Document:

Exhibit 10.2

 

REGISTRATION RIGHTS AGREEMENT

 

REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of June 16,  2004, by and among Artemis International
Solutions Corporation, a Delaware corporation, with headquarters located at
4041 MacArthur Boulevard, Suite 260, Newport Beach, California 92660 (the “Company”), and the undersigned buyers
(each, a “Buyer” and collectively,
the “Buyers”).

 

WHEREAS:

 

A.    In connection with the
Securities Purchase Agreement by and among the parties hereto of even date herewith
(the “Securities Purchase Agreement”),
the Company has agreed, upon the terms and subject to the conditions of the
Securities Purchase Agreement, to issue and sell to the Buyers an aggregate of
(i) 4,090,909 shares (the “Preferred Shares”)
of the Company’s Series A Convertible Preferred Stock, par value $.001 per
share (the “Preferred Stock”),
which will be convertible into shares of the Company’s common stock, par value
$.001 per share (the “Common Stock”)
(as converted, the “Conversion Shares”)
in accordance with the terms of the Company’s Certificate of Designations,
Preferences and Rights of the Preferred Stock (the “Certificate of Designations”), (ii) warrants (the “Initial Warrants”) to purchase additional
shares of Common Stock (the “Initial Warrant
Shares”) and (iii) price protection warrants (the “Additional Warrants” and collectively,
with the Initial Warrants, the “Warrants”)
to purchase additional shares of Common Stock upon the terms and conditions set
forth therein (as exercised collectively, the “Additional
Warrant Shares” and collectively, with the Initial Warrants, the “Warrant Shares”).

 

B.    To induce the Buyers to
execute and deliver the Securities Purchase Agreement, the Company has agreed
to provide certain registration rights under the Securities Act of 1933, as
amended, and the rules and regulations thereunder, or any similar successor
statute (collectively, the “1933 Act”),
and applicable state securities laws.

 

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

 

1.     Definitions.

 

As used in this Agreement, the following terms shall have the following
meanings:

 

a.     “Business Day” means any day other than
Saturday, Sunday or any other day on which commercial banks in The City of New
York are authorized or required by law to remain closed.

 

b.     “Investor” means a Buyer, any transferee or assignee
thereof to whom a Buyer assigns its rights under this Agreement and who agrees
to become bound by the provisions of this Agreement in accordance with Section
9 and any transferee or assignee thereof to whom a transferee or assignee
assigns its rights under this Agreement and who agrees to become bound by the
provisions of this Agreement in accordance with Section 9.

 

 

c.     “Person” means an individual, a limited
liability company, a partnership, a joint venture, a corporation, a trust, an
unincorporated organization, any other form of legal entity and a government or
any department, agency or subdivision thereof.

 

d.     “register,” “registered,” and “registration”
refer to a registration effected by preparing and filing one or more
Registration Statements in compliance with the 1933 Act and pursuant to Rule
415 and the declaration or ordering of effectiveness of such Registration
Statement(s) by the SEC.

 

e.     “Registrable Securities” means (i) the
Conversion Shares issued or issuable upon conversion of the Preferred Shares,
(ii) the Warrant Shares issued or issuable upon exercise of the Warrants, and
(iii) any shares of capital stock issued or issuable with respect to the
Conversion Shares, the Preferred Shares, the Warrant Shares or the Warrants as
a result of any stock split, stock dividend, recapitalization, exchange or
similar event or otherwise.

 

f.      “Registration Statement” means a
registration statement or registration statements of the Company filed under
the 1933 Act covering the Registrable Securities.

 

g.     “Rule 415” means Rule 415 under the 1933 Act
or any successor rule providing for offering securities on a continuous or
delayed basis.

 

h.     “SEC” means the United States Securities and
Exchange Commission.

 

Capitalized terms used herein and not otherwise defined herein shall
have the respective meanings set forth in the Securities Purchase Agreement.

 

2.     Registration.

 

a.     Mandatory
Registration.  The Company shall
prepare, and, as soon as practicable but in no event later than 30 days after
the Closing Date (as defined in the Securities Purchase Agreement)(the “Filing Deadline”), file with the SEC the
Registration Statement on Form S-1 covering the resale of all of the
Registrable Securities.  The
Registration Statement prepared pursuant hereto shall register for resale at
least 125% of the number of Registrable Securities as of the Business Day
immediately preceding the date of such filing. 
The Registration Statement shall contain (except if otherwise directed
by the holders of at least a majority of the Registrable Securities) the “Selling
Stockholders” section in substantially the form attached hereto as Exhibit
B and the “Plan of Distribution” in substantially the form attached
hereto as Exhibit B.  The Company
shall use its best efforts to have the Registration Statement declared
effective by the SEC as soon as practicable, but in no event later than the
date which is either (i) 90 days after the Closing Date in the event that the
Registration Statement is not reviewed by SEC, (ii) 120 days after the Closing
Date in the event that the Registration Statement is reviewed by the SEC (and
such review does not include a request by the SEC to reaudit the Company’s 2000
financial statements) or (iii) 150 days after the Closing Date in the event
that the Registration Statement is reviewed by the SEC (and such review
includes a request by the SEC to reaudit the Company’s 2000 financial
statements)(the “Effectiveness Deadline”).

 

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b.     Allocation
of Registrable Securities.  The
number of Registrable Securities included in the Registration Statement shall
be allocated pro rata among the Investors based on the number of Registrable
Securities held by each Investor at the time the Registration Statement covering
such number of Registrable Securities is declared effective by the SEC.  In the event that an Investor sells or
otherwise transfers any of such Investor’s Registrable Securities, each
transferee shall be allocated a pro rata portion of the then remaining number
of Registrable Securities included in the Registration Statement for such
transferor.  Any shares of Common Stock
included in the Registration Statement and which remain allocated to any Person
which ceases to hold any Registrable Securities covered by the Registration
Statement shall be allocated to the remaining Investors, pro rata based on the
number of Registrable Securities then held by such Investors which are covered
by the Registration Statement.  In no
event shall the Company include any securities other than Registrable
Securities in the Registration Statement without the prior written consent of
Buyers; provided, however, the Buyers hereby consent to the inclusion of
Securities held by Lausus Master Fund Ltd. in the Registration Statement.

 

c.     Legal
Counsel.  Subject to Section 5
hereof, the Buyers holding at least a majority of the Registrable Securities
shall have the right to select one legal counsel to review and oversee any
offering pursuant to this Section 2 (“Legal
Counsel”), which shall be Schulte Roth & Zabel LLP or such other
counsel as thereafter designated by the holders of at least a majority of the
Registrable Securities.  The Company and
Legal Counsel shall reasonably cooperate with each other in performing the
Company’s obligations under this Agreement.

 

d.     Ineligibility
for Form S-3.  The Company shall (i)
register the resale of the Registrable Securities on Form S-1 and (ii)
undertake to register the Registrable Securities on Form S-3 as soon as such
form is available, provided that the Company shall maintain the effectiveness
of the Registration Statement then in effect until such time as a Registration
Statement on Form S-3 covering the Registrable Securities has been declared
effective by the SEC.

 

e.     Sufficient
Number of Shares Registered.  In the
event the number of shares available under the Registration Statement filed
pursuant to Section 2(a) is insufficient to cover all of the Registrable
Securities required to be covered by the Registration Statement or an Investor’s
allocated portion of the Registrable Securities pursuant to Section 2(b), the
Company shall amend the Registration Statement, or file a new Registration
Statement (on the short form available therefor, if applicable), or both, so as
to cover at least 125% of the number of such Registrable Securities as of the
trading day immediately preceding the date of the filing of such amendment or
new Registration Statement, in each case, as soon as practicable, but in any
event not later than thirty (30) days after the necessity therefor arises.  The Company shall use it best efforts to
cause such amendment and/or new Registration Statement to become effective as
soon as practicable following the filing thereof.  For purposes of the foregoing provision, the number of shares
available under the Registration Statement shall be deemed “insufficient to
cover all of the Registrable Securities” if at any time the number of shares of
Common Stock available for resale under the Registration Statement is less than
the product determined by multiplying (i) the number of Registrable
Securities eligible to be covered by the Registration Statement by (ii)
1.10.  The calculation set forth in the
foregoing sentence shall be made without regard to any limitations on the
conversion of the Preferred Shares or the exercise of the Warrants and such

 

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calculation shall assume that the Preferred
Shares and the Warrants are then convertible or exercisable into, shares of
Common Stock and assuming the maximum number of Conversion Shares or Warrant
Shares, as the case may be, will be issued, assuming all of the Preferred
Shares and Warrants remain outstanding,  at
the then prevailing Conversion Price (as defined in the Certificate of
Designations) or Warrant Exercise Price (as defined in the Warrants), as
applicable.

 

f.      Effect
of Failure to File and Obtain and Maintain Effectiveness of Registration
Statement.  If (i) the Registration
Statement covering all the Registrable Securities and required to be filed by
the Company pursuant to this Agreement is not filed on or prior to the Filing
Deadline, (ii) such a Registration Statement is not declared effective by the
SEC on or before the Effectiveness Deadline or (iii) on any day after the
Registration Statement has been declared effective by the SEC sales of all the
Registrable Securities required to be included on such Registration Statement
cannot be made (other than during an Allowable Grace Period (as defined in
Section 3(r)) pursuant to the Registration Statement (including, without
limitation, because of a failure to keep the Registration Statement effective,
to disclose such information as is necessary for sales to be made pursuant to
the Registration Statement or to register sufficient shares of Common Stock),
then, as partial relief for the damages to any holder by reason of any such
delay in or reduction of its ability to sell the underlying shares of Common
Stock (which remedy shall not be exclusive of any other remedies available at
law or in equity), the Company shall pay to each holder of Preferred Shares
relating to the Registration Statement an amount in cash per such Preferred
Share held equal to the product of (i) $2.20 multiplied by (ii) 1.5% per month
(prorated for partial months), until the applicable circumstance set forth in
clauses (i), (ii), or (iii) above has been remedied.  The payments to which a holder shall be entitled pursuant to this
Section 2(f) are referred to herein as “Registration Delay Payments.”  Registration Delay Payments shall be paid on
the earliest of (I) the last day of the calendar month during which such
Registration Delay Payments are incurred, (II) the third Business Day after the
event or failure giving rise to the Registration Delay Payments is cured, and (III)
upon demand by the Buyers.  In the event
the Company fails to make Registration Delay Payments in a timely manner, such
Registration Delay Payments shall bear interest at the rate of 1.5% per month
(prorated for partial months) until paid in full.

 

3.     Related Obligations.

 

At such time as the Company is obligated to file a Registration
Statement with the SEC pursuant to Section 2(a) or 2(e), the Company will use
its best efforts to effect the registration of the Registrable Securities in
accordance with the intended method of disposition thereof and, pursuant
thereto, the Company shall have the following obligations:

 

a.     The
Company shall promptly prepare and file with the SEC a Registration Statement
with respect to the Registrable Securities (but in no event later than the
applicable Filing Deadline) and use its best efforts to cause such Registration
Statement relating to the Registrable Securities to become effective as soon as
practicable after such filing (but in no event later than the Effectiveness
Deadline).  The Company shall keep each
Registration Statement effective pursuant to Rule 415 at all times until the
earlier of (i) the date as of which the Investors may sell all of the
Registrable Securities covered by such Registration Statement without
restriction pursuant to Rule 144(k) (or successor thereto) promulgated under
the 1933

 

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Act or (ii) the date on which the Investors
shall have sold all the Registrable Securities covered by such Registration
Statement (the “Registration Period”),
which Registration Statement (including any amendments or supplements thereto
and prospectuses contained therein) shall not contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein,
or necessary to make the statements therein, in the light of the circumstances
in which they were made, not misleading. 
The term “best efforts” shall mean, among other things, that the Company
shall submit to the SEC, within three (3) Business Days after the Company
learns that no review of a particular Registration Statement will be made by
the staff of the SEC or that the staff has no further comments on the
Registration Statement, as the case may be, and the approval of Legal Counsel
pursuant to Section 3(c), a request for acceleration of effectiveness of such
Registration Statement to a time and date not later than 48 hours after the
submission of such request.

 

b.     The
Company shall prepare and file with the SEC such amendments (including
post-effective amendments) and supplements to a Registration Statement and the
prospectus used in connection with such Registration Statement, which
prospectus is to be filed pursuant to Rule 424 promulgated under the 1933 Act,
as may be necessary to keep such Registration Statement effective at all times
during the Registration Period and register any Additional Warrant Shares
issued or issuable upon the exercise of Additional Warrants, and, during such
period, comply with the provisions of the 1933 Act with respect to the
disposition of all Registrable Securities of the Company covered by such
Registration Statement until such time as all of such Registrable Securities
shall have been disposed of in accordance with the intended methods of disposition
by the seller or sellers thereof as set forth in such Registration
Statement.  In the case of amendments
and supplements to a Registration Statement which are required to be filed
pursuant to this Agreement (including pursuant to this Section 3(b)) by reason
of the Company filing a report on Form 10-K, Form 10-Q or Form 8-K or any
analogous report under the Securities Exchange Act of 1934, as amended (the “1934 Act”), the Company shall have
incorporated such report by reference into the Registration Statement, if
applicable, or shall file such amendments or supplements with the SEC on the
same day on which the 1934 Act report is filed which created the requirement
for the Company to amend or supplement the Registration Statement.

 

c.     The
Company shall (A) permit Legal Counsel to review and comment upon (i) the
Registration Statement at least five (5) Business Days prior to its filing with
the SEC and (ii) all other Registration Statements and all amendments and
supplements to all Registration Statements (except for Annual Reports on Form
10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K and any
similar or successor reports) within a reasonable number of days prior to their
filing with the SEC, and (B) not file any Registration Statement or amendment
or supplement thereto in a form to which Legal Counsel reasonably objects.  The Company shall not submit a request for
acceleration of the effectiveness of a Registration Statement or any amendment or
supplement thereto without the prior approval of Legal Counsel, which consent
shall not be unreasonably withheld.  The
Company shall furnish to Legal Counsel, without charge, (i) copies of any
correspondence from the SEC or the staff of the SEC to the Company or its
representatives relating to any Registration Statement, (ii) promptly after the
same is prepared and filed with the SEC, one copy of any Registration Statement
and any amendment(s) thereto, including financial statements and schedules, all
documents incorporated

 

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therein by reference, if
requested by an Investor, and all exhibits and (iii) upon the effectiveness of
any Registration Statement, one copy of the prospectus included in such
Registration Statement and all amendments and supplements thereto.  The Company shall reasonably cooperate with
Legal Counsel in performing the Company’s obligations pursuant to this Section
3.

 

d.     The
Company shall furnish to each Investor whose Registrable Securities are
included in any Registration Statement, without charge,  (i) promptly after the same is prepared and
filed with the SEC, at least one copy of such Registration Statement and any
amendment(s) thereto, including financial statements and schedules, all
documents incorporated therein by reference, if requested by an Investor, all
exhibits and each preliminary prospectus, (ii) upon the effectiveness of any
Registration Statement, ten (10) copies of the prospectus included in such
Registration Statement and all amendments and supplements thereto (or such
other number of copies as such Investor may reasonably request) and (iii) such
other documents, including copies of any preliminary or final prospectus, as
such Investor may reasonably request from time to time in order to facilitate
the disposition of the Registrable Securities owned by such Investor.

 

e.     The
Company shall use its best efforts to (i) register and qualify, unless an
exemption from registration and qualification applies, the resale by Investors
of the Registrable Securities covered by a Registration Statement under such
other securities or “blue sky” laws of all applicable jurisdictions in the
United States, (ii) prepare and file in those jurisdictions, such amendments
(including post-effective amendments) and supplements to such registrations and
qualifications as may be necessary to maintain the effectiveness thereof during
the Registration Period, (iii) take such other actions as may be necessary to
maintain such registrations and qualifications in effect at all times during the
Registration Period, and (iv) take all other actions reasonably necessary or
advisable to qualify the Registrable Securities for sale in such jurisdictions;
provided, however, that the Company shall not be required in connection
therewith or as a condition thereto to (x) qualify to do business in any
jurisdiction where it would not otherwise be required to qualify but for this
Section 3(e), (y) subject itself to general taxation in any such jurisdiction,
or (z) file a general consent to service of process in any such
jurisdiction.  The Company shall
promptly notify Legal Counsel and each Investor who holds Registrable
Securities of the receipt by the Company of any notification with respect to
the suspension of the registration or qualification of any of the Registrable
Securities for sale under the securities or “blue sky” laws of any jurisdiction
in the United States or its receipt of actual notice of the initiation or
threatening of any proceeding for such purpose.

 

f.      The
Company shall notify Legal Counsel and each Investor in writing, including via
facsimile or e-mail followed by overnight courier, of the happening of any
event, as promptly as practicable after becoming aware of such event, as a
result of which the prospectus included in a Registration Statement, as then in
effect, includes an untrue statement of a material fact or omission to state a
material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading
(provided that in no event shall such notice contain any material, nonpublic
information), and, subject to Section 3(u), promptly prepare a supplement or
amendment to such Registration Statement to correct such untrue statement or
omission, and deliver ten (10) copies

 

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of such supplement or amendment
to Legal Counsel and each Investor (or such other number of copies as Legal
Counsel or such Investor may reasonably request).  The Company shall also promptly notify Legal Counsel and each
Investor in writing, including via facsimile or e-mail followed by overnight
courier, (i) when a prospectus or any prospectus supplement or post-effective
amendment has been filed, and when a Registration Statement or any
post-effective amendment has become effective (notification of such
effectiveness shall be delivered to Legal Counsel and each Investor by
facsimile or e-mail on the same day of such effectiveness and by overnight
courier), (ii) of any request by the SEC for amendments or supplements to a
Registration Statement or related prospectus or related information, and (iii)
of the Company’s reasonable determination that a post-effective amendment to a
Registration Statement would be appropriate.

 

g.     The
Company shall use its best efforts to prevent the issuance of any stop order or
other suspension of effectiveness of a Registration Statement, or the
suspension of the qualification of any of the Registrable Securities for sale
in any jurisdiction and, if such an order or suspension is issued, to obtain
the withdrawal of such order or suspension at the earliest possible moment and
to notify Legal Counsel and each Investor who holds Registrable Securities
being sold of the issuance of such order and the resolution thereof or its
receipt of actual notice of the initiation or threat of any proceeding for such
purpose.

 

h.     At
the reasonable request of any Investor, the Company shall furnish to such
Investor, on the date of the effectiveness of the Registration Statement and
thereafter from time to time on such dates as an Investor may reasonably
request (i) a letter, dated such date, from the Company’s independent certified
public accountants in form and substance as is customarily given by independent
certified public accountants to underwriters in an underwritten public
offering, addressed to the Investors, and (ii) an opinion, dated as of such
date, of counsel representing the Company for purposes of such Registration
Statement, in form, scope and substance as is customarily given in an
underwritten public offering, addressed to the Investors.

 

i.      The
Company shall make available for inspection during reasonable business hours by
(i) any Investor, (ii) Legal Counsel and (iii) one firm of accountants or other
agents retained by the Investors (collectively, the “Inspectors”), all pertinent financial and other records, and
pertinent corporate documents and properties of the Company (collectively, the
“Records”), as shall be reasonably
requested by each Inspector at the expense of such Inspector, and cause the
Company’s officers, directors and employees to supply all information which any
Inspector may reasonably request; provided, however, that each Inspector shall
agree to hold in strict confidence and shall not make any disclosure (except to
an Investor) or use of any Record or other information which the Company
determines in good faith to be confidential, and of which determination the
Inspectors are so notified, unless (a) the disclosure of such Records is
necessary to avoid or correct a misstatement or omission in any Registration
Statement or is otherwise required under the 1933 Act, (b) the release of such
Records is ordered pursuant to a final, non-appealable subpoena or order from a
court or government body of competent jurisdiction, or (c) the information in
such Records has been made generally available to the public other than by
disclosure in violation of this or any other agreement of which the Inspector
has knowledge.  Each Investor agrees
that it shall, upon learning that disclosure of such Records is sought in or by
a court or governmental body of competent jurisdiction or through other

 

7

 

means, give prompt notice to
the Company and allow the Company, at its expense, to undertake appropriate
action to prevent disclosure of, or to obtain a protective order for, the
Records deemed confidential.  Nothing
herein (or in any other confidentiality agreement between the Company and any
Investor) shall be deemed to limit the Investors’ ability to sell Registrable
Securities in a manner which is otherwise consistent with applicable laws and
regulations.

 

j.      The
Company shall hold in confidence and not make any disclosure of information
concerning an Investor provided to the Company unless (i) disclosure of such
information is necessary to comply with federal or state securities laws, (ii)
the disclosure of such information is necessary to avoid or correct a
misstatement or omission in any Registration Statement, (iii) the release of
such information is ordered pursuant to a subpoena or other final,
non-appealable order from a court or governmental body of competent
jurisdiction, or (iv) such information has been made generally available to the
public other than by disclosure in violation of this Agreement or any other
agreement.  The Company agrees that it
shall, upon learning that disclosure of such information concerning an Investor
is sought in or by a court or governmental body of competent jurisdiction or
through other means, give prompt written notice to such Investor and allow such
Investor, at the Investor’s expense, to undertake appropriate action to prevent
disclosure of, or to obtain a protective order for, such information.

 

k.     The
Company shall use its best efforts to cause all the Registrable Securities
covered by a Registration Statement to be listed on each securities exchange on
which securities of the same class or series issued by the Company are then
listed, if any, if the listing of such Registrable Securities is then permitted
under the rules of such exchange.  The
Company shall pay all fees and expenses in connection with satisfying its
obligation under this Section 3(k).

 

l.      The
Company shall cooperate with the Investors who hold Registrable Securities being
offered and, to the extent applicable, facilitate the timely preparation and
delivery of certificates (not bearing any restrictive legend) representing the
Registrable Securities to be offered pursuant to a Registration Statement and
enable such certificates to be in such denominations or amounts, as the case
may be, as the Investors may reasonably request and registered in such names as
the Investors may request.

 

m.    If
requested by an Investor, the Company shall (i) as soon as practicable
incorporate in a prospectus supplement or post-effective amendment such
information as an Investor reasonably requests to be included therein relating
to the sale and distribution of Registrable Securities, including, without
limitation, information with respect to the number of Registrable Securities
being offered or sold, the purchase price being paid therefor and any other
terms of the offering of the Registrable Securities to be sold in such
offering; and (ii) as soon as practicable make all required filings of such
prospectus supplement or post-effective amendment after being notified of the
matters to be incorporated in such prospectus supplement or post-effective
amendment.

 

n.     The
Company shall use its best efforts to cause the Registrable Securities covered
by the Registration Statement to be registered with or approved by such other
governmental agencies or authorities as may be necessary to consummate the
disposition of such Registrable Securities.

 

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o.     The
Company shall make generally available to its security holders as soon as
practical, but not later than 90 days after the close of the period covered
thereby, an earnings statement (in form complying with the provisions of Rule
158 under the 1933 Act) covering a twelve-month period beginning not later than
the first day of the Company’s fiscal quarter next following the effective date
of the Registration Statement.

 

p.     The
Company shall otherwise use its best efforts to comply with all applicable
rules and regulations of the SEC in connection with any registration hereunder.

 

q.     Within
three (3) Business Days after a Registration Statement which covers Registrable
Securities is ordered effective by the SEC, the Company shall deliver, and
shall cause legal counsel for the Company to deliver, to the transfer agent for
such Registrable Securities (with copies to the Investors whose Registrable
Securities are included in such Registration Statement) confirmation that such
Registration Statement has been declared effective by the SEC in the form
attached hereto as Exhibit A.

 

r.      In
connection with any underwritten offering pursuant to this Agreement, the
Company will enter into an underwriting agreement in form reasonably necessary
to effect the offer and sale of the Registrable Securities, provided such
underwriting agreement contains reasonable and customary provisions.

 

s.     Furnish,
on the date that such Registrable Securities are delivered to the underwriters
for sale in connection with a registration pursuant to this Agreement, if such
securities are being sold through underwriters, (i) an opinion, dated such
date, of the counsel representing the Company for the purposes of such
registration, in form and substance as is customarily given to underwriters in
an underwritten public offering, addressed to the underwriters, if any, and to
the Holders and (ii) a letter dated such date, from the independent certified
public accountants of the Company, in form and substance as is customarily
given by independent certified public accountants to underwriters in an
underwritten public offering, addressed to the underwriters, if any, and to the
Holders.

 

t.      Use best efforts to take all other steps
necessary to effect the registration of such Registrable Securities
contemplated hereby and to expedite or facilitate the disposition of such
Registrable Securities.

 

u.     Notwithstanding anything to the contrary herein,
at any time after the Registration Statement has been declared effective by the
SEC, the Company may delay the disclosure of material, non-public information
concerning the Company the disclosure of which at the time is not, in the good
faith opinion of the Board of Directors of the Company and its counsel, in the
best interest of the Company and, in the opinion of counsel to the Company,
otherwise required (a “Grace Period”);
provided, that the Company shall promptly (i) notify the Investors in writing
of the existence of material, non-public information giving rise to a Grace
Period (provided that in each notice the Company will not disclose the content
of such material, non-public information to the Investors) and the date on
which the Grace Period will begin, and (ii) notify the Investors in writing of
the date on which the Grace Period ends; and, provided further, that no Grace
Period shall exceed 10 consecutive days and during any 365 day period such
Grace Periods shall not exceed an aggregate of 20 days (an “Allowable Grace Period”).

 

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For purposes of determining the
length of a Grace Period above, the Grace Period shall begin on and include the
date the holders receive the notice referred to in clause (i) and shall end on
and include the later of the date the holders receive the notice referred to in
clause (ii) and the date referred to in such notice.

 

4.     Obligations Of The Investors.

 

a.     At
least ten (10) Business Days prior to the first anticipated filing date of a
Registration Statement, the Company shall notify each Investor in writing of
the information the Company requires from each such Investor in connection with
the Registration Statement.  It shall be
a condition precedent to the obligations of the Company to complete the
registration pursuant to this Agreement with respect to the Registrable
Securities of a particular Investor that such Investor shall furnish to the
Company such information regarding itself, the Registrable Securities held by
it and the intended method of disposition of the Registrable Securities held by
it, as shall be reasonably required to effect and maintain the effectiveness of
the registration of such Registrable Securities and shall execute such
documents in connection with such registration as the Company may reasonably
request.

 

b.     Each
Investor, by such Investor’s acceptance of the Registrable Securities, agrees
to cooperate with the Company as reasonably requested by the Company in
connection with the preparation and filing of any Registration Statement
hereunder, unless such Investor has notified the Company in writing of such Investor’s
election to exclude all of such Investor’s Registrable Securities from such
Registration Statement.

 

c.     Each
Investor agrees that, upon receipt of any notice from the Company of the
happening of any event of the kind described in Section 3(g) or the first
sentence of 3(f), such Investor will immediately discontinue disposition of
Registrable Securities pursuant to any Registration Statement(s) covering such
Registrable Securities until such Investor’s receipt of the copies of the
supplemented or amended prospectus contemplated by Section 3(g) or the first
sentence of 3(f) or receipt of notice that no supplement or amendment is
required.

 

5.     Expenses Of Registration.

 

All reasonable expenses, other than underwriting discounts and
commissions, incurred in connection with registrations, filings or
qualifications pursuant to Sections 2 and 3, including, without limitation, all
registration, listing and qualifications fees, printers and accounting fees,
and fees and disbursements of counsel for the Company shall be paid by the
Company.  The Company shall also
reimburse Emancipation Capital LP for the fees and disbursements of Legal
Counsel incurred in connection with registrations, filings or qualifications
pursuant to Sections 2 and 3 of this Agreement provided, that such cost shall
not exceed $25,000.

 

6.     Indemnification.

 

In the event any Registrable Securities are included in a Registration
Statement under this Agreement:

 

10

 

a.     To
the fullest extent permitted by law, the Company will, and hereby does,
indemnify, hold harmless and defend each Investor, the directors, officers,
partners, members, employees, agents, representatives of, and each Person, if
any, who controls any Investor within the meaning of the 1933 Act or the 1934
Act (each, an “Indemnified Person”),
against any losses, claims, damages, liabilities, judgments, fines, penalties,
charges, costs, reasonable attorneys’ fees, amounts paid in settlement or
expenses, joint or several (collectively, “Claims”),
incurred in investigating, preparing or defending any action, claim, suit,
inquiry, proceeding, investigation or appeal taken from the foregoing by or
before any court or governmental, administrative or other regulatory agency,
body or the SEC, whether pending or threatened, whether or not an indemnified
party is or may be a party thereto (“Indemnified
Damages”), to which any of them may become subject insofar as such
Claims (or actions or proceedings, whether commenced or threatened, in respect thereof)
arise out of or are based upon:  (i) any
untrue statement or alleged untrue statement of a material fact in a
Registration Statement or any post-effective amendment thereto or in any filing
made in connection with the qualification of the offering under the securities
or other “blue sky” laws of any jurisdiction in which Registrable Securities
are offered (“Blue Sky Filing”),
or the omission or alleged omission to state a material fact required to be
stated therein or necessary to make the statements therein not misleading, (ii)
any untrue statement or alleged untrue statement of a material fact contained
in any preliminary prospectus if used prior to the effective date of such
Registration Statement, or contained in the final prospectus (as amended or
supplemented, if the Company files any amendment thereof or supplement thereto
with the SEC) or the omission or alleged omission to state therein any material
fact necessary to make the statements made therein, in light of the
circumstances under which the statements therein were made, not misleading,
(iii) any violation or alleged violation by the Company of the 1933 Act, the
1934 Act, any other law, including, without limitation, any state securities
law, or any rule or regulation thereunder relating to the offer or sale of the
Registrable Securities pursuant to a Registration Statement or (iv) any
material violation of this Agreement (the matters in the foregoing clauses (i)
through (iv) being, collectively, “Violations”).  Subject to Section 6(c), the Company shall
reimburse the Indemnified Persons, promptly as such expenses are incurred and
are due and payable, for any legal fees or other reasonable expenses incurred
by them in connection with investigating or defending any such Claim.  Notwithstanding anything to the contrary
contained herein, the indemnification agreement contained in this Section
6(a):  (i) shall not apply to a Claim by
an Indemnified Person arising out of or based upon a Violation which occurs in
reliance upon and in conformity with information furnished in writing to the
Company by an Indemnified Person expressly for use in connection with the
preparation of the Registration Statement or any such amendment thereof or
supplement thereto; (ii) with respect to any preliminary prospectus, shall not
inure to the benefit of any such person from whom the person asserting any such
Claim purchased the Registrable Securities that are the subject thereof (or to
the benefit of any person controlling such person) if the untrue statement or
omission of material fact contained in the preliminary prospectus was corrected
in the prospectus, as then amended or supplemented, if such prospectus was
timely made available by the Company pursuant to Section 3(d), and the
Indemnified Person was promptly advised in writing not to use the incorrect
prospectus prior to the use giving rise to a Violation and such Indemnified
Person, notwithstanding such advice, used it or failed to deliver the correct
prospectus as required by the 1933 Act; and (iii) shall not apply to amounts
paid in settlement of any Claim if such settlement is effected without the
prior written consent of the Company, which consent shall not be unreasonably
withheld or delayed.

 

11

 

Such indemnity shall remain in
full force and effect regardless of any investigation made by or on behalf of
the Indemnified Person and shall survive the transfer of the Registrable
Securities by the Investors pursuant to Section 9.

 

b.     In
connection with any Registration Statement in which an Investor is
participating, each such Investor agrees to severally and not jointly
indemnify, hold harmless and defend, to the same extent and in the same manner
as is set forth in Section 6(a), the Company, each of its directors, each of
its officers who signs the Registration Statement, and each Person, if any, who
controls the Company within the meaning of the 1933 Act or the 1934 Act (each,
an “Indemnified Party”), against
any Claim or Indemnified Damages to which any of them may become subject, under
the 1933 Act, the 1934 Act or otherwise, insofar as such Claim or Indemnified
Damages arise out of or are based upon any Violation, in each case to the
extent, and only to the extent, that such Violation occurs in reliance upon and
in conformity with written information furnished to the Company by such
Investor expressly for use in connection with such Registration Statement; and,
subject to Section 6(c), such Investor will reimburse any legal or other
expenses reasonably incurred by an Indemnified Party in connection with
investigating or defending any such Claim; provided, however, that the
indemnity agreement contained in this Section 6(b) and the agreement with
respect to contribution contained in Section 7 shall not apply to amounts paid
in settlement of any Claim if such settlement is effected without the prior
written consent of such Investor, which consent shall not be unreasonably
withheld or delayed; provided, further, however, that the Investor shall be
liable under this Section 6(b) for only that amount of a Claim or Indemnified
Damages as does not exceed the net proceeds to such Investor as a result of the
sale of Registrable Securities pursuant to such Registration Statement.  Such indemnity shall remain in full force and
effect regardless of any investigation made by or on behalf of such Indemnified
Party and shall survive the transfer of the Registrable Securities by the
Investors pursuant to Section 9. 
Notwithstanding anything to the contrary contained herein, the indemnification
agreement contained in this Section 6(b) with respect to any preliminary
prospectus shall not inure to the benefit of any Indemnified Party if the
untrue statement or omission of material fact contained in the preliminary
prospectus was corrected on a timely basis in the prospectus, as then amended
or supplemented.

 

c.     Promptly
after receipt by an Indemnified Person or Indemnified Party under this Section
6 of notice of the commencement of any action or proceeding (including any
governmental action or proceeding) involving a Claim, such Indemnified Person
or Indemnified Party shall, if a Claim in respect thereof is to be made against
any indemnifying party under this Section 6, 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
control of the defense thereof with counsel mutually satisfactory to the
indemnifying party and the Indemnified Person or the Indemnified Party, as the
case may be; provided, however, that an Indemnified Person or Indemnified Party
shall have the right to retain its own counsel with the fees and expenses of
not more than one counsel (plus one firm of local counsel in any appropriate
jurisdictions) for such Indemnified Person or Indemnified Party to be paid by
the indemnifying party, if the representation by counsel for the indemnifying
party of the Indemnified Person or Indemnified Party and the indemnifying party
would be inappropriate due to actual or potential differing interests between
such Indemnified Person or Indemnified Party

 

12

 

and any other party represented by such
counsel in such proceeding.  In the case
of an Indemnified Person, legal counsel referred to in the immediately
preceding sentence shall be selected by the Investors holding at least a
majority in interest of the Registrable Securities included in the Registration
Statement to which the Claim relates. 
The Indemnified Party or Indemnified Person shall cooperate fully with
the indemnifying party in connection with any negotiation or defense of any such
action or Claim by the indemnifying party and shall furnish to the indemnifying
party all information reasonably available to the Indemnified Party or
Indemnified Person which relates to such action or Claim.  The indemnifying party shall keep the Indemnified
Party or Indemnified Person fully apprised at all times as to the status of the
defense or any settlement negotiations with respect thereto.  No indemnifying party shall be liable for
any settlement of any action, claim or proceeding effected without its prior
written consent, provided, however, that the indemnifying party shall not
unreasonably withhold, delay or condition its consent.  No indemnifying party shall, without the
prior written consent of the Indemnified Party or Indemnified Person, consent
to entry of any judgment or enter into any settlement or other compromise which
does not include as an unconditional term thereof the giving by the claimant or
plaintiff to such Indemnified Party or Indemnified Person of a release from all
liability in respect to such Claim or litigation.  Following indemnification as provided for hereunder, the
indemnifying party shall be subrogated to all rights of the Indemnified Party
or Indemnified Person with respect to all third parties, firms or corporations
relating to the matter for which indemnification has been made.  The failure to deliver written notice to the
indemnifying party within a reasonable time of the commencement of any such
action shall not relieve such indemnifying party of any liability to the
Indemnified Person or Indemnified Party under this Section 6, except to the
extent that the indemnifying party is prejudiced in its ability to defend such
action.

 

d.     The
indemnification required by this Section 6 shall be made by periodic payments
of the amount thereof during the course of the investigation or defense, as and
when bills are received or Indemnified Damages are incurred.

 

e.     The
indemnity agreements contained herein shall be in addition to (i) any cause of
action or similar right of the Indemnified Party or Indemnified Person against
the indemnifying party or others, and (ii) any liabilities the indemnifying
party otherwise may be subject to.

 

7.     Contribution.

 

To the extent any indemnification by an indemnifying party is
prohibited or limited by law, the indemnifying party agrees to make the maximum
contribution with respect to any amounts for which it would otherwise be liable
under Section 6 to the fullest extent permitted by law; provided, however,
that:  (i) no person involved in the sale
of Registrable Securities which person is guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the 1933 Act) in
connection with such sale shall be entitled to contribution from any person
involved in such sale of Registrable Securities who was not guilty of fraudulent
misrepresentation; and (ii) contribution by any seller of Registrable
Securities shall be limited in amount to the net amount of proceeds received by
such seller from the sale of such Registrable Securities pursuant to such
Registration Statement.

 

13

 

8.     Reports Under The 1934 Act.

 

Until the date on which (A) the Investors shall have sold all the
Conversion Shares and the Warrant Shares and (B) none of the Preferred Shares
or Warrants is outstanding, with a view to making available to the Investors
the benefits of Rule 144 promulgated under the 1933 Act or any other similar
rule or regulation of the SEC that may at any time permit the Investors to sell
securities of the Company to the public without registration (“Rule 144“), the Company
agrees to:

 

a.     make
and keep public information available, as those terms are understood and
defined in Rule 144;

 

b.     file
with the SEC in a timely manner all reports and other documents required of the
Company under the 1933 Act and the 1934 Act so long as the Company remains
subject to such requirements (it being understood that nothing herein shall
limit the Company’s obligations under Section 4(c) of the Securities Purchase
Agreement); and

 

c.     furnish
to each Investor so long as such Investor owns Registrable Securities, promptly
upon request, (i) a written statement by the Company, if true, that it has
complied with the reporting requirements of Rule 144, the 1933 Act and the 1934
Act, (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 to permit the Investors to
sell such securities pursuant to Rule 144 without registration.

 

9.     Assignment of Registration Rights.

 

The rights under this Agreement shall be automatically assignable by
the Investors to any transferee of Registrable Securities if:  (i) the Investor agrees in writing with the
transferee or assignee to assign such rights, and a copy of such agreement is
furnished to the Company within a reasonable time after such assignment; (ii)
the Company is, within a reasonable time after such transfer or assignment,
furnished with written notice of (a) the name and address of such transferee or
assignee, and (b) the securities with respect to which such registration rights
are being transferred or assigned; (iii) immediately following such transfer or
assignment the further disposition of such securities by the transferee or
assignee is restricted under the 1933 Act and applicable state securities laws;
and (iv) at or before the time the Company receives the written notice
contemplated by clause (ii) of this sentence the transferee or assignee agrees
in writing with the Company to be bound by all of the provisions contained
herein.

 

10.       Amendment of Registration Rights.

 

Provisions of this Agreement may be amended and the observance thereof
may be waived (either generally or in a particular instance and either
retroactively or prospectively), only with the written consent of the Company
and Investors who then hold at least a majority of the Registrable
Securities.  Any amendment or waiver
effected in accordance with this Section 10 shall be binding upon each Investor
and the Company.  No such amendment
shall be effective to the extent that it applies to less than all of the
holders of the Registrable Securities. 
No

 

14

 

consideration shall be offered
or paid to any Person to amend or consent to a waiver or modification of any
provision of any of this Agreement unless the same consideration also is
offered to all of the parties to this Agreement.

 

11.       Miscellaneous.

 

a.     A
Person is deemed to be a holder of Registrable Securities whenever such Person
owns or is deemed to own of record such Registrable Securities.  If the Company receives conflicting
instructions, notices or elections from two or more Persons with respect to the
same Registrable Securities, the Company shall act upon the basis of
instructions, notice or election received from the such record owner of such
Registrable Securities.

 

b.     Any
notices, consents, waivers or other communications required or permitted to be
given under the terms of this Agreement must be in writing and will be deemed
to have been delivered:  (i) upon
receipt, when delivered personally; (ii) upon receipt, when sent by facsimile
(provided confirmation of transmission is mechanically or electronically generated
and kept on file by the sending party); or (iii) one Business Day after deposit
with a nationally recognized overnight delivery service, in each case properly
addressed to the party to receive the same. 
The addresses and facsimile numbers for such communications shall be:

 

If to the Company:

 

Artemis International Solutions Corporation

4041 MacArthur Boulevard

Suite 260

Newport Beach, California  92660

Telephone:                                    (949)
660-7100

Facsimile:                                            (949)
833-7277

Attention:                                         General
Counsel

 

with a copy to:

 

Thelen Reid & Priest LLP

875 Third Avenue

New York, New York 10022-6225

 

Telephone:                                    (212)
603-2000

Facsimile:                                            (212)
829-2262

Attention:                                         Robert
S. Matlin, Esq.

 

15

 

If to Legal Counsel:

 

Schulte Roth & Zabel LLP

919 Third Avenue

New York, New York 10022

Telephone:  (212) 756-2000

Facsimile:  (212) 593-5955

Attention:  Michael R. Littenberg, Esq.

 

If to a Buyer, to its address and facsimile number set forth on the
Schedule of Buyers attached hereto, with copies to such Buyer’s representatives
as set forth on the Schedule of Buyers, or to such other address and/or
facsimile number and/or to the attention of such other person as the recipient
party has specified by written notice given to each other party five (5) days
prior to the effectiveness of such change. 
Written confirmation of receipt (A) given by the recipient of such
notice, consent, waiver or other communication, (B) mechanically or
electronically generated by the sender’s facsimile machine containing the time,
date, recipient facsimile number and an image of the first page of such
transmission or (C) provided by a courier or overnight courier service shall be
rebuttable evidence of personal service, receipt by facsimile or receipt from a
nationally recognized overnight delivery service in accordance with clause (i),
(ii) or (iii) above, respectively.

 

c.     Failure
of any party to exercise any right or remedy under this Agreement or otherwise,
or delay by a party in exercising such right or remedy, shall not operate as a
waiver thereof.

 

d.     All
questions concerning the construction, validity, enforcement and interpretation
of this Agreement shall be governed by the internal laws of the State of New
York, without giving effect to any choice of law or conflict of law provision
or rule (whether of the State of New York or any other jurisdictions) that
would cause the application of the laws of any jurisdictions other than the
State of New York.  Each party hereby
irrevocably submits to the exclusive jurisdiction of the state and federal
courts sitting the City of New York, Borough of Manhattan, for the adjudication
of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein, and hereby irrevocably waives, and
agrees not to assert in any suit, action or proceeding, any claim that it is
not personally subject to the jurisdiction of any such court, that such suit,
action or proceeding is brought in an inconvenient forum or that the venue of
such suit, action or proceeding is improper. 
Each party hereby irrevocably waives personal service of process and
consents to process being served in any such suit, action or proceeding by
mailing a copy thereof to such party at the address for such notices to it
under this Agreement and agrees that such service shall constitute good and
sufficient service of process and notice thereof.  Nothing contained herein shall be deemed to limit in any way any
right to serve process in any manner permitted by law.  If any provision of this Agreement shall be
invalid or unenforceable in any jurisdiction, such invalidity or
unenforceability shall not affect the validity or enforceability of the
remainder of this Agreement in that jurisdiction or the validity or
enforceability of any provision of this Agreement in any other jurisdiction.  EACH PARTY
HEREBY IRREVOCABLY WAIVES ANY RIGHT IT

 

16

 

MAY HAVE, AND AGREES
NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR
IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION
CONTEMPLATED HEREBY.

 

e.     This
Agreement and the other Transaction Documents (as defined in the Securities
Purchase Agreement) constitute the entire agreement among the parties hereto
with respect to the subject matter hereof and thereof.  There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein
and therein.  This Agreement and the
other Transaction Documents supersede all prior agreements and understandings
among the parties hereto with respect to the subject matter hereof and thereof.

 

f.      Subject
to the requirements of Section 9, this Agreement shall inure to the benefit of
and be binding upon the permitted successors and assigns of each of the parties
hereto.

 

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

 

h.     This
Agreement may be executed in identical counterparts, each of which shall be
deemed an original but all of which shall constitute one and the same
agreement.  This Agreement, once
executed by a party, may be delivered to the other party hereto by facsimile
transmission of a copy of this Agreement bearing the signature of the party so
delivering this Agreement.

 

i.      Each
party shall do and perform, or cause to be done and performed, all such further
acts and things, and shall execute and deliver all such other agreements,
certificates, instruments and documents, as the other party may reasonably
request in order to carry out the intent and accomplish the purposes of this
Agreement and the consummation of the transactions contemplated hereby.

 

j.      All
consents and other determinations required to be made by the Investors pursuant
to this Agreement shall be made, unless otherwise specified in this Agreement,
by Investors holding at least a majority of the Registrable Securities,
determined as if all of the Preferred Shares held by Investors then outstanding
have been converted into Registrable Securities and all Warrants then outstanding
have been exercised for Registrable Securities without regard to any
limitations on conversion of the Preferred Shares or on exercises of the
Warrants.

 

k.     The
language used in this Agreement will be deemed to be the language chosen by the
parties to express their mutual intent and no rules of strict construction will
be applied against any party.

 

l.      This
Agreement is intended for the benefit of the parties hereto and their
respective permitted successors and assigns, and is not for the benefit of, nor
may any provision hereof be enforced by, any other Person.

 

* * * * * *

 

17

 

IN WITNESS WHEREOF,
each Buyer and the Company have caused their respective signature page to this
Registration Rights Agreement to be duly executed as of the date first written
above.

 

	
   

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  ARTEMIS INTERNATIONAL SOLUTIONS CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Patrick Ternier

  
	
   

  	
   

  	
  Title:

  	
  Chief Executive Officer

  
					

 

[Signature Page to Registration Rights Agreement]

 

 

IN WITNESS WHEREOF,
each Buyer and the Company have caused their respective signature page to this
Registration Rights Agreement to be duly executed as of the date first written
above.

 

	
   

  	
  BUYERS:

  
	
   

  	
   

  
	
   

  	
  EMANCIPATION CAPITAL LP

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  EMANCIPATION CAPITAL, LLC,

  its general partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name: Charles Frumberg

  Title: Managing Member

  

 

 

IN WITNESS WHEREOF,
each Buyer and the Company have caused their respective signature page to this
Registration Rights Agreement to be duly executed as of the date first written
above.

 

	
   

  	
  BUYERS:

  
	
   

  	
   

  
	
   

  	
  SAMUELSON INVESTMENT, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Joseph A. Liemandt

  
	
   

  	
   

  	
  Title:

  	
  President and Chief Executive Officer

  
						

 

 

IN WITNESS WHEREOF,
each Buyer and the Company have caused their respective signature page to this
Registration Rights Agreement to be duly executed as of the date first written
above.

 

	
   

  	
  BUYERS:

  
	
   

  	
   

  
	
   

  	
  POTOMAC CAPITAL PARTNERS, LP

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  Title:

  
	
   

  	
   

  
	
   

  	
  POTOMAC CAPITAL INTERNATIONAL LTD

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  Title:

  
	
   

  	
   

  
	
   

  	
  PLEIADES INVESTMENT PARTNERS R, LP

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  Title:

  

 

 

IN WITNESS WHEREOF,
each Buyer and the Company have caused their respective signature page to this
Registration Rights Agreement to be duly executed as of the date first written
above.

 

	
   

  	
  BUYERS:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Philip Hempleman

  

 

 

IN WITNESS WHEREOF,
each Buyer and the Company have caused their respective signature page to this
Registration Rights Agreement to be duly executed as of the date first written
above.

 

	
   

  	
  BUYERS:

  
	
   

  	
   

  
	
   

  	
  PORRIDGE, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

SCHEDULE OF BUYERS

 

	
  Buyer

  	
   

  	
  Buyer
  Address

  and Facsimile Number

  	
   

  	
  Buyer’s
  Representative’s Address

  and Facsimile Number

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Emancipation Capital, LP

  	
   

  	
  c/o
  Emancipation Capital LLC

  153 East 53rd Street

  26th Floor

  New York, New York  10022

  Attention:  Jonathan Rothenberg

  Charles Frumberg

  Facsimile:  (212) 521-5036

  Telephone:
  (212) 521-5033

  	
   

  	
  Schulte
  Roth & Zabel LLP

  919 Third Avenue

  New York, NY  10022
Attn: 
  Michael R. Littenberg, Esq.

  Facsimile:  (212) 593-5955
Telephone:  (212) 756-2000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Samuelson Investment, Inc.

  	
   

  	
  Samuelson
  Investment, Inc.

  c/o Trilogy Software, Inc.

  5001 Plaza on the Lake.

  Austin, TX 78746

  Attention:  Sean P. Fallon, VP Finance

  Facsimile:  (512) 874-8900

  Telephone: (512) 874-3100

  	
   

  	
  Haynes
  and Boone, LLP
901 Main Street, Suite 3100
Dallas, TX 75202
Attention:  Dennis Cassell
Facsimile:  (214) 200-0788
Telephone: (214) 651-5319

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Philip Hempleman

  	
   

  	
  c/o
  Ardsley Partners

  262 Harbor Dr., 4th Floor

  Stamford, CT  06902

  Attention:  Philip Hempleman

  

  Facsimile:

  Telephone:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Porridge, LLC

  	
   

  	
  500
  Nyala Farm Road

  Westport, CT  06880

  Attention:  Arthur Samberg

  

  Facsimile:  (203)

  Telephone: (203) 429-2322

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Potomac Capital Partners, LP; Potomac Capital International
  Ltd.; Pleiades Investment Partners R, LP

  	
   

  	
  c/o
  Potomac Capital Partners, LP

  153 East 53rd Street

  26th Floor

  New York, New York  10022

  Attention:  Paul J. Solit

  Facsimile:  (212) 521-5116

  Telephone: (212) 521-5115

  	
   

  	
   

  	
   

  

 

 

EXHIBIT A

 

FORM OF NOTICE OF EFFECTIVENESS

OF REGISTRATION STATEMENT

 

[INSERT NAME OF TRANSFER AGENT]

[Address]

Attention:  

 

(Re: 
ARTEMIS INTERNATIONAL SOLUTIONS CORPORATION)

 

Ladies and Gentlemen:

 

We are counsel to Artemis International Solutions Corporation, a
Delaware corporation (the “Company”),
and have represented the Company in connection with that certain Securities
Purchase Agreement (the “Securities Purchase
Agreement”) entered into by and among the Company and the buyers
named therein (collectively, the “Holders”)
pursuant to which the Company issued to the Holders shares of its Series A Convertible
Preferred Stock, par value $.001 per share, (the “Preferred Shares”) convertible into shares of the Company’s
Common Stock, par value $.001 per share (the “Common
Stock”) and warrants exercisable for shares of Company Common Stock
(the “Warrants”).  Pursuant to the Securities Purchase
Agreement, the Company also has entered into a Registration Rights Agreement
with the Holders (the “Registration Rights
Agreement”) pursuant to which the Company agreed, among other
things, to register the Registrable Securities (as defined in the Registration
Rights Agreement), including the shares of Common Stock issuable upon
conversion of the Preferred Shares and upon exercise of the Warrants under the
Securities Act of 1933, as amended (the “1933
Act”).  In connection with
the Company’s obligations under the Registration Rights Agreement, on
                        
      , 2004, the Company filed a Registration
Statement on Form S-1 (File No.
333-                          )
(the “Registration Statement”)
with the Securities and Exchange Commission (the “SEC”) relating to the Registrable Securities which names each
of the Holders as a selling stockholder thereunder.

 

In connection with the foregoing, we advise you that a member of the
SEC’s staff has advised us by telephone that the SEC has entered an order
declaring the Registration Statement effective under the 1933 Act at [ENTER
TIME OF EFFECTIVENESS] on [ENTER DATE OF EFFECTIVENESS] and we have no
knowledge, after telephonic inquiry of a member of the SEC’s staff, that any
stop order suspending its effectiveness has been issued or that any proceedings
for that purpose are pending before, or threatened by, the SEC and the
Registrable Securities are available for resale under the 1933 Act pursuant to
the Registration Statement.

 

 

This letter shall serve as our standing opinion to you that the shares
of Common Stock are freely transferable by the Holders pursuant to the
Registration Statement.  You need not
require further letters from us to effect any future legend-free issuance or
reissuance of shares of Common Stock to the Holders as contemplated by the
Company’s Irrevocable Transfer Agent Instructions dated June
    , 2004.  This
letter shall serve as our standing instructions to you with regard to this
matter.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  [ISSUER’S COUNSEL]

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  

 

CC:          [LIST NAMES OF HOLDERS]

 

 

EXHIBIT B

 

SELLING STOCKHOLDERS

 

The shares of common stock being offered by the selling stockholders
are issuable upon conversion of the preferred shares and upon exercise of the
warrants.  For additional information
regarding the preferred shares and warrants, see “Private Placement of
Preferred Shares and Warrants” above. 
We are registering the shares of common stock in order to permit the
selling stockholders to offer the shares for resale from time to time.

 

The table below lists the selling stockholders and other information
regarding the beneficial ownership of the shares of common stock by each of the
selling stockholders.  The second column
lists the number of shares of common stock beneficially owned by each selling
stockholder, based on its ownership of the preferred shares and the warrants,
as of
                ,
2004, assuming conversion of all the preferred shares and exercise of the
warrants held by the selling stockholders on that date, without regard to any
limitations on conversions or exercise.

 

The third column lists the shares of common stock being offered by this
prospectus by the selling stockholders.

 

In accordance with the terms of registration rights agreements with the
holders of the preferred shares and the warrants, this prospectus generally
covers the resale of at least the sum of (i) 125% of the maximum number of
shares of common stock issuable upon conversion of the preferred shares (assuming
that the preferred shares are converted at their initial Conversion Price) and
(ii) 125% of the maximum number of shares of common stock issuable upon
exercise of the related warrants (assuming that the warrants are exercised at
their initial Exercise Price), in each case as of the trading day immediately
preceding the date this registration statement was initially filed with the
SEC.  Because the conversion price of
the preferred shares and the exercise price of the warrants may be adjusted,
the number of shares that will actually be issued may be more or less than the
number of shares being offered by this prospectus.  The fourth column assumes the sale of all of the shares offered
by the selling stockholders pursuant to this prospectus.

 

 

	
  Name of Selling
  Stockholder

  	
   

  	
  Number of
  Shares Owned

  Prior to Offering

  	
   

  	
  Maximum
  Number of Shares

  to be Sold Pursuant to this

  Prospectus

  	
   

  	
  Number of
  Shares Owned

  After Offering

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Emancipation Capital, LP

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Samuelson Investment, Inc.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Philip Hempleman

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Porridge, LLC

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Potomac Capital Partners, LP;

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Potomac Capital International Ltd.;

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Pleiades Investment Partners R, LP

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

(1)

 

 

PLAN OF DISTRIBUTION

 

We are registering the shares of common stock issuable upon conversion
of the preferred shares and upon exercise of the warrants to permit the resale
of these shares of common stock by the holders of the preferred shares and the
warrants from time to time after the date of this prospectus.  We will not receive any of the proceeds from
the sale by the selling stockholders of the shares of common stock.  We will bear all fees and expenses incident
to our obligation to register the shares of common stock.

 

The selling stockholders may sell all or a portion of the shares of
common stock beneficially owned by them and offered hereby from time to time
directly or through one or more underwriters, broker-dealers or agents.  If the shares of common stock are sold
through underwriters or broker-dealers, the selling stockholders will be
responsible for underwriting discounts or commissions or agent’s
commissions.  The shares of common stock
may be sold in one or more transactions at fixed prices, at prevailing market
prices at the time of the sale, at varying prices determined at the time of
sale, or at negotiated prices.  These
sales may be effected in transactions, which may involve crosses or block
transactions,

 

•                  on
any national securities exchange or quotation service on which the securities
may be listed or quoted at the time of sale;

 

•                  in
the over-the-counter market;

 

•                  in
transactions otherwise than on these exchanges or systems or in the
over-the-counter market;

 

•                  through
the writing of options, whether such options are listed on an options exchange
or otherwise;

 

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

 

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

 

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

 

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

 

•                  privately
negotiated transactions;

 

•                  short
sales;

 

•                  pursuant
to Rule 144 under the Securities Act;

 

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

 

 

•                  a
combination of any such methods of sale; and

 

•                  any
other method permitted pursuant to applicable law.

 

If the selling stockholders effect such transactions by selling shares
of common stock to or through underwriters, broker-dealers or agents, such
underwriters, broker-dealers or agents may receive commissions in the form of
discounts, concessions or commissions from the selling stockholders or
commissions from purchasers of the shares of common stock for whom they may act
as agent or to whom they may sell as principal (which discounts, concessions or
commissions as to particular underwriters, broker-dealers or agents may be in
excess of those customary in the types of transactions involved).  In connection with sales of the shares of
common stock or otherwise, the selling stockholders may enter into hedging
transactions with broker-dealers, which may in turn engage in short sales of
the shares of common stock in the course of hedging in positions they
assume.  The selling stockholders may
also sell shares of common stock short and deliver shares of common stock
covered by this prospectus to close out short positions.  The selling stockholders may also loan or
pledge shares of common stock to broker-dealers that in turn may sell such
shares.

 

The selling stockholders may pledge or grant a security interest in
some or all of the preferred shares, warrants or shares of common stock owned
by them and, if they default in the performance of their secured obligations,
the pledgees or secured parties may offer and sell the shares of common stock
from time to time pursuant to this prospectus or any amendment to this
prospectus under Rule 424(b)(3) or other applicable provision of the Securities
Act of 1933, as amended, amending, if necessary, the list of selling stockholders
to include the pledgee, transferee or other successors in interest as selling
stockholders under this prospectus.  The
selling stockholders also may transfer and donate the shares of common stock in
other circumstances in which case the transferees, donees, pledgees or other
successors in interest will be the selling beneficial owners for purposes of
this prospectus.

 

The selling stockholders and any broker-dealer participating in the
distribution of the shares of common stock may be deemed to be “underwriters”
within the meaning of the Securities Act, and any commission paid, or any
discounts or concessions allowed to, any such broker-dealer may be deemed to be
underwriting commissions or discounts under the Securities Act.  At the time a particular offering of the
shares of common stock is made, a prospectus supplement, if required, will be
distributed which will set forth the aggregate amount of shares of common stock
being offered and the terms of the offering, including the name or names of any
broker-dealers or agents, any discounts, commissions and other terms
constituting compensation from the selling stockholders and any discounts,
commissions or concessions allowed or reallowed or paid to broker-dealers.

 

Under the securities laws of some states, the shares of common stock
may be sold in such states only through registered or licensed brokers or
dealers.  In addition, in some states
the shares of common stock may not be sold unless such shares have been
registered or qualified for sale in such state or an exemption from
registration or qualification is available and is complied with.

 

 

There can be no assurance that any selling stockholder will sell any or
all of the shares of common stock registered pursuant to the shelf registration
statement, of which this prospectus forms a part.

 

The selling stockholders and any other person participating in such
distribution will be subject to applicable provisions of the Securities
Exchange Act of 1934, as amended, and the rules and regulations thereunder,
including, without limitation, Regulation M of the Exchange Act, which may
limit the timing of purchases and sales of any of the shares of common stock by
the selling stockholders and any other participating person.  Regulation M may also restrict the ability
of any person engaged in the distribution of the shares of common stock to
engage in market-making activities with respect to the shares of common
stock.  All of the foregoing may affect
the marketability of the shares of common stock and the ability of any person
or entity to engage in market-making activities with respect to the shares of
common stock.

 

We will pay all expenses of the registration of the shares of common
stock pursuant to the registration rights agreement, including, without limitation,
Securities and Exchange Commission filing fees and expenses of compliance with
state securities or “blue sky” laws; provided, however, that a selling
stockholder will pay all underwriting discounts and selling commissions, if
any.  We will indemnify the selling
stockholders against liabilities, including some liabilities under the
Securities Act, in accordance with the registration rights agreements, or the
selling stockholders will be entitled to contribution.  We may be indemnified by the selling stockholders
against civil liabilities, including liabilities under the Securities Act, that
may arise from any written information furnished to us by the selling
stockholder specifically for use in this prospectus, in accordance with the
related registration rights agreements, or we may be entitled to contribution.

 

Once sold under the shelf registration statement, of which this
prospectus forms a part, the shares of common stock will be freely tradable in
the hands of persons other than our affiliates.Exhibit
10.3

 

ESCROW AGREEMENT

 

THIS ESCROW AGREEMENT, dated as of June 16,
2004 (“Escrow Agreement”), is by and among EMANCIPATION CAPITAL LP, a Delaware limited
partnership, as representative of certain investors, including the Depositor
(collectively, the “Investors”) pursuant to the Underlying Agreement (as
defined below) (“Depositor”); ARTEMIS INTERNATIONAL SOLUTIONS CORPORATION,
a Delaware corporation (“Recipient”); and WACHOVIA BANK, NATIONAL ASSOCIATION, a
national banking association, as Escrow Agent hereunder (“Escrow Agent”).

 

BACKGROUND

 

A.  Investors
and Recipient have entered into a Securities Purchase Agreement (as amended,
the “Underlying Agreement”), dated as of June 16, 2004, in connection with the
issuance and sale by the Recipient to the Investors of convertible preferred
shares of the Recipient in an aggregate amount of Nine Million Dollars
($9,000,000).  The Underlying Agreement
provides that Investors shall deposit the Escrow Funds (defined below) in a
segregated escrow account to be held by Escrow Agent in connection with the
Recipient’s indebtedness to Laurus Master Fund Ltd.

 

B.  Escrow
Agent has agreed to accept, hold, and disburse the funds deposited with it and
the earnings thereon in accordance with the terms of this Escrow Agreement.

 

C.  Investors
and Recipient have appointed the Representatives (as defined below) to
represent them for all purposes in connection with the funds to be deposited
with Escrow Agent and this Escrow Agreement.

 

D.  In order to
establish the escrow of funds and to effect the provisions of the Underlying
Agreement, the parties hereto have entered into this Escrow Agreement.

 

STATEMENT OF AGREEMENT

 

NOW THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto, for themselves, their successors and assigns, hereby agree
as follows:

 

1.                                       Definitions.  The following terms shall have the following
meanings when used herein:

 

“Escrow Funds” shall mean the funds deposited with
Escrow Agent pursuant to Section 3 of this Agreement, together with any
interest and other income thereon.

 

 

“Escrow Period” shall mean the period commencing on
the date hereof and ending on the applicable termination date set forth on Schedule
A hereto.

 

“Investors’ Representative” shall mean the Depositor.

 

“Recipient Representative” shall mean the persons so
designated on Schedule A hereto or any other person designated in a
writing signed by Recipient and delivered to Escrow Agent and the Investor
Representative in accordance with the notice provisions of this Escrow
Agreement, to act as its representative under this Escrow Agreement.

 

“Representatives” shall mean the Investors’
Representative and the Recipient Representative.

 

“Written Direction” shall mean a written direction
executed by the Depositor and directing Escrow Agent to disburse all or a
portion of the Escrow Funds or to take or refrain from taking an action
pursuant to this Escrow Agreement.

 

2.                                       Appointment
of and Acceptance by Escrow Agent. 
Depositor and Recipient hereby appoint Escrow Agent to serve as escrow
agent hereunder.  Escrow Agent hereby
accepts such appointment and, upon receipt by wire transfer of the Escrow Funds
in accordance with Section 3 below, agrees to hold, invest and disburse
the Escrow Funds in accordance with this Escrow Agreement.

 

3.                                       Deposit
of Escrow Funds.  Simultaneously
with the execution and delivery of this Escrow Agreement, Depositor will
transfer the Escrow Funds in the amount set forth on Schedule A hereto
to Escrow Agent, by wire transfer of immediately available funds, to the
account of the Escrow Agent referenced on Schedule A hereto.

 

4.                                       Disbursements
of Escrow Funds.  Escrow Agent shall
disburse Escrow Funds at any time and from time to time, upon receipt of, and
in accordance with, a Written Direction. 
Such Written Direction shall contain wiring instructions or an address
to which a check shall be sent.  In
connection with the Underlying Agreement, the Recipient shall use commercially
reasonable efforts to restructure its current indebtedness with Laurus Master
Fund, Ltd. (“Laurus”) prior to the expiration of the Escrow Period.  In the event that the terms and conditions
of such restructuring is satisfactory to Depositor in its sole discretion and
is consummated prior to the expiration of the Escrow Period, then Depositor
shall, within three (3) business days after the expiration of the Escrow Period
and without any additional condition, send a Written Direction to the Escrow
Agent in the form attached hereto as Exhibit A.  In the event that a satisfactory
restructuring, in the sole discretion of Depositor, is not achieved prior to
the expiration of the Escrow Period, the Depositor shall within three (3)
business days after the expiration of the Escrow Period and without any
additional conditions send a Written Direction in the form attached hereto as Exhibit
B. The Depositor shall allocate money between Laurus and the

 

2

 

Recipient in accordance with a pay-out letter duly executed by Laurus
and Recipient.  Absent such a pay-out
letter, the Depositor shall be entitled to allocate the Escrow Funds among
Laurus and the Recipient in its reasonable discretion so as to use its
commercially reasonable efforts to fully repay the Laurus indebtedness
(including any and all outstanding principal, interest, prepayment penalties
and liquidated damages).  In the event
that a restructuring is not consummated, Recipient shall take all commercially
reasonable action to terminate its indebtedness with Laurus (including, without
limitation, negotiating and executing with Laurus a pay-out letter and such
other agreements, documents and instruments required by Laurus to terminate the
Laurus credit facilities and fully co-pay the Laurus indebtedness).  Upon the expiration of the Escrow Period,
Escrow Agent shall distribute, as promptly as practicable, the Escrow Funds in the manner described on Schedule
A, without any further instruction or direction from the Representatives.

 

All disbursements of funds from the Escrow Funds shall be subject to
the fees and claims of Escrow Agent and the Indemnified Parties (as defined
below) pursuant to Section 10 and Section 11 below.

 

5.                                       Suspension
of Performance; Disbursement Into Court. 
If, at any time, (i) there shall exist any dispute between Depositor,
Recipient or the Representatives with respect to the holding or disposition of
all or any portion of the Escrow Funds or any other obligations of Escrow Agent
hereunder, (ii) Escrow Agent is unable to determine, to Escrow Agent’s sole
satisfaction, the proper disposition of all or any portion of the Escrow Funds
or Escrow Agent’s proper actions with respect to its obligations hereunder, or
(iii) the Representatives have not within 30 days of the furnishing by Escrow
Agent of a notice of resignation pursuant to Section 7 hereof, appointed
a successor Escrow Agent to act hereunder, then Escrow Agent may, in its sole
discretion, take either or both of the following actions:

 

a.                                       suspend
the performance of any of its obligations (including without limitation any
disbursement obligations) under this Escrow Agreement until such dispute or
uncertainty shall be resolved to the sole satisfaction of Escrow Agent or until
a successor Escrow Agent shall have been appointed (as the case may be).

 

b.                                      petition
(by means of an interpleader action or any other appropriate method) any court
of competent jurisdiction in any venue convenient to Escrow Agent, for
instructions with respect to such dispute or uncertainty, and to the extent
required or permitted by law, pay into such court, for holding and disposition
in accordance with the instructions of such court, all Escrow Funds, after
deduction and payment to Escrow Agent of all fees and expenses (including court
costs and attorneys’ fees) payable to, incurred by, or expected to be incurred
by Escrow Agent in connection with the performance of its duties and the
exercise of its rights hereunder.

 

Escrow Agent shall have no liability to Depositor, Recipient, their
respective shareholders or members or any other person with respect to any such
suspension of performance or disbursement

 

3

 

into court, specifically including any liability or claimed liability
that may arise, or be alleged to have arisen, out of or as a result of any
delay in the disbursement of the Escrow Funds or any delay in or with respect
to any other action required or requested of Escrow Agent.

 

6.                                       Investment
of Funds.  The Escrow Agent is
herein directed and instructed to initially invest and reinvest the Escrow
Funds in the investment indicated on Schedule A hereto.  With the execution of this document, the
parties hereto acknowledge receipt of prospectuses and/or disclosure materials
associated with the investment vehicle, either through means of hardcopy or via
access to the website associated with the investment selected by the parties to
this Escrow Agreement.  The parties
hereto acknowledge that they have discussed the investment and are in agreement
as to the selected investment.  The
Depositor may provide instructions changing the investment of the Escrow Funds
(subject to applicable minimum investment requirements) by the furnishing of a
Written Direction to the Escrow Agent; provided, however, that no investment or
reinvestment may be made without the consent of the Recipient; and provided,
however, that no investment or reinvestment may be made except in
the following:

 

a.                                       direct
obligations of the United States of America or obligations the principal of and
the interest on which are unconditionally guaranteed by the United State of
America or money market accounts consisting solely of such obligations; or

 

b.                                      certificates
of deposit issued by any bank, bank and trust company, or national banking
association (including Escrow Agent and its affiliates), which certificates of
deposit are insured by the Federal Deposit Insurance Corporation or a similar
governmental agency; or

 

c.                                       repurchase
agreements with any bank, trust company, or national banking association
(including Escrow Agent and its affiliates).

 

If
Escrow Agent has not received a Written Direction at any time that an
investment decision must be made, Escrow Agent shall invest the Escrow Funds,
or such portion thereof as to which no Written Direction has been received, in
investments described in clause (a) above. 
Each of the foregoing investments shall be made in the name of
Escrow Agent. No investment shall be made in any instrument or security that
has a maturity of greater than thirty (30) days.  Notwithstanding anything to the contrary contained herein, Escrow
Agent may, without notice to the Representatives, sell or liquidate any of the
foregoing investments at any time if the proceeds thereof are required for any
disbursement of Escrow Funds permitted or required hereunder.  All investment earnings shall become part of
the Escrow Funds and investment losses shall be charged against the Escrow
Funds.  Escrow Agent shall not be liable
or responsible for loss in the value of any investment made pursuant to this
Escrow Agreement, or for any loss, cost or penalty resulting from any sale or
liquidation of the Escrow Funds.  With
respect to any Escrow Funds received by Escrow Agent after ten o’clock, a.m.,
Charlotte, North Carolina, time, Escrow Agent shall not be required to invest
such funds or to effect any investment instruction until the next day upon
which banks in Charlotte, North Carolina are open for business.

 

4

 

7.                                       Resignation
of Escrow Agent.  Escrow Agent may
resign and be discharged from the performance of its duties hereunder at any
time by giving thirty (30) days prior written notice to the Depositor and
Recipient specifying a date when such resignation shall take effect.  Upon any such notice of resignation, the
Representatives jointly shall appoint a successor Escrow Agent hereunder prior
to the effective date of such resignation. 
The retiring Escrow Agent shall transmit all records pertaining to the Escrow
Funds and shall pay all Escrow Funds to the successor Escrow Agent, after
making copies of such records as the retiring Escrow Agent deems advisable and
after deduction and payment to the retiring Escrow Agent of all fees and
expenses (including court costs and attorneys’ fees) payable to, incurred by,
or expected to be incurred by the retiring Escrow Agent in connection with the
performance of its duties and the exercise of its rights hereunder.  After any retiring Escrow Agent’s
resignation, the provisions of this Escrow Agreement shall inure to its benefit
as to any actions taken or omitted to be taken by it while it was Escrow Agent
under this Escrow Agreement.  Any
corporation or association into which the Escrow Agent may be merged or
converted or with which it may be consolidated, or any corporation or
association to which all or substantially all of the escrow business of the
Escrow Agent’s corporate trust line of business may be transferred, shall be
the Escrow Agent under this Escrow Agreement without further act.

 

8.                                       Liability
of Escrow Agent.  The Escrow Agent
undertakes to perform only such duties as are expressly set forth herein and no
duties shall be implied.  The Escrow
Agent shall have no liability under and no duty to inquire as to the provisions
of any agreement other than this Escrow Agreement.  The Escrow Agent shall not be liable for any action taken or
omitted by it in good faith except to the extent that a court of competent
jurisdiction determines that the Escrow Agent’s gross negligence or willful
misconduct was the primary cause of any loss to the Depositor or
Recipient.  Escrow Agent’s sole
responsibility shall be for the safekeeping and disbursement of the Escrow
Funds in accordance with the terms of this Escrow Agreement.  Escrow Agent shall have no implied duties or
obligations and shall not be charged with knowledge or notice of any fact or
circumstance not specifically set forth herein.  Escrow Agent may rely upon any notice, instruction, request or
other instrument, not only as to its due execution, validity and effectiveness,
but also as to the truth and accuracy of any information contained therein,
which Escrow Agent shall believe to be genuine and to have been signed or
presented by the person or parties purporting to sign the same.  In no event shall Escrow Agent be liable for
incidental, indirect, special, consequential or punitive damages (including,
but not limited to lost profits), even if the Escrow Agent has been advised of
the likelihood of such loss or damage and regardless of the form of action.  Escrow Agent shall not be obligated to take
any legal action or commence any proceeding in connection with the Escrow
Funds, any account in which Escrow Funds are deposited, this Escrow Agreement
or the Underlying Agreement, or to appear in, prosecute or defend any such
legal action or proceeding.  Escrow
Agent may consult legal counsel selected by it in the event of any dispute or
question as to the construction of any of the provisions hereof or of any other
agreement or of its duties hereunder, or relating to any dispute involving any
party hereto, and shall incur no liability and shall be fully indemnified from
any liability

 

5

 

whatsoever in acting in accordance with the opinion or instruction of
such counsel.  Depositor and Recipient,
jointly and severally, shall promptly pay, upon demand, the reasonable fees and
expenses of any such counsel.

 

The Escrow Agent is authorized, in its sole
discretion, to comply with orders issued or process entered by any court with
respect to the Escrow Funds, without determination by the Escrow Agent of such
court’s jurisdiction in the matter.  If
any portion of the Escrow Funds is at any time attached, garnished or levied
upon under any court order, or in case the payment, assignment, transfer,
conveyance or delivery of any such property shall be stayed or enjoined by any
court order, or in case any order, judgment or decree shall be made or entered
by any court affecting such property or any part thereof, then and in any such
event, the Escrow Agent is authorized, in its sole discretion, to rely upon and
comply with any such order, writ, judgment or decree which it is advised by
legal counsel selected by it is binding upon it without the need for appeal or
other action; and if the Escrow Agent complies with any such order, writ,
judgment or decree, it shall not be liable to any of the parties hereto or to
any other person or entity by reason of such compliance even though such order,
writ, judgment or decree may be subsequently reversed, modified, annulled, set
aside or vacated.

 

9.                                       Indemnification
of Escrow Agent.  From and at all
times after the date of this Escrow Agreement, Depositor and Recipient, jointly
and severally, shall, to the fullest extent permitted by law, defend, indemnify
and hold harmless Escrow Agent and each director, officer, employee, attorney,
agent and affiliate of Escrow Agent (collectively, the “Indemnified Parties”)
against any and all actions, claims (whether or not valid), losses, damages,
liabilities, costs and expenses of any kind or nature whatsoever (including
without limitation reasonable attorneys’ fees, costs and expenses) incurred by
or asserted against any of the Indemnified Parties from and after the date
hereof, whether direct, indirect or consequential, as a result of or arising
from or in any way relating to any claim, demand, suit, action or proceeding
(including any inquiry or investigation) by any person, including without
limitation Depositor or Recipient, whether threatened or initiated, asserting a
claim for any legal or equitable remedy against any person under any statute or
regulation, including, but not limited to, any federal or state securities
laws, or under any common law or equitable cause or otherwise, arising from or
in connection with the negotiation, preparation, execution, performance or
failure of performance of this Escrow Agreement or any transactions
contemplated herein, whether or not any such Indemnified Party is a party to
any such action, proceeding, suit or the target of any such inquiry or
investigation; provided, however, that no Indemnified Party shall have the
right to be indemnified hereunder for any liability finally determined by a
court of competent jurisdiction, subject to no further appeal, to have resulted
solely from the gross negligence or willful misconduct of such Indemnified
Party. Each Indemnified Party shall, in its sole discretion, have the right to
select and employ separate counsel with respect to any action or claim brought
or asserted against it, and the reasonable fees of such counsel shall be paid
upon demand by the Depositor and Recipient jointly and severally.   The obligations of Depositor and Recipient
under this Section 9 shall survive any termination of this Escrow
Agreement and the resignation or removal of Escrow Agent.

 

6

 

The parties agree that neither the payment by
Depositor or Recipient of any claim by Escrow Agent for indemnification
hereunder nor the disbursement of any amounts to Escrow Agent from the Escrow
Funds in respect of a claim by Escrow Agent for indemnification shall impair,
limit, modify, or affect, as between the Investors and Recipient, the
respective rights and obligations of the Investors, on the one hand, and Recipient,
on the other hand, under the Underlying Agreement.

 

10.                                 Fees
and Expenses of Escrow Agent. 
Recipient shall compensate Escrow Agent for its services hereunder in
accordance with Schedule A attached hereto and, in addition, shall
reimburse Escrow Agent for all of its reasonable out-of-pocket expenses,
including attorneys’ fees, travel expenses, telephone and facsimile
transmission costs, postage (including express mail and overnight delivery
charges), copying charges and the like. 
The additional provisions and information set forth on Schedule A
are hereby incorporated by this reference, and form a part of this Escrow
Agreement.  All of the compensation and
reimbursement obligations set forth in this Section 10 shall be payable
by Recipient upon demand by Escrow Agent. 
The obligations of Recipient under this Section 10 shall survive
any termination of this Escrow Agreement and the resignation or removal of
Escrow Agent. Escrow Agent is authorized to, and may, disburse to itself from
the Escrow Funds, from time to time, the amount of any compensation and
reimbursement of out-of-pocket expenses due and payable hereunder (including
any amount to which Escrow Agent or any Indemnified Party is entitled to seek
indemnification pursuant to Section 9 hereof).  Escrow Agent shall notify the Representatives of any disbursement
from the Escrow Funds to itself or any Indemnified Party in respect of any
compensation or reimbursement hereunder and shall furnish to the
Representatives copies of all related invoices and other statements.  Recipient, Depositor and the Representatives
hereby grant to Escrow Agent and the Indemnified Parties a security interest in
and lien upon the Escrow Funds to secure all obligations with respect to the
right to offset the amount of any compensation or reimbursement due any of them
hereunder (including any claim for indemnification pursuant to Section 9
hereof) against the Escrow Funds.  If
for any reason funds in the Escrow Funds are insufficient to cover such
compensation and reimbursement, Depositor and Recipient shall promptly pay such
amounts to Escrow Agent or any Indemnified Party upon receipt of an itemized
invoice.

 

11.                                 Representations
and Warranties.  Each of Depositor
and Recipient respectively makes the following representations and warranties
to Escrow Agent:

 

(i)                                     It
is duly organized, validly existing,
and in good standing under the laws of the state of its incorporation or
organization, and has full power and authority to execute and deliver
this Escrow Agreement and to perform its obligations hereunder.

 

(ii)                                  This
Escrow Agreement has been duly approved by all necessary action, including any
necessary shareholder or membership approval, has been executed by its duly
authorized officers, and constitutes its valid and binding agreement
enforceable in

 

7

 

accordance with its terms, except as such
enforceability may be limited by general principles of equity or applicable
bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws
relating to, or affecting generally, the enforcement of applicable creditors’
rights and remedies.

 

(iii)                               The
execution, delivery, and performance of this Escrow Agreement is in accordance
with the Underlying Agreement and will not violate, conflict with, or cause a
default under its articles of incorporation, articles of organization, bylaws,
management agreement or other organizational document, as applicable, any
applicable law or regulation, any court order or administrative ruling or
decree to which it is a party or any of its property is subject, or any
agreement, contract, indenture, or other binding arrangement, including without
limitation the Underlying Agreement, to which it is a party or any of its
property is subject.

 

(iv)                              The
applicable persons designated on Schedule A hereto have been duly
appointed to act as its representatives hereunder and have full power and
authority to execute and deliver any Written Direction, to amend, modify or waive any
provision of this Escrow Agreement and to take any and all other actions as the
Representatives under this Escrow Agreement, all without further consent or
direction from, or notice to, it or any other party.

 

(v)                                 No
party other than the parties hereto has, or shall have, any lien, claim or
security interest in the Escrow Funds or any part thereof.  No financing statement under the Uniform
Commercial Code is on file in any jurisdiction claiming a security interest in
or describing (whether specifically or generally) the Escrow Funds or any part
thereof.

 

(vi)                              All
of its representations and warranties contained herein are true and complete as
of the date hereof.

 

12.                                 Identifying
Information.  Depositor and
Recipient acknowledge that a portion of the identifying information set forth
on Schedule A is being requested by the Escrow Agent in connection with
the USA Patriot Act, Pub.L.107-56 (the “Act”), and Depositor and Recipient
agree to provide any additional information requested by the Escrow Agent in
connection with the Act or any similar legislation or regulation to which
Escrow Agent is subject, in a timely manner. The Depositor and the Recipient
each represent that all identifying information set forth on Schedule A,
including without limitation, its Taxpayer Identification Number assigned by
the Internal Revenue Service or any other taxing authority, is true and
complete on the date hereof and will be true and complete at the time of any
disbursement of the Escrow Funds.

 

13.                                 Consent
to Jurisdiction and Venue.  In the
event that any party hereto commences a lawsuit or other proceeding relating to
or arising from this Escrow Agreement, the

 

8

 

parties hereto agree that the federal courts located in the County of
New York, State of New York shall have the sole and exclusive jurisdiction over
any such proceeding.  If such court
lacks federal subject matter jurisdiction, the parties agree that the state
courts located in the County of New York, State of New York shall have sole and
exclusive jurisdiction.  Any of these
courts shall be proper venue for any such lawsuit or judicial proceeding and
the parties hereto waive any objection to such venue.  The parties hereto consent to and agree to submit to the
jurisdiction of any of the courts specified herein and agree to accept service
of process to vest personal jurisdiction over them in any of these courts.

 

14.                                 Notice.  All notices, approvals, consents, requests,
and other communications hereunder shall be in writing and shall be deemed to
have been given when the writing is delivered if given or delivered by hand,
overnight delivery service or facsimile transmitter (with confirmed receipt) to
the address or facsimile number set forth on Schedule A hereto, or
to such other address as each party may designate for itself by like notice,
and shall be deemed to have been given on the date deposited in the mail, if
mailed, by first-class, registered or certified mail, postage prepaid,
addressed as set forth on Schedule A hereto, or to such other address as
each party may designate for itself by like notice.

 

15.                                 Amendment
or Waiver.  This Escrow Agreement
may be changed, waived, discharged or terminated only by a writing signed by
the Representatives and Escrow Agent. 
No delay or omission by any party in exercising any right with respect
hereto shall operate as a waiver.  A
waiver on any one occasion shall not be construed as a bar to, or waiver of,
any right or remedy on any future occasion.

 

16.                                 Severability.  To the extent any provision of this Escrow
Agreement is prohibited by or invalid under applicable law, such provision
shall be ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of
this Escrow Agreement.

 

17.                                 Governing
Law.  This Escrow Agreement shall be
construed and interpreted in accordance with the internal laws of the State of
New York without giving effect to the conflict of laws principles thereof.

 

18.                                 Entire
Agreement.  This Escrow Agreement
including the Schedules and Exhibits attached hereto constitutes the entire
agreement between the parties relating to the holding, investment and
disbursement of the Escrow Funds and sets forth in their entirety the
obligations and duties of Escrow Agent with respect to the Escrow Funds.

 

19.                                 Binding
Effect.  All of the terms of this
Escrow Agreement, as amended from time to time, shall be binding upon, inure to
the benefit of and be enforceable by the respective successors and assigns of
Depositor, Recipient and Escrow Agent.

 

9

 

20.                                 Execution
in Counterparts.  This Escrow
Agreement and any Written
Direction may be executed in two or more counterparts (including by
facsimile), which when so executed shall constitute one and the same agreement
or direction.

 

21.                                 Termination.  Upon the first to occur of the termination
of the Escrow Period, the disbursement of all amounts in the Escrow Funds
pursuant to Written
Directions or the disbursement of all amounts in the Escrow Funds into
court pursuant to Section 5 or Section 8 hereof, this Escrow
Agreement shall terminate and Escrow Agent shall have no further obligation or
liability whatsoever with respect to this Escrow Agreement or the Escrow Funds.

 

22.                                 Dealings.  The Escrow Agent and any stockholder,
director, officer or employee of the Escrow Agent may buy, sell, and deal in
any of the securities of the Depositor or Recipient and become pecuniary
interested in any transaction in which the Depositor or Recipient may be interested,
and contract and lend money to the Depositor or Recipient and otherwise act as
fully and freely as though it were not Escrow Agent under this Agreement.  Nothing herein shall preclude the Escrow
Agent from acting in any other capacity for the Depositor or Recipient or for
any other entity.

 

 

Remainder of Page Intentionally Left Blank

 

10

 

IN WITNESS WHEREOF,
the parties hereto have caused this Escrow Agreement to be executed under seal
as of the date first above written.

 

	
   

  	
  EMANCIPATION CAPITAL LP

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  EMANCIPATION CAPITAL,
  LLC,

  its general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Charles Frumberg 

  
	
   

  	
  Title:

  	
  Managing Member

  
					

 

[CORPORATE SEAL]

 

 

ATTEST:

 

	
   

  	
   

  
	
  Secretary

  
	
   

  
	
   

  	
  ARTEMIS INTERNATIONAL SOLUTIONS
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
  [CORPORATE SEAL]

  	
   

  
	
   

  	
   

  
	
  ATTEST:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Secretary

  
					

 

11

 

	
   

  	
  WACHOVIA
  BANK, NATIONAL ASSOCIATION

  as Escrow Agent

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Title: Assistant Vice President

  

 

12

 

SCHEDULE A

1.                                       Escrow
Funds.

 

Escrow Funds amount:                                                                                                                                                                                                                      Two
Million Three Hundred Forty Two Thousand Three Hundred and Seventy Dollars
($2,342,370)

 

Escrow Funds wiring
instructions:                                                                                                                                                          Wachovia
Bank, National Association

1525 W. W.T. Harris Boulevard

Charlotte, NC 28282

ABA# 053 000 219

Credit a/c 5000000016439 - Incoming

FFC:                 EMAN/ARTEMIS ESC 3572002227
Attn: 
CT- 4882 New York

 

2.                                       Escrow
Agent Fees.

 

	
  Acceptance Fee:

  	
   

  	
  $

  	
  1000

  	
   

  
	
  Annual Escrow
  Fee:

  	
   

  	
  $

  	
  2,500

  	
   

  
	
  Out-of-Pocket
  Expenses:

  	
   

  	
  $

  	
   

  	
   

  
	
  [Transactional
  Costs]:

  	
   

  	
  $

  	
   

  	
   

  
	
  [Other
  Fees/Attorney, etc.]:

  	
   

  	
  $

  	
   

  	
   

  
	
  TOTAL

  	
   

  	
  $

  	
   

  	
   

  

 

The Acceptance Fee and the Annual Escrow Fee are
payable upon execution of the escrow documents.  In the event the escrow is not funded, the Acceptance Fee and all
related expenses, including attorneys’ fees, remain due and payable, and if
paid, will not be refunded.  Annual fees
cover a full year in advance, or any part thereof, and thus are not pro-rated
in the year of termination.

 

The fees quoted in this schedule apply to services
ordinarily rendered in the administration of an Escrow Account and are subject
to reasonable adjustment based on final review of documents, or when the Escrow
Agent is called upon to undertake unusual duties or responsibilities, or as
changes in law, procedures, or the cost of doing business demand.  Services in addition to and not contemplated
in this Agreement, including, but not limited to, document amendments and
revisions, non-standard cash and/or investment transactions, calculations,
notices and reports, and legal fees, will be billed as extraordinary expenses.

 

Unless otherwise indicated, the above fees relate to
the establishment of one escrow account. 
Additional sub-accounts governed by the same Escrow Agreement may incur
an additional charge.  Transaction costs
include charges for wire transfers, checks, internal transfers and securities
transactions.

 

3.                                       Taxpayer
Identification Numbers.

 

Depositor:                                                                                        02-069-5738

 

Recipient:                                                                                           13-402-3714

 

A-1

 

4.                                       Termination
and Disbursement.  Unless earlier
terminated by the provisions of the Escrow Agreement, the Escrow Period will
terminate on July 16, 2004.  Any Escrow
Funds remaining on such date shall be distributed according to a Written
Instruction in accordance with Section 4 of the Escrow Agreement,
and any remaining amounts of the Escrow Funds shall automatically be
distributed 100% to Recipient and 0% to Depositor.

 

5.                                       Investment
Instructions

 

Goldman Sachs
Financial Square Government Administration Class Fund #466:

 

The minimum fee for sweeping funds into or out of the
fund selected is an annualized amount of 25/100 of 1% (25 basis points) and is
deducted from the interest posted to the account.

 

6.                                       Representatives.

 

The following person is
hereby designated and appointed as Investor Representative under the Escrow
Agreement:

 

	
   

  	
   

  	
   

  	
   

  
	
  Name: Charles Frumberg

  	
  Specimen Signature

  

 

The following person is hereby designated and
appointed as Recipient Representative under the Escrow Agreement:

 

	
   

  	
   

  	
   

  	
   

  
	
  Name: Charles Savoni

  	
  Specimen signature

  

 

7.                                       Representative
Information.  The following
information should be provided to Escrow Agent separately by each
Representative and any future Representative:

 

1.  Date of Birth

2.  Address

3.  Mailing Address, if different

4.  Social Security Number

 

A-2

 

8.                                       Notice
Addresses.

Principal Place of
Business,

if different

If to Depositor at:                                                c/o Emancipation Capital LLC

153 East 53rd Street

26th Floor

New York, New York  10022

Attention:   Jonathan Rothenberg

Charlie Frumberg

Facsimile:  (212) 521-5036

Telephone: (212) 521-5033

 

with a copy (for informational purposes) to:

 

Schulte Roth & Zabel LLP

919 Third Avenue

New York, New York 
10022

Telephone:                                    (212) 756-2000

Facsimile:                                            (212)
593-5955

Attention:                                         Michael R.
Littenberg, Esq.

 

If to Recipient at:                                                   Artemis International

Solutions Corporation
4041 MacArthur Blvd.,
Suite 401
Newport Beach, California
92660

ATTN: Charles S. Savoni

Facsimile: 949-660-6503

Telephone: 949-660-6550

E-mail: charles.savoni@us.aisc.com

 

If to the Escrow

Agent at:                                                                                              Wachovia
Bank, National Association, as Escrow Agent

One Penn Plaza, Suite 1414

New York, NY 10119

ATTENTION: Corporate Trust – NY4040

Facsimile: 212-273-7015

 

A-3

 

Exhibit A

 

[Letterhead]

 

[Date]

 

 

Dear Escrow Agent:

 

Pursuant to
Section 4 of that certain Escrow Agreement, dated as of June
    , 2004, by and among Emancipation Capital LP
(“Depositor”), Artemis International Solutions Corporation (“Recipient”) and
Wachovia Bank (“Escrow Agent”), please consider this letter as an authorization
by the Depositor to release to Recipient the entire amount of the Escrow Funds
to the account designated on Schedule 1 attached hereto.

 

 

Sincerely,

 

 

	
  EMANCIPATION CAPITAL LP

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  EMANCIPATION CAPITAL,
  LLC,

  
	
   

  	
  its general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Charles Frumberg

  
	
   

  	
  Title:

  	
  Managing Member

  
				

 

 

Exhibit B

 

[Letterhead]

 

[Date]

 

 

Dear Escrow Agent:

 

Pursuant to
Section 4 of that certain Escrow Agreement, dated as of June
    , 2004, by and among Emancipation Capital LP
(“Depositor”), Artemis International Solutions Corporation (“Recipient”) and
Wachovia Bank (“Escrow Agent”), please consider this letter as an authorization
by the Depositor to release (i) to Laurus Master Fund Ltd, from the Escrow
Funds, an aggregate amount of
[                        
($                )](1)
and (ii) to the Recipient any remaining amounts of the Escrow Funds to the
account designated on Schedule 1 attached hereto.

 

 

Sincerely,

 

 

	
  EMANCIPATION CAPITAL LP

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  EMANCIPATION CAPITAL,
  LLC,

  
	
   

  	
  its general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Charles Frumberg

  
	
   

  	
  Title:

  	
  Managing Member

  
				

 

(1) To be completed by Depositor in accordance with Section 4 of the Escrow
Agreement.

 

2

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