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  Exhibit 10.2    
    

September 11,
2013

Umpqua
Holdings Corporation

One SW Columbia Street, Suite 1200

Portland, OR 97258

Sterling
Financial Corporation

111 North Wall Street

Spokane, WA 99201

RE:
Investor Letter Agreement 

        Reference
is made to the Merger Agreement, dated as of the date hereof, between Sterling Financial Corporation ("Sterling") and Umpqua
Holdings Corporation ("Umpqua") (the "Merger Agreement"); capitalized terms have the meanings ascribed
to them in the Merger Agreement. The signatory hereto ("Holder") is a party to a Second Amended and Restated Investment Agreement with Sterling, dated
May 25, 2010, as amended (the "Investment Agreement"). 

        1.     Sterling
and Holder hereby agree that, effective upon the occurrence of the Effective Time, the Investment Agreement shall be amended as set forth on  Exhibit A. 

        2.     By
signing this letter agreement, Umpqua hereby (a) affirms that it shall, and shall cause its subsidiaries to, fully perform the provisions of the Investment
Agreement applicable to "the Company" from and after the Effective Time, as amended and modified by this agreement, (b) acknowledges and agrees that effective upon the occurrence of the
Effective Time, the rights and obligations of "the Company" shall be the rights and obligations of Umpqua as the surviving corporation, and each reference in the Investment Agreement (including the
Exhibits and Schedules thereto) to "the Company" or words of like import shall mean and be a reference to "Umpqua Holdings Corporation," and (c) reaffirms that the terms and provisions of the
Investment Agreement, as amended and modified by this agreement, shall remain in full force and effect from and after the Effective Time. Holder hereby consents to the consummation of the Merger in
accordance with the terms and conditions set forth in the Merger Agreement, solely for purposes of the Investment Agreement. 

        3.     Holder
has provided Umpqua with the statement regarding Holder supporting the Merger pursuant to the initial joint press release of Umpqua and Sterling announcing the
Merger, in form and substance attached hereto as Exhibit B, and hereby consents to the inclusion thereof in the initial press release announcing
the Merger. Holder agrees to vote all shares of Sterling Common Stock beneficially owned by it and entitled to vote at the Sterling Meeting in favor of approval and adoption of the Merger Agreement
and the transactions contemplated thereby (including the Merger) unless (i) the Sterling Board shall have effected a Change In Board Recommendation, (ii) the Sterling Meeting (including
any adjournments thereof) shall have concluded with the vote contemplated by Section 3.3(a) of the Merger Agreement having been taken, (iii) the Merger Agreement shall have been amended
or modified without Holder's written consent or (iv) the Termination Date or the Effective Time shall have occurred. 

        4.     Holder
agrees that, from and after the date hereof, Holder will not and will direct and use its reasonable efforts to cause the Holder's Representatives not to, directly
or indirectly, (a) solicit, initiate, knowingly encourage or knowingly facilitate (including by way of furnishing information), or take any other action designed to facilitate any inquiries or
proposal that constitutes, or is reasonably likely to lead to, any Acquisition Proposal or (b) participate in any negotiations regarding an Alternative Transaction or Acquisition Proposal;  provided
that nothing in this Agreement shall limit Holder or its Representatives from taking any actions Sterling or its Representatives are permitted
to take under Section 6.3 or 6.11 of the Merger Agreement (including, without limitation, those actions contemplated by the first proviso in Section 6.11(a) if applicable to Sterling).
The restrictions in this paragraph 4 shall terminate and be of no further 

force
or effect if (i) the Sterling Board shall have effected a Change In Board Recommendation, (ii) the Sterling Meeting (including any adjournments thereof) shall have concluded with
the vote contemplated by Section 3.3(a) of the Merger Agreement having been taken, (iii) the Merger Agreement shall have been amended or modified without Holder's written consent or
(iv) the Termination Date or the Effective Time shall have occurred. 

        5.     Nothing
contained herein shall be construed to limit the ability of any Representative or affiliate of Holder that serves as a director or observer on the Board of
Directors of Sterling to discharge his or her fiduciary duties in such capacity. 

        6.     This
letter agreement shall automatically be void and of no force or effect in the event that the Merger Agreement is terminated in accordance with its terms, and in such
event Holder shall have no liability of any nature whatsoever hereunder, or in connection with the transactions contemplated hereby, except that Holder shall not be relieved or released from any
liabilities or damages arising out of its willful, knowing and material breach of any provision of this letter agreement prior to termination of the Merger Agreement;  provided that, upon termination of
the Merger Agreement under circumstances where the Termination Fee is payable to Umpqua and such Termination Fee is
paid in full, Umpqua shall be precluded from any remedy against Holder in connection with this letter agreement or the transactions contemplated hereby, at law or in equity or otherwise, and Umpqua
shall not seek to obtain any recovery, judgment, or damages of any kind, including consequential, indirect, or punitive damages, against Holder or its affiliates or any of their respective directors,
officers, employees, partners, managers, members, shareholders or affiliates or their respective representatives in connection with this letter agreement or the transactions contemplated hereby. 

        7.     From
and after the Effective Time, Holder shall have no further liabilities or obligations under Section 3 or Section 4 of this letter agreement. 

 

							
	 
	 	 Yours sincerely,
	

 
	
 	
 THOMAS H. LEE EQUITY FUND VI, L.P.
	 
	 	 By:
	 	 THL Equity Advisors VI, LLC, its general partner

	 
	 	By:	 	Thomas H. Lee Partners, L.P., its sole member
	 
	 	By:	 	Thomas H. Lee Advisors, LLC, its general partner
	 
	 	By:	 	THL Holdco, LLC, its managing member
	 
	 	 By:
	 	 /s/ THOMAS M. HAGERTY

 
	 
	 	 	 	Name:	 	Thomas M. Hagerty
	 
	 	 	 	Title:	 	 Managing Director
	

 
	
 	
 THOMAS H. LEE PARALLEL FUND VI, L.P.
	 
	 	 By:
	 	 THL Equity Advisors VI, LLC, its general partner

	 
	 	By:	 	Thomas H. Lee Partners, L.P., its sole member
	 
	 	By:	 	Thomas H. Lee Advisors, LLC, its general partner
	 
	 	By:	 	THL Holdco, LLC, its managing member
	 
	 	 By:
	 	 /s/ THOMAS M. HAGERTY

 
	 
	 	 	 	Name:	 	Thomas M. Hagerty
	 
	 	 	 	Title:	 	 Managing Director
	

 
	
 	
 THOMAS H. LEE PARALLEL (DT) FUND VI, L.P.
	 
	 	 By:
	 	 THL Equity Advisors VI, LLC, its general partner

	 
	 	By:	 	Thomas H. Lee Partners, L.P., its sole member
	 
	 	By:	 	Thomas H. Lee Advisors, LLC, its general partner
	 
	 	By:	 	THL Holdco, LLC, its managing member
	 
	 	 By:
	 	 /s/ THOMAS M. HAGERTY

 
	 
	 	 	 	Name:	 	Thomas M. Hagerty
	 
	 	 	 	Title:	 	 Managing Director

 

   

   

[Signature Page to Investor Letter Agreement—Thomas H. Lee]

 

							
	Acknowledged and Agreed:	 	 
	

UMPQUA HOLDINGS CORPORATION	
 	

 
	
 By:	
 	
/s/ RAYMOND P. DAVIS

 	
 	

 
	 	 	Name:	 	Raymond P. Davis	 	 
	 	 	Title:	 	 Chief Executive Officer and President	 	 
	

STERLING FINANCIAL CORPORATION	
 	

 
	
 By:	
 	
/s/ PATRICK J. RUSNAK

 	
 	

 
	 	 	Name:	 	Patrick J. Rusnak	 	 
	 	 	Title:	 	 Chief Financial Officer	 	 

 

   

   

[Signature Page to Investor Letter Agreement—Thomas H. Lee]

 

 
 

  Exhibit A
  Amendments to Investment Agreement    
    

        Contingent upon, and effective upon the occurrence of the Effective Time: 

        (a)   Sections 4.1,
4.2, 4.3, 4.4(d), 4.4(e), 4.4(f) and 4.5 of the Investment Agreement shall each be deleted in their entirety and each replaced with:
"[Reserved]" 

        (b)   Section 4.4(a)
of the Investment Agreement shall be amended and restated in its entirety as follows: 

        "The
Board of Directors of the Company shall cause the Board Representative to be elected or appointed, subject to satisfaction of all legal and governance requirements regarding service
as a director of the Company and to the approval of the Company's Nominating Committee (the "Nominating Committee") (such approval not to be
unreasonably withheld or delayed), to the Board of Directors of the Company at the Effective Time (as defined in the Merger Agreement) and thereafter as long as the Investor owns the Qualifying
Ownership Interest. "Board Representative" shall mean Joshua D. Bresler or such successor as the Investor shall designate as provided herein.
"Qualifying Ownership Interest" shall mean 4.9% or more of the number of shares of Common Stock outstanding (counting as shares of Common Stock owned by
the Investor and outstanding, all shares of Common Stock into which the Warrant owned by the Investor is convertible, and excluding all Common Shares issued by the Company after the date hereof other
than as contemplated by the Merger Agreement). The Company shall be required to recommend to its stockholders the election of the Board Representative to the Board of Directors at all of the Company's
applicable annual meetings, subject to satisfaction of all legal and governance requirements regarding service as a director of the Company
and to the approval of the Nominating Committee (such approval not to be unreasonably withheld or delayed). If the Investor no longer has a Qualifying Ownership Interest, the Investor shall have no
further rights under Section 4.4(a) through 4.4(c) and, in each case, at the written request of the Board of Directors, shall use all reasonable best efforts to cause its Board Representative
to resign from the Board of Directors as promptly as possible thereafter. 

        The
Board Representative shall be entitled to the same compensation and same indemnification in connection with his role as a director as the other members of the Board of Directors and
be entitled to reimbursement for documented, reasonable out-of-pocket expenses incurred in attending meetings of the Board of Directors or any committee thereof, to the same extent as the other
members of the Board of Directors. The Company shall notify the Board Representative of all regular meetings and special meetings of the Board of Directors and of all regular and special meetings of
any committee of the Board of Directors of which the Board Representative is a member. The Company shall provide the Board Representative with copies of all notices, minutes, consents and other
material that it provides to all other members of the Board of Directors concurrently as such materials are provided to the other members." 

        (c)   For
purposes of Section 4.9(a)(1) of the Investment Agreement, Umpqua, as successor-in-interest to Sterling, may satisfy its obligation to keep a Shelf
Registration Statement (as defined in the Investment Agreement) "continuously effective" by either filing a new Shelf Registration Statement on the Closing Date covering the Registrable Securities (as
defined in the Investment Agreement) or including the Registrable Securities under an existing Shelf Registration Statement of Umpqua, effective as of the Closing Date. For the avoidance of doubt,
Umpqua shall thereafter keep such Shelf Registration Statement effective, pursuant to the terms of Section 4.9(a)(1) of the Investment Agreement, until the time as there are no Registrable
Securities outstanding. 

        (d)   [Reserved]

A-1

 

        (e)   Section 4.9(a)(2)
of the Investment Agreement shall be amended and restated in its entirety as follows: 

        (a)   "Any
registration pursuant to this Section 4.9(a) shall be effected by means of a shelf registration under the Securities Act (a "Shelf
Registration Statement") in accordance with the methods and distribution set forth in the Shelf Registration Statement and Rule 415. If the Investor intends to
distribute any Registrable Securities by means of an underwritten offering they shall promptly so advise the Company (a "Takedown Request") and the
Company shall give prompt written notice of such Takedown Request to Warburg (so long as it still holds Registrable Securities), include in such
distribution any Registrable Securities promptly requested to be included by Warburg following receipt of notice of the Takedown Request, and take all reasonable steps to facilitate such distribution,
including the actions required pursuant to Section 4.9(c). 

Each
Takedown Request shall specify the number of Registrable Securities proposed by the Investor or such other holder(s) to be included in such underwritten offering, the intended method of
distribution and the estimated gross proceeds of such underwritten offering, which may not be less than $15 million. The underwriters shall be selected jointly by (a) the holders of a
majority of the Registrable Securities participating in the distribution and (b) the holders of a majority of the Registrable Securities (as defined in the Warburg Investment Agreement) to be
distributed by Warburg. If the managing underwriters advise the Company that in their reasonable opinion the number of securities requested to be included in such offering exceeds the number which can
be sold without adversely affecting the marketability of such offering (including an adverse effect on the per share offering price), the Company shall include in such distribution only such number of
securities that in the reasonable opinion of such underwriters can be sold without adversely affecting the marketability of the offering (including an adverse effect on the per share offering price),
which securities shall be selected pro rata from (i) the Investor and (ii) Warburg on the basis of the aggregate number of such securities that have been requested to be so included,
subject to the terms of this Agreement." 

        (f)    Section 4.9(c)(8)
of the Investment Agreement shall be amended by replacing the reference to "Section 4.05(d)" with "Section 4.9(d)." 

        (g)   [Reserved]

        (h)   The
definition of "Registration Expenses" in Section 4.9(k)(5) of the Investment Agreement shall be amended by adding the following parenthetical after the words
"Selling Expenses": "(which shall be borne in any event by the Holder)". 

        (i)    Section 4.18(e)
of the Investment Agreement shall be deleted in its entirety and replaced with: "[Reserved]." 

        (j)    Section 4.19
of the Investment Agreement shall be deleted in its entirety and replaced with: "[Reserved]." 

A-2

 

        (k)   Section 6.7(2)
of the Investment Agreement shall be amended and restated in its entirety as follows: 

Umpqua
Holdings Corporation 

with
a copy (which copy along shall not constitute notice) to: 

Wachtell,
Lipton, Rosen & Katz

51 West 52nd Street

New York, NY 10019

Attention:    Edward D. Herlihy

                      Matthew M. Guest

Facsimile:    (212) 403-2000 

        (l)    Section 6.8(b)
of the Investment Agreement shall be amended and restated in its entirety as follows: 

        "(b) except
for an assignment to a third party contemplated by Section 4.18(a) or 4.9 (subject to compliance with such respective Section), this Agreement shall not
be assignable by operation of law or otherwise (any attempted assignment in contravention hereof being null and void), except that the Investor shall be permitted to assign any or all of its rights or
obligations hereunder to any Affiliate entity, but only if such Affiliate agrees in writing to undertake such assigned obligations of the assigning Investor hereunder for the benefit of the Company,
with a copy thereof to be furnished to the Company (any such transferee shall be included in the term "Investor"); provided, further, that no such assignment shall relieve the Investor of any of its
obligations under this Agreement, and". 

        Except
as set forth above, the terms and provisions of the Investment Agreement shall remain in full force and effect. At or after the Effective Time, each reference in the Investment
Agreement (including the Exhibits and Schedules thereto) to "this Agreement," "hereunder," "hereof," "herein" or words of like import referring to the Investment Agreement shall mean and be a
reference to the Investment Agreement as amended by this letter agreement. 

A-3

 

 
 

  Exhibit B  
    

 

			
	

 	 	

 

 

 FOR IMMEDIATE RELEASE

Media Contacts  

 

			
	Eve Callahan	 	Cara Coon
	SVP, Corporate Communications	 	VP, Communications and Public Affairs Director
	503.727.4188	 	509.626.5348
	evecallahan@umpquabank.com	 	cara.coon@bankwithsterling.com
	
 Investor Contacts	
 	

 
	Ron Farnsworth	 	Patrick J. Rusnak
	EVP/Chief Financial Officer	 	EVP/Chief Financial Officer
	503.727.4108	 	509.227.0961
	ronfarnsworth@umpquabank.com	 	pat.rusnak@bankwithsterling.com

 

  
 

  STERLING FINANCIAL CORPORATION TO MERGE WITH
  UMPQUA HOLDINGS CORPORATION    
    

—Will create West Coast's largest community bank with 394 locations in five states

—Sterling shareholders to receive a fixed exchange ratio combination of 1.671 shares of Umpqua stock

and $2.18 in cash per Sterling share  

        Portland, Ore. and Spokane, Wash.—September 11, 2013—Umpqua Holdings Corporation
(UMPQ) and Sterling Financial Corporation (STSA) announced today that they have entered into a definitive agreement pursuant to which Sterling will merge with and into Umpqua. The transaction will
have a total value of approximately $2.0 billion. 

        The
merger will result in the West Coast's largest community bank with expanded geographic reach. The combined organization will have approximately $22 billion in assets,
$15 billion in loans and $16 billion in deposits, with 5,000 associates and 394 stores across five states—Oregon, Washington, Idaho, California and Nevada. Umpqua and
Sterling have also agreed to establish and fund a $10 million community foundation, underscoring their mutual commitment to serving their communities. 

        Upon
completion of the merger, the company will operate under the Umpqua Bank name and brand. It will continue to deliver the high-touch level of service that Umpqua and Sterling
customers expect, with an expanded branch and ATM network and a broad range of products and expertise in retail, small business, private and corporate banking; asset and wealth management; and
securities brokerage. 

        Umpqua
Holdings Corporation will continue to be led by Ray Davis as president and CEO. Sterling president and CEO Greg Seibly will join Umpqua Bank as co-president, with Umpqua Bank
co-president Cort O'Haver serving in the same capacity. 

        "Together,
Umpqua and Sterling will create something unique in the financial services industry, an organization that offers the products and expertise of a large bank but delivers them
with the personal service and commitment of a community bank," said Ray Davis. "With our size, shared cultures and financial strength, our combined organization will be uniquely positioned to deliver
value for our associates, customers, communities and shareholders. We look forward to starting the process of bringing our companies together." 

B-1

 

        "Sterling
has emerged from its 2010 recapitalization a stronger, more profitable bank," said Greg Seibly, president and CEO of Sterling Financial Corporation. "Over the past ten quarters
we have consistently demonstrated a trend of improved profitability because of our employees' unwavering commitment to their customers and their communities. We admire Umpqua's shared commitment to
community banking and look forward to working with them to create one of the strongest, most innovative community banks in the country." 

        The
boards of directors of both companies have unanimously approved the transaction. Upon completion, the combined Company's board will have 13 directors, comprised of nine
representatives from Umpqua and four representatives from Sterling. Peggy Fowler will continue as board chair. 

        Funds
affiliated with Thomas H. Lee Partners, L.P. ("THL") and Warburg Pincus ("WP"), the two largest shareholders of Sterling, each owning approximately 20.8% of
Sterling's outstanding common stock, have agreed to vote in favor of and fully support the transaction, and THL and WP have the right to designate a representative of each firm to serve on the board
of directors of the combined company following closing. 

        David
Coulter, WP's Vice Chairman, said, "We have been very pleased with what Sterling has achieved since we made our investment in 2010, and are delighted with the decision to combine
with Umpqua. Umpqua has a long record of achievement and creating shareholder value, and together with Sterling will create what we believe will be the leading community bank in the West." 

        Josh
Bresler, Managing Director at THL, said, "The great potential that initially attracted us to making a significant investment in Sterling three years ago has been realized through
the successful efforts of Greg Seibly and the entire Sterling team, and the merger with Umpqua is the logical next step for Sterling. The merger pairs two companies with exceptional management teams
and franchises, and we believe it will create substantial value for us and all of the shareholders of both companies." 

        Under
the terms of the agreement, Sterling shareholders will receive 1.671 shares of Umpqua common stock and $2.18 cash for each share of Sterling common stock. The total value of the
Sterling merger consideration, based on the closing price of Umpqua shares on September 11, 2013 of $16.96, is $30.52. 

        The
transaction is intended to qualify as a tax-free reorganization for U.S. federal income tax purposes and Sterling shareholders are not expected to recognize any taxable gain or loss
in connection with the share exchange to the extent of the stock consideration received. Giving effect to the transaction, existing shareholders of Umpqua are expected to own approximately 51% of the
outstanding shares of the combined company at closing, and Sterling shareholders are expected to own approximately 49%. 

        Umpqua
expects the acquisition to be 12% accretive to 2015 operating earnings per share with 100% of synergies phased in. Tangible book value per common share is expected to be diluted
by 4.6% at closing, with a two-and-one-half year earnback on a proforma basis. 

        Completion
is expected during the first half of 2014, and is subject to approval by each company's shareholders, regulatory approvals and other customary closing conditions. 

        J.P.
Morgan Securities LLC served as financial advisor and provided a fairness opinion to Umpqua's board, and Wachtell, Lipton, Rosen & Katz served as legal counsel to
Umpqua. Sandler O'Neill + Partners, L.P. served as financial advisor and provided a fairness opinion to Sterling's board, and Davis Polk & Wardwell LLP served as
legal counsel to Sterling. 

 Conference call  

        Umpqua and Sterling will host an investor conference call to discuss the merger tomorrow, September 12, 2013, at
9:00 a.m. PDT. The conference call can be accessed by dialing 888-299-7207, 

B-2

 

passcode
9113028. A replay will be available at 888-203-1112, passcode 9113028. In connection with the announcement of the transaction, an investor presentation will be filed with the SEC and will be
available on Umpqua's website at www.umpquaholdingscorp.com and on Sterling's website at  www.sterlingfinancialcorporation.com.

 About Umpqua Holdings Corporation  

        Umpqua Holdings Corporation (NASDAQ: UMPQ) is the parent company of Umpqua Bank, an
Oregon-based community bank recognized for its entrepreneurial approach, innovative use of technology, and distinctive banking solutions. 

        Umpqua
Bank has locations between San Francisco, California, and Seattle, Washington, along the Oregon and Northern California Coast, Central Oregon and Northern Nevada. Umpqua Holdings
also owns a retail brokerage subsidiary, Umpqua Investments, Inc., which has locations in Umpqua Bank stores and in dedicated offices in Oregon. Umpqua Private Bank serves high net worth
individuals and non-profits, providing trust and investment services. Umpqua Holdings Corporation is headquartered in Portland, Oregon. For more information, visit  www.umpquaholdingscorp.com.

 About Sterling Financial Corporation  

        Sterling Financial Corporation (NASDAQ:STSA) of Spokane, Washington, is the bank
holding company for Sterling Savings Bank, a Washington state chartered and federally
insured commercial bank. Sterling Savings Bank does business as Sterling Bank in Washington, Oregon and Idaho and as Sonoma Bank  and Borrego Springs Bank
in California. The bank offers banking products and services, mortgage lending, and trust and investment products to individuals, small businesses,
corporations and other commercial organizations. As of June 30, 2013, Sterling Financial Corporation had assets of $9.94 billion and operated depository branches in Washington, Oregon,
Idaho and California. Visit Sterling Financial Corporation's website at www.sterlingfinancialcorporation.com. 

 Important Information for Investors and Shareholders  

        This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any
vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities
laws of such jurisdiction. Umpqua Holdings Corporation ("Umpqua") will file with the Securities and Exchange Commission ("SEC") a registration statement on Form S-4 containing a joint proxy
statement/prospectus of Sterling Financial Corporation ("Sterling") and Umpqua, and Sterling and Umpqua will each file other documents with respect to the proposed merger. A definitive joint proxy
statement/prospectus will be mailed to shareholders of Sterling and Umpqua. Investors and security holders of Sterling and Umpqua are urged to read the joint proxy statement/prospectus and other
documents that will be filed with the SEC carefully and in their entirety when they become available because they will contain important information. Investors and security holders will be able to
obtain free copies of the registration statement and the joint proxy statement/prospectus (when available) and other documents filed with the SEC by Umpqua or Sterling through the website maintained
by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Umpqua will be available free of charge on Umpqua's internet website at  www.umpquaholdingscorp.com or by contacting Umpqua's Investor Relations Department at 503.268.6675. Copies of the documents filed with the SEC by
Sterling will be available free of charge on Sterling's internet website at www.sterlingfinancialcorporation.com or by contacting Sterling's Investor
Relations Department at 509.358.8097. 

        Umpqua,
Sterling, their respective directors and executive officers and other members of management and employees may be considered participants in the solicitation of proxies in
connection 

B-3

 

with
the proposed transaction. Information about the directors and executive officers of Umpqua is set forth in its Annual Report on Form 10-K for the year ended December 31, 2012, which
was filed with the SEC on February 15, 2013, its Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2013 and June 30, 2013, which were filed with the
SEC on May 2, 2013 and August 6, 2013, respectively, its proxy statement for its 2013 annual meeting of stockholders, which was filed with the SEC on February 25, 2013, and its
Current Reports on Form 8-K, which were filed with the SEC on
January 14, 2013, April 11, 2013 and April 22, 2013, respectively. Information about the directors and executive officers of Sterling is set forth in its Annual Report on
Form 10-K for the year ended December 31, 2012, which was filed with the SEC on February 27, 2013, its proxy statement for its 2013 annual meeting of stockholders, which was filed
with the SEC on March 15, 2013, and its Current Reports on Form 8-K or 8-K/A, which were filed with the SEC on January 28, 2013, March 4, 2013, May 2, 2013
(Item 5.07), May 10, 2013, June 20, 2013 and August 9, 2013, respectively. Other information regarding the participants in the proxy solicitations and a description of
their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC when they become
available. 

 Cautionary Statement Regarding Forward-Looking Statements  

        This document contains certain "forward-looking statements" within the meaning of the safe harbor provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate", "may", "can", "believe", "expect", "project", "intend",
"likely", "plan", "seek", "should", "would", "estimate" and similar expressions and any other statements that predict or indicate future events or trends or that are not statements of historical
facts. These forward-looking statements are subject to numerous risks and uncertainties. Actual results may differ materially from the results discussed in these forward-looking statements because
such statements are inherently subject to significant assumptions, risks and uncertainties, many of which are difficult to predict and are generally beyond Sterling's and Umpqua's control. These risks
and uncertainties include, but are not limited to, the following: failure to obtain the approval of shareholders of Sterling or Umpqua in connection with the merger; the timing to consummate the
proposed merger; the risk that a condition to closing of the proposed merger may not be satisfied; the risk that a regulatory approval that may be required for the proposed merger is not obtained or
is obtained subject to conditions that are not anticipated; the parties' ability to achieve the synergies and value creation contemplated by the proposed merger; the parties' ability to promptly and
effectively integrate the businesses of Sterling and Umpqua; the diversion of management time on issues related to the merger; the failure to consummate or delay in consummating the merger for other
reasons; changes in laws or regulations; and changes in general economic conditions. Sterling and Umpqua undertake no obligation (and expressly disclaim any such obligation) to publicly update or
revise any forward-looking statement, whether as a result of new information, future events or otherwise. For additional information concerning factors that could cause actual conditions, events or
results to materially differ from those described in the forward-looking statements, please refer to the factors set forth under the headings "Risk Factors" and "Management's Discussion and Analysis
of Financial Condition and Results of Operations" in Umpqua's and Sterling's most recent Form 10-K and 10-Q reports and to Sterling's and Umpqua's most recent Form 8-K reports, which are
available online at www.sec.gov. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will
have on the results of operations or financial condition of Umpqua or Sterling. 

#    #    #

B-4

QuickLinks

Exhibit 10.2

Exhibit A Amendments to Investment Agreement

Exhibit B

STERLING FINANCIAL CORPORATION TO MERGE WITH UMPQUA HOLDINGS CORPORATIONExhibit 4.4

 

VXLT 2013 AG
 (designated voxeljet AG)

 

 

SHAREHOLDERS’ AGREEMENT

 

 

1

 

VXLT 2013 AG (DESIGNATED VOXELJET AG)

SHAREHOLDERS’ AGREEMENT

 

SHAREHOLDERS’ AGREEMENT

 

between

 

1.                            Dr. Ingo Ederer, Feuerhausstr. 3, 82269 Geltendorf

 

2.                            Prof. Dr. Joachim Heinzl, Dreisesselbergstralle 19, 81549 München

 

3.                            Technologie Beteiligungsfonds Bayern GmbH & Co. KG, Landgasse 135 a, 84028 Landshut

 

- hereinafter “TBB”

 

4.                            Startkapital-Fonds Augsburg GmbH, Stettenstr. 1, 86150 Augsburg

 

- hereinafter “SFA GmbH” -

 

5.                            Franz lndustriebeteiligungen AG, Am Silbermannpark 1 b, 86161 Augsburg

 

- hereinafter “Fl AG”

 

6.                            AleSta Beteiligungs GmbH, Brunnenlechgässchen 1, 86161 Augsburg

 

- hereinafter “AleSta GmbH” -

 

7.                            VXLT 2013 AG (designated voxeljet AG), Paul-Lenz-Strafle 1 b, 86316 Friedberg

 

- hereinafter the “Company” –

 

The parties under 1, 2 and 6 are hereinafter each referred to as a “Founding Shareholder” and collectively the “Founding Shareholders”.

 

The parties under 3 to 5 are hereinafter each referred to as a “Financial Investor”  and collectively as the “Financial Investors”.

 

The parties under 1 to 6 are hereinafter each referred to as a “Shareholder”  and collectively as the “Shareholders”.

 

The parties under 1 to 7 are hereinafter each referred to as a “Party”  and collectively as the “Parties”.

 

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PREAMBLE
    	
2
    
	
1.
    	
Transfer   of Shares
    	
3
    
	
2.
    	
Right   of First Refusal (Vorkaufsrecht)
    	
4
    
	
3.
    	
Tag-Along   Right (Mitverkaufsrecht)
    	
4
    
	
4.
    	
Drag-Along   Right (Mitverkaufsverpflichtung)
    	
5
    
	
5.
    	
Liquidation   Preference
    	
5
    
	
6.
    	
Redemption   of Shares (Einziehung von Aktien)
    	
6
    
	
7.
    	
Redemption   Compensation (Einziehungsvergutung)
    	
7
    
	
8.
    	
Assignment   in Lieu of Redemption
    	
8
    
	
9.
    	
Corporate   Governance
    	
8
    
	
10.
    	
Management
    	
8
    
	
11.
    	
Shareholders’   Meeting
    	
8
    
	
12.
    	
Supervisory   Board
    	
9
    
	
13.
    	
Non-Competition   Obligation
    	
9
    
	
14.
    	
Information   Requirements
    	
10
    
	
15.
    	
Publicity
    	
10
    
	
16.
    	
Term   and Termination
    	
10
    
	
17.
    	
Costs
    	
11
    
	
18.
    	
Miscellaneous
    	
11
    

 

i

 

List of Definitions

 

	
Company
    	
2
    
	
FI AG
    	
1
    
	
Financial Investor
    	
2
    
	
Financial Investors
    	
2
    
	
Founding Shareholders
    	
2
    
	
GmbH
    	
1
    
	
Parties
    	
2
    
	
Party
    	
2
    
	
SFA GmbH
    	
1
    
	
Shareholder
    	
2
    
	
Shareholders
    	
2
    
	
TBB
    	
1
    

 

1

 

Preamble

 

A.                                    The Company is a stock company (Aktiengesellschaft) incorporated under the laws of Germany having its registered seat in Augsburg and will be registered with the commercial register of the local court Augsburg. The registered share capital (Grundkapital) of the Company amounts to EUR 50,000.

 

The share capital is held by the Shareholders as follows:

 

	
Shareholder
    	
 
    	
Percentage of
   Share Capital
    	
 
    	
Number of
   shares
    	
 
    
	
Dr. Ingo Ederer
    	
 
    	
37.70
    	
 
    	
18,850
    	
 
    
	
Prof. Dr. Joachim Heinzl
    	
 
    	
4.70
    	
 
    	
2,350
    	
 
    
	
Technologie Beteiligungsfonds Bayern   GmbH & Co. KG
    	
 
    	
11.30
    	
 
    	
 
    	
 
    
	
5,650
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Startkapital-Fonds Augsburg GmbH
    	
 
    	
16.90
    	
 
    	
8,450
    	
 
    
	
Franz Industriebeteiligungen AG
    	
 
    	
16.90
    	
 
    	
8,450
    	
 
    
	
AleSta Beteiligungs GmbH
    	
 
    	
12.50
    	
 
    	
6,250
    	
 
    
	
 
    	
 
    	
100.00
    	
 
    	
50,000
    	
 
    

 

B.                                    The purpose of the Company is the development, production and distribution of 3D printers, 3D printing systems, three dimensional moulds, models and other 3D printing solutions and products of materials of all kinds as well as supply of related services in that field including web-based sales (the “Business” ).

 

C.                                    The Shareholders are also the sole shareholders of Voxeljet Technology GmbH, a limited liability company duly incorporated under German law, with registered seat in Augsburg, registered with the commercial register at the local court of Augsburg under HRB 17081. The shares in Voxeljet Technology GmbH are held by the Shareholders at the same ratio as the shares in the Company.

 

D.                                    The Shareholders envisage to merge Voxeljet Technology GmbH into the Company in the near future (Verschmelzung durch Aufnahme according to §§ 2 et seq., 4 et seq., 46 et seq, 60 et seq. German Transformation Act (Umwandlungsgesetz)). Combined with the merger, the Shareholders contemplate to increase the Company’s share capital from EUR 50,000 by EUR 1,950,000 to EUR 2,000,000. The interest of each Shareholder in the Company will be increased pro rata. Also, in course of the merger, the firm name of the Company shall be changed from VXLT 2013 AG to voxeljet AG.

 

2

 

E.                                     After the registration of the intended capital increase, the Company shall have a share capital of EUR 2,000,000, which is held by the Shareholders as follows:

 

	
Shareholder
    	
 
    	
Percentage of
   Share Capital
    	
 
    	
Number of
   shares
    	
 
    
	
Dr. Ingo Ederer
    	
 
    	
37.70
    	
 
    	
754,000
    	
 
    
	
Prof. Dr. Joachim Heinzl
    	
 
    	
4.70
    	
 
    	
94,000
    	
 
    
	
Technologie Beteiligungsfonds Bayern   GmbH & Co. KG
    	
 
    	
11.30
    	
 
    	
 
    	
 
    
	
5,650
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Startkapital-Fonds Augsburg GmbH
    	
 
    	
16.90
    	
 
    	
338,000
    	
 
    
	
Franz Industriebeteiligungen AG
    	
 
    	
16.90
    	
 
    	
338,000
    	
 
    
	
AleSta Beteiligungs GmbH
    	
 
    	
12.50
    	
 
    	
250,000
    	
 
    
	
 
    	
 
    	
100.00
    	
 
    	
2,000,000
    	
 
    

 

F.                                      The Company and its Shareholders envisage to list the shares of the Company directly or indirectly on a recognized stock exchange in the near future, subsequent to the abovementioned capital increase and merger.

 

In order to set forth and regulate the relationship between the Parties, the Parties wish to enter into this “Agreement” .

 

1.                                      Transfer of Shares

 

1.1                               The transfer of shares in the Company may only be carried out in compliance with the provisions of the articles of association of the Company (the “Articles” ) as well as the provisions of this Agreement; in the event of a discrepancy between the provisions of the Articles and the provisions of this Agreement, the provisions of this Agreement shall, as between the Parties, prevail to the extent legally possible.

 

1.2                               Transferring, pledging, assigning, charging or using as security or otherwise encumbering of shares or parts of shares by a Shareholder requires the written consent of all Financial Investors in order to become legally effective, provided that a transfer of the shares that results from the death of a Shareholder (e.g. by way of will or testament or any applicable estate law) shall not be subject to the foregoing transfer restrictions; this shall also apply to fiduciary disposals and the establishment of sub-participations in shares.

 

1.3                               The transfers of shares from a Financial Investor or its legal successors to companies affiliated with the Financial Investor or its legal successors within the meaning of Section 15 et seq. German Stock Corporation Act (“AktG”) do not require any consent by the other Shareholders or the Company or the

 

3

 

Shareholders’ Meeting or the Supervisory Board and the Rights of First Refusal (Section 2), the Tag-Along Rights (Section 3) as well as the Drag-Along Rights (Section 4) shall not apply to such transfers.

 

2.                                      Right of First Refusal (Vorkaufsrecht)

 

2.1                               Except in case of a share transfer according to Section 1.3, the Shareholders hereby grant each other corresponding rights of first refusal (Vorkaufsrechte) in respect of all the shares held by the respective other Shareholders in the Company at any given time (the “Right of First Refusal” ).

 

2.2                               Each Shareholder is entitled to a Right of First Refusal pro rata to the shareholding of the other Shareholders entitled to a Right of First Refusal.

 

2.3                               The Rights of First Refusal shall be exercisable by the entitled Shareholder within a period of four (4) weeks commencing upon receipt of the notification in writing by the seller (the “Notification Period”). The notification must contain the terms and conditions agreed upon with the third party purchaser. The exercise of the Right of First Refusal shall be made by written declaration vis-à-vis the seller.

 

2.4                               A Right of First Refusal may be exercised only in total with regard to the shares to be sold or the parts of the shares to be sold.

 

2.5                               As far as a Shareholder does not timely exercise its Right of First Refusal, such Right of First Refusal accrues to the remaining entitled Shareholders pro rata to their respective shareholding. Such accrued Right of First Refusal may only be exercised within two (2) weeks after the four-week period of Section 2.3 has expired. Beyond that, Sections 2.2 to 2.4 apply mutatis mutandis.

 

2.6                               If shares are sold to a Shareholder entitled to a Right of First Refusal, the Shareholders are obliged to grant their consent to such sale and transfer. If the Right of First Refusal is not exercised timely, the Shareholders are obliged to grant their consent to the sale and transfer to the third-party purchaser, if no important reasons exist with regard to the third-party purchaser. The consent to transfer the shares to a third-party purchaser shall not be granted if a Financial Investor or its legal successor does not consent to such transfer.

 

2.7                               The Right of First Refusal also applies in case of a swap (Tausch). In such a case, the purchase price shall be substituted by the current market value of the respective shares.

 

3.                                     Tag-Along Right (Mitverkaufsrecht)

 

3.1                               In the event of a sale and transfer of shares by a Shareholder other than a transfer pursuant to Section 1.3, including but not limited to the sale and transfer of shares in the context of an initial public offering and listing of the Company’s shares on a recognized stock exchange, each of the Financial Investors or their legal successors (each a “Tag-Along Right Holder” and collectively the “Tag-

 

4

 

Along Right Holders”) are offered an equal opportunity (the “Tag-Along Right”) to participate in such transaction or transactions on a pro rata basis.

 

3.2                               If the purchaser is not willing to purchase all shares offered for sale by the Shareholder and the Tag-Along Right Holders, the shares of the Tag-Along Right Holders shall be sold pro rata to their respective shareholding before shares of any other Shareholders are to be sold.

 

3.3                               Immediately following the initial public announcement regarding a contemplated transaction described in Section 3.1 or as soon as a Shareholder has finally negotiated a share purchase and transfer agreement in respect of a contemplated transaction described in Section 3.1, but at least fifteen (15) business days prior to execution of such agreement, the respective Shareholder shall immediately notify each Tag-Along Right Holder thereof by registered mail (Einschreiben mit Rückschein); the public announcement, or finally negotiated agreement, as the case may be, shall be enclosed with such notice. If, following such notification, the terms and conditions of the notified agreement change, the Shareholder shall circulate to the Tag-Along Right Holders an amended notice.

 

3.4                               Each Tag-Along Right Holder may execute the Tag-Along Right by way of giving written notice to the respective Shareholder stating the amount of shares to be transferred within ten (10) business days of receipt (Zugang) of the notice referred to in Section 3.3.

 

3.5                               The Founding Shareholders have a right of first refusal in the event of a sale and transfer of shares according to this Section 3.

 

4.                                      Drag-Along Right (Mitverkaufsverpflichtung)

 

4.1                               If the Financial Investors or their legal successors decide to accept an offer for the acquisition of at least 51 % of the shares in the Company other than a transfer pursuant to Section 1.3 or to perform an initial public offering and listing of the Company’s shares on a recognized stock exchange, then the Founding Shareholders are obliged to sell their shares pro rata to the aggregate shareholding contemplated to be sold by the Financial Investors or their legal successors (the “Drag-Along Right”) (such Drag-Along Right in the event of an initial public offering applies to the secondary offering). The Financial Investors or their legal successors shall notify each Shareholder of the exercise (Ausübung) of the Drag-Along Right by registered mail (Einschreiben mit Rückschein).

 

4.2                               The Founding Shareholders have a right of first refusal in the event of a sale and transfer of shares according to this Section 4.

 

5.                                      Liquidation Preference

 

In the event of a liquidation of the Company or the sale of 100 % of the shares in the Company, the proceeds will be allocated among the Shareholders as follows:

 

5

 

a)                                     Level 1: SFA GmbH shall receive an amount of the proceeds of up to EUR 766,937.82;

 

b)                                     Level 2: the remainder of the proceeds shall be allocated to the Shareholders pro rata to their shareholding in the Company.

 

6.                                      Redemption of Shares (Einziehung von Aktien)

 

6.1                               The Articles do currently not contain a provision regarding the redemption of shares.  Each Financial Investors or their legal successors are entitled, in their sole and absolute discretion (freies Ermessen), to request from the other Shareholders to include such provision in the Articles and, following such request, the Shareholders undertake to resolve a change the Company’s Articles and to include the provisions under Sections 6.2 to 8.2 of this Agreement in the Company’s Articles accordingly.

 

6.2                               The Company may redeem its shares by way of a shareholders’ resolution.

 

6.3                               The redemption of shares may be required without the consent of the affected Shareholder if:

 

a)                                     the Shareholder transfers its shares in the Company without the required consent pursuant to Section 1 of this Agreement;

 

b)                                     the Shareholder does not comply with its obligation pursuant to Section 4 of this Agreement (Drag-Along Right);

 

c)                                      the Shareholder breaches his obligation pursuant to Section 13 of this Agreement (Non-Competition Obligation);

 

d)                                     the shares have been attached by a creditor of the Shareholder or otherwise become subject to forced execution and the act of forced execution has not been lifted prior to the sale of the share or within four (4) weeks, whichever is earlier;

 

e)                                      insolvency proceedings are opened with respect to the estate of the Shareholder or the opening of such proceedings has been denied for lack of sufficient funds or the Shareholder has to declare the correctness of his list of assets on oath (an Eides Staff versichern);

 

f)                                       the service or employment agreement between the Company and a Shareholder who is employed full-time with the Company is either terminated by the Shareholder, unless terminated because of an important reason caused by the Company, or terminated by the Company because of an important reason caused by the Shareholder; or

 

g)                                      there is an important reason in the person of the Shareholder justifying the exclusion of the Shareholder from the Company.

 

6

 

6.4                               If an undivided share is owned by more than one person, the share can be redeemed if the reason for the redemption is fulfilled with regard to one person only.

 

6.5                               The redemption of shares shall be declared by the Shareholders’ Meeting and an affirmative vote of the Financial Investors. The Shareholder affected by the decision shall not participate in the voting.

 

6.6                               The voting right of the affected Shareholder shall be dormant to the extent the shares are redeemed from the time of the notification of the Shareholders about the respective resolution.

 

7.                                      Redemption Compensation (Einziehungsvergutung)

 

7.1                               A Shareholder ceasing to be a shareholder in the Company upon his share being redeemed is entitled to receive a compensation. The compensation for the redeemed share shall be calculated in accordance with the “Stuttgarter Verfahren” according to the applicable property tax guidelines (Vermögensteuerrichtlinie), as amended from time to time, or as far as property tax is not payable, the latest applicable property tax guidelines (Vermögensteuerrichtlinie). The redemption compensation shall be calculated based on the end of the last business half-year (Geschäftshalbjahr) prior to the resigning (Ausscheiden) of the Shareholder unless both dates match.

 

7.2                               If the Company or the resigning Shareholder is of the opinion that the compensation calculated in accordance with Section 7.1 materially deviates from the actual value of the share, the respective Party is entitled to hire a chartered accountant or an accounting firm (hereinafter together the “Accountant”) at its own cost to determine the actual value of the share. The Parties shall provide the Accountant all information and documents required to determine the value. The value shall be calculated based on generally accepted valuation principles, i.e. the “Fachgutachten des Instituts der WirtschaftsprOfer e.V. in Dusseldorf” and shall be based on the end of the last business half-year (Geschäftshalbjahr) prior to the resigning (Ausscheiden) of the Shareholder unless both dates match. If the Parties cannot agree on an Accountant, the Accountant shall be nominated by the president of the chamber of auditors. If the value determined by the Accountant deviates by more than 10 % from the value determined pursuant to Section 7.1, the redemption compensation shall equal the value as determined by the Accountant.

 

7.3                               The redemption compensation shall be paid in four (4) equal instalments. The first instalment shall be payable either (i) six (6) months after the declaration of the redemption by the Management of the Company, or (ii) in case of a capital decrease, in accordance with Section 225 para. 2 AktG. The following instalments shall each be payable one (1) year after the preceding instalments were paid. The Company is, subject to Section 225 para. 2 AktG, entitled to pay instalments at any time before they are due. The outstanding instalments of the

 

7

 

redemption compensation shall be subject to interest at a rate of the base interest rate plus 2 %.

 

7.4                               The resigning Shareholder is not entitled to demand securities from the Company for the respective outstanding instalments including interest.

 

8.                                      Assignment in Lieu of Redemption

 

8.1                               If and to the extent that the redemption of a share is permissible, the Shareholders’ Meeting may instead — without the vote of the resigning Shareholder — require that the share be assigned to the Company or to a person named by the Company, which may be a Shareholder.

 

8.2                               If the Company requires the assignment of a share to itself or a person named by it instead of its redemption, the provisions of Section 7 apply accordingly, provided that the compensation for the share to be assigned is owed by the purchaser of the share and that the Company shall be liable as guarantor for the payment. Section 6.6 applies mutatis mutandis.

 

9.                                      Corporate Governance

 

The Company will have the following corporate bodies:

 

a)                                     the Management,

 

b)                                     the Shareholders’ Meeting, and

 

c)                                      the Supervisory Board.

 

10.                               Management

 

10.1                        The management board (Vorstand) of the Company (“Management”) shall be appointed by the Supervisory Board.

 

10.2                        The Supervisory Board has adopted or will adopt on or about the date of this Agreement the rules of procedure for the Management, which are attached for information purposes as Exhibit 10.2 and which contain a list of actions of the Management which require the prior consent of the Supervisory Board provided, however, that those of the above mentioned measures and actions which have been approved in advance in the budget for the coming financial year do not have to be approved if the budget had been approved without conditions and to the extent the budgets contained in the budget for such action and/or measure are not exceeded.

 

11.                               Shareholders’ Meeting

 

11.1                        The shareholders’ meeting (Hauptversammlung) of the Company (“Shareholders’ Meeting” ) represents the highest decision-making body of the

 

8

 

Company. The Shareholders’ Meeting shall meet as required but at least once per year. Unless specified otherwise by mandatory provisions of German law, decisions to be made by the Shareholders’ Meeting require a simple majority of the votes cast (einfache Mehrheit der abgegebenen Stimmen).

 

11.2                        The following resolutions require an affirmative vote of all Financial Investors:

 

a)                                     amendments to the Articles;

 

b)                                     redemption of shares;

 

c)                                      appointment of the annual auditor;

 

d)                                     discharge (Entlastung) of the Management;

 

e)                                      consent to the business plan and the annual budged.

 

12.                               Supervisory Board

 

12.1                        The Company has a supervisory board (Aufsichtsrat) (“Supervisory Board” ) consisting of three members.

 

12.2                        The members of the Supervisory Board shall be appointed by the Shareholders’ Meeting in accordance with Section 101 para. 1 sentence 1 AktG.

 

12.3                        The Supervisory Board shall have the rights and obligations provided for by mandatory law and as set forth in the Articles.

 

12.4                        The Supervisory Board has adopted or will adopt on or about the date of this Agreement the rules of procedure for the Supervisory Board, which are attached for information purposes as Exhibit 12.4. These rules can be amended, revoked and replaced by the Supervisory Board at any time.

 

13.                               Non-Competition Obligation

 

13.1                        Except for the Financial Investors and AleSta GmbH, the Shareholders shall refrain from competing, directly or indirectly, with the Company. This obligation shall include, without any limitation that the Shareholders, except for the Financial Investors and AleSta GmbH, shall not:

 

a)                                     serve for a Competitor as director, officer, employee, representative consultant, agent, principal, board member, partner, lender of financing or in a similar function; or

 

b)                                     hold, directly or indirectly, any interests in a Competitor, except for shares in publicly listed corporations which represent a capital participation of less than 5 %.

 

9

 

13.2                        “Competitor” shall mean any individual person or legal entity which conducts any business activities which are similar to or in competition with the Business of the Company.

 

13.3                        For each case of a breach of the non-compete obligation, the respective Shareholder shall, in addition to any other remedies of the other Parties under this Agreement or law, pay to the Company a contractual penalty of EUR 100,000 (Euro one hundred thousand). If a breach of the Shareholder continues for more than two (2) weeks, such continuation shall be regarded as a new and separate breach within the meaning of this Section 13.

 

14.                               Information Requirements

 

14.1                        Unless mandatory provisions of the German Stock Corporation Act (AktG) demand otherwise, the Company undertakes that it:

 

a)                                     provides to the Shareholders’ Meeting until 30 November of each calendar year a business plan including yearly budget (plan profit and loss statement, budgeted balance sheet, investment planning and a liquidity planning, in each case on a monthly basis) for the upcoming business year as well as a gross planning for two business years following the upcoming business year.

 

b)                                     provides to the Shareholders each month for the previous month a report with the following content: profit and loss statement, balance sheet, incoming orders, total volume of orders, cash-flow and liquidity status and forecast.

 

14.2                        The Shareholders and representatives of the Shareholders, respectively, are, after given notice to the Management, entitled to request information concerning the Company and its business at regular business hours, visit and enter the Company’s premises and offices and to verify provided information with the Company’s documents or technical facilities.

 

15.                               Publicity

 

Save as permitted in writing by the Financial Investors, no Party may issue any press release or make any public statement or other communication of any kind about the matters in this Agreement or any document referred to in it unless it is required by law, by the rules of a Stock Exchange or by any other competent regulatory authority.

 

16.                               Term and Termination

 

16.1                        Subject to Section 16.2, this Agreement has a fixed term and shall terminate 15 years after the date of this Agreement.

 

10

 

16.2                        The Agreement shall, with respect to all Parties, terminate automatically without the necessity of a notice of termination upon closing and settlement of an initial public offering of the shares in the Company on a recognized stock exchange.

 

16.3                        In case of a public offering of shares or surrogates of shares in the Company (e.g. American Depositary Receipts, “ADRs”), the Shareholders among themselves shall participate in the public offering pro rata to their shareholding at the time of the public offering with respect to selling their existing shares (including a share sale in case of an exercise of a Greenshoe option). However, this “pro rata principle” shall not apply in case of lock up periods required by applicable security laws or requested by the sponsoring banks from certain shareholders. Furthermore, the “pro rata principle” only applies with respect to the first listing of the shares of the Company on a stock exchange but not to any subsequent sales of shares of the Shareholders after the listing has taken place.

 

16.4                        In the event the currently envisaged initial public offering and listing of the Company’s shares on a recognized stock exchange does not take place until 31 December 2014, the Financial Investors may, in their sole and absolute discretion (freies Ermessen), request from the other Shareholders the amendment of the Company’s articles of association into the form in which the articles of association of Voxeljet Technology GmbH existed on the day of passing the shareholders’ resolution on the merger of Voxeljet Technology GmbH into the Company (the “Existing Articles”), allowing for such amendments to the Existing Articles which are necessary to reflect the rules and regulations applicable to a German stock company. The Parties shall take any measures necessary, including the exercise of their voting rights as Shareholders of the Company and/or powers as Management or managing directors of the Company, and take any steps and make any declarations that may be necessary or helpful in order to effect the measures set forth in this Section 16.3.

 

17.                               Costs

 

The cost for the drafting of this Agreement shall be borne by the Company. Furthermore, each Party shall bear its own costs, in particular the costs of its legal, tax and other advisors, in connection with the negotiation and execution of this Agreement.

 

18.                               Miscellaneous

 

18.1                        Exhibits to this Agreement constitute an integral part of this Agreement. In case of a conflict between any exhibit and the provisions of this Agreement, the provisions of this Agreement shall prevail.

 

18.2                        The English language version of this Agreement shall be determinative (even if a translation is made), provided, however, that where German expressions are used in brackets, parentheses and / or italics the respective German expression shall be determinative.

 

11

 

18.3                        This Agreement, including its exhibits, contains the entire agreement of the Parties with regard to the subject matter of this Agreement and shall, subject to Section 16, supersede and replace all prior oral and written declarations by the Parties in respect thereof.

 

18.4                        Any supplements or amendments to this Agreement, including this Section 18.4, shall be valid only if made in writing, unless a more stringent form is required by mandatory law.

 

18.5                        To the extent permitted by law, if the provisions of this Agreement conflict with the Articles or the constitutional and/or organizational documents of the Company, the provisions of this Agreement shall prevail as between the Parties. The Parties shall, so far as they are legally able exercise all voting and other rights and powers available to them to give effect to the provisions of this Agreement.

 

18.6                        No Party shall assign or otherwise dispose of any rights or claims under or in connection with this Agreement without the prior written consent of the Financial Investors (Abtretungsverbot, Section 399 BGB), which shall be in the Financial Investors’ sole and absolute discretion (freies Ermessen).

 

18.7                        The Parties agree that, unless expressly stated otherwise herein, no provision of this Agreement constitutes a contract for the benefit of a third party within the meaning of Section 328 BGB or otherwise (kein Vertrag zugunsten Dritter oder mit Schutzwirkung für Dritte).

 

18.8                        This Agreement shall be governed by, and be construed in accordance with, the laws of the Federal Republic of Germany, without regard to its principles of conflicts of laws and without regard to the United Nations Convention on Contracts for the International Sale of Goods (CISG). Place of jurisdiction shall be Munich, Landgericht München I.

 

18.9                        Should one or several provisions of this Agreement be, or become at a later point in time, invalid or null and void as a whole or in part, or should a gap (Vertragslücke) in this Agreement become evident, this shall not affect the validity of the remaining provisions or parts of this Agreement. The invalid or null and void provision shall be replaced, or the gap shall be filled, as the case may be, with effect ex tunc by such valid regulation that in legal and economic terms comes closest to what the Parties intended or would have intended in accordance with the purpose of this Agreement if they had considered the point at the time of conclusion of this Agreement.

 

12

 

	
Munich, July 2, 2013
    	
 
    	
/s/ Dr. Ingo Ederer
    
	
Place date
    	
 
    	
Dr. Ingo Ederer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Munich, July 2, 2013
    	
 
    	
/s/ Prof. Dr. Joachim Heinzl
    
	
Place date
    	
 
    	
Prof. Dr. Joachim Heinzl
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Munich, July 2, 2013
    	
 
    	
/s/ Roman Huber, /s/ Monika Steger
    
	
Place date
    	
 
    	
Technology Beteilhgungsfonds Bayern
    
	
 
    	
 
    	
GmbH & Co. KG
    
	
 
    	
 
    	
represented by its general partner Technologie
    
	
 
    	
 
    	
Beteiligungsfonds Bayern Verwaltungs GmbH,
    
	
 
    	
 
    	
represented by its managing director(s)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Roman Huber and Monika Steger
    
	
 
    	
 
    	
(name(s) in block letters)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Munich, July 2, 2013
    	
 
    	
/s/ Marcus Wagner
    
	
Place date
    	
 
    	
Startkapital-Fonds Augsburg GmbH
    
	
 
    	
 
    	
represented by its managing director(s)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Marcus Wagner
    
	
 
    	
 
    	
(name(s) in block letters)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Munich, July 2, 2013
    	
 
    	
/s/ Rudolf Franz
    
	
Place date
    	
 
    	
Franz Industrielbeteiligungen AG
    
	
 
    	
 
    	
represented by its managing director(s)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Rudolf Franz
    
	
 
    	
 
    	
(name(s) in block letters)
    
	
 
    	
 
    	
 
    
	
Munich, July 2, 2013
    	
 
    	
/s/ Alexander Stärker
    
	
Place date
    	
 
    	
AleSta Beteiligungs GmbH
    
	
 
    	
 
    	
represented by its managing director(s)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Alexander Stärker
    
	
 
    	
 
    	
(name(s) in block letters)
    
	
 
    	
 
    	
 
    
	
Munich, July 2, 2013
    	
 
    	
/s/ Dr. Ingo Ederer
    
	
Place date
    	
 
    	
VXTL 2013 AG
    

 

13

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