Exhibit 10.1

 

AMENDMENT NO. 1 TO

INVESTMENT AGREEMENT

 

This AMENDMENT NO. 1 (this “Amendment”) to that certain Investment Agreement,
dated as of May 6, 2009 (the “Investment Agreement”), by and among Guaranty
Bancorp (the “Company”), Patriot Financial Partners, L.P., Patriot Financial
Partners Parallel, L.P., Relational Investors Mid-Cap Fund I, L.P., Relational
Investors Mid-Cap Fund II, L.P., Castle Creek Capital Partners III, L.P., the
other investors named on the signature pages hereto and the other investors that
may become party thereto from time to time (collectively, the “Investors”), is
dated as of August 11, 2009, by and among the Company and the Investors.
Capitalized terms used but otherwise defined in this Amendment shall have the
respective meanings ascribed to them in the Investment Agreement.

 

WHERAS, the Company and the Investors previously entered into the Investment
Agreement, pursuant to which the Investors will collectively purchase up to
60,000 shares of the Company’s Convertible Preferred Stock for an aggregate
Purchase Price of up to $60,000,000 upon the terms and subject to the conditions
set forth in the Investment Agreement.

 

WHEREAS, the parties hereto wish to amend the Investment Agreement in certain
respects.

 

NOW THEREFORE, in consideration of the foregoing and the mutual covenants herein
contained, the parties hereto hereby agree as follows:

 

Section 1.               Amendments.

 

(a)           The first paragraph of the Recitals to the Agreement is hereby
amended and restated in its entirety to read as follows:

 

“The Company intends to sell to each Investor, and such Investor intends to
purchase from the Company, the number of shares of Series A Convertible
Preferred Stock, par value $0.001 per share (the “Convertible Preferred Stock”),
set forth next to such Investor’s name on Annex A, to be designated with the
terms, privileges and preferences set forth in the form of Certificate of
Designations attached as Exhibit A hereto on the terms and subject to the
conditions set forth herein.

 

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THE COMPANY AND THE INVESTORS HEREBY ACKNOWLEDGE AND CONFIRM THAT,
NOTWITHSTANDING THE TREATMENT OF THE CONVERTIBLE PREFERRED STOCK FOR PURPOSES OF
THE DELAWARE GENERAL CORPORATION LAW, 8 DEL C. § 101 ET SEQ. (THE “DGCL”), FOR
PURPOSES OF THE RISK-BASED AND LEVERAGE CAPITAL GUIDELINES OF THE BOARD OF
GOVERNORS OF THE FEDERAL RESERVE SYSTEM APPEARING AT 12 C.F.R. PART 225
(APPENDIX A) AND 12 C.F.R. PART 225 (APPENDIX B), AS APPLICABLE, AND FOR
PURPOSES OF SUBSEQUENT REGULATORY REPORTING, THE CONVERTIBLE PREFERRED STOCK
CONSTITUTES CUMULATIVE PREFERRED STOCK AS DESCRIBED THEREIN AND IS SUBJECT TO
THE LIMITATIONS ON CUMULATIVE PREFERRED STOCK CONTAINED THEREIN.”

 

(b)           The Table of Contents is hereby amended by deleting the word
“Non-Cumulative” from  “Exhibit A   Form of Certificate of Designations for
Series A Convertible Non-Cumulative Preferred Stock”.

 

(c)           Exhibit A to the Investment Agreement is hereby amended and
restated in its entirety in the form attached as Exhibit A hereto.

 

(d)           Section 6(j) of the Investment Agreement is hereby amended by
adding at the end thereof prior to the period:

 

“; provided however that no such consent shall be required to the extent that
the Company or the Bank is required to raise additional capital under a
regulatory or supervisory directive”

 

(e)           The proviso in the penultimate sentence of Section 9(a)(v) of the
Investment Agreement is hereby amended by deleting the word “and” immediately
preceding clause (C) thereof and replacing it with a comma, and adding the
following at the end of the sentence:

 

“and (D) notwithstanding any of the foregoing to the contrary, any committee of
the Board of Directors shall have the right to withhold any information and to
exclude any Observer from any meeting of such committee or portion thereof at
any time and for no reason or any reason whatsoever”

 

Section 2.               Miscellaneous.

 

(a)           Each party thereto hereby acknowledges and confirms that all
references in the Investment Agreement to “this Agreement” shall be deemed to
include the Investment Agreement as amended by this Amendment.

 

(b)           Except as expressly provided herein, the Investment Agreement
shall remain in full force and effect in accordance with the terms thereof.

 

(c)           For the convenience of the parties hereto, this Amendment may be
executed in any number of counterparts, each of which shall be deemed to be an
original instrument, and all such counterparts will together constitute the same
agreement. Executed signature pages to this Amendment may be delivered by
facsimile and such facsimiles will be deemed as sufficient as if actual
signature pages had been delivered.

 

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(d)           This Amendment shall be governed by, construed and enforced in
accordance with the laws of the State of Colorado, without giving effect to
conflicts of law principles or other principles that would require the
application of any other law.

 

[Remainder of this page intentionally left blank.]

 

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

 

 

GUARANTY BANCORP

 

 

 

 

 

By:

/s/ Paul W. Taylor

 

Name:

Paul W. Taylor

 

Title:

Executive Vice President, Chief
Financial and Operating Officer and Secretary

 

 

 

 

 

 

 

PATRIOT FINANCIAL PARTNERS, L.P.

 

 

 

 

 

 

 

By:

/s/ W. Kirk Wycoff

 

Name:

W. Kirk Wycoff

 

Title:

Managing Partner

 

 

 

 

 

 

 

PATRIOT FINANCIAL PARTNERS PARALLEL, L.P.

 

 

 

 

 

 

 

By:

/s/ W. Kirk Wycoff

 

Name:

W. Kirk Wycoff

 

Title:

Managing Partner

 

 

 

 

 

 

 

CASTLE CREEK CAPITAL PARTNERS III, L.P.

 

 

 

 

 

 

 

By:

/s/ John M. Eggemeyer, III

 

Name:

John M. Eggemeyer, III

 

Title:

Managing Member

 

 

Amendment No. 1 to Investment Agreement

 

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RELATIONAL INVESTORS MID-CAP FUND I, L.P.

 

 

 

 

 

By:

/s/ David H. Batchelder

 

Name:

David H. Batchelder

 

Title:

Principal

 

 

 

 

 

 

 

RELATIONAL INVESTORS MID-CAP FUND II, L.P.

 

 

 

 

 

 

 

By:

/s/ David H. Batchelder

 

Name:

David H. Batchelder

 

Title:

Principal

 

 

 

 

 

 

 

CONTEXT BH EQUITY FUND II, L.P.

 

 

 

 

By:

CCP BH II, L.P., its General Partner

 

By:

BH CCPBH GP, LLC, its General Partner

 

By:

BH Equity Research, LLC, its Managing Member

 

 

 

 

 

 

 

By:

/s/ Robert Hendershott

 

Name:

Robert Hendershott

 

Title:

CEO

 

 

 

 

 

 

 

 

/s/ Theodore Janus

 

Theodore Janus

 

 

 

 

 

 

 

 

/s/ Bryan Bradford

 

Bryan Bradford

 

 

 

 

 

 

 

 

/s/ Bill Block

 

Bill Block

 

 

Amendment No. 1 to Investment Agreement

 

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EXHIBIT A

 

FORM OF CERTIFICATE OF DESIGNATIONS

 

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