4.1 Definition of BORA Governance Council

Governance refers to the process and the overall system by which an organization or society makes decisions based on communication about the current task or issue. In order to establish the organization's successful governance, related mechanisms must be established by properly considering the organization's internal platform-ecosystem composition and external environmental factors surrounding it.

Governance in BORA Platform refers to the decision-making mechanism that is the basis for solving the challenges of 'BORA Platform and sustainable growth of related ecosystems.

BORA Platform aims to be global content such as games, IP-based contents and etc. specialized platform based on BORA protocol. Accordingly, BORANETWORK established BORA Governance Council (hereinafter 'BORA GC') with players with expertise and knowledge in the relevant ecosystem to effectively enhance the value for BORA community and all participants who support the ecosystem.

BORA GC exists to achieve the following objectives.

• To pursue continuous development of the overall BORA Platform and the protocol-based ecosystem.

• To seek ways to effectively enhance the value of assets for participants in the BORA Platform and its ecosystem.

• To pursue diversity in the content ecosystem within the BORA Platform.

To achieve the above objectives, BORA GC is operated based on the following principles

• Fairness of BORA Governance Council: Partners of the BORA GC are entitled to one vote per partner regardless of their position or status. Through this, BORA GC will strengthen its foundation for pursuing sustainable growth throughout the platform, breaking away from the constraints of a single decision-making structure.

• Autonomy of BORA Governance Council: BORA Platform operates autonomously based on the autonomous discussion and consultation process of the BORA GC, which consists of major participants in BORA ecosystem. The autonomous opinion gathering process on the overall BORA Platform and ecosystem-related issues are based on the free will of each BORA GC Partners without external interference and it is the basis for the continuous development of the BORA Platform.

• Transparency of BORA Governance Council: All decision-making processes and results of BORA GC for the development of the BORA Platform will be transparently disclosed to all BORA ecosystem participants.