Document:

EX-10.1

STOCK REDEMPTION AGREEMENT

This Stock Redemption Agreement (this “Agreement”) is by and between Highland Crusader
Offshore Partners, L.P. (“Seller”) and Pendrell Corporation, a Washington corporation (the
“Company”), effective March 9, 2017 (the “Effective Date”). Seller and the Company may be referred
to collectively in this Agreement as the “Parties.”

BACKGROUND

A. The Company is a reporting company under the Securities Exchange Act of 1934, as
amended (the “Securities Exchange Act”), and its shares of Class A common stock (the “Class A
Stock”) are listed on the NASDAQ stock market.

B. Seller is an accredited, sophisticated institutional investor with knowledge and
experience in business and financial matters, and owns 2,432,923 shares of Class A Stock (the
“Shares”) that Seller wishes to sell to the Company under the terms and conditions of this
Agreement. Therefore, the Parties agree as follows:

AGREEMENT

1. Sale and Purchase of Shares. Subject to the terms and conditions of this Agreement, at the
Closing (defined below), Seller shall sell and deliver to the Company, and the Company shall
purchase from Seller and take electronic delivery of the Shares, free and clear of any charge,
claim, pledge, condition, equitable interest, lien, option, security interest, right of first
refusal, voting agreement, restriction on voting, restriction on transfer, or restriction on
exercise of any other attribute of ownership (each an “Encumbrance”), other than Permitted
Encumbrances (defined below), at a price per Share of six dollars and fifty five cents ($6.55),
subject to possible adjustment as described in paragraph 2 below. Absent a Share price adjustment,
the aggregate redemption price for the Shares will be $15,935,645.65 (the “Base Price”).

2. Possible Purchase Price Adjustment. If, on or before August 15, 2017, the Company engages
in or agrees to engage in a Trigger Purchase (defined below) that results, either alone or with
other Trigger Purchases, in the sale or redemption of more than 500,000 shares of Class A Stock,
or the distribution of the proceeds of an asset sale to the holders of more than 500,000 shares of
Class A Stock, the Company will be obligated to pay Seller an additional amount per Share equal to
the highest price per share paid or payable by the Company in a Trigger Purchase (whether in cash
or other consideration), less $6.55 (the “Additional Amount”). For purposes of this Agreement, a
“Trigger Purchase” is any form of material liquidity event for the Company’s shareholders,
including (i) a sale of more than 40% of the outstanding equity securities in the Company to a
third party primarily for cash consideration, whether by merger, consolidation or otherwise, (ii)
a sale of all or substantially all of the assets of the Company or (iii) a redemption of Class A
Stock, whether through a private purchase, self-tender, reverse stock split or otherwise, in each
case at a price per share, express or implied (for instance, in connection with an asset sale), of
greater than $6.55 (it being understood that the 500,000 share number and $6.55 per share price
shall be equitably adjusted for any forward or reverse splits of the Class A Stock after the
Closing but prior to the consummation of the Trigger Purchase).

3. Closing. The closing of Seller’s sale of the Shares to the Company (the “Closing”) shall
take place at the offices of the Company’s transfer agent (Computershare), on the date on which
Seller and the Company make the deliveries to Computershare required by paragraph 4 of this
Agreement, or at such other time, date and place as Seller, the Company and Computershare may
agree.

4. Closing Mechanics. At the Closing, (i) Seller shall deliver to Computershare stock powers
with medallion guaranty with instructions to transfer the Shares to the Company upon confirmation
of Seller’s receipt of the Base Price, and (ii) the Company shall deliver to Computershare an
opinion of counsel that, based upon the representations and warranties of Seller set forth in this
Agreement, the Shares can be transferred by Seller to the Company pursuant to exemption from the
registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). Upon
confirmation from Computershare that the Parties have made the deliveries described in the
preceding sentence, the Company shall pay the Base Price by wire transfer of immediately available
funds to an account designated in writing by Seller, after which Seller will promptly notify
Computershare that the Base Price has been paid.

5. Payment of Additional Amount. If the Company engages in a Trigger Purchase that obligates
the Company to pay Seller an Additional Amount, the Company shall pay the Additional Amount at or
before the closing of the Trigger Purchase.

6. Representations of the Seller. Seller represents and warrants to the Company as follows:

a. Seller has full legal right, power, capacity, and authority to sign and perform its
obligations under this Agreement. This Agreement constitutes a valid and binding obligation of
Seller, enforceable in accordance with its terms. There are no agreements, laws, regulations,
rules or other restrictions of any kind that would prevent or restrict the execution, delivery or
performance of this Agreement by Seller. No consent or approval is necessary for Seller to
transfer the Shares to the Company pursuant to this Agreement that has not been obtained on or
prior to the date hereof.

b. Seller is an “accredited investor” within the meaning of Securities Exchange Commission
(“SEC”) Rule 501 and a “qualified institutional buyer” within the meaning of SEC Rule 144 that can
fend for itself, and has sufficiently sophisticated knowledge and experience in financial and
business matters to evaluate the merits and risks of selling the Shares.

c. Seller (i) has been represented in the preparation, negotiation and execution of this
Agreement by legal counsel, (ii) is fully capable of evaluating the merits and risks of the sale
of the Shares pursuant to this Agreement, (iii) understands the terms and consequences of this
Agreement and is fully aware of the legal and binding effect of this Agreement, (iv) is not in a
disparate bargaining position with the Company, (v) has been represented and advised by financial
advisors and tax advisors that have assisted in understanding and evaluating the risks and merits
associated with Seller’s sale of the Shares pursuant to this Agreement, (vi) is generally familiar
with the business and operations of the Company, (vii) has had the opportunity to review such
information about the Company as Seller has requested, including the Company Update attached
hereto as Exhibit A, and to ask questions and receive answers from the Company’s officers and
representatives as Seller deems necessary to evaluate the terms and conditions of the sale of the
Shares as contemplated in this Agreement, including the purchase price for the Shares, and
(viii) is not relying on any representation or statement by the Company regarding the business,
financial condition or prospects of the Company or the value of the Shares, but rather is
executing this Agreement based upon its own review and investigation of the Company and upon the
advice of counsel and financial advisors.

d. Seller understands that (i) the Company and its management may be exploring potential
financing, merger, acquisition, combination or other restructuring alternatives involving the
Company that may have an impact on the value of the Shares, and (ii) other than its contingent
right to an Additional Amount, as described in this Agreement, Seller shall have no rights (and
the Company shall have no obligations to Seller) relating to any such transaction that may be
consummated by the Company at any time after the Effective Date.

e. Seller understands that after the Effective Date or after the Closing, the value of the
Shares may increase for any number of reasons, including without limitation (i) changes in the
business, financial condition, business relationships or prospects of the Company, or (ii) general
industry, market or economic conditions.

f. Except for (i) any Encumbrances imposed by the Securities Act, the Securities Exchange
Act, or the rules and regulations enacted under the Securities Act and the Securities Exchange
Act, (ii) any rules and regulations imposed by NASDAQ, and (iii) the Company’s Tax Benefits
Preservation Plan (collectively, the “Permitted Encumbrances”), Seller has sole, absolute and
marketable title to the Shares, free and clear of all Encumbrances. Except under this Agreement,
Seller has not sold, pledged, hypothecated or otherwise transferred any of the Shares or any
interest in the Shares. Upon payment for the Shares to be purchased from Seller pursuant to the
terms of this Agreement, the Company will acquire good, valid and marketable title thereto,
subject only to the Permitted Encumbrances.

7. Representations of the Company. The Company represents and warrants to Seller as follows:

a. The Company has full legal right, power, capacity, and authority to sign and perform its
obligations under this Agreement. This Agreement constitutes a valid and binding obligation of the
Company, enforceable in accordance with its terms. No consent or approval is necessary for the
Company to purchase the Shares from Seller pursuant to this Agreement that has not been obtained
on or prior to the date hereof.

b. The execution and delivery of this Agreement by the Company, the consummation by the
Company of the transactions contemplated hereby and the performance by the Company of its
obligations hereunder will not (i) violate any provision of the Company’s articles of
incorporation or bylaws, or its Tax Benefits Preservation Plan, (ii) violate any laws or
regulations applicable to the Company or (iii) require the approval, consent, authorization or act
of, or the making by the Company of any declaration, filing or registration with, any governmental
body other than the SEC.

8. Conditions to Closing. The Company’s obligation to proceed with Closing is conditioned
upon and subject to Seller’s performance of the obligations set forth in paragraph 4 of this
Agreement, which Seller shall fulfill within three business days after the Effective Date.
Seller’s obligation to proceed with Closing is conditioned upon and subject to the Company’s
performance of the obligations set forth in paragraph 4 of this Agreement, which the Company shall
fulfill within three business days after the Effective Date. Both Parties’ obligation to proceed
with Closing is conditioned upon and subject to the absence of any action against the Company or
Seller that would prevent the Closing and the absence of any injunction or restraining order by
any agency or regulator that restrains or prohibits the transactions contemplated by this
Agreement.

9. Governing Law. The Parties intend that this Agreement shall be governed by and construed
in accordance with the laws of the State of Washington.

10. Integration; Amendment. This Agreement constitutes the entire agreement of the Parties
relating to the subject matter of this Agreement. There are no promises, terms, conditions,
obligations, or warranties between the parties and this Agreement supersedes all prior
communications, representations, or agreements, verbal or written, among the parties relating to
the subject matter of this Agreement and may not be amended except in writing executed by the
Parties.

11. Waiver. No provision of this Agreement shall be deemed to have been waived unless such
waiver is in writing signed by the waiving party.

12. Attorney Fees. If any suit or action arising out of or related to this Agreement is
brought by any party, the prevailing Party shall be entitled to recover the costs and fees
(including without limitation reasonable attorneys’ fees, the fees and costs of experts and
consultants, copying, courier and telecommunication costs, and discovery costs) incurred by such
Party in such suit or action, through any post-trial or appellate proceeding, or in the collection
or enforcement of any judgment or award entered or made in such suit or action.

13. Jurisdiction; Service. Any suit or action brought on this Agreement may be brought in
the courts of King County, Washington. Each Party agrees that service of process may be made upon
it wherever it can be located or by certified mail directed to its address for notices under this
Agreement.

14. Counterparts. This Agreement may be executed in any number of counterparts, all of which
when taken together shall constitute one agreement binding on all parties, notwithstanding that
all parties are not signatories to the same counterpart.

15. Further Assurances. Each Party agrees, at the request of the other Party, whether before
or after Closing, promptly to execute and deliver all such further documents, and promptly to take
and forbear from all such action, as may be reasonably necessary or appropriate in order more
effectively to confirm or carry out the provisions of this Agreement.

[remainder of page intentionally blank – signatures on following page]

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The Parties have executed this Agreement as of the Effective Date.

	 
	SELLER:

	Highland Crusader Offshore Partners, L.P.

By: Alvarez & Marsal CRF Management, LLC,

its Investment Manager

/s/ Steven Varner

	 

	By: Steven Varner, Managing Director

Address for notices:

	2029 Century Park East, Suite 2060

Los Angeles, CA 90067

SVarner@AlvarezandMarsal.com

	PURCHASER:

	Pendrell Corporation

/s/ Lee E Mikles

	 

	By: Lee Mikles

Its: President and CEO

Address for notices:

	2300 Carillon Point

Kirkland, WA 98033

Tim.dozois@pendrell.com

2Exhibit

AMENDMENT NO. 1 TO 
SECOND AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

THIS AMENDMENT NO. 1 TO SECOND AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT (this “Amendment”) is entered into as of November 8, 2016 by and between BCP Fund I Virginia Holdings, LLC, a Delaware limited liability company (“BCP Fund”), and Xenith Bankshares, Inc., a Virginia corporation (f/k/a Hampton Roads Bankshares, Inc., the “Company”).
WHEREAS, Xenith Bankshares, Inc. (“Legacy Xenith”), BCP Fund and the Holders are parties to that certain Second Amended and Restated Investor Rights Agreement, dated as of February 10, 2016 (the “A&R Investor Rights Agreement”); and
WHEREAS, on July 29, 2016, Legacy Xenith merged with and into the Company (the “Legacy Xenith Merger”), pursuant to the terms and conditions of that certain the Agreement and Plan of Reorganization, dated as of February 10, 2016, by and between Legacy Xenith and the Company; and 
WHEREAS, the Company was the surviving corporation in the Legacy Xenith Merger; and
WHEREAS, at the effective time of the Legacy Xenith Merger, the Company changed its name to “Xenith Bankshares, Inc.” and assumed the rights and obligations of Legacy Xenith under the A&R Investor Rights Agreement by operation of law; and
WHEREAS, as of the date of this Amendment, BCP Fund is the sole Institutional Investor for purposes of the A&R Investor Rights Agreement; and
WHEREAS, as permitted by Section 4.2 of the A&R Investor Rights Agreement, the parties hereto desire to amend the A&R Investor Rights Agreement to change the definition of the term “D&O Holders”; and
WHEREAS, capitalized terms used in this Amendment and not otherwise defined shall have the meanings ascribed to them in the A&R Investor Rights Agreement.
NOW THEREFORE, in consideration of the foregoing, and for other valuable consideration, receipt of which is acknowledged, the parties hereto agree as follows:
		
	1.
	Amendment to Definition of Term “D&O Holders”

The term “D&O Holders” in Section 3 of the A&R Investors Rights Agreement is hereby amended and restated in its entirety to provide as follows:
“D&O Holders” means those seven Holders listed on Exhibit A hereto who became directors or executive officers of the Company at the effective time of the Legacy Xenith Merger.
		
	2.
	Ratification

Except as expressly amended hereto, all of the provisions of the A&R Investor Rights Agreement are ratified and confirmed as in full force and effect.
		
	3.
	Execution in Counterparts

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To facilitate execution, this Amendment may be executed in as many counterparts as may be necessary or convenient, with all counterparts together constituting a single agreement.
[Signatures Appear on Following Pages]

2

XENITH BANKSHARES, INC.  

By:     /s/ T. Gaylon Layfield, III         
    T. Gaylon Layfield, III 
    Chief Executive Officer

Signature Page to Amendment No. 1 to  
Second Amended and Restated Investor Rights Agreement

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BCP FUND I VIRGINIA HOLDINGS, LLC

By:    BankCap Partners Fund I, L.P.
its Sole Member

By:    BankCap Partners GP, L.P.
its General Partner

By:    BankCap Equity Fund, LLC,
its General Partner

By:  /s/ Scott A. Reed        
        Scott A. Reed
        its Managing Member

Signature Page to Amendment No. 1 to  
Second Amended and Restated Investor Rights Agreement

4

EXHIBIT A
List of D&O Holders

Palmer P. Garson
T. Gaylon Layfield, III
Robert J. Merrick
Scott A. Reed
Thomas W. Osgood
Ronald E. Davis
Wellington W. Cottrell, III

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