Document:

exv4w2

 

Exhibit 4.2

REGISTRATION RIGHTS AGREEMENT

     This Registration Rights Agreement (the “Agreement”) is dated as of August
19, 2004 and is by and between TeraForce Technology Corporation, a Delaware
corporation (the “Company”) and Zurich American Insurance Company, a
corporation organized under the laws of the State of New York (the “Zurich”).

RECITALS

     WHEREAS, as of an even date herewith, Zurich has made a loan to the
Company in the amount of $ 189,298 (the “Loan”); and

     WHEREAS, as of an even date herewith, the Company has issued to Zurich a
warrant for the purchase of the Company’s common stock, par value $0.01 per
share (the “Common Stock”) as security for the Loan (the “Warrant”); and

     WHEREAS, pursuant to the Warrant, the Zurich has the right to acquire
948,517 shares of Common Stock; and

     WHEREAS, the parties desire to set forth the Zurich’s rights and the
Company’s obligations to cause the registration of the Registrable Securities
(as defined herein) pursuant to the Securities Act (as defined herein);

     NOW, THEREFORE, in consideration of Zurich making the Loan, and for other
good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

Section 1. Definitions and Usage.

     As used in this Agreement:

     1.1 Definitions.

     (a) “Blackout Period” shall have the meaning set forth in Section 3.

     (b) “Business Day” shall mean any day except Saturday, Sunday and any day
which shall be a legal holiday or a day on which banking institutions in the
state of New York generally are authorized or required by law or other
government actions to close.

     (c) “Commission” shall mean the Securities and Exchange Commission.

     (d) “Common Stock” shall mean (i) the common stock of the Company, par
value $.01 per share, and (ii) shares of capital stock of the Company issued by
the Company in respect of or in exchange for shares of such common stock in
connection with any stock dividend or distribution, stock split-up,
recapitalization, recombination or exchange by the Company generally of shares
of such common stock.

     (e) “Continuously Effective,” with respect to a specified registration
statement, shall mean that it shall not cease to be effective and available for
Transfers of Registrable Securities thereunder for

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longer than either (i) any ten (10) consecutive business days, or (ii) an
aggregate of fifteen (15) business days during the period specified in the
relevant provision of this Agreement.

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

     (g) “Exchange Act” shall mean the Securities Exchange Act of 1934, as
amended.

     (h) “Loan” shall have the meaning set forth in the Recitals to this
Agreement.

     (i) “Filing Date” shall have the meaning set forth in Section 2.

     (j) “Holders” shall mean the Zurich and the transferees of the Registrable
Securities of the Zurich, at such times as such Persons shall own Registrable
Securities. For purposes of this Agreement, a Person will be deemed to be a
holder and an owner of Registrable Securities whenever such Person has the
right to acquire such Registrable Securities (by conversion, purchase or
otherwise), whether or not such acquisition has actually been effected and
whether or not such right is currently exercisable.

     (k) “Person” shall mean any individual, sole proprietorship, partnership,
limited liability company, joint venture, trust, incorporated organization,
association, corporation, institution, public benefit corporation, entity or
government (whether federal, state, county, city, municipal or otherwise,
including, without limitation, any instrumentality, division, agency, body or
department thereof).

     (l) “Prospectus” means the prospectus included in the 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 supplement by any prospectus supplement, with
respect to the terms of the offering of any portion of the Registrable
Securities covered by the 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.

     (m) “Register,” “registered,” and “registration” shall refer to a
registration effected by preparing and filing a registration statement or
similar document in compliance with the Securities Act, and the declaration or
ordering by the Commission of effectiveness of such registration statement or
document.

     (n) “Registrable Securities” shall mean the Shares; provided, however,
that Registrable Securities shall not include any Registrable Securities which
have theretofore been registered and sold pursuant to the Securities Act or
which have been sold to the public pursuant to Rule 144 or any similar rule
promulgated by the Commission pursuant to the Securities Act, and, provided
further, the Company shall have no obligation under Section 2 or Section 3 to
register any Registrable Securities if the Company delivers to the Holders
requesting such registration an opinion of counsel to the effect that the
proposed sale or disposition of all of the Registrable Securities for which
registration was requested does not require registration under the Securities
Act for a sale or disposition in a single public sale, and offers to remove any
and all legends restricting transfer from the certificates evidencing such
Registrable Securities.

     (o) “Registration Statement” means the registration statement and any
additional registration statements contemplated by Section 2 including (in each
case) the Prospectus, amendments and supplements to such registration statement
or Prospectus, including pre- and post-effective amendments,

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all exhibits thereto, and all material incorporated by reference or deemed to
be incorporated by reference in such registration statement.

     (p) “Securities Act” shall mean the Securities Act of 1933, as amended.

     (q) “Shares” shall mean the shares of Common Stock issued upon exercise of
the Warrant.

     (r) “Transfer” shall mean and include the act of selling, giving,
transferring, creating a trust (voting or otherwise) and transferring title
thereto, assigning or otherwise disposing of (other than pledging,
hypothecating or otherwise transferring as security) (and correlative words
shall have correlative meanings); provided however, that any transfer or other
disposition upon foreclosure or other exercise of remedies of a secured
creditor after an event of default under or with respect to a pledge,
hypothecation or other transfer as security shall constitute a “Transfer.”

     (s) “Violation” shall have the meaning set forth in Section 6.

     (t) “Warrants” shall have the meaning set forth in the recitals to this
Agreement.

     1.2 Usage.

     (a) References to a Person are also references to its assigns and
successors in interest (by means of merger, consolidation or sale of all or
substantially all the assets of such Person or otherwise, as the case may be).

     (b) References to Registrable Securities “owned” by a Holder shall include
Registrable Securities beneficially owned by such Person but which are held of
record in the name of a nominee, trustee, custodian, or other agent.

     (c) References to a document are to a document as amended, waived and
otherwise modified from time to time and references to a statute or other
governmental rule are to a statute or other governmental rule as amended and
otherwise modified from time to time (and references to any provision thereof
shall include references to any successor provision).

     (d) References to Sections or to Schedules or Exhibits are to sections
hereof or schedules or exhibits hereto, unless the context otherwise requires.

     (e) The definitions set forth herein are equally applicable both to the
singular and plural forms and the feminine, masculine and neuter forms of the
terms defined.

     (f) The term “including” and correlative terms shall be deemed to be
followed by “without limitation” whether or not followed by such words or words
of like import.

     (g) The term “hereof” and similar terms refer to this Agreement as a
whole.

     (h) The “date of” any notice or request given pursuant to this Agreement
shall be determined in accordance with Section 10.2.

Section 2. Shelf Registration. On or prior to December 31, 2004 (the “Filing
Date”), the Company shall prepare and file with the Commission a “Shelf”
Registration Statement covering all Registrable Securities for an offering to
be made on a continuous basis pursuant to Rule 415. The Registration Statement
shall

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be on Form S-3 (if the Company is not then eligible to register for resale the
Registrable Securities on Form S-3 such registration shall be on another
appropriate form in accordance herewith). The Company shall use its best
efforts to cause the Registration Statement to be declared effective under the
Securities Act as promptly as possible after the filing thereof, and shall use
its best efforts to keep such Registration Statement Continuously Effective
under the Securities Act until the date when all Registrable Securities covered
by such Registration Statement have been sold or may be sold without
restrictions pursuant to Rule 144(k) as determined by the counsel to the
Company pursuant to a written opinion letter to such effect, addressed and
acceptable to the Company’s transfer agent (the “Effectiveness Period”),
provided, however, that the Company shall not be deemed to have used its best
efforts to keep the Registration Statement effective during the Effectiveness
Period if it voluntarily takes any action that would result in the Holder not
being able to sell the Registrable Securities covered by such Registration
Statement during the Effectiveness Period, unless such action is pursuant to a
Blackout Period (as defined in Section 3) permitted hereunder, required under
applicable law or the Company has filed a post-effective amendment to the
Registration Statement and the Commission has not declared it effective.

     Section 3.
Registration Procedures.

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

     (a) Prepare and file with the Commission on or prior to the Filing Date, a
Registration Statement on Form S-3 (or if the Company is not then eligible to
register for resale the Registrable Securities on Form S-3 such registration
shall be on another appropriate form in accordance herewith) which shall
contain the “Plan of Distribution” and cause the Registration Statement to
become effective and remain effective as provided herein; provided, however,
that not less than ten (10) Business Days prior to the filing of the
Registration Statement or any related Prospectus or any amendment or supplement
thereto (including any document that would be incorporated or deemed to be
incorporated therein by reference), the Company shall (i) furnish to the Holder
copies of all such documents proposed to be filed, which documents (other than
those incorporated or deemed to be incorporated by reference) will be subject
to the review and comment of the Holder, and (ii) cause its officers and
directors, counsel and independent certified public accountants to respond to
such inquiries as shall be necessary, in the reasonable opinion of respective
counsel to the Holder, to conduct a reasonable investigation within the meaning
of the Securities Act. The Company shall not file the Registration Statement
or any such Prospectus or any amendments or supplements thereto to which the
Zurich shall reasonably object on a timely basis.

     (b) (i) Prepare and file with the Commission such amendments, including
post-effective amendments, to the Registration Statement as may be necessary to
keep the Registration Statement Continuously Effective as to the applicable
Registrable Securities for the 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
(or any similar provisions then in force) promulgated under the Securities Act;
(iii) respond as promptly as reasonably possible to any comments received from
the Commission with respect to the Registration Statement or any amendment
thereto and as promptly as reasonably possible provide the Holder true and
complete copies of all correspondence from and to the Commission relating to
the Registration Statement; and (iv) comply in all material respects with the
provisions of the Securities Act and the Exchange Act with respect to the
disposition of all Registrable Securities covered by the Registration Statement
during the Effectiveness Period in accordance with the intended methods of
disposition by the Holder set forth in the Registration Statement as so amended
or in such Prospectus as so supplemented.

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     (c) Notify the Holder as promptly as reasonably possible (and, in the case
of (i)(A) below, not less than five (5) days prior to such filing) and (if
requested by such Holder) confirm such notice in writing no later than one (1)
Business Day following the day (i)(A) when a Prospectus or any Prospectus
supplement or post-effective amendment to the 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 such Registration Statement (the Company
shall provide true and complete copies thereof and all written responses
thereto to the Holder); and (C) with respect to the 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 the Registration Statement or Prospectus or
for additional information; (iii) of the issuance by the Commission of any stop
order suspending the effectiveness of the Registration Statement covering any
or all of the Registrable Securities or the initiation of any proceedings for
that purpose; (iv) if at any time any of the representations and warranties of
the Company contained in any agreement contemplated hereby ceases to be true
and correct in all material respects; (v) 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 initiation or threatening of any proceeding for such
purpose; and (vi) the occurrence of any event that makes any statement made in
the 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 the Registration Statement, Prospectus or other
documents so that in the case of the Registration Statement, 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
not misleading, and that in the case of the Prospectus or any Prospectus
supplement, 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 light of the circumstances under which they were
made, not misleading.

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

     (e) Furnish to the Holder, without charge, at least one conformed copy of
each Registration Statement and each amendment thereto, including financial
statements and schedules, all documents incorporated or deemed to be
incorporated therein by reference, and all exhibits to the extent requested by
such Holder (including those previously furnished or incorporated by reference)
promptly after the filing of such documents with the Commission.

     (f) Promptly deliver to Holder, without charge, as many copies of the
Prospectus or Prospectuses (including each form of prospectus) and each
amendment or supplement thereto as such Holder may reasonably request; and the
Company hereby consents to the use of such Prospectus and each amendment or
supplement thereto by the selling Holder in connection with the offering and
sale of the Registrable Securities covered by such Prospectus and any amendment
or supplement thereto.

     (g) If the Registration Statement refers to the Holder by name or
otherwise as the holder of any securities of the Company, then such Holder
shall have the right to require (if such reference to such Holder by name or
otherwise is not required by the Securities Act or any similar Federal statute
then in force) the deletion of the reference to such Holder in any amendment or
supplement to the Registration Statement filed or prepared subsequent to the
time that such reference ceases to be required.

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     (h) Holder covenants and agrees that (i) it will not sell any Registrable
Securities under the Registration Statement until it has received copies of the
Prospectus as then amended or supplemented as contemplated in Section 3(f) and
notice from the Company that such Registration Statement and any post-effective
amendments thereto have become effective as contemplated by Section 3(c)(i);
and (ii) it and its officers, directors or affiliates, if any, will comply with
the prospectus delivery requirements of the Securities Act as applicable to it
in connection with sales of Registrable Securities pursuant to the Registration
Statement.

     (i) If there is a significant business opportunity (including but not
limited to the acquisition or disposition of assets (other than in the ordinary
course of business) or any merger, consolidation, tender offer or similar
transaction) available to the Company which its Board of Directors reasonably
determines not to be in the Company’s best interest to disclose, then the
Company may suspend the right of the Holder to sell Registrable Securities
under a Registration Statement for one period not to exceed 20 Business Days
during the Effectiveness Period (the “Blackout Period”).

     (j) Use all reasonable efforts to cause the Common Stock, if the Common
Stock is then listed on a securities exchange or included for quotation in a
recognized trading market, to continue to be so listed or included for a
reasonable period of time after the offering.

     (k) Use all reasonable efforts to cause the Registrable Securities covered
by the Registration Statement to be registered with or approved by such other
United States or state governmental agencies or authorities as may be necessary
by virtue of the business and operations of the Company to enable the selling
Holders of Registrable Securities to consummate the disposition of such
Registrable Securities.

Section 4. Holders’ Obligations. It shall be a condition precedent to the
obligations of the Company to take any action pursuant to this Agreement with
respect to the Registrable Securities of any selling Holder of Registrable
Securities that such selling Holder shall:

     4.1 Furnish to the Company such information regarding such Selling
Holder, the number of the Registrable Securities owned by it, and the intended
method of disposition of such securities as shall be required to effect the
registration of such selling Holder’s Registrable Securities, and to cooperate
with the Company in preparing such registration.

Section 5. Expenses of Registration.

     5.1 The Company shall bear and pay all expenses and fees incurred in
connection with the Registration Statement pursuant to Section 2 for any Holder
(which right may be Transferred to any Person to whom Registrable Securities
are Transferred as permitted by Section 7), including registration,
qualification and filing fees, exchange listing fees, printing expenses, escrow
fees, fees and disbursements of counsel for the Company, blue sky fees and
expenses and the expenses of any special audits incident to or required by any
such registration, but excluding underwriting discounts and commissions
relating to Registrable Securities (which shall be paid by the Holders) and
fees and expenses of counsel to the Holder.

Section 6. Indemnification; Contribution. If any Registrable Securities are
included in a registration statement under this Agreement:

     6.1 To the extent permitted by applicable law, the Company shall
indemnify and hold harmless each Holder, each Person, if any, who controls such
Holder within the meaning of the Securities Act, and each affiliate, officer,
director, partner, agent and employee of such Holder and such controlling
Person,

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against any and all losses, claims, damages, liabilities and expenses (joint or
several), including attorneys’ fees and disbursements and expenses of
investigation, incurred by such party pursuant to any actual or threatened
action, suit, proceeding or investigation, or to which any of the foregoing
Persons may become subject under the Securities Act, the Exchange Act or other
federal or state laws, insofar as such losses, claims, damages, liabilities and
expenses arise out of or are based upon any of the following statements,
omissions or violations (collectively a “Violation”):

          (a) Any untrue statement or alleged untrue statement of a material
fact contained in the Registration Statement, including any preliminary
Prospectus or final Prospectus contained therein, or any amendments or
supplements thereto;

          (b) The omission or alleged omission to state therein a material
fact required to be stated therein, or necessary to make the statements
therein not misleading; or

          (c) Any violation or alleged violation by the Company of the
Securities Act, the Exchange Act, any applicable state securities law or
any rule or regulation promulgated under the Securities Act, the Exchange
Act or any applicable state securities law;

          provided, however, that the indemnification required by this Section 6.1
shall not apply to amounts paid in settlement of any such loss, claim, damage,
liability or expense if such settlement is effected without the consent of the
Company (which consent shall not be unreasonably withheld), nor shall the
Company be liable in any such case for any such loss, claim, damage, liability
or expense to the extent that it arises out of or is based upon a Violation
that occurs in reliance upon and in conformity with written information
furnished to the Company by the indemnified party expressly for use in
connection with such registration; provided, further, that the indemnity
agreement contained in this Section 6 shall not apply to any Holder to the
extent that any such loss is based on or arises out of an untrue statement or
alleged untrue statement of a material fact, or an omission or alleged omission
to state a material fact, contained in or omitted from any preliminary
prospectus if the final prospectus shall correct such untrue statement or
alleged untrue statement, or such omission or alleged omission, and a copy of
the final prospectus has not been sent or given to such person at or prior to
the confirmation of sale to such person if such Holder was under an obligation
to deliver such final prospectus and failed to do so.

     6.2 To the extent permitted by applicable law, each Holder, severally and
not jointly, shall indemnify and hold harmless the Company, each of its
directors, each of its officers who shall have signed the Registration
Statement, and each Person, if any, who controls the Company within the meaning
of the Securities Act, against any and all losses, claims, damages, liabilities
and expenses, including attorneys’ fees and disbursements and expenses of
investigation, incurred by such party pursuant to any actual or threatened
action, suit, proceeding or investigation, or to which any of the foregoing
Persons may otherwise become subject under the Securities Act, the Exchange Act
or other federal or state laws, insofar as such losses, claims, damages,
liabilities and expenses arise out of or are based upon any Violation, in each
case to the extent (and only to the extent) that such Violation occurs in
reliance upon and in conformity with written information furnished by such
Holder expressly for use in connection with such registration; provided,
however, that the indemnification required by this Section 6.2 shall not apply
to amounts paid in settlement of any such loss, claim, damage, liability or
expense if settlement is effected without the consent of the relevant Holder of
Registrable Securities, which consent shall not be unreasonably withheld.
Notwithstanding the foregoing, the liability of the Holder under this Section
6.2 shall be limited in an amount equal to the net proceeds from the sale of
the shares sold by such Holder, unless such liability arises out of or is based
on willful conduct or gross negligence by such Holder.

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     6.3 Promptly after receipt by an indemnified party under this Section 6
of notice of the commencement of any action, suit, proceeding, investigation or
threat thereof made in writing for which such indemnified party may make a
claim under this Section 6, such indemnified party shall deliver to the
indemnifying party a written notice of the commencement thereof and the
indemnifying party shall have the right to participate in, and, to the extent
the indemnifying party so desires, jointly with any other indemnifying party
similarly noticed, to assume the defense thereof with counsel mutually
satisfactory to the parties; provided, however, that an indemnified party shall
have the right to retain its own counsel, with the fees and disbursements and
expenses to be paid by the indemnifying party, if representation of such
indemnified party by the counsel retained by the indemnifying party would be
inappropriate due to actual or potential differing interests between such
indemnified party and any other party represented by such counsel in such
proceeding. The failure to deliver written notice to the indemnifying party
within a reasonable time following the commencement of any such action, if
prejudicial to its ability to defend such action, shall relieve such
indemnifying party of any liability to the indemnified party under this Section
6 but shall not relieve the indemnifying party of any liability that it may
have to any indemnified party otherwise than pursuant to this Section 6. Any
fees and expenses incurred by the indemnified party (including any fees and
expenses incurred in connection with investigating or preparing to defend such
action or proceeding) shall be paid to the indemnified party, as incurred,
within thirty (30) 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). Any such indemnified party shall
have the right to employ separate counsel in any such action, claim or
proceeding and to participate in the defense thereof, but the fees and expenses
of such counsel shall be the expenses of such indemnified party unless (i) the
indemnifying party has agreed to pay such fees and expenses or (ii) the
indemnifying party shall have failed to promptly assume the defense of such
action, claim or proceeding or (iii) the named parties to any such action,
claim or 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 there may be one or more legal defenses
available to it which are different from or in addition to those available to
the indemnifying party and that the assertion of such defenses would create a
conflict of interest such that counsel employed by the indemnifying party could
not faithfully represent the indemnified 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 of such
action, claim or proceeding on behalf of such indemnified party, it being
understood, however, that the indemnifying party shall not, in connection with
any one such action, claim or proceeding or separate but substantially similar
or related actions, claims or proceedings in the same jurisdiction arising out
of the same general allegations or circumstances, be liable for the reasonable
fees and expenses of more than one separate firm of attorneys (together with
appropriate local counsel) at any time for all such indemnified parties, unless
in the reasonable judgment of such indemnified party a conflict of interest may
exist between such indemnified party and any other of such indemnified parties
with respect to such action, claim or proceeding, in which event the
indemnifying party shall be obligated to pay the fees and expenses of such
additional counsel or counsels). No indemnifying party shall be liable to an
indemnified party for any settlement of any action, proceeding or claim without
the written consent of the indemnifying party, which consent shall not be
unreasonably withheld.

     6.4 If the indemnification required by this Section 6 from the
indemnifying party is unavailable or insufficient to hold harmless an
indemnified party hereunder in respect of any losses, claims, damages,
liabilities or expenses referred to in this Section 6:

          (a) The 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, claims, damages,
liabilities or expenses in such proportion as is appropriate to reflect
(i) the

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relative benefits received by the indemnifying party or parties, on the
one hand and the indemnified party on the other from the sale of the
Registrable Securities, or (ii) if the allocation provided by the
foregoing clause (i) is not permitted by applicable law, not only the
relative benefits referred to in clause (i) above but also the relative
fault of the indemnifying party on the one hand and indemnified parties
on the other in connection with the actions which resulted in such
losses, claims, damages, liabilities or expenses, as well as any other
relevant equitable considerations. The relative fault of such
indemnifying party and indemnified parties shall be determined by
reference to, among other things, whether any Violation has been
committed by, or relates to information supplied by, such indemnifying
party or indemnified parties, and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent
such Violation. The amount paid or payable by a party as a result of the
losses, claims, damages, liabilities and expenses referred to above shall
be deemed to include, subject to the limitations set forth in Section 6.1
and Section 6.2, any legal or other fees or expenses reasonably incurred
by such party in connection with any investigation or proceeding.

          (b) The parties hereto agree that it would not be just and
equitable if contribution pursuant to this Section 6.4 were determined by
pro rata allocation or by any other method of allocation which does not
take into account the equitable considerations referred to in Section
6.4(a). 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.

          (c) Notwithstanding the provisions of this Section 6.4, a Holder
shall not be required to contribute any amount or make any other payments
under this Agreement that in the aggregate exceed the net proceeds
received by the Holder from the sales of the Registrable Securities of
the Company.

     6.5 The obligations of the Company and the selling Holders of Registrable
Securities under this Section 6 shall survive the completion of any offering of
Registrable Securities pursuant to a registration statement under this
Agreement, and otherwise.

Section 7. Transfer of Registration Rights. The rights of a Holder hereunder
may be Transferred in whole or in part to (i) any affiliate (as defined in Rule
12b-2 under the Exchange Act) of a Holder or (ii) any other Person upon the
prior written consent of the Company; provided, however, that any such
transferee that is not a party to this Agreement shall have executed and
delivered to the Secretary of the Company a properly completed agreement
substantially in the form of Exhibit B, and provided, further, that the
transferor shall have delivered to the Secretary of the Company, no later than
15 days following the date of the Transfer, written notification of such
Transfer setting forth the name of the transferor, name and address of the
transferee and the number of Registrable Securities which shall have been so
Transferred.

Section 8. Amendment, Modification and Waivers; Further Assurances.

          (a) This Agreement may be amended with the consent of the parties
hereto and 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 of the Holder.

          (b) No waiver of any terms or conditions of this Agreement shall
operate as a waiver of any other breach of such terms and conditions or
any other term or condition, nor shall any failure to enforce any
provision hereof operate as a waiver of such provision or of any other
provision hereof. No written waiver hereunder, unless it by its own terms
explicitly provides to the

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contrary, shall be construed to effect a continuing waiver of the
provisions being waived and no such waiver in any instance shall
constitute a waiver in any other instance or for any other purpose or
impair the right of the party against whom such waiver is claimed in all
other instances or for all other purposes to require full compliance with
such provision.

          (c) Each of the parties hereto shall execute all such further
instruments and documents and take all such further action as any other
party hereto may reasonably require in order to effectuate the terms and
purposes of this Agreement.

Section 9. Assignment; Benefit. This Agreement and all of the provisions
hereof shall be binding upon and shall inure to the benefit of the parties
hereto and their respective heirs, assigns, executors, administrators or
successors; provided, however, that except as specifically provided herein with
respect to certain matters, neither this Agreement nor any of the rights,
interests or obligations hereunder shall be assigned or delegated by the
Company without the prior written consent of the Holder. A Holder may Transfer
its rights hereunder to a successor in interest to the Registrable Securities
owned by such assignor as permitted by Section 7.

Section 10. Miscellaneous.

     10.1 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS, WITHOUT GIVING REGARD TO THE
CONFLICT OF LAWS PRINCIPLES THEREOF. THE PARTIES HERETO WAIVE ALL RIGHT TO
TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER
THIS AGREEMENT.

     10.2 Notices. All notices and other communications required or permitted
hereunder shall be in writing and shall be deemed to have been sufficiently
given (a) if sent by facsimile transmission, upon telephonic confirmation of
receipt, (b) if sent by registered or certified mail, upon the sooner of the
expiration of five (5) days after deposit in the post office facilities
properly addressed with postage prepaid or acknowledgment of receipt, (c) if
personally delivered, when delivered to the party to whom notice is sent, or
(d) if delivered by a recognized overnight courier, upon receipt evidencing
proof of delivery, addressed to the appropriate party or parties, at the
address of such party set forth below, (or at such other address as such party
may designate by written notice furnished to all other parties in accordance
herewith):

     (a) if to the Zurich:

James W. March

Assistant General Counsel

Zurich American Insurance Company

     (b) if to the Company:

TeraForce Technology Corporation

1240 E. Campbell Road

Richardson, TX 75081

(469) 330-4951

(469) 330-4972 fax

Attn: Robert P. Capps

- 10 -

 

     10.3 Entire Agreement; Integration. This Agreement supersedes all prior
agreements between or among any of the parties hereto with respect to the
subject matter contained herein, and this Agreement embodies the entire
understanding among the parties relating to such subject matter.

     10.4 Section Headings. Section headings are for convenience of reference
only and shall not affect the meaning of any provision of this Agreement.

     10.5 Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be an original, and all of which shall
together constitute one and the same instrument. All signatures need not be on
the same counterpart.

     10.6 Severability. If any provision of this Agreement shall be invalid or
unenforceable, such invalidity or unenforceability shall not affect the
validity and enforceability of the remaining provisions of this Agreement,
unless the result thereof would be unreasonable, in which case the parties
hereto shall negotiate in good faith as to appropriate amendments hereto.

     10.7 Filing. A copy of this Agreement and of all amendments thereto shall
be filed at the principal executive office of the Company with the corporate
recorder of the Company.

     10.8 Termination. This Agreement may be terminated at any time by a
written instrument signed by the parties hereto. Unless sooner terminated in
accordance with the preceding sentence, this Agreement (other than Section 6
hereof) shall terminate in its entirety on such date as there shall be no
Registrable Securities outstanding or issuable by the Company.

     10.9 No Third Party Beneficiaries. Nothing herein expressed or implied is
intended to confer upon any Person, other than the parties hereto or their
respective permitted assigns, successors, heirs and legal representatives, any
rights, remedies, obligations or liabilities under or by reason of this
Agreement.

- 11 -

 

     IN WITNESS WHEREOF, this Agreement has been duly executed by the parties
hereto as of the date first written above.

	 	 	 	 	 
	 	TERAFORCE TECHNOLOGY CORPORATION

 	 
	 	By:  	/s/ Robert P. Capps
 	 
	 	Name: Robert P. Capps 	 
	 	Title: Executive Vice President 	 
	 

	 	 	 	 	 
	 	ZURICH AMERICAN INSURANCE COMPANY

 	 
	 	By:  	/s/ James W. March
 	 
	 	Name: James W. March 	 
	 	Title: Assistant General Counsel 	 
	 

- 12 -exv10w1

 

Exhibit 10.1

TERM PROMISSORY NOTE

	 	 	 
	

	 	Columbus, Ohio
	$189,298

	 	August 19, 2004

     FOR VALUE RECEIVED, the undersigned, TERAFORCE TECHNOLOGY CORPORATION, a
Delaware corporation, whose address is 1240 East Campbell Road, Richardson,
Texas 75081 (the “Borrower”), hereby promises to pay to the order of ZURICH
AMERICAN INSURANCE COMPANY whose address is One Liberty Plaza,
53rd Floor, New
York, New York 10006 (the “Lender”), on or before July 31, 2006 (the “Maturity
Date”), the principal sum of One Hundred Eighty-Nine Thousand Two Hundred
Ninety-Eight Dollars ($189,298) (the “Debt”), together with interest, all as
provided in Section 1 of this Note.

     Section 1. The Debt. Subject to and on the terms and conditions set
forth in this Note, the Borrower shall repay the Debt as follows:

          1.1. Principal. The principal balance of this Note and any accrued and
unpaid interest shall be due and payable in full on the Maturity Date.

          1.2. Interest.

                 1.2.1. The Debt shall bear interest on the outstanding principal amount,
from the date hereof until the Maturity Date, at a fixed rate per annum equal
to 7.00%. Interest on the Debt shall be paid by the Borrower (a) on the last
day of each calendar quarter, commencing September 30, 2004, (b) on the
Maturity Date, and (c) thereafter on demand.

                 1.2.2. Whenever the unpaid principal amount of the Debt has become due and
payable, whether at the stated maturity thereof, by acceleration or otherwise,
interest thereon, for each day until paid, shall be paid by the Borrower on
demand at a rate per annum equal to 12.00%.

                 1.2.3. All interest under this Note shall be computed on the basis of the
actual days elapsed in a year of 360 days.

          1.3. Prepayments; Payments.

                 1.3.1. The Borrower shall have the right to make prepayments at any time
of the principal amount of the Debt, in whole or in part, without premium or
penalty.

                 1.3.2. The Borrower shall make all payments of principal and interest
under this Note to the Lender at its address above (or such other location as
the Lender may

 

 

direct) in immediately available funds. If any payment of principal or
interest on this Note shall become due on a weekend day or holiday, such
payment shall be due and payable upon the next succeeding regular business day
and such extension of time shall in such case be included in computing interest
in connection with such payment.

     Section 2. Representations and Warranties. The execution of this Note by
the Borrower shall be deemed to constitute the Borrower’s representation and
warranty to the Lender that (a) this Note is the legal, valid and binding
obligation of the Borrower, enforceable against the Borrower in accordance with
its terms; (b) the execution and delivery of this Note by the Borrower does not
and will not conflict with, violate or constitute a default under or breach of
any court or administrative order, decree or ruling, or any law, statute,
ordinance or regulation, or any agreement, indenture, mortgage, deed of trust,
guaranty, lease, note or other obligation or instrument binding upon the
Borrower or any of its respective properties or assets; (c) Borrower has
obtained all consents, approvals and waivers necessary to execute and deliver
this Note and incur the Debt; and (d) neither this Note nor any other
statement, assignment, agreement, instrument or certificate of the Borrower
made or delivered pursuant to or in connection with this Note contains any
untrue statement of a material fact or omits to state a material fact required
to be stated therein, in light of the circumstances under which they were made,
or necessary to make the statements therein not misleading.

     Section 3. Compliance with Laws. On and after the date hereof and until
the Debt shall have been repaid and discharged in full or otherwise satisfied,
the Borrower shall comply with all applicable laws, including without
limitation all environmental laws.

     Section 4. Security for Debt. This Note is secured by and entitled to
the Warrant issued by Borrower in favor of the Lender dated as of the date
hereof (the “Warrant”), as it may be further amended or modified from time to
time. Nothing contained in this Note, the Warrant or in any other document or
instrument made in connection herewith, shall be deemed or construed to create
a partnership, tenancy-in-common, joint tenancy, joint venture or co-ownership
by or between the Lender and the Borrower. The Lender shall not be in any way
responsible for the debts, losses, obligations or duties of the Borrower.

     Section 5. Events of Default. The following are Events of Defaults:

          5.1. The Borrower fails to make a payment of interest on the Note when and
as due.

          5.2. The Borrower fails to pay the principal of the Note when and as due.

          5.3. Any representation or warranty made by the Borrower in this Note or
the Warrant or any information contained in any certificate, report, financial
statement or other document delivered to the Lender by the Borrower contains
any untrue statement of a material fact or omits to state a material fact
required by this Note or law to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made,
not misleading.

2

 

          5.4. The Borrower fails to perform any of its obligations under or fails
to comply with any covenant contained in the Note or the Warrant and such
failure continues unremedied for a period of ten days.

          5.5. Any governmental body or officer or creditor of the Borrower seizes,
takes possession of or collects (whether or not the Borrower resists or
acquiesces in such seizure, taking or collection) any property of the Borrower
by any means, including, without limitation, execution, levy, sequestration,
attachment, garnishment, replevin or self-help, unless such seizure, taking or
collection is vacated or the property is discharged within 30 days after the
occurrence thereof.

          5.6. One or more final judgments are entered against the Borrower for the
payment of money aggregating in excess of $50,000 and any one of such judgments
has been outstanding for more than 30 days from the date of its entry and has
not been discharged in full or stayed pending appeal.

          5.7. The Borrower:

                 5.7.1. makes an assignment for the benefit of creditors;

                 5.7.2. enters into any composition, compromise or arrangement with its
creditors;

                 5.7.3. generally does not pay its debts as such debts become due; or

                 5.7.4. conceals, removes, or permits to be concealed or removed, any part
of its property, with intent to hinder, delay or defraud its creditors or any
of them, or makes or suffers a transfer of any of its property, fraudulent
under the provisions of any bankruptcy, fraudulent conveyance or similar law,
or makes or suffers a transfer of its property to or for the benefit of a
creditor at a time when other creditors similarly situated have not been paid.

          5.8. If:

                 5.8.1. a trustee, receiver, agent or custodian is appointed or authorized
to take charge of any property of the Borrower for the purpose of enforcing a
lien against such property or for the purpose of administering such property
for the benefit of the Borrower’s creditors;

                 5.8.2. an order (a) for relief against the Borrower is granted under Title
11 of the United States Code or any similar law, (b) appointing a receiver,
trustee, agent or custodian of the Borrower or any property of the Borrower or
(c) providing for a composition, compromise or arrangement with the creditors
of the Borrower, is entered by any court or governmental body or officer;

3

 

                 5.8.3. the Borrower files any pleading seeking (whether by formal action
or by the admission of the material allegations of a pleading or otherwise) any
such appointment or order; or

                 5.8.4. (a) any action or proceeding seeking any such appointment or order
is commenced without the authority or consent of the Borrower and (b) (i) such
action or proceeding is not dismissed within 30 days after its commencement or
(ii) the Borrower does not diligently contest such action or proceeding.

          5.9. The Borrower fails to pay when and as due the principal of or any
interest on any Indebtedness (as defined below), other than as evidenced by
this Note (assuming that all required notices have been properly given and all
corresponding grace periods, if any, have elapsed without cure by the Borrower)
or any other event exists which, under the terms of any agreement or instrument
other than the Note, relates to any Indebtedness becoming, or becoming capable
at such time of being declared, due and payable before it would otherwise have
been due and payable. “Indebtedness” means, for the Borrower (a) all
indebtedness or other obligations of the Borrower, for borrowed money or for
the deferred purchase price of property or services (except for unsecured trade
payables incurred in the ordinary course of business on normal and reasonable
terms), (b) all indebtedness or other obligations of any other person for
borrowed money or for the deferred purchase price of property or services, the
payment or collection of which the Borrower has guaranteed (except by reason of
endorsement for deposit or collection in the ordinary course of business) or in
respect of which the Borrower is liable, contingently or otherwise, including,
without limitation, liable by way of agreement to purchase, to provide funds
for payment, to supply funds to or otherwise to invest in such other person, or
otherwise to assure a creditor against loss, (c) all indebtedness or other
obligations of any other person for borrowed money or for the deferred purchase
price of property or services secured by (or for which the holder of such
indebtedness has an existing right, contingent or otherwise, to be secured by)
any lien upon or in property (including, without limitation, accounts and
contract rights) owned by the Borrower whether or not the Borrower has assumed
or become liable for the payment of such indebtedness or other obligations, (d)
all direct or contingent obligations of the Borrower in respect of letters of
credit and (e) all lease obligations which have been or should be, in
accordance with generally accepted accounting principles, capitalized on the
books of the Borrower as lessee.

          5.10. A “Material Adverse Change” occurs. “Material Adverse Change” is:
(a) a material adverse change in the business, operations, or condition
(financial or otherwise) of the Borrower; or (b) a material impairment of the
prospect of repayment of any portion of the Debt, Borrower’s ability to comply
with its obligations under the Warrant or Lender’s ability to sell the shares
issued under the Warrant and satisfy the amount due hereunder.

     Section 6. Default Remedies.

          6.1. Acceleration. If an Event of Default exists, the outstanding unpaid
principal balance of this Note, together with all interest accrued thereon and
any unpaid fees, expenses or other amounts due to the Lender under this Note,
is immediately due and payable, without presentment, demand, protest or notice
of any kind, all of which are hereby waived.

4

 

          6.2. Remedies Cumulative. The Lender may exercise the remedies provided
in the Warrant upon the occurrence of an Event of Default. No right or remedy
conferred upon the Lender by this Note or legally available to the Lender if an
Event of Default exists is intended to be exclusive of any other right or
remedy, and each such right or remedy is cumulative and in addition to every
other such right or remedy.

          6.3. Force Majeure. The existence of an Event of Default is not affected
by the reason for its occurrence, even if the Event of Default was not caused
by a voluntary act of the Borrower or was caused by a natural disaster or force
majeure.

          6.4. Deficiency. If Lender exercises its remedies under the Warrant and
is unable to satisfy the entire amount due hereunder from the proceeds derived
from a sale of the shares under the Warrant, such exercise shall not preclude
Lender from collecting a deficiency from Borrower.

     Section 7. Miscellaneous.

          7.1. Modifications and Waivers. No modification or waiver of any term or
provision contained in this Note and no consent to any departure by the
Borrower therefrom shall in any event be effective unless the same is in
writing and signed by the waiving party. Such waiver or consent shall be
effective only in the specific instance and for the purpose for which it is
given.

          7.2. Notices. Except where specific provisions of this Note provide for
some other form of notice or require receipt as a condition of notice, any
consent, waiver, notice, demand or other instrument required or permitted to be
given under this Note shall be deemed to have been properly received when in
writing and delivered in person or sent by certified or registered United
States mail, return receipt requested, postage prepaid, addressed, if to the
Borrower: 1240 East Campbell Road, Richardson, Texas 75081, Attention: Robert
P. Capps, Executive Vice-President; and if to the Lender: Zurich American
Insurance Company, Attention: Specialty Claims — James Mandarino. Any party
may change its address for notices by notice in the manner set forth above.

          7.3. Partial Invalidity. If any term or provision of this Note or the
application thereof to any person, firm or corporation or any circumstance,
shall be invalid or unenforceable, the remainder of this Note, or the
application of such term or provision to any person, firm or corporation or any
circumstances, other than those as to which it is held invalid, shall both be
unaffected thereby and each term or provision of this Note shall be valid and
be enforced to the fullest extent permitted by law.

          7.4. No Implied Rights or Waivers. No notice to or demand on the Borrower
in any case shall entitle the Borrower to any other or further notice or demand
in the same, similar or other circumstances. Neither any failure nor any delay
on the part of the Lender in exercising any right, power or privilege hereunder
shall operate as a waiver thereof, nor shall a single or partial exercise
thereof preclude any other or further exercise of the same or the exercise

5

 

of any other right, power or privilege. The Borrower hereby waives
presentment, demand, notice, protest and all other demands and notices in
connection with the delivery, acceptance, performance, default or enforcement
of this Note.

          7.5. Successors and Assigns. This Note shall be binding upon and inure to
the benefit of the respective heirs, successors and assigns of the Lender and
the Borrower; provided that the Borrower shall have no right to assign or
transfer its rights under this Note voluntarily or by operation of law without
first obtaining the written consent of the Lender, and any attempted assignment
or transfer in the absence of such consent shall be void and of no effect.

          7.6. Expenses. All fees, costs and expenses, including reasonable fees
and expenses of legal counsel, incurred by the Lender in connection with the
preparation and enforcement of this Note or any other instruments, documents,
or agreements to be delivered pursuant hereto or in connection herewith, shall
be paid by the Borrower to the Lender on demand.

          7.7. Survival of Provisions. All covenants, agreements, representations,
warranties and statements made in this Note or in any certificate, statement,
or other instrument given pursuant to this Note shall survive the execution and
delivery to the Lender of this Note and the making of the Debt and shall
continue in full force and effect so long as any obligation of the Borrower
under this Note is outstanding and unpaid.

          7.8. Captions. The captions and section numbers appearing in this Note
are inserted only as a matter of convenience; they do not define, limit,
construe or describe the scope or intent of the provisions of this Note.

          7.9. Governing Law. This Note shall be governed and construed by the
provisions hereof and in accordance with the laws of the State of Ohio
applicable to instruments to be performed in the State of Ohio without regard
to choice of law principles.

          7.10. Consent. The Borrower hereby irrevocably and unconditionally
consents to submit to the exclusive jurisdiction of the courts of the State of
Ohio and of the United States of America located in the City of Columbus, Ohio
for any actions, suits or proceedings arising out of or relating to this Note
and the transactions contemplated hereby (and the Borrower agrees not to
commence any action, suit or proceeding relating thereto except in such
courts), and further agrees that service of any process, summons, notice or
document by U.S. certified or registered mail, return receipt requested, to the
address set forth in Section 7.2 shall be effective service of process for any
action, suit or proceeding brought against the Borrower in any such court. The
Borrower hereby irrevocably and unconditionally waives any objection to the
laying of venue of any action, suit or proceeding arising out of this Note, or
the transactions contemplated hereby, in the courts of the State of Ohio or the
United States of America located in the City of Columbus, Ohio, and hereby
further irrevocably and unconditionally waives and agrees not to plead or claim
in any such court that any such action, suit or proceeding brought in any such
court has been brought in an inconvenient forum.

6

 

          7.11. Joint Preparation. This Note is to be deemed to have been prepared
jointly by the Borrower and the Lender, and any uncertainty or ambiguity
existing herein shall not be interpreted against either party, but shall be
interpreted according to the rules for the interpretation of arm’s length
agreements.

          7.12. Third Parties. Nothing herein expressed or implied is intended or
shall be construed to confer upon or give any person other than the parties
hereto and their successors or assigns, any rights or remedies under or by
reason of this Note.

          7.13. Warrant of Attorney. The Borrower hereby authorizes any attorney at
law to appear for the Borrower in an action on this Note, at any time after the
same becomes due and payable, as herein provided, in any court of record in or
of the State of Ohio, or elsewhere, to waive the issuing and service of process
against the Borrower and to confess judgment in favor of the legal holder of
this Note against the Borrower for the amount that may be due, with interest at
the rates herein mentioned and cost of suit, and to waive and release all
errors in said proceedings and judgment, and all petitions in error, and right
of appeal from the judgment rendered.

          7.14. Waiver of Jury Trial. THE LENDER AND THE BORROWER HEREBY
VOLUNTARILY, IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY RIGHT TO HAVE A JURY
PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR
OTHERWISE, BETWEEN THE LENDER AND THE BORROWER ARISING OUT OF, IN CONNECTION
WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED BETWEEN THE
BORROWER AND THE LENDER IN CONNECTION WITH THIS NOTE, THE WARRANT, OR ANY OTHER
AGREEMENT OR DOCUMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THEREWITH
OR THE TRANSACTIONS RELATED HERETO OR THERETO. THIS PROVISION IS A MATERIAL
INDUCEMENT TO THE LENDER TO ENTER INTO THE FINANCING TRANSACTIONS WITH THE
BORROWER. IT SHALL NOT IN ANY WAY AFFECT, WAIVE, LIMIT, AMEND OR MODIFY THE
LENDER’S ABILITY TO PURSUE ITS REMEDIES INCLUDING, BUT NOT LIMITED TO, ANY
CONFESSION OF JUDGMENT OR COGNOVIT PROVISION CONTAINED IN THIS NOTE, THE
WARRANT OR ANY OTHER DOCUMENT RELATED HERETO OR THERETO.

     Section 8. Use of Proceeds. Borrower has directed Lender to pay the
proceeds of this Note to the plaintiffs in those certain proceedings known as
Ralph R. Umsted, Jr. v. Intelect Network Technologies Company, et al., Case No.
3-99CV2604-H, United States District Court, Northern District of Texas,
pursuant to that certain Settlement and Release Agreement between Borrower and
Lender relating to such proceedings and the Directors and Officers Liability
and Reimbursement Excess Policy No. DOC 294013801 previously issued by Lender
to Borrower. Borrower hereby authorizes and directs Lender to issue the
proceeds of the Debt directly to such plaintiffs in accordance with the terms
of such Settlement and Release Agreement.

     This Note was executed in Columbus, Ohio as of the date first written
above.

7

 

WARNING - BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
TRIAL. IF YOU DO NOT PAY ON TIME A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR WHETHER FOR
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
OR ANY OTHER CAUSE.

	 	 	 	 	 
	 	TERAFORCE TECHNOLOGY CORPORATION

 	 
	 	By:  	/s/ Robert P. Capps
 	 
	 	Name: Robert P. Capps 	 
	 	Its:  Executive Vice President 	 
	 

8

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