Document:

Exhibit 10.3

REGISTRATION RIGHTS AGREEMENT

This Registration Rights
Agreement (this “Agreement”) is
made and entered into as of September 26, 2006, by and among MathStar, Inc., a
Delaware corporation (the “Company”),
and the several purchasers signatory hereto (each a “Purchaser” and collectively, the “Purchasers”).

This Agreement is made
pursuant to the Securities Purchase Agreement, dated as of the date hereof
between the Company and each Purchaser (the “Purchase
Agreement”).

NOW, THEREFORE, IN
CONSIDERATION of the mutual covenants contained in this Agreement, and for
other good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, the Company and the Purchasers agree as follows:

1.             Definitions.  Capitalized terms used and not
otherwise defined herein that are defined in the Purchase Agreement shall have
the meanings given such terms in the Purchase Agreement.  As used in this Agreement, the following
terms shall have the respective meanings set forth in this Section 1:

“Advice” shall have the meaning set forth in Section 6(f).

“Affiliate” means, with respect to any person, any other
person which directly or indirectly controls, is controlled by, or is under
common control with, such person.

“Business Day” means a day, other than a Saturday or Sunday,
on which banks in New York City are open for the general transaction of
business.

“Closing” has the meaning
set forth in the Purchase Agreement.

“Closing Date” has the
meaning set forth in the Purchase Agreement.

“Commission” means the Securities and Exchange Commission.

“Common Stock” means the common stock of the Company, $0.01
par value per share, and any securities into which such common stock may
hereinafter be reclassified.

“Effective Date” means the date that the Registration
Statement filed pursuant to Section 2(a) is first declared effective by the
Commission.

“Effectiveness Deadline” means, with respect to the
Registration Statement required to be filed to cover the resale by the Holders
of the Registrable Securities, the earlier of: (i) the 90th calendar day following the Closing Date; provided, that, if the Commission reviews
and has written comments to the filed Registration Statement, then the
Effectiveness Deadline under this clause (i) shall be the 120th calendar day following the Closing Date, and
(ii) the fifth (5th) Trading Day
following the date on which the Company is notified by the Commission that the
Registration Statement will not be reviewed or is no longer subject to further
review and comments and the effectiveness of the Registration Statement may be
accelerated.

“Effectiveness Period” shall have the meaning set forth in
Section 2(b).

“Event” shall have the meaning set forth in Section 2(c).

 

“Event Date” shall have the meaning set forth in Section
2(c).

“Exchange Act” means the Securities Exchange Act of 1934, as
amended, and the rules and regulations promulgated thereunder.

“Filing Deadline” means, with respect to the Registration
Statement required to be filed pursuant to Section 2(a), the 45th calendar day following the Closing Date.

“Holder” or “Holders”
means the holder or holders, as the case may be, from time to time of
Registrable Securities.

“Indemnified Party” shall have the meaning set forth in
Section 5(c).

“Indemnifying Party” shall have the meaning set forth in
Section 5(c).

“Losses” shall have the meaning set forth in Section 5(a).

“New York Courts” means the state and federal courts sitting
in the City of New York, Borough of Manhattan.

“Person” means an individual or corporation, partnership,
trust, incorporated or unincorporated association, joint venture, limited
liability company, joint stock company, government (or an agency or subdivision
thereof) or other entity of any kind.

“Principal Trading Market” means the Trading Market on which
the Common Stock is primarily listed on and quoted for trading, which, as of
the Closing Date, shall be the Nasdaq Global Market.

“Proceeding” means an action, claim, suit, investigation or
proceeding (including, without limitation, an investigation or partial
proceeding, such as a deposition), whether commenced or threatened.

“Prospectus” means the prospectus included in a Registration
Statement (including, without limitation, a prospectus that includes any
information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon Rule 430A promulgated under the
Securities Act), as amended or supplemented by any prospectus supplement, with
respect to the terms of the offering of any portion of the Registrable Securities
covered by a Registration Statement, and all other amendments and supplements
to the Prospectus, including post-effective amendments, and all material
incorporated by reference or deemed to be incorporated by reference in such
Prospectus.

“Register,” “registered” and “registration” refer to a registration made
by preparing and filing a Registration Statement or similar document in
compliance with the Securities Act, and the declaration or ordering of
effectiveness of such Registration Statement or document.

“Registrable Securities” means all of (i) the Shares issuable
(ii) the Warrant Shares issuable, (iii) any additional shares issuable in
connection with any anti-dilution provisions in the Warrants (without giving
effect to any limitations on exercise set forth in the Warrant) and (iv) any
securities issued or issuable upon any stock split, dividend or other
distribution, recapitalization or similar event; provided, that the Holder has completed and delivered to the
Company a Selling Shareholder Questionnaire; and provided, further, that a
Holder’s security shall cease to be Registrable Securities upon the earliest to
occur of the following:  (A) sale
pursuant to a Registration Statement or Rule 144 under the

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Securities
Act (in which case, only such security sold shall cease to be a Registrable
Security); or (B) such security becoming eligible for sale by the Holder
pursuant to Rule 144(k).

“Registration Statement” means any registration statement of
the Company filed under the Securities Act that covers the resale of any of the
Registrable Securities pursuant to the provisions of this Agreement, amendments
and supplements to such Registration Statement, including post-effective
amendments, all exhibits and all material incorporated by reference or deemed
to be incorporated by reference in such Registration Statement.

“Rule 144” means Rule 144 promulgated by the Commission
pursuant to the Securities Act, as such Rule may be amended from time to time,
or any similar rule or regulation hereafter adopted by the Commission having
substantially the same effect as such Rule.

“Rule 415” means Rule 415 promulgated by the Commission
pursuant to the Securities Act, as such Rule may be amended from time to time,
or any similar rule or regulation hereafter adopted by the Commission having
substantially the same effect as such Rule.

“Rule 424” means Rule 424 promulgated by the Commission
pursuant to the Securities Act, as such Rule may be amended from time to time,
or any similar rule or regulation hereafter adopted by the Commission having
substantially the same effect as such Rule.

“Securities Act” means the Securities Act of 1933, as
amended, and the rules and regulations promulgated thereunder.

“Selling Shareholder Questionnaire”
means a questionnaire in the form attached as Annex B hereto, or such
other form of questionnaire as may reasonably be adopted by the Company from
time to time.

“Shares” means the shares of Common Stock issued or issuable
to the Purchasers pursuant to the Purchase Agreement.

“Subscription Amount” means $4.00 (as subject to adjustment
for stock splits, stock dividends, and stock combinations affecting the
Shares), being the per share purchase price paid by each Purchaser for the
securities purchased by such Purchaser pursuant to the Purchase Agreement.

“Trading Day” means (i) a day on which the Common Stock is
listed or quoted and traded on its primary Trading Market (other than the OTC
Bulletin Board), or (ii) if the Common Stock is not listed on a Trading Market
(other than the OTC Bulletin Board), a day on which the Common Stock is traded
in the over-the-counter market, as reported by the OTC Bulletin
Board, or (iii) if the Common Stock is not quoted on any Trading Market, a day
on which the Common Stock is quoted in the over-the-counter market
as reported by the National Quotation Bureau Incorporated (or any similar
organization or agency succeeding to its functions of reporting prices); provided, that in the event that the
Common Stock is not listed or quoted as set forth in (i), (ii) and (iii)
hereof, then Trading Day shall mean a Business Day.

“Trading Market” means
whichever of the New York Stock Exchange, the American Stock Exchange, the
Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq Capital
Market or OTC Bulletin Board on which the Common Stock is listed or quoted for
trading on the date in question.

“Warrants” means the
Warrants issued pursuant to the Purchase Agreement.

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“Warrant Shares” means the shares of Common Stock issued or
issuable upon exercise of the Warrants.

2.             Registration.

(a)           On
or prior to the Filing Deadline, the Company shall prepare and file with the
Commission a Registration Statement covering the resale of all Registrable
Securities not already covered by an existing and effective Registration Statement
for an offering to be made on a continuous basis pursuant to Rule 415.  The Registration Statement shall be on Form
S-3 (except if the Company is not then eligible to register for resale the
Registrable Securities on Form S-3, in which case such registration shall be on
another appropriate form in accordance with the Securities Act and the Exchange
Act) and shall contain (except if otherwise required pursuant to written
comments received from the Commission upon a review of such Registration
Statement) the “Plan of Distribution” attached hereto as Annex A.

(b)           The
Company shall use its best efforts to cause the Registration Statement to be
declared effective by the Commission as soon as practicable and, in any event,
no later than the Effectiveness Deadline (including filing with the Commission
a request for acceleration of effectiveness in accordance with Rule 461
promulgated under the Securities Act within five (5) Business Days after the
date that the Company is notified (orally or in writing, whichever is earlier)
by the Commission that a Registration Statement will not be “reviewed,” or not
be subject to further review and the effectiveness of the Registration
Statement may be accelerated) and shall use its reasonable best efforts to keep
the Registration Statement continuously effective under the Securities Act
until the earlier of (i)  such time as
all of the Registrable Securities covered by such Registration Statement have
been publicly sold by the Holders, or (ii) the date that all Registrable Securities
covered by the Registration Statement may be sold by non-affiliates without
volume restrictions pursuant to Rule 144(k) as determined by counsel to the
Company pursuant to a written opinion letter to such effect, addressed and
acceptable to the Company’s transfer agent and the affected Holders (the “Effectiveness Period”).  The
Company shall ensure that each Registration Statement (including any amendments
or supplements thereto and prospectuses contained therein) shall not contain
any untrue statement of a material fact or omit to state a material fact
required to be stated therein, or necessary to make the statements therein (in
the case of prospectuses, in the light of the circumstances in which they were
made) not misleading.  Such Registration Statement shall also
cover, to the extent allowable under the Securities Act and the rules
promulgated thereunder (including Rule 416), such indeterminate number of
additional shares of Common Stock resulting from stock splits, stock dividends
or similar transactions with respect to the Registrable Securities.  The Company shall telephonically request
effectiveness of a Registration Statement as of 5:00 pm Eastern Time on a
Trading Day.   The Company shall
immediately notify the Holders via facsimile or e-mail of the effectiveness of
a Registration Statement on the same Trading Day that the Company
telephonically confirms effectiveness with the Commission, which shall be the
date requested for effectiveness of a Registration Statement.  The Company shall, by 9:30 am Eastern Time on
the Trading Day after the Effective Date (as defined in the Purchase
Agreement), file a final Prospectus with the Commission pursuant to Rule
424.  Failure to so notify the Holder
within 1 Trading Day of such notification or effectiveness or failure to file a
final Prospectus as aforesaid shall be deemed an Event under Section 2(c).

(c)             If: (i) the Registration Statement is not
filed on or prior to the Filing Deadline, (ii) a Registration Statement is not
declared effective by the Commission (or otherwise does not become effective)
on or prior to its Effectiveness Deadline or (iii) after its Effective Date,
such Registration Statement ceases for any reason (including without
limitation by reason of a stop order, or the Company’s failure to update the
Registration Statement) but excluding
the inability of any Holder to sell the Registrable Securities covered thereby
due to market conditions, to remain continuously effective and available to the
Holders as to all Registrable Securities to which it is required to cover at
any time prior to the expiration of the Effectiveness Period for an aggregate
of more than 20 consecutive Trading Days or

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for more than an aggregate of 40 Trading Days
in any 12-month period (which need not be consecutive), (any such failure or
breach in clauses (i), (ii) or (iii) above being referred to as an “Event,” and, for purposes of clauses (i) or
(ii), the date on which such Event occurs, or for purposes of clause (iii), the
date which such 20 consecutive or 40 Trading Day period (as applicable) is
exceeded, being referred to as “Event
Date”), then in addition
to any other rights available to the Holders: (x) on such Event Date the
Company shall pay to each Holder an amount in cash, as partial liquidated
damages and not as a penalty, equal to 1.5% of the aggregate purchase
price paid by such Holder pursuant to the Purchase Agreement for any
Registrable Securities then held by such Holder (which remedy shall not be exclusive of any other remedies available
under this Agreement); and (y) on each monthly anniversary of each such Event
Date thereof (if the applicable Event shall not have been cured by such date)
until the applicable Event is cured, the Company shall pay to each Holder an
amount in cash, as partial liquidated damages and not as a penalty, equal to
1.5% of the aggregate purchase price paid by such Holder pursuant to the
Purchase Agreement for any Registrable Securities then held by such Holder
(which remedy shall not be exclusive of any other remedies available under this
Agreement).  The parties agree that the Company will not
be liable for liquidated damages under this Section 2(c) in respect of the
Warrants or the Warrant Shares.  If the
Company fails to pay any partial liquidated damages pursuant to this Section in
full within seven days after the date payable, the Company will pay interest
thereon at a rate of 10% per annum (or such lesser maximum amount that is
permitted to be paid by applicable law) to the Holder, accruing daily from the
date such partial liquidated damages are due until such amounts, plus all such
interest thereon, are paid in full.  The
partial liquidated damages pursuant to the terms hereof shall apply on a daily
pro-rata basis for any portion of a month prior to the cure of an Event, except
in the case of the first Event Date. Notwithstanding the foregoing, the maximum
payment to a Holder associated with all Events in the aggregate shall not
exceed (i) in any 30-day period, an aggregate of 1.5% of the purchase price
paid by such Holder for its Registrable Securities (plus interest accrued
thereon, if applicable) and (ii) 10.0% of the purchase price paid by such
Holder for its Registrable Securities.

(d)           The
Company shall not, from the date hereof until the date occurring sixty (60)
days after the Effective Date of the Registration Statement, prepare and file
with the Commission a registration statement relating to an offering for its
own account or the account of others under the Securities Act of any of its
equity securities other than a registration statement on Form S-8 or, in
connection with an acquisition, on Form S-4, and other than any amendment filed
to the Registration Statement converting it to a Form S-3 Registration
Statement.

(e)           Each
Holder agrees to furnish to the Company a completed and signed Selling
Shareholder Questionnaire.  The Company
shall not be required to include the Registrable Securities of a Holder in a
Registration Statement and shall not be required to pay any liquidated or other
damages under Section 2(c) to any Holder who fails to furnish to the Company a
fully completed and signed Selling Shareholder Questionnaire at least two
Trading Days prior to the Filing Deadline (subject to the requirements set
forth in Section 3(a)).

(f)            It
is agreed and understood that the Company shall, from time to time, be
obligated to file an additional Registration Statement to cover any Registrable
Securities which are not registered for resale pursuant to a pre-existing
Registration Statement.

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3.             Registration Procedures

In connection with the
Company’s registration obligations hereunder, the Company shall:

(a)           Not less than five Trading Days prior to the filing of a Registration
Statement or any related Prospectus or any amendment or supplement thereto,
furnish to each Holder copies of such Registration Statement, Prospectus or
amendment or supplement thereto, as proposed to be filed, which documents will
be subject to the review of such Holder (it being acknowledged and agreed that
if a Holder does not object to or comment on the aforementioned documents
within such five Trading Day period, then the Holder shall be deemed to have
consented to and approved the use of such documents).  The Company shall not file a Registration
Statement, any Prospectus or any amendments or supplements thereto in which the
“Selling Stockholder” section thereof differs from the disclosure received from
a Holder in its Selling Shareholder Questionnaire (as amended or supplemented),
except as may otherwise be required by applicable securities law or the
Commission.

(b)           (i)  Prepare and file with the Commission such
amendments, including post-effective amendments, to each Registration
Statement and the Prospectus used in connection therewith as may be necessary
to keep such Registration Statement continuously effective as to the applicable
Registrable Securities for its Effectiveness Period and prepare and file with
the Commission such additional Registration Statements in order to register for
resale under the Securities Act all of the Registrable Securities; (ii) cause
the related Prospectus to be amended or supplemented by any required Prospectus
supplement, and as so supplemented or amended to be filed pursuant to Rule 424;
(iii) respond as promptly as reasonably practicable, and in any event within
ten (10) Trading Days, to any comments received from the Commission with
respect to each Registration Statement or any amendment thereto and, as
promptly as reasonably possible, provide the Holders true and complete copies
of all correspondence from and to the Commission relating to such Registration
Statement that pertains to the Holders as Selling Stockholders but not any
comments that would result in the disclosure to the Holders of material and
non-public information concerning the Company; and (iv) comply with the
provisions of the Securities Act and the Exchange Act with respect to the
disposition of all Registrable Securities covered by each Registration
Statement.

(c)           Notify
the Holders as promptly as reasonably possible (and, in the case of (i)(A)
below, not less than three Trading Days prior to such filing, in the case of
(iii) and (iv) below, not more than one Trading Day after such issuance or
receipt and, in the case of (v) below, not less than three Trading Days prior
to the financial statements in any Registration Statement becoming ineligible
for inclusion therein) and (if requested by any such Person) confirm such
notice in writing no later than one Trading Day following the day (i)(A) when a
Prospectus or any Prospectus supplement or post-effective amendment to a
Registration Statement is proposed to be filed; (B) when the Commission
notifies the Company whether there will be a “review” of such Registration
Statement and whenever the Commission comments in writing on any Registration
Statement (in which case the Company shall provide true and complete copies
thereof and all written responses thereto to each of the Holders that pertain
to the Holders as a Selling Stockholder or to the Plan of Distribution, but not
information which the Company believes would constitute material and non-public
information); and (C) with respect to each Registration Statement or any post-effective
amendment, when the same has become effective; (ii) of any request by the
Commission or any other Federal or state governmental authority for amendments
or supplements to a Registration Statement or Prospectus or for additional
information that pertains to the Holders as Selling Stockholders or the Plan of
Distribution; (iii) of the issuance by the Commission or any other federal or
state governmental authority of any stop order suspending the effectiveness of
a Registration Statement covering any or all of the Registrable Securities or
the initiation of any Proceedings for that purpose; (iv) of the receipt by the
Company of any notification with respect to the suspension of the qualification
or exemption from qualification of any of the Registrable Securities for sale
in any jurisdiction, or the

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initiation or threatening of any Proceeding
for such purpose; and (v) of the occurrence of any event or passage of time
that makes the financial statements included in a Registration Statement
ineligible for inclusion therein or any statement made in such Registration
Statement or Prospectus or any document incorporated or deemed to be
incorporated therein by reference untrue in any material respect or that
requires any revisions to such Registration Statement, Prospectus or other
documents so that, in the case of such Registration Statement or the
Prospectus, as the case may be, it will not contain any untrue statement of a
material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein (in the case of any Prospectus,
form of prospectus or supplement thereto, in light of the circumstances under
which they were made), not misleading.

(d)           Use
reasonable best efforts to avoid the issuance of, or, if issued, obtain the
withdrawal of (i) any order suspending the effectiveness of a Registration
Statement, or (ii) any suspension of the qualification (or exemption from
qualification) of any of the Registrable Securities for sale in any
jurisdiction, as soon as practicable.

(e)           If
requested by a Holder, furnish to such Holder, without charge, at least one
conformed copy of each Registration Statement and each amendment thereto and
all exhibits to the extent requested by such Person (including those previously
furnished or incorporated by reference) promptly after the filing of such
documents with the Commission; provided, that the Company shall have no obligation
to provide any document pursuant to this clause that is available on the
Commission’s EDGAR system.

(f)            Upon
notification by the Commission that a Registration Statement will not be
reviewed or is no longer subject to further review and comments, the Company
shall request acceleration of such Registration Statement within five (5)
Business Days after receipt of such notice such that it becomes effective no
later than 5:00 p.m. New York City time on the Effective Date and file a
prospectus supplement for any Registration Statement, whether or not it is
required under Rule 424 (or otherwise), by 9:00 a.m. New York City time the day
after the Effective Date.

(g)           Prior
to any public offering of Registrable Securities, register or qualify such
Registrable Securities for offer and sale under the securities or Blue Sky laws
of such jurisdictions within the United States as any Holder reasonably
requests in writing, to keep each such registration or qualification (or
exemption therefrom) effective during the Effectiveness Period and to do any
and all other acts or things reasonably necessary to enable the disposition in
such jurisdictions of the Registrable Securities covered by the Registration
Statements; provided,
that the Company shall not
be required to qualify generally to do business in any jurisdiction where it is
not then so qualified or to take any action that would subject the Company to
general service of process in any jurisdiction where it is not then so subject
or subject the Company to any material tax in any such jurisdiction where it is
not then so subject.

(h)           If
requested by the Holders, cooperate with the Holders to facilitate the timely
preparation and delivery of certificates representing Registrable Securities to
be delivered to a transferee pursuant to the Registration Statement, which
certificates shall be free, to the extent permitted by the Purchase Agreement
and under law, of all restrictive legends, and to enable such Registrable
Securities to be in such denominations and registered in such names as any such
Holders may reasonably request.  In
connection therewith, if required by the Company’s transfer agent, the Company
shall promptly after the effectiveness of the Registration Statement cause an
opinion of counsel as to the effectiveness of the Registration Statement to be
delivered to and maintained with its transfer agent, together with any other
authorizations, certificates and directions required by the transfer agent,
which authorize and direct the transfer agent to issue such Registrable
Securities without legend upon sale by the holder of such shares of Registrable
Securities under the Registration Statement.

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(i)            Following
the occurrence of any event contemplated by Section 3(c)(v), as promptly as
reasonably possible, prepare a supplement or amendment, including a post-effective
amendment, to the affected Registration Statements or a supplement to the
related Prospectus or any document incorporated or deemed to be incorporated
therein by reference, and file any other required document so that, as
thereafter delivered, no Registration Statement nor any Prospectus will contain
an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein (in
the case of any Prospectus, form of prospectus or supplement thereto, in light
of the circumstances under which they were made), not misleading.

(j)            (i)
In the time and manner required by the Principal Trading Market, prepare and
file with such Trading Market an additional shares listing application covering
all of the Registrable Securities, (ii) take all steps necessary to cause such
Registrable Securities to be approved for listing on the Principal Trading
Market as soon as possible thereafter, (iii) if requested by any Holder,
provide such Holder evidence of such listing, and (iv) during the Effectiveness
Period, maintain the listing of such Registrable Securities on the Principal
Trading Market.

(k)           Until
all of the Shares and Warrant Shares are eligible for sale under Rule 144(k)
promulgated under the Securities Act, the Company covenants to timely file (or
obtain extensions in respect thereof and file within the applicable grace
period) all reports required to be filed by the Company after the date hereof
pursuant to Section 13(a) or 15(d) of the Exchange Act.   Until all of the Shares and Warrant Shares
are eligible for sale under Rule 144(k) promulgated under the Securities Act,
if the Company is not required to file reports pursuant to Section 13(a) or
15(d) of the Exchange Act, it will prepare and furnish to the Holders and make
publicly available in accordance with Rule 144(c) promulgated under the
Securities Act annual and quarterly financial statements, together with a
discussion and analysis of such financial statements in form and substance
substantially similar to those that would otherwise be required to be included
in reports required by Section 13(a) or 15(d) of the Exchange Act, as well as
any other information required thereby, in the time period that such filings
would have been required to have been made under the Exchange Act. The Company
further covenants that it will take such further action as any Holder may
reasonably request, all to the extent required from time to time to enable such
Person to sell Shares and Warrant Shares without registration under the
Securities Act within the limitation of the exemptions provided by Rule 144
promulgated under the Securities Act, including compliance with the provisions
of the Purchase Agreement relating to the transfer of the Shares and Warrant
Shares.

(l)            The
Company may require each selling Holder to furnish to the Company a certified
statement as to the number of shares of Common Stock beneficially owned by such
Holder and any Affiliate thereof and as to any NASD affiliations and of any
natural persons who have the power to vote or dispose of the Common Stock, and
the Company has the right to include such information in any Registration
Statements and to otherwise provide such information to the Commission.

4.             Registration Expenses.  All
fees and expenses incident to the Company’s performance of or compliance with
its obligations under this Agreement (excluding any underwriting discounts and
selling commissions and all legal fees and expenses of legal counsel for any
Holder) shall be borne by the Company whether or not any Registrable Securities
are sold pursuant to a Registration Statement. 
The fees and expenses referred to in the foregoing sentence shall
include, without limitation, (i) all registration and filing fees (including,
without limitation, fees and expenses (A) with respect to filings required to
be made with the securities exchanges on which the Common Stock is then listed
for trading, and (B) in compliance with applicable state securities or Blue Sky
laws), (ii) printing expenses (including, without limitation, expenses of
printing certificates for Registrable Securities and of printing prospectuses
if the printing of prospectuses is reasonably requested by the Holders of a
majority of the Registrable Securities included in the Registration Statement),
(iii) messenger, telephone and delivery expenses, (iv) fees and

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disbursements
of counsel for the Company, (v) Securities Act liability insurance, if the
Company so desires such insurance, and (vi) fees and expenses of all other
Persons retained by the Company in connection with the consummation of the
transactions contemplated by this Agreement. 
In addition, the Company shall be responsible for all of its internal
expenses incurred in connection with the consummation of the transactions
contemplated by this Agreement (including, without limitation, all salaries and
expenses of its officers and employees performing legal or accounting duties),
the expense of any annual audit and the fees and expenses incurred in
connection with the listing of the Registrable Securities on any securities
exchange as required hereunder.  In no
event shall the Company be responsible for any broker or similar commissions of
any Holder or, except to the extent provided for in the Transaction Documents,
any legal fees or other costs of the Holders.

5.             Indemnification.

(a)           Indemnification by the Company. 
The Company shall, notwithstanding any termination of this Agreement,
indemnify and hold harmless each Holder, the officers, directors, agents,
partners, members, managers, shareholders, Affiliates and employees of each of
them, each Person who controls any such Holder (within the meaning of Section
15 of the Securities Act or Section 20 of the Exchange Act) and the officers,
directors, partners, members, managers, shareholders, agents and employees of
each such controlling Person, to the fullest extent permitted by applicable
law, from and against any and all losses, claims, damages, liabilities, costs
(including, without limitation, reasonable costs of preparation and
investigation and reasonable attorneys’ fees) and expenses (collectively, “Losses”), as incurred, arising out of or relating
to (i) any untrue or alleged untrue statement of a material fact contained in
any Registration Statement, any Prospectus or any form of prospectus or in any
amendment or supplement thereto (it being understood that the Holder has
approved Annex A hereto for this purpose) or in any preliminary prospectus, or
arising out of or relating to any omission or alleged omission of a material
fact required to be stated therein or necessary to make the statements therein
(in the case of any Prospectus or form of prospectus or supplement thereto, in
light of the circumstances under which they were made) not misleading, or (ii)
any violation or alleged violation by the Company of the Securities Act,
Exchange Act or any state securities law, or any rule or regulation thereunder,
in connection with the performance of its obligations under this Agreement,
except to the extent, but only to the extent, that (A) such untrue statements,
alleged untrue statements, omissions or alleged omissions are based solely upon
information regarding such Holder furnished in writing to the Company by such
Holder expressly for use therein, or to the extent that such information
relates to such Holder or such Holder’s proposed method of distribution of
Registrable Securities and was reviewed and approved by such Holder expressly
for use in the Registration Statement, such Prospectus or such form of
Prospectus or in any amendment or supplement thereto (it being understood that
each Holder has approved Annex A hereto for this purpose) or (B) in the case of
an occurrence of an event of the type specified in Section 3(c)(ii)-(v), the
use by a Holder of an outdated or defective Prospectus after the Company has
notified such Holder in writing that the Prospectus is outdated or defective
and prior to the receipt by such Holder of Advice (as defined in Section 6(f)
below), but only if and to the extent that following the receipt of the Advice
the misstatement or omission giving rise to such Loss would have been
corrected; provided, however, that the indemnity agreement contained in
this Section 5(a) shall not apply to amounts paid in settlement of any Losses
if such settlement is effected without the prior written consent of the
Company, which consent shall not be unreasonably withheld.  Each Holder shall notify the Company promptly
of the institution, threat or assertion of any Proceeding of which Holder is
aware in connection with the transactions contemplated by this Agreement.  Such indemnity shall remain in full force and
effect regardless of any investigation made by or on behalf of an Indemnified
Party (as defined in Section 5(c)) and shall survive the transfer of the
Registrable Securities by the Holders.

(b)           Indemnification
by Holders. Each Holder
shall, notwithstanding any termination of this Agreement, severally and not
jointly, indemnify and hold harmless the Company, its directors,

 9
 

 

officers, agents and employees, each Person
who controls the Company (within the meaning of Section 15 of the Securities
Act and Section 20 of the Exchange Act), and the directors, officers, agents or
employees of such controlling Persons, to the fullest extent permitted by
applicable law, from and against all Losses, as incurred, arising solely out of
or based solely upon any untrue or alleged untrue statement of a material fact
contained in any Registration Statement, any Prospectus, or any form of
prospectus, or in any amendment or supplement thereto, or arising solely out of
or based solely upon any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein (in
the case of any Prospectus, or any form of prospectus or supplement thereto, in
light of the circumstances under which they were made) not misleading to the
extent, but only to the extent that, such untrue statements or omissions are
based solely upon information regarding such Holder furnished in writing to the
Company by such Holder expressly for use therein, or to the extent that such
information relates to such Holder or such Holder’s proposed method of
distribution of Registrable Securities and was reviewed and approved by such
Holder expressly for use in the Registration Statement (it being understood
that the Holder has approved Annex A hereto for this purpose), such Prospectus
or such form of Prospectus or in any amendment or supplement thereto; provided, however, that the indemnity agreement contained in
this Section 5(b) shall not apply to amounts paid in settlement of any Losses
if such settlement is effected without the prior written consent of the Holder,
which consent shall not be unreasonably withheld.  In no event shall the liability of any
selling Holder hereunder be greater in amount than the dollar amount of the net
proceeds received by such Holder upon the sale of the Registrable Securities
giving rise to such indemnification obligation.

(c)           Conduct
of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person
entitled to indemnity hereunder (an “Indemnified
Party”), such Indemnified
Party shall promptly notify the Person from whom indemnity is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party
shall have the right to assume the defense thereof, including the employment of
counsel reasonably satisfactory to the Indemnified Party and the payment of all
reasonable fees and expenses incurred in connection with defense thereof; provided, that the failure of any Indemnified Party
to give such notice shall not relieve the Indemnifying Party of its obligations
or liabilities pursuant to this Agreement, except (and only) to the extent that
it shall be finally determined by a court of competent jurisdiction (which
determination is not subject to appeal or further review) that such failure
shall have proximately and materially adversely prejudiced the Indemnifying
Party.

An Indemnified Party shall
have the right to employ separate counsel in any such Proceeding and to
participate in the defense thereof, but the fees and expenses of such counsel
shall be at the expense of such Indemnified Party or Parties unless:  (1) the Indemnifying Party has agreed in
writing to pay such fees and expenses; (2) the Indemnifying Party shall have
failed promptly to assume the defense of such Proceeding and to employ counsel
reasonably satisfactory to such Indemnified Party in any such Proceeding; or
(3) the named parties to any such Proceeding (including any impleaded parties)
include both such Indemnified Party and the Indemnifying Party, and such
Indemnified Party shall have been advised by counsel that a conflict of
interest is likely to exist if the same counsel were to represent such
Indemnified Party and the Indemnifying Party (in which case, if such
Indemnified Party notifies the Indemnifying Party in writing that it elects to
employ separate counsel at the expense of the Indemnifying Party, the
Indemnifying Party shall not have the right to assume the defense thereof and
such counsel shall be at the expense of the Indemnifying Party); provided, that
the Indemnifying Party shall not be liable for the fees and expenses of more
than one separate firm of attorneys at any time for all Indemnified
Parties.  The Indemnifying Party shall
not be liable for any settlement of any such Proceeding effected without its
written consent, which consent shall not be unreasonably withheld, delayed or
conditioned.  No Indemnifying Party
shall, without the prior written consent of the Indemnified Party, effect any
settlement of any pending Proceeding in respect of which any Indemnified Party
is a party, unless such settlement includes an unconditional release of such
Indemnified Party from all liability on claims that are the subject matter of
such Proceeding.

 10
 

 

All fees and expenses of the
Indemnified Party (including reasonable fees and expenses to the extent
incurred in connection with investigating or preparing to defend such Proceeding
in a manner not inconsistent with this Section) shall be paid to the
Indemnified Party, as incurred, within twenty Trading Days of written notice
thereof to the Indemnifying Party (regardless of whether it is ultimately
determined that an Indemnified Party is not entitled to indemnification
hereunder; provided, that the
Indemnifying Party may require such Indemnified Party to undertake to reimburse
all such fees and expenses to the extent it is finally judicially determined
that such Indemnified Party is not entitled to indemnification hereunder).

(d)           Contribution.  If
a claim for indemnification under Section 5(a) or 5(b) is unavailable to an
Indemnified Party (by reason of public policy or otherwise), then each
Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall
contribute to the amount paid or payable by such Indemnified Party as a result
of such Losses, in such proportion as is appropriate to reflect the relative
fault of the Indemnifying Party and Indemnified Party in connection with the
actions, statements or omissions that resulted in such Losses as well as any
other relevant equitable considerations. 
The relative fault of such Indemnifying Party and Indemnified Party
shall be determined by reference to, among other things, whether any action in
question, including any untrue or alleged untrue statement of a material fact
or omission or alleged omission of a material fact, has been taken or made by,
or relates to information supplied by, such Indemnifying Party or Indemnified
Party, and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such action, statement or omission.  The amount paid or payable by a party as a
result of any Losses shall be deemed to include, subject to the limitations set
forth in Section 5(c), any reasonable attorneys’ or other reasonable fees or
expenses incurred by such party in connection with any Proceeding to the extent
such party would have been indemnified for such fees or expenses if the
indemnification provided for in this Section was available to such party in
accordance with its terms.

The parties hereto agree
that it would not be just and equitable if contribution pursuant to this
Section 5(d) were determined by pro rata allocation or by any other method of
allocation that does not take into account the equitable considerations
referred to in the immediately preceding paragraph.  Notwithstanding the provisions of this
Section 5(d), no Holder shall be required to contribute, in the aggregate, any
amount in excess of the amount by which the net proceeds actually received by
such Holder from the sale of the Registrable Securities subject to the
Proceeding exceeds the amount of any damages that such Holder has otherwise
been required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission.  No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any Person who was
not guilty of such fraudulent misrepresentation.

The indemnity and
contribution agreements contained in this Section are in addition to any
liability that the Indemnifying Parties may have to the Indemnified Parties and
are not in diminution or limitation of the indemnification provisions under the
Purchase Agreement.

6.             Miscellaneous

(a)           Remedies.  In
the event of a breach by the Company or by a Holder of any of their obligations
under this Agreement, each Holder or the Company, as the case may be, in
addition to being entitled to exercise all rights granted by law and under this
Agreement, including recovery of damages, will be entitled to specific
performance of its rights under this Agreement. 
The Company and each Holder agree that monetary damages would not provide
adequate compensation for any losses incurred by reason of a breach by it of
any of the provisions of this Agreement and hereby further agrees that, in the
event of any action for specific performance in respect of such breach, it
shall waive the defense that a remedy at law would be adequate.

 11
 

 

(b)           No Piggyback on Registrations. 
Except and to the extent specified in Schedule 3.1(x) to the Purchase
Agreement, neither the Company nor any of its security holders (other than the
Holders in such capacity pursuant hereto) may include securities of the Company
in a Registration Statement other than the Registrable Securities, and the
Company shall not prior to the Effective Date enter into any agreement
providing any such right to any of it security holders.

(c)           Entire
Agreement.  This Agreement is
intended by the parties as a final expression of their agreement and intended
to be a complete and exclusive statement of the agreement and understanding of
the parties hereto in respect of the subject matter contained herein.  This Agreement supersedes all prior
agreements and understandings between the parties with respect to such subject
matter, except for, and as provided in the Transaction Documents.

(d)           Benefits of the Agreement.  The terms and conditions of this Agreement
shall inure to the benefit of and be binding upon the respective permitted
successors and assigns of the parties. 
Nothing in this Agreement, express or implied, is intended to confer
upon any party other than the parties hereto or their respective successors and
assigns any rights, remedies, obligations, or liabilities under or by reason of
this Agreement, except as expressly provided in this Agreement.

(e)           Compliance. 
Each Holder covenants and agrees that it will comply with the prospectus
delivery requirements of the Securities Act as applicable to it (unless an
exemption therefrom is available) in connection with sales of Registrable
Securities pursuant to the Registration Statement and shall sell the
Registrable Securities only in accordance with a method of distribution
described in the Registration Statement.

(f)            Discontinued
Disposition.  Each Holder further agrees by its acquisition
of such Registrable Securities that, upon receipt of a notice from the Company
of the occurrence of any event of the kind described in Section 3(c)(ii)-(v),
such Holder will forthwith discontinue disposition of such Registrable
Securities under the Registration Statement until it is advised in writing (the
“Advice”) by the Company that the use of the
applicable Prospectus may be resumed, and, in either case, has received copies
of any additional or supplemental filings that are incorporated or deemed to be
incorporated by reference in such Prospectus or Registration Statement.  The Company may provide appropriate stop
orders to enforce the provisions of this paragraph.

(g)           Piggy-Back
Registrations.  If at any time during the Effectiveness
Period there is not an effective Registration Statement covering all of the
Registrable Securities and the Company shall determine to prepare and file with
the Commission a registration statement relating to an offering for its own
account or the account of others under the Securities Act of any of its equity
securities, other than on Form S-4 or Form S-8 (each as promulgated under the
Securities Act) or their then equivalents relating to equity securities to be
issued solely in connection with any acquisition of any entity or business or
equity securities issuable in connection with stock option or other employee or
director benefit plans, then the Company shall send to each Holder written
notice of such determination and, if within fifteen days after receipt of such
notice, any such Holder shall so request in writing, the Company shall include
in such registration statement all or any part of such Registrable Securities
such holder requests to be registered, subject to customary underwriter
cutbacks applicable to all holders of registration rights on a pro rata basis; provided, that if at any time after giving written
notice of its intention to register any securities and prior to the effective
date of the registration statement filed in connection with such registration,
the Company shall determine for any reason not to register or to delay
registration of such securities, the Company may, at its election, give written
notice of such determination to such Holder and, thereupon, (i) in the case of
a determination not to register, shall be relieved of its obligation to
register any Registrable Securities pursuant to this Section 6(g) in connection
with such registration (but not from its obligation to pay expenses in
accordance with Section 4 hereof), and (ii) in the case of a determination to
delay

 12
 

 

registering, shall be permitted to delay
registering any Registrable Securities being registered pursuant to this
Section 6(g) for the same period as the delay in registering such other
securities.

(h)           Amendments
and Waivers.  This Agreement may be amended only by a
writing signed by all of the parties hereto. 
The Company may take any action herein prohibited, or omit to perform
any act herein required to be performed by it, only if the Company shall have
obtained the written consent to such amendment, action or omission to act, of
each Purchaser. No consideration shall be offered or paid to any Holder
to amend or consent to a waiver or modification of any provision of this
Agreement unless the same consideration also is offered to all of the
Holders.  Failure of any party to
exercise any right or remedy under this Agreement or otherwise or delay by a
party in exercising such right or remedy shall not operate as a waiver thereof.

(i)            Notices. 
Any and all notices or other communications or deliveries required or
permitted to be provided hereunder shall be in writing and shall be deemed
given and effective on the earliest of (i) the date of transmission, if such
notice or communication is delivered via facsimile at the facsimile number
specified in this Section prior to 5:00 p.m. (New York City time) on a Trading
Day, (ii) the next Trading Day after the date of transmission, if such notice
or communication is delivered via facsimile or e-mail to the facsimile number
or e-mail addressed specified in this Section on a day that is not a Trading
Day or later than 5:00 p.m. (New York City time) on any Trading Day, (iii) the
Business Day following the date of mailing, if sent by nationally recognized
overnight courier service with next day delivery specified, or (iv) upon actual
receipt by the party to whom such notice is required to be given.

The address for such notices and communications
shall be as follows:

	
  If to the Company:

  	
  MathStar, Inc.

  
	
   

  	
  19075 N.W.
  Tanasbourne Drive

  
	
   

  	
  Suite 200

  
	
   

  	
  Hillsboro,
  Oregon 97124

  
	
   

  	
  Telephone No.:
  (503) 726-5500

  
	
   

  	
  Facsimile No.:
  (503) 726-5501

  
	
   

  	
  Attention: Chief
  Financial Officer

  
	
   

  	
   

  
	
  With a copy to:

  	
  Winthrop & Weinstine, P.A.

  
	
   

  	
  Suite 3500

  
	
   

  	
  225 South Sixth
  Street

  
	
   

  	
  Minneapolis,
  Minnesota 55402-4629

  
	
   

  	
  Telephone No.:
  (612) 604-6400

  
	
   

  	
  Facsimile No.:
  (612) 604-6800

  
	
   

  	
  Attention:
  Michele D. Vaillancourt, Esq.

  
	
   

  	
   

  
	
  If to a
  Purchaser:

  	
  To the address set forth under such Purchaser’s name
  on the signature pages hereto.

  
	
   

  	
   

  
	
  If to any other
  Person who is

  then the registered Holder:

  	
  To the address of such Holder as it appears in the
  stock transfer books of the Company or such other address as may be
  designated in writing hereafter, in the same manner, by such Person.

  

 

 13
 

 

provided, that any party
may change its address for notices by providing written notice to the other
parties in the manner prescribed by this Section.

(j)            Successors
and Assigns.  This Agreement shall inure to the benefit of
and be binding upon the successors and permitted assigns of each of the parties
and shall inure to the benefit of each Holder. 
The Company may not assign its rights or obligations hereunder without
the prior written consent of each Holder. 
The rights of the Holders hereunder, including the right to have the
Company register Registrable Securities pursuant to this Agreement, may be
assigned by each Holder to transferees or assignees of all or any portion of
the Registrable Securities, but only if (i) the Holder agrees in writing with
the transferee or assignee to assign such rights, and a copy of such agreement
is furnished to the Company within a reasonable time after such assignment,
(ii) the Company is, within a reasonable time after such transfer or
assignment, furnished with written notice of the name and address of such
transferee or assignee and the securities with respect to which such registration
rights are being transferred or assigned, (iii) at or before the time the
Company received the written notice contemplated by clause (ii) of this
sentence, the transferee or assignee agrees in writing with the Company to be
bound by all of the provisions contained herein and (iv) the transferee is an “accredited
investor,” as that term is defined in Rule 501 of Regulation D.

(k)           Execution
and Counterparts.  This Agreement may be executed in any number
of counterparts, each of which when so executed shall be deemed to be an
original and, all of which taken together shall constitute one and the same
Agreement.  In the event that any
signature is delivered by facsimile transmission, such signature shall create a
valid binding obligation of the party executing (or on whose behalf such
signature is executed) the same with the same force and effect as if such
facsimile signature were the original thereof.

(l)            Governing
Law.  All questions concerning the construction,
validity, enforcement and interpretation of this Agreement shall be governed by
and construed and enforced in accordance with the internal laws of the State of
New York, without regard to the principles of conflicts of law thereof.  Each party agrees that all Proceedings
concerning the interpretations, enforcement and defense of the transactions
contemplated by this Agreement (whether brought against a party hereto or its
respective Affiliates, employees or agents) will be commenced in the New York
Courts.  Each party hereto hereby
irrevocably submits to the exclusive jurisdiction of the New York Courts for
the adjudication of any dispute hereunder or in connection herewith or with any
transaction contemplated hereby or discussed herein, and hereby irrevocably
waives, and agrees not to assert in any Proceeding, any claim that it is not
personally subject to the jurisdiction of any New York Court, or that such
Proceeding has been commenced in an improper or inconvenient forum.  Each party hereto hereby irrevocably waives
personal service of process and consents to process being served in any such
Proceeding by mailing a copy thereof via registered or certified mail or
overnight delivery (with evidence of delivery) to such party at the address in
effect for notices to it under this Agreement and agrees that such service
shall constitute good and sufficient service of process and notice
thereof.  Nothing contained herein shall
be deemed to limit in any way any right to serve process in any manner
permitted by law.  Each party hereto
hereby irrevocably waives, to the fullest extent permitted by applicable law,
any and all right to trial by jury in any Proceeding arising out of or relating
to this Agreement or the transactions contemplated hereby.  If any party shall commence a Proceeding to
enforce any provisions of this Agreement, then the prevailing party in such
Proceeding shall be reimbursed by the other parties for its attorneys’ fees and
other costs and expenses incurred with the investigation, preparation and
prosecution of such Proceeding.

(m)          Cumulative
Remedies.  The remedies provided herein are cumulative
and not exclusive of any remedies provided by law.

 14
 

 

(n)           Severability.  If
any term, provision, covenant or restriction of this Agreement is held by a
court of competent jurisdiction to be invalid, illegal, void or unenforceable,
the remainder of the terms, provisions, covenants and restrictions set forth
herein shall remain in full force and effect and shall in no way be affected,
impaired or invalidated, and the parties hereto shall use their reasonable
efforts to find and employ an alternative means to achieve the same or
substantially the same result as that contemplated by such term, provision,
covenant or restriction.  It is hereby
stipulated and declared to be the intention of the parties that they would have
executed the remaining terms, provisions, covenants and restrictions without
including any of such that may be hereafter declared invalid, illegal, void or
unenforceable.

(o)           Headings. 
The headings in this Agreement are for convenience of reference only and
shall not limit or otherwise affect the meaning hereof.

(p)           Independent
Nature of Purchasers’ Obligations and Rights.  The obligations of each
Purchaser under this Agreement are several and not joint with the obligations
of any other Purchaser hereunder, and no Purchaser shall be responsible in any
way for the performance of the obligations of any other Purchaser
hereunder.  The decision of each
Purchaser to purchase Securities pursuant to the Transaction Documents has been
made independently of any other Purchaser. 
Nothing contained herein or in any other agreement or document delivered
at any closing, and no action taken by any Purchaser pursuant hereto or
thereto, shall be deemed to constitute the Purchasers as a partnership, an
association, a joint venture or any other kind of entity, or create a
presumption that the Purchasers are in any way acting in concert with respect
to such obligations or the transactions contemplated by this Agreement.  Each Purchaser acknowledges that no other Purchaser
has acted as agent for such Purchaser in connection with making its investment
hereunder and that no Purchaser will be acting as agent of such Purchaser in
connection with monitoring its investment in the Securities or enforcing its
rights under the Transaction Documents. 
Each Purchaser shall be entitled to protect and enforce its rights,
including, without limitation, the rights arising out of this Agreement, and it
shall not be necessary for any other Purchaser to be joined as an additional
party in any Proceeding for such purpose. 
The Company acknowledges that each of the Purchasers has been provided
with the same Registration Rights Agreement for the purpose of closing a
transaction with multiple Purchasers and not because it was required or requested
to do so by any Purchaser.

(q)           Currency.  Unless otherwise indicated, all dollar
amounts referred to in this Agreement are in United States Dollars.  All amounts owing under this Agreement are in
United States Dollars.  All amounts
denominated in other currencies shall be converted in the United States dollar
equivalent amount in accordance with the applicable exchange rate in effect on
the date of calculation.

(r)            Further Assurances.  The parties shall execute and deliver all
such further instruments and documents and take all such other actions as may
reasonably be required to carry out the transactions contemplated hereby and to
evidence the fulfillment of the agreements herein contained.

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OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGES TO FOLLOW]

 15

 

IN WITNESS WHEREOF, the
parties have executed this Registration Rights Agreement as of the date first
written above.

	
   

  	
  MATHSTAR, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGES OF HOLDERS TO FOLLOW]

 

IN WITNESS WHEREOF, the parties have executed this Registration Rights
Agreement as of the date first written above.

	
  

  	
  NAME OF INVESTING ENTITY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  AUTHORIZED SIGNATORY

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  ADDRESS FOR NOTICE

  
	
   

  	
   

  
	
   

  	
  c/o:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Street:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  City/State/Zip:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Tel:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Fax:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Email:

  	
   

  
							

 

 

Annex
A

Plan of Distribution

The Selling Stockholders and
any of their pledgees, donees, transferees, assignees and successors-in-interest
may, from time to time, sell any or all of their shares of Common Stock on any
stock exchange, market or trading facility on which the shares are traded or in
private transactions.  These sales may be
at fixed or negotiated prices.  The
Selling Stockholders may use any one or more of the following methods when
selling shares:

·                  ordinary brokerage transactions and
transactions in which the broker-dealer solicits purchasers;

·                  block trades in which the broker-dealer
will attempt to sell the shares as agent but may position and resell a portion
of the block as principal to facilitate the transaction;

·                  purchases by a broker-dealer as
principal and resale by the broker-dealer for its account;

·                  an exchange distribution in accordance with
the rules of the applicable exchange;

·                  privately negotiated transactions;

·                  short sales;

·                  broker-dealers may agree with the
selling stockholders to sell a specified number of such shares at a stipulated
price per share;

·                  through the writing or settlement of options
or other hedging transactions, whether through an options exchange or
otherwise;

·                  a combination of any such methods of sale;
and

·                  any other method permitted pursuant to
applicable law.

The Selling Stockholders may
also sell shares under Rule 144 under the Securities Act, if available, rather
than under this prospectus.

Broker-dealers engaged
by the Selling Stockholders may arrange for other brokers-dealers to
participate in sales.  Broker-dealers
may receive commissions or discounts from the Selling Stockholders (or, if any
broker-dealer acts as agent for the purchaser of shares, from the
purchaser) in amounts to be negotiated. 
The Selling Stockholders do not expect these commissions and discounts
to exceed what is customary in the types of transactions involved.

The Selling Stockholders may
from time to time pledge or grant a security interest in some or all of the
Shares owned by them and, if they default in the performance of their secured
obligations, the pledgees or secured parties may offer and sell shares of
Common Stock from time to time under this prospectus, or under an amendment or
supplement to this prospectus under Rule 424(b)(3) or other applicable
provision of the Securities Act of 1933 amending the list of selling
stockholders to include the pledgee, transferee or other successors in interest
as selling stockholders under this prospectus.

Upon the Company being
notified in writing by a Selling Stockholder that any material agreement has
been entered into with a broker-dealer for the sale of Common Stock through a
block trade, special offering, exchange distribution or secondary distribution
or a purchase by a broker or dealer, a supplement to

 

this
prospectus will be filed, if required disclosing (i) the name of each such
Selling Stockholder and of the participating broker-dealer(s), (ii) the number
of shares involved, (iii) the price at which such shares of Common Stock were
sold, (iv) the commissions paid or discounts or concessions allowed to such
broker-dealers, where applicable, (v) if applicable, that such broker-dealer(s)
did not conduct any investigation to verify the information set out or
incorporated by reference in this prospectus, and (vi) other facts material to
the transaction.  In addition, upon the
Company being notified in writing by a Selling Stockholder that a donee or
pledgee intends to sell more than 500 shares of Common Stock, a supplement to
this prospectus will be filed if then required in accordance with applicable
securities laws.

The Selling Stockholders
also may transfer the shares of Common Stock in other circumstances, in which
case the transferees, pledgees or other successors in interest will be the
selling beneficial owners for purposes of this prospectus.

The Selling Stockholders may
also enter into option or other transactions with broker-dealers or other
financial institutions or the creation of one or more derivative securities
which require the delivery to such broker-dealer or other financial institution
of shares offered by this Prospectus, which shares such broker-dealer or other
financial institution may resell pursuant to this Prospectus (as supplemented
or amended to reflect such transaction).

The Selling Stockholders and
any broker-dealers or agents that are involved in selling the shares may
be deemed to be “underwriters” within the meaning of the Securities Act in
connection with such sales.  In such
event, any commissions received by such broker-dealers or agents and any
profit on the resale of the shares purchased by them may be deemed to be
underwriting commissions or discounts under the Securities Act. Discounts,
concessions, commissions and similar selling expenses, if any, attributable to
the sale of shares will be borne by the Selling Stockholder.  Each Selling Stockholder has represented and
warranted to the Company that it acquired the securities subject to this
registration statement in the ordinary course of such Selling Stockholder’s
business and, at the time of its purchase of such securities such Selling
Stockholder had no agreements or understandings, directly or indirectly, with
any person to distribute any such securities.

The Company has advised each
Selling Stockholder that it may not use shares registered on this Registration
Statement to cover short sales of Common Stock made prior to the date on which
this Registration Statement shall have been declared effective by the
Commission. If the Selling Stockholders use this prospectus for any sale of the
Common Stock, they will be subject to the prospectus delivery requirements of
the Securities Act unless an exemption therefrom is available.  The Selling Stockholders will be responsible
to comply with the applicable provisions of the Securities Act and Exchange
Act, and the rules and regulations thereunder promulgated, including, without
limitation, to the extent applicable, Regulation M, as applicable to such
Selling Stockholders in connection with resales of their respective shares
under this Registration Statement.

In connection with sales of
the shares of Common Stock or otherwise, the Selling Stockholders may enter
into hedging transactions with broker-dealers, which may in turn engage in
short sales of the shares of Common Stock in the course of hedging in positions
they assume.  The Selling Stockholders
may also sell shares of Common Stock short and deliver shares of Common Stock
covered by this prospectus to close out short positions and to return borrowed
shares in connection with such short sales. 
The Selling Stockholders may also loan or pledge shares of Common Stock
to broker-dealers that in turn may sell such shares.

The Company is required to
pay all fees and expenses incident to the registration of the shares, but we
will not receive any proceeds from the sale of the Common Stock.  The Company has agreed to indemnify the
Selling Stockholders against certain losses, claims, damages and liabilities,
including liabilities under the Securities Act and state securities laws,
relating to the registration of the shares offered by this Prospectus.

 

Annex B

MathStar, Inc.

Selling Securityholder Notice and Questionnaire

The undersigned
beneficial owner of common stock, $0.01 par value per share (the “Common Stock”), of MathStar, Inc. (the “Company”) (the “Registrable Securities”) understands that the Company has
filed or intends to file with the Securities and Exchange Commission (the “Commission”) a registration statement (the
“Registration Statement”) for the
registration and resale under Rule 415 of the Securities Act of 1933, as
amended (the “Securities Act”),
of the Registrable Securities, in accordance with the terms of the Registration
Rights Agreement, dated as of September 26, 2006 (the “Registration Rights Agreement”), among the
Company and the Purchasers named therein. 
A copy of the Registration Rights Agreement is available from the Company
upon request as follows: MathStar, Inc., 19075 N.W. Tanasbourne Drive, Suite
200, Hillsboro, Oregon 97124, Facsimile No.: 
(503) 726-5501, Attention: Chief Financial Officer.  All capitalized terms not otherwise defined
herein shall have the meanings ascribed thereto in the Registration Rights
Agreement.

Certain legal
consequences arise from being named as a selling securityholder in the
Registration Statement and the related prospectus.  Accordingly, holders and beneficial owners of
Registrable Securities are advised to consult their own securities law counsel
regarding the consequences of being named or not being named as a selling
securityholder in the Registration Statement and the related prospectus.

NOTICE

The undersigned
beneficial owner (the “Selling
Securityholder”) of Registrable Securities hereby elects to include
the Registrable Securities owned by it and listed below in Item 3 (unless
otherwise specified under such Item 3) in the Registration Statement.

1.             Your identity and background as the
Beneficial Holder of Common Stock and Warrants

(a)                                  Your
full legal name:

(b)                                 Citizenship:

(c)                                  Social
Security No. or Taxpayer ID No.:

(d)                                 Your
address, telephone number, facsimile number and email address:

Address:

 

Telephone
No.:

Fax
No.:

Email
Address:

Contact
Person:

 

(e)           If
the undersigned is other than a natural person, the name(s) of the
individual(s) who, directly or indirectly, alone or with others, has the power
to vote or dispose of the Common Stock.

(f)            Full
legal name of person through which you hold the Common Stock and Warrants only
if different than as set forth in Item 1(a) above (i.e. name of your broker or the DTC participant, if
applicable, through which your shares of Common Stock are held):

Name
of broker:

DTC
No.:

Contact
Person:

Telephone
No.:

2.             Your Relationship with the Company

(a)                                  Have
you or any of your affiliates, officers, directors or principal equity holders
(owners of 5% or more of the equity securities of the undersigned) held any
position or office or have you had any other material relationship with the
Company (or its predecessors or affiliates) within the past three years?

o            Yes

o            No

(b)                                 If
your response to Item 2(a) above is yes, please state the nature and duration
of your relationship with the Company:

 

 

3.             Your interest in the Common Stock
and Warrants

(a)                                  State
the total number of shares (identifying separately those number of shares of
Common Stock underlying the Warrants you expect to purchase in connection with
the proposed sale of Common Stock and Warrants by the Company:

 

(b)                                 Do
you beneficially own(1) any securities of the Company other than the securities
you will receive in connection with the proposed sale of Common Stock and
Warrants by the Company?

o            Yes

o            No

(1) NOTE:  For purposes of this question, shares are
considered “beneficially owned” by a person if the person, directly or
indirectly, through any contract, arrangement, understanding, relationship or
otherwise, has or shares voting power and/or investment power with respect to
such shares.  “Voting power” is the power
to vote or direct the voting of the shares, and “investment power” is the power
to dispose of (or direct the disposition of) the shares.

 

(c)                                  If
your answer to Item 3(b) above is yes, state the type, the aggregate amount or
number of shares of such other securities of the Company beneficially owned by
you:

Type:

Aggregate
Amount/Number of Shares:

CUSIP
No(s).:

Holder
of record:

Note:  List separately
shares held of record jointly with another person, in a fiduciary capacity or
in a name other than your own.  Attach
additional sheets and itemize, if necessary.

(d)                                 Do
you have both sole voting power and sole investment power with
respect to all the shares to be purchased in the proposed sale of Common
Stock and Warrants by the Company and any shares already beneficially
owned by you?

o            Yes

o            No

(e)                                  If
your answer to Item 3(d) above is no, provide information in the space below
with respect to those persons who have sole voting power and sole investment
power, with respect to the shares to be purchased in the proposed sale of
Common Stock and Warrants by the Company and any shares already beneficially
owned by you.

 

 

 

(f)                                    Do
you wish to disclaim beneficial ownership of any of the shares of Common Stock
and   Warrants (either to be purchased in
the proposed offering or currently owned) that are described above?

o            Yes

o            No

(g)                                 If
your answer to Item 3(f) is yes, provide information in the space below with
respect to why you wish to disclaim beneficial ownership, including the number
of shares as to which beneficial ownership is disclaimed.

 

 

 

 

(h)                                 Do
you have the right to acquire beneficial ownership of any shares of Common
Stock within 60 days?

o            Yes

o            No

(i)                                     If
your answer to Item 3(h) is yes, state the number of shares as to which you
have the right to acquire beneficial ownership within 60 days in the space
provided below and describe the date and circumstances under which you have any
such right of acquisition.

 

 

 

(j)                                     At
the time of your receipt of the Common Stock and Warrants upon the completion
of the proposed sale of Common Stock and Warrants, will you have any agreements
or understandings, directly or indirectly, with any person to distribute the
Common Stock or Warrants?

o            Yes

o            No

(k)                                  If
your response to Item 3(j) above is yes, please describe such agreements or
understandings:

 

 

4.             Beneficial Ownership

(a)                                  Is
the beneficial holder of the Common Stock and Warrants (whether now held or to
be purchased) an SEC-reporting company?

o            Yes

o            No

(b)                                 If
your answer to Item 4(a) above is no, name the natural person(s) who exercise
voting or investment control over the Common Stock and Warrants (whether now
held or to be purchased) and give their current titles and describe the
relationship of such individuals to the beneficial owner, including their relationships
with any intermediate entities, naming such entities:

Name(s) of Natural
Person(s) and Title(s):  

 

 

 

5.             Broker-Dealer Status

(a)                                  Are you a broker-dealer?

o                                    Yes

o                                    No

Note:                   If yes, the Commission’s staff has indicated that you
should be identified as an underwriter in the Registration Statement.

(b)                                 Are you an affiliate of a broker-dealer?

o                                    Yes

o                                    No

(c)                                  If you are an affiliate of a
broker-dealer, do you certify that you bought the Registrable Securities in the
ordinary course of business, and at the time of the purchase of the Registrable
Securities to be resold, you had no agreements or understandings, directly or
indirectly, with any person to distribute the Registrable Securities?

o                                    Yes

o                                    No

Note:                   If no, the Commission’s staff has indicated that
you should be identified as an underwriter in the Registration Statement.

Certain
legal consequences arise from being named as a selling securityholder in the
Registration Statement and the related prospectus.  Accordingly, beneficial owners of Common Stock
and Warrants are advised to consult their own securities law counsel regarding
the consequences of being named or not being named as a selling securityholder
in the Registration Statement and the related prospectus.

The
undersigned acknowledges its obligation to comply with the provisions of the
Securities Exchange Act of 1934 and the rules thereunder relating to stock
manipulation, particularly Regulation M thereunder (or any successor rules or
regulations), in connection with any offering of Common Stock pursuant to the
Registration Statement.  The undersigned
agrees that neither it nor any person acting on its behalf will engage in any
transaction in violation of such provisions.

The
undersigned hereby acknowledges and is advised of the following Interpretation
A.65 of the July 1997 SEC Manual of Publicly Available Telephone
Interpretations regarding short selling:

“An
Issuer filed a Form S-3 registration statement for a secondary offering of
common stock which is not yet effective. 
One of the selling shareholders wanted to do a short sale of common
stock “against the box” and cover the short sale with registered shares after
the effective date.  The issuer was
advised that the short sale could not be made before the registration statement
become effective, because the shares underlying the short sale are deemed to be
sold at the time such sale is made. 
There would, therefore, be a violation of Section 5 if the shares were
effectively sold prior to the effective date.”

 

By
returning this Questionnaire, the undersigned will be deemed to be aware of the
foregoing interpretation.

In the
event that the Company is required to file a new or additional registration
statement to register shares of Common Stock beneficially owned by the
undersigned, the undersigned hereby agrees to complete and return to the
Company, upon the request of the Company, a new Questionnaire (in a form
substantially similar to this Questionnaire).

In the
event that the undersigned transfers all or any portion of the Company’s Common
Stock or Warrants after the date on which the information in this Questionnaire
is provided to the Company, the undersigned agrees to notify the transferee(s)
at the time of transfer of its rights and obligations hereunder.

By
signing below, the undersigned consents to the disclosure of the information
contained in this Questionnaire and the inclusion of such information in the
Registration Statement, the related prospectus and any state securities or “Blue
Sky” applications.  The undersigned
understands that the information in this Questionnaire will be relied upon by
the Company in connection with the preparation or amendment of the Registration
Statement or related prospectus.

By
signing below, the undersigned represents that the information provided herein
is accurate and complete.  The
undersigned agrees to promptly notify the Company of any material inaccuracies
or changes in the information provided herein that may occur subsequent to the
date hereof and prior to the effectiveness of the Registration Statement.

Once
this Questionnaire is executed by the undersigned beneficial holder and
received by the Company, the terms of this Questionnaire, and the
representations and warranties contained herein, shall be binding on, shall
inure to the benefit of and shall be enforceable by the respective successors,
heirs, personal representatives and assigns of the Company and shall be
governed in all respects by the internal laws of the State of New York.

	
  Dated:                    ,
  2006

  
	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (Name) [Please print or type]

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
   

  
	
   

  	
                      (Authorized
  Signature)

  
	
   

  	
   

  
	
   

  	
  Title:Exhibit
4.1

FIRST
SUPPLEMENTAL INDENTURE

TO INDENTURE DATED APRIL 1, 2004

This First Supplemental
Indenture, dated as of October 5, 2006 (the “Supplemental Indenture”), among
Heritage Property Investment Trust, Inc., a Maryland corporation (the “Company”),
Centro Saturn MergerSub LLC, a Delaware limited liability company (the “Successor”)
and LaSalle Bank National Association, as trustee (the “Trustee”).

WHEREAS, the Company, the
Trustee, Heritage Property Investment Limited Partnership, a Delaware limited
partnership and Bradley Operating Limited Partnership, a Delaware limited
partnership, as guarantors, are parties to the Indenture, dated as of April 1,
2004 (the “Indenture”), governing the Company’s 5.125% Notes due 2014 (the “Notes”)
(Capitalized terms used but not defined in this Supplemental Indenture shall
have the meanings given them in the Indenture);

WHEREAS, the Company,
Centro Saturn LLC, a Delaware limited liability company and the Successor have
entered into an Agreement and Plan of Merger, dated as of July 9, 2006,
pursuant to which the Company will merge with and into the Successor (the “Merger”),
with the Successor as the surviving entity in the Merger and as a result of
which the separate existence of the Company shall cease and the Successor will
succeed to and possess all of the rights, privileges, powers and franchises of
the Company and will be subject to all of the restrictions, disabilities and
duties of the Company, as provided under the General Corporation Law of the
State of Delaware;

WHEREAS, Section 5.01 of
the Indenture provides, among other things, that the Company may merge with or
into any other entity, provided that the successor entity expressly assumes by
supplemental indenture complying with Article 9 of the Indenture the due and
punctual payment of the principal of, premium, if any, and any interest on all
of the Notes according to their tenor, and the due and punctual performance and
observance of all of the covenants and conditions of the Indenture to be
performed by the Company;

WHEREAS, Section 9.01(a)
of the Indenture provides, among other things, that the Company and the Trustee
may amend or supplement the Indenture or the Notes without the consent of any
Holder of a Note to evidence the succession of another Person to the Company
and the assumption by any such successor of the covenants of the Company in the
Indenture and the Notes;

WHEREAS, Section 9.01(i)
of the Indenture provides that the Company and the Trustee may amend or
supplement the Indenture or the Notes without the consent of any Holder of a
Note to, among other things, correct or supplement any provision in the
Indenture which may be defective or inconsistent with any other provision
therein, provided that such provisions shall not adversely affect the interests
of any of the Holders in any material respect;

 

 

WHEREAS, there exists an
inconsistency (the “Inconsistency”) between (a) Section 5.01 of the Indenture
in which the phrase “successor entity” is used to refer to the entity, among
other things, that the Company may merger with or into pursuant to Section 5.01
and (b) each of the following provisions of the Indenture in which the phrase “successor
corporation” is incorrectly used to refer to the entity, among other things,
that the Company may merger with or into pursuant to Section 5.01: (i) clause
(8) of the definition of “Consolidated Net Income,” (ii) Section 5.02 of the
Indenture and (iii) Section 5.03 of the Indenture;

WHEREAS, the Company and
the Successor have been authorized by resolutions of their respective board of
directors or similar governing body to enter into this Supplemental Indenture;
and

WHEREAS, all acts,
conditions, proceedings and requirements necessary to make this Supplemental
Indenture a valid, binding and legal agreement enforceable in accordance with
its terms for the purposes expressed herein, in accordance with its terms, have
been duly complied with and performed.

NOW, THEREFORE, in
consideration of the premises and the covenants and agreements contained
herein, and for other good and valuable consideration the receipt of which is
hereby acknowledged, the Company, the Successor and the Trustee hereby agree as
follows:

ARTICLE I

REPRESENTATIONS
OF THE COMPANY AND THE SUCCESSOR

        
1.1.     The Company represents
and warrants to the Trustee as follows:

        
(a)      The Company is a
corporation duly organized, validly existing and in good standing under the
laws of the State of Delaware.

        
(b)      The execution, delivery
and performance by the Company of this Supplemental  Indenture have been authorized and approved
by all necessary corporate action on its part.

        
1.2.     The Successor represents
and warrants to the Trustee as follows:

        
(a)      The Successor is a
limited  liability company duly organized,
validly existing and in good standing under the laws of the State of Delaware.

        
(b)      The execution, delivery
and  performance by the Successor of this
Supplemental Indenture have been authorized and approved by all necessary
limited liability company action on its part.

 

 

ARTICLE
II

ASSUMPTION

        
2.1.     Pursuant to Section 5.01
of the Indenture, upon the effective time of the Merger, the Successor hereby
expressly assumes the due and punctual payment of the principal of, premium, if
any, and any interest on all of the Notes according to their tenor, and the due
and punctual performance and observance of all of the covenants and conditions
of the Indenture to be performed by the Company.

        
2.2.     Pursuant to Section 5.02 of
the  Indenture, upon the effective time
of the Merger, the Successor shall succeed to and be substituted for the
Company with the same effect as if the Successor had been named in the
Indenture as the party of the first part, and the Company shall be relieved of
any further obligation under the Indenture and the Notes.

ARTICLE
III

AMENDMENTS

        
3.1.     Pursuant to Section
9.01(i) of the Indenture and in order to correct the Inconsistency, each of (i)
clause (8) of the definition of “Consolidated Net Income,” (ii) Section 5.02 of
the Indenture and (iii) Section 5.03 of the Indenture, is hereby amended such
that each occurrence of the phrase “successor corporation” therein is hereby
replaced with the phrase “successor entity”.

        
3.2.     The addresses for notices
set forth in Section 12.02 of the Indenture for the Company and the Guarantors
is hereby amended to read:

Centro
Saturn LLC

c/o Centro Properties Group

Corporate Offices 3rd Floor

The Glen Shopping Centre

235 Springvale Road

Glen Waverly Victoria, Australia 3150

Attention:   Andrew Scott
                     John Hutchinson

Telecopier No: 011-61-3-9886-1345

with a copy to:

Skadden, Arps, Slate, Meagher & Flom LLP

Four Times Square

New York, NY 10036-6522

Telecopier No: (212) 735-2000

Attention: Alan C. Myers, Esq.

 

 

        
3.3.     Except as amended hereby,
the Indenture, the Notes and the Guarantees of the Notes are in all respects
ratified and confirmed and all the terms thereof shall remain in full force and
effect and the Indenture, as so amended by this Supplemental Indenture, shall
be read, taken and construed as one and the same instrument.

ARTICLE
IV

MISCELLANEOUS

        
4.1.     This Supplemental
Indenture shall become effective as of the effective time of the Merger.

        
4.2.     The law of the State of
New York shall govern and be used to construe this Supplemental Indenture.

        
4.3.     The parties may sign any
number of copies of this Supplemental Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement.

        
4.4.     The Article headings
herein are for convenience only and shall not affect the construction hereof.

        
4.5.     If any provision of this
Supplemental Indenture limits, qualifies or conflicts with any provision of the
Trust  Indenture Act that may not be so
limited, qualified or conflicted with, such provision of such Act shall
control.  If any provision of this  Supplemental Indenture modifies or excludes
any provision of the Trust  Indenture Act
that may be so modified or excluded, the provision of such Act shall be deemed
to apply to the Indenture as so modified or to be excluded by this Supplemental
Indenture, as the case may be.

        
4.6.     In case any provision in
this Supplemental  Indenture shall be
invalid, illegal  or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

        
4.7.     Nothing in this
Supplemental Indenture, the Indenture or the Notes, express or implied, shall
give to any person, other than the parties hereto and thereto and their  successors hereunder and thereunder and the
Holders of Notes, any benefit of any legal or equitable right, remedy or claim
under the Indenture, this Supplemental Indenture or the Notes.

 

 

         IN
WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to
be duly executed, all as of the date first above written.

	
  CENTRO SATURN MERGERSUB LLC

  
	
   

  	
   

  
	
  By:

  	
  Centro Saturn LLC, as sole member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
  /s/BASIL S. DONNELLY

  
	
   

  	
  Name: Basil S.
  Donnelly

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  HERITAGE PROPERTY INVESTMENT TRUST, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
  /s/ STEPHEN H.
  FABERMAN

  
	
   

  	
  Name: Stephen H. Faberman

  
	
   

  	
  Title: Vice President and Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
  LASALLE BANK NATIONAL ASSOCIATION, AS TRUSTEE

  
	
   

  	
   

  
	
   

  	
   

  
	
  By 

  	
  /s/ VICTORIA
  Y. DOUYON

  
	
   

  	
  Title: First Vice President

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