Document:

AMENDMENT
NO. 2 TO AMENDED AND RESTATED CREDIT AGREEMENT AND GUARANTY AND AMENDMENT TO WARRANT

 

This
AMENDMENT NO. 2 TO AMENDED AND RESTATED CREDIT AGREEMENT AND GUARANTY AND AMENDMENT TO WARRANT, dated as of July 16, 2018 (this
“Amendment”), is made by and among VARIATION BIOTECHNOLOGIES (US), INC., a Delaware corporation (the
“Borrower”), the Guarantors identified under the caption “GUARANTORS” on the signature pages
hereto, and Perceptive Credit Holdings, LP, a Delaware limited partnership (the “Lender”). Unless otherwise
defined herein or the context otherwise requires, terms used in this Amendment, including its preamble and recitals, have the
meanings provided in the Credit Agreement (defined below).

 

W
I T N E S S E T H:

 

WHEREAS,
the Borrower, the Guarantors and the Lender have entered into that certain Amended and Restated Credit Agreement and Guaranty,
dated as of December 6, 2016 (the “Credit Agreement”);

 

WHEREAS,
VBI Vaccines Inc., a British Columbia corporation (“VBIV”), has issued that certain Amended and Restated
Warrant for the purchase of 363,771 Common Shares (as defined therein) (the “Warrant”) in favor of the
Lender;

 

WHEREAS,
the Borrower has requested that the Lender agree to certain amendments and modifications to the Credit Agreement and Warrant as
further described herein; and

 

WHEREAS,
the Lender is willing to agree to such amendments and modifications subject to the terms and conditions set forth herein.

 

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

 

Article
I

definitions

 

SECTION
1.1.Certain Terms. The following terms (whether or not underscored) when used in this Amendment, including its preamble
and recitals, shall have the following meanings (such definitions to be equally applicable to the singular and plural forms thereof):

 

“Amendment”
is defined in the preamble.

 

“Borrower”
is defined in the preamble.

 

“Credit
Agreement” is defined in the first recital.

 

“Lender”
is defined in the preamble.

 

“Second
Amendment Effective Date” is defined in Article III.

 

    	1

     

    

 

“Warrant”
is defined in the second recital.

 

Article
II

amendmentS

 

The
provisions of the Credit Agreement and Warrant referred to below are hereby amended in accordance with this Article II.
Except as expressly so amended, the parties hereto expressly acknowledge and agree that all other terms and provisions of the
Credit Agreement, the Warrant and each other Loan Document shall continue in full force and effect in accordance with its terms.

 

SECTION
2.1.Amendments to Credit Agreement. Effective on (and subject to the occurrence of) the Second Amendment Effective
Date, the Credit Agreement shall be amended as follows.

 

(a)       Section
3.2(a) of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

(a)       From
the Second Closing Effective Date through December 31, 2018, no scheduled repayment of the aggregate outstanding principal amount
of the Loans shall be required. Thereafter, on the last Business Day of each calendar month, the Borrower shall make a scheduled
principal payment of $200,000, with the entire remaining unpaid principal balance of the Loans payable in full and in cash on
the Maturity Date.

 

(b)       Section
3.3 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

SECTION
3.3 Application. Amounts repaid or prepaid in respect of the Loans shall be applied as follows:

 

(a)       first,
to the payment of fees, indemnities, costs, expenses and other amounts then due and owing to the Lender (including fees and disbursements
and other charges of legal counsel payable under Section 11.3);

 

(b)       second,
to the payment of any accrued and unpaid interest then due and owing on the Loans;

 

(c)       third,
to the payment of unpaid principal of the Loans, together with the applicable Early Prepayment Fee thereon (if any); provided
that the portion of principal to be repaid or prepaid shall be limited to the extent necessary so as to permit the payment in
full of the applicable Early Prepayment Fee thereon (if any) with the proceeds being used for such prepayment;

 

(d)       fourth,
to the payment of any Exit Fee then due and payable; and

 

(e)       fifth,
to the payment in full of all other Obligations then due and payable; and

 

    	2

     

    

 

(f)       sixth,
to the Borrower or such other Persons as may lawfully be entitled to or directed by the Borrower to receive the remainder.

 

SECTION
2.2. Amendment to Warrant. Effective on (and subject to the occurrence of) the Second Amendment Effective Date, Section
2 of the Warrant shall be amended and restated in its entirety as follows:

 

2.       Term
of Warrant. Subject to the terms and conditions hereof, at any time or from time to time after the date hereof up to and including
5:00 p.m., New York time, on December 6, 2021, or if such day is not a Business Day, on the immediately preceding Business Day
(the “Exercise Period”), the Holder of this Warrant may exercise this Warrant for all or any part of the Warrant
Shares purchasable hereunder (subject to adjustment as provided herein).

 

Article
III

conditions precedent

 

This
Amendment shall become effective upon, and shall be subject to, the prior or simultaneous satisfaction of each of the following
conditions in a manner reasonably satisfactory to the Lender (the date when all such conditions are so satisfied being the “Second
Amendment Effective Date”):

 

SECTION
3.1.Counterparts. The Lender shall have received counterparts of this Amendment executed on behalf of the Borrower,
the Guarantors, and the Lender.

 

SECTION
3.2.Costs and Expenses, etc. The Lender shall have received all fees, costs and expenses due and payable pursuant to
Section 11.3 of the Credit Agreement (including without limitation the reasonable fees and expenses of Morrison & Foerster
LLP, counsel to the Lender), if then invoiced, together with any other fees separately agreed to by the Borrower and the Lender.

 

SECTION
3.3.Representations and Warranties; Second Amendment Effective Date Certificate, etc. All statements set forth in Articles
IV and V herein shall be true and correct. The Lender shall have received a certificate, dated as of the Second Amendment Effective
Date and in form and substance satisfactory to the Lender, duly executed and delivered by an Authorized Officer of the Borrower,
in which certificate the Borrower shall certify, represent and warrant that, at the time such certificate is delivered, (i) all
statements, representations and warranties set forth in Articles IV and V below are true and correct immediately before and immediately
after giving effect to the Second Amendment Effective Date, and (ii) all of the conditions set forth in this Article III have
been satisfied.

 

Article
IV

Representations and Warranties

 

To
induce the Lender to enter into this Amendment, each Loan Party represents and warrants to the Lender as set forth below.

 

    	3

     

    

 

SECTION
4.1.Validity, etc. This Amendment, the Warrant and the Credit Agreement (after giving effect to this Amendment) each
constitutes the legal, valid and binding obligation of each Loan Party, enforceable in accordance with its respective terms, subject
to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to
or affecting creditors’ rights generally, general equitable principles (whether considered in a proceeding in equity or
at law) and an implied covenant of good faith and fair dealing.

 

SECTION
4.2.Representations and Warranties, etc. Immediately prior to, and immediately after giving effect to, this Amendment
the following statements shall be true and correct:

 

(a)       the
representations and warranties set forth in each Loan Document (as defined in the Credit Agreement) shall, in each case, be true
and correct in all respects with the same effect as if then made (unless stated to relate solely to an earlier date, in which
case such representations and warranties shall be true and correct in all material respects as of such earlier date); and

 

(b)       no
Default (as defined in the Credit Agreement) shall have then occurred and be continuing.

 

Article
V

Confirmation

 

SECTION
5.1.Guarantees, Security Interest, Continued Effectiveness. Each Loan Party hereby consents to the modifications made
to the Loan Documents pursuant to this Amendment and hereby agrees that, after giving effect to this Amendment, each Loan Document
to which it is a party is and shall continue to be in full force and effect and the same are hereby ratified in all respects,
except that upon the occurrence of the Second Amendment Effective Date, all references in such Loan Documents to the “Credit
Agreement”, the “Existing Warrant”, “Warrant”, the “Loan Documents”, “thereunder”,
“thereof”, or words of similar import shall mean the Credit Agreement, the Warrant and the other Loan Documents, as
amended or otherwise modified by this Amendment.

 

SECTION
5.2.Validity, etc. Each Loan Party hereby represents and warrants, as of the Second Amendment Effective Date, that
immediately after giving effect to this Amendment, each Loan Document, in each case as modified by this Amendment (where applicable
and whether directly or indirectly), to which it is a party continues to be a legal, valid and binding obligation of such Loan
Party, enforceable against such Person in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, general
equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing.

 

    	4

     

    

 

Article
VI

Miscellaneous

 

SECTION
6.1.Cross-References. References in this Amendment to any Article or Section are, unless otherwise specified, to such
Article or Section of this Amendment.

 

SECTION
6.2.Loan Document Pursuant to Credit Agreement. This Amendment is a Loan Document executed pursuant to the Credit Agreement
and shall (unless otherwise expressly indicated therein) be construed, administered and applied in accordance with all of the
terms and provisions of the Credit Agreement, as amended hereby.

 

SECTION
6.3.Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and permitted assigns.

 

SECTION
6.4.Counterparts. This Amendment may be executed by the parties hereto in several counterparts, each of which when
executed and delivered shall be an original and all of which shall constitute together but one and the same agreement. Delivery
of an executed counterpart of a signature page to this Amendment by facsimile (or other electronic transmission) shall be effective
as delivery of a manually executed counterpart of this Amendment.

 

SECTION
6.5.Governing Law. This Amendment shall be governed by, and construed in
accordance with, the internal laws of the State of New York.

 

SECTION
6.6.Full Force and Effect; Limited Amendment. Except as expressly amended hereby, the Loan Parties each jointly and
severally agree that all of the representations, warranties, terms, covenants, conditions and other provisions of the Credit Agreement,
the Warrant and the other Loan Documents shall remain unchanged and shall continue to be, and shall remain, in full force and
effect in accordance with their respective terms. The amendments and other waivers and modifications set forth in this Amendment
shall be limited precisely as provided for herein to the provisions expressly amended herein or otherwise modified or waived hereby
and shall not be deemed to be an amendment to, waiver of, consent to or modification of any other term or provision of the Credit
Agreement, the Warrant or any other Loan Document or of any transaction or further or future action on the part of any Credit
Party which would require the consent of the Lenders under the Credit Agreement, the Warrant or any of the Loan Documents.

 

SECTION
6.7.No Waiver. This Amendment is not, and shall not be deemed to be, a waiver of or a consent to any Default, Event
of Default or other non-compliance now existing or hereafter arising under the Credit Agreement or any other Loan Document; provided,
that Lender acknowledges and agrees that, as a result of waivers granted by Lender to Borrower prior to the date hereof, no Default
or Event of Default occurred as a result of Borrower’s failure to make the principal repayments required pursuant to Section
3.2(a) of the Credit Agreement on May 31, 2018 and June 29, 2018.

 

    	5

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered as of the day and year first
above written.

 

	 	BORROWER:
	 	 
	 	VARIATION BIOTECHNOLOGIES (US), INC.
	 	 	 
	 	By	/s/
    Jeff Baxter
	 	Name:	Jeff
    Baxter            
	 	Title:	CEO

 

[Signature
Page to Amendment]

 

    	 

     

    

 

	 	GUARANTORS:
	 	 
	 	SCIVAC LTD
	 	 	 
	 	By	/s/
    Jeff Baxter
	 	Name:	Jeff
    Baxter            
	 	Title:	CEO
	 	 	 
	 	VARIATION BIOTECHNOLOGIES INC.
	 	 	 
	 	By	/s/
    Jeff Baxter
	 	Name:	Jeff
    Baxter 
	 	Title:	CEO
	 	 	 
	 	VBI VACCINES INC.
	 	 	 
	 	By	/s/
    Jeff Baxter
	 	Name:	Jeff
    Baxter 
	 	Title:	CEO
	 	 	 
	 	VBI VACCINES (DELAWARE) INC.
	 	 	 
	 	By	/s/
    Jeff Baxter
	 	Name:	Jeff
    Baxter 
	 	Title:	CEO

 

[Signature
Page to Amendment]

 

    	 

     

    

 

	 	LENDER:
	 	 	 
	 	PERCEPTIVE CREDIT HOLDINGS, LP
	 	By Perceptive Credit Opportunities GP, LLC, its general partner
	 	 	 
	 	By:	/s/
    Sandeep Dixit
	 	Name:	Sandeep
Dixit 
	 	Title: 	Chief Credit Officer
	 	 	 
	 	By:	/s/
    Sam Chawla
	 	Name:	Sam
    Chawla
	 	Title:	Portfolio
    Manager

 

[Signature
Page to Amendment]EX-10.1

 Exhibit 10.1 

VOTING AGREEMENT 

This VOTING AGREEMENT (this “Agreement”), dated as of July 19, 2018, is executed by and among Spirit of Texas
Bancshares, Inc., a Texas corporation (“Spirit”), Comanche National Corporation, a Texas corporation (the “Company”), and the shareholders of the Company who are signatories hereto (referred to herein individually
as a “Shareholder” and collectively as the “Shareholders”). Terms with their initial letters capitalized and not otherwise defined herein have the meanings given to them in the Reorganization Agreement (as defined
below). 
 RECITALS 

WHEREAS, concurrently with the execution of this Agreement, Spirit and the Company are entering into that certain Agreement and Plan of
Reorganization, dated as of the date hereof (as such agreement may be amended or supplemented from time to time, the “Reorganization Agreement”), pursuant to which the Company will merge with and into Spirit, with Spirit continuing
as the surviving entity (the “Merger”); 
 WHEREAS, the Reorganization Agreement provides that all of the issued and
outstanding shares of common stock of the Company (the “Company Stock”) (other than any Cancelled Shares or Dissenting Shares) will be exchanged for such consideration as set forth in the Reorganization Agreement; 

WHEREAS, as a condition and inducement to Spirit’s willingness to enter into the Reorganization Agreement, each of the Shareholders have
agreed to vote their shares of Company Stock in favor of approval of the Reorganization Agreement and the transactions contemplated thereby; and 

WHEREAS, Spirit is relying on this Agreement in incurring expenses in reviewing the Company’s business, in preparing a proxy
statement/prospectus, in proceeding with the filing of applications for regulatory approvals and in undertaking other actions necessary for the consummation of the Merger. 

NOW, THEREFORE, in consideration of the substantial expenses that Spirit will incur in connection with the transactions contemplated by the
Reorganization Agreement and to induce Spirit to execute the Reorganization Agreement and to proceed to incur such expenses, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties
hereby, severally and not jointly, agree as follows: 
 AGREEMENT 

1.    Each of the Shareholders hereby severally, but not jointly, represents and warrants to Spirit that: 

(a)    such Shareholder is the registered owner or beneficial owner of, or has full voting power with
respect to, the number of shares of Company Stock set forth below such Shareholder’s name on the Shareholder signature page to this Agreement (the “Shares”) free and clear of all liens or encumbrances; 

 (b)    except pursuant to this Agreement, there are no
options, warrants or other rights, agreements, arrangements or commitments of any character to which Such Shareholder is a party relating to the pledge, disposition or voting of any of the Shares and there are no voting trusts or voting agreements
with respect to the Shares; 
 (c)    such Shareholder does not beneficially own any Company Stock other
than (i) the Shares and (ii) any options, warrants or other rights to acquire any additional shares of Company Stock or any security exercisable for or convertible into shares of Company Stock, set forth on the signature page of this
Agreement; and 
 (d)    such Shareholder has had an opportunity to obtain the advice of counsel prior to
executing this Agreement. 
 2.    Each Shareholder hereby agrees during the term of this Agreement to vote the Shares,
and any additional shares of Company Stock or other voting securities of the Company acquired by such Shareholder after the date hereof, (a) in favor of the approval and adoption of the Reorganization Agreement and the transactions contemplated
thereby at the special meeting of shareholders of Comanche called for the purpose of considering and voting upon the approval of the Reorganization Agreement and the transactions contemplated thereby (the “Company Shareholder
Meeting”) and (b) against approval of any Acquisition Proposal or any other proposal made in opposition to or in competition with this Agreement or the Reorganization Agreement (such Acquisition Proposal or other proposal, an
“Opposing Proposal”) presented at the Company Shareholder Meeting or any other meeting of shareholders held prior or subsequent to the Company Shareholder Meeting or for which the Company otherwise seeks the approval of the
Company’s shareholders. 
 3.    Each Shareholder shall not invite or seek any Opposing Proposal, support (or
publicly suggest that anyone else should support) any Opposing Proposal that may be made, or ask the board of directors of the Company to consider, support or seek any Opposing Proposal or otherwise take any action designed to make any Opposing
Proposal more likely. None of the Shareholders shall meet or otherwise communicate with any Person that makes or is considering making an Opposing Proposal or any representative of such Person after becoming aware that the Person has made or is
considering making an Opposing Proposal. Each Shareholder shall promptly advise the Company of each contact the Shareholder or any of the Shareholder’s representatives may receive from any Person relating to any Opposing Proposal or otherwise
indicating that any Person may wish to participate or engage in any transaction arising out of any Opposing Proposal and will provide the Company with all information that is reasonably requested by Spirit and is reasonably available to the
Shareholder regarding any such Opposing Proposal or possible Opposing Proposal, unless such Shareholder knows the Company has provided Spirit with such information, and the Company will in turn provide any such information to Spirit. Each
Shareholder will not make any claim or join in any litigation alleging that the board of directors of the Company is required to consider, endorse or support any Opposing Proposal or to invite or seek any Opposing Proposal. Each Shareholder shall
not take any other action that is reasonably likely to make consummation of the Merger less likely or to impair Spirit’s ability to exercise any of the rights granted by the Reorganization Agreement. 

  
 2 

 4.    While this Agreement is in effect, each Shareholder shall not, directly
or indirectly, (a) sell, transfer, assign, pledge, encumber, hypothecate, cause to be redeemed or otherwise dispose (any such transaction, a “Transfer”) of any or all Shares or any shares of Company Stock subsequently acquired,
(b) grant any proxy or interest in or with respect to any Shares or (c) deposit any Shares of Company Stock into a voting trust or enter into a voting agreement or arrangement with respect to any shares of Company Stock or grant any proxy
with respect thereto, other than to other members of the board of directors of the Company for the purpose of voting to approve the Reorganization Agreement and the transactions contemplated thereby. This Section 4 shall not prohibit
(w) Transfers to any member of the Shareholder’s family, subject to the transferee’s agreeing in writing to be bound by the terms of this Agreement, (x) Transfers for estate and tax planning purposes, including Transfers to
relatives, trusts and charitable organizations, subject to the transferee agreeing in writing to be bound by the terms of this Agreement and the delivery of such agreement to Spirit, (y) Transfers to any other shareholder of the Company who has
executed a copy of this Agreement on the date hereof, and (z) such Transfers as Spirit may otherwise permit in its sole discretion in writing. Any attempted Transfer of Shares or any shares of Company Stock subsequently acquired or any interest
therein in violation of this Section 4 shall be null and void. 
 5.    Each Shareholder acknowledges that Spirit
is relying on this Agreement in reviewing the business of the Company and its subsidiary, The Comanche National Bank (the “Bank”), in preparing a proxy statement/prospectus, in proceeding with the filing of applications for
regulatory approvals and in undertaking other actions necessary for the consummation of the Merger. The Company and each Shareholder acknowledges that the performance of this Agreement is intended to benefit Spirit and the Company. 

6.    This Agreement shall continue in effect until the earlier to occur of (a) the termination of the Reorganization
Agreement in accordance with its terms or (b) the consummation of the Merger. 
 7.    Nothing in this Agreement
shall be deemed to restrict any of the Shareholders from taking any action on behalf of the Company solely in the capacity of a director or officer of the Company (if applicable) that such Shareholder believes is necessary to fulfill the
Shareholder’s duties and obligations as a director or officer (if applicable). Each Shareholder is executing this Agreement solely in the Shareholder’s capacity as a shareholder of the Company. 

8.    Each Shareholder has the legal capacity, power and authority to enter into and perform all of the Shareholder’s
obligations under this Agreement. This Agreement has been duly and validly executed and delivered by the Shareholder and constitutes the legal, valid and binding obligation of the Shareholder, enforceable against the Shareholder in accordance with
its terms except as the enforceability may be limited by bankruptcy, insolvency or other laws affecting creditors rights (whether enforce in law or in equity). If the Shareholder is married and his or her Shares constitute community property, this
Agreement has been duly authorized, executed and delivered by, and constitutes a valid and binding agreement of, such Shareholder’s spouse, enforceable against such spouse in accordance with its terms. 

  
 3 

 9.    Each Shareholder hereby (a) confirms such Shareholder’s
knowledge of the availability of the rights of dissenting shareholders under the Texas Business Organizations Code (the “TBOC”) with respect to the Merger and (b) confirms receipt of a copy of the provisions of the TBOC related
to the rights of dissenting shareholders attached hereto as Annex A. Each Shareholder hereby waives and agrees not to assert, and shall use its best efforts to cause any of its Affiliates who hold of record any of the Shareholder’s
Shares to waive and not to assert, any appraisal rights with respect to the Merger that the Shareholder or such Affiliate may now or hereafter have with respect to any Shares (or any other shares of capital stock of the Company that the Shareholder
shall hold of record at the time that Shareholder may be entitled to assert appraisal rights with respect to the Merger) whether pursuant to the TBOC or otherwise. 

10.    This Agreement may not be modified, amended, altered or supplemented with respect to a particular Shareholder
except upon the execution and delivery of a written agreement executed by each of Spirit, the Company and the Shareholder. Any such amendment, modification, alteration or supplement shall only apply to the Shareholder(s) executing such written
agreement and this Agreement shall remain in full force and effect with respect to Shareholders who do not execute such written agreement. 

11.    For the convenience of the parties hereto, this Agreement may be executed simultaneously in two or more
counterparts, each of which will be deemed an original but all of which shall constitute one and the same instrument. An email or electronic scan in “.pdf” format of a signed counterpart of this Agreement will be sufficient to bind the
party or parties whose signature(s) appear thereon. 
 12.    This Agreement, together with the Reorganization Agreement
and the agreements contemplated thereby, embody the entire agreement and understanding of the parties hereto in respect to the subject matter contained herein. This Agreement supersedes all prior agreements and understandings among the parties with
respect to such subject matter contained herein. In the event of a conflict between the terms of this Agreement and the terms of the Reorganization Agreement, the terms of the Reorganization Agreement shall control. 

13.    All notices, requests, demands and other communications required or permitted to be given under this Agreement
shall be in writing and shall be deemed to have been duly given if delivered in person, mailed by first class mail (postage prepaid) or sent by email, courier or personal delivery to the parties at the following addresses unless by such notice a
different address shall have been designated: 
 If to Spirit: 

Spirit of Texas Bancshares, Inc. 

1836 Spirit of Texas Way 
 Conroe,
Texas 77301 
 Attention: Mr. Dean O. Bass, Chairman and Chief Executive Officer 

Email: DBass@sotb.com 

  
 4 

 With a copy (which shall not constitute notice) to: 

Hunton Andrews Kurth LLP 
 1445
Ross Avenue, Suite 3700 
 Dallas, Texas 75201 

Attention: Mr. Peter G. Weinstock 

Email: pweinstock@HuntonAK.com 

If to the Company: 
 Comanche
National Corporation 
 100 E. Central 

Comanche, Texas 76442 
 Attention:
Mr. William K. Nix, Chairman and Chief Executive Officer 
     Mr. Jeff D. Stewart, President 

Email: kendall.nix@comanchenational.com 

   jstewart@comanchenational.com 

With a copy (which shall not constitute notice to: 

Fenimore Kay Harrison & Ford, LLP 

812 San Antonio Street, Suite 600 

Austin, Texas 78701 
 Attention:
Mr. Chet A. Fenimore 
 Email: cfenimore@fkhpartners.com 

If to a Shareholder: 
 At the
address set forth on such Shareholder’s signature page to this Agreement. 
 All notices sent by mail as provided above shall be deemed
delivered three (3) days after deposit in the mail, all notices sent by courier as provided above shall be deemed delivered one (1) day after being sent and all notices sent by email shall be deemed delivered upon confirmation of receipt.
All other notices shall be deemed delivered when actually received. Any party to this Agreement may change its address for the giving of notice specified above by giving notice as provided herein. Notices permitted to be sent via email shall be
deemed delivered only if sent to such persons at such email addresses as may be set forth in writing (and confirmation of receipt is received by the sending party). 

14.    From time to time, at Spirit’s request and without further consideration, each Shareholder shall execute and
deliver such additional documents reasonably requested by Spirit as may be necessary or desirable to consummate and make effective, in the most expeditious manner practicable, the transactions contemplated by this Agreement. 

15.    Each Shareholder recognizes and acknowledges that a breach by the Shareholder of any covenants or agreements
contained in this Agreement will cause Spirit to sustain damages for which it would not have an adequate remedy at law for money damages, and therefore the parties hereto agree that, in the event of any such breach, Spirit shall be entitled to seek
the remedy of specific performance of such covenants and agreements and injunctive and other equitable relief, without the necessity of posting bond or proving actual damages, in addition to any other remedy to which it may be entitled, at law or in
equity. 

  
 5 

 16.    THIS AGREEMENT IS TO BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY
THE LAWS OF THE STATE OF TEXAS WITHOUT REGARD FOR CONFLICT OF LAWS PRINCIPLES THEREOF. ANY SUIT, ACTION OR OTHER PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY MUST BE BROUGHT
IN THE COURTS OF THE STATE OF TEXAS, COUNTY OF HARRIS, OR, IF IT HAS OR CAN ACQUIRE JURISDICTION, IN THE U.S. DISTRICT COURT FOR THE SOUTHERN DISTRICT OF TEXAS (HOUSTON DIVISION), AND EACH PARTY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF
SUCH COURT IN ANY SUCH SUIT, ACTION OR OTHER PROCEEDING. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUIT, ACTION OR OTHER PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT: (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN
THE EVENT OF ANY ACTION, SUIT OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH PARTY MAKES THIS WAIVER VOLUNTARILY AND (D) EACH PARTY HAS BEEN
INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 16. 

17.    All of the terms, covenants, representations, warranties and conditions of this Agreement are binding upon, and
inure to the benefit of and are enforceable by, the parties and their respective successors, representatives and permitted assigns. No party to this Agreement may assign this Agreement, by operation of law or otherwise, in whole or in part, without
the prior written consent of the other parties, and any purported assignment made or attempted in violation of this Section 17 shall be null and void. Nothing contained in this Agreement, express or implied, is intended to confer upon any
Persons, other than the parties hereto or their respective successors, any rights, remedies, obligations or liabilities under or by reason of this Agreement. 

18.    If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, there
will be added automatically as a part of this Agreement a provision mutually agreed to which is similar in terms to such invalid or unenforceable provision as may be possible and still be valid and enforceable, and the other provisions of this
Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable. 

  
 6 

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

			
	SPIRIT OF TEXAS BANCSHARES, INC.
		
	By:	 	  

	Name:	 	Dean O. Bass
	Title:	 	Chairman and Chief Executive Officer
	
	COMANCHE NATIONAL CORPORATION
		
	By:	 	  

	Name:	 	Jeff D. Stewart
	Title:	 	President

 [Signature Page to Voting Agreement – 1 of 2] 

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

	
	SHAREHOLDERS
	
	  

	 Number of Shares:

	 Address for notice
purposes:

 
			
		
		 	  

		 	  

		 	  

 
	
	
	  

	 Number of Shares:

	 Address for notice
purposes:

 
			
		
		 	  

		 	  

		 	  

 [Signature Page to Voting Agreement – 2 of 2] 

 ANNEX A 

DISSENTERS’ RIGHTS 
 SEC. 10.351.
APPLICABILITY OF SUBCHAPTER. 
 (a)    This subchapter does not apply to a fundamental business transaction of a domestic
entity if, immediately before the effective date of the fundamental business transaction, all of the ownership interests of the entity otherwise entitled to rights to dissent and appraisal under this code are held by one owner or only by the owners
who approved the fundamental business transaction. 
 (b)    This subchapter applies only to a “domestic entity
subject to dissenters’ rights,” as defined in Section 1.002. That term includes a domestic for-profit corporation, professional corporation, professional association, and real estate investment
trust. Except as provided in Subsection (c), that term does not include a partnership or limited liability company. 

(c)    The governing documents of a partnership or a limited liability company may provide that its owners are entitled to
the rights of dissent and appraisal provided by this subchapter, subject to any modification to those rights as provided by the entity’s governing documents. 

SEC. 10.352. DEFINITIONS. 
 In this subchapter:

 (1)    “Dissenting owner” means an owner of an ownership interest in a domestic entity subject to
dissenters’ rights who: 
 (A) provides notice under Section 10.356; and 

(B) complies with the requirements for perfecting that owner’s right to dissent under this subchapter. 

(2)    “Responsible organization” means: 

(A) the organization responsible for: 

(i) the provision of notices under this subchapter; and 

(ii) the primary obligation of paying the fair value for an ownership interest held by a dissenting owner; 

(B) with respect to a merger or conversion: 

(i) for matters occurring before the merger or conversion, the organization that is merging or converting; and 

(ii) for matters occurring after the merger or conversion, the surviving or new organization that is primarily obligated for the payment of
the fair value of the dissenting owner’s ownership interest in the merger or conversion; 
 (C) with respect to an interest exchange,
the organization the ownership interests of which are being acquired in the interest exchange; 

 (D) with respect to the sale of all or substantially all of the assets of an organization, the
organization the assets of which are to be transferred by sale or in another manner; and 
 (E) with respect to an amendment to a domestic for-profit corporation’s certificate of formation described by Section 10.354(a)(1)(G), the corporation. 
 SEC.
10.353. FORM AND VALIDITY OF NOTICE. 
 (a)    Notice required under this subchapter: 

(1) must be in writing; and 

(2) may be mailed, hand-delivered, or delivered by courier or electronic transmission. 

(b)    Failure to provide notice as required by this subchapter does not invalidate any action taken. 

SEC. 10.354. RIGHTS OF DISSENT AND APPRAISAL. 

(a)    Subject to Subsection (b), an owner of an ownership interest in a domestic entity subject to dissenters’ rights
is entitled to: 
 (1) dissent from: 

(A) a plan of merger to which the domestic entity is a party if owner approval is required by this code and the owner owns in the domestic
entity an ownership interest that was entitled to vote on the plan of merger; 
 (B) a sale of all or substantially all of the assets of
the domestic entity if owner approval is required by this code and the owner owns in the domestic entity an ownership interest that was entitled to vote on the sale; 

(C) a plan of exchange in which the ownership interest of the owner is to be acquired; 

(D) a plan of conversion in which the domestic entity is the converting entity if owner approval is required by this code and the owner owns
in the domestic entity an ownership interest that was entitled to vote on the plan of conversion; 
 (E) a merger effected under
Section 10.006 in which: 
 (i) the owner is entitled to vote on the merger; or 

(ii) the ownership interest of the owner is converted or exchanged; 

(F) a merger effected under Section 21.459(c) in which the shares of the shareholders are converted or exchanged; or 

(G) if the owner owns shares that were entitled to vote on the amendment, an amendment to a domestic
for-profit corporation’s certificate of formation to: 
 (i) add the provisions required by
Section 3.007(e) to elect to be a public benefit corporation; or 
 (ii) delete the provisions required by Section 3.007(e),
which in effect cancels the corporation’s election to be a public benefit corporation; and 

 (2) subject to compliance with the procedures set forth in this subchapter, obtain the fair value
of that ownership interest through an appraisal. 
 (b)    Notwithstanding Subsection (a), subject to Subsection (c), an
owner may not dissent from a plan of merger or conversion in which there is a single surviving or new domestic entity or non-code organization, or from a plan of exchange, if: 

(1) the ownership interest, or a depository receipt in respect of the ownership interest, held by the owner is part of a class or series of
ownership interests, or depository receipts in respect of ownership interests, that are, on the record date set for purposes of determining which owners are entitled to vote on the plan of merger, conversion, or exchange, as appropriate: 

(A) listed on a national securities exchange; or 

(B) held of record by at least 2,000 owners; 

(2) the owner is not required by the terms of the plan of merger, conversion, or exchange, as appropriate, to accept for the owner’s
ownership interest any consideration that is different from the consideration to be provided to any other holder of an ownership interest of the same class or series as the ownership interest held by the owner, other than cash instead of fractional
shares or interests the owner would otherwise be entitled to receive; and 
 (3) the owner is not required by the terms of the plan of
merger, conversion, or exchange, as appropriate, to accept for the owner’s ownership interest any consideration other than: 
 (A)
ownership interests, or depository receipts in respect of ownership interests, of a domestic entity or non-code organization of the same general organizational type that, immediately after the effective date
of the merger, conversion, or exchange, as appropriate, will be part of a class or series of ownership interests, or depository receipts in respect of ownership interests, that are: 

(i) listed on a national securities exchange or authorized for listing on the exchange on official notice of issuance; or 

(ii) held of record by at least 2,000 owners; 

(B) cash instead of fractional ownership interests the owner would otherwise be entitled to receive; or 

(C) any combination of the ownership interests and cash described by Paragraphs (A) and (B). 

(c)    Subsection (b) shall not apply either to a domestic entity that is a subsidiary with respect to a merger under
Section 10.006 or to a corporation with respect to a merger under Section 21.459(c). 
 (d)    Notwithstanding
Subsection (a), an owner of an ownership interest in a domestic for-profit corporation subject to dissenters’ rights may not dissent from an amendment to the corporation’s certificate of formation
described by Subsection (a)(1)(G) if the shares held by the owner are part of a class or series of shares, on the record date set for purposes of determining which owners are entitled to vote on the amendment: 

(1) listed on a national securities exchange; or 

(2) held of record by at least 2,000 owners. 

 SEC. 10.355. NOTICE OF RIGHT OF DISSENT AND APPRAISAL. 

(a)    A domestic entity subject to dissenters’ rights that takes or proposes to take an action regarding which an
owner has a right to dissent and obtain an appraisal under Section 10.354 shall notify each affected owner of the owner’s rights under that section if: 

(1) the action or proposed action is submitted to a vote of the owners at a meeting; or 

(2) approval of the action or proposed action is obtained by written consent of the owners instead of being submitted to a vote of the owners.

 (b)    If a parent organization effects a merger under Section 10.006 and a subsidiary organization that is a
party to the merger is a domestic entity subject to dissenters’ rights, the responsible organization shall notify the owners of that subsidiary organization who have a right to dissent to the merger under Section 10.354 of their rights
under this subchapter not later than the 10th day after the effective date of the merger. The notice must also include a copy of the certificate of merger and a statement that the merger has become effective. 

(b-1)    If a corporation effects a merger under Section 21.459(c), the
responsible organization shall notify the shareholders of that corporation who have a right to dissent to the plan of merger under Section 10.354 of their rights under this subchapter not later than the 10th day after the effective date of the
merger. Notice required under this subsection that is given to shareholders before the effective date of the merger may, but is not required to, contain a statement of the merger’s effective date. If the notice is not given to the shareholders
until on or after the effective date of the merger, the notice must contain a statement of the merger’s effective date. 

(c)    A notice required to be provided under Subsection (a), (b), or (b-1) must:

 (1) be accompanied by a copy of this subchapter; and 

(2) advise the owner of the location of the responsible organization’s principal executive offices to which a notice required under
Section 10.356(b)(1) or a demand under Section 10.356(b)(3), or both, may be provided. 
 (d)    In addition
to the requirements prescribed by Subsection (c), a notice required to be provided: 
 (1) under Subsection (a)(1) must accompany the notice
of the meeting to consider the action; 
 (2) under Subsection (a)(2) must be provided to: 

(A) each owner who consents in writing to the action before the owner delivers the written consent; and 

(B) each owner who is entitled to vote on the action and does not consent in writing to the action before the 11th day after the date the
action takes effect; and 
 (3) under Subsection (b-1) must be provided: 

(A) if given before the consummation of the tender or exchange offer described by Section 21.459(c)(2), to each shareholder to whom that
offer is made; or 
 (B) if given after the consummation of the tender or exchange offer described by Section 21.459(c)(2), to each
shareholder who did not tender the shareholder’s shares in that offer. 

 (e)    Not later than the 10th day after the date an action described by
Subsection (a)(1) takes effect, the responsible organization shall give notice that the action has been effected to each owner who voted against the action and sent notice under Section 10.356(b)(1). 

(f)    If the notice given under Subsection (b-1) did not include a statement of
the effective date of the merger, the responsible organization shall, not later than the 10th day after the effective date, give a second notice to the shareholders notifying them of the merger’s effective date. If the second notice is given
after the later of the date on which the tender or exchange offer described by Section 21.459(c)(2) is consummated or the 20th day after the date notice under Subsection (b-1) is given, then the second
notice is required to be given to only those shareholders who have made a demand under Section 10.356(b)(3). 
 SEC. 10.356. PROCEDURE FOR DISSENT BY
OWNERS AS TO ACTIONS; PERFECTION OF RIGHT OF DISSENT AND APPRAISAL. 
 (a)    An owner of an ownership interest of a
domestic entity subject to dissenters’ rights who has the right to dissent and appraisal from any of the actions referred to in Section 10.354 may exercise that right to dissent and appraisal only by complying with the procedures specified
in this subchapter. An owner’s right of dissent and appraisal under Section 10.354 may be exercised by an owner only with respect to an ownership interest that is not voted in favor of the action. 

(b)    To perfect the owner’s rights of dissent and appraisal under Section 10.354, an owner: 

(1) if the proposed action is to be submitted to a vote of the owners at a meeting, must give to the domestic entity a written notice of
objection to the action that: 
 (A) is addressed to the entity’s president and secretary; 

(B) states that the owner’s right to dissent will be exercised if the action takes effect; 

(C) provides an address to which notice of effectiveness of the action should be delivered or mailed; and 

(D) is delivered to the entity’s principal executive offices before the meeting; 

(2) with respect to the ownership interest for which the rights of dissent and appraisal are sought: 

(A) must vote against the action if the owner is entitled to vote on the action and the action is approved at a meeting of the owners; and

 (B) may not consent to the action if the action is approved by written consent; and 

(3) must give to the responsible organization a demand in writing that: 

(A) is addressed to the president and secretary of the responsible organization; 

(B) demands payment of the fair value of the ownership interests for which the rights of dissent and appraisal are sought; 

(C) provides to the responsible organization an address to which a notice relating to the dissent and appraisal procedures under this
subchapter may be sent; 

 (D) states the number and class of the ownership interests of the domestic entity owned by the
owner and the fair value of the ownership interests as estimated by the owner; and 
 (E) is delivered to the responsible organization at
its principal executive offices at the following time: 
 (i) not later than the 20th day after the date the responsible organization sends
to the owner the notice required by Section 10.355(e) that the action has taken effect, if the action was approved by a vote of the owners at a meeting; 

(ii) not later than the 20th day after the date the responsible organization sends to the owner the notice required by
Section 10.355(d)(2) that the action has taken effect, if the action was approved by the written consent of the owners; 
 (iii) not
later than the 20th day after the date the responsible organization sends to the owner a notice that the merger was effected, if the action is a merger effected under Section 10.006; or 

(iv) not later than the 20th day after the date the responsible organization gives to the shareholder the notice required by Section 10.355(b-1) or the date of the consummation of the tender or exchange offer described by Section 21.459(c)(2), whichever is later, if the action is a merger effected under Section 21.459(c).

 (c)    An owner who does not make a demand within the period required by Subsection (b)(3)(E) or, if Subsection
(b)(1) is applicable, does not give the notice of objection before the meeting of the owners is bound by the action and is not entitled to exercise the rights of dissent and appraisal under Section 10.354. 

(d)    Not later than the 20th day after the date an owner makes a demand under Subsection (b)(3), the owner must submit
to the responsible organization any certificates representing the ownership interest to which the demand relates for purposes of making a notation on the certificates that a demand for the payment of the fair value of an ownership interest has been
made under this section. An owner’s failure to submit the certificates within the required period has the effect of terminating, at the option of the responsible organization, the owner’s rights to dissent and appraisal under
Section 10.354 unless a court, for good cause shown, directs otherwise. 
 (e)    If a domestic entity and
responsible organization satisfy the requirements of this subchapter relating to the rights of owners of ownership interests in the entity to dissent to an action and seek appraisal of those ownership interests, an owner of an ownership interest who
fails to perfect that owner’s right of dissent in accordance with this subchapter may not bring suit to recover the value of the ownership interest or money damages relating to the action. 

SEC. 10.357. WITHDRAWAL OF DEMAND FOR FAIR VALUE OF OWNERSHIP INTEREST. 

(a)    An owner may withdraw a demand for the payment of the fair value of an ownership interest made under
Section 10.356 before: 
 (1) payment for the ownership interest has been made under Sections 10.358 and 10.361; or 

(2) a petition has been filed under Section 10.361. 

 (b)    Unless the responsible organization consents to the withdrawal of the
demand, an owner may not withdraw a demand for payment under Subsection (a) after either of the events specified in Subsections (a)(1) and (2). 
 SEC.
10.358. RESPONSE BY ORGANIZATION TO NOTICE OF DISSENT AND DEMAND FOR FAIR VALUE BY DISSENTING OWNER. 
 (a)    Not later
than the 20th day after the date a responsible organization receives a demand for payment made by a dissenting owner in accordance with Section 10.356(b)(3), the responsible organization shall respond to the dissenting owner in writing by: 

(1) accepting the amount claimed in the demand as the fair value of the ownership interests specified in the notice; or 

(2) rejecting the demand and including in the response the requirements prescribed by Subsection (c). 

(b)    If the responsible organization accepts the amount claimed in the demand, the responsible organization shall pay
the amount not later than the 90th day after the date the action that is the subject of the demand was effected if the owner delivers to the responsible organization: 

(1) endorsed certificates representing the ownership interests if the ownership interests are certificated; or 

(2) signed assignments of the ownership interests if the ownership interests are uncertificated. 

(c)    If the responsible organization rejects the amount claimed in the demand, the responsible organization shall
provide to the owner: 
 (1) an estimate by the responsible organization of the fair value of the ownership interests; and 

(2) an offer to pay the amount of the estimate provided under Subdivision (1). 

(d)    If the dissenting owner decides to accept the offer made by the responsible organization under Subsection (c)(2),
the owner must provide to the responsible organization notice of the acceptance of the offer not later than the 90th day after the date the action that is the subject of the demand took effect. 

(e)    If, not later than the 90th day after the date the action that is the subject of the demand took effect, a
dissenting owner accepts an offer made by a responsible organization under Subsection (c)(2) or a dissenting owner and a responsible organization reach an agreement on the fair value of the ownership interests, the responsible organization shall pay
the agreed amount not later than the 120th day after the date the action that is the subject of the demand took effect, if the dissenting owner delivers to the responsible organization: 

(1) endorsed certificates representing the ownership interests if the ownership interests are certificated; or 

(2) signed assignments of the ownership interests if the ownership interests are uncertificated. 

 SEC. 10.359. RECORD OF DEMAND FOR FAIR VALUE OF OWNERSHIP INTEREST. 

(a)    A responsible organization shall note in the organization’s ownership interest records maintained under
Section 3.151 the receipt of a demand for payment from any dissenting owner made under Section 10.356. 

(b)    If an ownership interest that is the subject of a demand for payment made under Section 10.356 is transferred,
a new certificate representing that ownership interest must contain: 
 (1) a reference to the demand; and 

(2) the name of the original dissenting owner of the ownership interest. 

SEC. 10.360. RIGHTS OF TRANSFEREE OF CERTAIN OWNERSHIP INTEREST. 

A transferee of an ownership interest that is the subject of a demand for payment made under Section 10.356 does not acquire additional
rights with respect to the responsible organization following the transfer. The transferee has only the rights the original dissenting owner had with respect to the responsible organization after making the demand. 

SEC. 10.361. PROCEEDING TO DETERMINE FAIR VALUE OF OWNERSHIP INTEREST AND OWNERS ENTITLED TO PAYMENT; APPOINTMENT OF APPRAISERS. 

(a)    If a responsible organization rejects the amount demanded by a dissenting owner under Section 10.358 and the
dissenting owner and responsible organization are unable to reach an agreement relating to the fair value of the ownership interests within the period prescribed by Section 10.358(d), the dissenting owner or responsible organization may file a
petition requesting a finding and determination of the fair value of the owner’s ownership interests in a court in: 
 (1) the county
in which the organization’s principal office is located in this state; or 
 (2) the county in which the organization’s registered
office is located in this state, if the organization does not have a business office in this state. 
 (b)    A petition
described by Subsection (a) must be filed not later than the 60th day after the expiration of the period required by Section 10.358(d). 

(c)    On the filing of a petition by an owner under Subsection (a), service of a copy of the petition shall be made to
the responsible organization. Not later than the 10th day after the date a responsible organization receives service under this subsection, the responsible organization shall file with the clerk of the court in which the petition was filed a list
containing the names and addresses of each owner of the organization who has demanded payment for ownership interests under Section 10.356 and with whom agreement as to the value of the ownership interests has not been reached with the
responsible organization. If the responsible organization files a petition under Subsection (a), the petition must be accompanied by this list. 

(d)    The clerk of the court in which a petition is filed under this section shall provide by registered mail notice of
the time and place set for the hearing to: 
 (1) the responsible organization; and 

 (2) each owner named on the list described by Subsection (c) at the address shown for the
owner on the list. 
 (e)    The court shall: 

(1) determine which owners have: 

(A) perfected their rights by complying with this subchapter; and 

(B) become subsequently entitled to receive payment for the fair value of their ownership interests; and 

(2) appoint one or more qualified appraisers to determine the fair value of the ownership interests of the owners described by Subdivision
(1). 
 (f)    The court shall approve the form of a notice required to be provided under this section. The judgment of
the court is final and binding on the responsible organization, any other organization obligated to make payment under this subchapter for an ownership interest, and each owner who is notified as required by this section. 

(g)    The beneficial owner of an ownership interest subject to dissenters’ rights held in a voting trust or by a
nominee on the beneficial owner’s behalf may file a petition described by Subsection (a) if no agreement between the dissenting owner of the ownership interest and the responsible organization has been reached within the period prescribed
by Section 10.358(d). When the beneficial owner files a petition described by Subsection (a): 
 (1) the beneficial owner shall at that
time be considered, for purposes of this subchapter, the owner, the dissenting owner, and the holder of the ownership interest subject to the petition; and 

(2) the dissenting owner who demanded payment under Section 10.356 has no further rights regarding the ownership interest subject to the
petition. 
 SEC. 10.362. COMPUTATION AND DETERMINATION OF FAIR VALUE OF OWNERSHIP INTEREST. 

(a)    For purposes of this subchapter, the fair value of an ownership interest of a domestic entity subject to
dissenters’ rights is the value of the ownership interest on the date preceding the date of the action that is the subject of the appraisal. Any appreciation or depreciation in the value of the ownership interest occurring in anticipation of
the proposed action or as a result of the action must be specifically excluded from the computation of the fair value of the ownership interest. 

(b)    In computing the fair value of an ownership interest under this subchapter, consideration must be given to the
value of the domestic entity as a going concern without including in the computation of value any control premium, any minority ownership discount, or any discount for lack of marketability. If the domestic entity has different classes or series of
ownership interests, the relative rights and preferences of and limitations placed on the class or series of ownership interests, other than relative voting rights, held by the dissenting owner must be taken into account in the computation of value.

 (c)    The determination of the fair value of an ownership interest made for purposes of this subchapter may not be
used for purposes of making a determination of the fair value of that ownership interest for another purpose or of the fair value of another ownership interest, including for purposes of determining any minority or liquidity discount that might
apply to a sale of an ownership interest. 

 SEC. 10.363. POWERS AND DUTIES OF APPRAISER; APPRAISAL PROCEDURES. 

(a)    An appraiser appointed under Section 10.361 has the power and authority that: 

(1) is granted by the court in the order appointing the appraiser; and 

(2) may be conferred by a court to a master in chancery as provided by Rule 171, Texas Rules of Civil Procedure. 

(b)    The appraiser shall: 

(1) determine the fair value of an ownership interest of an owner adjudged by the court to be entitled to payment for the ownership interest;
and 
 (2) file with the court a report of that determination. 

(c)    The appraiser is entitled to examine the books and records of a responsible organization and may conduct
investigations as the appraiser considers appropriate. A dissenting owner or responsible organization may submit to an appraiser evidence or other information relevant to the determination of the fair value of the ownership interest required by
Subsection (b)(1). 
 (d)    The clerk of the court appointing the appraiser shall provide notice of the filing of the
report under Subsection (b) to each dissenting owner named in the list filed under Section 10.361 and the responsible organization. 
 SEC.
10.364. OBJECTION TO APPRAISAL; HEARING. 
 (a)    A dissenting owner or responsible organization may object, based on
the law or the facts, to all or part of an appraisal report containing the fair value of an ownership interest determined under Section 10.363(b). 

(b)    If an objection to a report is raised under Subsection (a), the court shall hold a hearing to determine the fair
value of the ownership interest that is the subject of the report. After the hearing, the court shall require the responsible organization to pay to the holders of the ownership interest the amount of the determined value with interest, accruing
from the 91st day after the date the applicable action for which the owner elected to dissent was effected until the date of the judgment. 

(c)    Interest under Subsection (b) accrues at the same rate as is provided for the accrual of prejudgment interest
in civil cases. 
 (d)    The responsible organization shall: 

(1) immediately pay the amount of the judgment to a holder of an uncertificated ownership interest; and 

(2) pay the amount of the judgment to a holder of a certificated ownership interest immediately after the certificate holder surrenders to the
responsible organization an endorsed certificate representing the ownership interest. 
 (e)    On payment of the
judgment, the dissenting owner does not have an interest in the: 
 (1) ownership interest for which the payment is made; or 

(2) responsible organization with respect to that ownership interest. 

 SEC. 10.365. COURT COSTS; COMPENSATION FOR APPRAISER. 

(a)    An appraiser appointed under Section 10.361 is entitled to a reasonable fee payable from court costs. 

(b)    All court costs shall be allocated between the responsible organization and the dissenting owners in the manner
that the court determines to be fair and equitable. 
 SEC. 10.366. STATUS OF OWNERSHIP INTEREST HELD OR FORMERLY HELD BY DISSENTING OWNER. 

(a)    An ownership interest of an organization acquired by a responsible organization under this subchapter: 

(1) in the case of a merger, conversion, or interest exchange, shall be held or disposed of as provided in the plan of merger, conversion, or
interest exchange; and 
 (2) in any other case, may be held or disposed of by the responsible organization in the same manner as other
ownership interests acquired by the organization or held in its treasury. 
 (b)    An owner who has demanded payment
for the owner’s ownership interest under Section 10.356 is not entitled to vote or exercise any other rights of an owner with respect to the ownership interest except the right to: 

(1) receive payment for the ownership interest under this subchapter; and 

(2) bring an appropriate action to obtain relief on the ground that the action to which the demand relates would be or was fraudulent. 

(c)    An ownership interest for which payment has been demanded under Section 10.356 may not be considered
outstanding for purposes of any subsequent vote or action. 
 SEC. 10.367. RIGHTS OF OWNERS FOLLOWING TERMINATION OF RIGHT OF DISSENT. 

(a)    The rights of a dissenting owner terminate if: 

(1) the owner withdraws the demand under Section 10.356; 

(2) the owner’s right of dissent is terminated under Section 10.356; 

(3) a petition is not filed within the period required by Section 10.361; or 

(4) after a hearing held under Section 10.361, the court adjudges that the owner is not entitled to elect to dissent from an action under
this subchapter. 
 (b)    On termination of the right of dissent under this section: 

(1) the dissenting owner and all persons claiming a right under the owner are conclusively presumed to have approved and ratified the action
to which the owner dissented and are bound by that action; 
 (2) the owner’s right to be paid the fair value of the owner’s
ownership interests ceases; 
 (3) the owner’s status as an owner of those ownership interests is restored, as if the owner’s
demand for payment of the fair value of the ownership interests had not been made under Section 10.356, if the owner’s ownership interests were not canceled, converted, or exchanged as a result of the action or a subsequent action; 

 (4) the dissenting owner is entitled to receive the same cash, property, rights, and other
consideration received by owners of the same class and series of ownership interests held by the owner, as if the owner’s demand for payment of the fair value of the ownership interests had not been made under Section 10.356, if the
owner’s ownership interests were canceled, converted, or exchanged as a result of the action or a subsequent action; 
 (5) any action
of the domestic entity taken after the date of the demand for payment by the owner under Section 10.356 will not be considered ineffective or invalid because of the restoration of the owner’s ownership interests or the other rights or
entitlements of the owner under this subsection; and 
 (6) the dissenting owner is entitled to receive dividends or other distributions
made after the date of the owner’s payment demand under Section 10.356, to owners of the same class and series of ownership interests held by the owner as if the demand had not been made, subject to any change in or adjustment to the
ownership interests because of an action taken by the domestic entity after the date of the demand. 
 SEC. 10.368. EXCLUSIVITY OF REMEDY OF DISSENT AND
APPRAISAL. 
 In the absence of fraud in the transaction, any right of an owner of an ownership interest to dissent from an action and obtain
the fair value of the ownership interest under this subchapter is the exclusive remedy for recovery of: 
 (1) the value of the ownership
interest; or 
 (2) money damages to the owner with respect to the action.

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