Document:

WLH-9.30.2014-EX 10.2

EXECUTION VERSION

AMENDMENT NO. 1 dated as of July 3, 2014 (this “Amendment”), to the Credit Agreement dated as of August 7, 2013 (the “Credit Agreement”), among WILLIAM LYON HOMES, INC., a California corporation (the “Borrower”), WILLIAM LYON HOMES, a Delaware corporation (“Parent”), the lenders from time to time party thereto (the “Lenders”), and CREDIT SUISSE AG, as administrative agent (in such capacity, the “Administrative Agent”) for the Lenders.
A.  Pursuant to the Credit Agreement, the Lenders have extended, and have agreed to extend, credit to the Borrower.
B.    The Borrower has entered into a Purchase and Sale Agreement dated as of June 22, 2014 (the “Purchase and Sale Agreement”), with PNW Homebuilders, L.L.C., PNW Home Builders North, L.L.C., PNW Home Builders South, L.L.C. and Crescent Ventures, L.L.C. (collectively, the “Sellers”), pursuant to which it intends to acquire (the “Polygon Acquisition”) the Residential Business (as defined in the Purchase and Sale Agreement) of the Sellers.
C.    In connection with the foregoing, the Borrower and Parent have requested, and the Required Lenders have agreed, to amend certain provisions of the Credit Agreement as provided herein.
D.    Capitalized terms used but not defined herein shall have the meanings given them in the Credit Agreement.
Accordingly, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto agree as follows:
SECTION 1.    Amendments to the Credit Agreement.   Subject to the satisfaction of the conditions set forth in Section 4 hereof, the Credit Agreement is hereby amended as follows:
(a)    Section 1.1 of the Credit Agreement is hereby amended by inserting the following defined terms in the appropriate alphabetical order therein:
“Amendment No. 1”: Amendment No. 1 dated as of July 3, 2014, to this Agreement.
“Minimum Borrowing Base Amount”: from and after the closing of the Polygon Acquisition (as defined in Amendment No. 1), an amount initially equal to $50,000,000, reducing by $5,000,000 on January 1, 2015 and on the first day of each fiscal quarter thereafter.
(b)    The definition of the term “Borrowing Base” set forth in Section 1.1 of the Credit Agreement is hereby amended by (i) deleting the word “and” at the end of clause (ii) thereof and (ii) replacing the period at the end of clause (iii) thereof with the following:
“; and
(iv) from and after the closing date of the Polygon Acquisition (as defined in Amendment No. 1), the Borrowing Base at any time shall be deemed to be not less than the Minimum Borrowing Base Amount at such time.”
(c)    Section 7.1(a) of the Credit Agreement is hereby amended by inserting at the end thereof the following:
“; provided that, (i) on the last day of each of the first four fiscal quarters ending after the closing of the Polygon Acquisition, the maximum Leverage Ratio permitted by this Section 7.1(a) shall be 75%, and (ii) on the last day of the fifth fiscal quarter ending after the closing of the Polygon Acquisition, the maximum Leverage Ratio permitted by this Section 7.1(a) shall be 70%”
SECTION 2.    Representations and Warranties.  To induce the other parties hereto to enter into this Amendment, Parent and the Borrower represent and warrant to each of the Lenders and the Administrative Agent that, after giving effect to this Amendment, (a) the representations and warranties set forth in Section 4 of the Credit Agreement are true and correct in all material respects (except any representations and warranties which are qualified by materiality, which are correct and accurate in all respects) on and as of the Amendment No. 1 Effective Date (as defined below) as if made on and as of the Amendment No. 1 Effective Date, provided if any such representations and warranties are expressly made only as of a prior date, such representations and warranties are true and correct in all material respects (except any representations and warranties which are qualified by materiality are correct and accurate in all respects) as of such prior date; and (b) No Default or Event of Default shall have occurred and be continuing on the Amendment No. 1 Effective Date.
SECTION 3.    Amendment Effectiveness.  This Amendment shall become effective on the date (the “Amendment No. 1 Effective Date”) on which (a) the Administrative Agent shall have received counterparts of this Amendment that, when taken together, bear the signatures of the Borrower, Parent and the Required Lenders; and (b) the Administrative Agent shall have received all fees and reimbursement of all expenses required to be paid by the Borrower in connection with the transactions contemplated hereby. 
SECTION 4.    Effect of Amendment.  Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Lenders, the Issuing Lenders or the Administrative Agent under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect.  Nothing herein shall be deemed to entitle any Loan Party to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances.  This Amendment shall apply and be effective only with respect to the provisions of the Credit Agreement specifically referred to herein.  After the date hereof, any reference to the Credit Agreement shall mean the Credit Agreement as modified hereby.  This Amendment shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents.
SECTION 5.    Acknowledgement and Consent. Each Loan Party hereby acknowledges that it has read this Amendment and consents to the terms hereof and further hereby affirms, confirms and agrees that (a) notwithstanding the effectiveness of this Amendment, the obligations of such Loan Party under each of the Loan Documents to which it is a party shall not be impaired and each of the Loan Documents to which such Loan Party is a party is, and shall continue to be, in full force and effect and is hereby confirmed and ratified in all respects, in each case, as amended hereby; and (b) its guaranty of the Obligations, and the pledge of and/or grant of a security interest in its assets as Collateral to secure the Obligations, all as and to the extent provided in the Security Documents as originally executed, shall continue in full force and effect in respect of, and to secure, the Obligations as modified hereby.
SECTION 6.    Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same contract.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile or other customary means of electronic transmission (e.g., “pdf”) shall be as effective as delivery of a manually executed counterpart hereof. 
SECTION 7.    Applicable Law.  THIS AMENDMENT AND ALL CLAIMS AND CONTROVERSIES IN CONNECTION HEREWITH SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
SECTION 8.    Submission to Jurisdiction.  Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York City, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Amendment, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding shall be heard and determined only in such New York State or, to the extent permitted by law, in such Federal court.  Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Nothing in this Amendment shall affect any right that the Administrative Agent, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Amendment or the other Loan Documents against the Borrower, Parent or their respective properties in the courts of any jurisdiction.
SECTION 9.    Headings.  The headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.
[Remainder of page intentionally left blank]
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their duly authorized officers, all as of the date and year first above written.
	
		
	WILLIAM LYON HOMES, INC.,

	By

	 
	/S/   Matthew R. Zaist

	 
	Name:  Matthew R. Zaist

	 
	Title:  President & Chief Operating
          Officer

	 
	 

	 
	 

	By

	 
	/S/   Colin T. Severn

	 
	Name: Colin T. Severn

	 
	Title:   Vice President & Chief
           Financial Officer

	 
	 

	
			
	WILLIAM LYON HOMES,

	By

	 
	/S/   Matthew R. Zaist

	 
	Name: Matthew R. Zaist

	 
	Title:  President & Chief Operating
          Officer 

	 
	 

	 
	 

	By

	 
	/S/   Colin T. Severn

	 
	Name:  Colin T. Severn

	 
	Title:   Vice President & Chief
           Financial Officer

	 
	 

	
		
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, individually and as Administrative Agent,

	by

	 
	/S/   Bill O’Daly

	 
	Name: Bill O’Daly

	 
	Title:   Authorized Signatory

	 
	 

	by

	 
	/S/   Sally Reyes

	 
	Name:  Sally Reyes

	 
	Title:    Authorized Signatory

Name of Lender:   JP Morgan Chase Bank, N.A.
	
		
	By

	 
	/S/   Donald Shokrian

	 
	Name:  Donald Shokrian

	 
	Title:   Managing Director

	
		
	By

	 
	 

	 
	Name:

	 
	Title:

Name of Lender:   Citibank, N.A.
	
		
	By

	 
	/S/   John C. Rowland

	 
	Name:  John C. Rowland

	 
	Title:    Vice President

	
		
	By

	 
	 

	 
	Name:

	 
	Title:

[[NYCORP:3477998v3:3142W: 06/30/2014--05:56 PM]]November 5, 2014

Banner Corporation

10 South First Avenue

Walla Walla, Washington 99362

Attention: Mark J. Grescovich, Chief Executive Officer

Facsimile: (509) 526-8891

 

 

Ladies and Gentlemen:

Reference is made
to the Agreement and Plan of Merger, dated as of the date hereof, by and among SKBHC Holdings LLC, a Delaware limited liability
company (“Holdings”), Starbuck Bancshares, Inc., a Minnesota corporation (“Silicon”), and
Banner Corporation, a Washington corporation (“Boron”) (such agreement, the “Merger Agreement”).
Certain capitalized terms used in this investor letter agreement shall have the meanings ascribed to such terms in Section 7.

The undersigned,
collectively a Major Silicon Member (the “Subject Seller”), will receive at the Effective Time cash and shares
of Boron Common Stock as part of the Merger Consideration (such shares, the “Merger Consideration Shares”).
In order to induce Boron to enter into the Merger Agreement and for other good and valuable consideration, the Subject Seller and
Boron have entered into this investor letter agreement (this “Agreement”). Boron has provided to the Subject
Seller true and complete copies of the investor letter agreements to be entered contemporaneously herewith by the other Major Silicon
Members and Boron.

1.                    
Commitment to Comply with Requirements of Regulatory Agencies and Governmental Entities. The Subject Seller shall, and
shall cause its Subsidiaries and other Affiliates (collectively with the Subject Seller, the “Subject Seller Group”)
to (a) if required by the staff of the Federal Reserve Board in connection with obtaining the Requisite Regulatory Approvals, promptly
deliver to the Federal Reserve Board executed passivity and anti-association commitments substantially in the form attached hereto
as Annex A (or in such other form as may be reasonably required by the Federal Reserve Board that is no less favorable
in any material respect to the Subject Seller Group than the commitments attached hereto as Annex A) and (b) if required
by the staff of the Federal Reserve Board or FDIC, use its commercially reasonable efforts to promptly provide directly to the
Federal Reserve Board or FDIC, as applicable, such information about the Subject Seller Group as is reasonable and customary in
connection with obtaining the Requisite Regulatory Approvals. The Subject Seller shall not be required to provide any information
specified in the foregoing clause (b) directly to Silicon, Boron or any other Silicon Shareholder. Notwithstanding anything herein
to the contrary, except as set forth in the first sentence of this Section 1, the Subject Seller and its Affiliates
(other than, to avoid doubt, Holdings and its Subsidiaries) shall not be required to file any applications, notices, petitions
or filings with, or seek any permits, consents or approvals, or authorizations from, any Regulatory Agency or Governmental Entity
in connection with the transactions contemplated by the Merger Agreement or the Bank Merger.

    	 

    	 

    

2.                  
Transfer Restrictions.

(a)         
The Subject Seller agrees to the following terms and conditions regarding the Subject Seller’s ownership of the Merger
Consideration Shares:

		(i)	The Subject Seller shall not Transfer any Holdings Common Interests or Holdings Management Units (in each case other than through
the exercise or conversion of any such securities pursuant to their terms or the terms of the Merger Agreement) between the date
hereof and the Closing, other than Transfers to a Controlled Affiliate of such Person that agrees to be bound by the provisions
of this Agreement as if it were the Subject Seller hereunder (a “Permitted Transferee”).

		(ii)	Neither the Subject Seller nor any of its Permitted Transferees shall Transfer any of the Merger Consideration Shares, other
than to a Permitted Transferee, prior to the date that is thirty (30) days after the Closing Date (the “Lockup Termination
Date”).

		(iii)	In the event that following the date hereof and prior to the Lockup Termination Date any Permitted Transferee ceases to be
a Controlled Affiliate of the applicable Transferring Seller, then any prior Transfer to such Person pursuant to such exception
in (i) or (ii) above shall become null and void and ownership and title to any such securities so Transferred shall revert to such
applicable Transferring Seller. The Subject Seller shall promptly, and in any event no later than five (5) Business Days, notify
Boron in writing following any Transfer to a Permitted Transferee.

		(iv)	From and after the Lockup Termination Date, the Subject Seller shall not Transfer any shares of Boron Common Stock received
as part of the Merger Consideration to any Person or Group who, to the Subject Seller’s Knowledge, after giving effect to
such Transfer, would beneficially own eight percent (8%) or more of the outstanding shares of Boron Common Stock; provided
that the restriction shall not apply to Transfers effected through an Underwritten Offering (as defined in Annex B
hereto) pursuant to an exercise of the registration rights provided for in Annex B hereto, to any Person or Persons
pursuant to Rule 144 (as defined in Annex B hereto) or to a Transfer to any Person or Persons not Affiliated with the
Subject Seller who are acquiring majority control of Boron in a (i) merger or similar business combination transaction or (ii)
a tender offer approved or recommended by the Board of Directors of Boron.

(b)        
The Subject Seller shall not, and shall cause each other member of the Subject Seller Group not to, directly or indirectly,
without Boron’s prior written consent:

		(i)	acquire beneficial ownership of any shares of Boron Common Stock if, after such acquisition, the Subject Seller Group in the
aggregate would beneficially own a number of shares of Boron Common Stock and Boron

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Non-Voting Common Stock equal to ten percent (10%)
or more of the number of outstanding shares of Boron Common Stock (as reported in the most recent Boron Report publicly filed under
the Exchange Act);

		(ii)	make, or in any way participate, directly or indirectly, in any “solicitation” of “proxies” to vote
(as such terms are used in the rules of the SEC), or seek to advise or influence any Person with respect to the voting of any voting
securities of Boron;

		(iii)	form, join or in any way participate in a Group (other than with an Affiliate of the Subject Seller), with respect to any voting
securities of Boron; or

		(iv)	publicly disclose any intention, plan or arrangement prohibited by, or inconsistent with, the foregoing;

provided that this Section ‎2(b)
shall in no way limit (x) the activities of any director of Boron taken in good faith solely in his or her capacity as a director
of Boron or (y) the right or ability of the Subject Seller to vote any voting securities of Boron (including the Merger Consideration
Shares) with respect to any matter; provided, further, that the Subject Seller does not make any public announcement
or public communication with respect to the manner in which the Subject Seller intends to vote such voting securities with respect
to any matter. The Subject Seller further agrees, that it shall not, and shall cause each other member of the Subject Seller Group
not to, without the written consent of Boron, publicly request Boron to amend or waive any provision of this Section ‎2(b)
(including this sentence) or do so in a manner that would require Boron to publicly disclose such request.

(c)         
The foregoing restrictions on Transfer may be waived by Boron in writing with respect to any specific Transfer. The provisions
in this Section 2 shall terminate and be of no further force and effect with respect to the Subject Seller (and its
Permitted Transferees) on the earlier of (i) the first date when the Subject Seller (and any such Permitted Transferees) beneficially
own less than five percent (5%) of the outstanding shares of Boron Common Stock and Boron Non-Voting Common Stock (as reported
in the most recent Boron Report publicly filed under the Exchange Act), excluding the dilutive effect of any primary issuances
of Boron Common Stock or Boron Non-Voting Common Stock (or any other securities convertible into or exchangeable for Boron Common
Stock or and Boron Non-Voting Common Stock) by Boron, and (ii) the breach, in any material respect, by Boron of any of its obligations
in this Agreement.

(d)        
Any Transfer or attempted Transfer of Merger Consideration Shares in violation of this Section ‎2
shall, to the fullest extent permitted by applicable Law, be null and void ab initio, and Boron shall not, and shall instruct
its transfer agent and other third parties not to, record or recognize any such purported transaction on the share register of
Boron.

(e)         
Any certificates for Merger Consideration Shares issued to the Subject Seller or any Permitted Transferee pursuant to the
Merger Agreement shall bear a legend or legends (and appropriate comparable notations or other arrangements will be made with respect
to any uncertificated shares) in addition to the legend contemplated by Section 2.2(b) of the Merger

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Agreement referencing restrictions on transfer of such Merger
Consideration Shares under this Agreement which legend shall state in substance:

“The securities
evidenced by this certificate are subject to restrictions on transfer set forth in an Investor Letter Agreement, dated November
5, 2014, among Boron and certain other parties thereto (a copy of which is on file with the Secretary of Boron).”

(f)         
Notwithstanding the foregoing, upon the request of a holder of certificate(s) for Merger Consideration Shares, Boron agrees
that it shall cause, and take all actions necessary to ensure, the prompt removal of the legend contemplated by Section 2.2(b)
of the Merger Agreement and, if applicable, the legend contemplated in Section 2(e) (together with the elimination
or termination of any notations or arrangements described therein) from such holder’s Merger Consideration Shares (including
executing and delivering an opinion of counsel and instruction letter satisfactory to the transfer agent of Boron Common Stock)
and cause the deposit of such holder’s Merger Consideration Shares in book-entry form with the appropriate unrestricted CUSIP
number to the account specified by such holder, provided, that the restrictions described in such legends (or notations
or arrangements) are no longer applicable (including where the Subject Seller and its Permitted Tranferees no longer own or will
own such Merger Consideration Shares).

3.                 
Registration Rights. The Subject Seller shall have the registration and other rights on the terms set forth in Annex B
hereto (the “Registration Rights Annex”) and Boron and the Subject Seller hereby agree to such terms.

		4.	Board Representation

(a)         
At any time from and after the Effective Time, at the written request of the Subject Seller, Boron shall cause one (1) representative
designated by the Subject Seller to be elected or appointed to the Board of Directors of Boron, which representative shall
(i) be
reasonably
acceptable
to the
Board of Directors of Boron, (ii) not be a person who is an officer or employee of Holdings or any of its Subsidiaries as
of the date hereof, (iii) satisfy all
director qualifications
reasonably required
by Boron and shall agree to comply with all policies of Boron (including as
to ethics, confidentiality and trading) in each case in
effect
from
time
to time
that
apply
to all
nominees
for the
Board of Directors of Boron and (iv) be eligible to serve on the Board of Directors of Boron under the Depository Institution
Management Interlocks Act, 12 U.S.C. 3201 et seq., and the federal banking agencies’ implementing regulations thereunder,
including the Federal Reserve Board’s Regulation L, 12 C.F.R. Part 212, in each case as they may be amended from time to
time (a “Qualified
Nominee”,
and any such Qualified Nominee to be appointed to the Board of Directors of Boron, a “Board Representative”).
Any Board Representative elected or appointed to the Board of Directors of Boron shall, at the Subject Seller’s election,
also be appointed to Boron Bank’s Board of Directors at the time of his or her appointment or election to the Board of Directors
of Boron. Boron Bank shall take all action necessary to facilitate any such appointment to Boron Bank’s Board of Directors.

(b)        
From and after the election or appointment of a Board Representative pursuant to Section 4(a),
(i) at each meeting of the shareholders of Boron at which directors of Boron are to be elected (including any annual meeting of
shareholders) and at which the term of such Board

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Representative shall expire, the Board of Directors of Boron
shall nominate and recommend for election one (1) Qualified Nominee designated by the Subject Seller to serve as a Board Representative
and Boron shall use its reasonable best efforts to cause such person to be elected to serve as a director on the Board of Directors
of Boron and shall solicit proxies for such person to the same extent as it does for any of its other nominees to the Board of
Directors (it being understood that such Qualified Nominee shall not be in addition to the person designated by the Subject Seller
to be appointed to the Board of Directors of Boron at the Effective Time pursuant to the prior paragraph and that the Subject Seller’s
right to designate a Qualified Nominee to serve on the Board of Directors of Boron at any given time shall be limited to one (1)
person), provided that such efforts will not require Boron to postpone its annual meeting of shareholders or take extraordinary
solicitation efforts not taken with regard to the other nominees to the Board of Directors of Boron, including that Boron shall
not be obligated to pay extraordinary costs with regard to the election of such Qualified Nominee as director; provided,
further, that, if at any time after his appointment to the Board of Directors of Boron,
the Board Representative ceases to be a Qualified Nominee, such representative shall not continue to serve as the Board Representative;
and (ii) upon the death, disability, retirement, resignation, removal or other vacancy of a director designated by the Subject
Seller, the Board of Directors of Boron shall appoint as a director to fill the vacancy so created a Qualified Nominee designated
by the Subject Seller to fill such vacancy.

(c)         
Each Board Representative shall be entitled to the same compensation and same indemnification and insurance coverage in
connection with his or her role as a director as the other members of the Board of Directors of Boron, and shall be entitled to
reimbursement for documented, reasonable out-of-pocket expenses incurred in attending meetings of the Board of Directors of Boron
or any committees thereof, to the same extent as the other members of the Board of Directors of Boron. Boron shall notify each
Board Representative of all regular and special meetings of the Board of Directors of Boron and shall notify each Board Representative
of all regular and special meetings of any committee of the Board of Directors of Boron of which such Board Representative is a
member. Boron shall provide each Board Representative with copies of all notices, minutes, consents and other materials provided
to all other members of the Board of Directors of Boron concurrently as such materials are provided to the other members.

(d)        
Boron’s obligations under this Section 4 shall terminate and be of no further force or effect on the earlier
of (i) such
time as
the Subject Seller Group (and any Permitted Transferees) beneficially own less than five percent (5%) of the outstanding shares
of Boron Common Stock and Boron Non-Voting Common Stock (as reported in the most recent Boron Report publicly filed under the Exchange
Act), excluding the dilutive effect of any primary issuances of Boron Common Stock or Boron Non-Voting Common Stock (or any other
securities convertible into or exchangeable for Boron Common Stock or and Boron Non-Voting Common Stock) by Boron, and (ii) the
breach, in any material respect, by the Subject Seller of any of its obligations in this Agreement.

5.                    
Representations and Warranties of the Subject Seller. The Subject Seller represents and warrants to Boron as of the
date hereof that:

(a)         
The Subject Seller is the sole record and beneficial owner of the Holdings Common Interests or Holdings Management Units,
as applicable, set forth on Annex C opposite the

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Subject Seller’s name and such securities constitute
all of the securities of Holdings owned of record or beneficially owned by the Subject Seller.

(b)        
The Subject Seller is a limited partnership duly organized, is validly existing and in good standing under the Laws of its
jurisdiction of organization. The Subject Seller has full power and authority to execute and deliver this Agreement, to perform
its obligations under this Agreement and to consummate the transactions contemplated hereby.

(c)         
Neither the execution and delivery of this Agreement by the Subject Seller, nor the consummation of the transactions contemplated
hereby, nor compliance by the Subject Seller with any of the terms or provisions hereof will (i) violate any provision of the Subject
Seller’s organizational documents or (ii) assuming the consents and approvals referred to in Section 3.4 of the Merger
Agreement are duly obtained, conflict with, violate any provision of, or require the consent or approval of any Person under applicable
Law or any contract or agreement to which the Subject Seller is a party.

(d)        
The execution, delivery and performance of this Agreement by the Subject Seller has been duly authorized by all necessary
corporate action on the part of the Subject Seller. This Agreement has been duly executed and delivered by such Subject Seller
and, assuming the due authorization, execution and delivery by each of the other parties hereto, constitutes a valid and binding
obligation of such Subject Seller, enforceable against such Subject Seller in accordance with its terms, except as may be limited
by the Enforceability Exceptions.

(e)         
The Subject Seller: (i) is acquiring the Merger Consideration Shares for its own account, solely for investment and not
with a view toward, or for sale in connection with, any distribution thereof in violation of any federal or state securities or
“blue sky” laws, or with any present intention of distributing or selling the Merger Consideration Shares in violation
of any such laws, (ii) has such knowledge and experience in financial and business matters and in investments of this type that
it is capable of evaluating the merits and risks of its investment in the Merger Consideration Shares and of making an informed
investment decision and (iii) is an “accredited investor” within the meaning of Rule 501(a) under the Securities Act.
The Subject Seller has requested, received, reviewed and considered all information that the Subject Seller deems relevant in making
an informed decision to invest in the Merger Consideration Shares, has had an opportunity to discuss Boron’s business, management
and financial affairs with its management and also had an opportunity to ask questions of officers of Boron that were answered
to the Subject Seller’s satisfaction and has received and reviewed a copy of this Agreement and the Merger Agreement. The
Subject Seller understands that Boron is relying on the statements contained herein to establish an exemption from registration
under the Securities Act and under state securities laws and acknowledges that the Merger Consideration Shares are not registered
under the Securities Act or any other applicable Law and that the Merger Consideration Shares may not be Transferred except pursuant
to the registration provisions of the Securities Act or pursuant to an applicable exemption therefrom.

(f)         
The Subject Seller hereby irrevocably consents to, and irrevocably waives, any rights it may have to object to or dissent
from (whether under the Holdings LLC Agreement, applicable Law or otherwise), Holdings and Silicon’s execution and delivery
of the Merger Agreement and the consummation of the transactions contemplated thereby (including the

    	-6-

    	 

    

Merger and the Bank Merger) in accordance with the terms
and subject to the conditions of the Merger Agreement.

(g)        
The Subject Seller is not relying on Holdings, Silicon, Boron, or any of their respective agents, representatives or Affiliates
for its decision to execute and deliver this Agreement and to invest in the Merger Consideration Shares.

6.                    
Representations and Warranties of Boron. Boron represents and warrants to the Subject Seller as of the date hereof that:

(a)         
Boron is a corporation duly organized, validly existing and in good standing under the Laws of its jurisdiction of organization.
Boron has full corporate power and authority to execute and deliver this Agreement, to perform its obligations under this Agreement
and to consummate the transactions contemplated hereby.

(b)        
Neither the execution and delivery of this Agreement by Boron, nor the consummation of the transactions contemplated hereby,
nor compliance by Boron with any of the terms or provisions hereof will (i) violate any provision of the Articles of Incorporation
of Boron or Bylaws or (ii) assuming the consents and approvals referred to in Section 4.4 of the Merger Agreement are duly
obtained, conflict with, violate any provision of, or require the consent or approval of any Person under applicable Law or any
contract or agreement to which Boron is a party.

(c)         
The execution, delivery and performance of this Agreement by Boron has been duly authorized by all necessary corporate action
on the part of Boron. This Agreement has been duly executed and delivered by Boron and, assuming the due authorization, execution
and delivery by each of the other parties hereto, constitutes a valid and binding obligation of Boron, enforceable against Boron
in accordance with its terms, except as may be limited by the Enforceability Exceptions.

7.                    
Definitions. Capitalized terms used but not otherwise defined in this Agreement shall have the meanings ascribed to
such terms in the Merger Agreement. As used in and for purposes of this Agreement, the following terms have the following meanings:

“Agreement” shall
have the meaning set forth in the Preamble.

“Affiliate” means,
with respect to a specified Person, any Person that directly or indirectly controls, is controlled by, or is under common control
with, such specified Person; provided, however, that other than for purposes of Section ‎2(b),
no portfolio company of any investment fund, vehicle or account advised, managed or sponsored by any Silicon Holder or its Affiliates
shall be deemed an Affiliate of Silicon, any of its Subsidiaries or any Silicon Holder for purposes of this Agreement.

“beneficial owner”
and words of similar import have the meaning assigned to such terms in Rule 13d-3 promulgated under the Exchange Act as in effect
on the date of this Agreement; provided, however, that for purposes of this Agreement, a Person shall be deemed to
be the beneficial owner of (i) any securities which may be acquired by such Person upon the exercise of any rights (irrespective
of whether the right to acquire such securities is exercisable immediately

    	-7-

    	 

    

or only after the passage of time, including the passage
of time in excess of sixty (60) days, the satisfaction of any condition, the occurrence of any event or any combination of the
foregoing) and (ii) any securities which are the subject of any Derivatives Contract (without regard to any short or similar position
under the same or any other Derivatives Contract) to which such Person is a Receiving Party. The term “beneficially own”
has a meaning correlative to the foregoing.

“Board Representative”
shall have the meaning set forth in Section ‎4(a).

“Boron” shall have
the meaning set forth in the Preamble.

“Controlled Affiliate”
means any Affiliate of the specified Person that is, directly or indirectly, controlled by or under common control with the specified
Person.

“Derivatives Contract”
means a contract between two parties (the “Receiving Party” and the “Counterparty”) that
is designed to produce economic benefits and risks to the Receiving Party and/or voting rights that correspond substantially to
the ownership by the Receiving Party of a number of securities specified or referenced in such contract, regardless of whether
obligations under such contract are required or permitted to be settled through delivery of cash, securities or other property.

“Group” has the meaning
assigned to such term in Section 13(d)(3) of the Exchange Act.

“Holdings” shall have
the meaning set forth in the Preamble.

“Subject Seller’s Knowledge”
means, as to the Subject Seller, the actual knowledge of such Subject Seller; provided that, as to such Subject Seller,
in respect of any Transfer of shares of Boron Common Stock, (i) in no event shall (x) the knowledge of such Subject Seller’s
broker (including any Affiliate) be imputed to such Subject Seller or (y) such Subject Seller have any obligation to make any inquiry
or investigation as to the identity of the purchaser party such Transfer, and (ii) if such Subject Seller has actual knowledge
of the identity of the purchaser party to such Transfer, such Subject Seller shall only be required to search the SEC’s Edgar
system to establish whether or not such purchaser beneficially owns five percent (5%) or more of the outstanding shares of Boron
Common Stock.

“Lockup Termination Date”
shall have the meaning set forth in Section ‎2(a)(ii).

“Merger Consideration Shares”
shall have the meaning set forth in the Recitals.

“Permitted Transferee”
shall have the meaning set forth in Section ‎2(a)(i).

“Qualified
Nominee”
shall have the meaning set forth in Section ‎4(a).

“Silicon” shall have
the meaning set forth in the Preamble.

“Subject Seller” shall
have the meaning set forth in the Recitals.

“Subject Seller Group”
shall have the meaning set forth in Section ‎1.

    	-8-

    	 

    

“Transfer” means (i)
any direct or indirect sale, assignment, disposition or other transfer, either voluntary or involuntary, of any capital stock or
interest in any capital stock or (ii) in respect of any capital stock or interest in any capital stock, to enter into any
swap or any other agreement, transaction or series of transactions that hedges or transfers, in whole or in part, directly or indirectly,
the economic consequence of ownership of such capital stock or interest in capital stock, whether any such transaction, swap or
series of transactions is to be settled by delivery of securities, in cash or otherwise.

“Transferring Seller”
means a Subject Seller that Transferred any of its Merger Consideration Shares in accordance with Section ‎2(b)
or Transferred any of its Holdings Common Interests or Holdings Management Units in accordance with Section ‎2(a).

8.                    
Miscellaneous

(a)         
This Agreement shall become effective immediately upon execution by each of the parties hereto and shall automatically terminate
(without any further obligation or liability of any party hereto) on any termination of the Merger Agreement prior to the Effective
Time.

(b)        
This Agreement and all of the agreements contained herein and the rights, interests or obligations hereunder shall bind
and inure to the benefit of the respective successors and assigns of the parties hereto.

(c)         
The parties have participated jointly in negotiating and drafting this Agreement. In the event that an ambiguity or a question
of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties, and no presumption
or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement.
When a reference is made in this Agreement to Articles, Sections, Annexes, Exhibits or Schedules, such reference shall be to an
Article or Section of or Annexes, Exhibit or Schedule to this Agreement unless otherwise indicated. The headings contained
in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.
Any reference herein to this “Agreement” shall include any Annexes, Exhibits and Schedules hereto.

(d)        
The words “hereof,” “herein” and “hereunder” and words of like import used in this Agreement
shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Any singular term in this Agreement
shall be deemed to include the plural, and any plural term the singular. Whenever the words “include,” “includes”
or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation,”
whether or not they are in fact followed by those words or words of like import. “Writing,” “written” and
comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form.
References to any agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time
in accordance with the terms hereof and thereof. References to any Person include the successors and permitted assigns of that
Person. References from or through any date mean, unless otherwise specified, from and including or through and including, respectively.
References to “Law,” “Laws” or to a particular statute or Law shall mean such Law or statute as amended,
modified or

    	-9-

    	 

    

supplemented from time to time and shall be deemed also to
include any and all rules and regulation promulgated thereunder.

(e)         
This Agreement shall be governed and construed in accordance with the Laws of the State of Washington, without regard to
any applicable conflicts of Law.

(f)         
Each party agrees that it will bring any Proceeding in respect of any claim arising out of or related to this Agreement
or the transactions contemplated hereby exclusively in the Washington Courts, and, solely in connection with claims arising under
this Agreement or the transactions that are the subject of this Agreement, (i) irrevocably submits to the exclusive jurisdiction
of the Washington Courts, (ii) waives any objection to laying venue in any such Proceeding in the Washington Courts, (iii) waives
any objection that the Washington Courts are an inconvenient forum or do not have jurisdiction over any party and (iv) agrees that
service of process upon such party in any such Proceeding will be effective if notice is given in accordance with the terms of
Section 9.4 of the Merger Agreement to the addresses (A) in the case of the Subject Seller, set forth in Annex D
hereto, and (B) in the case of Boron, set forth in Section 9.4 of the Merger Agreement. 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 extent permitted by applicable Law at the time of institution
of the applicable litigation, any right such party may have to a trial by jury in respect of any litigation directly or indirectly
arising out of or relating to this Agreement or the transactions contemplated by this Agreement. Each party certifies and acknowledges
that: (i) no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party
would not, in the event of litigation, seek to enforce the foregoing waiver; (ii) each party understands and has considered the
implications of this waiver; (iii) each party makes this waiver voluntarily; and (iv) each party has been induced to enter into
this Agreement by, among other things, the mutual waivers and certifications in this Paragraph.

(g)        
Each party hereto agrees that irreparable damage would occur if any provision of this Agreement were not performed in accordance
with its specific terms or were otherwise breached or threatened to be breached. It is accordingly agreed that each party hereto
shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the performance
of the terms and provisions hereof in the Washington Courts, without bond or other security being required, this being in addition
to any other right, remedy or cause of action to which such party is entitled at law or in equity.

(h)        
This Agreement may be executed in counterparts, all of which shall be considered one and the same agreement and shall become
effective when counterparts have been signed by each of the parties and delivered to the other parties, it being understood that
all parties need not sign the same counterpart.

(i)          
This Agreement may only be enforced against the named parties hereto. All claims or causes of action that may be based upon,
arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement may be made only against
the entities that are expressly identified as parties hereto or that are subject to the terms hereof, and no past, present or future
director, officer, employee, incorporator, member, manager, partner, stockholder, Affiliate, agent, attorney or representative
of the Subject Seller or any other party hereto (including any person negotiating or executing this Agreement on behalf of a party
hereto)

    	-10-

    	 

    

shall have any liability or obligation with respect to this
Agreement or with respect to any claim or cause of action, whether in tort, contract or otherwise, that may arise out of or relate
to this Agreement, or the negotiation, execution or performance of this Agreement and the transactions contemplated hereby and
by the Merger Agreement.

* * * * * * *

    	-11-

    	 

    

Please confirm that the
above correctly reflects our understanding and agreement with respect to the foregoing matters by signing the enclosed copy of
this Agreement and returning such copy to us.

Very truly yours,

 

 

	
        OAKTREE PRINCIPAL FUND V

        (DELAWARE), L.P.

         

         

        By: Oaktree Fund GP, LLC

        Its: General Partner

         

        By: Oaktree Fund GP I, L.P.

        Its: Managing Member

         

         

         

         

        By: /s/ Michael P. Harmon                              

        Name: Michael P. Harmon

        Title: Managing Director

         

         

        By: /s/ David Quick                                         

        Name: David Quick

        Title: Authorized Signatory
	
        OAKTREE FF INVESTMENT FUND AIF

        (DELAWARE), L.P.

         

         

        By: Oaktree Fund AIF Series, GP –
        Series I

        Its: General Partner

         

        By: Oaktree Fund GP AIF, LLC

        Its: General Partner

         

        By: Oaktree Fund GP III, L.P.

        Its: Managing Member

         

        By: Oaktree AIF Investments, L.P.

        Its: General Partner

         

        By: Oaktree AIF Holdings, Inc.

        Its: General Parter

         

         

         

         

        By: /s/ Michael P. Harmon                              

        Name: Michael P. Harmon

        Title: Managing Director

         

         

        By: /s/ David Quick                                        

        Name: David Quick

        Title: Authorized Signatory

 

 

 

 

    	 

    	 

    

 

Agreed and accepted:

 

 

	 	BANNER CORPORATION
	 	By:	
	 	/s/ Mark J. Grescovich
	 	Name: Mark J. Grescovich
	 	Title:   President and CEO

    	 

    	 

    

Annex A

 

Form of Passivity Commitments 

 

    	 

    	 

    

Annex B

 

Registration Rights

    	 

    	 

    

TABLE OF CONTENTS

 

	ARTICLe
    I

    

    DEFINITIONS
	Section
    1.01.   Definitions	1
	Article
    II 

    

    REGISTRATION RIGHTS
	Section
    2.01.   Shelf Registration	4
	Section
    2.02.   Demand Registration.	6
	Section
    2.03.   Piggyback Registration	7
	Section
    2.04.   Withdrawal of Request for Underwritten Offering or Demand Registration	8
	Section
    2.05.   Reduction of Size of Underwritten Offering	8
	Section
    2.06.   Registration Procedures	9
	Section
    2.07.   Conditions to Offerings	13
	Section
    2.08.   Suspension Period	15
	Section
    2.09.   Registration Expenses	16
	Section
    2.10.   Rules 144 and 144A and Regulation S	16
	Section
    2.11.   Indemnification; Contribution	16
	Section
    2.12.   Termination	18
	Section
    2.13.   Participating Shareholder	18
	Section
    2.14.   No Waiver	19
	Section
    2.15.   Limitations on Subsequent Registration Rights	19
	Section
    2.16.   Recapitalizations, Exchanges Affecting the Registrable Securities	19

    	 

    	 

    

Article
I

DEFINITIONS

Section 1.01.                       
Definitions. Capitalized terms used but not defined herein shall have the meanings set forth in the Merger Agreement.
As used in and for purposes of this Agreement, the following terms have the following meanings:

“415
Shelf Registration Statement” means a Form S-3 providing for an offering to be made on a continuous basis
pursuant to Rule 415 under the Securities Act.

“Affiliate” means, with
respect to a specified Person, any Person that directly or indirectly controls, is controlled by, or is under common control with,
such specified Person; provided, however, that no portfolio company of any investment fund, vehicle or account advised,
managed or sponsored by any Silicon Holder or its Affiliates shall be deemed an Affiliate of Silicon, any of its Subsidiaries or
any Silicon Holder for purposes of this Agreement.

“Agreement” has the
meaning set forth in the Preamble.

“Automatic Shelf Registration
Statement” means an “automatic shelf registration statement” as defined in Rule 405 promulgated under the
Securities Act.

“beneficial owner” and
words of similar import have the meaning assigned to such terms in Rule 13d-3 promulgated under the Exchange Act as in effect on
the date of this Agreement; provided, however, that for purposes of this Agreement, a Person shall be deemed to be
the beneficial owner of (i) any securities which may be acquired by such Person upon the exercise of any rights (irrespective of
whether the right to acquire such securities is exercisable immediately or only after the passage of time, including the passage
of time in excess of sixty (60) days, the satisfaction of any condition, the occurrence of any event or any combination of the
foregoing) and (ii) any securities which are the subject of any Derivatives Contract (without regard to any short or similar position
under the same or any other Derivatives Contract) to which such Person is a Receiving Party. The term “beneficially own”
has a meaning correlative to the foregoing.

“Controlled Affiliate”
means any Affiliate of the specified Person that is, directly or indirectly, controlled by or under common control with the specified
Person.

“Demand Notice” has
the meaning set forth in Section 2.02(a).

“Demand Registration”
has the meaning set forth in ‎‎Section 2.02(a).

“Demand Shareholders”
has the meaning set forth in ‎‎Section 2.02(a).

“Derivatives Contract”
means a contract between two parties (the “Receiving Party” and the “Counterparty”) that
is designed to produce economic benefits and risks to the Receiving Party and/or voting rights that correspond substantially to
the ownership by the Receiving Party of a number of securities specified or referenced in such contract, regardless of

    	B-1

    	 

    

whether obligations under such contract are required or permitted
to be settled through delivery of cash, securities or other property.

“Equity Interests” means
the shares of Boron Common Stock or other equity interests, as the case may be, of Boron, and any securities into which such shares
of Boron Common Stock or other equity interests shall have been changed or any securities resulting from any reclassification or
recapitalization of such shares of Boron Common Stock or other equity interests.

“FINRA” means the Financial
Industry Regulatory Authority.

“Indemnified Party”
has the meaning set forth in ‎Section 2.11(c).

“Indemnified Persons”
has the meaning set forth in ‎Section 2.11(a).

“Indemnifying Party”
has the meaning set forth in ‎Section 2.11(c).

“Inspectors” has the
meaning set forth in ‎Section 2.06(a)(ix).

“Lockup Termination Date”
means the date that is thirty (30) days after the Closing Date.

“Marketed Underwritten Offering”
means an Underwritten Offering that involves (i) one-on-one meetings or calls between investors and management of Boron, other
than any Underwritten Offering in the form of a “block trade” which requires not more than three (3) one-on-one
calls between investors and management of Boron, (ii) a customary roadshow or other marketing activity that requires members of
the management of Boron to be out of the office for two (2) business days or more or group meetings or calls between investors
and management of Boron or (iii) any other substantial marketing effort by the underwriters over a period of at least forty-eight
(48) hours.

“Opting-Out Shareholder”
has the meaning set forth in ‎Section 2.13.

“Permitted Transferee”
means, with respect to any Person, a Controlled Affiliate of such Person that agrees to be bound by the provisions of this Annex as
if it were the Shareholder hereunder.

“Piggyback Registration”
has the meaning set forth in ‎Section 2.03.

“Prospectus” means the
prospectus (including any preliminary prospectus and any final prospectus) included in any Registration Statement, as amended or
supplemented by any free writing prospectus, whether or not required to be filed with the SEC, prospectus supplement with respect
to the terms of the offering of any portion of the Registrable Securities covered by the Registration Statement and by all other
amendments and supplements to the prospectus, and all material incorporated by reference in such prospectus.

“Records” has the meaning
set forth in ‎Section 2.06(a)(ix).

    B-2	 

    	 

    

“Registrable Securities”
means (i) all Shares that are beneficially owned by a Shareholder at any time in accordance with the terms and conditions of the
Merger Agreement and (ii) all Equity Interests issued or issuable directly or indirectly with respect to the securities referred
to in the foregoing clause (i) by way of share dividend or share split or in connection with a consolidation or other reorganization;
provided, however, that any such Share or Equity Interest shall cease to be a Registrable Security if and when (x)
it has been effectively registered under the Securities Act and disposed of in accordance with an effective Registration Statement
covering it or (y) in the case of Shares or Equity Interests held by a Shareholder who is not an affiliate (as such term is defined
in Rule 12b-2 under the Exchange Act) of Boron, it may immediately be sold under Rule 144 without any volume or manner of sale
restrictions.

“Registration Statement”
means any registration statement of Boron that covers Registrable Securities pursuant to the provisions of this Agreement, including
the Prospectus, amendments and supplements to such registration statement, including pre- and post-effective amendments, and all
exhibits and all material incorporated by reference in such registration statement.

“Rule 144” means Rule
144 promulgated under the Securities Act or any similar rule or regulation hereafter adopted by the SEC having substantially the
same effect as such rule.

“SEC” means the U.S.
Securities and Exchange Commission.

“Section 2.13 Opt-Out”
has the meaning set forth in ‎Section 2.13.

“Shares” means, with
respect to each Shareholder, the shares of Boron Common Stock received as a result of (a) the Distribution in accordance with the
terms and conditions of the Merger Agreement, (b) the conversion of Boron Non-Voting Common Stock received as a result of the Distribution
into Common Stock in accordance with the terms of such Boron Non-Voting Common Stock, or (c) any Transfer to a Permitted Transferee.

“Shareholder” means
(a) any Silicon Holder who has received Shares or any shares of Boron Non-Voting Common Stock that have not yet been converted
into Boron Common Stock and (i) as of the date of the Merger Agreement, has executed an Investor Letter Agreement or (ii) prior
to the Closing, has agreed to be bound the terms set forth herein as set forth in Section 6.15 of the Merger Agreement, in
each case for so long as such Silicon Holder beneficially owns any Shares or any shares of Boron Non-Voting Common Stock that have
not yet been converted into Boron Common Stock and (b) any Permitted Transferee to whom such Silicon Holder has Transferred any
Shares, for so long as (i) such Permitted Transferee beneficially owns any such Shares and (ii) such Permitted Transferee continues
to be a Controlled Affiliate of the Transferring Silicon Holder.

“Shelf
Registration Statement” means an Automatic Shelf Registration Statement or a 415 Shelf Registration Statement.

“Suspension Period”
has the meaning set forth in ‎Section 2.08(a).

“Transfer” means (i)
any direct or indirect sale, assignment, disposition or other transfer, either voluntary or involuntary, of any capital stock or
interest in any capital stock or

    	B-3

    	 

    

(ii) in respect of any capital stock or interest in
any capital stock, to enter into any swap or any other agreement, transaction or series of transactions that hedges or transfers,
in whole or in part, directly or indirectly, the economic consequence of ownership of such capital stock or interest in capital
stock, whether any such transaction, swap or series of transactions is to be settled by delivery of securities, in cash or otherwise.

“Underwriter” means,
with respect to any Underwritten Offering, a securities dealer who purchases any Registrable Securities as a principal in connection
with a distribution of such Registrable Securities.

“Underwriter’s Lockup”
has the meaning set forth in ‎Section 2.07(c).

“Underwritten Offering”
means a public offering of securities registered under the Securities Act in which an Underwriter participates in the distribution
of such securities.

“Underwritten Offering Limitations”
has the meaning set forth in ‎Section 2.01(d).

Article
II

REGISTRATION RIGHTS

Section 2.01.                       
Shelf Registration.

(a)               
Filing. Subject to ‎Section 2.08,

(i)                
if on the Lockup Termination Date, Boron is a well-known seasoned issuer (as defined in Rule 405 of the Securities Act),
Boron will file, as promptly as practicable on or after the Lockup Termination Date (but in any event within fifteen (15) Business
Days thereafter), an Automatic Shelf Registration Statement useable for the resale of Registrable Securities under the Securities
Act from and after the Lockup Termination Date in accordance with the methods of distribution elected by the Shareholders. Such
Automatic Shelf Registration Statement shall contain any intended methods of distribution of the Shares specified in writing by
any Shareholder and contemplated hereby.

(ii)              
if on the Lockup Termination Date, Boron is not a well-known seasoned issuer but is eligible to file a 415 Shelf Registration
Statement, Boron will file, as promptly as practicable on or after the Lockup Termination Date (but in any event within fifteen
(15) Business Days thereafter), a 415 Shelf Registration Statement useable for the resale of Registrable Securities under the Securities
Act from and after the Lockup Termination Date, in accordance with the methods of distribution elected by such Shareholders and
shall use its reasonable best efforts to cause such 415 Shelf Registration Statement to become effective under the Securities Act
not later than the Lockup Termination Date. Such 415 Shelf Registration Statement shall contain any intended methods of distribution
of the Shares specified in writing by any Shareholder and contemplated hereby.

    	B-4

    	 

    

(b)              
Continued Effectiveness. Until the earlier of (i) such time as all Registrable Securities cease to be Registrable
Securities or (ii) Boron is no longer eligible to maintain a Shelf Registration Statement, Boron will keep current and effective
any Shelf Registration Statement filed pursuant to ‎Section 2.01(a), and file such
supplements or amendments to such Shelf Registration Statement as may be necessary or appropriate in order to keep such Shelf Registration
Statement continuously effective and useable for the resale of Registrable Securities under the Securities Act. In the event that
Boron is no longer eligible to maintain a Shelf Registration Statement, Boron shall provide written notice to the Shareholders
of such ineligibility within two (2) Business Days of the date on which Boron becomes aware of such ineligibility. Boron shall
use reasonable best efforts to cause the Registrable Securities to, on or prior to the Lockup Termination Date, be qualified for
trading on any securities exchange on which the Boron Common Stock is listed or quoted.

(c)               
Use of Shelf Registration Statement. Following the Lockup Termination Date, each Shareholder shall have the right
to use any Shelf Registration Statement then effective to Transfer all or a portion of its Registrable Securities (i) in an unrestricted
number of brokered transactions and (ii) Underwritten Offerings in accordance with ‎Section 2.01(d).

(d)              
Underwritten Offerings pursuant to Shelf Registration Statement. Upon the receipt by Boron of a written request from
(i) any Major Silicon Member that desires to sell Registrable Securities in an Underwritten Offering that is not a Marketed Underwritten
Offering or (ii) a majority of the Registrable Securities then
held by the Major Silicon Members with respect to a Marketed Underwritten Offering, in each case pursuant to a Shelf Registration
Statement, Boron will give written notice of such request to all other Shareholders, which notice shall be given in any event within
three (3) Business Days of the date on which Boron received the initial request. Any other Shareholders that desire to sell Registrable
Securities in such Underwritten Offering shall give written notice to Boron within ten (10) Business Days after the date Boron
gave such other Shareholders notice of the such initial request specifying the number of Registrable Securities proposed
by such Shareholder to be included in such Underwritten Offering. A Shareholder may change the number of Registrable Securities
proposed to be offered in any such Underwritten Offering at any time prior to commencement of such offering so long as such change
would not materially adversely affect the timing or success of such Underwritten Offering; provided, however, that
Boron shall be entitled to reasonably delay an Underwritten Offering to the extent resulting from such change. Boron will cooperate
with such Shareholders and any Underwriter in effecting an Underwritten Offering pursuant to the Shelf Registration Statement as
promptly as reasonably practicable with respect to all such Registrable Securities, subject to the limitations and conditions with
respect to Underwritten Offerings (the “Underwritten Offering Limitations”):

(i)                
Boron shall not be required to effect more than eight (8) Underwritten Offerings in the aggregate, of which no more than
three (3) may be Marketed Underwritten Offerings.

(ii)              
Boron shall not be required to effect (A) any Marketed Underwritten Offering within one hundred and eighty (180) days after
another Marketed Underwritten Offering, and (B) any Underwritten Offering within ninety (90) days after another Underwritten Offering.

    	B-5

    	 

    

(iii)            
Boron shall not be required to effect any Underwritten Offering unless the aggregate gross proceeds expected to be received
from the sale of Registrable Securities in such offering is at least $50 million.

(iv)            
With respect to a Marketed Underwritten Offering only, the relevant Major Silicon Members, on the one hand, and, Boron,
on the other hand, shall each be entitled to select one nationally recognized investment banking firm to serve as a lead Underwriter,
with each of the two such lead Underwriters to be treated substantially the same in all respects (including underwriting discounts,
fees and commissions) in respect of such Marketed Underwritten Offering, and the relevant Major Silicon Members shall have the
right to select any additional Underwriters in connection with the Marketed Underwritten Offering; provided that any such
additional Underwriter must be reasonably acceptable to Boron.

(v)              
With respect to an Underwritten Offering that is not a Marketed Underwritten Offering, the relevant Major Silicon Members
shall be entitled to select the nationally recognized investment banking firm to serve as a lead Underwriter and, if applicable,
any additional Underwriters.

(e)               
Effect on Demand Registration Obligations. The provisions of ‎Section 2.02
shall not apply at any time Boron is eligible to file and maintain the effectiveness of a Shelf Registration Statement and so maintains
the effectiveness of such Shelf Registration Statement.

Section 2.02.                       
Demand Registration.

(a)               
Demand by Shareholders. If at any time after the
Lockup Termination Date and prior to Boron effecting eight (8) Underwritten Offerings pursuant to ‎Section 2.01(d),
Boron is no longer eligible to use a Shelf Registration Statement, within ninety (90) days after the written request of Shareholders
holding a majority of the Registrable Securities then held by the Shareholders to register the resale of a specified amount of
the Registrable Securities under the Securities Act pursuant to an Underwritten Offering (a “Demand Notice”),
Boron will (i) give written notice of such request to all other Shareholders (which notice shall be given in any event within
three (3) Business Days of the date on which Boron received the applicable Demand Notice) and will use its reasonable best efforts
to register, in accordance with the provisions of this Agreement, all Registrable Securities that have been requested to be registered
in the Demand Notice or by any other Shareholders by written notice to Boron given within ten (10) Business Days after the
date Boron gave such other Shareholders notice of the Demand Notice (collectively, the “Demand Shareholders”)
and (ii) will file a Registration Statement, on an appropriate form which Boron is then eligible to use, to register the resale
of such Registrable Securities in an Underwritten Offering (each such registration, a “Demand Registration”). Each
Demand Notice will specify the number of Registrable Securities proposed to be offered for sale. The Demand Shareholders may change
the number of Registrable Securities proposed to be offered pursuant to any Demand Registration at any time prior to commencement
of the offering so long as such change would not materially adversely affect the timing or success of the offering. Subject to
‎Section 2.05 and with the written consent of Shareholders holding a majority of the Registrable Securities included
in the Demand Registration (such consent not to

    	B-6

    	 

    

be unreasonably withheld), Boron may include in any registration
effected pursuant this ‎Section 2.02 any securities for its own account or for the account of holders of Boron Common
Stock (other than the Shareholders).

(b)              
Effective Registration. Boron will use its reasonable best efforts to (i) cause any Registration Statement filed
in connection with a Demand Registration to be declared effective (unless it becomes effective automatically upon filing) as promptly
as practicable after the filing thereof with the SEC and (ii) keep such Registration Statement current and effective for a
period of not less than ninety (90) days or such longer period as, based upon the opinion of counsel for the underwriters, a prospectus
is required by law to be delivered in connection with the sale of Registrable Securities by an underwriter or dealer. Boron further
agrees to supplement or make amendments to each such Registration Statement as may be necessary to keep such Registration Statement
effective for the period referred to in clause (ii) above, including (A) to respond to the comments of the SEC, if any,
(B) as may be required by the registration form utilized by Boron for such Registration Statement or by the instructions to such
registration form, (C) as may be required by the Securities Act or (D) as may be reasonably requested in writing by the Demand
Shareholders or any Underwriter and reasonably acceptable to Boron.

(c)               
Limitations. Boron’s obligations in this Section 2.02shall be subject to the Underwritten Offering Limitations.

Section 2.03.                       
Piggyback Registration. If at any time after the Lockup Termination Date and in addition to the Shareholders’
rights in ‎Section 2.01 and ‎Section 2.02,
Boron proposes to file a registration statement under the Securities Act or consummate an Underwritten Offering with respect to
an offering of Equity Interests for (a) Boron’s own account (other than a Registration Statement on Form S-4 or S-8 (or any
substitute form that may be adopted by the SEC)) or (b) the account of any holder of Boron Common Stock (other than a Shareholder),
then Boron shall give written notice of such proposed filing or Underwritten Offering to the Shareholders as soon as practicable
(but in no event less than ten (10) Business Days before the anticipated filing date). Upon a written request given by any Shareholders
to Boron within five (5) Business Days after delivery of any such notice by Boron, to include Registrable Securities in such registration
or Underwritten Offering, as applicable (which request shall specify the number of Registrable Securities proposed to be included
in such registration or Underwritten Offering, as applicable), Boron shall, subject to the following proviso, include all such
requested Registrable Securities in such registration or Underwritten Offering, as applicable, on the same terms and conditions
as applicable to Boron’s or such holder’s shares of Boron Common Stock (a “Piggyback Registration”);
provided, however, that if at any time after giving written notice of such proposed filing or Underwritten Offering,
as applicable, and prior to the effective date of the Registration Statement filed in connection with such registration, or the
consummation of such Underwritten Offering, as applicable, Boron shall determine for any reason not to proceed with the proposed
registration or disposition, as applicable, of the Equity Interests, then Boron may, at its election, give written notice of such
determination to such Shareholders and, thereupon, will be relieved of its obligation to register any Registrable Securities in
connection with such registration, or dispose of any Registrable Securities in connection with such Underwritten Offering, as applicable.
Such Shareholders shall, subject to ‎Section 2.06(b), enter into a customary underwriting
agreement with the Underwriter or

    	B-7

    	 

    

Underwriters selected by Boron with respect to any Registrable
Securities sold by such Shareholders pursuant to this ‎Section 2.03. No registration
of Registrable Securities effected pursuant to a request under this ‎Section 2.03
shall relieve Boron of its obligations under ‎Section 2.01 or ‎Section 2.02.

Section 2.04.                       
Withdrawal of Request for Underwritten Offering or Demand Registration. A requesting Major Silicon Member or, as
applicable, requesting Shareholders holding a majority of the Registrable
Securities then held by the Shareholders will be permitted to rescind
a request for an Underwritten Offering pursuant to a Shelf Registration Statement or a request for a Demand Registration without
having to reimburse Boron for any expenses; provided that should a requesting Major Silicon Member or, as applicable, requesting
Shareholders holding a majority of the Registrable Securities that previously made such request rescind such request in writing
(for the avoidance of doubt, a delay in the timing of an Underwritten Offering or a reduction in the number of Registrable Securities
proposed to be offered shall not be deemed a rescission), each such rescinding Major Silicon Member or Shareholder shall promptly
reimburse Boron for the reasonable out of pocket expenses incurred by Boron in connection with such request on a pro rata basis
in accordance with the number of Registrable Securities that each such Major Silicon Member or Shareholder originally intended
to be offered, and following such reimbursement and such request will not count as a request for an Underwritten Offering or Demand
Registration for purposes of determining when future Underwritten Offerings or Demand Registrations may be requested by Major Silicon
Members or Shareholders pursuant to ‎Section 2.01 or ‎Section 2.02.

Section 2.05.                       
Reduction of Size of Underwritten Offering. Notwithstanding anything to the contrary contained herein, if the lead
Underwriter(s) of an Underwritten Offering advises Boron in writing that, in its reasonable opinion the number of shares of Boron
Common Stock (including any Registrable Securities) that Boron, Shareholders and any other Persons intend to include in any Registration
Statement or dispose of pursuant to any Underwritten Offering exceeds the number that can be sold without materially and adversely
affecting the price at which the securities can be sold, then the number of shares of Boron Common Stock to be included in the
Registration Statement, or disposed of pursuant to such Underwritten Offering, as applicable, for the account of Boron, Shareholders
and any other Persons will be reduced to the extent necessary to reduce the total number of securities to be included in any such
Registration Statement or disposed of pursuant to such Underwritten Offering, as applicable, to the number recommended by such
lead Underwriter(s); provided, however, that such reduction shall be made in accordance with the following priorities:

(a)               
priority in the case of an Underwritten Offering pursuant to ‎Section 2.01
or a Demand Registration pursuant to ‎Section 2.02 will be (i) first, all
Registrable Securities requested to be included in the Registration Statement, or disposed of pursuant to the Underwritten Offering
or the Demand Registration, as applicable, for the account of the participating Major Silicon Members pursuant to ‎Section 2.01
or ‎Section 2.02, pro rata on the basis of the aggregate number of Registrable
Securities sought to be registered or disposed of by such Major Silicon Members, (ii) second, all Registrable Securities
requested to be included in the Registration Statement, or disposed of pursuant to the Underwritten Offering or the Demand Registration,
as applicable, for the account of the other participating Shareholders pursuant to ‎Section 2.01
or ‎Section 2.02, pro rata on the basis of the aggregate number of Registrable

    	B-8

    	 

    

Securities sought to be registered or disposed of by such
Shareholders, (iii) third, any Boron Common Stock proposed to be offered by Boron for its own account and (iv) fourth,
pro rata among any other holders of shares of Boron Common Stock requested to be registered, or disposed of, as applicable, so
that the total number of shares of Common Stock to be included in any such offering for the account of all such Persons will not
exceed the number recommended by such lead Underwriter;

(b)              
priority in the case of a registration statement or Underwritten Offering initiated by Boron for its own account which gives
rise to a Piggyback Registration pursuant to ‎Section 2.03 will be (i) first,
Boron Common Stock proposed to be offered by Boron for its own account, (ii) second, the Registrable Securities requested
to be included in the Registration Statement, or disposed of pursuant to the Underwritten Offering, as applicable, for the account
of the Shareholders pursuant to their registration rights under ‎Section 2.03, pro
rata on the basis of the aggregate number of Registrable Securities sought to be registered or disposed of by such Shareholders,
and (iii) third, pro rata among any other holders of shares of Boron Common Stock requested to be registered, or disposed
of, as applicable, so that the total number of shares of Boron Common Stock to be included in any such offering for the account
of all such Persons will not exceed the number recommended by such lead Underwriter; and

(c)               
priority in the case of a registration statement or Underwritten Offering initiated by Boron for the account of holders
of Boron Common Stock other than the Shareholders pursuant to registration rights afforded to such holders pursuant to a contractual
right with Boron which gives rise to a Piggyback Registration pursuant to ‎Section 2.03
will be (i) first, pro rata among the holders of shares of Boron Common Stock requesting the offering pursuant to such
contractual right, (ii) second, Registrable Securities requested to be included in the Registration Statement, or disposed
of, pursuant to the Underwritten Offering, as applicable, for the account of the Shareholders pursuant to their registration rights
under ‎Section 2.03, pro rata on the basis of the aggregate number of Registrable
Securities sought to be registered or disposed of by such Shareholders, (iii) third, Boron Common Stock or other Equity
Interests offered by Boron for its own account and (iv) fourth, pro rata among any other holders of shares of Boron Common
Stock requested to be registered, or disposed of, as applicable, so that the total number of Boron Common Stock to be included
in any such offering for the account of all such Persons will not exceed the number recommended by such lead Underwriter.

Section 2.06.                       
Registration Procedures. (a) In connection with the registration of the sale of Registrable Securities pursuant hereto,
Boron will as promptly as reasonably practicable:

(i)                
but no less than five (5) Business Days prior to the initial filing of a Registration Statement, furnish to the relevant
Shareholders, prior to the filing of a Registration Statement, copies of such Registration Statement as it is proposed to be filed,
and thereafter such copies of such Registration Statement, each amendment and supplement thereto (in each case including all exhibits
thereto, including each preliminary Prospectus), copies of any and all transmittal letters or other correspondence with the SEC
relating to such Registration Statement, any agreement with Underwriters related to such offering and such other documents in such
quantities as such Shareholders may reasonably request from time to time in order to facilitate the disposition of such

    	B-9

    	 

    

Registrable Securities (including in connection with
any Underwritten Offering), and give such Shareholders and their Representatives a reasonable opportunity to review and comment
on the same prior to filing any such documents, it being understood that Boron shall not file any such Registration Statement containing
any statements with respect to the Shareholders or the “Plan of Distribution” to which the Shareholders shall reasonably
object in writing;

(ii)              
cause Boron’s Representatives to supply all information reasonably requested by the relevant Shareholders, any Underwriter
or their respective Representatives in connection with the Registration Statement or Underwritten Offering that is customarily
provided by issuers and their Representatives in connection with a registration statement or Underwritten Offering;

(iii)            
use its reasonable best efforts to register or qualify such Registrable Securities under such other securities or “blue
sky” laws of such jurisdictions as the relevant Shareholders reasonably request; provided, however, that Boron
shall in no event be required to (w) qualify generally to do business in any jurisdiction where it is not then so qualified, (x) subject
itself to taxation in any jurisdiction where it is not otherwise then so subject, (y) take any action that would subject it to
service of process in suits other than those arising out of the offer and sale of the securities covered by the Registration Statement
or (z) consent to general service of process in any jurisdiction where it is not then so subject;

(iv)            
notify the relevant Shareholders at any time when a Prospectus
relating to Registrable Securities is required to be delivered under the Securities Act, of the happening of any event as a result
of which Boron becomes aware that the Prospectus included in a Registration Statement or the Registration Statement or amendment
or supplement relating to such Registrable Securities contains an untrue statement of a material fact or omits to state any material
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading, and Boron will promptly prepare and file with the SEC a supplement or amendment to such Prospectus and
Registration Statement so that, as thereafter delivered to the purchasers of the Registrable Securities, such Prospectus and Registration
Statement will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;

(v)              
advise the Underwriter(s), if any, and the relevant Shareholders promptly and, if requested by such Persons, confirm such
advice in writing, of the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement under
the Securities Act or of the suspension by any state securities commission of the qualification of the Registrable Securities for
offering or sale in any jurisdiction, or the initiation of any proceeding for any of the preceding purposes. If at any time the
SEC shall issue any stop order suspending the effectiveness of the Registration Statement, or any state securities commission or
other regulatory authority shall issue an order suspending the qualification or exemption from qualification of the Registrable
Securities under state securities or “blue sky” laws, Boron shall use its

    	B-10

    	 

    

reasonable best efforts to obtain the withdrawal or
lifting of such order as promptly as practicable and shall promptly notify the Shareholders in writing of any such withdrawal or
lifting of such order;

(vi)            
use its reasonable best efforts to cause such Registrable Securities to be registered with or approved by such other Governmental
Entities as may be necessary by virtue of the business and operations of Boron to enable the relevant Shareholders to consummate
the disposition of such Registrable Securities; provided, however, that Boron shall in no event be required to (w)
qualify generally to do business in any jurisdiction where it is not then so qualified, (x) subject itself to taxation in
any jurisdiction where it is not otherwise then so subject, (y) take any action that would subject it to service of process in
suits other than those arising out of the offer and sale of the securities covered by the Registration Statement or (z) consent
to general service of process in any jurisdiction where it is not then so subject;

(vii)          
enter into customary agreements (including underwriting agreements) and use reasonable best efforts to take such other actions
as are reasonably requested by the relevant Shareholders in order to expedite or facilitate the disposition of such Registrable
Securities, including, subject to the provisions of ‎Section 2.01(d) with respect
to Underwritten Offerings, preparing for and participating in a road show and other customary selling efforts as the Underwriters,
if any, or such Shareholders reasonably request in order to expedite or facilitate such disposition;

(viii)        
if requested by the relevant Shareholders or the Underwriter(s), if any, promptly include in any Registration Statement
or Prospectus, pursuant to a supplement or post-effective amendment if necessary, such information as such Shareholders and such
Underwriter(s), if any, may reasonably request to have included therein, including information relating to the “Plan of Distribution”
of the Registrable Securities, information with respect to the number of Registrable Securities being sold to such Underwriter(s),
the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering,
and make all required filings of such Prospectus supplement or post-effective amendment as promptly as practicable after Boron
is notified of the matters to be included in such Prospectus supplement or post-effective amendment;

(ix)            
except to the extent prohibited by applicable Law and subject to entry into a customary confidentiality agreement or arrangement,
make available, after reasonable advance notice, for inspection by the relevant Shareholders, any Underwriter participating in
any disposition of such Registrable Securities and any Representative for such Shareholders and/or such Underwriter (collectively,
the “Inspectors”), during business hours at the offices where such information is normally kept, any financial
and other records and corporate documents of Boron (collectively, the “Records”) as will be reasonably necessary
to enable them to conduct reasonable and customary due diligence with respect to Boron and the related Registration Statement and
Prospectus and request the Representatives of Boron and its Subsidiaries to supply all information reasonably requested by any
such Inspector; provided, however, that Records and information

    	B-11

    	 

    

obtained hereunder will be used by such Inspectors
only for purposes of conducting such due diligence;

(x)              
use its reasonable best efforts to obtain and deliver to each Underwriter and each such Shareholder a comfort letter from
the independent registered public accounting firm for Boron (and additional comfort letters from the independent registered public
accounting firm for any company acquired by Boron whose financial statements are included or incorporated by reference in the Registration
Statement) in customary form and covering such matters as are customarily covered by comfort letters as such Underwriter and such
Shareholders may reasonably request; provided, however, that if Boron fails to obtain such comfort letter and the
relevant offering is abandoned, then such Underwritten Offering or Demand Registration will not count as an Underwritten Offering
or Demand Registration, as applicable, for purposes of determining when future Underwritten Offerings or Demand Registrations may
be requested by Shareholders pursuant to ‎Section 2.01 or ‎Section 2.02;

(xi)            
use its reasonable best efforts to obtain and deliver to each Underwriter and each such Shareholder a 10b-5 statement and
legal opinion from Boron’s external counsel in customary form and covering such matters as are customarily covered by 10b-5
statements and legal opinions delivered to Underwriters in Underwritten Offerings as such Underwriter and/or such Shareholders
may reasonably request; provided, however, that if Boron fails to obtain such statement or opinion and the relevant
offering is abandoned, then such Underwritten Offering or Demand Registration will not count as an Underwritten Offering or Demand
Registration, as applicable, for purposes of determining when future Underwritten Offerings or Demand Registrations may be requested
by Shareholders pursuant to ‎Section 2.01 or ‎Section 2.02;

(xii)          
otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the SEC and make generally
available to its security holders, within the required time period, an earnings statement covering a period of twelve (12) months,
beginning with the first fiscal quarter after the effective date of the Registration Statement relating to such Registrable Securities
(as the term “effective date” is defined in Rule 158(c) under the Securities Act), which earnings statement will satisfy
the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder or any successor provisions thereto;

(xiii)        
provide and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by such Registration
Statement not later than the effective date of such Registration Statement;

(xiv)        
cooperate with such Shareholders and the lead Underwriter or Underwriters, if any, to facilitate the timely preparation
and delivery of certificates representing the Registrable Securities to be sold under the Registration Statement in a form eligible
for deposit with The Depository Trust Company not bearing any restrictive legends and not subject to any stop transfer order with
any transfer agent, and cause such Registrable Securities to be issued in such denominations and registered in such names as the
lead Underwriter or Underwriters, if any, may request in writing or, if not an

    	B-12

    	 

    

Underwritten Offering, in accordance with the instructions
of such Shareholders, in each case in connection with the closing of any sale of Registrable Securities;

(xv)          
not later than the effective date of the applicable Registration Statement, provide a CUSIP number for all Registrable Securities;

(xvi)        
furnish to each such Shareholder and each Underwriter, if any, without charge, as many conformed copies as such Shareholder
or Underwriter may reasonably request of the applicable Registration Statement and any amendment or post-effective amendment
thereto, including financial statements and schedules, all documents incorporated therein by reference and all exhibits (including
those incorporated by reference);

(xvii)      
make representations and warranties to such Shareholders and the Underwriters or agents, if any, in form, substance and
scope as are customarily made by issuers in secondary offerings;

(xviii)    
use reasonable best efforts to cooperate with each such Shareholder and each Underwriter, if any, participating in the disposition
of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA;

(xix)        
use its reasonable best efforts to cause such Registrable Securities to be listed or quoted on NASDAQ or, if Boron Common
Stock is not then listed on NASDAQ, then on such other securities exchange or national quotation system on which the Boron Common
Stock is then listed or quoted; and

(xx)          
take all such other commercially reasonable actions as are necessary or advisable in order to expedite or facilitate the
disposition of such Registrable Securities in accordance with the terms hereof.

(b)              
In connection with the Registration Statement relating to such Registrable Securities covering an Underwritten Offering,
Boron and the relevant Shareholders agree to enter into a written agreement with the Underwriters selected in the manner herein
provided in such form and containing such provisions as are customary in the securities business for such an arrangement. In the
event an Underwritten Offering is not consummated because any condition to the obligations under any related written agreement
with such Underwriters is not met or waived, and such failure to be met or waived is not attributable to the fault of the Shareholders,
such Underwritten Offering will not count for purposes of determining when future Underwritten Offerings may be requested by Shareholders
pursuant to ‎Section 2.01 or ‎Section 2.02.

Section 2.07.                       
Conditions to Offerings. (a) The obligations of Boron to take the actions contemplated by ‎Section 2.01,
‎Section 2.02, ‎Section 2.03 and
‎Section 2.06 with respect to an offering of Registrable Securities will be subject
to the following conditions:

(i)                
Boron may require the relevant Shareholders to furnish to Boron such information regarding such Shareholders, the Registrable
Securities or the distribution of such Registrable Securities as Boron may from time to time reasonably

    	B-13

    	 

    

request in writing, in each case to the extent required
by the Securities Act and the rules and regulations promulgated thereunder, or under state securities or “blue sky”
laws; and

(ii)              
in any Underwritten Offering, the relevant Shareholders together with Boron and any other holders of Boron’s securities
proposing to include securities in any Underwritten Offering, will enter into a customary underwriting agreement in accordance
with ‎Section 2.06(b) with the Underwriter or Underwriters selected for such underwriting,
as well as such other documents customary in similar offerings.

(b)              
The Shareholders agrees that, upon receipt of any notice from Boron of the happening of any event of the kind described
in ‎Section 2.06(a)(iv) or ‎2.06(a)(v)
or a condition described in ‎Section 2.08(a), the Shareholders will forthwith discontinue
disposition of such Registrable Securities pursuant to the Registration Statement covering the sale of such Registrable Securities
until the Shareholder’s receipt of the copies of the supplemented or amended Prospectus contemplated by ‎Section 2.06(a)(iv)
or notice from Boron of the termination of the stop order or Suspension Period. In the event Boron gives any such notice, the applicable
time period mentioned in Section 2.02(b) during which a Registration Statement is to remain effective will be extended by
the number of days during the period from and including the date of the giving of such notice pursuant to this Section 2.07(b)
to and including the date when the Shareholders will have received the copies of the supplemented or amended prospectus contemplated
by Section 2.06(a)(iv) or notice from Boron of the termination of the stop order or Suspension Period.

(c)               
Each Shareholder agrees that to the extent timely notified in writing by the Underwriters managing any Underwritten Offering
by Boron of shares of Boron Common Stock or any securities convertible into or exchangeable or exercisable for shares of Boron
Common Stock, each such Shareholder that is participating in such Underwritten Offering shall agree (the “Underwriter’s
Lockup”) not to Transfer any Shares without the prior written consent of Boron or such Underwriters during the period
beginning seven (7) days before and ending one hundred twenty (120) days (or, in either case, such lesser period as may be permitted
for all Shareholders by Boron or such managing Underwriter or Underwriters) after the pricing date of such Underwritten Offering,
subject to any exceptions permitted by such managing Underwriter or Underwriters; provided that any Underwriter’s
Lockup shall contain customary exceptions providing that such Shareholder and its Affiliates, other than such Shareholder, may
engage in brokerage, investment advisory, financial advisory, anti-raid advisory, merger advisory, financing, asset management,
trading, market making, arbitrage, principal investing and other similar activities conducted in the ordinary course of their Affiliates’
business, other than with respect to the Shares owned by such Shareholder. The Underwriter’s Lockup shall provide that if
all or a portion of the Shares of any Shareholder is released from an Underwriter’s Lockup or all or a portion of the Shares
of any other party who entered into a substantially similar agreement with the Underwriters in connection with such Underwritten
Offering is released from such agreement, then the same percentage of the shares of each Shareholder shall be released from the
Underwriter’s Lockup.

    	B-14

    	 

    

Section 2.08.                       
Suspension Period

(a)               
Notwithstanding anything to the contrary contained in this Agreement, if the filing, initial effectiveness or continued
use of (i) any Shelf Registration Statement for resales of Registrable Securities pursuant to ‎Section 2.01
or ‎Section 2.03 or (ii) any Registration Statement for resales of Registrable
Securities pursuant to ‎Section 2.02 or ‎Section 2.03
at any time would, (A) in the good faith judgment of the Board of Directors of Boron, (i) require the disclosure of material non-public
information by Boron, the premature disclosure of which at such time would be materially detrimental to Boron, or (ii) require
the disclosure in any such Shelf Registration Statement or Registration Statement of a contemplated bona fide material financing,
acquisition, corporate reorganization or other similar material transaction or other material event or circumstance affecting Boron,
the premature disclosure of which at such time would be materially detrimental to Boron or the holders of Boron Common Stock; or
(B) require the inclusion, at that time, in such Shelf Registration Statement or Registration Statement, as applicable, of financial
statements of a business to be acquired, or pro forma financial statements reflecting the acquisition of such business, where the
business combination has occurred, or is probable, and such financial statements are not then available to Boron for reasons beyond
Boron’s control; provided, in the case of this clause (B), that Boron shall use its reasonable best efforts to obtain such
financial statements as promptly as practicable, Boron shall be entitled, from time to time, by delivering a certificate signed
by the chief executive officer or the chief financial officer of Boron to the Shareholders certifying to the determination of the
board of directors of Boron described above, to require the Shareholders to suspend the use of the Prospectus included in any Shelf
Registration Statement or to postpone the filing or suspend the use of any Registration Statement for a reasonable period of time
not to exceed sixty (60) days in succession (or a longer period of time with the prior written consent of a majority of the Shareholders,
which consent shall not be unreasonably withheld), one hundred and twenty (120) days in the aggregate in any one-year period or
three (3) times in any one-year period (a “Suspension Period”); provided that Boron shall not register
any securities for sale for its own account or that of any other shareholder during any Suspension Period. In the event of any
such suspension pursuant to this ‎Section 2.08(a), Boron shall furnish to the Shareholders
a written notice setting forth the estimated length of the anticipated delay. Boron will use reasonable best efforts to limit the
length of any Suspension Period and shall notify the Shareholders promptly upon the termination of the Suspension Period. Notice
of the commencement of a Suspension Period shall simply specify such commencement and shall not contain any facts or circumstances
relating to such commencement or any material non-public information. Boron shall respond promptly to reasonable inquiry by a Shareholder
as to such facts and circumstances. Upon notice by Boron to the Shareholders of any determination to commence a Suspension Period,
the Shareholders shall keep the fact of any such Suspension Period strictly confidential, and during any Suspension Period, promptly
halt any offer, sale, trading or transfer of any Boron Common Stock pursuant to such Prospectus for the duration of the Suspension
Period until (x) the Suspension Period has expired or, if earlier (y) Boron has provided notice that the Suspension Period has
been terminated.

(b)              
After the expiration of any Suspension Period and without any further request from a Shareholder, Boron shall as promptly
as reasonably practicable prepare a Registration Statement or post-effective amendment or supplement to the applicable shelf Registration
Statement or Prospectus, or any document incorporated therein by reference, or file

    	B-15

    	 

    

any other required document so that, as thereafter delivered
to purchasers of the Registrable Securities included therein, if necessary so that the Prospectus will not include a material misstatement
or omission or be not effective and useable for resale of Registrable Securities.

Section 2.09.                       
Registration Expenses. Subject to ‎Section 2.04, all fees and expenses
incurred by Boron in effecting any registration pursuant to this ‎Article II, including
all fees and expenses incurred in complying with securities or “blue sky” laws, printing expenses, any registration
or filing fees payable under any federal or state securities or “blue sky” laws, the fees and expenses incurred in
connection with any listing or quoting of the securities to be registered on any national securities exchange or automated quotation
system, fees of FINRA, fees and disbursements of counsel for Boron, fees and disbursements of one counsel for the holders of Registrable
Securities whose shares are included in a Registration Statement or Underwritten Offering, which counsel shall be selected by the
holders of a majority of the Registrable Securities being sold pursuant to such Registration Statement or Underwritten Offering,
and fees and expenses of Boron’s independent registered certified public accounting firm, will be borne by Boron; provided,
however, that the Shareholders will bear and pay any underwriting discounts, fees and commissions of any Underwriters and
transfer taxes and any expenses required by applicable Law to be paid by a selling shareholder, in each case with respect to Registrable
Securities offered for the Shareholders’ account pursuant to any Registration Statement.

Section 2.10.                       
Rules 144 and 144A and Regulation S. Boron covenants that it will use reasonable best efforts to file the reports
required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder
and it will use reasonable best efforts to take any such further action promptly as reasonably requested, all to the extent required
from time to time to enable the Shareholders to sell Registrable Securities without registration under the Securities Act pursuant
to (i) Rules 144, 144A or Regulation S under the Securities Act, as such provisions may be amended from time to time, or (ii) any
similar rule or regulation hereafter adopted by the SEC. Upon the reasonable request of a Shareholder, Boron will deliver to such
Shareholder a written statement as to whether it has complied with such requirements and, if not, the specifics thereof.

Section 2.11.                       
Indemnification; Contribution. (a) In connection with any registration of Registrable Securities or Underwritten
Offering pursuant to ‎Section 2.01, ‎Section 2.02
or ‎Section 2.03, Boron will indemnify, defend and hold harmless each Shareholder,
its Affiliates, directors, officers, shareholders and employees and each Person who controls such Shareholders within the meaning
of either Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the “Indemnified
Persons”) from and against any and all Losses caused by any untrue or alleged untrue statement of material fact contained
or incorporated by reference in any part of any Registration Statement or any Prospectus, including any amendment or supplement
thereto, used in connection with the Registrable Securities, or any omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein (in the case of a Prospectus, in the light of the circumstances
under which they were made) not misleading; provided, however, that Boron will not be required to indemnify any Indemnified
Person for any such Loss arising out of or with respect to sales pursuant to the Registration Statement or Prospectus based upon
information in the Registration Statement or Prospectus that was represented by Silicon or Silicon Holdings as

    	B-16

    	 

    

true and correct in the Merger Agreement, and with respect
to which Boron would not have been reasonably expected to discover the failure of such information to be true and correct prior
to the date of such sales.

(b)              
In connection with any Registration Statement or Prospectus, the Shareholders who sell Registrable Securities pursuant to
such Registration Statement or Prospectus will severally but not jointly indemnify, defend and hold harmless Boron, its directors,
its officers, its employees and each Person, if any, who controls Boron (within the meaning of either Section 15 of the Securities
Act or Section 20 of the Exchange Act) to the same extent as the foregoing indemnity from Boron to the Shareholders, but only
with respect to information arising out of or based upon information furnished in writing by such Shareholder or on such Shareholder’s
behalf (in each case, in its capacity as a Shareholder), in either case expressly for use in any Registration Statement or any
Prospectus, including any amendment or supplement thereto.

(c)               
In case any claim, action or proceeding (including any governmental investigation) is instituted involving any Person in
respect of which indemnity may be sought pursuant to ‎Section 2.11(a) or ‎Section 2.11(b),
such Person (the “Indemnified Party”) will promptly notify the Person against whom such indemnity may be sought
(the “Indemnifying Party”) in writing and the Indemnifying Party shall be entitled to participate therein and,
to the extent it shall wish, to assume the defense thereof with counsel reasonably satisfactory to the Indemnified Party and will
pay the fees and disbursements of such counsel related to such proceeding; provided, however, that the failure or
delay to give such notice shall not relieve the Indemnifying Party of its obligations pursuant to this Agreement except to the
extent that it shall be determined by a court of competent jurisdiction that such Indemnifying Party has been prejudiced by such
failure or delay. In any such claim, action or proceeding, the Indemnified Party shall have the right, but not the obligation,
to participate in any such defense and to retain its own counsel, but the fees and expenses of such counsel will be at the expense
of such Indemnified Party unless (i) the Indemnifying Party and the Indemnified Party have mutually agreed to the retention
of such counsel, (ii) the Indemnifying Party fails to assume the defense of the claim, action or proceeding within fifteen (15)
Business Days following receipt of notice from the Indemnified Party or (iii) the Indemnified Party and the Indemnifying Party
are both actual or potential defendants in, or targets of, any such action and the Indemnified Party has been advised by counsel
that representation of both parties by the same counsel would be inappropriate due to actual or potential conflicting interests
between them. It is understood that the Indemnifying Party will not, in connection with any claim, action or proceeding or related
claims, actions or proceedings in the same jurisdiction, be liable for the reasonable fees and expenses of more than one (1) separate
firm of attorneys (in addition to any local counsel) at any time for all such Indemnified Parties and that all such reasonable
fees and expenses will be reimbursed as they are incurred. In the case of the retention of any such separate firm for the Indemnified
Parties, such firm will be designated in writing by the Indemnified Parties. The Indemnifying Party will not be liable for any
settlement of any claim, action or proceeding effected without its written consent (which consent shall not be unreasonably withheld,
conditioned or delayed), but if such claim, action or proceeding is settled with such consent or if there has been a final judgment
for the plaintiff, the Indemnifying Party agrees to indemnify the Indemnified Party from and against any Loss by reason of such
settlement or judgment. No Indemnifying Party will, without the prior written consent of the Indemnified Party, settle,

    	B-17

    	 

    

compromise or offer to settle or compromise any pending or
threatened proceeding in respect of which any Indemnified Party is seeking indemnity hereunder, unless such settlement includes
(i) an unconditional release of such Indemnified Party from all liability in connection with such proceeding, (ii) no finding
or admission of any violation of Law or any violation of the rights of any Person by the Indemnified Party or any of its Affiliates
can be made as the result of such action and (iii) the sole relief (if any) provided is monetary damages that are reimbursed in
full by the Indemnifying Party.

(d)              
If the indemnification provided for in this ‎Section 2.11 from the Indemnifying
Party is unavailable to an Indemnified Party hereunder or is insufficient in respect of any Losses referred to in this ‎Section 2.11,
then the Indemnifying Party, in lieu of indemnifying such Indemnified Party, will contribute to the amount paid or payable by such
Indemnified Party as a result of such Losses (i) in such proportion as is appropriate to reflect the relative fault of the Indemnifying
Party and Indemnified Party in connection with the actions that resulted in such Losses, as well as any other relevant equitable
considerations, or (ii) if the allocation provided by clause (i) is not permitted by applicable Law, in such proportion as is appropriate
to reflect not only the relative fault referred to in clause (i) but also the relative benefit of Boron, on the one hand, and such
Shareholder, on the other, in connection with the 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 will 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 to state a material fact, has been taken 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 the Losses referred to above will be deemed
to include, subject to the limitations set forth in ‎Section 2.11(c), any reasonable legal or other out of pocket fees
or expenses reasonably incurred by such party in connection with any investigation or proceeding.

(e)               
The parties agree that it would not be just and equitable if contribution pursuant to ‎Section 2.11(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 ‎Section 2.11(d). No Person guilty of “fraudulent misrepresentation”
(within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty
of such fraudulent misrepresentation. In no event shall any Shareholder be obligated to provide indemnification or contribution
in excess of the net aggregate proceeds received from the sale of Registrable Securities pursuant to the applicable Registration
Statement or Prospectus.

Section 2.12.                       
Termination. The provisions in this ‎Article II shall terminate with
respect to each individual Shareholder on the first date when such Shareholder no longer holds any Registrable Securities.

Section 2.13.                       
Participating Shareholder. By written notice delivered to Boron, any Shareholder (an “Opting-Out Shareholder”)
may elect to waive its right to participate in Underwritten Offerings and to be a Piggyback Shareholder and participate in a Piggyback
Registration (“Section 2.13 Opt-Out”), until such time as the written notice is rescinded in writing. During
such time as a Section 2.13 Opt-Out is in effect: (a) the Opting-Out Shareholder

    	B-18

    	 

    

shall not receive notices of any proposed Underwritten Offering
or Piggyback Registration, (b) shall not be entitled to participate in any such Underwritten Offering pursuant to ‎Section 2.01(d)
or Section 2.02(a), or Piggyback Registration pursuant to ‎Section 2.03, and
(c) shall not be subject to ‎Section 2.07(c).

Section 2.14.                       
No Waiver. Notwithstanding anything to the contrary contained herein, nothing in this Annex B shall be deemed
a waiver by Boron of any restrictions on the Transfer of any Registrable Securities.

Section 2.15.                       
Limitations on Subsequent Registration Rights. From and after the date of this Agreement, Boron shall not, without
the prior written consent of Shareholders holding a majority of the Registrable Securities then held by the Shareholders, enter
into any agreement with any holder or prospective holder of any Equity Interests that is inconsistent with the terms of this Agreement,
including an agreement that would provide to such holder the right to include Equity Interests in any registration on other than
(a) a pro rata basis with respect to the Registrable Securities or (b) on a subordinate basis after all applicable Shareholders
have had the opportunity to include in the registration and offering all shares of Registrable Securities that they wish to so
include. Boron is not a party to any agreement or arrangement providing registration rights to any other Person as of the date
hereof.

Section 2.16.                       
Recapitalizations, Exchanges Affecting the Registrable Securities. The provisions of this Agreement shall apply,
to the full extent set forth herein, with respect to the Registrable Securities, to any and all shares of stock of Boron or any
successor or assign of Boron (whether by merger, consolidation, sale of assets or otherwise) which may be issued in respect of,
in exchange for, or in substitution of the Registrable Securities, by reason of a stock dividend, stock split, stock issuance,
reverse stock split, combination, recapitalization, reclassification, merger, consolidation or otherwise. Upon the occurrence of
any of such events, amounts hereunder shall be appropriately adjusted.

 

    	B-19

    	 

    

Annex C

 

Subject Seller Ownership of Holdings Units

 

 

    	 

    	 

    

 

Annex D

 

Subject Seller Notice Information

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