Document:

Exhibit 10.1

 

UNITED STATES DEPARTMENT OF THE TREASURY

1500 Pennsylvania Avenue, NW

Washington, D.C. 20220

 

January 1, 2014

 

Ladies and Gentlemen:

 

Reference is made to that certain Letter
Agreement incorporating the Securities Purchase Agreement -- Standard Terms dated as of December 19, 2008 (the “Securities
Purchase Agreement”) by and among the United States Department of the Treasury (the “Investor”) and
Community Bankers Trust Corporation, a Delaware corporation (the “Acquired Company”). Further detail regarding
the Securities Purchase Agreement is set forth on Schedule A hereto. Investor, the Acquired Company and Community Bankers Trust
Corporation, a Virginia corporation (the “Acquiror Company”; collectively, Acquiror Company and Acquired Company
are referred to as the “Companies”) desire to set forth herein certain additional agreements as a result of
the consummation of a merger transaction pursuant to an Agreement and Plan of Reincorporation and Merger dated as of May 13, 2013
by and among Acquiror Company, and Acquired Company, effective on January 1, 2014 (the “Merger Transaction”).
This letter shall be referred to as the “Post-Merger Side Letter.” Capitalized terms used but not defined herein shall
have the meanings assigned to them in the Securities Purchase Agreement and the Certificate of Designations.

 

As a result of the Merger Transaction, the
Acquiror Company has assumed the obligations and responsibilities of Acquired Company with respect to Investor. Specifically:

 

1.Concurrently herewith, the Acquiror Company
is paying all accrued and unpaid dividends on the Acquired Company’s Designated Preferred Shares and is issuing a new series
of preferred shares in exchange for the Acquired Company’s Designated Preferred Shares; and

 

2.Pursuant to Section 4.3 of the Securities Purchase
Agreement and effective as of the date hereof, Acquiror Company hereby expressly assumes the due and punctual performance and observance
of each and every covenant, agreement, and condition of the Securities Purchase Agreement and all ancillary documents to be performed
and observed by Acquired Company.

 

In connection with the foregoing, with the
exception of the Securities Purchase Agreement, Acquiror Company is issuing new documentation to Investor to reflect the investment
that Investor initially made in the Acquired Company, including the following (all section references below are to the Securities
Purchase Agreement, unless otherwise provided):

 

1.an officer’s certificate regarding
a bring down of the representations in the Securities Purchase Agreement as of the date hereof, per Section 1.2(d)(ii), with any
exceptions to such representations noted on a disclosure schedule attached hereto;

 

    	 

    	 

    

 

United States Department of the Treasury

Page 2

 

2.evidence the Acquiror Company filed
a Certificate of Designations in connection with the New Preferred Shares (as defined below) issued to Investor as outlined in
paragraph 6 below, per Section 1.2(d)(iii);

 

3.an officer’s certificate regarding
compliance with section 111(b) of the Emergency Economic Stabilization Act of 2008 as of the date hereof, per Section 1.2(d)(iv);

 

4.waivers from Senior Executive Officers
and others in accordance with the Emergency Economic Stabilization Act of 2008, as amended by the American Recovery and Reinvestment
Act of 2009 (“ARRA”), releasing Investor from certain claims, dated as of the date hereof, per Section 1.2(d)(v);

 

5.a legal opinion regarding the New
Preferred Shares and New Warrant (as defined below), per Section 1.2(d)(vi);

 

6.a certificate representing a number
of a new series of preferred shares issued by the Acquiror Company to replace the Acquired Company’s Designated Preferred
Shares (the “New Preferred Shares”);

 

7.a warrant to purchase shares
of common stock issued by the Acquiror Company to replace the Acquired Company’s warrant (the “New Warrant”);

 

8.a side letter regarding compliance
with ARRA; and

 

9.a copy of the articles and bylaws
of the Acquiror Company.

 

Acquiror Company hereby acknowledges receipt
of each of the closing documents in connection with the initial Investor closing for Acquired Company, with the exception of the
Securities Purchase Agreement.

 

This side letter agreement, the Securities
Purchase Agreement and the above-listed documentation constitutes the entire agreement, and supersedes all other prior agreements,
understandings, representations and warranties, both written and oral, between the parties with respect to the subject matter hereof.

 

This side letter agreement may be executed
in counterparts, each of which shall be deemed an original and all of which shall together constitute one and the same instrument.
This side letter agreement shall be governed by and construed in accordance with the federal law of the United States if and to
the extent such law is applicable, and otherwise in accordance with the laws of the State of New York applicable to contracts made
and to be performed entirely within such state.

 

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left blank]

 

    	 

    	 

    

 

United States Department of the Treasury

Signature Page

 

In witness whereof, this side letter agreement
has been duly executed by the authorized representatives of the parties hereto as of the date first above written.

 

	 	COMMUNITY BANKERS TRUST CORPORATION (a Virginia corporation)
	 	 	 
	 	By:  	/s/ Rex L. Smith, III
	 	Name:  Rex L. Smith, III
	 	Title:  President and Chief Executive Officer
	 	 	 
	 	COMMUNITY BANKERS TRUST CORPORATION (a Delaware corporation)
	 	 	 
	 	By:  	/s/ Rex L. Smith, III
	 	Name:  Rex L. Smith, III
	 	Title:  President and Chief Executive Officer
	 	 	 
	 	UNITED STATES DEPARTMENT OF THE TREASURY
	 	 	 
	 	By:  	/s/ Timothy J. Bowler
	 	Name: Timothy J. Bowler
	 	Title: Deputy Assistant Secretary for Financial Stability

 

Signature
Page to merger Transaction Side Letter Agreement

 

    	 

    	 

    

 

SCHEDULE A

 

 

General Information Regarding Acquired Company Initial Closing:

 

Acquired Company Name: Community Bankers Trust Corporation

 

Date of Acquired Company Letter Agreement incorporating

the Securities Purchase Agreement: December
19, 2008

 

Corporate or other organizational form of the Acquired Company:
Delaware corporation

 

Number and series of preferred stock issued to the

Investor at the Acquired Company Closing: 17,680 shares of Fixed
Rate Cumulative Perpetual Preferred Stock, Series A

 

Number of Acquired Company Initial Warrant Shares: 780,000

 

Terms of the Merger/Acquisition:

 

Effective Date of Merger/Acquisition: January 1, 2014

 

Resultant Acquiror Securities:

 

Number of New Preferred Shares Issued to Investor by Acquiror
Company

Post-Merger to Replace the Acquired Company’s Preferred
Shares: 10,680

 

Par Value of Such New Preferred Shares: $0.01

 

Number of New Warrant Shares Issued to Investor by Acquiror
Company

Post-Merger to Replace Initial Warrant Shares: 780,000

 

Par Value of Such New Warrant Shares: $0.01Exhibit 10.3

 

United
States Department of the Treasury

1500 Pennsylvania Avenue, NW

Washington, D.C. 20220

 

January 1, 2014

 

Ladies and Gentlemen:

 

Reference is made to that certain Letter
Agreement incorporating the Securities Purchase Agreement – Standard Terms (the “Securities Purchase Agreement”),
dated as of December 19, 2008, between Community Bankers Trust Corporation, a Delaware corporation (the “Acquired Company”)
and the United States Department of Treasury (“Investor”). Capitalized terms used but not defined herein shall
have the meanings assigned to them in the Securities Purchase Agreement.

 

The American Recovery and Reinvestment Act
of 2009, as it may be amended from time to time (the “Act”), includes provisions relating to executive compensation
and other matters that may be inconsistent with the Securities Purchase Agreement, the Warrant and the Certificate of Designation
(the “Transaction Documents”). Accordingly, Investor and Community Bankers Trust Corporation, a Virginia corporation
(the “Acquiror Company”) desire to confirm their understanding as follows:

 

1.Notwithstanding anything in the Transaction
Documents to the contrary, in the event that the Act or any rules or regulations promulgated thereunder are inconsistent with any
of the terms of the Transaction Documents, the Act and such rules and regulations shall control.

 

2.For the avoidance of doubt (and without
limiting the generality of Paragraph 1):

 

(a)the provisions of Section
111 of the Emergency Economic Stabilization Act of 2008 as implemented by the Interim Final Rule on TARP Standards for Compensation
and Corporate Governance, 31 C.F.R. Part 30, as amended by the Act or otherwise from time to time (“EESA”),
shall apply to the Acquiror Company;

 

(b)the waiver to be delivered
by each of the Acquiror Company’s Senior Executive Officers pursuant to Section 1.2(d)(v) of the Securities Purchase Agreement
shall, in addition, be delivered as promptly as practicable by any current or future most highly compensated employees who are
covered or affected by any applicable rules or regulations under EESA;

 

(c)the Acquiror Company’s
chief executive officer and chief financial officer shall provide the written certification of compliance by the Acquiror Company
with the requirements of Section 111 of EESA in the manner specified by Section 111(b)(4) thereunder or in any rules or regulations
under EESA, including 31 C.F.R. § 30.15; and

 

    	 

    	 

    

 

(d)              
the Acquiror Company shall be permitted to repay preferred shares, and when such preferred shares are repaid, the Investor
shall liquidate warrants associated with such preferred shares, all in accordance with the Act and any rules and regulations thereunder.

 

From and after the date hereof, each reference
in the Securities Purchase Agreement to “this Agreement” or “this Securities Purchase Agreement” or words
of like import shall mean and be a reference to the Agreement (as defined in the Securities Purchase Agreement) as amended by this
letter agreement.

 

This letter agreement will be governed by
and construed in accordance with the federal law of the United States if and to the extent such law is applicable, and otherwise
in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within such State.

 

This letter agreement, the Securities Purchase
Agreement, the Post-Merger Side Letter, the Warrant, the Certificate of Designation and any other documents executed by the parties
at the Closing constitute the entire agreement of the parties with respect to the subject matter hereof.

 

Nothing in this letter agreement shall be
deemed an admission by Investor as to the necessity of obtaining the consent of the Company in order to effect the changes to the
Transaction Documents contemplated by this letter agreement, nor shall anything in this letter agreement be deemed to require Investor
to obtain the consent of any other TARP recipient (as defined in the Act) participating in the Capital Purchase Program (the “CPP”)
in order to effect changes to their documentation under the CPP.

 

This letter agreement may be executed in
any number of separate counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts
will together constitute the same agreement. Executed signature pages to this letter agreement may be delivered by facsimile and
such facsimiles will be deemed sufficient as if actual signature pages had been delivered.

 

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page intentionally left blank]

 

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In witness whereof, the parties have duly
executed this letter agreement as of the date first written above.

 

	 	UNITED STATES DEPARTMENT OF
	 	THE TREASURY
	 	 	 
	 	By: 	/s/ Timothy J. Bowler
	 	 	Name: Timothy J. Bowler
	 	 	Title: Deputy Assistant Secretary for Financial Stability
	 	 	 
	 	ACQUIROR COMPANY:  COMMUNITY BANKERS TRUST CORPORATION (a Virginia corporation)
	 	 	 
	 	By:	/s/ Rex L. Smith, III
	 	 	Name:  Rex L. Smith, III
	 	 	Title:  President and Chief Executive Officer

 

Signature
Page to Letter Agreement

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