Document:

Unassociated Document

    Exhibit
10.1

     

    SECURITIES
PURCHASE AGREEMENT

     

    This
Securities Purchase Agreement (this “Agreement”)
is made and entered into as of October 29, 2010 (the “Execution
Date”), by and among OCZ Technology Group, Inc., a Delaware corporation
(the “Company”),
and each of the purchasers listed on Schedule A attached
hereto (collectively, the “Purchasers”
and individually, a “Purchaser”).

     

    RECITALS

     

    WHEREAS,
the Company desires to sell to the Purchasers, and the Purchasers desire to
purchase from the Company, on the terms and conditions set forth in this
Agreement, up to an aggregate of (i) 7,139,960 shares (the “Shares”)
of common stock, par value $0.0025 per share, of the Company (the “Common
Stock”), and (ii) warrants, in substantially the form attached hereto as
Exhibit B
(the “Warrants,”
and the shares issuable upon exercise thereof, the “Warrant
Shares”), to acquire up to that number of additional shares of Common
Stock equal to 25% of the number of shares purchased by Purchasers;
and

     

    WHEREAS,
the Company and each Purchaser are executing and delivering this Agreement in
reliance upon exemption from securities registration afforded by Regulation D
(“Regulation
D”) as promulgated by the Securities and Exchange Commission (the “SEC”)
under the Securities Act of 1933, as amended (the “Securities
Act”).

     

    NOW,
THEREFORE, in consideration of the foregoing, the mutual promises hereinafter
set forth, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

     

    1. AGREEMENT TO PURCHASE AND
SELL STOCK.

     

    (a) Company
Authorization.  The Company’s board of directors (the “Board of
Directors”) has authorized the issuance and sale, pursuant to the terms
and conditions of this Agreement, of the Shares, the Warrants, and the Warrant
Shares (collectively, the “Purchased
Securities”).

     

    (b) Agreement to Purchase and
Sell Securities.  Subject to the terms and conditions of this
Agreement, each Purchaser, severally and not jointly, agrees to purchase, and
the Company agrees to sell to each Purchaser, at the Closing (as defined below),
that number of Shares of Common Stock set forth opposite such Purchaser’s name
on Schedule A
attached hereto.  In addition, each Purchaser shall receive a Warrant
to acquire up to that number of Warrant Shares set forth opposite such
Purchaser’s name on Schedule A attached
hereto, which amount shall equal to 25% of the number of Shares purchased by the
Purchaser (rounded up to the nearest whole share).  The purchase price
of each Share shall be $3.08125 and shall be payable as hereafter set
forth.  The Warrants shall have an exercise price equal to $5.25 per
Warrant Share payable as set forth in the Warrant.

     

    (c) Use of
Proceeds.  The Company intends to apply the net proceeds for
working capital, capital expenditures, and general corporate purposes as
determined by the Company from time to time.

     

    (d) Obligations Several, Not
Joint.  The obligations of each Purchaser under this Agreement
are several and not joint with the obligations of any other Purchaser, and no
Purchaser shall be responsible in any way for the performance of the obligations
of any other Purchaser under this Agreement.  The decision of each of
the Purchasers to purchase the Purchased Securities pursuant to this Agreement
has been made by such Purchaser independently of any other
Purchaser.  Nothing contained herein, and no action taken by any
Purchaser pursuant hereto, shall be deemed to constitute the Purchasers as a
partnership, an association, a joint venture or any other kind of entity, or
create a presumption that the Purchasers are in any way acting in concert 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 such Purchaser’s 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.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    2. CLOSING.  The
purchase and sale of the Purchased Securities may occur in one or more closings,
which shall take place at the offices of DLA Piper LLP (US), 2000 University
Avenue, East Palo Alto, California 94303, at 11:00 a.m. Pacific Time, not later
than two (2) Business Days (as defined below) following the Execution Date, or
at such other time and place as the Company and Purchasers representing a
majority of the Purchased Securities to be purchased, mutually agree upon (which
time and place are referred to in this Agreement as the “Closing”).  At
the Closing, against delivery of full payment for the Purchased Securities sold
hereunder by wire transfer of immediately available funds in accordance with the
Company’s instructions, the Company shall issue and deliver or cause to be
delivered to each Purchaser one or more stock certificates registered in the
name of each Purchaser (or in such nominee name(s) as designated by such
Purchaser in the Stock Certificate Questionnaire, attached hereto as Appendix I (the
“Stock
Certificate Questionnaire”)) representing the number of shares of Common
Stock set forth opposite the appropriate Purchaser’s name on Schedule A hereto,
and bearing the legend set forth in Section 4(j)(i)
herein; provided,
however, that the Company may furnish to each Purchaser a copy of the
irrevocable instructions to the Company’s transfer agent instructing the
transfer agent to deliver a certificate or certificates evidencing the number of
shares of Common Stock purchased by such Purchaser, registered in the name of
such Purchaser (or designated nominee).  Promptly after the Closing,
the Company shall issue and deliver or cause to be delivered to each Purchaser
one or more Warrants registered in the name of each Purchaser (or in such
nominee name(s) as designated by such Purchaser in the Stock Certificate
Questionnaire) representing the number of shares of Warrant Shares set forth
opposite the appropriate Purchaser’s name on Schedule A hereto,
and bearing the legend set forth in Section
4(j)(i).  Closing documents, other than the stock certificates
representing the Purchased Securities, may be delivered by facsimile or other
electronic transmission on the Closing Date, with original signature pages sent
by overnight courier.

     

    For purposes of this Agreement, “Closing
Date” means the date of the Closing, and “Business
Day” means any day except Saturday, Sunday and any day which shall be a
federal legal holiday or a day on which banking institutions in the State of New
York are authorized or required by law or other governmental action to
close.

    

    3. REPRESENTATIONS,
WARRANTIES AND CERTAIN AGREEMENTS OF THE COMPANY.  The Company
hereby represents and warrants to each Purchaser that, except as set forth in
the SEC Documents (as defined below):

     

    (a) Organization Good Standing
and Qualification.  The Company is a corporation duly
organized, validly existing and in good standing under the laws of the State of
Delaware and has all corporate power and authority required to (i) own, operate
and occupy its properties and to carry on its business as presently conducted
and (ii) enter into this Agreement and the other agreements, instruments and
documents contemplated hereby, and to consummate the transactions contemplated
hereby and thereby.  The Company is qualified to do business and is in
good standing in each jurisdiction in which the failure to so qualify would
reasonably be expected to have a Material Adverse Effect.  As used in
this Agreement, “Material Adverse
Effect” means a material adverse effect on, or a material adverse change
in, or a group of such effects on or changes in, the business, operations,
financial condition, results of operations, assets or liabilities of the Company
and the Subsidiaries (as defined below), taken as a whole.

     

    
      
        
        

      

      
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    (b) Capitalization.  The
capitalization of the Company is as follows:

     

    (i) The
authorized capital stock of the Company consists of 119,939,010 shares of Common
Stock and 19,939,010 shares of preferred stock, par value $0.0025 per share
(“Preferred
Stock”).  2,000,000 shares of the Preferred Stock have been
designated Series A Preferred Stock (the “Series A
Preferred”).

     

    (ii) As of
September 1, 2010, the issued and outstanding capital stock of the Company
consisted of 26,674,102 shares of Common Stock and no shares of Series A
Preferred.  The shares of issued and outstanding capital stock of the
Company have been duly authorized and validly issued, are fully paid and
nonassessable and have not been issued in violation of or are not otherwise
subject to any preemptive or other similar rights.

     

    (iii) As of
September 1, 2010, the Company had (1) 2,904,250 shares of Common Stock reserved
for issuance upon exercise of outstanding options granted under the Company’s
2004 Stock Incentive Plan (the “Stock Incentive
Plan”) and (2) 2,946,214 shares of Common Stock reserved for issuance
upon exercise of outstanding warrants.

     

    (iv) As of
September 1, 2010, the Company had 1,434,787 shares of Common Stock available
for future grant under the Stock Incentive Plan.

     

    (v) With the
exception of the foregoing in this Section 3(b), any
securities issuable pursuant to anti-dilution adjustments on the securities
included in this Section 3(b), the
Purchased Securities, and securities issuable pursuant to the Company’s
engagement agreement with Merriman Capital, Inc. (“Merriman”)
to serve as the Company’s financial advisor, there are no outstanding
subscriptions, options, warrants, convertible or exchangeable securities or
other rights granted to or by the Company to purchase shares of Common Stock or
other securities of the Company and there are no commitments, plans or
arrangements to issue any shares of Common Stock or any security convertible
into or exchangeable for Common Stock.

     

    (c) Subsidiaries.  All
subsidiaries of the Company are set forth in the SEC Documents (such entities,
collectively, the “Subsidiaries”),
and except for the Subsidiaries the Company does not own any capital stock of,
assets comprising the business of, obligations of, or any other interest
(including any equity or partnership interest) in, any person or
entity.  Each of the Subsidiaries is duly organized and validly
existing in good standing under the laws of the jurisdiction of its
incorporation or organization.  Each of the Subsidiaries has full
power and authority to own, operate and occupy its properties and to conduct its
business as presently conducted and is registered or qualified to do business
and in good standing in each jurisdiction in which it owns or leases property or
transacts business and where the failure to be so qualified would reasonably be
expected to have a Material Adverse Effect.

     

    (d) Due
Authorization.  All corporate actions on the part of the
Company necessary for the authorization, execution, delivery of, and the
performance of all obligations of the Company under this Agreement, the
Registration Rights Agreement, dated the date hereof, among the Company and the
Purchasers (the “Registration
Rights Agreement”), and the Warrants (together with this Agreement, the
Registration Rights Agreement and the Warrants, the “Transaction
Agreements”), and any other documents or agreements executed in
connection with the transactions contemplated hereunder (together with the
Transaction Agreements, the “Transaction
Documents”), including the authorization, issuance, reservation for
issuance and delivery of all the Purchased Securities being sold under this
Agreement, have been taken and no further consent or authorization of the
Company, the Board of Directors or the Company’s stockholders is required, and
each of the Transaction Agreements constitutes the legal, valid and binding
obligation of the Company, enforceable against the Company in accordance with
its terms, except (i) as may be limited by (1) applicable bankruptcy,
insolvency, reorganization or other laws of general application relating to or
affecting the enforcement of creditors’ rights generally and (2) the effect of
rules of law governing the availability of equitable remedies and (ii) as rights
to indemnity or contribution may be limited under federal or state securities
laws or by principles of public policy thereunder.

     

    
      
        
        

      

      
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    (e) Valid Issuance of the
Purchased Securities.  The Purchased Securities will be, upon
payment therefor by the Purchasers in accordance with this Agreement, duly
authorized, validly issued, fully paid and non-assessable, free and clear from
all taxes and liens, claims and encumbrances imposed by the Company, other than
restrictions on transfer provided for in the Transaction Documents, with respect
to the issuance of such Purchased Securities and will not be subject to any
preemptive rights or similar rights.

     

    (f) Compliance with Securities
Laws.  Subject to the accuracy of the representations and
warranties made by the Purchasers in Section 4 hereof, the
Purchased Securities will be issued and sold to the Purchasers in compliance
with applicable exemptions from the registration and prospectus delivery
requirements of the Securities Act.

     

    (g) Governmental
Consents.  No consent, approval, order or authorization of, or
registration, qualification, designation, declaration or filing with, or notice
to, any federal, state or local governmental authority or self regulatory agency
on the part of the Company is required in connection with the issuance and sale
of the Purchased Securities to the Purchasers by the Company or the consummation
of the other transactions contemplated by this Agreement, except (i) such
filings as have been made prior to the date hereof, (ii) the filings under
applicable securities laws required to comply with the Company’s registration
obligations under the Registration Rights Agreement and (iii) such additional
post-Closing filings as may be required to comply with applicable state and
federal securities laws, including, but not limited to, the filing of a Form D
relating to the sale of the Purchased Securities pursuant to Regulation
D.

     

    (h) Non-Contravention.  Assuming
the accuracy of the representations and warranties made by the Purchasers in
Section 4
hereof, the execution, delivery and performance of the Transaction Agreements by
the Company, and the consummation by the Company of the transactions
contemplated hereby and thereby (including the issuance of the Purchased
Securities), do not:  (i) contravene or conflict with the certificate
of incorporation, as amended (the “Certificate of
Incorporation”) or bylaws, as amended (the “Bylaws”)
of the Company or any of the Subsidiaries; (ii) to the knowledge of the Company,
constitute a violation of any provision of any federal, state, local or foreign
law, rule, regulation, order or decree applicable to the Company or any of the
Subsidiaries; or (iii) constitute a default or require any consent under, give
rise to any right of termination, cancellation or acceleration of, or to a loss
of any material benefit to which the Company or any of the Subsidiaries is
entitled under, or result in the creation or imposition of any lien, claim or
encumbrance on any asset of the Company or any of the Subsidiaries under, any
material contract to which the Company or any of the Subsidiaries is a party or
any material permit, license or similar right relating to the Company or any of
the Subsidiaries or by which the Company or any of the Subsidiaries may be bound
or affected, except in the case of clauses (ii) and (iii), for such violations,
breaches or defaults as would not reasonably be expected to have a Material
Adverse Effect.

     

    (i) Litigation.  There
is no action, suit, proceeding, claim, arbitration or investigation (“Action”)
pending or, to the Company’s knowledge, threatened:  (i) against the
Company or any of the Subsidiaries, their activities, properties or assets, or,
to the Company’s knowledge, against any officer, director or employee of the
Company or any of the Subsidiaries in connection with such officer’s, director’s
or employee’s relationship with, or actions taken on behalf of, the Company or
any of the Subsidiaries, that would reasonably be expected to have a Material
Adverse Effect, or (ii) that seeks to prevent, enjoin, adversely alter,
challenge or delay the transactions contemplated by the Transaction
Documents.  The Company is not a party to nor subject to the
provisions of, any order, writ, injunction, judgment or decree of any court or
government agency or instrumentality that could reasonably be expected to
prevent, enjoin, adversely alter, challenge or delay the consummation of the
transactions contemplated by the Transaction Documents or would reasonably be
expected to have a Material Adverse Effect.  No Action is currently
pending nor does the Company currently intend to initiate any Action that could
reasonably be expected to have a Material Adverse Effect.  The SEC has
not issued any stop order or other order suspending the effectiveness of any
registration statement filed by the Company under the Securities Act or the
Securities Exchange Act of 1934, as amended (the “Exchange
Act”).

     

    
      
        
        

      

      
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    (j) Compliance with Law and
Charter Documents.  The Company is not in violation or default
of any provisions of the Certificate of Incorporation or the
Bylaws.  The Company has complied and is currently in compliance with
all applicable statutes, laws, rules, regulations and orders of the United
States of America and all states thereof, foreign countries and other
governmental bodies and agencies having jurisdiction over the Company’s business
or properties, except for any instance of non-compliance that has not had, and
would not reasonably be expected to have, a Material Adverse
Effect.  Neither the Company nor any of the Subsidiaries is in default
(and there exists no condition which, with or without the passage of time or
giving of notice or both, would constitute a default) in any material respect in
the performance of any bond, debenture, note or any other evidence of
indebtedness in any indenture, mortgage, deed of trust or any other material
agreement or instrument to which the Company or any of the Subsidiaries is a
party or by which the Company or any of the Subsidiaries is bound or by which
the properties of the Company are bound, which default has not been waived and
would reasonably be expected to have a Material Adverse Effect.

     

    (k) Material Non-Public
Information.  The Company has not provided to the Purchasers
any material non-public information other than information related to the
transactions contemplated by the Transaction Documents.  All material
non-public information provided to the Purchasers shall be disclosed by the
Company pursuant to Section 8(m)
hereof.

     

    (l) SEC
Documents.

     

    (i) Reports.  The
Company has filed all reports, schedules, forms, statements and other documents
required to be filed by it with the SEC pursuant to the reporting requirements
of the Exchange Act and the rules and regulations promulgated thereunder, since
February 28, 2010.  The Company has made available to the Purchasers
prior to the date hereof copies of its quarterly report on Form 10-Q for the
fiscal quarter ended August 31, 2010 (“August 31,
2010 Form
10-Q”), copies of its quarterly report on Form 10-Q for the fiscal
quarter ended May  31, 2010 (“May 31, 2010 Form
10-Q”), copies of its annual report on Form 10-K for the fiscal year
ended February 28, 2010  (“Form
10-K”)  and any other documents, including exhibits thereto,
filed or submitted by the Company with the SEC since February 28, 2010, pursuant
to the reporting requirements of the Exchange Act, including without limitation,
any Current Report on Form 8-K for events occurring since February 28, 2010
(“Form
8-Ks”) filed by the Company with the SEC (the August 31, 2010 Form 10-Q,
the May 31, 2010 Form 10-Q, and the Form 8-Ks are collectively referred to
herein as the “SEC
Documents”).  Each of the SEC Documents, as of the respective
dates thereof (or, if amended or superseded by a filing or submission, as the
case may be, prior to the Closing Date, then on the date of such filing or
submission, as the case may be), (1) did not contain any untrue statement of a
material fact nor omit to state a material fact necessary in order to make the
statements made therein, in light of the circumstances under which they were
made, not misleading and (2) complied in all material respects with the
requirements of the Exchange Act and the rules and regulations of the SEC
promulgated thereunder applicable to such SEC Document.

     

    
      
        
        

      

      
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    (ii) Sarbanes-Oxley.  The
Company is in material compliance with all requirements of the Sarbanes-Oxley
Act of 2002 which are applicable to it as of the Closing Date.

     

    (iii) Financial
Statements.  The consolidated financial statements of the
Company included in the SEC Documents (1) comply in all material respects with
the applicable accounting rules and regulations of the SEC with respect thereto
as were in effect at the time of filing and (2) except as may be otherwise
specified in such financial statements or the notes thereto and except that
unaudited financial statements may not contain all footnotes required by United
States generally accepted accounting principles (“GAAP”),
present fairly, in all material respects, the consolidated financial position of
the Company as of the dates indicated therein, and the consolidated results of
its operations and cash flows for the periods therein specified in accordance
with GAAP, subject, in the case of unaudited financial statements, to normal,
immaterial year-end audit adjustments.

     

    (m) Absence of Certain Changes
Since the Balance Sheet Date.  Since August 31, 2010, the
business and operations of the Company and its Subsidiaries have been conducted
in the ordinary course consistent with past practice, and there has not
been:

     

    (i) any
declaration, setting aside or payment of any dividend or other distribution of
the assets of the Company with respect to any shares of capital stock of the
Company or any repurchase, redemption or other acquisition by the Company or any
of its Subsidiaries of any outstanding shares of the Company;

     

    (ii) any
damage, destruction or loss to the Company’s or any of the Subsidiaries’
business or assets, whether or not covered by insurance, except for such
occurrences, individually and collectively, that have not had, and would not
reasonably be expected to have, a Material Adverse Effect;

     

    (iii) any
waiver by the Company or any of the Subsidiaries of a valuable right or of a
material debt owed to it, except for such waivers, individually and
collectively, that have not had, and would not reasonably be expected to have, a
Material Adverse Effect;

     

    (iv) any
material change or amendment to, or any waiver of any material right under a
material contract or arrangement by which the Company, any of the Subsidiaries
or any of their assets or properties is bound or subject;

     

    (v) any
change by the Company in its accounting principles, methods or practices or in
the manner in which it keeps its accounting books and records, except any such
change required by a change in GAAP or by the SEC; or

     

    (vi) any other
event or condition of any character, except for such events and conditions that
have not resulted, and would not reasonably be expected to result, either
individually or collectively, in a Material Adverse Effect.

     

    (n) Intellectual
Property.  The Company and each of the Subsidiaries own or
possess sufficient rights to use all inventions, trade secrets, know-how,
trademarks, service marks, trade names, copyrights or other information and, to
the Company’s knowledge, patents, patent rights and licenses (collectively,
“Intellectual
Property”), which are necessary to conduct their businesses as currently
conducted, except where the failure to own or possess such sufficient rights
would not reasonably be expected to result, either individually or in the
aggregate, in a Material Adverse Effect.  Neither the Company nor any
of the Subsidiaries has received any written notice of, and has no actual
knowledge of, any infringement of or conflict with asserted rights of others
with respect to any Intellectual Property which, either individually or in the
aggregate, if the subject of an unfavorable decision, ruling or finding, would
reasonably be expected to have a Material Adverse Effect, and to the Company’s
and any of the Subsidiaries’ knowledge, none of the patent rights owned or
licensed by the Company or any of the Subsidiaries are unenforceable or invalid
or infringe the Intellectual Property rights of third parties.

     

    
      
        
        

      

      
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    (o) Registration
Rights.  Except as provided in the Registration Rights
Agreement, as provided in that certain Registration Rights Agreement dated March
23, 2010 by and among the Company and certain investors party thereto, and for
certain warrants issuable to Merriman, effective upon the Closing and in
connection with the transactions contemplated by the Transaction Documents, the
Company is not currently subject to any agreement providing any person or entity
any rights (including piggyback registration rights) to have any securities of
the Company registered with the SEC or registered or qualified with any other
governmental authority.

     

    (p) Title to Property and
Assets.  The properties and assets of the Company and each of
its Subsidiaries that are material to the business of the Company and its
Subsidiaries and that are owned by the Company or each Subsidiary are free and
clear of all mortgages, deeds of trust, liens, charges, encumbrances and
security interests, except for (i) statutory liens for the payment of current
taxes that are not yet delinquent and (ii) liens, encumbrances and security
interests that arise in the ordinary course of business and do not in any
material respect affect the business of the Company and any of the Subsidiaries
as currently conducted.  With respect to the property and assets that
are material to the business of the Company and that it leases, each of the
Company and the Subsidiaries is in compliance with such leases in all material
respects.

     

    (q) Taxes.  Except
for matters that would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect, the Company and each of the
Subsidiaries have filed or have valid extensions of the time to file all
necessary federal, state, and foreign income and franchise tax returns due prior
to the date hereof and has paid or accrued all taxes shown as due thereon, and
neither the Company nor any of the Subsidiaries has knowledge of any material
tax deficiency which has been asserted or threatened against it.

     

    (r) Insurance.  The
Company and each of the Subsidiaries maintain insurance of the types and in the
amounts that the Company reasonably believes are prudent and adequate for their
business, all of which insurance is currently in effect.

     

    (s) Labor
Relations.  No material labor dispute exists or, to the
knowledge of the Company or any of the Subsidiaries, is imminent with respect to
any of the employees of the Company or any of the Subsidiaries.

     

    (t) Internal Accounting
Controls. The
Company and the Subsidiaries maintain a system of internal accounting controls
sufficient to provide reasonable assurance that (i) transactions are executed in
accordance with management’s general or specific authorizations, (ii)
transactions are recorded as necessary to permit preparation of financial
statements in conformity with GAAP and to maintain asset accountability, (iii)
access to assets is permitted only in accordance with management’s general or
specific authorization, and (iv) the recorded accountability for assets is
compared with the existing assets at reasonable intervals and appropriate action
is taken with respect to any differences.

     

    
      
        
        

      

      
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    (u) Transactions With Officers
and Directors.  Except as disclosed in the SEC Documents, none
of the officers or directors of the Company has entered into any transaction
with the Company or any of the Subsidiaries that would be required to be
disclosed pursuant to Item 404(a), (b) or (c) of Regulation S-K of the
SEC.

     

    (v) General
Solicitation.  Assuming the accuracy of the Purchasers’
representations and warranties set forth in Section 4, neither
the Company nor any other Person (as defined below) authorized by the Company to
act on its behalf has engaged in a general solicitation or general advertising
(within the meaning of Regulation D) of investors with respect to offers or
sales of the Purchased Securities.  For purposes of this Agreement,
“Person”
means an individual or corporation, trust, incorporated or unincorporated
association, joint venture, limited liability company, joint stock company,
government (or an agency or subdivision thereof) or other entity of any
kind.

     

    (w) Registration Statement
Matters.  The Company currently meets the eligibility
requirements for use of a Form S-1 Registration Statement for the registration
of the resale of the Registrable Shares (as defined below) by the
Purchasers.  Assuming the completion and timely delivery of the
Registration Statement/Suitability Questionnaire, attached hereto as Appendix II (the
“Registration
Statement Questionnaire”), by each Purchaser to the Company, the Company
is not aware of any facts or circumstances that would prohibit or delay the
preparation and filing of a registration statement with respect to the
Registrable Shares.

     

    (x) No Integrated
Offering.  Assuming the accuracy of the Purchasers’
representations and warranties set forth in Section 4, to the
knowledge of the Company, neither the Company, nor any Affiliate (as hereafter
defined) of the Company, nor any person acting on its behalf has, directly or
indirectly, made any offers or sales of any security or solicited any offers to
buy any security, under circumstances that would cause this offering of the
Purchased Securities to be integrated with prior offerings by the Company for
purposes of the Securities Act which would prevent the Company from selling the
Purchased Securities pursuant to Regulation D and Rule 506 thereof under the
Securities Act.

     

    For the purposes of this Agreement, an
“Affiliate”
of any specified Person means any other Person directly or indirectly
controlling, controlled by or under direct or indirect common control with such
specified Person.  For purposes of this definition, “control”
means the power to direct the management and policies of such person or firm,
directly or indirectly, whether through the ownership of voting securities, by
contract or otherwise.

    

    (y) Market.  The
Company has not taken and will not take, directly or indirectly, any action
designed to or that might reasonably be expected to cause or result in
stabilization or manipulation of the price of the Common Stock of the Company to
facilitate the sale or resale of the Purchased Securities.

     

    (z) Investment
Company.  The Company is not an “investment company” within the
meaning of such term under the Investment Company Act of 1940, as amended, and
the rules and regulations of the SEC thereunder.

     

    (aa) Application of Anti-Takeover
Provisions.  There is no control share acquisition, business
combination, poison pill (including any distribution under a rights agreement)
or other similar anti-takeover provision under the Company’s Certificate of
Incorporation (or similar charter documents) that would become applicable to the
Purchasers as a result of the issuance of the Purchased Securities.

     

    
      
        
        

      

      
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    (bb) Trading and Registration
Matters.  The Common Stock of the Company is quoted on The
Nasdaq Capital Market under the ticker symbol “OCZ.”  The Company has
taken no action designed to terminate, or which would reasonably be expected to
have the effect of terminating, the registration of the Common Stock under the
Exchange Act.

     

    (cc) Foreign Corrupt
Practices.  Neither the Company, nor to the knowledge of the
Company, any agent or other person acting on behalf of the Company, has (i)
directly or indirectly, used any funds for unlawful contributions, gifts,
entertainment or other unlawful expenses related to foreign or domestic
political activity, (ii) made any unlawful payment to foreign or domestic
government officials or employees or to any foreign or domestic political
parties or campaigns from corporate funds, (iii) failed to disclose fully any
contribution made by the Company (or made by any person acting on its behalf of
which the Company is aware) which is  in violation of law, or (iv)
violated in any material respect any provision of the Foreign Corrupt Practices
Act of 1977, as amended.

     

    (dd) Foreign Assets
Control.  Neither the Company nor, to the knowledge of the
Company, any director, officer, employee of the Company, is currently subject to
any U.S. sanctions administered by the Office of Foreign Assets Control of the
U.S. Treasury Department (“OFAC”),
except for any such sanctions that would not be reasonably likely to result in a
Material Adverse Effect; and the Company will not directly or indirectly use the
proceeds of the offering of the Purchased Securities contemplated hereby, or
knowingly lend, contribute or otherwise make available such proceeds to any
person or entity, for the purpose of financing the activities of any person
currently subject to any U.S. sanctions administered by OFAC, except as would
not be reasonably likely to result in a Material Adverse Effect.

     

    4. REPRESENTATIONS,
WARRANTIES AND CERTAIN AGREEMENTS OF THE PURCHASERS.  Each Purchaser,
severally and not jointly, hereby represents and warrants to the Company, and
agrees that:

     

    (a) Organization.  The
Purchaser is an entity duly organized, validly existing and in good standing
under the laws of the jurisdiction of its organization with all corporate,
limited liability company, partnership, trust or individual, as the case may be,
power and authority required to enter into this Agreement and the other
agreements, instruments and documents contemplated hereby, and to consummate the
transactions contemplated hereby and thereby and otherwise to carry out its
obligations hereunder and thereunder.

     

    (b) Due
Authorization.  All corporate, limited liability company,
partnership, trust or individual, as the case may be, action on the part of the
Purchaser necessary for the authorization, execution, delivery of and the
performance of the transactions contemplated by the Transaction Documents and
all obligations of the Purchaser under the Transaction Documents have been taken
and no further consent or authorization of the Purchaser or its board of
directors, stockholders, members, or partners, as the case may be, is necessary,
and each Transaction Document, when delivered by the Purchaser in accordance
with the terms hereof, will constitute such Purchaser’s legal, valid and binding
obligation, enforceable in accordance with its terms, except (i) as may be
limited by (1) applicable bankruptcy, insolvency, reorganization or other laws
of general application relating to or affecting the enforcement of creditors’
rights generally and (2) the effect of rules of law governing the availability
of equitable remedies and (ii) as rights to indemnity or contribution may be
limited under federal or state securities laws or by principles of public policy
thereunder.

     

    (c) Litigation.  There
is no Action pending to which such Purchaser is a party that is reasonably
likely to prevent, enjoin, adversely alter or delay the transactions
contemplated by this Agreement.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    (d) Purchase for Own
Account.  The Purchased Securities are being acquired for
investment for the Purchaser’s own account, not as a nominee or agent, in the
ordinary course of business, and not with a view to the public resale or
distribution thereof within the meaning of the Securities Act.  The
Purchaser also represents that it has not been formed for the specific purpose
of acquiring the Purchased Securities.  The Purchaser does not have
any agreement or understanding, direct or indirect, with any other Person to
sell or otherwise distribute the Purchased
Securities.  Notwithstanding the foregoing, the parties hereto
acknowledge the Purchaser’s right at all times to sell or otherwise dispose of
all or any part of such securities in compliance with applicable federal and
state securities laws and as otherwise contemplated by this
Agreement.

     

    (e) Investment
Experience.  The Purchaser understands that the purchase of the
Purchased Securities involves substantial risk.  The Purchaser has
experience as an investor in securities of companies similar to the Company and
acknowledges that it can bear the economic risk of its investment in the
Purchased Securities and has such knowledge and experience in financial or
business matters that it is capable of evaluating the merits and risks of this
investment in the Purchased Securities and protecting its own interests in
connection with this investment.

     

    (f) Accredited Purchaser
Status.  The Purchaser is an “accredited investor” within the
meaning of Regulation D.

     

    (g) Reliance Upon Purchaser’s
Representations.  The Purchaser understands that the offer and
sale of the Purchased Securities to it will not be registered under the
Securities Act on the ground that such offer and sale will be exempt from
registration under the Securities Act, and that the Company’s reliance on such
exemption is based on each Purchaser’s representations set forth
herein.

     

    (h) Receipt of
Information.  The Purchaser acknowledges that it has reviewed
the SEC Documents and has had an opportunity to ask questions and receive
answers from the Company regarding the terms and conditions of the sale of the
Purchased Securities and the business, properties, prospects and financial
condition of the Company and to obtain any additional information requested and
has received and considered all information it deems relevant to make an
informed decision to purchase the Purchased Securities.  Neither such
inquiries nor any other investigation conducted by or on behalf of such
Purchaser or its representatives or counsel shall modify, amend or affect such
Purchaser’s right to rely on the truth, accuracy and completeness of such
information and the Company’s representations and warranties contained in this
Agreement.

     

    (i) Restricted Securities and
Restrictions on Transfer.

     

    (i) The
Purchaser understands that the Purchased Securities have not been registered
under the Securities Act and the Purchaser agrees that it will not sell, offer
to sell, assign, pledge, hypothecate or otherwise transfer any of the Purchased
Securities (except as permitted in Section 4(j) below)
unless (1) pursuant to an effective registration statement under the Securities
Act, (2) the Purchaser provides a reasonably acceptable legal opinion to the
Company, to the effect that a sale, assignment, pledge, hypothecation or other
transfer of the Purchased Securities may be made without registration under the
Securities Act and the transferee agrees to be bound by the terms and conditions
of this Agreement, (3) the Purchaser provides the Company  a “no
action” letter from the SEC to the effect that the transfer of the Purchased
Securities without registration will not result in a recommendation by the Staff
of the SEC that enforcement action by taken with respect thereto, (4) the
Purchaser provides the Company with reasonable assurances (in the form of seller
and broker representation letters) that the Purchased Securities can be sold
pursuant to Rule 144 promulgated under the Securities Act (“Rule
144”), or (5) pursuant to any other exception contained in the Securities
Act provided that the Purchaser provides a reasonably acceptable legal opinion
to the Company.  Notwithstanding anything to the contrary contained in
this Agreement, the Purchaser may transfer the Purchased Securities to its
Affiliates provided that (x) the Purchaser provides the Company with a
reasonably acceptable legal opinion, (y) such Affiliate is an “accredited
investor” under Regulation D and (z) each such Affiliate agrees to be bound by
the terms and conditions of this Agreement, and in particular, confirms to the
Company that all of the representations set forth in Section 4 of this
Agreement are true and correct as to such Affiliate as of the date of the
transfer to such Affiliate.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    (ii) Prior to
any proposed transfer pursuant to clause (2), (3), (4) or (5) in Section 4(i) above,
the Purchaser shall give written notice to the Company of such Purchaser’s
intention to effect such transfer.  Each such notice shall describe
the manner and circumstances of the proposed transfer in sufficient detail, and
shall be accompanied by the applicable legal opinion, “no action” letter or
seller and broker representation letters.

     

    (iii) Notwithstanding
the foregoing provisions of this Section 4(i), no
registration statement, legal opinion or “no action” letter shall be necessary
for a transfer of the Purchased Securities (1) by a Purchaser that is a
partnership to a partner of such partnership or a retired partner of such
partnership who retires after the date of this Agreement, (2) by a Purchaser
that is a limited liability company to a member of such limited liability
company, (3) by a Purchaser that is a partnership or limited liability company
to the estate of any partner, retired partner, or member thereof or (4) by any
partner or member of a Purchaser that is a partnership or limited liability
company by gift, will or intestate succession to such partner or member’s spouse
or to the siblings, lineal descendants, ancestors of such partner or member or
his or her spouse.

     

    (j) Legends.

     

    (i) The
Purchaser agrees that, to the extent necessary, the certificates representing
the Shares, the Warrants, and any certificates representing the Warrant Shares
shall bear substantially the following legend:

     

     “THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR ANY APPLICABLE STATE SECURITIES
LAWS, AND MAY NOT BE SOLD OR TRANSFERRED UNLESS (I) A REGISTRATION STATEMENT
COVERING SUCH SECURITIES IS EFFECTIVE UNDER THE SECURITIES ACT OR (II) THE
TRANSACTION IS EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT AND, IF THE
COMPANY REQUESTS, AN OPINION SATISFACTORY TO THE COMPANY TO SUCH
EFFECT  HAS BEEN RENDERED BY COUNSEL.”

     

    (ii) Certificates
evidencing the Purchased Securities shall not contain the legend set forth in
Section
4(j)(i)(1) while a registration statement (including the Registration
Statement (as defined in the Registration Rights Agreement)) covering the resale
of such security is effective under the Securities Act, (2) following any sale
of such Purchased Securities pursuant to Rule 144 or (3) if such legend is not
required under applicable requirements of the Securities Act (including judicial
interpretations and pronouncements issued by the Staff of the
SEC).  The Company shall cause its counsel to issue a legal opinion to
the Company’s transfer agent promptly after the date on which the Registration
Statement is declared effective (the “Effective
Date”) if such legal opinion is required by the Company’s transfer agent
to effect the removal of the legend hereunder.  The Company agrees
that following the Effective Date or at such time as such legend is no longer
required under this Section 4(j), it
will, no later than five (5) Business Days following the delivery by a Purchaser
to the Company or to the Company’s transfer agent of a certificate representing
Purchased Securities issued with such restrictive legend, deliver or cause to be
delivered to such Purchaser a certificate representing such Purchased Securities
that is free from such restrictive legend.  The Company may not make
any notation on its records or give instructions to any transfer agent of the
Company that enlarge the restrictions on transfer set forth in Section 4(i) or this
Section
4(j).

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    (iii) Each
Purchaser, severally and not jointly with the other Purchasers, will offer and
sell any and all Purchased Securities pursuant to all applicable federal and
state securities laws, including pursuant to either the registration
requirements of the Securities Act, including any applicable prospectus delivery
requirements, or an exemption therefrom, and agrees that the removal of the
restrictive legend from certificates representing the Purchased Securities as
set forth in this Section 4(j) is
predicated upon the Company’s reliance on such Purchaser’s representations and
contained herein.

     

    (iv) In
addition, the Purchaser agrees that the Company may place stop transfer orders
with its transfer agent with respect to such certificates in order to implement
the restrictions on transfer set forth in this Agreement.  The
appropriate portion of the legend and the stop transfer orders will be removed
promptly upon delivery to the Company of such satisfactory evidence as
reasonably may be required by the Company that such legend or stop transfer
orders are not required to ensure compliance with the Securities
Act.

     

    (k) Questionnaires.  The
Purchaser has completed or caused to be completed the Stock Certificate
Questionnaire, attached as Appendix I hereto,
and the Registration Statement Questionnaire, and the answers to such
questionnaires are true and correct as of the date of this
Agreement.

     

    (l) Restrictions on Short
Sales.  Neither the Purchaser nor any Affiliate of such
Purchaser which (i) had knowledge of the transactions contemplated hereby, (ii)
has or shares discretion relating to such Purchaser’s investments or trading or
information concerning such Purchaser’s investments, including in respect of the
Purchased Securities, or (iii) is subject to such Purchaser’s review or input
concerning such Affiliate’s investments or trading, has or will, directly or
indirectly, during the period beginning on the date on which Merriman first
contacted such Purchaser regarding the transactions contemplated by this
Agreement until the time of the filing of the Current Report on Form 8-K
required by Section
8(m), engage in (1) any “short sales” (as such term is defined in Rule
3b-3 promulgated under the Exchange Act) of the Common Stock, including, without
limitation, the maintaining of any short position with respect to, establishing
or maintaining a “put equivalent position” (within the meaning of Rule 16a-1(h)
under the Exchange Act) with respect to, entering into any swap, derivative
transaction or other arrangement (whether any such transaction is to be settled
by delivery of Common Stock, other securities, cash or other consideration) that
transfers to another, in whole or in part, any economic consequences or
ownership, or otherwise dispose of, any of the Purchased Securities by the
Purchaser or (2) any hedging transaction which establishes a net short position
with respect to the Purchased Securities (clauses (1) and (2) together, a “Short
Sale”).  Each Purchaser understands and acknowledges, severally
and not jointly with any other Purchaser, that the SEC currently takes the
position that coverage of Short Sales “against the box” prior to the effective
date of the Registration Statement with the SEC is a violation of Section 5 of
the Securities Act, as set forth in Compliance and Disclosure Interpretations of
the Division of Corporation Finance regarding the Securities Act.

     

    (m) Independent
Investment.  The Purchaser has not agreed to act with any other
Purchaser for the purpose of acquiring, holding or disposing of any of the
Purchased Securities for purposes of Section 13(d) of the Exchange Act, and such
Purchaser is acting independently with respect to its investment in the
Purchased Securities.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    (n) General
Solicitation.  Each Purchaser acknowledges that the Purchased
Securities were not offered to such Purchaser by means of any form of general or
public solicitation or general advertising, or publicly disseminated
advertisements or sales literature, including  (i) any advertisement,
article, notice or other communication published in any newspaper, magazine, or
similar media, or broadcast over television or radio, or (ii) any seminar or
meeting to which Purchaser was invited by any of the foregoing means of
communication, or any other general solicitation or general
advertisement.

     

    (o) Confidentiality.  The
Purchaser agrees to use any information it receives in the course of and in
connection with the transactions contemplated under this Agreement for the sole
purpose of evaluating a possible investment in the Purchased Securities and the
Purchaser hereby acknowledges that it is prohibited from reproducing or
distributing any such information, this Agreement, or any other offering
materials provided by the Company or any of its Affiliates in connection with
the Purchaser’s consideration of its investment in the Company, in whole or in
part, or divulging or discussing any of their contents except to its advisors
and representatives for the purpose of evaluating such investment. The foregoing
agreements shall not apply to any information that (i) is or becomes publicly
available through no fault of the Purchaser, (ii) was already known to the
Purchaser prior to its disclosure by the Company or any of its Affiliates to the
Purchasers, as evidenced by documentation or other evidence reasonably
satisfactory to the Company, (iii) is or becomes available to the Purchaser on a
non-confidential basis from a source other than the Company or any of its
Affiliates (so long as the Purchaser is not aware such disclosure is in breach
of a confidentiality obligation to the Company), (iv) is independently developed
by the Purchaser’s personnel without access to or use of the confidential
information received from the Company or any of its Affiliates, as evidenced by
documentation or other evidence reasonably satisfactory to the Company or (v) is
legally required to be disclosed by the Purchaser under operation of law or
judicial or other governmental order; provided, however, that if
the Purchaser is requested or ordered to disclose any such information pursuant
to any court or other governmental order or any other applicable legal
procedure, it shall provide the Company with reasonably prompt notice of any
such request or order to enable the Company to seek an appropriate protective
order and shall provide the Company with reasonable assistance in obtaining such
protective order at the Company’s sole expense.  Other than to other
Persons party to this Agreement, the Purchaser has maintained the
confidentiality of all disclosures made to it in connection with this
transaction (including the existence and terms of this
transaction).

     

    5. ADVISORY
FEE.  The Purchasers
acknowledge that the Company intends to pay to Merriman, as financial advisor, a
fee consisting of cash, shares of Common Stock and a warrant to purchase shares
of Common Stock in respect of the sale of the Purchased
Securities.  Each of the parties to this Agreement hereby represents
that, on the basis of any actions and agreements by it, there are no other
brokers or finders entitled to compensation in connection with the sale of the
Purchased Securities to the Purchasers.  The Company shall indemnify
and hold harmless the Purchasers from and against all fees, commission or other
payments owing by the Company to Merriman or any other Person acting on behalf
of the Company hereunder. Each Purchaser shall, severally and not jointly,
indemnify and hold harmless the Company from and against all fees, commission or
other payments owing by such Purchasers to any Person acting on behalf of the
Purchasers hereunder.

     

    6. CONDITIONS
TO THE PURCHASERS’ OBLIGATIONS AT CLOSING.  The obligations
of the Purchasers to consummate the transactions contemplated herein are subject
to the fulfillment or waiver, on or before the Closing, of each of the following
conditions:

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    (a) Representations and
Warranties True.  Each of the representations and warranties of
the Company contained in Section 3 shall be
true and correct in all material respects on and as of the date hereof (provided, however, that such
qualification shall only apply to representations or warranties not otherwise
qualified by materiality) and on and as of the Closing Date with the same effect
as though such representations and warranties had been made as of the Closing
(except for representations and warranties that speak as of a specific
date).

     

    (b) Performance.  The
Company shall have performed and complied in all material respects with all
agreements, obligations and conditions contained in this Agreement that are
required to be performed or complied with by it on or before the Closing and
shall have obtained all approvals, consents and qualifications necessary to
complete the purchase and sale described herein; provided, however, as
provided in Section
2 hereof, the Company may furnish to each Purchaser a copy of the
irrevocable instructions to the Company’s transfer agent instructing the
transfer agent to deliver a certificate or certificates evidencing the number of
shares of Common Stock purchased by such Purchaser, registered in the name of
such Purchaser and may deliver the Warrants promptly after the
Closing.

     

    (c) Company Compliance
Certificate.  The Company will have delivered to the Purchasers
a certificate signed on its behalf by its Chief Executive Officer or Chief
Financial Officer, dated as of the Closing Date, certifying that the conditions
specified in Sections
6(a) and 6(b) hereof have been
fulfilled.

     

    (d) Agreement.  The
Company shall have executed and delivered to the Purchasers this Agreement and
the Registration Rights Agreement.

     

    (e) Securities
Exemptions.  The offer and sale of the Purchased Securities to
the Purchasers pursuant to this Agreement shall be exempt from the registration
requirements of the Securities Act and the registration and/or qualification
requirements of all applicable state securities laws.

     

    (f) Good Standing
Certificate.  The Company shall have delivered to the
Purchasers a certificate of the Secretary of State of the State of Delaware,
dated as of a date within five days of the date of the Closing, with respect to
the good standing of the Company.

     

    (g) Secretary’s
Certificate.  The Company shall have delivered to the
Purchasers a certificate of the Company executed by the Company’s Secretary (or
other appropriate officer), dated as of the Closing Date, attaching and
certifying to the truth and correctness of (i) the Certificate of Incorporation,
(ii) the Bylaws and (iii) the resolutions adopted by the Company’s Board of
Directors in connection with the transactions contemplated by this
Agreement.

     

    (h) Opinion of Company
Counsel.  The Purchasers will have received an opinion on
behalf of the Company, dated as of the Closing Date, from DLA Piper LLP (US),
counsel to the Company, substantially in the form attached hereto as Exhibit
A.

     

    (i) No Statute or Rule
Challenging Transaction.  No statute, rule, regulation,
executive order, decree, ruling, injunction, action, proceeding or
interpretation shall have been enacted, entered, promulgated, endorsed or
adopted by any court or governmental authority of competent jurisdiction or any
self-regulatory organization or the staff of any of the foregoing, having
authority over the matters contemplated hereby which questions the validity of,
or challenges or prohibits the consummation of, any of the transactions
contemplated by this Agreement.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    (j) Other
Actions.  The Company shall have executed such certificates,
agreements, instruments and other documents, and taken such other actions as
shall be customary or reasonably requested by the Purchasers in writing in
connection with the transactions contemplated hereby.

     

    7. CONDITIONS
TO THE COMPANY’S OBLIGATIONS AT CLOSING.  The obligations
of the Company to consummate the transactions contemplated herein are subject to
the fulfillment or waiver, on or before the Closing, of each of the following
conditions:

     

    (a) Representations and
Warranties True.  Each of the representations and warranties of
the Purchasers contained in Section 4 shall be
true and correct in all material respects on and as of the date hereof (provided, however, that such
qualification shall only apply to representations and warranties not otherwise
qualified by materiality) and on and as of the Closing Date with the same effect
as though such representations and warranties had been made as of the Closing
(except for representations and warranties that speak as of a specific
date).

     

    (b) Performance.  The
Purchasers shall have performed and complied in all material respects with all
agreements, obligations and conditions contained in this Agreement that are
required to be performed or complied with by them on or before the Closing and
shall have obtained all approvals, consents and qualifications necessary to
complete the purchase and sale described herein.

     

    (c) Agreement.  Each
Purchaser shall have executed and delivered to the Company this Agreement (and
Appendices I
and II hereto)
and the Registration Rights Agreement.

     

    (d) Securities
Exemptions.  The offer and sale of the Purchased Securities to
the Purchasers pursuant to this Agreement shall be exempt from the registration
requirements of the Securities Act and the registration and/or qualification
requirements of all applicable state securities laws.

     

    (e) Payment of Purchase
Price.  The Purchasers shall have delivered to the Company by
wire transfer of immediately available funds, full payment of the purchase price
for the Purchased Securities as specified in Section
1(b).

     

    (f) No Statute or Rule
Challenging Transaction.  No statute, rule, regulation,
executive order, decree, ruling, injunction, action, proceeding or
interpretation shall have been enacted, entered, promulgated, endorsed or
adopted by any court or governmental authority of competent jurisdiction or any
self-regulatory organization or the staff of any of the foregoing, having
authority over the matters contemplated hereby which questions the validity of,
or challenges or prohibits the consummation of, any of the transactions
contemplated by this Agreement.

     

    (g) Other
Actions.  The Purchasers shall have executed such certificates,
agreements, instruments and other documents, and taken such other actions as
shall be customary or reasonably requested by the Company in connection with the
transactions contemplated hereby.

     

    8. MISCELLANEOUS.

     

    (a) Successors and
Assigns.  The terms and conditions of this Agreement will inure
to the benefit of and be binding upon the respective successors and permitted
assigns of the parties.  The Company shall not assign this Agreement
or any rights or obligations hereunder without the prior written consent of the
Purchasers holding at least a majority of the total aggregate number of
Purchased Securities then held by all Purchasers.  Any Purchaser may
assign its rights under this Agreement to any person to whom such Purchaser
assigns or transfers any of the Purchased Securities, provided that such
transferee agrees in writing to be bound by the terms and provisions of this
Agreement, and such transfer is in compliance with the terms and provisions of
this Agreement and permitted by federal and state securities laws.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    (b) Governing
Law.  This Agreement will be governed by and construed and
enforced under the internal laws of the State of New York, without reference to
principles of conflict of laws or choice of laws.  EACH PARTY HEREBY
IRREVOCABLY WAIVES ANY RIGHT IT 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.

     

    (c) Survival.  The
representations and warranties of the Company contained in Section 3 of this
Agreement and of the Purchasers contained in Section 4 of this
Agreement shall survive until the first (1st) anniversary of the Closing
Date.

     

    (d) Counterparts.  This
Agreement may be executed in two (2) or more counterparts, each of which will be
deemed an original, but all of which together will constitute one (1) and the
same instrument.

     

    (e) Headings.  The
headings and captions used in this Agreement are used for convenience only and
are not to be considered in construing or interpreting this
Agreement.  All references in this Agreement to sections, paragraphs,
exhibits and schedules will, unless otherwise provided, refer to sections and
paragraphs hereof and exhibits and schedules attached hereto, all of which
exhibits and schedules are incorporated herein by reference.

     

    (f) Notices.  Any
notices and other communications required or permitted under this Agreement
shall be in writing and shall be delivered (i) personally by hand or by courier,
(ii) mailed by United States first-class mail, postage prepaid or (iii) sent by
facsimile or other electronic transmission directed (1) if to any Purchaser, at
such Purchaser’s address, facsimile number or other address for electronic
transmission set forth on the Purchaser’s signature page to this Agreement, or
at such address or facsimile number as such Purchaser may designate by giving at
least ten (10) days’ advance written notice to the Company or (2) if to the
Company, to its address or facsimile number or other address for electronic
transmission set forth below, or at such other address or facsimile number as
the Company may designate by giving at least ten (10) days’ advance written
notice to the Purchasers.  All such notices and other communications
shall be deemed given upon (i) receipt or refusal of receipt, if delivered
personally, (ii) three (3) days after being placed in the mail, if mailed, or
(iii) confirmation of facsimile transfer or other electronic transmission, if
faxed.

     

    If to the
Company:

     

    OCZ
Technology Group, Inc.

    6373 San
Ignacio Avenue

    San Jose,
CA  95119

    Tel:  (408)
733-8400

    Fax:  (408)
904-6907

    Attention:  Chief
Financial Officer

    

    with a
copy to:

    

    DLA Piper
LLP (US)

    2000
University Avenue

    East Palo
Alto, California 94303

    Tel:  (650)
833-2000

    Fax:  (650)
687-1106

    Attention:
Edward Batts, Esq.

     

    
      
        
        

      

      
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    (g) Amendments and
Waivers.  This Agreement may be amended and the observance of
any term of this Agreement may be waived only with the written consent of the
Company and the Purchasers holding at least a majority of the total aggregate
number of the Purchased Securities then held by all Purchasers.  Any
amendment effected in accordance with this Section 8(g) will be
binding upon all Purchasers, the Company and their respective successors and
assigns.

     

    (h) Severability.  If
any provision of this Agreement is held to be unenforceable under applicable
law, such provision will be excluded from this Agreement and the balance of the
Agreement will be interpreted as if such provision were so excluded and will be
enforceable in accordance with its terms.

     

    (i) Entire
Agreement.  This Agreement and the Transaction Documents,
together with all exhibits and schedules hereto and thereto, constitute the
entire agreement and understanding of the parties with respect to the subject
matter hereof and thereof and supersede any and all prior negotiations,
correspondence, agreements, understandings, duties or obligations between the
parties with respect to the subject matter hereof and thereof.

     

    (j) Further
Assurances.  From and after the date of this Agreement, upon
the request of the Company or the Purchasers, the Company and the Purchasers
will execute and deliver such instruments, documents or other writings, and take
such other actions, as may be reasonably necessary or desirable to confirm and
carry out and to effectuate fully the intent and purposes of this
Agreement.

     

    (k) Meaning of Include and
Including.  Whenever in this Agreement the word “include” or
“including” is used, it shall be deemed to mean “include, without limitation” or
“including, without limitation,” as the case may be, and the language following
“include” or “including” shall not be deemed to set forth an exhaustive
list.

     

    (l) Fees, Costs and
Expenses.  All fees, costs and expenses (including attorneys’
fees and expenses) incurred by any party hereto in connection with the
preparation, negotiation and execution of the Transaction Documents and the
exhibits and schedules hereto or thereto and the consummation of the
transactions contemplated hereby and thereby (including the costs associated
with any filings with, or compliance with any of the requirements of any
governmental authorities), shall be the sole and exclusive responsibility of
such party.

     

    (m) 8-K Filing and
Publicity.  As soon as practicable following the execution of
this Agreement, but in no event later than the fourth day following the
Execution Date, the Company shall file a Current Report on Form 8-K with the SEC
describing the material terms of the transactions contemplated by this Agreement
and attaching this Agreement and the press release referred to below as exhibits
to such filing (the “8-K
Filing” including all attachments).  Neither the Company nor
any Purchaser shall issue any press releases or any other public statements with
respect to the transactions contemplated by this Agreement without the prior
approval of the other party; provided, however, that the
Company shall be entitled, without the prior approval of any Purchaser, to issue
any press release or make any other public disclosure (including a press release
(concerning the offering of the Purchased Securities) pursuant to Rule 135(c)
under the Securities Act) with respect to such transactions (i) in substantial
conformity with the 8-K Filing and (ii) as is required by applicable laws and
regulations; and, provided
further, that no such release may identify a Purchaser unless such
Purchaser has consented thereto in writing, or as required by law.

     

    
      
        
        

      

      
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    (n) Waivers.  No
waiver by any party to this Agreement of any default with respect to any
provision, condition or requirement of this Agreement shall be deemed to be a
continuing waiver in the future or a waiver of any other provision, condition or
requirement hereof, nor shall any delay or omission of any party to exercise any
right hereunder in any manner impair the exercise of any such right accruing to
it thereafter.

     

    (o) Stock Splits, Dividends and
other Similar Events.  The provisions of this Agreement shall
be appropriately adjusted to reflect any stock split, stock dividend,
reorganization or other similar event that may occur with respect to the Company
after the date hereof.

     

    (p) Remedies.  In
addition to being entitled to exercise all rights provided herein or granted by
law, including recovery of damages, each Purchaser and the Company will be
entitled to specific performance under this Agreement.  The parties
agree that monetary damages may not be adequate compensation for any loss
incurred by reason of any breach of obligations described in the foregoing
sentence and hereby agree to waive in any action for specific performance of any
such obligation the defense that a remedy at law would be adequate.

    

    [Remainder of page intentionally left
blank.  Signature pages follow.]

     

    
      
        
        

      

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

     

    
      
        	 	OCZ
      TECHNOLOGY GROUP, INC.	 
	 	 	 	 
	
              	
                By:
      

              	/s/ Arthur F.
      Knapp	 
	 	 	Name:  Arthur
      F. Knapp	 
	 	 	
                Title:  Chief
      Financial Officer

              	 
	 	 	 	 

      

    

     

    [PURCHASER
SIGNATURE PAGES FOLLOW]

     

    
      
        
        

      

      
        19Unassociated Document

    Exhibit
10.2

     

    REGISTRATION
RIGHTS AGREEMENT

     

    This
Registration Rights Agreement (this “Agreement”) is made
and entered into as of October 29, 2010, by and among OCZ Technology Group,
Inc., a Delaware corporation (the “Company”), and the
purchasers signatory hereto (each such purchaser is a “Purchaser” and
collectively, the “Purchasers”).

     

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

     

    The
Company and the Purchasers hereby agree as follows:

     

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

     

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

     

    “Effectiveness Date”
means, with respect to the initial Registration Statement required to be filed
hereunder, the 90th calendar day following the Closing Date, or the 120th
calendar day in the case of any review by the SEC of the initial Registration
Statement, and, with respect to any additional Registration Statements which may
be required pursuant to Section 3(c), the 90th
calendar day following the date on which the Company first knows, or reasonably
should have known, that such additional Registration Statement is required
hereunder; provided, however, in the event
the Company is notified by the SEC that one of the above Registration Statements
will not be reviewed or is no longer subject to further review and comments, the
Effectiveness Date as to such Registration Statement shall be the fifth Business
Day following the date on which the Company is so notified if such date precedes
the dates required above.

     

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

     

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

     

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

     

    “Filing Date” means,
with respect to the initial Registration Statement required hereunder, the 45th
calendar day following the Closing Date, and, with respect to any additional
Registration Statements which may be required pursuant to Section 3(c), the
30th
day following the date on which the Company first knows, or reasonably should
have known, that such additional Registration Statement is required
hereunder.

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Plan of Distribution”
shall have the meaning set forth in Section 2(a).

     

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

     

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

     

    “Purchased Securities”
means the Shares and the Warrant Shares.

     

    “Registrable
Securities” means all of (i) the Purchased Securities and (ii) the shares
of Common Stock issued or issuable upon any stock split, dividend or other
distribution, recapitalization or similar event with respect to the
foregoing.

     

    “Registration
Statement” means the registration statements required to be filed
hereunder and any additional registration statements contemplated by Section
3(c), including (in each case) the Prospectus, amendments and supplements to
such registration statement or Prospectus, including pre- and post-effective
amendments, all exhibits thereto, and all material incorporated by reference or
deemed to be incorporated by reference in such registration
statement.

     

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

     

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

     

    2. Shelf
Registration.

     

    (a) On or
prior to each Filing Date, the Company shall prepare and file with the SEC a
Registration Statement covering the resale of the Registrable Securities as
would permit or facilitate the resale and distribution of all the Registrable
Securities in the manner reasonably requested by the Holders.  The
Registration Statement shall be on Form S-1 and shall contain (unless otherwise
directed by the Holders) substantially the “Plan of Distribution”
attached hereto as Annex
A.  Subject to the terms of this Agreement, the Company shall
use its commercially reasonable efforts to cause a Registration Statement to be
declared effective under the Securities Act as promptly as possible after the
filing thereof, and shall use its commercially reasonable efforts to keep such
Registration Statement continuously effective under the Securities Act until all
Registrable Securities covered by such Registration Statement have been sold or
may be sold without volume restrictions pursuant to Rule 144 as determined by
counsel to the Company pursuant to a written opinion letter to such effect,
addressed and acceptable to the Company’s transfer agent and the affected
Holders, but in no event more than three (3) years from the Closing Date (the
“Effectiveness
Period”).  The Company shall telephonically request
effectiveness of a Registration Statement as of 5:00 pm Eastern Time on a
Business Day.   The Company shall notify the Holders via
facsimile or other electronic transmission of the effectiveness of a
Registration Statement on the same Business Day that the Company telephonically
confirms effectiveness with the SEC.  Failure to so notify the Holder
within one (1) Business Day of such confirmation shall be deemed an Event under
Section 2(c).

     

    
      
        
        

      

      
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    (b) Notwithstanding
anything to the contrary in this Agreement, in the event the staff of the SEC
(the “Staff”)
or the SEC seeks to characterize any offering pursuant to a Registration
Statement filed pursuant to this Agreement as constituting an offering of
securities by or on behalf of the Company such that Rule 415 is not available to
the Company to register the resale of such Registrable Securities and as a
result the Staff or the SEC does not permit such Registration Statement to
become effective and used for resales in a manner that permits the continuous
resale at the market by the Holders participating therein (or as otherwise may
be acceptable to each Holder) without being named therein as an “underwriter,”
then the Company shall reduce the number of shares to be included in such
Registration Statement by all Holders until such time as the Staff and the SEC
shall so permit such Registration Statement to become effective as
aforesaid.  In making such reduction, the Company shall reduce the
number of Registrable Securities to be included by all Holders on a pro rata
basis (based upon the number of Registrable Securities otherwise required to be
included for each Holder) unless the inclusion of shares by a particular Holder
or a particular set of Holders results in the Staff or the SEC’s taking the
position that the inclusion of such Registrable Securities by such Holders would
constitute a registration “by or on behalf of the Company,” in which event the
shares held by such Holder or set of Holders shall be the only shares subject to
reduction (and if by a set of Holders on a pro rata basis by such Holders or on
such other basis as would result in the exclusion of the least number of shares
by all such Holders).  In addition, in the event that the Staff or the
SEC requires any Holder seeking to sell securities under a Registration
Statement filed pursuant to this Agreement to be specifically identified as an
“underwriter” (an “Underwriter
Identification”) in order to permit such Registration Statement to become
effective, and such Holder does not consent to being so named as an underwriter
in such Registration Statement, then, in each such case, the Company shall
reduce the total number of Registrable Securities to be registered on behalf of
such Holder, until such time as the Staff or the SEC does not require such
Underwriter Identification or until such Holder accepts such Underwriter
Identification and the manner thereof.  In the event of any reduction
in Registrable Securities pursuant to this Section 2(b) (such Registrable
Securities, the “SEC
Non-Registrable Securities”), if requested by a Holder holding
Registrable Securities that were so excluded from such registration, the Company
shall use its commercially reasonable efforts to cause such SEC Non-Registrable
Securities to be registered to the greatest extent and at the earliest
opportunity practicable and in any event not later than 90 days after the
earliest practicable date permitted under applicable guidance of the SEC and the
Staff (and shall use its commercially reasonable efforts to effect additional
registrations of SEC Non-Registrable Securities until all such securities have
been included in additional Registration Statements).

     

    (c) Notwithstanding
anything to the contrary in this Agreement, a Holder shall have the right to
require the Company to exclude all or any portion of such Holder’s Registrable
Securities from any Registration Statement, by written notice to the Company
upon such Holder’s reasonable belief that (i) inclusion of such Registrable
Securities in the Registration Statement could subject such Holder to
underwriter liability, or (ii) the SEC or the Staff will impose restrictions and
terms on the disposition of such Registrable Securities that are materially
inconsistent with the Plan of Distribution attached hereto as Annex
A.  In such event, the Company shall be required to file a new
registration statement for such excluded shares in accordance with Section
2(b).

     

    
      
        
        

      

      
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    (d) If: (i) a
Registration Statement is not filed on or prior to its Filing Date, or (ii) the
Company fails to file with the SEC a request for acceleration in accordance with
Rule 461 promulgated under the Securities Act, within five (5) Business Days of
the date that the Company is notified (orally or in writing, whichever is
earlier) by the SEC that a Registration Statement will not be “reviewed,” or is
not subject to further review, or (iii) a Registration Statement filed or
required to be filed hereunder is not declared effective by the SEC by its
Effectiveness Date, or (iv) after the Effectiveness Date, a Registration
Statement ceases for any reason to remain continuously effective as to all
Registrable Securities (other than SEC Non-Registrable Securities) for which it
is required to be effective prior to the expiration of the Effectiveness Period,
without being promptly succeeded by a subsequent Registration Statement filed
with and declared effective by the SEC, or the Holders are not permitted to
utilize the Prospectus therein to resell such Registrable Securities for 10
consecutive Business Days or more than an aggregate of 15 Business Days during
any 12-month period (which need not be consecutive Business Days) (any such
failure or breach being referred to as an “Event,” and for
purposes of clause (i) or (iv) the date on which such Event occurs, or for
purposes of clause (ii) the date on which such five (5) Business Day period is
exceeded, or for purposes of clause (iv) the date on which such 10 or 15
Business Day period, as applicable, is exceeded being referred to as “Event Date”), then in
addition to any other rights the Holders may have hereunder or under applicable
law, on each such Event Date and on each monthly anniversary of each such Event
Date (if the applicable Event shall not have been cured by such date) until the
applicable Event is cured, the Company shall pay to each Holder an amount in
cash, as partial liquidated damages and not as a penalty, equal to 1.0% of the
aggregate purchase price paid by such Holder pursuant to the Purchase Agreement
for any Purchased Securities then held by such Holder (other than SEC
Non-Registrable Securities); provided, however, that the
Company shall not incur liquidated damages under this Section 2(b) if such Event
occurs after the expiration of the Effectiveness Period; provided, further, that the
Company shall not incur liquidated damages under this Section 2(b) in excess of
10.0% of the aggregate purchase price paid by any Holder pursuant to the
Purchase Agreement for any Purchased Securities (other than SEC Non-Registrable
Securities) then held by such Holder.  If the Company fails to pay any
partial liquidated damages pursuant to this Section in full within seven (7)
Business Days after the date payable, the Company will pay interest thereon at a
rate of 18% 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. Notwithstanding anything to the contrary in this paragraph
(d), if (I) any of the Events described in clauses (i), (ii), (iii), or (iv),
shall have occurred, (II) on or prior to the applicable Event Date, the Company
shall have exercised its rights under Section 3(j) hereof and (III) the
postponement or suspension permitted pursuant to such Section 3(j) shall remain
effective as of such applicable Event Date, then the applicable Event Date shall
be deemed instead to occur on the second (2nd) Business Day following the
termination of such postponement or suspension.  Notwithstanding the
foregoing, the Company shall not be obligated to pay liquidated damages for a
delay or suspension of effectiveness as a result of the suspension provided in
Section 3(j) or as the result of the occurrence of any event or the passage of
time described in Section 3(c)(v) that occurs prior to the Effectiveness
Date.  Notwithstanding anything to the contrary in this Agreement, in
the event that the SEC or the Staff (whether by means of a comment letter
provided by the SEC or the Staff relating to the Registration Statement or
otherwise) makes a determination that the registration of the Registrable
Securities under the Registration Statement may not be appropriately
characterized as secondary offerings that are eligible to be made on a shelf
basis under Rule 415 or that one or more of the Holders should be named as an
underwriter therein, then the failure to comply with Section 2(a) with respect
to such SEC Non-Registrable Securities shall not be deemed to be an
Event.

     

    
      
        
        

      

      
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    3. Registration
Procedures. In connection with the Company’s registration obligations
hereunder, the Company shall:

     

    (a) Not less
than five (5) Business Days prior to the filing of the initial Registration
Statement, or not less than three (3) Business Days  prior to the
filing of any related Prospectus or any amendment or material supplement thereto
(but not including any document that would be incorporated or deemed to be
incorporated therein by reference, and not including a Prospectus supplement or
amendment filed solely for the purpose of adding the contents of a Form 10-Q or
Form 8-K to the Prospectus filed at such as time as the Registration Statement
is on a form that does not permit “forward” incorporation by reference), (i)
furnish to each Holder copies of all such documents proposed to be filed, which
documents will be subject to the review of such Holders, and (ii) cause its
officers and directors, counsel and independent certified public accountants to
respond to such inquiries as shall be necessary, in the reasonable opinion of
respective counsel to conduct a reasonable investigation within the meaning of
the Securities Act. The Company shall not file a Registration Statement or any
such Prospectus or any amendments or supplements thereto to which the Holders of
a majority of the Registrable Securities shall reasonably object in good faith,
provided that, the Company is notified of such objection in writing no later
than three (3) Business Days after the Holders have been so furnished copies of
such documents. Each Holder agrees to furnish to the Company a completed
Registration Statement Questionnaire, as of a date not less than two (2)
Business Days prior to the Filing Date or by the end of the third (3rd) Business
Day following the date on which such Holder receives draft materials in
accordance with this Section.

     

    (b) (i)
Prepare and file with the SEC such amendments, including post-effective
amendments, to a Registration Statement and the Prospectus used in connection
therewith as may be necessary to keep a Registration Statement continuously
effective as to the applicable Registrable Securities for the Effectiveness
Period and prepare and file with the SEC such additional Registration Statements
in order to register for resale under the Securities Act all of the Registrable
Securities; (ii) cause the related Prospectus to be amended or supplemented by
any required Prospectus supplement (subject to the terms of this Agreement), and
as so supplemented or amended to be filed pursuant to Rule 424; (iii) respond as
promptly as reasonably possible to any comments received from the SEC with
respect to a Registration Statement or any amendment thereto and as promptly as
reasonably possible provide the Holders true and complete copies of all
correspondence from and to the SEC relating to a Registration Statement; and
(iv) comply in all material respects with the provisions of the Securities Act
and the Exchange Act with respect to the disposition of all Registrable
Securities covered by a Registration Statement during the applicable period in
accordance (subject to the terms of this Agreement) with the intended methods of
disposition by the Holders thereof set forth in such Registration Statement as
so amended or in such Prospectus as so supplemented.

     

    
      
        
        

      

      
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    (c) Notify
the Holders of Registrable Securities to be sold (which notice shall, pursuant
to clauses (ii) through (vi) hereof, be accompanied by an instruction to suspend
the use of the Prospectus until the requisite changes have been made) as
promptly as reasonably possible (and, in the case of (i)(A) below, not less than
five (5) Business Days prior to such filing) and (if requested by any such
Person) confirm such notice in writing no later than one (1) Business Day
following the day (i)(A) when a Prospectus or any Prospectus supplement or
post-effective amendment to a Registration Statement is proposed to be filed
(other than a Prospectus supplement filed or incorporated or deemed to be
incorporated therein by reference solely for the purpose of adding the contents
of a Form 10-Q or Form 8-K to the Prospectus filed at such as time as the
Registration Statement is on a form that does not permit “forward” incorporation
by reference); (B) when the SEC notifies the Company whether there will be a
“review” of such Registration Statement and whenever the SEC comments in writing
on such Registration Statement; and (C) with respect to a Registration Statement
or any post-effective amendment, when the same has become effective; (ii) of any
request by the SEC or any other Federal or state governmental authority for
amendments or supplements to a Registration Statement or Prospectus or for
additional information; (iii) of the issuance by the SEC or any other federal or
state governmental authority of any stop order suspending the effectiveness of a
Registration Statement covering any or all of the Registrable Securities or the
initiation of any Proceedings for that purpose; (iv) of the receipt by the
Company of any notification with respect to the suspension of the qualification
or exemption from qualification of any of the Registrable Securities for sale in
any jurisdiction, or the initiation or threatening of any Proceeding for such
purpose; (v) of the occurrence of any event or passage of time that makes the
financial statements included in a Registration Statement ineligible for
inclusion therein or any statement made in a Registration Statement or
Prospectus or any document incorporated or deemed to be incorporated therein by
reference untrue in any material respect or that requires any revisions to a
Registration Statement, Prospectus or other documents so that, in the case of a
Registration Statement or the Prospectus, as the case may be, it will not
contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading; and
(vi) the occurrence or existence of any pending corporate development with
respect to the Company that the Company believes may be material and that, in
the determination of the Company, makes it not in the best interest of the
Company to allow continued availability of a Registration Statement or
Prospectus; provided that any and all of such information shall remain
confidential to each Holder until such information otherwise becomes public,
unless disclosure by a Holder is required by law; provided, further, that the
Company’s filing with the SEC of a current report on Form 8-K containing the
disclosure required under Item 4.02 of Form 8-K shall satisfy the notices
provisions of this Section 3(c) with respect to clause (v) above.

     

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

     

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

     

    (f) Promptly
deliver to each Holder, without charge, as many copies of the Prospectus or
Prospectuses (including each form of prospectus) and each amendment or
supplement thereto as such Persons may reasonably request in connection with
resales by the Holder of Registrable Securities.  Subject to the terms
of this Agreement, the Company hereby consents to the use of such Prospectus and
each amendment or supplement thereto by each of the selling Holders in
connection with the offering and sale of the Registrable Securities covered by
such Prospectus and any amendment or supplement thereto, except after the giving
on any notice pursuant to Section 3(c).

     

    
      
        
        

      

      
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    (g) If Rule
5110 of the Financial Industry Regulatory Authority (“FINRA”) requires any
broker-dealer to make a filing prior to executing a sale by a Holder, make an
Issuer Filing with the FINRA Corporate Financing Department pursuant to FINRA
Rule 5190 and respond within five (5) Business Days to any comments received
from FINRA in connection therewith, and pay the filing fee required in
connection therewith.

     

    (h) Prior to
any resale of Registrable Securities by a Holder, use its commercially
reasonable efforts to register or qualify or cooperate with the selling Holders
in connection with the registration or qualification (or exemption from the
Registration or qualification) of such Registrable Securities for the resale by
the Holder under the securities or Blue Sky laws of such jurisdictions within
the United States as any Holder reasonably requests in writing, to keep each
registration or qualification (or exemption therefrom) effective during the
Effectiveness Period and to do any and all other acts or things reasonably
necessary to enable the disposition in such jurisdictions of the Registrable
Securities covered by each Registration Statement; provided, that the Company
shall not be required to qualify generally to do business in any jurisdiction
where it is not then so qualified, subject the Company to any material tax in
any such jurisdiction where it is not then so subject or file a general consent
to service of process in any such jurisdiction.

     

    (i) If
requested by the Holders, cooperate with the Holders to facilitate the timely
preparation and delivery of certificates representing Registrable Securities to
be delivered to a transferee pursuant to a Registration Statement, which
certificates shall be free, to the extent permitted by the Purchase Agreement,
of all restrictive legends, and to enable such Registrable Securities to be in
such denominations and registered in such names as any such Holders may
request.

     

    (j) Upon the
occurrence of any event contemplated by this Section 3, as promptly as
reasonably possible under the circumstances taking into account the Company’s
good faith assessment of any adverse consequences to the Company and its
stockholders of the premature disclosure of such event, prepare a supplement or
amendment, including a post-effective amendment, to a Registration Statement or
a supplement to the related Prospectus or any document incorporated or deemed to
be incorporated therein by reference, and file any other required document so
that, as thereafter delivered, neither a Registration Statement nor such
Prospectus will contain an untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made,
not misleading.  If the Company notifies the Holders in accordance
with clauses (ii) through (vi) of Section 3(c) above to suspend the use of any
Prospectus until the requisite changes to such Prospectus have been made, then
the Holders shall suspend use of such Prospectus.  The Company will
use its commercially reasonable efforts to ensure that the use of the Prospectus
may be resumed as promptly as is practicable.  The Company shall be
entitled to exercise its right under this Section 3(j) to suspend the
availability of a Registration Statement and Prospectus, subject to the payment
of partial liquidated damages pursuant to Section 2(b), for a period not to
exceed 60 days (which need not be consecutive days) in any 12 month
period.

     

    (k) Comply
with all applicable rules and regulations of the SEC.

     

    (l) The
Company may require each selling Holder to furnish to the Company a certified
statement as to the number of shares of Common Stock beneficially owned by such
Holder and, if required by the SEC, the person thereof that has voting and
dispositive control over the Purchased Securities. During any periods that the
Company is unable to meet its obligations hereunder with respect to the
registration of the Registrable Securities solely because any Holder fails to
furnish such information within three (3) Business Days of the Company’s
request, any liquidated damages that are accruing at such time as to such Holder
only shall be tolled and any Event that may otherwise occur solely because of
such delay shall be suspended as to such Holder only, until such information is
delivered to the Company.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    4. Registration
Expenses.  All fees and expenses incident to the performance of
or compliance with this Agreement by the Company shall be borne by the Company
whether or not any Registrable Securities are sold pursuant to a Registration
Statement.  The fees and expenses referred to in the foregoing
sentence shall include, without limitation, (i) all registration and filing fees
(including, without limitation, fees and expenses (A) with respect to filings
required to be made with the NASDAQ Capital Market or other market or exchange
on which the Common Stock is then listed or quoted for trading, (B) in
compliance with applicable state securities or Blue Sky laws reasonably agreed
to by the Company in writing (including, without limitation, fees and
disbursements of counsel for the Company in connection with Blue Sky
qualifications or exemptions of the Registrable Securities and determination of
the eligibility of the Registrable Securities for investment under the laws of
such jurisdictions as requested by the Holders), and (C) any filing fees with
FINRA, (ii) printing expenses (including, without limitation, expenses of
printing certificates for Registrable Securities and of printing prospectuses if
the printing of prospectuses is reasonably requested by the holders of a
majority of the Registrable Securities included in a Registration Statement),
(iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of
counsel for the Company, (v) Securities Act liability insurance, if the Company
so desires such insurance, and (vi) fees and expenses of all other Persons
retained by the Company in connection with the consummation of the transactions
contemplated by this Agreement.  In addition, the Company shall be
responsible for all of its internal expenses incurred in connection with the
consummation of the transactions contemplated by this Agreement (including,
without limitation, all salaries and expenses of its officers and employees
performing legal or accounting duties), the expense of any annual audit and the
fees and expenses incurred in connection with the listing of the Registrable
Securities on any securities exchange as required hereunder. In no event shall
the Company be responsible for any broker or similar commissions or, except to
the extent provided for in the Transaction Documents, any legal fees or other
costs of the Holders.

     

    5. Indemnification

     

    (a) Indemnification by the
Company.  The Company shall, notwithstanding any termination of
this Agreement, indemnify and hold harmless each Holder, the officers,
directors, agents, brokers (including brokers who offer and sell Registrable
Securities as principal as a result of a pledge or any failure to perform under
a margin call of Common Stock), investment advisors and employees of each of
them, each Person who controls any such Holder (within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act) and the officers,
directors, agents and employees of each such controlling Person, to the fullest
extent permitted by applicable law, from and against any and all losses, claims,
damages, liabilities, costs (including, without limitation, reasonable
attorneys’ fees) and expenses (collectively, “Losses”), as
incurred, arising out of or relating to any untrue or alleged untrue statement
of a material fact contained in a Registration Statement, any Prospectus or any
form of prospectus or in any amendment or supplement thereto or in any
preliminary prospectus, or arising out of or relating to any omission or alleged
omission of a material fact required to be stated therein or necessary to make
the statements therein (in the case of any Prospectus or form of prospectus or
supplement thereto, in light of the circumstances under which they were made)
not misleading, except to the extent, but only to the extent, that (i) such
untrue statements or omissions are based solely upon information regarding such
Holder furnished in writing to the Company by such Holder expressly for use
therein, or to the extent that such information relates to such Holder or such
Holder’s proposed method of distribution of Registrable Securities and was
reviewed and expressly approved in writing by such Holder expressly for use in a
Registration Statement, such Prospectus or such form of Prospectus or in any
amendment or supplement thereto (it being understood that the Holder has
approved Annex A hereto for this purpose) or (ii) in the case of an occurrence
of an event of the type specified in Section 3(c)(ii)-(vi), the use by such
Holder of an outdated or defective Prospectus after the Company has notified
such Holder in writing that the Prospectus is outdated or defective and prior to
the receipt by such Holder of the Advice contemplated in Section
6(d).  The Company shall notify the Holders promptly of the
institution, threat or assertion of any Proceeding arising from or in connection
with the transactions contemplated by this Agreement of which the Company is
aware.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    (b) Indemnification by
Holders. Each Holder shall, severally and not jointly, indemnify and hold
harmless the Company, its directors, officers, agents and employees, each Person
who controls the Company (within the meaning of Section 15 of the Securities Act
and Section 20 of the Exchange Act), and the directors, officers, agents or
employees of such controlling Persons, to the fullest extent permitted by
applicable law, from and against all Losses, as incurred, to the extent arising
out of or based solely upon: (x) such Holder’s failure to comply with the
prospectus delivery requirements of the Securities Act or (y) any untrue or
alleged untrue statement of a material fact contained in any Registration
Statement, any Prospectus, or any form of prospectus, or in any amendment or
supplement thereto or in any preliminary prospectus, or arising out of or
relating to any omission or alleged omission of a material fact required to be
stated therein or necessary to make the statements therein not misleading (i) to
the extent, but only to the extent, that such untrue statement or omission is
contained in any information so furnished in writing by such Holder to the
Company specifically for inclusion in such Registration Statement or such
Prospectus or (ii) to the extent that (1) such untrue statements or omissions
are based solely upon information regarding such Holder furnished in writing to
the Company by such Holder expressly for use therein, or to the extent that such
information relates to such Holder or such Holder’s proposed method of
distribution of Registrable Securities and was reviewed and expressly approved
in writing by such Holder expressly for use in a Registration Statement (it
being understood that the Holder has approved Annex A hereto for this purpose),
such Prospectus or such form of Prospectus or in any amendment or supplement
thereto or (2) in the case of an occurrence of an event of the type specified in
Section 3(c)(ii)-(vi), the use by such Holder of an outdated or defective
Prospectus after the Company has notified such Holder in writing that the
Prospectus is outdated or  defective and prior to the receipt by such
Holder of the Advice contemplated in Section 6(d).  In no event shall
the liability of any selling Holder hereunder be greater in amount than the
dollar amount of the net proceeds received by such Holder upon the sale of the
Registrable Securities giving rise to such indemnification
obligation.

     

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

     

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

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    Subject
to the terms of this Agreement, all reasonable fees and expenses of the
Indemnified Party (including reasonable fees and expenses to the extent incurred
in connection with investigating or preparing to defend such Proceeding in a
manner not inconsistent with this Section) shall be paid to the Indemnified
Party, as incurred, within ten Business Days of written notice thereof to the
Indemnifying Party; provided, that the
Indemnified Party shall promptly reimburse the Indemnifying Party for that
portion of such fees and expenses applicable to such actions for which such
Indemnified Party is not entitled to indemnification hereunder, determined based
upon the relative faults of the parties.

     

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

     

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

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    The
indemnity and contribution agreements contained in this Section are in addition
to any liability that the Indemnifying Parties may have to the Indemnified
Parties.

     

    6. Miscellaneous

     

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

     

    (b) No Piggyback on
Registrations.  Except as set forth in the Purchase Agreement
or the SEC Documents, neither the Company nor any of its security holders (other
than the Holders in such capacity pursuant hereto) may include securities of the
Company in the initial Registration Statement other than the Registrable
Securities.  Except as set forth in the Purchase Agreement or the SEC
Documents, no Person has any right to cause the Company to effect the
registration under the Securities Act of any securities of the
Company.  The Company shall not file any other registration statements
until the initial Registration Statement required hereunder is declared
effective by the SEC, provided that this Section 6(b) shall not prohibit the
Company from filing (a) registration statement in satisfaction of any
registration rights as set forth in the SEC Documents; and (b) amendments to
registration statements already filed.

     

    (c) Compliance.  Each
Holder covenants and agrees that it will comply with the prospectus delivery
requirements of the Securities Act as applicable to it in connection with sales
of Registrable Securities pursuant to a Registration Statement.

     

    (d) Discontinued
Disposition.  Each Holder agrees by its acquisition of such
Registrable Securities that, upon receipt of a notice from the Company of the
occurrence of any event of the kind described in Section 3(c), such Holder will
forthwith discontinue disposition of such Registrable Securities under a
Registration Statement until such Holder’s receipt of the copies of the
supplemented Prospectus and/or amended Registration Statement or until it is
advised in writing (the “Advice”) by the
Company that the use of the applicable Prospectus may be resumed, and, in either
case, has received copies of any additional or supplemental filings that are
incorporated or deemed to be incorporated by reference in such Prospectus or
Registration Statement.  The Company will use its commercially
reasonable efforts to ensure that the use of the Prospectus may be resumed as
promptly as it practicable.  The Company agrees and acknowledges that
any periods during which the Holder is required to discontinue the disposition
of the Registrable Securities hereunder shall be subject to the provisions of
Section 2(b).

     

    (e) Amendments and
Waivers. The provisions of this Agreement, including the provisions of
this sentence, may not be amended, modified or supplemented, and waivers or
consents to departures from the provisions hereof may not be given, unless the
same shall be in writing and signed by the Company and each Holder of the then
outstanding Registrable Securities.  Notwithstanding the foregoing, a
waiver or consent to depart from the provisions hereof with respect to a matter
that relates exclusively to the rights of Holders and that does not directly or
indirectly affect the rights of other Holders may be given by Holders of all of
the Registrable Securities to which such waiver or consent relates; provided, however, that in the
event the Company shall deliver written notice to a Holder with respect to a
requested waiver or amendment, such Holder shall be deemed to have consented and
agreed to such amendment or waiver if such Holder does not provide written
notice to the Company indicating such Holder’s non-consent within ten (10)
calendar days of delivery by the Company of such written
notice;  provided, further, that the
provisions of this sentence may not be amended, modified, or supplemented except
in accordance with the provisions of the immediately preceding
sentence.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    (f) Notices. Any and all
notices or other communications or deliveries required or permitted to be
provided hereunder shall be delivered as set forth in the Purchase
Agreement.

     

    (g) Successors and
Assigns. This Agreement shall inure to the benefit of and be binding upon
the successors and permitted assigns of each of the parties and shall inure to
the benefit of each Holder. The Company may not assign its rights or obligations
hereunder without the prior written consent of all of the Holders of the
then-outstanding Registrable Securities. Each Holder may assign their respective
rights hereunder in the manner and to the Persons as permitted under the
Purchase Agreement.

     

    (h) No Inconsistent
Agreements. Neither the Company nor any of its subsidiaries has entered,
as of the date hereof, nor shall the Company or any of its subsidiaries, on or
after the date of this Agreement, enter 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.  Except as set forth in the Transaction Documents or in the
SEC Documents, neither the Company nor any of its subsidiaries has previously
entered into any agreement granting any registration rights with respect to any
of its securities to any Person that have not been satisfied in
full.

     

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

     

    (j) Governing
Law.  All questions concerning the construction, validity,
enforcement and interpretation of this Agreement shall be determined with the
provisions of the Purchase Agreement.

     

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

     

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

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    *************************

    

     

    [Signature pages
follow.]

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

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

     

    
      	 	
              OCZ
      TECHNOLOGY GROUP, INC.

            	 
	 	 	 	 
	
              
                  
      

              

            	
              By:
      

            	/s/ Arthur F.
      Knapp	 
	 	 	Name: Arthur
      F. Knapp	 
	 	 	Title:   Chief
      Financial Officer	 
	 	 	 	 

    

    

    

    

    

    [SIGNATURE
PAGES OF PURCHASERS FOLLOW]

     

    
      
        
        

      

      
        14

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