-------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION -----------------------------
FORM 4 WASHINGTON, D.C. 20549 OMB APPROVAL
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/ / CHECK THIS BOX IF NO STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OMB NUMBER: 3235-0287
LONGER SUBJECT TO EXPIRES: January 31, 2005
SECTION 16. FORM 4 OR Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, ESTIMATED AVERAGE BURDEN
FORM 5 OBLIGATIONS MAY Section 17(a) of the Public Utility Holding Company Act of 1935 or HOURS PER RESPONSE .... 0.5
CONTINUE. SEE Section 30(f) of the Investment Company Act of 1940 -----------------------------
INSTRUCTION 1(b).
(Print or Type Responses)
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1. Name and Address of Reporting Person* 2. Issuer Name AND Ticker or Trading Symbol 6. Relationship of Reporting Person(s)
to Issuer (Check all applicable)
Director 10% Owner
SJMB, LLC TERAFORCE TECHNOLOGY CORP (TERA) ---- ----
--------------------------------------------------------------------------------------------- Officer (give X Other
(Last) (First) (Middle) 3. IRS or Social Security 4. Statement for ---- title ---- (specify
Number of Reporting Month/Year below) below
Person (Voluntary) (former 10% owner making
voluntary disclosure)
4295 SAN FELIPE, SUITE 200 APRIL/2002 -----------------------------------
-------------------------------------------- --------------------- 7. Individual or Joint/Group Filing
(Street) 5. If Amendment, (Check Applicable Line)
Date of Original _X_Form filed by One Reporting Person
(Month/Year) ___Form filed by More than One
HOUSTON TX 77027 Reporting Person
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(City) (State) (Zip) TABLE I - NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
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1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature
(Instr. 3) action action or Disposed of (D) Securities ship of In-
Date Code (Instr. 3, 4 and 5) Beneficially Form: direct
(Month/ (Instr. 8) Owned at Direct Bene-
Day/ End of (D) or ficial
Year) ------------------------------------------- Month Indirect Owner-
(A) or (Instr. 3 (I) ship
Code V Amount (D) Price and 4) (Instr. 4) (Instr. 4)
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Common Stock 4/11/02 J 741,610 (A) (1) 741,610 D (2)
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Over)
* If the form is filed by more than one reporting person, SEE Instruction 4(b)(v). SEC 1472 (02-02)
POTENTIAL PERSONS WHO ARE TO RESPOND TO THE COLLECTION OF INFORMATION
CONTAINED IN THIS FORM ARE NOT REQUIRED TO RESPOND UNLESS THE FORM
DISPLAYS A CURRENTLY VALID OMB CONTROL NUMBER.
FORM 4 (CONTINUED) TABLE II - DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
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1. Title of Derivative Security 2. Conver- 3. Trans- 4. Transac- 5. Number of Deriv- 6. Date Exer-
(Instr. 3) sion or action tion Code ative Securities Ac- cisable and Ex-
Exercise Date (Instr. 8) quired (A) or Dis- piration Date
Price of (Month/ posed of (D) (Month/Day/
Deriv- Day/ (Instr. 3, 4, and 5) Year)
ative Year)
Security
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Date Expira-
-------------------------------------- Exer- tion
cisable Date
Code V (A) (D)
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Warrant $0.75 4/11/02 J 3,102,683 (D) 11/30/00 06/30/02
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Warrant $0.75 4/11/02 J 5,704,622 (D) 04/15/01 09/30/02
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Warrant $0.75 4/11/02 J 5,654,028 (D) 10/15/01 09/30/02
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7. Title and Amount of Under- 8. Price 9. Number 10. Owner- 11. Nature
lying Securities of of Deriv- ship of In-
(Instr. 3 and 4) Deriv- ative Form direct
ative Securi- of De- Bene-
Secur- ties rivative ficial
ity Bene- Secu- Own-
(Instr. ficially rity: ership
5) Owned Direct (Instr. 4)
at End (D) or
Amount or of Indi-
Title Number of Month rect (I)
Shares (Instr. 4) (Instr. 4)
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common 3,102,683 (3) D (2)
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common 5,704,622 (3) D (2)
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common 5,654,082 (3) 0 D (2)
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Explanation of Responses:
TERAFORCE TECHNOLOGY CORP
EXPLANATION OF RESPONSES FOR FORM 4
(1) SJMB, L.P., received 741,610 shares of TeraForce Technology Corp. Common
Stock ("Common Stock") in exchange for warrants to acquire 14,461,387 shares
of TeraForce Common Stock at an exercise price of $0.75 per share. (Does not
include warrants to purchase 1,560,003 shares of Common Stock issuable upon
the exercise of warrants which are beneficially owned by Falcon Seaboard
Investment Co., L.P. pursuant to an assignment. SJMB, L.P. disclaims
ownership of all shares subject to the assignment.)
(2) Directly owned by SJMB, L.P., of which Reporting Person is sole general
partner. Does not include 80,000 shares of Common Stock which are
beneficially owned by Falcon Seaboard Investment Co. pursuant to an
assignment. SJMB, L.P. disclaims ownership of all shares subject to the
assignment.
(3) SJMB, L.P., exchanged all of the TeraForce Technology Corp. warrants it
held (aggregating warrants to purchase 14,461,387 shares of Common Stock, not
including warrants to purchase 1,560,003 shares of Common Stock issuable upon
the exercise of warrants which are beneficially owned by Falcon Seaboard
Investment Co., L.P. pursuant to an assignment) for 741,610 shares of Common
Stock. (Does not include 80,000 shares of Common Stock which are beneficially
owned by Falcon Seaboard Investment Co., L.P. pursuant to an assignment.)
SJMB, L.P. disclaims ownership of all shares subject to the assignment.
/s/ JAMES H. HARRISON, CFO 5/21/02
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**Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly
* If the form is filed by more than on reporting person, SEE Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
SEE 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient,
SEE Instruction 6 for procedure.
Page 2
SEC 1472 (02-02)