Document:

Exhibit 10.8

                             CONTRIBUTION AGREEMENT

                                  By and Among

                            THE TIMES MIRROR COMPANY
                                       and
                                  TMCT 11, LLC

                                      and

                      CHELSEA GCA REALTY PARTNERSHIP, L.P.
                                       and
                            CHELSEA GCA REALTY, INC.

                         Dated: As of September 3, 1999

<PAGE>
                             CONTRIBUTION AGREEMENT

          Contribution Agreement (this "AGREEMENT") made as of the 3rd day of
September, 1999 (the "AGREEMENT DATE"), by and among The Times Mirror Company, a
Delaware corporation (the "CONTRIBUTOR 9'), TMCT II, LLC, a Delaware limited
liability company ("LLC"), Chelsea GCA Realty Partnership, L.P., a Delaware
limited partnership (the "OPERATING PARTNERSHIP") and Chelsea GCA Realty, Inc.,
a Maryland corporation (the "COMPANY").

                                  WITNESSETH:

          WHEREAS, Contributor desires to contribute to Operating Partnership
cash in return for Preferred Units in Operating Partnership on the terms and
conditions herein set forth.

          NOW, THEREFORE, in consideration of the mutual covenants contained
herein and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereby agree as follows:

          1. DEFINITIONS. For purposes of this Agreement, the following terms
shall have the meanings set forth below:

          "AFFILIATE" means with respect to any Person, any other Person
controlled by, controlling or under common control with such Person. For
purposes hereof, "control" shall include the power to direct the actions of a
Person, regardless of whether the same shall involve an ownership interest in
such Person.

          "AGREEMENT" has the meaning set forth in the initial paragraph hereof.

          "AGREEMENT DATE" has the meaning set forth in the initial paragraph
hereof.

          "AGREEMENT OF LIMITED PARTNERSHIP" means the Agreement of Limited
Partnership of Operating Partnership, dated as of October 14, 1993, in the form
attached hereto as EXHIBIT A-1, as amended by Amendment No. 1, dated as of March
31, 1997, in the form attached hereto as EXHIBIT A-2, Amendment No. 2, dated as
of October 7, 1997, in the form attached hereto as EXHIBIT A-3, Amendment No. 3,
dated as of the date hereof, in the form attached hereto as EXHIBIT A-4, and as
further amended from time to time after the date hereof.

          "ARTICLES SUPPLEMENTARY" means the Articles Supplementary of the
Company governing the Preferred Shares, substantially in the form attached
hereto as EXHIBIT B.

          "BENEFIT PLAN" has the meaning set forth in PARAGRAPH 7(f).

          "BROKER" has the meaning set forth in PARAGRAPH 10.

          "BYLAWS" means the Bylaws of the Company, as amended from time to
time.

          "CHARTER" means the Articles of Incorporation of the Company, as
amended and restated from time to time, including as supplemented by the
Articles Supplementary.

          "CLOSING." has the meaning set forth in PARAGRAPH 6(a).

          "CODE" means the Internal Revenue Code of 1986, as amended.

          "COMMISSION" has the meaning set forth in PARAGRAPH 4(f)(i).

          "COMPANY" has the meaning set forth in the initial paragraph hereof

          "CONTRIBUTION AMOUNT" means $65,000,000.

          "CONTRIBUTOR" has the meaning set forth in the initial paragraph
hereof.

          "CONTRIBUTOR'S AND LLC'S CLOSING DOCUMENTS" has the meaning set forth
in PARAGRAPH 6(c).

          "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended.

          "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended.

          "EXCHANGE DATE" means, with respect to any Preferred Unit, the date on
which the exchange of such Preferred Unit for a Preferred Share shall occur in
accordance with the Agreement of Limited Partnership.

          "FORM 10-K" has the meaning set forth in PARAGRAPH 4(f)(i).

          "FORM 10-Q" has the meaning set forth in PARAGRAPH 4(f)(ii).

          "GAAP" means generally accepted accounting principles consistently
applied.

          "GOVERNING DOCUMENTS" means, with respect to (i) a limited
partnership, such limited partnership's certificate of limited partnership and
the agreement of limited partnership, and any amendments or modifications of any
of the foregoing; (ii) a corporation, such corporation's articles or certificate
of incorporation, by-laws and any applicable authorizing resolutions, and any
amendments or modifications of any of the foregoing; (iii) a limited liability
company, such limited liability company's articles or certificate of
organization, by-laws and operating agreement or agreement of limited liability
company, and any amendments or modifications of any of the foregoing; and (iv) a
trust, such trust's declaration of trust and bylaws and any amendments or
modifications of any of the foregoing.

          "I.R.S." means the United States Internal Revenue Service.

          "LLC" has the meaning set forth in the initial paragraph hereof.

          "OPERATING PARTNERSHIP" has the meaning set forth in the initial
paragraph hereof.

          "OPERATING PARTNERSHIP'S CLOSING DOCUMENTS" has the meaning set forth
in PARAGRAPH 6(b).

          "OWNERSHIP LIMIT" has the meaning set forth in PARAGRAPH 4(l).

          "PARITY PREFERRED SHARES" has the meaning ascribed to such term in the
Articles Supplementary.

          "PARTNER" has the meaning ascribed to such term in the Agreement of
Limited Partnership.

          "PERSON" means a natural person, partnership (whether general or
limited), trust, estate, association, corporation, limited liability company,
unincorporated organization, custodian, nominee or any other individual or
entity in its own or representative capacity.

          "PREFERRED DIVIDEND DEFAULT" has the meaning set forth in the Articles
Supplementary.

          "PREFERRED UNITS" means the 9.00% Series B Cumulative Redeemable
Preferred Units as such term is defined in the Agreement of Limited Partnership.

          "PREFERRED SHARES" means the 9.00% Series B Cumulative Redeemable
Preferred Stock of the Company more fully described in the Articles
Supplementary.

          "PTP" means a "publicly traded partnership" within the meaning of
Section 7704 of the Code.

          "REGISTRATION RIGHTS AGREEMENT" has the meaning set forth in PARAGRAPH
6(b)(iv) hereof.

          "REIT" has the meaning set forth in PARAGRAPH 8(g) hereof.

          "SECURITIES ACT" means the Securities Act of 1933, as amended.

          "SEC REPORTS" has the meaning set forth in Paragraph 8(o) hereof.

          "SUBSIDIARY" means with respect to any Person, any corporation,
partnership, limited liability company, joint venture or other entity (a) of
which a majority of (i) voting power of the voting equity securities or (ii) the
outstanding equity interests, is owned, directly or indirectly, by such Person,
or (b) of which such Person is a general partner or managing member.

          "US$" means United States dollars, lawful money of the United States
of America.

          2. CONTRIBUTION OF CASH. Subject to the terms and provisions of this
Agreement, Contributor hereby agrees to contribute to Operating Partnership the
Contribution Amount on the date of the Closing in consideration for 1,300,000
Preferred Units in Operating Partnership to be issued to the LLC, unless, prior
to the Closing, Contributor designates otherwise. Subject to the terms and
provisions of this Agreement, Operating Partnership hereby agrees to accept the
Contribution Amount and to issue to LLC (or such other party as Contributor may
designate prior to the Closing) Preferred Units in exchange therefor on the date
of the Closing.

          3. CONDITIONS TO CLOSING.

          (a) CONDITIONS TO OPERATING PARTNERSHIP'S AND COMPANY'S OBLIGATIONS.
Operating Partnership's and Company's obligations under this Agreement to accept
the Contribution Amount, provide Contributor with Preferred Units and otherwise
consummate the transactions contemplated herein are subject to the satisfaction
(or waiver in writing by Operating Partnership and the Company) of the following
conditions on or before the Closing:

          (i)  NO INJUNCTION. No temporary restraining order or preliminary or
               permanent injunction of any court or administrative agency of
               competent jurisdiction prohibiting the consummation of the
               transactions contemplated herein shall be in effect.

          (ii) ACCURACY OF REPRESENTATIONS AND WARRANTIES. The representations
               and warranties of Contributor and LLC contained in this Agreement
               shall be true and correct in all material respects on the date of
               the Closing with the same effect as though made on the date of
               the Closing.

          (iii) PERFORMANCE OF AGREEMENT. The Contributor and LLC shall have
               performed, in all material respects, all of its respective
               covenants, agreements and obligations required by this Agreement
               to be performed or complied with by it prior to or at the
               Closing, including, without limitation, delivery of the
               Contribution Amount.

          (iv) DELIVERY OF CLOSING DOCUMENTS. Operating Partnership and Company
               shall have received the Contributor's and LLC's Closing
               Documents.

          In the event that for any reason any of the conditions set forth in
this PARAGRAPH 3(a) or elsewhere in this Agreement are not satisfied or waived
by Operating Partnership and Company at or prior to the Closing, at Operating
Partnership's or Company's option, this Agreement shall be terminated and
Operating Partnership, Company, LLC and Contributor shall be released from their
obligations under this Agreement and none of Operating Partnership, Company, LLC
or Contributor shall have any further liability hereunder.

          (b) CONDITIONS TO CONTRIBUTOR'S AND LLC'S OBLIGATIONS. Contributor's
obligations under this Agreement to deliver the Contribution Amount and
otherwise consummate the transactions contemplated herein are subject to the
satisfaction (or waiver in writing by Contributor) of the following conditions
on or before the Closing:

          (i)  NO INJUNCTION. No temporary restraining order or preliminary or
               permanent injunction of any court or administrative agency of
               competent jurisdiction prohibiting the consummation of the
               transactions contemplated herein shall be in effect.

          (ii) ACCURACY OF REPRESENTATIONS AND WARRANTIES. The representations
               and warranties of Operating Partnership and Company contained in
               this Agreement shall be true and correct in all material respects
               on the date of the Closing with the same effect as though made on
               the date of the Closing.

          (iii) PERFORMANCE OF AGREEMENT. Operating Partnership and Company
               shall have performed, in all material respects, all of their
               respective covenants, agreements and obligations required by this
               Agreement to be performed or complied with by each of them prior
               to or at the Closing.

          (iv) DELIVERY OF CLOSING DOCUMENTS. Contributor and LLC shall have
               received the Operating Partnership's Closing Documents.

          (v)  FUNDING OF LLC EXCHANGE FUND. The LLC Exchange Fund shall have
               been funded by its members prior to or at the Closing.

          In the event that for any reason any of the conditions set forth in
this PARAGRAPH 3(b) or elsewhere in this Agreement are not satisfied or waived
by Contributor and LLC at or prior to the Closing, at Contributor's option, this
Agreement shall be terminated and Contributor, LLC, Operating Partnership and
Company shall be released from their obligations under this Agreement and none
of Contributor, LLC, Operating Partnership or Company shall have any further
liability hereunder.

          4. COVENANTS. The covenants set forth in this PARAGRAPH 4 shall
survive the Closing.

          (a) On the Exchange Date, Company shall issue Preferred Shares in
Company in a number equal to the number of Preferred Shares into which the
Preferred Units are exchangeable pursuant to the terms of the Agreement of
Limited Partnership. Upon consummation of such exchange in accordance with the
terms of the Agreement of Limited Partnership, and issuance in accordance with
the Charter, the Preferred Shares shall be validly issued, fully paid and
non-assessable pursuant to the Articles Supplementary.

          (b) Operating Partnership covenants to notify holders of Preferred
Units promptly in the event Company or any Subsidiary of Company anticipates or
realizes either that (i) on or prior to the second anniversary of the Closing,
the fair market value of its assets determined in accordance with Code ss.
856(c)(5)(A), constituting "stock and securities" within the meaning of Section
351(e)(1) of the Code will equal 10% or more of the value of the Operating
Partnership's total assets; (ii) on or prior to the second anniversary of the
Closing, there is a material increase in such percentage of Operating
Partnership's assets constituting "stock and securities" if immediately
preceding such material increase the percentage of Operating Partnership's
assets constituting "stock and securities" within the meaning of SECTION 351
(E)(1) of the code equaled 10% or more of the operating partnership's total
assets; (iii) the Preferred Units will represent more than 18% of the total
capital interest in the Operating Partnership; or (iv) the interest of the
Preferred Units in profits will represent more than 18% of the profits of the
Operating Partnership.

          (c) Company agrees that it will notify holders of Preferred Units
promptly in the event it becomes aware of any facts that will or likely will
cause Operating Partnership to become a PTP.

          (d) Through December 31, 2000, Operating Partnership: (i) shall take
all actions reasonably available to it under the Agreement of Limited
Partnership as presently in effect to avoid treatment as a PTP; and (ii) shall
not issue, or enter into binding agreements to issue, any Operating Partnership
units to the extent such issuance would cause it to fail to satisfy the private
placement safe harbor of Treasury Regulation Section 1.7704-1(h) immediately
after such issuance (taking into account any person treated as a partner under
Treasury Regulation Section 1.7704-1(h)(3) and substituting "80" for "100").

          (e) For each taxable year, Company will promptly provide notice to the
holders of the Preferred Units in the event Company or any Subsidiary of Company
anticipates or realizes that less than 90% of the gross income of Operating
Partnership for such taxable year will or likely will constitute "qualifying
income" within the meaning of Section 7704(d) of the Code.

          (f) Operating Partnership covenants that it shall deliver to holders
of Preferred Units the following:

          (i)  as soon as available, but in no event later than five business
               days following the date on which Company files its annual report
               in respect of a fiscal year on Form 10-K, or such other
               applicable FORM ("FORM 10-K"), with the Securities and Exchange
               Commission (the "COMMISSION") (or, in the event that Operating
               Partnership is required under rules and regulations promulgated
               by the Commission to file with the Commission a Form 10-K
               separate from Company's Form 1O-K, five business days after the
               filing of such report by Operating Partnership with the
               Commission), a complete copy of Operating Partnership's audited
               financial statements for such fiscal year, including a balance
               sheet, income statement and cash flow statement for such fiscal
               year prepared and audited by an independent certified public
               accountant in accordance with GAAP;

          (ii) as soon as available, but in no event later than five business
               days following the date on which Company files its quarterly
               report in respect of a fiscal quarter on Form 1O-Q, or such other
               applicable FORM ("FORM 1O-Q"), with the Commission (or, in the
               event the Operating Partnership is required under rules and
               regulations promulgated by the Commission to file with the
               Commission a Form 1O-Q separate from Company's Form 1O-Q, five
               business days after the filing of such report by Operating
               Partnership with the Commission), a complete copy of Operating
               Partnership's unaudited quarterly financial statements for such
               fiscal quarter including a balance sheet, income statement and
               cash flow statement for such fiscal quarter prepared in
               accordance with GAAP; and

          (iii) on a quarterly basis, (as soon as possible, but in no event
               later than sixty (60) days following the end of each fiscal
               quarter of Operating Partnership and one hundred fifteen (115)
               days following the end of each fiscal year of Operating
               Partnership) a reasonable good faith written estimate of,
               together with reasonable supporting information of, (1) the
               percentage of the Operating Partnership's capital interest
               represented by the Preferred Units, (2) the percentage of the
               Operating Partnership's total profits represented by the interest
               of the Preferred Units in profits, (3) the percentage of the
               value of the Operating Partnership's assets which consist of
               "stock or securities" within the meaning of Section 351(e)(1)
               of the Code (provided that the Operating Partnership shall not be
               required to deliver the information required by this subparagraph
               4(f)(iii)(3) after the second anniversary of the Closing), and
               (4) the percentage of gross income of the Operating Partnership
               represented by "qualifying income" within the meaning of Section
               7704(d) of the Code.

          (g) Provided that all other conditions to Operating Partnership's and
Company's obligations set forth in this Agreement have been satisfied or
properly waived, Operating Partnership covenants that

          (i)  it shall record LLC (or such other party as Contributor may
               designate prior to the Closing) as the holder of the Preferred
               Units on its books and records and shall admit such record holder
               as a limited partner to Operating Partnership on the Closing
               Date; and

          (ii) if the Preferred Units were not issued originally to LLC, it
               shall permit, and the General Partner of the Operating
               Partnership hereby approves, the transfer of the Preferred Units
               to the LLC, in accordance with the Agreement of Limited
               Partnership, and, upon such transfer, shall record the LLC as the
               holder of the Preferred Units on its books and records and shall
               admit the LLC as a limited partner to Operating Partnership,
               provided that the LLC makes the representations and warranties
               set forth in PARAGRAPHS 7(c), 7(d), 7(e), 7(f), 7(g), 7(h), 7(i),
               7(j), 7(k) AND 7(l) hereof with respect to its acquisition of the
               Preferred Units.

          (h) Operating Partnership shall not issue any Preferred Units to any
Person other than Contributor or LLC, and Company shall not issue any Preferred
Shares to any Person other than a holder of Preferred Units upon exchange of
such Preferred Units.

          (i) Upon request of Contributor, LLC or any of their respective
permitted transferees, each of the Operating Partnership and the Company agrees,
upon the reasonable request of Contributor or LLC made not more than twice in
any 12-month period, to deliver a certificate to Contributor, LLC or any of
their respective permittted transferees bringing down the representations and
warranties made by the Operating Partnership and the Company in PARAGRAPHS 8(d),
8(e), 8(f), 8(g) and 8(n) hereof, as to a date or dates requested by
Contributor, LLC or any of their respective permitted transferees if and to the
extent, after due inquiry, the Operating Partnership and the Company can make
such representations and warranties as of such date or dates.

          (j) Operating Partnership will treat the Preferred Units as equity for
U.S. federal income tax purposes, unless and until such treatment is challenged
by the I.R.S. and a final determination within the meaning of Section 1313(a) of
the Code requires otherwise.

          (k) After any exchange of Series B Preferred Units pursuant to Section
7 of Attachment 1 to the Third Amendment of the Agreement of Limited
Partnership, the Company shall at all times ensure that the number of members of
the Company's Board of Directors permitted pursuant to the Charter, the Bylaws
and the Maryland Corporations Code, as amended, is sufficient to allow the Board
of Directors to increase by two the number of members of the Board of Directors,
without stockholder approval, in order to permit the holders of Preferred Shares
(and shares on parity therewith) to elect two additional directors upon the
occurrence of a Preferred Dividend Default in accordance with the provisions of
the Articles Supplementary.

          (1) The Company shall not modify, rescind or revoke the waiver by the
Board of Directors of the "OWNERSHIP LIMIT" (set forth in Article Third, Section
7 of the Articles Supplementary) pursuant to resolutions of the Board of
Directors dated August 31, 1999, with respect to the Contributor's or LLC's
ownership of the Preferred Shares. The Company agrees not to withhold a
corresponding waiver of such Ownership Limit in favor of any transferee of
Contributor or LLC (or any subsequent transferee) if such transferee provides to
the Company representations to the effect of Sections 7(k) and 7(l) hereof. The
Company further agrees not to withhold such corresponding waiver of such
Ownership Limit in favor of any transferee of Contributor or LLC (or subsequent
transferee) if such transferee provides to the Company reasonable
representations and undertakings, which in the sole discretion of the Company,
are appropriate to establish that the ownership by such transferee will not
adversely affect the Company's status as a REIT.

          (m) The Company and Operating Partnership agree that in the event the
Company amends its Charter so as to increase the number of shares of preferred
stock that the Company is authorized to issue, the Company shall, upon the
written request of the holders of a majority in interest of the Preferred Units
and the Preferred Shares (counted together as a single class for the purposes of
this paragraph), take such actions as are reasonably necessary (i) to reduce the
$50 per Preferred Unit and $50 per Preferred Share liquidation preference to $25
per Preferred Unit and $25 per Preferred Share, (ii) to provide an appropriate
and proportional increase in the number of Preferred Units and Preferred Shares
issued and outstanding and (iii) to take all other steps reasonably necessary or
appropriate to give effect to the foregoing adjustment and to preserve the
economic value of the Preferred Units and the Preferred Shares.

          5. TRANSACTION COSTS. Except as otherwise specifically set forth
herein, each of the parties hereto shall bear its own costs and expenses with
respect to the transaction contemplated hereby.

          6. CLOSING.

          (a) The closing of the transactions contemplated by this Agreement
shall be consummated on September 3, 1999 or on such other date as the parties
may mutually agree (the "CLOSING").

          (b) At the Closing, Operating Partnership and Company shall deliver to
Contributor and LLC the following documents and the following other items (the
documents and other items described in this PARAGRAPH 6(b) being collectively
referred to herein as the "OPERATING PARTNERSHIP'S CLOSING DOCUMENTS"):

          (i)  This Agreement duly executed and delivered by Operating
               Partnership and Company;

          (ii) The Third Amendment to the Agreement of Limited Partnership, in
               the form attached hereto as EXHIBIT A-4, duly executed and
               delivered by all Persons necessary to make such amendment binding
               on and enforceable against all Partners in Operating Partnership;

          (iii) The Articles Supplementary of the Company, in the form set forth
               on EXHIBIT B, duly approved, executed and delivered by the
               Company in a form suitable for filing in the State Department of
               Assessments and Taxation of Maryland, which filing shall occur no
               later than September 7, 1999;

          (iv) The Registration Rights Agreement, substantially in the form set
               forth on EXHIBIT C, duly executed and delivered by Company;

          (v)  A Certificate of the Secretary of Company substantially in the
               form set forth on EXHIBIT D, together with completed exhibits
               attached thereto, executed by the secretary of the Company and
               dated as of the date of the Closing;

          (vi) Cross-Receipts, substantially in the form set forth on EXHIBIT E;

          (vii) An opinion Of counsel to Company and Operating Partnership
               substantially in the form set forth on EXHIBIT F;

          (viii) Those other closing documents required to be executed by either
               Operating Partnership or Company or as may be otherwise necessary
               or appropriate to consummate the transactions contemplated
               hereby.

          (c) At the Closing, Contributor and LLC shall deliver to Operating
Partnership and Company the following documents and the following other items
(the documents and other items described in this PARAGRAPH 6(C) being
collectively referred to herein as the "CONTRIBUTOR'S AND LLC'S CLOSING
DOCUMENTS"):

          (i)  Counterparts of documents listed in PARAGRAPH 6(B)(i), (ii),
               (iv), and (vi), duly executed and delivered by Contributor and
               LLC; and

          (ii) Those other closing documents required to be executed by it or as
               may be otherwise necessary or appropriate to consummate the
               transactions contemplated hereby.

          7. REPRESENTATIONS AND WARRANTIES OF CONTRIBUTOR AND LLC.  EACH of
Contributor and LLC makes the following representations and warranties as to
itself to Operating Partnership and Company, all of which (except as otherwise
designated) are true and correct in all material respects on the Agreement Date
and shall be true and correct in all material respects as of the date of the
Closing:

          (a) It is duly organized and validly existing under the laws of the
state of its organization and has been duly authorized by all necessary and
appropriate action to enter into this Agreement and to consummate the
transactions contemplated herein. The individuals executing this Agreement on
its behalf have been duly authorized by all necessary and appropriate action on
its behalf.  This Agreement is its valid and binding obligation, enforceable
against it in accordance with its terms, except insofar as enforceability may be
affected by bankruptcy, insolvency or similar laws affecting creditor's rights
generally and the availability of any particular equitable remedy.

          (b) Neither the execution nor the delivery of this Agreement nor the
consummation of the transactions contemplated hereby nor fulfillment of or
compliance with the terms and conditions hereof (a) conflict with or will result
in a breach of any of the terms, conditions or provisions of (i) its Governing
Documents or (ii) any agreement, order, judgment, decree, arbitration award,
statute, regulation or instrument to which it is a party or by which it or its
assets are bound, or (b) constitutes or will constitute a breach, violation or
default under any of the foregoing. No consent or approval, authorization,
order, regulation or qualification of any governmental entity or any other
Person is required for its execution and delivery of this Agreement and its
consummation of the transactions contemplated hereby.

          (c) It acknowledges that the Preferred Units have not been and will
not be registered or qualified under the Securities Act or any state securities
laws and are offered in reliance upon an exemption from registration under the
Securities Act and similar state law exemptions. The Preferred Units to be
received by LLC (or Contributor's alternate designee), and any Preferred Shares
acquired in exchange therefor shall be held by LLC (or Contributor's alternate
designee) for investment purposes only for its own account, and not with a view
to or for sale in connection with any distribution of the Preferred Units or
such Preferred Shares in violation of the Securities Act, and it acknowledges
that the Preferred Units and Preferred Shares cannot be sold or otherwise
disposed of by the holders thereof unless they are subsequently registered under
the Securities Act or pursuant to an exemption therefrom; and the Preferred
Units may not be sold, assigned or otherwise transferred except in compliance
with the Agreement of Limited Partnership. It hereby acknowledges receipt of a
copy of the Agreement of Limited Partnership, as amended to the date hereof, and
represents that it has reviewed same and understands the provisions thereof
which have a bearing on the representations made in this PARAGRAPH 7(c).

          (d) It has no contract, understanding, agreement or arrangement with
any Person or entity to sell, transfer or grant a participation to such Person
or entity or any other Person or entity, with respect to any or all of the
Preferred Units it may receive in accordance with the provisions hereof or any
Preferred Shares to be acquired in exchange therefor, other than the transfer of
Preferred Units to LLC if the Preferred Units are not originally issued to LLC.

          (e) It is an "accredited investor" within the meaning of Regulation D
under the Securities Act and has knowledge and experience in financial and
business matters such that it is capable of evaluating the merits and risks of
receiving and owning the Preferred Units, and it is able to bear the economic
risk of such ownership and understands that an investment in Preferred Units
involves substantial risks.

          (f) No part of the funds to be used by Contributor to purchase the
Preferred Units constitutes "plan assets", as defined in Department of Labor
Regulation Section 2510.3-101 (29 C.F.R. 2510.3-101), of any "employee benefit
plan", as defined in Section 3(3) of the Employee Retirement Income Security Act
of 1974, as amended ("ERISA") or individual retirement account or plan which is
subject to Section 4975 of the Code (collectively, a "BENEFIT PLAN"') or of any
account or entity whose underlying assets constitute "plan assets" of a Benefit
Plan by reason of the Benefit Plan's investment in the account or entity.

          (g) In making this investment, it is relying upon the advice of its
own personal, legal and tax advisors with respect to the tax and other aspects
of an investment in Operating Partnership.

          (h) There has been made available to it and its advisors the
opportunity to ask questions of, and receive answers from, Operating Partnership
and Company concerning the terms and conditions of the investment in the
Preferred Units, and to obtain Company's SEC Reports on Form 1O-K for the year
ended December 31, 1998 and on Form 1O-Q for the quarters ended March 31, 1999
and June 30, 1999, filed with the Securities and Exchange Commission, the
Agreement of Limited Partnership, and any additional information, to the extent
that any of them possess such information, or can acquire it without
unreasonable effort or expense, necessary to verify the accuracy of the
information given to it, or to otherwise make an informed investment decision,
and that it has had an opportunity to consult with counsel and other advisors
about the investment in the Preferred Units, and that all material documents,
records and books pertaining to such investment have, on request, been made
available to it and its advisors. It has reviewed the SEC Reports referenced
above, and any other documents filed by Company since December 31, 1998 in
accordance with the requirements of the Exchange Act of, including any business
plans or strategies of Company or of Operating Partnership set forth therein.

          (i) Neither it nor any of its advisors is aware of or has engaged in
any form of general solicitation or advertising with respect to sales of the
Preferred Units, including (i) any advertisement, article, notice or other
communication published in any newspaper, magazine or similar media or broadcast
over television or radio; and (ii) any seminar or meeting whose attendees were
invited by any general solicitation or general advertising.

          (j) A principal purpose of using Contributor or LLC to invest in the
Operating Partnership was not to permit the Operating Partnership to satisfy the
100 partner limitation set forth in Treasury Regulations ss. 1.7704-1(h)(1)(ii).

          (k) If the Preferred Shares were issued instead of or in exchange for
the Preferred Units, no "individual" who Beneficially Owns an interest in the
Contributor or LLC would Beneficially Own, by reason of its ownership interest
in the Contributor or LLC or otherwise, more than 7.0% of the value of the
outstanding stock of the Company. For this purpose, "individual" has the meaning
provided in Section 542(a)(2) of the Code as modified by Section 856(h)(3) of
the Code and "Beneficially Owns" means direct, indirect or constructive
ownership through the application of Section 544 of the Code, as modified by
Section 856(h) of the Code.

          (1) If the Preferred Shares were issued instead of or in exchange for
the Preferred Units, none of the Contributor, LLC or any Person that
Constructively Owns Preferred Shares would own stock of the Company that would
cause the Company to fail to satisfy any of the gross income requirements of
Section 856 of the Code. For this purpose, "Constructively Owns" means direct,
indirect or constructive ownership through the application of Section 318 of the
Code, as modified by Section 856(d)(5) of the Code.

          It hereby expressly permits Stroock & Stroock & Lavan LLP, as counsel
to Company and Operating Partnership, to rely upon the representations and
warranties set forth above as if such representations and warranties were made
by it directly to Stroock & Stroock & Lavan LLP.

          8. REPRESENTATIONS AND WARRANTIES OF OPERATING PARTNERSHIP AND
COMPANY. Operating Partnership and Company make the following representations
and warranties to Contributor and LLC, all of which (except as otherwise
designated) are true and correct in all material respects on the Agreement Date
and shall be true and correct in all material respects as of the date of the
Closing:

          (a) Operating Partnership is duly organized and validly existing under
the laws of the state of its organization and is duly registered and qualified
to do business in each jurisdiction where such registration or qualification is
material to the transactions contemplated hereby or to the conduct of its
business and has been duly authorized by all necessary and appropriate action to
enter into this Agreement, the Registration Rights Agreement and the Agreement
of Limited Partnership, to issue, sell and deliver the Preferred Units in
accordance with the Agreement of Limited Partnership and to consummate the
transactions contemplated herein, and the individuals executing this Agreement
on behalf of Operating Partnership have been duly authorized by all necessary
and appropriate action on behalf of Operating Partnership. This Agreement is a
valid and binding obligation of Operating Partnership, enforceable against
Operating Partnership in accordance with its terms, except insofar as
enforceability may be affected by bankruptcy, insolvency or similar laws
affecting creditor's rights generally and the availability of any particular
equitable remedy.

          (b) Company is duly organized and validly existing under the laws of
the state of its organization and is duly registered and qualified to do
business in each jurisdiction where such registration or qualification is
material to the transactions contemplated herein or to the conduct of its
business and has been duly authorized by all necessary and appropriate action to
enter into this Agreement, the Agreement of Limited Partnership and the
Registration Rights Agreement, to issue and deliver, upon exchange of the
Preferred Units in accordance with the Agreement of Limited Partnership, the
Preferred Shares and to consummate the transactions contemplated herein, and the
individuals executing this Agreement on behalf of Company have been duly
authorized by all necessary and appropriate action on behalf of Company. This
Agreement is a valid and binding obligation of Company, enforceable against
Company in accordance with its terms, except insofar as enforceability may be
affected by bankruptcy, insolvency or similar laws affecting creditor's rights
generally and the availability of any particular equitable remedy.
Notwithstanding anything to the contrary in this Agreement, Company shall not be
obligated to issue Preferred Shares in violation of the provisions on stock
ownership limitations set forth in the Charter or the Agreement of Limited
Partnership.

          (c) Neither the execution nor the delivery of this Agreement nor the
consummation of the transactions contemplated hereby nor fulfillment of or
compliance with the terms and conditions hereof (a) conflict with or will result
in a breach of any of the terms, conditions or provisions of (i) the Governing
Documents of Company or Operating Partnership or any of its general partners or
(ii) any agreement, order, judgment, decree, arbitration award, statute,
regulation or instrument to which Company or Operating Partnership is a party or
by which it or its assets are bound, or (b) constitutes or will constitute a
breach, violation or default under any of the foregoing. The Company and the
Operating Partnership have obtained all necessary consents, approvals,
authorizations, orders, registrations and qualifications of any governmental
entity or any other Person required for the execution and delivery of this
Agreement and the consummation of the transactions contemplated hereby by
Operating Partnership or Company.

          (d) Immediately following the issuance of the Preferred Units pursuant
to this Agreement, (i) less than 8% of the value, which shall be the fair market
value of such assets as determined in accordance with Code ss. 856(c)(5)(A), of
the Operating Partnership's assets will consist of "stock and securities" within
the meaning of Section 351(e)(1) of the Code, and Operating Partnership has
no present plan to increase the amount of its assets constituting "stock and
securities" to a percentage equal to or greater than 10%, (ii) the Preferred
Units will represent less than 13% of the capital interest in the Operating
Partnership and Operating Partnership has no present plan to take any action
that would cause the Preferred Units to represent more than 13% of the capital
interest in the Operating Partnership, and (iii) the interest of the Preferred
Units in profits will represent less than 13% of the profits of the Operating
Partnership and the Operating Partnership has no present plan to take any action
that would cause the interest of the Preferred Units in profits to represent
more than 13% of the profits of the Operating Partnership. For the purposes of
this representation, Excluded Cash shall not be treated as "stock and
securities" within the meaning of Section 351(e)(1) of the Code. Excluded Cash
means the portion of the amount of cash received by the Operating Partnership
pursuant to this transaction from Contributor that will be used by the Operating
Partnership to repay outstanding indebtedness within fifteen (15) days of
Closing.

          (e) Operating Partnership is and has been since its organization
treated as a partnership for federal income tax purposes and has no present plan
or intention to take any action to be treated other than as a partnership.
Operating Partnership has not been and is not presently a PTP.

          (f) Neither the Company nor any Subsidiary of Company has any present
plan or intention, and neither the Company nor any Subsidiary of Company has any
actual knowledge of any present plan or intention of any Partner in Operating
Partnership, to take any action or actions that would or likely would result in
Operating Partnership becoming a PTP in the foreseeable future. Neither Company
nor any Subsidiary of Company has actual knowledge of facts that reasonably
would cause it to expect that Operating Partnership would or likely would become
a PTP in the foreseeable future.

          (g) The Company has properly elected to be taxed as a real estate
investment trust ("REIT") under and in accordance with Sections 856 to 860 of
the Code, has qualified for taxation as a REIT for all taxable years ending on
or prior to December 31, 1998 and has no present plan or intention or knowledge
of facts that likely would cause it to fail to qualify for taxation as a REIT in
the foreseeable future.

          (h) The Preferred Units have been duly authorized and upon
contribution of the Contribution Amount to the Operating Partnership will be
validly issued, fully paid and, to the extent permitted by the Revised Uniform
Limited Partnership Act of the State of Delaware, non-assessable. Attached
hereto as part of Exhibit D is a true and complete copy of the Agreement of
Limited Partnership. The Agreement of Limited Partnership has not been amended,
superseded or revoked and is in full force and effect on the date hereof.

          (i) The Preferred Shares issuable upon exchange of the Preferred Units
in accordance with the Agreement of Limited Partnership have been duly and
validly reserved for issuance, and upon issuance in accordance with this
Agreement, the Agreement of Limited Partnership and the Charter, shall be duly
and validly issued, fully paid and non-assessable.

          (j) Neither the issuance, sale or delivery of the Preferred Units nor,
upon exchange, the issuance and delivery of the Preferred Shares, is subject to
any preemptive right of any Partner of Operating Partnership arising under
applicable law or the Agreement of Limited Partnership or any stockholder of
Company arising under applicable law or the Charter or Bylaws of Company, or to
any contractual right of first refusal or other right in favor of any Person,
except such rights as have been effectively waived by the holder thereof in
connection with this transaction. With the exception of the Charter and the
Agreement of Limited Partnership, there are no agreements or understandings in
effect restricting the voting rights, the distribution rights or any other
rights or privileges of the holders of the Preferred Units, or upon exchange,
the Preferred Shares.

          (k) There is no action, suit, proceeding or investigation pending or,
to Operating Partnership's and Company's knowledge, currently threatened against
Operating Partnership or Company or any Subsidiary of either that questions the
validity of this Agreement or the right of Operating Partnership or Company to
enter into this Agreement, to consummate the transactions contemplated herein,
or that would reasonably be expected to, either individually or in the
aggregate, have a material adverse affect on the business, capitalization,
operations, properties or condition (financial or otherwise) of Operating
Partnership or Company or any Subsidiary of either, or result in any change in
the current equity ownership of Operating Partnership or Company or any
Subsidiary of either, nor is Company or Operating Partnership aware that there
is any basis for the foregoing.

          (1) Neither Operating Partnership nor Company nor any Subsidiary of
either is in conflict with, or in default or violation of, (i) any law, rule,
regulation, order, judgment or decree applicable to it or by which any of its
properties or assets is bound or affected, or (ii) any note, bond, mortgage,
indenture or obligation to which it is a party or by which Operating Partnership
or Company or any Subsidiary of either or any property or asset of Company or
Operating Partnership or any Subsidiary of either is bound or affected, except
for any such conflicts, defaults or violations that would not reasonably be
expected to, individually or in the aggregate, have a material adverse effect on
the business, operations, properties or condition (financial or otherwise) of
Operating Partnership or Company or any Subsidiary of either.

          (m) Operating Partnership and Company hereby consent to any pledge and
release of such pledge of the Preferred Units and to any pledge and release of
such pledge of any Preferred Shares into which such Preferred Units are
exchanged, to secure the obligations of Contributor or LLC, so long as the
pledge and exercise of remedies thereunder shall be subject in all respects to
the provisions of the Agreement of Limited Partnership.

          (n) For all taxable years ending on or prior to December 31, 1998, 90%
or more of Operating Partnership's gross income constituted "qualifying income"
within the meaning of Code Section 7704(d). Neither the Company nor the
Operating Partnership has taken or has any present plan or intention to take any
action that will result in 90% or more of the Operating Partnership's gross
income not constituting "qualifying income" within the meaning of Code Section
7704(d) for taxable years ending after December 31, 1998.

          (o) All effective registration statements, reports, proxy statements
or information statements filed by either of the Company and Operating
Partnership with the Commission since December 31, 1998 (collectively, THE "SEC
REPORTS"), when they became effective or were filed with the Commission, as they
case may be, conformed in all material respects to the requirements of the
Securities Act, or the Exchange Act, as applicable, and the rules and
regulations of the Commission thereunder, and none of such documents contained
an untrue statement of a material fact or omitted to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading.

          (p) The Company, Operating Partnership and their respective Affiliates
have good and marketable title to all real property and good and marketable
title to all personal property identified in the SEC Reports as being owned by
them, in each case free and clear of all liens, encumbrances and defects except
such as are described in the SEC Reports or such as do not materially affect the
value of such property and do not materially interfere with the use made and
proposed to be made of such property by the Company, the Operating Partnership
and their respective Affiliates; and all real property and buildings held under
lease by the Company, the Operating Partnership and their respective Affiliates
are held by them under valid, subsisting and enforceable leases, with such
exceptions as are not material and do not interfere with the use made and
proposed to be made of such property and buildings by the Company, the Operating
Partnership and their respective Affiliates.

          (q) As of December 31, 1998, the entire authorized capital stock of
the Company consists of 5,000,000 shares of preferred stock, of which 1,000,000
shares were issued and outstanding, and 50,000,000 shares of common stock, of
which 15,607,760 shares were issued and outstanding. Since December 31, 1998,
there has been no material change in the authorized, issued or outstanding
shares of capital stock of the Company and no shares have been redeemed or
converted into treasury shares, except as follows: (i) 123,683 shares have been
issued pursuant to the Company's Dividend Reinvestment Plan; (ii) Partnership
Units have been converted into 66,500 shares; options to purchase 2,300 shares
have been exercised; and 1,030 shares have been issued pursuant to the Employee
Stock Purchase Plan. Except as described in the Company's annual report on Form
10-K for the year ended December 31, 1998, as of the date thereof there were no
outstanding or authorized options, warrants, rights, contracts, rights to
subscribe, conversion rights or other agreements or commitments to which the
Company is a party or which were binding upon the Company providing for the
issuance or acquisition of any of the Company's capital stock. Except as set
forth above, no options, warrants, rights, contracts, rights to subscribe,
conversion rights or other such agreements or commitments have been issued since
December 31, 1998. Except as described in the Company's annual report on Form
10-K for the year ended December 31, 1998, there are no outstanding or
authorized stock appreciation, phantom stock or similar rights with respect to
the Company. Except for the Company's 8 3/8% Series A Cumulative Redeemable
Preferred Stock, no securities of the Company are pari passu or senior in right
to the Series B Preferred Shares as to payment of dividends and liquidation
preference. Neither the Company nor the Operating Partnership has issued any
Series B Preferred Units or Series B Preferred Shares to any Person.

          Operating Partnership and Company hereby expressly permit Gibson, Dunn
& Crutcher LLP, as counsel to Contributor and LLC, Latham & Watkins, special
counsel to certain members of the LLC, and Skadden, Arps, Slate, Meagher & Flom
LLP, special counsel to a special committee of the Board of Directors of
Contributor, to rely upon the representations and warranties set forth in this
PARAGRAPH 8 as if such representations and warranties were made by Operating
Partnership and Company directly to Gibson, Dunn & Crutcher LLP, Latham &
Watkins and Skadden, Arps, Slate, Meagher & Flom LLP.

          9. SURVIVAL OF REPRESENTATIONS AND WARRANTIES. THE representations and
warranties set forth in PARAGRAPHS 7 AND 8 shall survive the Closing.

          10. BROKERS. Each party represents and warrants to the other that it
has dealt with no broker, finder or other person (collectively, "BROKE") with
respect to this Agreement or the transactions contemplated hereby and that no
Broker is entitled to a commission as a result of this transaction, except for
Goldman, Sachs & Co. and Merrill Lynch & Co., whose commissions will be paid by
Operating Partnership and/or the Company. Each of (a) Operating Partnership and
Company, severally and not jointly, on the one hand, and (b) Contributor on the
other hand, agree to indemnify and hold harmless the other party against any
loss, liability, damage, expense or claim incurred by reason of any brokerage
commission or finder's fee alleged to be payable because of any act, omission or
statement of the indemnifying party. Such indemnity obligation shall be deemed
to include the payment of reasonable attorney's fees and court costs incurred in
defending any such claim. The provisions of this PARAGRAPH 10 shall survive the
Closing.

          11. COMPLETE AGREEMENT. This Agreement (including the agreements
attached as exhibits hereto) represents the entire agreement between
Contributor, LLC, Operating Partnership and Company covering everything agreed
upon or understood in this transaction and all other prior agreements, written
or oral, including any prior subscription agreements or letters, are merged into
this Agreement. There are no oral promises, conditions, representations,
understandings, interpretations or terms of any kind as conditions or
inducements to the execution hereof in effect between the parties. No change or
addition shall be made to this Agreement except by a written agreement executed
by Contributor, LLC, Operating Partnership and Company.

          12. AUTHORIZED SIGNATORIES. The Persons executing this Agreement for
and on behalf of Contributor, LLC, Operating Partnership and Company each
represent that they have the requisite authority to bind the entities on whose
behalf they are signing.

          13. PARTIAL INVALIDITY. If any term, covenant or condition of this
Agreement is held to be invalid or unenforceable in any respect, such invalidity
or unenforceability shall not affect any other provision hereof, and this
Agreement shall be construed as if such invalid or unenforceable provision had
never been contained herein.

          14. MISCELLANEOUS.

          (a) GOVERNING LAW. This Agreement shall be interpreted and enforced
according to the laws of the State of Delaware.

          (b) HEADINGS; SECTIONS. All headings and sections of this Agreement
are inserted for convenience only and do not form part of this Agreement or
limit, expand or otherwise alter the meaning of any provisions hereof.

          (c) COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original and all of which
shall constitute one and the same agreement. Facsimile signatures shall be
deemed effective execution of this Agreement and may be relied upon as such by
the other party. In the event facsimile signatures are delivered, originals of
such signatures shall be delivered to the other party within three (3) business
days after execution.

          (d) NO BENEFIT FOR THIRD Parties. Except as set forth in the last
paragraph of Sections 7 and 8 hereof, the provisions of this Agreement are
intended to be for the sole benefit of the parties hereto and their respective
successors and permitted assigns, which shall be entitled to rely upon all
representations, warranties and agreements of Company and Operating Partnership
hereunder, as if made to it, and upon all of Operating Partnership's Closing
Documents, as if addressed to it. In addition, the legal opinions delivered
pursuant to Section 6(b)(vii) hereof shall be addressed and delivered to LLC in
addition to being addressed and delivered to Contributor. None of the provisions
of this Agreement are intended to be, nor shall they be construed to be, for the
benefit of any third party.

          (e) RIGHTS AND OBLIGATIONS. The rights and obligations of Contributor,
LLC, Operating Partnership and Company shall inure to the benefit of and be
binding upon the parties hereto and their respective successors and permitted
assigns in accordance with the provisions of Article II of the Agreement of
Limited Partnership and Amendment No. 3 thereto in the form attached hereto as
Exhibit A-4.

          (f) LIMITATION OF LIABILITY. The liability of Contributor and LLC
hereunder shall be limited to the Contribution Amount.

          15. NOTICES. All notices and other communications required or
permitted to be given hereunder shall be in writing and shall be deemed to have
been duly given if personally delivered, delivered by nationally recognized
overnight courier with proof of delivery thereof, sent by United States
registered or certified mail (postage prepaid, return receipt requested)
addressed as hereinafter provided or via telephonic facsimile transmission with
proof of delivery in the form of a telecopier's transmission confirmation
report. Notice shall be sent and deemed given when (a) if personally delivered
or via nationally recognized overnight courier, then upon receipt by the
receiving party, or (b) if mailed, then three (3) days after being postmarked,
or (c) if sent via telephonic facsimile transmission, then at the time set forth
in the telecopier's transmission confirmation report.

          Any party listed below may change its address hereunder by notice to
the other party listed below. Until further notice, notice and other
communications hereunder shall be addressed to the parties listed below as
follows:

          If to Contributor:            The Times Mirror Company
                                        220 West First Street, 6th Floor
                                        Los Angeles, CA 90012
                                        Attn: William E. Niese
                                        Fax: 213-237-7696

          With a copy to:               Gibson, Dunn & Crutcher LLP
                                        333 South Grand Avenue
                                        Los Angeles, CA 90071-3197
                                        Attn: Peter F. Ziegler, Esq.
                                        Fax: 213-229-6595

          If to LLC:                    TMCT II, LLC
                                        c/o The Times Mirror Company,
                                            its Managing Member
                                        220 West First Street, 6th Floor
                                        Los Angeles, CA 90012
                                        Attn: William E. Niese
                                        Fax: 213-237-7696

          With a copy to:               Gibson, Dunn & Crutcher LLP
                                        333 South Grand Avenue
                                        Los Angeles, CA 90071-3197
                                        Attn: Peter F. Ziegler, Esq.
                                        Fax: 213-229-6595

          If to Operating Partnership
          or Company:                   103 Eisenhower Parkway
                                        Roseland, NJ 07068
                                        Attention: President

          With a copy to:               Martin H. Neidell, Esq.
                                        Stroock & Stroock & Lavan LLP
                                        180 Maiden Lane
                                        New York, NY 10038-4982

          16. PRESS RELEASES. Each of Contributor and LLC, on the one hand, and
Operating Partnership and Company, on the other hand, agrees that such parties
will not issue any press release, advertisement or other public communication
with respect to this Agreement or transaction contemplated therein without the
prior consent of the other party hereto if such press release names or otherwise
identifies such other parties hereto (except to the extent such communication is
required by applicable law or by the New York Stock Exchange Rules). No prior
consent of the other parties hereto shall be required with respect to any press
release, advertisement or other public communication issued by Contributor and
LLC, on the one hand, and Operating Partnership and Company, on the other hand,
which does not name or otherwise identify the other parties hereto.

          IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed as of the day first written above.

                                   CONTRIBUTOR:

                                   THE TIMES MIRROR COMPANY

                                   By:
                                       -------------------------------

                                   Name:
                                         -----------------------------

                                   Title:
                                         -----------------------------

                                   LLC:

                                   TMCT II, LLC

                                   By:   The Times Mirror Company,
                                         Its Managing Member

                                       By:
                                            -------------------------------

                                        Name:
                                              -----------------------------

                                        Title:
                                              -----------------------------

                                  COMPANY

                                  CHELSEA GCA REALTY, INC., a Maryland
                                  corporation

                                   By:
                                       -------------------------------

                                   Name:
                                         -----------------------------

                                   Title:
                                         -----------------------------

                                   OPERATING PARTNERSHIP

                                   CHELSEA GCA REALTY PARTNERSHIP, L.P.,
                                   a Delaware limited partnership

                                   By:   CHELSEA GCA REALTY, INC., its
                                         General Partner

                                   By:
                                       -------------------------------

                                   Name:
                                         -----------------------------

                                   Title:
                                         -----------------------------REGISTRATION RIGHTS AGREEMENT

          THIS REGISTRATION RIGHTS AGREEMENT (this "Agreement") is made as of
the 24th day of February 2000, by and between GlobeSpan, Inc., a Delaware
corporation (the "Company") and PairGain Technologies, Inc., a Delaware
corporation ("PairGain")."

                                    RECITALS

          WHEREAS, the Company and PairGain are parties to that certain Asset
Purchase Agreement dated January 21, 2000 (the "Asset Purchase Agreement"),
pursuant to which the Company purchased from PairGain all of the assets
("Assets") used in or necessary to PairGain's conduct, through its
microelectronics engineering development group, of the business of the design,
development, license and supply of intellectual property necessary for the
manufacture, have-manufacture and sale of integrated circuits and related
systems and software;

          WHEREAS, the consideration paid by the Company to PairGain for the
Assets consists of (i) 1,081,197 shares of common stock, par value
$0.001("Common Stock"), of the Company (the "Shares") and (ii) a convertible
subordinated promissory note (the "Note") in the principal amount of
$90,000,000, which convertible subordinated promissory note is convertible,
under certain circumstances, into 973,078 shares of Common Stock (any shares of
Common Stock issued or issuable upon conversion of the Note are defined herein
as the "Conversion Shares")); and

          WHEREAS, in order to induce PairGain to enter into the Asset Purchase
Agreement, PairGain and the Company hereby agree that this Agreement shall
govern the rights of PairGain to cause the Company to register the Shares and
any Conversion Shares issued or issuable to PairGain, and certain other matters
as set forth herein.

          NOW, THEREFORE, THE PARTIES HEREBY AGREE AS FOLLOWS:

          1. REGISTRATION RIGHTS. The Company covenants and agrees as follows:

               1.1 DEFINITIONS. For purposes of this Section 1:

                    (a) The term "Act" means the Securities Act as amended.

                    (b) The term "Form S-3" means such form under the Act as in
effect on the date hereof or any registration form under the Act subsequently
adopted by the SEC that permits inclusion or incorporation of substantial
information by reference to other documents filed by the Company with the SEC.

                    (c) The term "Holder" means PairGain or any person owning or
having the right to acquire Registrable Securities or any assignee thereof in
accordance with Section 1.10 hereof.

                    (d) The term "1934 Act" means the Securities Exchange Act of
1934, as amended.
<PAGE>

                    (e) The terms "register," "registered," and "registration"
refer to a registration effected by preparing and filing a registration
statement or similar document in compliance with the Act, and the declaration or
ordering of effectiveness of such registration statement or document.

                    (f) The term "Registrable Securities" means (i) the Shares,
(ii) the Conversion Shares and (iii) any Common Stock of the Company issued as
(or issuable upon the conversion or exercise of any warrant, right or other
security that is issued as) a dividend or other distribution with respect to, or
in exchange for, or in replacement of, the shares referenced in (i) or (ii)
above, excluding in all cases, however, any Registrable Securities sold by a
person in a transaction in which his rights under this Section 1 are not
assigned.

                    (g) The number of shares of "Registrable Securities"
outstanding shall be determined by the number of shares of Common Stock
outstanding and the number of Conversion Shares that are Registrable Securities.

                    (h) The term "SEC" shall mean the Securities and Exchange
Commission.

               1.2 REQUEST FOR REGISTRATION.

                    (a) Subject to the conditions of this Section 1.2, if the
Company shall receive at any time, a written request from the Holder that the
Company file a registration statement under the Act covering the registration of
Registrable Securities with an anticipated aggregate offering price of at least
$30,000,000, then the Company shall use reasonable efforts to effect, as soon as
practicable, the registration under the Act of all Registrable Securities that
the Holder requests to be registered.

                    (b) If the Holder intends to distribute the Registrable
Securities covered by its request by means of an underwriting, it shall so
advise the Company as a part of its request made pursuant to this Section 1.2.
In such event the right of the Holder to include its Registrable Securities in
such registration shall be conditioned upon the Holder's participation in such
underwriting and the Holder's execution of an underwriting agreement in
customary form with the underwriter or underwriters selected for such
underwriting by the Company (which underwriter or underwriters shall be
reasonably acceptable to the Holder). Notwithstanding any other provision of
this Section 1.2, if the underwriter advises the Company that marketing factors
require a limitation of the number of securities underwritten (including
Registrable Securities), then the Company shall so advise the Holder, and the
number of Registrable Securities that may be included in the underwriting may be
reduced; provided, however, that the number of shares of Registrable Securities
to be included in such underwriting shall not be reduced unless all other
securities are proportionately reduced, subject to the provisions of Section
1.2(d) below. Any Registrable Securities excluded or withdrawn from such
underwriting shall be withdrawn from the registration.

                    (c) The Company shall not be required to effect a
registration pursuant to this Section 1.2:

                         (i) in any particular state in which under relevant
Blue Sky law the Company would be required to execute a general consent to
service of process in effecting such registration, unless the Company is already
subject to service in such jurisdiction and except as may be required under the
Act; or
<PAGE>

                         (ii) if the Company has, within the six (6) month
period preceding the date of such request, already effected a registration for
the Holder pursuant to this Section 1.2; or

                         (iii) if not more than thirty (30) days prior to
receipt of a written notice of a request for registration pursuant to this
Section 1.2, the Company shall have (x) circulated to prospective underwriters
and their counsel a draft of a registration statement for a primary offering of
equity securities on behalf of the Company, (y) solicited bids for a primary
offering of shares of Common Stock of the Company or (z) otherwise reached an
understanding with an underwriter with respect to a primary offering of shares
of Common Stock of the Company, subject to the provision of Section 1.3 hereof,
the Company may preempt the registration requested pursuant to this Section 1.2
with such primary offering by delivering notice of such intention (the
"PREEMPTION NOTICE") to the Holder within five days after the Company has
received such notice of request for registration; PROVIDED that the period of
preemption may be up to thirty (30) days following the date of Preemption
Notice;

                         (iv) if the Holder proposes to dispose of Registrable
Securities that may be registered on Form S-3 pursuant to Section 1.4 hereof; or

                         (v) if the Company shall furnish to Holder a
certificate signed by the Company's Chief Executive Officer or Chairman of the
Board stating that in the good faith judgment of the Board of Directors of the
Company, it would be seriously detrimental to the Company and its stockholders
for such registration to be effected at such time, in which event the Company
shall have the right to defer such registration for a period of not more than
forty-five (45) days after receipt of the request of the Holder, provided that
such right to delay a request shall be exercised by the Company not more than
twice in any twelve (12)-month period, provided, further, that if the Company
exercises such right more than once, then the second deferral of such
registration shall not be for a period of more than thirty (30) days and there
shall be at least forty-five (45) days between the first and second such
deferral (which forty-five (45) day period shall not include any days during
which the Holder shall be prohibited from selling any Registrable Securities
because of any "black-out" or similar policies instituted by GlobeSpan which
serve to prohibit sales of GlobeSpan securities by the Holder, while the Holder
is in possession, or is presumed to be in possession, of material non-public
information).

                    (d) If, following the receipt of a written notice of a
request for registration pursuant to this Section 1.2, the Company shall furnish
to Holder a certificate signed by the Company's Chief Executive Officer or
Chairman of the Board stating that (i) the Company intends to sell securities
pursuant to the registration statement to be filed pursuant to such written
notice and to use the net proceeds of such issuance to prepay that portion of
the Note not converted as of the time of the sale of such securities and (ii)
the prospective underwriters of such offering advise the Company that market
factors require a limitation on the number of securities underwritten, the
amount of Conversion Shares which have not yet been issued and which are
entitled to be included in such registration by Holder shall be reduced or
eliminated before the securities to be sold by the Company are reduced.

<PAGE>

               1.3 COMPANY REGISTRATION.

                    (a) If (but without any obligation to do so under this
Section 1) the Company proposes to register (including for this purpose a
registration effected by the Company for stockholders other than the Holder) any
of its stock or other securities under the Act in connection with the public
offering of such securities (other than a registration relating solely to the
sale of securities to participants in a Company stock plan or a registration
relating to a corporate reorganization or other transaction under Rule 145 of
the Act or a registration on any form that does not include substantially the
same information as would be required to be included in a registration statement
covering the sale of the Registrable Securities), the Company shall, at such
time, promptly give the Holder written notice of such registration. Upon the
written request of the Holder given within twenty (20) days after receipt of
such notice from the Company in accordance with Section 2.5, the Company shall,
subject to the provisions of Section 1.3(c), use its best efforts to cause to be
registered under the Act all of the Registrable Securities that the Holder has
requested to be registered.

                    (b) RIGHT TO TERMINATE REGISTRATION. The Company shall have
the right to terminate or withdraw any registration initiated by it under this
Section 1.3 prior to the effectiveness of such registration whether or not the
Holder has elected to include securities in such registration. The expenses of
such withdrawn registration shall be borne by the Company in accordance with
Section 1.7 hereof.

                    (c) UNDERWRITING REQUIREMENTS. In connection with any
offering involving an underwriting of shares of the Company's capital stock, the
Company shall not be required under this Section 1.3 to include any of the
Holder's securities in such underwriting unless it accepts the terms of the
underwriting as agreed upon between the Company and the underwriters selected by
it and enter into an underwriting agreement in customary form with an
underwriter or underwriters selected by the Company; PROVIDED, that the Holder
may, at its option, require that any or all of the representations and
warranties by, and the other agreements on the part of, the Company to and for
the benefit of such underwriters shall also be made to and for the benefit of
the Holder and that any or all of the conditions precedent to the obligations of
such underwriters under such underwriting agreement be conditions precedent to
the obligations of the Holder; PROVIDED FURTHER, that the Holder shall not be
required to make any representations or warranties to or agreements with the
Company other than representations, warranties or agreements regarding the
Holder, the Holder's Registrable Securities and the Holder's intended method of
distribution and any other representation required by law or with respect to
matters incidental to the foregoing as reasonably requested by the underwriters.
If (i) the total amount of securities, including Registrable Securities,
requested by stockholders to be included in such offering exceeds the amount of
securities requested to be sold other than by the Company that the underwriters
determine in their good faith judgment is compatible with the success of the
offering and (ii) other stockholders of the Company who hold registration rights
are also restricted in their ability to include securities in such offering by
terms at least as restrictive as this Section 1.3(c), then the Company shall be
required to include in the offering only that number of such securities,
including Registrable Securities, that the underwriters determine in their sole
discretion will not jeopardize the success of the offering (the securities so
included to be apportioned pro rata among the stockholders of the Company who
hold registration rights on parity with those granted to the Holder pursuant to
this Section 1.3 and propose to sell their shares of Common Stock in such
offering, including the Holder, according to the total amount of securities
entitled to be included therein owned by each such stockholder or in such other
proportions as shall mutually be agreed to by all such stockholders). For
purposes of the preceding parenthetical concerning apportionment, for any
selling stockholder that holds registration rights on parity with those granted
to the Holder pursuant to this Section 1.3 and that is a partnership or

<PAGE>

corporation, the partners, retired partners and stockholders of such
stockholder, or the estates and family members of any such partners and retired
partners and any trusts for the benefit of any of the foregoing persons shall be
deemed to be single "selling stockholder," and any pro rata reduction with
respect to such "selling stockholder" shall be based upon the aggregate amount
of securities owned by all such related entities and individuals.

               1.4 FORM S-3 REGISTRATION. In case the Company shall receive from
the Holder a written request that the Company effect a registration on Form S-3,
including pursuant to Rule 415 under the Act and any related qualification or
compliance with respect to all or part of the Registrable Securities owned by
the Holder, the Company shall:

                    (a) use reasonable efforts to effect, as soon as
practicable, such registration and all such qualifications and compliances as
may be so requested and as would permit or facilitate the sale and distribution
of all or such portion of the Holder's Registrable Securities as are specified
in such request, provided, however, that the Company shall not be obligated to
effect any such registration, qualification or compliance, pursuant to this
Section 1.4:

                         (i) if Form S-3 is not available for such offering by
the Holder; or

                         (ii) if the Holder, proposes to sell Registrable
Securities and such other securities (if any) at an aggregate price to the
public of less than $30,000,000; or

                         (iii) if the Company shall furnish to the Holder a
certificate signed by the Chief Executive Officer or Chairman of the Board of
the Company stating that in the good faith judgment of the Board of Directors of
the Company, it would be seriously detrimental to the Company and its
stockholders for such Form S-3 registration to be effected at such time, in
which event the Company shall have the right to defer such registration for a
period of not more than forty-five (45) days after receipt of the request of the
Holder under this Section 1.4; provided, however, that the Company shall not
utilize this right or the right set forth in Section 1.2(c)(v) more than twice
in any twelve (12) month period, provided, further, that if the Company
exercises such right more than once, then the second deferral of such
registration shall not be for a period of more than thirty (30) days and there
shall be at least forty-five (45) days between the first and second such
deferral (which forty-five (45) day period shall not include any days during
which the Holder shall be prohibited from selling any Registrable Securities
because of any "black-out" or similar policies instituted by GlobeSpan which
serve to prohibit sales of GlobeSpan securities by the Holder, while the Holder
is in possession, or is presumed to be in possession, of material non-public
information); or

                         (iv) if the Company has, within the six (6) month
period preceding the date of such request, already effected a registration on
Form S-3 for the Holder pursuant to this Section 1.4; or

                         (v) in any particular state in which under relevant
Blue Sky laws the Company would be required to qualify to do business or to
execute a general consent to service of process in effecting such registration,
qualification or compliance, unless the Company is already subject to service in
such jurisdiction and except as may be required under the Act.
<PAGE>

                    (b) Subject to the foregoing, the Company shall file a
registration statement covering the Registrable Securities and other securities
so requested to be registered as soon as practicable after receipt of the
request of the Holder.

               1.5 OBLIGATIONS OF THE COMPANY. Whenever required under this
Section 1 to effect the registration of any Registrable Securities, the Company
shall, as expeditiously as reasonably possible:

                    (a) prepare and file with the SEC a registration statement
with respect to such Registrable Securities (the "Shelf Registration Statement")
and use its reasonable best efforts to cause such registration statement to
become effective, and to keep such registration statement effective until the
distribution contemplated in the Registration Statement has been completed
except in the case of a "shelf registration" for which such period shall be the
earlier of two (2) years or until the date on which all securities registered
under such registration statement have been sold or withdrawn; PROVIDED THAT as
far in advance as practicable before filing each such registration statement,
the Company shall furnish copies of all such documents proposed to be filed to
counsel to the Holder;

                    (b) prepare and file with the SEC such amendments and
supplements to such registration statement and the prospectus used in connection
with such registration statement as may be necessary to comply with the
provisions of the Act with respect to the disposition of all securities covered
by such registration statement and to comply with the provisions of all
applicable securities laws with respect to the sale or other disposition of all
securities covered by such registration statement during such period in
accordance with the intended method or methods of disposition by the sellers
thereof set forth in such registration statement; PROVIDED that as far in
advance as practicable before filing each such amendment and supplement, the
Company shall furnish copies of all such documents proposed to be filed to
counsel to the Holder;

                    (c) furnish to the Holder such numbers of copies of such
registration statement (including amendments and supplements thereto) and the
prospectus, including the preliminary prospectus, in conformity with the
requirements of the Act, and such other documents as the Holder may reasonably
request in order to facilitate the disposition of Registrable Securities;

                    (d) use reasonable efforts to register and qualify the
securities covered by such registration statement under such other securities or
Blue Sky laws of such jurisdictions as shall be reasonably requested by the
Holder, keep such registration or qualification in effect for so long as such
registration statement remains in effect, and do any and all other acts and
things which may be reasonably necessary or advisable to enable the Holder to
consummate the disposition in such jurisdictions of such securities owned by the
Holder; provided that the Company shall not be required in connection therewith
or as a condition thereto to qualify to do business or to file a general consent
to service or process in any such states or jurisdictions;

                    (e) in the event of any underwritten public offering, enter
into and perform its obligations under an underwriting agreement, in usual and
customary form, with the managing underwriter of such offering;

<PAGE>

                    (f) as soon as practicable notify the Holder at any time
when a prospectus relating to the registration statement covering the
Registrable Securities is required to be delivered under the Act or the
happening of any event as a result of which the prospectus included in such
registration statement, as then in effect, includes an untrue statement of a
material fact or omits to state a material fact required to be stated therein or
necessary to make the statements therein not misleading in the light of the
circumstances then existing and the Company shall promptly prepare and furnish
to the Holder a reasonable number of copies of a supplement or amendment to such
prospectus as may be necessary so that, as thereafter delivered to the
purchasers of such securities, such prospectus shall not contain an 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 light of
circumstances under which were made, not misleading;

                    (g) cause all such Registrable Securities registered
pursuant hereunder to be listed, on or prior to the effective date of such
registration statement, on each securities exchange on which similar securities
issued by the Company are then listed;

                    (h) provide a transfer agent and registrar for all
Registrable Securities registered pursuant hereunder and a CUSIP number for all
such Registrable Securities, in each case not later than the effective date of
such registration;

                    (i) make available for inspection by the Holder, any
underwriter participating in any sale or other disposition pursuant to such
registration statement, and any attorney, accountant or other agent retained by
the Company or any such underwriter, all financial and other records, pertinent
corporate documents and properties of the Company, and cause the Company's
officers, directors, employees and independent accountants to supply all
information reasonably requested by the Holder or any such underwriter,
attorney, accountant or agent in connection with such registration statement
(including the opportunity to discuss the business of the Company with its
officers and the independent public accountants who have certified its financial
statements) as shall be necessary, in the opinion of their respective counsel,
to conduct a reasonable investigation within the meaning of the Act; and give
the Holder, the underwriters and their respective attorneys, accountants or
agents the opportunity to participate in the preparation of such registration
statement, each prospectus included therein or each prospectus filed with the
Securities and Exchange Commission (the "COMMISSION") in connection therewith;

                    (j) promptly notify the Holder and each underwriter, if any:

                         (i) when such registration statement or any prospectus
used in connection therewith has been filed and, with respect to such
registration statement or any post-effective amendment thereto, when the same
has become effective;

                         (ii) of any written comments from the Commission with
respect to any filing referred to in clause (i) and of any written request by
the Commission for amendments or supplements to such registration statement or
prospectus;

                         (iii) of the notification to the Company by the
Commission or any other regulatory authority of its initiation of any proceeding
with respect to, or of the issuance by the Commission or any other regulatory
authority of, any stop order suspending the effectiveness of such registration
statement; and

<PAGE>

                         (iv) of the receipt by the Company of any notice with
respect to the suspension of the qualification of any Registrable Shares for
sale under applicable securities or blue sky laws of any jurisdiction;

and, in the case of clauses (ii), (iii) and (iv), promptly use all reasonable
and diligent efforts (A) to respond satisfactorily to any such comments and to
file promptly any necessary amendments or supplements, (B) to prevent the
issuance of any stop order or to obtain its withdrawal if such stop order should
be issued and (C) to obtain the withdrawal of any such suspension or
qualification, respectively;

                    (k) furnish to the Holder a signed counterpart, addressed to
the Holder (and each underwriter, if any) of:

                         (i) an opinion of counsel to the Company, dated the
effective date of such registration statement (and, if such registration
includes an underwritten public offering, dated the date of the closing under
the underwriting agreement), reasonably satisfactory in form and substance to
the Holder (and such underwriter); and

                         (ii) a "comfort" letter, dated the effective date of
such registration statement (and, if such registration includes an underwritten
public offering, dated the date of the closing under the underwriting
agreement), signed by the independent public accountants who have certified the
Company's financial statements included in such registration statement, provided
that the Holder provides such accountants with such certificates as are
reasonably and customarily requested by such accountants;

in each case covering substantially the same matters with respect to such
registration statement (and the prospectus included therein) and, in the case of
the accountants' letter, with respect to events subsequent to the date of such
financial statements and other financial matters, as are customarily covered in
opinions of issuer's counsel and in accountants' letters delivered to the
underwriters in underwritten public offerings of securities;

                    (l) otherwise use all reasonable and diligent efforts to
comply with all applicable securities laws; and

                    (m) cooperate with the Holder and each underwriter or agent
participating in the disposition of such Registrable Shares and their respective
counsel in connection with any filings required to be made with the National
Association of Securities Dealers, Inc.

; provided, however, that if the Company shall furnish to Holder, a certificate
signed by the Company's Chief Executive Officer or Chairman of the Board stating
that in the good faith judgment of the Board of Directors of the Company, it
would be seriously detrimental to the Company and its stockholders for the shelf
registration to be effected at such time, in which event the Company shall have
the right to defer such shelf registration for a period of not more than
forty-five (45) days after receipt of the request of the Holder, provided that
such right to delay a request shall be exercised by the Company not more than
twice in any twelve (12)-month period, provided, further, that if the Company
exercises such right more than once, then the second deferral of such shelf
registration shall not be for a period of more than thirty (30) days and there
shall be at least forty-five (45) days between the first and second such
deferral (which forty-five (45) day period shall not include any days during
which the Holder shall be prohibited from selling any Registrable Securities

<PAGE>

because of any "black-out" or similar policies instituted by GlobeSpan which
serve to prohibit sales of GlobeSpan securities by the Holder, while the Holder
is in possession, or is presumed to be in possession, of material non-public
information).

               1.6 OBLIGATIONS OF HOLDER.

                    (a) It shall be a condition precedent to the obligations of
the Company to take any action pursuant to this Section 1 with respect to the
Registrable Securities of the Holder that (i) the Holder shall furnish to the
Company such information regarding itself (including, without limitation (if
PairGain is the Holder), all financial statements and other information required
by the Act and the Exchange Act and the rules and regulations thereunder), the
Registrable Securities held by it, and the intended method of disposition of
such securities as shall be required to effect the registration of the
Registrable Securities and (ii) if PairGain is the Holder, the Holder shall take
any other action the Company may reasonably request in connection with the
preparation and filing of the registration statement (including, without
limitation, causing PairGain's independent public accountants to prepare and
deliver all consents, reports, opinions or other information or instruments that
may be required by the Act, the Exchange Act and the rules and regulations
thereunder or as are otherwise necessary).

                    (b) The Holder agrees to notify the Company as promptly as
practicable of any inaccuracy or change in information previously furnished by
the Holder to the Company or of the occurrence of any event in either case as a
result of which any prospectus relating to any registration contains or would
contain an untrue statement of a material fact regarding the Holder or the
Holder's intended method of distribution of such Registrable Securities or omits
to state any material fact regarding the Holder or the Holder's intended method
of distribution of such Registrable Securities required to be stated therein or
necessary to make the statements therein not misleading in the light of the
circumstances then existing, and promptly to furnish to the Company any
additional information required so that such prospectus shall not, with respect
to the Holder or the Holder's intended method of distribution of such
Registrable Securities, contain an untrue statement of material fact or omit to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading in the light of the circumstances then
existing.

                    (c) The Holder shall provide written notice to the Company
at least 24 hours prior to the sale by Holder of any Registrable Securities
pursuant to the Shelf Registration Statement. Notwithstanding anything to the
contrary contained herein, upon the receipt of such notice, the Company shall
have the right to prohibit the sale of the Registrable Securities pursuant to
such Shelf Registration Statement provided that the Company provides written
notice to the Holder within 24 hours of its prohibition of such sale and (i) the
Company in its good faith judgment believes that it would be seriously
detrimental to the Company and its stockholders for such sale to be effected at
that time or (ii) upon the happening of any event, as a result of which the
prospectus filed under the shelf registration statement includes an untrue
statement of a material fact or omits to state any material fact required to be
stated therein or necessary to make the statements therein not misleading in the
light of the circumstances then existing, it being agreed that in the case of
the prohibitions contemplated (i) and (ii) above, the Company shall use
reasonable efforts to minimize the period of time in which it shall so prohibit
the sale of any Registrable Securities and in no event shall any period of time
during which all sales are prohibited hereunder exceed an aggregate of 45 days
in any twelve month period.

<PAGE>

               1.7 EXPENSES OF REGISTRATION. All expenses other than
underwriters discounts and commissions incurred in connection with
registrations, listings, filings, and qualifications pursuant to Sections 1.2,
1.3 and 1.4, including (without limitation) all registration, filing and
qualification fees, printers' and accounting fees, fees and disbursements of
counsel for the Company and the reasonable fees and disbursements of one counsel
for the Holder shall be borne by the Company (whether or not such registrations
shall become effective).

               1.8 INDEMNIFICATION. In the event any Registrable Securities are
included in a registration statement under this Section 1:

                    (a) To the fullest extent permitted by law, the Company
shall indemnify and hold harmless the Holder, the partners or officers,
directors and stockholders of the Holder, legal counsel and accountants for the
Holder, any underwriter (as defined in the Act) for the Holder and each person,
if any, who controls, is controlled by or under common control with the Holder
or underwriter within the meaning of the Act or the 1934 Act (collectively, the
"indemnified parties"), against any losses, claims, damages, penalties,
judgments, costs, expenses or liabilities (joint or several) to which they may
become subject under the Act, the 1934 Act or any state securities laws, insofar
as such losses, claims, damages, penalties, judgments, costs, expenses or
liabilities (or actions in respect thereof) arise out of or are based upon any
of the following (collectively a "Violation"): (i) any untrue statement or
alleged untrue statement of a material fact contained in such registration
statement, including any preliminary prospectus or final prospectus contained
therein or any amendments or supplements thereto, (ii) 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, (iii) any violation or
alleged violation by the Company of the Act, the 1934 Act, any state securities
laws or any rule or regulation promulgated under the Act, the 1934 Act or any
state securities laws, (iv) any breach of any representation, warranty,
agreement or covenant made by the Company in this Agreement, any registration
statement (including any supplement or amendment), each periodic report or proxy
statement filed by the Company with the Commission under the 1934 Act and any
agreement or other document in furtherance of any of the foregoing, or (v) any
litigation, claims, suits or proceedings to which an indemnified party is made a
party (other than as a plaintiff) in its capacity as a direct or indirect holder
or owner of shares of Common Stock of the Company; and the Company will
reimburse the Holder, underwriter or controlling person for any legal or other
expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, damage, penalty, judgment, cost, expense or
liability; provided, however, that the indemnity agreement contained in this
subsection 1.8(a) shall not apply to amounts paid in settlement of any such
loss, claim, damage, penalty, judgment, cost, expense or liability 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, penalty, judgment, cost, expense or liability
to the extent that it arises out of or is based upon a Violation that occurs in
reliance upon and in conformity with any information furnished expressly for use
in connection with such registration by the Holder or such underwriter or
controlling person.

                    (b) Promptly after receipt by an indemnified party under
this Section 1.8 of notice of the commencement of any action (including any
governmental action) such indemnified party will, if a claim in respect thereof
is to be made against any indemnifying party under this Section 1.8, 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

<PAGE>

satisfactory to the parties; provided, however, that an indemnified party shall
have the right, but not the obligation, to participate, at its own expense, in
the defense thereof through counsel of its own choice and shall have the right,
but not the obligation, to assert any and all cross-claims or counterclaims it
may have; PROVIDED FURTHER that an indemnified party (together with all other
indemnified parties that may be represented without conflict by one counsel)
shall have the right to retain one separate counsel, with the fees 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.

                    (c) If the indemnification provided for in this Section 1.8
is held by a court of competent jurisdiction to be unavailable to an indemnified
party with respect to any loss, liability, claim, damage, penalty, judgment,
cost or expense referred to herein, then the indemnifying party, in lieu of
indemnifying such indemnified party hereunder, shall contribute to the amount
paid or payable by such indemnified party as a result of such loss, liability,
claim, damage, penalty, judgment, cost or expense (i) in such proportion as is
appropriate to reflect the relative benefits received by the indemnifying party
on the one hand and the indemnified party or parties on the other hand or (ii)
if the allocation provided by clause (i) of this Section 1.8(c) is not permitted
by applicable law, in such proportion as is appropriate to reflect not only the
relative benefits referred to in clause (i) in this Section 1.8(c) but also the
relative fault of the indemnifying party or parties on the one hand and of the
indemnified party or parties on the other hand in connection with the Violation
that resulted in such loss, liability, claim, damage, penalty, judgment, cost or
expense, as well as any other relevant equitable considerations. In connection
with any registration statement filed with the Commission by the Company, (x)
the relative benefits received by the indemnifying party on the one hand and the
indemnified parties on the other hand shall be deemed to be in the same
respective proportions as the net proceeds from the offering of any securities
registered thereunder (before deducting expenses) received by the indemnifying
party and the net proceeds from the offering of any shares of Common Stock of
the Company (before deducting expenses) received by such indemnified parties,
bear to the aggregate public offering price of the securities registered
thereunder, (y) the relative fault of the indemnifying party on the one hand and
such indemnified parties on the other hand shall be determined by reference to,
among other things, whether any untrue or alleged untrue statement of a material
fact or the omission or alleged omission to state a material fact relates to
information supplied by the indemnifying party or by the indemnified parties and
the parties' relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission and (z) the indemnified
parties' respective obligations to contribute pursuant to this Section 1.8 are
several in proportion to the respective number of shares of Common Stock of the
Company they sell under any such registration statement, and not joint.

                    (d) The Company and the Holder agree that it would not be
just or equitable if contribution pursuant to this Section 1.8 were determined
by PRO RATA allocation or by any other method of allocation that does not take
account of the equitable considerations referred to in Section 1.8(c) hereof.
The amount paid or payable by an indemnified party as a result of any loss,
liability, claim, damage, penalty, judgment, cost or expense referred to in
Section 1.8(a) shall be deemed to include, subject to the limitations set forth
above, any legal or other expenses reasonably incurred by such indemnified party
in connection with investigating or defending any such action or claim.
Notwithstanding the provisions of this Section 1.8, in connection with any
registration statement filed by the Company, the Holder shall not be required to
contribute any amount in excess of the net proceeds from the offering of the
shares of Common Stock of the Company (before deducting expenses) received by

<PAGE>

the Holder under any registration statement, by reason of any 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 remedies provided for in this Section 1.8 are
not exclusive and shall not limit any rights or remedies which may otherwise be
available to any indemnified party at law or in equity.

                    (e) The obligations of the Company and the Holder under this
Section 1.8 shall survive the completion of any offering of Registrable
Securities in a registration statement under this Section 1, and otherwise and
shall, in any event, remain in effect with respect to the Holder so long as the
Holder may, in the reasonable judgment of counsel for the Holder as evidenced by
a written opinion to such effect, constitute a "controlling person" with respect
to the Company, or be part of a group that may constitute such a "controlling
person," within the meaning of Section 15 of the Securities Act or Section 20 of
the Exchange Act; PROVIDED that the termination of Section 1.8 hereof shall not
be effective as to any loss, liability, claim, damage, penalty, judgment, cost
or expense or to any related facts that arose while Section 1.8 shall have been
in effect, and as to each of such loss, liability, claim, damage, penalty,
judgment, cost or expense the parties' rights and obligations hereunder shall
survive.

               1.9 REPORTS UNDER SECURITIES EXCHANGE ACT OF 1934. With a view to
making available to the Holder the benefits of Rule 144 promulgated under the
Act and any other rule or regulation of the SEC that may at any time permit the
Holder to sell securities of the Company to the public without registration or
pursuant to a registration on Form S-3, the Company agrees to:

                    (a) make and keep public information available, as those
terms are understood and defined in SEC Rule 144, at all times;

                    (b) take such action, as is necessary to enable the Holder
to utilize Form S-3 for the sale of its Registrable Securities, such action to
be taken as soon as practicable after the end of the fiscal year in which the
first registration statement filed by the Company for the offering of its
securities to the general public is declared effective;

                    (c) file with the SEC in a timely manner all reports and
other documents required of the Company under the Act and the 1934 Act; and

                    (d) furnish to the Holder, so long as the Holder owns any
Registrable Securities, forthwith upon request (i) a written statement by the
Company that it has complied with the reporting requirements of SEC Rule 144,
the Act and the 1934 Act (at any time after it has become subject to such
reporting requirements), or that it qualifies as a registrant whose securities
may be resold pursuant to Form S-3 (at any time after it so qualifies), (ii) a
copy of the most recent annual or quarterly report of the Company and such other
reports and documents so filed by the Company, and (iii) such other information
as may be reasonably requested in availing the Holder of any rule or regulation
of the SEC that permits the selling of any such securities without registration
or pursuant to such form.

               1.10 ASSIGNMENT OF REGISTRATION RIGHTS. The rights to cause the
Company to register Registrable Securities pursuant to this Section 1 may be
assigned (but only with all related obligations) by the Holder to a transferee
or assignee of such securities that is an affiliate, or a subsidiary, parent,
partner, limited partner, retired partner or shareholder, of the Holder;

<PAGE>

provided: (a) the Company is, within a reasonable time after such transfer,
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 assigned; (b) such transferee or assignee agrees in writing to be bound by
and subject to the terms and conditions of this Agreement; and (c) such
assignment shall be effective only if immediately following such transfer the
further disposition of such securities by the transferee or assignee is
restricted under the Act.

               1.11 LIMITATION ON SUBSEQUENT REGISTRATION RIGHTS. From and after
the date of this Agreement, the Company shall not, without the prior written
consent of the Holder, enter into any agreement with any holder or prospective
holder of any securities of the Company that would grant to such holder or
prospective holder registration rights that are senior to the registration
rights set forth in this Section 1.

               1.12 TERMINATION OF REGISTRATION RIGHTS. The Holder shall not be
entitled to exercise any right provided for in this Section 1 at such time at
which (i) the Holder holds less than one percent (1%) of the Company's
outstanding stock and (ii) all Registrable Securities held by the Holder (and
any affiliate of the Holder with whom such Holder must aggregate its sales under
Rule 144) can be sold in any three (3)-month period without registration in
compliance with Rule 144 under the Act.

               1.13 MARKET STAND-OFF. The Holder hereby agrees that, so long as
it holds five percent (5%) or more of the total outstanding shares of Common
Stock and Preferred Stock of the Company on a fully-diluted basis and all
officers and directors of the Company are also restricted in their ability to
transfer securities of the Company after an underwritten offering of the
Company's securities by terms at least as restrictive as this Section 1.13, it
will not, without the prior written consent of the managing underwriter, during
the period commencing on the date of the final prospectus relating to any such
offering and ending on the date specified by the Company and the managing
underwriter (such period not to exceed sixty (60) days) (i) lend, offer, pledge,
sell, contract to sell, sell any option or contract to purchase, purchase any
option or contract to sell, grant any option, right or warrant to purchase, or
otherwise transfer or dispose of, directly or indirectly, any shares of Common
Stock or any securities convertible into or exercisable or exchangeable for
Common Stock (whether such shares or any such securities are then owned by the
Holder or are thereafter acquired), or (ii) enter into any swap or other
arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of the Common Stock, whether any such transaction
described in clause (i) or (ii) above is to be settled by delivery of Common
Stock or such other securities, in cash or otherwise. The underwriters in
connection with any such offering are intended third party beneficiaries of this
Section 1.13 and shall have the right, power and authority to enforce the
provisions hereof as though they were a party hereto. In order to enforce the
foregoing covenant, the Company may impose stop-transfer instructions with
respect to the Registrable Securities of the Holder (and the shares or
securities of every other person subject to the foregoing restriction) until the
end of such period.

          2. MISCELLANEOUS.

               2.1 SUCCESSORS AND ASSIGNS. Except as otherwise provided herein,
the terms and conditions of this Agreement shall inure to the benefit of and be
binding upon the respective successors and assigns of the parties (including
transferees of any shares of Registrable Securities). Nothing in this Agreement,

<PAGE>

express or implied, is intended to confer upon any party 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.

               2.2 GOVERNING LAW. This Agreement shall be governed by and
construed under the laws of the State of California as applied to agreements
among California residents entered into and to be performed entirely within
California.

               2.3 COUNTERPARTS. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

               2.4 TITLES AND SUBTITLES. The titles and subtitles used in this
Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement.

               2.5 NOTICES. Unless otherwise provided, any notice required or
permitted under this Agreement shall be given in writing and shall be deemed
effectively given upon personal delivery to the party to be notified or upon
delivery by confirmed facsimile transmission, nationally recognized overnight
courier service, or upon deposit with the United States Post Office, by
registered or certified mail, postage prepaid and addressed to the party to be
notified at the address indicated for such party on the signature page hereof,
or at such other address as such party may designate by ten (10) days' advance
written notice to the other parties.

               2.6 EXPENSES. If any action at law or in equity is necessary to
enforce or interpret the terms of this Agreement, the prevailing party shall be
entitled to reasonable attorneys' fees, costs and necessary disbursements in
addition to any other relief to which such party may be entitled.

               2.7 ENTIRE AGREEMENT: AMENDMENTS AND WAIVERS. This Agreement
(including the Exhibits hereto, if any) constitutes the full and entire
understanding and agreement among the parties with regard to the subjects hereof
and thereof. Any term of this Agreement may be amended and the observance of any
term of this Agreement may be waived (either generally or in a particular
instance and either retroactively or prospectively), only with the written
consent of the Company the Holder. Any amendment or waiver effected in
accordance with this paragraph shall be binding upon each holder of any
Registrable Securities each future holder of all such Registrable Securities,
and the Company.

               2.8 SEVERABILITY. If one ore more provisions of this Agreement
are held to be unenforceable under applicable law, such provisions shall be
excluded from this Agreement and the balance of the Agreement shall be
interpreted as if such provisions were so excluded and shall be enforceable in
accordance with its terms.

               2.9 AGGREGATION OF STOCK. All shares of Registrable Securities
held or acquired by affiliated entities or persons shall be aggregated together
for the purpose of determining the availability of any rights under this
Agreement.

<PAGE>

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

                                   THE "COMPANY"

                                   GLOBESPAN, INC.

                                   By:/s/ Armando Geday
                                      Armando Geday

                                   Title:  President and Chief Financial Officer

                                   THE "HOLDER"

                                   PAIRGAIN TECHNOLOGIES, INC.

                                   By:/s/ Howard Flagg

                                   Title: Executive Vice President-
                                            Business Development

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