Document:

REGISTRATION
      RIGHTS AGREEMENT

     

    This
      Registration Rights Agreement (this “Agreement”)
      is
      made and entered into effective as of __________, 2008 between La Cortez Energy,
      Inc. (f/k/a La Cortez Enterprises, Inc.), a Nevada corporation (the
“Company”)
      and
      the persons who have executed the signature page(s) hereto (each, a
“Purchaser”
and
      collectively, the “Purchasers”).

     

    RECITALS:

     

    WHEREAS,
      to provide capital required by the Company for working capital and other
      purposes, the Company has offered in compliance with Rule 506 of Regulation
      D
      and/or Regulation S of the Securities Act (as defined herein), to investors
      in a
      private placement transaction (the “PPO”),
      units
      (“Units”)
      of its
      securities, each Unit consisting of one share of Common Stock (the “Investor
      Shares”)
      and a
      common stock purchase warrant (the “Investor
      Warrants”)
      to
      purchase one-half share of Common Stock; and

     

    WHEREAS,
      the initial closing of the PPO will have taken place on or prior to the
      Effective Date (as defined below); and

     

    WHEREAS,
      in connection with the PPO, the Company agrees to provide certain “piggyback”
registration rights and contingent demand registration rights related to the
      Investor Shares and the shares of Common Stock issuable upon exercise of the
      Investor Warrants, on the terms set forth herein;

     

    NOW,
      THEREFORE,
      in
      consideration of the mutual promises, representations, warranties, covenants,
      and conditions set forth herein, the parties mutually agree as follows:

     

    1. Certain
      Definitions.
      As used
      in this Agreement, the following terms shall have the following respective
      meanings:

     

    “Approved
      Market”
means
      the Over-the-Counter Bulletin Board, the Nasdaq Stock Market, the New York
      Stock
      Exchange or the American Stock Exchange.

     

    “Blackout
      Period”
means,
      with respect to a registration, a period, in each case commencing on the day
      immediately after the Company notifies the Purchasers that they are required,
      because of the occurrence of an event of the kind described in Section 4(f)
      hereof, to suspend offers and sales of Registrable Securities during which
      the
      Company, in the good faith judgment of its board of directors, determines
      (because of the existence of, or in anticipation of, any acquisition, financing
      activity, or other transaction involving the Company, or the unavailability
      for
      reasons beyond the Company’s control of any required financial statements,
      disclosure of information which is in its best interest not to publicly
      disclose, or any other event or condition of similar significance to the
      Company) that the registration and distribution of the Registrable Securities
      to
      be covered by such Registration Statement, if any, would be seriously
      detrimental to the Company and its stockholders and ending on the earlier of
      (1)
      the date upon which the material non-public information commencing the Blackout
      Period is disclosed to the public or ceases to be material and (2) such time
      as
      the Company notifies the selling Holders that sales pursuant to such
      Registration Statement or a new or amended Registration Statement may
      resume.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “Business
      Day”
means
      any day of the year, other than a Saturday, Sunday, or other day on which the
      Commission is required or authorized to close.

     

    “Commission”
means
      the U. S. Securities and Exchange Commission or any other federal agency at
      the
      time administering the Securities Act.

     

    “Common
      Stock”
means
      the common stock, par value $0.001 per share, of the Company and any and all
      shares of capital stock or other equity securities of: (i) the Company which
      are
      added to or exchanged or substituted for the Common Stock by reason of the
      declaration of any stock dividend or stock split, the issuance of any
      distribution or the reclassification, readjustment, recapitalization or other
      such modification of the capital structure of the Company; and (ii) any other
      corporation, now or hereafter organized under the laws of any state or other
      governmental authority, with which the Company is merged, which results from
      any
      consolidation or reorganization to which the Company is a party, or to which
      is
      sold all or substantially all of the shares or assets of the Company, if
      immediately after such merger, consolidation, reorganization or sale, the
      Company or the stockholders of the Company own equity securities having in
      the
      aggregate more than 50% of the total voting power of such other
      corporation.

     

    “Demand
      Registration”
means
      the right of each Holder to include the Registrable Common Shares of such Holder
      in a demand registration in accordance with Section 3(c) of this
      Agreement.

     

    “Effective
      Date”
means
      the date of the final closing of the PPO.

     

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

     

    “Family
      Member”
means
      (a) with respect to any individual, such individual’s spouse, any descendants
      (whether natural or adopted), any trust all of the beneficial interests of
      which
      are owned by any of such individuals or by any of such individuals together
      with
      any organization described in Section 501(c)(3) of the Internal Revenue Code
      of
      1986, as amended, the estate of any such individual, and any corporation,
      association, partnership or limited liability company all of the equity
      interests of which are owned by those above described individuals, trusts or
      organizations and (b) with respect to any trust, the owners of the beneficial
      interests of such trust.

     

    “Holder”
means
      each Purchaser or any of such Purchaser’s respective successors and Permitted
      Assignees who acquire rights in accordance with this Agreement with respect
      to
      any Registrable Securities directly or indirectly from a Purchaser or from
      any
      Permitted Assignee.

     

    “Investor
      Shares”
has
      the
      meaning given it in the recitals of this Agreement.

     

    “Investor
      Warrants”
has
      the
      meaning given it in the recitals of this Agreement.

    
      
        
        

      

      
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    “Majority
      Holders”
means
      at any time Holders representing a majority of the Registrable
      Securities.

     

    “Permitted
      Assignee”
means
      (a) with respect to a partnership, its partners or former partners in accordance
      with their partnership interests, (b) with respect to a corporation, its
      stockholders in accordance with their interest in the corporation, (c) with
      respect to a limited liability company, its members or former members in
      accordance with their interest in the limited liability company, (d) with
      respect to an individual party, any Family Member of such party, (e) an entity
      that is controlled by, controls, or is under common control with a transferor,
      or (f) a party to this Agreement.

     

    “Piggyback
      Registration”
means,
      in any registration of Common Stock referenced in Section 3(a) of this
      Agreement, the right of each Holder to include the Registrable Securities of
      such Holder in such registration.

     

    The
      terms
“register,”
      “registered,”
and
      “registration”
refer
      to a registration effected by preparing and filing a registration statement
      in
      compliance with the Securities Act, and the declaration or ordering of the
      effectiveness of such registration statement.

     

    “Registrable
      Common Shares”
means
      the Investor Shares (and not including the Registrable Warrant Shares) but
      excluding (i) any Registrable Common Shares that have been publicly sold or
      may
      be immediately sold under the Securities Act either pursuant to Rule 144 of
      the
      Securities Act or otherwise during any ninety (90) day period; (ii) any
      Registrable Common Shares sold by a person in a transaction pursuant to a
      registration statement filed under the Securities Act, or (iii) any Registrable
      Common Shares that are at the time subject to an effective registration
      statement under the Securities Act. 

     

    “Registrable
      Securities”
means
      the Registrable Common Shares together with the Registrable Warrant Shares.
      

     

    “Registrable
      Warrant Shares”
means
      the shares of Common Stock issued or issuable to each Purchaser upon exercise
      of
      the Investor Warrants but excluding (i) any Registrable Warrant Shares that
      have
      been publicly sold or may be immediately sold under the Securities Act either
      pursuant to Rule 144 of the Securities Act or otherwise during any ninety (90)
      day period; (ii) any Registrable Warrant Shares sold by a person in a
      transaction pursuant to a registration statement filed under the Securities
      Act,
      or (iii) any Registrable Warrant Shares that are at the time subject to an
      effective registration statement under the Securities Act. 

     

    “Registration
      Default Date”
means
      the date that is 120 days after the Registration Filing Date.

     

    “Registration
      Default Period”
means
      the period following the Registration Default Date during which any Registration
      Event occurs and is continuing.

     

    “Registration
      Event”
means
      the occurrence of any of the following events:

     

    (a) the
      Company fails to file with the Commission the Registration Statement on or
      before the Registration Filing Date;

    
      
        
        

      

      
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    (b) the
      Registration Statement is not declared effective by the Commission on or before
      the Registration Default Date; 

     

    (c) after
      the
      SEC Effective Date, the Registration Statement ceases for any reason to remain
      continuously effective or the Holders are otherwise not permitted to utilize
      the
      prospectus therein to resell the Registrable Securities (including a Blackout
      Period), for more than fifteen (15) consecutive calendar days, except as excused
      pursuant to Section 3(a); or.

     

    (d) the
      Common Stock generally or the Registrable Securities specifically are not listed
      or included for quotation on an Approved Market, or trading of the Common Stock
      is suspended or halted on the Approved Market, which at the time constitutes
      the
      principal market for the Common Stock, for more than two (2) full, consecutive
      Trading Days; provided,
      however,
      a
      Registration Event shall not be deemed to occur if all or substantially all
      trading in equity securities (including the Common Stock) is suspended or halted
      on the Approved Market for any length of time.

     

    “Registration
      Filing Date”
means
      the date that is 90 days after the Company receives notice from the Majority
      Holders of their intent to exercise their demand registration rights pursuant
      to
      Section 3(c) of this Agreement. 

     

    “Registration
      Statement”
means
      the registration statement that the Company may be required to file pursuant
      to
      Section 3(c) of this Agreement to register the Registrable Common
      Shares.

     

    “Rule
      145”
means
      Rule 145 promulgated by the Commission under the Securities Act, as such rule
      may be amended or supplemented from time to time, or any similar successor
      rule
      that may be promulgated by the Commission.

     

    “Rule
      144”
means
      Rule 144 promulgated by the Commission under the Securities Act, as such rule
      may be amended or supplemented from time to time, or any similar successor
      rule
      that may be promulgated by the Commission. 

     

    “Rule
      415”
means
      Rule 415 promulgated by the Commission under the Securities Act, as such rule
      may be amended or supplemented from time to time, or any similar successor
      rule
      that may be promulgated by the Commission. 

     

    “Securities
      Act”
means
      the Securities Act of 1933, as amended, or any similar federal statute
      promulgated in replacement thereof, and the rules and regulations of the
      Commission thereunder, all as the same shall be in effect at the
      time.

     

    “SEC
      Effective Date”
means
      the date the Registration Statement is declared effective by the
      Commission.

     

    “Trading
      Day”
means
      any day on which such national securities exchange, the Over-the-Counter
      Bulletin Board or such other securities market or quotation system, which at
      the
      time constitutes the principal securities market for the Common Stock, is open
      for general trading of securities.

    
      
        
        

      

      
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    2. Term.
      This
      Agreement shall terminate on the earlier of: (i) two years from the Effective
      Date; (ii) such
      date
      on which
      all shares of Registrable Securities held or entitled to be held upon conversion
      by such Holder may immediately be sold under Rule 144 during any ninety
      (90) day period; or (iii) unless terminated sooner hereunder.

     

    3. Registration.

     

    (a) Piggyback
      Registration.
      If the
      Company shall determine to register for sale for cash any of its Common Stock,
      for its own account or for the account of others (other than the Holders),
      other
      than (i) a registration relating solely to employee benefit plans or securities
      issued or issuable to employees, consultants (to the extent the securities
      owned
      or to be owned by such consultants could be registered on Form S-8) or any
      of
      their Family Members (including a registration on Form S-8) or (ii) a
      registration relating solely to a Securities Act Rule 145 transaction or a
      registration on Form S-4 in connection with a merger, acquisition, divestiture,
      reorganization or similar event, the Company shall promptly give to the Holders
      written notice thereof (and in no event shall such notice be given less than
      20
      calendar days prior to the filing of such registration statement), and shall
      include as a Piggyback Registration all of the Registrable Securities specified
      in a written request delivered by the Holder thereof within 10 calendar days
      after receipt of such written notice from the Company. However, the Company
      may,
      without the consent of the Holders, withdraw such registration statement prior
      to its becoming effective if the Company or such other stockholders have elected
      to abandon the proposal to register the securities proposed to be registered
      thereby. 

     

    (b) Underwriting.
      If a
      Piggyback Registration is for a registered public offering that is to be made
      by
      an underwriting, the Company shall so advise the Holders of the Registrable
      Securities eligible for inclusion in such registration statement pursuant to
      Section 3(a). In that event, the right of any Holder to Piggyback Registration
      shall be conditioned upon such Holder’s participation in such underwriting and
      the inclusion of such Holder’s Registrable Securities in the underwriting to the
      extent provided herein. All Holders proposing to sell any of their Registrable
      Securities through such underwriting shall (together with the Company and any
      other stockholders of the Company selling their securities through such
      underwriting) enter into an underwriting agreement in customary form with the
      underwriter selected for such underwriting by the Company or the selling
      stockholders, as applicable. Notwithstanding any other provision of this
      Section, if the underwriter or the Company determines that marketing factors
      require a limitation on the number of shares of Common Stock or the amount
      of
      other securities to be underwritten, the underwriter may exclude some or all
      Registrable Securities from such registration and underwriting. The Company
      shall so advise all Holders (except those Holders who failed to timely elect
      to
      include their Registrable Securities through such underwriting or have indicated
      to the Company their decision not to do so), and indicate to each such Holder
      the number of shares of Registrable Securities that may be included in the
      registration and underwriting, if any. The number of shares of Registrable
      Securities to be included in such registration and underwriting shall be
      allocated among such Holders as follows: 

     

    (i) If
      the
      Piggyback Registration was initiated by the Company, the number of shares that
      may be included in the registration and underwriting shall be allocated first
      to
      the Company and then, subject to obligations and commitments existing as of
      the
      date hereof, to all selling stockholders, including the Holders, who have
      requested to sell in the registration on a pro rata basis according to the
      number of shares requested to be included therein; and

    
      
        
        

      

      
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    (ii) If
      the
      Piggyback Registration was initiated by the exercise of demand registration
      rights by a stockholder or stockholders of the Company (other than the Holders),
      then the number of shares that may be included in the registration and
      underwriting shall be allocated first to such selling stockholders who exercised
      such demand and then, subject to obligations and commitments existing as of
      the
      date hereof, to all other selling stockholders, including the Holders, who
      have
      requested to sell in the registration on a pro rata basis according to the
      number of shares requested to be included therein.

     

    No
      Registrable Securities excluded from the underwriting by reason of the
      underwriter’s marketing limitation shall be included in such registration. If
      any Holder disapproves of the terms of any such underwriting, such Holder may
      elect to withdraw such Holder’s Registrable Securities therefrom by delivering a
      written notice to the Company and the underwriter. The Registrable Securities
      so
      withdrawn from such underwriting shall also be withdrawn from such registration;
      provided,
      however,
      that,
      if by the withdrawal of such Registrable Securities, a greater number of
      Registrable Securities held by other Holders may be included in such
      registration (up to the maximum of any limitation imposed by the underwriters),
      then the Company shall offer to all Holders who have included Registrable
      Securities in the registration the right to include additional Registrable
      Securities pursuant to the terms and limitations set forth herein in the same
      proportion used above in determining the underwriter limitation. 

     

    (c) Demand
      Registration on Form S-1.
      If the
      Company fails to file a registration statement under Section 3(a) within 180
      days of the Effective Date, then upon a written request to the Company by the
      Majority Holders, the Company shall file with the Commission, not later than
      the
      Registration Filing Date, a Registration Statement on Form S-1, or other
      applicable form, relating to the resale by the Holders of all of the Registrable
      Common Shares, and the Company shall use its commercially reasonable efforts
      to
      cause such Registration Statement to be declared effective prior to the
      Registration Default Date; provided,
      that
      the Company shall not be obligated to effect any such registration,
      qualification or compliance pursuant to this Section, or keep such registration
      effective pursuant to the terms hereunder in any particular jurisdiction in
      which the Company would be required to qualify to do business as a foreign
      corporation or as a dealer in securities under the securities laws of such
      jurisdiction or to execute a general consent to service of process in effecting
      such registration, qualification or compliance, in each case where it has not
      already done so. Notwithstanding the foregoing, in the event that the Commission
      limits the amount of Registrable Common Shares that may be sold, the Company
      may
      scale back from the Registration Statement such number of Registrable Common
      Shares on a pro-rata basis. In such event, the Company shall give the Purchasers
      prompt notice of the number of Registrable Common Shares excluded
      therein.

     

    (d) Other
      Registrations.
      Before
      such date that is six months following the SEC Effective Date, the Company
      will
      not, without the prior written consent of the Majority Holders, file any other
      registration statement with the Commission or request the acceleration of any
      other registration statement filed with the Commission, and during any time
      subsequent to the SEC Effective Date when the Registration Statement for any
      reason is not available for use by any Holder for the resale of any Registrable
      Common Shares, the Company shall not, without the prior written consent of
      the
      Majority Holders, file any other registration statement or any amendment thereto
      with the Commission under the Securities Act or request the acceleration of
      the
      effectiveness of any other registration statement previously filed with the
      Commission, other than (i) any registration statement on Form S-8 or Form S-4
      and (ii) any registration statement or amendment which the Company is required
      to file or as to which the Company is required to request acceleration pursuant
      to any obligation in effect on the date of execution and delivery of this
      Agreement.

    
      
        
        

      

      
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    (e) Occurrence
      of Registration Event.
      If a
      Registration Event occurs, then the Company will make payments to each Holder
      of
      Investor Shares (a “Qualified
      Purchaser”),
      as
      liquidated damages for the amount of damages to the Qualified Purchaser by
      reason thereof, at a rate equal to 1.25% of the purchase price per share paid
      by
      such Holder in the PPO for the Registrable Common Shares then held by each
      Qualified Purchaser for each full period of 30 days of the Registration Default
      Period (which shall be pro-rated for any period less than 30 days); provided,
      however,
      if a
      Registration Event occurs (or is continuing) on a date after which any of the
      Investor Shares cease to be Registrable Common Shares (pursuant to the
      availability of Rule 144, an alternate registration statement, or other
      exclusions set forth in the definition of Registrable Common Shares), liquidated
      damages shall be paid only with respect to that portion of the Qualified
      Purchaser’s Registrable Common Shares that are then Registrable Common Shares.
      Notwithstanding the foregoing, the maximum amount of liquidated damages that
      may
      be paid to any Qualified Purchaser pursuant to this Section 3(e) shall be an
      amount equal to 15% of the purchase price per share paid by such Holder in
      the
      PPO for the Registrable Common Shares held by such Qualified Purchaser at the
      time of the first occurrence of a Registration Event. Each such payment shall
      be
      due and payable within five (5) days after the end of each full 30-day period
      of
      the Registration Default Period until the termination of the Registration
      Default Period and within five (5) days after such termination. Such payments
      shall constitute the Qualified Purchaser’s exclusive remedy for such events. If
      the Company fails to pay any partial liquidated damages pursuant to this Section
      in full within seven days after the date payable, the Company will pay interest
      thereon at a rate of 8% per annum (or such lesser maximum amount that is
      permitted to be paid by applicable law) to the Holder, accruing daily from
      the
      date such partial liquidated damages are due until such amounts, plus all such
      interest thereon, are paid in full. The Registration Default Period shall
      terminate upon (i) the filing of the Registration Statement in the case of
      clause (a) of the definition of Registration Event, (ii) the SEC Effective
      Date
      in the case of clause (b) of the definition of Registration Event, (iii) the
      ability of the Qualified Purchaser to effect sales pursuant to the Registration
      Statement in the case of clause (c) of the definition of Registration Event,
      provided,
      however,
      that in
      the case of clause (c) a Registration Event will not be deemed to have occurred
      until the date on which the fifteen (15) day period is exceeded, (iv) the
      listing or inclusion and/or trading of the Common Stock on an Approved Market,
      as the case may be, in the case of clause (d) of the definition of Registration
      Event, and (v) in the case of the events described in clauses (b) and (c) of
      the
      definition of Registration Event, the earlier termination of the Registration
      Default Period. The amounts payable as liquidated damages pursuant to this
      Section 3(e) shall be payable in lawful money of the United States. Amounts
      payable as liquidated damages to each Qualified Purchaser hereunder with respect
      to each share of Registrable Common Shares shall cease when the Qualified
      Purchaser no longer holds such Registrable Common Shares or all such Investor
      Shares can be immediately sold by the Qualified Purchaser in reliance on Rule
      144 or are otherwise no longer Registrable Common Shares as defined in this
      Agreement. Notwithstanding the foregoing, the Company will not be liable for
      the
      payment of liquidated damages described in this Section 3(e) for any delay
      in
      registration of the Registrable Common Shares that may be included and sold
      by
      the Qualified Purchasers in the Registration Statement pursuant to Rule 415
      solely as a result of a comment received by the SEC requiring a limit on the
      number of Registrable Common Shares included in such Registration Statement
      in
      order for such Registration Statement to be able to avail itself of Rule 415.
      In
      the event of any such delay, the Company will use its commercially reasonable
      efforts at the first opportunity that is permitted by the Commission to register
      for resale the Registrable Common Shares that have been cut back from being
      registered pursuant to Rule 415 only with respect to that portion of the
      Qualified Purchasers’ Registrable Common Shares that are then Registrable Common
      Shares. Notwithstanding anything to the contrary contained herein, in no event
      shall the Company be liable for payment of liquidating damages in connection
      with the Registrable Warrant Shares.

    
      
        
        

      

      
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    (f) Notwithstanding
      the provisions of Section 3(e) above, (a) if the Commission does not declare
      the
      Registration Statement effective on or before the Registration Default Date,
      or
      (b) if the Commission allows the Registration Statement to be declared effective
      at any time before or after the Registration Default Date, subject to the
      withdrawal of certain Registrable Common Shares from the Registration Statement,
      and the reason for (a) or (b) is the Commission’s determination that (x) the
      offering of any of the Registrable Common Shares constitutes a primary offering
      of securities by the Company, (y) Rule 415 may not be relied upon for the
      registration of the resale of any or all of the Registrable Common Shares,
      and/or (z) a Holder of any Registrable Common Shares must be named as an
      underwriter, the Holders understand and agree that in the case of (b) the
      Company may reduce, on a pro
      rata
      basis,
      the total number of Registrable Common Shares to be registered on behalf of
      each
      such Holder, and in the case of (a) or (b) the overall limit of partial
      liquidated damages that a Holder shall be entitled to with respect to the
      Registrable Common Shares not registered for the reason set forth in (a) or
      so
      reduced on a pro
      rata
      basis as
      set forth in (b) shall be an aggregate of 7.5% of the aggregate purchase price
      paid by such Holder for such securities. In addition, any such affected Holder
      shall have demand registration rights after the Registration Statement is
      declared effective by the Commission until such time as: (AA) all Registrable
      Common Shares have been registered pursuant to an effective Registration
      Statement, (BB) the Registrable Common Shares may be resold without restriction
      pursuant to Rule 144 of the Securities Act, or (CC) the Holder agrees to be
      named as an underwriter in any such registration statement. The Holders
      acknowledge and agree the provisions of this paragraph may apply to more than
      one Registration Statement.

     

    4. Registration
      Procedures for Registrable Common Shares.
      The
      Company will keep each Holder reasonably advised as to the filing and
      effectiveness of the Registration Statement. At its expense with respect to
      the
      Registration Statement, the Company will:

     

    (a) prepare
      and file with the Commission with respect to the Registrable Common Shares,
      a
      Registration Statement on Form S-1, or any other form for which the Company
      then
      qualifies or which counsel for the Company shall deem appropriate and which
      form
      shall be available for the sale of the Registrable Common Shares in accordance
      with the intended methods of distribution thereof, and use its commercially
      reasonable efforts to cause such Registration Statement to become effective
      and
      shall remain effective for a period of one year or for such shorter period
      ending on the earlier to occur of (i) the sale of all Registrable Common Shares
      and (ii) the availability under Rule 144 for the Holder to sell the Registrable
      Common Shares (the “Effectiveness
      Period”).
      Each
      Holder agrees to furnish to the Company a completed questionnaire in the form
      attached to this Agreement as Annex
      A
      (a
“Selling
      Shareholder Questionnaire”)
      not
      later than three (3) Business Days following the date on which such Holder
      receives draft materials of such Registration Statement;

    
      
        
        

      

      
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    (b) if
      the
      Registration Statement is subject to review by the Commission, promptly respond
      to all comments and diligently pursue resolution of any comments to the
      satisfaction of the Commission;

     

    (c) prepare
      and file with the Commission such amendments and supplements to such
      Registration Statement as may be necessary to keep such Registration Statement
      effective during the Effectiveness Period;

     

    (d) furnish,
      without charge, to each Holder of Registrable Common Shares covered by such
      Registration Statement (i) a reasonable number of copies of such Registration
      Statement (including any exhibits thereto other than exhibits incorporated
      by
      reference), each amendment and supplement thereto as such Holder may reasonably
      request, (ii) such number of copies of the prospectus included in such
      Registration Statement (including each preliminary prospectus and any other
      prospectus filed under Rule 424 of the Securities Act) as such Holders may
      reasonably request, in conformity with the requirements of the Securities Act,
      and (iii) such other documents as such Holder may require to consummate the
      disposition of the Registrable Common Shares owned by such Holder, but only
      during the Effectiveness Period;

     

    (e) use
      its
      commercially reasonable efforts to register or qualify such registration under
      such other applicable securities laws of such jurisdictions as any Holder of
      Registrable Common Shares covered by such Registration Statement reasonably
      requests and as may be necessary for the marketability of the Registrable Common
      Shares (such request to be made by the time the applicable Registration
      Statement is deemed effective by the Commission) and do any and all other acts
      and things necessary to enable such Holder to consummate the disposition in
      such
      jurisdictions of the Registrable Common Shares owned by such Holder;
provided,
      that
      the Company shall not be required to (i) qualify generally to do business in
      any
      jurisdiction where it would not otherwise be required to qualify but for this
      paragraph, (ii) subject itself to taxation in any such jurisdiction, or (iii)
      consent to general service of process in any such jurisdiction.

     

    (f) as
      promptly as practicable after becoming aware of such event, notify each Holder
      of Registrable Common Shares, the disposition of which requires delivery of
      a
      prospectus relating thereto under the Securities Act, of the happening of any
      event, which comes to the Company’s attention, that will after the occurrence of
      such event cause the prospectus included in such Registration Statement, if
      not
      amended or supplemented, to contain an untrue statement of a material fact
      or an
      omission to state a material fact required to be stated therein or necessary
      to
      make the statements therein not misleading and the Company shall promptly
      thereafter prepare and furnish to such Holder a supplement or amendment to
      such
      prospectus (or prepare and file appropriate reports under the Exchange Act)
      so
      that, as thereafter delivered to the purchasers of such Registrable Common
      Shares, such prospectus shall not contain an untrue statement of a material
      fact
      or omit to state any material fact required to be stated therein or necessary
      to
      make the statements therein not misleading, unless suspension of the use of
      such
      prospectus otherwise is authorized herein or in the event of a Blackout Period,
      in which case no supplement or amendment need be furnished (or Exchange Act
      filing made) until the termination of such suspension or Blackout Period;

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    (g) comply,
      and continue to comply during the Effectiveness Period, in all material respects
      with the Securities Act and the Exchange Act and with all applicable rules
      and
      regulations of the Commission with respect to the disposition of all securities
      covered by such Registration Statement;

     

    (h) as
      promptly as practicable after becoming aware of such event, notify each Holder
      of Registrable Common Shares being offered or sold pursuant to the Registration
      Statement of the issuance by the Commission of any stop order or other
      suspension of effectiveness of the Registration Statement;

     

    (i) use
      its
      commercially reasonable efforts to cause all the Registrable Common Shares
      covered by the Registration Statement to be quoted on the OTC Bulletin Board
      or
      such other principal securities market on which securities of the same class
      or
      series issued by the Company are then listed or traded; 

     

    (j) provide
      a
      transfer agent and registrar, which may be a single entity, for the shares
      of
      Common Stock at all times;

     

    (k) cooperate
      with the Holders of Registrable Common Shares being offered pursuant to the
      Registration Statement to issue and deliver, or cause its transfer agent to
      issue and deliver, certificates representing Registrable Common Shares to be
      offered pursuant to the Registration Statement within a reasonable time after
      the delivery of certificates representing the Registrable Common Shares to
      the
      transfer agent or the Company, as applicable, and enable such certificates
      to be
      in such denominations or amounts as the Holders may reasonably request and
      registered in such names as the Holders may request;

     

    (l) during
      the Effectiveness Period, refrain from bidding for or purchasing any Common
      Stock or any right to purchase Common Stock or attempting to induce any person
      to purchase any such security or right if such bid, purchase or attempt would
      in
      any way limit the right of the Holders to sell Registrable Common Shares by
      reason of the limitations set forth in Regulation M of the Exchange Act;
      and

     

    (m) take
      all
      other reasonable actions necessary to expedite and facilitate the disposition
      by
      the Holders of the Registrable Common Shares pursuant to the Registration
      Statement during the term of this Agreement.

     

    5. Suspension
      of Offers and Sales.
      Each
      Holder agrees that, upon receipt of any notice from the Company of the happening
      of any event of the kind described in Section 4(f) hereof or of the commencement
      of a Blackout Period, such Holder shall discontinue the disposition of
      Registrable Common Shares included in the Registration Statement until such
      Holder’s receipt of the copies of the supplemented or amended prospectus
      contemplated by Section 4(f) hereof or notice of the end of the Blackout Period,
      and, if so directed by the Company, such Holder shall deliver to the Company
      (at
      the Company’s expense) all copies (including, without limitation, any and all
      drafts), other than permanent file copies, then in such Holder’s possession, of
      the prospectus covering such Registrable Common Shares current at the time
      of
      receipt of such notice.

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    6. Registration
      Expenses.
      The
      Company shall pay all expenses in connection with any registration obligation
      provided herein, including, without limitation, all registration, filing, stock
      exchange fees, printing expenses, all fees and expenses of complying with
      applicable securities laws, and the fees and disbursements of counsel for the
      Company and of its independent accountants; provided,
      that,
      in any underwritten registration, each party shall pay for its own underwriting
      discounts and commissions and transfer taxes. Except as provided in this Section
      and Section 9, the Company shall not be responsible for the expenses of any
      attorney or other advisor employed by a Holder.

     

    7. Assignment
      of Rights.
      No
      Holder may assign its rights under this Agreement to any party without the
      prior
      written consent of the Company; provided,
      however,
      that
      any Holder may assign its rights under this Agreement without such consent
      to a
      Permitted Assignee as long as (a) such transfer or assignment is effected in
      accordance with applicable securities laws; (b) such transferee or assignee
      agrees in writing to become subject to the terms of this Agreement; and (c)
      such
      Holder notifies the Company in writing of such transfer or assignment, stating
      the name and address of the transferee or assignee and identifying the
      Registrable Securities with respect to which such rights are being transferred
      or assigned.

     

    8. Information
      by Holder.
      Holders
      included in any registration shall furnish to the Company such information
      as
      the Company may reasonably request in writing regarding such Holders and the
      distribution proposed by such Holders including an updated Selling Shareholder
      Questionnaire if requested by the Company.

     

    9. Indemnification.

     

    (a) In
      the
      event of the offer and sale of Registrable Securities under the Securities
      Act,
      the Company shall, and hereby does, indemnify and hold harmless, to the fullest
      extent permitted by law, each Holder, its directors, officers, partners, each
      other person who participates as an underwriter in the offering or sale of
      such
      securities, and each other person, if any, who controls or is under common
      control with such Holder or any such underwriter within the meaning of Section
      15 of the Securities Act, against any losses, claims, damages or liabilities,
      joint or several, and expenses to which the Holder or any such director,
      officer, partner or underwriter or controlling person may become subject under
      the Securities Act or otherwise, insofar as such losses, claims, damages,
      liabilities or expenses (or actions or proceedings, whether commenced or
      threatened, in respect thereof) arise out of or are based upon any untrue
      statement of any material fact contained in any registration statement prepared
      and filed by the Company under which Registrable Securities were registered
      under the Securities Act, any preliminary prospectus, final prospectus or
      summary prospectus contained therein, or any amendment or supplement thereto,
      or
      any omission to state therein a material fact required to be stated or necessary
      to make the statements therein in light of the circumstances in which they
      were
      made not misleading, and the Company shall reimburse the Holder, and each such
      director, officer, partner, underwriter and controlling person for any legal
      or
      any other expenses reasonably incurred by them in connection with investigating,
      defending or settling any such loss, claim, damage, liability, action or
      proceeding; provided,
      that
      such indemnity agreement found in this Section 9(a) shall in no event exceed
      the
      net proceeds from the PPO, received by the Company; and provided
      further,
      that
      the Company shall not be liable in any such case (i) to the extent that any
      such
      loss, claim, damage, liability (or action or proceeding in respect thereof)
      or
      expense arises out of or is based upon an untrue statement in or omission from
      such registration statement, any such preliminary prospectus, final prospectus,
      summary prospectus, amendment or supplement in reliance upon and in conformity
      with written information furnished to the Company for use in the preparation
      thereof or (ii) if the person asserting any such loss, claim, damage, liability
      (or action or proceeding in respect thereof) who purchased the Registrable
      Securities that are the subject thereof did not receive a copy of an amended
      preliminary prospectus or the final prospectus (or the final prospectus as
      amended or supplemented) at or prior to the written confirmation of the sale
      of
      such Registrable Securities to such person because of the failure of such Holder
      or underwriter to so provide such amended preliminary or final prospectus and
      the untrue statement or omission of a material fact made in such preliminary
      prospectus was corrected in the amended preliminary or final prospectus (or
      the
      final prospectus as amended or supplemented). Such indemnity shall remain in
      full force and effect regardless of any investigation made by or on behalf
      of
      the Holders, or any such director, officer, partner, underwriter or controlling
      person and shall survive the transfer of such shares by the
      Holder.

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    (b) As
      a
      condition to including Registrable Securities in any registration statement
      filed pursuant to this Agreement, each Holder agrees to be bound by the terms
      of
      this Section 9 and to indemnify and hold harmless, to the fullest extent
      permitted by law, the Company, each of its directors, officers, partners, legal
      counsel and accountants and each underwriter, if any, and each other person,
      if
      any, who controls the Company within the meaning of Section 15 of the Securities
      Act, against any losses, claims, damages or liabilities, joint or several,
      to
      which the Company or any such director or officer or controlling person may
      become subject under the Securities Act or otherwise, insofar as such losses,
      claims, damages or liabilities (or actions or proceedings, whether commenced
      or
      threatened, in respect thereof) that arises out of or is based upon an untrue
      statement in or omission from such registration statement, any such preliminary
      prospectus, final prospectus, summary prospectus, amendment or supplement in
      reliance upon and in conformity with written information furnished by the Holder
      for use in the preparation thereof, and such Holder shall reimburse the Company,
      and such Holders, directors, officers, partners, legal counsel and accountants,
      persons, underwriters, or control persons, each such director, officer, and
      controlling person for any legal or other expenses reasonably incurred by them
      in connection with investigating, defending, or settling any such loss, claim,
      damage, liability, action, or proceeding; provided,
      however,
      that
      such indemnity agreement found in this Section 9(b) shall in no event exceed
      the
      net proceeds received by such Holder as a result of the sale of Registrable
      Securities pursuant to such registration statement, except in the case of fraud
      or willful misconduct. Such indemnity shall remain in full force and effect,
      regardless of any investigation made by or on behalf of the Company or any
      such
      director, officer or controlling person and shall survive the transfer by any
      Holder of such shares.

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    (c) Promptly
      after receipt by an indemnified party of notice of the commencement of any
      action or proceeding involving a claim referred to in this Section (including
      any governmental action), such indemnified party shall, if a claim in respect
      thereof is to be made against an indemnifying party, give written notice to
      the
      indemnifying party of the commencement of such action; provided,
      that
      the failure of any indemnified party to give notice as provided herein shall
      not
      relieve the indemnifying party of its obligations under this Section, except
      to
      the extent that the indemnifying party is actually prejudiced by such failure
      to
      give notice. In case any such action is brought against an indemnified party,
      unless in the reasonable judgment of counsel to such indemnified party a
      conflict of interest between such indemnified and indemnifying parties may
      exist
      or the indemnified party may have defenses not available to the indemnifying
      party in respect of such claim, the indemnifying party shall be entitled to
      participate in and to assume the defense thereof, with counsel reasonably
      satisfactory to such indemnified party and, after notice from the indemnifying
      party to such indemnified party of its election so to assume the defense
      thereof, the indemnifying party shall not be liable to such indemnified party
      for any legal or other expenses subsequently incurred by the latter in
      connection with the defense thereof, unless in such indemnified party’s
      reasonable judgment a conflict of interest between such indemnified and
      indemnifying parties arises in respect of such claim after the assumption of
      the
      defenses thereof or the indemnifying party fails to defend such claim in a
      diligent manner, other than reasonable costs of investigation. Neither an
      indemnified nor an indemnifying party shall be liable for any settlement of
      any
      action or proceeding effected without its consent. No indemnifying party shall,
      without the consent of the indemnified party, consent to entry of any judgment
      or enter into any settlement, which does not include as an unconditional term
      thereof the giving by the claimant or plaintiff to such indemnified party of
      a
      release from all liability in respect of such claim or litigation.
      Notwithstanding anything to the contrary set forth herein, and without limiting
      any of the rights set forth above, in any event any party shall have the right
      to retain, at its own expense, counsel with respect to the defense of a claim.
      Each indemnified party shall furnish such information regarding itself or the
      claim in question as an indemnifying party may reasonably request in writing
      and
      as shall be reasonably required in connection with defense of such claim and
      litigation resulting therefrom.

     

    (d) If
      an
      indemnifying party does or is not permitted to assume the defense of an action
      pursuant to Sections 9(c) or in the case of the expense reimbursement obligation
      set forth in Sections 9(a) and (b), the indemnification required by Sections
      9(a) and 9(b) shall be made by periodic payments of the amount thereof during
      the course of the investigation or defense, as and when bills received or
      expenses, losses, damages, or liabilities are incurred.

     

    (e) If
      the
      indemnification provided for in Section 9(a) or 9(b) is held by a court of
      competent jurisdiction to be unavailable to an indemnified party with respect
      to
      any loss, liability, claim, damage or expense referred to herein, the
      indemnifying party, in lieu of indemnifying such indemnified party hereunder,
      shall (i) contribute to the amount paid or payable by such indemnified party
      as
      a result of such loss, liability, claim, damage or expense as is appropriate
      to
      reflect the proportionate relative fault of the indemnifying party on the one
      hand and the indemnified party on the other (determined by reference to, among
      other things, whether the untrue or alleged untrue statement of a material
      fact
      or omission relates to information supplied by the indemnifying party or the
      indemnified party and the parties’ relative intent, knowledge, access to
      information and opportunity to correct or prevent such untrue statement or
      omission), or (ii) if the allocation provided by clause (i) above is not
      permitted by applicable law or provides a lesser sum to the indemnified party
      than the amount hereinafter calculated, not only the proportionate relative
      fault of the indemnifying party and the indemnified party, but also the relative
      benefits received by the indemnifying party on the one hand and the indemnified
      party on the other, as well as any other relevant equitable considerations.
      No
      indemnified party guilty of fraudulent misrepresentation (within the meaning
      of
      Section 11(f) of the Securities Act) shall be entitled to contribution from
      any
      indemnifying party who was not guilty of such fraudulent
      misrepresentation.

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    (f) Notwithstanding
      the foregoing, to the extent that the provisions on indemnification and
      contribution contained in the underwriting agreement entered into in
connection
      with an
      underwritten public offering are in conflict with the foregoing provisions,
      the
      provisions in the underwriting agreement shall control.

     

    (g) Other
      Indemnification.
      Indemnification similar to that specified in this Section (with appropriate
      modifications) shall be given by the Company and each Holder of Registrable
      Securities with respect to any required registration or other qualification
      of
      securities under any federal or state law or regulation or governmental
      authority other than the Securities Act.

     

    10. Independent
      Nature of Each Purchaser’s Obligations and Rights.
      The
      obligations of each Purchaser under this Agreement are several and not joint
      with the obligations of any other Purchaser, and each Purchaser shall not be
      responsible in any way for the performance of the obligations of any other
      Purchaser under this Agreement. Nothing contained herein and no action taken
      by
      any Purchaser pursuant hereto, shall be deemed to constitute such Purchasers
      as
      a partnership, an association, a joint venture, or any other kind of entity,
      or
      create a presumption that the Purchasers are in any way acting in concert or
      as
      a group with respect to such obligations or the transactions contemplated by
      this Agreement. Each Purchaser shall be entitled to independently protect and
      enforce its rights, including without limitation the rights arising out of
      this
      Agreement, and it shall not be necessary for any other Purchaser to be joined
      as
      an additional party in any proceeding for such purpose.

     

    11. Miscellaneous.

     

    (a) Governing
      Law.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      United States of America and the State of New York, both substantive and
      remedial, without regard to New York conflicts of law principles. Any judicial
      proceeding brought against either of the parties to this Agreement or any
      dispute arising out of this Agreement or any matter related hereto shall be
      brought in the courts of the State of New York, New York County, or in the
      United States District Court for the Southern District of New York and, by
      its
      execution and delivery of this Agreement, each party to this Agreement accepts
      the jurisdiction of such courts. The foregoing consent to jurisdiction shall
      not
      be deemed to confer rights on any person other than the parties to this
      Agreement.

     

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

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    (c) Successors
      and Assigns.
      Except
      as otherwise provided herein, the provisions hereof shall inure to the benefit
      of, and be binding upon, the successors, Permitted Assignees, executors and
      administrators of the parties hereto.

     

    (d) No
      Inconsistent Agreements.
      The
      Company has not entered, as of the date hereof, and shall not enter, on or
      after
      the date of this Agreement, into any agreement with respect to its securities
      that would have the effect of impairing the rights granted to the Holders in
      this Agreement or otherwise conflicts with the provisions hereof.

     

    (e) Entire
      Agreement.
      This
      Agreement constitutes the full and entire understanding and agreement between
      the parties with regard to the subjects hereof.

     

    (f) Notices,
      etc.
      All
      notices or other communications which are required or permitted under this
      Agreement shall be in writing and sufficient if delivered by hand, by facsimile
      transmission, by registered or certified mail, postage pre-paid, by electronic
      mail, or by courier or overnight carrier, to the persons at the addresses set
      forth below (or at such other address as may be provided hereunder), and shall
      be deemed to have been delivered as of the date so delivered: 

     

    If
      to the
      Company to:

    

    La
      Cortez
      Energy, Inc.

    1266
      1st
      Street,
      Suite 4

    Sarasota,
      FL 34236

    Attention:
      Andres Gutierrez, Chief Financial Officer

    Facsimile:
      

    

    with
      copy
      to:

    

    Gottbetter
      & Partners, LLP

    488
      Madison Avenue, 12th
      Floor

    New
      York,
      NY 10022

    Attention:
      Adam S. Gottbetter, Esq. 

    Facsimile:
      (212) 400-6901

    

    If
      to the
      Purchasers:

    

    To
      each
      Purchaser at the address set forth on the signature page hereto;

    

    or
      at
      such other address as any party shall have furnished to the other parties in
      writing.

     

    (g) Delays
      or Omissions.
      No
      delay or omission to exercise any right, power or remedy accruing to any Holder,
      upon any breach or default of the Company under this Agreement, shall impair
      any
      such right, power or remedy of such Holder nor shall it be construed to be
      a
      waiver of any such breach or default, or an acquiescence therein, or of any
      similar breach or default thereunder occurring; nor shall any waiver of any
      single breach or default be deemed a waiver of any other breach or default
      theretofore or thereafter occurring. Any waiver, permit, consent or approval
      of
      any kind or character on the part of any Holder of any breach or default under
      this Agreement, or any waiver on the part of any Holder of any provisions or
      conditions of this Agreement, must be in writing and shall be effective only
      to
      the extent specifically set forth in such writing. All remedies, either under
      this Agreement, or by law or otherwise afforded to any holder, shall be
      cumulative and not alternative.

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    (h) Counterparts.
      This
      Agreement may be executed in any number of counterparts, each of which shall
      be
      enforceable against the parties actually executing such counterparts, and all
      of
      which together shall constitute one instrument. In the event that any signature
      is delivered by facsimile transmission, such signature shall create a valid
      and
      binding obligation of the party executing (or on whose behalf such signature
      is
      executed) with the same force and effect as if such facsimile signature page
      were an original thereof.

     

    (i) Severability.
      In the
      case any provision of this Agreement shall be invalid, illegal or unenforceable,
      the validity, legality and enforceability of the remaining provisions shall
      not
      in any way be affected or impaired thereby.

     

    (j) Amendments.
      The
      provisions of this Agreement may be amended at any time and from time to time,
      and particular provisions of this Agreement may be waived, with and only with
      an
      agreement or consent in writing signed by the Company and the Majority Holders.
      The Purchasers acknowledge that by the operation of this Section, the Majority
      Holders may have the right and power to diminish or eliminate all rights of
      the
      Purchasers under this Agreement.

     

    (k) Limitation
      on Subsequent Registration Rights.
      After
      the date of this Agreement, the Company shall not, without the prior written
      consent of the Majority Holders, enter into any agreement with any holder or
      prospective holder of any securities of the Company that would grant such holder
      registration rights senior or equal to those granted to the Holders
      hereunder.

     

    [SIGNATURE
      PAGES FOLLOW]

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    This
      Registration Rights Agreement is hereby executed as of the date first above
      written.

     

    
      	
              COMPANY:

            
	 
	
              LA
                CORTEZ ENERGY, INC.

            
	 	 
	
              By:
                

            	   
              
	
              Name: 
                Andres Gutierrez

            
	
              Title:
                Chief Executive Officer

            

    

     

    [SIGNATURE
      PAGE OF PURCHASER FOLLOWS]

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    This
      Registration Rights Agreement is hereby executed as of the date first above
      written.

     

    
      	
              PURCHASER
                (Individual)

            
	 
              	 
              	 
              
	 	 	 
	 
              	 
              	 
              
	
              (Print
                Name) 

            	 
	 	 	 
	 	 	 
	
              PURCHASER
                (Entity)  

            
	 
	
              By:
                

            	 
              	 
              
	 	 	 
	  
              	  
              	 
              
	
              (Print
                Name)

            
	 
	 
              
	
              (Print
                Title)

            
	 
	 
	
              Address
                for notices:

            
	 	 	 
	 
              	 
              	 
              
	 	 	 
	 
              	 
              	 
              
	 	 	 
	 
              	 
              	 
              
	
              City

            	
              State

            	
              Zip
                Code

            

    

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    Annex
      A

     

    LA
      CORTEZ ENERGY, INC.

     

    Selling
      Securityholder Notice and Questionnaire

     

    The
      undersigned beneficial owner of Registrable Securities of La Cortez Energy,
      Inc., a Nevada corporation (the “Company”),
      understands that the Company has filed or intends to file with the Securities
      and Exchange Commission a registration statement (the “Registration
      Statement”)
      for
      the registration and resale under Rule 415 of the Securities Act of 1933, as
      amended, of the Registrable Securities, in accordance with the terms of the
      Registration Rights Agreement (the “Registration
      Rights Agreement”)
      to
      which this document is annexed. A copy of the Registration Rights Agreement
      is
      available from the Company upon request at the address set forth below. All
      capitalized terms not otherwise defined herein shall have the meanings ascribed
      thereto in the Registration Rights Agreement.

     

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

     

    NOTICE

     

    The
      undersigned beneficial owner (the “Selling
      Securityholder”)
      of
      Registrable Securities hereby elects to include the Registrable Securities
      owned
      by it in the Registration Statement.

     

    The
      undersigned hereby provides the following information to the Company and
      represents and warrants that such information is accurate:

     

    QUESTIONNAIRE

     

    1.
      Name:

     

    
      	 	
              (a)

            	
              Full
                Legal Name of Selling
                Securityholder

            

    

     

    
      	 

	 

    

    

    
      	 	
              (b)

            	
              Full
                Legal Name of Registered Holder (if not the same as (a) above) through
                which Registrable Securities are
                held:

            

    

     

    
      	 

	 

    

    

    
      	 	
              (c)

            	
              Full
                Legal Name of Natural Control Person (which means a natural person
                who
                directly or indirectly alone or with others has power to vote or
                dispose
                of the securities covered by the
                questionnaire):

            

    

     

    
      	 

	 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2.
      Address for Notices to Selling Securityholder:

     

    
      	 
	 
	 

    

    
      	Telephone:	
                 

            	
              Fax: 

            	
                

            

    

    
      	
              Email:

            	   

    

    
      	
              Contact Person:

            	   

    

    

    3. Broker-Dealer
      Status:

     

    
      	 	
              (a)

            	
              Are
                you a broker-dealer?

            

    

     

    Yes o
 No
o

     

    
      	 	
              (b)

            	
              If
                “yes” to Section 3(a), did you receive your Registrable Securities as
                compensation for investment banking services to the
                Company?

            

    

     

    Yes
o
 No
o

     

    
      	 	
              Note:

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

            

    

     

    
      	 	
              (c)

            	
              Are
                you an affiliate of a
                broker-dealer?

            

    

     

    Yes
o
 No
o

     

    
      	 	
              (d)

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

            

    

     

    Yes
o
No 
      o

     

    
      	 	
              Note:

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

            

    

     

    4.
      Beneficial Ownership of Securities of the Company Owned by the Selling
      Securityholder:

     

    Except
      as set forth below in this Item 4, the undersigned is not the beneficial or
      registered owner of any securities of the Company other than the securities
      issuable pursuant to the PPO.

     

    
      	 	
              (a)

            	
              Type
                and Amount of other securities (other than the Registrable Securities)
                beneficially owned by the Selling
                Securityholder:

            

    

     

    
      	  

	  

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    5.
      Relationships with the Company:

     

    Except
      as set forth below, neither the undersigned nor any of its affiliates, officers,
      directors or principal equity holders (owners of 5% of more of the equity
      securities of the undersigned) has held any position or office or has had any
      other material relationship with the Company (or its predecessors or affiliates)
      during the past three years.

     

    State
      any
      exceptions here:

     

    
      	 

	 

    

     

    The
      undersigned agrees to promptly notify the Company of any inaccuracies or changes
      in the information provided herein that may occur subsequent to the date hereof
      at any time while the Registration Statement remains effective.

     

    By
      signing below, the undersigned consents to the disclosure of the information
      contained herein in its answers to Items 1 through 5 and the inclusion of such
      information in the Registration Statement and the related prospectus and any
      amendments or supplements thereto. The undersigned understands that such
      information will be relied upon by the Company in connection with the
      preparation or amendment of the Registration Statement and the related
      prospectus.

     

    IN
      WITNESS WHEREOF the undersigned, by authority duly given, has caused this
      Selling Securityholder Notice and Questionnaire to be executed and delivered
      either in person or by its duly authorized agent.

     

    

    
      	
              Dated:

            	   	 	 Beneficial Owner: 	
                
                

            

    

    

    
      	
              By:

            	  
              
	 	
              Name:

            
	 	
              Title:

            

    

    

    PLEASE
      FAX A COPY OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN
      THE ORIGINAL BY OVERNIGHT MAIL, TO:

    

    Gottbetter
      & Partners, LLP

    488
      Madison Avenue, 12th Floor

    New
      York,
      NY 10022

    Attention:
      Rachel L. DeGenaro

    Facsimile:
      (212) 400-6901

    
      
        
        

      

      
        3Exhibit
      10.1

    

    SOURCEFORGE,
      INC.

    

    FY
      2009 EXECUTIVE OFFICER INCENTIVE BONUS POLICIES

    

    Purpose:

    

    The
      purpose of the Fiscal Year (“FY”) 2009 Executive Officer Incentive Bonus Plan
      (the “Officer Plan”) is to recognize the achievements of the senior management
      team of SourceForge, Inc. 

    (the
      “Company”) as compared to agreed financial objectives.

    

    Plan
      Year:

    

    For
      purposes of this Officer Plan, the plan year will be divided equally into four
      portions:

    

    
      	 	
              ·

            	
              First
                Quarter of FY 2009,
                which runs from August 1, 2008 through and including October 31,
                2008;
                

            

    

    
      	 	
              ·

            	
              Second
                Quarter FY 2009,
                which runs from November 1, 2008 through and including January 31,
                2009;

            

    

    
      	 	
              ·

            	
              Third
                Quarter of FY 2009,
                which runs from February 1, 2009 through and including April 30,
                2009;
                and

            

    

    
      	 	
              ·

            	
              Fourth
                Quarter FY 2009,
                which runs from May 1, 2009 through and including July 31,
                2009.

            

    

    

    Administration:

    

    Except
      as
      otherwise set forth in this Officer Plan, the Compensation Committee of the
      Company’s Board of Directors (the “Committee”) shall administer the Officer Plan
      and shall have the exclusive and final discretionary authority and power to
      determine employee eligibility to participate and receive payment under this
      Officer Plan, to determine the amount of payment under this Officer Plan, to
      construe terms and provisions of this Officer Plan, and to exercise all other
      powers specified in this Officer Plan or which may be implied from the
      provisions of this Officer Plan. The Committee also reserves the right, in
      its
      sole discretion, to determine individual Participant eligibility under this
      Officer Plan. 

    

    The
      Committee has the authority, in its discretion to amend and rescind any of
      this
      Officer Plan’s terms or provisions, terminate this Officer Plan, make individual
      Participant exceptions, and to make all determinations necessary for the
      administration of this Officer Plan.

    

    Eligibility:

    

    The
      Committee has the sole authority to determine eligibility under this Officer
      Plan. 

    

    Participants
      in the Officer Plan (a “Participant”) are selected for participation in the
      Officer Plan by the Committee. Participants must be executive officers of the
      Company throughout the applicable quarter of FY 2009 in order to be eligible
      to
      receive such quarter’s corresponding FY 2009 quarterly payment under the terms
      of this Officer Plan (the “Fiscal Quarter Bonus”).

    

    Participants,
      who become eligible during an applicable fiscal quarter of FY 2009 - through
      promotion or as new hires - will be eligible to join the Officer Plan and may
      receive the corresponding Fiscal Quarter Bonus on a pro-rata basis.

    

    Participants
      who are employed any portion of a fiscal quarter, but do not work the entire
      fiscal quarter, due to a statutorily required leave of absence (such as leave
      under the Pregnancy Disability Leave Act or the Family Medical Leave
      Act/California Family Rights Act), will be entitled to a pro-rata portion of
      their Fiscal Quarter Bonus based on the proportion of time they were employed
      during that fiscal quarter. To qualify for the Fiscal Quarter Bonus, the
      Participant must be employed at the time of payout, as defined in the Officer
      Plan. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Additionally,
      if Participant is replaced with an interim executive officer while Participant
      is out on statutorily required leave, and provided such interim executive
      officer is selected for participation by the Committee, the interim executive
      officer will be entitled to earn a pro-rata portion of the Fiscal Quarter Bonus
      based on the proportion of time that the interim executive officer worked during
      that fiscal quarter. The interim executive officer must be employed by the
      Company at the time of the payout, although the interim executive officer need
      not be employed in the interim executive officer position at the time of payout.
      In no case, however, will the interim executive officer receive a lesser bonus
      than he/she would have had he/she not replaced a Participant who is out on
      statutorily required leave.

    

    Bonus
      Potential:

    

    At
      the
      beginning of FY 2009 (or as soon thereafter as is practicable), the quarterly
      bonus potential levels will be established for each Participant based on
      Participant’s position, responsibilities, and influence on business objectives.
      Bonus potential will be expressed as a percentage of such Participant’s annual
      base salary at the beginning of the Officer Plan year (or as soon thereafter
      as
      is practicable). 

    

    Corporate
      Bonus Measurements:

    

    The
      Committee will have the sole authority to establish the metrics of the corporate
      bonus measurements under this Officer Plan (the “Officer Plan Corporate Bonus
      Measurements”). 

    

    The
      allocations, methodologies and metrics, which were determined by the Committee
      are attached hereto as Attachment
      A,
      and are
      based on the FY 2009 Operating Plan approved by the Company’s Board of
      Directors. Each Participant’s award will be determined in accordance with the
      provisions set forth in this Officer Plan based on achievement of each Officer
      Plan Corporate Bonus Measurement.

    

    Payout:

    

    In
      order
      to receive any Fiscal Quarter Bonus, a Participant must be an executive officer
      of the Company at the time of payout of the Fiscal Quarter Bonus, with such
      payout to occur within ninety (90) days of the end of each respective fiscal
      quarter (but in no event will such payout be made later than the fifteenth
      day
      of the third month of the later of the end of the Participant’s taxable year or
      the Company’s taxable year in which such Fiscal Quarter Bonus was earned). There
      will be no exceptions made to this policy. If a Participant’s position as an
      executive officer of the Company terminates for any reason, including
      voluntarily by the employee, by the Company with or without cause, or due to
      a
      reduction-in force, Participant will not be entitled to receive any additional
      Fiscal Quarter Bonus under this Officer Plan.

    

    All
      Fiscal Quarter Bonuses will be subject to the required federal, state, or local
      withholdings, in accordance with the Company’s normal payroll
      practice.

    

    Plan
      Limitations:

    

    The
      Officer Plan, as described in this document, is only in effect for FY 2009
      and
      will not continue beyond that point.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    The
      Committee reserves the right, based upon business conditions, to amend or
      terminate this Officer Plan at any time, in whole or in part, in its sole
      discretion, and without notice.

    

    No
      person
      eligible to participate in this Officer Plan is eligible to participate in
      any
      other Company incentive bonus plan at this time.

    

    It
      is
      intended that this Officer Plan comply with Section
      409A of the Internal Revenue Code of 1986, as amended (the “Code”) and any
      temporary or final Treasury Regulations and Internal Revenue Service guidance
      thereunder
      and all
      other applicable IRS guidance issued with respect to Section 409A to the extent
      applicable.

    

    Employment
      at Will:

     

    The
      employment of all employees at the Company is terminable at any time by either
      party, with or without cause being shown or advance notice by either party.
      This
      Officer Plan shall not be construed to create a contract of employment for
      a
      specified period of time between the Company and any employee.

     

    Entire
      Agreement:

    

    This
      Officer Plan is the entire agreement between the Company and the Participants
      regarding the subject matter of this Officer Plan and supersedes all prior
      bonus
      compensation or bonus incentive plans or any written or verbal representations
      regarding the subject matter of this Officer Plan. 

    

    Choice
      of Law:

    All
      questions concerning the construction, validation and interpretation of the
      Officer Plan shall be governed by the law of the State of California without
      regard to its conflict of laws provisions.

     

    Headings:

    The
      headings in the Officer Plan are inserted for convenience only and shall not
      be
      deemed to constitute a part hereof nor to affect the meaning
      thereof.

    

    Severability:

    

    The
      invalidity or unenforceability of any provision or provisions of this Officer
      Plan will not affect the validity or enforceability of any other provision
      hereof, which will remain in full force and effect.

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