICLE
        NO. (5)- CAPITAL OF THE COMPANY

      

      The
        Share
        Capital of the Company shall be one million (Dhs. 1,000,000.) Dirhams divided
        into one Thousand (1000) shares, of one Thousand (1000) Dirhams
        each.

      

      The
        said
        Shares are held by the Partners as follows:

      

      1st
        Party,
        M/s Trans Gulf Petroleum Co., U A E. national Numbers of shares 500. Its
        value.
        Dhs, 500,000. Percentage of Capital 50%.

      

      2nd
        Party:
        M/s, “SulphCo, Inc. American national Numbers of shares 500. Its value

      Dhs.
        500,000. Percentage of capital 50%.

      

      ARTICLE
        NO. (6)- SHARES

      

      
        	(A)      	
                Each
                  share in the share capital of the company entitles the holder thereof
                  to
                  equivalent share in the profits of the company and the ownership
                  of its
                  assets. The Partners are not liable for the debts and obligations
                  of the
                  company except to the value of their respective shares in the
                  company.

              

      

      
        	 	 

      

      
        	(B)      	
                All
                  shares shall be ordinary shares having equal rights and obligations
                  and
                  shall be subject to the provisions of this Memorandum of
                  Association.

              

      

      
        	 	 

      

      
        	(C)      	
                The
                  rights and obligations relating to each share shall continue to
                  be
                  attached to such share in the hands of any person who owns it.
                  The
                  ownership of the share shall result in accepting the provisions
                  of this
                  Article of Incorporation and the resolutions of the General
                  Meeting.

              

      

      

      ARTICLE
        NO. (7)- TRANSFER OF SHARES

      

      
        	(A)      	
                Any
                  Partner may transfer his shares in the Company to one of the Partners
                  or
                  to a Third Party under an official
                  instrument.

              

      

      
        	 	 

      

      
        	(B)      	
                If
                  any Partner intends to transfer his share to a Person other than
                  a Partner
                  whether against any consideration or not, the said Partner shall
                  inform
                  the remaining Partners about the transfer conditions through the
                  Board of
                  director who shall inform the Partners immediately after receiving
                  the
                  notice. Any Partner may claim to redeem the share for the price
                  which may
                  be agreed upon, and in case of disagreement the price shall be
                  estimated
                  by the Company’s auditor on the redemption date. If no Party used the
                  redemption right after thirty (30) days of the date of the notice,
                  the
                  Partner shall be at liberty to dispose of his share, as he may
                  deem fit.
                  

              

      

      
        	 	 

      

      
        	(C)      	
                If
                  more than one Partner used the right of redemption, the offered
                  share or
                  shares shall be distributed between them in proportion to their
                  respective
                  shares in the capital.

              

      

      
        	 	 

      

      
        	(D)      	
                No
                  transfer shall be binding on the Company or others save as from
                  the date
                  of entering the transfer in the Partners’ Register and in the Commercial
                  Register. The Company may not refuse to enter the transfer unless
                  it
                  violates the provisions of this Memorandum of
                  Association.

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
ARTICLE
        NO. (8)- REGISTER OF PARTNERS

      

      
        	(A)      	
                The
                  Company shall maintain a register of the Partners which shall contain
                  their names, places of residence, addresses, nationalities, professions,
                  number and value of shares held by each Partner and the transaction
                  taking
                  place on such shares together with the dates of such
                  transactions.

              

      

      
        	 	 

      

      
        	(B)      	
                The
                  assignment or transfer of shares with the date and signature of
                  assignee
                  in case of depositions of shares among living persons and the signature
                  of
                  the Board of director and the person on whom the shares have devolved
                  in
                  case of transfer by death. The Company or third parties shall not
                  be
                  affected by such assignment or transfer except from the date of
                  its entry
                  in the Register of Partners and the Commercial
                  Register.

              

      

      
        	 	 

      

      Each
        party may inspect the Register of Partners during the working hours of the
         company.

      

      ARTICLE
        (9) - MANAGEMENT OF THE COMPANY

      

      The
        Company shall be managed by nominated representatives of the Board of Director
        who nominated by general assembly of the company.

      

      ARTICLE
        (10)- 

      

      The
        Board
        of Director shall supervise, oversee and manage business and affairs of the
        company, including but not limited to conducting the following
        powers:

      

      
        	10-1	
                Appoint,
                  dismiss, and replace director/s, staff, workers and employees of
                  the
                  company and determine their salaries, wages and remuneration and
                  to
                  allocate their duties and powers.

              

      

      
        
          	 	 

        

        
          	10-2	
                  Pay
                    the amounts sign, assign, sell and settle all bills of exchange
                    enter into
                    the contracts, agreements and deals relating to the transactions
                    of the
                    company.

                

        

      

      
        	 	 

      

      
        	10-3	
                Deal
                  with bank, open, manage, operate and close any and all of the bank
                  accounts of the company in the United Arab Emirate or elsewhere
                  with the
                  right to execute all banking documents, deposit or withdraw money
                  and sign
                  all statements, accounts, bills, Cheques, notes and other similar
                  instruments

              

      

      
        	 	 

      

      
        	10-4	
                Purchase,
                  lease or otherwise acquire moveable or immovable property and/or
                  sell,
                  exchange, lease or otherwise dispose any of the said properties
                  belonging
                  to or held by the company.

              

      

      
        	 	 

      

      
        	10-5	
                Appoint
                  and remove lawyers, accountants, financial experts and other professional
                  consultants.

              

      

      
        	 	 

      

      
        	10-6	
                [skipped
                  number]

              

      

      
        	 	 

      

      
        	10-7	
                Represent
                  the company before the Government, the Municipal Authorities, Department
                  of Economics & industry, various Ministries, Customs and immigration
                  departments and Authorities, the labor department, the Rulers office,
                  the
                  Chamber of Commerce & Industry, the Courts and any other Governmental
                  or Semi-Governmental authorities or departments in the United Arab
                  Emirate
                  and abroad and before all companies and individuals for all purposes
                  whatsoever.

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
ARTICLE
        (11) - FINANCIAL MANAGEMENT:

      

      
        	(A)      	
                The
                  Company’s Board of director shall prepare the Company’s Balance Sheet and
                  profit and loss account. It shall also prepare the Annual Report
                  of the
                  Company’s activities, its financial position and the proposal for the
                  distribution of profits. All the above should be completed within
                  three
                  (3) months from the end of the Company’s Financial
                  year.

              

      

      
        	 	 

      

      
        	(B)      	
                The
                  Balance Sheet and the Profit and Loss Account shall be submitted
                  to the
                  Annual General Meeting for
                  approval.

              

      

      

      ARTICLE
        (12) - GENERAL MEETING:

      

      
        	(A)	
                The
                  General Meeting of the Company shall consist of all the Partners
                  and shall
                  be convened in the Emirate of Fujairah by the Board of director
                  of the
                  Company at least once in every year not later than the four (4)
                  months
                  after the end of the financial year. The Board of director shall
                  convene
                  the General Meeting if so required by a number of partners holding
                  not
                  less than one quarter (1/4) of the
                  Capital.

              

      

      
        	 	 

      

      
        	(B)	
                General
                  Meeting require not less than twenty one (21) days notice to be
                  sent to
                  every Partner accompanied by the agenda, time and place of the
                  meeting.

              

      

      
        	 	 

      

      
        	(C)	
                Every
                  Partner shall have the right to attend the General meeting regardless
                  of
                  the number of shares held by him. He may authorize another Partner
                  to
                  represent him in the meeting. Every Partner shall be entitled to
                  a number
                  of votes equal to the shares held or represented by
                  him.

              

      

      
        	 	 

      

      
        	(D)	
                The
                  Agenda of the General Meeting shall include the following
                  matters:

              

      

      
        	 	 

      

      
        	
              	1.	
                Listen
                  to the Board of director’s report on the Company’s activity and its
                  financial position during the year, as well as the auditor’s
                  report.

              

      

      
        	 	 

      

      
        	
              	2.	
                Discuss
                  and approve the Balance Sheet and Profit and Loss
                  Account.

              

      

      
        	 	 

      

      
        	
              	3.	
                Determine
                  the dividends to be distributed among the
                  Partners.

              

      

      
        	 	 

      

      
        	
              	4.	
                Appoint
                  and determine the remuneration of the Board of
                  director.

              

      

      
        	 	 

      

      
        	
              	5.	
                Other
                  related matters under the provisions of law or this Memorandum
                  of
                  Association.

              

      

      
        	 	 

      

      
        	(E)	
                The
                  quorum of partners before a General Meeting proceeds to business
                  shall be
                  the Partners in person or by a proxy given to another partner who
                  is not a
                  Board of director, provided that the partners holding not less
                  than
                  seventy five per centum (75%) of the Share Capital of the Company
                  are
                  present either in person or by proxy given to another partner who
                  is not a
                  Board of director. The resolution of the General Meeting of the
                  Company
                  shall only be valid if adopted by at least seventy five per centum
                  (75%)
                  of the votes representing the share capital of the
                  Company.

              

      

      
        	 	 

      

      If
        this
        majority was not present in the first meeting the Partners shall be called
        for a
        second meeting to be convened twenty one (21) days after the date of the
        first
        meeting. Decision in the meeting shall be taken by the majority of
        votes.

      
        	 	 

      

      
        	(F)	
                Minutes
                  shall be prepared for the discussion of the General Meeting. All
                  minutes,
                  decisions of the General Meeting shall be maintained in a Special
                  Register
                  to be signed by the attending members, and kept in the Company’s office.
                  Any Partner shall have the right, personally or through a proxy,
                  to
                  inspect this register and also to inspect the Balance Sheet, Profit
                  and
                  Loss Account and Annual Report.

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      ARTICLE
        NO. (13) - FINANCIAL YEAR OF THE COMPANY: 

      

      The
        Financial Year of the Company shall start on the First of January and end
        on the
        Thirty First of December of every year. As an exception, the first Financial
        Year shall start from the date of the Company’s entry in the Commercial Register
        and expires on Thirty First of December of the subsequent year.

      

      ARTICLE
        (14) - DISTRIBUTION OF PROFITS AND LOSS:

      

      After
        deducting all costs and expenses, the profits and loss shall be distributed
        as
        follows:

      
        	 	 

      

      
        	(A)      	
                Ten
                  percent (10%) of the net profits shall be set aside towards a legal
                  reserve fund. The General meeting may decide to suspend this allocation
                  if
                  the reserve fund becomes equal to one half (1/2) of the Company’s capital.
                  The General Meeting may also allocate any other
                  reserves.

              

      

      
        	 	 

      

      
        	(B)      	
                The
                  net profits and losses shall be distributed between the Partners
                  in
                  proportion to their share in the
                  Capital.

              

      

      
        	 	 

      

      
        	(C)      	
                In
                  case of loss in any particular year it may be carried forward and
                  adjusted
                  in the coming years.

              

      

      

      ARTICLE
        NO. (15) - COMPANY’S AUDITORS:

      

      The
        Company shall have one or more auditors who possess the qualifications as
        prescribed in Federal law No. 9 of 1975 in respect of regulating the Profession
        of Accountancy and Auditing and are registered thereunder and licensed to
        practice in the Emirate of Fujairah. The Auditors shall be appointed by the
        General Meeting who shall fix their remuneration. The Auditor shall be
        accountable for the accuracy of the statements contained in his report being
        the
        agent of the partners. Every partner has the right during the General Meeting
        to
        debate the auditor’s report and question him on the contents
        thereof.

      

      ARTICLE
        NO. (16) - AMENDMENTS OF THIS MEMORANDUM OF ASSOCIATION:

      

      The
        Company’s Memorandum of Association may not be amended, and its Capital shall
        not be increased or decreased without the consent of all Partners. The
        liabilities of Partners may not be increased without their unanimous agreement
        and the decision of decreasing the Company’s Capital shall not be effective
        without the approval of the concerned authorities.

       

      The
        Company’s Board of director shall inform and deposit the legal documents
        relating to the foregoing together with any amendment, in the Commercial
        Register, Municipality Department, Government of Fujairah.

      

      ARTICLE
        NO. (17) - DISPUTES:

      

      Should
        any dispute arise between the Partners in relation to the Company’s liquidation
        or to any article of this Memorandum of Association, shall be settled amicably.
        In case of disagreement, the dispute shall be referred to arbitration for
        determination and the following provisions shall apply:

      
        	 	 

      

      
        	a)      	
                Any
                  such matter shall be referred to a single
                  arbitrator.

              

      

      
        	 	 

      

      
        	b)      	
                The
                  arbitrator shall be such person as may be agreed between the partners
                  or
                  failing such agreement shall be nominated on the joint applications
                  of the
                  partners (or if either of them shall neglect forthwith to concur
                  in such
                  application then on the sole application or either of them) by
                  the
                  president or the chairman of the Fujairah Chamber of Commerce and
                  Industry
                  or his appointed deputy or by any person authorized by the president
                  or
                  chairman to make appointments on his
                  behalf.

              

      

      
        	 	 

      

      
        	c)      	
                The
                  language to be used in arbitral proceedings shall be English and
                  Arabic.

              

      

      
        	 	 

      

      
        	d)      	
                The
                  decision of such arbitrator shall be final and binding on the partners
                  and
                  his costs shall form part of his
                  award.

              

      

      

      ARTICLE
        NO. (18) - DISSOLUTION:

      

      The
        Company shall be dissolved for any of the following reasons:

      
        	 	 

      

      
        	1.      	
                Upon
                  the expiry of the Company’s specified period unless the Partners agreed to
                  renew it.

              

      

      
        	 	 

      

      
        	2.      	
                By
                  achieving the objects it was established
                  for.

              

      

      
        	 	 

      

      
        	3.      	
                If
                  the Company merged with another
                  company.

              

      

      
        	 	 

      

      
        	4.      	
                If
                  the Partners agreed to terminate the
                  Company.

              

      

      
        	 	 

      

      
        	5.      	
                If
                  the losses of the Company reached half of its Capital provided
                  that a
                  decision shall be issued by the General Meeting and by the unanimous
                  votes
                  of the Partners.

              

      

      
        	 	 

      

      
        	6.      	
                The
                  Company shall not be dissolved if one of the Partners is deceased
                  or loses
                  his legal capacity. In these events, the heirs of the deceased
                  partner
                  and/or his legal representative shall succeed to his shares without
                  prejudice to the indivisibility of
                  shares.

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
ARTICLE
        NO. (19) - LIQUIDATION:

      

      The
        General Meeting shall appoint one or more liquidators who shall follow the
        liquidation procedures provided for in the Commercial Companies Law, unless
        the
        Partners otherwise agreed. If the liquidation was ordered by the Court, the
        Court should clarify the liquidation method and appoint the liquidators.
        The
        authorities of the Board of director shall expire upon the appointment of
        the
        liquidators.

      

      ARTICLE
        NO. (20) - THE LAW

      

      Any
        matter for which no specific provision is contained in this Contract of
        Establishment shall be governed by the Companies Law to the extent that the
        provisions of the Companies Law are not inconsistent with or conflict with
        or
        otherwise expressly excluded in accordance with this Contract of
        Establishment

      

      ARTICLE
        NO. (21) - NOTICES

      

      All
        notices served by the Company to the Partners shall be in the form of Registered
        Letters sent to each Partner at his address referred to at the beginning
        of this
        Memorandum of Association.

      

      ARTICLE
        NO. (22) - COPIES

      

      The
        Memorandum of Association hereunder executed in Four (4) counterparts each
        of
        which shall constitute as original thereof. Each Party shall retain a copy
        thereof, the Company shall retain one Copy and the rest shall be lodged with
        the
        competent authority

      

      

      Signed
        by
        Mr. George Jamil Bajk. 

      /s/
        George Jamil Bajk

      For
        and
        On Behalf 1st
        Party:
        M/s. Trans Gulf Petroleum Co.,

      

      Signed
        by
        Dr. Rudolf W, Gunnerman. 

      /s/
        Rudolf W, Gunnerman

      For
        and
        On Behalf 2nd
        Party
        M/s, Sulphco Inc 

      

      

      Government
        SealExhibit
4.2

RIGHTS AGENCY AGREEMENT

RIGHTS
AGENCY AGREEMENT dated as of            ,
2005 (this “Agreement”) between Masisa S.A., a company incorporated under the
laws of Chile (the “Company”), The Bank of New York, a New York banking
corporation (the “ADS Rights Agent).

WHEREAS,
the Company is offering pursuant to statutory preemptive rights under Chilean
law to existing holders of its common shares (“Shares”), in two separate rights
offerings, up to 263,312,750 newly issued Shares and up to 7,323,734 treasury
Shares (the “Share Rights Offers”);

WHEREAS,
in connection with the Share Rights Offers, the Company will grant to existing
owners (“Record Owners”) as of 5:00 p.m., New York time, on             , 2005 the “ADS Record Date”) of
American Depositary Shares (“ADSs”) issued under the Deposit Agreement dated as
of March 24, 2005 (the “Deposit Agreement”) among the Company, The Bank of New
York, as Depositary (the “Depositary”), and all Owners and Beneficial Owners
(as those terms are defined in the Deposit Agreement) from time to time of ADSs
issued thereunder, in two separate rights offerings, rights (the “ADS Rights”)
to purchase additional ADSs relating to newly issued Shares and additional ADSs
relating to treasury Shares (collectively, “New ADSs”)  (such offers, the “ADS Rights Offers”).  Each ADS represents 50 Shares.

WHEREAS,
the Company wishes to appoint the ADS Rights Agent as its agent for
administration of the ADS Rights Offers and the ADS Rights Agent is willing to
accept that appointment.

WHEREAS,
the Company will register the offer and sale of the Shares to which the ADS
Rights relate under the Securities Act of 1933, as amended, and will make the
ADS Rights Offers to each of the Record 
Owners by means of a prospectus prepared by the Company (the “Prospectus”),
which will be accompanied by a subscription form and a notice to Record Owners
in the form attached hereto as Exhibit A (the “Subscription Form”)
containing instructions with respect to the number of New ADSs that may be
purchased, the method for subscribing for New ADSs and the delivery of payment
for the New ADSs.

NOW,
THEREFORE, in consideration of the premises and mutual agreements contained in
this Agreement, the Company and the ADS Rights Agent hereby agree as follows:

 

B-1

ARTICLE I

APPOINTMENT OF THE ADS RIGHTS AGENT

The
Company hereby appoints The Bank of New York as the ADS Rights Agent of the
Company in connection with the ADS Rights Offers in accordance with the terms
and conditions of this Agreement, and The Bank of New York hereby accepts such
appointment upon the terms and subject to the conditions set forth in this
Agreement.

ARTICLE II

TERMS OF ADS RIGHTS OFFERS

2.1           The subscription
period for the ADS Rights will commence on or about        , 2005 (the actual starting date is
called the “Commencement Date”) and will end at 5:00 p.m., New York time
on               , 2005, unless the
Company extends it (the actual ending date and time is referred to as the “Expiration
Date”).  The period from the Commencement
Date through the Expiration Date will constitute the subscription period (the “Subscription
Period”).  The Company shall notify the
ADS Rights Agent of the Commencement Date if different from the date set forth
above (and in the absence of such notice the Rights Agent may assume that the
Commencement Date is such date) and of any extension of the Expiration Date.

2.2           Each Record Owner
will receive for each ADS owned as of the Record Date 0.129199 ADS Rights to
purchase ADSs relating to newly issued Shares and 0.003594 ADS Rights to
purchase ADSs relating to treasury Shares. 
Record Owners may purchase one new ADSs for each ADS Right relating to
newly issued Shares or treasury Shares, as the case may be, pursuant to the ADS
Rights Offers at a subscription price that will be equal to the U.S. dollar
equivalent of Ch$[·] per New ADS (the “Subscription
Price”).  ADS rights relating to newly
issued Shares may not be combined with ADS rights relating to treasury
Shares.  The parties understand that the
dollar equivalent of the Subscription Price set forth in the Prospectus is an
estimate and that actual U.S. dollar equivalent will be determined when the ADS
Rights Agent converts the purchase money into Chilean pesos pursuant to Article
VI hereof.  The parties also understand
that Record Owners will be required to deposit with the ADS Rights Agent U.S.$[·] (the “Deposit
Amount”) for each New ADS for which they are subscribing in respect of their
ADS Rights.  The Deposit Amount is based
on the estimated Subscription Price set forth in the Prospectus plus an
allowance intended to cover currency exchange rate fluctuations and to pay the
Depositary’s fee for issuance of New ADSs and expenses of the Depositary and
the ADS Rights Agent.  In lieu of
delivering fractional ADS Rights to purchase New ADSs relating to newly issued
Shares or treasury Shares, as the case may be, the ADS Rights Agent will
aggregate the respective share rights underlying such fractional entitlements
and, to the extent practicable, will arrange for the sale of such fractional
share rights.  The net proceeds of such
sale, if any, will be distributed to the Owners entitled thereto.

2.3           The ADS Rights are
not transferable and will be reflected in the records of the ADS Rights Agent.

 

B-2

 

ARTICLE III

DELIVERY OF RIGHTS OFFER MATERIAL

3.1           On or before the
Commencement Date, (a) the Company will deliver to the ADS Rights Agent
sufficient copies of the Prospectus, and (b) the ADS Rights Agent shall have
printed for its use sufficient copies of (i) the Subscription Form, (ii)
Substitute Form W-9 and (iii) Guidelines for Certification of Taxpayer
Identification Number of Substitute Form W-9 (the “Guidelines”).

3.2           Unless otherwise
instructed in writing by the Company, on or as soon as practicable after the
Record Date, the ADS Rights Agent shall send by first class mail or, if so
instructed by the Company, by overnight courier, to each Record Owner:
(i) a Prospectus, (ii) a Subscription Form, (iii) a Substitute
Form W-9, (iv) the Guidelines and (v) a return envelope addressed to
the ADS Rights Agent for use by such Record Owner (such material, collectively,
the “Rights Offer Material”).

3.3           In the event that
the Rights Offer Material is returned to the ADS Rights Agent for any reason
and a proper delivery thereof cannot be effected to a Record Owner, the ADS
Rights Agent shall hold such Rights Offer Material and the related Record Owner’s
right to purchase New ADSs under the ADS Rights Offers will be treated as
unexercised.  The ADS Rights Agent shall
supply the Company with such information as the Company may request with
respect to any Rights Offer Material that cannot be delivered to a Record
Owner.

3.4           In the event that,
prior to the Expiration Date, any Record Owner notifies the ADS Rights Agent
that the Rights Offer Material to which such Record Owner is entitled has not
been delivered, or has been lost, stolen or destroyed, the ADS Rights Agent
will furnish to such Record Owner a copy of the Rights Offer Material.  The Company agrees to supply the ADS Rights
Agent with sufficient copies of the Prospectus for such purposes.

ARTICLE IV

ACCEPTANCE OF SUBSCRIPTIONS

4.1           The ADS Rights Agent
is hereby authorized and directed to receive subscriptions for New ADSs
relating to newly issued Shares and treasury Shares on behalf of the Company
throughout the Subscription Period. 
Record Owners shall make payment to the ADS Rights Agent of the Deposit
Amount in U.S. dollars.  Such payment
must be received by the ADS Rights Agent no later than 5:00 p.m., New York
time, on the Expiration Date.  Any funds
that the ADS Rights Agent receives during the Subscription Period from Record
Owners in respect of payments for New ADSs shall be deposited in an account at
the ADS Rights Agent that the ADS Rights Agent designates solely for such
purpose (the “Deposit Account”) and such funds shall remain in the Deposit
Account until they are distributed in accordance with Section 6.2.

As
promptly as practicable after the ADS Rights Agent receives each Subscription
Form, the ADS Rights Agent shall determine whether the Record Owner sending
such Subscription Form has properly completed and executed such form and has
submitted the correct Deposit 

 

B-3

Amount for the New ADSs.  If such
form is not properly completed, is unexecuted or if such Record Owner did not
send the correct Deposit Amount, then the ADS Rights Agent will send a notice
to such Record Owner requesting such Record Owner to correct its Subscription
Form or submit the proper Deposit Amount, as the case may be.  If such Record Owner does not correct its
Subscription Form or submit the proper Deposit Amount, as the case may be, by
the Expiration Date, such Record Owner’s right to purchase New ADSs in the ADS
Rights Offer shall be deemed to be unexercised and the ADS Rights Agent shall
promptly refund the amount deposited to such Record Owner.  The ADS Rights Agent will require that
payment of the Deposit Amount be in the form of a certified or official bank
check, money order or wire transfer.

Notwithstanding
the foregoing, without further authorization from the Company, except where
otherwise specified or as otherwise notified in writing by the Company prior to
the Expiration Date, the following Subscription Forms shall be deemed to be
properly completed:

(a)           any subscription
with respect to which a Record Owner has failed to execute a Subscription Form
in the manner provided by the terms thereof, provided that (1) the Record Owner
has indicated on such Subscription Form or by written communication, the manner
in which the Record Owner wishes to subscribe and (2) proper payment has been
made by such Record Owner;

(b)           any subscription by
an individual (and not by a corporation, partnership or fiduciary) which is
accompanied by a check drawn by an individual (and not by a corporation,
partnership or fiduciary) other than the Record Owner, provided that (1) the
Subscription Form submitted therewith has been duly executed by the Record
Owner, (2) the Record Owner is the Record Owner to which such Subscription Form
relates, (3) the check tendered in payment of such subscription is drawn for
the proper amount and to the order of The Bank of New York and is otherwise in
order, and (4) there is no evidence actually known to the ADS Rights Agent
indicating that such check was delivered to the Record Owner by the drawer
thereof for any purpose other than the payment of the accompanying
subscription;

(c)           any subscription by
a custodian on behalf of a minor which is accompanied by a check drawn by an
individual (and not by a corporation, partnership or fiduciary) other than the
Record Owner, if the provisos set forth in clause (b) above are satisfied; or

(d)           any subscription by
an individual (and not by a corporation, partnership or fiduciary) which is
accompanied by a check drawn by a corporation, partnership or fiduciary other
than the Record Owner, if the provisos set forth in clause (b) above are
satisfied.

4.2           The ADS Rights Agent
is hereby authorized to accept subscriptions for New ADSs relating to newly
issued Shares and treasury Shares on behalf of the Company (i) on the
Expiration Date, (ii) after determining the total number of New ADSs relating
to newly issued Shares and treasury Shares that a Record Owner is entitled to
purchase in the ADS Rights Offers, pursuant to Article VI hereof, and (iii)
upon the proper completion and execution of the Subscription Form, in
accordance with the terms thereof and hereof.

 

B-4

4.3           The ADS Rights Agent
is authorized to waive proof of authority to sign (including the right to waive
signatures of co-fiduciaries and proof of appointment or authority of any
fiduciary or other person acting in a representative capacity) in connection
with any subscription with respect to which:

(a)           the New ADSs to
which the Subscription Form relates are registered in the name of an executor,
administrator, trustee, custodian for a minor or other fiduciary and has been
executed by such Record Owner provided that the New ADSs purchased are to be
issued in the name of such Record Owner;

(b)           the New ADSs to
which the Subscription Form relates are registered in the name of a corporation
and the Subscription Form has been executed by an officer of such corporation,
provided that the New ADSs purchased are to be issued in the name of such
corporation;

(c)           the Subscription
Form has been executed by a bank, trust company or broker as agent for the
Record Owner to which such Subscription Form relates, provided that the New
ADSs purchased are to be issued in the name of such Record Owner; or

(d)           the New ADSs to
which such Subscription Form relates are registered in the name of a decedent
and the Subscription Form has been executed by a person who purports to act as
the executor or administrator of such decedent’s estate, provided that (i) the
New ADSs are to be issued in the name of such person as executor or
administrator of such decedent’s estate, (ii) the check tendered in
payment of such subscription is drawn for the proper amount and to the order of
The Bank Of New York and is otherwise in order, and (iii) there is no evidence
actually known to the ADS Rights Agent indicating that such person is not the
duly authorized representative which such person purports to be.

4.4           In all cases other
than those described in Sections 4.3(a) through (d) above, the ADS Rights Agent
will be required to obtain all necessary proof of authority to sign in
connection with subscriptions for New ADSs; provided,
however, that in the event that such proof
of authority has not been received on or prior to the Expiration Date, the ADS
Rights Agent may obtain advice from the Company as to whether any such
subscriptions may be accepted and the ADS Rights Agent shall have no liability
whatsoever in the event it acts in good faith in accordance with such advice
nor shall the ADS Rights Agent be required to accept subscriptions for New ADSs
in the absence of such proof in the event it does not receive such advice from
the Company prior to the Expiration Date and shall have no liability whatsoever
for any such action.

ARTICLE V

REPORTS BY THE ADS RIGHTS AGENT

5.1           The ADS Rights Agent
will advise the Company by facsimile transmission (a) on the Commencement
Date as to the total number of Record Owners and the total number of ADSs
outstanding as of the Record Date; and (b) on each business day during the
Subscription Period as to:

 

B-5

(i)            the
total number of subscriptions for New ADSs relating to newly issued Shares and
New ADSs relating to treasury Shares pursuant to the ADS Rights Offers that the
ADS Rights Agent has received (which have been properly completed and executed
and for which the correct payment amount was received) and the aggregate number
of New ADSs relating to newly issued Shares and New ADSs relating to treasury
Shares subscribed for;

(ii)           the
aggregate amount of funds received by the ADS Rights Agent in payment of such
subscriptions; and

(iii)          the
total number of Record Owners which the ADS Rights Agent has notified pursuant
to Section 4.1 that their Subscription Form was not properly completed or that
the correct Deposit Amount for the New ADSs was not received.

5.2           Not later than 10:00
a.m. (New York City time) on the first New York banking day following the
Expiration Date, the ADS Rights Agent will advise the Company and the
Depositary by e-mail or facsimile transmission (the “Subscription Report”)
as to:

(i)            the
total number of New ADSs relating to newly issued Shares and New ADSs relating
to treasury Shares subscribed for in the ADS Rights Offers pursuant to the
exercise of ADS Rights and the total number of Shares represented thereby;

(ii)           the
total number of unsubscribed ADS rights relating to newly issued Shares and to
treasury Shares and the number of related share rights represented thereby; and

(iii)          the
aggregate amount of funds received by the ADS Rights Agent in payment of such
subscriptions.

ARTICLE VI

PAYMENTS; SHARE SUBSCRIPTION; REFUNDS

6.1           As promptly as
practicable after delivery of the Subscription Report in accordance with
Section 5.2, the ADS Rights Agent, as agent for the subscribing Record Owners,
(i) shall transfer from the Deposit Account to the Depositary the fee
required under the Deposit Agreement for execution and delivery of American
Depositary Receipts evidencing all the New ADSs and any applicable expenses of
the Depositary, and (ii) shall purchase, for settlement on or before the
expiration date of the Share Rights Offer which is expected to be 4:30 p.m.,
Santiago  time, on            , 2006, an amount of Chilean pesos
equal to the subscription price for newly issued Shares and treasury Shares
times the number of newly issued Shares and treasury Shares to be represented
by New ADSs for which Record Owners subscribed (the “Peso Subscription Amount”).  If the Deposit Amount paid by any subscribing
Record Owner to the ADS Rights Agent exceeds the amount required to pay the
Record Owner’s share of the Peso Subscription Amount, the Depositary’s fees and
expenses and the expenses of the currency conversion, the ADS Rights Agent
shall, at the time the ADS Rights Agent delivers the New ADSs, remit the

B-6

excess
in U.S. dollars (without interest) to the subscribing Record Owners.  If the Deposit Amount paid by any subscribing
Record Owner to the ADS Rights Agent is less than the amount required to pay
Record Owner’s share of the Peso Subscription Amount, the Depositary’s fees and
expenses and the expenses of the currency conversion, the ADS Rights Agent
shall pay the amount of such deficiency on behalf of such Record Owner.  The Record Owner will then be required to
pay, upon notice by the ADS Rights Agent to such Record Owner, the amount of
such deficiency promptly (including interest and expenses) to the ADS Rights
Agent, and the ADS Rights Agent need not deliver any New ADSs subscribed for by
such Record Owner prior to the receipt by the ADS Rights Agent of such
payment.  If payment of the amount of any
deficiency is not received from such Record Owner by the ADS Rights Agent by
the later of (i) the fifth business day after receipt of the ordinary
shares underlying the New ADSs by the Depositary’s custodian, as described in
Section 7.1 below, and (ii) the fifth business day after the ADS Rights
Agent gives notice of such deficiency, the ADS Rights Agent may sell the New
ADSs subscribed for by such Record Owner at a public or private sale, at such
place or places and upon such terms as it may deem proper, and the ADS Rights
Agent may allocate the proceeds of such sales in an amount sufficient to cover
such deficiency (including interest and expenses).  In such event, the ADS Rights Agent will then
send promptly any remaining New ADSs to such Record Owner together with a check
in the amount of excess proceeds, if any, from such sale; provided, however,
that, if the amount of such excess proceeds realized upon the sale of such
subscribing Record Owner’s ADSs is less than $5.00, such excess proceeds need
not be distributed.  The Company shall
indemnify the ADS Rights Agent, with interest, for any unreimbursed deficiency
in subscription money, including fees and expenses.

6.2           The ADS Rights Agent
shall pay to the Company the Peso Subscription Amount and shall instruct the
Depositary to subscribe for the total number of newly issued Shares and
treasury Shares to be represented by New ADSs relating to newly issued Shares
and treasury Shares for which Record Owners have subscribed prior to the
expiration date of the Share Rights Offers. 
The payment shall be made in same day funds by wire transfer in Chilean
pesos to the bank account specified by the Company on Exhibit B hereto.

6.3           The parties
understand that, pursuant to the Deposit Agreement and in accordance with the
Subscription Report delivered pursuant to Section 5.2, the Depositary will use
reasonable efforts to sell rights to purchase newly issued Shares and treasury
Shares to which it is entitled as the holder of Deposited Securities (as
defined in the Deposit Agreement) but which the ADS Rights Agent does not
request it to exercise on behalf of subscribing Record Owners, and the ADS
Rights Agent shall request that the Depositary do so as promptly as practicable
after the Expiration Date and remit the proceeds of such sale to the Record
Owners with respect to which such share rights were sold as promptly as
practicable.

ARTICLE VII

ISSUANCE OF ADRS

7.1           On or about           , 2006, the Company will deposit the
newly issued Shares or treasury Shares underlying the New ADSs relating to
newly issued Shares or treasury Shares (the “New Shares”) with Banco Santander
Chile, as Custodian under the Deposit Agreement, and will request that the
Depositary confirm such deposit to the ADS Rights Agent.

B-7

7.2           When the New Shares
to be represented by the New ADSs have been deposited, the ADS Rights Agent
shall forward to the Depositary the registration instructions contained in the
Subscription Forms delivered by subscribing Record Owners and shall instruct
the Depositary to send New ADSs issuable in respect of those Shares registered
in accordance with those instructions to the ADS Rights Agent and the ADS
Rights Agent shall deliver those New ADSs in accordance with those
instructions, subject to the provisions of Section 6.1.

ARTICLE VIII

LIMITATIONS OF DUTIES

8.1           The ADS Rights Agent
shall have no duties or obligations nor shall it be subject to any liability
under this Agreement or the transactions contemplated by this Agreement, except
that it shall perform its duties specifically set forth in this Agreement
without gross negligence or willful misconduct, and no implied duties or
obligations shall be read into this Agreement against the ADS Rights Agent.

8.2           The ADS Rights Agent
makes no, and will not be deemed to have made, any representations with respect
to, and shall have no duties, responsibilities or obligations with respect to
determining, the validity, sufficiency, value or genuineness of any New Shares,
Subscription Form or other documents deposited with or delivered to it or any
signature or endorsement set forth on or in connection with such documents.

8.3           The ADS Rights Agent
shall not be obligated to take any legal action hereunder on behalf of any
Record Owner or any other person.

8.4           The ADS Rights Agent
shall not be liable for or by reason of any of the statements of fact or
recitals contained in this Agreement, the Subscription Form or any other Rights
Offer Materials or be required to verify the same; and may rely upon and comply
with, and shall not have any liability for relying upon and complying with, any
Subscription Form or other Rights Offer Material, certificate, instrument,
opinion of counsel, notice, letter, telegram, records, or other document or
security delivered to it in connection with this Agreement.

8.5           The ADS Rights Agent
may consult with legal counsel for the Company or its own counsel (which may be
in-house counsel) and rely upon any opinion of such counsel, and shall have no
liability in respect of any action taken, omitted or suffered by the ADS Rights
Agent hereunder in reliance upon, and in accordance with, any such opinion.

8.6           The ADS Rights Agent
is hereby authorized and directed to accept instructions with respect to the
performance of its duties hereunder from the Company, and to apply to the
Company for advice or instructions in connection with its duties, and it shall
not be liable for any action taken or suffered to be taken by it in good faith
in accordance with instructions of the Company or for any delay in acting while
waiting for those instructions.  Any
application by the ADS Rights Agent for written instructions from the Company
may, at the option of the ADS Rights Agent, set forth in writing any action
proposed to be taken or omitted by the ADS Rights Agent under this Agreement
and the date on or after which such action shall be taken or such omission
shall be effective.  The ADS Rights Agent
shall not be liable for any action taken by, or

B-8

omission
of, the ADS Rights Agent in accordance with a proposal included in such
application on or after the date specified in such application (which date
shall not be less than three business days after the date the executive officer
of the Company actually receives such application, unless the Company shall
have consented in writing to any earlier date) unless prior to taking any such
action (or the effective date in the case of an omission), the ADS Rights Agent
shall have received written instructions in response to such application
specifying the action to be taken or omitted.

8.7           The ADS Rights Agent
shall escheat any property held by the ADS Rights Agent in accordance with
applicable law.

8.8           In no event will the
ADS Rights Agent be liable to any person (a) for any special, consequential or
punitive damages; or (b) if, by reason of:

(i)            any
law or regulation of any state or country or of any governmental or regulatory
authority or stock exchange; or

(ii)           any
circumstances beyond its control, including without limitation, strikes, work
stoppages, acts of war or terrorism, insurrection, revolution, nuclear or
natural catastrophes or acts of God, and interruptions, loss or malfunctions of
utilities, communications or computer (hardware and software) services;

it
is delayed or prevented from, or would be subject to any civil or criminal
liability if it did and therefore does not do, any thing that this Agreement
otherwise requires it to do.

8.9           The ADS Rights Agent
may perform any duties hereunder either directly or by or through its nominees,
correspondents, designees, agents, subagents or subcustodians and the ADS
Rights Agent shall not be responsible for any misconduct or negligence on the
part of any nominee, correspondent, designee, agent, subagent or subcustodian
appointed with due care by it hereunder.

ARTICLE IX

COMPENSATION; PAYMENT OF EXPENSES; INDEMNIFICATION

9.1           In consideration for
the services rendered under this Agreement, the Company agrees to pay to the
ADS Rights Agent the fees agreed upon in writing by the Company and the ADS
Rights Agent from time to time, and the Company agrees to pay to the ADS Rights
Agent, on demand of the ADS Rights Agent, its actual out of pocket expenses,
including, without limitation, reasonable fees and expenses of counsel,
incurred in the preparation and execution of this Agreement and performance of
the ADS Rights Agent’s duties under this Agreement.

9.2           The Company shall be
liable for and shall indemnify and hold harmless the ADS Rights Agent, its
directors, employees, agents and affiliates from and against any and all
claims, losses, liabilities, damages, expenses or judgments (including
attorneys’ fees and expenses) (collectively referred to herein as “Losses”)
howsoever arising from or in connection with this Agreement or the performance
of the ADS Rights Agent’s duties hereunder, the enforcement of this Agreement
and disputes between the parties hereto; provided, however, that nothing

B-9

contained
herein shall require that the ADS Rights Agent be indemnified for Losses
arising from the gross negligence or willful misconduct of the ADS Rights
Agent.

9.3           No provision of this
Agreement, other than Section 6.1, shall require the ADS Rights Agent to expend
or risk the ADS Rights Agent’s own funds or otherwise incur any financial
liability in the performance of any of the ADS Rights Agent’s duties hereunder
or in the exercise of the ADS Rights Agent’s rights.

ARTICLE X

TERMINATION OF AGENCY

Unless
terminated earlier by the parties hereto, this Agreement shall terminate upon
the later of the date the ADS Rights Agent has fully performed its obligations
under this Agreement and sixty (60) days after delivery of the New ADSs by the
Depositary (the “Termination Date”).  On
the business day following the Termination Date, the ADS Rights Agent shall
deliver to the Company any Rights Offer entitlements, if any, held by the ADS
Rights Agent under this Agreement.  The
ADS Rights Agent’s rights under Sections 9.1 and 9.2 shall survive the
termination of this Agreement.

ARTICLE XI

MISCELLANEOUS

11.1         Notices.  All reports, notices and other communications
required or permitted to be given hereunder to the parties hereto shall be
addressed to the following on behalf of the respective parties hereto and
delivered by overnight courier or by facsimile as follows or to such other
address as may be specified in writing form time to time:

	
   

  	
  To
  the Company:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Masisa S.A.

  
	
   

  	
   

  	
  Avenida Apoquindo 3650, Piso 10

  
	
   

  	
   

  	
  Las Condes

  
	
   

  	
   

  	
  Santiago, Chile

  
	
   

  	
   

  	
  Attn:

  	
  Patricio Reyes U.

  
	
   

  	
   

  	
  Fax:

  	
  +(56-2) 707-8302

  
	
   

  	
   

  	
  E-mail:

  	
  patricio.reyes@masisa.com

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  To
  the ADS Rights Agent:

  
	
   

  	
   

  
	
   

  	
   

  	
  The Bank of New York

  
	
   

  	
   

  	
  Reorganization Administration

  
	
   

  	
   

  	
  101 Barclay Street - 12W

  
	
   

  	
   

  	
  New York, NY 10286

  
	
   

  	
   

  	
  Attn:

  	
  Kelly Gallagher

  
	
   

  	
   

  	
  E-mail:

  	
  egallagher@bankofny.com

  
						

 

B-10

11.2         Assignment.  Neither the ADS Rights Agent nor the Company
shall assign this Agreement without first obtaining the written consent of the
other party hereto.

11.3         Headings.  The Article and Section headings contained
herein are for convenience and reference only and are not intended to define or
limit the scope of any provision of this Agreement.

11.4         Entire
Agreement; Amendment.  This
Agreement shall constitute the entire agreement of the parties with respect to
the subject matter and supersedes all prior oral or written agreements in
regard thereto.  References to any other
document or agreement shall not incorporate by reference such other document or
agreement into this Agreement and shall not impose any duties or
responsibilities, obligations or liabilities on the ADS Rights Agent under such
other document or agreement.  Except as
otherwise specifically provided herein, this Agreement may be amended only by
an instrument in writing duly executed by both parties hereto.

11.5         Governing Law; Jurisdiction; Certain Waivers.

(a)           This Agreement shall
be interpreted and construed in accordance with the internal substantive laws
(and not the choice of law rules) of the State of New York.  All actions and proceedings brought by the
ADS Rights Agent relating to or arising from, directly or indirectly, this
Agreement may be litigated in courts located within the State of New York.  The Company hereby submits to the personal
jurisdiction of such courts; hereby waives personal service of process and
consents that any such service of process may be made by certified or
registered mail, return receipt requested, directed to the Company at its address
last specified for notices hereunder; and hereby waives the right to a trial by
jury in any action or proceeding with the ADS Rights Agent.  All actions and proceedings brought by the
Company against the ADS Rights Agent relating to or arising from, directly or
indirectly, this Agreement shall be litigated only in courts located within the
State of New York.

(b)           The invalidity,
illegality or unenforceability of any provision of this Agreement shall in no
way affect the validity, legality or enforceability of any other provision; and
if any provision is held to be unenforceable as a matter of law, the other
provisions shall not be affected thereby and shall remain in full force and
effect.

11.6         Rights
and Remedies.  The rights
and remedies conferred upon the parties hereto shall be cumulative, and the
exercise or waiver of any such right or remedy shall not preclude or inhibit
the exercise of any additional rights or remedies.  The waiver of any right or remedy hereunder
shall not preclude or inhibit the subsequent exercise of such right or remedy.

11.7         Representations
and Warranties of the Company. 
The Company hereby represents, warrants and covenants that:

(a)           The Company is a
corporation duly organized and validly existing under the laws of the Republic
of Chile.

(b)           This Agreement has
been duly authorized, executed and delivered on its behalf and constitutes the
legal, valid and binding obligation of the Company.

B-11

(c)           The execution,
delivery and performance of this Agreement by the Company does not and will not
violate any applicable law or regulation and does not require the consent of
any governmental or other regulatory body except for such consents and
approvals as have been obtained and are in full force and effect.  For the avoidance of doubt, the offer and
sale of all newly issued Shares and treasury Shares and New ADSs to be issued
and delivered hereunder will be registered under the Securities Act of 1933, as
amended (the “Securities Act”) and all transactions contemplated by this
Agreement, except for the indemnification provided by Section 9.2 with respect
to which we make no representation, are in compliance with the Securities Act
and the Securities Exchange Act of 1934, as amended.

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

 

B-12

IN WITNESS WHEREOF, MASISA
S.A. and THE BANK OF NEW YORK have executed this Agreement as of the date first
set forth above.

	
   

  	
  MASISA
  S.A.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE
  BANK OF NEW YORK,

  
	
   

  	
  as
  ADS Rights Agent

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  

 

B-13

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